As filed with the Securities and Exchange Commission on December 2, 2014

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22378

DoubleLine Funds Trust

(Exact name of registrant as specified in charter)

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Address of principal executive offices) (Zip code)

Ronald R. Redell

President

DoubleLine Funds Trust

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Name and address of agent for service)

(213) 633-8200

Registrant’s telephone number, including area code

Date of fiscal year end: March 31

Date of reporting period: September 30, 2014

Item 1. Reports to Stockholders.

Semi-Annual Report

September 30, 2014

DoubleLine Total Return Bond Fund

DBLTX (I-share)

DLTNX (N-share)

DoubleLine Core Fixed Income Fund

DBLFX (I-share)

DLFNX (N-share)

DoubleLine Emerging Markets Fixed Income Fund

DBLEX (I-share)

DLENX (N-share)

DoubleLine Multi-Asset Growth Fund

DMLIX (I-share)

DMLAX (A-share)

DoubleLine Low Duration Bond Fund

DBLSX (I-share)

DLSNX (N-share)

DoubleLine Floating Rate Fund

DBFRX (I-share)

DLFRX (N-share)

DoubleLine Shiller Enhanced CAPE^®

DSEEX (I-share)

DSENX (N-share)

DoubleLine Flexible Income Fund

DFLEX (I-share)

DLINX (N-share)

DoubleLine Low Duration Emerging Markets Fixed Income Fund

DBLLX (I-share)

DELNX (N-share)

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

Table of Contents

	Page
President’s Letter		4
Financial Markets Highlights		5
Management’s Discussion of Fund Performance		8
DoubleLine Funds’ Standardized Performance Summary		14
Schedules of Investments		16
Statements of Assets and Liabilities		72
Statements of Operations		73
Statements of Changes in Net Assets		74
Financial Highlights		78
Notes to Financial Statements		87
Shareholder Expenses		105
Evaluation of Advisory Agreement by the Boards of Trustees		106
Federal Tax Information		107
Information About Proxy Voting		108
Information About Portfolio Holdings		108
Householding — Important Notice Regarding Delivery of Shareholder Documents		108
Privacy Notice		109

Semi-Annual Report September 30, 2014 3

President’s Letter (Unaudited) September 30, 2014

Dear DoubleLine Funds Shareholder,

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

Investor assets in the DoubleLine Funds were over $41.4 billion as of September 30, 2014. During the period, we continued to enhance our overall lineup of investment strategies available to investors. On April 7, 2014, we launched the DoubleLine Flexible Income Fund (DFLEX/DLINX) and the DoubleLine Low Duration Emerging Markets Fixed Income Fund (DBLLX/DELNX).

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

Sincerely,

Ronald R. Redell, CFA

President

DoubleLine Funds Trust

November 1, 2014

4 DoubleLine Funds Trust

Financial Markets Highlights (Unaudited) September 30, 2014

Financial Markets Highlights:

· Agency Mortgage-Backed Securities (Agency MBS)

For the six-month period ending September 30, 2014, the Barclays U.S. MBS Index had a return of 2.59%. The duration of the Index remained relatively stable for the trailing six-month period, with its peak occurring earlier in April. The U.S. Treasury (UST) curve flattened with the long end of the curve declining while the short end has remained relatively unchanged. Not surprisingly, lower coupons outperformed their higher coupon counterparts during this period due to their longer duration for both 30-year and 15-year collateral. Available supply of Agency MBS in the market has also increased primarily due to the Federal Reserve’s (Fed’s) tapering of asset purchases and due to an increase in housing turnover from seasonality. Prepayment speeds have increased marginally across all Agency MBS for both 30-year and 15-year collateral during the period. August and September marked the first two months since March with consecutive declines in prepayment speeds; however, most of these declines have been minimal. Additionally, even though issuance of Agency MBS has increased on both a gross and net basis throughout the six-month period ending September 30, 2014, it is yet to reach the levels of previous years. Leading up to September, the Agency MBS current coupon spread against the 10-year UST yield market widened slightly, which was partly attributed to nervousness on the Fed’s plans regarding currently held mortgages on their balance sheets. The September Federal Open Market Committee (FOMC) meeting helped bring some clarity in regards to these issues with the Fed stating that it will continue the reinvestment of paydowns from currently held Agency MBS well into 2015, with an understanding it does not have any plans to sell back the Agency MBS it has purchased during the Quantitative Easing (QE) program.

· Non-Agency Mortgage-Backed Securities (Non-Agency MBS)

Non-Agency bonds continued to show their resiliency through the six-month period ending September 30, 2014. Despite constant headlines indicating increasing geo-political instability, both the technical and fundamental aspects of the non-Agency MBS market continued to show improvement. The 30-year fixed mortgage rates were volatile over the period, ranging from 4.50% and ending the period at 4.12%. Prepayment speeds picked up during the period, but more so for higher quality collateral than credit-hampered borrowers. Liquidation rates were generally flat, but subprime collateral saw a slight uptrend in liquidations towards the latter half of the period. Home prices, as evidenced by the S&P/Case-Shiller 20-City Composite Home Price Index, were up 3.92% during the six-month period. Increasing home prices generally are a driver for improved loss severities, but given that legacy transactions have had a considerable amount of servicer advance built in, sharp improvements in loss severity have not been seen. Instead, as we have seen over the past six-month period, loss severities have improved modestly and have been generally concentrated in the higher quality, larger balance collateral. Returns in the non-Agency MBS space for the six-month period have continued to be strong despite various macroeconomic factors. Over the period, the ABX 2007-1 AAA, which is a series of the ABX Index and a reasonable proxy for the subprime market, returned 6.88%. Cleaner collateral, such as fixed rate Alt-A and prime also performed well during the period. Trading volume was erratic as several large lists swelled volume in April and May, but the summer months were exceptionally slow. There continued to be rumors of several large portfolio liquidations looming and the fact that the Government Sponsored Enterprises (GSEs) continue to have billions in supply. Our expectations are that trading volumes will continue to be uneven with quiet periods followed by periods with large spikes in volume as these portfolios liquidate.

· Commercial Mortgage-Backed Securities (CMBS)

Over the six-month period ending September 30, 2014, the CMBS sector underperformed broader credit markets as larger sectors, such as investment grade corporates, continued to garner more attention despite on-going fundamental improvement within the commercial real estate (CRE) sector. As such, the Barclays U.S. CMBS Index returned 1.3% over the period compared to 2.7% for investment grade corporates and 2.2% for the index as a whole. In terms of the secondary market, trading activity remains robust as spreads continued the slow move tighter in the face of limited periods of volatility stemming from rate hike concerns and geo-political instability. Over the six-month period, legacy AAA spreads tightened by 7 basis points (bps) to 83 bps over swaps while on the new issue side, 10-year last cash flow AAA tranches priced at 83 bps over swaps, a 5 bps tightening over the last deal priced in March and BBBs priced at 335 bps, a 30 bps tightening. The pace of new issuance picked up significantly at the end of the period with year-to-date (YTD) issuance as of September 30, 2014 on-pace to exceed 2013. $49 billion of deals were brought to market over the six-month period ending September 30, 2014, a $12 billion increase over the same period in 2013. Despite a sluggish start to the year, YTD new issuance of $67 billion outpaced the $59 billion issued through the first nine months of 2013; however, September’s $12 billion of new deals brought to market, the most in any month since 2007, may have cleared the majority of the remaining product for the year with new issuance estimates tempered for the final three months of 2014.

Semi-Annual Report September 30, 2014 5

Financial Markets Highlights  (Cont.) (Unaudited) September 30, 2014

Delinquency rates continued to improve during the reporting period, with the overall U.S. CMBS delinquency rate ending the third quarter at 6.0%, a 61 bps improvement. Delinquency rates have declined across four of the five major property types over the six-month reporting period, with retail representing the lone outlier.

· Emerging Markets (EM) Debt

Over the six-month period ending September 30, 2014, U.S. dollar (USD) denominated EM fixed income indices as represented by the JP Morgan Emerging Markets Bond Index Global Diversified (EMBI) posted low single digit returns. Performance across EM fixed income was largely driven by accrued interest and flattening of the UST yield curve. Expectations that the Fed will begin hiking short term interest rates in 2015 led 2-year UST yields to rise 0.15% to 0.57%; however, increasing geopolitical risks and expected lower growth in developed markets outside the U.S., helped 10-year and 30-year UST yields remain anchored over the period. Credit spreads across EM indices were broadly unchanged over the period. Spreads generally moved tighter from April through July, on improved risk sentiment and a resumption of flows to the asset class; however, August data increased concerns of EM slowing growth resulting from geopolitical noise and struggling European and Chinese economies. This pushed EM credit spreads wider, reversing much of the tightening that occurred in the prior four months. EM local currency indices, as represented by the JP Morgan Government Bond Index Emerging Markets Broad Diversified (GBI-EM), posted slightly negative returns over the six-month period. The accrued interest of EM local government bond yields were more than offset by depreciation of EM currencies versus the USD. Country-specific risks in Ukraine and Venezuela led to negative returns across their dollar denominated debt and depreciation of their respective currencies.

· Investment Grade Credit

For the six-month period ending September 30, 2014, investment grade credit recorded a total return of 2.68% and an excess return of 0.13%, as measured by the Barclays U.S. Credit Index. Returns were driven by lower UST yields and carry, as spreads widened slightly from 103 bps to 107 bps. The long duration portion of the Index had the best total return, with the 10-year plus duration bucket posting a 5.32% return. The BBB component of the Index continued to outperform, with spreads widening only 1.9 bps and posting a total return of 3.22%. Non- Corporates and Utilities outperformed the index, driven primarily by lower global interest rates. New issuance has been robust at $537 billion for the six-month period and is on track to meet the highest new issuance, ahead of 2013’s new issuance of $1.1 trillion. While insurance companies and pension funds hold the largest part of the investment grade market, approximately 40% and 17%, respectively, demand across all buyers of investment grade credit has remained strong.

· Bank Loans

For the six-month period ending September 30, 2014, the S&P/LSTA Leveraged Loan Index returned 0.91%. Single-B loans returned 0.95%, outperforming BB-rated returns of 0.55%. Notable outperformers by industry for the six-month period were Forest Products (+2.90%), Publishing (+2.59%), and Utilities (+2.24%). Underperforming industries were Nonferrous Metals—Minerals (-0.74%), Food Products (+0.05%), and Cable and Satellite TV (+0.16%).

· Collateralized Loan Obligations (CLOs)

CLO issuance picked up speed during the second quarter and through the beginning of the third quarter of 2014. From April through the end of July, each month’s issuance was at least $10 billion per month. In line with the general market slow-down in August, CLO issuance experienced a slight decline in issuance and only generated $7 billion in new issuance. This speed was maintained through September as investors were still trying to absorb the glut of issuance from the second quarter. Over the six-month period, $68 billion worth of new deals came to the market bringing YTD issuance through September 30, 2014 to $91 billion. We believe the consistent stream of issuance is due to an interest in pricing deals ahead of the effectiveness of new rules regarding risk retention, which, when effective, will require managers and sponsors of CLOs to retain some of the instruments’ risks on their books. We believe the new risk retention rules could possibly prevent newer and smaller managers from entering the CLO space with new deals as they might be unable to keep the equity on their books. Beginning in mid-April, retail loan funds reversed the 96-week streak of inflows. While money flowed out of retail loan funds, CLO managers saw this as an opportunity to pick up cheaper loans. Loans reached their wides in May and then tightened slightly in June. Again in August and September, CLO managers had an opportunity to pick up loans from retail funds. CLOs in the new-issue pipeline were still able to take advantage of the loan spreads widening by placing them in their warehouse. These CLO warehouses allow managers to ramp up their portfolio before pricing and take advantage of any arbitrage. This has made it easier to find AAA and equity investors. Spreads for AAAs hovered in the 150 discount margin (DM) area for the past six months, with greener managers pricing as wide as 160 DM and more experienced managers pricing in the mid-140 DM. Although the

6 DoubleLine Funds Trust

(Unaudited)

September 30, 2014

AAA spreads were relatively unchanged, this was not true for the rest of the capital stack. AA through BBB spreads widened by roughly 35 bps and BB widened by 50 bps over the course of the six-month period. We believe this widening can be largely attributed to the excess supply from all the new issuance rather than from any weakness in the market.

· Global Equities

Global equities as measured by the Morgan Stanley Capital International All Country World Index (MSCI ACWI) rallied a modest 1.42% during the six-month period ending September 30, 2014. U.S. equities were mixed during the six-month period with large cap outperforming small cap stocks. The S&P 500^® Index and Dow Jones Industrial Average Index increased +5.34% and +4.76%, respectively, while the Russell 2000^® Index sold off -6.08%. The macro data out of the U.S. was generally upbeat with stronger labor data and business cycle indicators; however, there was some disappointing data out of the industrial sector. The Fed continued to taper its monthly asset purchases by $10 billion as expected and left key rates unchanged. The FOMC continued to emphasize the underutilization of the labor market and pledged to keep interest rates low for a considerable time.

In Europe, regional equities were mixed with the Deutsche Borse AG German Stock Index (DAX) down -0.85% and the CAC 40 Index and Financial Times Stock Exchange (FTSE) up +0.56% and +0.37%, respectively. In the periphery, equities were mixed with the Financial Times Stock Exchange Milano Italia Borse (FTSEMIB) down -3.69% and the Índice Bursátil Español (IBEX) up +4.69%. In an effort to fight persistent disinflation and keep the monetary union out of its third recession, the European Central Bank (ECB) lowered its entire interest rate corridor, taking deposit rates negative. At the same time the ECB introduced a targeted long-term refinancing operation (TLTRO), and pledged to increase its balance sheet by around €1 trillion (approximately $1.28 trillion USD as of September 30, 2014) from current levels.

Asian equities performed well over the six-month period with the Nikkei up 9.08%, the Shanghai Composite up +16.26%, and the Hang Seng up +3.53%. Japanese equities rallied on the prospect of further monetary easing from the Bank of Japan and allocation shifts into equities by the world’s largest pension fund. Chinese equities rallied on increased stimulus measures from the Chinese government in the face of deteriorating economic growth.

· Commodities

As measured by the Standard & Poor’s Goldman Sachs Commodity Excess Return Index, the broad-based commodities market posted a 10.12% loss for the six-month period ending September 30, 2014. Sectoral performance was mixed as three of five sectors had negative returns. The agricultural sector sold off 29.17% as greater than anticipated supply squashed fears of a weak harvest. Corn and wheat were down 38.32% and 35.53%, respectively, while cocoa (+11.51%) and coffee (+3.44%) were the only positive performers in the sector. Energy was down 8.91% as crude oil and refined products slipped on increased U.S. and Saudi Arabian production. Precious metals closed down 6.78% as inflation in the U.S. and European Union (EU) remained well below expectations (gold and silver fell 5.75% and 14.26%, respectively). Industrial metals rallied 3.91%, mostly due to strong second quarter performance and demand for aluminum (+6.75%) and zinc (+14.33%). Livestock ended up 4.51% as feeder cattle rallied 31.62% and lean hogs fell 15.31%.

· U.S. Large Cap Equities

As measured by the S&P 500^® Index, the large capitalization U.S. equity market posted a +6.42% gain for the six-month period ending September 30, 2014. The NASDAQ Composite Index realized a gain of +7.68% while the Dow Jones Industrial Average Index increased by +4.76%. Most of the gains in this period were accrued during the second quarter of 2014 as equities rallied in the spring and early summer. The third quarter was punctuated by increased tail risk in the global economy due to slowing growth in the EU, China and commodity exporting nations. Geopolitical tensions also rose in the third quarter as fears stemming from a Russian proxy war in Ukraine and open war in the Levant were further stoked by a major outbreak of Ebola in West Africa. The U.S. economy is in the fifth year of economic recovery and is beginning to show signs of strength. The Fed decreased the large scale asset purchase program in each of its scheduled meetings over the course of third quarter, though a diminishing global economy could cause the Fed to change course going forward.

Semi-Annual Report September 30, 2014 7

Management’s Discussion of Fund Performance (Unaudited) September 30, 2014

Management Discussion of Fund Performance:

DoubleLine Total Return Bond Fund

The Doubleline Total Return Bond Fund outperformed the Barclays U.S. Aggregate Bond Index return of 2.21% over the six-month period ending September 30, 2014. As U.S. interest rates declined in the same period with the 10-year UST rate lowering by 23 bps, both Agency and non-Agency residential MBS (RMBS) performed well. The portfolio maintained a 45% allocation to Agency RMBS and a 37% weighting in non-Agency RMBS. Non-Agency RMBS led the outperformance for the six-month period as the sector moved tighter, returning over 3.5% in total return to the portfolio. The market continues to shrink in size helping to boost valuations of Non-Agency RMBS even in periods when other credit sensitive assets decline. Within the Fund, the spectrum of credit quality performed well with prime bonds performing the best. Agency RMBS added approximately 3.5% in total returns to the Fund. In particular, fixed-rate Collateralized Mortgage Obligations (CMOs) and Passthroughs, which was approximately 40% of the Fund’s portfolio, contributed the strongest returns as these sectors have relatively longer durations. Low LIBOR* rates also continue to aid Agency inverse floating-rate securities, which added strong coupon returns over the six–month period. Commercial MBS (CMBS) lagged RMBS, but still added gains to the portfolio. The sector traded wider especially towards the latter months of the period due to higher supply from the new issue market. The same dynamic also occurred in the CLO market as new issuance for the sector has hit record highs. Both senior and mezzanine tranches experienced some weakening with lower tranches declining in value more. Within the Fund, both CLOs and CMBS still contributed relatively robust interest income, which offset mild declines in pricing.

Period Ended 9-30-14	6-Months
I-Share		2.81%
N-Share		2.68%
Barclays U.S. Aggregate Bond Index		2.21%

* LIBOR stands for the London Interbank Offered Rate.

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

DoubleLine Core Fixed Income Fund

The DoubleLine Core Fixed Income Fund outperformed the Barclays U.S. Aggregate Bond Index’s return of 2.21% over the six-month period ending September 30, 2014. As U.S. interest rates declined over the same period with the 10-year UST rate lowering by 23 bps, longer duration sectors generally outperformed shorter duration counterparts. EM fixed income was the best performing sector returning over 5.5% to the Fund’s total return. The sector has a duration over 5.5 years, making it one of the longer duration sectors held within the portfolio, thus the strong returns in the declining interest rate environment. RMBS also outperformed other sectors within the Fund and the Barclays U.S. MBS Index, as Agency RMBS returned over 4% in total return. This sector had a duration of over 6 years and fixed-rate CMOs experienced high price appreciation as well as healthy interest income. The Fund continued to have its largest exposure to RMBS- at over 30%. Investment Grade Corporate Credit, U.S. Government and CMBS all additionally contributed relatively strong gains to the Fund. High Yield, Bank Loans and CLOs, while contributing positive returns, lagged behind other sectors within the Fund. These sectors succumbed to pricing pressures late in the period as a combination of high supply and waning risk appetites have caused some selloffs to occur.

Period Ended 9-30-14	6-Months
I-Share		2.72%
N-Share		2.68%
Barclays U.S. Aggregate Bond Index		2.21%

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

DoubleLine Emerging Markets Fixed Income Fund

Over the six-month period ending September 30, 2014, the DoubleLine Emerging Markets Fixed Income Fund outperformed the JP Morgan Emerging Markets Bond Index Global Diversified (EMBI). In part, outperformance was led by the Fund avoiding exposure to Ukraine. Sovereign bonds domiciled in Ukraine posted large negative returns over the period as the ongoing conflict with Russia on Ukraine’s eastern border has stifled growth. Performance also benefited from the Fund avoiding exposure to Venezuela sovereign bonds. Venezuela government’s policies have led to large macro economic imbalances, and investor’s questioning the government’s capacity to pay external

8 DoubleLine Funds Trust

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September 30, 2014

debt maturities. The Fund’s shorter duration relative to the index, partially offset outperformance, as 10-year UST bonds rallied over the period. 10-year UST yields ended the September at 2.49% from 2.72% as of March month-end.

Period Ended 9-30-14	6-Months
I-Share		4.96%
N-Share		4.92%
JP Morgan Emerging Markets Bond Global Diversified Index		4.14%

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

DoubleLine Multi-Asset Growth Fund

The DoubleLine Multi-Asset Growth Fund underperformed its blended benchmark over the six-month period ending September 30, 2014. Fixed income and global equities in the Fund both turned in positive returns over this period, but commodities did not fare as well. This period was a story of two halves with all sectors of the blended benchmark seeing positive returns during the first three months, and then equities and commodities seeing selloffs thereafter. A turn-around in the U.S. economy and a soft landing in China evolved during July into Europe edging towards outright deflation, a return of the slowdown story in China, and commodity dependent economies feeling the strain of a selloff in real assets. Continued strife in Ukraine, destabilizing events surrounding the surge of ISIS in the Middle East, and the emergence of an Ebola outbreak in Western Africa each added to downward momentum in international equity prices in the latter part of the quarter. As the global slowdown story took hold, one of the biggest related events was the decline seen in oil markets. Brent Crude fell more than 10% over the six–month period. The confluence of forces that led to this decline include: stories suggesting the U.S. might lift their ban on oil exports, falling eurozone inflation, continued strong supply in Libya amidst strafe, and lower forecasts of Chinese and global growth from the International Monetary Fund (IMF). This same sentiment weighed on real asset exposures in the Fund, which was the only sector that had a negative return over the period. Fixed income was the strongest performer over the period as the UST flattened, and credit spreads tightened. Foreign exchange positions similarly benefited the portfolio as long dollar positions rallied as Asian and European currencies suffered for much of the reasons discussed above.

Period Ended 9-30-14	6-Months
I-Share		0.12%
A-Share
Without Load		0.09%
With Load		-4.17%
S&P 500 ® Index		6.42%
Blended Benchmark*		0.41%

* Blended Benchmark: 60% Barclays U.S. Aggregate Bond Index/25% Morgan Stanley Capital International All Country World Index/15% Standard & Poor’s Goldman Sachs Commodity Index (GSCI) Total Return

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

DoubleLine Low Duration Bond Fund

The DoubleLine Low Duration Bond Fund outperformed the Bank of America (BofA)/Merrill Lynch 1-3 Year U.S. Treasury Index’s return of 0.30% over six month-period ending September 30, 2014. The UST yield curve flattened slightly at the long end of the curve while the shorter end mildly increased. The 10-year UST yield ended the period at 2.49%, decreasing by 23 bps for the period; however, it touched a low of 2.33% in the month of August. The 2-year UST yield ended the period at 0.57%, increasing by 15 bps for the six-month period. EM fixed income was the best performing sector, largely attributable to the sector’s longer duration compared to other sectors within the Fund. Structured products such as RMBS, CMBS, and CLOs also performed well for the trailing six-month period. Both Agency and non-Agency RMBS performed well, as they contributed modest price appreciation and robust interest income for the period. CMBS and CLOs performed well despite facing robust issuance in recent months. Both sectors have largely been impacted by pricing pressures late in the period as a combination of high supply and waning risk appetites have caused some selloffs to occur. Although the more credit sensitive sectors, such

Semi-Annual Report September 30, 2014 9

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) September 30, 2014

as Investment Grade Corporates and Bank Loans, contributed positively to the Fund, they lagged behind the other sectors as they suffered from interim volatility within the credit markets caused by large issuance cycles, continuing rate concerns, and retail fund outflows.

Period Ended 9-30-14	6-Months
I-Share		1.00%
N-Share		0.87%
BofA/Merrill Lynch 1-3 Year U.S. Treasury Index		0.30%

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

DoubleLine Floating Rate Fund

The DoubleLine Floating Rate Fund generated a net return of 0.32% for the six-month period ending September 30, 2014, underperforming the S&P/LSTA Leveraged Loan Index. The Fund underperformed during the period partly due to an underweight positing in CCC-rated credits, which generated the greatest performance of any rating category, with a return of 2.71%. While CCC-rated credits were a drag during the third quarter, they generated a 3.43% return during the second quarter. Additionally, defaulted securities generated an 8.29% return during the second quarter. The Fund held no defaulted loans during the six-month period. The Fund was also underweight utilities and publishing by more than 1%, which were two of the strongest performing industries. At the end of the six-month period, the Fund held 43.89% BBs, 46.21% Bs, 2.58% CCCs and 0% unrated securities compared to the index weightings of 36.4% BBs, 46.93% Bs and 5.63% CCCs.

Period Ended 9-30-14	6-Months
I-Share		0.32%
N-Share		0.29%
S&P/LSTA Leveraged Loan Index		0.91%

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

DoubleLine Shiller Enhanced CAPE^®

In the six-month period ended September 30, 2014, the DoubleLine Shiller Enhanced CAPE^® returned 7.39% and the S&P 500^® Index returned 6.42%. The DoubleLine Shiller Enhanced CAPE^® performance was due to a 6.05% return from exposure to the Shiller Barclays CAPE^® U.S. Sector Total Return Index and a 1.34% return from the fixed income portfolio. Hence the key driver of outperformance was the fixed income portfolio. The Shiller Barclays CAPE^® U.S. Sector Total Return Index was exposed to the healthcare, industrials, technology and energy sectors throughout the six-month period. All four of these sectors contributed positively to return with technology contributing the largest amount (2.58%) and industrials contributing the least (0.36%). The fixed income collateral pool was primarily driven by a rally in emerging market debt and mortgage backed securities. The worst performing sector of the bond market was the high yield sector as new issuance was in excess of investor demand.

Period Ended 9-30-14	6-Months
I-Share		7.39%
N-Share		7.27%
S&P 500® Index		6.42%
Shiller Barclays CAPE® U.S. Sector Total Return Index		6.14%

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

DoubleLine Flexible Income Fund

The DoubleLine Flexible Income Fund outperformed the 3-month LIBOR for the period since inception to September 30, 2014. Non-Agency MBS were the largest driver of this outperformance, and held strong when other credit products saw weakness during the second half of the period. At roughly 30%, the Fund’s allocation to non-Agency MBS is the largest within the Fund. Other than UST, EM has been one of the strongest fixed income performers during the reporting period as “taper tantrum” related fears abated. This was very accretive to Fund performance, as these positions make up the second largest allocation and were the second best performer since the inception of the Fund. CLOs also positively contributed to performance, though we did see some spread widening as the measurement period ended.

10 DoubleLine Funds Trust

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September 30, 2014

Similar weakness was seen in both the Bank Loan and High Yield markets, as ETFs and mutual funds alike saw significant outflows. Allocations to CMBS saw spreads continue to move tighter as average lives fell, and contributed decent interest income.

Period 4-7-14 through 9-30-2014	Since Inception
I-Share		2.02%
N-Share		1.93%
LIBOR USD 3 Month		0.11%

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

DoubleLine Low Duration Emerging Markets Fixed Income Fund

The DoubleLine Low Duration Emerging Markets Fixed Income Fund outperformed the JP Morgan Corporate EMBI Broad Diversified Maturity 1-3 Year Index over the period from inception to September 30, 2014. In part, outperformance was led by the Fund’s zero exposure to Russia and Ukraine credits. Corporate bonds domiciled in Russia and Ukraine underperformed over the period as the ongoing conflict on Ukraine’s eastern border has stifled growth in both countries. The Fund’s overweight allocation, relative to the index, to below investment grade credits also benefited performance due to its higher interest accrual over the period.

Period 4-7-14 through 9-30-14	Since Inception
I-Share		2.85%
N-Share		2.74%
JP Morgan CEMBI Broad Diversified 1-3 Year Index		0.92%

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

Past Performance is not a guarantee of future results.

Opinions expressed herein are as of September 30, 2014 and are subject to change at any time, are not guaranteed and should not be considered investment advice.

The performance shown assumes the reinvestment of all dividends and distributions and does not reflect any reductions for taxes. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

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

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

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

Investments in Asset-Backed and Mortgage-Backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments.

Investments in foreign securities involve political, economic, and currency risks, greater volatility, and differences in accounting methods. These risks are greater for investments in emerging markets.

Investments in securities related to real estate may decline in value as a result of factors affecting the real estate industry.

Commodity-linked derivative instruments may involve additional costs and risks such as changes in commodity index volatility or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investing in derivatives could lose more than the amount invested.

Equities may decline in value due to both real and perceived general market, economic, and industry conditions.

Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. ETF investments involve additional risks such as the market price trading at a discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund’s ability to sell its shares.

Floating rate loans and other floating rate investments are subject to credit risk, interest rate risk, counterparty risk and financial services risks, among others.

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.

Credit ratings from 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 Standard & Poor’s (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.

ABX Index—This index consists of the 20 most liquid credit default swaps (CDS) on U.S. home equity asset-backed securities (ABS) and is used to hedge asset-backed exposure or to take a position in the subprime mortgage asset class. The ABX Index has four series (06-1, 06-2, 07-1 and 07-2) with five tranches per series. The

Semi-Annual Report September 30, 2014 11

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) September 30, 2014

ABX 07-1 AAA Index references underlying collateral of that 2007 vintage and AAA credit quality type, just as the ABX 06-2 AAA Index references underlying collateral of the 2006 vintage and AAA credit quality type.

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

Barclays U.S. CMBS Index—This index measures the performance of investment grade commercial mortgage-backed securities, which are classes of securities that represent interests in pools of commercial mortgages.

Barclays U.S. Credit Index—This index comprises the US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities. The US Credit Index was called the US Corporate Investment Grade Index until July 2000, when it was renamed to reflect its inclusion of both corporate and non-corporate issuers.

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

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

Bank of America (BofA)/Merrill Lynch 1-3 Year U.S. Treasury Index—This index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.

CAC—CAC refers to the CAC 40 Index which is a French stock market index. It tracks 40 of the largest French stocks on the Paris Bourse, or stock exchange. CAC stands for the Cotation Assistée en Continu.

Cash Flow—A measure of the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.

Deutsche Borse AG German Stock Index (DAX)—DAX is the Deutscher Aktien-Index, or the German stock index, which represents 30 of the largest and most liquid German companies that trade on the Frankfurt Exchange.

Discount Margin (DM)—The amount of return on a floating rate security based on the spread between the price of the security at a given time and the reference rate.

Developed Markets—The Developed Markets, as defined by JP Morgan, are Australia, Canada, France, Germany, Italy, Japan, New Zealand, Norway, Sweden, Switzerland, the United Kingdom, and the United States.

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

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

Financial Times Stock Exchange Milano Italia Borsa (FTSEMIB)—The benchmark stock market index for the Borsa Italiana, the Italian national stock exchange, which superseded the MIB-30 in September 2004. The index consists of the 40 most-traded stock classes on the exchange.

FTSE—FTSE is the Financial Times Stock Exchange, which is similar to Standard & Poor’s in the U.S., and specializes in index calculation. They are best known for the FTSE 100 Index which includes blue-chip stocks on the London Stock Exchange.

Hang Seng Index (HSI)—A free-float capitalization-weighted index of a selection of companies from the Stock Exchange of Hong Kong. The components of the index are divided into four subindices: Commerce and Industry, Finance, Utilities, and Properties.

Indice Bursatil Espanol (IBEX)—The official index of the Spanish Continuous Market. The index is comprised of the 35 most liquid stocks traded on the Continuous market. It is calculated, supervised and published by the Sociedad de Bolsas.

Investment Grade—Securities rated AAA to BBB- are considered to be investment grade. A bond is considered investment grade if its credit rating is BBB- or higher by Standard & Poor’s or Baa3 by Moody’s. Ratings based on corporate bond model. The higher the rating, the more likely the bond is to pay back at par/$100 cents on the dollar. AAA is considered the highest quality and the lowest degree of risk. They are considered to be extremely stable and dependable.

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

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

JP Morgan Government Bond Index Emerging Markets Broad Diversified (GBI-EM) - The first comprehensive, global local Emerging Markets index consisting of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure.

Last Cash Flow (LCF)—The last revenue stream paid to a bond over a given period.

London Interbank Offered Rate (LIBOR)—An indicative average interest rate at which a selection of banks known as the panel banks are prepared to lend one another unsecured funds on the London money market.

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

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

NASDAQ Composite Index—This index measures all NASDAQ domestic and international based common type stocks listed on The NASDAQ Stock Market. The Index includes over 3,000 securities, more than most other stock market indices. The NASDAQ Composite Index is calculated under a market capitalization weighted methodology index.

Nikkei—The Nikkei is short for Japan’s Nikkei 225 Stock Average, which is the leading index of Japanese stocks. This index is price-weighted and comprised of Japan’s top 225 blue-chip companies on the Tokyo Stock Exchange. The Nikkei is equivalent to the Dow Jones Industrial Average Index in the U.S.

Russell 2000^® Index—A subset of the Russell 3000 Index that measures the performance of the small-cap segment of the U.S. equity universe. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

Shanghai Stock Exchange Composite Index (SHCOMP)—A capitalization-weighted index that tracks the daily performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. The index was developed on December 19, 1990 with a base value of 100.

12 DoubleLine Funds Trust

(Unaudited)

September 30, 2014

Shiller Barclays CAPE^® US Sector Total Return Index—An index that 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—The 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 and risk.

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

S&P/Case-Shiller 20-City Composite Home Price Index—This index measures the value of residential real estate in 20 metropolitan areas of the U.S. It is included in the S&P/Case-Shiller Home Price Index Series which seeks to measure changes in the total value of all existing single-family housing stock.

Standard & Poor’s Goldman Sachs Commodity Index (GSCI)—Standard & Poor’s Goldman Sachs Commodity Index, or GSCI, is a composite index of commodity sector returns which represents a broadly diversified, unleveraged, long-only position in commodity futures. The index’s components qualify for inclusion in the index based on liquidity measures and are weighted in relation to their global production levels, making the Index a valuable economic indicator and commodities market benchmark. The GSCI Excess Return index is one of the three S&P GSCI Indices published, measuring the return accrued from investing in uncollateralized nearby commodity futures. This Excess Return Index includes an Energy component, which was referenced in this commentary.

S&P/LSTA Leveraged Loan Index—Capitalization-weighted syndicated loan indices are based upon market weightings, spreads and interest payments, and this index covers the U.S. market back to 1997 and currently calculates on a daily basis. Created by the Leveraged Commentary & Data (LCD) team at S&P Capital IQ, the review provides an overview and outlook of the leveraged loan market as well as an expansive review of the S&P Leveraged Loan Index and sub-indexes. The review consists of index general characteristics, results, risk-return profile, default/distress statistics, and repayment analysis.

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

The DoubleLine Funds are distributed by Quasar Distributors, LLC.

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

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

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

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

Semi-Annual Report September 30, 2014 13

DoubleLine Funds’ Standardized Performance Summary (Unaudited) September 30, 2014

As of September 30, 2014

DBLTX/DLTNX
Total Return Bond Fund Returns as of September 30, 2014	1 Year	3 Year Annualized	Since  Inception Annualized (4-6-10 to 9-30-14)	Gross Expense Ratio
I-share (DBLTX)	4.99%	4.96%	8.92%	0.47%
N-share (DLTNX)	4.72%	4.68%	8.65%	0.72%
Barclays U.S. Aggregate Index	3.96%	2.43%	4.27%
DBLEX/DLENX
Emerging Markets Fixed Income Fund Returns as of September 30, 2014	1 Year	3 Year Annualized	Since Inception Annualized (4-6-10 to 9-30-14)	Gross Expense Ratio
I-share (DBLEX)	11.86%	7.92%	7.41%	0.92%
N-share (DLENX)	11.68%	7.66%	7.17%	1.17%
JP Morgan Emerging Markets Bond Global Diversified Index	9.67%	7.95%	7.55%
DBLFX/DLFNX
Core Fixed Income Fund Returns as of September 30, 2014	1 Year	3 Year Annualized	Since Inception Annualized (6-1-10 to 9-30-14)	Gross Expense Ratio
I-share (DBLFX)	6.24%	4.70%	7.19%	0.52%
N-share (DLFNX)	5.97%	4.48%	6.94%	0.77%
Barclays U.S. Aggregate Index	3.96%	2.43%	3.84%
DMLIX/DMLAX
Multi-Asset Growth Fund Returns as of September 30, 2014	1 Year	3 Year Annualized	Since Inception Annualized (12-20-10 to 9-30-14)	Gross Expense Ratio	Net Expense Ratio*
I-share (DMLIX)	3.58%	2.80%	2.69%	1.68%	1.55%
A-share (DLMAX)				1.93%	1.80%
A-share (No Load)	3.32%	2.56%	2.42%
A-share (With Load)	-1.08%	1.09%	1.25%
Blended Benchmark**	4.00%	5.67%	4.53%
S&P 500® TR	19.73%	22.99%	15.34%
DBLSX/DLSNX
Low Duration Bond Fund Returns as of September 30, 2014	1 Year		Since Inception Annualized (9-30-11 to 9-30-14)	Gross Expense Ratio	Net Expense Ratio*
I-share (DBLSX)	2.13%		2.61%	0.49%	0.48%
N-share (DLSNX)	1.88%		2.35%	0.74%	0.73%
BofA/Merrill Lynch 1-3 Year Treasury	0.50%		0.48%
DBFRX/DLFRX
Floating Rate Fund Returns as of September 30, 2014	1 Year		Since Inception Annualized (2-1-13 to 9-30-14)	Gross Expense Ratio
I-share (DBFRX)	2.37%		2.52%	0.75%
N-share (DLFRX)	2.10%		2.42%	1.00%
S&P LSTA Leveraged Loan Index	3.85%		3.82%
DSEEX/DSENX
Shiller Enhanced CAPE® Returns as of September 30, 2014			Since Inception (10-31-13 to 3-31-14)	Gross Expense Ratio	Net Expense Ratio***	Expense Cap***
I-share (DSEEX)			15.80%	1.38%	0.99%	0.65%
N-share (DSENX)			15.57%	1.63%	1.24%	0.90%
Shiller Barclays CAPE® U.S. Sector Total Return USD Index			13.26%
S&P 500®			14.47%

14 DoubleLine Funds Trust

(Unaudited)

September 30, 2014

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. 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. Performance data current to the most recent month-end may be obtained by calling (213) 633-8200 or by visiting www.doublelinefunds.com.

Performance data shown for the Multi-Asset Growth Fund Class reflects the Class A maximum sales charge of 4.25%. Performance data shown for the Class A No Load does not reflect the deduction of the sales load or fee. If reflected, the load or fee would reduce the performance quoted. The Multi-Asset Growth Fund imposes a Deferred Sales Charge of 0.75% on purchases of $1 million or more of Class A shares if redeemed within 18 months of purchase. The Multi-Asset Growth Fund and Floating Rate Fund impose 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.

*The Adviser has contractually agreed to waive fees and reimburse expenses through July 31, 2015.

**The Blended Benchmark for the Multi-Asset Growth Fund is 60% Barclays Cap Agg, 25% MSCI AC World Index & 15% SP GS Com TR

***The Adviser has contractually agreed to waive its investment advisory fee and to reimburse the DoubleLine Shiller Enhanced CAPE^® Fund for other ordinary operating expenses to the extent necessary to limit ordinary operating expenses to an amount not to exceed 0.65% for Class I shares and 0.90% for Class N shares. Ordinary operating expenses exclude taxes, commissions, mark-ups, litigation expenses, indemnification expenses, interest expenses, Acquired Fund Fees and Expenses, and any extraordinary expenses. These expense limitations are expected to apply until at least July 31, 2015, except that they may be terminated by the Board of Trustees at any time.

Mutual Fund Investing involves risk. Principal loss is possible.

Semi-Annual Report September 30, 2014 15

Schedule of Investments  DoubleLine Total Return Bond Fund (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 0.1%
		Nelnet Student Loan Trust,
$	33,850,000	Series 2007-2A-B1		1.40%	#^		09/25/2035		32,461,507
		Total Asset Backed Obligations (Cost $32,707,562)							32,461,507
	COLLATERALIZED LOAN OBLIGATIONS 4.0%
		Adams Mill Ltd.,
	10,000,000	Series 2014-1A-C1		3.20%	#^		07/15/2026		9,870,074
		ALM Loan Funding,
	3,750,000	Series 2012-6A-C		4.98%	#^		06/14/2023		3,758,364
	20,000,000	Series 2012-7A-A1		1.65%	#^		10/19/2024		19,976,565
		Apidos Ltd.,
	1,500,000	Series 2006-4A-D		1.74%	#^		10/27/2018		1,440,015
	32,171,867	Series 2007-5A-A18		0.46%	#^		04/15/2021		32,020,890
	20,000,000	Series 2013-16A-A1		1.68%	#^		01/19/2025		19,993,979
	5,500,000	Series 2014-18A-B		3.03%	#^		07/22/2026		5,428,609
		ARES Ltd.,
	25,000,000	Series 2013-1A-B		1.98%	#^		04/15/2025		24,210,699
	6,500,000	Series 2013-1A-D		3.98%	#^		04/15/2025		6,293,955
		Atrium Corporation,
	12,108,969	Series 5A-A2A		0.45%	#^		07/20/2020		12,081,133
		Avery Point Ltd.,
	3,950,000	Series 2013-2A-D		3.68%	#^		07/17/2025		3,772,078
	5,000,000	Series 2014-1A-A		1.75%	#^		04/25/2026		5,002,815
	4,250,000	Series 2014-1A-D		3.73%	#^		04/25/2026		4,043,721
		Babson Ltd.,
	2,446,615	Series 2005-3A-A		0.48%	#^		11/10/2019		2,441,389
	4,750,000	Series 2014-IIA-C		3.17%	#^		10/17/2026		4,699,899
	3,750,000	Series 2014-IIA-D		3.87%	#^		10/17/2026		3,598,293
		Birchwood Park Ltd.,
	5,000,000	Series 2014-1A-C2		3.38%	#^		07/15/2026		5,018,802
	6,500,000	Series 2014-1A-D2		1.43%	#^		07/15/2026		6,491,727
		Black Diamond Ltd.,
	1,844,796	Series 2005-1A-A1		0.50%	#^		06/20/2017		1,842,041
		BlackRock Senior Income,
	1,716,165	Series 2006-4A-A		0.47%	#^		04/20/2019		1,700,056
		BlueMountain Ltd.,
	25,000,000	Series 2012-2A-A1		1.65%	#^		11/20/2024		24,994,407
	19,000,000	Series 2012-2A-B1		2.29%	#^		11/20/2024		18,931,064
	16,150,000	Series 2012-2A-C		2.98%	#^		11/20/2024		16,061,161
		BMI Trust,
	94,859,914	Series 2013-1AR-A1R		1.17%	#^		08/01/2021		94,308,597
		Bridgeport Ltd.,
	922,213	Series 2006-1A-A1		0.48%	#^		07/21/2020		917,275
		Brookside Mill Ltd.,
	17,000,000	Series 2013-1A-C1		2.93%	#^		04/17/2025		16,663,092
		Canyon Capital Ltd.,
	9,500,000	Series 2012-1A-B1		2.18%	#^		01/15/2024		9,270,175
		Carlyle Global Market Strategies Ltd.,
	17,000,000	Series 2014-3A-B		3.38%	#^		07/27/2026		16,982,810
	2,500,000	Series 2014-3A-C2		4.43%	#^		07/27/2026		2,491,604
		Carlyle High Yield Partners Ltd.,
	1,750,000	Series 2006-8A-B		0.61%	#^		05/21/2021		1,688,092
		Cent Ltd.,
	3,000,000	Series 2005-10A-D		1.98%	#^		12/15/2017		2,912,664
	15,067,373	Series 2006-11A-A1		0.49%	#^		04/25/2019		14,890,383
	1,735,930	Series 2007-14A-A1		0.47%	#^		04/15/2021		1,697,336
	14,637,311	Series 2007-14A-A2A		0.46%	#^		04/15/2021		14,384,532
	6,250,000	Series 2014-22A-B		3.43%	#^		11/07/2026		6,250,000
	7,250,000	Series 2014-22A-C		3.98%	#^		11/07/2026		6,917,950
		Chatham Light Ltd.,
	2,250,366	Series 2005-2A-A1		0.49%	#^		08/03/2019		2,249,008

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Covenant Credit Partners Ltd.,
$	5,000,000	Series 2014-1A-A		1.71%	#^		07/20/2026		4,983,559
		Crown Point Ltd.,
	10,500,000	Series 2012-1A-A1LB		1.73%	#^		11/21/2022		10,492,557
		Dryden Leveraged Loan,
	5,000,000	Series 2006-11A-C1		1.83%	#^		04/12/2020		4,851,952
		Dryden Senior Loan Fund,
	4,000,000	Series 2012-24A-D		4.98%	#^		11/15/2023		4,009,129
	10,000,000	Series 2012-25A-B1		2.48%	#^		01/15/2025		10,007,449
		Flatiron Ltd.,
	18,100,000	Series 2013-1A-A1		1.63%	#^		01/17/2026		18,074,326
	3,000,000	Series 2014-1A-B		3.09%	#^		07/17/2026		2,960,904
	6,750,000	Series 2014-1A-C		3.54%	#^		07/17/2026		6,372,704
		Fortress Credit Ltd.,
	10,000,000	Series 2013-1A-A		1.41%	#^		01/19/2025		9,748,581
	10,000,000	Series 2013-1A-B		2.13%	#^		01/19/2025		9,724,906
		Galaxy Ltd.,
	2,000,000	Series 2006-6X-B		0.63%	#		06/13/2018		1,990,621
	2,000,000	Series 2013-15A-A		1.48%	#^		04/15/2025		1,986,081
	13,000,000	Series 2013-15A-B		2.08%	#^		04/15/2025		12,744,750
	13,100,000	Series 2013-15A-C		2.83%	#^		04/15/2025		12,784,539
	6,125,000	Series 2013-15A-D		3.63%	#^		04/15/2025		5,853,420
		GLG Ore Hill Ltd.,
	37,000,000	Series 2013-1A-A		1.35%	#^		07/15/2025		36,400,286
		Halcyon Loan Advisors Funding Ltd.,
	6,500,000	Series 2014-2A-C		3.73%	#^		04/28/2025		6,074,180
	1,750,000	Series 2014-2A-D		5.23%	#^		04/28/2025		1,588,986
	5,000,000	Series 2014-3A-D		3.88%	#^		10/22/2025		4,695,000
		ICE Global Credit Ltd.,
	30,000,000	Series 2013-1A-A1		1.98%	#^		04/20/2024		29,706,000
	25,000,000	Series 2013-1A-B2		2.78%	#^		04/20/2024		23,897,500
		ING Ltd.,
	22,691,224	Series 2007-5A-A1A		0.47%	#^		05/01/2022		22,540,620
	4,250,000	Series 2013-3A-B		2.93%	#^		01/18/2026		4,162,608
		Jamestown Ltd.,
	50,000,000	Series 2013-3A-A1A		1.68%	#^		01/15/2026		49,817,063
	15,000,000	Series 2014-4A-A1A		1.73%	#^		07/15/2026		14,989,585
		Kingsland Ltd.,
	500,000	Series 2005-1A-C2		6.13%	^		06/13/2019		502,538
		KKR Financial Corporation,
	1,833,790	Series 2006-1A-A1		0.51%	#^		08/25/2018		1,832,091
		KVK Ltd.,
	20,000,000	Series 2013-1A-A		1.63%	#^		04/14/2025		19,926,464
		LCM LP,
	3,650,000	Series 11A-D2		4.18%	#^		04/19/2022		3,658,231
	20,000,000	Series 12A-A		1.70%	#^		10/19/2022		20,004,996
	12,600,000	Series 13A-C		3.13%	#^		01/19/2023		12,579,231
	7,825,000	Series 14A-D		3.73%	#^		07/15/2025		7,487,479
	21,000,000	Series 16A-A		1.76%	#^		07/15/2026		21,051,931
	2,750,000	Series 16A-D		3.86%	#^		07/15/2026		2,634,373
		Limerock Ltd.,
	7,000,000	Series 2014-2A-A		1.73%	#^		04/18/2026		6,998,988
		Madison Park Funding Ltd.,
	1,000,000	Series 2012-9X-C1		3.83%	#		08/15/2022		1,001,223
	3,000,000	Series 2014-14A-C1		3.33%	#^		07/20/2026		2,993,298
		Marathon Ltd.,
	4,000,000	Series 2012-6A-A		1.73%	#^		09/15/2023		4,001,980
	17,000,000	Series 2013-5A-A2A		2.58%	#^		02/21/2025		16,871,797
		Marea Ltd.,
	2,000,000	Series 2012-1A-D		4.78%	#^		10/16/2023		2,003,965
		Mountain Capital Ltd.,
	2,778,938	Series 2007-6A-A		0.47%	#^		04/25/2019		2,756,888
		Nautique Funding Ltd.,
	2,000,000	Series 2006-1A-C		1.93%	#^		04/15/2020		1,922,781

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		NOB Hill Ltd.,
$	902,520	Series 2006-1X-A1		0.48%	#		08/15/2018		902,177
		Nomad Ltd.,
	9,000,000	Series 2013-1A-B		3.18%	#^		01/15/2025		8,818,045
	3,500,000	Series 2013-1A-C		3.73%	#^		01/15/2025		3,339,204
		Northwoods Capital Corporation,
	30,000,000	Series 2012-9A-A		1.65%	#^		01/18/2024		29,966,923
	16,660,000	Series 2013-10-A1		1.64%	#^		11/04/2025		16,560,238
		Oak Hill Credit Partners,
	29,000,000	Series 2012-7A-A		1.65%	#^		11/20/2023		28,961,605
	18,000,000	Series 2012-7A-B1		2.48%	#^		11/20/2023		18,022,248
		OCP Ltd.,
	9,000,000	Series 2012-2A-A2		1.71%	#^		11/22/2023		9,004,268
	2,024,348	Series 2012-2A-X2		1.71%	#^		11/22/2023		2,027,541
	10,000,000	Series 2013-3A-B		2.98%	#^		01/17/2025		9,780,121
		Octagon Investment Partners Ltd.,
	13,500,000	Series 2014-1A-B		3.43%	#^		11/14/2026		13,500,000
	5,500,000	Series 2014-1A-C		3.88%	#^		11/14/2026		5,266,580
		OHA Intrepid Leverage Loan Fund Ltd.,
	10,000,000	Series 2011-1AR-DR		3.28%	#^		04/20/2021		10,008,401
		OZLM Funding Ltd.,
	9,000,000	Series 2013-5A-A1		1.73%	#^		01/17/2026		9,001,465
		OZLM Ltd.,
	6,700,000	Series 2014-6A-A1		1.73%	#^		04/17/2026		6,700,477
		Race Point Ltd.,
	25,000,000	Series 2012-7A-A		1.64%	#^		11/08/2024		24,958,275
	24,000,000	Series 2012-7A-B		2.47%	#^		11/08/2024		23,970,732
	5,500,000	Series 2013-8A-B		2.13%	#^		02/20/2025		5,402,178
		Saturn Ltd.,
	3,200,000	Series 2007-1A-D		4.23%	#^		05/13/2022		2,980,987
		Sound Harbor Loan Fund Ltd.,
	25,000,000	Series 2014-1A-A1		1.73%	#^		10/30/2026		24,850,000
		Steele Creek Ltd.,
	22,000,000	Series 2014-1A-A1		1.83%	#^		08/21/2026		21,999,388
		Symphony Ltd.,
	25,000,000	Series 2013-11A-B1		2.43%	#^		01/17/2025		24,983,011
		Thacher Park Ltd.,
	2,000,000	Series 2014-1A-C		3.28%	#^		10/20/2026		2,000,000
	4,500,000	Series 2014-1A-D1		3.76%	#^		10/20/2026		4,306,500
		Venture Ltd.,
	17,000,000	Series 2014-17A-A		1.76%	#^		07/15/2026		16,968,283
	3,250,000	Series 2014-17A-B2		2.38%	#^		07/15/2026		3,187,410
		Washington Mill Ltd.,
	20,000,000	Series 2014-1A-A1		1.73%	#^		04/20/2026		19,976,984
	5,000,000	Series 2014-1A-B1		2.28%	#^		04/20/2026		4,888,480
	4,750,000	Series 2014-1A-C		3.23%	#^		04/20/2026		4,732,468
		Westwood Ltd.,
	13,943,376	Series 2006-1X-A1		0.47%	#		03/25/2021		13,797,999
	25,838,551	Series 2007-2A-A1		0.45%	#^		04/25/2022		25,602,962
		WhiteHorse Ltd.,
	2,000,000	Series 2006-1A-B1L		2.09%	#^		05/01/2018		1,991,870
	50,000,000	Series 2012-1A-A1L		1.64%	#^		02/03/2025		49,922,170
		Wind River Ltd.,
	59,000,000	Series 2012-1A-A		1.63%	#^		01/15/2024		58,871,444
	18,000,000	Series 2012-1A-B1		2.33%	#^		01/15/2024		17,641,244
	13,750,000	Series 2012-1A-C1		3.28%	#^		01/15/2024		13,655,787
		Zais Ltd.,
	30,000,000	Series 2014-2A-A1A		1.73%	#^		07/25/2026		29,844,000
		Total Collateralized Loan Obligations (Cost $1,435,313,075)							1,432,372,279

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 5.8%
		BAMLL Commercial Mortgage Securities Trust,
$	8,350,000	Series 2014-IP-E		2.81%	#^		06/15/2028		8,244,544
		Banc of America Commercial Mortgage Trust,
	2,096,000	Series 2005-3-AM		4.73%			07/10/2043		2,137,607
	19,741,000	Series 2006-4-AM		5.68%			07/10/2046		21,276,751
	18,915,000	Series 2007-1-AMFX		5.48%	#		01/15/2049		19,911,064
	11,700,000	Series 2007-2-AM		5.79%	#		04/10/2049		12,780,501
	59,298,515	Series 2007-5-AM		5.77%	#		02/10/2051		63,589,000
	250,429,814	Series 2007-5-XW		0.30%	#^ I/O		02/10/2051		2,377,831
		Bear Stearns Commercial Mortgage Securities, Inc.,
	392,469	Series 2004-PWR4-A3		5.47%	#		06/11/2041		392,451
	12,500,000	Series 2005-T18-AJ		5.01%	#		02/13/2042		12,726,937
	4,848,000	Series 2006-PW13-AJ		5.61%	#		09/11/2041		5,024,295
	19,225,000	Series 2006-PW14-AM		5.24%			12/11/2038		20,682,428
	28,000,000	Series 2007-PW16-AM		5.71%	#		06/11/2040		30,730,504
	12,815,000	Series 2007-PW17-AMFL		0.84%	#^		06/11/2050		12,649,129
	4,500,000	Series 2007-T26-AJ		5.57%	#		01/12/2045		4,556,198
		Boca Hotel Portfolio Trust,
	9,500,000	Series 2013-BOCA-E		3.90%	#^		08/15/2026		9,519,931
		CD Commercial Mortgage Trust,
	1,476,583	Series 2006-CD2-AAB		5.51%	#		01/15/2046		1,485,320
	45,625,000	Series 2006-CD2-AM		5.53%	#		01/15/2046		47,965,927
	93,640,000	Series 2007-CD4-AMFX		5.37%	#		12/11/2049		98,349,858
	1,984,989	Series 2007-CD4-ASB		5.28%			12/11/2049		2,006,480
	452,790,271	Series 2007-CD5-XP		0.30%	#^ I/O		11/15/2044		114,103
		CGBAM Commercial Mortgage Trust,
	20,000,000	Series 2013-BREH-E		4.50%	#^		05/15/2030		20,055,620
		Citigroup Commercial Mortgage Trust,
	14,503,000	Series 2005-C3-AM		4.83%	#		05/15/2043		14,757,948
	14,140,000	Series 2007-C6-AM		5.71%	#		12/10/2049		15,366,334
	11,250,000	Series 2008-C7-AM		6.13%	#		12/10/2049		12,414,932
	299,838,868	Series 2012-GC8-XA		2.22%	#^ I/O		09/10/2045		31,408,271
		COBALT Commercial Mortgage Trust,
	17,400,000	Series 2007-C2-AJFX		5.57%	#		04/15/2047		17,777,093
	22,750,000	Series 2007-C2-AMFX		5.53%	#		04/15/2047		24,706,966
		Commercial Mortgage Pass-Through Certificates,
	94,105,916	Series 2002-LC4-XA		2.47%	#^ I/O		12/10/2044		11,546,561
	4,700,000	Series 2006-C8-AM		5.35%			12/10/2046		5,072,968
	8,494,191	Series 2007-C9-AJFL		0.84%	#^		12/10/2049		8,097,916
	39,726,590	Series 2012-CR2-XA		2.08%	# I/O		08/15/2045		4,078,650
	186,851,342	Series 2012-CR3-XA		2.34%	# I/O		10/15/2045		21,666,254
	16,764,730	Series 2012-MVP-A		2.09%	#^		11/17/2026		16,835,167
	3,500,000	Series 2012-MVP-B		1.75%	#^		11/17/2026		3,506,559
	3,200,000	Series 2012-MVP-C		2.30%	#^		11/17/2026		3,207,502
	84,444,565	Series 2012-MVP-XACP		1.96%	#^ I/O		12/17/2014		344,872
	70,506,326	Series 2012-MVP-XBCP		1.58%	#^ I/O		12/17/2014		232,671
	3,835,376	Series 2013-FL3-RRI2		4.40%	#^		10/13/2028		3,838,170
	3,550,000	Series 2014-CR15-D		4.77%	#^		02/10/2047		3,408,935
	9,850,000	Series 2014-CR19-C		4.72%	#		08/10/2047		10,067,719
	4,400,000	Series 2014-KY0-E		2.50%	#^		06/11/2027		4,407,359
	3,850,000	Series 2014-KY0-F		3.65%	#^		06/11/2027		3,846,912
		Credit Suisse First Boston Mortgage Securities Corporation,
	2,120,105	Series 1998-C2-F		6.75%	#^		11/15/2030		2,189,685
	208,593	Series 2001-CF2-G		6.93%	^		02/15/2034		208,837
	7,675,000	Series 2005-C6-AM		5.23%	#		12/15/2040		7,989,399
		Credit Suisse Mortgage Capital Certificates,
	4,750,000	Series 2006-C3-AJ		6.00%	#		06/15/2038		4,868,332
	2,385,663	Series 2006-C3-AM		6.00%	#		06/15/2038		2,551,607
	6,500,000	Series 2006-C4-AM		5.51%			09/15/2039		6,965,940
	51,221,320	Series 2006-C5-AM		5.34%			12/15/2039		54,939,655
	5,164,000	Series 2007-C2-AM		5.62%	#		01/15/2049		5,598,016
	28,850,000	Series 2007-C4-A1AM		6.10%	#		09/15/2039		31,331,879
	3,874,709	Series 2007-TFLA-G		0.52%	#^		02/15/2022		3,878,868
	16,900,000	Series 2009-RR2-IQB		5.69%	#^		04/16/2049		17,957,610
	8,800,000	Series 2010-RR1-1B		5.69%	#^		04/16/2049		9,308,046
	5,150,000	Series 2010-RR2-3B		5.34%	#^		12/15/2043		5,509,192
	10,000,000	Series 2010-RR5-2B		5.34%	#^		12/16/2043		10,697,460
	150,822,000	Series 2014-USA-X1		0.55%	#^ I/O		09/15/2037		7,405,375

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 17

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		DBRR Trust,
$	14,554,963	Series 2011-C32-A3B		5.93%	#^		06/17/2049		15,512,010
		DBUBS Mortgage Trust,
	198,056,525	Series 2011-LC2A-XA		1.42%	#^ I/O		07/10/2044		9,636,242
		Del Coronado Trust,
	8,000,000	Series 2013-HDC-D		2.10%	#^		03/15/2026		7,983,660
	9,550,000	Series 2013-HDC-E		2.80%	#^		03/15/2026		9,503,119
	5,500,000	Series 2013-HDMZ-M		5.15%	#^		03/15/2018		5,542,906
		Extended Stay America Trust,
	3,500,000	Series 2013-ESFL-DFL		3.30%	#^		12/05/2031		3,507,037
	8,000,000	Series 2013-ESH5-A15		1.28%	^		12/05/2031		7,941,023
		GE Capital Commercial Mortgage Corporation,
	11,781,000	Series 2005-C2-B		5.11%	#		05/10/2043		12,005,752
		Greenwich Capital Commercial Funding Corporation,
	20,540,000	Series 2005-GG5-AM		5.28%	#		04/10/2037		21,304,879
	15,265,000	Series 2006-GG7-AJ		5.82%	#		07/10/2038		15,890,117
	7,000,000	Series 2006-GG7-AM		5.82%	#		07/10/2038		7,482,835
	23,350,000	Series 2007-GG11-AJ		6.05%	#		12/10/2049		24,413,476
	8,350,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		9,129,978
	53,944,500	Series 2007-GG9-AM		5.48%			03/10/2039		57,144,973
	21,460,000	Series 2007-GG9-AMFX		5.48%			03/10/2039		22,910,374
		GS Mortgage Securities Corporation,
	12,100,000	Series 2006-GG6-AJ		5.52%	#		04/10/2038		12,501,018
	9,055,000	Series 2006-GG6-AM		5.55%	#		04/10/2038		9,512,527
	145,703,180	Series 2006-GG6-XC		0.00%	#^ I/O		04/10/2038		73,143
	63,064,000	Series 2006-GG8-AJ		5.62%			11/10/2039		64,828,846
	25,000,000	Series 2006-GG8-AM		5.59%			11/10/2039		26,924,100
	31,945,201	Series 2011-GC3-X		0.97%	#^ I/O		03/10/2044		1,003,271
	114,020,532	Series 2012-GC6-XA		2.13%	#^ I/O		01/10/2045		12,612,780
	2,242,992	Series 2012-GCJ7-A1		1.14%			05/10/2045		2,252,667
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	368,703	Series 2001-CIB2-C		6.74%	#		04/15/2035		370,030
	11,480,945	Series 2004-CBX-X1		0.61%	#^ I/O		01/12/2037		46,762
	515,487	Series 2004-LN2-A2		5.12%			07/15/2041		519,211
	4,260,000	Series 2004-LN2-D		5.30%	#		07/15/2041		3,949,693
	20,580,000	Series 2005-CIBC12-AJ		4.99%	#		09/12/2037		21,084,848
	85,173,717	Series 2005-LDP4-X1		0.25%	#^ I/O		10/15/2042		172,647
	9,704,000	Series 2006-LDP7-AM		5.86%	#		04/15/2045		10,420,888
	129,259,698	Series 2006-LDP8-X		0.54%	# I/O		05/15/2045		1,152,609
	25,869,685	Series 2006-LDP9-AM		5.37%			05/15/2047		26,942,216
	5,891,280	Series 2007-C1-ASB		5.86%			02/15/2051		6,226,235
	24,000,000	Series 2007-CB18-AMFX		5.40%			06/12/2047		25,870,284
	165,200,028	Series 2007-CB18-X		0.26%	# I/O		06/12/2047		993,017
	18,000,000	Series 2007-CB20-AM		5.88%	#		02/12/2051		20,007,495
	1,109,980,872	Series 2007-CB20-X1		0.31%	#^ I/O		02/12/2051		9,564,705
	22,100,000	Series 2007-CIBC19-AM		5.70%	#		02/12/2049		23,751,710
	34,390,000	Series 2007-LD12-AM		6.00%	#		02/15/2051		37,927,166
	11,336,000	Series 2009-RR2-GEB		5.54%	^		12/13/2049		11,943,145
	4,044,738	Series 2011-CCHP-B		3.50%	#^		07/15/2028		4,048,546
	2,377,340	Series 2011-PLSD-A1		2.19%	^		11/13/2044		2,412,071
	222,114,512	Series 2012-C6-XA		2.11%	# I/O		05/15/2045		20,699,185
	472,015,620	Series 2012-C8-XA		2.29%	# I/O		10/15/2045		49,786,792
	164,528,893	Series 2012-CBX-XA		1.93%	# I/O		06/15/2045		13,565,160
	20,000,000	Series 2013-ALC-A		1.65%	#^		07/17/2026		20,046,330
	7,760,714	Series 2013-FL3-A1		0.95%	#^		04/15/2028		7,761,960
	3,267,671	Series 2013-FL3-A2		0.85%	#^		04/15/2028		3,266,863
	5,425,000	Series 2014-DSTY-A		3.43%	^		06/10/2027		5,554,544
	6,725,000	Series 2014-INN-C		1.85%	#^		06/15/2029		6,719,489
	7,250,000	Series 2014-INN-D		2.50%	#^		06/15/2029		7,229,055
		JPMBB Commercial Mortgage Securities Trust,
	3,396,000	Series 2014-C21-C		4.82%	#		08/15/2047		3,457,831
		LB Commercial Mortgage Trust,
	7,550,000	Series 2007-C3-AMFL		6.10%	#^		07/15/2044		8,367,159
		LB-UBS Commercial Mortgage Trust,
	212,543	Series 2004-C7-B		4.84%	#		10/15/2036		212,817
	4,150,000	Series 2005-C3-AM		4.79%			07/15/2040		4,232,753
	20,600,000	Series 2005-C7-AJ		5.32%	#		11/15/2040		21,355,175
	156,783,905	Series 2006-C7-XCL		0.85%	#^ I/O		11/15/2038		1,908,374
	51,550,000	Series 2007-C1-AJ		5.48%			02/15/2040		53,370,849
	38,308,952	Series 2007-C1-AM		5.46%			02/15/2040		41,381,330
	48,739,000	Series 2007-C2-AM		5.49%	#		02/15/2040		51,903,721

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Merrill Lynch Mortgage Investors Trust,
$	156,771,464	Series 1998-C1-IO		0.66%	# I/O		11/15/2026		2,812,480
		Merrill Lynch Mortgage Trust,
	9,912,000	Series 2006-C2-AJ		5.80%	#		08/12/2043		10,107,767
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	852,133	Series 2006-4-A2FL		0.27%	#		12/12/2049		852,012
	42,850,000	Series 2007-5-AM		5.42%			08/12/2048		45,174,955
		Morgan Stanley Bank of America Merrill Lynch Trust,
	1,175,000	Series 2014-C14-D		5.00%	#^		02/15/2047		1,118,390
	11,700,000	Series 2014-C18-C		4.49%			10/15/2047		11,533,604
		Morgan Stanley Capital, Inc.,
	311,483,343	Series 2006-HQ10-X1		0.51%	#^ I/O		11/12/2041		2,893,369
	10,650,000	Series 2006-HQ8-AJ		5.49%	#		03/12/2044		11,044,929
	20,811,000	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		21,847,502
	4,273,021	Series 2007-HQ12-A2FL		0.40%	#		04/12/2049		4,257,189
	8,546,042	Series 2007-HQ12-A2FX		5.59%	#		04/12/2049		8,666,246
	4,372,000	Series 2007-IQ13-AM		5.41%			03/15/2044		4,713,611
	13,400,748	Series 2007-XLF9-J		2.25%	#^		12/15/2020		13,350,649
	5,349,434	Series 2008-T29-AAB		6.28%	#		01/11/2043		5,473,343
	2,575,000	Series 2014-CPT-E		3.45%	#^		07/13/2029		2,544,687
	2,325,000	Series 2014-CPT-F		3.45%	#^		07/13/2029		2,206,660
		Morgan Stanley Re-Remic Trust,
	48,500,000	Series 2013-AJ-AJA		0.50%	^		12/17/2049		43,790,650
		Multi Security Asset Trust,
	1,069,390	Series 2005-RR4A-A3		5.00%	^		11/28/2035		1,090,778
		TIAA Seasoned Commercial Mortgage Trust,
	16,746,000	Series 2007-C4-AJ		5.57%	#		08/15/2039		17,443,839
		UBS-Barclays Commercial Mortgage Trust,
	106,267,252	Series 2012-C3-XA		2.14%	#^ I/O		08/10/2049		12,203,784
		Wachovia Bank Commercial Mortgage Trust,
	5,840,000	Series 2005-C22-AM		5.50%	#		12/15/2044		6,093,401
	46,710,000	Series 2006-C28-AJ		5.63%	#		10/15/2048		47,863,947
	19,500,000	Series 2006-C28-AM		5.60%	#		10/15/2048		20,999,745
	10,000,000	Series 2007-30-AMFL		0.35%	#^		12/15/2043		9,723,135
	31,858,000	Series 2007-C30-AJ		5.41%	#		12/15/2043		32,895,073
	9,680,000	Series 2007-C30-AM		5.38%			12/15/2043		10,371,162
	20,516,700	Series 2007-C33-AJ		6.14%	#		02/15/2051		21,462,684
	9,250,000	Series 2007-C33-AM		6.14%	#		02/15/2051		10,117,021
		WF-RBS Commercial Mortgage Trust,
	85,954,679	Series 2011-C4-XA		0.89%	#^ I/O		06/15/2044		2,179,123
	115,627,798	Series 2012-C6-XA		2.61%	#^ I/O		04/15/2045		12,968,236
	135,611,537	Series 2012-C8-XA		2.37%	#^ I/O		08/15/2045		14,518,842
	53,507,811	Series 2012-C9-XA		2.38%	#^ I/O		11/15/2045		6,187,108
	101,791,014	Series 2014-C19-XA		1.49%	# I/O		03/15/2047		8,218,759
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $2,108,731,954)							2,099,130,217
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 26.4%
		ACE Securities Corporation,
	16,377,748	Series 2006-HE1-A2C		0.34%	#		02/25/2036		16,139,394
	1,139,762	Series 2006-NC1-A2C		0.35%	#		12/25/2035		1,139,217
		Adjustable Rate Mortgage Trust,
	11,832,150	Series 2005-10-3A31		5.40%	#		01/25/2036		10,984,353
	6,200,000	Series 2005-2-6M2		1.13%	#		06/25/2035		5,453,787
	7,117,318	Series 2005-7-3A1		3.01%	#		10/25/2035		6,396,946
	36,921,867	Series 2006-1-2A1		3.02%	#		03/25/2036		28,662,298
	32,300,075	Series 2006-2-3A1		2.95%	#		05/25/2036		29,210,088
	28,212,445	Series 2007-1-3A1		3.16%	#		03/25/2037		23,950,955
	4,273,922	Series 2007-3-1A1		3.76%	#^		11/25/2037		3,574,170
		Aegis Asset Backed Securities Trust,
	465,979	Series 2003-2-M2		2.70%	#		11/25/2033		448,800
	2,319,190	Series 2004-1-M2		2.18%	#		04/25/2034		2,053,798
	638,748	Series 2004-2-M2		2.10%	#		06/25/2034		428,251
		American General Mortgage Loan Trust,
	12,000,000	Series 2010-1-A3		5.65%	#^		03/25/2058		12,358,794
	12,000,000	Series 2010-1-A4		5.65%	#^		03/25/2058		12,515,622

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		American Home Mortgage Investment Trust,
$	4,533,679	Series 2005-1-7A2		2.33%	#		06/25/2045		4,357,944
	12,475,209	Series 2005-4-3A1		0.45%	#		11/25/2045		10,122,472
	2,624,731	Series 2006-2-3A4		6.60%	#		06/25/2036		1,551,329
	10,276,946	Series 2007-A-13A1		6.10%	#^		01/25/2037		5,678,907
		Amortizing Residential Collateral Trust,
	15,318,837	Series 2002-BC7-M1		1.35%	#		10/25/2032		11,668,618
		Argent Securities, Inc.,
	381,830	Series 2004-W6-M1		0.98%	#		05/25/2034		373,349
		Asset Backed Securities Corporation Home Equity Loan Trust,
	5,815,740	Series 2003-HE6-M1		1.13%	#		11/25/2033		5,614,568
	1,020,085	Series 2004-HE3-M2		1.83%	#		06/25/2034		885,135
		Banc of America Alternative Loan Trust,
	5,434,398	Series 2005-10-4A1		5.75%			11/25/2035		5,116,980
	5,580,092	Series 2005-5-2CB1		6.00%			06/25/2035		5,314,362
	9,690,007	Series 2005-6-2CB2		6.00%			07/25/2035		9,157,241
	4,806,733	Series 2005-6-4CB1		6.50%			07/25/2035		4,348,997
	3,275,953	Series 2005-8-2CB1		6.00%			09/25/2035		3,071,219
	2,942,900	Series 2006-5-CB14		6.00%	#		06/25/2046		2,523,431
	5,770,304	Series 2006-6-CB3		6.00%			07/25/2046		4,818,573
	19,279,573	Series 2006-7-A4		6.00%	#		10/25/2036		13,264,809
	8,822,924	Series 2006-8-1A1		6.35%	# I/F I/O		11/25/2036		1,643,508
	3,144,438	Series 2006-8-1A2		0.60%	#		11/25/2036		1,880,626
	14,807,044	Series 2006-9-1CB1		6.00%			01/25/2037		11,682,210
	2,431,548	Series 2007-2-2A1		6.00%			06/25/2037		1,958,267
		Banc of America Funding Corporation,
	17,745,058	Series 2006-2-3A1		6.00%			03/25/2036		17,959,560
	523,060	Series 2006-2-4A1		22.34%	# I/F		03/25/2036		745,366
	2,528,264	Series 2006-2-6A2		5.50%			03/25/2036		2,584,027
	14,777,520	Series 2006-3-1A1		6.00%			03/25/2036		13,982,416
	2,516,614	Series 2006-3-6A1		6.30%	#		03/25/2036		2,577,397
	14,696,044	Series 2006-6-1A7		6.25%			08/25/2036		14,586,177
	3,399,161	Series 2006-7-T2A5		6.04%	#		10/25/2036		2,878,821
	16,021,265	Series 2006-7-T2A8		5.91%	#		10/25/2036		13,461,884
	3,283,997	Series 2006-8T2-A8		6.10%	#		10/25/2036		2,721,482
	1,750,993	Series 2006-B-7A1		5.64%	#		03/20/2036		1,621,500
	17,060,494	Series 2006-D-6A1		4.89%	#		05/20/2036		14,281,305
	1,625,245	Series 2006-G-2A1		0.37%	#		07/20/2036		1,516,352
	860,345	Series 2006-H-3A1		2.79%	#		09/20/2046		700,574
	2,226,860	Series 2007-1-TA10		5.84%	#		01/25/2037		1,820,530
	2,976,233	Series 2007-3-TA1B		5.83%	#		04/25/2037		2,518,569
	4,460,142	Series 2007-5-1A1		5.50%			07/25/2037		3,840,802
	5,599,337	Series 2009-R14-3A		15.79%	#^ I/F		06/26/2035		6,828,595
	6,107,936	Series 2009-R15A-4A2		5.75%	^		12/26/2036		5,593,030
	3,129,128	Series 2010-R1-3A		14.04%	#^ I/F		07/26/2036		3,203,263
	100,285,506	Series 2012-R4-A		0.42%	#^		03/04/2039		98,410,719
	35,467,637	Series 2012-R5-A		0.42%	#^		10/03/2039		35,295,161
		Banc of America Mortgage Securities, Inc.,
	2,052,992	Series 2004-K-4A1		4.93%	#		12/25/2034		2,015,850
	8,517,654	Series 2006-1-A9		6.00%			05/25/2036		7,785,468
	1,198,026	Series 2007-1-2A5		5.75%			01/25/2037		1,149,230
		BCAP LLC Trust,
	5,892,415	Series 2007-AA2-2A7		6.00%			04/25/2037		5,119,460
	6,379,343	Series 2007-AA2-2A8		5.75%			04/25/2037		5,463,895
	18,000,000	Series 2008-RR3-A1B		6.65%	#		10/25/2036		13,753,465
	6,752,407	Series 2010-RR10-5A1		7.35%	#^		04/27/2037		7,417,596
	11,980,036	Series 2010-RR12-3A15		6.81%	#^		08/26/2037		12,866,927
	3,350,000	Series 2010-RR5-2A3		6.10%	#^		04/26/2037		3,374,638
	4,299,805	Series 2011-RR12-2A5		2.20%	#^		12/26/2036		4,301,622
	8,883,826	Series 2012-RR1-3A3		3.50%	#^		10/26/2035		8,987,542
		Bear Stearns Adjustable Rate Mortgage Trust,
	16,538,049	Series 2005-12-13A1		5.46%	#		02/25/2036		15,657,233
	15,732,804	Series 2006-4-4A1		5.23%	#		10/25/2046		14,707,482
	14,227,173	Series 2007-1-2A1		2.78%	#		02/25/2047		11,451,010
		Bear Stearns Alt-A Trust,
	5,705,933	Series 2004-11-2A3		2.43%	#		11/25/2034		5,633,576
	21,558,582	Series 2006-6-2A1		4.41%	#		11/25/2036		16,766,045
		Bear Stearns Asset Backed Securities Trust,
	13,149,717	Series 2004-AC4-A2		6.00%	#		08/25/2034		13,679,263
	33,829,655	Series 2005-AC2-1A		5.25%	#		04/25/2035		33,294,132

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Bear Stearns Asset Backed Securities Trust, (Cont.)
$	10,727,136	Series 2005-AC2-2A1		5.25%	#		04/25/2035		11,207,299
	15,697,457	Series 2005-AC7-A4		5.50%	#		10/25/2035		15,843,145
	20,363,857	Series 2006-AC1-1A1		5.75%	#		02/25/2036		17,442,153
	2,487,464	Series 2007-SD1-1A2A		6.00%			10/25/2036		2,065,560
	1,693,327	Series 2007-SD1-1A3A		6.50%			10/25/2036		1,448,984
	6,529,637	Series 2007-SD1-23A1		4.51%	#		10/25/2036		5,407,695
		Belle Haven Ltd.,
	1,131,709,881	Series 2006-1A-A1		0.48%	#^		07/05/2046		85,330,925
		Centex Home Equity,
	2,750,000	Series 2004-A-AF5		5.43%	#		01/25/2034		2,807,742
		Chase Funding Mortgage Loan Asset-Backed Certificates,
	2,276,031	Series 2003-4-2M1		1.05%	#		03/25/2033		2,173,643
		Chase Mortgage Finance Trust,
	15,320,745	Series 2005-A1-2A4		2.51%	#		12/25/2035		14,234,995
	22,125,184	Series 2006-S2-1A9		6.25%			10/25/2036		19,894,036
	12,127,088	Series 2006-S3-1A2		6.00%			11/25/2036		10,493,012
	32,501,343	Series 2006-S4-A8		6.00%			12/25/2036		28,731,090
	16,785,619	Series 2007-A2-6A4		2.52%	#		07/25/2037		15,286,915
	6,064,718	Series 2007-S3-1A5		6.00%			05/25/2037		5,231,802
	3,015,320	Series 2007-S3-2A1		5.50%			05/25/2037		2,898,810
	6,511,659	Series 2007-S5-1A18		6.00%			07/25/2037		5,669,545
		ChaseFlex Trust,
	631,775	Series 2006-1-A2A		5.10%	#		06/25/2036		644,369
	4,503,206	Series 2006-1-A5		5.10%	#		06/25/2036		4,512,275
	8,693,675	Series 2006-2-A2B		0.36%	#		09/25/2036		6,730,374
	7,391,392	Series 2007-1-1A1		6.50%			02/25/2037		5,746,807
	17,137,650	Series 2007-M1-2F4		4.81%	#		08/25/2037		13,998,941
	17,824,679	Series 2007-M1-2F5		4.81%	#		08/25/2037		14,558,628
		Citicorp Mortgage Securities, Inc.,
	17,164,043	Series 2005-1-1A4		5.50%			02/25/2035		18,259,513
	3,584,990	Series 2006-7-1A1		6.00%			12/25/2036		3,521,947
		Citicorp Residential Mortgage Securities, Inc.,
	6,594,000	Series 2006-2-A5		6.04%	#		09/25/2036		6,708,376
		Citigroup Mortgage Loan Trust, Inc.,
	4,531,331	Series 2005-5-2A2		5.75%			08/25/2035		3,810,151
	2,327,299	Series 2005-9-21A1		5.50%			11/25/2035		2,086,759
	6,052,319	Series 2006-FX1-A6		5.85%	#		10/25/2036		5,168,971
	3,060,370	Series 2006-WF1-A2D		5.51%	#		03/25/2036		2,298,571
	17,879,314	Series 2006-WF2-A2D		5.70%	#		05/25/2036		12,218,813
	13,168,924	Series 2007-10-1A1A		5.69%	#		04/25/2037		13,648,063
	1,473,463	Series 2007-12-2A1		6.50%	^		10/25/2036		1,190,067
	1,197,549	Series 2007-2-2A		6.00%			11/25/2036		1,129,108
	42,168,926	Series 2007-9-1A1		5.75%	^		04/25/2047		35,614,049
	2,106,543	Series 2007-9-2A2		6.50%	^		05/25/2037		1,721,866
	7,560,356	Series 2007-OPX1-A3A		5.97%	#		01/25/2037		4,698,345
	64,268,434	Series 2007-WFH3-A2		0.31%	#		06/25/2037		60,947,106
	20,000,000	Series 2008-AR4-1A1B		2.73%	#^		11/25/2038		18,416,850
	1,731,900	Series 2010-12-3A1		4.00%	^		04/25/2037		1,764,566
	1,794,216	Series 2010-2-5A1		5.50%	#^		12/25/2035		1,860,806
	189,540,577	Series 2010-8-5A4		8.00%	#^		11/25/2036		167,480,215
	13,295,576	Series 2010-8-5A6		4.00%	^		11/25/2036		13,740,522
	151,422,916	Series 2010-8-6A4		7.18%	#^		12/25/2036		129,681,993
	53,424,916	Series 2010-8-76I2		1.00%	^ I/O		06/25/2037		688,949
	135,189,107	Series 2010-8-7A4		7.18%	#^		06/25/2037		120,640,839
	3,218,876	Series 2011-12-1A1		3.50%	#^		04/25/2036		3,244,146
	5,779,240	Series 2011-12-3A1		2.58%	#^		09/25/2047		5,780,912
		CitiMortgage Alternative Loan Trust,
	8,722,122	Series 2006-A2-A2		6.00%			05/25/2036		7,764,537
	7,926,501	Series 2006-A3-1A13		6.00%			07/25/2036		7,166,516
	2,650,051	Series 2006-A5-2A1		5.50%			10/25/2021		2,710,328
	7,042,183	Series 2006-A5-3A3		6.00%			10/25/2036		5,766,464
	9,512,443	Series 2007-A1-1A5		6.00%			01/25/2037		7,966,195
	4,637,945	Series 2007-A1-1A7		6.00%			01/25/2037		3,884,024
	11,866,778	Series 2007-A1-1A9		5.25%	# I/F I/O		01/25/2037		1,652,680
	10,537,656	Series 2007-A3-1A1		6.00%	#		03/25/2037		9,354,235
	24,250,521	Series 2007-A3-1A3		5.25%	# I/F I/O		03/25/2037		3,864,612
	9,503,259	Series 2007-A3-1A4		5.75%			03/25/2037		8,309,441
	17,200,165	Series 2007-A4-1A3		0.48%	#		04/25/2037		12,160,379
	17,200,165	Series 2007-A4-1A4		6.52%	# I/F I/O		04/25/2037		3,684,258
	2,442,009	Series 2007-A5-1A11		6.00%			05/25/2037		2,198,294
	1,200,309	Series 2007-A8-A1		6.00%			10/25/2037		1,058,882

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 19

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Alternative Loan Trust,
$	45,589,505	Series 2004-36CB-1A1		6.00%			02/25/2035		43,941,718
	10,405,795	Series 2005-20CB-2A1		0.65%	#		07/25/2035		8,849,171
	21,245,165	Series 2005-20CB-2A2		4.85%	# I/F I/O		07/25/2035		2,606,452
	2,285,467	Series 2005-20CB-4A1		5.25%			07/25/2020		2,268,479
	7,082,192	Series 2005-26CB-A11		12.77%	# I/F		07/25/2035		7,780,344
	9,801,815	Series 2005-28CB-1A2		0.90%	#		08/25/2035		8,227,879
	3,186,065	Series 2005-28CB-3A6		6.00%			08/25/2035		2,676,498
	6,561,166	Series 2005-54CB-3A4		5.50%			11/25/2035		6,191,825
	1,329,889	Series 2005-60T1-A7		34.80%	# I/F		12/25/2035		2,060,197
	1,800,982	Series 2005-64CB-1A14		5.50%			12/25/2035		1,718,140
	26,138,997	Series 2005-64CB-1A4		5.50%			12/25/2035		24,936,655
	4,456,872	Series 2005-73CB-1A5		0.95%	#		01/25/2036		3,714,335
	11,212,568	Series 2005-73CB-1A6		4.55%	# I/F I/O		01/25/2036		1,260,315
	103,194,464	Series 2005-77T1-1A1		6.00%			02/25/2036		94,369,170
	2,493,456	Series 2005-79CB-A5		5.50%			01/25/2036		2,238,343
	5,546,573	Series 2005-85CB-2A6		21.07%	# I/F		02/25/2036		7,093,637
	3,416,663	Series 2005-86CB-A5		5.50%			02/25/2036		3,067,651
	6,655,538	Series 2005-J10-1A11		5.50%			10/25/2035		6,187,567
	1,514,645	Series 2005-J10-1A13		0.85%	#		10/25/2035		1,231,446
	709,526	Series 2005-J10-1A15		5.50%			10/25/2035		657,829
	1,652,915	Series 2005-J11-1A3		5.50%			11/25/2035		1,514,204
	2,033,303	Series 2005-J11-6A1		6.50%			09/25/2032		2,005,761
	3,027,994	Series 2005-J13-2A5		0.63%	#		11/25/2035		2,447,313
	6,055,989	Series 2005-J13-2A6		4.87%	# I/F I/O		11/25/2035		733,750
	3,891,000	Series 2005-J1-5A3		5.50%			02/25/2035		3,709,664
	3,093,178	Series 2005-J1-7A1		5.50%			01/25/2020		3,137,867
	2,341,683	Series 2005-J2-1A5		0.65%	#		04/25/2035		2,128,313
	7,205,177	Series 2005-J2-1A6		4.85%	# I/F I/O		04/25/2035		831,175
	7,076,073	Series 2006-12CB-A3		5.75%	#		05/25/2036		5,829,934
	3,404,773	Series 2006-15CB-A1		6.50%			06/25/2036		2,763,238
	2,616,799	Series 2006-18CB-A12		0.75%	#		07/25/2036		1,964,860
	2,616,799	Series 2006-18CB-A13		5.35%	# I/F I/O		07/25/2036		404,647
	13,160,815	Series 2006-19CB-A12		0.55%	#		08/25/2036		9,283,665
	17,846,855	Series 2006-19CB-A13		5.45%	# I/F I/O		08/25/2036		2,849,197
	2,747,776	Series 2006-19CB-A15		6.00%			08/25/2036		2,424,604
	4,108,151	Series 2006-24CB-A11		5.75%			06/25/2036		3,647,936
	12,024,056	Series 2006-24CB-A14		7.00%	# I/F I/O		06/25/2036		2,834,533
	9,641,726	Series 2006-24CB-A22		6.00%			06/25/2036		8,704,126
	10,348,469	Series 2006-24CB-A5		0.75%	#		06/25/2036		7,601,220
	3,856,763	Series 2006-26CB-A17		6.25%			09/25/2036		3,370,402
	4,950,484	Series 2006-26CB-A9		6.50%			09/25/2036		4,399,461
	9,422,227	Series 2006-29T1-1A2		6.25%			10/25/2036		8,086,249
	1,256,943	Series 2006-29T1-2A12		45.15%	# I/F		10/25/2036		2,627,193
	769,904	Series 2006-29T1-2A23		32.70%	# I/F		10/25/2036		1,322,727
	8,550,363	Series 2006-30T1-1A2		6.25%			11/25/2036		8,134,935
	6,142,343	Series 2006-32CB-A1		0.82%	#		11/25/2036		4,517,030
	10,245,428	Series 2006-32CB-A2		5.18%	# I/F I/O		11/25/2036		1,974,069
	4,342,688	Series 2006-36T2-2A1		6.25%			12/25/2036		3,473,868
	3,511,418	Series 2006-39CB-1A10		6.00%			01/25/2037		3,219,440
	20,490,479	Series 2006-39CB-2A2		6.40%	# I/F I/O		01/25/2037		4,597,715
	6,977,975	Series 2006-39CB-2A4		0.60%	#		01/25/2037		2,603,887
	5,442,017	Series 2006-40T1-1A11		6.00%			01/25/2037		4,944,236
	9,260,463	Series 2006-40T1-1A4		5.30%	# I/F I/O		01/25/2037		1,375,054
	7,395,733	Series 2006-45T1-1A4		0.75%	#		02/25/2037		4,617,548
	7,395,733	Series 2006-45T1-1A5		5.25%	# I/F I/O		02/25/2037		1,092,527
	2,993,437	Series 2006-6CB-1A4		5.50%			05/25/2036		2,790,715
	18,190,527	Series 2006-J1-1A3		5.50%			02/25/2036		16,917,972
	8,965,437	Series 2006-J1-A10		5.50%			02/25/2036		8,338,242
	3,019,434	Series 2006-J4-2A2		6.00%			07/25/2036		2,714,647
	1,757,852	Series 2007-11T1-A24		38.97%	# I/F		05/25/2037		3,106,740
	19,044,356	Series 2007-16CB-2A1		0.60%	#		08/25/2037		11,282,467
	5,514,770	Series 2007-16CB-2A2		53.30%	# I/F		08/25/2037		12,866,503
	17,081,140	Series 2007-17CB-1A10		29.19%	# I/F		08/25/2037		27,191,279
	2,953,986	Series 2007-18CB-2A25		6.00%			08/25/2037		2,719,105
	1,526,189	Series 2007-19-1A10		38.07%	# I/F		08/25/2037		2,665,981
	48,155,992	Series 2007-19-2A1		6.50%			08/25/2037		35,221,822
	8,783,557	Series 2007-21CB-2A2		27.78%	# I/F		09/25/2037		13,646,871
	34,420,267	Series 2007-22-2A16		6.50%			09/25/2037		28,257,318
	21,603,419	Series 2007-23CB-A3		0.65%	#		09/25/2037		15,309,285
	30,659,731	Series 2007-23CB-A4		6.35%	# I/F I/O		09/25/2037		7,232,584
	17,332,844	Series 2007-4CB-2A1		7.00%			03/25/2037		5,303,659
	11,241,563	Series 2007-5CB-1A18		5.50%	# I/F I/O		04/25/2037		2,234,013
	11,241,563	Series 2007-5CB-1A23		0.70%	#		04/25/2037		7,719,210
	784,304	Series 2007-8CB-A12		39.27%	# I/F		05/25/2037		1,463,931

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Alternative Loan Trust, (Cont.)
$	837,232	Series 2007-8CB-A8		39.15%	# I/F		05/25/2037		1,557,493
	1,065,280	Series 2007-9T1-1A4		0.65%	#		05/25/2037		709,194
	1,065,280	Series 2007-9T1-1A5		5.35%	# I/F I/O		05/25/2037		157,099
	29,179,466	Series 2007-9T1-1A6		6.00%			05/25/2037		24,313,732
	3,195,002	Series 2007-9T1-2A1		6.00%			05/25/2037		2,641,989
	1,979,817	Series 2007-9T1-3A1		5.50%			05/25/2022		1,834,748
	6,174,915	Series 2007-HY5R-2A1A		2.55%	#		03/25/2047		6,449,992
	10,446,738	Series 2007-HY5R-2A1B		2.55%	#		03/25/2047		9,759,610
		Countrywide Asset-Backed Certificates,
	3,994,855	Series 2003-BC6-M1		0.98%	#		11/25/2033		3,895,981
	2,803,359	Series 2005-13-AF3		5.02%	#		04/25/2036		2,415,812
	1,816,130	Series 2006-2-2A2		0.34%	#		06/25/2036		1,775,857
		Countrywide Home Loans,
	3,420,597	Series 2002-32-2A6		5.00%			01/25/2018		3,484,774
	5,443,008	Series 2003-60-4A1		2.60%	#		02/25/2034		5,427,784
	6,327,841	Series 2004-R2-1AF1		0.57%	#^		11/25/2034		5,605,372
	6,380,567	Series 2004-R2-1AS		5.82%	#^ I/O		11/25/2034		998,080
	13,091,822	Series 2005-20-A5		5.50%			10/25/2035		12,902,403
	9,515,020	Series 2005-20-A8		5.25%			10/25/2035		9,476,427
	29,890,435	Series 2005-23-A1		5.50%			11/25/2035		28,439,434
	7,554,717	Series 2005-24-A8		5.50%			11/25/2035		7,454,949
	2,012,126	Series 2005-27-2A1		5.50%			12/25/2035		1,874,678
	4,032,650	Series 2005-28-A7		5.25%			01/25/2019		3,808,555
	43,487,020	Series 2005-HYB1-4A1		2.49%	#		03/25/2035		40,404,269
	4,331,775	Series 2005-HYB8-1A1		2.47%	#		12/20/2035		3,648,909
	8,353,091	Series 2005-J3-2A4		4.50%			09/25/2035		8,248,590
	9,004,331	Series 2005-J4-A5		5.50%			11/25/2035		9,099,570
	1,896,872	Series 2005-R1-1AF1		0.51%	#^		03/25/2035		1,705,096
	1,909,748	Series 2005-R1-1AS		5.84%	#^ I/O		03/25/2035		271,009
	5,353,744	Series 2006-20-1A21		6.00%			02/25/2037		5,058,603
	4,293,934	Series 2006-J3-A4		5.50%			05/25/2036		4,465,225
	47,161,673	Series 2007-11-A1		6.00%			08/25/2037		44,022,073
	34,005,672	Series 2007-12-A9		5.75%			08/25/2037		32,794,628
	16,767,073	Series 2007-13-A110		6.00%			08/25/2037		16,027,528
	1,702,851	Series 2007-15-1A16		6.25%			09/25/2037		1,624,743
	7,583,470	Series 2007-15-1A29		6.25%			09/25/2037		7,233,379
	16,334,711	Series 2007-17-1A2		6.00%			10/25/2037		15,727,673
	1,893,004	Series 2007-18-1A1		6.00%			11/25/2037		1,754,595
	15,150,543	Series 2007-3-A1		6.00%			04/25/2037		14,073,279
	5,835,010	Series 2007-3-A12		6.00%			04/25/2037		5,420,117
	11,402,078	Series 2007-4-1A39		6.00%			05/25/2037		10,664,033
	5,949,792	Series 2007-5-A2		5.75%			05/25/2037		5,840,206
	22,168,867	Series 2007-7-A1		6.00%			06/25/2037		20,922,666
	6,645,469	Series 2007-7-A2		5.75%			06/25/2037		6,190,454
	15,258,147	Series 2007-8-1A4		6.00%			01/25/2038		14,299,096
	8,007,420	Series 2007-8-1A5		5.44%			01/25/2038		7,226,472
	18,591,543	Series 2007-8-1A9		6.00%	#		01/25/2038		17,354,034
	3,842,666	Series 2007-9-A11		5.75%			07/25/2037		3,712,129
	39,995,551	Series 2007-J1-2A1		6.00%			02/25/2037		32,558,098
	1,448,140	Series 2007-J3-A1		0.65%	#		07/25/2037		1,063,442
	7,240,702	Series 2007-J3-A2		5.35%	# I/F I/O		07/25/2037		847,430
		Credit Suisse First Boston Mortgage Backed Trust,
	6,223,257	Series 2006-3-A4B		6.11%	#		11/25/2036		3,171,054
	4,097,363	Series 2006-4-A6A		5.68%	#		12/25/2036		2,766,790
	13,691,438	Series 2007-1-1A1A		5.90%	#		05/25/2037		8,215,191
		Credit Suisse First Boston Mortgage Securities Corporation,
	278,082	Series 2004-AR8-2A1		2.45%	#		09/25/2034		280,041
	4,814,365	Series 2005-10-5A4		5.50%			11/25/2035		4,319,352
	1,429,034	Series 2005-10-5A5		5.50%			11/25/2035		1,265,026
	13,166,269	Series 2005-12-7A1		7.00%			01/25/2036		6,697,431
	13,445,756	Series 2005-8-3A10		5.50%			09/25/2035		13,824,751
		Credit Suisse Mortgage Capital Certificates,
	4,910,730	Series 2005-1R-2A5		5.75%	^		12/26/2035		4,435,919
	28,686,598	Series 2006-1-2A1		6.00%			02/25/2036		21,969,028
	4,314,989	Series 2006-2-3A1		6.50%			03/25/2036		3,119,098
	5,644,558	Series 2006-2-5A1		0.85%	#		03/25/2036		3,594,483
	31,550,486	Series 2006-2-5A2		5.15%	# I/F I/O		03/25/2036		5,754,856
	6,571,922	Series 2006-2-5A3		6.25%			03/25/2036		5,486,885
	17,786,250	Series 2006-2-5A4		6.00%			03/25/2036		14,546,467
	3,330,589	Series 2006-3-4A3		5.50%			04/25/2036		3,135,004
	7,213,011	Series 2006-3-4A4		5.50%			04/25/2036		6,789,434
	6,699,093	Series 2006-4-1A8		6.00%	#		05/25/2036		5,465,609

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Credit Suisse Mortgage Capital Certificates, (Cont.)
$	28,740,089	Series 2006-4-4A1		7.00%			05/25/2036		14,511,115
	21,154,462	Series 2006-4-6A1		6.00%			05/25/2036		19,071,890
	19,548,062	Series 2006-6-1A4		6.00%			07/25/2036		15,265,180
	13,425,820	Series 2006-6-3A1		7.00%			07/25/2036		4,831,697
	657,157	Series 2006-7-3A11		6.00%			08/25/2036		575,518
	7,965,323	Series 2006-7-7A5		6.00%			08/25/2036		6,971,824
	10,857,761	Series 2006-9-2A1		5.50%			11/25/2036		10,760,307
	35,859,690	Series 2006-9-3A1		6.00%			11/25/2036		36,651,006
	9,181,505	Series 2006-9-4A1		6.00%			11/25/2036		8,979,719
	14,897,305	Series 2006-9-6A14		6.00%			11/25/2036		14,531,427
	2,420,227	Series 2006-9-6A15		38.97%	# I/F		11/25/2036		4,539,697
	13,509,954	Series 2007-1-1A4		6.13%	#		02/25/2037		7,919,413
	18,324,159	Series 2007-1-3A1		6.00%			02/25/2022		15,361,253
	11,148,639	Series 2007-1-5A14		6.00%			02/25/2037		10,110,221
	249,156	Series 2007-2-2A1		5.00%			03/25/2037		247,149
	8,597,296	Series 2007-5-2A5		5.00%			08/25/2037		8,344,768
	63,229,396	Series 2007-5-3A19		6.00%			08/25/2037		63,418,451
	28,496,530	Series 2007-5-3A9		6.00%			08/25/2037		28,545,487
	5,125,847	Series 2009-1R-4A2		2.86%	#^		07/20/2035		4,542,802
	93,898,000	Series 2010-17R-6A1		2.45%	#^		06/26/2037		84,061,405
	2,000,194	Series 2010-1R-5A1		4.90%	#^		01/27/2036		2,018,261
	52,001,003	Series 2010-2R-4A17		6.28%	#^		03/26/2037		48,507,960
	90,138,031	Series 2010-4R-3A17		6.54%	#^		06/26/2037		84,090,923
	44,503,134	Series 2010-4R-8A17		6.54%	#^		06/26/2037		41,517,517
	8,618,496	Series 2010-6R-2A6A		6.25%	^		07/26/2037		9,031,390
	30,351,018	Series 2010-7R-4A17		6.52%	#^		04/26/2037		27,909,722
	50,000,000	Series 2010-9R-2A5		4.00%	^		02/27/2038		47,769,455
	1,315,315	Series 2011-16R-6A1		2.40%	#^		09/27/2035		1,313,465
		Credit-Based Asset Servicing and Securitization LLC,
	822,477	Series 2005-CB6-A4		4.14%	#		07/25/2035		828,355
	9,750,000	Series 2007-MX1-A3		5.83%	#^		12/25/2036		8,743,537
		Deutsche ALT-A Securities, Inc. Mortgage Loan Trust,
	32,027,377	Series 2005-4-A5		5.50%	#		09/25/2035		28,103,799
	2,344,254	Series 2005-5-1A6		34.80%	# I/F		11/25/2035		3,775,838
	2,269,124	Series 2005-5-2A1		0.35%	#		11/25/2035		1,459,861
	6,848,462	Series 2005-5-2A2		5.15%	# I/F I/O		11/25/2035		1,215,157
	1,688,011	Series 2006-AB2-A2		6.16%	#		06/25/2036		1,388,330
	3,474,995	Series 2006-AB4-A1A		6.01%	#		10/25/2036		2,826,311
	3,456,852	Series 2006-AB4-A3		5.90%	#		10/25/2036		2,797,472
	5,091,105	Series 2006-AB4-A3A1		5.90%	#		10/25/2036		4,120,114
	10,141,151	Series 2006-AB4-A6A1		5.87%	#		10/25/2036		8,194,618
	8,539,575	Series 2006-AF1-A3		0.33%	#		04/25/2036		8,380,162
	84,106,812	Series 2007-1-1A3A		0.36%	#		08/25/2037		71,836,049
	24,709,046	Series 2007-OA5-A1B		0.37%	#		08/25/2047		21,288,202
		Deutsche Mortgage Securities, Inc.,
	27,569,154	Series 2006-PR1-3A1		11.91%	#^ I/F		04/15/2036		32,835,096
	9,263,020	Series 2006-PR1-4AI1		11.89%	#^ I/F		04/15/2036		10,763,559
	15,162,472	Series 2006-PR1-4AI2		14.31%	#^ I/F		04/15/2036		18,747,541
	751,067	Series 2006-PR1-5AI1		18.89%	#^ I/F		04/15/2036		1,089,093
	6,531,849	Series 2006-PR1-5AI3		12.35%	#^ I/F		04/15/2036		8,144,468
	108,152,503	Series 2006-PR1-5AI4		11.91%	#^ I/F		04/15/2036		127,793,700
	29,583,363	Series 2009-RS2-4A2		0.29%	#^		04/26/2037		28,399,014
		First Franklin Mortgage Loan Trust,
	11,737,565	Series 2006-FF1-2A3		0.39%	#		01/25/2036		11,624,133
	17,821,603	Series 2006-FF3-A2B		0.55%	#		02/25/2036		17,264,179
		First Horizon Alternative Mortgage Securities,
	17,066,025	Series 2005-AA4-1A1		2.26%	#		05/25/2035		14,792,763
	10,679,898	Series 2005-FA5-1A4		5.50%			08/25/2035		10,309,407
	16,149,055	Series 2005-FA8-1A4		5.50%			11/25/2035		14,786,559
	2,209,772	Series 2005-FA8-2A1		5.00%			11/25/2020		2,262,779
	6,381,745	Series 2006-FA1-1A12		6.00%			04/25/2036		5,547,102
	559,476	Series 2006-FA1-1A6		0.90%	#		04/25/2036		546,708
	4,402,293	Series 2006-FA2-1A5		6.00%			05/25/2036		3,797,915
	1,279,308	Series 2006-FA7-A8		6.25%			12/25/2036		1,097,169
	6,063,120	Series 2006-FA8-1A5		6.00%			02/25/2037		4,978,088
	14,295,938	Series 2006-RE1-A1		5.50%			05/25/2035		13,424,983
	1,834,870	Series 2007-FA3-A4		6.00%			06/25/2037		1,462,883
	2,057,585	Series 2007-FA4-1A13		6.25%			08/25/2037		1,648,959
	2,984,491	Series 2007-FA4-1A5		6.25%			08/25/2037		2,391,786
		First Horizon Asset Securities, Inc.,
	10,738,848	Series 2007-1-A3		6.00%			03/25/2037		9,676,035

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		First Horizon Asset Securities, Inc., (Cont.)
$	7,716,149	Series 2007-4-1A1		6.00%			08/25/2037		6,937,991
		GMACM Mortgage Loan Trust,
	9,351,144	Series 2003-AR1-A5		3.28%	#		10/19/2033		9,544,217
	13,265,396	Series 2005-AR5-3A1		2.86%	#		09/19/2035		12,874,007
	20,160,831	Series 2005-J1-A14		5.50%			12/25/2035		20,259,236
		GS Mortgage Securities Corporation,
	2,265,960	Series 2008-2R-1A1		7.50%	#^		09/25/2036		1,829,859
		GSAA Home Equity Trust,
	695,062	Series 2005-12-AF3		5.07%	#		09/25/2035		651,007
	15,950,582	Series 2005-7-AF2		4.48%	#		05/25/2035		16,332,192
	45,361,000	Series 2005-7-AF3		4.75%	#		05/25/2035		46,053,504
	13,438,559	Series 2006-10-AF3		5.98%	#		06/25/2036		8,020,790
	9,618,207	Series 2006-10-AF4		6.30%	#		06/25/2036		5,738,213
	18,705,743	Series 2006-15-AF4		5.96%	#		09/25/2036		10,823,742
	3,091,851	Series 2006-18-AF3A		5.77%	#		11/25/2036		1,950,398
	6,524,530	Series 2006-18-AF6		5.68%	#		11/25/2036		3,619,672
	10,924,763	Series 2007-10-A1A		6.00%			11/25/2037		9,782,393
	5,125,975	Series 2007-10-A2A		6.50%			11/25/2037		4,197,399
		GSMPS Mortgage Loan Trust,
	19,904,825	Series 2005-RP2-1AF		0.50%	#^		03/25/2035		17,559,101
	19,904,825	Series 2005-RP2-1AS		4.96%	#^ I/O		03/25/2035		2,391,177
	11,283,166	Series 2005-RP3-1AF		0.50%	#^		09/25/2035		9,729,260
	11,283,166	Series 2005-RP3-1AS		4.82%	#^ I/O		09/25/2035		1,600,173
	42,722,149	Series 2006-RP1-1AS		4.68%	#^ I/O		01/25/2036		5,426,973
	42,722,149	Series 2006-RP1-AF1		0.50%	#^		01/25/2036		36,467,456
		GSR Mortgage Loan Trust,
	4,410,299	Series 2005-1F-1A2		5.50%			02/25/2035		4,535,644
	9,705,675	Series 2005-1F-3A3		6.00%			01/25/2035		9,921,389
	1,615,961	Series 2005-6F-3A5		6.00%			07/25/2035		1,631,800
	15,515,771	Series 2005-6F-3A9		6.75%	# I/F I/O		07/25/2035		2,845,802
	1,424,225	Series 2005-6F-4A1		0.65%	#		07/25/2035		1,134,256
	1,063,698	Series 2005-7F-3A1		0.65%	#		09/25/2035		986,688
	21,047,160	Series 2005-8F-3A5		6.00%			11/25/2035		18,811,362
	6,635,958	Series 2005-8F-4A1		6.00%			11/25/2035		5,489,855
	3,480,239	Series 2006-1F-1A2		5.50%			02/25/2036		3,334,407
	1,996,672	Series 2006-2F-2A3		5.75%			02/25/2036		1,877,628
	6,871,235	Series 2006-2F-3A3		6.00%			02/25/2036		5,844,926
	23,291,212	Series 2006-6F-2A3		6.00%			07/25/2036		20,494,660
	21,577,314	Series 2006-7F-2A1		6.00%			08/25/2036		20,040,233
	12,022,204	Series 2006-7F-3A4		6.25%			08/25/2036		9,987,807
	20,438,130	Series 2006-9F-2A1		6.00%			10/25/2036		19,328,994
	38,675,855	Series 2006-9F-4A1		6.50%			10/25/2036		34,905,772
	393,669	Series 2006-9F-8A1		5.50%			08/25/2021		376,134
	39,409,828	Series 2006-OA1-2A1		0.34%	#		08/25/2046		38,122,171
	3,808,527	Series 2007-1F-2A2		5.50%			01/25/2037		3,669,922
	5,448,566	Series 2007-4F-1A1		5.00%			07/25/2037		5,018,516
	65,569,250	Series 2007-4F-3A11		6.00%			07/25/2037		60,058,942
		Harborview Mortgage Loan Trust,
	4,312,444	Series 2005-14-3A1A		2.67%	#		12/19/2035		3,924,122
	11,759,519	Series 2006-10-2A1A		0.33%	#		11/19/2036		9,746,960
		Home Equity Asset Trust,
	2,048,281	Series 2003-3-M1		1.44%	#		08/25/2033		1,942,694
	1,606,388	Series 2004-7-M2		1.14%	#		01/25/2035		1,544,886
		Homebanc Mortgage Trust,
	2,849,160	Series 2005-1-M2		0.64%	#		03/25/2035		2,387,935
	45,580,714	Series 2005-3-A1		0.39%	#		07/25/2035		42,320,736
	4,872,049	Series 2006-1-3A1		2.28%	#		04/25/2037		4,096,477
		HSI Asset Loan Obligation Trust,
	1,286,960	Series 2006-2-2A1		5.50%			12/25/2021		1,202,611
	56,490,319	Series 2007-2-3A6		6.00%			09/25/2037		49,843,216
	9,446,204	Series 2007-AR1-3A1		2.53%	#		01/25/2037		7,762,768
		IMPAC Trust,
	1,589,112	Series 2002-9F-A1		5.22%	#		12/25/2032		1,628,328
		IndyMac Mortgage Loan Trust,
	9,470,627	Series 2006-AR2-4A1		2.60%	#		09/25/2036		8,193,447
	40,274,211	Series 2006-AR3-1A1		2.60%	#		12/25/2036		35,702,121
	9,476,563	Series 2007-A1-A1		6.00%			08/25/2037		8,318,858
	6,937,584	Series 2007-A1-A7		6.00%			08/25/2037		6,090,054
	36,762,763	Series 2007-A3-A1		6.25%			11/25/2037		33,605,908

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 21

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		IndyMac Mortgage Loan Trust, (Cont.)
$	13,197,427	Series 2007-AR3-3A1		5.36%	#		07/25/2037		12,213,414
	866,012	Series 2007-F2-1A2		6.00%			07/25/2037		782,326
	31,874,845	Series 2007-F2-2A1		6.50%			07/25/2037		22,310,989
		Jefferies & Company, Inc.,
	6,467,777	Series 2010-R1-1A1		6.00%	#^		03/26/2037		6,792,950
	11,260,142	Series 2010-R4-1A4		6.86%	#^		10/26/2036		10,076,584
	802,549	Series 2010-R6-1A2		6.00%	^		09/26/2037		806,552
		JP Morgan Alternative Loan Trust,
	21,328,156	Series 2005-S1-2A11		6.00%			12/25/2035		19,483,399
	6,837,352	Series 2005-S1-2A9		6.00%			12/25/2035		6,245,962
	6,796,901	Series 2006-S1-1A8		5.75%			03/25/2036		6,140,776
	6,034,750	Series 2006-S2-A4		6.19%	#		05/25/2036		4,763,560
	12,151,263	Series 2006-S4-A3A		5.78%	#		12/25/2036		11,295,996
		JP Morgan Mortgage Acquisition Corporation,
	15,379,172	Series 2006-CH2-AF3		5.16%	#		10/25/2036		12,567,675
	5,308,180	Series 2006-WF1-A5		6.41%	#		07/25/2036		3,277,987
	15,000,000	Series 2007-CH1-AF5		5.33%	#		11/25/2036		14,513,895
	5,499,169	Series 2007-CH5-A3		0.26%	#		05/25/2037		5,369,067
		JP Morgan Mortgage Trust,
	3,168,191	Series 2005-A6-5A1		5.10%	#		08/25/2035		3,177,423
	4,657,824	Series 2005-S2-2A13		5.50%			09/25/2035		4,893,710
	3,346,915	Series 2006-S2-3A3		6.00%			07/25/2036		3,047,279
	10,448,566	Series 2006-S3-1A2		6.00%			08/25/2036		9,647,934
	12,170,437	Series 2006-S3-1A21		0.53%	#		08/25/2036		7,259,069
	12,170,437	Series 2006-S3-1A22		6.97%	# I/F I/O		08/25/2036		3,360,830
	4,868,685	Series 2006-S3-1A9		6.00%			08/25/2036		4,495,617
	14,403,525	Series 2006-S4-A8		0.53%	#		01/25/2037		9,156,552
	14,403,525	Series 2006-S4-A9		6.47%	# I/F I/O		01/25/2037		3,168,459
	4,293,235	Series 2007-A2-2A1		2.55%	#		04/25/2037		3,897,935
	18,952,921	Series 2007-S1-2A6		6.00%			03/25/2037		16,865,845
	7,686,297	Series 2007-S3-1A1		5.50%			08/25/2037		6,844,548
	12,774,084	Series 2007-S3-1A35		6.00%			08/25/2037		11,451,366
	2,164,689	Series 2007-S3-1A9		6.00%			08/25/2037		1,941,769
	11,778,358	Series 2007-S3-1A96		6.00%			08/25/2037		10,546,259
	13,414,413	Series 2007-S3-1A97		6.00%			08/25/2037		12,046,371
	4,492,725	Series 2007-S3-2A2		5.50%			08/25/2022		4,471,375
		JP Morgan Resecuritization Trust,
	22,627,869	Series 2010-1-1A4		6.00%	^		02/26/2037		17,581,979
	18,437,640	Series 2010-2-3A9		6.00%	^		07/26/2036		15,275,087
	3,256,554	Series 2010-8-2A3		2.71%	#^		11/26/2034		3,254,676
	11,532,047	Series 2011-2-7A11		6.40%	#^		04/26/2036		11,394,178
	4,800,074	Series 2012-2-3A3		2.36%	#^		10/26/2036		4,790,530
		Lehman Mortgage Trust,
	6,530,869	Series 2005-2-3A5		5.50%			12/25/2035		5,726,514
	6,364,249	Series 2005-2-5A5		5.75%			12/25/2035		5,778,579
	9,707,511	Series 2005-3-2A1		6.00%			01/25/2036		9,028,578
	826,637	Series 2005-3-2A3		5.50%			01/25/2036		756,383
	4,439,808	Series 2005-3-2A7		6.00%			01/25/2036		4,129,315
	3,287,180	Series 2006-1-1A1		0.90%	#		02/25/2036		2,366,763
	9,861,540	Series 2006-1-1A2		4.60%	# I/F I/O		02/25/2036		1,242,239
	14,105,310	Series 2006-1-3A1		0.90%	#		02/25/2036		12,673,988
	14,105,310	Series 2006-1-3A2		4.60%	# I/F I/O		02/25/2036		1,758,932
	8,207,049	Series 2006-1-3A4		5.50%			02/25/2036		7,886,436
	6,198,659	Series 2006-4-1A3		5.25%	# I/F I/O		08/25/2036		838,418
	3,939,734	Series 2006-4-1A4		6.00%			08/25/2036		3,348,868
	10,915,224	Series 2006-5-2A1		0.50%	#		09/25/2036		4,945,644
	22,736,293	Series 2006-5-2A2		7.00%	# I/F I/O		09/25/2036		7,699,793
	18,676,914	Series 2006-6-3A9		5.50%			10/25/2036		15,327,508
	11,407,232	Series 2006-6-4A5		6.00%			12/25/2036		11,496,585
	5,495,014	Series 2006-7-2A2		0.60%	#		11/25/2036		2,374,335
	17,302,550	Series 2006-7-2A5		6.40%	# I/F I/O		11/25/2036		5,017,386
	5,266,482	Series 2006-9-1A19		29.97%	# I/F		01/25/2037		8,250,171
	5,835,084	Series 2006-9-1A5		0.75%	#		01/25/2037		3,616,393
	17,345,780	Series 2006-9-1A6		5.00%	# I/F I/O		01/25/2037		2,653,202
	6,924,062	Series 2006-9-2A1		0.53%	#		01/25/2037		3,004,818
	14,393,445	Series 2006-9-2A2		6.47%	# I/F I/O		01/25/2037		3,893,081
	15,275,018	Series 2007-10-2A1		6.50%			01/25/2038		13,617,190
	4,721,909	Series 2007-2-1A1		5.75%			02/25/2037		3,732,164
	4,742,552	Series 2007-4-2A11		0.48%	#		05/25/2037		2,271,213
	17,784,493	Series 2007-4-2A8		6.52%	# I/F I/O		05/25/2037		4,509,649
	1,742,946	Series 2007-4-2A9		0.48%	#		05/25/2037		834,716

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Lehman Mortgage Trust, (Cont.)
$	21,423,999	Series 2007-5-11A1		5.53%	#		06/25/2037		15,846,732
	9,965,989	Series 2007-5-3A4		5.00%			12/25/2035		9,515,068
	3,347,083	Series 2007-5-4A3		39.15%	# I/F		08/25/2036		5,365,839
	1,408,136	Series 2007-5-7A3		7.50%			10/25/2036		1,179,551
	1,109,832	Series 2007-6-1A8		6.00%			07/25/2037		1,015,829
	9,429,988	Series 2008-2-1A6		6.00%			03/25/2038		8,569,785
		Lehman XS Trust,
	2,555,369	Series 2005-10-2A3B		5.55%	#		01/25/2036		2,298,179
	14,992,802	Series 2005-4-2A3A		5.00%	#		10/25/2035		11,780,924
	3,859,524	Series 2006-5-2A4A		5.89%	#		04/25/2036		3,672,966
	26,683,235	Series 2007-1-2A1		5.60%	#		02/25/2037		24,904,691
		Long Beach Mortgage Loan Trust,
	9,564,358	Series 2006-WL1-2A3		0.39%	#		01/25/2046		9,188,794
		MASTR Adjustable Rate Mortgages Trust,
	6,617,650	Series 2005-2-2A1		2.51%	#		03/25/2035		5,485,191
	6,452,880	Series 2005-6-5A1		2.43%	#		07/25/2035		5,764,654
	28,550,977	Series 2007-1-2A1		2.79%	#		11/25/2036		26,411,766
	7,272,722	Series 2007-2-A2		0.26%	#		03/25/2047		7,155,508
		MASTR Alternative Loans Trust,
	3,007,372	Series 2005-2-3A1		6.00%			03/25/2035		3,017,958
	1,004,774	Series 2005-5-2A3		5.50%			07/25/2025		1,009,818
	7,959,257	Series 2005-6-1A5		5.50%			12/25/2035		7,294,476
	4,180,362	Series 2006-3-1A2		6.25%			07/25/2036		3,579,389
	9,519,503	Series 2007-1-1A5		5.75%			10/25/2036		9,110,603
	9,351,109	Series 2007-1-2A7		6.00%			10/25/2036		7,549,974
		MASTR Asset Backed Securities Trust,
	4,975,000	Series 2003-OPT1-M3		4.28%	#		12/25/2032		4,581,905
	24,356,519	Series 2006-AM2-A3		0.32%	#		06/25/2036		20,025,735
	3,605,226	Series 2006-NC1-A3		0.34%	#		01/25/2036		3,560,357
		MASTR Asset Securitization Trust,
	421,226	Series 2003-1-30B2		5.75%			02/25/2033		421,382
	718,074	Series 2007-1-1A1		5.50%			11/25/2037		749,579
	7,302,798	Series 2007-1-1A3		6.25%			11/25/2037		6,527,160
		MASTR Seasoned Securitization Trust,
	1,703,576	Series 2005-2-1A4		6.00%			10/25/2032		1,707,819
	2,245,554	Series 2005-2-2A1		0.55%	#		10/25/2032		1,999,239
		Merrill Lynch Mortgage Investors Trust,
	13,576,832	Series 2006-3-1A		2.33%	#		10/25/2036		13,339,516
	4,391,151	Series 2006-F1-1A2		6.00%			04/25/2036		4,208,960
		Morgan Stanley Capital, Inc.,
	1,303,591	Series 2003-NC6-M2		3.08%	#		06/25/2033		1,221,230
		Morgan Stanley Mortgage Loan Trust,
	3,336,744	Series 2005-10-1A1		0.85%	#		12/25/2035		2,813,403
	8,360,049	Series 2005-10-1A6		5.75%			12/25/2035		8,068,534
	9,867,028	Series 2005-10-2A1		5.54%	#		12/25/2035		9,934,311
	1,369,239	Series 2005-6AR-1A1		0.43%	#		11/25/2035		1,354,640
	6,965,168	Series 2006-11-1A6		6.23%	#		08/25/2036		3,572,741
	17,604,400	Series 2006-11-2A1		6.00%			08/25/2036		14,646,016
	9,737,757	Series 2006-17XS-A3A		5.65%	#		10/25/2046		6,436,005
	3,001,919	Series 2006-17XS-A6		5.58%	#		10/25/2046		1,765,314
	13,331,627	Series 2006-2-2A3		5.75%			02/25/2036		12,863,967
	53,504,253	Series 2006-7-3A		5.38%	#		06/25/2036		46,356,834
	4,416,339	Series 2006-7-4A4		6.00%			06/25/2036		4,049,257
	4,470,779	Series 2006-7-4A7		6.00%			06/25/2036		4,099,172
	5,959,847	Series 2007-13-6A1		6.00%			10/25/2037		4,942,740
	22,928,769	Series 2007-14AR-2A3		2.33%	#		10/25/2037		19,220,545
	4,672,929	Series 2007-1XS-2A3		5.92%	#		09/25/2046		2,733,719
	3,444,875	Series 2007-1XS-2A4A		6.08%	#		09/25/2046		2,229,489
	2,127,518	Series 2007-3XS-1A2A		5.62%	#		01/25/2047		2,055,193
	10,382,588	Series 2007-3XS-2A3S		5.86%	#		01/25/2047		7,776,621
	6,072,835	Series 2007-3XS-2A4S		5.96%	#		01/25/2047		4,548,079
		Morgan Stanley Re-Remic Trust,
	2,672,025	Series 2010-R9-1A		4.00%	#^		08/26/2036		2,719,410
	7,233,945	Series 2010-R9-1B		6.74%	#^		08/26/2036		5,273,683
	60,143,267	Series 2010-R9-3C		6.19%	#^		11/26/2036		58,938,983
	7,603,214	Series 2011-R1-1A		5.94%	#^		02/26/2037		8,028,523
		MSCC Heloc Trust,
	31,315,515	Series 2007-1-A		0.25%	#		12/25/2031		29,642,672
		New York Mortgage Trust,
	1,628,049	Series 2005-2-A		0.48%	#		08/25/2035		1,539,394

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Newcastle Mortgage Securities Trust,
$	11,673,971	Series 2006-1-A3		0.33%	#		03/25/2036		11,630,742
		Nomura Asset Acceptance Corporation,
	1,085,849	Series 2005-AP1-2A5		4.86%	#		02/25/2035		1,107,979
	20,132,585	Series 2006-AF1-1A2		6.16%	#		05/25/2036		10,972,702
	4,091,301	Series 2006-AF1-1A3		6.41%	#		05/25/2036		2,229,031
	19,090,845	Series 2006-AP1-A2		5.52%	#		01/25/2036		12,754,880
	4,143,529	Series 2006-AP1-A3		5.65%	#		01/25/2036		2,792,303
	2,078,732	Series 2006-WF1-A2		5.76%	#		06/25/2036		1,222,450
		Nomura Home Equity Loan, Inc.,
	21,109,962	Series 2006-AF1-A2		5.80%	#		10/25/2036		11,854,679
	3,866,096	Series 2007-1-1A1		6.06%	#		02/25/2037		2,383,329
	19,269,516	Series 2007-1-1A3		5.99%	#		02/25/2037		11,879,329
		Option One Mortgage Loan Trust,
	1,020,502	Series 2002-2-A		0.69%	#		06/25/2032		959,972
	1,495,893	Series 2004-3-M3		1.13%	#		11/25/2034		1,400,083
		PFCA Home Equity Investment Trust,
	57,212,750	Series 2003-IFC5-A		4.12%	#^		01/22/2035		54,563,090
	60,259,568	Series 2003-IFC6-A		3.96%	#^		04/22/2035		55,593,501
		PHH Alternative Mortgage Trust,
	1,524,963	Series 2007-2-3A1		6.00%			05/25/2037		1,300,525
	26,794,194	Series 2007-3-A2		0.34%	#		07/25/2037		25,855,594
		Popular ABS Mortgage Pass-Through Trust,
	962,942	Series 2005-5-AF6		4.66%	#		11/25/2035		967,599
		PR Mortgage Loan Trust,
	328,471,478	Series 2014-1-APT		5.93%	^		10/25/2049		329,949,600
		Prime Mortgage Trust,
	571,708	Series 2006-1-2A5		6.00%			06/25/2036		575,131
	4,446,045	Series 2006-DR1-2A1		5.50%	^		05/25/2035		4,479,043
	6,944,436	Series 2006-DR1-2A2		6.00%	^		05/25/2035		7,007,388
		RBSGC Structured Trust,
	53,662,070	Series 2008-B-A1		6.00%	^		06/25/2037		47,361,467
		Renaissance Home Equity Loan Trust,
	1,580,636	Series 2006-1-AF6		5.75%	#		05/25/2036		1,193,962
	11,039,840	Series 2006-4-AF4		5.47%	#		01/25/2037		6,768,746
	21,739,691	Series 2006-4-AF5		5.69%	#		01/25/2037		13,804,465
	18,260,913	Series 2007-2-AF2		5.68%	#		06/25/2037		9,950,554
	9,876,102	Series 2007-2-AF5		6.20%	#		06/25/2037		5,856,390
		Residential Accredit Loans, Inc.,
	8,398,330	Series 2004-QS15-A1		5.25%			11/25/2034		8,791,628
	33,172,667	Series 2005-QA13-2A1		3.57%	#		12/25/2035		28,244,270
	965,606	Series 2005-QS12-A11		49.45%	# I/F		08/25/2035		1,789,176
	4,375,541	Series 2005-QS13-1A6		5.50%			09/25/2035		3,821,422
	7,901,503	Series 2005-QS13-2A1		0.85%	#		09/25/2035		5,926,530
	32,396,162	Series 2005-QS13-2A2		4.90%	# I/F I/O		09/25/2035		4,050,573
	13,624,569	Series 2005-QS14-2A1		6.00%			09/25/2035		11,029,252
	6,820,324	Series 2005-QS15-2A		6.00%			10/25/2035		5,329,749
	7,038,120	Series 2005-QS15-3A		6.00%			10/25/2035		6,151,345
	7,814,384	Series 2005-QS16-A1		0.85%	#		11/25/2035		5,802,884
	7,813,033	Series 2005-QS16-A2		4.65%	# I/F I/O		11/25/2035		964,042
	3,691,050	Series 2005-QS17-A1		6.00%			12/25/2035		3,270,809
	2,557,708	Series 2005-QS17-A10		6.00%			12/25/2035		2,266,502
	10,697,443	Series 2005-QS17-A11		6.00%			12/25/2035		9,479,497
	7,603,406	Series 2005-QS17-A2		1.00%	#		12/25/2035		5,557,816
	7,603,406	Series 2005-QS17-A4		5.00%	# I/F I/O		12/25/2035		1,052,821
	6,117,936	Series 2005-QS17-A6		6.00%			12/25/2035		5,421,384
	3,304,401	Series 2005-QS1-A5		5.50%			01/25/2035		3,359,178
	3,068,772	Series 2005-QS5-A3		5.70%			04/25/2035		2,860,608
	2,815,295	Series 2005-QS9-A1		0.65%	#		06/25/2035		2,439,566
	6,968,352	Series 2005-QS9-A4		4.85%	# I/F I/O		06/25/2035		868,528
	2,925,511	Series 2006-QS10-A4		5.75%			08/25/2036		2,444,727
	3,241,194	Series 2006-QS12-1A1		6.50%			09/25/2036		2,474,120
	7,832,759	Series 2006-QS12-2A18		5.75%			09/25/2036		6,319,494
	11,787,083	Series 2006-QS14-A18		6.25%			11/25/2036		9,392,066
	6,480,993	Series 2006-QS15-A1		6.50%			10/25/2036		5,458,020
	2,373,632	Series 2006-QS16-A10		6.00%			11/25/2036		1,894,308
	8,440,260	Series 2006-QS16-A11		6.00%			11/25/2036		6,735,859
	2,463,806	Series 2006-QS16-A7		6.00%			11/25/2036		1,966,273
	2,662,433	Series 2006-QS16-A8		6.00%			11/25/2036		2,124,790
	1,053,575	Series 2006-QS16-A9		6.00%			11/25/2036		840,819

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Residential Accredit Loans, Inc., (Cont.)
$	5,655,059	Series 2006-QS17-A4		6.00%			12/25/2036		4,480,769
	31,417,060	Series 2006-QS17-A5		6.00%			12/25/2036		24,893,214
	3,272,355	Series 2006-QS1-A6		41.67%	# I/F		01/25/2036		6,378,867
	21,825,766	Series 2006-QS3-1A11		6.00%			03/25/2036		18,937,322
	4,793,963	Series 2006-QS4-A8		8.00%	# I/F		04/25/2036		4,376,165
	14,130,325	Series 2006-QS5-A3		6.00%			05/25/2036		12,009,731
	18,271,055	Series 2006-QS8-A1		6.00%			08/25/2036		14,754,955
	31,684,677	Series 2006-QS8-A5		5.40%	# I/F I/O		08/25/2036		5,444,933
	10,550,744	Series 2006-QS9-1A6		5.15%	# I/F I/O		07/25/2036		1,672,631
	9,865,409	Series 2007-QS11-A1		7.00%			10/25/2037		7,945,906
	33,890,774	Series 2007-QS1-1A2		5.30%	# I/F I/O		01/25/2037		4,973,691
	3,411,466	Series 2007-QS1-1A4		6.00%			01/25/2037		2,929,149
	8,159,253	Series 2007-QS1-2A10		6.00%			01/25/2037		6,852,459
	1,476,018	Series 2007-QS2-A6		6.25%			01/25/2037		1,224,613
	54,544,489	Series 2007-QS3-A1		6.50%			02/25/2037		45,102,675
	8,697,459	Series 2007-QS3-A4		6.25%			02/25/2037		7,108,294
	6,528,548	Series 2007-QS5-A1		5.50%			03/25/2037		5,217,890
	2,693,292	Series 2007-QS5-A5		0.45%	#		03/25/2037		1,760,931
	8,945,039	Series 2007-QS5-A8		6.55%	# I/F I/O		03/25/2037		1,743,120
	7,198,291	Series 2007-QS6-A102		5.75%			04/25/2037		5,836,137
	2,314,460	Series 2007-QS6-A13		53.71%	# I/F		04/25/2037		5,253,991
	10,307,389	Series 2007-QS6-A45		5.75%			04/25/2037		8,356,890
	16,426,792	Series 2007-QS6-A6		6.25%			04/25/2037		13,786,498
	1,134,547	Series 2007-QS6-A77		54.55%	# I/F		04/25/2037		2,622,871
	12,017,998	Series 2007-QS7-2A1		6.75%			06/25/2037		8,250,704
	52,347,840	Series 2007-QS9-A33		6.50%			07/25/2037		44,374,374
		Residential Asset Mortgage Products, Inc.,
	307,321	Series 2004-RS4-AI6		5.07%	#		04/25/2034		315,501
	1,786,752	Series 2004-RS5-AI6		5.55%	#		05/25/2034		1,767,634
	8,506,120	Series 2004-RS7-A3		2.71%	#		07/25/2034		7,580,008
	3,317,278	Series 2004-RS7-AI6		5.22%	#		07/25/2034		3,179,715
	318,046	Series 2004-RS9-AI4		4.77%	#		10/25/2032		333,779
	890,732	Series 2004-RS9-AI6		4.72%	#		07/25/2034		879,983
	2,211,887	Series 2004-RZ2-AI4		5.35%	#		02/25/2033		2,228,722
	7,550,000	Series 2005-RS1-AI5		5.41%	#		01/25/2035		7,198,751
	4,145,675	Series 2006-RS5-A3		0.32%	#		09/25/2036		4,021,974
	12,760,000	Series 2006-RX5-A3		0.40%	#		08/25/2046		10,773,306
	12,300,000	Series 2006-RZ3-A3		0.44%	#		08/25/2036		11,171,758
		Residential Asset Securities Corporation,
	456,447	Series 2002-KS1-AI6		6.08%	#		06/25/2032		460,971
	2,798,876	Series 2003-KS11-MI1		5.13%	#		01/25/2034		2,701,511
	2,984,470	Series 2005-AHL3-A2		0.39%	#		11/25/2035		2,934,332
	17,537,102	Series 2006-EMX5-A3		0.31%	#		07/25/2036		16,106,022
	660,951	Series 2006-KS4-A3		0.30%	#		06/25/2036		657,563
		Residential Asset Securitization Trust,
	8,449,876	Series 2005-A11-2A4		6.00%			10/25/2035		6,628,598
	6,319,222	Series 2005-A12-A7		4.85%	# I/F I/O		11/25/2035		866,454
	5,015,241	Series 2005-A12-A8		0.70%	#		11/25/2035		3,880,773
	18,687,508	Series 2005-A15-5A3		5.75%			02/25/2036		15,804,194
	3,755,202	Series 2005-A7-A3		5.50%			06/25/2035		3,453,539
	8,622,573	Series 2005-A8CB-A11		6.00%			07/25/2035		8,116,290
	8,710,960	Series 2005-A8CB-A2		4.85%	# I/F I/O		07/25/2035		1,263,146
	7,891,754	Series 2006-A10-A5		6.50%			09/25/2036		5,995,310
	1,365,721	Series 2006-A1-1A3		6.00%			04/25/2036		1,134,403
	11,087,490	Series 2006-A12-A1		6.25%			11/25/2036		8,450,785
	11,082,969	Series 2006-A13-A1		6.25%			12/25/2036		8,466,424
	23,707,088	Series 2006-A1-3A2		6.00%			04/25/2036		19,205,444
	19,398,239	Series 2006-A14C-2A6		0.60%	#		12/25/2036		7,626,476
	42,809,003	Series 2006-A14C-2A7		6.40%	# I/F I/O		12/25/2036		11,516,628
	11,331,874	Series 2006-A2-A11		6.00%			01/25/2046		9,353,499
	1,237,739	Series 2006-A4-2A5		6.00%			05/25/2036		1,152,703
	7,565,710	Series 2006-A8-1A1		6.00%			08/25/2036		6,989,959
	9,161,712	Series 2006-R1-A1		27.78%	# I/F		01/25/2046		15,182,690
	53,583,133	Series 2007-A2-1A2		6.00%			04/25/2037		46,940,325
	1,528,134	Series 2007-A3-1A2		45.20%	# I/F		04/25/2037		3,377,572
	27,551,898	Series 2007-A5-1A4		5.95%	# I/F I/O		05/25/2037		6,908,390
	7,115,186	Series 2007-A5-1A6		0.55%	#		05/25/2037		1,956,619
	12,882,423	Series 2007-A5-2A3		6.00%			05/25/2037		11,567,772
	5,645,708	Series 2007-A5-2A5		6.00%			05/25/2037		5,069,564
	21,110,265	Series 2007-A6-1A2		6.00%			06/25/2037		19,618,086
	12,936,316	Series 2007-A7-A1		6.00%			07/25/2037		9,788,276
	25,212,176	Series 2007-A7-A6		6.00%			07/25/2037		19,076,818

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 23

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Residential Funding Mortgage Securities Trust,
$	4,607,551	Series 2003-S16-A1		4.75%			09/25/2018		4,654,576
	6,487,719	Series 2005-S9-A10		6.25%			12/25/2035		6,372,824
	16,771,857	Series 2005-S9-A6		5.75%			12/25/2035		17,096,527
	1,246,581	Series 2005-S9-A8		5.50%			12/25/2035		1,243,108
	22,841,724	Series 2006-S10-1A1		6.00%			10/25/2036		20,249,737
	39,619,816	Series 2006-S11-A1		6.00%			11/25/2036		36,645,240
	7,495,884	Series 2006-S5-A12		6.00%			06/25/2036		7,034,655
	513,200	Series 2006-S5-A15		6.00%			06/25/2036		481,622
	12,017,514	Series 2006-S9-A1		6.25%			09/25/2036		11,075,065
	9,398,537	Series 2007-S1-A7		6.00%			01/25/2037		8,738,882
	8,133,739	Series 2007-S2-A1		6.00%			02/25/2037		7,399,930
	9,163,553	Series 2007-S2-A4		6.00%			02/25/2037		8,336,835
	17,107,305	Series 2007-S2-A5		6.00%			02/25/2037		15,563,918
	2,673,302	Series 2007-S2-A9		6.00%			02/25/2037		2,432,148
	7,955,999	Series 2007-S3-1A4		6.00%			03/25/2037		7,349,290
	2,532,666	Series 2007-S4-A1		6.00%			04/25/2037		2,267,151
	6,760,885	Series 2007-S4-A2		6.00%			04/25/2037		6,052,101
	55,332,651	Series 2007-S5-A1		6.00%			05/25/2037		50,881,361
	16,035,621	Series 2007-S5-A8		6.00%			05/25/2037		14,706,268
	9,269,490	Series 2007-S6-2A4		6.00%			06/25/2037		8,503,116
	46,601,566	Series 2007-S7-A20		6.00%			07/25/2037		42,861,883
	18,821,681	Series 2007-S8-1A1		6.00%			09/25/2037		17,088,844
	8,073,381	Series 2007-SA1-4A		5.99%	#		02/25/2037		7,415,691
	18,001,262	Series 2007-SA2-2A1		3.05%	#		04/25/2037		15,909,642
		Saxon Asset Securities Trust,
	70,481,879	Series 2006-3-A3		0.32%	#		10/25/2046		58,800,565
		Sequoia Mortgage Trust,
	353,983	Series 2003-4-2A1		0.50%	#		07/20/2033		339,480
		Solstice Ltd.,
	5,019,037	Series 2003-3A-A2		1.33%	#^		09/15/2033		4,838,352
		Soundview Home Equity Loan Trust,
	22,294,932	Series 2007-NS1-A2		0.30%	#		01/25/2037		21,697,138
		Springleaf Mortgage Loan Trust,
	118,132,750	Series 2013-1A-B3F		6.00%	#^		06/25/2058		119,313,014
	61,983,000	Series 2013-2A-B1		6.00%	#^		12/25/2065		64,238,251
		STARM Mortgage Loan Trust,
	25,384,485	Series 2007-2-1A1		2.71%	#		04/25/2037		21,662,028
	14,346,363	Series 2007-3-1A1		2.59%	#		06/25/2037		13,139,590
		Structured Adjustable Rate Mortgage Loan Trust,
	12,667,856	Series 2004-12-8A		2.37%	#		09/25/2034		12,556,898
	4,717,064	Series 2006-1-8A1		5.37%	#		02/25/2036		3,792,968
		Structured Asset Securities Corporation,
	167,959	Series 2003-18XS-A6		4.54%	#		06/25/2033		169,929
	5,246,804	Series 2003-24A-1A3		2.45%	#		07/25/2033		5,235,020
	14,229,891	Series 2003-35-1A1		5.23%	#		12/25/2033		14,853,794
	6,923,513	Series 2004-11XS-2A2		5.10%	#		06/25/2034		8,122,225
	2,939,666	Series 2004-15-2A1		4.75%			09/25/2019		2,985,331
	14,202,963	Series 2004-22-A2		5.16%	#		01/25/2035		14,808,656
	35,566,998	Series 2005-10-1A1		5.75%			06/25/2035		35,485,479
	5,744,846	Series 2005-10-6A1		5.00%			06/25/2020		6,002,454
	8,883,643	Series 2005-13-3A1		6.00%			09/25/2035		7,859,528
	3,019,093	Series 2005-14-1A1		0.45%	#		07/25/2035		2,734,601
	915,370	Series 2005-14-1A4		23.84%	# I/F		07/25/2035		1,340,483
	55,222,294	Series 2005-14-4A1		5.75%			07/25/2035		54,886,764
	5,680,118	Series 2005-15-1A1		5.50%			08/25/2035		5,961,656
	11,846,080	Series 2005-15-2A7		5.50%			08/25/2035		11,698,507
	19,226,730	Series 2005-15-3A1		5.01%	#		08/25/2035		19,749,812
	11,330,298	Series 2005-16-1A2		5.50%			09/25/2035		11,722,678
	12,500,000	Series 2005-3-1A6		5.75%			03/25/2035		12,206,956
	3,429,060	Series 2005-6-4A1		5.00%			05/25/2035		3,478,694
		Suntrust Alternative Loan Trust,
	1,755,306	Series 2005-1F-2A3		5.75%			12/25/2035		1,588,778
	2,843,525	Series 2006-1F-1A3		6.00%			04/25/2036		2,292,851
		Thornburg Mortgage Securities Trust,
	1,425,773	Series 2003-6-A2		1.15%	#		12/25/2033		1,326,766
	10,726,442	Series 2004-4-5A		4.82%	#		12/25/2044		10,552,663
	27,507,852	Series 2007-1-A1		1.45%	#		03/25/2037		26,382,065
	6,996,513	Series 2007-1-A2A		1.45%	#		03/25/2037		6,445,335

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Washington Mutual Mortgage Pass-Through Certificates,
$	10,320,040	Series 2005-1-2A		6.00%			03/25/2035		10,065,486
	5,609,014	Series 2005-4-5A1		5.50%			06/25/2035		5,439,255
	1,937,360	Series 2005-5-CB12		48.90%	# I/F		07/25/2035		3,749,262
	6,273,647	Series 2005-5-CB6		0.75%	#		07/25/2035		4,986,282
	2,060,716	Series 2005-6-2A7		5.50%			08/25/2035		1,928,801
	2,068,572	Series 2005-7-3CB		6.50%			08/25/2035		1,665,875
	5,198,797	Series 2005-9-CX		5.50%	I/O		11/25/2035		1,255,317
	8,594,494	Series 2006-1-3A1		5.75%			02/25/2036		7,921,812
	4,346,885	Series 2006-1-3A2		5.75%			02/25/2036		4,006,658
	3,693,529	Series 2006-1-3A7		5.75%			02/25/2036		3,404,441
	4,620,228	Series 2006-5-1A8		5.75%			07/25/2036		3,772,365
	8,385,872	Series 2006-5-2CB1		6.00%			07/25/2036		6,530,297
	15,232,273	Series 2006-5-2CB6		6.00%			07/25/2036		11,861,767
	8,731,463	Series 2006-5-3A5		6.45%	#		07/25/2036		4,929,190
	5,429,094	Series 2006-9-A7		5.32%	#		10/25/2036		3,679,835
	18,733,677	Series 2006-AR10-1A1		2.23%	#		09/25/2036		17,173,761
	27,315,006	Series 2006-AR15-1A		0.96%	#		11/25/2046		23,657,554
	2,468,376	Series 2006-AR6-2A3		4.61%	#		08/25/2036		2,289,693
	17,877,987	Series 2007-3-A3		6.00%			04/25/2037		15,562,788
	16,168,747	Series 2007-4-1A1		5.50%			06/25/2037		15,368,992
	741,074	Series 2007-5-A11		38.55%	# I/F		06/25/2037		1,475,451
	18,526,846	Series 2007-5-A6		6.00%			06/25/2037		15,987,297
	36,215,483	Series 2007-HY3-4A1		2.36%	#		03/25/2037		34,681,522
	33,361,945	Series 2007-HY5-1A1		1.98%	#		05/25/2037		30,357,802
	28,794,331	Series 2007-HY6-2A3		2.48%	#		06/25/2037		25,471,840
		Wells Fargo Alternative Loan Trust,
	3,626,880	Series 2007-PA1-A10		6.00%			03/25/2037		3,284,329
	15,924,832	Series 2007-PA1-A3		6.00%			03/25/2037		14,420,763
	13,730,689	Series 2007-PA1-A5		6.00%			03/25/2037		12,433,852
	22,503,911	Series 2007-PA1-A6		6.00%			03/25/2037		20,378,461
	107,783,177	Series 2007-PA2-1A1		6.00%			06/25/2037		104,519,826
	15,197,727	Series 2007-PA2-3A1		0.50%	#		06/25/2037		10,314,317
	22,388,605	Series 2007-PA2-3A2		6.50%	# I/F I/O		06/25/2037		4,443,500
	1,576,159	Series 2007-PA3-1A4		5.75%			07/25/2037		1,438,082
	38,167,807	Series 2007-PA3-2A1		6.00%			07/25/2037		36,683,308
	15,164,314	Series 2007-PA3-2A4		6.00%			07/25/2037		14,574,514
	23,608,873	Series 2007-PA3-3A1		6.25%			07/25/2037		21,696,106
	14,581,722	Series 2007-PA3-4A3		6.50%			07/25/2037		12,061,504
	191,833,669	Series 2007-PA5-1A1		6.25%			11/25/2037		182,922,995
	1,202,730	Series 2007-PA5-2A1		6.00%			11/25/2022		1,241,434
		Wells Fargo Mortgage Backed Securities Trust,
	29,128,031	Series 2004-Y-3A3		2.60%	#		11/25/2034		30,004,872
	64,368,149	Series 2005-17-1A1		5.50%			01/25/2036		66,287,285
	324,131	Series 2005-4-A7		23.28%	# I/F		04/25/2035		365,456
	5,429,223	Series 2005-8-A1		5.50%			10/25/2035		5,663,541
	4,431,843	Series 2005-AR16-6A4		2.61%	#		10/25/2035		4,285,235
	11,640,980	Series 2006-12-A3		6.00%			10/25/2036		11,442,216
	13,873,058	Series 2006-14-A1		6.00%			10/25/2036		13,990,396
	16,785,589	Series 2006-15-A1		6.00%			11/25/2036		16,324,959
	9,787,789	Series 2006-16-A2		5.00%			11/25/2036		10,129,207
	180,632	Series 2006-2-1A4		18.96%	# I/F		03/25/2036		240,992
	8,869,701	Series 2006-2-3A1		5.75%			03/25/2036		9,044,514
	36,510,961	Series 2006-3-A11		5.50%			03/25/2036		38,359,036
	6,237,750	Series 2006-3-A6		5.50%			03/25/2036		6,428,632
	584,528	Series 2006-4-2A2		5.50%			04/25/2036		574,990
	7,609,003	Series 2006-6-2A1		0.55%	#		05/25/2036		6,298,672
	7,609,003	Series 2006-6-2A2		6.95%	# I/F I/O		05/25/2036		1,628,178
	4,366,060	Series 2006-9-2A1		0.00%	P/O		08/25/2036		2,225,019
	4,366,060	Series 2006-9-2A2		6.00%	I/O		08/25/2036		853,082
	19,171,594	Series 2006-AR12-1A1		2.49%	#		09/25/2036		18,043,269
	9,790,313	Series 2006-AR13-A2		2.60%	#		09/25/2036		9,354,586
	10,798,322	Series 2006-AR4-2A1		5.59%	#		04/25/2036		10,705,856
	3,829,785	Series 2007-10-1A18		6.00%			07/25/2037		3,773,793
	6,594,053	Series 2007-10-2A11		6.00%			07/25/2037		6,316,084
	3,924,631	Series 2007-11-A14		6.00%			08/25/2037		3,924,105
	7,833,154	Series 2007-11-A36		6.00%			08/25/2037		7,832,105
	5,566,779	Series 2007-11-A96		6.00%			08/25/2037		5,566,033
	68,494,782	Series 2007-14-1A1		6.00%			10/25/2037		69,691,796
	42,819,282	Series 2007-2-1A1		6.00%			03/25/2037		42,099,597
	2,478,084	Series 2007-2-1A18		5.75%			03/25/2037		2,417,367
	5,581,301	Series 2007-2-1A9		6.00%			03/25/2037		5,487,493
	2,947,686	Series 2007-2-3A2		5.25%			03/25/2037		3,036,081
	4,030,788	Series 2007-3-1A3		6.00%			04/25/2037		4,036,842

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wells Fargo Mortgage Backed Securities Trust, (Cont.)
$	4,218,224	Series 2007-4-A11		6.50%			04/25/2037		4,185,590
	16,203,645	Series 2007-4-A15		6.00%			04/25/2037		15,826,830
	9,557,645	Series 2007-4-A3		6.00%			04/25/2037		9,335,382
	10,079,817	Series 2007-4-A8		6.00%			04/25/2037		9,845,410
	2,895,200	Series 2007-5-1A6		23.82%	# I/F		05/25/2037		3,910,077
	12,779,852	Series 2007-6-A4		6.00%			05/25/2037		12,841,962
	6,106,835	Series 2007-6-A6		6.00%			05/25/2037		6,136,514
	18,684,098	Series 2007-7-A1		6.00%			06/25/2037		18,544,136
	1,299,442	Series 2007-7-A32		5.75%			06/25/2037		1,279,116
	42,075,213	Series 2007-7-A34		6.00%			06/25/2037		41,760,028
	11,341,847	Series 2007-7-A36		6.00%			06/25/2037		11,256,885
	3,875,605	Series 2007-7-A43		0.65%	#		06/25/2037		3,326,145
	10,588,072	Series 2007-7-A49		6.00%			06/25/2037		10,508,756
	4,482,429	Series 2007-7-A8		0.65%	#		06/25/2037		3,846,937
	2,022,102	Series 2007-7-A9		38.07%	# I/F		06/25/2037		3,534,835
	2,994,145	Series 2007-8-1A13		0.52%	#		07/25/2037		2,569,285
	2,994,145	Series 2007-8-1A14		38.85%	# I/F		07/25/2037		5,362,191
	48,654,863	Series 2007-8-1A16		6.00%			07/25/2037		48,612,485
	32,466,642	Series 2007-8-1A2		6.00%			07/25/2037		32,438,363
	4,589,840	Series 2007-8-1A20		6.00%			07/25/2037		4,585,843
	20,542,004	Series 2007-8-1A22		6.00%			07/25/2037		20,524,112
	14,272,071	Series 2007-8-1A3		6.00%			07/25/2037		14,259,839
	16,713,472	Series 2007-8-2A9		6.00%			07/25/2037		17,096,461
	9,209,800	Series 2007-9-1A5		5.50%			07/25/2037		9,512,632
	84,793,289	Series 2007-AR9-A1		6.00%	#		12/28/2037		85,166,125
		Wells Fargo Mortgage Loan Trust,
	21,544,330	Series 2012-RR1-A1		2.85%	#^		08/27/2037		21,707,834
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $9,245,811,091)							9,469,553,043
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 44.7%
		Federal Home Loan Mortgage Corporation,
	20,442,072	Pool C03490		4.50%			08/01/2040		22,075,163
	100,469,691	Pool C91388		3.50%			02/01/2032		104,663,193
	52,218,396	Pool C91403		3.50%			03/01/2032		54,399,129
	52,630,282	Pool C91413		3.50%			12/01/2031		54,829,093
	25,985,903	Pool C91417		3.50%			01/01/2032		27,071,713
	102,957,117	Pool C91447		3.50%			05/01/2032		107,259,495
	107,519,823	Pool C91594		3.00%			01/01/2033		109,636,641
	30,849,058	Pool C91596		3.00%			02/01/2033		31,456,405
	17,624,175	Pool D98901		3.50%			01/01/2032		18,360,556
	51,619,607	Pool D98923		3.50%			01/01/2032		53,776,391
	40,183,426	Pool D99724		3.00%			11/01/2032		40,974,539
	51,413,379	Pool G01840		5.00%			07/01/2035		56,857,565
	11,890,649	Pool G04817		5.00%			09/01/2038		13,087,148
	31,486,185	Pool G06172		5.50%			12/01/2038		35,069,308
	43,407,640	Pool G06954		6.00%			05/01/2040		48,902,434
	58,026,701	Pool G07011		6.00%			05/01/2040		65,363,346
	113,114,176	Pool G08534		3.00%			06/01/2043		111,871,643
	35,975,853	Pool G08537		3.00%			07/01/2043		35,580,666
	179,172,151	Pool J22834		2.50%			03/01/2028		181,382,945
	169,312,450	Pool Q16672		3.00%			03/01/2043		167,452,592
	10,814,494	Pool Q23595		4.00%			12/01/2043		11,451,641
	14,111,249	Pool Q24052		4.00%			01/01/2044		14,942,640
	11,974,459	Pool Q24172		4.00%			01/01/2044		12,675,065
	10,400,004	Pool Q24979		4.00%			02/01/2044		11,013,070
	19,059,878	Pool T60392		4.00%			10/01/2041		19,930,014
	15,019,790	Pool T60681		4.00%			05/01/2042		15,705,748
	42,543,314	Pool T60782		3.50%			07/01/2042		43,084,750
	60,562,637	Pool T60853		3.50%			09/01/2042		61,333,371
	56,004,689	Pool T60854		3.50%			09/01/2042		56,717,427
	6,705,768	Pool T65110		3.50%			10/01/2042		6,791,113
	17,130,923	Pool T69016		5.00%			06/01/2041		18,619,320
	1,231,983	Pool U60299		4.00%			11/01/2040		1,308,614
	4,079,906	Series 2519-ZD		5.50%			11/15/2032		4,533,414
	2,364,870	Series 2596-ZL		5.00%			04/15/2033		2,492,977
	79,780,912	Series 267-30		3.00%			08/15/2042		79,068,102
	1,322,354	Series 2684-ZN		4.00%			10/15/2033		1,389,416
	147,220,201	Series 269-30		3.00%			08/15/2042		145,067,102
	64,764,130	Series 274-30		3.00%			08/15/2042		63,971,029
	8,162,544	Series 2750-ZT		5.00%			02/15/2034		8,606,273

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
$	176,754,877	Series 280-30		3.00%			09/15/2042		174,169,834
	13,102,357	Series 2825-PZ		5.50%			07/15/2034		14,142,357
	44,029,760	Series 284-300		3.00%			10/15/2042		43,646,453
	13,226,151	Series 2898-JZ		5.00%			12/15/2034		14,188,095
	25,665,796	Series 2899-AZ		5.00%			12/15/2034		27,844,309
	21,016,419	Series 2909-Z		5.00%			12/15/2034		22,923,144
	39,410,302	Series 2932-Z		5.00%			02/15/2035		42,312,102
	3,446,512	Series 2990-JL		6.50%	# I/F I/O		03/15/2035		483,102
	11,082,518	Series 3002-SN		6.35%	# I/F I/O		07/15/2035		2,139,018
	7,411,552	Series 3030-SL		5.95%	# I/F I/O		09/15/2035		1,155,984
	2,284,576	Series 3045-DI		6.58%	# I/F I/O		10/15/2035		442,140
	19,591,437	Series 3116-Z		5.50%			02/15/2036		21,715,061
	4,903,944	Series 3117-ZN		4.50%			02/15/2036		5,282,935
	8,286,032	Series 3174-PZ		5.00%			01/15/2036		9,082,502
	2,562,745	Series 3187-JZ		5.00%			07/15/2036		2,757,397
	6,205,993	Series 3188-ZK		5.00%			07/15/2036		6,713,311
	9,532,219	Series 3203-SE		6.35%	# I/F I/O		08/15/2036		1,596,318
	16,470,670	Series 3203-Z		5.00%			07/15/2036		18,085,199
	26,097,892	Series 3203-ZC		5.00%			07/15/2036		28,656,125
	10,780,474	Series 3261-SA		6.28%	# I/F I/O		01/15/2037		1,823,347
	11,199,556	Series 3267-BA		5.80%			11/15/2036		12,183,678
	15,825,366	Series 3275-SC		5.93%	# I/F I/O		02/15/2037		2,188,306
	10,213,517	Series 3315-HZ		6.00%			05/15/2037		11,259,197
	28,650,524	Series 3326-GS		6.50%	# I/F I/O		06/15/2037		4,250,901
	2,898,421	Series 3351-ZC		5.50%			07/15/2037		3,228,061
	23,884,479	Series 3355-BI		5.90%	# I/F I/O		08/15/2037		3,695,297
	2,925,094	Series 3369-Z		6.00%			09/15/2037		3,273,646
	8,869,165	Series 3405-ZG		5.50%			01/15/2038		9,662,764
	11,831,786	Series 3417-SI		6.03%	# I/F I/O		02/15/2038		1,323,612
	16,988,537	Series 3423-GS		5.50%	# I/F I/O		03/15/2038		1,785,962
	2,789,697	Series 3423-SG		5.50%	# I/F I/O		03/15/2038		311,809
	3,182,638	Series 3451-S		5.88%	# I/F I/O		02/15/2037		462,445
	3,772,788	Series 3455-SC		5.91%	# I/F I/O		06/15/2038		492,514
	2,736,996	Series 3473-SM		5.92%	# I/F I/O		07/15/2038		280,799
	13,552,761	Series 3484-SE		5.70%	# I/F I/O		08/15/2038		1,696,323
	11,041,004	Series 3519-SD		5.40%	# I/F I/O		02/15/2038		1,261,801
	4,687,667	Series 3524-LB		4.97%	#		06/15/2038		4,800,037
	190,086	Series 3530-GZ		4.50%			05/15/2039		213,692
	19,522,344	Series 3541-EI		6.60%	# I/F I/O		06/15/2039		2,886,837
	6,429,467	Series 3545-SA		6.00%	# I/F I/O		06/15/2039		878,331
	2,674,646	Series 3549-SA		5.65%	# I/F I/O		07/15/2039		273,683
	21,491,075	Series 3577-LS		7.05%	# I/F I/O		08/15/2035		3,602,076
	5,222,039	Series 3582-SA		5.85%	# I/F I/O		10/15/2049		693,708
	6,622,346	Series 3583-GB		4.50%			10/15/2039		6,989,989
	39,745,292	Series 3606-CS		6.20%	# I/F I/O		12/15/2039		6,902,946
	10,073,683	Series 3616-SG		6.20%	# I/F I/O		03/15/2032		1,561,688
	18,232,910	Series 3626-AZ		5.50%			08/15/2036		19,929,619
	5,479,339	Series 3631-SE		6.25%	# I/F I/O		05/15/2039		472,374
	24,345,626	Series 3641-Z		5.50%			02/15/2036		27,002,841
	21,118,043	Series 3654-ZB		5.50%			11/15/2037		23,076,815
	43,981,176	Series 3666-VZ		5.50%			08/15/2036		48,184,611
	7,936,027	Series 3667-SB		6.30%	# I/F I/O		05/15/2040		1,262,590
	11,723,314	Series 3688-CM		4.00%			07/15/2029		11,906,631
	19,086,644	Series 3702-SG		5.90%	# I/F I/O		08/15/2032		2,899,956
	8,200,350	Series 3704-EI		5.00%	I/O		12/15/2036		1,254,875
	3,741,293	Series 3712-SG		24.23%	# I/F		08/15/2040		5,972,230
	16,009,438	Series 3724-CM		5.50%			06/15/2037		17,740,659
	144,113,708	Series 3725-CS		5.85%	# I/F I/O		05/15/2040		23,070,558
	49,720,590	Series 3726-SA		5.90%	# I/F I/O		09/15/2040		7,635,452
	98,000,000	Series 3738-BP		4.00%			12/15/2038		103,927,971
	6,308,418	Series 3741-SC		9.69%	# I/F		10/15/2040		6,466,688
	238,477	Series 3745-SY		9.69%	# I/F		10/15/2040		235,234
	39,383,660	Series 3752-BS		9.69%	# I/F		11/15/2040		41,242,301
	1,883,625	Series 3758-SM		9.69%	# I/F		11/15/2040		1,856,137
	14,469,126	Series 3768-ZX		5.00%			12/15/2040		16,977,840
	18,329,600	Series 3771-AL		4.00%			12/15/2030		19,092,423
	18,761,630	Series 3779-BY		3.50%			12/15/2030		18,786,649
	26,408,807	Series 3779-DZ		4.50%			12/15/2040		26,455,712
	24,250,000	Series 3779-LB		4.00%			12/15/2030		25,637,524
	2,689,783	Series 3779-SH		9.49%	# I/F		12/15/2040		2,674,405
	3,500,000	Series 3779-YA		3.50%			12/15/2030		3,585,067
	15,000,000	Series 3783-AC		4.00%			01/15/2031		16,015,545
	14,940,310	Series 3786-SG		9.19%	# I/F		01/15/2041		14,959,890
	11,731,674	Series 3788-AY		3.50%			01/15/2031		11,663,384

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 25

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
$	10,927,897	Series 3790-Z		4.00%			01/15/2041		11,367,013
	11,576,855	Series 3795-VZ		4.00%			01/15/2041		11,678,882
	916,011	Series 3798-SD		9.29%	# I/F		12/15/2040		928,704
	18,244,266	Series 3800-VZ		4.50%			02/15/2041		19,899,440
	12,514,542	Series 3803-ZM		4.00%			02/15/2041		12,826,986
	69,385,942	Series 3806-CZ		5.50%			07/15/2034		78,160,003
	18,000,000	Series 3808-DB		3.50%			02/15/2031		18,070,290
	15,277,557	Series 3812-EY		3.50%			02/15/2031		15,258,529
	12,872,596	Series 3818-CZ		4.50%			03/15/2041		13,597,535
	19,387,895	Series 3819-ZU		5.50%			07/15/2034		21,369,095
	35,500,000	Series 3824-EY		3.50%			03/15/2031		36,477,883
	3,350,433	Series 3828-SW		12.74%	# I/F		02/15/2041		3,655,057
	14,950,078	Series 3829-VZ		4.00%			03/15/2041		15,025,053
	5,929,360	Series 3843-PZ		5.00%			04/15/2041		6,871,456
	477,134	Series 3843-SC		12.89%	# I/F		04/15/2041		487,959
	2,798,997	Series 3845-LS		12.89%	# I/F		03/15/2041		2,927,917
	60,621,256	Series 3863-ZA		5.50%			08/15/2034		66,880,674
	10,229,000	Series 3870-PB		4.50%			06/15/2041		11,037,163
	73,035,798	Series 3871-LZ		5.50%			06/15/2041		85,028,020
	45,248,782	Series 3872-BA		4.00%			06/15/2041		47,080,521
	33,433,188	Series 3877-EY		4.50%			06/15/2041		35,518,199
	12,378,000	Series 3877-GY		4.50%			06/15/2041		13,274,860
	52,844,434	Series 3877-ZU		4.50%			06/15/2041		56,870,123
	30,072,188	Series 3888-ZG		4.00%			07/15/2041		31,750,832
	18,445,532	Series 3888-ZU		4.50%			06/15/2041		20,292,650
	19,889,819	Series 3900-SB		5.82%	# I/F I/O		07/15/2041		2,660,140
	40,207,804	Series 3901-VZ		4.00%			07/15/2041		40,457,233
	20,993,610	Series 3910-GZ		5.00%			08/15/2041		22,812,161
	9,330,494	Series 3910-ZE		5.00%			10/15/2034		10,104,771
	12,330,000	Series 3919-KL		4.50%			09/15/2041		13,362,490
	27,184,323	Series 3919-ZJ		4.00%			09/15/2041		27,172,797
	528,299	Series 3924-US		9.25%	# I/F		09/15/2041		512,814
	8,774,655	Series 3942-JZ		4.00%			10/15/2041		8,841,926
	11,235,268	Series 3944-AZ		4.00%			10/15/2041		11,477,517
	15,909,694	Series 3946-SM		14.24%	# I/F		10/15/2041		17,935,639
	7,728,637	Series 3957-DZ		3.50%			11/15/2041		7,214,079
	10,000,000	Series 3964-VM		4.00%			11/15/2034		10,574,230
	50,726,301	Series 3969-AB		4.00%			10/15/2033		53,227,970
	10,976,785	Series 3982-AZ		3.50%			01/15/2042		10,213,152
	55,151,758	Series 3990-ZA		3.50%			01/15/2042		52,348,587
	46,564,158	Series 3999-ZB		4.00%			02/15/2042		47,210,166
	26,401,798	Series 4016-KZ		4.00%			03/15/2042		26,405,230
	35,212,846	Series 4050-BC		2.00%			05/15/2041		33,332,392
	65,640,632	Series 4057-ZA		4.00%			06/15/2042		65,831,810
	65,400,749	Series 4084-TZ		4.00%			07/15/2042		65,409,774
	16,346,936	Series 4097-TG		2.00%			05/15/2039		15,851,894
	37,047,191	Series 4097-ZA		3.50%			08/15/2042		34,089,380
	97,063,000	Series 4109-GE		4.50%			10/15/2041		105,103,408
	63,611,032	Series 4109-KD		3.00%			05/15/2032		65,422,229
	5,645,344	Series 4121-AV		3.00%			12/15/2035		5,598,511
	87,317,369	Series 4160-HP		2.50%			01/15/2033		87,567,970
	26,677,386	Series 4162-ZJ		3.00%			02/15/2033		24,509,342
	37,996,128	Series 4174-Z		3.50%			03/15/2043		36,043,925
	93,752,373	Series 4179-AZ		4.00%			01/15/2041		95,293,099
	23,491,021	Series 4186-ZJ		3.00%			03/15/2033		23,061,805
	13,000,000	Series 4189-ML		3.00%			04/15/2038		12,459,811
	214,703,755	Series 4212-US		5.21%	# I/F		06/15/2043		189,888,166
	93,786,960	Series 4223-US		5.24%	# I/F		07/15/2043		78,378,832
	26,454,162	Series 4229-TZ		3.00%			06/15/2043		22,644,393
	19,668,172	Series 4250-BZ		3.00%			09/15/2033		17,995,561
	19,367,741	Series 4267-BZ		4.00%			10/15/2040		19,755,638
	49,192,695	Series 4360-KA		3.00%			05/15/2040		50,014,778
	81,359,193	Series 4375-CG		3.00%			04/15/2039		83,478,925
	52,321,642	Series 4377-UZ		3.00%			08/15/2044		44,630,151
	40,000,000	Series 4384-A		3.00%			12/15/2040		40,829,980
	17,662,408	Series 4386-US		7.86%	# I/F		09/15/2044		16,381,883
	85,965,000	Series 4391-MA		3.00%			07/15/2040		87,147,019
	172,321,798	Series R003-ZA		5.50%			10/15/2035		191,283,054
		Federal National Mortgage Association
	70,000,000			4.38%			10/15/2015		73,044,230
		Federal National Mortgage Association
	100,000,000			1.63%			10/26/2015		101,515,800
	2,090,941	Series 2002-70-QZ		5.50%			11/25/2032		2,260,983

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association,
$	3,175,204	Series 2002-75-ZG		5.50%			11/25/2032		3,433,714
	3,317,480	Series 2003-117-KS		6.95%	# I/F I/O		08/25/2033		329,443
	36,076,131	Series 2003-129-ZT		5.50%			01/25/2034		39,739,518
	8,594,446	Series 2003-29-ZL		5.00%			04/25/2033		9,402,693
	4,406,901	Series 2003-64-ZG		5.50%			07/25/2033		4,760,473
	22,165,713	Series 2003-84-PZ		5.00%			09/25/2033		24,003,162
	19,500,000	Series 2003-W17-1A7		5.75%			08/25/2033		21,096,104
	9,191,563	Series 2004-46-PJ		5.85%	# I/F I/O		03/25/2034		1,224,473
	7,059,588	Series 2004-51-XP		7.55%	# I/F I/O		07/25/2034		1,511,192
	5,000,000	Series 2004-W10-A6		5.75%			08/25/2034		5,574,340
	5,837,879	Series 2004-W4-A5		5.50%			06/25/2034		6,187,512
	672,729	Series 2005-107-EG		4.50%			01/25/2026		721,190
	2,280,947	Series 2005-37-ZK		4.50%			05/25/2035		2,470,082
	17,615,689	Series 2005-87-SE		5.90%	# I/F I/O		10/25/2035		2,784,963
	14,326,012	Series 2005-87-SG		6.55%	# I/F I/O		10/25/2035		2,344,307
	11,219,154	Series 2006-101-SA		6.43%	# I/F I/O		10/25/2036		1,907,238
	4,474,980	Series 2006-123-LI		6.17%	# I/F I/O		01/25/2037		795,748
	6,025,745	Series 2006-16-HZ		5.50%			03/25/2036		6,683,425
	20,463,491	Series 2006-56-SM		6.60%	# I/F I/O		07/25/2036		3,404,120
	23,691,113	Series 2006-60-YI		6.42%	# I/F I/O		07/25/2036		4,934,027
	3,131,014	Series 2006-93-SN		6.45%	# I/F I/O		10/25/2036		571,947
	12,110,991	Series 2007-109-VZ		5.00%			10/25/2035		13,515,127
	3,304,646	Series 2007-116-BI		6.10%	# I/F I/O		05/25/2037		387,464
	19,486,697	Series 2007-14-PS		6.66%	# I/F I/O		03/25/2037		2,919,526
	303,980	Series 2007-2-SH		32.08%	# I/F		08/25/2036		327,926
	8,744,948	Series 2007-30-OI		6.29%	# I/F I/O		04/25/2037		1,597,814
	2,437,967	Series 2007-30-SI		5.96%	# I/F I/O		04/25/2037		310,279
	9,995,599	Series 2007-32-SG		5.95%	# I/F I/O		04/25/2037		1,286,135
	8,322,916	Series 2007-57-SX		6.47%	# I/F I/O		10/25/2036		1,321,619
	15,503,152	Series 2007-60-VZ		6.00%			07/25/2037		17,385,328
	6,909,379	Series 2007-71-GZ		6.00%			07/25/2047		7,761,154
	9,421,508	Series 2007-75-ID		5.72%	# I/F I/O		08/25/2037		1,205,025
	1,390,691	Series 2007-93-SB		4.00%	# I/F I/O		01/25/2036		26,326
	4,477,661	Series 2007-9-SD		6.50%	# I/F I/O		03/25/2037		589,790
	4,058,837	Series 2008-27-B		5.50%			04/25/2038		4,391,567
	12,678,479	Series 2008-29-ZA		4.50%			04/25/2038		13,525,763
	22,551,974	Series 2008-48-BE		5.00%			06/25/2034		24,307,600
	5,786,949	Series 2008-48-SD		5.85%	# I/F I/O		06/25/2037		809,324
	5,039,556	Series 2008-53-LI		6.00%	# I/F I/O		07/25/2038		606,944
	6,366,299	Series 2008-57-SE		5.85%	# I/F I/O		02/25/2037		757,187
	3,556,737	Series 2008-5-MS		6.10%	# I/F I/O		02/25/2038		460,101
	5,087,297	Series 2008-61-SC		5.85%	# I/F I/O		07/25/2038		718,168
	4,981,434	Series 2008-62-SC		5.85%	# I/F I/O		07/25/2038		702,823
	7,069,363	Series 2008-65-SA		5.85%	# I/F I/O		08/25/2038		934,493
	10,464,298	Series 2008-81-LP		5.50%			09/25/2038		11,314,261
	27,194,692	Series 2009-106-EZ		4.50%			01/25/2040		28,609,877
	7,339,455	Series 2009-111-SE		6.10%	# I/F I/O		01/25/2040		919,090
	1,862,138	Series 2009-16-MZ		5.00%			03/25/2029		2,011,985
	16,006,829	Series 2009-42-SI		5.85%	# I/F I/O		06/25/2039		1,787,054
	7,870,378	Series 2009-42-SX		5.85%	# I/F I/O		06/25/2039		1,036,587
	7,239,680	Series 2009-47-SA		5.95%	# I/F I/O		07/25/2039		980,283
	2,851,529	Series 2009-48-WS		5.80%	# I/F I/O		07/25/2039		389,007
	15,699,471	Series 2009-49-S		6.60%	# I/F I/O		07/25/2039		2,423,881
	2,534,668	Series 2009-51-BZ		4.50%			07/25/2039		2,649,278
	5,058,580	Series 2009-54-EZ		5.00%			07/25/2039		5,494,106
	6,319,302	Series 2009-70-SA		5.65%	# I/F I/O		09/25/2039		844,584
	10,000,000	Series 2009-80-PM		4.50%			10/25/2039		10,701,060
	11,765,820	Series 2009-83-Z		4.50%			10/25/2039		12,435,195
	29,880,579	Series 2009-85-ES		7.08%	# I/F I/O		01/25/2036		5,899,864
	37,800,782	Series 2009-85-JS		6.60%	# I/F I/O		10/25/2039		6,780,307
	9,357,532	Series 2009-90-IB		5.57%	# I/F I/O		04/25/2037		1,205,788
	5,128,978	Series 2009-94-BC		5.00%			11/25/2039		5,613,354
	33,182,348	Series 2010-101-SA		4.33%	# I/F I/O		09/25/2040		3,816,501
	20,838,993	Series 2010-101-ZC		4.50%			09/25/2040		22,516,459
	58,863,819	Series 2010-101-ZH		4.50%			07/25/2040		63,396,274
	15,611,572	Series 2010-10-SA		6.20%	# I/F I/O		02/25/2040		2,078,996
	8,783,970	Series 2010-10-ZA		4.50%			02/25/2040		9,331,695
	4,691,293	Series 2010-111-S		5.80%	# I/F I/O		10/25/2050		675,554
	12,868,816	Series 2010-116-Z		4.00%			10/25/2040		13,680,202
	9,972,234	Series 2010-117-SA		4.35%	# I/F I/O		10/25/2040		940,795
	16,410,490	Series 2010-120-KD		4.00%			10/25/2040		17,080,899
	65,339,306	Series 2010-121-SD		4.35%	# I/F I/O		10/25/2040		6,382,343
	242,685	Series 2010-126-SU		53.30%	# I/F		11/25/2040		879,325
	178,693	Series 2010-126-SX		14.54%	# I/F		11/25/2040		269,870

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
$	12,839,683	Series 2010-128-HZ		4.00%			11/25/2040		13,210,127
	13,235,008	Series 2010-132-Z		4.50%			11/25/2040		14,353,433
	88,008	Series 2010-137-VS		14.54%	# I/F		12/25/2040		122,174
	6,470,000	Series 2010-142-AV		4.00%			11/25/2029		6,845,364
	17,915,944	Series 2010-142-AZ		4.00%			12/25/2040		18,217,900
	31,361,700	Series 2010-150-ZA		4.00%			01/25/2041		31,545,841
	4,674,000	Series 2010-153-VB		4.00%			05/25/2027		4,838,352
	30,318,764	Series 2010-16-SA		5.30%	# I/F I/O		03/25/2040		3,893,141
	3,447,323	Series 2010-21-DZ		5.00%			03/25/2040		3,838,094
	7,018,019	Series 2010-21-KS		4.80%	# I/F I/O		03/25/2040		692,515
	2,946,154	Series 2010-2-GS		6.30%	# I/F I/O		12/25/2049		357,850
	7,606,495	Series 2010-2-MS		6.10%	# I/F I/O		02/25/2050		1,108,740
	12,605,594	Series 2010-31-SA		4.85%	# I/F I/O		04/25/2040		1,252,741
	19,249,229	Series 2010-31-VZ		4.00%			04/25/2040		20,117,417
	15,719,847	Series 2010-34-PS		4.78%	# I/F I/O		04/25/2040		1,583,746
	3,649,970	Series 2010-35-ES		6.30%	# I/F I/O		04/25/2040		515,793
	5,160,268	Series 2010-35-SV		6.30%	# I/F I/O		04/25/2040		660,947
	5,957,754	Series 2010-46-MS		4.80%	# I/F I/O		05/25/2040		643,124
	23,616,940	Series 2010-49-ZW		4.50%			05/25/2040		25,830,083
	6,309,328	Series 2010-4-SK		6.08%	# I/F I/O		02/25/2040		1,148,806
	4,314,047	Series 2010-58-ES		12.07%	# I/F		06/25/2040		4,899,113
	16,570,795	Series 2010-59-MS		5.62%	# I/F I/O		06/25/2040		2,476,123
	38,460,917	Series 2010-59-PS		6.30%	# I/F I/O		03/25/2039		4,768,327
	19,037,772	Series 2010-59-SC		4.85%	# I/F I/O		01/25/2040		2,096,990
	4,856,468	Series 2010-60-VZ		5.00%			10/25/2039		5,122,768
	2,719,587	Series 2010-61-EL		4.50%			06/25/2040		2,894,097
	13,514,243	Series 2010-64-EZ		5.00%			06/25/2040		14,788,886
	39,447,046	Series 2010-76-ZK		4.50%			07/25/2040		43,368,851
	20,499,017	Series 2010-79-CZ		4.00%			07/25/2040		21,142,400
	35,348,782	Series 2010-79-VZ		4.50%			07/25/2040		38,982,866
	16,017,921	Series 2010-84-ZC		4.50%			08/25/2040		16,940,337
	32,035,774	Series 2010-84-ZD		4.50%			08/25/2040		33,880,602
	36,966,647	Series 2010-84-ZG		4.50%			08/25/2040		39,169,228
	4,179,790	Series 2010-90-SA		5.70%	# I/F I/O		08/25/2040		531,365
	6,710,318	Series 2010-94-Z		4.50%			08/25/2040		7,270,478
	8,668,587	Series 2010-99-SG		24.23%	# I/F		09/25/2040		14,091,267
	8,937,181	Series 2010-9-DS		5.15%	# I/F I/O		02/25/2040		1,088,860
	31,748,920	Series 2011-106-LZ		3.50%			10/25/2041		30,306,741
	520,021	Series 2011-110-LS		9.79%	# I/F		11/25/2041		592,478
	23,520,745	Series 2011-111-CZ		4.00%			11/25/2041		24,592,067
	7,692,452	Series 2011-111-EZ		5.00%			11/25/2041		8,525,736
	15,729,375	Series 2011-111-VZ		4.00%			11/25/2041		15,961,226
	30,000,000	Series 2011-131-PB		4.50%			12/25/2041		33,127,920
	29,500,000	Series 2011-16-AL		3.50%			03/25/2031		29,187,639
	38,800,000	Series 2011-17-NY		3.50%			03/25/2031		38,881,228
	5,497,310	Series 2011-17-SA		6.32%	# I/F I/O		03/25/2041		843,806
	11,000,000	Series 2011-25-KY		3.00%			04/25/2026		10,999,456
	4,744,126	Series 2011-27-BS		8.69%	# I/F		04/25/2041		4,795,468
	56,000,000	Series 2011-29-AL		3.50%			04/25/2031		55,569,752
	17,365,283	Series 2011-2-GZ		4.00%			02/25/2041		17,519,955
	10,000,000	Series 2011-2-VD		4.00%			07/25/2027		10,367,945
	18,775,528	Series 2011-36-VZ		4.50%			05/25/2041		20,213,715
	28,548,512	Series 2011-37-Z		4.50%			05/25/2041		30,641,988
	7,631,665	Series 2011-38-BZ		4.00%			05/25/2041		7,830,866
	8,748,233	Series 2011-39-CB		3.00%			05/25/2026		8,725,142
	17,342,139	Series 2011-40-LZ		4.50%			05/25/2041		18,916,996
	25,470,191	Series 2011-42-MZ		4.50%			05/25/2041		28,109,629
	17,162,980	Series 2011-45-ZA		4.00%			05/25/2031		17,735,597
	27,529,546	Series 2011-45-ZB		4.50%			05/25/2041		29,496,133
	11,000,000	Series 2011-48-SC		8.89%	# I/F		06/25/2041		11,092,316
	26,521,927	Series 2011-58-SA		6.40%	# I/F I/O		07/25/2041		4,627,700
	5,521,587	Series 2011-59-MA		4.50%			07/25/2041		5,906,264
	13,969,748	Series 2011-60-EL		3.00%			07/25/2026		13,813,922
	17,078,733	Series 2011-63-ZE		4.00%			08/25/2038		17,907,931
	53,141,477	Series 2011-64-DB		4.00%			07/25/2041		55,095,569
	12,000,000	Series 2011-74-KL		5.00%			06/25/2040		13,338,702
	23,323,036	Series 2011-77-Z		3.50%			08/25/2041		22,127,894
	21,787,531	Series 2011-8-AV		4.00%			01/25/2030		22,534,625
	22,884,957	Series 2011-99-CZ		4.50%			10/25/2041		25,429,180
	104,532,501	Series 2011-99-DZ		5.00%			10/25/2041		117,002,601
	11,079,403	Series 2012-104-Z		3.50%			09/25/2042		10,021,985
	17,176,680	Series 2012-111-LB		3.50%			05/25/2041		17,587,297
	77,518,298	Series 2012-111-MJ		4.00%			04/25/2042		81,401,499
	45,314,465	Series 2012-114-DC		2.00%			08/25/2039		43,558,801

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
$	164,136,022	Series 2012-122-AD		2.00%			02/25/2040		156,183,385
	113,668,700	Series 2012-122-DB		3.00%			11/25/2042		111,587,994
	122,885,486	Series 2012-125-LA		3.00%			11/25/2042		120,132,052
	15,924,113	Series 2012-133-PB		6.50%			04/25/2042		18,274,050
	79,158,768	Series 2012-144-PT		4.42%	#		11/25/2049		82,912,199
	9,423,699	Series 2012-14-BZ		4.00%			03/25/2042		9,662,420
	20,428,170	Series 2012-15-PZ		4.00%			03/25/2042		20,967,535
	16,417,294	Series 2012-20-ZT		3.50%			03/25/2042		15,509,647
	49,724,422	Series 2012-30-DZ		4.00%			04/25/2042		50,497,239
	40,884,525	Series 2012-31-Z		4.00%			04/25/2042		41,135,515
	24,171,307	Series 2012-63-EB		2.00%			08/25/2040		23,222,365
	29,373,615	Series 2012-74-Z		4.00%			07/25/2042		29,453,761
	18,219,150	Series 2012-80-EA		2.00%			04/25/2042		16,690,208
	21,797,636	Series 2012-86-ZC		3.50%			08/25/2042		20,226,037
	30,369,817	Series 2012-96-VZ		3.50%			09/25/2042		27,730,923
	79,112,222	Series 2012-98-BG		4.50%			08/25/2040		84,101,672
	105,590,297	Series 2012-99-QE		3.00%			09/25/2042		105,605,397
	24,694,859	Series 2013-41-ZH		3.00%			05/25/2033		24,169,668
	19,292,416	Series 2013-51-HS		5.21%	# I/F		04/25/2043		16,078,785
	10,655,446	Series 2013-53-AB		1.50%			03/25/2028		10,210,539
	9,658,160	Series 2013-58-SC		5.77%	# I/F		06/25/2043		7,892,077
	9,410,246	Series 2013-6-ZH		1.50%			02/25/2043		7,189,372
	118,448,634	Series 2013-81-ZQ		3.00%			08/25/2043		101,081,873
	26,854,141	Series 2014-37-ZY		2.50%			07/25/2044		20,525,265
	15,749,995	Series 2014-46-NZ		3.00%	#		06/25/2043		14,316,060
	94,101,670	Series 2014-55-MA		3.00%			10/25/2039		96,392,951
	50,716,999	Series 2014-60-EZ		3.00%			10/25/2044		42,594,367
	26,490,656	Series 400-S4		5.30%	# I/F I/O		11/25/2039		3,441,600
	167,427,089	Series 412-A3		3.00%			08/25/2042		165,268,595
		Federal National Mortgage Association Pass-Thru,
	25,683,298	Pool 555743		5.00%			09/01/2033		28,412,293
	27,425,263	Pool 735141		5.50%			01/01/2035		30,746,086
	10,162,930	Pool 735230		5.50%			02/01/2035		11,392,755
	19,127,416	Pool 735382		5.00%			04/01/2035		21,156,644
	31,681,273	Pool 735402		5.00%			04/01/2035		35,038,002
	22,540,027	Pool 735484		5.00%			05/01/2035		24,938,004
	8,364,609	Pool 735667		5.00%			07/01/2035		9,253,958
	7,326,705	Pool 735893		5.00%			10/01/2035		8,103,195
	18,505,235	Pool 745275		5.00%			02/01/2036		20,463,510
	2,552,793	Pool 745571		4.00%			01/01/2019		2,705,903
	865,307	Pool 888695		5.00%			08/01/2037		954,524
	3,417,267	Pool 888968		5.00%			08/01/2035		3,782,111
	10,301,431	Pool 889509		6.00%			05/01/2038		11,632,693
	20,376,435	Pool 889662		6.00%			06/01/2038		23,008,744
	23,828,293	Pool 890549		4.00%			11/01/2043		25,255,610
	3,103,577	Pool 929321		5.50%			03/01/2038		3,453,813
	2,225,244	Pool 931104		5.00%			05/01/2039		2,464,218
	1,719,389	Pool 961410		6.00%			01/01/2038		1,941,506
	656,136	Pool 975116		5.00%			05/01/2038		723,786
	6,512,152	Pool 982036		6.00%			05/01/2038		7,353,418
	7,573,383	Pool 985190		6.00%			08/01/2038		8,551,742
	3,776,622	Pool 986864		6.50%			08/01/2038		4,277,652
	4,966,606	Pool 987316		6.50%			09/01/2038		5,733,220
	17,444,065	Pool 995070		5.50%			08/01/2037		19,554,027
	64,641,704	Pool 995112		5.50%			07/01/2036		72,446,319
	33,418,366	Pool 995203		5.00%			07/01/2035		36,970,971
	2,756,166	Pool 995581		6.00%			01/01/2039		3,112,219
	57,073,940	Pool 995849		5.00%			08/01/2036		63,143,692
	42,484,546	Pool AB2123		4.00%			01/01/2031		45,440,519
	722,986	Pool AB2370		4.50%			09/01/2035		767,554
	6,492,114	Pool AB3713		4.00%			10/01/2031		6,941,237
	22,111,387	Pool AB3796		3.50%			11/01/2031		23,078,294
	12,569,873	Pool AB3850		4.00%			11/01/2041		13,135,409
	25,293,320	Pool AB3923		4.00%			11/01/2041		26,430,922
	66,305,463	Pool AB4167		3.50%			01/01/2032		69,208,983
	67,425,697	Pool AB4261		3.50%			01/01/2032		70,375,746
	12,961,030	Pool AB5084		3.50%			05/01/2032		13,529,207
	25,963,176	Pool AB5156		3.50%			05/01/2032		27,101,306
	40,990,301	Pool AB5212		3.50%			05/01/2032		42,778,480
	17,655,793	Pool AB5243		4.00%			05/01/2042		18,449,557
	58,008,596	Pool AB5911		3.00%			08/01/2032		59,133,663
	24,275,941	Pool AB6349		3.00%			10/01/2032		24,748,168
	69,578,299	Pool AB6750		3.00%			10/01/2032		70,931,782
	34,447,360	Pool AB6751		3.00%			10/01/2032		35,117,458

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 27

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Federal National Mortgage Association Pass-Thru, (Cont.)
$	135,465,501	Pool AB7077		3.00%		11/01/2042		133,904,081
	111,748,608	Pool AB7344		3.00%		12/01/2032		113,922,454
	45,883,685	Pool AB7776		3.00%		02/01/2043		45,240,892
	26,907,204	Pool AB8418		3.00%		02/01/2033		27,429,882
	41,343,585	Pool AB8520		3.00%		02/01/2033		41,994,241
	42,332,572	Pool AB8703		3.00%		03/01/2038		42,245,065
	23,419,451	Pool AB8858		3.00%		04/01/2033		23,787,777
	34,718,140	Pool AB9020		3.00%		04/01/2038		34,646,399
	36,074,294	Pool AB9197		3.00%		05/01/2033		36,642,086
	112,044,349	Pool AB9406		3.00%		05/01/2033		113,807,842
	23,748,467	Pool AB9409		3.00%		05/01/2033		24,122,248
	1,299,652	Pool AC1032		5.00%		06/01/2040		1,414,976
	63,278,580	Pool AD0189		5.50%		02/01/2039		70,852,679
	28,476,976	Pool AD0500		5.50%		09/01/2036		31,957,589
	1,590,924	Pool AD2177		4.50%		06/01/2030		1,732,679
	3,136,778	Pool AD6438		5.00%		06/01/2040		3,466,605
	478,965	Pool AD7018		5.00%		04/01/2040		521,588
	2,193,144	Pool AD7859		5.00%		06/01/2040		2,427,635
	4,539,701	Pool AH1140		4.50%		12/01/2040		4,830,626
	19,103,634	Pool AH4437		4.00%		01/01/2041		19,962,888
	4,707,350	Pool AH7309		4.00%		02/01/2031		5,034,543
	22,509,398	Pool AH9323		4.00%		04/01/2026		24,029,029
	3,743,530	Pool AI8889		4.00%		08/01/2041		3,911,257
	18,339,499	Pool AI9831		4.00%		09/01/2041		19,161,092
	5,495,875	Pool AJ1265		4.00%		09/01/2041		5,742,008
	7,013,785	Pool AJ1399		4.00%		09/01/2041		7,328,257
	24,645,906	Pool AJ1467		4.00%		10/01/2041		25,753,553
	11,576,898	Pool AJ3392		4.00%		10/01/2041		12,097,635
	6,055,181	Pool AJ3854		4.00%		10/01/2041		6,327,737
	78,139,351	Pool AJ4118		4.00%		11/01/2041		81,645,936
	21,107,219	Pool AJ4131		4.00%		10/01/2041		22,055,431
	5,312,103	Pool AJ5172		4.00%		11/01/2041		5,551,024
	35,874,110	Pool AJ7677		3.50%		12/01/2041		36,381,886
	9,377,293	Pool AJ8334		4.00%		12/01/2041		9,798,884
	68,322,999	Pool AK0713		3.50%		01/01/2032		71,317,685
	19,534,471	Pool AK4039		4.00%		02/01/2042		20,412,199
	14,468,971	Pool AK4763		4.00%		02/01/2042		15,120,288
	17,746,777	Pool AK9438		4.00%		03/01/2042		18,544,794
	25,310,039	Pool AK9439		4.00%		03/01/2042		26,446,479
	3,165,409	Pool AK9446		4.50%		03/01/2042		3,363,581
	19,739,919	Pool AL1485		6.00%		01/01/2040		22,290,000
	10,189,847	Pool AL1548		6.00%		07/01/2039		11,545,263
	20,354,176	Pool AL1554		6.00%		01/01/2040		23,081,613
	40,848,945	Pool AL1690		6.00%		05/01/2041		46,140,054
	56,616,921	Pool AL1744		6.00%		10/01/2040		63,987,160
	17,662,481	Pool AL1745		6.00%		03/01/2040		19,944,190
	19,796,540	Pool AL1793		6.00%		01/01/2041		22,385,296
	136,191,248	Pool AL3038		3.00%		01/01/2033		138,840,666
	179,915,476	Pool AL3699		3.00%		06/01/2043		177,392,880
	90,643,905	Pool AL3883		3.00%		07/01/2043		89,373,460
	10,448,436	Pool AL4292		4.50%		04/01/2026		11,137,639
	18,727,859	Pool AL4312		4.00%		10/01/2043		19,849,730
	74,276,470	Pool AO2980		4.00%		05/01/2042		77,615,384
	123,592,322	Pool AP4787		3.50%		09/01/2042		125,337,833
	119,198,217	Pool AP4789		3.50%		09/01/2042		120,885,867
	6,291,903	Pool MA0264		4.50%		12/01/2029		6,850,894
	133,367	Pool MA0315		4.50%		01/01/2025		136,988
	25,010,057	Pool MA0353		4.50%		03/01/2030		27,370,725
	5,647,561	Pool MA0406		4.50%		05/01/2030		6,150,203
	471,390	Pool MA0445		5.00%		06/01/2040		508,622
	1,892,930	Pool MA0459		4.00%		07/01/2020		2,005,650
	1,420,154	Pool MA0468		5.00%		07/01/2040		1,531,585
	6,054,448	Pool MA0502		4.00%		08/01/2020		6,414,920
	2,594,651	Pool MA0517		4.00%		09/01/2020		2,748,986
	7,583,520	Pool MA0534		4.00%		10/01/2030		8,109,221
	15,856,105	Pool MA0536		4.00%		10/01/2020		16,798,631
	19,196,995	Pool MA0580		4.00%		11/01/2020		20,344,949
	1,518,586	Pool MA0587		4.00%		12/01/2030		1,623,886
	38,234,228	Pool MA0616		4.00%		01/01/2031		40,886,975
	18,011,403	Pool MA0896		4.00%		11/01/2041		18,822,530
	258,770,166	Pool MA0919		3.50%		12/01/2031		270,104,703
	110,086,214	Pool MA0949		3.50%		01/01/2032		114,905,183
	128,292,542	Pool MA0976		3.50%		02/01/2032		133,915,896
	62,444,345	Pool MA1010		3.50%		03/01/2032		65,181,484

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association Pass-Thru, (Cont.)
$	19,616,245	Pool MA1039		3.50%			04/01/2042		19,893,978
	83,391,713	Pool MA1059		3.50%			05/01/2032		87,047,319
	12,003,392	Pool MA1068		3.50%			05/01/2042		12,173,337
	181,361,090	Pool MA1084		3.50%			06/01/2032		189,311,573
	27,746,455	Pool MA1093		3.50%			06/01/2042		28,139,238
	26,893,902	Pool MA1094		4.00%			06/01/2042		28,107,139
	108,115,894	Pool MA1107		3.50%			07/01/2032		112,849,267
	259,708,725	Pool MA1117		3.50%			07/01/2042		263,385,844
	300,131,413	Pool MA1136		3.50%			08/01/2042		304,376,883
	70,889,326	Pool MA1138		3.50%			08/01/2032		73,995,928
	82,367,611	Pool MA1179		3.50%			09/01/2042		83,533,824
	14,050,090	Pool MA1201		3.50%			10/01/2032		14,665,675
	187,544,489	Pool MA1209		3.50%			10/01/2042		190,199,901
	420,651,833	Pool MA1237		3.00%			11/01/2032		428,827,324
	11,290,786	Pool MA1242		3.50%			11/01/2042		11,450,653
	321,838,430	Pool MA1275		3.00%			12/01/2032		328,097,959
	43,379,206	Pool MA1338		3.00%			02/01/2033		44,223,107
	170,114,943	Pool MA1366		3.00%			03/01/2033		173,424,419
	103,657,303	Pool MA1401		3.00%			04/01/2033		105,288,681
	186,295,030	Pool MA1459		3.00%			06/01/2033		189,227,275
	23,070,984	Pool MA1490		3.00%			07/01/2033		23,434,121
	20,203,283	Pool MA3894		4.00%			09/01/2031		21,605,736
		Government National Mortgage Association,
	14,700,000	Series 2003-67-SP		6.95%	# I/F I/O		08/20/2033		4,553,522
	12,996,024	Series 2003-86-ZK		5.00%			10/20/2033		14,191,652
	5,901,732	Series 2004-49-Z		6.00%			06/20/2034		6,599,163
	5,924,718	Series 2004-80-PH		5.00%			07/20/2034		6,310,343
	13,383,597	Series 2004-83-CS		5.93%	# I/F I/O		10/20/2034		1,934,935
	3,212,856	Series 2005-21-Z		5.00%			03/20/2035		3,586,017
	21,028,608	Series 2005-39-ZB		5.00%			07/20/2034		23,043,569
	919,557	Series 2006-24-CX		38.84%	# I/F		05/20/2036		2,010,128
	20,531,400	Series 2007-26-SJ		4.54%	# I/F I/O		04/20/2037		1,877,083
	10,010,908	Series 2008-2-SM		6.35%	# I/F I/O		01/16/2038		1,559,543
	17,604,738	Series 2008-42-AI		7.54%	# I/F I/O		05/16/2038		3,466,630
	8,375,064	Series 2008-43-SH		6.18%	# I/F I/O		05/20/2038		1,235,387
	9,690,055	Series 2008-51-SC		6.10%	# I/F I/O		06/20/2038		1,481,339
	5,953,169	Series 2008-51-SE		6.10%	# I/F I/O		06/16/2038		885,279
	3,744,456	Series 2008-82-SM		5.90%	# I/F I/O		09/20/2038		523,300
	6,264,208	Series 2008-83-SD		6.41%	# I/F I/O		11/16/2036		1,144,459
	14,909,519	Series 2009-106-VZ		4.50%			11/20/2039		16,172,609
	11,694,464	Series 2009-10-NS		6.50%	# I/F I/O		02/16/2039		2,087,051
	6,357,760	Series 2009-24-SN		5.95%	# I/F I/O		09/20/2038		742,149
	16,317,197	Series 2009-32-ZE		4.50%			05/16/2039		17,614,031
	69,887,325	Series 2009-35-DZ		4.50%			05/20/2039		75,222,279
	6,199	Series 2009-41-ZQ		4.50%			06/16/2039		6,635
	10,864,211	Series 2009-48-Z		5.00%			06/16/2039		11,906,528
	2,900,331	Series 2009-50-KP		4.50%			06/20/2039		3,091,427
	9,133,392	Series 2009-69-TS		6.05%	# I/F I/O		04/16/2039		1,123,695
	10,014,367	Series 2009-75-GZ		4.50%			09/20/2039		10,649,277
	12,832,136	Series 2009-87-IG		6.59%	# I/F I/O		03/20/2037		1,605,970
	74,161,168	Series 2010-106-PS		5.90%	# I/F I/O		03/20/2040		10,723,586
	23,290,341	Series 2010-1-SA		5.60%	# I/F I/O		01/16/2040		3,149,497
	3,152,289	Series 2010-25-ZB		4.50%			02/16/2040		3,562,433
	76,624,568	Series 2010-26-QS		6.10%	# I/F I/O		02/20/2040		14,205,750
	12,767,000	Series 2010-42-AY		5.00%			11/20/2039		13,753,908
	17,648,442	Series 2010-42-ES		5.53%	# I/F I/O		04/20/2040		2,837,255
	5,389,107	Series 2010-61-AS		6.40%	# I/F I/O		09/20/2039		738,203
	51,651,882	Series 2010-62-SB		5.60%	# I/F I/O		05/20/2040		8,095,043
	8,409,001	Series 2010-62-ZG		5.50%			05/16/2040		9,477,566
	1,224,786	Series 2011-12-PO		0.00%	P/O		12/20/2040		865,724
	7,833,334	Series 2011-18-SN		9.19%	# I/F		12/20/2040		8,373,848
	8,333,334	Series 2011-18-YS		9.19%	# I/F		12/20/2040		8,908,289
	11,658,640	Series 2011-51-UZ		4.50%			04/20/2041		12,412,015
	9,125,363	Series 2011-69-OC		0.00%	P/O		05/20/2041		8,012,882
	73,609,965	Series 2011-69-SB		5.20%	# I/F I/O		05/20/2041		9,375,326
	24,237,191	Series 2011-71-ZA		4.50%			02/20/2041		26,051,914
	27,745,538	Series 2011-72-AS		5.23%	# I/F I/O		05/20/2041		3,770,963
	24,430,316	Series 2011-72-DO		0.00%	P/O		03/16/2033		24,055,533
	19,044,119	Series 2011-72-SK		6.00%	# I/F I/O		05/20/2041		2,982,480
	23,204,025	Series 2012-105-SE		6.05%	# I/F I/O		01/20/2041		3,360,463
	35,285,784	Series 2012-52-PN		2.00%			12/20/2039		34,490,089
	53,594,243	Series 2013-136-CS		6.05%	# I/F I/O		09/16/2043		9,290,005
	17,321,419	Series 2013-182-WZ		2.50%			12/20/2043		14,200,481

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Government National Mortgage Association, (Cont.)
$	53,394,174	Series 2013-182-ZW		2.50%			12/20/2043		41,724,344
	81,908,029	Series 2014-39-SK		6.05%	# I/F I/O		03/20/2044		12,523,770
	57,077,097	Series 2014-59-DS		6.10%	# I/F I/O		04/16/2044		8,345,014
		Total US Government / Agency Mortgage Backed Obligations (Cost $15,839,875,463)							16,051,429,108
	US GOVERNMENT BONDS AND NOTES 5.4%
	1,325,000,000	United States Treasury Notes		1.63%			11/15/2022		1,252,538,400
	700,000,000	United States Treasury Notes		2.00%			02/15/2023		679,382,900
		Total US Government Bonds and Notes (Cost $1,994,267,880)							1,931,921,300
	SHORT TERM INVESTMENTS 12.5%
	299,902,065	BlackRock Institutional Liquidity Funds FedFund Portfolio		0.01%	¨				299,902,065
	100,000,000	Federal Home Loan Banks		0.08%			10/23/2014		99,999,279
	100,000,000	Federal Home Loan Banks		0.22%			10/24/2014		100,011,000
	100,000,000	Federal Home Loan Banks		0.08%			12/03/2014		99,996,400
	100,000,000	Federal Home Loan Banks		0.09%			01/14/2015		99,995,000
	100,000,000	Federal Home Loan Banks		0.09%			02/19/2015		99,987,600
	150,000,000	Federal Home Loan Banks		0.09%			03/05/2015		149,984,400
	100,000,000	Federal Home Loan Banks		0.10%			03/30/2015		99,991,100
	100,000,000	Federal Home Loan Banks		0.13%			05/29/2015		100,010,300
	100,000,000	Federal Home Loan Banks		0.23%			08/03/2015		100,019,400
	100,000,000	Federal Home Loan Banks		0.18%			08/14/2015		100,019,200
	100,000,000	Federal Home Loan Banks		0.25%			08/27/2015		100,064,500
	134,225,000	Federal Home Loan Banks		0.38%			08/28/2015		134,522,040
	80,000,000	Federal Home Loan Banks		0.18%			09/22/2015		80,024,240
	100,000,000	Federal Home Loan Banks		0.24%			09/24/2015		100,015,200
	100,000,000	Federal Home Loan Banks		0.38%	#		07/20/2017		100,003,200
	150,000,000	Federal Home Loan Discount Note		0.00%			10/03/2014		149,999,389
	100,000,000	Federal Home Loan Discount Note		0.00%			10/08/2014		99,998,639
	94,000,000	Federal Home Loan Discount Note		0.00%			10/10/2014		93,998,590

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	150,000,000	Federal Home Loan Discount Note		0.00%			10/15/2014		149,995,508
	100,000,000	Federal Home Loan Discount Note		0.00%			10/17/2014		99,996,667
	200,000,000	Federal Home Loan Discount Note		0.00%			10/23/2014		199,993,278
	200,000,000	Federal Home Loan Discount Note		0.00%			10/29/2014		199,987,400
	100,000,000	Federal Home Loan Discount Note		0.00%			10/31/2014		99,994,292
	100,000,000	Federal Home Loan Discount Note		0.00%			11/07/2014		99,991,778
	100,000,000	Federal Home Loan Discount Note		0.00%			11/26/2014		99,988,333
	200,000,000	Federal Home Loan Discount Note		0.00%			11/26/2014		199,978,533
	100,000,000	Federal Home Loan Discount Note		0.00%			11/28/2014		99,989,528
	100,000,000	Federal Home Loan Discount Note		0.00%			12/03/2014		99,999,100
	83,000,000	Federal Home Loan Discount Note		0.00%			12/17/2014		82,999,087
	100,000,000	Federal Home Loan Discount Note		0.00%			12/24/2014		99,998,800
	30,000,000	Federal Home Loan Discount Note		0.00%			12/29/2014		29,999,640
	100,000,000	Federal Home Loan Discount Note		0.00%			01/22/2015		99,997,500
	50,000,000	Federal National Mortgage Association		0.75%			12/19/2014		50,070,900
	299,902,065	Fidelity Institutional Government Portfolio		0.01%	¨				299,902,065
	299,902,065	Morgan Stanley Institutional Liquidity Fund Government Portfolio		0.04%	¨				299,902,065
		Total Short Term Investments (Cost $4,520,966,997)							4,521,326,016
		Total Investments 98.9% (Cost $35,177,674,022)							35,538,193,470
		Other Assets in Excess of Liabilities 1.1%							378,222,477
		NET ASSETS 100.0%						$	35,916,415,947

SECURITY TYPE BREAKDOWN as a % of Net Assets
US Government / Agency Mortgage Backed Obligations	44.7%
Non-Agency Residential Collateralized Mortgage Obligations	26.4%
Short Term Investments	12.5%
Non-Agency Commercial Mortgage Backed Obligations	5.8%
US Government Bonds and Notes	5.4%
Collateralized Loan Obligations	4.0%
Asset Backed Obligations	0.1%
Other Assets and Liabilities	1.1%
	100.0%

# Variable rate security. Rate disclosed as of September 30, 2014.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2014, the value of these securities amounted to $4,271,917,493 or 11.9% of net assets.

I/O Interest only security

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

P/O Principal only security

¨ Seven-day yield as of September 30, 2014

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 29

Schedule of Investments  DoubleLine Core Fixed Income Fund (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLLATERALIZED LOAN OBLIGATIONS 4.4%
		Adams Mill Ltd.,
$	875,000	Series 2014-1A-D1		3.70%	#^		07/15/2026		828,967
	1,000,000	Series 2014-1A-E1		5.20%	#^		07/15/2026		910,891
		ALM Loan Funding,
	1,000,000	Series 2011-4A-C		2.98%	#^		07/18/2022		1,002,492
		Apidos Ltd.,
	1,500,000	Series 2013-16A-B		3.03%	#^		01/19/2025		1,485,677
	2,000,000	Series 2014-18A-C		3.88%	#^		07/22/2026		1,925,354
	1,000,000	Series 2014-18A-D		5.43%	#^		07/22/2026		934,951
		ARES Ltd.,
	1,500,000	Series 2012-2A-D		4.93%	#^		10/12/2023		1,503,724
	2,000,000	Series 2013-1A-D		3.98%	#^		04/15/2025		1,936,602
		Babson Ltd.,
	1,500,000	Series 2012-1A-C		4.23%	#^		04/15/2022		1,494,595
		Birchwood Park Ltd.,
	1,000,000	Series 2014-1A-C2		3.38%	#^		07/15/2026		1,003,760
	1,000,000	Series 2014-1A-D2		1.43%	#^		07/15/2026		998,727
	1,000,000	Series 2014-1A-E2		6.63%	#^		07/15/2026		1,001,371
		BlueMountain Ltd.,
	1,500,000	Series 2012-1A-E		5.73%	#^		07/20/2023		1,452,269
		Brookside Mill Ltd.,
	1,250,000	Series 2013-1A-C1		2.93%	#^		04/17/2025		1,225,227
	2,250,000	Series 2013-1A-D		3.28%	#^		04/17/2025		2,088,301
	1,250,000	Series 2013-1A-E		4.63%	#^		04/17/2025		1,116,856
		Carlyle Global Market Strategies Ltd.,
	1,250,000	Series 2014-3A-B		3.38%	#^		07/27/2026		1,248,736
	2,000,000	Series 2014-3A-C2		4.43%	#^		07/27/2026		1,993,283
		Carlyle High Yield Partners Ltd.,
	2,247,239	Series 2005-7A-D1		1.93%	#^		09/30/2019		2,237,812
		Cent Ltd.,
	2,000,000	Series 2013-18A-D		3.68%	#^		07/23/2025		1,897,784
	1,500,000	Series 2013-18A-E		4.83%	#^		07/23/2025		1,350,556
	1,000,000	Series 2014-22A-C		3.98%	#^		11/07/2026		954,200
		Chatham Light Ltd.,
	1,500,000	Series 2005-2A-C		1.94%	#^		08/03/2019		1,494,335
		Dryden Leveraged Loan,
	500,000	Series 2006-11A-C1		1.83%	#^		04/12/2020		485,195
		Dryden Senior Loan Fund,
	2,000,000	Series 2012-24A-D		4.98%	#^		11/15/2023		2,004,564
	950,000	Series 2012-25A-E		5.73%	#^		01/15/2025		919,913
	2,000,000	Series 2013-28A-B1L		3.43%	#^		08/15/2025		1,879,856
		Emerson Park Ltd.,
	1,000,000	Series 2013-1A-C1		2.98%	#^		07/15/2025		987,962
		Flatiron Ltd.,
	2,000,000	Series 2014-1A-B		3.09%	#^		07/17/2026		1,973,936
	2,000,000	Series 2014-1A-C		3.54%	#^		07/17/2026		1,888,209
		Four Corners Ltd.,
	2,000,000	Series 2006-3A-D		1.73%	#^		07/22/2020		1,941,327
		Galaxy Ltd.,
	1,000,000	Series 2013-15A-B		2.08%	#^		04/15/2025		980,365
	1,000,000	Series 2013-15A-C		2.83%	#^		04/15/2025		975,919
	1,000,000	Series 2013-15A-D		3.63%	#^		04/15/2025		955,660
		GoldenTree Loan Opportunities Ltd.,
	760,000	Series 2007-4A-D		4.48%	#^		08/18/2022		754,230
	2,000,000	Series 2012-6A-D		4.43%	#^		04/17/2022		2,002,465
		Halcyon Loan Advisors Funding Ltd.,
	740,000	Series 2013-2A-C		2.94%	#^		08/01/2025		717,738
	2,000,000	Series 2014-1A-C		3.28%	#^		04/18/2026		1,983,038
	1,500,000	Series 2014-3A-D		3.88%	#^		10/22/2025		1,408,500
		ING Ltd.,
	2,000,000	Series 2013-3A-B		2.93%	#^		01/18/2026		1,958,874
		LCM LP,
	2,000,000	Series 11A-D2		4.18%	#^		04/19/2022		2,004,510
	1,000,000	Series 12A-E		5.98%	#^		10/19/2022		981,816

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		LCM LP, (Cont.)
$	2,850,000	Series 14A-D		3.73%	#^		07/15/2025		2,727,069
	2,250,000	Series 15A-C		3.33%	#^		08/25/2024		2,250,336
	1,000,000	Series 16A-D		3.86%	#^		07/15/2026		957,954
		Madison Park Funding Ltd.,
	2,000,000	Series 2012-9X-C1		3.83%	#		08/15/2022		2,002,446
	1,000,000	Series 2014-13A-D		3.58%	#^		01/19/2025		952,688
	1,000,000	Series 2014-13X E		5.23%	#		01/19/2025		928,164
	2,000,000	Series 2014-14A-D		3.83%	#^		07/20/2026		1,919,122
	750,000	Series 2014-14A-E		4.98%	#^		07/20/2026		680,620
		Magnetite Ltd.,
	1,500,000	Series 2012-7A-D		5.48%	#^		01/15/2025		1,441,478
		Nautique Funding Ltd.,
	1,000,000	Series 2006-1A-C		1.93%	#^		04/15/2020		961,391
		Nomad Ltd.,
	1,500,000	Series 2013-1A-B		3.18%	#^		01/15/2025		1,469,674
	1,500,000	Series 2013-1A-C		3.73%	#^		01/15/2025		1,431,088
		North End Ltd.,
	1,000,000	Series 2013-1A-D		3.73%	#^		07/17/2025		953,928
		OCP Ltd.,
	2,000,000	Series 2013-3A-B		2.98%	#^		01/17/2025		1,956,024
		Octagon Investment Partners Ltd.,
	2,000,000	Series 2013-1A-D		3.58%	#^		07/17/2025		1,902,563
	2,000,000	Series 2013-1A-E		4.73%	#^		07/17/2025		1,803,584
		OHA Intrepid Leverage Loan Fund Ltd.,
	2,000,000	Series 2011-1AR-DR		3.28%	#^		04/20/2021		2,001,680
		Race Point Ltd.,
	1,000,000	Series 2013-8A-B		2.13%	#^		02/20/2025		982,214
		Saturn Ltd.,
	500,000	Series 2007-1A-D		4.23%	#^		05/13/2022		465,779
		Thacher Park Ltd.,
	1,000,000	Series 2014-1A-C		3.28%	#^		10/20/2026		1,000,000
	1,000,000	Series 2014-1A-D1		3.76%	#^		10/20/2026		957,000
		Venture Ltd.,
	500,000	Series 2012-10A-C		3.48%	#^		07/20/2022		498,722
	2,000,000	Series 2012-10A-D		4.43%	#^		07/20/2022		1,979,247
		WhiteHorse Ltd.,
	2,000,000	Series 2006-1A-B1L		2.09%	#^		05/01/2018		1,991,870
		Wind River Ltd.,
	3,000,000	Series 2013-1A-C		3.63%	#^		04/20/2025		2,820,012
		Total Collateralized Loan Obligations (Cost $96,343,591)							95,925,200
	FOREIGN CORPORATE BONDS 16.8%
	1,500,000	Abengoa Transmision Sur S.A.		6.88%			04/30/2043		1,672,500
	1,600,000	Abengoa Transmision Sur S.A.		6.88%	^		04/30/2043		1,784,000
	1,300,000	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		1,337,700
	1,300,000	Aeropuertos Dominicanos		9.75%	#		11/13/2019		1,267,500
	500,000	Aeropuertos Dominicanos		9.75%	#^		11/13/2019		487,500
	700,000	AES Andres Dominicana Ltd.		9.50%	^		11/12/2020		751,625
	4,300,000	AES Andres Dominicana Ltd.		9.50%			11/12/2020		4,617,125
	1,600,000	AES El Salvador Trust		6.75%			03/28/2023		1,551,328
	3,500,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		3,644,375
	2,450,000	Agromercantil Senior Trust		6.25%			04/10/2019		2,551,063
	1,700,000	Ajecorp B.V.		6.50%			05/14/2022		1,556,350
	3,780,000	Australia and New Zealand Banking Group Ltd.		4.88%	^		01/12/2021		4,235,936

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	2,600,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		2,769,000
	1,000,000	Avianca Holdings S.A.		8.38%			05/10/2020		1,065,000
	2,200,000	B Communications Ltd.		7.38%	^		02/15/2021		2,351,250
	3,100,000	Banco Davivienda S.A.		5.88%			07/09/2022		3,115,500
	4,100,000	Banco de Bogota S.A.		5.38%			02/19/2023		4,212,750
	2,500,000	Banco de Bogota S.A.		5.38%	^		02/19/2023		2,568,750
	2,800,000	Banco de Costa Rica		5.25%			08/12/2018		2,863,000
	1,000,000	Banco de Credito del Peru		6.13%	#		04/24/2027		1,072,500
	1,000,000	Banco de Credito del Peru		6.13%	#^		04/24/2027		1,072,500
	2,500,000	Banco do Brasil S.A.		8.50%	#†		10/20/2020		2,887,500
	4,500,000	Banco do Brasil S.A.		9.00%	#^†		06/18/2024		4,387,950
	2,500,000	Banco GNB Sudameris S.A.		7.50%			07/30/2022		2,725,000
	2,000,000	Banco Inbursa S.A.		4.13%	^		06/06/2024		1,940,000
	2,000,000	Banco International del Peru S.A.A.		6.63%	#^		03/19/2029		2,180,000
	1,695,000	Banco International del Peru S.A.A.		8.50%	#		04/23/2070		1,926,368
	2,500,000	Banco Nacional de Costa Rica		6.25%			11/01/2023		2,518,750
	400,000	Banco Regional SAECA		8.13%	^		01/24/2019		440,000
	2,800,000	Banco Regional SAECA		8.13%			01/24/2019		3,080,000
	5,300,000	Bancolombia S.A.		6.13%			07/26/2020		5,724,000
	4,255,000	Bank Of Montreal		1.40%			09/11/2017		4,264,918
	1,250,000	Bantrab Senior Trust		9.00%			11/14/2020		1,326,563
	500,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		522,500
	1,427,000	BP Capital Markets PLC		4.75%			03/10/2019		1,573,277
	775,000	BP Capital Markets PLC		2.50%			11/06/2022		731,655
	1,000,000	BR Malls International Finance Ltd.		8.50%	†		01/21/2016		1,045,630
	3,300,000	Braskem America Finance Company		7.13%			07/22/2041		3,283,500
	800,000	Braskem Finance Ltd.		6.45%			02/03/2024		834,000
	3,658,000	British Telecommunications PLC		5.95%			01/15/2018		4,131,802
	1,500,000	Camposol S.A.		9.88%	^		02/02/2017		1,582,500
	650,000	Camposol S.A.		9.88%			02/02/2017		685,750
	200,000	Cementos Progreso Trust		7.13%	^		11/06/2023		215,100
	5,500,000	Cementos Progreso Trust		7.13%			11/06/2023		5,915,250
	1,600,000	Cemex Finance LLC		6.00%			04/01/2024		1,599,520
	5,000,000	Cemex S.A.B. de C.V.		5.70%	^		01/11/2025		4,830,000
	1,400,000	Cencosud S.A.		4.88%			01/20/2023		1,401,532
	5,600,000	Cencosud S.A.		4.88%	^		01/20/2023		5,606,126
	2,000,000	Central American Bottling Corporation		6.75%			02/09/2022		2,170,000
	4,000,000	Cia Minera Milpo S.A.A.		4.63%	^		03/28/2023		3,990,000
	2,000,000	CIMPOR Financial Operations B.V.		5.75%	^		07/17/2024		1,940,000
	500,000	Columbus International, Inc.		7.38%	^		03/30/2021		521,875
	5,500,000	Columbus International, Inc.		7.38%			03/30/2021		5,740,625
	2,400,000	Comcel Trust		6.88%			02/06/2024		2,538,000
	5,000,000	Comcel Trust		6.88%	^		02/06/2024		5,287,500
	4,110,000	Compania Minera Ares S.A.C.		7.75%			01/23/2021		4,347,558
	3,500,000	CorpGroup Banking S.A.		6.75%	^		03/15/2023		3,511,361
	2,800,000	Corporacion Azucarera del Peru S.A.		6.38%			08/02/2022		2,590,000
	1,700,000	Corporacion Financiera de Desarrollo S.A.		5.25%	#^		07/15/2029		1,727,625
	2,444,000	Corporacion Pesquera Inca S.A.C.		9.00%			02/10/2017		2,419,560
	800,000	Corporacion Pesquera Inca S.A.C.		9.00%	^		02/10/2017		792,000
	1,300,000	Cosan Luxembourg S.A.		5.00%			03/14/2023		1,251,250
	3,500,000	Credito Real S.A.B. de C.V.		7.50%	^		03/13/2019		3,753,750
	3,000,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		3,065,178
	1,620,000	Diageo Capital PLC		1.50%			05/11/2017		1,629,148
	500,000	Digicel Ltd.		7.00%			02/15/2020		517,500
	2,000,000	Digicel Ltd.		8.25%			09/30/2020		2,070,200
	3,030,000	Digicel Ltd.		7.13%			04/01/2022		3,031,515
	3,900,000	Digicel Ltd.		7.13%	^		04/01/2022		3,901,950
	2,460,000	Ecopetrol S.A.		4.13%			01/16/2025		2,386,200
	450,000	Ecopetrol S.A.		5.88%			05/28/2045		457,875
	917,260	ENA Norte Trust		4.95%			04/25/2023		949,299
	3,300,000	ENTEL Chile S.A.		4.75%	^		08/01/2026		3,306,818

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	4,400,000	ESAL GmbH		6.25%	^		02/05/2023		4,290,000
	2,100,000	ESAL GmbH		6.25%			02/05/2023		2,047,500
	5,100,000	Fermaca Enterprises S. de R.L. de C.V.		6.38%	^		03/30/2038		5,367,750
	2,000,000	Ferreycorp S.A.A.		4.88%	^		04/26/2020		1,990,000
	2,075,000	Freeport-McMoRan Copper & Gold, Inc.		3.10%			03/15/2020		2,061,299
	3,200,000	Fresnillo PLC		5.50%	^		11/13/2023		3,343,040
	1,600,000	Fresnillo PLC		5.50%			11/13/2023		1,671,520
	3,000,000	GNL Quintero S.A.		4.63%	^		07/31/2029		2,997,018
	1,600,000	Gol LuxCo S.A.		8.88%	^		01/24/2022		1,576,800
	4,300,000	Grupo Aval Ltd.		4.75%			09/26/2022		4,267,750
	3,200,000	Grupo Aval Ltd.		4.75%	^		09/26/2022		3,176,000
	1,600,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		1,736,000
	400,000	Grupo Elektra S.A.B. de C.V.		7.25%			08/06/2018		419,000
	4,000,000	Grupo Idesa S.A. de C.V.		7.88%	^		12/18/2020		4,280,000
	2,200,000	Grupo KUO S.A.B. de C.V.		6.25%	^		12/04/2022		2,261,490
	2,400,000	Grupo KUO S.A.B. de C.V.		6.25%			12/04/2022		2,467,080
	450,000	GrupoSura Finance S.A.		5.70%			05/18/2021		488,250
	2,178,074	IIRSA Norte Finance Ltd.		8.75%			05/30/2024		2,591,908
	5,300,000	Industrial Senior Trust		5.50%			11/01/2022		5,260,250
	2,200,000	Industrial Senior Trust		5.50%	^		11/01/2022		2,183,500
	500,000	InRetail Shopping Malls		6.50%	^		07/09/2021		523,750
	1,500,000	InRetail Shopping Malls		6.50%			07/09/2021		1,571,250
	2,700,000	Instituto Costarricense de Electricidad		6.95%	^		11/10/2021		2,875,500
	2,300,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		2,449,500
	2,070,000	Intelsat Jackson Holdings S.A.		5.50%			08/01/2023		1,984,613
	200,000	JBS Investments GmbH		7.25%	^		04/03/2024		204,500
	1,500,000	Klabin Finance S.A.		5.25%	^		07/16/2024		1,470,450
	4,030,000	Korea Development Bank		4.38%			08/10/2015		4,156,506
	750,000	Maestro Peru S.A.		6.75%			09/26/2019		814,463
	1,600,000	Magnesita Finance Ltd.		8.63%	†		04/05/2017		1,600,000
	2,900,000	Marfrig Holdings B.V.		6.88%	^		06/24/2019		2,828,950
	1,750,000	Metalsa S.A. de C.V.		4.90%			04/24/2023		1,706,250
	2,000,000	Mexichem S.A.B. de C.V.		6.75%			09/19/2042		2,146,000
	900,000	Mexichem S.A.B. de C.V.		5.88%	^		09/17/2044		884,250
	3,988,000	Mexico Generadora de Energia		5.50%			12/06/2032		3,997,970
	3,000,000	Millicom International Cellular S.A.		4.75%			05/22/2020		2,872,500
	3,500,000	Millicom International Cellular S.A.		6.63%			10/15/2021		3,648,750
	3,200,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		3,272,000
	3,500,000	Minerva Luxembourg S.A.		8.75%	#^†		04/03/2019		3,578,750
	300,000	Minerva Luxembourg S.A.		7.75%			01/31/2023		306,150
	1,300,000	Minerva Luxembourg S.A.		7.75%	^		01/31/2023		1,326,650
	2,800,000	Minsur S.A.		6.25%	^		02/07/2024		3,081,400
	1,965,267	Nakilat, Inc.		6.27%			12/31/2033		2,230,578
	1,000,000	Nakilat, Inc.		6.07%			12/31/2033		1,138,750
	5,300,000	OAS Financial Ltd.		8.88%	#^†		04/25/2018		4,967,160
	1,500,000	Odebrecht Finance Ltd.		7.50%	†		09/14/2015		1,522,500
	1,700,000	Odebrecht Finance Ltd.		7.13%			06/26/2042		1,829,200
	2,000,000	Office Cherifien des Phosphates		5.63%	^		04/25/2024		2,085,400
	1,000,000	Office Depot de Mexico S.A. de C.V.		6.88%			09/20/2020		1,075,000
	2,365,000	Orange S.A.		2.75%			09/14/2016		2,437,267
	1,500,000	Pacific Rubiales Energy Corporation		5.13%	^		03/28/2023		1,440,450
	4,700,000	Pacific Rubiales Energy Corporation		5.13%			03/28/2023		4,513,410
	2,000,000	Pacific Rubiales Energy Corporation		5.63%	^		01/19/2025		1,926,900
	1,000,000	Pesquera Exalmar S.A.A.		7.38%			01/31/2020		922,500
	1,800,000	Pesquera Exalmar S.A.A.		7.38%	^		01/31/2020		1,660,500
	3,565,000	Petroleos Mexicanos		6.63%			06/15/2035		4,155,008
	2,960,000	Reliance Industries Ltd.		5.88%	†		02/05/2018		2,911,900
	600,000	Rio Oil Finance Trust		6.25%	^		07/06/2024		619,808
	1,500,000	Rio Oil Finance Trust		6.25%			07/06/2024		1,549,521
	2,958,000	Royal KPN N.V.		8.38%			10/01/2030		4,090,973
	1,710,000	Seven Generations Energy Ltd.		8.25%	^		05/15/2020		1,855,350

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 31

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	2,150,000	Southern Copper Corporation		6.75%			04/16/2040		2,411,612
	3,800,000	Southern Copper Corporation		5.25%			11/08/2042		3,609,468
	500,000	SUAM Finance B.V.		4.88%			04/17/2024		510,000
	4,700,000	SUAM Finance B.V.		4.88%	^		04/17/2024		4,794,000
	200,000	Telefonica Celular del Paraguay S.A.		6.75%	^		12/13/2022		208,100
	4,300,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		4,474,150
	2,180,000	Teva Pharmaceutical Finance Company B.V.		2.95%			12/18/2022		2,081,080
	2,035,000	TransCanada PipeLines Ltd.		4.63%			03/01/2034		2,094,505
	1,700,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		1,797,750
	3,500,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		3,736,250
	1,400,000	Unifin Financiera S.A.P.I. de C.V.		6.25%	^		07/22/2019		1,368,500
	3,000,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		3,026,790
	2,500,000	Vedanta Resources PLC		8.25%			06/07/2021		2,767,188
	2,200,000	Vedanta Resources PLC		7.13%	^		05/31/2023		2,263,250
	500,000	Volcan Cia Minera S.A.A.		5.38%			02/02/2022		496,250
	6,000,000	VTR Finance B.V.		6.88%			01/15/2024		6,225,000
		Total Foreign Corporate Bonds (Cost $359,237,131)							364,375,605
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 0.4%
	4,540,000	Corporacion Andina de Fomento		3.75%			01/15/2016		4,701,860
	1,000,000	Costa Rica Government International Bond		7.00%	^		04/04/2044		1,007,500
	3,000,000	United Mexican States		4.00%			10/02/2023		3,104,250
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $8,620,071)							8,813,610
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 7.1%
		BAMLL Commercial Mortgage Securities Trust,
	2,000,000	Series 2014-IP-E		2.81%	#^		06/15/2028		1,974,741
		Banc of America Commercial Mortgage Trust,
	2,500,000	Series 2005-3-AM		4.73%			07/10/2043		2,549,626
		Bear Stearns Commercial Mortgage Securities, Inc.,
	1,000,000	Series 2005-T18-AJ		5.01%	#		02/13/2042		1,018,155
		CD Commercial Mortgage Trust,
	2,902,000	Series 2006-CD3-AM		5.65%			10/15/2048		3,138,587
	4,800,000	Series 2007-CD4-AMFX		5.37%	#		12/11/2049		5,041,428
	96,115,083	Series 2007-CD5-XP		0.30%	#^ I/O		11/15/2044		24,221
		Citigroup Commercial Mortgage Trust,
	2,000,000	Series 2008-C7-AM		6.13%	#		12/10/2049		2,207,099
	11,683,980	Series 2012-GC8-XA		2.22%	#^ I/O		09/10/2045		1,223,903
		COBALT Commercial Mortgage Trust,
	2,602,680	Series 2007-C2-AJFX		5.57%	#		04/15/2047		2,659,085
		Commercial Mortgage Pass-Through Certificates,
	4,824,955	Series 2002-LC4-XA		2.47%	#^ I/O		12/10/2044		592,010
	2,500,000	Series 2006-C8-AM		5.35%			12/10/2046		2,698,388
	2,835,667	Series 2010-C1-XPA		2.29%	#^ I/O		07/10/2046		73,488
	29,287,503	Series 2012-CR3-XA		2.34%	# I/O		10/15/2045		3,396,018
	2,370,000	Series 2014-CR15-D		4.77%	#^		02/10/2047		2,275,824
	3,000,000	Series 2014-CR19-C		4.72%	#		08/10/2047		3,066,310
		Credit Suisse First Boston Mortgage Securities Corporation,
	695,117	Series 1998-C2-F		6.75%	#^		11/15/2030		717,930
	54,893	Series 2001-CF2-G		6.93%	^		02/15/2034		54,957
	2,455,000	Series 2005-C6-AJ		5.23%	#		12/15/2040		2,547,423

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Credit Suisse Mortgage Capital Certificates,
$	4,380,000	Series 2006-C3-AM		6.00%	#		06/15/2038		4,684,668
	1,875,000	Series 2006-C4-AM		5.51%			09/15/2039		2,009,406
	2,500,000	Series 2006-C5-AM		5.34%			12/15/2039		2,681,484
	2,500,000	Series 2007-C4-A1AM		6.10%	#		09/15/2039		2,715,068
	3,800,000	Series 2009-RR2-IQB		5.69%	#^		04/16/2049		4,037,806
		DBRR Trust,
	1,000,000	Series 2011-C32-A3B		5.93%	#^		06/17/2049		1,065,754
		DBUBS Mortgage Trust,
	5,736,372	Series 2011-LC2A-XA		1.42%	#^ I/O		07/10/2044		279,097
		Extended Stay America Trust,
	1,000,000	Series 2013-ESFL-DFL		3.30%	#^		12/05/2031		1,002,011
		GE Capital Commercial Mortgage Corporation,
	1,000,000	Series 2005-C2-B		5.11%	#		05/10/2043		1,019,078
		GMAC Commercial Mortgage Securities, Inc.,
	794,000	Series 2006-C1-AM		5.29%	#		11/10/2045		828,143
		Greenwich Capital Commercial Funding Corporation,
	4,000,000	Series 2007-GG11-AJ		6.05%	#		12/10/2049		4,182,180
	3,500,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		3,826,937
	4,000,000	Series 2007-GG9-AMFX		5.48%			03/10/2039		4,270,340
		GS Mortgage Securities Corporation,
	2,600,000	Series 2006-GG6-AJ		5.52%	#		04/10/2038		2,686,169
	13,237,647	Series 2006-GG6-XC		0.00%	#^ I/O		04/10/2038		6,645
	4,793,273	Series 2011-GC5-XA		1.70%	#^ I/O		08/10/2044		298,206
	5,762,976	Series 2012-GC6-XA		2.13%	#^ I/O		01/10/2045		637,492
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	3,000,000	Series 2005-CB12-B		4.97%	#		09/12/2037		2,899,727
	35,516,912	Series 2006-LDP8-X		0.54%	# I/O		05/15/2045		316,704
	2,500,000	Series 2006-LDP9-AM		5.37%			05/15/2047		2,603,648
	1,000,000	Series 2007-CB18-AMFX		5.40%			06/12/2047		1,077,929
	4,450,000	Series 2007-CIBC19-AM		5.70%	#		02/12/2049		4,782,584
	3,000,000	Series 2007-CIBC20		6.07%	#		02/12/2051		3,190,622
	3,750,000	Series 2007-LD12-AM		6.00%	#		02/15/2051		4,135,704
	12,050,000	Series 2009-IWST-XB		0.29%	#^ I/O		12/05/2027		223,130
	1,000,000	Series 2009-RR2-GEB		5.54%	^		12/13/2049		1,053,559
	12,114,285	Series 2011-C4-XA		1.67%	#^ I/O		07/15/2046		562,163
	33,260,747	Series 2012-C8-XA		2.29%	# I/O		10/15/2045		3,508,244
	7,294,740	Series 2012-CBX-XA		1.93%	# I/O		06/15/2045		601,440
		JPMBB Commercial Mortgage Securities Trust,
	3,000,000	Series 2014-C21-C		4.82%	#		08/15/2047		3,054,621
	2,766,125	Series 2014-C23-C		4.46%	#		09/15/2047		2,792,266
		LB Commercial Mortgage Trust,
	3,000,000	Series 2007-C3-AMFL		6.10%	#^		07/15/2044		3,324,699
		LB-UBS Commercial Mortgage Trust,
	250,000	Series 2005-C3-AM		4.79%			07/15/2040		254,985
	9,395,696	Series 2006-C7-XCL		0.85%	#^ I/O		11/15/2038		114,364
	7,577,492	Series 2006-C7-XW		0.85%	#^ I/O		11/15/2038		92,233
	2,100,000	Series 2007-C1-AJ		5.48%			02/15/2040		2,174,176
		Merrill Lynch Mortgage Trust,
	3,050,000	Series 2006-C1-AJ		5.67%	#		05/12/2039		3,079,419
	1,600,000	Series 2006-C2-AJ		5.80%	#		08/12/2043		1,631,601
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	213,033	Series 2006-4-A2FL		0.27%	#		12/12/2049		213,003
	4,000,000	Series 2007-5-AM		5.42%			08/12/2048		4,217,032
		Morgan Stanley Bank of America Merrill Lynch Trust,
	2,914,551	Series 2012-C5-XA		2.02%	#^ I/O		08/15/2045		252,278
	2,975,000	Series 2014-C14-D		5.00%	#^		02/15/2047		2,831,669
	3,000,000	Series 2014-C18-C		4.49%			10/15/2047		2,957,334
		Morgan Stanley Capital, Inc.,
	4,400,000	Series 2006-HQ8-AJ		5.49%	#		03/12/2044		4,563,163
	42,730	Series 2007-HQ12-A2FL		0.40%	#		04/12/2049		42,572
	3,700,000	Series 2007-IQ13-AM		5.41%			03/15/2044		3,989,103
	28,892,205	Series 2011-C1-XA		1.08%	#^ I/O		09/15/2047		521,143
		TIAA Seasoned Commercial Mortgage Trust,
	1,000,000	Series 2007-C4-AJ		5.57%	#		08/15/2039		1,041,672
		UBS-Barclays Commercial Mortgage Trust,
	14,490,989	Series 2012-C3-XA		2.14%	#^ I/O		08/10/2049		1,664,152

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wachovia Bank Commercial Mortgage Trust,
$	94,391,468	Series 2006-C27-XC		0.45%	#^ I/O		07/15/2045		484,039
	2,500,000	Series 2006-C28-AJ		5.63%	#		10/15/2048		2,561,761
	16,364,589	Series 2006-C29-IO		0.53%	# I/O		11/15/2048		127,464
	1,900,000	Series 2007-C30-AJ		5.41%	#		12/15/2043		1,961,851
	3,500,000	Series 2007-C33-AM		6.14%	#		02/15/2051		3,828,062
	2,500,000	Series 2007-C33-B		6.14%	#		02/15/2051		2,528,726
		WF-RBS Commercial Mortgage Trust,
	19,280,704	Series 2012-C9-XA		2.38%	#^ I/O		11/15/2045		2,229,428
	56,941,032	Series 2014-C22-XA		0.97%	# I/O		09/15/2057		3,766,535
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $155,266,276)							152,744,482
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 11.9%
		ACE Securities Corporation,
	484,399	Series 2006-NC1-A2C		0.35%	#		12/25/2035		484,167
		Adjustable Rate Mortgage Trust,
	96,101	Series 2007-3-1A1		3.76%	#^		11/25/2037		80,367
		American General Mortgage Loan Trust,
	4,000,000	Series 2010-1-A3		5.65%	#^		03/25/2058		4,119,598
		Banc of America Funding Corporation,
	2,703,673	Series 2005-G-A3		4.80%	#		10/20/2035		2,631,073
	1,654,623	Series 2006-2-6A2		5.50%			03/25/2036		1,691,117
	961,049	Series 2006-6-1A2		6.25%			08/25/2036		953,864
		BCAP LLC Trust,
	1,611,328	Series 2009-RR13-6A5		6.00%	#^		04/26/2037		1,671,356
		Bear Stearns Asset Backed Securities Trust,
	327,741	Series 2007-SD1-1A3A		6.50%			10/25/2036		280,448
		Chase Mortgage Finance Trust,
	7,475,635	Series 2007-A2-6A4		2.52%	#		07/25/2037		6,808,173
	2,231,153	Series 2007-S3-2A1		5.50%			05/25/2037		2,144,942
		Citicorp Mortgage Securities, Inc.,
	207,365	Series 2005-1-1A4		5.50%			02/25/2035		220,599
		Citicorp Residential Mortgage Securities, Inc.,
	1,800,000	Series 2006-2-A5		6.04%	#		09/25/2036		1,831,222
		Citigroup Mortgage Loan Trust, Inc.,
	384,652	Series 2006-WF2-A2C		5.70%	#		05/25/2036		262,970
	4,928,000	Series 2008-AR4-2A1B		2.72%	#^		11/25/2038		4,551,992
	2,773,765	Series 2010-8-5A4		8.00%	#^		11/25/2036		2,450,930
	14,168,226	Series 2010-8-6A4		7.18%	#^		12/25/2036		12,133,988
	1,926,413	Series 2011-12-3A1		2.58%	#^		09/25/2047		1,926,970
		CitiMortgage Alternative Loan Trust,
	285,649	Series 2006-A2-A2		6.00%			05/25/2036		254,289
	159,858	Series 2006-A5-3A3		6.00%			10/25/2036		130,899
	283,956	Series 2007-A1-1A7		6.00%			01/25/2037		237,797
		Countrywide Alternative Loan Trust,
	369,394	Series 2005-20CB-1A1		5.50%			07/25/2035		344,524
	418,740	Series 2005-28CB-3A6		6.00%			08/25/2035		351,768
	2,088,330	Series 2005-46CB-A22		5.25%			10/25/2035		1,979,801
	378,661	Series 2005-J10-1A13		0.85%	#		10/25/2035		307,861
	677,556	Series 2006-26CB-A9		6.50%			09/25/2036		602,139
	2,374,951	Series 2007-12T1-A1		6.00%			06/25/2037		2,042,646
	2,657,352	Series 2007-16CB-2A1		0.60%	#		08/25/2037		1,574,298
	769,503	Series 2007-16CB-2A2		53.30%	# I/F		08/25/2037		1,795,326
	194,104	Series 2007-17CB-1A10		29.19%	# I/F		08/25/2037		308,992
	1,030,314	Series 2007-18CB-2A17		6.00%			08/25/2037		948,390
	4,229,813	Series 2007-23CB-A3		0.65%	#		09/25/2037		2,997,461
	4,155,072	Series 2007-23CB-A4		6.35%	# I/F I/O		09/25/2037		980,175
	811,577	Series 2007-4CB-2A1		7.00%			03/25/2037		248,334
		Countrywide Asset-Backed Certificates,
	178,938	Series 2005-13-AF3		5.02%	#		04/25/2036		154,201
		Countrywide Home Loans,
	228,040	Series 2002-32-2A6		5.00%			01/25/2018		232,318
	876,663	Series 2005-28-A7		5.25%			01/25/2019		827,947
	1,574,368	Series 2007-10-A5		6.00%			07/25/2037		1,461,568

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Home Loans, (Cont.)
$	706,683	Series 2007-15-1A16		6.25%			09/25/2037		674,268
	1,822,893	Series 2007-3-A17		6.00%			04/25/2037		1,693,278
		Credit Suisse First Boston Mortgage Securities Corporation,
	194,039	Series 2005-10-5A5		5.50%			11/25/2035		171,770
	3,061,281	Series 2005-8-1A3		5.25%			09/25/2035		3,005,702
		Credit Suisse Mortgage Capital Certificates,
	7,051,487	Series 2006-4-6A1		6.00%			05/25/2036		6,357,297
	300,251	Series 2006-4-7A1		5.50%			05/25/2021		286,554
	207,522	Series 2007-1-3A1		6.00%			02/25/2022		173,967
	98,070	Series 2007-2-2A1		5.00%			03/25/2037		97,280
	9,254,418	Series 2010-4R-3A17		6.54%	#^		06/26/2037		8,633,565
		Deutsche Mortgage Securities, Inc.,
	2,547,150	Series 2006-PR1-3A1		11.91%	#^ I/F		04/15/2036		3,033,677
	264,023	Series 2006-PR1-4AI2		14.31%	#^ I/F		04/15/2036		326,450
	1,762,672	Series 2006-PR1-5AI4		11.91%	#^ I/F		04/15/2036		2,082,784
		First Horizon Alternative Mortgage Securities,
	717,574	Series 2006-FA2-1A5		6.00%			05/25/2036		619,060
	183,172	Series 2006-RE1-A1		5.50%			05/25/2035		172,013
		GSAA Home Equity Trust,
	778,410	Series 2005-7-AF5		4.61%	#		05/25/2035		817,758
	2,612,065	Series 2007-10-A1A		6.00%			11/25/2037		2,338,930
	1,925,249	Series 2007-10-A2A		6.50%			11/25/2037		1,576,488
		GSR Mortgage Loan Trust,
	135,614	Series 2006-2F-5A1		4.50%			01/25/2021		129,154
	10,112,115	Series 2006-3F-4A1		6.00%			03/25/2036		9,439,427
	1,580,539	Series 2007-1F-2A2		5.50%			01/25/2037		1,523,017
		HSI Asset Loan Obligation Trust,
	111,403	Series 2006-2-2A1		5.50%			12/25/2021		104,101
		JP Morgan Alternative Loan Trust,
	464,212	Series 2006-S2-A4		6.19%	#		05/25/2036		366,428
	10,000,000	Series 2006-S3-A4		6.31%	#		08/25/2036		8,094,930
	1,954,893	Series 2006-S3-A6		6.12%	#		08/25/2036		1,871,661
	2,660,038	Series 2006-S4-A6		5.71%	#		12/25/2036		2,524,243
		JP Morgan Mortgage Trust,
	527,793	Series 2007-S3-1A7		6.00%			08/25/2037		473,441
		JP Morgan Resecuritization Trust,
	3,553,170	Series 2011-2-2A3		3.50%	#^		07/26/2036		3,585,885
		Lehman Mortgage Trust,
	3,523,335	Series 2005-1-2A4		5.50%			11/25/2035		3,354,363
	1,076,776	Series 2006-3-1A5		6.00%			07/25/2036		867,329
	79,644	Series 2006-9-1A19		29.97%	# I/F		01/25/2037		124,766
	1,328,262	Series 2007-10-2A1		6.50%			01/25/2038		1,184,103
	297,050	Series 2007-2-1A1		5.75%			02/25/2037		234,786
		MASTR Alternative Loans Trust,
	199,555	Series 2005-2-3A1		6.00%			03/25/2035		200,257
	81,683	Series 2007-1-2A7		6.00%			10/25/2036		65,950
		MASTR Asset Securitization Trust,
	290,393	Series 2003-2-30B2		5.75%			04/25/2033		287,839
	5,058,660	Series 2006-2-1A11		6.00%	#		06/25/2036		4,784,485
		Morgan Stanley Mortgage Loan Trust,
	509,454	Series 2004-1-1A1		5.00%			11/25/2018		522,739
	2,317,330	Series 2005-7-7A4		5.50%			11/25/2035		2,363,881
	5,707,120	Series 2006-7-3A		5.38%	#		06/25/2036		4,944,729
		Morgan Stanley Re-Remic Trust,
	4,032,425	Series 2010-R6-5C		5.75%	#^		05/26/2037		3,683,914
		Nomura Asset Acceptance Corporation,
	282,442	Series 2006-AP1-A2		5.52%	#		01/25/2036		188,704
		Nomura Home Equity Loan, Inc.,
	713,141	Series 2006-AF1-A2		5.80%	#		10/25/2036		400,477
	1,288,699	Series 2007-1-1A1		6.06%	#		02/25/2037		794,443
		Option One Mortgage Loan Trust,
	88,933	Series 2004-3-M3		1.13%	#		11/25/2034		83,237
		PHH Alternative Mortgage Trust,
	1,785,473	Series 2007-2-4A1		6.00%			05/25/2022		1,713,063

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 33

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		PR Mortgage Loan Trust,
$	14,914,842	Series 2014-1-APT		5.93%	^		10/25/2049		14,981,959
		Residential Accredit Loans, Inc.,
	476,034	Series 2004-QS15-A1		5.25%			11/25/2034		498,327
	737,253	Series 2005-QS14-3A3		6.00%			09/25/2035		678,254
	189,728	Series 2005-QS1-A5		5.50%			01/25/2035		192,873
	773,263	Series 2006-QS10-A4		5.75%			08/25/2036		646,183
	8,437,832	Series 2006-QS10-A9		6.50%			08/25/2036		7,391,583
	1,790,035	Series 2006-QS6-1A15		6.00%			06/25/2036		1,460,984
	509,987	Series 2006-QS6-2A1		6.00%			06/25/2021		501,050
	2,588,529	Series 2007-QS3-A4		6.25%			02/25/2037		2,115,564
	8,797,956	Series 2007-QS9-A33		6.50%			07/25/2037		7,457,878
		Residential Asset Mortgage Products, Inc.,
	550,000	Series 2005-RS1-AI5		5.41%	#		01/25/2035		524,412
		Residential Asset Securitization Trust,
	337,857	Series 2005-A10-A3		5.50%			09/25/2035		300,457
	422,494	Series 2005-A11-2A4		6.00%			10/25/2035		331,430
	116,140	Series 2005-A7-A3		5.50%			06/25/2035		106,810
	2,203,018	Series 2006-A6-1A1		6.50%			07/25/2036		1,383,863
	225,288	Series 2006-R1-A1		27.78%	# I/F		01/25/2046		373,345
		Residential Funding Mortgage Securities Trust,
	243,503	Series 2006-S10-1A2		6.00%			10/25/2036		215,872
	1,234,027	Series 2006-S11-A3		6.00%			11/25/2036		1,141,379
	2,290,888	Series 2007-S2-A4		6.00%			02/25/2037		2,084,209
	1,591,200	Series 2007-S3-1A4		6.00%			03/25/2037		1,469,858
		Structured Asset Securities Corporation,
	1,983,561	Series 2003-35-1A1		5.23%	#		12/25/2033		2,070,529
	2,777,566	Series 2005-14-1A1		0.45%	#		07/25/2035		2,515,833
	2,465,053	Series 2005-16-1A3		5.50%			09/25/2035		2,550,420
	2,204,966	Series 2005-RF1-A		0.50%	#^		03/25/2035		1,869,112
	2,220,566	Series 2005-RF1-AIO		5.21%	#^ I/O		03/25/2035		318,685
		Washington Mutual Mortgage Pass-Through Certificates,
	204,897	Series 2005-1-2A		6.00%			03/25/2035		199,843
	2,210,205	Series 2006-1-3A1		5.75%			02/25/2036		2,037,215
	3,985,576	Series 2006-2-4CB		6.00%			03/25/2036		3,520,097
	6,131,775	Series 2006-8-A6		4.90%	#		10/25/2036		4,404,669
	5,264,705	Series 2006-AR19-2A		1.92%	#		01/25/2047		5,085,363
	3,867,524	Series 2007-3-A6		6.00%			04/25/2037		3,366,680
	238,502	Series 2007-5-A11		38.55%	# I/F		06/25/2037		474,849
	12,934,750	Series 2007-5-A3		7.00%			06/25/2037		8,183,183
		Wells Fargo Alternative Loan Trust,
	2,838,564	Series 2007-PA5-1A1		6.25%			11/25/2037		2,706,713
		Wells Fargo Mortgage Backed Securities Trust,
	3,164,338	Series 2005-17-1A1		5.50%			01/25/2036		3,258,683
	159,285	Series 2005-AR14-A6		5.35%	#		08/25/2035		156,395
	246,214	Series 2005-AR16-6A4		2.61%	#		10/25/2035		238,069
	1,022,127	Series 2006-2-3A1		5.75%			03/25/2036		1,042,273
	2,470,054	Series 2006-7-2A1		6.00%			06/25/2036		2,406,067
	2,442,718	Series 2007-10-1A5		6.00%			07/25/2037		2,407,006
	2,726,392	Series 2007-10-2A11		6.00%			07/25/2037		2,611,463
	4,145,474	Series 2007-11-A96		6.00%			08/25/2037		4,144,918
	4,831,943	Series 2007-14-1A1		6.00%			10/25/2037		4,916,386
	1,194,806	Series 2007-4-A16		5.50%			04/25/2037		1,148,477
	3,231,851	Series 2007-5-1A1		5.50%			05/25/2037		3,418,867
	305,661	Series 2007-7-A1		6.00%			06/25/2037		303,371
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $245,223,548)							257,208,159
	US CORPORATE BONDS 12.5%
	3,645,000	21st Century Fox America, Inc.		4.75%	^		09/15/2044		3,674,306
	2,125,000	Actavis Funding SCS		4.85%	^		06/15/2044		2,004,032
	1,185,000	Activision Blizzard, Inc.		5.63%	^		09/15/2021		1,235,362
	1,960,000	Alere, Inc.		6.50%			06/15/2020		1,964,900
	4,710,000	Altria Group, Inc.		2.85%			08/09/2022		4,519,250
	1,120,000	American Axle & Manufacturing, Inc.		6.63%			10/15/2022		1,184,400

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	2,645,000	American Express Credit Corporation		2.13%			03/18/2019		2,636,957
	2,135,000	American Express Credit Corporation		2.25%			08/15/2019		2,122,493
	2,050,000	Arrow Electronics, Inc.		3.38%			11/01/2015		2,103,335
	1,220,000	Ashland, Inc.		4.75%			08/15/2022		1,195,600
	1,615,000	Athlon Holdings LP		7.38%			04/15/2021		1,764,387
	2,080,000	Atlas Pipeline Partners LP		4.75%			11/15/2021		1,947,400
	1,990,000	Avis Budget Car Rental LLC		5.50%			04/01/2023		1,985,025
	3,404,000	Bank of America Corporation		2.00%			01/11/2018		3,391,868
	2,010,000	BB&T Corporation		2.25%			02/01/2019		2,014,301
	3,095,000	Becton Dickinson and Company		3.13%			11/08/2021		3,172,780
	2,714,000	Berkshire Hathaway Energy Company		6.50%			09/15/2037		3,520,872
	2,055,000	Berry Plastics Corporation		5.50%			05/15/2022		1,980,506
	985,000	Biomet, Inc.		6.50%			08/01/2020		1,046,562
	1,462,000	Boeing Company		6.88%			03/15/2039		2,061,990
	2,000,000	Boston Properties LP		4.13%			05/15/2021		2,123,232
	2,110,000	Burlington Northern Santa Fe LLC		4.55%			09/01/2044		2,117,024
	2,010,000	CCO Holdings LLC		5.25%			09/30/2022		1,974,825
	1,945,000	CDW LLC		6.00%			08/15/2022		2,027,663
	1,885,000	Cinemark USA, Inc.		7.38%			06/15/2021		2,026,375
	3,415,000	Citigroup, Inc.		1.75%			05/01/2018		3,370,168
	2,070,000	Coca-Cola Company		1.80%			09/01/2016		2,111,845
	2,405,000	Comcast Corporation		4.20%			08/15/2034		2,392,323
	888,000	CommScope, Inc.		5.00%	^		06/15/2021		874,680
	1,650,000	ConocoPhillips Company		6.50%			02/01/2039		2,167,433
	3,140,000	Covidien International Finance S.A.		2.95%			06/15/2023		3,038,226
	2,010,000	Delphi Corporation		4.15%			03/15/2024		2,054,379
	3,644,000	Devon Energy Corporation		6.30%			01/15/2019		4,218,582
	2,245,000	DIRECTV Holdings LLC		4.45%			04/01/2024		2,342,592
	2,450,000	Dow Chemical Company		3.00%			11/15/2022		2,366,938
	2,268,000	Duke Energy Corporation		3.55%			09/15/2021		2,354,123
	2,110,000	Ecolab, Inc.		3.00%			12/08/2016		2,191,121
	1,865,000	Energy Gulf Coast, Inc.		7.50%			12/15/2021		1,837,025
	1,163,000	Equinix, Inc.		7.00%			07/15/2021		1,250,225
	2,155,000	ERP Operating LP		4.50%			07/01/2044		2,130,720
	3,195,000	Ford Motor Company		7.45%			07/16/2031		4,229,576
	1,700,000	Frontier Communications Corporation		8.50%			04/15/2020		1,895,500
	2,140,000	Gannett Company, Inc.		4.88%	^		09/15/2021		2,075,800
	2,040,000	Gates Global LLC		6.00%	^		07/15/2022		1,927,800
	4,510,000	General Electric Capital Corporation		2.90%			01/09/2017		4,686,679
	2,905,000	General Motors Financial Company, Inc.		3.00%			09/25/2017		2,937,681
	3,465,000	Gilead Sciences, Inc.		3.70%			04/01/2024		3,546,192
	3,370,000	Glencore Funding LLC		3.13%	^		04/29/2019		3,379,268
	2,110,000	Goldman Sachs Group, Inc.		5.75%			01/24/2022		2,401,619
	1,825,000	Goodyear Tire & Rubber Company		7.00%			05/15/2022		1,964,156
	1,925,000	Gray Television, Inc.		7.50%			10/01/2020		1,977,938
	845,000	H.J. Heinz Company		4.25%			10/15/2020		841,831
	1,765,000	Halliburton Company		6.15%			09/15/2019		2,078,923
	1,910,000	HD Supply, Inc.		7.50%			07/15/2020		1,991,175
	1,910,000	Hexion Finance Corporation		6.63%			04/15/2020		1,929,100
	1,245,000	Hilcorp Energy LP		5.00%	^		12/01/2024		1,199,869
	2,035,000	Icahn Enterprises LP		4.88%			03/15/2019		2,009,563
	2,005,000	Illinois Tool Works, Inc.		3.38%			09/15/2021		2,085,541
	5,205,000	JP Morgan Chase & Company		3.63%			05/13/2024		5,176,523
	1,663,000	Kellogg Company		7.45%			04/01/2031		2,187,419
	2,225,000	Kinder Morgan Energy Partners LP		6.95%			01/15/2038		2,603,470
	3,130,000	Kroger Company		3.40%			04/15/2022		3,143,565
	2,879,000	Liberty Mutual Group, Inc.		6.50%	^		05/01/2042		3,534,183
	1,235,000	Lifepoint Hospitals, Inc.		5.50%			12/01/2021		1,256,613
	1,865,000	Louisiana-Pacific Corporation		7.50%			06/01/2020		1,995,550
	2,395,000	Macy’s Retail Holdings, Inc.		2.88%			02/15/2023		2,290,077
	1,095,000	Manitowoc Company, Inc.		8.50%			11/01/2020		1,182,600
	2,055,000	Mattel, Inc.		2.50%			11/01/2016		2,110,175

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	2,050,000	Memorial Production Partners LP		6.88%	^		08/01/2022		1,968,000
	4,755,000	MetLife, Inc.		4.13%			08/13/2042		4,520,949
	1,845,000	MGM Resorts International		6.63%			12/15/2021		1,955,700
	1,805,000	Milacron LLC		7.75%	^		02/15/2021		1,908,788
	2,360,000	Morgan Stanley		3.75%			02/25/2023		2,361,149
	469,000	MPT Operating Partnership LP		6.38%			02/15/2022		503,003
	3,905,000	National Rural Utilities Cooperative Finance Corporation		10.38%			11/01/2018		5,146,599
	745,000	NCL Corporation Ltd.		5.00%			02/15/2018		756,175
	1,075,000	Oasis Petroleum, Inc.		6.88%			03/15/2022		1,139,500
	1,870,000	ONEOK Partners LP		6.13%			02/01/2041		2,134,246
	1,985,000	Oracle Corporation		1.20%			10/15/2017		1,971,564
	2,250,000	Oracle Corporation		2.38%			01/15/2019		2,281,970
	1,934,000	Phillips 66		5.88%			05/01/2042		2,300,280
	1,782,000	Plains Exploration & Production Company		6.50%			11/15/2020		1,955,959
	1,870,000	Plastipak Holdings, Inc.		6.50%	^		10/01/2021		1,907,400
	330,000	PNC Funding Corporation		4.38%			08/11/2020		360,220
	1,890,000	PNC Funding Corporation		3.30%			03/08/2022		1,903,168
	1,965,000	Post Holdings, Inc.		7.38%			02/15/2022		1,950,263
	2,060,000	Regal Entertainment Group		5.75%			03/15/2022		2,075,450
	2,075,000	Revlon Consumer Products Corporation		5.75%			02/15/2021		2,043,875
	1,840,000	Reynolds Group Issuer LLC		9.00%			04/15/2019		1,925,100
	1,820,000	RR Donnelley & Sons Company		7.88%			03/15/2021		2,006,550
	1,950,000	Safway Group Holding LLC		7.00%	^		05/15/2018		1,993,875
	1,159,000	Sally Holdings LLC		5.75%			06/01/2022		1,187,975
	1,920,000	Sanchez Energy Corporation		6.13%	^		01/15/2023		1,906,176
	1,140,000	SBA Communications Corporation		5.63%			10/01/2019		1,162,800
	4,710,000	Seagate HDD		4.75%	^		01/01/2025		4,710,000
	1,785,000	Select Medical Corporation		6.38%			06/01/2021		1,793,925
	1,141,000	Service Corporation International		5.38%			01/15/2022		1,158,115
	2,000,000	Signode Industrial Group, Inc.		6.38%	^		05/01/2022		1,925,000
	1,792,000	Simon Property Group LP		5.65%			02/01/2020		2,064,665
	1,180,000	Smithfield Foods, Inc.		5.88%	^		08/01/2021		1,197,700
	3,078,000	Southern Power Company		4.88%			07/15/2015		3,184,394
	1,230,000	Southern Star Central Corporation		5.13%	^		07/15/2022		1,226,925
	2,890,000	Southwest Airlines Company		5.13%			03/01/2017		3,121,035
	1,394,000	Spectrum Brands, Inc.		6.63%			11/15/2022		1,470,670
	1,245,000	Steel Dynamics, Inc.		5.13%	^		10/01/2021		1,263,675
	2,410,000	Synchrony Financial		3.00%			08/15/2019		2,418,211
	895,000	Sysco Corporation		1.45%			10/02/2017		896,865
	1,116,000	Terex Corporation		6.00%			05/15/2021		1,166,220
	1,940,000	TransDigm, Inc.		6.00%	^		07/15/2022		1,918,175
	4,765,000	Tyson Foods, Inc.		3.95%			08/15/2024		4,782,826
	1,975,000	Ultra Petroleum Corporation		5.75%	^		12/15/2018		1,994,750
	1,815,000	United Rentals North America, Inc.		7.63%			04/15/2022		1,982,888
	1,880,000	United Technologies Corporation		3.10%			06/01/2022		1,882,145
	2,147,000	Verizon Communications, Inc.		2.63%	^		02/21/2020		2,122,707
	1,740,000	Viking Cruises Ltd.		8.50%	^		10/15/2022		1,900,950
	2,520,000	Waste Management, Inc.		6.13%			11/30/2039		3,128,744
	1,480,000	WCI Communities, Inc.		6.88%			08/15/2021		1,491,100
	305,000	WCI Communities, Inc.		6.88%	^		08/15/2021		307,288
	2,096,000	WellPoint, Inc.		2.30%			07/15/2018		2,103,317
	2,945,000	Wells Fargo & Company		4.60%			04/01/2021		3,229,776
	1,205,000	Wells Fargo & Company		3.50%			03/08/2022		1,232,905
	2,060,000	Wynn Las Vegas LLC		7.75%			08/15/2020		2,196,475
	2,325,000	Xerox Corporation		2.95%			03/15/2017		2,407,849
		Total US Corporate Bonds (Cost $271,818,290)							270,740,240

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 17.1%
		Federal Home Loan Mortgage Corporation,
$	1,924,836	Pool G01840		5.00%			07/01/2035		2,128,658
	1,177,886	Pool G04817		5.00%			09/01/2038		1,296,411
	23,668,324	Pool G08537		3.00%			07/01/2043		23,408,333
	5,227,608	Pool N7-0081		5.50%			07/01/2038		5,868,968
	6,990,099	Pool T60854		3.50%			09/01/2042		7,079,058
	1,267,460	Pool U60299		4.00%			11/01/2040		1,346,298
	134,613	Series 2692-SC		12.98%	# I/F		07/15/2033		162,942
	5,300,000	Series 2722-PS		9.72%	# I/F		12/15/2033		6,313,817
	281,467	Series 2750-ZT		5.00%			02/15/2034		296,768
	503,751	Series 3002-SN		6.35%	# I/F I/O		07/15/2035		97,228
	224,460	Series 3045-DI		6.58%	# I/F I/O		10/15/2035		43,440
	881,615	Series 3116-Z		5.50%			02/15/2036		977,178
	105,507	Series 3117-ZN		4.50%			02/15/2036		113,661
	1,159,906	Series 3203-ZC		5.00%			07/15/2036		1,273,606
	322,967	Series 3275-SC		5.93%	# I/F I/O		02/15/2037		44,659
	2,573,559	Series 3382-SB		5.85%	# I/F I/O		11/15/2037		301,152
	2,052,242	Series 3384-S		6.24%	# I/F I/O		11/15/2037		312,801
	2,543,834	Series 3417-SX		6.03%	# I/F I/O		02/15/2038		278,740
	286,123	Series 3423-GS		5.50%	# I/F I/O		03/15/2038		30,079
	286,123	Series 3423-SG		5.50%	# I/F I/O		03/15/2038		31,980
	386,336	Series 3524-LB		4.97%	#		06/15/2038		395,597
	1,137,943	Series 3562-WS		4.80%	# I/F I/O		08/15/2039		114,665
	681,136	Series 3582-SA		5.85%	# I/F I/O		10/15/2049		90,484
	1,135,580	Series 3606-CS		6.20%	# I/F I/O		12/15/2039		197,227
	615,187	Series 3616-SG		6.20%	# I/F I/O		03/15/2032		95,370
	3,281,924	Series 3626-AZ		5.50%			08/15/2036		3,587,331
	1,127,330	Series 3666-SC		5.62%	# I/F I/O		05/15/2040		149,138
	634,221	Series 3666-VZ		5.50%			08/15/2036		694,835
	205,424	Series 3688-CM		4.00%			07/15/2029		208,636
	50,069	Series 3745-SY		9.69%	# I/F		10/15/2040		49,388
	2,373,723	Series 3779-DZ		4.50%			12/15/2040		2,377,939
	1,400,000	Series 3779-YA		3.50%			12/15/2030		1,434,027
	294,243	Series 3780-YS		9.59%	# I/F		12/15/2040		292,805
	814,926	Series 3786-SG		9.19%	# I/F		01/15/2041		815,994
	2,315,371	Series 3795-VZ		4.00%			01/15/2041		2,335,776
	114,501	Series 3798-SD		9.29%	# I/F		12/15/2040		116,088
	59,906	Series 3805-KS		9.19%	# I/F		02/15/2041		57,873
	1,825,946	Series 3806-CZ		5.50%			07/15/2034		2,056,842
	1,156,635	Series 3808-DB		3.50%			02/15/2031		1,161,152
	4,680,944	Series 3818-CZ		4.50%			03/15/2041		4,944,558
	2,405,267	Series 3819-ZU		5.50%			07/15/2034		2,651,055
	3,736,782	Series 3824-EY		3.50%			03/15/2031		3,839,715
	251,282	Series 3828-SW		12.74%	# I/F		02/15/2041		274,129
	3,911,049	Series 3863-ZA		5.50%			08/15/2034		4,314,882
	3,404,399	Series 3888-ZG		4.00%			07/15/2041		3,594,434
	2,535,069	Series 3910-GZ		5.00%			08/15/2041		2,754,667
	19,113,568	Series 3967-ZP		4.00%			09/15/2041		19,314,385
	5,504,400	Series 3972-AZ		3.50%			12/15/2041		5,228,038
	21,880,211	Series 4057-ZA		4.00%			06/15/2042		21,943,937
	8,035,552	Series 4096-DZ		3.50%			08/15/2042		7,362,172
	16,366,754	Series 4291-MS		5.75%	# I/F I/O		01/15/2054		2,550,268
	28,737,676	Series 4377-A		3.00%			06/15/2039		29,489,841
	20,000,000	Series 4391-MA		3.00%			07/15/2040		20,275,000
	1,189,246	Series R003-ZA		5.50%			10/15/2035		1,320,104
		Federal National Mortgage Association,
	160,951	Series 2003-117-KS		6.95%	# I/F I/O		08/25/2033		15,983
	500,000	Series 2003-W17-1A7		5.75%			08/25/2033		540,926
	5,000,000	Series 2005-20-QH		5.00%			03/25/2035		5,401,133
	935,547	Series 2006-101-SA		6.43%	# I/F I/O		10/25/2036		159,041
	436,943	Series 2006-56-SM		6.60%	# I/F I/O		07/25/2036		72,686
	355,870	Series 2007-116-BI		6.10%	# I/F I/O		05/25/2037		41,725
	3,855,471	Series 2007-30-FS		29.11%	# I/F		04/25/2037		6,435,746
	1,499,134	Series 2007-30-OI		6.29%	# I/F I/O		04/25/2037		273,911
	308,157	Series 2008-29-ZA		4.50%			04/25/2038		328,751
	332,096	Series 2008-62-SC		5.85%	# I/F I/O		07/25/2038		46,855
	2,399,828	Series 2009-111-EZ		5.00%			01/25/2040		2,565,191
	129,520	Series 2009-111-SE		6.10%	# I/F I/O		01/25/2040		16,219
	214,223	Series 2009-16-MZ		5.00%			03/25/2029		231,462
	335,474	Series 2009-48-WS		5.80%	# I/F I/O		07/25/2039		45,766
	1,862,438	Series 2009-62-PS		5.95%	# I/F I/O		08/25/2039		245,884
	3,337,191	Series 2009-77-ZA		4.50%			10/25/2039		3,606,047
	1,045,851	Series 2009-83-Z		4.50%			10/25/2039		1,105,351
	319,291	Series 2010-101-ZH		4.50%			07/25/2040		343,876

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 35

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
$	55,491	Series 2010-109-BS		53.30%	# I/F		10/25/2040		213,471
	1,620,842	Series 2010-112-ZA		4.00%			10/25/2040		1,693,062
	657,020	Series 2010-121-SD		4.35%	# I/F I/O		10/25/2040		64,178
	29,336	Series 2010-137-VS		14.54%	# I/F		12/25/2040		40,725
	2,323,089	Series 2010-150-ZA		4.00%			01/25/2041		2,336,729
	370,753	Series 2010-31-SA		4.85%	# I/F I/O		04/25/2040		36,845
	304,255	Series 2010-34-PS		4.78%	# I/F I/O		04/25/2040		30,653
	445,973	Series 2010-35-SP		6.20%	# I/F I/O		04/25/2050		63,378
	237,691	Series 2010-35-SV		6.30%	# I/F I/O		04/25/2040		30,444
	7,972,574	Series 2010-37-MY		4.50%			04/25/2040		8,469,006
	596,579	Series 2010-59-PS		6.30%	# I/F I/O		03/25/2039		73,963
	638,851	Series 2010-59-SC		4.85%	# I/F I/O		01/25/2040		70,369
	4,341,670	Series 2010-60-VZ		5.00%			10/25/2039		4,579,741
	372,411	Series 2010-64-EZ		5.00%			06/25/2040		407,537
	1,863,844	Series 2010-7-PE		5.00%			02/25/2040		1,995,450
	798,958	Series 2010-90-GS		5.85%	# I/F I/O		08/25/2040		105,105
	57,791	Series 2010-99-SG		24.23%	# I/F		09/25/2040		93,942
	6,800,328	Series 2011-141-PZ		4.00%			01/25/2042		6,951,679
	14,538,376	Series 2011-18-UZ		4.00%			03/25/2041		14,517,492
	1,533,918	Series 2011-25-KY		3.00%			04/25/2026		1,533,842
	1,000,000	Series 2011-29-AL		3.50%			04/25/2031		992,317
	3,829,578	Series 2011-59-MA		4.50%			07/25/2041		4,096,377
	10,247,240	Series 2011-63-ZE		4.00%			08/25/2038		10,744,759
	423,801	Series 2011-88-SB		8.99%	# I/F		09/25/2041		424,960
	19,810,878	Series 2014-55-MA		3.00%			10/25/2039		20,293,253
	903,091	Series 400-S4		5.30%	# I/F I/O		11/25/2039		117,327
		Federal National Mortgage Association Pass-Thru,
	376,588	Pool 555743		5.00%			09/01/2033		416,603
	318,790	Pool 735382		5.00%			04/01/2035		352,611
	2,491,558	Pool 735383		5.00%			04/01/2035		2,756,374
	1,320,053	Pool 735402		5.00%			04/01/2035		1,459,917
	1,918,139	Pool 735484		5.00%			05/01/2035		2,122,205
	370,874	Pool 931104		5.00%			05/01/2039		410,703
	2,262,460	Pool 995112		5.50%			07/01/2036		2,535,621
	2,144,658	Pool 995203		5.00%			07/01/2035		2,372,650
	1,755,362	Pool AB2123		4.00%			01/01/2031		1,877,496
	139,581	Pool AB2370		4.50%			09/01/2035		148,186
	68,714	Pool AC1032		5.00%			06/01/2040		74,812
	44,933	Pool AD2177		4.50%			06/01/2030		48,937
	2,824,410	Pool AH7309		4.00%			02/01/2031		3,020,726
	1,510,057	Pool MA0264		4.50%			12/01/2029		1,644,215
	184,806	Pool MA0282		5.00%			12/01/2039		207,315
	1,136,154	Pool MA0353		4.50%			03/01/2030		1,243,395
	90,892	Pool MA0468		5.00%			07/01/2040		98,024
		Government National Mortgage Association,
	1,413,509	Pool 752494-SF		5.50%			09/20/2039		1,570,362
	271,875	Series 2003-67-SP		6.95%	# I/F I/O		08/20/2033		84,217
	374,446	Series 2008-82-SM		5.90%	# I/F I/O		09/20/2038		52,330
	5,191,835	Series 2009-32-ZE		4.50%			05/16/2039		5,604,464
	4,447,375	Series 2009-35-DZ		4.50%			05/20/2039		4,786,872
	4,381,285	Series 2009-75-GZ		4.50%			09/20/2039		4,659,059
	5,133,435	Series 2009-75-HZ		5.00%			09/20/2039		5,721,950
	108,971	Series 2010-25-ZB		4.50%			02/16/2040		123,149
	7,021,416	Series 2011-45-GZ		4.50%			03/20/2041		7,423,448
	8,390,271	Series 2011-70-WS		9.39%	# I/F		12/20/2040		9,143,362
	11,615,083	Series 2011-71-ZA		4.50%			02/20/2041		12,484,745
		Total US Government / Agency Mortgage Backed Obligations (Cost $360,333,619)							371,391,034
	US GOVERNMENT BONDS AND NOTES 17.1%
	56,800,000	United States Treasury Bonds		3.63%			02/15/2044		61,397,278
	26,800,000	United States Treasury Notes		0.25%			10/31/2014		26,805,762
	55,000,000	United States Treasury Notes		0.25%			01/31/2015		55,040,810
	10,600,000	United States Treasury Notes		0.25%			03/31/2015		10,610,971
	41,200,000	United States Treasury Notes		1.00%			06/30/2019		39,780,536

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	57,050,000	United States Treasury Notes		1.00%			08/31/2019		54,908,400
	55,050,000	United States Treasury Notes		1.88%			06/30/2020		54,748,932
	52,700,000	United States Treasury Notes		1.63%			08/15/2022		50,050,613
	18,000,000	United States Treasury Notes		2.75%			11/15/2023		18,452,808
		Total US Government Bonds and Notes (Cost $369,570,889)							371,796,110
	AFFILIATED MUTUAL FUNDS 5.2% (a)
	11,277,670	DoubleLine Floating Rate Fund							113,002,257
		Total Affiliated Mutual Funds (Cost $113,628,896)							113,002,257
	SHORT TERM INVESTMENTS 6.3%
	45,390,325	BlackRock Institutional Liquidity Funds FedFund Portfolio		0.01%	¨				45,390,325
	45,390,325	Fidelity Institutional Government Portfolio		0.01%	¨				45,390,325
	45,390,325	Morgan Stanley Institutional Liquidity Fund Government Portfolio		0.04%	¨				45,390,325
		Total Short Term Investments (Cost $136,170,975)							136,170,975
		Total Investments 98.8% (Cost $2,116,213,286)							2,142,167,672
		Other Assets in Excess of Liabilities 1.2%							26,970,035
		NET ASSETS 100.0%						$	2,169,137,707

SECURITY TYPE BREAKDOWN as a % of Net Assets
US Government Bonds and Notes	17.1%
US Government / Agency Mortgage Backed Obligations	17.1%
Foreign Corporate Bonds	16.8%
US Corporate Bonds	12.5%
Non-Agency Residential Collateralized Mortgage Obligations	11.9%
Non-Agency Commercial Mortgage Backed Obligations	7.1%
Short Term Investments	6.3%
Affiliated Mutual Funds	5.2%
Collateralized Loan Obligations	4.4%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.4%
Other Assets and Liabilities	1.2%
	100.0%

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

(Unaudited)

September 30, 2014

COUNTRY BREAKDOWN as a % of Net Assets
United States	81.6%
Mexico	2.6%
Colombia	2.3%
Peru	2.3%
Brazil	2.2%
Guatemala	1.4%
Chile	1.3%
Costa Rica	0.5%
Jamaica	0.4%
Canada	0.4%
Paraguay	0.4%
United Kingdom	0.4%
India	0.4%
Israel	0.3%
Dominican Republic	0.3%
Barbados	0.3%
Supranational	0.2%
Australia	0.2%
South Korea	0.2%
Netherlands	0.2%
Qatar	0.2%
Singapore	0.1%
France	0.1%
Panama	0.1%
Morocco	0.1%
Indonesia	0.1%
Luxembourg	0.1%
El Salvador	0.1%
Other Assets and Liabilities	1.2%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets
US Government Bonds and Notes	17.1%
US Government / Agency Mortgage Backed Obligations	17.1%
Non-Agency Residential Collateralized Mortgage Obligations	11.9%
Non-Agency Commercial Mortgage Backed Obligations	7.1%
Short Term Investments	6.3%
Affiliated Mutual Funds	5.2%
Banking	4.7%
Collateralized Loan Obligations	4.4%
Telecommunications	3.0%
Oil & Gas	2.8%
Utilities	1.5%
Chemicals/Plastics	1.5%
Consumer Products	1.5%
Building and Development	1.4%
Mining	1.4%
Finance	1.1%
Business Equipment and Services	0.9%
Media	0.8%
Transportation	0.8%
Healthcare	0.8%
Financial Intermediaries	0.8%
Automotive	0.7%
Food Products	0.5%
Food/Drug Retailers	0.5%
Real Estate	0.4%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.4%
Construction	0.4%
Energy	0.4%
Insurance	0.4%
Beverage and Tobacco	0.3%
Industrial	0.3%
Conglomerates	0.3%
Hotels/Motels/Inns and Casinos	0.3%
Leisure	0.3%
Retailers (other than Food/Drug)	0.3%
Software	0.2%
Pharmaceuticals	0.2%
Machinery and Tools	0.2%
Environmental Control	0.1%
Air Transport	0.1%
Electronics/Electric	0.1%
Cosmetics/Toiletries	0.1%
Containers and Glass Products	0.1%
Pulp & Paper	0.1%
Other Assets and Liabilities	1.2%
	100.0%

# Variable rate security. Rate disclosed as of September 30, 2014.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2014, the value of these securities amounted to $379,300,858 or 17.5% of net assets.

† Perpetual Maturity

I/O Interest only security

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

(a) Institutional class shares held

¨ Seven-day yield as of September 30, 2014

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 37

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) (Unaudited) September 30, 2014

Investments in Affiliates

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

A summary of DoubleLine Core Fixed Income Fund’s investments in affiliated mutual funds for the period ended September 30, 2014 is as follows:

Fund	Value at March 31, 2014		Gross Purchases		Gross Sales		Shares Held at September 30, 2014		Value at September 30, 2014		Dividend Income Earned in the Period Ended September 30, 2014		Net Realized Gain (Loss) in the Period Ended September 30, 2014
DoubleLine Floating Rate Fund	$	104,358,793	$	10,000,000	$	—		11,277,670	$	113,002,257	$	1,702,013	$	—

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

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 98.9%
	BARBADOS 1.9%
$	4,200,000	Columbus International, Inc.		7.38%	^		03/30/2021		4,383,750
	7,800,000	Columbus International, Inc.		7.38%			03/30/2021		8,141,250
									12,525,000
	BRAZIL 15.4%
	10,000,000	Banco do Brasil S.A.		9.00%	#^†		06/18/2024		9,751,000
	1,300,000	BR Malls International Finance Ltd.		8.50%	†		01/21/2016		1,359,319
	2,700,000	Braskem America Finance Company		7.13%			07/22/2041		2,686,500
	2,500,000	Braskem Finance Ltd.		7.38%	†		10/04/2015		2,506,250
	2,000,000	Braskem Finance Ltd.		6.45%			02/03/2024		2,085,000
	4,500,000	CIMPOR Financial Operations B.V.		5.75%	^		07/17/2024		4,365,000
	1,000,000	Cosan Luxembourg S.A.		5.00%	^		03/14/2023		962,500
	2,000,000	Cosan Luxembourg S.A.		5.00%			03/14/2023		1,925,000
	8,600,000	ESAL GmbH		6.25%	^		02/05/2023		8,385,000
	2,000,000	ESAL GmbH		6.25%			02/05/2023		1,950,000
	3,400,000	Gol LuxCo S.A.		8.88%	^		01/24/2022		3,350,700
	5,000,000	GTL Trade Finance, Inc.		5.89%	^		04/29/2024		5,068,050
	3,000,000	JBS Investments GmbH		7.25%	^		04/03/2024		3,067,500
	4,000,000	Klabin Finance S.A.		5.25%	^		07/16/2024		3,921,200
	6,575,000	Magnesita Finance Ltd.		8.63%	†		04/05/2017		6,575,000
	11,000,000	Marfrig Holdings B.V.		6.88%	^		06/24/2019		10,730,500
	7,600,000	Minerva Luxembourg S.A.		8.75%	#^†		04/03/2019		7,771,000
	3,050,000	Minerva Luxembourg S.A.		7.75%	^		01/31/2023		3,112,525
	500,000	Minerva Luxembourg S.A.		7.75%			01/31/2023		510,250
	11,000,000	OAS Financial Ltd.		8.88%	#^†		04/25/2018		10,309,200
	4,500,000	Odebrecht Finance Ltd.		7.50%	†		09/14/2015		4,567,500
	4,900,000	Odebrecht Finance Ltd.		7.13%			06/26/2042		5,272,400
	1,000,000	Rio Oil Finance Trust		6.25%	^		07/06/2024		1,033,014
									101,264,408
	CHILE 8.9%
	11,000,000	Cencosud S.A.		4.88%	^		01/20/2023		11,012,034
	526,000	CFR International S.A.		5.13%			12/06/2022		567,313
	8,200,000	CorpGroup Banking S.A.		6.75%	^		03/15/2023		8,226,617
	13,500,000	ENTEL Chile S.A.		4.75%	^		08/01/2026		13,527,891
	6,400,000	GNL Quintero S.A.		4.63%	^		07/31/2029		6,393,638
	6,500,000	SUAM Finance B.V.		4.88%	^		04/17/2024		6,630,000
	1,500,000	SUAM Finance B.V.		4.88%			04/17/2024		1,530,000
	10,000,000	VTR Finance B.V.		6.88%			01/15/2024		10,375,000
									58,262,493
	COLOMBIA 14.1%
	5,100,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		5,431,500
	4,900,000	Avianca Holdings S.A.		8.38%			05/10/2020		5,218,500
	4,000,000	Banco Davivienda S.A.		5.88%			07/09/2022		4,020,000
	4,000,000	Banco de Bogota S.A.		5.38%	^		02/19/2023		4,110,000
	1,000,000	Banco de Bogota S.A.		5.38%			02/19/2023		1,027,500
	5,000,000	Banco GNB Sudameris S.A.		7.50%			07/30/2022		5,450,000
	5,000,000	Bancolombia S.A.		6.13%			07/26/2020		5,400,000
	2,000,000	Bancolombia S.A.		5.13%			09/11/2022		2,018,000
	5,400,000	Ecopetrol S.A.		4.13%			01/16/2025		5,238,000
	500,000	Ecopetrol S.A.		5.88%			05/28/2045		508,750
	9,000,000	Grupo Aval Ltd.		4.75%	^		09/26/2022		8,932,500
	6,000,000	Grupo Aval Ltd.		4.75%			09/26/2022		5,955,000
	600,000	Gruposura Finance S.A.		5.70%			05/18/2021		651,000
	500,000	GrupoSura Finance S.A.		5.70%			05/18/2021		542,500
	11,500,000	Millicom International Cellular S.A.		4.75%			05/22/2020		11,011,250
	317,000	Millicom International Cellular S.A.		6.63%	^		10/15/2021		330,472

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	9,400,000	Millicom International Cellular S.A.		6.63%			10/15/2021		9,799,500
	14,600,000	Pacific Rubiales Energy Corporation		5.13%			03/28/2023		14,020,380
	2,000,000	Pacific Rubiales Energy Corporation		5.63%	^		01/19/2025		1,926,900
	500,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		528,750
									92,120,502
	COSTA RICA 4.4%
	7,000,000	Banco de Costa Rica		5.25%			08/12/2018		7,157,500
	10,000,000	Banco Nacional de Costa Rica		6.25%			11/01/2023		10,075,000
	6,000,000	Instituto Costarricense de Electricidad		6.95%	^		11/10/2021		6,390,000
	4,775,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		5,085,375
									28,707,875
	DOMINICAN REPUBLIC 2.7%
	1,300,000	Aeropuertos Dominicanos		9.75%	#^		11/13/2019		1,267,500
	2,700,000	Aeropuertos Dominicanos		9.75%	#		11/13/2019		2,632,500
	1,600,000	AES Andres Dominicana Ltd.		9.50%	^		11/12/2020		1,718,000
	11,463,000	AES Andres Dominicana Ltd.		9.50%			11/12/2020		12,308,396
									17,926,396
	EL SALVADOR 0.9%
	6,200,000	AES El Salvador Trust		6.75%			03/28/2023		6,011,396
									6,011,396
	GUATEMALA 10.4%
	9,000,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		9,371,250
	6,545,000	Agromercantil Senior Trust		6.25%			04/10/2019		6,814,981
	2,500,000	Bantrab Senior Trust		9.00%			11/14/2020		2,653,125
	600,000	Cementos Progreso Trust		7.13%	^		11/06/2023		645,300
	10,000,000	Cementos Progreso Trust		7.13%			11/06/2023		10,755,000
	6,000,000	Central American Bottling Corporation		6.75%			02/09/2022		6,510,000
	9,000,000	Comcel Trust		6.88%	^		02/06/2024		9,517,500
	5,500,000	Comcel Trust		6.88%			02/06/2024		5,816,250
	5,900,000	Industrial Senior Trust		5.50%	^		11/01/2022		5,855,750
	10,133,000	Industrial Senior Trust		5.50%			11/01/2022		10,057,003
									67,996,159
	INDIA 2.3%
	4,000,000	Reliance Industries Ltd.		5.88%	†		02/05/2018		3,935,000
	500,000	Reliance Industries Ltd.		8.25%			01/15/2027		647,756
	5,400,000	Vedanta Resources PLC		8.25%			06/07/2021		5,977,125
	4,400,000	Vedanta Resources PLC		7.13%	^		05/31/2023		4,526,500
									15,086,381
	ISRAEL 1.6%
	6,140,000	B Communications Ltd.		7.38%	^		02/15/2021		6,562,125
	4,000,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		4,086,904
									10,649,029
	JAMAICA 2.4%
	500,000	Digicel Ltd.		7.00%			02/15/2020		517,500
	7,500,000	Digicel Ltd.		7.13%	^		04/01/2022		7,503,750
	7,677,000	Digicel Ltd.		7.13%			04/01/2022		7,680,839
									15,702,089

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 39

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	MEXICO 14.9%
$	2,000,000	Banco Inbursa S.A.		4.13%	^		06/06/2024		1,940,000
	500,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		522,500
	1,900,000	Cemex Finance LLC		6.00%			04/01/2024		1,899,430
	9,000,000	Cemex S.A.B. de C.V.		5.70%	^		01/11/2025		8,694,000
	3,000,000	Credito Real S.A.B. de C.V.		7.50%	^		03/13/2019		3,217,500
	10,800,000	Fermaca Enterprises S. de R.L. de C.V.		6.38%	^		03/30/2038		11,367,000
	5,800,000	Fresnillo PLC		5.50%	^		11/13/2023		6,059,260
	3,000,000	Fresnillo PLC		5.50%			11/13/2023		3,134,100
	3,700,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		4,014,500
	1,200,000	Grupo Elektra S.A.B. de C.V.		7.25%			08/06/2018		1,257,000
	8,500,000	Grupo Idesa S.A. de C.V.		7.88%	^		12/18/2020		9,095,000
	5,000,000	Grupo KUO S.A.B. de C.V.		6.25%	^		12/04/2022		5,139,750
	6,700,000	Grupo KUO S.A.B. de C.V.		6.25%			12/04/2022		6,887,265
	5,500,000	Metalsa S.A. de C.V.		4.90%			04/24/2023		5,362,500
	4,500,000	Mexichem S.A.B. de C.V.		6.75%			09/19/2042		4,828,500
	1,900,000	Mexichem S.A.B. de C.V.		5.88%	^		09/17/2044		1,866,750
	9,453,000	Mexico Generadora de Energia		5.50%			12/06/2032		9,476,632
	500,000	Office Depot de Mexico S.A. de C.V.		6.88%			09/20/2020		537,500
	8,000,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		8,540,000
	3,400,000	Unifin Financiera S.A.P.I. de C.V.		6.25%	^		07/22/2019		3,323,500
									97,162,687
	MOROCCO 0.1%
	500,000	Office Cherifien des Phosphates		5.63%	^		04/25/2024		521,350
									521,350
	PANAMA 1.3%
	2,750,000	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		2,829,750
	5,283,415	ENA Norte Trust		4.95%			04/25/2023		5,467,965
									8,297,715
	PARAGUAY 1.4%
	900,000	Banco Regional SAECA		8.13%	^		01/24/2019		990,000
	6,940,000	Banco Regional SAECA		8.13%			01/24/2019		7,634,000
	400,000	Telefonica Celular del Paraguay S.A.		6.75%	^		12/13/2022		416,200
	300,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		312,150
									9,352,350
	PERU 14.6%
	3,100,000	Abengoa Transmision Sur S.A.		6.88%	^		04/30/2043		3,456,500
	3,600,000	Abengoa Transmision Sur S.A.		6.88%			04/30/2043		4,014,000
	3,900,000	Ajecorp B.V.		6.50%			05/14/2022		3,570,450
	2,000,000	Banco de Credito del Peru		6.13%	#		04/24/2027		2,145,000
	4,000,000	Banco International del Peru S.A.A.		6.63%	#^		03/19/2029		4,360,000
	3,000,000	Banco International del Peru S.A.A.		6.63%	#		03/19/2029		3,270,000
	3,508,000	Banco International del Peru S.A.A.		8.50%	#		04/23/2070		3,986,842
	3,000,000	Camposol S.A.		9.88%	^		02/02/2017		3,165,000
	2,818,000	Camposol S.A.		9.88%			02/02/2017		2,972,990
	4,000,000	Cia Minera Milpo S.A.A.		4.63%	^		03/28/2023		3,990,000
	500,000	Compania Minera Ares S.A.C.		7.75%			01/23/2021		528,900
	5,600,000	Corporacion Azucarera del Peru S.A.		6.38%			08/02/2022		5,180,000
	6,000,000	Corporacion Financiera de Desarrollo S.A.		5.25%	#^		07/15/2029		6,097,500

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	1,700,000	Corporacion Pesquera Inca S.A.C.		9.00%	^		02/10/2017		1,683,000
	6,205,000	Corporacion Pesquera Inca S.A.C.		9.00%			02/10/2017		6,142,950
	2,000,000	Ferreycorp S.A.A.		4.88%	^		04/26/2020		1,990,000
	2,090,951	IIRSA Norte Finance Ltd.		8.75%			05/30/2024		2,488,232
	1,500,000	InRetail Shopping Malls		6.50%	^		07/09/2021		1,571,250
	3,500,000	InRetail Shopping Malls		6.50%			07/09/2021		3,666,250
	2,000,000	Maestro Peru S.A.		6.75%			09/26/2019		2,171,900
	5,400,000	Minsur S.A.		6.25%	^		02/07/2024		5,942,700
	4,100,000	Pesquera Exalmar S.A.A.		7.38%	^		01/31/2020		3,782,250
	2,730,000	Pesquera Exalmar S.A.A.		7.38%			01/31/2020		2,518,425
	5,000,000	Scotiabank Peru S.A.		4.50%	#		12/13/2027		4,825,000
	4,000,000	Southern Copper Corporation		6.75%			04/16/2040		4,486,720
	7,000,000	Southern Copper Corporation		5.25%			11/08/2042		6,649,020
	500,000	Volcan Cia Minera S.A.A.		5.38%			02/02/2022		496,250
									95,151,129
	QATAR 1.4%
	3,341,000	Nakilat, Inc.		6.07%			12/31/2033		3,804,564
	4,621,577	Nakilat, Inc.		6.27%			12/31/2033		5,245,490
									9,050,054
	SINGAPORE 0.2%
	500,000	Oversea-Chinese Banking Corporation		4.00%	#^		10/15/2024		505,667
	500,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		504,465
									1,010,132
		Total Foreign Corporate Bonds (Cost $637,834,146)							646,797,145
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 0.1%
	COSTA RICA 0.1%
	500,000	Costa Rica Government International Bond		7.00%	^		04/04/2044		503,750
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $500,000)							503,750
	SHORT TERM INVESTMENTS 0.0%
	13,649	BlackRock Institutional Liquidity Funds FedFund Portfolio		0.01%	¨				13,649
	13,650	Fidelity Institutional Government Portfolio		0.01%	¨				13,650
	13,649	Morgan Stanley Institutional Liquidity Fund Government Portfolio		0.04%	¨				13,649
		Total Short Term Investments (Cost $40,948)							40,948
		Total Investments 99.0% (Cost $638,375,094)							647,341,843
		Other Assets in Excess of Liabilities 1.0%							6,222,669
		NET ASSETS 100.0%						$	653,564,512

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

(Unaudited)

September 30, 2014

COUNTRY BREAKDOWN as a % of Net Assets
Brazil	15.4%
Mexico	14.9%
Peru	14.6%
Colombia	14.1%
Guatemala	10.4%
Chile	8.9%
Costa Rica	4.5%
Dominican Republic	2.7%
Jamaica	2.4%
India	2.3%
Barbados	1.9%
Israel	1.6%
Paraguay	1.4%
Qatar	1.4%
Panama	1.3%
El Salvador	0.9%
Singapore	0.2%
Morocco	0.1%
United States	0.0%	~
Other Assets and Liabilities	1.0%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets
Banking	18.4%
Telecommunications	14.7%
Consumer Products	9.3%
Utilities	8.9%
Oil & Gas	7.3%
Building and Development	6.4%
Mining	6.4%
Finance	6.0%
Transportation	4.4%
Chemicals/Plastics	4.3%
Construction	3.1%
Conglomerates	1.8%
Food/Drug Retailers	1.7%
Beverage and Tobacco	1.5%
Media	1.3%
Real Estate	1.0%
Automotive	0.8%
Retailers (other than Food/Drug)	0.6%
Pulp & Paper	0.6%
Industrial	0.3%
Pharmaceuticals	0.1%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.1%
Short Term Investments	0.0%	~
Other Assets and Liabilities	1.0%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2014, the value of these securities amounted to $289,854,997 or 44.3% of net assets.

† Perpetual Maturity

# Variable rate security. Rate disclosed as of September 30, 2014.

¨ Seven-day yield as of September 30, 2014

~ Represents less than 0.05% of net assets

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 41

Schedule of Investments (Consolidated)  DoubleLine Multi-Asset Growth Fund (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLLATERALIZED LOAN OBLIGATIONS 5.3%
		Brookside Mill Ltd.,
$	1,000,000	Series 2013-1A-E		4.63%	#^		04/17/2025		893,485
	1,000,000	Series 2013-1A-SUB		18.44%	#^@		04/17/2025		982,165
		Cent Ltd.,
	1,000,000	Series 2013-18A-D		3.68%	#^		07/23/2025		948,892
	1,000,000	Series 2013-18A-E		4.83%	#^		07/23/2025		900,371
	1,000,000	Series 2013-18A-SUB		19.57%	#^@		07/23/2025		895,027
	500,000	Series 2014-22A-C		3.98%	#^		11/07/2026		477,100
		Madison Park Funding Ltd.,
	500,000	Series 2014-13A-D		3.58%	#^		01/19/2025		476,344
		Octagon Investment Partners Ltd.,
	500,000	Series 2014-1A-C		3.88%	#^		11/14/2026		478,780
	500,000	Series 2014-1A-D		6.83%	#^		11/14/2026		495,310
		OZLM Funding Ltd.,
	500,000	Series 2013-5A-A1		1.73%	#^		01/17/2026		500,081
		Total Collateralized Loan Obligations (Cost $7,166,532)							7,047,555
	FOREIGN CORPORATE BONDS 2.6%
	3,500,000	Petroleos de Venezuela S.A.		4.90%			10/28/2014		3,438,750
		Total Foreign Corporate Bonds (Cost $3,450,040)							3,438,750
	MUNICIPAL BONDS 1.7%
	2,500,000	Commonwealth of Puerto Rico		8.00%			07/01/2035		2,206,250
		Total Municipal Bonds (Cost $2,255,768)							2,206,250
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 8.9%
		Adjustable Rate Mortgage Trust,
	335,160	Series 2006-1-2A1		3.02%	#		03/25/2036		260,183
		Banc of America Alternative Loan Trust,
	596,275	Series 2006-7-A4		6.00%	#		10/25/2036		410,252
		BCAP LLC Trust,
	61,768	Series 2007-AA2-2A5		6.00%			04/25/2037		53,789
	2,673,259	Series 2009-RR4-1A2		3.16%	#^		06/26/2037		1,329,598
	75,535	Series 2010-RR6-1A20		5.56%	#^		08/26/2022		76,020
		ChaseFlex Trust,
	327,520	Series 2007-M1-2F4		4.81%	#		08/25/2037		267,535
		Citicorp Mortgage Securities, Inc.,
	105,564	Series 2007-2-3A1		5.50%			02/25/2037		105,575
		Citicorp Mortgage Loan Trust, Inc.,
	357,888	Series 2009-7-2A2		5.50%	^		10/25/2021		353,763
		CitiMortgage Alternative Loan Trust,
	394,477	Series 2007-A6-1A11		6.00%			06/25/2037		334,386
		Countrywide Alternative Loan Trust,
	144,077	Series 2006-32CB-A16		5.50%			11/25/2036		128,684
	850,858	Series 2006-J1-2A1		7.00%			02/25/2036		365,412
	31,057	Series 2007-17CB-1A10		29.19%	# I/F		08/25/2037		49,439
	21,959	Series 2007-21CB-2A2		27.78%	# I/F		09/25/2037		34,117
		Countrywide Home Loans,
	375,426	Series 2007-10-A5		6.00%			07/25/2037		348,528
	20,148	Series 2007-4-1A5		6.50%			05/25/2037		19,437
		Credit Suisse First Boston Mortgage Securities Corporation,
	244,902	Series 2005-8-1A3		5.25%			09/25/2035		240,456
		Credit Suisse Mortgage Capital Certificates,
	52,168	Series 2006-9-4A1		6.00%			11/25/2036		51,021
	433,586	Series 2010-7R-4A17		6.52%	#^		04/26/2037		398,710
		Deutsche Mortgage Securities, Inc.,
	226,624	Series 2006-PR1-3A1		11.91%	#^ I/F		04/15/2036		269,912
	352,534	Series 2006-PR1-5AI4		11.91%	#^ I/F		04/15/2036		416,557

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		First Horizon Alternative Mortgage Securities,
$	81,140	Series 2007-FA2-1A3		6.00%			04/25/2037		63,206
		GSAA Home Equity Trust,
	1,000,000	Series 2006-15-AF3B		5.93%	#		09/25/2036		251,203
		GSR Mortgage Loan Trust,
	214,160	Series 2006-2F-2A20		10.95%	# I/F		02/25/2036		221,980
		JP Morgan Alternative Loan Trust,
	49,219	Series 2005-S1-2A11		6.00%			12/25/2035		44,962
	742,005	Series 2006-S1-1A3		5.50%			03/25/2036		655,067
		JP Morgan Mortgage Acquisition Corporation,
	192,240	Series 2006-CH2-AF3		5.16%	#		10/25/2036		157,096
		Lavender Trust,
	297,000	Series 2010-R12A-A3		6.00%	^		06/26/2037		305,609
		Lehman Mortgage Trust,
	116,956	Series 2006-4-1A3		5.25%	# I/F I/O		08/25/2036		15,819
	7,309	Series 2006-4-1A4		6.00%			08/25/2036		6,213
	71,413	Series 2007-5-11A1		5.53%	#		06/25/2037		52,822
		Lehman XS Trust,
	303,650	Series 2005-1-3A3A		5.11%	#		07/25/2035		276,628
		Long Beach Mortgage Loan Trust,
	310,531	Series 2005-WL2-M1		0.62%	#		08/25/2035		308,220
		MASTR Resecuritization Trust,
	436,932	Series 2008-4-A1		6.00%	#^		06/27/2036		389,968
		Morgan Stanley Mortgage Loan Trust,
	389,030	Series 2007-13-6A1		6.00%			10/25/2037		322,638
		Residential Accredit Loans, Inc.,
	333,511	Series 2006-QS10-A9		6.50%			08/25/2036		292,157
	6,062	Series 2006-QS13-1A8		6.00%			09/25/2036		4,836
	345,413	Series 2006-QS2-1A4		5.50%			02/25/2036		290,619
	68,112	Series 2006-QS7-A4		0.55%	#		06/25/2036		43,957
	204,337	Series 2006-QS7-A5		5.45%	# I/F I/O		06/25/2036		34,787
	130,615	Series 2006-QS8-A4		0.60%	#		08/25/2036		82,579
	391,846	Series 2006-QS8-A5		5.40%	# I/F I/O		08/25/2036		67,338
		Residential Asset Mortgage Products, Inc.,
	405,192	Series 2004-RS2-MII1		1.02%	#		02/25/2034		388,938
	705	Series 2004-RS9-AI4		4.77%	#		10/25/2032		740
		Residential Asset Securitization Trust,
	35,000	Series 2005-A12-A12		5.50%			11/25/2035		32,613
	772,221	Series 2006-A16-1A3		6.00%			02/25/2037		617,965
	578,724	Series 2007-A1-A8		6.00%			03/25/2037		447,683
	584,916	Series 2007-A5-2A5		6.00%			05/25/2037		525,225
		Washington Mutual Mortgage Pass-Through Certificates,
	360,693	Series 2006-8-A6		4.90%	#		10/25/2036		259,098
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $10,841,376)							11,673,340
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 4.2%
		Federal Home Loan Mortgage Corporation,
	107,805	Series 3261-SA		6.28%	# I/F I/O		01/15/2037		18,233
	116,318	Series 3317-DS		14.62%	# I/F		05/15/2037		143,398
	223,219	Series 3355-BI		5.90%	# I/F I/O		08/15/2037		34,535
	192,398	Series 3384-S		6.24%	# I/F I/O		11/15/2037		29,325
	383,241	Series 3384-SG		6.16%	# I/F I/O		08/15/2036		56,658
	236,636	Series 3417-SX		6.03%	# I/F I/O		02/15/2038		25,929
	357,653	Series 3423-GS		5.50%	# I/F I/O		03/15/2038		37,599
	3,612,206	Series 3423-TG		0.35%	# I/F I/O		03/15/2038		37,143
	415,376	Series 3500-SA		5.37%	# I/F I/O		01/15/2039		49,785
	489,538	Series 3523-SM		5.85%	# I/F I/O		04/15/2039		70,086
	113,794	Series 3562-WS		4.80%	# I/F I/O		08/15/2039		11,466
	529,662	Series 3728-SV		4.30%	# I/F I/O		09/15/2040		52,380
	437,232	Series 3758-S		5.88%	# I/F I/O		11/15/2040		55,153
	74,464	Series 3779-DZ		4.50%			12/15/2040		74,596
	27,715	Series 3780-YS		9.59%	# I/F		12/15/2040		27,580
	501,789	Series 3815-ST		5.70%	# I/F I/O		02/15/2041		62,122
	211,594	Series 3900-SB		5.82%	# I/F I/O		07/15/2041		28,299
	382,124	Series 3923-CZ		5.00%			09/15/2041		428,657

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association,
$	194,906	Series 2006-101-SA		6.43%	# I/F I/O		10/25/2036		33,134
	98,450	Series 2006-123-LI		6.17%	# I/F I/O		01/25/2037		17,506
	681,516	Series 2007-39-AI		5.97%	# I/F I/O		05/25/2037		113,137
	354,167	Series 2007-57-SX		6.47%	# I/F I/O		10/25/2036		56,239
	24,172	Series 2009-49-S		6.60%	# I/F I/O		07/25/2039		3,732
	558,357	Series 2009-86-CI		5.65%	# I/F I/O		09/25/2036		64,212
	308,425	Series 2009-90-IA		5.60%	# I/F I/O		03/25/2037		39,369
	280,726	Series 2009-90-IB		5.57%	# I/F I/O		04/25/2037		36,174
	598,170	Series 2010-39-SL		5.52%	# I/F I/O		05/25/2040		74,710
	423,740	Series 2011-5-PS		6.25%	# I/F I/O		11/25/2040		57,117
	330,391	Series 2012-30-DZ		4.00%			04/25/2042		335,526
	1,040,759	Series 2013-53-ZC		3.00%			06/25/2043		891,276
	931,240	Series 2013-55-KS		5.77%	# I/F		06/25/2043		780,383
	971,947	Series 2013-55-VZ		3.00%			06/25/2043		837,370
		Government National Mortgage Association,
	59,385	Series 2009-6-SM		5.80%	# I/F I/O		02/20/2038		7,930
	8,165	Series 2011-12-PO		0.00%	P/O		12/20/2040		5,772
	585,118	Series 2011-45-GZ		4.50%			03/20/2041		618,621
	250,000	Series 2011-7-LS		9.57%	# I/F		12/20/2040		275,058
		Total US Government / Agency Mortgage Backed Obligations (Cost $5,472,804)							5,490,210
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 17.6%
	255,000	Aberdeen Japan Equity Fund, Inc.							1,813,050
	300,000	First Trust ISE-Revere Natural Gas Index Fund							5,367,000
	45,000	Industrial Select Sector SPDR Fund							2,391,750
	18,500	iShares iBoxx $ High Yield Corporate Bond ETF							1,701,075
	86,000	SPDR EURO STOXX 50 ETF							3,414,200
	124,000	WisdomTree Europe Hedged Equity Fund							7,164,720
	65,000	WisdomTree India Earnings Fund							1,424,150
		Total Exchange Traded Funds and Common Stocks (Cost $22,987,340)							23,275,945
	AFFILIATED MUTUAL FUNDS 34.9% (a)
	654,370	DoubleLine Core Fixed Income Fund							7,158,807
	665,276	DoubleLine Emerging Markets Fixed Income Fund							7,125,105
	186,012	DoubleLine Equities Growth Fund							2,408,854
	315,911	DoubleLine Floating Rate Fund							3,165,428
	2,388,645	DoubleLine Total Return Bond Fund							26,131,775
		Total Affiliated Mutual Funds (Cost $46,930,569)							45,989,969
	PURCHASED OPTIONS 0.6%
	260	Crude Oil Call, Expiration November 2014, Strike Price $118.00							5,200
	220	Crude Oil Call, Expiration November 2014, Strike Price $115.00							6,600

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	10	Gold Call, Expiration December 2014, Strike Price $2,000.00							—
	2,200	iShares MSCI Emerging Markets ETF Call, Expiration December 2014, Strike Price $46.00							25,300
	6,000	Market Vectors Gold Miners ETF Call, Expiration December 2014, Strike Price $27.00							90,000
	20,000,000	U.S. Dollar / Chinese Renminbi Call, Expiration March 2016, Strike Price $6.23							543,066
	20,000,000	U.S. Dollar / Chinese Renminbi Put, Expiration March 2016, Strike Price $6.23							131,139
		Total Purchased Options (Cost $2,367,031)							801,305
	SHORT TERM INVESTMENTS 24.0%
	9,489,083	BlackRock Institutional Liquidity Funds FedFund Portfolio		0.01%	¨				9,489,083
	9,489,084	Fidelity Institutional Government Portfolio		0.01%	¨				9,489,084
	10,221,083	Morgan Stanley Institutional Liquidity Fund Government Portfolio		0.04%	¨				10,221,083
	2,500,000	United States Treasury Bills		0.00%			11/06/2014		2,499,924
		Total Short Term Investments (Cost $31,699,174)							31,699,174
		Total Investments 99.8% (Cost $133,170,634)							131,622,498
		Other Assets in Excess of Liabilities 0.2%							238,992
		NET ASSETS 100.0%						$	131,861,490

SECURITY TYPE BREAKDOWN as a % of Net Assets
Affiliated Mutual Funds	34.9%
Short Term Investments	24.0%
Exchange Traded Funds and Common Stocks	17.6%
Non-Agency Residential Collateralized Mortgage Obligations	8.9%
Collateralized Loan Obligations	5.3%
US Government / Agency Mortgage Backed Obligations	4.2%
Foreign Corporate Bonds	2.6%
Municipal Bonds	1.7%
Purchased Options	0.6%
Other Assets and Liabilities	0.2%
	100.0%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 43

Schedule of Investments (Consolidated)  DoubleLine Multi-Asset Growth Fund  (Cont.) (Unaudited) September 30, 2014

# Variable rate security. Rate disclosed as of September 30, 2014.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2014, the value of these securities amounted to $10,587,692 or 8.0% of net assets.

@ 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 September 30, 2014.

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

I/O Interest only security

P/O Principal only security

(a) Institutional class shares held

¨ Seven-day yield as of September 30, 2014

Futures Contracts - Long
Contracts	Security Description	Expiration Month		Unrealized Appreciation (Depreciation)
57	Hard Red Winter Wheat Future		12/2014	$	(269,854	)
65	Wheat Future		12/2014		(314,655	)
100	mini MSCI EAFE Index Future		12/2014		(267,725	)
50	mini MSCI Emerging Markets Index Future		12/2014		(154,112	)
230	Nikkei-225 Stock Average Future		12/2014		522,399
170	E-mini S&P 500 Future		12/2014		(223,533	)
47	U.S. Treasury Bond Future		12/2014		(25,532	)
25	Ultra Long Term U.S. Treasury Bond Future		12/2014		(2,395	)
				$	(735,407	)

Futures Contracts - Short
Contracts	Security Description	Expiration Month		Unrealized Appreciation (Depreciation)
120	5-Year U.S. Treasury Note Future		12/2014	$	3,514
100	10-Year U.S. Treasury Note Future		12/2014		21,675
				$	25,189

Total Return Swaps - Long
Reference Entity	Counterparty	Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
S&P GSCI Cocoa Official Close Index	Morgan Stanley		625,000		10/02/2014	$	(9,254	)
S&P GSCI Crude Oil Official Close Index	Morgan Stanley		625,000		10/02/2014		(6,189	)
S&P GSCI Cotton Official Close Index	Morgan Stanley		625,000		10/02/2014		(305	)
S&P GSCI Gold Official Close Index	Morgan Stanley		625,000		10/02/2014		(5,268	)
S&P GSCI Unleaded Gasoline Official Close Index	Morgan Stanley		625,000		10/02/2014		(25,223	)
S&P GSCI Copper Official Close Index	Morgan Stanley		625,000		10/02/2014		(2,049	)
Markit iBoxx USD Liquid Leveraged Loans Total Return Index	Morgan Stanley		10,000,000		12/20/2014		(111,402	)
NYSE Arca Natural Gas Index	Goldman Sachs		6,600,000		12/26/2014		(23,989	)
						$	(183,679	)

Total Return Swaps - Short
Reference Entity	Counterparty	Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
S&P GSCI Brent Crude Official Close Index	Morgan Stanley		625,000		10/02/2014	$	14,788
S&P GSCI Corn Official Close Index	Morgan Stanley		625,000		10/02/2014		10,065
S&P GSCI Coffee Official Close Index	Morgan Stanley		625,000		10/02/2014		(37,884	)
S&P GSCI Natural Gas Official Close Index	Morgan Stanley		625,000		10/02/2014		(16,660	)
S&P GSCI Sugar Official Close Index	Morgan Stanley		625,000		10/02/2014		(14,381	)
S&P GSCI Wheat Official Close Index	Morgan Stanley		625,000		10/02/2014		(4,945	)
						$	(49,017	)

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

(Unaudited)

September 30, 2014

Forward Currency Exchange Contracts

Settlement Date	Currency to be Delivered	U.S. Value		Currency to be Received	U.S. Value		Counterparty	Unrealized Appreciation (Depreciation)
12/08/2014	11,667,665  Euros	$	14,744,132	15,000,000  U.S. Dollars	$	15,000,000	Morgan Stanley	$	255,868
12/19/2014	1,633,761,025  Japanese Yen		14,908,757	15,000,000  U.S. Dollars		15,000,000	Morgan Stanley		91,243
		$	29,652,889		$	30,000,000		$	347,111

Investments in Affiliates

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

A summary of DoubleLine Multi-Asset Growth Fund’s (Consolidated) investments in affiliated mutual funds for the period ended September 30, 2014 is as follows:

Fund	Value at March 31, 2014		Gross Purchases		Gross Sales		Shares Held at September 30, 2014		Value at September 30, 2014		Dividend Income Earned in the Period Ended September 30, 2014		Net Realized Gain (Loss) in the Period Ended September 30, 2014
DoubleLine Core Fixed Income Fund	$	7,119,545	$	—	$	—		654,370	$	7,158,807	$	153,541	$	—
DoubleLine Emerging Markets Fixed Income Fund		—		7,100,000		—		665,276		7,125,105		163,775		—
DoubleLine Equities Growth Fund		—		2,500,000		—		186,012		2,408,854		—		—
DoubleLine Floating Rate Fund		3,807,681		—		600,000		315,911		3,165,428		51,466		(592	)
DoubleLine Total Return Bond Fund		26,036,229		—		—		2,388,645		26,131,775		632,132		—
	$	36,963,455	$	9,600,000	$	600,000		4,210,214	$	45,989,969	$	1,000,914	$	(592	)

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 45

Schedule of Investments  DoubleLine Low Duration Bond Fund (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 1.3%
		Access Group, Inc.,
$	15,825,811	Series 2007-A-B		0.78%	#		02/25/2037		14,466,896
		SoFi Professional Loan Program,
	11,214,978	Series 2013-A-A		3.75%	^		12/25/2029		11,437,035
	3,140,206	Series 2014-A-A2		3.02%	^		10/25/2027		3,145,299
		Total Asset Backed Obligations (Cost $28,827,341)							29,049,230
	BANK LOANS 9.5%
		Activision Blizzard, Inc.,
	8,085,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.25%	#		10/13/2020		8,074,409
		Calpine Construction,
	8,071,089	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan, Tranche B1		3.00%	#		05/04/2020		7,824,921
		CBS Outdoor Americas Capital LLC,
	8,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.00%	#		02/01/2021		7,895,840
		Cedar Fair LP,
	8,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.25%	#		03/06/2020		7,952,520
		CIH International S.A.R.L.,
	7,929,774	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		1.90%	#		06/05/2020		7,938,021
		DaVita HealthCare Partners, Inc.
	7,980,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		06/24/2021		7,903,711
		Delta Air Lines, Inc.,
	7,931,932	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		3.25%	#		10/18/2018		7,760,404
		Goodyear Tire & Rubber Company,
	8,000,000	Guaranteed Senior Secured 2nd Lien Term Loan		4.75%	#		04/30/2019		7,998,760
		H.J. Heinz Company,
	7,919,825	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.50%	#		06/05/2020		7,833,696
		HCA, Inc.,
	7,934,962	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4		2.98%	#		05/01/2018		7,852,320
		Hilton Worldwide Finance LLC,
	7,955,166	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		10/26/2020		7,842,441
		Huntsman International LLC,
	7,939,189	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		2.70%	#		04/19/2017		7,795,291
		Intelsat Jackson Holdings S.A.,
	5,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.75%	#		06/28/2019		4,929,375
		Jazz Pharmaceuticals, Inc.,
	7,949,975	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.25%	#		06/12/2018		7,902,792

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		KAR Auction Services, Inc.,
$	7,943,108	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.50%	#		03/11/2021		7,847,115
		Las Vegas Sands LLC,
	4,944,975	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.25%	#		12/18/2020		4,919,780
		MEG Energy Corporation,
	7,923,855	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		03/31/2020		7,892,714
		Nielsen Finance LLC,
	1,995,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.15%	#		04/15/2021		1,997,264
		NRG Energy, Inc.,
	7,924,585	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		2.75%	#		07/02/2018		7,786,341
		Pinnacle Foods Finance LLC,
	7,957,549	Guaranteed Senior Secured 1st Lien Term Loan, Tranche G		3.25%	#		04/29/2020		7,808,345
		Regal Cinemas Corporation,
	7,922,997	Guaranteed Senior Secured 1st Lien Term Loan		2.65%	#		08/23/2017		7,804,667
		Ruby Western Pipeline Holdings LLC,
	7,413,443	Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		03/27/2020		7,360,919
		SBA Senior Finance LLC,
	7,980,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.25%	#		03/24/2021		7,828,699
		Southwire Company,
	7,964,987	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.25%	#		02/10/2021		7,872,395
		Terex Corporation,
	5,942,718	Guaranteed Senior Secured 1st Lien Term Loan		3.50%	#		08/13/2021		5,938,261
		Vantiv LLC,
	7,980,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		06/13/2021		7,938,384
		Virgin Media Investment Holdings Ltd.,
	8,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		06/08/2020		7,802,720
		WMG Acquisition Corporation,
	5,940,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		07/01/2020		5,745,109
		WR Grace & Company,
	2,105,263	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan		1.00%	#&		02/03/2021		2,092,632
		WR Grace & Company,
	5,865,263	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.00%	#		02/03/2021		5,830,072
		Total Bank Loans (Cost $214,595,426)							211,969,918

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLLATERALIZED LOAN OBLIGATIONS 20.7%
		ACA Ltd.,
$	141,081	Series 2006-1A-A1		0.48%	#^		07/25/2018		141,093
	500,000	Series 2006-1A-A2		0.62%	#^		07/25/2018		496,268
		ACAS Ltd.,
	1,698,723	Series 2007-1X-A1S		0.44%	#		04/20/2021		1,685,908
	4,500,000	Series 2014-1A-A		1.76%	#^		07/18/2026		4,489,350
		Apidos Ltd.,
	3,749,559	Series 2006-3A-A1		0.49%	#^		06/12/2020		3,739,623
	5,000,000	Series 2013-16A-A1		1.68%	#^		01/19/2025		4,998,495
	2,250,000	Series 2014-17A-X		1.21%	#^		04/17/2026		2,250,266
		ARES Ltd.,
	2,346,709	Series 2007-3RA-A2		0.45%	#^		04/16/2021		2,324,151
		Atrium Corporation,
	815,712	Series 5A-A2A		0.45%	#^		07/20/2020		813,837
		Avenue Ltd.,
	601,527	Series 2005-2A-A2L		0.66%	#^		10/30/2017		601,663
	1,950,000	Series 2005-2A-B1L		2.04%	#^		10/30/2017		1,950,236
	305,495	Series 2007-6A-A1		0.46%	#^		07/17/2019		303,586
		Avery Point Ltd.,
	3,000,000	Series 2014-1A-A		1.75%	#^		04/25/2026		3,001,689
	1,000,000	Series 2014-1A-B1		2.33%	#^		04/25/2026		988,189
	24,062	Series 2014-1A-X		1.23%	#^		04/25/2026		24,062
		Babson Ltd.,
	4,500,000	Series 2005-2A-A2		0.63%	#^		07/20/2019		4,502,794
	11,881,305	Series 2007-1X-A2A		0.45%	#		01/18/2021		11,789,346
		Birchwood Park Ltd.,
	1,000,000	Series 2014-1A-C2		3.38%	#^		07/15/2026		1,003,760
		Black Diamond Ltd.,
	13,613,314	Series 2005-1A-A1		0.50%	#^		06/20/2017		13,592,988
		BlackRock Senior Income,
	7,615,195	Series 2006-4A-A		0.47%	#^		04/20/2019		7,543,715
	5,494,904	Series 2007-5A-A3		0.46%	#^		08/13/2019		5,402,813
		BlueMountain Ltd.,
	4,500,000	Series 2005-1A-A2		0.60%	#^		11/15/2017		4,492,775
		BMI Trust,
	3,079,867	Series 2013-1AR-A1R		1.17%	#^		08/01/2021		3,061,967
		Bridgeport Ltd.,
	922,213	Series 2006-1A-A1		0.48%	#^		07/21/2020		917,275
		Brookside Mill Ltd.,
	205,000	Series 2013-1A-X		1.13%	#^		04/17/2025		205,039
		Carlyle Global Market Strategies Ltd.,
	2,250,000	Series 2013-2A-D		3.98%	#^		04/18/2025		2,177,247
	530,000	Series 2013-4A-A1		1.70%	#^		10/15/2025		530,077
		Carlyle High Yield Partners Ltd.,
	2,018,197	Series 2006-8A-A1		0.48%	#^		05/21/2021		1,993,754
	13,995,417	Series 2006-8A-A2A		0.47%	#^		05/21/2021		13,914,816
		Catamaran Ltd.,
	5,000,000	Series 2012-1A-A		1.64%	#^		12/20/2023		5,000,568
	5,000,000	Series 2014-1A-A1		1.78%	#^		04/20/2026		5,003,077
	1,250,000	Series 2014-1A-A2		2.03%	#^		04/20/2026		1,203,968
	1,250,000	Series 2014-1A-B		2.85%	#^		04/20/2026		1,208,681
		Cent Ltd.,
	3,018,371	Series 2005-10A-A1		0.48%	#^		12/15/2017		2,997,335
	1,982,549	Series 2006-11A-A1		0.49%	#^		04/25/2019		1,959,261
	991,960	Series 2007-14A-A1		0.47%	#^		04/15/2021		969,907
	991,066	Series 2007-14A-A2A		0.46%	#^		04/15/2021		973,951
	500,000	Series 2013-18A-A		1.35%	#^		07/23/2025		493,996
		Chatham Light Ltd.,
	460,994	Series 2005-2A-A1		0.49%	#^		08/03/2019		460,716
	3,300,000	Series 2005-2A-A2		0.64%	#^		08/03/2019		3,286,288
		Columbus Nova, Ltd.,
	3,250,000	Series 2006-1A-D		1.78%	#^		07/18/2018		3,144,354
	7,220,485	Series 2007-1A-A1		0.48%	#^		05/16/2019		7,187,613

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Covenant Credit Partners Ltd.,
$	5,000,000	Series 2014-1A-A		1.71%	#^		07/20/2026		4,983,559
	3,500,000	Series 2014-1A-X		1.23%	#^		07/20/2017		3,503,177
		Dryden Senior Loan Fund,
	500,000	Series 2012-25A-D		4.23%	#^		01/15/2025		499,724
		Eaton Vance Ltd.,
	1,706,009	Series 2007-9A-A2		0.46%	#^		04/20/2019		1,699,869
		Flatiron Ltd.,
	1,000,000	Series 2013-1A-A1		1.63%	#^		01/17/2026		998,582
		Four Corners Ltd.,
	2,025,903	Series 2006-3A-A		0.48%	#^		07/22/2020		2,015,237
		Franklin Ltd.,
	174,235	Series 2006-5A-A2		0.49%	#^		06/15/2018		173,301
		Galaxy Ltd.,
	7,495,215	Series 2006-7A-B		0.62%	#^		10/13/2018		7,482,344
	5,000,000	Series 2012-12X-A		1.63%	#		05/19/2023		4,993,000
		GoldenTree Loan Opportunities Ltd.,
	2,000,000	Series 2012-6A-D		4.43%	#^		04/17/2022		2,002,465
	5,000,000	Series 2014-8A-A		1.68%	#^		04/19/2026		4,994,508
		Gulf Stream-Sextant Ltd.,
	150,647	Series 2006-1A-A2		0.48%	#^		08/21/2020		150,574
		Halcyon Loan Advisors Funding Ltd.,
	9,000,000	Series 2012-1X-A2		2.73%	#		08/15/2023		8,988,218
	1,000,000	Series 2014-1A-A1		1.81%	#^		04/18/2026		1,001,547
	2,000,000	Series 2014-1A-X		1.28%	#^		04/18/2026		1,999,859
	2,250,000	Series 2014-2A-C		3.73%	#^		04/28/2025		2,102,601
		ICG Ltd.,
	3,000,000	Series 2014-2A-X		1.29%	#^		10/15/2026		3,003,120
		ING Ltd.,
	2,500,000	Series 2006-3A-A2B		0.57%	#^		12/13/2020		2,469,065
	5,000,000	Series 2012-1RA-A1R		1.43%	#^		03/14/2022		4,999,459
	1,000,000	Series 2012-1RA-A2R		2.08%	#^		03/14/2022		999,764
	700,000	Series 2012-4A-A1		1.62%	#^		10/15/2023		699,221
	3,000,000	Series 2012-4A-A2		2.48%	#^		10/15/2023		2,992,201
		Jamestown Ltd.,
	4,000,000	Series 2014-4A-A1A		1.73%	#^		07/15/2026		3,997,223
		KKR Financial Corporation,
	25,715	Series 2005-1A-A1		0.51%	#^		04/26/2017		25,729
	5,986,338	Series 2006-1A-A1		0.51%	#^		08/25/2018		5,980,792
	3,256,329	Series 2007-1A-A		0.58%	#^		05/15/2021		3,245,396
	5,000,000	Series 2013-1A-A1		1.38%	#^		07/15/2025		4,938,096
		Landmark Ltd.,
	2,500,000	Series 2005-6X-E		4.98%	#		01/14/2018		2,499,395
	70,135	Series 2006-7A-A1L		0.51%	#^		07/15/2018		70,177
	6,519,378	Series 2006-8A-A1		0.47%	#^		10/19/2020		6,494,778
		LCM LP,
	5,000,000	Series 10AR-AR		1.49%	#^		04/15/2022		5,002,406
	500,000	Series 10AR-BR		2.13%	#^		04/15/2022		500,062
	500,000	Series 10AR-CR		3.08%	#^		04/15/2022		500,267
	1,000,000	Series 11A-B		2.38%	#^		04/19/2022		1,000,733
	3,500,000	Series 12A-A		1.70%	#^		10/19/2022		3,500,874
	1,750,000	Series 15A-A		1.73%	#^		08/25/2024		1,746,143
	1,000,000	Series 15A-C		3.33%	#^		08/25/2024		1,000,149
	5,000,000	Series 16A-A		1.76%	#^		07/15/2026		5,012,365
	10,280,130	Series 5A-A1		0.46%	#^		03/21/2019		10,262,920
	3,000,000	Series 5A-C		0.90%	#^		03/21/2019		2,898,350
		Madison Park Funding Ltd.,
	2,550,000	Series 2014-13A-X		1.23%	#^		01/19/2025		2,550,569
	2,500,000	Series 2014-14A-X		1.23%	#^		07/20/2017		2,500,247
		Magnetite Ltd.,
	1,750,000	Series 2014-9A-A1		1.70%	#^		07/25/2026		1,749,521
		Mayport Ltd.,
	5,320,000	Series 2006-1A-A2L		0.59%	#^		02/22/2020		5,293,696
		Mountain Capital Ltd.,
	1,058,643	Series 2007-6A-A		0.47%	#^		04/25/2019		1,050,243

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 47

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Mountain Hawk Ltd.,
$	5,000,000	Series 2014-A3-A		1.73%	#^		04/18/2025		4,994,282
		Mountain View Ltd.,
	16,968,285	Series 2006-2A-A1		0.48%	#^		01/12/2021		16,825,446
		Nautique Funding Ltd.,
	3,162,633	Series 2006-1A-A1A		0.48%	#^		04/15/2020		3,144,702
		NewMark Capital Funding Ltd.,
	9,750,000	Series 2013-1A-A2		1.35%	#^		06/02/2025		9,581,656
	10,000,000	Series 2013-A1-A1		1.17%	#^		06/02/2025		9,750,000
		NOB Hill Ltd.,
	69,658	Series 2006-1X-A1		0.48%	#		08/15/2018		69,631
		Northwoods Capital Corporation,
	2,000,000	Series 2013-10-A1		1.64%	#^		11/04/2025		1,988,024
		Oak Hill Credit Partners,
	1,000,000	Series 2012-7A-A		1.65%	#^		11/20/2023		998,676
		Ocean Trails,
	167,677	Series 2006-1X-A1		0.48%	#		10/12/2020		167,074
	9,750,000	Series 2013-4A-A		1.53%	#^		08/13/2025		9,705,599
		OZLM Ltd.,
	5,500,000	Series 2014-6A-A1		1.73%	#^		04/17/2026		5,500,391
		Pacific Bay Ltd.,
	13,515,995	Series 2003-1A-A2		1.57%	#^		11/04/2038		12,725,310
		Pacifica Corporation,
	5,057,770	Series 2006-6A-A1A		0.47%	#^		08/15/2021		5,011,092
		Prospect Park Ltd.,
	4,189,381	Series 2006-1		0.48%	#^		07/15/2020		4,152,419
		Race Point Ltd.,
	3,902,115	Series 2006-3-A		0.49%	#^		04/15/2020		3,893,580
	1,655,769	Series 2007-4A-A1A		0.44%	#^		08/01/2021		1,642,871
		Sands Point Funding Ltd.,
	5,265,551	Series 2006-1A-A1		0.49%	#^		07/18/2020		5,259,412
		Shackleton Ltd.,
	2,750,000	Series 2014-5A-X		1.24%	#^		05/07/2026		2,751,106
		Silverado Ltd.,
	6,874,485	Series 2006-II		0.47%	#^		10/16/2020		6,785,511
		Slater Mill Loan Fund,
	3,800,000	Series 2012-1A-B		2.88%	#^		08/17/2022		3,807,483
		Sound Harbor Loan Fund Ltd.,
	3,000,000	Series 2014-1A-A1		1.73%	#^		10/30/2026		2,982,000
		Steele Creek Ltd.,
	2,000,000	Series 2014-1A-A1		1.83%	#^		08/21/2026		1,999,944
		Venture Ltd.,
	500,000	Series 2005-1A-A2		0.68%	#^		11/22/2018		496,205
	9,250,000	Series 2014-16A-A1L		1.87%	#^		04/15/2026		9,253,070
	2,250,000	Series 2014-17A-A		1.76%	#^		07/15/2026		2,245,802
	1,000,000	Series 2014-17A-B2		2.38%	#^		07/15/2026		980,741
		Vitesse Ltd.,
	817,960	Series 2006-1A-A1L		0.48%	#^		08/17/2020		816,169
		Wasatch Ltd.,
	13,713,838	Series 2006-1A-A1B		0.47%	#^		11/14/2022		13,366,971
		Washington Mill Ltd.,
	5,000,000	Series 2014-1A-A1		1.73%	#^		04/20/2026		4,994,246
	1,000,000	Series 2014-1A-B1		2.28%	#^		04/20/2026		977,696
	1,000,000	Series 2014-1A-C		3.23%	#^		04/20/2026		996,309
	3,500,000	Series 2014-1A-X		1.23%	#^		04/20/2026		3,499,989
		Westwood Ltd.,
	8,366,025	Series 2006-1X-A1		0.47%	#		03/25/2021		8,278,799
	5,292,596	Series 2007-2A-A1		0.45%	#^		04/25/2022		5,244,340
		WhiteHorse Ltd.,
	2,500,000	Series 2012-1A-B1L		4.49%	#^		02/03/2025		2,458,305
	5,000,000	Series 2013-1A-A1L		1.63%	#^		11/24/2025		4,986,610
	3,250,000	Series 2014-1A-A		1.74%	#^		05/01/2026		3,242,547
	3,500,000	Series 2014-1A-X		1.24%	#^		05/01/2026		3,499,704

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wind River Ltd.,
$	10,000,000	Series 2013-2A-A1		1.68%	#^		01/18/2026		9,998,374
		Zais Ltd.,
	4,500,000	Series 2014-2A-A1A		1.73%	#^		07/25/2026		4,476,600
		Total Collateralized Loan Obligations (Cost $460,095,224)							460,946,709
	FOREIGN CORPORATE BONDS 18.7%
	1,450,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		1,509,812
	2,690,000	Agromercantil Senior Trust		6.25%			04/10/2019		2,800,963
	5,865,000	Andrade Gutierrez International S.A.		4.00%			04/30/2018		5,806,350
	300,000	Andrade Gutierrez International S.A.		4.00%	^		04/30/2018		297,000
	3,611,000	Australia and New Zealand Banking Group Ltd.		3.25%	^		03/01/2016		3,741,426
	8,500,000	Banco Davivienda S.A.		2.95%			01/29/2018		8,521,250
	1,500,000	Banco Davivienda S.A.		2.95%	^		01/29/2018		1,503,750
	200,000	Banco de Bogota S.A.		5.00%	^		01/15/2017		210,500
	9,000,000	Banco de Bogota S.A.		5.00%			01/15/2017		9,472,500
	3,253,000	Banco de Chile		6.25%			06/15/2016		3,508,712
	5,600,000	Banco de Costa Rica		5.25%			08/12/2018		5,726,000
	4,500,000	Banco de Credito del Peru		2.75%	^		01/09/2018		4,511,250
	2,500,000	Banco de Credito del Peru		2.75%			01/09/2018		2,506,250
	9,000,000	Banco de Credito e Inversiones		3.00%			09/13/2017		9,261,000
	7,000,000	Banco GNB Sudameris S.A.		3.88%			05/02/2018		6,895,000
	2,000,000	Banco GNB Sudameris S.A.		3.88%	^		05/02/2018		1,970,000
	7,500,000	Banco International del Peru S.A.A.		5.75%			10/07/2020		8,118,750
	300,000	Banco Latinoamericano de Comercio Exterior S.A.		3.75%	^		04/04/2017		312,000
	5,500,000	Banco Latinoamericano de Comercio Exterior S.A.		3.75%			04/04/2017		5,720,000
	3,180,000	Banco Mercantil del Norte		6.86%	#		10/13/2021		3,382,725
	7,000,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		7,070,000
	1,000,000	Banco Regional SAECA		8.13%			01/24/2019		1,100,000
	8,000,000	Banco Santander		1.83%	#		01/19/2016		8,100,000
	2,150,000	Banco Santander		2.11%	#		06/07/2018		2,190,312
	8,800,000	Banco Santander Mexico		5.95%	#		01/30/2024		9,306,000
	1,146,000	Bancolombia S.A.		6.88%			05/25/2017		1,266,330
	3,500,000	Bancolombia S.A.		6.13%			07/26/2020		3,780,000
	3,825,000	Bank Of Montreal		1.30%			07/15/2016		3,857,490
	3,675,000	Bank Of Nova Scotia		2.55%			01/12/2017		3,790,274
	10,000,000	BBVA Banco Continental S.A.		3.25%			04/08/2018		10,185,000
	1,000,000	BBVA Bancomer S.A.		4.50%			03/10/2016		1,047,500
	10,000,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		10,450,000
	3,736,000	BP Capital Markets PLC		1.85%			05/05/2017		3,778,318
	3,225,000	British Telecommunications PLC		5.95%			01/15/2018		3,642,718
	1,270,000	Celulosa Arauco y Constitucion S.A.		5.63%			04/20/2015		1,302,609
	1,000,000	Cementos Progreso Trust		7.13%			11/06/2023		1,075,500
	3,500,000	Cemex S.A.B. de C.V.		4.98%	#		10/15/2018		3,718,750
	5,400,000	Central American Bottling Corporation		6.75%			02/09/2022		5,859,000
	400,000	CFR International S.A.		5.13%			12/06/2022		431,416

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	4,000,000	CNPC General Capital Ltd.		1.13%	#^		05/14/2017		4,011,780
	500,000	Compania Minera Ares S.A.C.		7.75%			01/23/2021		528,900
	9,000,000	Corpbanca S.A.		3.13%			01/15/2018		9,039,465
	4,500,000	Corporacion Financiera de Desarrollo S.A.		3.25%	^		07/15/2019		4,500,000
	1,200,000	Corporacion Financiera de Desarrollo S.A.		3.25%			07/15/2019		1,200,000
	1,500,000	Cosan Overseas Ltd.		8.25%	†		11/05/2015		1,560,000
	9,700,000	DBS Bank Ltd.		0.84%	#		07/15/2021		9,564,200
	7,000,000	Delek & Avner Tamar Bond Ltd.		3.84%	^		12/30/2018		7,082,796
	2,085,000	Diageo Capital PLC		1.50%			05/11/2017		2,096,774
	1,800,000	Ecopetrol S.A.		4.25%			09/18/2018		1,912,500
	3,170,000	Embraer Overseas Ltd.		6.38%			01/24/2017		3,493,340
	2,500,000	Empresas Publicas de Medellin E.S.P.		7.63%			07/29/2019		2,981,750
	10,043,992	ENA Norte Trust		4.95%			04/25/2023		10,394,829
	2,500,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		2,512,500
	6,500,000	Fondo Mivivienda S.A.		3.38%	^		04/02/2019		6,532,500
	1,600,000	Freeport-McMoRan Copper & Gold, Inc.		2.38%			03/15/2018		1,605,382
	8,500,000	Global Bank Corporation		4.75%			10/05/2017		8,776,250
	3,100,000	Globo Communicacao e Participacoes S.A.		6.25%	#†		07/20/2015		3,227,875
	12,550,000	Globo Communicacao e Participacoes S.A.		5.31%	#		05/11/2022		13,372,025
	8,800,000	Grupo Aval Ltd.		5.25%			02/01/2017		9,328,000
	200,000	Grupo Aval Ltd.		5.25%	^		02/01/2017		212,000
	2,200,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		2,387,000
	5,500,000	Grupo Televisa S.A.B		6.00%			05/15/2018		6,235,625
	1,600,000	GrupoSura Finance S.A.		5.70%			05/18/2021		1,736,000
	450,000	Guanay Finance Ltd.		6.00%			12/15/2020		479,813
	824,077	Interoceanica IV Finance Ltd.		0.00%			11/30/2018		772,572
	8,000,000	Inversiones CMPC S.A.		4.75%			01/19/2018		8,447,528
	1,005,000	IOI Ventures BHD		5.25%			03/16/2015		1,021,960
	275,000	Korea Development Bank		4.38%			08/10/2015		283,633
	2,900,000	Korea Development Bank		3.25%			03/09/2016		2,989,917
	8,000,000	LPG International, Inc.		7.25%			12/20/2015		8,520,000
	2,800,000	Marfrig Holdings B.V.		6.88%	^		06/24/2019		2,731,400
	2,200,000	Millicom International Cellular S.A.		6.63%			10/15/2021		2,293,500
	1,000,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		1,022,500
	1,375,000	National Australia Bank Ltd.		1.60%			08/07/2015		1,389,334
	1,900,000	National Australia Bank Ltd.		3.00%	^		07/27/2016		1,971,816
	2,000,000	Noble Group Ltd.		3.63%			03/20/2018		2,055,400
	3,575,000	Orange S.A.		2.75%			09/14/2016		3,684,241
	3,700,000	Oversea-Chinese Banking Corporation		4.25%	#		11/18/2019		3,714,101
	5,000,000	Oversea-Chinese Banking Corporation		3.75%	#		11/15/2022		5,175,500
	7,000,000	Pacific Rubiales Energy Corporation		5.38%			01/26/2019		7,122,500
	1,000,000	Pacific Rubiales Energy Corporation		5.38%	^		01/26/2019		1,017,500
	3,211,000	PCCW-HKT Capital No 4 Ltd.		4.25%			02/24/2016		3,335,747
	215,169	Peru Enhanced Pass-Through Finance Ltd.		0.00%	^		05/31/2018		202,881
	6,795,482	Peru Enhanced Pass-Through Finance Ltd.		0.00%			05/31/2018		6,407,392
	6,500,000	Petrobras Global Finance B.V.		1.85%	#		05/20/2016		6,509,750
	1,500,000	Petrobras Global Finance B.V.		2.00%			05/20/2016		1,503,675
	1,500,000	Petrobras Global Finance B.V.		2.37%	#		01/15/2019		1,503,300
	2,400,000	Petroleos Mexicanos		2.25%	#		07/18/2018		2,514,000
	1,500,000	Petroleos Mexicanos		3.50%			07/18/2018		1,559,250
	4,500,000	Raizen Energy Finance Ltd.		7.00%			02/01/2017		4,950,000

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	2,787,300	Ras Laffan Liquefied Natural Gas Company		5.30%			09/30/2020		3,024,221
	300,000	Rio Oil Finance Trust		6.25%			07/06/2024		309,904
	9,000,000	Sigma Alimentos S.A.		5.63%			04/14/2018		9,945,000
	3,000,000	Sinopec Group Overseas Development Ltd.		1.15%	#^		04/10/2019		3,005,940
	3,000,000	SK Telecom Company Ltd.		2.13%			05/01/2018		2,992,146
	6,700,000	Sociedad Quimica y Minera S.A.		6.13%			04/15/2016		7,141,182
	2,738,000	Southern Copper Corporation		6.38%			07/27/2015		2,856,336
	3,695,000	Southern Copper Corporation		1.95%			09/01/2016		3,769,476
	1,500,000	Tanner Servicios Financieros S.A.		4.38%			03/13/2018		1,526,409
	1,000,000	Tanner Servicios Financieros S.A.		4.38%	^		03/13/2018		1,017,606
	200,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		208,100
	2,079,000	Telemovil Finance Company Ltd.		8.00%			10/01/2017		2,143,969
	5,000,000	United Overseas Bank Ltd.		2.88%	#		10/17/2022		5,059,500
	4,400,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		4,439,292
	3,790,000	Westpac Banking Corporation		2.00%			08/14/2017		3,849,439
		Total Foreign Corporate Bonds (Cost $411,799,789)							416,485,676
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 0.8%
	2,400,000	Banco Nacional de Desenvolvimento Economico e Social		3.38%	^		09/26/2016		2,462,400
	5,000,000	Banco Nacional de Desenvolvimento Economico e Social		6.37%			06/16/2018		5,500,000
	1,600,000	Banco Nacional de Desenvolvimento Economico e Social		4.00%			04/14/2019		1,609,520
	700,000	Brazilian Government International Bond		8.00%			01/15/2018		772,800
	1,000,000	Caixa Economica Federal		2.38%			11/06/2017		972,500
	566,000	Colombia Government International Bond		2.03%	#		11/16/2015		571,218
	2,184,000	Colombia Government International Bond		8.70%			02/15/2016		2,424,240
	3,670,000	Corporacion Andina de Fomento		3.75%			01/15/2016		3,800,843
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $17,810,813)							18,113,521
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 16.4%
		Asset Securitization Corporation,
	5,823,257	Series 1997-D4-PS1		2.02%	# I/O		04/14/2029		212,252
		Banc of America Commercial Mortgage Trust,
	10,450,000	Series 2005-3-AM		4.73%			07/10/2043		10,657,438
	9,750,000	Series 2006-5-AM		5.45%			09/10/2047		10,458,659
	9,150,000	Series 2007-5-AM		5.77%	#		02/10/2051		9,812,039
		Bear Stearns Commercial Mortgage Securities, Inc.,
	60,086	Series 2004-PWR4-A3		5.47%	#		06/11/2041		60,083
	2,620,930	Series 2005-PWR8-A4		4.67%			06/11/2041		2,657,834
	6,250,000	Series 2005-PWR8-AJ		4.75%			06/11/2041		6,369,481
	1,300,000	Series 2005-T18-AJ		5.01%	#		02/13/2042		1,323,601
	6,254,000	Series 2006-PW13-AJ		5.61%	#		09/11/2041		6,481,424
	501,595	Series 2007-PW17-AAB		5.70%			06/11/2050		506,131

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 49

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Boca Hotel Portfolio Trust,
$	1,523,024	Series 2013-BOCA-A		1.30%	#^		08/15/2026		1,524,740
	4,100,000	Series 2013-BOCA-D		3.20%	#^		08/15/2026		4,106,466
		CD Commercial Mortgage Trust,
	10,000,000	Series 2006-CD2-AM		5.53%	#		01/15/2046		10,513,080
	12,322,447	Series 2007-CD5-XP		0.30%	#^ I/O		11/15/2044		3,105
		Citigroup Commercial Mortgage Trust,
	615,000	Series 2005-C3-AM		4.83%	#		05/15/2043		625,811
		COBALT Commercial Mortgage Trust,
	12,000,000	Series 2007-C2-AJFX		5.57%	#		04/15/2047		12,260,064
		Commercial Mortgage Pass-Through Certificates,
	9,689,412	Series 2012-CR2-XA		2.08%	# I/O		08/15/2045		994,793
	88,702	Series 2012-MVP-A		2.09%	#^		11/17/2026		89,075
	26,610,682	Series 2012-MVP-XACP		1.96%	#^ I/O		12/17/2014		108,678
	30,000,000	Series 2012-MVP-XBCP		1.58%	#^ I/O		12/17/2014		99,000
	3,600,000	Series 2014-KY0-E		2.50%	#^		06/11/2027		3,606,021
	9,650,000	Series 2014-KY0-F		3.65%	#^		06/11/2027		9,642,261
	3,890,000	Series 2014-TWC-C		2.01%	#^		02/13/2032		3,903,596
		Credit Suisse First Boston Mortgage Securities Corporation,
	347,558	Series 1998-C2-F		6.75%	#^		11/15/2030		358,965
	9,500,000	Series 2005-C2-AMFX		4.88%			04/15/2037		9,582,241
	2,000,000	Series 2005-C6-AM		5.23%	#		12/15/2040		2,081,928
		Credit Suisse Mortgage Capital Certificates,
	5,940,000	Series 2006-C4-AM		5.51%			09/15/2039		6,365,797
	5,725,000	Series 2007-C4-A1AM		6.10%	#		09/15/2039		6,217,505
	20,200,000	Series 2007-TFLA-G		0.52%	#^		02/15/2022		20,221,681
	4,350,000	Series 2014-SURF-E		3.26%	#^		02/15/2029		4,366,160
		Del Coronado Trust,
	2,100,000	Series 2013-HDC-A		0.95%	#^		03/15/2026		2,098,044
	2,500,000	Series 2013-HDC-B		1.45%	#^		03/15/2026		2,499,781
		Extended Stay America Trust,
	5,000,000	Series 2013-ESH5-A15		1.28%	^		12/05/2031		4,963,139
		GE Capital Commercial Mortgage Corporation,
	1,100,000	Series 2005-C2-B		5.11%	#		05/10/2043		1,120,985
		Greenwich Capital Commercial Funding Corporation,
	6,535,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		7,145,438
		GS Mortgage Securities Corporation,
	5,650,000	Series 2006-GG6-AJ		5.52%	#		04/10/2038		5,837,252
	623,053	Series 2012-GCJ7-A1		1.14%			05/10/2045		625,741
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	294,446	Series 2004-LN2-A2		5.12%			07/15/2041		296,573
	5,200,000	Series 2005-CB12-B		5.15%	#		09/12/2037		5,026,193
	44,282	Series 2006-CB14-ASB		5.50%	#		12/12/2044		44,987
	210,943	Series 2006-CB15-ASB		5.79%	#		06/12/2043		215,790
	1,183,579	Series 2006-CB17-ASB		5.42%			12/12/2043		1,222,271
	4,450,000	Series 2006-LDP8		5.44%			05/15/2045		4,770,763
	5,970,000	Series 2006-LDP8-AJ		5.48%	#		05/15/2045		6,321,690
	8,680,000	Series 2006-LDP9-AM		5.37%			05/15/2047		9,039,864
	2,700,000	Series 2007-CIBC19-AM		5.70%	#		02/12/2049		2,901,793
	5,150,000	Series 2007-CIBC20		6.07%	#		02/12/2051		5,477,234
	1,963,339	Series 2010-C1-A1		3.85%	^		06/15/2043		1,986,370
	475,468	Series 2011-PLSD-A1		2.19%	^		11/13/2044		482,414
	4,000,000	Series 2013-ALC-A		1.65%	#^		07/17/2026		4,009,266
	3,500,000	Series 2013-ALC-B		3.00%	#^		07/17/2026		3,539,224
	1,640,476	Series 2013-FL3-A1		0.95%	#^		04/15/2028		1,640,739
	984,238	Series 2013-FL3-A2		0.85%	#^		04/15/2028		983,995
	5,000,000	Series 2013-JWRZ-A		0.93%	#^		04/15/2030		4,998,010
	2,400,000	Series 2013-JWRZ-D		3.14%	#^		04/15/2030		2,407,456
	5,750,000	Series 2014-FBLU-B		1.65%	#^		12/15/2028		5,757,251
	2,500,000	Series 2014-INN-C		1.85%	#^		06/15/2029		2,497,951
	2,500,000	Series 2014-INN-D		2.50%	#^		06/15/2029		2,492,777
		LB-UBS Commercial Mortgage Trust,
	6,830,000	Series 2005-C2-AJ		5.21%	#		04/15/2030		6,954,620
	10,345,000	Series 2005-C7-AJ		5.32%	#		11/15/2040		10,724,237
	4,350,000	Series 2006-C7-AM		5.38%			11/15/2038		4,674,297
	7,650,000	Series 2007-C2-AM		5.49%	#		02/15/2040		8,146,730
		Merrill Lynch Mortgage Trust,
	3,250,000	Series 2005-CIP1-AM		5.11%	#		07/12/2038		3,340,147
	10,350,000	Series 2005-CKI1-AJ		5.29%	#		11/12/2037		10,713,057

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
$	8,000,000	Series 2006-1		5.57%	#		02/12/2039		8,331,616
	123,772	Series 2006-4-A2FL		0.27%	#		12/12/2049		123,755
		Morgan Stanley Bank of America Merrill Lynch Trust,
	3,886,067	Series 2012-C5-XA		2.02%	#^ I/O		08/15/2045		336,370
		Morgan Stanley Capital, Inc.,
	60,297	Series 2005-HQ6-AAB		4.97%			08/13/2042		60,436
	9,000,000	Series 2005-HQ7-AJ		5.21%	#		11/14/2042		9,293,980
	4,750,000	Series 2005-IQ10-AJ		5.18%	#		09/15/2042		4,890,752
	740,847	Series 2005-T17-A5		4.78%			12/13/2041		741,758
	10,750,000	Series 2005-T19-AJ		4.99%	#		06/12/2047		11,006,592
	22,248,810	Series 2006-HQ10-X1		0.51%	#^ I/O		11/12/2041		206,669
	9,252,567	Series 2006-XLF-J		0.58%	#^		07/15/2019		9,136,007
	9,000,000	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		9,448,249
	7,657,000	Series 2007-IQ13-AM		5.41%			03/15/2044		8,255,287
	5,826,412	Series 2007-XLF9-J		2.25%	#^		12/15/2020		5,804,630
		Morgan Stanley Re-Remic Trust,
	974,759	Series 2012-IO-AXA		1.00%	^		03/27/2051		966,279
		RBS Greenwich Capital Mortgage Loan Trust,
	4,300,000	Series 2010-MB1-C		5.01%	#^		04/15/2024		4,370,944
		Wachovia Bank Commercial Mortgage Trust,
	737,446	Series 2005-C17-A4		5.08%	#		03/15/2042		739,971
	38,431	Series 2006-C26-APB		6.00%			06/15/2045		39,817
	8,500,000	Series 2007-C30-AM		5.38%			12/15/2043		9,106,908
		WF-RBS Commercial Mortgage Trust,
	89,349	Series 2011-C3-A1		1.99%	^		03/15/2044		89,793
	3,404,696	Series 2012-C8-XA		2.37%	#^ I/O		08/15/2045		364,513
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $365,176,949)							363,480,314
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 7.6%
		ACE Securities Corporation,
	125,545	Series 2006-NC1-A2C		0.35%	#		12/25/2035		125,485
		Banc of America Funding Corporation,
	1,310,743	Series 2005-E-6A1		3.16%	#		05/20/2035		1,324,152
	1,055,637	Series 2012-R4-A		0.42%	#^		03/04/2039		1,035,902
	3,507,788	Series 2012-R5-A		0.42%	#^		10/03/2039		3,490,730
		Banc of America Mortgage Securities, Inc.,
	4,549,506	Series 2005-E-2A1		2.65%	#		06/25/2035		4,371,948
		BCAP LLC Trust,
	43,366	Series 2009-RR13-6A5		6.00%	#^		04/26/2037		44,981
	1,038,349	Series 2011-RR12-2A5		2.20%	#^		12/26/2036		1,038,788
	4,595,148	Series 2013-RR1-4A2		4.00%	#^		08/26/2037		4,579,015
		Bear Stearns Asset Backed Securities Trust,
	1,603,437	Series 2004-AC2-2A		5.00%			05/25/2034		1,618,299
		Carrington Mortgage Loan Trust,
	423,277	Series 2007-RFC1-A1		0.20%	#		12/25/2036		423,389
		Citigroup Mortgage Loan Trust, Inc.,
	4,601,654	Series 2007-WFHE2-A3		0.33%	#		03/25/2037		4,507,369
	522,207	Series 2010-12-3A1		4.00%	^		04/25/2037		532,057
	1,447,014	Series 2010-8-5A6		4.00%	^		11/25/2036		1,495,439
	914,454	Series 2011-12-1A1		3.50%	#^		04/25/2036		921,632
	738,202	Series 2011-12-3A1		2.58%	#^		09/25/2047		738,415
		Countrywide Alternative Loan Trust,
	2,042,266	Series 2004-28CB-1A1		5.50%			01/25/2035		2,125,906
	335,525	Series 2007-HY5R-2A1A		2.55%	#		03/25/2047		350,472
		Countrywide Asset-Backed Certificates,
	1,543,569	Series 2005-15-1AF6		4.60%	#		04/25/2036		1,571,850
	764,686	Series 2006-2-2A2		0.34%	#		06/25/2036		747,729
		Credit Suisse First Boston Mortgage Securities Corporation,
	809,805	Series 2005-11-5A1		5.25%			12/25/2020		849,195
		Credit Suisse Mortgage Capital Certificates,
	574,650	Series 2009-13R-2A1		6.00%	^		01/26/2037		580,718
	3,532,745	Series 2010-18R-4A2		2.46%	#^		04/26/2038		3,535,400
	28,988	Series 2010-1R-5A1		4.90%	#^		01/27/2036		29,250

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Credit Suisse Mortgage Capital Certificates, (Cont.)
$	135,241	Series 2011-16R-6A1		2.40%	#^		09/27/2035		135,051
	12,000,000	Series 2011-5R-6A9		2.66%	#^		11/27/2037		11,158,541
	8,416,719	Series 2013-3R-1A1		1.29%	#^		04/27/2035		7,752,189
		Ellington Loan Acquisition Trust,
	1,421,482	Series 2007-2-A2A		1.05%	#^		05/25/2037		1,367,145
		Fieldstone Mortgage Investment Trust,
	2,689,941	Series 2004-5-M2		1.88%	#		02/25/2035		2,630,189
		First Franklin Mortgage Loan Trust,
	6,483,768	Series 2005-FF12-A2B		0.41%	#		11/25/2036		6,412,673
	1,010,422	Series 2006-FF1-2A3		0.39%	#		01/25/2036		1,000,657
		GreenPoint Mortgage Funding Trust,
	7	Series 2007-AR2-1A1		0.28%	#		04/25/2047		7
		GSR Mortgage Loan Trust,
	2,101,758	Series 2006-4F-2A7		5.50%			05/25/2036		2,058,230
		Home Loan Trust,
	2,680,607	Series 2007-HI1-A3		5.72%			11/25/2025		2,760,312
		Jefferies & Company, Inc.,
	625,899	Series 2010-R7-5A1		1.15%	#^		09/26/2035		608,967
		JP Morgan Alternative Loan Trust,
	1,773,359	Series 2006-S4-A6		5.71%	#		12/25/2036		1,682,829
		JP Morgan Mortgage Acquisition Corporation,
	3,601,779	Series 2006-NC1-A4		0.33%	#		04/25/2036		3,494,116
	5,224,211	Series 2007-CH5-A3		0.26%	#		05/25/2037		5,100,614
		JP Morgan Mortgage Trust,
	335,105	Series 2007-S1-1A1		5.00%			03/25/2022		335,112
	267,424	Series 2007-S3-2A2		5.50%			08/25/2022		266,153
		JP Morgan Resecuritization Trust,
	426,435	Series 2009-7-8A1		2.83%	#^		01/27/2047		427,175
	296,098	Series 2011-2-2A3		3.50%	#^		07/26/2036		298,824
	1,484,218	Series 2011-2-6A11		5.50%	#^		12/26/2035		1,477,564
	875,277	Series 2012-2-3A3		2.36%	#^		10/26/2036		873,536
		MASTR Adjustable Rate Mortgages Trust,
	13,176,267	Series 2006-2-2A1		2.59%	#		04/25/2036		12,465,645
	3,320,156	Series 2007-2-A2		0.26%	#		03/25/2047		3,266,645
		MASTR Asset Backed Securities Trust,
	141,091	Series 2006-NC1-A3		0.34%	#		01/25/2036		139,335
		Morgan Stanley Capital, Inc.,
	1,834,547	Series 2005-WMC3-M3		0.86%	#		03/25/2035		1,831,733
	2,031,163	Series 2006-NC2-A2C		0.33%	#		02/25/2036		2,025,045
		Morgan Stanley Mortgage Loan Trust,
	185,256	Series 2004-1-1A1		5.00%			11/25/2018		190,087
		Opteum Mortgage Acceptance Corporation,
	2,682,366	Series 2005-5-2AN		5.68%	#		12/25/2035		2,803,538
		Residential Asset Mortgage Products, Inc.,
	5,547,167	Series 2005-EFC7-AI3		0.40%	#		04/25/2034		5,216,201
	11,416,800	Series 2006-RS4-A3		0.32%	#		07/25/2036		11,181,837
		Residential Asset Securities Corporation,
	4,534,119	Series 2006-KS6-A3		0.30%	#		08/25/2036		4,342,402
	10,375,615	Series 2007-KS2-AI2		0.27%	#		02/25/2037		10,200,340
		Residential Asset Securitization Trust,
	111,267	Series 2005-A5-A1		0.45%	#		05/25/2035		111,426
	111,267	Series 2005-A5-A2		5.05%	# I/F I/O		05/25/2035		389
		Residential Funding Mortgage Securities Trust,
	196,066	Series 2003-S16-A1		4.75%			09/25/2018		198,067
		Soundview Home Equity Loan Trust,
	5,928,242	Series 2007-NS1-A2		0.30%	#		01/25/2037		5,769,288
		Springleaf Mortgage Loan Trust,
	7,705,758	Series 2014-3A-A		1.87%	#^		09/25/2057		7,705,935
		Structured Adjustable Rate Mortgage Loan Trust,
	238,042	Series 2006-5-5A3		4.92%	#		06/25/2036		236,969
	3,846,855	Series 2007-1-2A2		4.45%	#		02/25/2037		3,703,402
		Structured Asset Securities Corporation,
	620,072	Series 2003-24A-1A3		2.45%	#		07/25/2033		618,680

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Structured Asset Securities Corporation, (Cont.)
$	277,327	Series 2004-15-2A1		4.75%			09/25/2019		281,635
	796,722	Series 2005-10-6A1		5.00%			06/25/2020		832,449
	7,276,108	Series 2005-AXS-1A3		5.00%	#		03/25/2035		7,456,290
		Washington Mutual Mortgage Pass-Through Certificates,
	2,060,912	Series 2002-AR16-A		2.45%	#		12/25/2032		2,005,819
		Wells Fargo Alternative Loan Trust,
	557,459	Series 2007-PA5-2A1		6.00%			11/25/2022		575,398
		Wells Fargo Mortgage Loan Trust,
	538,608	Series 2012-RR1-A1		2.85%	#^		08/27/2037		542,696
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $167,198,332)							169,579,256
	US CORPORATE BONDS 8.8%
	3,000,000	American Express Credit Corporation		1.75%			06/12/2015		3,027,411
	591,000	American Express Credit Corporation		1.30%			07/29/2016		595,209
	3,725,000	Amgen, Inc.		2.13%			05/15/2017		3,793,760
	3,915,000	Anheuser-Busch InBev Worldwide, Inc.		1.38%			07/15/2017		3,912,444
	3,890,000	AT&T, Inc.		1.70%			06/01/2017		3,924,551
	3,865,000	Bank of America Corporation		2.00%			01/11/2018		3,851,225
	2,122,000	BB&T Corporation		3.20%			03/15/2016		2,194,608
	1,385,000	BB&T Corporation		2.15%			03/22/2017		1,408,355
	3,139,000	Berkshire Hathaway Finance Corporation		0.95%			08/15/2016		3,151,908
	912,000	Berkshire Hathaway, Inc.		2.20%			08/15/2016		938,645
	3,700,000	Boeing Company		3.75%			11/20/2016		3,920,231
	3,800,000	Caterpillar Financial Services Corporation		1.00%			03/03/2017		3,788,771
	3,855,000	Citigroup, Inc.		1.35%			03/10/2017		3,846,916
	3,545,000	Comcast Corporation		6.50%			01/15/2017		3,972,084
	3,905,000	ConocoPhillips Company		1.05%			12/15/2017		3,854,044
	2,299,000	Covidien International Finance S.A.		6.00%			10/15/2017		2,598,882
	3,655,000	Daimler Finance North America LLC		1.45%	^		08/01/2016		3,682,197
	3,645,000	Devon Energy Corporation		1.88%			05/15/2017		3,680,772
	3,675,000	DIRECTV Holdings LLC		2.40%			03/15/2017		3,759,275
	3,710,000	Dow Chemical Company		2.50%			02/15/2016		3,791,820
	4,225,000	Duke Energy Corporation		1.63%			08/15/2017		4,244,621
	3,780,000	eBay, Inc.		1.35%			07/15/2017		3,766,751
	3,630,000	Ecolab, Inc.		3.00%			12/08/2016		3,769,559
	3,512,000	ERP Operating LP		5.75%			06/15/2017		3,908,550
	350,000	Express Scripts Holding Company		2.65%			02/15/2017		360,115
	3,410,000	Express Scripts Holding Company		1.25%			06/02/2017		3,385,260
	2,920,000	General Electric Capital Corporation		1.63%			07/02/2015		2,948,318
	675,000	General Electric Capital Corporation		2.90%			01/09/2017		701,443
	650,000	General Mills, Inc.		5.20%			03/17/2015		664,089
	2,706,000	General Mills, Inc.		5.70%			02/15/2017		2,991,009
	3,564,000	Gilead Sciences, Inc.		3.05%			12/01/2016		3,714,483
	3,430,000	Goldman Sachs Group, Inc.		5.75%			10/01/2016		3,726,156
	3,575,000	Hewlett-Packard Company		3.30%			12/09/2016		3,732,103
	2,705,000	John Deere Capital Corporation		1.40%			03/15/2017		2,726,605
	3,700,000	JP Morgan Chase & Company		3.15%			07/05/2016		3,830,318
	3,455,000	Kellogg Company		1.75%			05/17/2017		3,484,333
	1,350,000	Kinder Morgan Energy Partners LP		3.50%			03/01/2016		1,396,378
	2,238,000	Kinder Morgan Energy Partners LP		6.00%			02/01/2017		2,460,509

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 51

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	3,643,000	Kraft Foods, Inc.		4.13%			02/09/2016		3,802,385
	3,720,000	Kroger Company		2.20%			01/15/2017		3,793,463
	2,600,000	McKesson Corporation		1.29%			03/10/2017		2,592,330
	3,675,000	Metropolitan Life Global Funding		1.50%	^		01/10/2018		3,647,401
	3,875,000	Morgan Stanley		1.75%			02/25/2016		3,917,679
	3,500,000	Mylan, Inc.		1.80%			06/24/2016		3,542,371
	3,700,000	National Rural Utilities Cooperative Finance Corporation		1.10%			01/27/2017		3,696,141
	3,810,000	ONEOK Partners LP		3.25%			02/01/2016		3,929,645
	3,775,000	Phillips 66		2.95%			05/01/2017		3,924,679
	3,875,000	PNC Funding Corporation		2.70%			09/19/2016		4,000,337
	3,960,000	Procter & Gamble Company		0.75%			11/04/2016		3,960,780
	3,775,000	Simon Property Group LP		2.15%			09/15/2017		3,856,970
	1,050,000	Southwest Airlines Company		5.75%			12/15/2016		1,148,230
	1,900,000	Southwest Airlines Company		5.13%			03/01/2017		2,051,892
	1,450,000	Sysco Corporation		1.45%			10/02/2017		1,453,022
	3,775,000	Thomson Reuters Corporation		1.30%			02/23/2017		3,770,670
	3,820,000	Toyota Motor Credit Corporation		1.75%			05/22/2017		3,870,970
	3,645,000	Valero Energy Corporation		6.13%			06/15/2017		4,074,027
	2,900,000	Wal-Mart Stores, Inc.		0.60%			04/11/2016		2,899,878
	455,000	Wal-Mart Stores, Inc.		5.38%			04/05/2017		503,432
	3,577,000	Waste Management, Inc.		2.60%			09/01/2016		3,682,425
	3,850,000	WellPoint, Inc.		1.88%			01/15/2018		3,848,830
	3,715,000	Wells Fargo & Company		2.10%			05/08/2017		3,791,236
	3,650,000	Xerox Corporation		2.95%			03/15/2017		3,780,064
		Total US Corporate Bonds (Cost $194,851,159)							195,042,565
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 1.2%
		Federal Home Loan Mortgage Corporation,
	251,638	Pool G0-6871		6.00%			06/01/2038		285,215
	551,766	Pool G06954		6.00%			05/01/2040		621,612
	627,313	Pool N7-0081		5.50%			07/01/2038		704,276
	132,045	Series 3267-BA		5.80%			11/15/2036		143,648
	548,367	Series 3818-JA		4.50%			01/15/2040		582,735
	105,532	Series 3872-BA		4.00%			06/15/2041		109,804
	6,896,907	Series 4050-BC		2.00%			05/15/2041		6,528,595
		Federal National Mortgage Association,
	359,976	Series 2011-64-DB		4.00%			07/25/2041		373,213
	3,184,823	Series 2012-133-PB		6.50%			04/25/2042		3,654,810
		Federal National Mortgage Association Pass-Thru,
	80,802	Pool 995112		5.50%			07/01/2036		90,558
	323,559	Pool AB3850		4.00%			11/01/2041		338,116
	265,383	Pool AD0189		5.50%			02/01/2039		297,148
	511,377	Pool AL1690		6.00%			05/01/2041		577,615
	401,607	Pool AL1691		6.00%			06/01/2041		455,072
	534,317	Pool AL1744		6.00%			10/01/2040		603,873
	9,754,968	Pool AL4292		4.50%			04/01/2026		10,398,428
		Total US Government / Agency Mortgage Backed Obligations (Cost $25,454,715)							25,764,718
	US GOVERNMENT BONDS AND NOTES 6.9%
	23,800,000	United States Treasury Notes		1.75%			05/31/2016		24,318,768
	24,200,000	United States Treasury Notes		1.50%			06/30/2016		24,631,075

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	27,900,000	United States Treasury Notes		1.00%			08/31/2016		28,129,952
	20,300,000	United States Treasury Notes		1.00%			09/30/2016		20,454,625
	22,500,000	United States Treasury Notes		1.00%			10/31/2016		22,663,485
	16,100,000	United States Treasury Notes		0.88%			11/30/2016		16,161,631
	18,000,000	United States Treasury Notes		0.75%			01/15/2017		17,990,856
		Total US Government Bonds and Notes (Cost $154,324,665)							154,350,392
	AFFILIATED MUTUAL FUNDS 2.3% (a)
	5,000,000	DoubleLine Low Duration Emerging Markets Fixed Income Fund							50,550,000
		Total Affiliated Mutual Funds (Cost $50,000,000)							50,550,000
	SHORT TERM INVESTMENTS 4.5%
	33,392,360	BlackRock Institutional Liquidity Funds FedFund Portfolio		0.01%	¨				33,392,360
	33,392,360	Fidelity Institutional Government Portfolio		0.01%	¨				33,392,360
	33,392,360	Morgan Stanley Institutional Liquidity Fund Government Portfolio		0.04%	¨				33,392,360
		Total Short Term Investments (Cost $100,177,080)							100,177,080
		Total Investments 98.7% (Cost $2,190,311,493)							2,195,509,379
		Other Assets in Excess of Liabilities 1.3%							28,335,293
		NET ASSETS 100.0%						$	2,223,844,672

SECURITY TYPE BREAKDOWN as a % of Net Assets
Collateralized Loan Obligations	20.7%
Foreign Corporate Bonds	18.7%
Non-Agency Commercial Mortgage Backed Obligations	16.4%
US Corporate Bonds	8.8%
Bank Loans	9.5%
Non-Agency Residential Collateralized Mortgage Obligations	7.6%
US Government Bonds and Notes	6.9%
Short Term Investments	4.5%
Affiliated Mutual Funds	2.3%
Asset Backed Obligations	1.3%
US Government / Agency Mortgage Backed Obligations	1.2%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.8%
Other Assets and Liabilities	1.3%
	100.0%

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

(Unaudited)

September 30, 2014

COUNTRY BREAKDOWN as a % of Net Assets
United States	77.9%
Brazil	2.8%
Colombia	2.8%
Peru	2.4%
Chile	2.4%
Mexico	2.3%
Singapore	1.2%
Panama	1.1%
United Kingdom	0.8%
Canada	0.7%
Luxembourg	0.6%
Costa Rica	0.6%
China	0.6%
Guatemala	0.5%
Australia	0.5%
Israel	0.3%
South Korea	0.3%
Supranational	0.2%
France	0.2%
Qatar	0.1%
Netherlands	0.1%
El Salvador	0.1%
Indonesia	0.1%
Paraguay	0.1%
Malaysia	0.0%	~
Other Assets and Liabilities	1.3%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets
Collateralized Loan Obligations	20.7%
Non-Agency Commercial Mortgage Backed Obligations	16.4%
Banking	10.9%
Non-Agency Residential Collateralized Mortgage Obligations	7.6%
US Government Bonds and Notes	6.9%
Short Term Investments	4.5%
Oil & Gas	3.4%
Affiliated Mutual Funds	2.3%
Chemicals/Plastics	1.8%
Leisure	1.7%
Media	1.6%
Telecommunications	1.6%
Financial Intermediaries	1.5%
Healthcare	1.3%
Asset Backed Obligations	1.3%
Food Products	1.3%
Business Equipment and Services	1.2%
US Government / Agency Mortgage Backed Obligations	1.2%
Transportation	1.1%
Utilities	1.0%
Consumer Products	1.0%
Beverage and Tobacco	0.9%
Pharmaceuticals	0.8%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.8%
Automotive	0.5%
Finance	0.5%
Air Transport	0.5%
Pulp & Paper	0.4%
Mining	0.4%
Industrial Equipment	0.4%
Cable Television	0.4%
Energy	0.4%
Real Estate	0.3%
Insurance	0.3%
Building and Development	0.3%
Construction	0.3%
Industrial	0.3%
Hotels/Motels/Inns and Casinos	0.2%
Retailers (other than Food/Drug)	0.2%
Food/Drug Retailers	0.2%
Environmental Control	0.2%
Conglomerates	0.1%
Other Assets and Liabilities	1.3%
	100.0%

# Variable rate security. Rate disclosed as of September 30, 2014.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2014, the value of these securities amounted to $653,222,947 or 29.4% of net assets.

& Unfunded or partially unfunded loan commitment

† Perpetual Maturity

I/O Interest only security

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

(a) Institutional class shares held

¨ Seven-day yield as of September 30, 2014

~ Represents Less than 0.05% of net assets

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 53

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2014

Investments in Affiliates

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

A summary of DoubleLine Low Duration Bond Fund’s investments in affiliated mutual funds for the period ended September 30, 2014 is as follows:

Fund	Value at March 31, 2014		Gross Purchases		Gross Sales		Shares Held at September 30, 2014		Value at September 30, 2014		Dividend Income Earned in the Period Ended September 30, 2014		Net Realized Gain (Loss) in the Period Ended September 30, 2014
DoubleLine Low Duration Emerging Markets Fixed Income Fund	$	—	$	50,000,000	$	—		5,000,000	$	50,550,000	$	871,142	$	—

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

Schedule of Investments  DoubleLine Floating Rate Fund (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	BANK LOANS 89.4%
	AIR TRANSPORT 3.1%
		Delta Air Lines, Inc.,
$	3,942,324	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		3.25%	#		10/18/2018		3,857,072
		Orbitz Worldwide, Inc.,
	3,990,000	Guaranteed Senior Secured 1st Lien Term Loan		4.50%	#		04/15/2021		3,982,020
		United Airlines, Inc.,
	3,953,712	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		04/01/2019		3,890,710
									11,729,802
	AUTOMOTIVE 5.3%
		American Tire Distributors, Inc.,
	3,983,515	Guaranteed Senior Secured 1st Lien Term Loan		5.75%	#		06/01/2018		3,988,514
		Cooper-Standard Automotive, Inc.,
	498,750	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		04/05/2021		493,765
		Gates Global LLC,
	4,000,000	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		07/05/2021		3,934,160
		Goodyear Tire & Rubber Company,
	4,000,000	Guaranteed Senior Secured 2nd Lien Term Loan		4.75%	#		04/30/2019		3,999,380
		TI Group Automotive Systems LLC,
	3,491,250	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/02/2021		3,449,809
		Tower Automotive Holdings LLC,
	3,809,365	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		04/23/2020		3,760,148
									19,625,776
	BROADCAST RADIO AND TELEVISION 1.0%
		Univision Communications, Inc.,
	4,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C3		4.00%	#		02/28/2020		3,928,920
	BUILDING AND DEVELOPMENT 3.0%
		Capital Automotive LP,
	3,658,661	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		04/10/2019		3,644,959
		Interline Brands, Inc.,
	3,984,987	Guaranteed Senior Secured 1st Lien Term Loan		4.00%	#		03/17/2021		3,923,958
		Signode Industrial Group, Inc.,
	3,525,926	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		04/30/2021		3,470,851
									11,039,768
	BUSINESS EQUIPMENT AND SERVICES 10.9%
		AlixPartners LLP,
	3,925,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.00%	#		07/10/2020		3,872,660

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Allied Security Holdings LLC,
$	2,938,333	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		02/12/2021		2,902,530
		Brand Energy & Infrastructure Services, Inc.,
	3,976,088	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		11/26/2020		3,969,170
		Duff & Phelps LLC,
	2,447,593	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		04/23/2020		2,439,026
		Emdeon, Inc.,
	3,913,882	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.75%	#		11/02/2018		3,875,957
		Hillman Group, Inc.,
	3,990,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		06/30/2021		3,980,025
		KAR Auction Services, Inc.,
	3,425,387	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.50%	#		03/11/2021		3,383,992
		Mitchell International, Inc.,
	2,500,000	Guaranteed Senior Secured 2nd Lien Term Loan		8.50%	#		10/11/2021		2,503,125
		Monitronics International, Inc.,
	3,939,724	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		03/23/2018		3,902,789
		Protection One, Inc.,
	3,924,405	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		03/21/2019		3,908,884
		TransUnion LLC,
	3,980,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		04/09/2021		3,924,041
		Travelport Finance Luxembourg S.A.R.L.,
	2,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		6.00%	#		09/02/2021		2,001,430
									40,663,629
	CABLE TELEVISION 2.1%
		Charter Communications Operating LLC,
	4,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche G		4.25%	#		09/12/2021		3,995,220
		Virgin Media Investment Holdings Ltd.,
	4,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		06/08/2020		3,901,360
									7,896,580
	CHEMICALS/PLASTICS 7.0%
		AI Chem & CY SCA,
	2,600,342	Senior Secured 1st Lien Term Loan, Tranche B1		4.50%	#		10/03/2019		2,592,229
		AI Chem & CY SCA,
	1,349,192	Senior Secured 1st Lien Term Loan, Tranche B2		4.50%	#		10/03/2019		1,344,983
		Arysta Lifescience LLC,
	3,432,595	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		05/22/2020		3,406,850
		Clondalkin Acquisition B.V.,
	4,011,037	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		05/29/2020		3,940,844

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 55

Schedule of Investments  DoubleLine Floating Rate Fund  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Ineos Finance LLC,
$	3,984,926	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		05/04/2018		3,910,488
		PolarPak, Inc.,
	1,972,206	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		06/05/2020		1,952,483
		Solenis International LP,
	4,000,000	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		07/31/2021		3,936,000
		Univar, Inc.,
	3,969,127	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		06/30/2017		3,933,564
		WNA Holdings, Inc.,
	1,270,120	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		06/05/2020		1,257,419
									26,274,860
	CONTAINERS AND GLASS PRODUCTS 1.3%
		Ardagh Holdings, Inc.,
	995,000	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan, Tranche B		4.00%	#		12/17/2019		982,562
		Exopack Holdings S.A.,
	2,965,038	Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		05/08/2019		2,983,569
		Reynolds Group Holdings, Inc.,
	997,487	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		11/30/2018		988,635
									4,954,766
	COSMETICS/TOILETRIES 2.1%
		Prestige Brands, Inc.,
	4,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.50%	#		09/03/2021		3,999,380
		Revlon Consumer Products Corporation,
	3,970,000	Guaranteed Senior Secured 1st Lien Term Loan		4.00%	#		10/08/2019		3,912,951
									7,912,331
	DRUGS 2.7%
		Akorn, Inc.,
	4,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		04/16/2021		3,986,240
		Ikaria, Inc.,
	3,765,281	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		02/12/2021		3,765,884
		Salix Pharmaceuticals Ltd.,
	2,406,250	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		01/02/2020		2,403,615
									10,155,739
	ELECTRONICS/ELECTRIC 2.9%
		Allflex Holdings, Inc.,
	3,950,050	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/17/2020		3,922,400
		BMC Software Finance, Inc.,
	3,826,310	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		09/10/2020		3,768,915
		Freescale Semiconductor, Inc.,
	3,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B5		5.00%	#		01/15/2021		2,996,250
									10,687,565

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ENERGY 1.1%
		Bayonne Energy Center LLC,
$	3,995,444	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		08/19/2021		3,989,211
	FINANCIAL INTERMEDIARIES 3.2%
		Grosvenor Capital Management Holdings LLP,
	2,977,500	Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		01/04/2021		2,947,725
		Guggenheim Partners Investment Management,
	3,950,050	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/22/2020		3,928,661
		National Financial Partners Corporation,
	3,240,636	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		07/01/2020		3,217,676
		RCS Capital Corporation,
	1,975,000	Guaranteed Senior Secured 1st Lien Term Loan		6.50%	#		04/29/2019		1,992,281
									12,086,343
	FOOD PRODUCTS 2.6%
		CSM Bakery Supplies LLC,
	3,950,000	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		07/03/2020		3,905,563
		DE Master Blenders 1753 N.V.,
	2,500,000	Senior Secured 1st Lien Term Loan, Tranche B2		3.50%	#		07/02/2021		2,456,250
		Del Monte Corporation,
	3,424,790	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		03/09/2020		3,299,220
									9,661,033
	FOOD/DRUG RETAILERS 2.1%
		Albertson’s Holdings LLC,
	2,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4		4.50%	#		08/25/2021		1,993,540
		Burger King Corporation,
	2,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		09/24/2021		1,989,160
		SUPERVALU, Inc.,
	3,904,875	Guaranteed Senior Secured 1st Lien Term Loan		4.50%	#		03/21/2019		3,840,073
									7,822,773
	HEALTHCARE 7.7%
		American Renal Holdings, Inc.,
	3,929,988	Senior Secured 1st Lien Delayed-Draw Term Loan, Tranche B		4.50%	#		08/20/2019		3,878,407
		Amsurg Corporation,
	2,992,500	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		07/16/2021		2,966,795
		CHS/Community Health Systems, Inc.,
	3,970,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche D		4.25%	#		01/27/2021		3,963,271
		Healogics, Inc.,
	4,000,000	Senior Secured 1st Lien Term Loan		5.25%	#		07/01/2021		3,978,340

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		PharMEDium Healthcare Corporation,
$	3,880,000	Senior Secured 1st Lien Term Loan		4.25%	#		01/28/2021		3,812,100
		Select Medical Corporation,
	1,500,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche E		5.00%	#		06/01/2018		1,488,285
		Surgery Center Holdings, Inc.
	2,875,000	Senior Secured 1st Lien Term Loan		5.25%	#		07/24/2020		2,871,406
		Surgical Care Affiliates, Inc.,
	3,950,000	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan, Tranche C		4.00%	#		06/29/2018		3,917,906
		U.S. Renal Care, Inc.,
	1,983,741	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		07/03/2019		1,964,528
									28,841,038
	HOTELS/MOTELS/INNS AND CASINOS 2.2%
		Belmond Interfin Ltd.,
	1,990,000	Guaranteed Senior Secured 1st Lien Term Loan		4.00%	#		03/19/2021		1,966,787
		Four Seasons Holdings, Inc.,
	3,950,050	Guaranteed Senior Secured 1st Lien Term Loan		3.50%	#		06/29/2020		3,884,637
		Scientific Games International, Inc.,
	2,300,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		5.50%	#		10/21/2021		2,258,922
									8,110,346
	INDUSTRIAL EQUIPMENT 6.3%
		Crosby Worldwide Ltd.
	3,970,000	Senior Secured 1st Lien Term Loan		3.75%	#		11/23/2020		3,801,275
		Doosan Infracore International, Inc.,
	3,990,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		05/28/2021		3,990,000
		Filtration Group, Inc.,
	3,970,000	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		11/20/2020		3,960,075
		Jazz Acquisition, Inc.,
	3,990,303	Guaranteed Senior Secured 1st Lien Term Loan		4.50%	#		06/18/2021		3,967,857
		Rexnord LLC,
	3,960,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		08/21/2020		3,902,719
		TMS International Corporation,
	3,965,025	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		10/16/2020		3,967,523
									23,589,449
	INSURANCE 2.5%
		Applied Systems, Inc.,
	4,000,000	Secured 2nd Lien Term Loan, Tranche B		7.50%	#		01/24/2022		4,005,000
		Asurion LLC,
	3,200,000	Senior Secured 2nd Lien Term Loan		8.50%	#		03/03/2021		3,244,000
		York Risk Services Group, Inc.,
	195,122	Senior Secured 1st Lien Delayed-Draw Term Loan		0.00%	#&		10/01/2021		194,635

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		York Risk Services Group, Inc.,
$	1,804,878	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		10/01/2021		1,800,375
									9,244,010
	LEISURE 7.0%
		24 Hour Fitness Worldwide, Inc.
	3,990,000	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		05/28/2021		3,975,057
		Dave & Buster’s, Inc.,
	4,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		07/27/2020		3,975,000
		Emerald Expositions Holding, Inc.,
	3,299,726	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/17/2020		3,281,166
		Hilton Worldwide Finance LLC,
	3,202,729	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		10/26/2020		3,157,346
		IMG Worldwide, Inc.,
	3,990,000	Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		05/06/2021		3,940,125
		Live Nation Entertainment, Inc.,
	3,960,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		3.50%	#		08/14/2020		3,919,153
		WMG Acquisition Corporation,
	3,955,038	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		07/01/2020		3,825,273
									26,073,120
	MEDIA 1.0%
		Media General, Inc.,
	3,627,906	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan, Tranche B		4.25%	#		07/31/2020		3,596,161
	OIL & GAS 4.4%
		Drillships Ocean Ventures, Inc.,
	4,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		07/26/2021		3,890,000
		Fieldwood Energy LLC,
	3,200,000	Senior Secured 2nd Lien Term Loan		8.38%	#		09/30/2020		3,216,800
		Ruby Western Pipeline Holdings LLC,
	3,472,422	Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		03/27/2020		3,447,819
		TPF II Power LLC,
	2,100,000	Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		09/29/2021		2,098,698
		UTEX Industries, Inc.,
	3,990,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		05/21/2021		3,982,519
									16,635,836
	PUBLISHING 1.0%
		Springer Science+Business Media GmbH,
	3,950,125	Senior Secured 1st Lien Term Loan, Tranche B3		4.75%	#		08/14/2020		3,890,873

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 57

Schedule of Investments  DoubleLine Floating Rate Fund  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	RETAILERS (OTHER THAN FOOD/DRUGS) 4.5%
		Michaels Stores, Inc.
$	3,122,222	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.00%	#		01/28/2020		3,094,466
		National Vision, Inc.,
	3,980,000	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/12/2021		3,885,475
		Neiman Marcus Group Ltd.,
	3,989,975	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		10/23/2020		3,927,632
		Serta Simmons Holdings LLC,
	1,906,263	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		10/01/2019		1,891,975
		Spin Holdco, Inc.,
	3,950,125	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		11/14/2019		3,888,424
									16,687,972
	TELECOMMUNICATIONS 0.8%
		Intelsat Jackson Holdings S.A.,
	3,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.75%	#		06/28/2019		2,957,625
	UTILITIES 1.6%
		Calpine Corporation,
	3,933,777	Senior Secured 1st Lien Term Loan, Tranche B1		3.54%	#		04/02/2018		3,909,408
		EFS Cogen Holdings I LLC,
	2,196,474	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		12/17/2020		2,191,674
									6,101,082
		Total Bank Loans (Cost $337,381,182)							334,156,608

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 2.1%
$	7,650,000	CGBAM Commercial Mortgage Trust, Series 2013-BREH-E		4.50%	#^		05/15/2030		7,671,275
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $7,703,486)							7,671,275
	US CORPORATE BONDS 2.9%
	1,740,000	CDW LLC		6.00%			08/15/2022		1,813,950
	3,000,000	HCA, Inc.		5.00%			03/15/2024		2,958,750
	3,001,000	HD Supply, Inc.		7.50%			07/15/2020		3,128,542
	2,945,000	Reynolds Group Issuer LLC		5.75%			10/15/2020		3,011,263
		Total US Corporate Bonds (Cost $11,050,276)							10,912,505
	SHORT TERM INVESTMENTS 11.2%
	13,988,177	BlackRock Institutional Liquidity Funds FedFund Portfolio		0.01%	¨				13,988,177
	13,988,177	Fidelity Institutional Government Portfolio		0.01%	¨				13,988,177
	13,988,177	Morgan Stanley Institutional Liquidity Fund Government Portfolio		0.04%	¨				13,988,177
		Total Short Term Investments (Cost $41,964,531)							41,964,531
		Total Investments 105.6% (Cost $398,099,475)							394,704,919
		Liabilities in Excess of Other Assets (5.6)%							(20,988,609	)
		NET ASSETS 100.0%						$	373,716,310

SECURITY TYPE BREAKDOWN as a % of Net Assets
Bank Loans	89.4%
Short Term Investments	11.2%
US Corporate Bonds	2.9%
Non-Agency Commercial Mortgage Backed Obligations	2.1%
Other Assets and Liabilities	(5.6)%
	100.0%

# Variable rate security. Rate disclosed as of September 30, 2014.

& Unfunded loan commitment

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2014, the value of these securities amounted to $7,671,275 or 2.1% of net assets.

¨ Seven-day yield as of September 30, 2014

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

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^® (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLLATERALIZED LOAN OBLIGATIONS 17.4%
		Adams Mill Ltd.,
$	250,000	Series 2014-1A-D1		3.70%	#^		07/15/2026		236,848
		ARES Ltd.,
	500,000	Series 2014-1A-A2		2.24%	#^		04/17/2026		490,237
		Avery Point Ltd.,
	250,000	Series 2013-2A-D		3.68%	#^		07/17/2025		238,739
	250,000	Series 2014-1A-B1		2.33%	#^		04/25/2026		247,047
	500,000	Series 2014-1A-C		3.33%	#^		04/25/2026		498,108
	250,000	Series 2014-1A-D		3.73%	#^		04/25/2026		237,866
		Birchwood Park Ltd.,
	500,000	Series 2014-1A-C2		3.38%	#^		07/15/2026		501,880
	500,000	Series 2014-1A-D2		1.43%	#^		07/15/2026		499,364
		Black Diamond Ltd.,
	313,784	Series 2005-2A-A		0.49%	#^		01/07/2018		310,390
		Carlyle Global Market Strategies Ltd.,
	500,000	Series 2014-3A-B		3.38%	#^		07/27/2026		499,494
	500,000	Series 2014-3A-C2		4.43%	#^		07/27/2026		498,321
		Carlyle High Yield Partners Ltd.,
	449,448	Series 2005-7A-D1		1.93%	#^		09/30/2019		447,562
	500,000	Series 2006-8A-B		0.61%	#^		05/21/2021		482,312
		Catamaran Ltd.,
	250,000	Series 2014-1A-A2		2.03%	#^		04/20/2026		240,794
	250,000	Series 2014-1A-B		2.85%	#^		04/20/2026		241,736
		Cent Ltd.,
	500,000	Series 2014-22A-B		3.43%	#^		11/07/2026		500,000
	250,000	Series 2014-22A-C		3.98%	#^		11/07/2026		238,550
		Cornerstone Ltd.,
	250,000	Series 2007-1A-A1S		0.45%	#^		07/15/2021		248,511
		Dryden Leveraged Loan,
	800,000	Series 2006-11A-C1		1.83%	#^		04/12/2020		776,312
		Flatiron Ltd.,
	500,000	Series 2013-1		2.98%	#^		01/17/2026		487,082
	250,000	Series 2014-1A-B		3.09%	#^		07/17/2026		246,742
	250,000	Series 2014-1A-C		3.54%	#^		07/17/2026		236,026
		Galaxy Ltd.,
	250,000	Series 2014-18A-D1		3.93%	#^		10/15/2026		240,505
		GoldenTree Loan Opportunities Ltd.,
	700,000	Series 2012-6A-D		4.43%	#^		04/17/2022		700,863
		Halcyon Loan Advisors Funding Ltd.,
	500,000	Series 2012-1X-A2		2.73%	#		08/15/2023		499,346
	500,000	Series 2013-2A-C		2.94%	#^		08/01/2025		484,958
	250,000	Series 2013-2A-D		4.04%	#^		08/01/2025		240,745
	250,000	Series 2014-1A-X		1.28%	#^		04/18/2026		249,982
	500,000	Series 2014-2A-C		3.73%	#^		04/28/2025		467,245
		ING Ltd.,
	500,000	Series 2012-1RA-A2R		2.08%	#^		03/14/2022		499,882
	500,000	Series 2012-1RA-BR		2.98%	#^		03/14/2022		500,588
		LCM LP,
	500,000	Series 10AR-BR		2.13%	#^		04/15/2022		500,062
	500,000	Series 10AR-CR		3.08%	#^		04/15/2022		500,267
	500,000	Series 11A-B		2.38%	#^		04/19/2022		500,367
	250,000	Series 11A-D2		4.18%	#^		04/19/2022		250,564
	750,000	Series 12A-D		4.73%	#^		10/19/2022		751,595
	500,000	Series 14A-D		3.73%	#^		07/15/2025		478,433
	250,000	Series 15A-C		3.33%	#^		08/25/2024		250,037
	250,000	Series 16A-D		3.86%	#^		07/15/2026		239,488
	500,000	Series 5A-C		0.90%	#^		03/21/2019		483,059
		Madison Park Funding Ltd.,
	250,000	Series 2012-9X-C1		3.83%	#		08/15/2022		250,306
	250,000	Series 2014-13A-D		3.58%	#^		01/19/2025		238,172
	250,000	Series 2014-13A-X		1.23%	#^		01/19/2025		250,056
	250,000	Series 2014-14A-C1		3.33%	#^		07/20/2026		249,442
	250,000	Series 2014-14A-D		3.83%	#^		07/20/2026		239,890
		Nautique Funding Ltd.,
	500,000	Series 2006-1A-C		1.93%	#^		04/15/2020		480,695

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		North End Ltd.,
$	500,000	Series 2013-1A-C		2.98%	#^		07/17/2025		493,266
	250,000	Series 2013-1A-D		3.73%	#^		07/17/2025		238,482
		OCP Ltd.,
	250,000	Series 2012-2A-A2		1.71%	#^		11/22/2023		250,119
		Octagon Investment Partners Ltd.,
	500,000	Series 2014-1A-B		3.43%	#^		11/14/2026		500,000
	750,000	Series 2014-1A-C		3.88%	#^		11/14/2026		718,170
		OZLM Funding Ltd.,
	500,000	Series 2013-5A-A1		1.73%	#^		01/17/2026		500,081
		Pinnacle Park Ltd.,
	500,000	Series 2014-1A-C		3.33%	#^		04/15/2026		498,586
		Race Point Ltd.,
	165,577	Series 2007-4A-A1A		0.44%	#^		08/01/2021		164,287
	500,000	Series 2007-4A-D		2.24%	#^		08/01/2021		489,638
	250,000	Series 2012-6RA-CR		3.34%	#^		05/24/2023		248,289
	250,000	Series 2012-6RA-DR		4.34%	#^		05/24/2023		248,169
		Slater Mill Loan Fund,
	500,000	Series 2012-1A-B		2.88%	#^		08/17/2022		500,985
		Sound Harbor Loan Fund Ltd.,
	500,000	Series 2014-1A-A1		1.73%	#^		10/30/2026		497,000
		Steele Creek Ltd.,
	250,000	Series 2014-1A-A1		1.83%	#^		08/21/2026		249,993
		Thacher Park Ltd.,
	500,000	Series 2014-1A-C		3.28%	#^		10/20/2026		500,000
	500,000	Series 2014-1A-D1		3.76%	#^		10/20/2026		478,500
		Venture Ltd.,
	600,000	Series 2005-1A-A2		0.68%	#^		11/22/2018		595,446
	500,000	Series 2012-10A-C		3.48%	#^		07/20/2022		498,722
	500,000	Series 2013-14A-B1		2.09%	#^		08/28/2025		485,792
	250,000	Series 2014-16A-A1L		1.87%	#^		04/15/2026		250,083
		Total Collateralized Loan Obligations (Cost $26,387,057)							26,356,076
	FOREIGN CORPORATE BONDS 20.3%
	200,000	AES Andres Dominicana Ltd.		9.50%	^		11/12/2020		214,750
	200,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		208,250
	400,000	Agromercantil Senior Trust		6.25%			04/10/2019		416,500
	200,000	Andrade Gutierrez International S.A.		4.00%			04/30/2018		198,000
	215,000	Australia and New Zealand Banking Group Ltd.		3.25%	^		03/01/2016		222,766
	200,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		213,000
	175,000	B Communications Ltd.		7.38%	^		02/15/2021		187,031
	400,000	Banco Davivienda S.A.		2.95%			01/29/2018		401,000
	400,000	Banco de Costa Rica		5.25%			08/12/2018		409,000
	400,000	Banco de Credito del Peru		2.75%	^		01/09/2018		401,000
	400,000	Banco de Credito e Inversiones		3.00%			09/13/2017		411,600
	500,000	Banco del Estado de Chile		4.13%			10/07/2020		524,394
	600,000	Banco GNB Sudameris S.A.		3.88%			05/02/2018		591,000
	200,000	Banco International del Peru S.A.A.		5.75%			10/07/2020		216,500
	200,000	Banco Latinoamericano de Comercio Exterior S.A.		3.75%			04/04/2017		208,000
	250,000	Banco Mercantil del Norte		6.86%	#		10/13/2021		265,937
	400,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		404,000
	300,000	Banco Regional SAECA		8.13%			01/24/2019		330,000
	600,000	Banco Santander Mexico		5.95%	#		01/30/2024		634,500
	500,000	Bancolombia S.A.		6.13%			07/26/2020		540,000
	225,000	Bank Of Montreal		1.30%			07/15/2016		226,911
	250,000	Bank Of Nova Scotia		2.55%			01/12/2017		257,842
	400,000	BBVA Banco Continental S.A.		3.25%			04/08/2018		407,400
	500,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		522,500
	250,000	BP Capital Markets PLC		1.85%			05/05/2017		252,832
	125,000	British Telecommunications PLC		5.95%			01/15/2018		141,191

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 59

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	50,000	Camposol S.A.		9.88%			02/02/2017		52,750
	400,000	Cementos Progreso Trust		7.13%			11/06/2023		430,200
	200,000	Cemex S.A.B. de C.V.		4.98%	#		10/15/2018		212,500
	300,000	Cemex S.A.B. de C.V.		5.88%			03/25/2019		302,250
	500,000	Central American Bottling Corporation		6.75%			02/09/2022		542,500
	200,000	CNPC General Capital Ltd.		1.13%	#^		05/14/2017		200,589
	600,000	Columbus International, Inc.		7.38%			03/30/2021		626,250
	200,000	Corpbanca S.A.		3.13%			01/15/2018		200,877
	200,000	Corporacion Financiera de Desarrollo S.A.		3.25%			07/15/2019		200,000
	200,000	Corporacion Financiera de Desarrollo S.A.		3.25%	^		07/15/2019		200,000
	500,000	Cosan Overseas Ltd.		8.25%	†		11/05/2015		520,000
	400,000	DBS Bank Ltd.		0.84%	#		07/15/2021		394,400
	200,000	Delek & Avner Tamar Bond Ltd.		3.84%	^		12/30/2018		202,366
	140,000	Diageo Capital PLC		1.50%			05/11/2017		140,790
	200,000	Digicel Ltd.		7.00%			02/15/2020		207,000
	200,000	Digicel Ltd.		8.25%			09/30/2020		207,020
	200,000	Digicel Ltd.		7.13%			04/01/2022		200,100
	200,000	Empresa de Energia de Bogota S.A.		6.13%			11/10/2021		214,600
	550,356	ENA Norte Trust		4.95%			04/25/2023		569,580
	400,000	Ferreycorp S.A.A.		4.88%			04/26/2020		398,000
	500,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		502,500
	400,000	Global Bank Corporation		4.75%			10/05/2017		413,000
	200,000	Globo Communicacao e Participacoes S.A.		6.25%	#†		07/20/2015		208,250
	200,000	Globo Communicacao e Participacoes S.A.		5.31%	#		05/11/2022		213,100
	500,000	Grupo Aval Ltd.		5.25%			02/01/2017		530,000
	700,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		759,500
	400,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		428,000
	450,000	GrupoSura Finance S.A.		5.70%			05/18/2021		488,250
	500,000	Guanay Finance Ltd.		6.00%			12/15/2020		533,125
	400,000	InRetail Shopping Malls		6.50%			07/09/2021		419,000
	110,000	Intelsat Jackson Holdings S.A.		5.50%			08/01/2023		105,462
	100,000	Intercorp Retail Trust		8.88%			11/14/2018		113,500
	400,000	Inversiones CMPC S.A.		4.75%			01/19/2018		422,376
	600,000	JBS Investments GmbH		7.75%			10/28/2020		640,500
	100,000	Korea Development Bank		3.25%			03/09/2016		103,101
	100,000	LPG International, Inc.		7.25%			12/20/2015		106,500
	400,000	Marfrig Holdings B.V.		6.88%			06/24/2019		390,200
	200,000	Marfrig Holdings B.V.		6.88%	^		06/24/2019		195,100
	200,000	Mexico Generadora de Energia		5.50%			12/06/2032		200,500
	200,000	Millicom International Cellular S.A.		4.75%			05/22/2020		191,500
	200,000	Millicom International Cellular S.A.		6.63%	^		10/15/2021		208,500
	400,000	Millicom International Cellular S.A.		6.63%			10/15/2021		417,000
	600,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		613,500
	100,000	National Australia Bank Ltd.		3.00%	^		07/27/2016		103,780
	200,000	OAS Investments GmbH		8.25%			10/19/2019		196,742
	150,000	Odebrecht Finance Ltd.		7.50%	†		09/14/2015		152,250
	195,220	Odebrecht Offshore Drilling		6.63%	^		10/01/2022		202,053
	225,000	Orange S.A.		2.75%			09/14/2016		231,875
	600,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		606,800
	500,000	Pacific Rubiales Energy Corporation		5.38%			01/26/2019		508,750
	430,339	Peru Enhanced Pass-Through Finance Ltd.		0.00%			05/31/2018		405,762
	154,850	Ras Laffan Liquefied Natural Gas Company		5.30%			09/30/2020		168,012
	200,000	Rearden G Holdings EINS GmbH		7.88%			03/30/2020		211,000
	250,000	Reliance Holdings, Inc.		4.50%			10/19/2020		261,892
	250,000	Rio Oil Finance Trust		6.25%			07/06/2024		258,253
	70,000	Seven Generations Energy Ltd.		8.25%	^		05/15/2020		75,950
	200,000	Sigma Alimentos S.A.		6.88%			12/16/2019		233,000
	190,000	Southern Copper Corporation		1.95%			09/01/2016		193,830
	300,000	Tanner Servicios Financieros S.A.		4.38%			03/13/2018		305,282
	200,000	Telefonica Celular del Paraguay S.A.		6.75%	^		12/13/2022		208,100

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	400,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		416,200
	400,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		427,000
	200,000	Unifin Financiera S.A.P.I. de C.V.		6.25%	^		07/22/2019		195,500
	200,000	Unifin Financiera S.A.P.I. de C.V.		6.25%			07/22/2019		195,500
	300,000	United Overseas Bank Ltd.		2.88%	#		10/17/2022		303,570
	500,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		504,465
	400,000	Vedanta Resources PLC		6.00%			01/31/2019		406,000
	700,000	VTR Finance B.V.		6.88%			01/15/2024		726,250
	250,000	Westpac Banking Corporation		2.00%			08/14/2017		253,921
		Total Foreign Corporate Bonds (Cost $30,814,330)							30,781,877
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 0.3%
	200,000	Banco Nacional de Desenvolvimento Economico e Social		4.00%			04/14/2019		201,190
	226,000	Corporacion Andina de Fomento		3.75%			01/15/2016		234,057
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $437,703)							435,247
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 12.5%
		BAMLL Commercial Mortgage Securities Trust,
	200,000	Series 2014-IP-E		2.81%	#^		06/15/2028		197,474
		Banc of America Commercial Mortgage Trust,
	400,000	Series 2005-3-AM		4.73%			07/10/2043		407,940
	350,000	Series 2006-5-AM		5.45%			09/10/2047		375,439
	300,000	Series 2007-1-AMFX		5.48%	#		01/15/2049		315,798
	500,000	Series 2007-5-AM		5.77%	#		02/10/2051		536,177
		Bear Stearns Commercial Mortgage Securities Trust,
	110,000	Series 2004-PWR4-D		5.83%	#		06/11/2041		116,275
		Bear Stearns Commercial Mortgage Securities, Inc.,
	300,000	Series 2006-PW13-AJ		5.61%	#		09/11/2041		310,909
	200,000	Series 2007-T26-AJ		5.57%	#		01/12/2045		202,498
		CD Commercial Mortgage Trust,
	350,000	Series 2006-CD2-AM		5.53%	#		01/15/2046		367,958
		COBALT Commercial Mortgage Trust,
	300,000	Series 2007-C2-AJFX		5.57%	#		04/15/2047		306,502
	350,000	Series 2007-C3-AM		5.97%	#		05/15/2046		380,992
		Commercial Mortgage Pass-Through Certificates,
	110,000	Series 2006-C7-AM		5.78%	#		06/10/2046		117,327
	115,000	Series 2006-C8-AM		5.35%			12/10/2046		124,126
	3,242,103	Series 2014-CR17-XA		1.21%	# I/O		05/10/2047		250,418
	300,000	Series 2014-CR19-C		4.72%	#		08/10/2047		306,631
	350,000	Series 2014-KY0-F		3.65%	#^		06/11/2027		349,719
	110,000	Series 2014-TWC-C		2.01%	#^		02/13/2032		110,384
		Credit Suisse First Boston Mortgage Securities Corporation,
	110,000	Series 2005-C2-AMFX		4.88%			04/15/2037		110,952
	310,000	Series 2005-C6-AJ		5.23%	#		12/15/2040		321,671
		Credit Suisse Mortgage Capital Certificates,
	100,000	Series 2006-C1-C		5.64%	#		02/15/2039		102,778
	350,000	Series 2006-C3-AM		6.00%	#		06/15/2038		374,346
	110,000	Series 2006-C4-AM		5.51%			09/15/2039		117,885
	90,000	Series 2006-C5-AM		5.34%			12/15/2039		96,533
	350,000	Series 2007-C2-AM		5.62%	#		01/15/2049		379,416
	300,000	Series 2007-C4-A1AM		6.10%	#		09/15/2039		325,808
	300,000	Series 2014-SURF-E		3.26%	#^		02/15/2029		301,115
	10,092,000	Series 2014-USA-X1		0.55%	#^ I/O		09/15/2037		495,518
		Grace Mortgage Trust,
	350,000	Series 2014-GRCE-A		3.37%	^		06/10/2028		359,563

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Greenwich Capital Commercial Funding Corporation,
$	300,000	Series 2006-GG7-AJ		5.82%	#		07/10/2038		312,285
	550,000	Series 2007-GG11-AJ		6.05%	#		12/10/2049		575,050
	250,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		273,353
	550,000	Series 2007-GG9-AM		5.48%			03/10/2039		582,631
		GS Mortgage Securities Corporation,
	350,000	Series 2006-GG6-AJ		5.52%	#		04/10/2038		361,600
	115,000	Series 2006-GG8-AJ		5.62%			11/10/2039		118,218
	300,000	Series 2013-KING-C		3.44%	#^		12/10/2027		302,308
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	200,000	Series 2005-CB12-B		4.97%	#		09/12/2037		193,315
	300,000	Series 2006-LDP9-AM		5.37%			05/15/2047		312,438
	300,000	Series 2007-CIBC19-AM		5.70%	#		02/12/2049		322,421
	350,000	Series 2007-CIBC20		6.07%	#		02/12/2051		372,239
	350,000	Series 2014-DSTY-A		3.43%	^		06/10/2027		358,358
		JPMBB Commercial Mortgage Securities Trust,
	500,000	Series 2014-C23-C		4.46%	#		09/15/2047		504,725
		LB-UBS Commercial Mortgage Trust,
	150,000	Series 2006-C7-AM		5.38%			11/15/2038		161,183
	300,000	Series 2007-C1-AJ		5.48%			02/15/2040		310,597
	179,000	Series 2007-C2-AM		5.49%	#		02/15/2040		190,623
		Madison Avenue Trust,
	300,000	Series 2013-650M-D		4.03%	#^		10/12/2032		304,819
		Merrill Lynch Mortgage Trust,
	500,000	Series 2005-CIP1-AM		5.11%	#		07/12/2038		513,869
	250,000	Series 2006-C1-AJ		5.67%	#		05/12/2039		252,411
	150,000	Series 2006-C2-AJ		5.80%	#		08/12/2043		152,963
	100,000	Series 2006-C2-AM		5.78%	#		08/12/2043		107,340
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	300,000	Series 2006-1		5.57%	#		02/12/2039		312,436
		Morgan Stanley Bank of America Merrill Lynch Trust,
	5,436,880	Series 2013-C12-XA		1.18%	# I/O		10/15/2046		289,682
	500,000	Series 2014-C18-C		4.49%			10/15/2047		492,889
		Morgan Stanley Capital, Inc.,
	310,000	Series 2005-HQ7-AJ		5.21%	#		11/14/2042		320,126
	94,000	Series 2005-HQ7-AM		5.21%	#		11/14/2042		97,611
	500,000	Series 2006-HQ8-AJ		5.49%	#		03/12/2044		518,541
	500,000	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		524,903
	175,000	Series 2014-CPT-E		3.45%	#^		07/13/2029		172,940
	175,000	Series 2014-CPT-F		3.45%	#^		07/13/2029		166,093
		Wachovia Bank Commercial Mortgage Trust,
	110,000	Series 2005-C22-AM		5.50%	#		12/15/2044		114,773
	250,000	Series 2006-C28-AJ		5.63%	#		10/15/2048		256,176
	110,000	Series 2006-C28-AM		5.60%	#		10/15/2048		118,460
	300,000	Series 2007-C30-AM		5.38%			12/15/2043		321,420
	500,000	Series 2007-C33-AJ		6.14%	#		02/15/2051		523,054
		WF-RBS Commercial Mortgage Trust,
	3,971,480	Series 2014-C19-XA		1.49%	# I/O		03/15/2047		320,663
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $18,959,409)							18,894,665
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 16.0%
		Chase Mortgage Finance Trust,
	40,000	Series 2004-S3-2A4		5.50%			03/25/2034		41,034
		Countrywide Alternative Loan Trust,
	238,717	Series 2004-33-1A1		2.74%	#		12/25/2034		234,970
	1,564,257	Series 2005-23CB-A15		5.50%			07/25/2035		1,512,990
		Countrywide Home Loans,
	2,295,798	Series 2007-14-A15		6.50%			09/25/2037		2,267,167
		Credit Suisse First Boston Mortgage Securities Corporation,
	50,384	Series 2004-8-6A1		4.50%			12/25/2019		51,386
	210,000	Series 2005-11-8A5		6.00%			12/25/2035		209,555
	2,360,939	Series 2005-9-5A9		5.50%			10/25/2035		2,092,715

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Credit Suisse Mortgage Capital Certificates,
$	1,000,000	Series 2011-5R-6A9		2.66%	#^		11/27/2037		929,878
		Deutsche ALT-A Securities, Inc. Mortgage Loan Trust,
	1,935,928	Series 2006-AB4-A1A		6.01%	#		10/25/2036		1,574,544
		Deutsche Mortgage & Asset Receiving Corporation,
	954,837	Series 2014-RS1-1A2		8.77%	#^		07/27/2037		778,569
		GMACM Mortgage Loan Trust,
	200,471	Series 2005-J1-A6		6.00%			12/25/2035		199,806
		GSR Mortgage Loan Trust,
	80,041	Series 2004-2F-14A1		5.50%			09/25/2019		81,784
	1,414,458	Series 2006-2F-3A4		6.00%			02/25/2036		1,242,303
		Home Equity Mortgage Loan Asset-Backed Trust,
	216,934	Series 2006-D-2A2		0.26%	#		11/25/2036		214,260
		Home Equity Mortgage Trust,
	190,057	Series 2003-6-M2		2.35%	#		03/25/2034		185,610
		HSI Asset Loan Obligation Trust,
	488,922	Series 2006-2-1A1		6.00%			12/25/2036		350,881
		Lehman Mortgage Trust,
	661,903	Series 2006-1-1A3		5.50%			02/25/2036		558,446
		Lehman XS Trust,
	59,368	Series 2005-6-3A2B		5.42%	#		11/25/2035		59,609
		MASTR Adjustable Rate Mortgages Trust,
	516,716	Series 2006-2-2A1		2.59%	#		04/25/2036		488,849
		Merrill Lynch Alternative Note Asset Trust,
	825,163	Series 2007-F1-2A6		6.00%			03/25/2037		629,474
		Morgan Stanley Mortgage Loan Trust,
	757,973	Series 2006-2-7A1		5.58%	#		02/25/2036		720,313
		NovaStar Mortgage Funding Trust,
	231,320	Series 2005-4-A2C		0.39%	#		01/25/2036		230,650
		Residential Accredit Loans, Inc.,
	2,264,105	Series 2006-QS12-2A3		6.00%			09/25/2036		1,860,526
	2,900,246	Series 2007-QS9-A33		6.50%			07/25/2037		2,458,489
		Residential Asset Mortgage Products, Inc.,
	924,528	Series 2005-EFC7-AI3		0.40%	#		04/25/2034		869,367
		Residential Asset Securitization Trust,
	1,428,628	Series 2006-A2-A11		6.00%			01/25/2046		1,179,211
		Springleaf Mortgage Loan Trust,
	1,250,000	Series 2013-1A-B2		6.00%	#^		06/25/2058		1,321,296
	1,250,000	Series 2013-2A-B2		6.00%	#^		12/25/2065		1,281,471
		Structured Adjustable Rate Mortgage Loan Trust,
	68,149	Series 2006-8-4A2		5.43%	#		09/25/2036		68,149
		Washington Mutual Mortgage Pass-Through Certificates,
	298,578	Series 2006-5-1A5		6.00%			07/25/2036		249,424
		Wells Fargo Alternative Loan Trust,
	204,951	Series 2007-PA5-1A1		6.25%			11/25/2037		195,431
		Wells Fargo Mortgage Backed Securities,
	69,877	Series 2005-9-2A2		5.25%			10/25/2035		71,494
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $24,071,461)							24,209,651
	US CORPORATE BONDS 10.7%
	85,000	Activision Blizzard, Inc.		5.63%	^		09/15/2021		88,612
	107,000	Alere, Inc.		6.50%			06/15/2020		107,267
	60,000	American Axle & Manufacturing, Inc.		6.63%			10/15/2022		63,450
	151,000	American Express Credit Corporation		1.30%			07/29/2016		152,075
	250,000	Amgen, Inc.		2.13%			05/15/2017		254,615
	176,000	Anheuser-Busch InBev Worldwide, Inc.		1.38%			07/15/2017		175,885
	65,000	Ashland, Inc.		4.75%			08/15/2022		63,700
	200,000	AT&T, Inc.		1.70%			06/01/2017		201,776
	65,000	Athlon Holdings LP		7.38%			04/15/2021		71,012

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 61

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	145,000	Atlas Pipeline Partners LP		4.75%			11/15/2021		135,756
	140,000	Avis Budget Car Rental LLC		5.50%			04/01/2023		139,650
	247,000	Bank of America Corporation		2.00%			01/11/2018		246,120
	173,000	BB&T Corporation		2.15%			03/22/2017		175,917
	200,000	Berkshire Hathaway Finance Corporation		0.95%			08/15/2016		200,822
	145,000	Berry Plastics Corporation		5.50%			05/15/2022		139,744
	40,000	Biomet, Inc.		6.50%			08/01/2020		42,500
	225,000	Boeing Company		3.75%			11/20/2016		238,392
	250,000	Caterpillar Financial Services Corporation		1.00%			03/03/2017		249,261
	120,000	CCO Holdings LLC		5.25%			09/30/2022		117,900
	105,000	CDW LLC		6.00%			08/15/2022		109,462
	130,000	Cinemark USA, Inc.		7.38%			06/15/2021		139,750
	270,000	Citigroup, Inc.		1.35%			03/10/2017		269,434
	110,000	Comcast Corporation		6.50%			01/15/2017		123,252
	55,000	CommScope, Inc.		5.00%	^		06/15/2021		54,175
	250,000	ConocoPhillips Company		1.05%			12/15/2017		246,738
	220,000	Covidien International Finance S.A.		6.00%			10/15/2017		248,697
	225,000	Daimler Finance North America LLC		1.45%	^		08/01/2016		226,674
	150,000	Devon Energy Corporation		1.88%			05/15/2017		151,472
	225,000	DIRECTV Holdings LLC		2.40%			03/15/2017		230,160
	250,000	Dow Chemical Company		2.50%			02/15/2016		255,513
	250,000	Duke Energy Corporation		1.63%			08/15/2017		251,161
	195,000	eBay, Inc.		1.35%			07/15/2017		194,317
	226,000	Ecolab, Inc.		3.00%			12/08/2016		234,689
	105,000	Energy Gulf Coast, Inc.		7.50%			12/15/2021		103,425
	85,000	Equinix, Inc.		7.00%			07/15/2021		91,375
	170,000	ERP Operating LP		5.75%			06/15/2017		189,195
	125,000	Express Scripts Holding Company		2.65%			02/15/2017		128,612
	100,000	Express Scripts Holding Company		1.25%			06/02/2017		99,274
	115,000	Frontier Communications Corporation		8.50%			04/15/2020		128,225
	145,000	Gannett Company, Inc.		4.88%	^		09/15/2021		140,650
	120,000	Gates Global LLC		6.00%	^		07/15/2022		113,400
	200,000	General Electric Capital Corporation		2.90%			01/09/2017		207,835
	125,000	General Mills, Inc.		5.70%			02/15/2017		138,166
	252,000	Gilead Sciences, Inc.		3.05%			12/01/2016		262,640
	235,000	Goldman Sachs Group, Inc.		5.75%			10/01/2016		255,291
	130,000	Goodyear Tire & Rubber Company		7.00%			05/15/2022		139,912
	135,000	Gray Television, Inc.		7.50%			10/01/2020		138,712
	55,000	H.J. Heinz Company		4.25%			10/15/2020		54,794
	105,000	HD Supply, Inc.		7.50%			07/15/2020		109,462
	225,000	Hewlett-Packard Company		3.30%			12/09/2016		234,888
	135,000	Hexion Finance Corporation		6.63%			04/15/2020		136,350
	65,000	Hilcorp Energy LP		5.00%	^		12/01/2024		62,644
	145,000	Icahn Enterprises LP		4.88%			03/15/2019		143,187
	195,000	John Deere Capital Corporation		1.40%			03/15/2017		196,557
	240,000	JP Morgan Chase & Company		3.15%			07/05/2016		248,453
	120,000	Kellogg Company		1.75%			05/17/2017		121,019
	213,000	Kinder Morgan Energy Partners LP		6.00%			02/01/2017		234,177
	152,000	Kraft Foods, Inc.		4.13%			02/09/2016		158,650
	155,000	Kroger Company		2.20%			01/15/2017		158,061
	75,000	Lifepoint Hospitals, Inc.		5.50%			12/01/2021		76,312
	130,000	Louisiana-Pacific Corporation		7.50%			06/01/2020		139,100
	60,000	Manitowoc Company, Inc.		8.50%			11/01/2020		64,800
	100,000	McKesson Corporation		1.29%			03/10/2017		99,705
	105,000	Memorial Production Partners LP		6.88%	^		08/01/2022		100,800
	200,000	Metropolitan Life Global Funding		1.50%	^		01/10/2018		198,498
	130,000	MGM Resorts International		6.63%			12/15/2021		137,800
	80,000	Milacron LLC		7.75%	^		02/15/2021		84,600
	253,000	Morgan Stanley		1.75%			02/25/2016		255,787
	25,000	MPT Operating Partnership LP		6.38%			02/15/2022		26,813
	190,000	Mylan, Inc.		1.80%			06/24/2016		192,300
	250,000	National Rural Utilities Cooperative Finance Corporation		1.10%			01/27/2017		249,739

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	45,000	NCL Corporation Ltd.		5.00%			02/15/2018		45,675
	65,000	Oasis Petroleum, Inc.		6.88%			03/15/2022		68,900
	125,000	ONEOK Partners LP		3.25%			02/01/2016		128,925
	150,000	Phillips 66		2.95%			05/01/2017		155,948
	135,000	Plastipak Holdings, Inc.		6.50%	^		10/01/2021		137,700
	240,000	PNC Funding Corporation		2.70%			09/19/2016		247,763
	105,000	Post Holdings, Inc.		7.38%			02/15/2022		104,213
	145,000	Procter & Gamble Company		0.75%			11/04/2016		145,029
	140,000	Regal Entertainment Group		5.75%			03/15/2022		141,050
	155,000	Revlon Consumer Products Corporation		5.75%			02/15/2021		152,675
	100,000	Reynolds Group Issuer LLC		9.00%			04/15/2019		104,625
	130,000	RR Donnelley & Sons Company		7.88%			03/15/2021		143,325
	135,000	Safway Group Holding LLC		7.00%	^		05/15/2018		138,038
	65,000	Sally Holdings LLC		5.75%			06/01/2022		66,625
	105,000	Sanchez Energy Corporation		6.13%	^		01/15/2023		104,244
	85,000	SBA Communications Corporation		5.63%			10/01/2019		86,700
	85,000	Select Medical Corporation		6.38%			06/01/2021		85,425
	70,000	Service Corporation International		5.38%			01/15/2022		71,050
	110,000	Signode Industrial Group, Inc.		6.38%	^		05/01/2022		105,875
	225,000	Simon Property Group LP		2.15%			09/15/2017		229,886
	95,000	Smithfield Foods, Inc.		5.88%	^		08/01/2021		96,425
	70,000	Southern Star Central Corporation		5.13%	^		07/15/2022		69,825
	50,000	Southwest Airlines Company		5.75%			12/15/2016		54,678
	25,000	Southwest Airlines Company		5.13%			03/01/2017		26,999
	105,000	Spectrum Brands, Inc.		6.63%			11/15/2022		110,775
	65,000	Steel Dynamics, Inc.		5.13%	^		10/01/2021		65,975
	80,000	Sysco Corporation		1.45%			10/02/2017		80,167
	85,000	Terex Corporation		6.00%			05/15/2021		88,825
	200,000	Thomson Reuters Corporation		1.30%			02/23/2017		199,771
	195,000	Toyota Motor Credit Corporation		1.75%			05/22/2017		197,602
	100,000	TransDigm, Inc.		6.00%	^		07/15/2022		98,875
	140,000	Ultra Petroleum Corporation		5.75%	^		12/15/2018		141,400
	125,000	United Rentals North America, Inc.		7.63%			04/15/2022		136,563
	170,000	Valero Energy Corporation		6.13%			06/15/2017		190,010
	95,000	Viking Cruises Ltd.		8.50%	^		10/15/2022		103,788
	120,000	Wal-Mart Stores, Inc.		5.38%			04/05/2017		132,773
	150,000	Waste Management, Inc.		2.60%			09/01/2016		154,421
	35,000	WCI Communities, Inc.		6.88%	^		08/15/2021		35,263
	40,000	WCI Communities, Inc.		6.88%			08/15/2021		40,300
	250,000	WellPoint, Inc.		1.88%			01/15/2018		249,924
	125,000	Wells Fargo & Company		2.10%			05/08/2017		127,565
	200,000	Xerox Corporation		2.95%			03/15/2017		207,127
		Total US Corporate Bonds (Cost $16,459,941)							16,293,878
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 1.5%
		Federal Home Loan Mortgage Corporation,
	1,394,833	Series 3417-SM		6.13%	# I/F I/O		02/15/2038		239,956
	895,449	Series 3923-PW		7.00%			12/15/2040		986,114
		Federal National Mortgage Association Pass-Thru,
	1,021,443	Pool MA1200		3.00%			10/01/2032		1,041,310
		Total US Government / Agency Mortgage Backed Obligations (Cost $2,242,830)							2,267,380

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT BONDS AND NOTES 4.6%
$	1,090,000	United States Treasury Notes		1.75%			05/31/2016		1,113,759
	1,070,000	United States Treasury Notes		1.50%			06/30/2016		1,089,060
	1,280,000	United States Treasury Notes		1.00%			08/31/2016		1,290,550
	890,000	United States Treasury Notes		1.00%			09/30/2016		896,779
	1,020,000	United States Treasury Notes		1.00%			10/31/2016		1,027,411
	740,000	United States Treasury Notes		0.88%			11/30/2016		742,833
	820,000	United States Treasury Notes		0.75%			01/15/2017		819,583
		Total US Government Bonds and Notes (Cost $6,979,811)							6,979,975
	AFFILIATED MUTUAL FUNDS 11.4% (a)
	920,520	DoubleLine Core Fixed Income Fund							10,070,490
	719,547	DoubleLine Floating Rate Fund							7,209,860
		Total Affiliated Mutual Funds (Cost $17,411,420)							17,280,350
	SHORT TERM INVESTMENTS 5.1%
	2,577,626	BlackRock Institutional Liquidity Funds FedFund Portfolio		0.01%	¨				2,577,626
	2,577,626	Fidelity Institutional Government Portfolio		0.01%	¨				2,577,626
	2,577,626	Morgan Stanley Institutional Liquidity Fund Government Portfolio		0.04%	¨				2,577,626
		Total Short Term Investments (Cost $7,732,878)							7,732,878
		Total Investments 99.8% (Cost $151,496,840)							151,231,977
		Other Assets in Excess of Liabilities 0.2%							279,787
		NET ASSETS 100.0%						$	151,511,764

SECURITY TYPE BREAKDOWN as a % of Net Assets
Foreign Corporate Bonds	20.3%
Collateralized Loan Obligations	17.4%
Non-Agency Residential Collateralized Mortgage Obligations	16.0%
Non-Agency Commercial Mortgage Backed Obligations	12.5%
Affiliated Mutual Funds	11.4%
US Corporate Bonds	10.7%
Short Term Investments	5.1%
US Government Bonds and Notes	4.6%
US Government / Agency Mortgage Backed Obligations	1.5%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.3%
Other Assets and Liabilities	0.2%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets
United States	79.2%
Mexico	2.9%
Colombia	2.8%
Brazil	2.7%
Peru	2.3%
Chile	2.1%
Singapore	1.2%
Guatemala	1.1%
Panama	0.8%
Paraguay	0.6%
Costa Rica	0.5%
India	0.4%
Barbados	0.4%
Jamaica	0.4%
Australia	0.4%
Canada	0.4%
United Kingdom	0.3%
Israel	0.3%
Supranational	0.2%
France	0.2%
Dominican Republic	0.1%
Germany	0.1%
China	0.1%
Qatar	0.1%
Luxembourg	0.1%
South Korea	0.1%
Other Assets and Liabilities	0.2%
	100.0%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 63

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) (Unaudited) September 30, 2014

INVESTMENT BREAKDOWN as a % of Net Assets
Collateralized Loan Obligations	17.4%
Non-Agency Residential Collateralized Mortgage Obligations	16.0%
Non-Agency Commercial Mortgage Backed Obligations	12.5%
Affiliated Mutual Funds	11.4%
Banking	8.7%
Short Term Investments	5.1%
US Government Bonds and Notes	4.6%
Telecommunications	3.0%
Oil & Gas	2.6%
Building and Development	1.6%
Consumer Products	1.6%
US Government / Agency Mortgage Backed Obligations	1.5%
Transportation	1.3%
Media	1.2%
Chemicals/Plastics	1.2%
Financial Intermediaries	1.1%
Business Equipment and Services	1.0%
Finance	0.9%
Healthcare	0.9%
Utilities	0.6%
Real Estate	0.6%
Beverage and Tobacco	0.6%
Food Products	0.4%
Industrial	0.4%
Mining	0.4%
Construction	0.3%
Automotive	0.3%
Pharmaceuticals	0.3%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.3%
Energy	0.3%
Pulp & Paper	0.3%
Insurance	0.3%
Leisure	0.2%
Retailers (other than Food/Drug)	0.2%
Hotels/Motels/Inns and Casinos	0.2%
Food/Drug Retailers	0.1%
Environmental Control	0.1%
Cosmetics/Toiletries	0.1%
Conglomerates	0.1%
Containers and Glass Products	0.1%
Machinery and Tools	0.0%	~
Air Transport	0.0%	~
Other Assets and Liabilities	0.2%
	100.0%

# Variable rate security. Rate disclosed as of September 30, 2014.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2014, the value of these securities amounted to $38,442,125 or 25.4% of net assets.

I/O Interest only security

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

(a) Institutional class shares held

† Perpetual Maturity

¨ Seven-day yield as of September 30, 2014

~ Represents less than 0.05% of net assets

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

(Unaudited)

September 30, 2014

Total Return Swaps - Long
Reference Entity	Counterparty	Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
Shiller Barclays CAPE® US Sector ER USD Index	Barclays Capital, Inc.		6,270,000		10/02/2014	$	(7,516	)
Shiller Barclays CAPE® US Sector ER USD Index	Barclays Capital, Inc.		600,000		10/09/2014		—
Shiller Barclays CAPE® US Sector ER II USD Index	Barclays Capital, Inc.		5,717,000		11/20/2014		752,463
Shiller Barclays CAPE® US Sector ER II USD Index	Barclays Capital, Inc.		11,871,000		12/18/2014		1,275,807
Shiller Barclays CAPE® US Sector ER II USD Index	Barclays Capital, Inc.		7,140,000		01/29/2015		618,557
Shiller Barclays CAPE® US Sector ER II USD Index	Barclays Capital, Inc.		1,397,000		02/26/2015		158,173
Shiller Barclays CAPE® US Sector ER II USD Index	Barclays Capital, Inc.		9,701,000		03/26/2015		636,213
Shiller Barclays CAPE® US Sector ER II USD Index	Barclays Capital, Inc.		5,507,000		04/30/2015		334,982
Shiller Barclays CAPE® US Sector ER II USD Index	Barclays Capital, Inc.		6,000,000		05/28/2015		267,388
Shiller Barclays CAPE® US Sector ER II USD Index	Barclays Capital, Inc.		11,500,000		06/25/2015		125,949
Shiller Barclays CAPE® US Sector ER II USD Index	Barclays Capital, Inc.		19,000,000		07/30/2015		(214,559	)
Shiller Barclays CAPE® US Sector ER II USD Index	Barclays Capital, Inc.		12,000,000		08/27/2015		(72,875	)
Shiller Barclays CAPE® US Sector ER II USD Index	Barclays Capital, Inc.		40,000,000		09/24/2015		(724,490	)
Shiller Barclays CAPE® US Sector ER II USD Index	Barclays Capital, Inc.		10,000,000		10/29/2015		(22,804	)
						$	3,127,288

Shiller Barclays CAPE^® US Sector 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 exchange-traded fund that invests primarily in equity securities of companies in the relevant sector.

Shiller Barclays CAPE^® US Sector ER II 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 that invests primarily in equity securities of companies in the relevant sector.

Investments in Affiliates

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

A summary of DoubleLine Shiller Enhanced CAPE^®’s investments in affiliated mutual funds for the period ended September 30, 2014 is as follows:

Fund	Value at March 31, 2014		Gross Purchases		Gross Sales		Shares Held at September 30, 2014		Value at September 30, 2014		Dividend Income Earned in the Period Ended September 30, 2014		Net Realized Gain (Loss) in the Period Ended September 30, 2014
DoubleLine Core Fixed Income Fund	$	5,292,413	$	32,250,000	$	27,410,000		920,520	$	10,070,490	$	129,938	$	(562	)
DoubleLine Floating Rate Fund		3,831,323		5,317,000		1,860,000		719,547		7,209,860		64,394		(7,965	)
	$	9,123,736	$	37,567,000	$	29,270,000		1,640,067	$	17,280,350	$	194,332	$	(8,527	)

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 65

Schedule of Investments  DoubleLine Flexible Income Fund (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLLATERALIZED LOAN OBLIGATIONS 18.8%
		Adams Mill Ltd.,
$	250,000	Series 2014-1A-D1		3.70%	#^		07/15/2026		236,848
	250,000	Series 2014-1A-E1		5.20%	#^		07/15/2026		227,723
		Avery Point Ltd.,
	250,000	Series 2013-2A-C		2.98%	#^		07/17/2025		244,323
	500,000	Series 2013-2A-D		3.68%	#^		07/17/2025		477,478
		Cent Ltd.,
	250,000	Series 2014-22A-B		3.43%	#^		11/07/2026		250,000
	500,000	Series 2014-22A-C		3.98%	#^		11/07/2026		477,100
		ColumbusNova Ltd.,
	250,000	Series 2006-1A-D		1.78%	#^		07/18/2018		241,873
		Dryden Leveraged Loan,
	500,000	Series 2006-11A-C1		1.83%	#^		04/12/2020		485,195
		Dryden Senior Loan Fund,
	250,000	Series 2012-25A-D		4.23%	#^		01/15/2025		249,862
		Flatiron Ltd.,
	500,000	Series 2013-1		2.98%	#^		01/17/2026		487,082
		Galaxy Ltd.,
	250,000	Series 2014-18A-D1		3.93%	#^		10/15/2026		240,505
		GoldenTree Loan Opportunities Ltd.,
	500,000	Series 2012-6A-D		4.43%	#^		04/17/2022		500,616
		Halcyon Loan Advisors Funding Ltd.,
	250,000	Series 2013-2A-C		2.94%	#^		08/01/2025		242,479
	250,000	Series 2014-2A-C		3.73%	#^		04/28/2025		233,622
	250,000	Series 2014-2A-D		5.23%	#^		04/28/2025		226,998
		ING Ltd.,
	500,000	Series 2013-1A-D		5.23%	#^		04/15/2024		463,921
		LCM LP,
	500,000	Series 10AR-BR		2.13%	#^		04/15/2022		500,062
	100,000	Series 12A-C		3.48%	#^		10/19/2022		100,383
	500,000	Series 12A-D		4.73%	#^		10/19/2022		501,064
	500,000	Series 14A-D		3.73%	#^		07/15/2025		478,433
	250,000	Series 16A-D		3.86%	#^		07/15/2026		239,489
		Madison Park Funding Ltd.,
	250,000	Series 2014-13A-D		3.58%	#^		01/19/2025		238,172
	250,000	Series 2014-13X E		5.23%	#		01/19/2025		232,041
		Octagon Investment Partners Ltd.,
	500,000	Series 2014-1A-C		3.88%	#^		11/14/2026		478,780
	250,000	Series 2014-1A-D		6.83%	#^		11/14/2026		247,655
		OZLM Funding Ltd.,
	500,000	Series 2013-5A-A1		1.73%	#^		01/17/2026		500,082
		Pinnacle Park Ltd.,
	250,000	Series 2014-1A-C		3.33%	#^		04/15/2026		249,293
		Race Point Ltd.,
	250,000	Series 2012-6RA-CR		3.34%	#^		05/24/2023		248,289
		Race Point Ltd.,
	250,000	Series 2012-6RA-DR		4.34%	#^		05/24/2023		248,169
		Sound Harbor Loan Fund Ltd.,
	500,000	Series 2014-1A-A1		1.73%	#^		10/30/2026		497,000
		Thacher Park Ltd.,
	500,000	Series 2014-1A-D1		3.76%	#^		10/20/2026		478,500
		Washington Mill Ltd.,
	250,000	Series 2014-1A-C		3.23%	#^		04/20/2026		249,077
		Total Collateralized Loan Obligations (Cost $10,795,267)							10,772,114
	FOREIGN CORPORATE BONDS 19.8%
	200,000	Abengoa Transmision Sur S.A.		6.88%	^		04/30/2043		223,000
	200,000	Aeropuertos Dominicanos		9.75%	#		11/13/2019		195,000
	200,000	AES Andres Dominicana Ltd.		9.50%	^		11/12/2020		214,750
	200,000	AES El Salvador Trust		6.75%			03/28/2023		193,916

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	200,000	Agromercantil Senior Trust		6.25%			04/10/2019		208,250
	200,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		213,000
	150,000	B Communications Ltd.		7.38%	^		02/15/2021		160,312
	200,000	Banco Davivienda S.A.		5.88%			07/09/2022		201,000
	200,000	Banco do Brasil S.A.		9.00%	#^†		06/18/2024		195,020
	200,000	Banco GNB Sudameris S.A.		7.50%			07/30/2022		218,000
	200,000	Banco International del Peru S.A.A.		6.63%	#		03/19/2029		218,000
	200,000	Banco Nacional de Costa Rica		6.25%			11/01/2023		201,500
	200,000	Banco Regional SAECA		8.13%			01/24/2019		220,000
	200,000	Bancolombia S.A.		5.13%			09/11/2022		201,800
	100,000	Camposol S.A.		9.88%			02/02/2017		105,500
	200,000	Cementos Progreso Trust		7.13%			11/06/2023		215,100
	400,000	Cemex S.A.B. de C.V.		5.70%	^		01/11/2025		386,400
	200,000	Cencosud S.A.		4.88%			01/20/2023		200,219
	200,000	Central American Bottling Corporation		6.75%			02/09/2022		217,000
	200,000	Columbus International, Inc.		7.38%			03/30/2021		208,750
	200,000	Comcel Trust		6.88%			02/06/2024		211,500
	250,000	CorpGroup Banking S.A.		6.75%			03/15/2023		250,811
	100,000	Corporacion Azucarera del Peru S.A.		6.38%			08/02/2022		92,500
	200,000	Corporacion Financiera de Desarrollo S.A.		5.25%	#		07/15/2029		203,250
	100,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		102,173
	200,000	Digicel Ltd.		8.25%			09/30/2020		207,020
	200,000	Digicel Ltd.		7.13%			04/01/2022		200,100
	120,000	Ecopetrol S.A.		4.13%			01/16/2025		116,400
	10,000	Ecopetrol S.A.		5.88%			05/28/2045		10,175
	229,315	ENA Norte Trust		4.95%			04/25/2023		237,325
	200,000	Fermaca Enterprises S. de R.L. de C.V.		6.38%	^		03/30/2038		210,500
	200,000	Ferreycorp S.A.A.		4.88%			04/26/2020		199,000
	200,000	GNL Quintero S.A.		4.63%	^		07/31/2029		199,801
	200,000	Gol LuxCo S.A.		8.88%	^		01/24/2022		197,100
	200,000	Grupo Aval Ltd.		4.75%			09/26/2022		198,500
	200,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		217,000
	100,000	Grupo Elektra S.A.B. de C.V.		7.25%			08/06/2018		104,750
	200,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		214,000
	200,000	Industrial Senior Trust		5.50%			11/01/2022		198,500
	150,000	InRetail Shopping Malls		6.50%			07/09/2021		157,125
	50,000	InRetail Shopping Malls		6.50%	^		07/09/2021		52,375
	85,000	Intelsat Jackson Holdings S.A.		5.50%			08/01/2023		81,494
	250,000	JBS Investments GmbH		7.25%			04/03/2024		255,625
	200,000	Magnesita Finance Ltd.		8.63%	†		04/05/2017		200,000
	200,000	Marfrig Holdings B.V.		6.88%	^		06/24/2019		195,100
	200,000	Mexichem S.A.B. de C.V.		5.88%	^		09/17/2044		196,500
	200,000	Millicom International Cellular S.A.		4.75%			05/22/2020		191,500
	200,000	Millicom International Cellular S.A.		6.63%			10/15/2021		208,500
	200,000	Minerva Luxembourg S.A.		8.75%	#^†		04/03/2019		204,500
	91,408	Nakilat, Inc.		6.27%			12/31/2033		103,748
	200,000	OAS Financial Ltd.		8.88%	#†		04/29/2049		187,440
	200,000	Pacific Rubiales Energy Corporation		5.13%			03/28/2023		192,060
	200,000	Pacific Rubiales Energy Corporation		5.63%	^		01/19/2025		192,690
	250,000	Rio Oil Finance Trust		6.25%			07/06/2024		258,254
	50,000	Seven Generations Energy Ltd.		8.25%	^		05/15/2020		54,250
	200,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		208,100
	200,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		213,500
	200,000	Unifin Financiera S.A.P.I. de C.V.		6.25%	^		07/22/2019		195,500
	200,000	Vedanta Resources PLC		8.25%			06/07/2021		221,375
	200,000	VTR Finance B.V.		6.88%			01/15/2024		207,500
		Total Foreign Corporate Bonds (Cost $11,409,156)							11,344,058

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 8.5%
		Banc of America Commercial Mortgage Trust,
$	100,000	Series 2005-3-AM		4.73%			07/10/2043		101,985
	100,000	Series 2007-1-AMFX		5.48%	#		01/15/2049		105,266
	100,000	Series 2007-5-AM		5.77%	#		02/10/2051		107,235
		Bear Stearns Commercial Mortgage Securities, Inc.,
	100,000	Series 2006-PW13-AJ		5.61%	#		09/11/2041		103,636
	100,000	Series 2007-T26-AJ		5.57%	#		01/12/2045		101,249
		CD Commercial Mortgage Trust,
	100,000	Series 2006-CD2-AM		5.53%	#		01/15/2046		105,131
	100,000	Series 2007-CD4-AMFX		5.37%	#		12/11/2049		105,030
		CGBAM Commercial Mortgage Trust,
	100,000	Series 2014-HD-D		2.15%	#^		02/15/2031		100,040
		COBALT Commercial Mortgage Trust,
	150,000	Series 2007-C2-AJFX		5.57%	#		04/15/2047		153,251
	100,000	Series 2007-C3-AM		5.97%	#		05/15/2046		108,855
		Commercial Mortgage Pass-Through Certificates,
	1,346,720	Series 2014-CR17-XA		1.21%	# I/O		05/10/2047		104,020
	100,000	Series 2014-CR19-C		4.72%	#		08/10/2047		102,210
	100,000	Series 2014-KY0-F		3.65%	#^		06/11/2027		99,920
		Credit Suisse Mortgage Capital Certificates,
	100,000	Series 2006-C3-AM		6.00%	#		06/15/2038		106,956
	150,000	Series 2006-C4-AM		5.51%			09/15/2039		160,752
	100,000	Series 2007-C2-AM		5.62%	#		01/15/2049		108,405
	100,000	Series 2007-C4-A1AM		6.10%	#		09/15/2039		108,603
	2,018,458	Series 2014-USA-X1		0.55%	#^ I/O		09/15/2037		99,107
		Grace Mortgage Trust,
	100,000	Series 2014-GRCE-A		3.37%	^		06/10/2028		102,732
		Greenwich Capital Commercial Funding Corporation,
	100,000	Series 2006-GG7-AJ		5.82%	#		07/10/2038		104,095
	150,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		164,012
	200,000	Series 2007-GG9-AM		5.48%			03/10/2039		211,866
		GS Mortgage Securities Corporation,
	100,000	Series 2006-GG6-AJ		5.52%	#		04/10/2038		103,314
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	150,000	Series 2006-LDP8-AJ		5.48%	#		05/15/2045		158,836
	123,533	Series 2006-LDP9-AM		5.37%			05/15/2047		128,655
	150,000	Series 2007-CB20-AM		5.88%	#		02/12/2051		166,729
	150,000	Series 2007-CIBC18-AM		5.47%	#		06/12/2047		161,876
	100,000	Series 2014-DSTY-A		3.43%	^		06/10/2027		102,388
		JPMBB Commercial Mortgage Securities Trust,
	1,248,919	Series 2014-C21-XA		1.29%	I/O		08/15/2047		100,386
	100,000	Series 2014-C23-C		4.46%	#		09/15/2047		100,945
		LB-UBS Commercial Mortgage Trust,
	100,000	Series 2007-C1-AJ		5.48%			02/15/2040		103,532
	100,000	Series 2007-C1-AM		5.46%			02/15/2040		108,020
		Merrill Lynch Mortgage Trust,
	100,000	Series 2005-CIP1-AM		5.11%	#		07/12/2038		102,774
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	100,000	Series 2006-1-AJ		5.57%	#		02/12/2039		104,145
		Morgan Stanley Bank of America Merrill Lynch Trust,
	100,000	Series 2014-C18-C		4.49%			10/15/2047		98,578
		Morgan Stanley Capital, Inc.,
	100,000	Series 2005-HQ7-AJ		5.21%	#		11/14/2042		103,266
	250,000	Series 2006-HQ8-AJ		5.49%	#		03/12/2044		259,271
	200,000	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		209,961
		Wachovia Bank Commercial Mortgage Trust,
	100,000	Series 2007-C30-AJ		5.41%	#		12/15/2043		103,255
	100,000	Series 2007-C30-AM		5.38%			12/15/2043		107,140
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $4,904,573)							4,887,427

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 25.0%
		Countrywide Alternative Loan Trust,
$	1,217,685	Series 2008-1R-2A3		6.00%			08/25/2037		1,040,651
		Countrywide Home Loans,
	1,049,508	Series 2007-14-A15		6.50%			09/25/2037		1,036,419
		Credit Suisse First Boston Mortgage Backed Trust,
	653,507	Series 2006-2-A5A		6.08%	#		09/25/2036		526,868
		Credit Suisse First Boston Mortgage Securities Corporation,
	848,252	Series 2005-9-5A9		5.50%			10/25/2035		751,883
		Credit Suisse Mortgage Capital Certificates,
	402,000	Series 2011-5R-6A9		2.66%	#^		11/27/2037		373,811
		Deutsche ALT-A Securities, Inc. Mortgage Loan Trust,
	899,093	Series 2006-AB4-A1A		6.01%	#		10/25/2036		731,258
		Deutsche Mortgage & Asset Receiving Corporation,
	292,297	Series 2014-RS1-1A2		8.77%	#^		07/27/2037		238,338
		Lehman Mortgage Trust,
	378,230	Series 2006-1-1A3		5.50%			02/25/2036		319,112
		MASTR Adjustable Rate Mortgages Trust,
	516,716	Series 2006-2-2A1		2.59%	#		04/25/2036		488,849
		Merrill Lynch Alternative Note Asset Trust,
	643,454	Series 2007-F1		6.00%			03/25/2037		490,858
		Morgan Stanley Mortgage Loan Trust,
	372,184	Series 2005-7-4A1		5.50%			11/25/2035		339,562
	366,767	Series 2006-2-2A4		5.75%			02/25/2036		353,905
	947,466	Series 2006-2-7A1		5.58%	#		02/25/2036		900,391
	939,083	Series 2007-8XS-A1		5.75%	#		04/25/2037		719,296
		Residential Accredit Loans, Inc.,
	566,969	Series 2006-QS10-A9		6.50%			08/25/2036		496,668
	1,214,885	Series 2006-QS12-2A3		6.00%			09/25/2036		998,331
		Residential Asset Securitization Trust,
	714,314	Series 2006-A2-A11		6.00%			01/25/2046		589,605
		Springleaf Mortgage Loan Trust,
	750,000	Series 2013-1A-B2		6.00%	#^		06/25/2058		792,777
	750,000	Series 2013-2A-B2		6.00%	#^		12/25/2065		768,882
		Washington Mutual Mortgage Pass-Through Certificates,
	1,811,626	Series 2006-2		6.00%			03/25/2036		1,600,044
		Wells Fargo Mortgage Backed Securities Trust,
	528,981	Series 2007-2-1A15		5.75%			03/25/2037		516,020
	258,385	Series 2007-3-1A4		6.00%			04/25/2037		258,773
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $14,266,143)							14,332,301
	US CORPORATE BONDS 7.8%
	65,000	Activision Blizzard, Inc.		5.63%	^		09/15/2021		67,762
	95,000	Alere, Inc.		6.50%			06/15/2020		95,237
	55,000	American Axle & Manufacturing, Inc.		6.63%			10/15/2022		58,162
	60,000	Ashland, Inc.		4.75%			08/15/2022		58,800
	40,000	Athlon Holdings LP		7.38%			04/15/2021		43,700
	115,000	Atlas Pipeline Partners LP		4.75%			11/15/2021		107,669
	105,000	Avis Budget Car Rental LLC		5.50%			04/01/2023		104,737
	110,000	Berry Plastics Corporation		5.50%			05/15/2022		106,012
	25,000	Biomet, Inc.		6.50%			08/01/2020		26,562
	90,000	CCO Holdings LLC		5.25%			09/30/2022		88,425
	80,000	CDW LLC		6.00%			08/15/2022		83,400
	100,000	Cinemark USA, Inc.		7.38%			06/15/2021		107,500
	40,000	CommScope, Inc.		5.00%	^		06/15/2021		39,400
	90,000	Energy Gulf Coast, Inc.		7.50%			12/15/2021		88,650
	65,000	Equinix, Inc.		7.00%			07/15/2021		69,875
	85,000	Frontier Communications Corporation		8.50%			04/15/2020		94,775
	110,000	Gannett Company, Inc.		4.88%	^		09/15/2021		106,700
	85,000	Gates Global LLC		6.00%	^		07/15/2022		80,325

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 67

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) (Unaudited) September 30, 2014

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	100,000	Goodyear Tire & Rubber Company		7.00%			05/15/2022		107,625
	100,000	Gray Television, Inc.		7.50%			10/01/2020		102,750
	30,000	H.J. Heinz Company		4.25%			10/15/2020		29,888
	85,000	HD Supply, Inc.		7.50%			07/15/2020		88,612
	105,000	Hexion Finance Corporation		6.63%			04/15/2020		106,050
	60,000	Hilcorp Energy LP		5.00%	^		12/01/2024		57,825
	110,000	Icahn Enterprises LP		4.88%			03/15/2019		108,625
	50,000	Lifepoint Hospitals, Inc.		5.50%			12/01/2021		50,875
	100,000	Louisiana-Pacific Corporation		7.50%			06/01/2020		107,000
	55,000	Manitowoc Company, Inc.		8.50%			11/01/2020		59,400
	85,000	Memorial Production Partners LP		6.88%	^		08/01/2022		81,600
	105,000	MGM Resorts International		6.63%			12/15/2021		111,300
	75,000	Milacron LLC		7.75%	^		02/15/2021		79,313
	10,000	MPT Operating Partnership LP		6.38%			02/15/2022		10,725
	30,000	NCL Corporation Ltd.		5.00%			02/15/2018		30,450
	55,000	Oasis Petroleum, Inc.		6.88%			03/15/2022		58,300
	100,000	Plastipak Holdings, Inc.		6.50%	^		10/01/2021		102,000
	90,000	Post Holdings, Inc.		7.38%			02/15/2022		89,325
	110,000	Regal Entertainment Group		5.75%			03/15/2022		110,825
	115,000	Revlon Consumer Products Corporation		5.75%			02/15/2021		113,275
	100,000	Reynolds Group Issuer LLC		9.00%			04/15/2019		104,625
	100,000	RR Donnelley & Sons Company		7.88%			03/15/2021		110,250
	105,000	Safway Group Holding LLC		7.00%	^		05/15/2018		107,363
	50,000	Sally Holdings LLC		5.75%			06/01/2022		51,250
	90,000	Sanchez Energy Corporation		6.13%	^		01/15/2023		89,352
	65,000	SBA Communications Corporation		5.63%			10/01/2019		66,300
	65,000	Select Medical Corporation		6.38%			06/01/2021		65,325
	50,000	Service Corporation International		5.38%			01/15/2022		50,750
	85,000	Signode Industrial Group, Inc.		6.38%	^		05/01/2022		81,813
	70,000	Smithfield Foods, Inc.		5.88%	^		08/01/2021		71,050
	50,000	Southern Star Central Corporation		5.13%	^		07/15/2022		49,875
	75,000	Spectrum Brands, Inc.		6.63%			11/15/2022		79,125
	50,000	Steel Dynamics, Inc.		5.13%	^		10/01/2021		50,750
	65,000	Terex Corporation		6.00%			05/15/2021		67,925
	85,000	TransDigm, Inc.		6.00%	^		07/15/2022		84,044
	110,000	Ultra Petroleum Corporation		5.75%	^		12/15/2018		111,100
	95,000	United Rentals North America, Inc.		7.63%			04/15/2022		103,788
	75,000	Viking Cruises Ltd.		8.50%	^		10/15/2022		81,938
	40,000	WCI Communities, Inc.		6.88%	^		08/15/2021		40,300
		Total US Corporate Bonds (Cost $4,624,621)							4,500,377
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 0.9%
		Federal Home Loan Mortgage Corporation,
	447,724	Series 3923-PW		7.00%			12/15/2040		493,057
		Total US Government / Agency Mortgage Backed Obligations (Cost $492,660)							493,057
	AFFILIATED MUTUAL FUNDS 15.0% (a)
	562,178	DoubleLine Floating Rate Fund							5,633,025
	273,473	DoubleLine Total Return Bond Fund							2,991,797
		Total Affiliated Mutual Funds (Cost $8,683,915)							8,624,822

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	SHORT TERM INVESTMENTS 7.0%
	1,329,014	BlackRock Institutional Liquidity Funds FedFund Portfolio		0.01%	¨			1,329,014
	1,329,014	Fidelity Institutional Government Portfolio		0.01%	¨			1,329,014
	1,329,013	Morgan Stanley Institutional Liquidity Fund Government Portfolio		0.04%	¨			1,329,013
		Total Short Term Investments (Cost $3,987,041)						3,987,041
		Total Investments 102.8% (Cost $59,163,376)						58,941,197
		Liabilities in Excess of Other Assets (2.8)%						(1,587,807	)
		NET ASSETS 100.0%					$	57,353,390

SECURITY TYPE BREAKDOWN as a % of Net Assets
Non-Agency Residential Collateralized Mortgage Obligations	25.0%
Foreign Corporate Bonds	19.8%
Collateralized Loan Obligations	18.8%
Affiliated Mutual Funds	15.0%
Non-Agency Commercial Mortgage Backed Obligations	8.5%
US Corporate Bonds	7.8%
Short Term Investments	7.0%
US Government / Agency Mortgage Backed Obligations	0.9%
Other Assets and Liabilities	(2.8)%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets
United States	83.0%
Colombia	3.4%
Mexico	3.0%
Brazil	3.0%
Peru	2.2%
Guatemala	1.8%
Chile	1.5%
Paraguay	0.7%
Dominican Republic	0.7%
Jamaica	0.7%
Israel	0.5%
Panama	0.4%
India	0.4%
Barbados	0.4%
Costa Rica	0.4%
El Salvador	0.3%
Qatar	0.2%
Luxembourg	0.1%
Canada	0.1%
Other Assets and Liabilities	(2.8)%
	100.0%

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

(Unaudited)

September 30, 2014

INVESTMENT BREAKDOWN as a % of Net Assets
Non-Agency Residential Collateralized Mortgage Obligations	25.0%
Collateralized Loan Obligations	18.8%
Affiliated Mutual Funds	15.0%
Non-Agency Commercial Mortgage Backed Obligations	8.5%
Short Term Investments	7.0%
Telecommunications	3.6%
Banking	3.6%
Oil & Gas	3.4%
Building and Development	2.4%
Consumer Products	1.6%
Transportation	1.5%
Chemicals/Plastics	1.4%
Utilities	1.3%
Finance	1.1%
Business Equipment and Services	1.1%
Media	0.9%
US Government / Agency Mortgage Backed Obligations	0.9%
Industrial	0.7%
Leisure	0.5%
Automotive	0.4%
Healthcare	0.4%
Mining	0.4%
Real Estate	0.4%
Hotels/Motels/Inns and Casinos	0.4%
Beverage and Tobacco	0.4%
Food/Drug Retailers	0.4%
Construction	0.3%
Retailers (other than Food/Drug)	0.3%
Food Products	0.2%
Cosmetics/Toiletries	0.2%
Financial Intermediaries	0.2%
Containers and Glass Products	0.2%
Machinery and Tools	0.1%
Conglomerates	0.1%
Energy	0.1%
Other Assets and Liabilities	(2.8)%
	100.0%

# Variable rate security. Rate disclosed as of September 30, 2014.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2014, the value of these securities amounted to $17,793,549 or 31.0% of net assets.

I/O Interest only security

(a) Institutional class shares held

† Perpetual Maturity

¨ Seven-day yield as of September 30, 2014

Investments in Affiliates

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

A summary of DoubleLine Flexible Income Fund’s investments in affiliated mutual funds for the period ended September 30, 2014 is as follows:

Fund	Value at April 7, 2014		Gross Purchases		Gross Sales		Shares Held at September 30, 2014		Value at September 30, 2014		Dividend Income Earned in the Period Ended September 30, 2014		Net Realized Gain (Loss) in the Period Ended September 30, 2014
DoubleLine Floating Rate Fund	$	—	$	7,964,000	$	2,275,600		562,178	$	5,633,025	$	41,587	$	983
DoubleLine Total Return Bond Fund		—		12,000,000		9,008,671		273,473		2,991,797		27,115		3,203
	$	—	$	19,964,000	$	11,284,271		835,651	$	8,624,822	$	68,702	$	4,186

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 69

Schedule of Investments  DoubleLine Low Duration Emerging Markets Fixed Income Fund (Unaudited) September 30, 2014

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	BANK LOANS 1.8%
	MEXICO 1.8%
		New Sunward Holding B.V.,
$	1,373,961	Guaranteed Senior Secured 1st Lien Term Loan, Tranche A6		4.65%	#		02/14/2017		1,371,392
		Total Bank Loans (Cost $1,372,244)							1,371,392
	FOREIGN CORPORATE BONDS 96.8%
	BARBADOS 1.3%
	1,000,000	Columbus International, Inc.		7.38%	^		03/30/2021		1,043,750
									1,043,750
	BRAZIL 13.3%
	1,000,000	Andrade Gutierrez International S.A.		4.00%			04/30/2018		990,000
	700,000	Globo Communicacao e Participacoes S.A.		6.25%	#†		07/20/2015		728,875
	1,500,000	Globo Communicacao e Participacoes S.A.		5.31%	#		05/11/2022		1,598,250
	1,750,000	JBS Investments GmbH		7.75%			10/28/2020		1,868,125
	1,500,000	Marfrig Holdings B.V.		6.88%	^		06/24/2019		1,463,250
	300,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		306,750
	600,000	Minerva Luxembourg S.A.		8.75%	#^†		04/03/2019		613,500
	1,000,000	OAS Investments GmbH		8.25%			10/19/2019		983,710
	1,300,000	Petrobras Global Finance B.V.		3.11%	#		03/17/2020		1,327,560
	200,000	Raizen Energy Finance Ltd.		7.00%			02/01/2017		220,000
	250,000	Rio Oil Finance Trust		6.25%			07/06/2024		258,254
									10,358,274
	CHILE 10.9%
	300,000	CFR International S.A.		5.13%			12/06/2022		323,562
	1,500,000	Corpbanca S.A.		3.13%			01/15/2018		1,506,577
	1,505,000	Guanay Finance Ltd.		6.00%			12/15/2020		1,604,706
	1,700,000	Inversiones CMPC S.A.		4.75%			01/19/2018		1,795,100
	1,300,000	Sociedad Quimica y Minera S.A.		6.13%			04/15/2016		1,385,602
	1,500,000	Tanner Servicios Financieros S.A.		4.38%			03/13/2018		1,526,409
	300,000	VTR Finance B.V.		6.88%			01/15/2024		311,250
									8,453,206
	CHINA 3.2%
	1,100,000	CNPC General Capital Ltd.		1.13%	#		05/14/2017		1,103,240
	400,000	CNPC General Capital Ltd.		1.13%	#^		05/14/2017		401,178
	1,000,000	Sinopec Group Overseas Development Ltd.		1.15%	#^		04/10/2019		1,001,980
									2,506,398
	COLUMBIA 14.6%
	1,200,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		1,278,000
	1,006,000	Banco GNB Sudameris S.A.		3.88%			05/02/2018		990,910
	1,000,000	Bancolombia S.A.		6.13%			07/26/2020		1,080,000
	300,000	Ecopetrol S.A.		4.25%			09/18/2018		318,750
	1,200,000	Empresa de Energia de Bogota S.A.		6.13%			11/10/2021		1,287,600
	1,300,000	Grupo Aval Ltd.		5.25%			02/01/2017		1,378,000
	200,000	GrupoSura Finance S.A.		5.70%			05/18/2021		217,000
	1,000,000	Millicom International Cellular S.A.		4.75%			05/22/2020		957,500
	1,200,000	Millicom International Cellular S.A.		6.63%			10/15/2021		1,251,000
	600,000	Oleoducto Central S.A.		4.00%			05/07/2021		601,020
	2,000,000	Pacific Rubiales Energy Corporation		5.38%			01/26/2019		2,035,000
									11,394,780

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COSTA RICA 3.3%
$	1,300,000	Banco de Costa Rica		5.25%			08/12/2018		1,329,250
	1,200,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		1,212,000
									2,541,250
	DOMINICAN REPUBLIC 2.1%
	500,000	AES Andres Dominicana Ltd.		9.50%	^		11/12/2020		536,875
	1,000,000	AES Andres Dominicana Ltd.		9.50%			11/12/2020		1,073,750
									1,610,625
	GERMANY 1.8%
	1,300,000	Rearden G Holdings EINS GmbH		7.88%			03/30/2020		1,371,500
									1,371,500
	GUATEMALA 6.0%
	500,000	Agromercantil Senior Trust		6.25%			04/10/2019		520,625
	900,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		937,125
	500,000	Bantrab Senior Trust		9.00%			11/14/2020		530,625
	500,000	Cementos Progreso Trust		7.13%			11/06/2023		537,750
	1,950,000	Central American Bottling Corporation		6.75%			02/09/2022		2,115,750
									4,641,875
	INDIA 1.6%
	1,200,000	Vedanta Resources PLC		6.00%			01/31/2019		1,218,000
									1,218,000
	ISRAEL 3.2%
	1,500,000	Delek & Avner Tamar Bond Ltd.		3.84%	^		12/30/2018		1,517,742
	1,000,000	Israel Electric Corporation Ltd.		1.98%	#		01/17/2018		977,500
									2,495,242
	JAMAICA 1.6%
	1,200,000	Digicel Ltd.		7.00%			02/15/2020		1,242,000
									1,242,000
	MEXICO 13.2%
	1,000,000	Banco Mercantil del Norte		6.86%	#		10/13/2021		1,063,750
	400,000	Banco Santander Mexico		5.95%	#		01/30/2024		423,000
	1,700,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		1,776,500
	500,000	Credito Real S.A.B. de C.V.		7.50%	^		03/13/2019		536,250
	1,400,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		1,519,000
	1,000,000	Grupo Elektra S.A.B. de C.V.		7.25%			08/06/2018		1,047,500
	900,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		963,000
	500,000	Grupo Posadas S.A.B de C.V		7.88%			11/30/2017		482,500
	1,400,000	Petroleos Mexicanos		3.50%			07/18/2018		1,455,300
	711,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		758,993
	300,000	Unifin Financiera S.A.P.I. de C.V.		6.25%	^		07/22/2019		293,250
									10,319,043
	PANAMA 5.0%
	250,000	Banco Latinoamericano de Comercio Exterior S.A.		3.75%			04/04/2017		260,000
	1,788,656	ENA Norte Trust		4.95%			04/25/2023		1,851,134
	1,700,000	Global Bank Corporation		4.75%			10/05/2017		1,755,250
									3,866,384

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

(Unaudited)

September 30, 2014

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PARAGUAY 3.1%
$	1,080,000	Banco Regional SAECA		8.13%			01/24/2019		1,188,000
	1,000,000	Telefonica Celular del Paraguay S.A.		6.75%	^		12/13/2022		1,040,500
	200,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		208,100
									2,436,600
	PERU 9.7%
	1,500,000	BBVA Banco Continental S.A.		3.25%			04/08/2018		1,527,750
	100,000	Camposol S.A.		9.88%			02/02/2017		105,500
	600,000	Corporacion Financiera de Desarrollo S.A.		3.25%	^		07/15/2019		600,000
	1,000,000	Ferreycorp S.A.A.		4.88%			04/26/2020		995,000
	300,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		301,500
	540,000	Inkia Energy Ltd.		8.38%			04/04/2021		597,510
	300,000	InRetail Shopping Malls		6.50%			07/09/2021		314,250
	1,000,000	Intercorp Retail Trust		8.88%			11/14/2018		1,135,000
	300,000	Maestro Peru S.A.		6.75%			09/26/2019		325,785
	1,721,356	Peru Enhanced Pass-Through Finance Ltd.		0.00%			05/31/2018		1,623,049
									7,525,344
	QATAR 1.1%
	825,041	Ras Laffan Liquefied Natural Gas Company		5.30%			09/30/2020		895,169
									895,169
	SINGAPORE 1.8%
	1,200,000	DBS Bank Ltd.		0.84%	#		07/15/2021		1,183,200
	200,000	Oversea-Chinese Banking Corporation		4.25%	#		11/18/2019		200,762
									1,383,962
		Total Foreign Corporate Bonds (Cost $74,924,263)							75,303,402
	SHORT TERM INVESTMENTS 0.0%
	8,098	BlackRock Institutional Liquidity Funds FedFund Portfolio		0.01%	¨				8,098
	8,099	Fidelity Institutional Government Portfolio		0.01%	¨				8,099
	8,098	Morgan Stanley Institutional Liquidity Fund Government Portfolio		0.04%	¨				8,098
		Total Short Term Investments (Cost $24,295)							24,295
		Total Investments 98.6% (Cost $76,320,802)							76,699,089
		Other Assets in Excess of Liabilities 1.4%							1,119,425
		NET ASSETS 100.0%						$	77,818,514

SECURITY TYPE BREAKDOWN as a % of Net Assets
Foreign Corporate Bonds	96.8%
Bank Loans	1.8%
Short Term Investments	0.0%	~
Other Assets and Liabilities	1.4%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets
Mexico	15.0%
Colombia	14.6%
Brazil	13.3%
Chile	10.9%
Peru	9.7%
Guatemala	6.0%
Panama	5.0%
Costa Rica	3.3%
China	3.2%
Israel	3.2%
Paraguay	3.1%
Dominican Republic	2.1%
Singapore	1.8%
Germany	1.8%
Jamaica	1.6%
India	1.6%
Barbados	1.3%
Qatar	1.1%
United States	0.0%	~
Other Assets and Liabilities	1.4%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets
Banking	23.6%
Oil & Gas	14.0%
Transportation	8.2%
Telecommunications	7.8%
Building and Development	6.2%
Consumer Products	5.9%
Utilities	5.8%
Media	4.0%
Retailers (other than Food/Drug)	3.2%
Finance	3.1%
Chemicals/Plastics	3.0%
Beverage and Tobacco	2.7%
Construction	2.5%
Pulp & Paper	2.3%
Financial Intermediaries	2.0%
Mining	1.6%
Industrial	1.3%
Hotels/Motels/Inns and Casinos	0.6%
Pharmaceuticals	0.4%
Real Estate	0.4%
Short Term Investments	0.0%	~
Other Assets and Liabilities	1.4%
	100.0%

# Variable rate security. Rate disclosed as of September 30, 2014.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2014, the value of these securities amounted to $11,263,400 or 14.5% of net assets.

† Perpetual Maturity

¨ Seven-day yield as of September 30, 2014

~ Represents less than 0.05% of net assets

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 71

Statements of Assets and Liabilities (Unaudited) September 30, 2014

	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income Fund			DoubleLine Multi-Asset Growth Fund (Consolidated)			DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund			DoubleLine Shiller Enhanced CAPE®			DoubleLine Flexible Income Fund			DoubleLine Low Duration Emerging Markets Fixed Income Fund
ASSETS
Investments in Unaffiliated Securities, at Value*	$	31,016,867,454		$	1,892,994,440		$	647,300,895		$	53,933,355		$	2,044,782,299		$	352,740,388		$	126,218,749		$	46,329,334		$	76,674,794
Investments in Affiliated Securities, at Value*		—			113,002,257			—			45,989,969			50,550,000			—			17,280,350			8,624,822			—
Short-term Securities*		4,521,326,016			136,170,975			40,948			31,699,174			100,177,080			41,964,531			7,732,878			3,987,041			24,295
Interest and Dividends Receivable		124,869,674			14,462,783			10,382,983			426,858			10,660,667			2,865,869			1,023,650			453,667			1,158,139
Receivable for Fund Shares Sold		642,285,269			51,324,526			4,125,484			776,751			37,193,202			411,577			3,099,305			1,732,716			369,354
Prepaid Expenses and Other Assets		756,329			79,578			61,543			25,865			128,985			22,244			64,091			17,570			14,464
Receivable for Investments Sold		443,641			828,734			5,620,410			—			3,849,625			14,078,782			20,406			—			204,260
Deposit at Broker for Futures		—			—			—			2,230,648			—			—			—			—			—
Unrealized Appreciation on Forward Currency Exchange Contracts		—			—			—			347,111			—			—			—			—			—
Variation Margin Receivable		—			—			—			18,764			—			—			—			—			—
Unrealized Appreciation on Swaps		—			—			—			—			—			—			3,127,288			—			—
Total Assets		36,306,548,383			2,208,863,293			667,532,263			135,448,495			2,247,341,858			412,083,391			158,566,717			61,145,150			78,445,306
LIABILITIES
Payable for Fund Shares Redeemed		54,134,106			1,909,323			5,077,964			325,163			1,679,867			174,979			91,833			76,578			23,016
Payable for Investments Purchased		274,704,216			34,829,893			2,676,783			1,451,190			19,679,018			37,130,938			6,787,702			3,640,669			331,228
Distribution Payable		42,538,658			1,518,993			664,524			697,424			632,506			646,433			39,772			24,450			178,817
Investment Advisory Fees Payable		11,445,018			628,877			412,151			84,149			605,141			157,040			19,851			3,976			8,646
Transfer Agent Expenses Payable		2,452,210			350,458			58,749			46,134			215,128			49,800			18,860			17,924			16,188
Distribution Fees Payable		1,740,238			114,093			38,093			22,893			265,871			28,392			6,336			4,227			3,879
Accrued Expenses		1,636,648			260,165			176,216			107,760			195,083			67,672			71,876			18,818			3,107
Administration, Fund Accounting and Custodian Fees Payable		1,378,037			109,980			38,271			14,210			155,227			44,242			17,998			4,845			8,555
Registration Fees Payable		103,305			3,804			—			309			69,345			67,585			725			273			356
Loans Payable		—			—			4,825,000			—			—			—			—			—			53,000
Payable to Broker		—			—			—			433,172			—			—			—			—			—
Unrealized Depreciation on Swaps		—			—			—			232,696			—			—			—			—			—
Variation Margin Payable		—			—			—			171,905			—			—			—			—			—
Total Liabilities		390,132,436			39,725,586			13,967,751			3,587,005			23,497,186			38,367,081			7,054,953			3,791,760			626,792
Net Assets	$	35,916,415,947		$	2,169,137,707		$	653,564,512		$	131,861,490		$	2,223,844,672		$	373,716,310		$	151,511,764		$	57,353,390		$	77,818,514
NET ASSETS CONSIST OF:
Paid-in Capital	$	36,843,396,686		$	2,179,940,188		$	665,858,005		$	127,328,393		$	2,222,453,851		$	376,812,811		$	148,615,718		$	57,581,611		$	77,356,228
Undistributed (Accumulated) Net Investment Income (Loss)		(126,306,322	)		(2,528,370	)		(10,617	)		(469,433	)		(712,506	)		61,163			(72,975	)		(45,345	)		22,082
Accumulated Net Realized Gain (Loss) on Investments		(1,161,193,865	)		(34,228,497	)		(21,249,625	)		7,146,469			(3,094,559	)		236,892			106,596			39,303			61,917
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		360,160,429			26,581,025			8,966,749			(607,536	)		4,647,886			(3,394,556	)		(133,793	)		(163,086	)		378,287
Investments in Affiliated Securities		—			(626,639	)		—			(940,600	)		550,000			—			(131,070	)		(59,093	)		—
Short-term Securities		359,019			—			—			—			—			—			—			—			—
Forwards		—			—			—			347,111			—			—			—			—			—
Futures		—			—			—			(710,218	)		—			—			—			—			—
Swaps		—			—			—			(232,696	)		—			—			3,127,288			—			—
Net Assets	$	35,916,415,947		$	2,169,137,707		$	653,564,512		$	131,861,490		$	2,223,844,672		$	373,716,310		$	151,511,764		$	57,353,390		$	77,818,514
*Identified Cost:
Investments in Unaffiliated Securities	$	30,656,707,025		$	1,866,413,415		$	638,334,146		$	54,540,891		$	2,040,134,413		$	356,134,944		$	126,352,542		$	46,492,420		$	76,296,507
Investments in Affiliated Securities		—			113,628,896			—			46,930,569			50,000,000			—			17,411,420			8,683,915			—
Short-term Securities		4,520,966,997			136,170,975			40,948			31,699,174			100,177,080			41,964,531			7,732,878			3,987,041			24,295
Class I (unlimited shares authorized):
Net Assets	$	28,945,824,883		$	1,766,191,703		$	461,355,919		$	51,486,081		$	1,077,419,534		$	316,277,960		$	119,241,576		$	34,851,608		$	58,150,057
Shares Outstanding		2,646,840,433			161,386,424			43,062,002			5,194,166			105,878,519			31,563,980			10,540,286			3,467,257			5,753,288
Net Asset Value, Offering and Redemption Price per Share	$	10.94		$	10.94		$	10.71		$	9.91		$	10.18		$	10.02		$	11.31		$	10.05		$	10.11
Class N (unlimited shares authorized):
Net Assets	$	6,970,591,064		$	402,946,004		$	192,208,593		$	—		$	1,146,425,138		$	57,438,350		$	32,270,188		$	22,501,782		$	19,668,457
Shares Outstanding		637,619,385			36,839,405			17,938,218			—			112,734,156			5,721,252			2,853,754			2,238,832			1,944,682
Net Asset Value, Offering and Redemption Price per Share	$	10.93		$	10.94		$	10.72		$	—		$	10.17		$	10.04		$	11.31		$	10.05		$	10.11
Class A (unlimited shares authorized):
Net Assets	$	—		$	—		$	—		$	80,375,409		$	—		$	—		$	—		$	—		$	—
Shares Outstanding		—			—			—			8,126,261			—			—			—			—			—
Net Asset Value, Offering Price per Share	$	—		$	—		$	—		$	10.31		$	—		$	—		$	—		$	—		$	—
Net Asset Value, Redemption Price per Share	$	—		$	—		$	—		$	9.89		$	—		$	—		$	—		$	—		$	—

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

Statements of Operations (Unaudited) September 30, 2014

	DoubleLine Total Return Bond Fund		DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income Fund			DoubleLine Multi-Asset Growth Fund (Consolidated)			DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund			DoubleLine Shiller Enhanced CAPE®			DoubleLine Flexible Income Fund1			DoubleLine Low Duration Emerging Markets Fixed Income Fund1
INVESTMENT INCOME
Income:
Interest	$	753,627,515	$	40,589,365		$	19,331,994		$	1,131,653		$	25,043,380		$	7,185,549		$	1,152,966		$	469,147		$	1,425,784
Dividends from Unaffiliated Securities		—		—			—			680,072			—			—			—			—			—
Dividends from Affiliated Securities		—		1,702,013			—			1,000,914			871,142			—			194,332			68,702			—
Total Investment Income		753,627,515		42,291,378			19,331,994			2,812,639			25,914,522			7,185,549			1,347,298			537,849			1,425,784
Expenses:
Investment Advisory Fees		67,055,631		3,527,833			2,370,946			671,581			3,427,237			906,448			148,765			65,783			163,465
Distribution Fees - Class N		8,902,593		503,373			254,369			—			1,377,227			90,910			26,026			10,883			15,353
Distribution Fees - Class A		—		—			—			110,074			—			—			—			—			—
Transfer Agent Expenses		6,656,694		449,416			206,671			61,062			600,208			105,599			56,923			37,049			38,355
Administration, Fund Accounting and Custodian Fees		2,832,507		228,418			75,646			35,075			324,326			83,639			43,971			16,730			22,739
Shareholder Reporting Expenses		372,875		27,457			13,462			4,564			60,043			9,909			8,623			9,567			11,289
Registration Fees		446,348		89,179			52,315			31,194			32,624			88,745			34,280			24,832			24,520
Professional Fees		469,371		108,651			95,170			64,301			112,489			43,453			53,941			26,162			26,839
Insurance Expenses		417,895		27,682			9,363			3,753			26,098			6,606			1,481			507			1,551
Trustees’ Fees and Expenses		277,311		15,063			5,096			1,259			16,500			3,000			451			198			726
Miscellaneous Expenses		146,203		15,387			38,026			4,779			6,148			27,677			14,807			4,123			4,284
Total Expenses		87,577,428		4,992,459			3,121,064			987,642			5,982,900			1,365,986			389,268			195,834			309,121
Less: Fees (Waived)/Recouped		722,048		—			11,145			(91,868	)		(32,417	)		84,103			(139,068	)		(95,257	)		(100,871	)
Net Expenses		88,299,476		4,992,459			3,132,209			895,774			5,950,483			1,450,089			250,200			100,577			208,250
Net Investment Income		665,328,039		37,298,919			16,199,785			1,916,865			19,964,039			5,735,460			1,097,098			437,272			1,217,534
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities		3,497,906		1,053,053			(379,166	)		(1,262,974	)		(47,207	)		(28,594	)		2,332			35,117			61,917
Investments in Affiliated Securities		—		—			—			(592	)		—			—			(8,527	)		4,186			—
Futures		—		—			—			2,246,215			—			—			—			—			—
Forwards		—		—			—			173,949			—			—			—			—			—
Swaps		—		—			—			1,007,556			—			—			71,641			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		228,217,253		12,075,359			11,763,013			(2,081,885	)		(2,555,715	)		(4,578,214	)		(177,524	)		(163,086	)		378,287
Investments in Affiliated Securities		—		(1,356,536	)		—			27,106			—			—			(131,859	)		(59,093	)		—
Short-term Securities		323,390		—			—			—			—			—			—			—			—
Forwards		—		—			—			347,111			—			—			—			—			—
Futures		—		—			—			(1,372,384	)		—			—			—			—			—
Swaps		—		—			—			(430,832	)		—			—			1,821,325			—			—
Net Realized and Unrealized Gain (Loss) on Investments		232,038,549		11,771,876			11,383,847			(1,346,730	)		(2,602,922	)		(4,606,808	)		1,577,388			(182,876	)		440,204
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	897,366,588	$	49,070,795		$	27,583,632		$	570,135		$	17,361,117		$	1,128,652		$	2,674,486		$	254,396		$	1,657,738

¹  Commencement of operations on April 7, 2014

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 73

Statements of Changes in Net Assets (Unaudited) September 30, 2014

	DoubleLine Total Return Bond Fund						DoubleLine Core Fixed Income Fund
	Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014			Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014
OPERATIONS
Net Investment Income	$	665,328,039		$	1,306,704,704		$	37,298,919		$	73,955,562
Net Realized Gain (Loss) on Investments		3,497,906			(27,164,096	)		1,053,053			(22,492,605	)
Net Change in Unrealized Appreciation (Depreciation) of Investments		228,540,643			(1,092,128,473	)		10,718,823			(56,429,723	)
Net Increase (Decrease) in Net Assets Resulting from Operations		897,366,588			187,412,135			49,070,795			(4,966,766	)
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(642,344,969	)		(1,379,861,329	)		(32,567,513	)		(63,903,379	)
Class N		(162,160,281	)		(385,329,341	)		(8,053,663	)		(19,950,791	)
From Net Realized Gain
Class I		—			—			—			(5,663,885	)
Class N		—			—			—			(1,613,333	)
Total Distributions to Shareholders		(804,505,250	)		(1,765,190,670	)		(40,621,176	)		(91,131,388	)
NET SHARE TRANSACTIONS
Class I		4,248,402,912			(4,558,179,006	)		408,499,125			(408,475,174	)
Class N		(126,933,196	)		(2,001,943,791	)		16,716,928			(321,003,550	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		4,121,469,716			(6,560,122,797	)		425,216,053			(729,478,724	)
Total Increase (Decrease) in Net Assets	$	4,214,331,054		$	(8,137,901,332	)	$	433,665,672		$	(825,576,878	)
NET ASSETS
Beginning of Period	$	31,702,084,893		$	39,839,986,225		$	1,735,472,035		$	2,561,048,913
End of Period	$	35,916,415,947		$	31,702,084,893		$	2,169,137,707		$	1,735,472,035
Accumulated (Undistributed) Net Investment Income (Loss)	$	(126,306,322	)	$	12,870,889		$	(2,528,370	)	$	793,887

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

Statements of Changes in Net Assets (Unaudited) September 30, 2014

	DoubleLine Emerging Markets Fixed Income Fund						DoubleLine Multi-Asset Growth Fund (Consolidated)
	Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014			Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014
OPERATIONS
Net Investment Income	$	16,199,785		$	26,904,771		$	1,916,865		$	3,117,142
Net Realized Gain (Loss) on Investments		(379,166	)		(20,321,605	)		2,164,154			2,390,264
Net Change in Unrealized Appreciation (Depreciation) of Investments		11,763,013			(16,108,225	)		(3,510,884	)		905,963
Net Increase (Decrease) in Net Assets Resulting from Operations		27,583,632			(9,525,059	)		570,135			6,413,369
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(11,737,812	)		(19,891,979	)		(1,119,636	)		(1,703,969	)
Class N		(5,161,055	)		(6,995,101	)		—			—
Class A		—			—			(1,594,172	)		(2,264,145	)
From Net Realized Gain
Class I		—			(5,281,666	)		—			—
Class N		—			(2,327,665	)		—			—
Class A		—			—			—			—
Total Distributions to Shareholders		(16,898,867	)		(34,496,411	)		(2,713,808	)		(3,968,114	)
NET SHARE TRANSACTIONS
Class I		123,174,387			(252,764,751	)		(13,990,851	)		(39,665,897	)
Class N		3,938,736			24,323,638			—			—
Class A		—			—			(15,029,323	)		(64,581,935	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		127,113,123			(228,441,113	)		(29,020,174	)		(104,247,832	)
Total Increase (Decrease) in Net Assets	$	137,797,888		$	(272,462,583	)	$	(31,163,847	)	$	(101,802,577	)
NET ASSETS
Beginning of Period	$	515,766,624		$	788,229,207		$	163,025,337		$	264,827,914
End of Period	$	653,564,512		$	515,766,624		$	131,861,490		$	163,025,337
Accumulated (Undistributed) Net Investment Income (Loss)	$	(10,617	)	$	688,465		$	(469,433	)	$	327,510

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 75

Statements of Changes in Net Assets (Unaudited) September 30, 2014

	DoubleLine Low Duration Bond Fund						DoubleLine Floating Rate Fund
	Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014			Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014
OPERATIONS
Net Investment Income (Loss)	$	19,964,039		$	16,098,576		$	5,735,460		$	7,572,835
Net Realized Gain (Loss) on Investments		(47,207	)		863,812			(28,594	)		273,530
Net Change in Unrealized Appreciation (Depreciation) of Investments		(2,555,715	)		4,227,453			(4,578,214	)		764,341
Net Increase (Decrease) in Net Assets Resulting from Operations		17,361,117			21,189,841			1,128,652			8,610,706
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(10,254,208	)		(9,321,891	)		(4,720,210	)		(5,424,016	)
Class N		(10,654,626	)		(9,318,777	)		(1,016,499	)		(2,077,972	)
From Net Realized Gain
Class I		—			—			—			(5,406	)
Class N		—			—			—			(2,638	)
Total Distributions to Shareholders		(20,908,834	)		(18,640,668	)		(5,736,709	)		(7,510,032	)
NET SHARE TRANSACTIONS
Class I		227,578,247			476,032,359			43,390,548			212,411,666
Class N		85,955,849			821,710,023			(46,122,739	)		104,098,336
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		313,534,096			1,297,742,382			(2,732,191	)		316,510,002
Total Increase (Decrease) in Net Assets	$	309,986,379		$	1,300,291,555		$	(7,340,248	)	$	317,610,676
NET ASSETS
Beginning of Period	$	1,913,858,293		$	613,566,738		$	381,056,558		$	63,445,882
End of Period	$	2,223,844,672		$	1,913,858,293		$	373,716,310		$	381,056,558
Accumulated (Undistributed) Net Investment Income (Loss)	$	(712,506	)	$	232,289		$	61,163		$	62,412

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

Statements of Changes in Net Assets (Unaudited) September 30, 2014

	DoubleLine Shiller Enhanced CAPE®						DoubleLine Flexible Income Fund			DoubleLine Low Duration Emerging Markets Fixed Income Fund
	Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 20141			Period Ended September 30, 20142 (Unaudited)			Period Ended September 30, 20142 (Unaudited)
OPERATIONS
Net Investment Income	$	1,097,098		$	230,903		$	437,272		$	1,217,534
Net Realized Gain (Loss) on Investments		65,446			41,175			39,303			61,917
Net Change in Unrealized Appreciation (Depreciation) of Investments		1,511,942			1,350,483			(222,179	)		378,287
Net Increase (Decrease) in Net Assets Resulting from Operations		2,674,486			1,622,561			254,396			1,657,738
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(878,301	)		(130,379	)		(299,413	)		(955,720	)
Class N		(296,535	)		(95,786	)		(183,204	)		(239,732	)
From Net Realized Gain
Class I		—			—			—			—
Class N		—			—			—			—
Total Distributions to Shareholders		(1,174,836	)		(226,165	)		(482,617	)		(1,195,452	)
NET SHARE TRANSACTIONS
Class I		88,250,446			29,316,916			34,964,994			57,631,250
Class N		20,986,616			10,061,740			22,616,617			19,724,978
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		109,237,062			39,378,656			57,581,611			77,356,228
Total Increase (Decrease) in Net Assets	$	110,736,712		$	40,775,052		$	57,353,390		$	77,818,514
NET ASSETS
Beginning of Period	$	40,775,052		$	—		$	—		$	—
End of Period	$	151,511,764		$	40,775,052		$	57,353,390		$	77,818,514
Accumulated (Undistributed) Net Investment Income (Loss)	$	(72,975	)	$	4,763		$	(45,345	)	$	22,082

¹ Commencement of operations on October 31, 2013

² Commencement of operations on April 7, 2014

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 77

Financial Highlights (Unaudited) September 30, 2014

	DoubleLine Total Return Bond Fund
	Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended March  31, 20111			Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended March  31, 20111
	Class I			Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	10.90		$	11.34		$	11.17		$	10.96		$	10.00		$	10.89		$	11.33		$	11.16		$	10.96		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.22			0.42			0.46			0.77			1.02			0.21			0.39			0.44			0.73			0.99
Net Gain (Loss) on Investments (Realized and Unrealized)		0.08			(0.30	)		0.34			0.31			0.87			0.08			(0.30	)		0.34			0.31			0.87
Total from Investment Operations		0.30			0.12			0.80			1.08			1.89			0.29			0.09			0.78			1.04			1.86
Less Distributions:
Distributions from Net Investment Income		(0.26	)		(0.56	)		(0.63	)		(0.87	)		(0.93	)		(0.25	)		(0.53	)		(0.61	)		(0.84	)		(0.90	)
Distributions from Net Realized Gain		—			—			—			—			—			—			—			—			—			—
Total Distributions		(0.26	)		(0.56	)		(0.63	)		(0.87	)		(0.93	)		(0.25	)		(0.53	)		(0.61	)		(0.84	)		(0.90	)
Net Asset Value, End of Period	$	10.94		$	10.90		$	11.34		$	11.17		$	10.96		$	10.93		$	10.89		$	11.33		$	11.16		$	10.96
Total Return		2.81%	2		1.13%			7.37%			10.18%			19.28%	2		2.68%	2		0.88%			7.11%			9.83%			19.04%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	28,945,825		$	24,631,306		$	30,398,069		$	16,226,569		$	4,330,408		$	6,970,591		$	7,070,779		$	9,441,917		$	6,115,779		$	1,479,601
Ratios to Average Net Assets:
Expenses Before Fees (Waived)/Recouped		0.47%	3		0.47%			0.48%			0.50%			0.53%	3		0.72%	3		0.72%			0.73%			0.75%			0.78%	3
Expenses After Fees (Waived)/Recouped		0.47%	3		0.48%			0.48%			0.49%			0.49%	3		0.72%	3		0.73%			0.73%			0.74%			0.74%	3
Net Investment Income (Loss)		4.02%	3		3.78%			4.02%			6.86%			9.42%	3		3.77%	3		3.25%			3.76%			6.58%			9.17%	3
Portfolio Turnover Rate		7%	2		14%			23%			15%			17%	2		7%	2		14%			23%			15%			17%	2

¹  Commencement of operations on April 6, 2010

²  Not annualized

³ Annualized

⁴  Calculated based on average shares outstanding during the period.

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

Financial Highlights (Unaudited) September 30, 2014

				DoubleLine Core Fixed Income Fund
	Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended March 31, 20111			Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended March 31, 20111
	Class I			Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	10.88		$	11.29		$	11.06		$	10.46		$	10.00		$	10.87		$	11.28		$	11.05		$	10.46		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.22			0.41			0.36			0.50			0.57			0.22			0.40			0.33			0.47			0.55
Net Gain (Loss) on Investments (Realized and Unrealized)		0.07			(0.31	)		0.36			0.65			0.41			0.07			(0.31	)		0.36			0.65			0.41
Total from Investment Operations		0.29			0.10			0.72			1.15			0.98			0.29			0.09			0.69			1.12			0.96
Less Distributions:
Distributions from Net Investment Income		(0.23	)		(0.47	)		(0.44	)		(0.52	)		(0.48	)		(0.22	)		(0.46	)		(0.41	)		(0.50	)		(0.46	)
Distributions from Net Realized Gain		—			(0.04	)		(0.05	)		(0.03	)		(0.04	)		—			(0.04	)		(0.05	)		(0.03	)		(0.04	)
Total Distributions		(0.23	)		(0.51	)		(0.49	)		(0.55	)		(0.52	)		(0.22	)		(0.50	)		(0.46	)		(0.53	)		(0.50	)
Net Asset Value, End of Period		10.94		$	10.88		$	11.29		$	11.06		$	10.46		$	10.94		$	10.87		$	11.28		$	11.05		$	10.46
Total Return		2.72%	2		1.03%			6.53%			11.19%			9.90%	2		2.68%	2		0.77%			6.27%			10.85%			9.71%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	1,766,192		$	1,351,760		$	1,829,092		$	1,544,169		$	158,043		$	402,946		$	383,712		$	731,957		$	539,143		$	30,586
Ratios to Average Net Assets:
Expenses Before Fees Waived		0.47%	3		0.48%			0.51%			0.54%			0.85%	3		0.72%	3		0.73%			0.76%			0.79%			1.09%	3
Expenses After Fees Waived		0.47%	3		0.48%			0.50%			0.49%			0.49%	3		0.72%	3		0.73%			0.75%			0.74%			0.74%	3
Net Investment Income (Loss)		3.99%	3		3.76%			3.14%			4.51%			6.56%	3		3.73%	3		3.32%			2.91%			4.22%			6.38%	3
Portfolio Turnover Rate		25%	2		53%			83%			81%			84%	2		25%	2		53%			83%			81%			84%	2

¹  Commencement of operations on June 1, 2010

²  Not annualized

³  Annualized

⁴  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 79

Financial Highlights (Unaudited) September 30, 2014

				DoubleLine Emerging Markets Fixed Income Fund
	Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended March 31, 20111			Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended March 31, 20111
	Class I			Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	10.48		$	11.03		$	10.70		$	10.57		$	10.00		$	10.48		$	11.03		$	10.70		$	10.57		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.28			0.46			0.38			0.58			0.60			0.27			0.44			0.36			0.55			0.58
Net Gain (Loss) on Investments (Realized and Unrealized)		0.24			(0.38	)		0.46			0.23			0.52			0.24			(0.38	)		0.46			0.23			0.52
Total from Investment Operations		0.52			0.08			0.84			0.81			1.12			0.51			0.06			0.82			0.78			1.10
Less Distributions:
Distributions from Net Investment Income		(0.29	)		(0.48	)		(0.38	)		(0.58	)		(0.52	)		(0.27	)		(0.46	)		(0.36	)		(0.55	)		(0.50	)
Distributions from Net Realized Gain		—			(0.15	)		(0.13	)		(0.10	)		(0.03	)		—			(0.15	)		(0.13	)		(0.10	)		(0.03	)
Total Distributions		(0.29	)		(0.63	)		(0.51	)		(0.68	)		(0.55	)		(0.27	)		(0.61	)		(0.49	)		(0.65	)		(0.53	)
Net Asset Value, End of Period	$	10.71		$	10.48		$	11.03		$	10.70		$	10.57		$	10.72		$	10.48		$	11.03		$	10.70		$	10.57
Total Return		4.96%	2		0.95%			8.04%			7.96%			11.48%	2		4.92%	2		0.69%			7.78%			7.71%			11.25%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	461,356		$	331,790		$	620,479		$	349,926		$	106,227		$	192,209		$	183,977		$	167,750		$	81,484		$	26,277
Ratios to Average Net Assets:
Expenses Before Fees (Waived)/Recouped		0.91%	3		0.92%			0.91%			0.95%			1.32%	3		1.16%	3		1.17%			1.16%			1.20%			1.57%	3
Expenses After Fees (Waived)/Recouped		0.91%	3		0.92%			0.91%			0.95%			0.95%	3		1.16%	3		1.17%			1.16%			1.20%			1.20%	3
Net Investment Income (Loss)		5.21%	3		4.40%			3.53%			5.47%			5.85%	3		4.95%	3		4.25%			3.30%			5.26%			5.66%	3
Portfolio Turnover Rate		47%	2		79%			105%			177%			109%	2		47%	2		79%			105%			177%			109%	2

¹  Commencement of operations on April 6, 2010

²  Not annualized

³ Annualized

⁴  Calculated based on average shares outstanding during the period.

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

Financial Highlights (Unaudited) September 30, 2014

	DoubleLine Multi-Asset Growth Fund (Consolidated)
	Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended March 31, 20111			Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended March 31, 20111
	Class I			Class I			Class I			Class I			Class I			Class A			Class A			Class A			Class A			Class A
Net Asset Value, Beginning of Period	$	10.10		$	9.96		$	10.03		$	10.11		$	10.00		$	10.07		$	9.95		$	10.02		$	10.09		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.14			0.18			0.31			0.42			0.10			0.13			0.12			0.29			0.41			0.10
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.12	)		0.18			(0.06	)		(0.16	)		0.02			(0.12	)		0.19			(0.06	)		(0.16	)		—
Total from Investment Operations		0.02			0.36			0.25			0.26			0.12			0.01			0.31			0.23			0.25			0.10
Less Distributions:
Distributions from Net Investment Income		(0.21	)		(0.22	)		(0.32	)		(0.34	)		(0.01	)		(0.19	)		(0.19	)		(0.30	)		(0.32	)		(0.01	)
Distributions from Net Realized Gain		—			—			—			—			—			—			—			—			—			—
Total Distributions		(0.21	)		(0.22	)		(0.32	)		(0.34	)		(0.01	)		(0.19	)		(0.19	)		(0.30	)		(0.32	)		(0.01	)
Net Asset Value, End of Period	$	9.91		$	10.10		$	9.96		$	10.03		$	10.11		$	9.89		$	10.07		$	9.95		$	10.02		$	10.09
Total Return5		0.12%	2		3.65%			2.49%			2.67%			1.24%	2		0.09%	2		3.28%			2.19%			2.57%			1.02%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	51,486		$	66,292		$	105,114		$	85,073		$	22,128		$	80,375		$	96,734		$	159,714		$	42,261		$	6,071
Ratios to Average Net Assets:
Expenses Before Fees Waived		1.17%	3		1.26%			1.35%			1.51%			5.11%	3		1.42%	3		1.51%			1.60%			1.76%			6.05%	3
Expenses After Fees Waived		1.05%	3		1.13%			1.10%			1.09%			1.18%	3		1.30%	3		1.38%			1.35%			1.34%			1.43%	3
Net Investment Income (Loss)		2.75%	3		1.67%			3.11%			4.14%			3.57%	3		2.50%	3		1.01%			2.48%			3.88%			3.57%	3
Portfolio Turnover Rate		58%	2		150%			88%			48%			19%	2		58%	2		150%			88%			48%			19%	2

¹  Commencement of operations on December 20, 2010

²  Not annualized

³  Annualized

⁴  Calculated based on average shares outstanding during the period.

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

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 81

Financial Highlights (Unaudited) September 30, 2014

	DoubleLine Low Duration Bond Fund
	Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014			Year Ended March 31, 2013			Period Ended March 31, 20121			Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014			Year Ended March 31, 2013			Period Ended March 31, 20121
	Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	10.19		$	10.21		$	10.16		$	10.00		$	10.18		$	10.20		$	10.15		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.11			0.15			0.20			0.11			0.10			0.13			0.17			0.09
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.01	)		—			0.09			0.13			(0.01	)		—			0.09			0.13
Total from Investment Operations		0.10			0.15			0.29			0.24			0.09			0.13			0.26			0.22
Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.17	)		(0.24	)		(0.08	)		(0.10	)		(0.15	)		(0.21	)		(0.07	)
Distributions from Net Realized Gain		—			—			—			—			—			—			—			—
Total Distributions		(0.11	)		(0.17	)		(0.24	)		(0.08	)		(0.10	)		(0.15	)		(0.21	)		(0.07	)
Net Asset Value, End of Period	$	10.18		$	10.19		$	10.21		$	10.16		$	10.17		$	10.18		$	10.20		$	10.15
Total Return		1.00%	2		1.51%			2.88%			2.44%	2		0.87%	2		1.26%			2.64%			2.25%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	1,077,420		$	851,771		$	375,840		$	132,117		$	1,146,425		$	1,062,088		$	237,727		$	85,343
Ratios to Average Net Assets:
Expenses Before Fees Waived		0.46%	3		0.48%			0.53%			0.94%	3		0.71%	3		0.73%			0.78%			1.19%	3
Expenses After Fees Waived		0.45%	3		0.47%			0.47%			0.47%	3		0.70%	3		0.72%			0.72%			0.72%	3
Net Investment Income (Loss)		2.11%	3		1.46%			1.98%			2.10%	3		1.86%	3		1.30%			1.70%			1.74%	3
Portfolio Turnover Rate		38%	2		53%			71%			46%	2		38%	2		53%			71%			46%	2

¹  Commencement of operations on September 30, 2011

²  Not annualized

³  Annualized

⁴  Calculated based on average shares outstanding during the period.

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

Financial Highlights (Unaudited) September 30, 2014

	DoubleLine Floating Rate Fund
	Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014			Period Ended March 31, 20131			Period Ended September 30, 2014 (Unaudited)			Year Ended March 31, 2014			Period Ended March 31, 20131
	Class I			Class I			Class I			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	10.15		$	10.08		$	10.00		$	10.16		$	10.08		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.16			0.27			—			0.16			0.25			—
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.13	)		0.04			0.08			(0.13	)		0.05			0.08
Total from Investment Operations		0.03			0.31			0.08			0.03			0.30			0.08
Less Distributions:
Distributions from Net Investment Income		(0.16	)		(0.24	)		—			(0.15	)		(0.22	)		—
Distributions from Net Realized Gain		—			—			—			—			—			—
Total Distributions		(0.16	)		(0.24	)		—			(0.15	)		(0.22	)		—
Net Asset Value, End of Period	$	10.02		$	10.15		$	10.08		$	10.04		$	10.16		$	10.08
Total Return		0.32%	2		3.07%			0.80%	2		0.29%	2		2.93%			0.80%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	316,278		$	276,737		$	63,436		$	57,438		$	104,320		$	10
Ratios to Average Net Assets:
Expenses Before Fees Waived		0.70%	3		0.73%			2.01%	3		0.95%	3		0.98%			2.26%	3
Expenses After Fees Waived		0.75%	3		0.73%			0.75%	3		1.00%	3		0.98%			1.00%	3
Net Investment Income (Loss)		3.22%	3		2.68%			(0.13)%	3		2.94%	3		2.68%			(0.13)%	3
Portfolio Turnover Rate		44%	2		66%			20%	2		44%	2		66%			20%	2

¹  Commencement of operations on February 1, 2013

²  Not annualized

³  Annualized

⁴  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 83

Financial Highlights (Unaudited) September 30, 2014

	DoubleLine Shiller Enhanced CAPE®
	Period Ended September 30, 2014 (Unaudited)			Period Ended March 31, 20141			Period Ended September 30, 2014 (Unaudited)			Period Ended March 31, 20141
	Class I			Class I			Class N			Class N
Net Asset Value, Beginning of Period	$	10.68		$	10.00		$	10.68		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.17			0.11			0.16			0.10
Net Gain (Loss) on Investments (Realized and Unrealized)		0.62			0.67			0.62			0.67
Total from Investment Operations		0.79			0.78			0.78			0.77
Less Distributions:
Distributions from Net Investment Income		(0.16	)		(0.10	)		(0.15	)		(0.09	)
Distributions from Net Realized Gain		—			—			—			—
Total Distributions		(0.16	)		(0.10	)		(0.15	)		(0.09	)
Net Asset Value, End of Period	$	11.31		$	10.68		$	11.31		$	10.68
Total Return		7.39%	2		7.83%	2		7.27%	2		7.73%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	119,242		$	30,061		$	32,270		$	10,714
Ratios to Average Net Assets:
Expenses Before Fees Waived		0.96%	3		4.98%	3		1.21%	3		5.23%	3
Expenses After Fees Waived		0.59%	3		0.65%	3		0.84%	3		0.90%	3
Net Investment Income (Loss)		2.99%	3		2.64%	3		2.70%	3		2.35%	3
Portfolio Turnover Rate		54%	2		120%	2		54%	2		120%	2

¹  Commencement of operations on October 31, 2013

²  Not annualized

³  Annualized

⁴  Calculated based on average shares outstanding during the period.

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

Financial Highlights (Unaudited) September 30, 2014

	DoubleLine Flexible Income Fund
	Period Ended September 30, 20141 (Unaudited)			Period Ended September 30, 20141 (Unaudited)
	Class I			Class N
Net Asset Value, Beginning of Period	$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.18			0.17
Net Gain (Loss) on Investments (Realized and Unrealized)		0.02			0.02
Total from Investment Operations		0.20			0.19
Less Distributions:
Distributions from Net Investment Income		(0.15	)		(0.14	)
Distributions from Net Realized Gain		—			—
Total Distributions		(0.15	)		(0.14	)
Net Asset Value, End of Period	$	10.05			10.05
Total Return		2.02%	2		1.93%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	34,852		$	22,502
Ratios to Average Net Assets:
Expenses Before Fees Waived		1.55%	3		1.80%	3
Expenses After Fees Waived		0.75%	3		1.00%	3
Net Investment Income (Loss)		3.70%	3		3.60%	3
Portfolio Turnover Rate		64%	2		64%	2

¹  Commencement of operations on April 7, 2014

²  Not annualized

³  Annualized

⁴  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2014 85

Financial Highlights (Unaudited) September 30, 2014

	DoubleLine Low Duration Emerging Markets Fixed Income Fund
	Period Ended September 30, 20141 (Unaudited)			Period Ended September 30, 20141 (Unaudited)
	Class I			Class N
Net Asset Value, Beginning of Period	$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.18			0.17
Net Gain (Loss) on Investments (Realized and Unrealized)		0.10			0.10
Total from Investment Operations		0.28			0.27
Less Distributions:
Distributions from Net Investment Income		(0.17	)		(0.16	)
Distributions from Net Realized Gain		—			—
Total Distributions		(0.17	)		(0.16	)
Net Asset Value, End of Period	$	10.11			10.11
Total Return		2.85%	2		2.74%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	58,150		$	19,668
Ratios to Average Net Assets:
Expenses Before Fees Waived		0.90%	3		1.15%	3
Expenses After Fees Waived		0.59%	3		0.84%	3
Net Investment Income (Loss)		3.76%	3		3.64%	3
Portfolio Turnover Rate		9%	2		9%	2

¹  Commencement of operations on April 7, 2014

²  Not annualized

³  Annualized

⁴  Calculated based on average shares outstanding during the period.

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

Notes to Financial Statements (Unaudited) September 30, 2014

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 10 funds, DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund, DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Shiller Enhanced CAPE^®, DoubleLine Flexible Income Fund, DoubleLine Low Duration Emerging Markets Fixed Income Fund and DoubleLine Selective Credit Fund (each, a “Fund” and, collectively, the “Funds”). For financial information related to the DoubleLine Selective Credit Fund, please refer to the DoubleLine Selective Credit Fund’s separate semi-annual report. 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 and DoubleLine Low Duration Emerging Markets Fixed Income Fund each offer two classes of shares, Class N shares and Class I shares. The DoubleLine Multi-Asset Growth Fund currently offers two classes of shares, Class A shares and Class I shares.

The DoubleLine Total Return Bond Fund and DoubleLine Emerging Markets Fixed Income Fund commenced operations on April 6, 2010. The DoubleLine Core Fixed Income Fund commenced operations on June 1, 2010. The DoubleLine Multi-Asset Growth Fund commenced operations on December 20, 2010. The DoubleLine Low Duration Bond Fund commenced operations on September 30, 2011. The DoubleLine Floating Rate Fund commenced operations on February 1, 2013. The DoubleLine Shiller Enhanced CAPE^® commenced operations on October 31, 2013. The DoubleLine Flexible Income Fund and DoubleLine Low Duration Emerging Markets Fixed Income Fund commenced operations on April 7, 2014.

The DoubleLine Total Return Bond Fund’s investment objective is to seek to maximize total return. The DoubleLine Core Fixed Income Fund’s investment objective is to seek to maximize current income and total return. The DoubleLine Emerging Markets Fixed Income Fund’s investment objective is to seek high total return from current income and capital appreciation. The DoubleLine Multi-Asset Growth Fund’s investment objective is to seek long-term capital appreciation. The DoubleLine Low Duration Bond Fund’s investment objective is to seek current income. The DoubleLine Floating Rate Fund’s investment objective is to seek a high level of current income. The DoubleLine Shiller Enhanced CAPE^®’s investment objective is to seek total return which exceeds the total return of its benchmark index. The DoubleLine Flexible Income Fund’s investment objective is to seek long-term total return while striving to generate current income. The DoubleLine Low Duration Emerging Markets Fixed Income Fund’s investment objective is to seek long term total return.

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)

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

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

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

Semi-Annual Report September 30, 2014 87

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2014

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. Investments in private investment funds typically will be valued based upon the NAVs of such investments and are categorized as Level 2 of the fair value hierarchy. As of September 30, 2014, the Funds did not hold any investments in private investment funds.

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

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

Over-the-counter financial derivative instruments, such as foreign currency contracts, options contracts, futures, or swaps agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of evaluations provided by independent pricing services or broker dealer quotations. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy.

Securities may be fair valued in accordance with the fair valuation procedures approved by the Board of Trustees (the “Board”). The Valuation Committee is generally responsible for overseeing the day to day valuation processes and reports periodically to the Board. The Valuation Committee and the Pricing Group are authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are deemed to be unreliable indicators of market or fair value.

The following is a summary of the fair valuations according to the inputs used to value the Funds’ investments as of September 30, 2014¹:

Category	DoubleLine Total Return Bond Fund		DoubleLine Core Fixed Income Fund		DoubleLine Emerging Markets Fixed Income Fund		DoubleLine Multi-Asset Growth Fund (Consolidated)		DoubleLine Low Duration Bond Fund		DoubleLine Floating Rate Fund		DoubleLine Shiller Enhanced CAPE®		DoubleLine Flexible Income Fund		DoubleLine Low Duration Emerging Markets Fixed Income Fund
Investments in Securities
Level 1
Money Market Funds	$	899,706,195	$	136,170,975	$	40,948	$	29,199,250	$	100,177,080	$	41,964,531	$	7,732,878	$	3,987,041	$	24,295
Affiliated Mutual Funds		—		113,002,257		—		45,989,969		50,550,000		—		17,280,350		8,624,822		—
Exchange Traded Funds and Common Stock		—		—		—		23,275,945		—		—		—		—		—
Purchased Options		—		—		—		776,005		—		—		—		—		—
Total Level 1		899,706,195		249,173,232		40,948		99,241,169		150,727,080		41,964,531		25,013,228		12,611,863		24,295
Level 2
US Government / Agency Mortgage Backed Obligations		16,051,429,108		371,391,034		—		5,490,210		25,764,718		—		2,267,380		493,057		—
Non-Agency Residential Collateralized Mortgage Obligations		8,849,520,252		238,071,249		—		11,283,372		169,579,256		—		23,431,082		14,093,963		—
Non-Agency Commercial Mortgage Backed Obligations		2,099,130,217		152,744,482		—		—		363,480,314		7,671,275		18,894,665		4,887,427		—
US Government Bonds and Notes		1,931,921,300		371,796,110		—		—		154,350,392		—		6,979,975		—		—
Other Short Term Investments		1,927,708,607		—		—		—		—		—		—		—		—
Collateralized Loan Obligations		1,432,372,279		95,925,200		—		7,047,555		460,946,709		—		26,356,076		10,772,114		—
Asset Backed Obligations		32,461,507		—		—		—		29,049,230		—		—		—		—
Foreign Corporate Bonds		—		364,375,605		646,797,145		3,438,750		416,485,676		—		30,781,877		11,344,058		75,303,402
US Corporate Bonds		—		270,740,240		—		—		195,042,565		10,912,505		16,293,878		4,500,377		—
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies		—		8,813,610		503,750		—		18,113,521		—		435,247		—		—
Municipal Bonds		—		—		—		2,206,250		—		—		—		—		—
Purchased Options		—		—		—		25,300		—		—		—		—		—
Bank Loans		—		—		—		—		211,969,918		334,156,608		—		—		1,371,392
Total Level 2		32,324,543,270		1,873,857,530		647,300,895		29,491,437		2,044,782,299		352,740,388		125,440,180		46,090,996		76,674,794
Level 3
Non-Agency Residential Collateralized Mortgage Obligations		620,032,791		19,136,910		—		389,968		—		—		778,569		238,338		—
Total Level 3		620,032,791		19,136,910		—		389,968		—		—		778,569		238,338		—
Total	$	33,844,282,256	$	2,142,167,672	$	647,341,843	$	129,122,574	$	2,195,509,379	$	394,704,919	$	151,231,977	$	58,941,197	$	76,699,089

88 DoubleLine Funds Trust

(Unaudited)

September 30, 2014

Category	DoubleLine Total Return Bond Fund		DoubleLine Core Fixed Income Fund		DoubleLine Emerging Markets Fixed Income Fund		DoubleLine Multi-Asset Growth Fund (Consolidated)			DoubleLine Low Duration Bond Fund		DoubleLine Floating Rate Fund		DoubleLine Shiller Enhanced CAPE®		DoubleLine Flexible Income Fund		DoubleLine Low Duration Emerging Markets Fixed Income Fund
Other Financial Instruments
Level 1
Forward Currency Exchange Contracts	$	—	$	—	$	—	$	347,111		$	—	$	—	$	—	$	—	$	—
Futures Contracts		—		—		—		(710,218	)		—		—		—		—		—
Total Level 1		—		—		—		(363,107	)		—		—		—		—		—
Level 2
Swaps		—		—		—		(232,696	)		—		—		3,127,288		—		—
Total Level 2		—		—		—		(232,696	)		—		—		3,127,288		—		—
Level 3		—		—		—		—			—		—		—		—		—
Total	$	—	$	—	$	—	$	(595,803	)	$	—	$	—	$	3,127,288	$	—	$	—

Certain of the Fund’s investments are held at face value, which approximates fair value for financial statement purposes. The following is a summary of such investments as of September 30, 2014¹:

Investments in Securities
Level 1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Level 2
Other Short Term Investments		1,693,911,214		—		—		2,499,924		—		—		—		—		—
Total Level 2		1,693,911,214		—		—		2,499,924		—		—		—		—		—
Level 3		—		—		—		—		—		—		—		—		—
Total	$	1,693,911,214	$	—	$	—	$	2,499,924	$	—	$	—	$	—	$	—	$	—

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

¹  There were no transfers into and out of Level 1 during the period ended September 30, 2014.

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

DoubleLine Total Return Bond Fund	Balance as of 3/31/2014		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)3		Net Accretion (Amortization)		Purchases		Sales1			Transfers Into Level 32		Transfers Out of Level 32			Balance as of 9/30/2014		Net Change in Unrealized Appreciation (Depreciation) on securities held at 9/30/20143
Investments in Securities
Non-Agency Residential Collateralized Mortgage Obligations	$	862,153,296	$	1,812,310	$	3,727,887	$	18,691,655	$	10,337,750	$	(13,089,774	)	$	20,546,415	$	(284,146,748	)	$	620,032,791	$	(2,669,646	)
Total	$	862,153,296	$	1,812,310	$	3,727,887	$	18,691,655	$	10,337,750	$	(13,089,774	)	$	20,546,415	$	(284,146,748	)	$	620,032,791	$	(2,669,646	)

DoubleLine Core Fixed Income Fund	Balance as of 3/31/2014		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)3			Net Accretion (Amortization)		Purchases		Sales1			Transfers Into Level 32		Transfers Out of Level 32			Balance as of 9/30/2014		Net Change in Unrealized Appreciation (Depreciation) on securities held at 9/30/20143
Investments in Securities
Non-Agency Residential Collateralized Mortgage Obligations	$	27,845,925	$	53,144	$	(440,969	)	$	665,815	$	—	$	(353,440	)	$	—	$	(8,633,565	)	$	19,136,910	$	(285,248	)
Total	$	27,845,925	$	53,144	$	(440,969	)	$	665,815	$	—	$	(353,440	)	$	—	$	(8,633,565	)	$	19,136,910	$	(285,248	)

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

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

³ Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on securities held at September 30, 2014 may be due to a security that was not held or categorized as Level 3 at either period end.

Semi-Annual Report September 30, 2014 89

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2014

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

DoubleLine Total Return Bond Fund	Fair Value as of 9/30/2014*		Valuation Techniques	Unobservable Input	Input Values		Impact to valuation from an increase to input
Non-Agency Residential Collateralized Mortgage Obligations	$	620,032,791	Market Comparables	Market Quotes	$	47.59 - $121.95	Significant changes in the market quotes would result in direct and proportional changes in the fair value of the security

DoubleLine Core Fixed Income Fund	Fair Value as of 9/30/2014*		Valuation Techniques	Unobservable Input	Input Values		Impact to valuation from an increase to input
Non-Agency Residential Collateralized Mortgage Obligations	$	19,136,910	Market Comparables	Market Quotes	$	83.66 - $96.29	Significant changes in the market quotes would result in direct and proportional changes in the fair value of the security

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

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

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

The Funds have adopted financial reporting rules that require the Funds to analyze all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions. Open tax years, 2014, 2013 and 2012 for the Funds, are those that are open for exam by taxing authorities. As of September 30, 2014 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, 2014. The Funds identify their major tax jurisdictions as U.S. Federal and the State of California. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

C. Security Transactions, Investment Income. Investment securities transactions are accounted for on trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Interest income is recorded on an accrual basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method 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 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.

D. Dividends and Distributions to Shareholders. Dividends from the net investment income of the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Shiller Enhanced CAPE^®, DoubleLine Flexible Income Fund and DoubleLine Low Duration Emerging Markets Fixed Income Fund will be declared and paid monthly. Dividends from the net investment income of the DoubleLine Multi-Asset Growth Fund will be declared and paid quarterly. The Funds will distribute any net realized long or short-term capital gains at least annually. Distributions are recorded on the ex-dividend date.

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

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

E. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

F. Share Valuation. The 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 will not be calculated on the days on which the NYSE is closed for trading, or, except with respect to DoubleLine Multi-Asset Growth Fund, on holidays when the principal U.S. bond markets are closed, such as Columbus Day and Veterans Day.

90 DoubleLine Funds Trust

(Unaudited)

September 30, 2014

G. Unfunded Loan Commitments. The Funds may enter into certain credit agreements, of which all or a portion may be unfunded. These commitments are disclosed in the accompanying Schedule of Investments. The Funds are obligated to fund these commitments at the borrower’s discretion. The Funds generally will maintain with their custodian liquid investments having an aggregate value at least equal to the par value of unfunded loan commitments.

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

I. Basis for Consolidation for the DoubleLine Multi-Asset Growth Fund. The DoubleLine Multi-Asset Growth Fund may invest up to 25% of its total assets in DoubleLine Cayman Multi-Asset Growth Fund I, Ltd. (the “Subsidiary”). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by the DoubleLine Multi-Asset Growth Fund. The Subsidiary invests in commodity-related investments and other investments. As of September 30, 2014 net assets of the DoubleLine Multi-Asset Growth Fund were $131,863,789 of which $10,595,118, or approximately 8.07%, represented the DoubleLine Multi-Asset Growth Fund’s ownership of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

J. Other. Each share class of a Fund is charged for those expenses that are directly attributable to that share class. Expenses that are not directly attributable to a Fund are allocated among all appropriate Funds in proportion to their respective net assets or on another reasonable basis. Investment income, expenses which are not class-specific, and realized and unrealized gains and losses are allocated directly to each class based upon the relative net assets of the classes.

3.  Related and Other Party Transactions

DoubleLine Capital LP (the “Adviser”) provides the Funds with investment management services under an Investment Advisory and Management Agreement (the “Agreement”). Under the Agreement, the Adviser manages the investment of the assets of each Fund, places orders for the purchase and sale of its portfolio securities and is responsible for the day-to-day management of the Trust’s business affairs. As compensation for its services, the Adviser is entitled to a monthly fee at the annual rate of 0.40%, 0.40%, 0.75%, 1.00%, 0.35%, 0.50%, 0.45%, 0.62% and 0.50% of the average daily net assets of the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund, DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Shiller Enhanced CAPE^®, DoubleLine Flexible Income Fund and DoubleLine Low Duration Emerging Markets Fixed Income Fund, respectively. The Adviser has arrangements with DoubleLine Group LP to provide personnel and other resources to the Funds.

The Adviser has contractually agreed to limit the DoubleLine Emerging Markets Fixed Income Fund’s ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed 0.95% for the Class I shares and 1.20% for the Class N shares. The Adviser has contractually agreed to limit the DoubleLine Multi-Asset Growth Fund’s ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed 1.20% for the Class I shares and 1.45% for the Class A shares. The Adviser has contractually agreed to limit the DoubleLine Low Duration Bond Fund’s ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed 0.47% for the Class I shares and 0.72% for the Class N shares. The Adviser has contractually agreed to limit the DoubleLine Floating Rate Fund’s ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed 0.75% for the Class I shares and 1.00% for the Class N shares. The Adviser has contractually agreed to limit the DoubleLine Shiller Enhanced CAPE^®’s ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed 0.65% for the Class I shares and 0.90% for the Class N shares. The Adviser has contractually agreed to limit the DoubleLine Flexible Income Fund’s ordinary operating expenses so that it ratio of such expenses to average net assets will not exceed 0.82% for the Class I shares and 1.07% for the Class N shares. The Adviser has contractually agreed to limit the DoubleLine Low Duration Emerging Markets Fixed Income Fund’s ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed 0.59% for the Class I shares and 0.84% for the Class N shares. For the purposes of the expense limitation agreement between the Adviser and the Funds, “ordinary operating expenses” excludes taxes, commissions, mark-ups, litigation expenses, indemnification expenses, interest expenses, acquired fund fees and expenses, and any extraordinary expenses. Each Fund’s expense limitation is expected to apply until at least July 31, 2015, except it may be terminated during its term only by a majority vote of the disinterested Trustees of the Board.

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

The Adviser contractually waived a portion of its fees or reimbursed certain operating expenses and may recapture a portion of the amounts no later than the dates as stated below:

Date of Expiration	DoubleLine Total Return Bond Fund		DoubleLine Core Fixed Income Fund		DoubleLine Emerging Markets Fixed Income  Fund		DoubleLine Multi-Asset Growth  Fund (Consolidated)		DoubleLine Low Duration Bond Fund		DoubleLine Floating Rate Fund		DoubleLine Shiller Enhanced CAPE®		DoubleLine Flexible Income Fund		DoubleLine Low Duration Emerging Markets Fixed Income Fund
March 31, 2015	$	—	$	461,517	$	—	$	350,372	$	206,049	$	—	$	—	$	—	$	—
March 31, 2016		—		203,659		—		391,977		246,512		—		—		—		—
March 31, 2017		—		—		—		283,515		105,391		—		399,206		—		—
March 31, 2018		—		—		—		91,868		32,417		—		139,068		95,257		100,871

Semi-Annual Report September 30, 2014 91

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2014

For the period ended September 30, 2014, The Adviser recouped $722,048 from the DoubleLine Total Return Bond Fund, $11,145 from the DoubleLine Emerging Markets Fixed Income Fund and $84,103 from the DoubleLine Floating Rate Fund.

All Officers and two of the trustees of the Trust are Officers or employees of DoubleLine Group LP. The Trust pays a fee only to those trustees who are not affiliated with DoubleLine Group LP or the Adviser.

The Adviser may from time to time recommend an investment mix of various Funds to certain platforms or programs. If such recommendations are followed, such investment potentially could be material to certain of the Funds’ overall assets and operations. Depending on market conditions prevalent at the time, there can be no assurance that a redemption of such assets would not result in a material adverse impact to the Funds.

If a Fund invested in other investment vehicles sponsored by the Adviser (“other DoubleLine Funds”) during the period, the 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 $261,098, $127,581, $121,657, $20,881 and $8,328 in fees with respect to the DoubleLine Core Fixed Income Fund, DoubleLine Multi-Asset Growth Fund, DoubleLine Low Duration Bond Fund, DoubleLine Shiller Enhanced CAPE^® and DoubleLine Flexible Income Fund, respectively, for the period ended September 30, 2014.

As of September 30, 2014, 30% of the outstanding shares of the DoubleLine Floating Rate Fund were owned by the DoubleLine Core Fixed Income Fund, 65% of the outstanding shares of the DoubleLine Low Duration Emerging Markets Fixed Income Fund were owned by the DoubleLine Low Duration Bond Fund and 35% of the outstanding shares of the DoubleLine Equities Growth Fund were owned by the DoubleLine Multi-Asset Growth Fund.

4.  Distribution, Sales Charge and Redemption Fees

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

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

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

5.  Purchases and Sales of Securities

Investment transaction (excluding short-term investments) for the period ended September 30, 2014 were as follows:

	All Other				U.S. Government1
	Purchases at Cost		Sales or Maturity Proceeds		Purchases at Cost		Sales or Maturity Proceeds
DoubleLine Total Return Bond Fund	$	3,054,391,853	$	2,005,932,410	$	—	$	—
DoubleLine Core Fixed Income Fund		574,448,163		326,089,811		146,624,803		100,442,566
DoubleLine Emerging Markets Fixed Income Fund		427,736,103		290,762,576		—		—
DoubleLine Multi-Asset Growth Fund (Consolidated)		66,738,284		60,501,987		—		—
DoubleLine Low Duration Bond Fund		869,905,710		563,751,918		257,320,686		169,770,828
DoubleLine Floating Rate Fund		149,383,082		159,411,027		—		—
DoubleLine Shiller Enhanced CAPE®		136,647,337		35,634,168		10,027,173		4,009,738
DoubleLine Flexible Income Fund		70,726,749		16,217,757		—		—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		82,618,781		6,446,553		—		—

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

92 DoubleLine Funds Trust

(Unaudited)

September 30, 2014

6.  Income Tax Information

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

	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund
	Period Ended September 30, 2014		Year Ended March 31, 2014		Period Ended September 30, 2014		Year Ended March 31, 2014		Period Ended September 30, 2014		Year Ended March 31, 2014
Distributions Paid From:
Ordinary Income	$	804,505,250	$	1,765,190,670	$	40,621,176	$	85,341,715	$	16,898,867	$	33,266,474
Long Term Capital Gain		—		—		—		5,789,673		—		1,229,937
Total Distributions Paid	$	804,505,250	$	1,765,190,670	$	40,621,176	$	91,131,388	$	16,898,867	$	34,496,411

	DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund
	Period Ended September 30, 2014		Year Ended March 31, 2014		Period Ended September 30, 2014		Year Ended March 31, 2014		Period Ended September 30, 2014		Year Ended March 31, 2014
Distributions Paid From:
Ordinary Income	$	2,713,808	$	3,968,114	$	20,908,834	$	18,640,668	$	5,736,709	$	7,510,032
Long Term Capital Gain		—		—		—		—		—		—
Total Distributions Paid	$	2,713,808	$	3,968,114	$	20,908,834	$	18,640,668	$	5,736,709	$	7,510,032

	DoubleLine Shiller Enhanced CAPE®				DoubleLine Flexible Income Fund		DoubleLine Low Duration Emerging Markets Fixed Income Fund
	Period Ended September 30, 2014		Year Ended March 31, 2014		Period Ended September 30, 2014		Period Ended September 30, 2014
Distributions Paid From:
Ordinary Income	$	1,174,836	$	226,165	$	482,617	$	1,195,452
Long Term Capital Gain		—		—		—		—
Total Distributions Paid	$	1,174,836	$	226,165	$	482,617	$	1,195,452

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

The cost basis of investments for federal income tax purposes as of September 30, 2014 was as follows:

	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income  Fund			DoubleLine Multi- Asset Growth  Fund (Consolidated)			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
Tax Cost of Investments	$	35,312,018,261		$	2,123,322,467		$	639,149,602		$	133,902,100		$	2,190,357,650		$	398,099,498		$	151,496,840		$	59,163,376		$	76,320,802
Gross Tax Unrealized Appreciation		959,042,400			36,299,696			13,377,183			1,086,519			12,980,755			236,114			1,643,226			166,188			650,498
Gross Tax Unrealized Depreciation		(732,867,191	)		(17,454,491	)		(5,184,942	)		(3,366,121	)		(7,829,026	)		(3,630,693	)		(1,908,089	)		(388,367	)		(272,211	)
Net Tax Unrealized Appreciation (Depreciation)	$	226,175,209		$	18,845,205		$	8,192,241		$	(2,279,602	)	$	5,151,729		$	(3,394,579	)	$	(264,863	)	$	(222,179	)	$	378,287

Semi-Annual Report September 30, 2014 93

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2014

As of March 31, 2014, the components of accumulated earnings (losses) for income tax purposes were as follows:

	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income Fund			DoubleLine Multi- Asset Growth Fund (Consolidated)			DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund			DoubleLine Shiller Enhanced CAPE®
Net Tax Unrealized Appreciation (Depreciation)	$	(2,365,434	)	$	8,126,382		$	(3,570,772	)	$	(224,823	)	$	7,707,444		$	1,183,635		$	44,520
Undistributed Ordinary Income		54,850,006			2,537,962			1,998,121			4,563,032			657,682			853,478			31,822
Undistributed Long Term Capital Gain		—			—			—			1,756,833			—			11,923			21,830
Total Distributable Earnings		54,850,006			2,537,962			1,998,121			6,319,865			657,682			865,401			53,652
Other Accumulated Gains (Losses)		(1,072,326,649	)		(29,916,444	)		(21,405,607	)		581,728			(3,426,588	)		(537,480	)		1,298,224
Total Accumulated Earnings (Losses)	$	(1,019,842,077	)	$	(19,252,100	)	$	(22,978,258	)	$	6,676,770		$	4,938,538		$	1,511,556		$	1,396,396

Since the DoubleLine Flexible Income Fund and DoubleLine Low Duration Emerging Markets Fixed Income Fund have not had a full fiscal year, the tax cost of investments is the same as noted in the Schedule of Investments.

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, 2014, the following capital loss carryforwards were available:

	Capital Loss Carryforward		Expires
DoubleLine Total Return Bond Fund	$	3,709,758		3/31/2019
DoubleLine Total Return Bond Fund		778,547,485		Indefinite
DoubleLine Core Fixed Income Fund		24,748,617		Indefinite
DoubleLine Emerging Markets Fixed Income Fund		16,252,599		Indefinite
DoubleLine Low Duration Bond Fund		2,635,597		Indefinite

For the period ended March 31, 2014, the DoubleLine Multi-Asset Growth Fund utilized $2,160,080 of its capital loss carryforward.

As of March 31, 2014, the following Funds deferred, on a tax basis, post-October losses of:

DoubleLine Total Return Bond Fund	$	248,090,289
DoubleLine Core Fixed Income Fund		3,704,089
DoubleLine Emerging Markets Fixed Income Fund		4,583,645
DoubleLine Multi-Asset Growth Fund (Consolidated)		—
DoubleLine Low Duration Bond Fund		365,598
DoubleLine Floating Rate Fund		—
DoubleLine Shiller Enhanced CAPE®		—

Additionally, US GAAP require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. The permanent differences primarily relate to paydown losses, accretion of discount on certain debt instruments and foreign currency gains (losses). For the period ended March 31, 2014, the following table shows the reclassifications made:

	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
DoubleLine Total Return Bond Fund	$	457,689,114		$	(457,689,114	)	$	—
DoubleLine Core Fixed Income Fund		9,987,984			(9,987,984	)		—
DoubleLine Emerging Markets Fixed Income Fund		480,398			(480,398	)		—
DoubleLine Multi-Asset Growth Fund (Consolidated)		1,296,996			6,058,472			(7,355,468	)
DoubleLine Low Duration Bond Fund		2,719,146			(2,719,146	)		—
DoubleLine Floating Rate Fund		(8,435	)		—			8,435
DoubleLine Shiller Enhanced CAPE®		25			(25	)		—

94 DoubleLine Funds Trust

(Unaudited)

September 30, 2014

7.  Share Transactions

Transactions in each Fund’s shares were as follows:

	DoubleLine Total Return Bond Fund												DoubleLine Core Fixed Income Fund
	Period Ended September 30, 2014						Year Ended March 31, 2014						Period Ended September 30, 2014						Year Ended March 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		623,229,350		$	6,845,218,395			1,031,663,229		$	11,427,193,274			56,156,383		$	617,977,811			70,269,777		$	772,152,766
Class N		143,586,567			1,575,553,626			277,503,986			3,071,207,850			11,544,716			126,808,530			20,690,105			227,519,631
Reinvested Dividends
Class I		38,532,661			422,621,793			79,819,280			878,017,247			2,257,263			24,814,287			4,554,311			49,619,411
Class N		11,206,691			122,903,521			27,102,303			298,129,358			631,901			6,943,336			1,663,484			18,144,770
Shares Redeemed
Class I		(274,999,196	)		(3,019,437,276	)		(1,532,225,773	)		(16,863,389,527	)		(21,315,720	)		(234,292,973	)		(112,516,721	)		(1,230,247,351	)
Class N		(166,200,359	)		(1,825,390,343	)		(488,591,413	)		(5,371,280,999	)		(10,636,605	)		(117,034,938	)		(51,915,655	)		(566,667,951	)
Net Increase (Decrease) Resulting From Fund Share Transactions		375,355,714		$	4,121,469,716			(604,728,388	)	$	(6,560,122,797	)		38,637,938		$	425,216,053			(67,254,699	)	$	(729,478,724	)
	DoubleLine Emerging Markets Fixed Income Fund												DoubleLine Multi-Asset Growth Fund (Consolidated)
	Period Ended September 30, 2014						Year Ended March 31, 2014						Period Ended September 30, 2014						Year Ended March 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		23,789,935		$	256,560,205			20,169,003		$	212,554,617			590,808		$	6,012,460			3,711,339		$	37,171,840
Class N		7,170,924			77,233,092			14,455,439			151,680,438			—			—			—			—
Class A		—			—			—			—			1,293,334			13,136,135			4,417,677			44,102,001
Reinvested Dividends
Class I		791,172			8,531,683			1,693,391			17,529,848			81,070			822,302			119,162			1,198,077
Class N		357,640			3,854,932			668,682			6,899,691			—			—			—			—
Class A		—			—			—			—			28,368			287,431			47,577			477,314
Shares Redeemed
Class I		(13,167,396	)		(141,917,501	)		(46,491,820	)		(482,849,216	)		(2,043,492	)		(20,825,613	)#		(7,814,272	)		(78,035,814	)*
Class N		(7,137,014	)		(77,149,288	)		(12,792,405	)		(134,256,491	)		—			—			—			—
Class A		—			—			—			—			(2,796,966	)		(28,452,889	)#		(10,922,811	)		(109,161,250	)*
Net Increase (Decrease) Resulting From Fund Share Transactions		11,805,261		$	127,113,123			(22,297,710	)	$	(228,441,113	)		(2,846,878	)	$	(29,020,174	)		(10,441,328	)	$	(104,247,832	)
	DoubleLine Low Duration Bond Fund												DoubleLine Floating Rate Fund
	Period Ended September 30, 2014						Year Ended March 31, 2014						Period Ended September 30, 2014						Year Ended March 31, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		39,058,276		$	398,906,119			101,456,040		$	1,032,848,486			10,368,675		$	104,981,142			28,702,601		$	290,762,751
Class N		24,817,554			253,206,539			109,669,589			1,113,469,189			916,125			9,295,566			16,121,720			163,649,322
Reinvested Dividends
Class I		816,588			8,333,517			721,367			7,343,381			144,403			1,459,025			165,560			1,680,180
Class N		866,798			8,837,822			742,346			7,552,818			72,371			732,874			137,273			1,395,100
Shares Redeemed
Class I		(17,593,237	)		(179,661,389	)		(55,389,051	)		(564,159,508	)		(6,227,238	)		(63,049,619	)~		(7,881,567	)		(80,031,265	)^
Class N		(17,254,573	)		(176,088,512	)		(29,407,261	)		(299,311,984	)		(5,535,746	)		(56,151,179	)~		(5,991,491	)		(60,946,086	)^
Net Increase (Decrease) Resulting From Fund Share Transactions		30,711,406		$	313,534,096			127,793,030		$	1,297,742,382			(261,410	)	$	(2,732,191	)		31,254,096		$	316,510,002

Semi-Annual Report September 30, 2014 95

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2014

	DoubleLine Shiller Enhanced CAPE®												DoubleLine Flexible Income Fund						DoubleLine Low Duration Emerging Markets Fixed Income Fund
	Period Ended September 30, 2014						Period Ended March 31, 2014						Period Ended September 30, 2014						Period Ended September 30, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		8,206,359		$	93,658,092			2,877,090		$	29,950,853			4,941,963		$	49,760,092			5,864,396		$	58,763,163
Class N		2,206,209			25,023,073			1,424,882			14,494,826			2,456,654			24,814,192			2,076,462			21,067,735
Reinvested Dividends
Class I		66,021			747,377			9,305			97,421			21,834			220,105			7,213			73,257
Class N		24,153			273,552			8,824			91,474			16,938			170,873			20,253			205,904
Shares Redeemed
Class I		(546,889	)		(6,155,023	)		(71,600	)		(731,358	)		(1,496,540	)		(15,015,203	)		(118,321	)		(1,205,170	)
Class N		(379,968	)		(4,310,009	)		(430,346	)		(4,524,560	)		(234,760	)		(2,368,448	)		(152,033	)		(1,548,661	)
Net Increase (Decrease) Resulting From Fund Share Transactions		9,575,885		$	109,237,062			3,818,155		$	39,378,656			5,706,089		$	57,581,611			7,697,970		$	77,356,228

# Net of redemption fees of $2,033 and $155 for Class I and Class A, respectively

* Net of redemption fees of $43,059 and $7,342 for Class I and Class A, respectively

~ Net of redemption fees of $2,513 and $22,240 for Class I and Class N, respectively

^ Net of redemption fees of $82,265 and $44,002 for Class I and Class N, respectively

8.  Trustees’ Fees

Trustees who are not affiliated with the 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 each respective Fund or other funds managed by the 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 and Expenses in the Statement of Operations include current fees (either paid in cash or deferred) and an increase (decrease) in the value of the deferred amounts. Certain trustees and officers of the Funds are also officers of the Adviser; such trustees and officers are not compensated by the Funds.

For the period ended September 30, 2014, the trustees received, as a group:

	Current Fees		Increase/(Decrease) in Value of Deferred Amount			Trustees’ Fees and Expenses
DoubleLine Total Return Bond Fund	$	276,517	$	794		$	277,311
DoubleLine Core Fixed Income Fund		15,007		56			15,063
DoubleLine Emerging Markets Fixed Income Fund		5,053		43			5,096
DoubleLine Multi-Asset Growth Fund (Consolidated)		1,263		(4	)		1,259
DoubleLine Low Duration Bond Fund		16,456		44			16,500
DoubleLine Floating Rate Fund		3,001		(1	)		3,000
DoubleLine Shiller Enhanced CAPE®		439		12			451
DoubleLine Flexible Income Fund		193		5			198
DoubleLine Low Duration Emerging Markets Fixed Income Fund		719		7			726

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.

96 DoubleLine Funds Trust

(Unaudited)

September 30, 2014

The average volume of derivative activity during the period ended September 30, 2014 is as follows:

	DoubleLine Multi-Asset  Growth Fund (Consolidated)		DoubleLine Shiller Enhanced CAPE®
Average Market Value
Purchased Options	$	1,695,896	$	—
Futures Contracts - Long		56,419		—
Futures Contracts - Short		25,189		—
Average Notional Balance
Total Return Swaps - Long	$	14,676,666	$	83,147,333
Total Return Swaps - Short		4,210,000		—
Forward Currency Exchange Contracts		30,000,000		—

Options Contracts  The Funds may purchase or sell put and call options. When a Fund purchases an option it pays a premium in return for the potential to profit from the change in value of an underlying investment or index during the term of the option. The option premium is included on the Funds’ Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing options is limited to the loss of the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. When a Fund writes (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 underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss when the underlying instrument is sold. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk 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.

There was no activity in written options during the period ended September 30, 2014.

Futures Contracts  Futures contracts typically involve a contractual commitment to buy or sell a particular instrument 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. Futures contracts are marked to market daily and an appropriate payment reflecting the change in value (“variation margin”) is made or received by or for the accounts of the Funds. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

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

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund 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

Semi-Annual Report September 30, 2014 97

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2014

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

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

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

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

The effect of derivative instruments on the Statements of Assets and Liabilities for the period ended September 30, 2014:

Fund	Derivatives not accounted for as hedging instruments	Statement of Assets and Liabilities Location	Unrealized Appreciation (Depreciation)
DoubleLine Multi-Asset Growth Fund (Consolidated)	Purchased Options
	Commodity		$	11,800
	Exchange Rate			674,205
	Index			115,300
		Net Unrealized Appreciation (Depreciation) in Unaffiliated Securities	$	801,305
	Futures contracts
	Commodity		$	(584,509	)
	Index			(122,971	)
	Treasury Bond			(2,738	)
		Net Unrealized Appreciation (Depreciation) on Futures	$	(710,218	)
DoubleLine Multi-Asset Growth Fund (Consolidated)	Swap contracts
	Total Return	Net Unrealized Appreciation (Depreciation) on Swaps	$	(232,696	)
	Forward contracts
	Currency	Net Unrealized Appreciation (Depreciation) on Forwards	$	347,111
DoubleLine Shiller Enhanced CAPE®	Swap contracts
	Total Return	Net Unrealized Appreciation (Depreciation) on Swaps	$	3,127,288

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The effect of derivative instruments on the Statements of Operations for the period ended September 30, 2014:

Fund	Derivatives not accounted for as hedging instruments	Location of Gain (Loss) on Derivatives in Income	Realized Gain (Loss) on Derivatives			Change in Unrealized Appreciation (Depreciation) on Derivatives
DoubleLine Multi-Asset Growth Fund (Consolidated)	Purchased Options
	Commodity		$	—		$	253,160
	Exchange Rate			(239,825	)		1,084,813
	Equity			—			540,887
	Index			(628,020	)		115,300
		Net Realized and Unrealized Gain (Loss) on Investments in Unaffiliated Securities	$	(867,845	)	$	1,994,160
	Futures contracts
	Commodity		$	(365,881	)	$	(1,202,910	)
	Exchange Rate			(14,240	)		—
	Index			2,494,105			(261,524	)
	Treasury Bond			132,231			92,050
		Net Realized and Unrealized Gain (Loss) on Futures	$	2,246,215		$	(1,372,384	)
	Swap contracts
	Total Return	Net Realized and Unrealized Gain (Loss) on Swaps	$	1,007,556		$	(430,832	)
	Forward contracts
	Currency	Net Realized and Unrealized Gain (Loss) on Forwards	$	173,949		$	347,111
DoubleLine Shiller Enhanced CAPE®	Swap contracts
	Total Return	Net Realized and Unrealized Gain (Loss) on Swaps	$	71,628		$	1,821,325

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

As of September 30, 2014, the DoubleLine Multi-Asset Growth Fund (Consolidated) held the following derivative instruments that were subject to offsetting on the Statement of Assets and Liabilities:

Assets:

	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
Description							Financial Instruments		Cash Collateral Received		Net Amount
Forwards	$	347,111	$	—	$	347,111	$	—	$	—	$	347,111
Futures		547,588		547,588		—		—		—		—
Swap Contracts		24,853		24,853		—		—		—		—
	$	919,552	$	572,441	$	347,111	$	—	$	—	$	347,111

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Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2014

Liabilities:

	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
Description							Financial Instruments		Cash Collateral Pledged		Net Amount
Forwards	$	—	$	—	$	—	$	—	$	—	$	—
Futures		1,257,806		547,588		710,218		—		710,218		—
Swap Contracts		257,549		24,853		232,696		208,707		23,989		—
	$	1,515,355	$	572,441	$	942,914	$	208,707	$	734,207	$	—

As of September 30, 2014, the DoubleLine Shiller Enhanced CAPE^® held the following derivative instruments that were subject to offsetting on the Statement of Assets and Liabilities:

Assets:

	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
Description							Financial Instruments		Cash Collateral Received		Net Amount
Swap Contracts	$	4,242,071	$	1,114,783	$	3,127,288	$	3,127,288	$	—	$	—

Liabilities:

	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
Description							Financial Instruments		Cash Collateral Pledged		Net Amount
Swap Contracts	$	1,114,783	$	1,114,783	$	—	$	—	$	—	$	—

11.  Bank Loans

Floating rate loans (“bank loans”), are typically debt obligations with interest rates that adjust or “float” periodically, often on a daily, monthly, quarterly, or semiannual basis by reference to a base lending rate (such as LIBOR) plus a premium. Certain floating rate loans are secured by specific collateral of the borrower and are senior to most other securities of the borrower (e.g., common stock and other debt instruments) in the event of bankruptcy. Other floating rate loans may be unsecured obligations of the borrower. A floating rate loan may be structured and administered by a financial institution that acts as the agent of the lenders participating in the floating rate loan. Such floating rate loans may be acquired through the agent or from the borrower, as an assignment from another lender who holds a direct interest in the floating rate loan, or as a participation interest in another lender’s portion of the floating rate loan. Coupon rates for bank loans are generally floating, not fixed, and are tied to a benchmark lending rate. 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, along with another affiliated trust (all the series of each such trust, the “DoubleLine Funds”), an uncommitted, $450,000,000 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 Bank’s prime rate less 0.50% (weighted average rate of 2.75% for the period ended September 30, 2014).

The Bank has also made available to the DoubleLine Floating Rate Fund, a committed $40,000,000 credit facility. Borrowings under this credit facility bear interest at the Bank’s prime rate less 0.50% and the credit facility bears an unused commitment fee equal to 0.12% on the unused portion of the credit facility.

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September 30, 2014

For the period ended September 30, 2014, the Funds’ credit facility activity is as follows:

	Average Borrowings		Maximum Amount Outstanding		Interest Expense		Commitment Fee
DoubleLine Emerging Markets Fixed Income Fund	$	9,168,423	$	47,013,000	$	18,210	$	—
DoubleLine Floating Rate Fund		5,419,000		7,046,000		2,070		24,310
DoubleLine Shiller Enhanced CAPE®		1,143,000		1,143,000		262		—
DoubleLine Flexible Income Fund		431,000		980,000		165		—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		118,500		184,000		18		—

13.  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.

• affiliated fund risk:  the risk that, due to its own financial interest or other business considerations, the Adviser may choose to invest a portion of a Fund’s assets in investment companies sponsored or managed by the Adviser or its affiliates in lieu of investments by the Fund directly in portfolio securities, or may choose to invest in such investment companies over investment companies sponsored or managed by others.

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

• asset-backed securities investment risk:  the risk that borrowers may default on the obligations that underlie the asset-backed security and that, during periods of falling interest rates, asset-backed securities may be called or prepaid, which may result in a Fund having to reinvest proceeds in other investments at a lower interest rate, and the risk that the impairment of the value of the collateral underlying a security in which a Fund invests (due, for example, to non-payment of loans) will result in a reduction in the value of the security.

• 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. 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 securities 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; 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 one or more commodities, which may be extremely volatile and difficult to value, risk of possible illiquidity, and the risks and costs associated with delivery, storage, and maintenance of precious metals or minerals or other commodity-related investments.

• confidential information access risk:  the risk that the intentional or unintentional receipt of material, non-public 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.

• convertible securities risk:  the risks of investing in convertible bonds and securities include the risk that the issuer may default in the payment of principal and/or interest and the risk that the value of the investment may decline if interest rates rise. Such events may reduce a Fund’s distributable income and the value of the Fund’s shares.

• counterparty risk:  the risk that a Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into directly by the Fund or held by special purpose or structured vehicles in which the Fund invests. 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 risk:

° credit risk:  the risk that changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due.

° extension risk:  the risk that if interest rates rise, repayments of principal on certain debt securities may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result.

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Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2014

° 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.

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

• derivatives risk:  the risk that an investment in derivatives will not perform as anticipated, cannot be closed out at a favorable time or price, or will increase a Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing a Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge.

• emerging market country risk:  the risk that investing in emerging markets will be subject to greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers, an emerging market country’s dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, and less developed legal systems than in many more developed countries.

• 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.

• exchange-traded note risk:  the risk that the level of the particular market benchmark or strategy to which the note’s return is linked will fall in value; exchange-traded notes also potentially are subject to the credit risk of the issuer.

• financial services risk:  the risk that an investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or economic conditions that may negatively affect financial service businesses; (ii) exposure of a financial institution to non-diversified or concentrated loan portfolios; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses, for example sub-prime loans; and (iv) 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.

• focused investment risk:  the risk that a Fund that invests a substantial portion of its assets in a particular market, industry, group of industries, country, region, group of countries, asset class or sector generally is subject to greater risk than a fund that invests in a more diverse investment portfolio. In addition, the value of such a Fund is more susceptible to any single economic, market, political or regulatory occurrence affecting, for example, that particular market, industry, region or sector.

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

• foreign investing risk:  the risk that a Fund’s investments will be affected by political, regulatory, and economic risks not present in domestic investments. If a Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate or restrict foreign exchange transactions.

• high yield risk (“junk bonds”): Securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and to repay principal when due, and are commonly referred to as “high yield” securities or “junk bonds.” High yield securities involve a greater risk of default and their prices are generally more volatile and sensitive to actual or perceived negative developments than are the prices of higher grade securities.

• index risk:  the risk that the DoubleLine Shiller Enhanced CAPE^®’s return may not match or exceed the return of the Shiller Barclays CAPE^® US Sector TR USD Index (the “Index”) for a number of reasons, including, for example, (i) the performance of derivatives in which the Fund invests may not correlate with the performance of the Index; (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 find parties who are willing to do so at an acceptable cost or level of risk to the Fund; (iii) the Fund’s overall performance may be adversely affected by the performance of the Fund’s investments in debt instruments and (iv) errors may arise in carrying out the Index’s methodology, or the Index provider may incorrectly report information concerning the Index. Unavailability of the Index could affect adversely the ability of the Fund to achieve its investment objective.

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

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

• large shareholder risk:  the risk that certain account holders, including funds or accounts over which the 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 will adversely affect the Fund’s performance if it is forced to sell portfolio securities or invest cash when the

102 DoubleLine Funds Trust

(Unaudited)

September 30, 2014

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 the Fund’s portfolio, and the risk of loss in excess of invested capital.

• limited operating history risk:  the risk that a recently formed fund has a limited operating history to evaluate and may not attract sufficient assets to achieve or maximize investment and operational efficiencies.

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

• loan risk:  includes, among other risks, the risk that (i) if a Fund holds a loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution; (ii) it is possible that any collateral securing a loan may be insufficient or unavailable to a Fund; (iii) investments in highly leveraged loans or loans of stressed, distressed, or defaulted issuers may be subject to significant credit and liquidity risk; (iv) a bankruptcy or other court proceeding could delay or limit the ability of a Fund to collect the principal and interest payments on that borrower’s loans or adversely affect the Fund’s rights in collateral relating to a loan; (v) if a borrower fails to comply with various restrictive covenants that are typically in loan agreements, the borrower may default in payment of the loan; (vi) transactions in loans may settle on a delayed basis, and the Fund potentially may not receive the proceeds from the sale of a loan for a substantial period of time after the sale; and (vii) loans may be difficult to value and may be illiquid, which may adversely affect an investment in a Fund.

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

• market risk:  the risk that the overall market will perform poorly or that the returns from the securities in which a Fund invests will underperform returns from the general securities markets or other types of investments. Securities markets may, in response to governmental actions or intervention, economic or market developments, 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 time when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. These risks may be heightened for fixed income securities due to the current historically low interest rate environment.

• 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.

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

• portfolio turnover risk:  the risk that frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in larger distributions of taxable capital gains to investors as compared to a fund that trades less frequently.

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

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

• price volatility risk:  the risk that the value of a Fund’s investment portfolio will change, potentially frequently and in large amounts, as the prices of its investments go up or down.

• real estate risk:  the risk that real estate related investments may decline in value as a result of factors affecting the real estate industry, such as the supply of real property in certain markets, changes in zoning laws, delays in completion of construction, changes in real estate values, changes in property taxes, levels of occupancy, and local and regional market conditions.

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

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Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2014

• 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 focuses or concentrates its investment in 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 sales risk:  the risk that an instrument a Fund has sold short increases in value.

• 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 ability to repay principal and interest.

• structured products and structured notes risk: the risk that an investment in a structured product may decline in value due to changes in the underlying instruments on which the product is based.

• tax risk:  in order to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (“Code”), a Fund must meet requirements regarding, among other things, the source of its income. It is possible that certain of a Fund’s investments in commodity-linked derivatives, ETFs and other investment pools will not give rise to “qualifying income” for this purpose. Any income a Fund derives from investments in instruments that do not generate “qualifying income” must be limited to a maximum of 10% of the Fund’s annual gross income. If a Fund were to earn non-qualifying income in excess of 10% of its annual gross income, it could fail to qualify as a regulated investment company for that year. If a Fund were to fail to qualify as a regulated investment company, the Fund would be subject to tax and shareholders of the Fund would be subject to the risk of diminished returns.

• U.S. Government securities risk:  the risk that debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities.

14.  Recently Issued Accounting Pronouncements

In June 2014, the FASB issued ASU No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. ASU No. 2014-11 requires repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings to be accounted for as secured borrowings. In addition, ASU No. 2014-11 eliminates sale accounting for repurchase-to-maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement. The new disclosure requires disclosures for transactions economically similar to repurchase agreements when the transferor retains substantially all of the exposure to the economic return of the transferred financials assets throughout the term of the transactions. Lastly, the update expands disclosures about the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. ASU No. 2014-11 requires disclosures to make financial statements that are prepared under US GAAP more comparable to those prepared under International Financial Reporting Standards (“IFRS”). New disclosures are required for annual reporting periods beginning on or after December 15, 2014, and interim periods within those annual periods.

Management is currently evaluating the implications of these changes and their impact on the financial statements.

15.  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.

104 DoubleLine Funds Trust

Shareholder Expenses (Unaudited) September 30, 2014

Example

As a shareholder of DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund (Consolidated), DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Shiller Enhanced CAPE^®, DoubleLine Flexible Income Fund and DoubleLine Low Duration Emerging Markets Fixed Income Fund (each a “Fund” and collectively the “Funds”), you incur two basic types of costs: (1) transaction costs , including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees and other Fund expenses.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period covered by this report.

Actual Expenses

The actual return columns in the following table provide information about account values based on actual returns and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the respective line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. In addition to the expenses shown below in the table, as a shareholder you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Fund’s transfer agent. Currently, if you request a redemption be made by wire, a $15.00 fee is charged by the Fund’s transfer agent. You will be charged a redemption fee equal to 1.00% of the net amount of the redemption if you redeem shares that have been held for less than 90 days in the DoubleLine Multi-Asset Growth Fund and the DoubleLine Floating Rate Fund. An Individual Retirement Account (“IRA”) will be charged a $15.00 annual maintenance fee. The transfer agent charges a transaction fee of $25.00 on returned checks and stop payment orders. If you paid a transaction fee, you would add the fee amount to the expenses paid on your account this period to obtain your total expenses paid.

Hypothetical Example for Comparison Purposes

The hypothetical return columns in the following table provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect the transaction fees discussed above. Therefore, those columns are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

						Actual				Hypothetical (5% return before expenses)
		Fund’s Annualized Expense Ratio		Beginning Account Value		Ending Account Value 3/31/14		Expenses Paid During Period*1		Ending Account Value 9/30/14		Expenses Paid During Period*1
DoubleLine Total Return Bond Fund	Class I		0.47%	$	1,000	$	1,028	$	2.39	$	1,023	$	2.38
	Class N		0.72%	$	1,000	$	1,027	$	3.66	$	1,021	$	3.65
DoubleLine Core Fixed Income Fund	Class I		0.47%	$	1,000	$	1,027	$	2.39	$	1,023	$	2.38
	Class N		0.72%	$	1,000	$	1,027	$	3.66	$	1,021	$	3.65
DoubleLine Emerging Markets Fixed Income Fund	Class I		0.91%	$	1,000	$	1,050	$	4.68	$	1,021	$	4.61
	Class N		1.16%	$	1,000	$	1,049	$	5.96	$	1,019	$	5.87
DoubleLine Multi-Asset Growth Fund (Consolidated)	Class I		1.05%	$	1,000	$	1,001	$	5.27	$	1,020	$	5.32
	Class A		1.30%	$	1,000	$	1,001	$	6.52	$	1,019	$	6.58
DoubleLine Low Duration Bond Fund	Class I		0.45%	$	1,000	$	1,010	$	2.27	$	1,023	$	2.28
	Class N		0.70%	$	1,000	$	1,009	$	3.52	$	1,022	$	3.55
DoubleLine Floating Rate Fund	Class I		0.75%	$	1,000	$	1,003	$	3.77	$	1,021	$	3.80
	Class N		1.00%	$	1,000	$	1,003	$	5.02	$	1,020	$	5.06
DoubleLine Shiller Enhanced CAPE®	Class I		0.59%	$	1,000	$	1,074	$	3.07	$	1,022	$	2.99
	Class N		0.84%	$	1,000	$	1,073	$	4.36	$	1,021	$	4.26
DoubleLine Flexible Income Fund	Class I		0.75%	$	1,000	$	1,020	$	3.65	$	1,021	$	3.80
	Class N		1.00%	$	1,000	$	1,019	$	4.87	$	1,020	$	5.06
DoubleLine Low Duration Emerging Markets Fixed Income Fund	Class I		0.59%	$	1,000	$	1,029	$	2.89	$	1,022	$	2.99
	Class N		0.84%	$	1,000	$	1,027	$	4.11	$	1,021	$	4.26

* 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 183/365 (to reflect the one-half year period). The actual dollar amounts shown as expenses paid during the period for the DoubleLine Flexible Income Fund and DoubleLine Low Duration Emerging Markets Fixed Income Fund are multiplied by 176/365, which are based on the date of inception (April 7, 2014).

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

Semi-Annual Report September 30, 2014 105

Evaluation of Advisory Agreement by the Boards of Trustees (Unaudited) September 30, 2014

DoubleLine Flexible Income Fund

DoubleLine Low Duration Emerging Markets Fixed Income Fund

At the February 26, 2014 meeting of the Board of Trustees (the “Meeting”) of DoubleLine Funds Trust (the “Trust”), the Board of Trustees, including the Independent Trustees voting separately, approved Investment Advisory Agreements (each, an “Agreement” and, together, the “Agreements”) between the Trust, on behalf of each of DoubleLine Flexible Income Fund (“Flexible Income”) and DoubleLine Low Duration Emerging Markets Fixed Income Fund (“Low Duration Emerging Markets” and, together with Flexible Income, the “Funds”), and DoubleLine Capital LP (the “Adviser”). This summary describes a number, but not necessarily all, of the most important factors considered by the Board and the Independent Trustees.

The Trustees considered a wide range of materials, including information previously provided to the Trustees in connection with the approval of advisory contracts between the Adviser and the other series of the Trust. The Trustees’ determination to approve each Agreement was based on an evaluation of all of the information provided to them. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. No single factor was determined to be decisive. In all of their deliberations, the Board of Trustees and the Independent Trustees were advised by counsel to the Trust and counsel to the Independent Trustees.

In the process of considering the approval of the Agreements, the Trustees considered the terms of the proposed Agreements between the Adviser and the Trust, with respect to each Fund, and noted that the proposed Agreements, with the exception of the rates of the advisory fees payable, had the same terms as the advisory agreements between the Adviser and the other series of the Trust. The Trustees considered the Adviser’s specific responsibilities in all aspects of day-to-day management of the Funds as well as the qualifications, experience, and responsibilities of the portfolio manager or portfolio managers of each Fund and other key personnel that would be involved in the day-to-day activities of the Funds. The Board considered the expected difficulty of managing debt-related funds, noting that managing such funds requires a portfolio management team to balance a number of factors, which may include, among others, varying maturities, prepayments, counter-party exposure, credit events, and workouts. The Trustees considered the performance of accounts or sleeves of existing DoubleLine accounts the Adviser manages using substantially similar investment strategies to those of the Funds as well the performance of all of the other series of the Trust, and considered the possible effect of additional funds to the Trust on the capacities of the Adviser. The Trustees reviewed the proposed services the Adviser would provide to each Fund as investment adviser. The Trustees considered that the Adviser would provide 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, compliance 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 reviewed the Adviser’s ongoing efforts to keep the Trustees informed about matters relevant to the Trust and its shareholders. The Trustees also considered the nature, extent, and structure of the compliance procedures and the trading capabilities of the Adviser. The Trustees concluded that it appeared the Adviser would have, or have available to it, sufficient quality and depth of personnel, resources, and investment methods, and would have compliance policies and procedures essential to performing its duties under each proposed Agreement and that, in the Trustees’ view, the nature, overall quality, and extent of the management services to be provided appeared likely to be satisfactory and reliable.

The Board then turned to the anticipated cost of the proposed services, and the proposed structure and level of the advisory fees to be paid under each Agreement. The Trustees considered that the Adviser anticipated launching each Fund with two classes of shares and noted the overall fee structure and expense caps proposed for each Fund. The Trustees considered information provided by Strategic Insight (“Strategic Insight”), an Asset International Company. The Trustees noted that the information provided by Strategic Insight indicated that Flexible Income’s proposed advisory fee under its Agreement was below the median of the peer funds presented to them for consideration, and that Low Duration Emerging Markets’ proposed advisory fee under its agreement was lower than the advisory fee of any of the peer funds Strategic Insight had identified for that Fund. In considering the peer group information presented, the Trustees noted the Adviser’s view that the utility of the peer group comparison in respect of the Low Duration Emerging Markets was somewhat limited, since few of the funds in the group have a comparable focus on shorter duration emerging market debt investments.

The Trustees also compared the advisory fees proposed for the Funds to the advisory fees paid to the Adviser by accounts or sleeves with investment strategies substantially similar to the strategies proposed for the Funds. In doing so, the Trustees noted the Adviser’s representation that the proposed advisory fee for Flexible Income was lower than that charged to the substantially similar account advised by the Adviser. The Trustees also noted that Low Duration Emerging Markets’ proposed advisory fee was higher than the advisory fee paid to the Adviser in respect of the sleeve it manages using substantially similar strategies. In that regard, the Trustees also noted that the sleeve was only a portion of another series of the Trust, whose portfolio may include a wide range of fixed income instruments, including domestic fixed income instruments.

The Trustees discussed information provided by the Adviser as to the estimated profitability of the Adviser from managing each Fund. In assessing profitability, the Trustees reviewed the Adviser’s financial information provided both at the Meeting and at previous meetings of the Trustees and took into account both the likely direct and indirect benefits to the Adviser from managing the Funds. The Trustees noted other benefits received by the Adviser and its affiliates as a result of the Adviser’s relationship with the Trust, including possible ancillary benefits to the Adviser’s institutional investment management business due to the reputation and market penetration of the Funds. The Trustees concluded that the Adviser’s profit from managing either Fund would likely not be excessive in the start-up period. The Trustees concluded that it did not appear appropriate at this time to consider the implementation of breakpoints in the investment advisory fees.

On the basis of these considerations and others and in the exercise of their business judgment, the Trustees determined to approve each Agreement for the proposed initial term.

106 DoubleLine Funds Trust

Federal Tax Information (Unaudited) September 30, 2014

For the fiscal year ended March 31, 2014, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income is as follows:

Qualified Dividend Income
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Multi-Asset Growth Fund (Consolidated)	4.04%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	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, 2014 is as follows:

Dividends Received Deduction
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Multi-Asset Growth Fund (Consolidated)	1.10%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%

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

DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	1.74%
DoubleLine Emerging Markets Fixed Income Fund	19.18%
DoubleLine Multi-Asset Growth Fund (Consolidated)	0.00%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.11%
DoubleLine Shiller Enhanced CAPE®	0.00%

The percentage of taxable ordinary income distributions that are designated as interest related dividends under Internal Revenue Section 871(k)(1)(c) for each Fund were as follows:

DoubleLine Total Return Bond Fund	95.22%
DoubleLine Core Fixed Income Fund	87.82%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Multi-Asset Growth Fund (Consolidated)	28.58%
DoubleLine Low Duration Bond Fund	98.31%
DoubleLine Floating Rate Fund	99.37%
DoubleLine Shiller Enhanced CAPE®	22.28%

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

Semi-Annual Report September 30, 2014 107

Information About Proxy Voting (Unaudited) September 30, 2014

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

A description of the Funds’ proxy voting policies and procedures is available (i) without charge, upon request, by calling 877-DLine11 (877-354-6311); and (ii) on the commission’s web site at http://www.sec.gov.

Information About Portfolio Holdings

It is the policy of the Trust to provide certain unaudited information regarding the portfolio composition of the Funds as of month-end to shareholders and others upon request to the Funds, beginning on the 15th calendar day after the end of the month (or, if not a business day, the next business day thereafter).

Shareholders and others who wish to obtain portfolio holdings for a particular month may make a request by contacting the Funds at no charge at 877-DLine11 (877-354-6311) between the hours of 7:00 a.m. and 5:00 p.m. Pacific time, Monday through Friday, beginning on the 15th day following the end of that month (or, if not a business day, the next business day thereafter). Requests for portfolio holdings may be made on a monthly basis pursuant to this procedure, or standing requests for portfolio holdings may be accepted.

The Trust is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. The Trust’s Forms N-Q are available on the SEC website at www.sec.gov. You can also review and obtain copies of the Forms N-Q at the SEC Public Reference Room in Washington, DC (information on the operation of Public Reference Room may be obtained by calling 1-800-SEC-0330).

Householding — Important Notice Regarding Delivery of Shareholder Documents

In an effort to conserve resources, the Funds intend to reduce the number of duplicate Prospectuses and Annual and Semi-Annual Reports you receive by sending only one copy of each to addresses where we reasonably believe two or more accounts are from the same family. If you would like to discontinue householding of your accounts, please call toll-free 877-DLine11 (877-354-6311) to request individual copies of these documents. We will begin sending individual copies thirty days after receiving your request to stop householding.

108 DoubleLine Funds Trust

Privacy Notice (Unaudited) September 30, 2014

What Does DoubleLine Do With Your Personal Information?

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

All financial companies need to share customers’ personal information to run their everyday businesses. Accordingly, information, confidential and proprietary, plays an important role in the success of our business. However, we recognize that you have entrusted us with your personal and financial data, and we recognize our obligation to keep this information secure. Maintaining your privacy is important to us, and we hold ourselves to a high standard in its safekeeping and use. Most importantly, DoubleLine does not sell its customers’ non-public personal information to any third parties. DoubleLine uses its customers’ non-public personal information primarily to complete financial transactions that its customers request or to make its customers aware of other financial products and services offered by a DoubleLine affiliated company.

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

• Information we receive about you on applications or other forms;

• Information you may give us orally;

• Information about your transactions with us or others;

• Information you submit to us in correspondence, including emails or other electronic communications; and

• Information about any bank account you use for transfers between your bank account and any Fund account, including information provided when effecting wire transfers.

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

• Social Security Number;

• account balances;

• transaction or loss history;

• assets;

• investment experience;

• account transactions;

• risk tolerance.

DoubleLine does not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except that we may disclose the information listed above, as follows:

• to provide information to nonaffiliated third parties in connection with our performance of the services we have agreed to provide you. For example, it might be necessary to do so in order to process transactions and maintain accounts.

• DoubleLine will release any of the non-public information listed above about a customer if directed to do so by that customer or if DoubleLine is authorized by law to do so, such as in the case of a court order, legal investigation, or other properly executed governmental request.

• to alert a customer to other financial products and services offered by DoubleLine or an affiliate, DoubleLine may share information with an affiliate, including companies using the DoubleLine name. Such products and services may include, for example, other investment products offered by a DoubleLine company. If you prefer that we not disclose non-public personal information about you to our affiliates for this purpose, you may direct us not to make such disclosures (other than disclosures permitted by law) by calling 877-DLine11 (877-354-6311). If you limit this sharing and you have a joint account, your decision will be applied to all owners of the account.

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

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. Certain portions of doublelinefunds.com are maintained or controlled by third parties, each of which has privacy policies which may differ, in some cases significantly, from the privacy policies described in this notice. Please contact your DoubleLine representative if you would like to receive more information about the privacy policies of third parties.

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

Semi-Annual Report September 30, 2014 109

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

Investment Adviser:

DoubleLine Capital LP

333 South Grand Avenue

18th Floor

Los Angeles, CA 90071

Distributor:

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, WI 53202

Administrator and Transfer Agent:

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

Custodian:

U.S. Bank, N.A.

1555 North River Center

Drive, Suite 302

Milwaukee, WI 53212

Independent Registered

Public Accounting Firm:

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017

Legal Counsel:

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Contact Information:

doublelinefunds.com

fundinfo@doubleline.com

1-877-DLine11 or

1-877-354-6311

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

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

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) The Registrant’s 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

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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 last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

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SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

        (Registrant)      DoubleLine Funds Trust

By (Signature and Title)	/s/ Ronald R. Redell
	Ronald R. Redell, President

        Date      November 26, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)	/s/ Ronald R. Redell
	Ronald R. Redell, President

        Date     November 26, 2014

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

        Date     November 26, 2014

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