As filed with the Securities and Exchange Commission on June 2, 2016

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22378

DoubleLine Funds Trust

(Exact name of registrant as specified in charter)

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Address of principal executive offices) (Zip code)

Ronald R. Redell

President

DoubleLine Funds Trust

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Name and address of agent for service)

(213) 633-8200

Registrant’s telephone number, including area code

Date of fiscal year end: March 31

Date of reporting period: March 31, 2016

Item 1. Reports to Stockholders.

Annual Report

March 31, 2016

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 Long Duration

Total Return Bond Fund

DBLDX (I-share)

DLLDX (N-share)

DoubleLine Strategic Commodity Fund

DBCMX (I-share)

DLCMX (N-share)

DoubleLine Global Bond Fund

DBLGX (I-share)

DLGBX (N-share)

DoubleLine Capital LP DoubleLine Commodity 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
Standardized Performance Summary		15
Schedules of Investments		17
Statements of Assets and Liabilities		92
Statements of Operations		94
Statements of Changes in Net Assets		96
Financial Highlights		102
Notes to Financial Statements		114
Report of Independent Registered Public Accounting Firm		135
Shareholder Expenses		136
Growth of Investment		137
Evaluation of Advisory Agreement by the Boards of Trustees		149
Federal Tax Information		154
Trustees and Officers		156
Information About Proxy Voting		158
Information About Portfolio Holdings		158
Householding — Important Notice Regarding Delivery of Shareholder Documents		158
Privacy Notice		159

Annual Report March 31, 2016 3

President’s Letter (Unaudited) March 31, 2016

Dear DoubleLine Funds Shareholder,

On behalf of the DoubleLine Funds, I am pleased to deliver the Annual Report for the 12-month period ended March 31, 2016. 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.

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

May 1, 2016

4 DoubleLine Funds Trust

Financial Markets Highlights (Unaudited) March 31, 2016

· Agency Mortgage-Backed Securities (Agency MBS)

For the 12-month period ended March 31, 2016, the Barclays U.S. MBS Index returned 2.43% with its duration shortening from 3.54 to 3.06 as U.S. Treasury 10-year yields declined by about 0.15%. Aggregate prepayment speeds have declined year-over-year (YoY) but have remained within a narrow range during the past 30-month period ended March 31, 2016. Total gross issuance of Agency MBS has largely followed seasonal trends in the housing market with heightened volumes seen in the summer/spring months compared to the fall/winter months. Issuance on a gross basis has totaled approximately $1.3 trillion over the past reporting period based on the Bloomberg Agency MBS Pool Issuance numbers. Overall housing turnover has steadily increased over this time as a function of higher purchasing activity, as measured by the Mortgage Bankers Association Purchase Index, seasonally-adjusted. Overall refinancing activity has also picked up, as measured by the Mortgage Bankers Association Refinance Index, as 30-year mortgage rates are at their local lows. Current coupon spreads against U.S. 10-year yields have widened especially towards the end of 2015 as market participants became more concerned over the timing of when the Federal Reserve (Fed) would stop the reinvestment of paydowns of their invested MBS; however, recent guidance by the Fed has reestablished the market’s expectation that reinvestments are likely to continue for the rest of this year given the Fed’s more dovish tone in regard to ongoing policies.

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

Non-Agency MBS have experienced relatively low price volatility over the last few years, but that changed in the fall of 2015. As macroeconomic risk increased globally in the fall, all risk asset classes dropped in price. However, given this context, non-Agency MBS experienced less volatility than other structured products. By the end of the first quarter of 2016, non-Agency MBS prices have returned to the levels seen at the beginning of 2016. Given current trends, we believe non-Agency MBS have the potential to appreciate further. Approximately $96 billion of non-Agency MBS have been put out on bid lists and about $70 billion has traded. Apart from the “risk off” environment of August and September 2015, and January and February 2016, respectively, trading volume has been robust. Over the reporting period, prepayments and defaults have marginally slowed down and loss severities have remained flat. Mortgage interest rates did not change substantially during the reporting period, which has kept prepayments contained. In addition, positive house price appreciation has helped improve defaults and severities.

· Commercial Mortgage-Backed Securities (CMBS)

Over the 12-month period ended March 31, 2016, CMBS spreads widened before rallying from multi-year wide levels. During the period, the Barclays U.S. CMBS Index returned 2.80%, outperforming the broader Barclays U.S. Aggregate Bond Index by 0.84%. For the period, 10-year AAA last cash flows (LCFs) were trading at 1.29% over swaps, representing a 0.42% widening YoY, while BBB- bonds traded at 6.00% over swaps, a 2.50% widening YoY. On the new issue front, private label CMBS issuance was down 10.26%, with $83.7 billion in new issuance over 107 deals during the 12-month reporting period compared to $93.3 billion in 108 deals from April 2014 through March 2015. Delinquency rates across all asset classes (Industrial, Hospitality, Multifamily, Office and Retail properties) improved during the period; the overall delinquency rate dropped from 5.58% as of March 31, 2015 to 4.22% as of March 31, 2016. As a comparative reference point, the all-time high delinquency rate was 10.34% in July 2012.

· Emerging Markets (EM) Debt

Over the 12-month period ended March 31, 2016, U.S. dollar (USD)-denominated EM fixed income sovereign and corporate bonds indices, represented by the JP Morgan Emerging Markets Bond Index Global Diversified (EMBI) and the JP Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI), respectively, posted low to mid single digit returns. The EM return profile was a story of two distinct periods. Both EM sovereign and corporate spreads widened significantly over 2015 to mid-February 2016, on the back of slowing global growth, China policy uncertainty and falling commodity prices. Mid-February to March 31, 2016 saw a return of risk appetite, as developed market central banks, including the European Central Bank (ECB), Bank of Japan (BoJ), and the People’s Bank of China (PBoC) pushed through aggressive easing monetary policy, and the Fed became more dovish, lowering the expected pace of the rate hiking cycle. Risk assets, including EM fixed income benefited from increased monetary policy liquidity and improving commodity prices, and EM credit spreads tightened aggressively, retracing half of the widening seen over 2015 and early 2016.

· Investment Grade (IG) Credit

For the 12-month period ended March 31, 2016, investment grade credit recorded a total return of 0.93%. A majority of the performance can be attributed to the recent rally in credit during the first quarter of 2016. Over the reporting period, spreads widened

Annual Report March 31, 2016 5

Financial Markets Highlights  (Cont.) (Unaudited) March 31, 2016

by 0.30%, from 1.24% to 1.54%. A closer look at performance shows that the long-end (10-year plus) of the Index was the biggest underperformer posting a return of -1.08%. By credit quality, higher quality AA and A-rated credits were the strongest performers, posting returns of 2.53% and 2.21%, respectively. The Metals & Mining and Energy sectors were the worst performing sectors over the reporting period.

· Bank Loans

For the 12-month period ended March 31, 2016, the S&P/LSTA Leveraged Loan Index returned -1.25%. Loans with a higher facility rating were the outperformers over this time period with BB-rated loans returning 1.66%. Meanwhile, lower CCC-rated loans were down 10.82%. First lien loans returned -0.90%, outperforming the second lien loan return of -8.47%. The top performing industries included Food Service (+6.02%) and Cosmetics – Toiletries (+4.62%). Underperforming industries were focused around the commodity sector. The worst performing industries were Oil and Gas (-32.86%), Forest Products (-31.73%) and Nonferrous Metals – Minerals (-28.97%). As of the end of the period, the default rate rose to 1.75% on a par-weighted basis and 2.03% on an issuer-weighted basis.

· U.S. High Yield

For the 12-month period ended March 31, 2016, the Citi High-Yield Cash-Pay Capped Index declined 4.58% as weak commodity prices and uncertainty surrounding the Fed’s decision to hike rates persisted. Credit quality was a major differentiator as higher-rated bonds outperformed lower-rated ones. Specifically, BB-rated issues returned -2.34% while B-rated issues were down 5.58% and CCC-rated issues declined 11.25%. Notable outperformers by industry were Gaming (+6.33%), Broadband (+5.76%), and Restaurants (+5.49%). The underperforming industries were again mostly commodity related. Underperformance by sector was led by Secondary Oil & Gas Producers (-37.22%), Metals/Mining (-19.78%) and Paper & Forest Products (-17.15%). The 12-month par-weighted High Yield default rate as of March 31, 2016 was 3.22% while the more stable issuer-weighted default rate rose to a 5-year high of 3.93%.

· Collateralized Loan Obligations (CLOs)

For the 12-month period ended March 31, 2016, the CLO market experienced some of the strongest and weakest issuance for a total of $74.22 billion across 148 deals. April and June were the strongest months with $10.18 billion and $12.74 billion, respectively, in issuance. Issuance slowed down during the summer due to seasonality with an average monthly issuance of $6.31 billion. The fourth quarter of 2015 issued slightly more with $6.53 billion on average per month. As market volatility increased around the Fed’s announcement of the first rate raise, CLO prices began their downward movement. BB-rated securities felt the brunt of the downward pressure on prices. The first quarter of 2016 was the weakest quarter of issuance with only $7.10 billion total across all three months. March was a positive month, but spreads ended the month wider than where they were 12-months prior.

· Global Equities

Global equities, as measured by the Morgan Stanley Capital International (MSCI) All Country World Index (MSCI ACWI), declined during the 12-month period ended March 31, 2016 to -3.79%. U.S. equities performed fairly better with the S&P 500^® Index up 1.78% during the period. European equities underperformed the broader market with the Euro Stoxx 50 Index down -15.94%. Asian equity markets sold off significantly with Japanese equities, as measured by the Nikkei 225 Index -11.17%, and Chinese equities, as measured by the Shanghai Composite Index down 18.57%. EM equities retreated with over the period as measured by the MSCI Emerging Markets Index (MSCI EM) -11.71%.

· Commodities

In the 12-month period ended March 31, 2016, the commodity market declined by 28.68% as measured by the S&P Goldman Sachs Commodity Index (GSCI). Four out of the five sectors in the GSCI lost value over this period. The worst performing sectors were Energy (-39.88%) and Industrial Metals (-19.06%) as a glut of supply saturated a market already suffering from weak global economic activity. The Agriculture (-8.95%) and Livestock (-12.34%) sectors also finished the period lower. Precious Metals (+2.57%) was the only sector with gains as Gold rallied 3.93% due to unpredictable central bank policies and global financial uncertainty.

6 DoubleLine Funds Trust

(Unaudited)

March 31, 2016

· U.S. Large Cap Equities

For the 12-month period ended March 31, 2016, the large capitalization U.S. equity market was largely flat, with the S&P 500^® Index down slightly in price and up 1.78% including dividends. The value portion of the large capitalization market delivered worse returns, with the Russell 1000^® Value Index losing 1.6%. Examining the S&P 500^® Index at a sector level reveals a very defensive market: the three best returning sectors were sectors that tend to be defensive and yield-oriented. The Telecommunications sector delivered the best returns, rising over 19%. Similarly, Utilities and Consumer Staples returned 16% and 12%, respectively. Energy was, by a wide margin, the worst performing sector losing over 16% of its value in the face of oil prices falling by approximately a third and North American drilling activity collapsing. The Materials, Healthcare and Financials sectors all delivered negative returns in the 12-month period.

· Government Securities

The Treasury market was broadly stable for the 12-month period ended March 31, 2016. The 10-year note yield ended the period at 1.78%, just 0.15% lower from the prior year’s 1.93% yield. The market was pressured by the Fed; the Federal Open Market Committee (FOMC) talked of a sustained rate “renormalization” process which would include multiple rate hikes each year for several years. The market was stubbornly skeptical during the period, discounting the aggressive Fed guidance and focusing on lackluster global growth, low inflation, falling commodity prices and economic stress overseas. The market remained steady when the Fed hiked rates for the first time in over eight years at its December 2015 meeting. Rates then fell in January and February 2016 in the face of struggling EM economies and a dovish turn by the Fed. As of the end of the period, many market participants expected less than one full Fed hike through the remainder of 2016.

· Municipals

Municipals were steady through the first half of the 12-month period ended March 31, 2016. Municipals strengthened both in absolute yield and relative to Treasuries through the fourth quarter of 2015 as investor demand remained robust while supply fell short of expectations. Issuance picked up in early 2016 as yields reached multi-year lows, reversing most of the previous quarter’s gains. Municipal yields and Municipal/Treasury yield ratios ended the period modestly lower than a year earlier.

Annual Report March 31, 2016 7

Management’s Discussion of Fund Performance (Unaudited) March 31, 2016

DoubleLine Total Return Bond Fund

The DoubleLine Total Return Bond Fund outperformed its benchmark, the Barclays U.S. Aggregate Bond Index return of 1.96%, for the 12-month period ended March 31, 2016. Much of the outperformance was driven by longer duration Agency MBS, which benefited from the rally in the U.S. Treasury sector as 10-year yields fell by about 0.15%. Agency MBS broadly performed well with fixed rate CMOs and passthroughs contributing the most to total return, with a combination of strong price appreciation and high coupon returns. Other Agency Residential MBS (RMBS) sectors with smaller allocations, such as inverse floating rate and inverse interest-only securities also performed well from a total return standpoint as they benefited from LIBOR remaining relatively low. Although non-Agency MBS contributed positively to performance, the sector faced some declines in valuations across the credit quality spectrum due to broad concerns in the credit markets related to a weak commodities market and slowing global growth. Not surprisingly, the higher credit quality, prime sector performed the best with only slight declines in valuations and strong interest carry. Other credit sectors such as CMBS and CLOs suffered from widening spreads during this period and detracted from the Fund’s performance.

Period Ended 3-31-16	1-Year
I-Share		2.45%
N-Share		2.20%
Barclays U.S. Aggregate Bond Index		1.96%

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

DoubleLine Core Fixed Income Fund

For the 12-month period ended March 31, 2016, the DoubleLine Core Fixed Income Fund underperformed the Barclays U.S. Aggregate Bond Index return of 1.96% as the U.S. yield curve flattened over this year with longer-term rates declining and shorter-term rates increasing. As a result, longer duration asset classes performed well while more credit-sensitive sector returns were poor – worsened by increased market volatility as oil prices declined. Not surprisingly, High Yield Debt, Bank Loans and EM Fixed Income were the most affected by the drop in oil prices, which led these holdings to perform the worst for the period. CLOs also underperformed as investors worried about existing energy concentrations in those portfolios causing the sector to generally trade poorly. CMBS, which also underperformed, had yields that started to widen during the middle of last year due to low investor demand. Conversely, RMBS and Municipal debt contributed strong returns over the 12-month period. While RMBS prices mildly declined, the bonds benefited from high interest income. Investment grade corporate debt and other government holdings held in the Fund performed in line with the Fund’s Index.

Period Ended 3-31-16	1-Year
I-Share		1.31%
N-Share		0.97%
Barclays U.S. Aggregate Bond Index		1.96%

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

DoubleLine Emerging Markets Fixed Income Fund

Over the 12-month period ended March 31, 2016, the DoubleLine Emerging Markets Fixed Income Fund underperformed the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified. The Fund’s underperformance was largely driven by the Fund avoiding exposure to high beta, idiosyncratic credits. The sovereign credits avoided by the Fund include Russia, Ukraine, Kazakhstan, Venezuela, and Argentina. All five were among the top performing countries within the EMBI over the 12-month period. In general, they rallied on the back of stabilization in geo-political risks or domestic political or election outcomes that benefited the credit profile of each country. The Fund’s underperformance was also due to an overweight allocation, relative to the EMBI, to credits in Latin America. Energy, transportation, and media related credits in Colombia and Mexico held in the Fund saw negative returns as a result of lower commodity prices, slowing growth

8 DoubleLine Funds Trust

(Unaudited)

March 31, 2016

and weak foreign currencies in the region. Additionally, one of the largest independent oil and gas producers in Colombia defaulted, further impacting performance. Performance also was hurt by exposure to commodity-related producers in India and Indonesia.

Period Ended 3-31-16	1-Year
I-Share		-0.48%
N-Share		-0.73%
JP Morgan Emerging Markets Bond Index Global Diversified		4.19%

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

DoubleLine Multi-Asset Growth Fund

The DoubleLine Multi-Asset Growth Fund outperformed the Blended Benchmark for the 12-month period ended March 31, 2016; the Blended Benchmark returned -4.34% for the period. The equity sleeve detracted from performance during the 12-month period with global equities as measured by the MSCI ACWI down 3.79%. Short positions in EM equities contributed to performance with MSCI EM down 11.71% during the period. The fixed income sleeve underperformed the Barclays U.S. Aggregate Bond Index return of 1.96%. Positions in Agency and non-Agency MBS contributed to performance while credit detracted from performance. The real assets sleeve contributed to performance significantly outperforming the S&P/Goldman Sachs Commodity Index which was down -28.68% during the period. The positive performance of the Fund’s real asset sleeve was driven in large part by our systematic long/short commodity strategy.

Period Ended 3-31-16	1-Year
I-Share		-4.29%
A-Share
Without Load		-4.42%
With Load		-8.49%
S&P 500® Index		1.78%
Blended Benchmark*		-4.34%

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

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

DoubleLine Low Duration Bond Fund

For the 12-month period ended March 31, 2016, the DoubleLine Low Duration Bond Fund’s Class I-Shares outperformed the BofA/Merrill Lynch 1-3 Year U.S. Treasury Index’s return of 0.92% as the U.S. yield curve flattened over the year with longer-term rates declining and shorter-term rates increasing. More credit-sensitive sectors’ returns were poor given the increased market volatility as oil declined. Within the Fund, RMBS contributed strong returns over the period. While prices mildly declined in RMBS, the bonds benefited from high interest income. EM fixed income, while positive for the period, lagged behind its respective index as the EM sector’s index holdings had a relatively shorter duration in the rising short-term rate environment. Other sectors such as IG corporate bonds and CLOs, performed in line with their respective indices and contributed positive returns.

Period Ended 3-31-16	1-Year
I-Share		1.00%
N-Share		0.85%
BofA/Merrill Lynch 1-3 Year U.S. Treasury Index		0.92%

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

DoubleLine Floating Rate Fund

The DoubleLine Floating Rate Fund outperformed the S&P/LSTA Leveraged Loan Index during the 12-month period ended March 31, 2016. The outperformance was partially due to a reduction in risk across different portfolio characteristics such as asset class selection, credit

Annual Report March 31, 2016 9

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) March 31, 2016

quality, and industry allocation as deterioration in technical and fundamental factors began to accelerate in the overall loan market. As the Fund’s Index began to exhibit weakness and negative returns after the first few months of the 12-month period, the Fund opportunistically decreased its out-of-Index exposure to high-yield bonds from approximately 5.0% down to 0% by October 2015. The Fund also decreased its second-lien loan exposure from approximately 3.5% to approximately 0.5% by the end of the 12-month period (the Fund’s Index held about 5% second-liens, which returned -8.47% as a whole during the 12-month period), and increased cash holdings from less than 5.0% to the low double-digits by the end of the 12-month period. Outperformance was also achieved from a credit quality perspective, as the Fund maintained a tilt towards BB-rated credits at the expense of single B-rated credits relative to the Fund’s Index. During the period, BB-rated credits outperformed single B-rated credits by almost 300 bps. In addition, the Fund maintained significant underweight exposure to CCC-rated loans and D-rated loans, which returned -10.82% and -43.44%, respectively, during the period. With regard to industry allocation, the Fund was materially underweight Oil & Gas, Metals & Mining, and Utilities, which returned -32.86%, -28.97%, and -16.40%, respectively. These three industries contributed almost -3.00% to the Index’s performance for the period, and was one of the largest drivers behind the negative Index returns during the same time frame.

Period Ended 3-31-16	1-Year
I-Share		0.02%
N-Share		-0.23%
S&P/LSTA Leveraged Loan Index		-1.25%

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

DoubleLine Shiller Enhanced CAPE^®

In the 12-month period ended March 31, 2016, DoubleLine Shiller Enhanced CAPE^® significantly outperformed the S&P 500^® Index return of 1.78%. The Fund’s outperformance of 4.31% (Class I-Shares) was driven by both the Fund’s equity and fixed income exposures. The Shiller Barclays CAPE^® U.S. Sector Total Return Index exposure contributed 5.82% in return while the fixed income portfolio contributed 0.27% in return. The Index was allocated to a total of six different sectors over the course of the year with Materials and Technology/Telecommunications exposure being the biggest drivers of performance. The fixed income portfolio’s key drivers of return were the Agency MBS, non-Agency MBS and EM sectors.

Period Ended 3-31-16	1-Year
I-Share		6.09%
N-Share		5.84%
S&P 500® Index		1.78%
Shiller Barclays CAPE® U.S. Sector Total Return Index		6.81%

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

DoubleLine Flexible Income Fund

In the 12-month period ended March 31, 2016, the DoubleLine Flexible Income Fund underperformed the LIBOR USD 3 Month and experienced increased volatility as credit sensitive assets generally widened due to the volatility in energy related industries. The U.S. yield curve flattened over the year with longer-term rates declining and shorter-term rates increasing. As a result, longer duration asset classes performed well while more credit-sensitive sector returns were poor – worsened by increased market volatility as oil declined. Not surprisingly, High Yield debt, Bank Loans and EM Fixed Income were the most affected by the drop in oil, which led these holdings to perform the worst relative to the Fund’s other asset classes for the period. CLOs also underperformed as investors worried about existing energy concentrations in those portfolios causing the sector to generally trade poorly. CMBS, which also underperformed, had started to widen in the middle of last year due to low investor demand. Conversely, RMBS contributed strong returns over the 12-month period. While prices mildly declined in RMBS, the bonds benefited from high interest income.

Period Ended 3-31-16	1-Year
I-Share		-0.43%
N-Share		-0.66%
LIBOR USD 3 Month		0.39%

10 DoubleLine Funds Trust

(Unaudited)

March 31, 2016

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

DoubleLine Low Duration Emerging Markets Fixed Income Fund

Over the 12-month period ended March 31, 2016, the DoubleLine Low Duration Emerging Markets Fixed Income Fund underperformed the JP Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified 1-3 Year Index. The Fund’s underperformance was driven by an overweight position in Latin American credits relative to the Index. Performance also suffered from exposure to commodity related producers, as commodity prices declined over the period. Additionally, one of the largest independent oil and gas producers in Colombia defaulted, further impacting performance.

Period Ended 3-31-16	1-Year
I-Share		1.06%
N-Share		0.82%
JP Morgan CEMBI Broad Diversified 1-3 Year Index		3.23%

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

DoubleLine Long Duration Total Return Bond Fund

For the 12-month period ended March 31, 2016, the DoubleLine Long Duration Total Return Bond Fund outperformed its benchmark, the Barclays U.S. Long Government/Credit Index return of 0.39%. The outperformance was partly driven by the Fund’s shorter duration profile relative to the benchmark when interest rates rose during the second quarter of 2015. Additionally, the increasing volatility in the corporate space due to concerns over a weak commodities sector, specifically the Oil and Energy space, resulted in widening spreads for the sector, to which the Fund had no allocation. Agency fixed-rate CMOs contributed the most to total return as they benefited from not only solid price appreciation, but also strong interest carry for the period. Although a small allocation within the portfolio, Principal-Only securities also contributed positively to performance as they had robust price gains. At period end, there continued to be an active allocation to U.S. Treasuries for the purpose of duration and convexity management.

Period Ended 3-31-16	1-Year
I-Share		2.76%
N-Share		2.51%
Barclays U.S. Long Government/Credit Index		0.39%

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

DoubleLine Strategic Commodity Fund

For the period since inception (May 18, 2015) through March 31, 2016, the DoubleLine Strategic Commodity Fund outperformed the broader commodity market, outperforming the Bloomberg Commodity Index (BCOM) return of -24.90% and the GSCI return of -35.96%. The Fund was exposed to both the long-only commodity beta (Backwardation Focused Multi Commodity Beta Basket (BFMCBB)) and the DoubleLine Commodity Long Short (DCLS) Alpha Strategy during the period. The BFMCBB declined by 25.05% while the DCLS returned a positive 13.79% over this time. The Fund’s outperformance of 11.83% (Class I-Shares) over the BCOM was driven primarily by the alpha beta mix as the allocation to the alpha added to performance. The strategy is fully collateralized by U.S. Treasury bills, which added incremental return over the period.

Period From 5-18-15 through 3-31-16	Since Inception* (Not Annualized)
I-Share		-13.07%
N-Share		-13.27%
Bloomberg Commodity Index Total Return		-24.90%

* Inception Date of 5-18-2015

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

Annual Report March 31, 2016 11

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) March 31, 2016

DoubleLine Global Bond Fund

For the period since inception (December 17, 2015) to March 31, 2016, the DoubleLine Global Bond Fund saw strong positive performance, returning 5.11%. Returns were driven by both capital appreciation and foreign currency appreciation versus the U.S. dollar (USD). Supportive monetary policy by the BoJ, ECB, and PBoC, and a more dovish stance by the Fed allowed local rates to broadly rally over March, benefiting the Fund. The March Fed “dot plot” showed the Fed’s expectation for a slower pace of future rate hikes in 2016, curbing dollar appreciation and benefiting the non-dollar exposure of the Fund. The Fund underperformed its benchmark, the Citi World Government Bond Index (WGBI), which returned 7.51% over the period. The Fund’s underperformance was primarily due to an underweight allocation, relative to the WGBI, to Japan. Over the first quarter of 2016, Japan’s currency rallied 8.87% versus the USD, and was the best performing currency of the G10 countries. Japanese Government Bond yields also fell on the back of the BoJ introducing negative interest rates on certain bank’s excess deposits. The Fund’s underperformance, relative to the Index, was partially offset by the Fund’s longer duration, relative to the WGBI, in U.S. Treasury bonds, which rallied on the back of a more dovish comments from the Fed Chair Yellen.

Period From 12-17-15 through 3-31-16	Since Inception* (Not Annualized)
I-Share		5.11%
N-Share		5.07%
Citi World Government Bond Index		7.51%

* Inception Date of 12-17-2015

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

Past Performance is not a guarantee of future results.

Opinions expressed herein are as of March 31, 2016 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 result in losing 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.

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

Alpha—A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index.

Backwardation—As the contract approaches expiration, the futures contract will trade at a higher price compared to when the contract was further away from expiration. This is said to occur due to the convenience yield being higher than the prevailing risk free rate.

12 DoubleLine Funds Trust

(Unaudited)

March 31, 2016

Backwardation Focused Multi-Commodity Beta Basket—This basket is composed of futures contracts on eleven commodities, which were selected based on (i) the contracts’ historical backwardation relative to other commodity-related futures contracts and (ii) the contracts’ historical liquidity. Of the commodities represented in the basket, five are in the energy sector, two are in the industrial metals sector, and four are in the agricultural and livestock sectors.

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. Long Government/Credit Index—The index includes publicly issued U.S. Treasury debt, U.S. government agency debt, taxable debt issued by U.S. states and territories and their political subdivisions, debt issued by U.S. and non-U.S. corporations, non-U.S. government debt and supranational debt.

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.

Beta—The measure of a mutual fund’s volatility in relation to the market. By definition, the market has a beta of 1.0, and individual mutual funds are ranked according to how much they deviate from the market. A beta of above 1.0 means the fund swings more than the market. If the fund moves less than the market, the beta is less than 1.0.

Bloomberg Commodity Index (BCOM)—An index calculated on an excess return basis that reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and weight-caps are applied at the commodity, sector and group level for diversification. Roll period typically occurs from 6th-10th business day based on the roll schedule.

Citi High-Yield Cash-Pay Capped Index—This index represents the cash-pay securities of the Citigroup High-Yield Market Capped Index, which represents a modified version of the High Yield Market Index by delaying the entry of fallen angel issues and capping the par value of individual issuers at $5 billion par amount outstanding.

Citi World Government Bond Index (WGBI)—This index measures the performance of fixed-rate, local currency, investment grade sovereign bonds. The WGBI is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has more than 25 years of history available. The WGBI provides a broad benchmark for the global sovereign fixed income market. Sub-indices are available in any combination of currency, maturity, or rating.

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.

Eurostoxx 50—A stock index of Eurozone stocks designed by STOXX, an index provider owned by Deutsche Borse Group and SIX group, with the goal of providing a blue-chip representation of Supersector leaders in the Eurozone.

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 1-3 Year Index—This index is a market capitalization weighted index consisting of US-denominated Emerging Market corporate bonds with 1-3 year maturity. 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.

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 Index is a market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, including both developed and emerging markets.

Morgan Stanley Capital International Emerging Markets Index (MSCI EM)—The Index is a float-adjusted market capitalization index designed to measure equity market performance in global emerging markets. It consists of indices in 26 emerging economies, including but not limited to, Argentina, Brazil, China, India, Poland, Thailand, Turkey, and Venezuela.

Mortgage Bankers Association (MBA) Purchase Index—An index that includes all mortgage applications for purchases of single-family homes. It covers the entire market, both conventional and government loans and all products.

Mortgage Bankers Association (MBA) Refinance Index—An index that covers all mortgage applications to refinance an existing mortgage. It includes conventional and government refinances.

Nikkei 225 Index—A price-weighted index 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 1000^® Value Index—This index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.

Shanghai Composite Index—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.

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.

Annual Report March 31, 2016 13

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) March 31, 2016

S&P 500^® Index—The 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 Goldman Sachs Commodity Index (GSCI)—This composite index of commodity sector returns 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.

14 DoubleLine Funds Trust

Standardized Performance Summary (Unaudited) March 31, 2016

DBLTX/DLTNX
Total Return Bond Fund Returns as of March 31, 2016	1 Year		3 Year Annualized		5 Year Annualized		Since Inception Annualized (4-6-10 to 3-31-16)		Gross Expense Ratio
I-share (DBLTX)		2.45%		3.15%		5.36%		7.59%	0.47%
N-share (DLTNX)		2.20%		2.93%		5.11%		7.33%	0.72%
Barclays U.S. Aggregate Bond Index		1.96%		2.50%		3.78%		4.11%
DBLFX/DLFNX
Core Fixed Income Fund Returns as of March 31, 2016	1 Year		3 Year Annualized		5 Year Annualized		Since Inception Annualized (6-1-10 to 3-31-16)		Gross Expense Ratio
I-share (DBLFX)		1.31%		2.78%		5.16%		6.11%	0.50%
N-share (DLFNX)		0.97%		2.52%		4.89%		5.85%	0.75%
Barclays U.S. Aggregate Bond Index		1.96%		2.50%		3.78%		3.78%
DBLEX/DLENX
Emerging Markets Fixed Income Fund Returns as of March 31, 2016	1 Year		3 Year Annualized		5 Year Annualized		Since Inception Annualized (4-6-10 to 3-31-16)		Gross Expense Ratio
I-share (DBLEX)		-0.48%		1.11%		3.81%		5.07%	0.90%
N-share (DLENX)		-0.73%		0.86%		3.56%		4.82%	1.15%
JP Morgan Emerging Markets Bond Global Diversified Index		4.19%		3.44%		6.22%		6.59%
DMLIX/DMLAX
Multi-Asset Growth Fund Returns as of March 31, 2016	1 Year		3 Year Annualized		5 Year Annualized		Since Inception Annualized (12-20-10 to 3-31-16)		Gross Expense Ratio	Net Expense Ratio*
I-share (DMLIX)		-4.29%		1.76%		2.09%		2.22%	1.49%	1.39%
A-share (DMLAX)									1.74%	1.64%
A-share (No Load)		-4.42%		1.51%		1.86%		1.95%
A-share (With Load)		-8.49%		0.05%		0.97%		1.12%
Blended Benchmark**		-4.34%		-0.98%		1.04%		1.77%
S&P 500® Index TR		1.78%		11.82%		11.58%		12.35%
DBLSX/DLSNX
Low Duration Bond Fund Returns as of March 31, 2016	1 Year		3 Year Annualized				Since Inception Annualized (9-30-11 to 3-31-16)		Gross Expense Ratio
I-share (DBLSX)		1.00%		1.42%				2.13%	0.46%
N-share (DLSNX)		0.85%		1.21%				1.89%	0.71%
BofA/Merrill Lynch 1-3 Year U.S. Treasury Index		0.92%		0.77%				0.68%
DBFRX/DLFRX
Floating Rate Fund Returns as of March 31, 2016	1 Year		3 Year Annualized				Since Inception Annualized (2-1-13 to 3-31-16)		Gross Expense Ratio+	Net Expense Ratio*
I-share (DBFRX)		0.02%		2.14%				2.29%	0.68%	0.71%
N-share (DLFRX)		-0.23%		1.95%				2.11%	0.93%	0.96%
S&P LSTA Leveraged Loan Index		-1.25%		1.85%				2.10%
DSEEX/DSENX
Shiller Enhanced CAPE® Returns as of March 31, 2016	1 Year						Since Inception Annualized (10-31-13 to 3-31-16)		Gross Expense Ratio	Net Expense Ratio*
I-share (DSEEX)		6.09%						12.82%	0.84%	0.67%
N-share (DSENX)		5.84%						12.53%	1.09%	0.92%
Shiller Barclays CAPE® U.S. Sector Total Return USD Index		6.81%						11.61%
S&P 500® Index		1.78%						9.11%

Annual Report March 31, 2016 15

Standardized Performance Summary  (Cont.) (Unaudited) March 31, 2016

DFLEX/DLINX
Flexible Income Fund Returns as of March 31, 2016	1 Year		Since Inception Annualized (4-7-14 to 3-31-16)	Gross Expense Ratio	Net Expense Ratio*
I-share (DFLEX)		-0.43%	1.71%	1.35%	0.84%
N-share (DLINX)		-0.66%	1.48%	1.60%	1.09%
LIBOR USD 3-Month Index		0.39%	0.33%
DBLLX/DELNX
Low Duration Emerging Markets Fixed Income Fund Returns as of March 31, 2016	1 Year		Since Inception Annualized (4-7-14 to 3-31-16)	Gross Expense Ratio	Net Expense Ratio*
I-share (DBLLX)		1.06%	1.51%	0.91%	0.59%
N-share (DELNX)		0.82%	1.32%	1.16%	0.84%
JP Morgan CEMBI Broad Diversified 1-3 Years		3.23%	2.62%
DBLDX/DLLDX
Long Duration Total Return Bond Fund Returns as of March 31, 2016	1 Year		Since Inception (12-15-14 to  3-31-16)	Gross Expense Ratio	Net Expense Ratio***
I-share (DBLDX)		2.76%	6.18%	1.33%	0.65%
N-share (DLLDX)		2.51%	5.86%	1.58%	0.90%
Barclays Long Government/Credit Index		0.39%	3.26%
DBCMX/DLCMX
Strategic Commodity Fund Returns as of March 31, 2016			Since Inception Not Annualized (5-18-15 to 3-31-16)	Gross Expense Ratio	Net Expense Ratio****
I-share (DBCMX)			-13.07%	1.30%	1.11%
N-share (DLCMX)			-13.27%	1.55%	1.36%
Bloomberg Commodity Index Total Return			-24.90%
DBLGX/DLGBX
Global Bond Fund Returns as of March 31, 2016			Since Inception Not Annualized (12-17-15 to 3-31-16)	Gross Expense Ratio	Net Expense Ratio++
I-share (DBLGX)			5.11%	0.93%	0.71%
N-share (DLGBX)			5.07%	1.18%	0.96%
Citi World Government Bond Index			7.51%

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 a Fund may be lower or higher than the performance quoted. The Funds’ gross and net expense ratios are taken from the most recent prospectus and may change over time. The Funds’ gross expense ratio also includes “acquired fund fees and expenses,” which are expenses incurred indirectly as a result of a Fund’s investments in one or more underlying funds, including ETFs and money market funds. Because these costs are indirect, the expense ratios will not correlate to the expense ratios in the Funds’ financial statements, since financial statements only include direct costs of the Funds and not indirect costs of investing in the underlying funds. Performance data current to the most recent month-end may be obtained by calling (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, 2016. For additional information regarding these expense limitation arrangements, please see Note 3 in the Notes to Financial Statements.

**The Blended Benchmark for the Multi-Asset Growth Fund is 60% Barclays U.S. Aggregate Bond Index, 25% MSCI All Country World Index & 15% SP GSCI Total Return Index.

***The Adviser has contractually agreed to waive fees and reimburse expenses through November 20, 2016.

****The Adviser has contractually agreed to waive fees and reimburse expenses through May 13, 2017.

+ The Gross Expense Ratio for the Floating Rate Fund is lower than its Net Expense Ratio because the Adviser recouped 0.03% in fees it had waived or expenses it had reimbursed in a prior period pursuant to an expense limitation agreement with the Fund.

++ The Adviser has contractually agreed to waive fees and reimburse expenses through November 20, 2017.

Mutual Fund Investing involves risk. Principal loss is possible.

16 DoubleLine Funds Trust

Schedule of Investments  DoubleLine Total Return Bond Fund March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 2.4%
		AMPLIT Trust,
	40,464,261	Series 2015-A-A		5.00%	^		09/15/2021		40,337,810
		AVANT Loans Funding Trust,
	11,104,115	Series 2015-A-A		4.00%	^		08/16/2021		10,931,979
		Blue Elephant Loan Trust,
	6,836,823	Series 2015-1-A		3.12%	^		12/15/2022		6,831,826
		CAN Capital Funding LLC,
	50,000,000	Series 2012-1A-B1		3.12%	^		04/15/2020		49,875,000
		Castlelake Aircraft Securitization Trust,
	39,000,000	Series 2015-1A-A		4.70%	^		12/15/2040		38,315,550
		Citi Held For Asset Issuance,
	39,471,613	Series 2015-PM1-A		1.85%	^		12/15/2021		39,274,926
	29,000,000	Series 2015-PM1-B		2.93%	^		12/15/2021		28,377,486
	10,500,000	Series 2015-PM1-C		5.01%	^		12/15/2021		9,952,918
	34,196,132	Series 2015-PM2-A		2.35%	^		03/15/2022		34,097,750
	45,000,000	Series 2015-PM2-B		4.00%	^		03/15/2022		42,798,690
	30,000,000	Series 2015-PM2-C		5.96%	^		03/15/2022		29,054,880
	8,851,720	Series 2015-PM3-A		2.56%	^		05/16/2022		8,846,019
	34,434,999	Series 2016-MF1-A		4.48%	^		08/15/2022		34,561,651
	50,000,000	Series 2016-PM1-A		4.65%	^		04/15/2025		50,095,700
		Commonbond Student Loan Trust,
	25,797,009	Series 2015-A-A1		3.20%	^		06/25/2032		25,781,538
		Conn’s Receivables Funding LLC,
	90,000,000	Series 2016-A-A		4.68%	^		04/16/2018		90,076,923
		Consumer Credit Origination Loan Trust,
	23,010,548	Series 2015-1-A		2.82%	^		03/15/2021		23,020,415
		DB Master Finance LLC,
	53,955,000	Series 2015-1A-A2I		3.26%	^		02/20/2045		53,266,820
	37,125,000	Series 2015-1A-A2II		3.98%	^		02/20/2045		36,395,861
		Eaglewood Consumer Loan Trust,
	114,000,000	Series 2014-1-A		3.50%	^¥		10/15/2019		113,426,466
		ECAF Ltd.,
	74,337,893	Series 2015-1A-A2		4.95%	^		06/15/2040		72,239,631
		Element Rail Leasing LLC,
	10,000,000	Series 2016-1A-A1		3.97%	^		03/19/2046		10,079,650
		MarketPlace Loan Trust,
	27,567,742	Series 2015-AV2-A		4.00%	^		10/15/2021		27,172,669
	29,586,903	Series 2015-CB1-A		4.00%	^		07/15/2021		29,234,760
	30,975,654	Series 2015-LD1-A		4.00%	^		12/15/2021		30,503,182
	66,815,161	Series 2016-LD1-A		5.25%			03/15/2022		66,806,007
		Nelnet Student Loan Trust,
	27,300,000	Series 2007-2A-B1		1.67%	^		09/25/2035		22,678,847
		OneMain Financial Issuance Trust,
	9,910,000	Series 2014-1A-A		2.43%	^		06/18/2024		9,886,937
	90,000,000	Series 2016-2A-A		4.10%	^		03/20/2028		90,682,191
		Progreso Receivables Funding II LLC,
	10,000,000	Series 2014-A-A		3.50%	^		07/08/2019		9,986,700
		Shenton Aircraft Investment Ltd.,
	48,335,792	Series 2015-1A-A		4.75%	^		10/15/2042		47,941,855
		SLM Private Credit Student Loan Trust,
	12,220,539	Series 2004-A-A3		1.03%	#		06/15/2033		11,277,936
		SoFi Professional Loan Program,
	28,000,000	Series 2016-A-A2		2.76%	^		12/26/2036		27,823,499
		SpringCastle America Funding LLC,
	68,147,484	Series 2014-AA-A		2.70%	^		05/25/2023		67,890,125
	74,445,000	Series 2014-AA-B		4.61%	^		10/25/2027		74,573,299
		Total Asset Backed Obligations (Cost $1,376,481,433)							1,364,097,496
	COLLATERALIZED LOAN OBLIGATIONS 4.6%
		Adams Mill Ltd.,
	20,000,000	Series 2014-1A-A1		2.10%	#^		07/15/2026		19,817,694
	10,000,000	Series 2014-1A-C1		3.62%	#^		07/15/2026		9,548,942

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		AIMCO,
	7,664,750	Series 2006-AA-A1		0.87%	#^		08/20/2020		7,625,030
		ALM Loan Funding,
	27,725,000	Series 2012-7A-A1		2.04%	#^		10/19/2024		27,741,532
	20,000,000	Series 2014-14A-A1		2.05%	#^		07/28/2026		19,873,410
		Anchorage Capital Ltd.,
	12,600,000	Series 2014-4A-A1A		2.07%	#^		07/28/2026		12,447,860
	20,000,000	Series 2014-5A-A		2.22%	#^		10/15/2026		19,839,742
		Apidos Ltd.,
	10,448,506	Series 2007-5A-A18		0.85%	#^		04/15/2021		10,355,912
	43,900,000	Series 2013-16A-A1		2.07%	#^		01/19/2025		43,693,341
	5,500,000	Series 2014-18A-B		3.42%	#^		07/22/2026		5,312,365
	25,000,000	Series 2014-19A-A1		2.12%	#^		10/17/2026		24,859,935
	23,000,000	Series 2015-20A-A1		2.17%	#^		01/16/2027		22,892,141
		ARES Ltd.,
	201,675,976	Series 2007-11A-A1B		0.88%	#^		10/11/2021		198,965,794
	17,148,454	Series 2007-12A-A		1.26%	#^		11/25/2020		16,889,588
	25,000,000	Series 2013-1A-B		2.37%	#^		04/15/2025		23,409,255
	6,500,000	Series 2013-1A-D		4.37%	#^		04/15/2025		5,555,055
	3,764,443	Series 2014-30A-A2		1.47%	#^		04/20/2023		3,747,111
		Atrium Corporation,
	17,150,653	Series 5A-A2A		0.84%	#^		07/20/2020		17,096,439
		Avery Point Ltd.,
	3,950,000	Series 2013-2A-D		4.07%	#^		07/17/2025		3,468,409
	5,000,000	Series 2014-1A-A		2.14%	#^		04/25/2026		4,939,133
		Babson Ltd.,
	4,500,000	Series 2014-3A-D2		4.83%	#^		01/15/2026		4,019,788
	4,750,000	Series 2014-IIA-C		3.52%	#^		10/17/2026		4,358,121
	3,750,000	Series 2014-IIA-D		4.22%	#^		10/17/2026		3,196,536
		Baker Street Funding Ltd.,
	5,000,000	Series 2005-1A-B		1.08%	#^		12/15/2018		4,920,025
		Birchwood Park Ltd.,
	5,000,000	Series 2014-1A-C2		3.77%	#^		07/15/2026		4,980,640
	6,500,000	Series 2014-1A-D2		4.82%	#^		07/15/2026		5,873,429
		BlackRock Senior Income,
	1,897,435	Series 2006-4A-A		0.86%	#^		04/20/2019		1,897,357
		BlueMountain Ltd.,
	71,250,000	Series 2012-2A-A1		2.04%	#^		11/20/2024		70,987,900
	19,000,000	Series 2012-2A-B1		2.68%	#^		11/20/2024		19,019,923
	16,150,000	Series 2012-2A-C		3.37%	#^		11/20/2024		16,021,533
	33,150,000	Series 2013-1A-A1		1.82%	#^		05/15/2025		32,598,878
	4,000,000	Series 2013-4A-A		2.12%	#^		04/15/2025		3,986,250
	5,000,000	Series 2014-3A-A1		2.10%	#^		10/15/2026		4,985,918
	6,250,000	Series 2014-4A-B1		3.04%	#^		11/30/2026		6,140,163
	58,250,000	Series 2015-3A-A1		1.81%	#^		10/20/2027		58,110,549
	34,500,000	Series 2015-4A-B		2.71%	#^		01/20/2027		34,383,269
	9,250,000	Series 2015-4A-C		3.66%	#^		01/20/2027		8,960,210
	8,750,000	Series 2015-4A-D1		5.06%	#^		01/20/2027		8,581,421
		Bridgeport Ltd.,
	544,143	Series 2006-1A-A1		0.87%	#^		07/21/2020		537,950
		Brookside Mill Ltd.,
	17,000,000	Series 2013-1A-C1		3.32%	#^		04/17/2025		16,041,598
		Callidus Debt Partners Fund Ltd.,
	17,081,213	Series 2007-6A-A1T		0.88%	#^		10/23/2021		16,629,546
		Canyon Capital Ltd.,
	9,500,000	Series 2012-1A-B1		2.57%	#^		01/15/2024		9,150,781
	1,000,000	Series 2014-1A-B		3.27%	#^		04/30/2025		932,901
		Carlyle Global Market Strategies Ltd.,
	36,790,000	Series 2012-2A-A1R		1.92%	#^		07/20/2023		36,661,110
	10,000,000	Series 2012-4A-A		2.01%	#^		01/20/2025		9,959,230
	17,000,000	Series 2014-3A-B		3.77%	#^		07/27/2026		16,893,815
	2,500,000	Series 2014-3A-C2		4.82%	#^		07/27/2026		2,288,921
	20,000,000	Series 2015-5A-A1A		3.38%	#^		01/20/2028		19,993,298
	8,000,000	Series 2015-5A-A2A		2.74%	#^		01/20/2028		7,770,970
	4,000,000	Series 2015-5A-B2		3.74%	#^		01/20/2028		3,991,062
		Carlyle High Yield Partners Ltd.,
	1,750,000	Series 2006-8A-B		1.00%	#^		05/21/2021		1,696,134
	24,751,061	Series 2007-10A-A2A		0.83%	#^		04/19/2022		24,210,317

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 17

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Catamaran Ltd.,
	8,500,000	Series 2015-1A1-B		2.82%	#^		04/22/2027		8,230,396
	47,000,000	Series 2015-1A-A		2.17%	#^		04/22/2027		46,688,413
		Cent Ltd.,
	10,963,258	Series 2006-11A-A1		0.88%	#^		04/25/2019		10,835,697
	1,661,905	Series 2007-14A-A1		0.86%	#^		04/15/2021		1,635,263
	13,943,164	Series 2007-14A-A2A		0.85%	#^		04/15/2021		13,652,934
	11,000,000	Series 2014-21A-A1A		2.11%	#^		07/27/2026		10,888,085
	6,250,000	Series 2014-22A-B		3.82%	#^		11/07/2026		6,151,414
	7,250,000	Series 2014-22A-C		4.37%	#^		11/07/2026		6,022,405
		Covenant Credit Partners Ltd.,
	5,000,000	Series 2014-1A-A		2.10%	#^		07/20/2026		4,856,782
		Crown Point Ltd.,
	7,067,532	Series 2012-1A-A1LB		2.12%	#^		11/21/2022		7,062,131
		Dryden Leveraged Loan,
	5,000,000	Series 2006-11A-C1		2.22%	#^		04/12/2020		4,707,810
		Dryden Senior Loan Fund,
	10,000,000	Series 2012-25A-B1		2.87%	#^		01/15/2025		9,974,243
		Eaton Vance Ltd.,
	12,348,302	Series 2006-8A-A		0.87%	#^		08/15/2022		12,019,272
		Flagship Ltd.,
	25,000,000	Series 2014-8A-A		2.18%	#^		01/16/2026		24,598,985
		Flatiron Ltd.,
	18,100,000	Series 2013-1A-A1		2.02%	#^		01/17/2026		17,778,745
	6,750,000	Series 2014-1A-C		3.92%	#^		07/17/2026		5,809,477
		Fortress Credit Ltd.,
	10,000,000	Series 2013-1A-A		1.80%	#^		01/19/2025		9,805,821
	10,000,000	Series 2013-1A-B		2.52%	#^		01/19/2025		9,662,668
		Galaxy Ltd.,
	30,500,000	Series 2013-15A-A		1.87%	#^		04/15/2025		30,203,003
	15,000,000	Series 2013-15A-B		2.47%	#^		04/15/2025		14,508,371
	13,100,000	Series 2013-15A-C		3.22%	#^		04/15/2025		12,708,723
	6,125,000	Series 2013-15A-D		4.02%	#^		04/15/2025		5,146,259
		GLG Ore Hill Ltd.,
	37,000,000	Series 2013-1A-A		1.74%	#^		07/15/2025		36,046,532
		GoldenTree Loan Opportunities Ltd.,
	30,000,000	Series 2014-9A-A		2.13%	#^		10/29/2026		30,026,751
		Halcyon Loan Advisors Funding Ltd.,
	6,500,000	Series 2014-2A-C		4.12%	#^		04/28/2025		5,361,672
	1,750,000	Series 2014-2A-D		5.62%	#^		04/28/2025		941,769
	5,000,000	Series 2014-3A-D		4.27%	#^		10/22/2025		4,079,564
		Harbourview Ltd.,
	30,000,000	Series 7A-A1		2.22%	#^		11/18/2026		29,720,922
		Hildene Ltd.,
	25,000,000	Series 2014-3A-A		2.22%	#^		10/20/2026		24,818,103
	5,000,000	Series 2015-4A-A1A		2.12%	#^		07/23/2027		4,922,125
		ICE Global Credit Ltd.,
	20,000,000	Series 2013-1A-A1		2.37%	#^¥		04/20/2024		18,802,440
	15,000,000	Series 2013-1A-B2		3.17%	#^¥		04/20/2024		12,948,510
		ING Ltd.,
	5,000,000	Series 2006-2A-A2		0.96%	#^		08/01/2020		4,975,808
	10,649,273	Series 2007-5A-A1A		0.85%	#^		05/01/2022		10,502,608
	9,284,420	Series 2012-1RA-A1R		1.83%	#^		03/14/2022		9,261,259
	10,500,000	Series 2013-3A-A1		2.22%	#		08/01/2020		9,930,504
	3,415,000	Series 2013-3A-A1		2.07%	#^		01/18/2026		3,368,053
	4,250,000	Series 2013-3A-B		3.32%	#^		01/18/2026		4,136,133
		Jamestown Ltd.,
	15,000,000	Series 2012-1A-A1		2.05%	#^		11/05/2024		14,963,688
	50,000,000	Series 2013-3A-A1A		2.07%	#^		01/15/2026		49,000,250
	15,000,000	Series 2014-4A-A1A		2.12%	#^		07/15/2026		14,524,950
	28,750,000	Series 2015-6A-A1A		2.22%	#^		02/20/2027		28,429,633
		KKR Financial Corporation,
	6,345,360	Series 2007-1A-A		0.97%	#^		05/15/2021		6,321,076
		KVK Ltd.,
	20,000,000	Series 2013-1A-A		2.02%	#^		04/14/2025		19,793,942

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Landmark Ltd.,
	9,500,000	Series 2006-8A-C		1.37%	#^		10/19/2020		9,134,070
		LCM LP,
	3,650,000	Series 11A-D2		4.57%	#^		04/19/2022		3,528,136
	12,600,000	Series 13A-C		3.52%	#^		01/19/2023		12,410,814
	7,825,000	Series 14A-D		4.12%	#^		07/15/2025		7,081,769
	21,000,000	Series 16A-A		2.12%	#^		07/15/2026		20,960,963
	2,750,000	Series 16A-D		4.22%	#^		07/15/2026		2,425,194
		Limerock Ltd.,
	7,250,000	Series 2014-2A-A		2.12%	#^		04/18/2026		7,218,219
	25,000,000	Series 2014-3A-A1		2.15%	#^		10/20/2026		24,897,033
		Madison Park Funding Ltd.,
	4,289,999	Series 2007-4A-A1A		0.84%	#^		03/22/2021		4,241,702
	7,000,000	Series 2007-4A-A1B		0.92%	#^		03/22/2021		6,798,939
	4,000,000	Series 2012-9A-AR		1.91%	#^		08/15/2022		3,997,544
	3,000,000	Series 2014-14A-C1		3.72%	#^		07/20/2026		2,989,191
	5,500,000	Series 2014-15A-C		4.32%	#^		01/27/2026		4,867,759
		Magnetite Ltd.,
	19,250,000	Series 2015-12A-A		2.12%	#^		04/15/2027		19,189,528
		MAPS Fund Ltd.,
	10,000,000	Series 2007-2A-B		1.52%	#^		07/20/2022		9,416,486
		Marathon Ltd.,
	17,000,000	Series 2013-5A-A2A		2.97%	#^		02/21/2025		16,675,140
		Mountain Capital Ltd.,
	821,226	Series 2007-6A-A		0.85%	#^		04/25/2019		816,342
		Mountain View Ltd.,
	25,000,000	Series 2007-3A-A2		0.96%	#^		04/16/2021		24,580,565
		Nautique Funding Ltd.,
	4,416,786	Series 2006-1A-A1A		0.87%	#^		04/15/2020		4,377,071
	2,000,000	Series 2006-1A-C		2.32%	#^		04/15/2020		1,862,073
		Nomad Ltd.,
	9,000,000	Series 2013-1A-B		3.57%	#^		01/15/2025		8,393,303
	3,500,000	Series 2013-1A-C		4.12%	#^		01/15/2025		2,966,213
		Northwoods Capital Corporation,
	30,000,000	Series 2012-9A-A		2.04%	#^		01/18/2024		29,850,183
	16,660,000	Series 2013-10-A1		2.02%	#^		11/04/2025		16,260,205
		NYLIM Flatiron Ltd.,
	3,846,089	Series 2006-1A-A2A		0.84%	#^		08/08/2020		3,828,712
	10,000,000	Series 2006-1A-A2B		0.94%	#^		08/08/2020		9,839,420
		Oak Hill Credit Partners,
	29,000,000	Series 2012-7A-A		2.04%	#^		11/20/2023		28,914,966
	18,000,000	Series 2012-7A-B1		2.87%	#^		11/20/2023		17,887,347
		Ocean Trails,
	50,000,000	Series 2014-5A-A2		2.28%	#^		10/13/2026		49,600,975
		OCP Ltd.,
	8,299,661	Series 2012-2A-A2		2.10%	#^		11/22/2023		8,321,817
	462,162	Series 2012-2A-X2		2.10%	#^		11/22/2023		462,653
	10,000,000	Series 2013-3A-B		3.37%	#^		01/17/2025		9,568,680
		Octagon Investment Partners Ltd.,
	20,000,000	Series 2013-1A-A		1.91%	#^		01/19/2025		19,756,900
	3,500,000	Series 2014-1A-A		2.14%	#^		04/15/2026		3,478,118
	15,000,000	Series 2014-1A-A		2.06%	#^		08/12/2026		14,897,925
	13,500,000	Series 2014-1A-B		3.82%	#^		11/14/2026		13,257,586
	5,500,000	Series 2014-1A-C		4.27%	#^		11/14/2026		4,852,304
	1,500,000	Series 2014-1A-C2		4.12%	#^		11/25/2025		1,498,694
		OZLM Funding Ltd.,
	9,000,000	Series 2013-5A-A1		2.12%	#^		01/17/2026		8,950,753
		OZLM Ltd.,
	6,700,000	Series 2014-6A-A1		2.17%	#^		04/17/2026		6,681,821
	25,000,000	Series 2014-9A-A1		2.20%	#^		01/20/2027		24,938,748
	38,500,000	Series 2015-11A-A1A		2.17%	#^		01/30/2027		38,358,697
	5,000,000	Series 2015-11A-A2A		2.87%	#^		01/30/2027		4,816,026
		Prospect Park Ltd.,
	4,060,211	Series 2006-1A-A		0.87%	#^		07/15/2020		4,039,396
		Race Point Ltd.,
	30,000,000	Series 2012-7A-A		2.04%	#^		11/08/2024		29,835,168

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Race Point Ltd., (Cont.)
	24,000,000	Series 2012-7A-B		2.87%	#^		11/08/2024		23,829,910
	5,500,000	Series 2013-8A-B		2.52%	#^		02/20/2025		5,312,380
		Regatta Funding Ltd.,
	30,000,000	Series 2014-1A-A1A		2.18%	#^		10/25/2026		29,674,611
		Saturn Ltd.,
	3,200,000	Series 2007-1A-D		4.62%	#^		05/13/2022		2,994,895
		Silverado Ltd.,
	1,375,012	Series 2006-2A-A1		0.86%	#^		10/16/2020		1,353,529
		Sound Harbor Loan Fund Ltd.,
	25,000,000	Series 2014-1A-A1		2.12%	#^		10/30/2026		24,813,138
		Steele Creek Ltd.,
	22,000,000	Series 2014-1A-A1		2.22%	#^		08/21/2026		21,720,193
		Symphony Ltd.,
	7,880,000	Series 2010-10A-AR		1.89%	#^		07/23/2023		7,880,233
	29,500,000	Series 2013-11A-B1		2.82%	#^		01/17/2025		28,966,318
	10,250,000	Series 2013-11A-C		3.77%	#^		01/17/2025		10,227,584
		Thacher Park Ltd.,
	2,000,000	Series 2014-1A-C		3.67%	#^		10/20/2026		1,980,518
	4,500,000	Series 2014-1A-D1		4.15%	#^		10/20/2026		3,954,033
		Venture Ltd.,
	11,431,872	Series 2006-1A-A1		0.86%	#^		08/03/2020		11,284,722
	6,037,819	Series 2007-8A-A2A		0.84%	#^		07/22/2021		5,901,864
	24,500,000	Series 2014-17A-A		2.10%	#^		07/15/2026		24,339,525
	3,500,000	Series 2014-17A-B2		2.72%	#^		07/15/2026		3,326,917
		Voya Ltd.,
	28,000,000	Series 2014-4A-A1		2.12%	#^		10/14/2026		27,825,031
		Washington Mill Ltd.,
	56,500,000	Series 2014-1A-A1		2.12%	#^		04/20/2026		55,746,928
	5,000,000	Series 2014-1A-B1		2.67%	#^		04/20/2026		4,806,846
	4,750,000	Series 2014-1A-C		3.62%	#^		04/20/2026		4,547,114
		Wellfleet Ltd.,
	2,000,000	Series 2016-1A-X		1.63%	#^		04/20/2028		2,000,000
		Westwood Ltd.,
	19,425,446	Series 2006-1X-A1		0.87%	#		03/25/2021		19,122,597
	13,861,834	Series 2007-2A-A1		0.84%	#^		04/25/2022		13,572,069
		WhiteHorse Ltd.,
	50,000,000	Series 2012-1A-A1L		2.01%	#^		02/03/2025		49,703,825
		Wind River Ltd.,
	59,000,000	Series 2012-1A-A		2.02%	#^		01/15/2024		58,743,545
	18,000,000	Series 2012-1A-B1		2.72%	#^		01/15/2024		17,753,002
	13,750,000	Series 2012-1A-C1		3.67%	#^		01/15/2024		13,451,705
	19,000,000	Series 2014-1A-A		2.14%	#^		04/18/2026		18,800,886
		Zais Ltd.,
	30,000,000	Series 2014-2A-A1A		2.12%	#^		07/25/2026		29,514,114
		Total Collateralized Loan Obligations (Cost $2,676,240,482)							2,645,554,600
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 7.2%
		BAMLL Commercial Mortgage Securities Trust,
	10,150,000	Series 2011-07C1-A3B		5.38%	^		12/15/2016		10,255,267
	8,350,000	Series 2014-IP-E		2.72%	#^		06/15/2028		8,195,178
		Banc of America Commercial Mortgage Trust,
	19,741,000	Series 2006-4-AM		5.68%			07/10/2046		19,813,141
	5,038,000	Series 2006-6-AM		5.39%			10/10/2045		5,102,584
	27,685,000	Series 2007-1-AMFX		5.48%	#		01/15/2049		28,006,295
	11,700,000	Series 2007-2-AM		5.62%	#		04/10/2049		11,973,995
	59,298,515	Series 2007-5-AM		5.77%	#		02/10/2051		61,233,983
	222,023,331	Series 2007-5-XW		0.34%	# I/O ^		02/10/2051		1,042,200
	4,000,000	Series 2015-UBS7-B		4.37%	#		09/15/2048		4,213,443
	60,442,798	Series 2015-UBS7-XA		0.94%	# I/O		09/15/2048		3,757,723
		BBCMS Trust,
	27,365,000	Series 2015-STP-D		4.28%	#^		09/10/2028		26,906,031
		Bear Stearns Commercial Mortgage Securities, Inc.,
	8,809,628	Series 2006-PW13-A4		5.54%			09/11/2041		8,836,684

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Bear Stearns Commercial Mortgage Securities, Inc., (Cont.)
	4,848,000	Series 2006-PW13-AJ		5.61%	#		09/11/2041		4,827,256
	19,225,000	Series 2006-PW14-AM		5.24%			12/11/2038		19,459,199
	7,180,000	Series 2007-PW15-AM		5.36%			02/11/2044		7,262,754
	28,000,000	Series 2007-PW16-AM		5.72%	#		06/11/2040		28,844,133
	12,815,000	Series 2007-PW17-AMFL		1.13%	#^		06/11/2050		12,290,080
	4,500,000	Series 2007-T26-AJ		5.57%	#		01/12/2045		4,432,947
		Boca Hotel Portfolio Trust,
	9,500,000	Series 2013-BOCA-E		4.19%	#^		08/15/2026		9,484,196
		CD Commercial Mortgage Trust,
	7,775,017	Series 2006-CD2-AM		5.39%	#		01/15/2046		7,765,753
	99,887,000	Series 2007-CD4-AMFX		5.37%	#		12/11/2049		101,604,617
		CDGJ Commercial Mortgage Trust,
	33,200,000	Series 2014-BXCH-B		2.29%	#^		12/15/2027		32,441,506
		CGGS Commercial Mortgage Trust,
	6,567,000	Series 2016-RNDB-AFL		2.10%	#^		02/15/2033		6,575,232
		Citigroup Commercial Mortgage Trust,
	28,847,000	Series 2007-C6-AM		5.70%	#		12/10/2049		29,171,503
	7,020,000	Series 2007-C6-AMFX		5.70%	#^		12/10/2049		7,099,426
	11,250,000	Series 2008-C7-AM		6.14%	#		12/10/2049		11,493,724
	291,814,578	Series 2012-GC8-XA		2.16%	# I/O ^		09/10/2045		22,343,746
	9,011,000	Series 2014-GC25-A4		3.64%			10/10/2047		9,546,437
	198,494,312	Series 2014-GC25-XA		1.09%	# I/O		10/10/2047		13,343,899
	50,000,000	Series 2015-GC27-A5		3.14%			02/10/2048		51,075,920
	6,265,000	Series 2015-GC27-B		3.77%			02/10/2048		6,068,812
	8,216,000	Series 2015-GC27-D		4.43%	#^		02/10/2048		6,314,337
	222,720,984	Series 2015-GC27-XA		1.44%	# I/O		02/10/2048		20,596,301
	14,310,000	Series 2015-GC33-C		4.57%	#		09/10/2058		13,087,656
	180,642,133	Series 2015-GC33-XA		0.99%	# I/O		09/10/2058		12,126,434
	20,725,000	Series 2015-GC35-C		4.65%			11/10/2048		19,356,479
	221,254,571	Series 2016-GC36-XA		1.36%	# I/O		02/10/2049		20,914,818
	114,932,000	Series 2016-P3-XA		1.72%	# I/O		04/15/2049		13,760,935
		COBALT Commercial Mortgage Trust,
	3,809,000	Series 2006-C1-AM		5.25%			08/15/2048		3,785,663
	17,400,000	Series 2007-C2-AJFX		5.57%	#		04/15/2047		17,003,012
	22,750,000	Series 2007-C2-AMFX		5.53%	#		04/15/2047		23,439,134
		Colony Mortgage Capital Ltd.,
	7,591,000	Series 2015-FL3-A		2.39%	#^		09/05/2032		7,569,730
		Commercial Mortgage Pass-Through Certificates,
	148,613,648	Series 2002-LC4-XA		2.38%	# I/O ^		12/10/2044		13,507,361
	8,494,191	Series 2007-C9-AJFL		1.13%	#^		12/10/2049		7,942,150
	35,690,600	Series 2012-CR2-XA		1.75%	# I/O		08/15/2045		3,001,069
	179,600,542	Series 2012-CR3-XA		2.10%	# I/O		10/15/2045		15,771,047
	182,153,061	Series 2013-CR10-XA		0.96%	# I/O		08/10/2046		7,737,042
	9,850,000	Series 2014-CR19-C		4.72%	#		08/10/2047		9,828,848
	5,211,000	Series 2014-CR20-A4		3.59%			11/10/2047		5,563,296
	30,400,000	Series 2014-CR20-C		4.51%	#		11/10/2047		30,227,024
	71,378,000	Series 2014-CR21-A3		3.53%			12/10/2047		75,935,257
	26,910,000	Series 2014-KYO-E		2.79%	#^		06/11/2027		26,391,439
	14,529,240	Series 2014-KYO-F		3.94%	#^		06/11/2027		14,402,532
	15,011,000	Series 2014-UBS3-A4		3.82%			06/10/2047		16,174,498
	20,970,000	Series 2015-CR22-D		4.13%	#^		03/10/2048		15,692,019
	225,201,801	Series 2015-CR22-XA		1.03%	# I/O		03/10/2048		13,738,999
	9,230,000	Series 2015-CR23-D		4.26%	#		05/10/2048		6,873,245
	9,110,000	Series 2015-CR26-B		4.50%	#		10/10/2048		9,385,260
	91,695,774	Series 2015-CR26-XA		1.07%	# I/O		10/10/2048		6,524,329
	50,000,000	Series 2015-DC1-A5		3.35%			02/10/2048		52,157,800
	8,715,000	Series 2015-DC1-C		4.35%	#		02/10/2048		8,514,295
	13,275,000	Series 2015-DC1-D		4.35%	#^		02/10/2048		10,074,614
	409,643,811	Series 2015-DC1-XA		1.18%	# I/O		02/10/2048		28,410,314
	35,000,000	Series 2015-LC19-A4		3.18%			02/10/2048		36,279,460
	29,922,000	Series 2016-CR28-C		4.65%	#		02/10/2049		29,528,403
		Core Industrial Trust Commercial Mortgage Pass-Through Certificates,
	8,215,000	Series 2015-CALW-D		3.85%	#^		02/10/2034		8,065,961
		Countrywide Commercial Mortgage Trust,
	24,012,548	Series 2007-MF1-A		6.07%	#^		11/12/2043		24,783,520
		Credit Suisse First Boston Mortgage Securities Corporation,
	1,002,613	Series 1998-C2-F		6.75%	#^		11/15/2030		1,009,916
	29,551	Series 2001-CF2-G		6.93%	^		02/15/2034		29,446

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 19

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Credit Suisse Mortgage Capital Certificates,
	4,558,000	Series 2006-C3-AM		6.14%	#		06/15/2038		4,569,178
	19,881,000	Series 2006-C4-AM		5.51%			09/15/2039		20,054,154
	51,221,320	Series 2006-C5-AM		5.34%			12/15/2039		51,850,318
	5,164,000	Series 2007-C2-AM		5.59%	#		01/15/2049		5,287,380
	38,067,000	Series 2007-C4-A1AM		5.94%	#		09/15/2039		38,097,134
	3,981,919	Series 2007-C5-A4		5.70%	#		09/15/2040		4,109,468
	16,900,000	Series 2009-RR2-IQB		5.69%	#^		04/16/2049		17,201,946
	8,800,000	Series 2010-RR1-1B		5.69%	#^		04/16/2049		9,014,667
	5,150,000	Series 2010-RR2-3B		5.34%	#^		12/15/2043		5,250,589
	10,000,000	Series 2010-RR5-2B		5.34%	#^		12/16/2043		10,235,578
	150,822,000	Series 2014-USA-X1		0.55%	# I/O ^		09/15/2037		6,505,549
		CSAIL Commercial Mortgage Trust,
	4,606,000	Series 2015-C1-C		4.30%	#		04/15/2050		4,348,152
	13,360,000	Series 2015-C2-AS		3.85%			06/15/2057		14,106,199
	22,320,000	Series 2015-C3-C		4.36%	#		08/15/2048		19,955,098
	9,759,000	Series 2015-C4-C		4.59%	#		11/15/2048		9,190,248
	321,567,903	Series 2015-C4-XA		0.96%	# I/O		11/15/2048		20,173,241
		DBRR Trust,
	14,554,963	Series 2011-C32-A3B		5.70%	#^		06/17/2049		14,895,599
		DBUBS Mortgage Trust,
	166,397,215	Series 2011-LC2A-XA		1.36%	# I/O ^		07/10/2044		5,765,347
		GE Commercial Mortgage Corporation Trust,
	11,417,000	Series 2007-C1-AM		5.61%	#		12/10/2049		11,308,637
		Greenwich Capital Commercial Funding Corporation,
	12,765,000	Series 2006-GG7-AM		5.89%	#		07/10/2038		12,793,951
	35,860,000	Series 2007-GG11-AJ		6.03%	#		12/10/2049		35,345,341
	20,167,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		20,751,657
	55,894,500	Series 2007-GG9-AM		5.48%			03/10/2039		56,762,665
	21,460,000	Series 2007-GG9-AMFX		5.48%			03/10/2039		21,814,360
		GS Mortgage Securities Corporation,
	4,992,592	Series 2006-GG6-XC		0.00%	# I/O ^		04/10/2038		50
	58,968,900	Series 2006-GG8-AJ		5.62%			11/10/2039		54,502,006
	25,000,000	Series 2006-GG8-AM		5.59%			11/10/2039		25,339,230
	14,534,394	Series 2007-GG10-A4		5.79%	#		08/10/2045		14,988,428
	21,083,141	Series 2011-GC3-X		0.70%	# I/O ^		03/10/2044		561,256
	109,600,700	Series 2012-GC6-XA		2.05%	# I/O ^		01/10/2045		9,274,324
	330,228	Series 2012-GCJ7-A1		1.14%			05/10/2045		330,112
	27,857,276	Series 2013-GC10-XA		1.61%	# I/O		02/10/2046		2,242,079
	43,133,096	Series 2014-GC20-XA		1.18%	# I/O		04/10/2047		2,666,078
	60,850,000	Series 2014-GC26-A5		3.63%			11/10/2047		64,538,118
	35,000,000	Series 2015-GC28-A5		3.40%			02/10/2048		36,441,286
	290,859,428	Series 2015-GC28-XA		1.17%	# I/O		02/10/2048		19,575,741
	255,139,163	Series 2015-GC32-XA		0.90%	# I/O		07/10/2048		13,999,282
	175,951,956	Series 2015-GC34-XA		1.38%	# I/O		10/10/2048		16,079,880
	69,701,102	Series 2015-GS1-XA		0.84%	# I/O		11/10/2048		4,244,923
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	5,132,777	Series 2004-CBX-X1		0.47%	# I/O ^		01/12/2037		20,351
	130,544	Series 2004-LN2-A2		5.12%			07/15/2041		130,722
	8,561,745	Series 2005-CIBC12-AJ		4.99%	#		09/12/2037		8,580,388
	6,640,921	Series 2005-LDP4-X1		0.20%	# I/O ^		10/15/2042		4,263
	9,704,000	Series 2006-LDP7-AM		5.94%	#		04/17/2045		9,718,824
	83,793,844	Series 2006-LDP8-X		0.53%	# I/O		05/15/2045		113,331
	49,615,685	Series 2006-LDP9-AM		5.37%			05/15/2047		49,850,238
	13,098,000	Series 2007-C1-AM		5.94%	#		02/15/2051		13,328,551
	2,326,790	Series 2007-C1-ASB		5.86%			02/15/2051		2,363,340
	24,000,000	Series 2007-CB18-AMFX		5.40%			06/12/2047		24,433,632
	157,082,756	Series 2007-CB18-X		0.26%	# I/O		06/12/2047		259,406
	22,680,000	Series 2007-CB20-AM		5.88%	#		02/12/2051		23,734,845
	979,250,534	Series 2007-CB20-X1		0.31%	# I/O ^		02/12/2051		3,931,691
	24,600,399	Series 2007-CIBC18-AM		5.47%	#		06/12/2047		24,957,447
	22,100,000	Series 2007-CIBC19-AM		5.70%	#		02/12/2049		22,581,479
	35,539,000	Series 2007-CIBC20-AJ		6.08%	#		02/12/2051		34,657,583
	51,440,330	Series 2007-LD12-AM		6.01%	#		02/15/2051		53,675,865
	11,336,000	Series 2009-RR2-GEB		5.54%	^		12/13/2049		11,588,394
	748,978	Series 2011-PLSD-A1		2.19%	^		11/13/2028		750,874
	209,978,853	Series 2012-C6-XA		1.84%	# I/O		05/15/2045		14,771,634
	447,341,736	Series 2012-C8-XA		2.04%	# I/O		10/15/2045		35,738,981
	148,746,409	Series 2012-CBX-XA		1.70%	# I/O		06/15/2045		9,328,824
	5,425,000	Series 2014-DSTY-A		3.43%	^		06/10/2027		5,628,032
	6,725,000	Series 2014-INN-C		2.14%	#^		06/15/2029		6,442,550

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JP Morgan Chase Commercial Mortgage Securities Corporation, (Cont.)
	7,250,000	Series 2014-INN-D		2.79%	#^		06/15/2029		6,852,452
	24,200,000	Series 2014-PHH-D		2.84%	#^		08/15/2027		23,956,018
	14,406,000	Series 2014-PHH-E		3.74%	#^		08/15/2027		14,270,347
	7,595,000	Series 2015-CSMO-C		2.69%	#^		01/15/2032		7,409,018
	80,776,606	Series 2015-JP1-XA		1.16%	# I/O		01/15/2049		5,590,040
	39,057,000	Series 2007-LD11-AM		5.74%	#		06/15/2049		38,686,318
	18,654,402	Series 2008-C2-A4		6.07%			02/12/2051		19,459,401
		JPMBB Commercial Mortgage Securities Trust,
	107,097,895	Series 2014-C18-XA		1.13%	# I/O		02/15/2047		5,765,230
	3,396,000	Series 2014-C21-C		4.66%	#		08/15/2047		3,343,124
	222,150,077	Series 2014-C25-XA		1.01%	# I/O		11/15/2047		12,843,696
	32,031,000	Series 2014-C26-A4		3.49%			01/15/2048		33,905,140
	6,499,000	Series 2014-C26-C		4.43%	#		01/15/2048		6,383,221
	257,218,561	Series 2014-C26-XA		1.18%	# I/O		01/15/2048		16,296,468
	14,055,000	Series 2015-C27-C		4.34%	#		02/15/2048		13,004,886
	10,425,000	Series 2015-C27-D		3.84%	#^		02/15/2048		7,513,548
	59,249,499	Series 2015-C27-XA		1.38%	# I/O		02/15/2048		4,559,930
	44,705,789	Series 2015-C28-XA		1.20%	# I/O		10/15/2048		3,053,325
	64,970,391	Series 2015-C29-XA		0.96%	# I/O		05/15/2048		3,031,064
	6,762,000	Series 2015-C30-B		4.31%	#		07/15/2048		6,562,719
	174,417,200	Series 2015-C30-XA		0.72%	# I/O		07/15/2048		7,008,676
	27,395,000	Series 2015-C32-C		4.67%	#		11/15/2048		24,639,657
	101,444,193	Series 2015-C32-XA		1.53%	# I/O		11/15/2048		8,154,642
	17,630,000	Series 2015-C33-C		4.62%	#		12/15/2048		16,320,523
	32,345,000	Series 2016-C1-C		4.90%	#		03/15/2049		29,467,421
		LB Commercial Mortgage Trust,
	23,169,000	Series 2007-C3-AMB		5.19%			07/15/2044		23,765,129
	7,550,000	Series 2007-C3-AMFL		5.90%	#^		07/15/2044		7,803,964
		LB-UBS Commercial Mortgage Trust,
	131,026,291	Series 2006-C7-XCL		0.67%	# I/O ^		11/15/2038		433,278
	63,149,000	Series 2007-C1-AJ		5.48%			02/15/2040		63,079,814
	38,308,952	Series 2007-C1-AM		5.46%			02/15/2040		38,912,724
	49,774,000	Series 2007-C2-AM		5.49%	#		02/15/2040		50,588,800
	28,975,000	Series 2007-C7-AJ		6.24%	#		09/15/2045		28,379,882
		Merrill Lynch Mortgage Investors Trust,
	121,818,118	Series 1998-C1-IO		0.61%	# I/O		11/15/2026		1,594,282
		Merrill Lynch Mortgage Trust,
	9,757,000	Series 2006-C1-AJ		5.76%	#		05/12/2039		9,596,343
	6,912,000	Series 2006-C2-AJ		5.80%	#		08/12/2043		6,798,915
	56,203,000	Series 2007-C1-AM		5.84%	#		06/12/2050		55,043,397
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	6,970,000	Series 2006-4-AM		5.20%			12/12/2049		7,089,638
	42,850,000	Series 2007-5-AM		5.42%			08/12/2048		43,343,015
		Morgan Stanley Bank of America Merrill Lynch Trust,
	212,491,977	Series 2013-C12-XA		0.96%	# I/O		10/15/2046		8,442,540
	43,049,275	Series 2013-C7-XA		1.65%	# I/O		02/15/2046		2,977,856
	11,700,000	Series 2014-C18-C		4.49%			10/15/2047		11,570,243
	45,025,000	Series 2014-C19-A4		3.53%			12/15/2047		47,625,617
	37,950,000	Series 2014-C19-C		4.00%			12/15/2047		33,926,799
	56,050,000	Series 2015-C20-A4		3.25%			02/15/2048		58,056,842
	20,087,700	Series 2015-C20-B		4.16%			02/15/2048		20,560,390
	6,457,500	Series 2015-C20-C		4.46%	#		02/15/2048		5,997,791
	249,262,464	Series 2015-C20-XA		1.42%	# I/O		02/15/2048		21,220,112
	10,616,000	Series 2015-C23-C		4.14%	#		07/15/2050		9,528,588
	8,460,000	Series 2015-C25-C		4.53%	#		10/15/2048		7,998,912
	19,422,000	Series 2015-C27-C		4.54%	#		12/15/2047		18,050,704
	1,517,000	Series 2015-C27-D		3.24%	#^		12/15/2047		999,962
	176,651,371	Series 2016-C28-XA		1.30%	# I/O		01/15/2049		15,622,729
		Morgan Stanley Capital, Inc.,
	292,762,618	Series 2006-HQ10-X1		0.50%	# I/O ^		11/12/2041		227,184
	5,016,119	Series 2006-HQ8-AJ		5.49%	#		03/12/2044		5,005,953
	45,421,000	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		44,695,763
	4,372,000	Series 2007-IQ13-AM		5.41%			03/15/2044		4,510,224
	2,575,000	Series 2014-CPT-E		3.45%	#^		07/13/2029		2,492,208
	2,325,000	Series 2014-CPT-F		3.45%	#^		07/13/2029		2,187,912
	12,400,000	Series 2014-MP-D		3.69%	#^		08/11/2029		12,434,064
	11,000,000	Series 2014-MP-E		3.69%	#^		08/11/2029		11,015,462
	28,269,888	Series 2015-UBS8-XA		0.99%	# I/O		12/15/2048		1,968,670

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Morgan Stanley Re-Remic Trust,
	12,529,000	Series 2009-GG10-A4B		5.79%	#^		08/12/2045		12,810,961
	28,800,000	Series 2010-GG10-A4B		5.79%	#^		08/15/2045		29,751,296
	46,919,315	Series 2013-AJ-AJA		0.50%	^		12/17/2049		45,404,994
		TIAA Seasoned Commercial Mortgage Trust,
	5,167,543	Series 2007-C4-AJ		5.53%	#		08/15/2039		5,192,314
		UBS-Barclays Commercial Mortgage Trust,
	103,108,133	Series 2012-C3-XA		2.08%	# I/O ^		08/10/2049		9,221,105
		Wachovia Bank Commercial Mortgage Trust,
	73,901,401	Series 2006-C28-AJ		5.63%	#		10/15/2048		72,268,601
	19,500,000	Series 2006-C28-AM		5.60%	#		10/15/2048		19,751,269
	10,000,000	Series 2007-30-AMFL		0.64%	#^		12/15/2043		9,482,939
	75,061,000	Series 2007-C30-AJ		5.41%	#		12/15/2043		73,892,405
	19,285,000	Series 2007-C30-AM		5.38%			12/15/2043		19,639,094
	5,000,000	Series 2007-C31-AM		5.59%	#		04/15/2047		5,127,717
	8,565,000	Series 2007-C32-AMFX		5.70%	^		06/15/2049		8,762,485
	50,726,700	Series 2007-C33-AJ		5.95%	#		02/15/2051		50,070,332
	12,989,316	Series 2007-C33-AM		5.95%	#		02/15/2051		13,437,466
		Waterfall Commercial Mortgage Trust,
	169,171,281	Series 2015-SBC5-A		4.10%	#^		09/14/2022		167,014,415
		Wells Fargo Commercial Mortgage Trust,
	38,265,000	Series 2014-LC18-A5		3.41%			12/15/2047		40,091,844
	4,346,710	Series 2014-LC18-B		3.96%			12/15/2047		4,476,917
	30,000,000	Series 2015-C26-A4		3.17%			02/15/2048		30,875,370
	11,460,000	Series 2015-C26-C		4.07%	#		02/15/2048		10,332,320
	459,724,075	Series 2015-C26-XA		1.41%	# I/O		02/15/2048		37,719,901
	28,000,000	Series 2015-C27-A5		3.45%			02/15/2048		29,434,213
	266,851,286	Series 2015-C27-XA		1.00%	# I/O		02/15/2048		17,445,776
	9,701,000	Series 2015-C31-C		4.61%	#		11/15/2048		9,305,670
	145,192,820	Series 2015-C31-XA		1.12%	# I/O		11/15/2048		11,233,118
	279,602,137	Series 2015-LC20-XA		1.40%	# I/O		04/15/2050		23,114,681
	12,000,000	Series 2015-LC22-C		4.54%	#		09/15/2058		11,531,886
	1,794,000	Series 2015-NXS4-C		4.60%	#		12/15/2048		1,722,405
	5,405,000	Series 2015-P2-A4		3.81%			12/15/2048		5,834,495
	131,442,155	Series 2015-P2-XA		1.04%	# I/O		12/15/2048		9,212,018
	11,469,000	Series 2016-C32-C		4.72%	#		01/15/2059		10,912,895
		WF-RBS Commercial Mortgage Trust,
	75,468,248	Series 2011-C4-XA		0.57%	# I/O ^		06/15/2044		1,309,540
	111,929,920	Series 2012-C6-XA		2.36%	# I/O ^		04/15/2045		9,166,546
	131,690,742	Series 2012-C8-XA		2.15%	# I/O ^		08/15/2045		10,458,918
	51,435,117	Series 2012-C9-XA		2.16%	# I/O ^		11/15/2045		4,487,740
	99,373,482	Series 2014-C19-XA		1.27%	# I/O		03/15/2047		6,239,333
	65,413,033	Series 2014-C24-XA		0.98%	# I/O		11/15/2047		3,739,029
	55,000,000	Series 2014-C25-A5		3.63%			11/15/2047		58,618,560
	8,000,000	Series 2014-C25-C		4.33%	#		11/15/2047		7,800,771
	204,122,224	Series 2014-C25-XA		0.95%	# I/O		11/15/2047		11,735,987
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $4,327,151,234)							4,160,981,697
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 21.0%
		Acacia Ltd.,
	33,190,026	Series 2004-5A-A		1.00%	#^		11/08/2039		30,617,799
		Accredited Mortgage Loan Trust,
	10,000,000	Series 2005-4-MI		0.83%	#		12/25/2035		7,838,501
	103,157,000	Series 2006-2-A4		0.69%	#		09/25/2036		86,828,144
		ACE Securities Corporation,
	706,876	Series 2006-HE1-A2C		0.62%	#		02/25/2036		707,568
		Adjustable Rate Mortgage Trust,
	7,745,620	Series 2005-10-3A31		2.68%	#		01/25/2036		6,756,187
	56,033,479	Series 2005-11-4A1		2.72%	#		02/25/2036		39,744,681
	6,200,000	Series 2005-2-6M2		1.42%	#		06/25/2035		5,676,472
	5,171,165	Series 2005-7-3A1		3.19%	#		10/25/2035		4,541,900
	28,724,774	Series 2006-1-2A1		3.17%	#		03/25/2036		20,866,532
	25,612,553	Series 2006-2-3A1		3.10%	#		05/25/2036		22,694,522
	20,997,634	Series 2006-2-5A1		3.91%	#		05/25/2036		13,971,849
	24,756,045	Series 2007-1-3A1		3.32%	#		03/25/2037		20,673,590
	3,888,729	Series 2007-3-1A1		3.78%	#^		11/25/2037		3,215,934

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Aegis Asset Backed Securities Trust,
	411,458	Series 2003-2-M2		2.98%	#		11/25/2033		381,001
	2,023,569	Series 2004-1-M2		2.46%	#		04/25/2034		1,779,224
	617,792	Series 2004-2-M2		2.38%	#		06/25/2034		450,740
	19,241,256	Series 2004-6-M2		1.43%	#		03/25/2035		17,563,957
		Ajax Master Trust,
	99,508,058	Series 2016-1-PC		4.12%	#^¥		01/01/2057		86,721,273
		Ajax Mortgage Loan Trust,
	35,190,882	Series 2015-C-A		3.88%	#^		03/25/2057		34,726,738
		American General Mortgage Loan Trust,
	1,843,791	Series 2010-1-A3		5.65%	#^		03/25/2058		1,847,632
	12,000,000	Series 2010-1-A4		5.65%	#^		03/25/2058		12,210,060
		American Home Mortgage Investment Trust,
	3,011,794	Series 2005-1-7A2		2.88%	#		06/25/2045		2,936,058
	10,651,306	Series 2005-4-3A1		0.73%	#		11/25/2045		8,268,974
	36,272,361	Series 2005-4-5A		2.63%	#		11/25/2045		27,287,324
	2,444,320	Series 2006-2-3A4		6.60%	#		06/25/2036		1,067,224
	8,945,673	Series 2007-A-13A1		6.10%	#^		01/25/2037		4,875,988
		Ameriquest Mortgage Securities, Inc.,
	16,500,000	Series 2004-R8-M2		1.45%	#		09/25/2034		14,348,641
		Amortizing Residential Collateral Trust,
	12,868,593	Series 2002-BC7-M1		1.63%	#		10/25/2032		9,103,780
		Argent Securities, Inc.,
	216,696	Series 2004-W6-M1		1.26%	#		05/25/2034		205,889
		Asset Backed Securities Corporation Home Equity Loan Trust,
	4,411,193	Series 2003-HE6-M1		1.41%	#		11/25/2033		4,192,265
	861,541	Series 2004-HE3-M2		2.11%	#		06/25/2034		783,801
		Banc of America Alternative Loan Trust,
	9,827,732	Series 2004-8-1CB1		6.00%			09/25/2034		9,495,902
	23,440,420	Series 2005-10-2CB1		6.00%			11/25/2035		22,199,198
	3,819,144	Series 2005-10-4A1		5.75%			11/25/2035		3,557,612
	12,346,375	Series 2005-11-2CB1		6.00%			12/25/2035		11,286,203
	4,139,152	Series 2005-5-2CB1		6.00%			06/25/2035		4,017,679
	6,831,940	Series 2005-6-2CB2		6.00%			07/25/2035		6,487,264
	3,810,970	Series 2005-6-4CB1		6.50%			07/25/2035		3,634,642
	2,419,732	Series 2005-8-2CB1		6.00%			09/25/2035		2,247,576
	12,134,487	Series 2006-1-3CB1		6.50%			02/25/2036		11,482,984
	6,829,687	Series 2006-2-1CB1		6.00%			03/25/2036		6,670,490
	9,629,402	Series 2006-2-3CB1		6.50%			03/25/2036		8,422,097
	7,020,016	Series 2006-3-4CB1		6.50%			04/25/2036		6,301,270
	2,138,209	Series 2006-5-CB14		6.00%	#		06/25/2046		1,750,782
	4,233,046	Series 2006-6-CB3		6.00%			07/25/2046		3,444,399
	16,196,308	Series 2006-7-A4		6.00%	#		10/25/2036		10,181,429
	6,215,028	Series 2006-8-1A1		6.07%	# I/F I/O		11/25/2036		1,184,065
	2,214,999	Series 2006-8-1A2		0.88%	#		11/25/2036		1,354,172
	10,658,827	Series 2006-9-1CB1		6.00%			01/25/2037		8,948,371
	1,733,467	Series 2007-2-2A1		6.00%			06/25/2037		1,386,274
		Banc of America Funding Corporation,
	11,336,680	Series 2006-2-3A1		6.00%			03/25/2036		11,343,803
	318,002	Series 2006-2-4A1		21.50%	I/F		03/25/2036		452,959
	1,301,171	Series 2006-2-6A2		5.50%			03/25/2036		1,283,869
	9,892,300	Series 2006-3-1A1		6.00%			03/25/2036		9,346,787
	1,801,671	Series 2006-3-6A1		6.29%	#		03/25/2036		1,825,951
	9,959,104	Series 2006-6-1A7		6.25%			08/25/2036		9,762,374
	2,603,891	Series 2006-7-T2A5		6.04%	#		10/25/2036		2,196,568
	12,272,921	Series 2006-7-T2A8		5.91%	#		10/25/2036		10,296,335
	2,429,244	Series 2006-8T2-A8		6.10%	#		10/25/2036		1,989,771
	1,208,937	Series 2006-B-7A1		4.43%	#		03/20/2036		1,082,220
	14,021,576	Series 2006-D-6A1		3.36%	#		05/20/2036		11,729,561
	1,127,663	Series 2006-G-2A1		0.65%	#		07/20/2036		1,046,839
	547,818	Series 2006-H-3A1		2.79%	#		09/20/2046		435,435
	1,732,195	Series 2007-1-TA10		5.84%	#		01/25/2037		1,427,733
	2,334,900	Series 2007-3-TA1B		5.83%	#		04/25/2037		2,054,291
	3,534,081	Series 2007-5-1A1		5.50%			07/25/2037		2,782,528
	4,306,894	Series 2009-R14-3A		15.11%	# I/F ^		06/26/2035		5,473,238
	6,107,936	Series 2009-R15A-4A2		5.75%	^		12/26/2036		5,851,472
	2,295,502	Series 2010-R1-3A		13.61%	# I/F ^		07/26/2036		2,446,981
	19,184,977	Series 2012-R4-A		0.70%	#^		03/04/2039		19,099,929
	9,067,467	Series 2012-R5-A		0.70%	#^		10/03/2039		9,036,274

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 21

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Banc of America Mortgage Securities, Inc.,
	1,712,057	Series 2004-K-4A1		2.85%	#		12/25/2034		1,669,018
	5,778,008	Series 2006-1-A9		6.00%			05/25/2036		5,135,723
	716,065	Series 2007-1-2A5		5.75%			01/25/2037		634,001
		Bayview Opportunity Master Fund Trust,
	4,668,452	Series 2014-15RP-A		3.72%	#^		10/28/2019		4,663,290
	44,048,925	Series 2016-1-A1		4.35%	#^		01/28/2031		44,153,435
	40,685,511	Series 2016-A-A		4.46%	#^		01/28/2036		40,823,936
	72,000,000	Series 2016-B-A		4.25%	#^		03/28/2036		72,054,000
		BCAP LLC Trust,
	4,553,752	Series 2007-AA2-2A7		6.00%			04/25/2037		3,743,219
	4,930,056	Series 2007-AA2-2A8		5.75%			04/25/2037		4,004,390
	16,823,693	Series 2008-RR3-A1B		6.65%	#^		10/25/2036		12,368,003
	5,466,267	Series 2009-RR13-18A2		5.75%	#^		07/26/2037		5,021,574
	18,220,708	Series 2009-RR1-3A3		6.00%	#^		08/26/2037		17,972,683
	7,811,945	Series 2009-RR4-4A2		5.75%	^		02/26/2036		6,316,312
	6,372,530	Series 2010-RR10-5A1		7.04%	#^		04/27/2037		6,908,778
	10,534,380	Series 2010-RR12-3A15		6.37%	#^		08/26/2037		10,954,049
	3,350,000	Series 2010-RR5-2A3		6.10%	#^		04/26/2037		3,425,615
	2,419,639	Series 2011-RR12-2A5		2.35%	#^		12/26/2036		2,410,851
	3,060,263	Series 2012-RR1-3A3		3.50%	#^		10/26/2035		3,063,186
		Bear Stearns Adjustable Rate Mortgage Trust,
	9,839,437	Series 2005-12-13A1		3.12%	#		02/25/2036		9,272,259
	10,851,378	Series 2006-4-4A1		4.64%	#		10/25/2046		9,513,858
	7,067,634	Series 2007-1		2.88%	#		02/25/2047		5,800,575
	12,182,004	Series 2007-1-2A1		2.93%	#		02/25/2047		10,030,451
		Bear Stearns Alt-A Trust,
	4,586,196	Series 2004-11-2A3		2.76%	#		11/25/2034		4,445,659
	31,444,365	Series 2006-3-21A1		2.75%	#		05/25/2036		23,802,513
	16,904,078	Series 2006-6-2A1		4.40%	#		11/25/2036		11,907,924
		Bear Stearns Asset Backed Securities Trust,
	9,731,541	Series 2004-AC4-A2		6.00%	#		08/25/2034		9,893,415
	25,592,908	Series 2005-AC2-1A		5.75%	#		04/25/2035		25,657,520
	8,633,801	Series 2005-AC2-2A1		5.75%	#		04/25/2035		8,812,175
	13,268,054	Series 2005-AC7-A4		6.00%	#		10/25/2035		12,894,430
	17,492,727	Series 2006-AC1-1A1		6.25%	#		02/25/2036		12,263,726
	2,203,279	Series 2007-SD1-1A2A		6.00%			10/25/2036		1,637,729
	1,551,820	Series 2007-SD1-1A3A		6.50%			10/25/2036		1,159,955
	5,334,799	Series 2007-SD1-23A1		2.76%	#		10/25/2036		4,130,100
		Belle Haven Ltd.,
	1,100,599,018	Series 2006-1A-A1		0.86%	#^		07/05/2046		47,876,057
		Centex Home Equity,
	2,750,000	Series 2004-A-AF5		5.43%	#		01/25/2034		2,761,750
		Chase Funding Mortgage Loan Asset-Backed Certificates,
	1,840,753	Series 2003-4-2M1		1.33%	#		03/25/2033		1,749,711
		Chase Mortgage Finance Trust,
	12,344,861	Series 2005-A1-2A4		2.68%	#		12/25/2035		11,243,020
	18,141,446	Series 2006-S2-1A9		6.25%			10/25/2036		15,499,609
	9,367,239	Series 2006-S3-1A2		6.00%			11/25/2036		7,831,926
	24,758,400	Series 2006-S4-A8		6.00%			12/25/2036		20,746,153
	11,080,636	Series 2007-A2-6A4		2.72%	#		07/25/2037		9,745,432
	4,783,101	Series 2007-S3-1A5		6.00%			05/25/2037		3,888,253
	2,445,127	Series 2007-S3-2A1		5.50%			05/25/2037		2,086,836
	4,854,890	Series 2007-S5-1A18		6.00%			07/25/2037		4,003,457
		ChaseFlex Trust,
	8,942,219	Series 2005-1-3A1		6.00%			02/25/2035		8,841,935
	38,108	Series 2006-1-A2A		4.71%	#		06/25/2036		38,091
	2,754,101	Series 2006-1-A5		4.71%	#		06/25/2036		2,670,527
	7,515,850	Series 2006-2-A2B		0.64%	#		09/25/2036		5,354,685
	6,382,522	Series 2007-1-1A1		6.50%			02/25/2037		4,383,018
	14,675,955	Series 2007-M1-2F4		4.41%	#		08/25/2037		12,107,412
	15,264,298	Series 2007-M1-2F5		4.41%	#		08/25/2037		12,590,423
		Citicorp Mortgage Securities, Inc.,
	11,459,866	Series 2005-1-1A4		5.50%			02/25/2035		11,543,017
	2,486,956	Series 2006-7-1A1		6.00%			12/25/2036		2,265,334
		Citicorp Residential Mortgage Securities, Inc.,
	6,594,000	Series 2006-2-A5		5.89%	#		09/25/2036		6,591,704
	45,704,518	Series 2007-1-A4		5.80%	#		03/25/2037		48,198,668

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Citigroup Mortgage Loan Trust, Inc.,
	3,201,512	Series 2005-5-2A2		5.75%			08/25/2035		2,751,869
	1,790,154	Series 2005-9-21A1		5.50%			11/25/2035		1,583,618
	5,566,000	Series 2006-4-2A1A		6.00%			12/25/2035		5,140,693
	5,298,578	Series 2006-FX1-A6		5.85%	#		10/25/2036		4,339,864
	2,684,156	Series 2006-WF1-A2D		5.30%	#		03/25/2036		1,832,423
	16,132,305	Series 2006-WF2-A2D		6.16%	#		05/25/2036		10,204,209
	7,580,000	Series 2006-WFH3-M1		0.72%	#		10/25/2036		6,639,352
	8,850,280	Series 2007-10-1A1A		5.66%	#		04/25/2037		9,082,314
	1,187,513	Series 2007-12-2A1		6.50%	^		10/25/2036		928,245
	591,688	Series 2007-2-2A		6.00%			11/25/2036		551,444
	34,978,761	Series 2007-9-1A1		5.75%	^		04/25/2047		29,411,381
	1,830,506	Series 2007-9-2A2		6.50%	^		05/25/2037		1,533,984
	110,002,211	Series 2007-AMC2-A1		0.57%	#^		01/25/2037		83,076,585
	6,800,158	Series 2007-OPX1-A3A		5.97%	#		01/25/2037		4,836,441
	14,989,994	Series 2007-OXP1-A5A		5.76%	#		01/25/2037		10,663,856
	46,007,051	Series 2007-WFH3-A2		0.59%	#		06/25/2037		43,657,503
	20,000,000	Series 2008-AR4-1A1B		2.98%	#^		11/25/2038		19,126,264
	533,524	Series 2010-12-3A1		4.00%	^		04/25/2037		535,758
	733,063	Series 2010-2-5A1		5.50%	#^		12/25/2035		742,970
	181,478,129	Series 2010-8-5A4		6.66%	#^		11/25/2036		169,701,687
	3,742,814	Series 2010-8-5A6		4.00%	^		11/25/2036		3,752,328
	142,079,827	Series 2010-8-6A4		6.56%	#^		12/25/2036		131,724,864
	10,435,678	Series 2010-8-76I2		1.00%	I/O ^		06/25/2037		41,215
	128,635,184	Series 2010-8-7A4		6.29%	#^		06/25/2037		120,872,707
	292,783	Series 2011-12-1A1		3.50%	#^		04/25/2036		292,359
	2,946,859	Series 2011-12-3A1		2.75%	#^		09/25/2047		2,937,993
		CitiMortgage Alternative Loan Trust,
	7,097,404	Series 2006-A2-A2		6.00%			05/25/2036		6,135,629
	6,416,985	Series 2006-A3-1A13		6.00%			07/25/2036		5,710,401
	4,603,563	Series 2006-A4-1A8		6.00%			09/25/2036		4,073,263
	2,023,783	Series 2006-A5-2A1		5.50%			10/25/2021		2,034,600
	4,380,966	Series 2006-A5-3A3		6.00%			10/25/2036		3,604,392
	7,674,505	Series 2007-A1-1A5		6.00%			01/25/2037		6,549,757
	3,741,829	Series 2007-A1-1A7		6.00%			01/25/2037		3,193,440
	9,573,950	Series 2007-A1-1A9		4.97%	# I/F I/O		01/25/2037		1,675,266
	8,220,293	Series 2007-A3-1A1		6.00%	#		03/25/2037		7,203,686
	18,917,528	Series 2007-A3-1A3		4.97%	# I/F I/O		03/25/2037		3,334,033
	7,413,374	Series 2007-A3-1A4		5.75%			03/25/2037		6,396,839
	13,289,122	Series 2007-A4-1A3		0.76%	#		04/25/2037		9,135,732
	13,289,122	Series 2007-A4-1A4		6.24%	# I/F I/O		04/25/2037		3,109,479
	1,916,003	Series 2007-A5-1A11		6.00%			05/25/2037		1,643,025
	25,261,102	Series 2007-A5-1A8		6.00%			05/25/2037		21,662,089
	886,596	Series 2007-A8-A1		6.00%			10/25/2037		801,532
		COLT Funding LLC,
	26,762,807	Series 2015-1-A1F		4.00%	#^		12/26/2045		26,620,423
		Countrywide Alternative Loan Trust,
	38,831,140	Series 2004-36CB-1A1		6.00%			02/25/2035		35,449,037
	9,641,909	Series 2005-13CB-A3		5.50%			05/25/2035		9,503,014
	7,447,851	Series 2005-20CB-2A1		0.93%	#		07/25/2035		5,970,542
	15,206,029	Series 2005-20CB-2A2		4.57%	# I/F I/O		07/25/2035		2,400,138
	1,356,613	Series 2005-20CB-4A1		5.25%			07/25/2020		1,338,410
	5,436,465	Series 2005-26CB-A11		12.27%	# I/F		07/25/2035		6,164,485
	7,534,878	Series 2005-28CB-1A2		1.18%	#		08/25/2035		6,012,308
	2,564,379	Series 2005-28CB-3A6		6.00%			08/25/2035		2,008,415
	3,727,395	Series 2005-46CB-A20		5.50%			10/25/2035		3,447,191
	11,340,205	Series 2005-48T1-A2		5.50%			11/25/2035		10,347,013
	4,853,752	Series 2005-54CB-3A4		5.50%			11/25/2035		4,551,372
	44,854,912	Series 2005-57CB-1A1		5.50%			12/25/2035		42,498,589
	921,580	Series 2005-60T1-A7		32.76%	# I/F		12/25/2035		1,556,234
	1,393,901	Series 2005-64CB-1A14		5.50%			12/25/2035		1,338,517
	20,230,726	Series 2005-64CB-1A4		5.50%			12/25/2035		19,426,896
	3,368,102	Series 2005-73CB-1A5		1.23%	#		01/25/2036		2,781,676
	8,473,447	Series 2005-73CB-1A6		4.27%	# I/F I/O		01/25/2036		1,077,290
	75,200,085	Series 2005-77T1-1A1		6.00%			02/25/2036		64,874,204
	1,852,700	Series 2005-79CB-A5		5.50%			01/25/2036		1,691,433
	46,753,602	Series 2005-85CB-1A1		6.00%			02/25/2036		39,606,117
	4,261,874	Series 2005-85CB-2A6		20.05%	# I/F		02/25/2036		6,352,842
	2,578,390	Series 2005-86CB-A5		5.50%			02/25/2036		2,317,887
	4,733,889	Series 2005-J10-1A11		5.50%			10/25/2035		4,392,398
	1,077,322	Series 2005-J10-1A13		1.13%	#		10/25/2035		839,755
	504,665	Series 2005-J10-1A15		5.50%			10/25/2035		468,260
	1,249,723	Series 2005-J11-1A3		5.50%			11/25/2035		1,073,420
	1,407,520	Series 2005-J11-6A1		6.50%			09/25/2032		1,359,198

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Alternative Loan Trust, (Cont.)
	2,064,055	Series 2005-J13-2A5		0.91%	#		11/25/2035		1,551,346
	4,128,109	Series 2005-J13-2A6		4.59%	# I/F I/O		11/25/2035		611,530
	3,891,000	Series 2005-J1-5A3		5.50%			02/25/2035		3,601,879
	2,447,653	Series 2005-J1-7A1		5.50%			01/25/2020		2,465,634
	1,571,762	Series 2005-J2-1A5		0.93%	#		04/25/2035		1,254,398
	4,836,192	Series 2005-J2-1A6		4.57%	# I/F I/O		04/25/2035		639,584
	12,388,020	Series 2005-J3-2A8		0.73%	#		05/25/2035		9,563,936
	12,388,020	Series 2005-J3-2A9		4.77%	# I/F I/O		05/25/2035		2,227,410
	5,859,992	Series 2006-12CB-A3		5.75%	#		05/25/2036		4,740,696
	2,843,010	Series 2006-15CB-A1		6.50%			06/25/2036		2,168,331
	2,057,650	Series 2006-18CB-A12		1.03%	#		07/25/2036		1,297,830
	2,057,650	Series 2006-18CB-A13		5.07%	# I/F I/O		07/25/2036		439,925
	10,015,643	Series 2006-19CB-A12		0.83%	#		08/25/2036		6,700,811
	13,581,813	Series 2006-19CB-A13		5.17%	# I/F I/O		08/25/2036		3,526,451
	2,091,112	Series 2006-19CB-A15		6.00%			08/25/2036		1,894,281
	3,308,088	Series 2006-24CB-A11		5.75%			06/25/2036		2,788,730
	9,682,369	Series 2006-24CB-A14		6.72%	# I/F I/O		06/25/2036		2,846,223
	7,763,999	Series 2006-24CB-A22		6.00%			06/25/2036		6,672,888
	8,333,103	Series 2006-24CB-A5		1.03%	#		06/25/2036		5,069,295
	3,113,389	Series 2006-26CB-A17		6.25%			09/25/2036		2,630,150
	3,996,300	Series 2006-26CB-A9		6.50%			09/25/2036		3,438,478
	6,779,078	Series 2006-29T1-1A2		6.25%			10/25/2036		6,133,038
	1,043,381	Series 2006-29T1-2A12		43.34%	# I/F		10/25/2036		2,258,564
	639,093	Series 2006-29T1-2A23		31.49%	# I/F		10/25/2036		1,123,343
	7,229,299	Series 2006-30T1-1A2		6.25%			11/25/2036		6,739,900
	4,983,383	Series 2006-32CB-A1		1.10%	#		11/25/2036		3,455,496
	8,312,284	Series 2006-32CB-A2		4.90%	# I/F I/O		11/25/2036		2,164,572
	7,829,474	Series 2006-36T2-2A1		6.25%			12/25/2036		5,982,553
	2,824,410	Series 2006-39CB-1A10		6.00%			01/25/2037		2,717,158
	19,247,558	Series 2006-39CB-2A2		6.12%	# I/F I/O		01/25/2037		6,895,199
	6,554,702	Series 2006-39CB-2A4		0.88%	#		01/25/2037		1,990,702
	3,996,118	Series 2006-40T1-1A11		6.00%			01/25/2037		3,602,130
	6,800,033	Series 2006-40T1-1A4		5.02%	# I/F I/O		01/25/2037		1,276,899
	7,060,609	Series 2006-41CB-1A10		6.00%			01/25/2037		6,078,406
	7,434,973	Series 2006-41CB-1A9		6.00%			01/25/2037		6,400,692
	6,043,002	Series 2006-45T1-1A4		1.03%	#		02/25/2037		3,226,080
	6,043,002	Series 2006-45T1-1A5		4.97%	# I/F I/O		02/25/2037		1,076,708
	2,290,495	Series 2006-6CB-1A4		5.50%			05/25/2036		2,128,604
	13,967,051	Series 2006-J1-1A3		5.50%			02/25/2036		12,483,119
	6,883,842	Series 2006-J1-A10		5.50%			02/25/2036		6,152,467
	2,465,566	Series 2006-J4-2A2		6.00%			07/25/2036		2,112,273
	1,471,304	Series 2007-11T1-A24		37.30%	# I/F		05/25/2037		3,412,045
	23,424,635	Series 2007-15CB-A1		6.00%			07/25/2037		21,636,499
	15,546,655	Series 2007-16CB-2A1		0.88%	#		08/25/2037		9,235,663
	4,501,923	Series 2007-16CB-2A2		50.98%	# I/F		08/25/2037		11,559,390
	9,178,674	Series 2007-16CB-4A7		6.00%			08/25/2037		8,950,123
	13,870,962	Series 2007-17CB-1A10		27.91%	# I/F		08/25/2037		23,211,672
	2,255,908	Series 2007-18CB-2A25		6.00%			08/25/2037		1,985,986
	1,275,950	Series 2007-19-1A10		36.40%	# I/F		08/25/2037		2,779,136
	18,753,736	Series 2007-19-1A4		6.00%			08/25/2037		14,743,662
	41,784,356	Series 2007-19-2A1		6.50%			08/25/2037		28,240,559
	6,912,113	Series 2007-21CB-2A2		26.67%	# I/F		09/25/2037		12,478,966
	30,174,198	Series 2007-22-2A16		6.50%			09/25/2037		23,150,897
	16,915,601	Series 2007-23CB-A3		0.93%	#		09/25/2037		10,462,120
	24,006,744	Series 2007-23CB-A4		6.07%	# I/F I/O		09/25/2037		7,474,821
	16,590,493	Series 2007-4CB-2A1		7.00%			03/25/2037		6,657,851
	8,929,672	Series 2007-5CB-1A18		5.22%	# I/F I/O		04/25/2037		2,102,396
	8,929,672	Series 2007-5CB-1A23		0.98%	#		04/25/2037		5,498,562
	7,293,794	Series 2007-6-A4		5.75%			04/25/2047		6,367,458
	619,389	Series 2007-8CB-A12		37.60%	# I/F		05/25/2037		1,224,292
	661,188	Series 2007-8CB-A8		37.48%	# I/F		05/25/2037		1,302,534
	905,273	Series 2007-9T1-1A4		0.93%	#		05/25/2037		512,390
	905,273	Series 2007-9T1-1A5		5.07%	# I/F I/O		05/25/2037		199,034
	24,796,655	Series 2007-9T1-1A6		6.00%			05/25/2037		19,093,050
	2,613,347	Series 2007-9T1-2A1		6.00%			05/25/2037		2,080,105
	949,522	Series 2007-9T1-3A1		5.50%			05/25/2022		829,980
	35,014,961	Series 2007-HY2-1A		2.72%	#		03/25/2047		30,343,989
	8,953,494	Series 2007-HY5R-2A1B		2.84%	#		03/25/2047		8,683,985
		Countrywide Asset-Backed Certificates,
	3,994,855	Series 2003-BC6-M1		1.26%	#		11/25/2033		3,896,547
	2,218,103	Series 2005-13-AF3		4.84%	#		04/25/2036		1,985,792
	23,200,000	Series 2005-4-AF5B		4.93%	#		10/25/2035		23,095,347
	973,549	Series 2006-2-2A2		0.62%	#		10/25/2034		952,572

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Home Loans,
	1,109,190	Series 2002-32-2A6		5.00%			01/25/2018		1,117,664
	4,021,770	Series 2003-60-4A1		2.77%	#		02/25/2034		3,982,118
	4,441,337	Series 2004-R2-1AF1		0.85%	#^		11/25/2034		3,774,001
	4,327,206	Series 2004-R2-1AS		5.74%	# I/O ^		11/25/2034		527,399
	9,144,449	Series 2005-20-A5		5.50%			10/25/2035		8,711,647
	6,803,999	Series 2005-20-A8		5.25%			10/25/2035		6,433,554
	20,287,571	Series 2005-23-A1		5.50%			11/25/2035		18,474,528
	5,477,855	Series 2005-24-A8		5.50%			11/25/2035		5,260,376
	1,585,088	Series 2005-27-2A1		5.50%			12/25/2035		1,425,650
	2,858,868	Series 2005-28-A7		5.25%			01/25/2019		2,631,574
	33,282,908	Series 2005-HYB1-4A1		2.69%	#		03/25/2035		30,929,147
	3,872,498	Series 2005-HYB8-1A1		2.66%	#		12/20/2035		3,154,057
	5,456,841	Series 2005-J3-2A4		4.50%			09/25/2035		5,201,804
	5,790,262	Series 2005-J4-A5		5.50%			11/25/2035		5,672,724
	1,353,036	Series 2005-R1-1AF1		0.79%	#^		03/25/2035		1,189,977
	1,331,737	Series 2005-R1-1AS		5.67%	# I/O ^		03/25/2035		212,300
	9,045,548	Series 2006-16-2A1		6.50%			11/25/2036		8,051,760
	10,264,368	Series 2006-1-A2		6.00%			03/25/2036		9,321,477
	4,161,864	Series 2006-20-1A21		6.00%			02/25/2037		3,658,472
	2,874,474	Series 2006-J3-A4		5.50%			05/25/2036		2,887,660
	11,167,347	Series 2007-10-A7		6.00%			07/25/2037		9,689,672
	35,355,131	Series 2007-11-A1		6.00%			08/25/2037		31,615,810
	23,851,386	Series 2007-12-A9		5.75%			08/25/2037		21,861,157
	9,719,026	Series 2007-13-A1		6.00%			08/25/2037		9,131,482
	11,384,014	Series 2007-13-A110		6.00%			08/25/2037		10,695,817
	11,009,565	Series 2007-15-1A1		6.25%			09/25/2037		10,647,901
	1,214,041	Series 2007-15-1A16		6.25%			09/25/2037		1,174,159
	5,409,684	Series 2007-15-1A29		6.25%			09/25/2037		5,224,877
	11,523,025	Series 2007-17-1A2		6.00%			10/25/2037		11,112,044
	1,374,018	Series 2007-18-1A1		6.00%			11/25/2037		1,258,856
	11,601,469	Series 2007-3-A1		6.00%			04/25/2037		10,589,197
	4,468,136	Series 2007-3-A12		6.00%			04/25/2037		4,078,274
	8,326,090	Series 2007-4-1A39		6.00%			05/25/2037		7,432,108
	4,198,072	Series 2007-5-A2		5.75%			05/25/2037		3,978,495
	15,666,254	Series 2007-7-A1		6.00%			06/25/2037		15,041,084
	4,696,208	Series 2007-7-A2		5.75%			06/25/2037		4,461,973
	11,563,583	Series 2007-8-1A4		6.00%			01/25/2038		10,296,997
	6,068,526	Series 2007-8-1A5		5.44%			01/25/2038		5,191,954
	14,089,840	Series 2007-8-1A9		6.00%	#		01/25/2038		12,512,718
	2,537,191	Series 2007-9-A11		5.75%			07/25/2037		2,386,202
	17,512,743	Series 2007-HY1-1A1		3.02%	#		04/25/2037		16,520,886
	32,222,363	Series 2007-J1-2A1		6.00%			02/25/2037		24,791,760
	932,768	Series 2007-J3-A1		0.93%	#		07/25/2037		645,476
	4,663,842	Series 2007-J3-A2		5.07%	# I/F I/O		07/25/2037		481,505
		Credit Suisse First Boston Mortgage Backed Trust,
	5,632,170	Series 2006-3-A4B		6.11%	#		11/25/2036		2,524,036
	3,714,723	Series 2006-4-A6A		5.68%	#		12/25/2036		1,919,570
	12,340,960	Series 2007-1-1A1A		5.90%	#		05/25/2037		6,098,190
		Credit Suisse First Boston Mortgage Securities Corporation,
	160,613	Series 2004-AR8-2A1		2.69%	#		09/25/2034		158,591
	3,658,283	Series 2005-10-5A4		5.50%			11/25/2035		3,333,333
	1,085,863	Series 2005-10-5A5		5.50%			11/25/2035		983,962
	20,124,308	Series 2005-12-5A1		5.25%			01/25/2036		19,142,898
	11,773,228	Series 2005-12-7A1		7.00%			01/25/2036		5,030,341
	8,451,059	Series 2005-8-3A10		5.50%			09/25/2035		8,096,357
	5,877,473	Series 2005-8-7A1		7.00%			09/25/2035		4,277,043
		Credit Suisse Mortgage Capital Certificates,
	3,390,398	Series 2005-1R-2A5		5.75%	^		12/26/2035		3,094,541
	23,422,471	Series 2006-1-2A1		6.00%			02/25/2036		17,113,842
	3,621,582	Series 2006-2-3A1		6.50%			03/25/2036		2,318,267
	4,279,942	Series 2006-2-5A1		1.13%	#		03/25/2036		2,264,202
	23,922,906	Series 2006-2-5A2		4.87%	# I/F I/O		03/25/2036		5,999,838
	4,983,108	Series 2006-2-5A3		6.25%			03/25/2036		3,834,966
	13,486,283	Series 2006-2-5A4		6.00%			03/25/2036		10,167,889
	7,275,928	Series 2006-3-4A3		5.50%			04/25/2036		6,730,527
	4,398,485	Series 2006-3-4A4		5.50%			04/25/2036		4,068,776
	5,357,121	Series 2006-4-1A8		6.00%	#		05/25/2036		4,252,422
	24,691,128	Series 2006-4-4A1		7.00%			05/25/2036		10,569,489
	17,059,679	Series 2006-4-6A1		6.00%			05/25/2036		13,709,712
	15,441,022	Series 2006-6-1A4		6.00%			07/25/2036		11,562,271
	11,936,264	Series 2006-6-3A1		7.00%			07/25/2036		3,859,517
	471,783	Series 2006-7-3A11		6.00%			08/25/2036		402,655
	5,806,177	Series 2006-7-7A5		6.00%			08/25/2036		5,442,287

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 23

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Credit Suisse Mortgage Capital Certificates, (Cont.)
	9,376,682	Series 2006-9-2A1		5.50%			11/25/2036		8,691,995
	29,936,885	Series 2006-9-3A1		6.00%			11/25/2036		28,095,892
	8,352,834	Series 2006-9-4A1		6.00%			11/25/2036		6,833,761
	11,008,487	Series 2006-9-6A14		6.00%			11/25/2036		10,465,557
	1,788,698	Series 2006-9-6A15		37.29%	# I/F		11/25/2036		3,471,467
	12,552,595	Series 2007-1-1A4		6.13%	#		02/25/2037		6,383,385
	14,593,000	Series 2007-1-3A1		6.00%			02/25/2022		11,254,454
	8,296,354	Series 2007-1-5A14		6.00%			02/25/2037		7,153,524
	129,156	Series 2007-2-2A1		5.00%			03/25/2037		127,165
	12,984,811	Series 2007-3-2A10		6.00%			04/25/2037		10,646,080
	7,408,301	Series 2007-5-2A5		5.00%			08/25/2037		6,580,557
	56,532,314	Series 2007-5-3A19		6.00%			08/25/2037		57,270,202
	25,478,257	Series 2007-5-3A9		6.00%			08/25/2037		24,760,055
	5,125,847	Series 2009-1R-4A2		3.15%	#^		07/20/2035		4,642,787
	93,898,000	Series 2010-17R-6A1		2.23%	#^		06/26/2037		89,067,699
	33,398,322	Series 2010-2R-4A17		6.00%	#^		03/26/2037		32,489,618
	66,537,127	Series 2010-4R-3A17		6.00%	#^		06/26/2037		66,273,660
	32,851,280	Series 2010-4R-8A17		6.00%	#^		06/26/2037		32,447,133
	4,091,834	Series 2010-6R-2A2		6.25%	^		07/26/2037		4,120,676
	6,964,758	Series 2010-6R-2A6A		6.25%	^		07/26/2037		7,267,751
	24,815,846	Series 2010-7R-4A17		6.00%	#^		04/26/2037		23,899,065
	46,315,037	Series 2010-9R-2A5		4.00%	^		02/27/2038		45,289,802
	70,545,124	Series 2013-6-1A1		2.50%	#^		07/25/2028		71,360,838
	60,420,586	Series 2013-9R-A1		3.00%	#^		05/27/2043		60,791,230
	43,109,907	Series 2013-IVR4		3.50%	#^		07/25/2043		43,898,473
	30,496,267	Series 2013-IVR4-A2		3.00%	#^		07/25/2043		30,672,566
	72,415,762	Series 2014-CIM1-A3		2.49%	#^		01/25/2058		72,542,982
	11,050,473	Series 2014-WIN1-2A4		3.00%	#^		09/25/2044		11,017,444
	131,087,366	Series 2015-1-A1		2.50%	#^		01/25/2045		128,948,256
	151,752,633	Series 2015-PR2-A1		4.25%	#^		07/26/2055		149,460,257
	93,626,166	Series 2015-RPL1-A1		3.63%	#^		02/25/2057		92,213,113
	104,364,379	Series 2015-RPL2-A1A		3.75%	#^		11/25/2057		102,831,527
	28,487,665	Series 2015-RPL3-A1		3.75%	#^		12/25/2056		28,047,195
		Credit-Based Asset Servicing and Securitization LLC,
	488,226	Series 2005-CB6-A4		3.89%	#		07/25/2035		487,176
	9,750,000	Series 2007-MX1-A3		5.83%	#^		12/25/2036		9,383,372
		CSMLT Trust,
	11,658,325	Series 2015-1-A9		3.50%	#^		05/25/2045		11,893,595
	64,199,124	Series 2015-2-A7		3.50%	#^		08/25/2045		65,433,295
	26,294,691	Series 2015-3-1A2		3.50%	#^		11/25/2045		26,714,923
		Deutsche ALT-A Securities, Inc. Mortgage Loan Trust,
	23,975,450	Series 2005-4-A5		5.50%	#		09/25/2035		20,816,104
	1,658,243	Series 2005-5-1A6		32.76%	# I/F		11/25/2035		2,533,584
	1,663,256	Series 2005-5-2A1		0.63%	#		11/25/2035		824,069
	5,019,886	Series 2005-5-2A2		4.87%	# I/F I/O		11/25/2035		977,712
	17,193,036	Series 2005-6-2A1		5.50%			12/25/2035		14,314,507
	203,073	Series 2006-AF1-A3		0.61%	#		04/25/2036		203,098
	50,310,526	Series 2007-1-1A3A		0.64%	#		08/25/2037		44,083,301
	41,049,072	Series 2007-2-2A1		0.73%	#		09/25/2047		31,501,743
	20,689,321	Series 2007-OA5-A1B		0.65%	#		08/25/2047		16,841,279
	1,351,449	Series 2006-AB2-A2		5.96%	#		06/25/2036		1,114,084
	2,637,694	Series 2006-AB4-A1A		6.01%	#		10/25/2036		2,138,432
	36,833,211	Series 2006-AB4-A2		5.65%	#		10/25/2036		29,600,019
	2,623,923	Series 2006-AB4-A3		5.90%	#		10/25/2036		2,127,494
	3,860,063	Series 2006-AB4-A3A1		5.90%	#		10/25/2036		3,129,765
	7,681,751	Series 2006-AB4-A6A1		5.87%	#		10/25/2036		6,231,839
		Deutsche Mortgage Securities, Inc.,
	20,649,724	Series 2006-PR1-3A1		11.51%	# I/F ^		04/15/2036		23,304,218
	7,659,883	Series 2006-PR1-4AI1		11.50%	# I/F ^		04/15/2036		8,954,492
	12,494,512	Series 2006-PR1-4AI2		13.77%	# I/F ^		04/15/2036		15,776,818
	682,213	Series 2006-PR1-5AI1		18.04%	# I/F ^		04/15/2036		1,055,730
	5,928,573	Series 2006-PR1-5AI3		11.96%	# I/F ^		04/15/2036		7,663,923
	98,160,299	Series 2006-PR1-5AI4		11.51%	# I/F ^		04/15/2036		119,940,852
	13,189,926	Series 2009-RS2-4A2		0.57%	#^		04/26/2037		12,849,624
		Federal Home Loan Mortgage Corporation,
	57,929,470	Series 2015-SC02-1A		3.00%			09/25/2045		58,906,793
		First Franklin Mortgage Loan Trust,
	6,112,057	Series 2006-FF1-2A3		0.67%	#		01/25/2036		6,035,460
	13,979,074	Series 2006-FF3-A2B		0.63%	#		02/25/2036		13,472,626
		First Horizon Alternative Mortgage Securities,
	13,738,269	Series 2005-AA4-1A1		2.41%	#		05/25/2035		11,361,083

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		First Horizon Alternative Mortgage Securities, (Cont.)
	8,193,392	Series 2005-FA5-1A4		5.50%			08/25/2035		7,399,606
	11,480,724	Series 2005-FA8-1A4		5.50%			11/25/2035		9,950,342
	1,357,499	Series 2005-FA8-2A1		5.00%			11/25/2020		1,368,716
	8,977,274	Series 2005-FA9-A4A		5.50%			12/25/2035		7,612,768
	6,646,332	Series 2006-AA3-A1		2.46%	#		06/25/2036		5,409,251
	5,106,892	Series 2006-FA1-1A12		6.00%			04/25/2036		4,045,572
	368,497	Series 2006-FA1-1A6		1.18%	#		04/25/2036		359,028
	3,333,830	Series 2006-FA2-1A5		6.00%			05/25/2036		2,703,856
	1,019,619	Series 2006-FA7-A8		6.25%			12/25/2036		795,912
	4,695,684	Series 2006-FA8-1A5		6.00%			02/25/2037		3,532,539
	10,254,616	Series 2006-RE1-A1		5.50%			05/25/2035		9,442,555
	28,290,098	Series 2007-FA3-A3		6.00%			06/25/2037		21,913,363
	1,455,671	Series 2007-FA3-A4		6.00%			06/25/2037		1,127,555
	1,565,187	Series 2007-FA4-1A13		6.25%			08/25/2037		1,200,304
	4,831,852	Series 2007-FA4-1A4		6.25%			08/25/2037		3,705,429
	2,270,277	Series 2007-FA4-1A5		6.25%			08/25/2037		1,741,020
		First Horizon Asset Securities, Inc.,
	3,658,145	Series 2006-1-1A2		6.00%			05/25/2036		3,443,144
	7,677,928	Series 2007-1-A3		6.00%			03/25/2037		6,911,936
	5,463,886	Series 2007-4-1A1		6.00%			08/25/2037		4,667,457
		GCAT LLC,
	75,000,000	Series 2016-1-A1		4.50%	#^		03/25/2021		75,073,800
		GE-WMC Asset-Backed Pass-Through Certificates,
	46,273,000	Series 2005-2-A2D		0.75%	#		12/25/2035		34,741,898
		GMACM Mortgage Loan Trust,
	7,598,385	Series 2003-AR1-A5		3.34%	#		10/19/2033		7,646,293
	10,012,739	Series 2005-AR5-3A1		3.16%	#		09/19/2035		9,544,158
	13,137,173	Series 2005-J1-A14		5.50%			12/25/2035		12,791,944
		GS Mortgage Securities Corporation,
	1,869,823	Series 2008-2R-1A1		7.50%	#^		09/25/2036		1,523,557
	8,111,233	Series 2009-3R-1A2		6.00%	#^		04/25/2037		7,819,586
		GSAA Home Equity Trust,
	293,866	Series 2005-12-AF3		5.07%	#		09/25/2035		251,251
	41,091,659	Series 2005-7-AF3		4.75%	#		05/25/2035		41,049,421
	12,242,259	Series 2006-10-AF3		5.98%	#		06/25/2036		6,159,838
	8,761,995	Series 2006-10-AF4		6.30%	#		06/25/2036		4,406,416
	16,761,391	Series 2006-15-AF4		5.96%	#		09/25/2036		8,814,135
	2,768,140	Series 2006-18-AF3A		5.77%	#		11/25/2036		1,579,601
	5,927,283	Series 2006-18-AF6		5.68%	#		11/25/2036		3,066,260
	7,336,288	Series 2007-10-A1A		6.00%			11/25/2037		6,341,321
	4,286,782	Series 2007-10-A2A		6.50%			11/25/2037		3,143,999
		GSMPS Mortgage Loan Trust,
	16,866,601	Series 2005-RP2-1AF		0.78%	#^		03/25/2035		14,342,475
	16,866,601	Series 2005-RP2-1AS		4.48%	# I/O ^		03/25/2035		2,110,997
	9,529,324	Series 2005-RP3-1AF		0.78%	#^		09/25/2035		7,769,535
	9,529,324	Series 2005-RP3-1AS		4.34%	# I/O ^		09/25/2035		1,419,941
	36,707,020	Series 2006-RP1-1AS		4.23%	# I/O ^		01/25/2036		6,334,864
	36,707,020	Series 2006-RP1-AF1		0.78%	#^		01/25/2036		31,699,170
		GSR Mortgage Loan Trust,
	3,360,940	Series 2005-1F-1A2		5.50%			02/25/2035		3,422,442
	6,583,330	Series 2005-1F-3A3		6.00%			01/25/2035		6,666,477
	1,101,285	Series 2005-6F-3A5		6.00%			07/25/2035		1,122,405
	10,668,542	Series 2005-6F-3A9		6.47%	# I/F I/O		07/25/2035		1,735,522
	1,037,633	Series 2005-6F-4A1		0.93%	#		07/25/2035		817,386
	652,623	Series 2005-7F-3A1		0.93%	#		09/25/2035		602,943
	14,786,047	Series 2005-8F-3A5		6.00%			11/25/2035		12,303,470
	5,183,412	Series 2005-8F-4A1		6.00%			11/25/2035		4,055,096
	2,145,435	Series 2006-1F-1A2		5.50%			02/25/2036		2,042,350
	1,430,114	Series 2006-2F-2A3		5.75%			02/25/2036		1,324,292
	5,068,395	Series 2006-2F-3A3		6.00%			02/25/2036		4,120,637
	6,086,618	Series 2006-2F-3A6		6.00%			02/25/2036		4,948,458
	18,860,258	Series 2006-6F-2A3		6.00%			07/25/2036		16,013,093
	15,737,046	Series 2006-7F-2A1		6.00%			08/25/2036		14,498,018
	9,326,649	Series 2006-7F-3A4		6.25%			08/25/2036		6,890,746
	11,968,887	Series 2006-9F-2A1		6.00%			10/25/2036		11,286,927
	28,908,570	Series 2006-9F-4A1		6.50%			10/25/2036		24,762,930
	219,544	Series 2006-9F-8A1		5.50%			08/25/2021		203,405
	18,529,933	Series 2006-OA1-2A1		0.62%	#		08/25/2046		17,990,295
	2,415,018	Series 2007-1F-2A2		5.50%			01/25/2037		2,291,665
	3,451,003	Series 2007-4F-1A1		5.00%			07/25/2037		3,210,072
	47,334,676	Series 2007-4F-3A11		6.00%			07/25/2037		42,878,216

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		HarborView Mortgage Loan Trust,
	2,869,212	Series 2005-14-3A1A		2.94%	#		12/19/2035		2,511,742
	10,153,641	Series 2006-10-2A1A		0.61%	#		11/19/2036		8,106,964
	25,219,783	Series 2006-11-A1A		0.60%	#		12/19/2036		18,613,680
		Home Equity Asset Trust,
	1,757,936	Series 2003-3-M1		1.72%	#		08/25/2033		1,674,187
	665,735	Series 2004-7-M2		1.42%	#		01/25/2035		588,267
		Home Equity Loan Trust,
	15,000,000	Series 2007-FRE1-2AV2		0.59%	#		04/25/2037		12,806,652
		HomeBanc Mortgage Trust,
	2,186,788	Series 2005-1-M2		0.92%	#		03/25/2035		1,693,984
	32,870,336	Series 2005-3-A1		0.67%	#		07/25/2035		30,881,073
	3,356,983	Series 2006-1-3A1		2.44%	#		04/25/2037		2,989,764
		HSI Asset Loan Obligation Trust,
	45,234,778	Series 2007-2-3A6		6.00%			09/25/2037		35,915,708
	7,513,528	Series 2007-AR1-3A1		2.70%	#		01/25/2037		6,036,492
		IMPAC Trust,
	1,224,496	Series 2002-9F-A1		5.22%	#		12/25/2032		1,231,888
		IndyMac Mortgage Loan Trust,
	3,087,651	Series 2006-AR2-1A1		2.90%	#		09/25/2036		2,427,322
	8,387,643	Series 2006-AR2-4A1		2.82%	#		09/25/2036		7,145,417
	35,840,266	Series 2006-AR3-1A1		2.92%	#		12/25/2036		31,434,160
	11,223,761	Series 2006-AR7-3A1		2.82%	#		05/25/2036		9,449,389
	6,652,860	Series 2007-A1-A1		6.00%			08/25/2037		5,512,997
	4,870,414	Series 2007-A1-A7		6.00%			08/25/2037		4,035,945
	30,139,735	Series 2007-A3-A1		6.25%			11/25/2037		24,856,746
	7,398,853	Series 2007-AR3-3A1		5.05%	#		07/25/2037		6,409,353
	627,599	Series 2007-F2-1A2		6.00%			07/25/2037		556,763
	29,920,222	Series 2007-F2-2A1		6.50%			07/25/2037		18,400,158
		Jefferies & Company, Inc.,
	3,596,425	Series 2010-R1-1A1		6.00%	#^		03/26/2037		3,697,866
	10,550,036	Series 2010-R4-1A4		6.24%	#^		10/26/2036		10,012,355
		JP Morgan Alternative Loan Trust,
	16,371,234	Series 2005-S1-2A11		6.00%			12/25/2035		14,983,418
	5,248,268	Series 2005-S1-2A9		6.00%			12/25/2035		4,867,998
	5,286,868	Series 2006-S1-1A8		5.75%			03/25/2036		4,357,152
	16,761,461	Series 2006-S2-A4		6.19%	#		05/25/2036		12,163,988
	8,725,983	Series 2006-S4-A3A		5.78%	#		12/25/2036		8,347,584
	27,573,110	Series 2006-S4-A4		5.96%	#		12/25/2036		22,085,546
		JP Morgan Mortgage Acquisition Corporation,
	13,877,182	Series 2006-CH2-AF3		5.46%	#		10/25/2036		10,322,228
	4,839,508	Series 2006-WF1-A5		6.41%	#		07/25/2036		2,714,321
	23,000,000	Series 2007-CH1-AF5		4.96%	#		11/25/2036		21,508,176
	1,635,198	Series 2007-CH5-A3		0.54%	#		05/25/2037		1,619,832
		JP Morgan Mortgage Trust,
	2,010,744	Series 2005-A6-5A1		2.64%	#		08/25/2035		1,845,906
	3,245,566	Series 2005-S2-2A13		5.50%			09/25/2035		3,315,899
	2,329,856	Series 2006-S2-3A3		6.00%			07/25/2036		1,975,290
	6,918,247	Series 2006-S3-1A2		6.00%			08/25/2036		5,851,111
	11,199,390	Series 2006-S3-1A21		0.81%	#		08/25/2036		5,106,821
	11,199,390	Series 2006-S3-1A22		6.69%	# I/FI/O		08/25/2036		4,964,055
	3,223,382	Series 2006-S3-1A9		6.00%			08/25/2036		2,726,182
	10,979,045	Series 2006-S4-A8		0.81%	#		01/25/2037		6,598,496
	10,979,045	Series 2006-S4-A9		6.19%	# I/FI/O		01/25/2037		2,797,400
	3,579,612	Series 2007-A2-2A1		2.80%	#		04/25/2037		3,142,437
	14,710,070	Series 2007-S1-2A6		6.00%			03/25/2037		12,197,493
	5,704,965	Series 2007-S3-1A1		5.50%			08/25/2037		5,083,524
	9,912,418	Series 2007-S3-1A35		6.00%			08/25/2037		8,689,342
	1,679,314	Series 2007-S3-1A9		6.00%			08/25/2037		1,464,790
	9,139,754	Series 2007-S3-1A96		6.00%			08/25/2037		7,981,247
	10,409,650	Series 2007-S3-1A97		6.00%			08/25/2037		9,092,284
	1,751,533	Series 2007-S3-2A2		5.50%			08/25/2022		1,722,720
		JP Morgan Resecuritization Trust,
	21,613,731	Series 2010-1-1A4		6.00%	^		02/26/2037		18,750,571
	17,641,584	Series 2010-2-3A9		6.00%	^		07/26/2036		16,055,750
	1,502,783	Series 2010-8-2A3		2.68%	#^		11/26/2034		1,497,155
	4,171,126	Series 2011-2-7A11		6.00%	#^		04/26/2036		4,171,873
	2,897,850	Series 2012-2-3A3		2.45%	#^		10/26/2036		2,887,413

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Lehman Mortgage Trust,
	5,105,362	Series 2005-2-3A5		5.50%			12/25/2035		4,465,756
	4,393,916	Series 2005-2-5A5		5.75%			12/25/2035		4,111,987
	6,183,014	Series 2005-3-2A1		6.00%			01/25/2036		5,674,265
	526,508	Series 2005-3-2A3		5.50%			01/25/2036		473,408
	2,827,841	Series 2005-3-2A7		6.00%			01/25/2036		2,595,162
	2,640,252	Series 2006-1-1A1		1.18%	#		02/25/2036		1,557,748
	7,920,755	Series 2006-1-1A2		4.32%	# I/F I/O		02/25/2036		1,197,776
	9,692,551	Series 2006-1-3A1		1.18%	#		02/25/2036		8,071,033
	9,692,551	Series 2006-1-3A2		4.32%	# I/F I/O		02/25/2036		1,287,991
	6,244,828	Series 2006-1-3A4		5.50%			02/25/2036		5,904,158
	5,152,148	Series 2006-4-1A3		4.97%	# I/F I/O		08/25/2036		998,521
	3,274,594	Series 2006-4-1A4		6.00%			08/25/2036		2,763,596
	9,334,175	Series 2006-5-2A1		0.78%	#		09/25/2036		3,470,268
	19,442,985	Series 2006-5-2A2		6.72%	# I/F I/O		09/25/2036		7,637,825
	15,225,284	Series 2006-6-3A9		5.50%			10/25/2036		12,103,638
	7,211,416	Series 2006-6-4A5		6.00%			12/25/2036		6,855,596
	4,651,076	Series 2006-7-2A2		0.88%	#		11/25/2036		1,824,082
	15,195,499	Series 2006-7-2A5		6.12%	# I/F I/O		11/25/2036		5,286,193
	4,195,314	Series 2006-9-1A19		28.69%	# I/F		01/25/2037		6,697,764
	4,636,112	Series 2006-9-1A5		1.03%	#		01/25/2037		2,865,940
	13,792,126	Series 2006-9-1A6		4.72%	# I/F I/O		01/25/2037		2,482,890
	5,694,143	Series 2006-9-2A1		0.81%	#		01/25/2037		2,116,827
	11,142,907	Series 2006-9-2A2		6.19%	# I/F I/O		01/25/2037		3,751,032
	12,018,609	Series 2007-10-2A1		6.50%			01/25/2038		9,370,123
	3,732,652	Series 2007-2-1A1		5.75%			02/25/2037		3,203,977
	3,938,061	Series 2007-4-2A11		0.76%	#		05/25/2037		1,750,741
	15,836,003	Series 2007-4-2A8		6.24%	# I/F I/O		05/25/2037		5,659,360
	1,573,444	Series 2007-4-2A9		0.76%	#		05/25/2037		775,099
	15,935,642	Series 2007-5-11A1		5.36%	#		06/25/2037		11,561,670
	5,471,116	Series 2007-5-3A4		5.00%			12/25/2035		5,024,658
	2,497,486	Series 2007-5-4A3		37.48%	# I/F		08/25/2036		4,668,759
	1,197,154	Series 2007-5-7A3		7.50%			10/25/2036		935,133
	752,070	Series 2007-6-1A8		6.00%			07/25/2037		677,143
	7,565,162	Series 2008-2-1A6		6.00%			03/25/2038		5,829,975
		Lehman XS Trust,
	1,658,523	Series 2005-10-2A3B		5.55%	#		01/25/2036		1,489,154
	14,375,582	Series 2005-4-2A3A		5.00%	#		10/25/2035		12,969,383
	1,701,167	Series 2006-5-2A4A		5.89%	#		04/25/2036		1,587,485
	25,562,747	Series 2007-1-2A1		5.35%	#		02/25/2037		21,599,693
		Long Beach Mortgage Loan Trust,
	7,577,455	Series 2006-WL1-2A3		0.67%	#		01/25/2046		7,116,891
		MASTR Adjustable Rate Mortgages Trust,
	5,746,164	Series 2005-2-2A1		2.80%	#		03/25/2035		4,458,150
	4,771,252	Series 2005-6-5A1		2.62%	#		07/25/2035		4,161,806
	25,588,773	Series 2007-1-2A1		3.04%	#		11/25/2036		22,897,865
	3,183,582	Series 2007-2-A2		0.54%	#		03/25/2047		3,126,875
		MASTR Alternative Loans Trust,
	2,083,786	Series 2005-2-3A1		6.00%			03/25/2035		1,998,917
	757,990	Series 2005-5-2A3		5.50%			07/25/2025		754,218
	5,828,497	Series 2005-6-1A5		5.50%			12/25/2035		5,144,964
	3,141,668	Series 2006-3-1A2		6.25%			07/25/2036		2,680,814
	6,140,302	Series 2007-1-1A5		5.75%			10/25/2036		5,761,678
	7,238,042	Series 2007-1-2A7		6.00%			10/25/2036		5,222,468
		MASTR Asset Backed Securities Trust,
	4,975,000	Series 2003-OPT1-M3		4.56%	#		12/25/2032		4,983,658
	19,708,017	Series 2006-AM2-A3		0.60%	#		06/25/2036		14,991,162
	357,931	Series 2006-NC1-A3		0.62%	#		01/25/2036		357,949
		MASTR Asset Securitization Trust,
	282,549	Series 2003-1-30B2		5.75%			02/25/2033		281,913
	8,267,515	Series 2006-1-1A4		5.75%			05/25/2036		7,852,475
	5,320,444	Series 2006-2-1A11		6.00%	#		06/25/2036		5,107,003
	101,553	Series 2007-1-1A1		5.50%			11/25/2037		102,001
	5,768,559	Series 2007-1-1A3		6.25%			11/25/2037		4,875,939
		MASTR Resecuritization Trust,
	24,535,004	Series 2008-4-A1		6.00%	#^		06/27/2036		21,301,178
		MASTR Seasoned Securitization Trust,
	1,863,591	Series 2005-2-1A4		6.00%			10/25/2032		1,852,318
	1,824,022	Series 2005-2-2A1		0.83%	#		10/25/2032		1,614,489

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 25

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Merrill Lynch Mortgage Investors Trust,
	10,746,329	Series 2006-3-1A		2.53%	#		10/25/2036		10,415,687
	3,152,480	Series 2006-F1-1A2		6.00%			04/25/2036		2,896,344
		Monterey Ltd.,
	72,413,988	Series 2006-1A-A1A		0.87%	#^		09/06/2042		6,300,017
	285,875,316	Series 2006-1A-A1B		0.87%	#^		09/06/2042		24,871,152
		Morgan Stanley Capital, Inc.,
	681,420	Series 2003-NC6-M2		3.36%	#		06/25/2033		656,436
		Morgan Stanley Mortgage Loan Trust,
	2,350,965	Series 2005-10-1A1		1.13%	#		12/25/2035		1,889,954
	5,890,227	Series 2005-10-1A6		5.75%			12/25/2035		5,705,382
	7,863,585	Series 2005-10-2A1		5.51%	#		12/25/2035		7,839,299
	798,153	Series 2005-6AR-1A1		0.71%	#		11/25/2035		769,262
	6,361,601	Series 2006-11-1A6		6.23%	#		08/25/2036		2,829,449
	14,645,777	Series 2006-11-2A1		6.00%			08/25/2036		11,836,286
	8,620,839	Series 2006-17XS-A3A		5.65%	#		10/25/2046		4,924,490
	2,703,589	Series 2006-17XS-A6		5.58%	#		10/25/2046		1,369,768
	9,047,852	Series 2006-2-2A3		5.75%			02/25/2036		8,586,244
	42,078,169	Series 2006-7-3A		5.22%	#		06/25/2036		34,799,946
	3,786,503	Series 2006-7-4A4		6.00%			06/25/2036		3,344,339
	3,833,180	Series 2006-7-4A7		6.00%			06/25/2036		3,328,650
	5,257,510	Series 2007-13-6A1		6.00%			10/25/2037		4,305,524
	19,740,195	Series 2007-14AR-2A3		2.72%	#		10/25/2037		16,531,243
	4,329,841	Series 2007-1XS-2A3		5.92%	#		09/25/2046		2,231,270
	3,151,600	Series 2007-1XS-2A4A		6.08%	#		09/25/2046		1,818,587
	1,409,878	Series 2007-3XS-1A2A		5.62%	#		01/25/2047		1,345,262
	9,219,621	Series 2007-3XS-2A3S		5.86%	#		01/25/2047		6,058,373
	5,392,609	Series 2007-3XS-2A4S		5.96%	#		01/25/2047		3,543,122
		Morgan Stanley Re-Remic Trust,
	746,656	Series 2010-R9-1A		4.00%	#^		08/26/2036		749,224
	6,599,188	Series 2010-R9-1B		6.25%	#^		08/26/2036		5,056,127
	48,980,280	Series 2010-R9-3C		6.00%	#^		11/26/2036		48,521,085
	6,210,548	Series 2011-R1-1A		5.94%	#^		02/26/2037		6,607,705
		MSCC Heloc Trust,
	19,218,042	Series 2007-1-A		0.53%	#		12/25/2031		18,847,887
		New Century Home Equity Loan Trust,
	33,589,250	Series 2005-2-M3		0.92%	#		06/25/2035		27,236,001
		New Residential Mortgage Loan Trust,
	26,256,007	Series 2014-2A-A3		3.75%	#^		05/25/2054		27,142,294
	70,604,964	Series 2015-2A-A1		3.75%	#		08/25/2055		73,290,452
		New York Mortgage Trust,
	1,194,048	Series 2005-2-A		0.76%	#		08/25/2035		1,098,732
		Nomura Asset Acceptance Corporation,
	549,033	Series 2005-AP1-2A5		4.86%	#		02/25/2035		555,364
	18,727,388	Series 2006-AF1-1A2		6.16%	#		05/25/2036		9,223,585
	3,805,740	Series 2006-AF1-1A3		6.41%	#		05/25/2036		1,874,023
	22,484,218	Series 2006-AP1-A2		5.52%	#		01/25/2036		12,220,307
	3,800,306	Series 2006-AP1-A3		5.65%	#		01/25/2036		2,082,066
	1,910,264	Series 2006-WF1-A2		5.76%	#		06/25/2036		1,014,861
		Nomura Home Equity Loan, Inc.,
	20,164,241	Series 2006-AF1-A2		5.80%	#		10/25/2036		9,912,376
	3,658,450	Series 2007-1-1A1		6.06%	#		02/25/2037		1,737,080
	18,234,557	Series 2007-1-1A3		5.99%	#		02/25/2037		8,659,015
		Oaks Mortgage Trust Series,
	75,827,086	Series 2015-2-A3		3.50%	#^		10/25/2045		77,071,561
		Option One Mortgage Loan Trust,
	911,893	Series 2002-2-A		0.97%	#		06/25/2032		821,298
	1,306,686	Series 2004-3-M3		1.41%	#		11/25/2034		1,168,568
		Park Place Securities, Inc.,
	13,000,000	Series 2005-WHQ4-M2		0.92%	#		09/25/2035		10,247,219
		PFCA Home Equity Investment Trust,
	41,718,666	Series 2003-IFC5-A		4.24%	#^		01/22/2035		39,724,455
	46,763,271	Series 2003-IFC6-A		4.09%	#^		04/22/2035		43,052,190
		PHH Alternative Mortgage Trust,
	10,937,907	Series 2007-1-1A1		0.59%	#		02/25/2037		9,110,162
	30,765,486	Series 2007-2-2A1		6.00%			05/25/2037		27,347,499
	1,329,756	Series 2007-2-3A1		6.00%			05/25/2037		1,169,025
	15,109,087	Series 2007-3-A2		0.62%	#		07/25/2037		14,711,763

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Popular ABS Mortgage Pass-Through Trust,
	277,825	Series 2005-5-AF6		4.42%	#		11/25/2035		277,775
		PR Mortgage Loan Trust,
	281,448,569	Series 2014-1-APT		5.92%	#		10/25/2049		289,383,252
		Pretium Mortgage Credit Partners LLC,
	67,000,000	Series 2016-NPL1-A1		4.38%	#^		02/27/2031		67,027,095
	92,471,468	Series 2016-NPL2-A1		4.38%	#^		03/27/2031		92,869,043
		Prime Mortgage Trust,
	13,159,120	Series 2006-DR1-2A1		5.50%	^		05/25/2035		12,010,934
	6,322,252	Series 2006-DR1-2A2		6.00%	^		05/25/2035		5,852,067
		RBSGC Structured Trust,
	43,620,942	Series 2008-B-A1		6.00%	^		06/25/2037		39,072,159
		RCO Mortgage LLC,
	21,461,967	Series 2015-2A-A		4.50%	#^		11/25/2045		21,523,872
	20,000,000	Series 2016-1-A		4.50%	#		11/25/2047		20,038,152
		Renaissance Home Equity Loan Trust,
	1,332,223	Series 2006-1-AF6		5.75%	#		05/25/2036		877,003
	10,781,093	Series 2006-4-AF4		5.47%	#		01/25/2037		5,675,097
	21,230,166	Series 2006-4-AF5		5.69%	#		01/25/2037		11,640,279
	18,019,864	Series 2007-2-AF2		5.68%	#		06/25/2037		8,077,254
	9,745,735	Series 2007-2-AF5		6.20%	#		06/25/2037		4,794,847
		Residential Accredit Loans, Inc.,
	5,832,959	Series 2004-QS15-A1		5.25%			11/25/2034		5,974,370
	54,399,613	Series 2005-QA11-4A1		3.49%	#		10/25/2035		44,841,237
	28,187,500	Series 2005-QA13-2A1		3.75%	#		12/25/2035		23,400,341
	17,881,253	Series 2005-QA3-CB1		3.54%	#		03/25/2035		12,042,588
	739,926	Series 2005-QS12-A11		46.39%	# I/F		08/25/2035		1,419,075
	3,259,465	Series 2005-QS13-1A6		5.50%			09/25/2035		2,844,108
	6,223,370	Series 2005-QS13-2A1		1.13%	#		09/25/2035		4,570,949
	25,515,817	Series 2005-QS13-2A2		4.62%	# I/F I/O		09/25/2035		3,594,132
	11,170,398	Series 2005-QS14-2A1		6.00%			09/25/2035		8,384,522
	4,874,885	Series 2005-QS15-2A		6.00%			10/25/2035		3,737,701
	5,380,132	Series 2005-QS15-3A		6.00%			10/25/2035		4,779,762
	6,451,787	Series 2005-QS16-A1		1.13%	#		11/25/2035		4,374,912
	6,450,672	Series 2005-QS16-A2		4.37%	# I/F I/O		11/25/2035		1,049,348
	2,847,212	Series 2005-QS17-A1		6.00%			12/25/2035		2,455,876
	1,972,971	Series 2005-QS17-A10		6.00%			12/25/2035		1,701,796
	8,251,821	Series 2005-QS17-A11		6.00%			12/25/2035		7,117,648
	5,865,134	Series 2005-QS17-A2		1.28%	#		12/25/2035		4,046,228
	5,865,134	Series 2005-QS17-A4		4.72%	# I/F I/O		12/25/2035		1,129,410
	4,719,269	Series 2005-QS17-A6		6.00%			12/25/2035		4,070,628
	1,913,740	Series 2005-QS1-A5		5.50%			01/25/2035		1,914,336
	2,452,157	Series 2005-QS5-A3		5.70%			04/25/2035		2,288,618
	1,952,729	Series 2005-QS9-A1		0.93%	#		06/25/2035		1,588,332
	4,771,735	Series 2005-QS9-A4		4.57%	# I/F I/O		06/25/2035		756,095
	2,349,867	Series 2006-QS10-A4		5.75%			08/25/2036		1,873,462
	15,478,434	Series 2006-QS11-1A1		6.50%			08/25/2036		12,940,483
	2,526,193	Series 2006-QS12-1A1		6.50%			09/25/2036		1,832,129
	6,284,580	Series 2006-QS12-2A18		5.75%			09/25/2036		5,073,844
	9,558,100	Series 2006-QS14-A18		6.25%			11/25/2036		7,952,238
	4,954,621	Series 2006-QS15-A1		6.50%			10/25/2036		4,075,171
	1,935,700	Series 2006-QS16-A10		6.00%			11/25/2036		1,556,811
	6,883,041	Series 2006-QS16-A11		6.00%			11/25/2036		5,535,772
	2,009,237	Series 2006-QS16-A7		6.00%			11/25/2036		1,615,954
	2,171,217	Series 2006-QS16-A8		6.00%			11/25/2036		1,746,229
	859,191	Series 2006-QS16-A9		6.00%			11/25/2036		691,015
	4,386,133	Series 2006-QS17-A4		6.00%			12/25/2036		3,582,991
	24,367,460	Series 2006-QS17-A5		6.00%			12/25/2036		19,905,549
	2,470,616	Series 2006-QS1-A6		39.54%	# I/F		01/25/2036		5,125,361
	17,213,009	Series 2006-QS3-1A11		6.00%			03/25/2036		14,709,542
	3,860,732	Series 2006-QS4-A8		8.00%	# I/F		04/25/2036		3,763,470
	11,073,037	Series 2006-QS5-A3		6.00%			05/25/2036		9,483,120
	33,001,814	Series 2006-QS5-A4		6.00%			05/25/2036		28,263,265
	4,309,199	Series 2006-QS6-1A16		6.00%			06/25/2036		3,514,360
	7,087,736	Series 2006-QS6-1A2		6.00%			06/25/2036		5,780,391
	14,315,209	Series 2006-QS8-A1		6.00%			08/25/2036		11,267,923
	24,824,662	Series 2006-QS8-A5		5.12%	# I/F I/O		08/25/2036		5,054,631
	8,008,801	Series 2006-QS9-1A6		4.87%	# I/F I/O		07/25/2036		2,312,521
	8,038,616	Series 2007-QS11-A1		7.00%			10/25/2037		6,582,635
	27,355,988	Series 2007-QS1-1A2		5.02%	# I/F I/O		01/25/2037		5,736,192
	2,753,670	Series 2007-QS1-1A4		6.00%			01/25/2037		2,285,561

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Residential Accredit Loans, Inc., (Cont.)
	6,646,868	Series 2007-QS1-2A10		6.00%			01/25/2037		5,373,386
	1,205,999	Series 2007-QS2-A6		6.25%			01/25/2037		961,402
	43,684,639	Series 2007-QS3-A1		6.50%			02/25/2037		35,478,125
	6,965,788	Series 2007-QS3-A4		6.25%			02/25/2037		5,560,157
	11,134,354	Series 2007-QS4-3A3		6.00%			03/25/2037		9,474,785
	5,150,500	Series 2007-QS5-A1		5.50%			03/25/2037		3,889,890
	2,124,791	Series 2007-QS5-A5		0.73%	#		03/25/2037		1,204,215
	7,056,918	Series 2007-QS5-A8		6.27%	# I/F I/O		03/25/2037		1,909,092
	5,788,938	Series 2007-QS6-A102		5.75%			04/25/2037		4,710,877
	1,861,312	Series 2007-QS6-A13		51.39%	# I/F		04/25/2037		4,534,031
	8,289,305	Series 2007-QS6-A45		5.75%			04/25/2037		6,745,607
	13,210,591	Series 2007-QS6-A6		6.25%			04/25/2037		11,246,348
	912,414	Series 2007-QS6-A77		52.23%	# I/F		04/25/2037		2,258,529
	10,022,009	Series 2007-QS7-2A1		6.75%			06/25/2037		6,379,022
	43,422,627	Series 2007-QS9-A33		6.50%			07/25/2037		36,832,891
		Residential Asset Mortgage Products, Inc.,
	119,397	Series 2004-RS4-AI6		5.07%	#		04/25/2034		122,447
	982,887	Series 2004-RS5-AI6		5.55%	#		05/25/2034		994,354
	7,000,042	Series 2004-RS7-A3		2.86%	#		07/25/2034		6,143,160
	1,379,123	Series 2004-RS7-AI6		5.22%	#		07/25/2034		1,309,720
	421,842	Series 2004-RS9-AI6		4.72%	#		07/25/2034		435,067
	443,608	Series 2004-RZ2-AI4		5.35%	#		02/25/2033		441,388
	6,791,326	Series 2005-RS1-AI5		5.41%	#		01/25/2035		6,836,594
	54,412,384	Series 2005-RS9-AI4		0.75%	#		11/25/2035		43,748,145
	39,927,376	Series 2006-RS2-A3A		0.73%	#		03/25/2036		34,660,468
	835,979	Series 2006-RS5-A3		0.60%	#		09/25/2036		829,506
	12,760,000	Series 2006-RX5-A3		0.68%	#		08/25/2046		10,801,762
	12,300,000	Series 2006-RZ3-A3		0.72%	#		08/25/2036		11,255,469
		Residential Asset Securities Corporation,
	288,221	Series 2002-KS1-AI6		6.08%	#		06/25/2032		301,885
	2,317,298	Series 2003-KS11-MI1		5.13%	#		01/25/2034		2,220,896
	1,496,241	Series 2005-AHL3-A2		0.67%	#		11/25/2035		1,478,422
	27,100,365	Series 2005-KS11-M2		0.85%	#		12/25/2035		23,094,207
	13,043,209	Series 2006-EMX5-A3		0.59%	#		07/25/2036		11,421,661
	35,541,697	Series 2007-KS3-AI3		0.68%	#		04/25/2037		32,456,962
		Residential Asset Securitization Trust,
	7,300,400	Series 2005-A11-2A4		6.00%			10/25/2035		5,816,745
	4,570,852	Series 2005-A12-A7		4.57%	# I/F I/O		11/25/2035		704,931
	3,743,998	Series 2005-A12-A8		0.98%	#		11/25/2035		2,703,426
	14,798,948	Series 2005-A13-2A1		5.50%			10/25/2035		11,138,636
	14,337,773	Series 2005-A15-5A3		5.75%			02/25/2036		11,186,362
	2,729,487	Series 2005-A7-A3		5.50%			06/25/2035		2,380,630
	6,886,950	Series 2005-A8CB-A11		6.00%			07/25/2035		6,514,765
	6,859,438	Series 2005-A8CB-A2		4.57%	# I/F I/O		07/25/2035		1,337,179
	6,979,477	Series 2006-A10-A5		6.50%			09/25/2036		4,897,956
	1,123,033	Series 2006-A1-1A3		6.00%			04/25/2036		885,706
	9,991,239	Series 2006-A12-A1		6.25%			11/25/2036		6,832,132
	9,602,298	Series 2006-A13-A1		6.25%			12/25/2036		6,401,723
	19,701,011	Series 2006-A1-3A2		6.00%			04/25/2036		14,991,557
	17,920,512	Series 2006-A14C-2A6		0.88%	#		12/25/2036		4,838,726
	39,547,882	Series 2006-A14C-2A7		6.12%	# I/F I/O		12/25/2036		15,216,530
	9,081,675	Series 2006-A2-A11		6.00%			01/25/2046		6,863,538
	6,287,600	Series 2006-A2-A4		6.00%			01/25/2046		4,751,897
	995,308	Series 2006-A4-2A5		6.00%			05/25/2036		909,298
	6,135,236	Series 2006-A8-1A1		6.00%			08/25/2036		5,543,911
	7,790,413	Series 2006-R1-A1		26.67%	# I/F		01/25/2046		14,654,502
	45,248,185	Series 2007-A2-1A2		6.00%			04/25/2037		37,994,856
	1,270,455	Series 2007-A3-1A2		43.06%	# I/F		04/25/2037		3,071,435
	25,727,303	Series 2007-A5-1A4		5.67%	# I/F I/O		05/25/2037		6,357,909
	6,639,053	Series 2007-A5-1A6		0.83%	#		05/25/2037		1,368,805
	9,603,482	Series 2007-A5-2A3		6.00%			05/25/2037		8,109,769
	4,208,716	Series 2007-A5-2A5		6.00%			05/25/2037		3,554,097
	17,507,264	Series 2007-A6-1A2		6.00%			06/25/2037		15,357,619
	11,320,484	Series 2007-A7-A1		6.00%			07/25/2037		7,878,386
	49,794,762	Series 2007-A7-A2		6.00%			07/25/2037		34,654,201
	22,063,008	Series 2007-A7-A6		6.00%			07/25/2037		15,354,545
		Residential Funding Mortgage Securities Trust,
	1,953,386	Series 2003-S16-A1		4.75%			09/25/2018		1,962,086
	4,879,690	Series 2005-S9-A10		6.25%			12/25/2035		4,611,428
	12,791,717	Series 2005-S9-A6		5.75%			12/25/2035		12,715,328
	951,087	Series 2005-S9-A8		5.50%			12/25/2035		926,645
	16,638,142	Series 2006-S10-1A1		6.00%			10/25/2036		14,841,771

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Residential Funding Mortgage Securities Trust, (Cont.)
	28,801,319	Series 2006-S11-A1		6.00%			11/25/2036		26,893,229
	5,304,370	Series 2006-S5-A12		6.00%			06/25/2036		4,838,000
	363,160	Series 2006-S5-A15		6.00%			06/25/2036		331,230
	9,179,125	Series 2006-S9-A1		6.25%			09/25/2036		8,491,312
	7,073,189	Series 2007-S1-A7		6.00%			01/25/2037		6,417,363
	6,137,681	Series 2007-S2-A1		6.00%			02/25/2037		5,592,126
	6,914,773	Series 2007-S2-A4		6.00%			02/25/2037		6,300,145
	12,909,091	Series 2007-S2-A5		6.00%			02/25/2037		11,761,651
	2,017,261	Series 2007-S2-A9		6.00%			02/25/2037		1,837,954
	5,971,030	Series 2007-S3-1A4		6.00%			03/25/2037		5,401,343
	1,971,345	Series 2007-S4-A1		6.00%			04/25/2037		1,750,753
	5,262,454	Series 2007-S4-A2		6.00%			04/25/2037		4,673,590
	41,998,195	Series 2007-S5-A1		6.00%			05/25/2037		38,098,335
	12,171,243	Series 2007-S5-A8		6.00%			05/25/2037		11,041,048
	6,497,267	Series 2007-S6-2A4		6.00%			06/25/2037		6,011,744
	33,843,889	Series 2007-S7-A20		6.00%			07/25/2037		30,584,381
	14,105,308	Series 2007-S8-1A1		6.00%			09/25/2037		12,544,399
	6,249,308	Series 2007-SA1-4A		5.97%	#		02/25/2037		5,480,872
	14,065,857	Series 2007-SA2-2A1		3.36%	#		04/25/2037		11,923,544
		RMAT LLC,
	44,167,074	Series 2015-PR2-A1		5.85%	#^		11/25/2035		44,322,622
	29,696,885	Series 2015-RPL1-A1		3.97%	#^		05/26/2020		29,476,317
		Saxon Asset Securities Trust,
	58,952,602	Series 2006-3-A3		0.60%	#		10/25/2046		47,555,296
		Securitized Mortgage Asset Loan Trust,
	400,088,209	Series 2015-1-PC		4.02%	#^¥		02/25/2054		296,619,317
	80,913,443	Series 2015-2-PC		3.57%	^¥		12/26/2059		71,503,194
	141,056,660	Series 2015-3-PC		3.59%	^¥		10/25/2044		131,966,348
		Sequoia Mortgage Trust,
	280,598	Series 2003-4-2A1		0.78%	#		07/20/2033		263,755
	13,629,191	Series 2013-2-A		1.87%	#		02/25/2043		12,950,144
	112,521,567	Series 2015-4-A1		3.00%	#^		11/25/2030		114,989,007
		SG Mortgage Securities Trust,
	20,679,194	Series 2006-FRE1-A1A		0.60%	#		02/25/2036		18,542,752
		Shellpoint Co-Originator Trust,
	93,205,754	Series 2015-1-A3		3.50%	#^		08/25/2045		94,637,087
		Soundview Home Equity Loan Trust,
	2,728,280	Series 2007-NS1-A2		0.58%	#		01/25/2037		2,720,424
	21,880,000	Series 2007-NS1-A3		0.63%	#		01/25/2037		18,417,361
		Springleaf Mortgage Loan Trust,
	118,132,750	Series 2013-1A-B3F		6.00%	#^		06/25/2058		118,042,697
	61,983,000	Series 2013-2A-B1		6.00%	#^		12/25/2065		62,311,423
		STARM Mortgage Loan Trust,
	20,315,031	Series 2007-2-1A1		3.05%	#		04/25/2037		16,926,918
	10,878,576	Series 2007-3-1A1		2.75%	#		06/25/2037		9,639,652
		Structured Adjustable Rate Mortgage Loan Trust,
	9,924,216	Series 2004-12-8A		2.66%	#		09/25/2034		9,697,034
	4,020,550	Series 2006-1-8A1		2.85%	#		02/25/2036		2,880,227
	6,639,501	Series 2006-6-3A1		4.10%	#		07/25/2036		5,354,466
		Structured Asset Securities Corporation,
	58,269	Series 2003-18XS-A6		4.54%	#		06/25/2033		58,293
	3,914,744	Series 2003-24A-1A3		2.55%	#		07/25/2033		3,832,459
	9,208,209	Series 2003-35-1A1		5.23%	#		12/25/2033		9,471,133
	2,687,378	Series 2004-11XS-2A2		5.40%	#		06/25/2034		3,151,616
	1,791,117	Series 2004-15-2A1		4.75%			09/25/2019		1,808,046
	8,203,072	Series 2004-22-A2		5.07%	#		01/25/2035		8,434,325
	26,011,756	Series 2005-10-1A1		5.75%			06/25/2035		25,060,506
	2,756,315	Series 2005-10-6A1		5.00%			06/25/2020		2,808,439
	6,256,260	Series 2005-13-3A1		6.00%			09/25/2035		5,199,497
	2,132,208	Series 2005-14-1A1		0.73%	#		07/25/2035		1,791,737
	863,002	Series 2005-14-1A4		22.60%	# I/F		07/25/2035		1,197,239
	41,261,314	Series 2005-14-4A1		5.75%			07/25/2035		41,694,442
	3,957,142	Series 2005-15-1A1		5.50%			08/25/2035		4,149,001
	7,415,155	Series 2005-15-2A7		5.50%			08/25/2035		7,284,026
	12,860,639	Series 2005-15-3A1		4.78%	#		08/25/2035		12,579,870
	7,780,481	Series 2005-16-1A2		5.50%			09/25/2035		7,847,686
	9,046,522	Series 2005-3-1A6		5.75%			03/25/2035		8,484,758
	2,371,172	Series 2005-6-4A1		5.00%			05/25/2035		2,395,814

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 27

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Structured Asset Securities Corporation, (Cont.)
	69,502,884	Series 2006-BC4-A4		0.60%	#		12/25/2036		58,924,260
	141,846,092	Series 2007-4-1A3		5.70%	# I/F I/O ^		03/28/2045		26,691,463
		Suntrust Alternative Loan Trust,
	1,251,117	Series 2005-1F-2A3		5.75%			12/25/2035		1,136,682
	2,074,246	Series 2006-1F-1A3		6.00%			04/25/2036		1,592,258
		Thornburg Mortgage Securities Trust,
	1,020,443	Series 2003-6-A2		1.43%	#		12/25/2033		949,615
	8,086,510	Series 2004-4-5A		2.57%	#		12/25/2044		7,678,821
	23,598,092	Series 2007-1-A1		2.54%	#		03/25/2037		22,512,847
	6,091,030	Series 2007-1-A2A		2.54%	#		03/25/2037		5,415,176
		Towd Point Mortgage Trust,
	17,034,706	Series 2015-1-AE		3.00%	^		10/25/2053		17,112,104
	15,756,065	Series 2015-1-AES		3.00%	^		10/25/2053		15,869,976
	8,762,520	Series 2015-2-1A12		2.75%	^		11/25/2060		8,842,492
	28,040,066	Series 2015-2-1A13		2.50%	#^		11/25/2060		28,061,724
	86,043,958	Series 2015-5-A1B		2.75%	#^		05/25/2055		86,173,230
	99,582,500	Series 2015-6-A1B		2.75%	#^		04/25/2055		99,611,419
		VOLT LLC,
	36,715,295	Series 2015-NPL5-A1		3.50%	#^		03/25/2055		36,188,251
	197,757,269	Series 2016-NPL1-A1		4.25%	#^		02/26/2046		198,018,091
		Washington Mutual Mortgage Pass-Through Certificates,
	9,622,713	Series 2005-1-2A		6.00%			03/25/2035		8,846,383
	4,007,107	Series 2005-4-5A1		5.50%			06/25/2035		3,729,963
	1,524,558	Series 2005-5-CB12		45.84%	# I/F		07/25/2035		3,307,639
	4,936,892	Series 2005-5-CB6		1.03%	#		07/25/2035		3,942,732
	1,500,465	Series 2005-6-2A7		5.50%			08/25/2035		1,374,867
	1,825,157	Series 2005-7-3CB		6.50%			08/25/2035		1,450,292
	20,217,326	Series 2005-8-1A2		5.50%			10/25/2035		18,735,616
	16,414,735	Series 2005-9-2A2		5.50%			11/25/2035		16,097,544
	4,114,531	Series 2005-9-CX		5.50%	I/O		11/25/2035		975,738
	6,047,179	Series 2006-1-3A1		5.75%			02/25/2036		5,569,946
	3,062,240	Series 2006-1-3A2		5.75%			02/25/2036		2,820,573
	2,600,915	Series 2006-1-3A7		5.75%			02/25/2036		2,395,655
	3,706,955	Series 2006-5-1A8		5.75%			07/25/2036		3,083,799
	7,021,584	Series 2006-5-2CB1		6.00%			07/25/2036		5,562,608
	12,754,151	Series 2006-5-2CB6		6.00%			07/25/2036		10,104,036
	8,008,337	Series 2006-5-3A5		6.45%	#		07/25/2036		3,767,436
	4,874,489	Series 2006-9-A7		4.96%	#		10/25/2036		2,770,254
	15,358,106	Series 2006-AR10-1A1		2.43%	#		09/25/2036		13,878,190
	24,033,875	Series 2006-AR15-1A		1.19%	#		11/25/2046		18,484,600
	1,870,586	Series 2006-AR6-2A3		4.26%	#		08/25/2036		1,658,519
	19,311,496	Series 2007-2-1A2		6.00%			04/25/2037		16,213,927
	19,752,815	Series 2007-2-1A6		6.00%			04/25/2037		16,584,457
	13,813,255	Series 2007-3-A3		6.00%			04/25/2037		11,654,536
	11,271,148	Series 2007-4-1A1		5.50%			06/25/2037		10,507,395
	623,318	Series 2007-5-A11		36.88%	# I/F		06/25/2037		1,536,027
	15,582,947	Series 2007-5-A6		6.00%			06/25/2037		13,738,661
	28,238,433	Series 2007-HY3-4A1		2.54%	#		03/25/2037		26,622,065
	27,822,339	Series 2007-HY5-1A1		2.08%	#		05/25/2037		24,002,360
	23,881,291	Series 2007-HY6-2A3		2.26%	#		06/25/2037		21,430,731
		Wells Fargo Alternative Loan Trust,
	2,704,731	Series 2007-PA1-A10		6.00%			03/25/2037		2,439,833
	11,875,876	Series 2007-PA1-A3		6.00%			03/25/2037		10,712,770
	10,239,603	Series 2007-PA1-A5		6.00%			03/25/2037		9,236,751
	16,782,196	Series 2007-PA1-A6		6.00%			03/25/2037		15,138,573
	81,183,570	Series 2007-PA2-1A1		6.00%			06/25/2037		78,690,982
	11,229,489	Series 2007-PA2-3A1		0.78%	#		06/25/2037		7,845,207
	16,542,775	Series 2007-PA2-3A2		6.22%	# I/F I/O		06/25/2037		4,460,036
	1,042,649	Series 2007-PA3-1A4		5.75%			07/25/2037		919,994
	26,879,733	Series 2007-PA3-2A1		6.00%			07/25/2037		25,065,332
	10,679,490	Series 2007-PA3-2A4		6.00%			07/25/2037		9,958,617
	18,507,030	Series 2007-PA3-3A1		6.25%			07/25/2037		16,737,986
	10,626,019	Series 2007-PA3-4A3		6.50%			07/25/2037		8,648,466
	138,812,873	Series 2007-PA5-1A1		6.25%			11/25/2037		133,607,307
	471,597	Series 2007-PA5-2A1		6.00%			11/25/2022		478,121
	11,239,157	Series 2007-PA6-A1		2.74%	#		12/28/2037		9,460,183
		Wells Fargo Mortgage Backed Securities Trust,
	20,372,120	Series 2004-Y-3A3		2.80%	#		11/25/2034		20,684,698
	37,881,045	Series 2005-17-1A1		5.50%			01/25/2036		37,154,702
	87,678	Series 2005-4-A7		22.17%	# I/F		04/25/2035		114,158

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wells Fargo Mortgage Backed Securities Trust, (Cont.)
	3,271,918	Series 2005-8-A1		5.50%			10/25/2035		3,382,015
	2,974,230	Series 2005-AR16-6A4		2.76%	#		10/25/2035		2,853,673
	7,233,629	Series 2006-12-A3		6.00%			10/25/2036		7,046,682
	8,513,606	Series 2006-14-A1		6.00%			10/25/2036		8,502,508
	10,488,249	Series 2006-15-A1		6.00%			11/25/2036		10,124,319
	125,533	Series 2006-2-1A4		18.20%	# I/F		03/25/2036		181,370
	6,504,777	Series 2006-2-3A1		5.75%			03/25/2036		6,621,801
	25,196,400	Series 2006-3-A11		5.50%			03/25/2036		25,645,733
	5,703,583	Series 2006-3-A6		5.50%			03/25/2036		5,718,799
	386,897	Series 2006-4-2A2		5.50%			04/25/2036		361,329
	5,928,824	Series 2006-6-2A1		0.83%	#		05/25/2036		4,943,241
	5,928,824	Series 2006-6-2A2		6.67%	# I/F I/O		05/25/2036		1,534,447
	2,676,914	Series 2006-9-2A1		0.00%	P/O		08/25/2036		1,392,487
	2,676,914	Series 2006-9-2A2		6.00%	I/O		08/25/2036		619,384
	13,945,231	Series 2006-AR12-1A1		2.74%	#		09/25/2036		13,129,504
	7,244,654	Series 2006-AR13-A2		2.74%	#		09/25/2036		6,697,074
	7,620,243	Series 2006-AR4-2A1		3.40%	#		04/25/2036		6,989,973
	2,538,521	Series 2007-10-1A18		6.00%			07/25/2037		2,526,990
	4,758,867	Series 2007-10-2A11		6.00%			07/25/2037		4,561,563
	2,634,509	Series 2007-11-A14		6.00%			08/25/2037		2,602,985
	5,258,206	Series 2007-11-A36		6.00%			08/25/2037		5,195,288
	3,736,844	Series 2007-11-A96		6.00%			08/25/2037		3,692,129
	45,348,250	Series 2007-14-1A1		6.00%			10/25/2037		44,621,835
	26,853,452	Series 2007-2-1A1		6.00%			03/25/2037		26,380,563
	1,554,092	Series 2007-2-1A18		5.75%			03/25/2037		1,515,099
	3,500,227	Series 2007-2-1A9		6.00%			03/25/2037		3,438,588
	1,287,411	Series 2007-2-3A2		5.25%			03/25/2037		1,317,647
	2,866,438	Series 2007-3-1A3		6.00%			04/25/2037		2,806,709
	2,799,050	Series 2007-4-A11		6.50%			04/25/2037		2,799,482
	10,752,111	Series 2007-4-A15		6.00%			04/25/2037		10,578,846
	6,342,083	Series 2007-4-A3		6.00%			04/25/2037		6,239,883
	6,688,576	Series 2007-4-A8		6.00%			04/25/2037		6,580,793
	7,762,709	Series 2007-6-A4		6.00%			05/25/2037		7,721,508
	3,709,400	Series 2007-6-A6		6.00%			05/25/2037		3,689,712
	11,880,537	Series 2007-7-A1		6.00%			06/25/2037		11,806,278
	826,268	Series 2007-7-A32		5.75%			06/25/2037		814,428
	26,754,095	Series 2007-7-A34		6.00%			06/25/2037		26,586,869
	7,221,829	Series 2007-7-A36		6.00%			06/25/2037		7,176,689
	2,464,356	Series 2007-7-A43		0.93%	#		06/25/2037		2,065,594
	6,732,569	Series 2007-7-A49		6.00%			06/25/2037		6,690,487
	2,850,213	Series 2007-7-A8		0.93%	#		06/25/2037		2,389,015
	1,285,781	Series 2007-7-A9		36.40%	# I/F		06/25/2037		2,178,128
	2,015,941	Series 2007-8-1A13		0.80%	#		07/25/2037		1,719,411
	2,015,941	Series 2007-8-1A14		37.18%	# I/F		07/25/2037		3,519,162
	32,759,037	Series 2007-8-1A16		6.00%			07/25/2037		32,381,853
	21,859,602	Series 2007-8-1A2		6.00%			07/25/2037		21,607,912
	3,090,313	Series 2007-8-1A20		6.00%			07/25/2037		3,054,732
	27,609,915	Series 2007-8-1A22		6.00%			07/25/2037		27,292,028
	9,609,302	Series 2007-8-1A3		6.00%			07/25/2037		9,498,664
	12,110,194	Series 2007-8-2A9		6.00%			07/25/2037		12,310,469
	61,965,096	Series 2007-AR9-A1		6.00%	#		12/28/2037		60,217,271
		Wells Fargo Mortgage Loan Trust,
	3,832,333	Series 2012-RR1-A1		2.85%	#^		08/27/2037		3,831,114
		WinWater Mortgage Loan Trust,
	39,908,697	Series 2015-4-A5		3.50%	#^		06/20/2045		40,512,795
	130,817,001	Series 2015-5-A3		3.50%	#^		08/20/2045		133,331,840
	34,518,477	Series 2016-1-1A5		3.50%	#^		01/20/2046		35,669,751
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $12,439,485,558)							12,171,510,334
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 48.8%
		Federal Home Loan Mortgage Corporation,
	13,986,666	Pool C03490		4.50%			08/01/2040		15,248,134
	77,636,298	Pool C91388		3.50%			02/01/2032		82,100,704
	40,556,549	Pool C91403		3.50%			03/01/2032		42,887,592
	40,243,275	Pool C91413		3.50%			12/01/2031		42,554,867
	20,075,227	Pool C91417		3.50%			01/01/2032		21,228,562
	81,285,282	Pool C91447		3.50%			05/01/2032		85,960,056
	88,271,737	Pool C91594		3.00%			01/01/2033		91,892,066
	25,874,628	Pool C91596		3.00%			02/01/2033		26,935,605
	13,913,197	Pool D98901		3.50%			01/01/2032		14,713,207

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	38,485,183	Pool D98923		3.50%			01/01/2032		40,691,438
	33,864,361	Pool D99724		3.00%			11/01/2032		35,253,240
	34,487,340	Pool G01840		5.00%			07/01/2035		38,299,817
	7,447,785	Pool G04817		5.00%			09/01/2038		8,182,477
	18,914,836	Pool G06172		5.50%			12/01/2038		21,206,913
	26,387,252	Pool G06954		6.00%			05/01/2040		30,000,757
	37,355,706	Pool G07011		6.00%			05/01/2040		42,554,501
	31,404,746	Pool G07801		4.00%			10/01/2044		33,747,561
	61,340,165	Pool G07862		4.00%			01/01/2044		65,915,877
	69,192,838	Pool G07905		4.00%			01/01/2042		74,151,826
	99,341,773	Pool G08534		3.00%			06/01/2043		101,929,455
	31,850,007	Pool G08537		3.00%			07/01/2043		32,678,006
	87,417,570	Pool G08614		3.00%			11/01/2044		89,636,178
	102,049,864	Pool G08619		3.00%			12/01/2044		104,639,831
	133,126,969	Pool G08622		3.00%			01/01/2045		136,505,656
	248,741,257	Pool G08626		3.00%			02/01/2045		255,054,168
	129,871,315	Pool G08631		3.00%			03/01/2045		133,167,375
	322,959,203	Pool G08635		3.00%			04/01/2045		331,155,723
	94,311,812	Pool G08640		3.00%			05/01/2045		96,705,392
	483,776,500	Pool G08648		3.00%			06/01/2045		496,054,472
	93,256,801	Pool G08653		3.00%			07/01/2045		95,623,605
	51,063,626	Pool G08658		3.00%			08/01/2045		52,359,592
	64,017,095	Pool G08670		3.00%			10/01/2045		65,641,812
	740,716,643	Pool G08675		3.00%			11/01/2045		759,515,609
	319,321,887	Pool G08680		3.00%			12/01/2045		327,426,095
	216,604,715	Pool G08686		3.00%			01/01/2046		222,102,019
	288,769,585	Pool G08692		3.00%			02/01/2046		296,098,392
	484,913,589	Pool G08697		3.00%			03/01/2046		497,220,419
	79,024,282	Pool G60251		3.50%			10/01/2045		83,229,233
	285,841,751	Pool G60393		3.50%			01/01/2046		300,627,582
	142,636,718	Pool J22834		2.50%			03/01/2028		147,076,306
	144,513,874	Pool Q16672		3.00%			03/01/2043		148,300,433
	9,254,068	Pool Q23595		4.00%			12/01/2043		10,000,617
	12,248,802	Pool Q24052		4.00%			01/01/2044		13,236,975
	10,544,890	Pool Q24172		4.00%			01/01/2044		11,394,450
	8,507,690	Pool Q24979		4.00%			02/01/2044		9,193,197
	74,408,728	Pool Q31596		3.50%			02/01/2045		78,009,284
	25,577,941	Pool Q32861		3.50%			04/01/2045		26,844,468
	68,448,025	Pool Q32921		3.50%			04/01/2045		71,758,407
	37,544,766	Pool Q39502		3.50%			03/01/2046		39,486,881
	12,964,586	Pool T60392		4.00%			10/01/2041		13,537,719
	11,016,006	Pool T60681		4.00%			05/01/2042		11,505,608
	30,565,360	Pool T60782		3.50%			07/01/2042		31,554,648
	50,749,494	Pool T60853		3.50%			09/01/2042		52,389,246
	43,720,748	Pool T60854		3.50%			09/01/2042		45,141,064
	4,651,906	Pool T65110		3.50%			10/01/2042		4,802,564
	10,978,084	Pool T69016		5.00%			06/01/2041		11,756,408
	830,827	Pool U60299		4.00%			11/01/2040		891,274
	187,830,724	Pool V81821		3.00%			08/01/2045		192,597,761
	49,575,895	Pool V82117		3.00%			12/01/2045		50,834,102
	57,797,701	Pool V82209		3.50%			02/01/2046		60,787,510
	2,587,006	Series 2519-ZD		5.50%			11/15/2032		2,871,744
	1,574,155	Series 2596-ZL		5.00%			04/15/2033		1,741,364
	67,939,221	Series 267-30		3.00%			08/15/2042		69,426,325
	866,847	Series 2684-ZN		4.00%			10/15/2033		933,762
	127,540,086	Series 269-30		3.00%			08/15/2042		130,414,205
	55,179,503	Series 274-30		3.00%			08/15/2042		56,439,136
	5,570,985	Series 2750-ZT		5.00%			02/15/2034		6,190,325
	154,384,956	Series 280-30		3.00%			09/15/2042		158,216,747
	23,136,243	Series 2819-MS		6.03%	# I/F I/O		06/15/2040		3,818,542
	13,321,659	Series 2825-PZ		5.50%			07/15/2034		15,112,855
	37,281,770	Series 284-300		3.00%			10/15/2042		38,125,499
	8,559,527	Series 2898-JZ		5.00%			12/15/2034		9,574,145
	18,076,952	Series 2899-AZ		5.00%			12/15/2034		20,062,384
	13,438,713	Series 2909-Z		5.00%			12/15/2034		14,885,259
	25,240,027	Series 2932-Z		5.00%			02/15/2035		27,951,937
	2,398,152	Series 2990-JL		6.21%	# I/F I/O		03/15/2035		332,891
	8,062,644	Series 3002-SN		6.06%	# I/F I/O		07/15/2035		1,405,013
	5,564,043	Series 3030-SL		5.66%	# I/F I/O		09/15/2035		777,917
	1,641,453	Series 3045-DI		6.29%	# I/F I/O		10/15/2035		317,593
	13,434,764	Series 3116-Z		5.50%			02/15/2036		15,164,543
	2,487,983	Series 3117-ZN		4.50%			02/15/2036		2,664,283
	7,379,178	Series 3174-PZ		5.00%			01/15/2036		8,232,018
	1,694,313	Series 3187-JZ		5.00%			07/15/2036		1,883,757

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	4,321,611	Series 3188-ZK		5.00%			07/15/2036		4,784,063
	6,593,611	Series 3203-SE		6.06%	# I/F I/O		08/15/2036		1,170,242
	10,556,622	Series 3203-Z		5.00%			07/15/2036		11,765,959
	16,727,042	Series 3203-ZC		5.00%			07/15/2036		18,643,245
	7,788,577	Series 3261-SA		5.99%	# I/F I/O		01/15/2037		1,499,984
	5,845,742	Series 3267-BA		5.80%			11/15/2036		6,302,927
	10,222,415	Series 3275-SC		5.64%	# I/F I/O		02/15/2037		1,640,564
	6,053,069	Series 3315-HZ		6.00%			05/15/2037		6,511,341
	16,895,687	Series 3326-GS		6.21%	# I/F I/O		06/15/2037		2,376,471
	1,775,891	Series 3351-ZC		5.50%			07/15/2037		1,995,439
	17,129,394	Series 3355-BI		5.61%	# I/F I/O		08/15/2037		3,188,169
	1,423,525	Series 3369-Z		6.00%			09/15/2037		1,558,203
	4,825,659	Series 3405-ZG		5.50%			01/15/2038		5,272,713
	7,292,618	Series 3417-SI		5.74%	# I/F I/O		02/15/2038		792,972
	9,724,319	Series 3423-GS		5.21%	# I/F I/O		03/15/2038		1,162,503
	1,596,836	Series 3423-SG		5.21%	# I/F I/O		03/15/2038		180,488
	1,894,292	Series 3451-S		5.59%	# I/F I/O		02/15/2037		248,877
	2,247,562	Series 3455-SC		5.62%	# I/F I/O		06/15/2038		316,410
	1,393,365	Series 3473-SM		5.63%	# I/F I/O		07/15/2038		147,584
	9,162,063	Series 3484-SE		5.41%	# I/F I/O		08/15/2038		1,442,511
	8,654,564	Series 3519-SD		5.11%	# I/F I/O		02/15/2038		1,363,896
	3,184,628	Series 3524-LB		4.25%	#		06/15/2038		3,226,110
	203,335	Series 3530-GZ		4.50%			05/15/2039		212,426
	11,870,634	Series 3541-EI		6.31%	# I/F I/O		06/15/2039		2,227,059
	3,379,952	Series 3545-SA		5.71%	# I/F I/O		06/15/2039		450,284
	1,406,053	Series 3549-SA		5.36%	# I/F I/O		07/15/2039		181,529
	13,888,280	Series 3577-LS		6.76%	# I/F I/O		08/15/2035		2,733,175
	3,577,050	Series 3582-SA		5.56%	# I/F I/O		10/15/2049		560,491
	4,270,322	Series 3583-GB		4.50%			10/15/2039		4,633,895
	29,760,179	Series 3606-CS		5.91%	# I/F I/O		12/15/2039		5,937,441
	7,457,858	Series 3616-SG		5.91%	# I/F I/O		03/15/2032		1,157,491
	11,964,175	Series 3626-AZ		5.50%			08/15/2036		13,282,029
	2,181,802	Series 3631-SE		5.96%	# I/F I/O		05/15/2039		104,949
	16,134,050	Series 3641-Z		5.50%			02/15/2036		18,039,065
	17,514,174	Series 3654-ZB		5.50%			11/15/2037		19,345,119
	36,017,634	Series 3666-VZ		5.50%			08/15/2036		40,306,041
	4,549,820	Series 3667-SB		6.01%	# I/F I/O		05/15/2040		515,138
	13,757,682	Series 3702-SG		5.61%	# I/F I/O		08/15/2032		2,047,268
	5,177,196	Series 3704-EI		5.00%	I/O		12/15/2036		745,981
	3,741,293	Series 3712-SG		22.81%	# I/F		08/15/2040		6,340,382
	9,903,017	Series 3724-CM		5.50%			06/15/2037		11,202,009
	98,939,562	Series 3725-CS		5.56%	# I/F I/O		05/15/2040		14,387,207
	31,459,067	Series 3726-SA		5.61%	# I/F I/O		09/15/2040		5,266,204
	98,000,000	Series 3738-BP		4.00%			12/15/2038		103,904,951
	4,165,070	Series 3741-SC		9.13%	# I/F		10/15/2040		4,587,007
	26,881,846	Series 3752-BS		9.12%	# I/F		11/15/2040		30,274,007
	15,593,611	Series 3768-ZX		5.00%			12/15/2040		18,412,566
	11,370,973	Series 3771-AL		4.00%			12/15/2030		12,202,828
	18,761,630	Series 3779-BY		3.50%			12/15/2030		20,334,462
	28,249,374	Series 3779-DZ		4.50%			12/15/2040		31,232,420
	24,250,000	Series 3779-LB		4.00%			12/15/2030		26,177,793
	1,567,520	Series 3779-SH		8.93%	# I/F		12/15/2040		1,644,897
	3,500,000	Series 3779-YA		3.50%			12/15/2030		3,824,633
	15,000,000	Series 3783-AC		4.00%			01/15/2031		16,771,921
	12,335,232	Series 3786-SG		8.63%	# I/F		01/15/2041		13,604,962
	11,731,674	Series 3788-AY		3.50%			01/15/2031		12,530,674
	9,722,090	Series 3790-Z		4.00%			01/15/2041		10,404,840
	12,291,501	Series 3795-VZ		4.00%			01/15/2041		13,537,277
	643,229	Series 3798-SD		8.73%	# I/F		12/15/2040		699,747
	19,515,803	Series 3800-VZ		4.50%			02/15/2041		22,688,216
	13,287,072	Series 3803-ZM		4.00%			02/15/2041		14,309,953
	70,709,226	Series 3806-CZ		5.50%			07/15/2034		80,005,622
	18,000,000	Series 3808-DB		3.50%			02/15/2031		19,094,243
	15,277,557	Series 3812-EY		3.50%			02/15/2031		16,268,788
	9,897,727	Series 3818-CZ		4.50%			03/15/2041		10,956,790
	18,927,511	Series 3819-ZU		5.50%			07/15/2034		21,148,507
	35,500,000	Series 3824-EY		3.50%			03/15/2031		38,568,712
	3,350,433	Series 3828-SW		11.89%	# I/F		02/15/2041		4,773,108
	15,872,956	Series 3829-VZ		4.00%			03/15/2041		17,028,545
	6,390,168	Series 3843-PZ		5.00%			04/15/2041		7,831,309
	833,294	Series 3845-LS		12.04%	# I/F		03/15/2041		837,593
	56,562,611	Series 3863-ZA		5.50%			08/15/2034		62,935,215
	10,229,000	Series 3870-PB		4.50%			06/15/2041		11,380,689
	79,301,831	Series 3871-LZ		5.50%			06/15/2041		93,089,248

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 29

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	27,504,985	Series 3872-BA		4.00%			06/15/2041		28,965,670
	21,574,169	Series 3877-EY		4.50%			06/15/2041		23,513,687
	12,378,000	Series 3877-GY		4.50%			06/15/2041		13,468,598
	54,835,198	Series 3877-ZU		4.50%			06/15/2041		58,158,858
	31,928,562	Series 3888-ZG		4.00%			07/15/2041		34,412,770
	19,731,098	Series 3888-ZU		4.50%			06/15/2041		22,793,551
	12,105,576	Series 3900-SB		5.53%	# I/F I/O		07/15/2041		1,744,605
	42,689,856	Series 3901-VZ		4.00%			07/15/2041		46,106,078
	22,625,154	Series 3910-GZ		5.00%			08/15/2041		27,683,379
	10,055,624	Series 3910-ZE		5.00%			10/15/2034		11,251,151
	12,330,000	Series 3919-KL		4.50%			09/15/2041		13,601,507
	28,862,428	Series 3919-ZJ		4.00%			09/15/2041		31,142,597
	5,818,641	Series 3942-JZ		4.00%			10/15/2041		6,044,057
	11,928,828	Series 3944-AZ		4.00%			10/15/2041		12,863,900
	8,746,485	Series 3946-SM		13.39%	# I/F		10/15/2041		9,550,209
	8,144,608	Series 3957-DZ		3.50%			11/15/2041		8,421,058
	10,000,000	Series 3964-VM		4.00%			11/15/2034		10,891,630
	49,998,419	Series 3969-AB		4.00%			10/15/2033		53,304,369
	11,567,578	Series 3982-AZ		3.50%			01/15/2042		12,105,734
	58,120,137	Series 3990-ZA		3.50%			01/15/2042		61,242,072
	17,656,640	Series 3999-EZ		4.00%			02/15/2042		19,265,870
	49,438,592	Series 3999-ZB		4.00%			02/15/2042		53,903,935
	28,031,597	Series 4016-KZ		4.00%			03/15/2042		31,141,846
	26,709,698	Series 4050-BC		2.00%			05/15/2041		26,157,803
	69,692,668	Series 4057-ZA		4.00%			06/15/2042		77,373,455
	69,437,977	Series 4084-TZ		4.00%			07/15/2042		78,549,531
	12,632,106	Series 4097-TG		2.00%			05/15/2039		12,693,768
	39,041,146	Series 4097-ZA		3.50%			08/15/2042		42,117,151
	97,063,000	Series 4109-GE		4.50%			10/15/2041		108,616,254
	38,003,181	Series 4109-KD		3.00%			05/15/2032		38,617,069
	5,353,226	Series 4121-AV		3.00%			12/15/2035		5,567,229
	70,048,136	Series 4160-HP		2.50%			01/15/2033		72,503,604
	27,903,723	Series 4162-ZJ		3.00%			02/15/2033		27,934,743
	5,876,018	Series 4165-ZT		3.00%			02/15/2043		5,597,121
	40,041,156	Series 4174-Z		3.50%			03/15/2043		42,918,882
	99,539,763	Series 4179-AZ		4.00%			01/15/2041		109,435,618
	29,523,175	Series 4183-ZB		3.00%			03/15/2043		29,805,366
	23,284,605	Series 4186-ZJ		3.00%			03/15/2033		23,315,734
	13,000,000	Series 4189-ML		3.00%			04/15/2038		13,427,306
	203,918,837	Series 4212-US		4.87%	# I/F		06/15/2043		198,520,270
	17,308,864	Series 4215-KC		2.25%			03/15/2038		17,644,828
	88,597,260	Series 4223-US		4.90%	# I/F		07/15/2043		82,893,820
	22,247,320	Series 4223-ZV		4.00%			07/15/2043		24,976,572
	27,670,237	Series 4229-TZ		3.00%			06/15/2043		27,301,412
	27,809,150	Series 4229-ZA		4.00%			07/15/2043		31,216,402
	20,572,300	Series 4250-BZ		3.00%			09/15/2033		20,740,983
	20,563,323	Series 4267-BZ		4.00%			10/15/2040		22,490,452
	108,502,989	Series 4323-GA		3.00%			06/15/2040		112,146,334
	41,285,243	Series 4360-KA		3.00%			05/15/2040		42,776,532
	67,930,238	Series 4375-CG		3.00%			04/15/2039		71,102,988
	14,155,885	Series 4376-GZ		3.00%			08/15/2044		13,467,705
	45,004,980	Series 4377-LZ		3.00%			08/15/2044		42,770,320
	54,726,822	Series 4377-UZ		3.00%			08/15/2044		52,569,501
	9,873,454	Series 4379-KA		3.00%			08/15/2044		10,263,689
	32,590,754	Series 4384-A		3.00%			12/15/2040		33,801,344
	24,600,469	Series 4384-ZY		3.00%			09/15/2044		24,042,941
	6,476,933	Series 4386-US		7.37%	# I/F		09/15/2044		6,466,072
	275,258,207	Series 4390-NY		3.00%			06/15/2040		287,772,931
	124,679,519	Series 4390-NZ		3.00%			09/15/2044		122,494,324
	71,790,026	Series 4391-MA		3.00%			07/15/2040		74,883,142
	96,782,546	Series 4408-PB		3.00%			04/15/2044		100,199,579
	25,182,182	Series 4419-TB		3.00%			02/15/2040		25,676,830
	140,376,570	Series 4427-CE		3.00%			02/15/2034		146,875,781
	83,696,912	Series 4427-MA		3.00%			02/15/2034		87,509,114
	48,225,669	Series 4427-PS		5.16%	# I/F I/O		07/15/2044		7,956,840
	73,186,488	Series 4429-HA		3.00%			04/15/2034		75,998,972
	23,758,816	Series 4434-LZ		3.00%			02/15/2045		22,721,475
	21,856,160	Series 4438-B		3.00%			10/15/2043		22,679,525
	8,883,731	Series 4441-VZ		3.00%			02/15/2045		8,589,637
	74,432,704	Series 4444-CH		3.00%			01/15/2041		77,429,647
	25,824,800	Series 4444-CZ		3.00%			02/15/2045		24,290,933
	72,532,002	Series 4447-A		3.00%			06/15/2041		75,604,922
	7,728,120	Series 4450-JZ		3.00%			03/15/2045		7,386,406
	6,720,640	Series 4461-LZ		3.00%			03/15/2045		6,465,530

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	7,926,751	Series 4462-ZA		3.00%			04/15/2045		7,748,114
	46,253,085	Series 4463-ZC		3.00%			04/15/2045		46,684,474
	25,696,159	Series 4467-ZA		3.00%			04/15/2045		24,082,910
	213,206,679	Series 4471-BA		3.00%			12/15/2041		222,359,727
	185,395,033	Series 4471-BC		3.00%			12/15/2041		193,354,116
	160,287,486	Series 4471-GA		3.00%			02/15/2044		165,654,953
	74,608,172	Series 4481-B		3.00%			12/15/2042		76,936,708
	300,527,702	Series 4483-CA		3.00%			06/15/2044		314,191,435
	187,057,835	Series 4483-PA		2.50%			06/15/2045		191,404,984
	15,340,895	Series 4484-ZL		3.00%			06/15/2045		14,898,887
	8,188,583	Series 4492-GZ		3.50%			07/15/2045		8,376,886
	54,101,514	Series 4498-PD		2.50%			08/15/2042		54,821,675
	42,946,371	Series 4499-AB		3.00%			06/15/2042		44,286,671
	75,475,343	Series 4504-CA		3.00%			04/15/2044		78,996,887
	48,844,848	Series 4511-QA		3.00%			01/15/2041		50,679,089
	38,562,182	Series 4511-QC		3.00%			12/15/2040		40,092,846
	87,316,577	Series 4527-CA		3.00%			02/15/2044		91,066,737
	215,130,379	Series 4527-GA		3.00%			02/15/2044		223,962,385
	202,949,299	Series 4533-AB		3.00%			06/15/2044		208,085,013
	172,221,532	Series 4543-HG		2.70%			04/15/2044		175,532,181
	116,327,156	Series R003-ZA		5.50%			10/15/2035		132,448,774
		Federal National Mortgage Association,
	1,433,124	Series 2002-70-QZ		5.50%			11/25/2032		1,601,169
	2,261,640	Series 2002-75-ZG		5.50%			11/25/2032		2,558,968
	1,603,855	Series 2003-117-KS		6.67%	# I/F I/O		08/25/2033		90,303
	27,147,198	Series 2003-129-ZT		5.50%			01/25/2034		31,224,887
	5,917,435	Series 2003-29-ZL		5.00%			04/25/2033		6,564,418
	2,754,376	Series 2003-64-ZG		5.50%			07/25/2033		3,031,845
	23,888,348	Series 2003-84-PZ		5.00%			09/25/2033		26,687,721
	17,577,728	Series 2003-W17-1A7		5.75%			08/25/2033		20,095,484
	6,344,866	Series 2004-46-PJ		5.57%	# I/F I/O		03/25/2034		940,801
	4,809,992	Series 2004-51-XP		7.27%	# I/F I/O		07/25/2034		1,079,555
	5,000,000	Series 2004-W10-A6		5.75%			08/25/2034		5,710,409
	2,931,316	Series 2004-W4-A5		5.50%			06/25/2034		3,065,560
	443,029	Series 2005-107-EG		4.50%			01/25/2026		477,512
	1,460,469	Series 2005-37-ZK		4.50%			05/25/2035		1,566,665
	12,559,163	Series 2005-87-SE		5.62%	# I/F I/O		10/25/2035		2,015,160
	10,213,777	Series 2005-87-SG		6.27%	# I/F I/O		10/25/2035		1,924,728
	8,224,410	Series 2006-101-SA		6.15%	# I/F I/O		10/25/2036		1,660,848
	3,362,361	Series 2006-123-LI		5.89%	# I/F I/O		01/25/2037		686,616
	3,306,014	Series 2006-16-HZ		5.50%			03/25/2036		3,564,500
	14,486,653	Series 2006-56-SM		6.32%	# I/F I/O		07/25/2036		2,749,249
	20,616,630	Series 2006-60-YI		6.14%	# I/F I/O		07/25/2036		4,166,792
	2,285,209	Series 2006-93-SN		6.17%	# I/F I/O		10/25/2036		383,091
	13,052,212	Series 2007-109-VZ		5.00%			10/25/2035		14,803,255
	2,436,856	Series 2007-116-BI		5.82%	# I/F I/O		05/25/2037		430,789
	13,192,187	Series 2007-14-PS		6.38%	# I/F I/O		03/25/2037		2,329,238
	6,287,929	Series 2007-30-OI		6.01%	# I/F I/O		04/25/2037		1,318,773
	1,669,228	Series 2007-30-SI		5.68%	# I/F I/O		04/25/2037		241,335
	7,057,394	Series 2007-32-SG		5.67%	# I/F I/O		04/25/2037		1,196,939
	5,731,065	Series 2007-57-SX		6.19%	# I/F I/O		10/25/2036		909,605
	9,179,532	Series 2007-60-VZ		6.00%			07/25/2037		10,507,498
	4,022,022	Series 2007-71-GZ		6.00%			07/25/2047		4,453,051
	6,714,462	Series 2007-75-ID		5.44%	# I/F I/O		08/25/2037		1,225,542
	2,324,098	Series 2007-9-SD		6.22%	# I/F I/O		03/25/2037		299,390
	2,441,806	Series 2008-27-B		5.50%			04/25/2038		2,661,360
	8,492,836	Series 2008-29-ZA		4.50%			04/25/2038		9,249,881
	15,846,767	Series 2008-48-BE		5.00%			06/25/2034		17,698,655
	3,424,653	Series 2008-48-SD		5.57%	# I/F I/O		06/25/2037		452,858
	3,842,162	Series 2008-53-LI		5.72%	# I/F I/O		07/25/2038		575,689
	3,771,387	Series 2008-57-SE		5.57%	# I/F I/O		02/25/2037		457,080
	2,234,147	Series 2008-5-MS		5.82%	# I/F I/O		02/25/2038		342,346
	2,946,860	Series 2008-61-SC		5.57%	# I/F I/O		07/25/2038		427,802
	3,329,249	Series 2008-62-SC		5.57%	# I/F I/O		07/25/2038		486,921
	4,714,412	Series 2008-65-SA		5.57%	# I/F I/O		08/25/2038		693,949
	4,922,178	Series 2008-81-LP		5.50%			09/25/2038		5,417,162
	14,149,957	Series 2009-106-EZ		4.50%			01/25/2040		14,971,305
	4,076,074	Series 2009-111-SE		5.82%	# I/F I/O		01/25/2040		534,966
	1,192,569	Series 2009-16-MZ		5.00%			03/25/2029		1,320,541

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
	8,364,911	Series 2009-42-SI		5.57%	# I/F I/O		06/25/2039		1,120,103
	4,853,581	Series 2009-42-SX		5.57%	# I/F I/O		06/25/2039		730,014
	4,154,807	Series 2009-47-SA		5.67%	# I/F I/O		07/25/2039		525,139
	1,685,464	Series 2009-48-WS		5.52%	# I/F I/O		07/25/2039		192,903
	10,199,219	Series 2009-49-S		6.32%	# I/F I/O		07/25/2039		1,631,644
	1,567,795	Series 2009-51-BZ		4.50%			07/25/2039		1,653,208
	3,315,689	Series 2009-54-EZ		5.00%			07/25/2039		3,609,245
	3,554,499	Series 2009-70-SA		5.37%	# I/F I/O		09/25/2039		388,771
	10,000,000	Series 2009-80-PM		4.50%			10/25/2039		10,899,674
	5,955,802	Series 2009-83-Z		4.50%			10/25/2039		6,298,320
	21,965,742	Series 2009-85-ES		6.80%	# I/F I/O		01/25/2036		4,403,409
	29,303,377	Series 2009-85-JS		6.32%	# I/F I/O		10/25/2039		6,729,688
	5,631,245	Series 2009-90-IB		5.29%	# I/F I/O		04/25/2037		673,403
	3,496,514	Series 2009-94-BC		5.00%			11/25/2039		3,763,914
	25,772,184	Series 2010-101-SA		4.05%	# I/F I/O		09/25/2040		3,630,306
	15,275,080	Series 2010-101-ZC		4.50%			09/25/2040		16,521,728
	46,452,478	Series 2010-101-ZH		4.50%			07/25/2040		49,700,296
	10,298,295	Series 2010-10-SA		5.92%	# I/F I/O		02/25/2040		1,855,675
	4,892,843	Series 2010-10-ZA		4.50%			02/25/2040		5,164,220
	2,832,560	Series 2010-111-S		5.52%	# I/F I/O		10/25/2050		384,910
	9,300,462	Series 2010-116-Z		4.00%			10/25/2040		9,975,293
	5,192,666	Series 2010-117-SA		4.07%	# I/F I/O		10/25/2040		547,242
	7,419,879	Series 2010-120-KD		4.00%			10/25/2040		7,938,825
	48,217,407	Series 2010-121-SD		4.07%	# I/F I/O		10/25/2040		5,274,512
	242,685	Series 2010-126-SU		50.18%	# I/F		11/25/2040		970,788
	178,693	Series 2010-126-SX		13.68%	# I/F		11/25/2040		321,740
	11,978,422	Series 2010-128-HZ		4.00%			11/25/2040		12,635,778
	9,183,145	Series 2010-132-Z		4.50%			11/25/2040		9,711,334
	88,008	Series 2010-137-VS		13.68%	# I/F		12/25/2040		141,096
	4,895,474	Series 2010-142-AV		4.00%			11/25/2029		4,949,709
	19,021,907	Series 2010-142-AZ		4.00%			12/25/2040		20,874,458
	25,636,241	Series 2010-148-SA		6.22%	# I/F I/O		01/25/2026		3,629,792
	33,297,677	Series 2010-150-ZA		4.00%			01/25/2041		35,479,271
	20,107,991	Series 2010-16-SA		5.02%	# I/F I/O		03/25/2040		2,885,155
	3,715,236	Series 2010-21-DZ		5.00%			03/25/2040		4,219,784
	3,723,204	Series 2010-21-KS		4.52%	# I/F I/O		03/25/2040		323,781
	1,665,546	Series 2010-2-GS		6.02%	# I/F I/O		12/25/2049		193,367
	4,674,218	Series 2010-2-MS		5.82%	# I/F I/O		02/25/2050		702,281
	5,174,176	Series 2010-31-SA		4.57%	# I/F I/O		04/25/2040		459,384
	12,658,661	Series 2010-31-VZ		4.00%			04/25/2040		13,192,760
	9,411,680	Series 2010-34-PS		4.50%	# I/F I/O		04/25/2040		846,696
	2,004,296	Series 2010-35-ES		6.02%	# I/F I/O		04/25/2040		287,805
	2,828,912	Series 2010-35-SV		6.02%	# I/F I/O		04/25/2040		356,340
	2,896,979	Series 2010-46-MS		4.52%	# I/F I/O		05/25/2040		242,153
	21,328,968	Series 2010-49-ZW		4.50%			05/25/2040		22,667,625
	4,832,439	Series 2010-4-SK		5.80%	# I/F I/O		02/25/2040		739,396
	2,237,335	Series 2010-58-ES		11.36%	# I/F		06/25/2040		2,576,705
	12,286,420	Series 2010-59-MS		5.34%	# I/F I/O		06/25/2040		2,174,145
	23,341,527	Series 2010-59-PS		6.02%	# I/F I/O		03/25/2039		2,432,178
	13,251,744	Series 2010-59-SC		4.57%	# I/F I/O		01/25/2040		1,483,706
	2,512,558	Series 2010-60-VZ		5.00%			10/25/2039		2,693,061
	1,492,955	Series 2010-61-EL		4.50%			06/25/2040		1,621,599
	14,564,519	Series 2010-64-EZ		5.00%			06/25/2040		16,317,650
	41,980,123	Series 2010-76-ZK		4.50%			07/25/2040		46,101,559
	13,000,751	Series 2010-79-CZ		4.00%			07/25/2040		13,513,428
	37,812,423	Series 2010-79-VZ		4.50%			07/25/2040		42,588,249
	9,834,216	Series 2010-84-ZC		4.50%			08/25/2040		10,634,858
	19,668,390	Series 2010-84-ZD		4.50%			08/25/2040		21,269,670
	22,669,120	Series 2010-84-ZG		4.50%			08/25/2040		24,156,196
	2,567,413	Series 2010-90-SA		5.42%	# I/F I/O		08/25/2040		340,345
	3,542,050	Series 2010-94-Z		4.50%			08/25/2040		3,742,702
	8,668,587	Series 2010-99-SG		22.81%	# I/F		09/25/2040		15,932,008
	5,498,248	Series 2010-9-DS		4.87%	# I/F I/O		02/25/2040		747,532
	33,457,711	Series 2011-106-LZ		3.50%			10/25/2041		34,978,230
	520,021	Series 2011-110-LS		9.22%	# I/F		11/25/2041		730,198
	19,348,234	Series 2011-111-CZ		4.00%			11/25/2041		20,415,181
	8,290,280	Series 2011-111-EZ		5.00%			11/25/2041		9,426,476
	11,678,699	Series 2011-111-VZ		4.00%			11/25/2041		12,794,570
	30,000,000	Series 2011-131-PB		4.50%			12/25/2041		34,516,950
	29,500,000	Series 2011-16-AL		3.50%			03/25/2031		31,947,503
	38,800,000	Series 2011-17-NY		3.50%			03/25/2031		42,001,962
	2,307,737	Series 2011-17-SA		6.04%	# I/F I/O		03/25/2041		314,476
	11,000,000	Series 2011-25-KY		3.00%			04/25/2026		11,541,635
	4,744,126	Series 2011-27-BS		8.12%	# I/F		04/25/2041		5,570,013

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
	56,000,000	Series 2011-29-AL		3.50%			04/25/2031		60,120,827
	18,437,252	Series 2011-2-GZ		4.00%			02/25/2041		19,544,000
	10,000,000	Series 2011-2-VD		4.00%			07/25/2027		10,161,348
	61,049,830	Series 2011-32-X		4.00%			04/25/2041		64,368,944
	11,453,396	Series 2011-36-VZ		4.50%			05/25/2041		12,118,880
	30,538,206	Series 2011-37-Z		4.50%			05/25/2041		33,250,451
	8,102,772	Series 2011-38-BZ		4.00%			05/25/2041		8,549,029
	8,748,233	Series 2011-39-CB		3.00%			05/25/2026		9,177,812
	23,801,532	Series 2011-39-ZD		4.00%			02/25/2041		25,303,440
	8,825,464	Series 2011-40-LZ		4.50%			05/25/2041		9,344,827
	16,400,567	Series 2011-42-MZ		4.50%			05/25/2041		17,922,006
	18,222,462	Series 2011-45-ZA		4.00%			05/25/2031		19,930,672
	29,448,224	Series 2011-45-ZB		4.50%			05/25/2041		32,630,581
	8,403,186	Series 2011-48-SC		8.33%	# I/F		06/25/2041		9,090,994
	19,622,082	Series 2011-58-SA		6.12%	# I/F I/O		07/25/2041		4,005,346
	3,416,675	Series 2011-59-MA		4.50%			07/25/2041		3,712,135
	13,969,748	Series 2011-60-EL		3.00%			07/25/2026		14,867,609
	7,024,011	Series 2011-63-ZE		4.00%			08/25/2038		7,114,010
	34,747,657	Series 2011-64-DB		4.00%			07/25/2041		37,695,578
	11,229,994	Series 2011-74-KL		5.00%			06/25/2040		12,472,417
	24,578,330	Series 2011-77-Z		3.50%			08/25/2041		25,402,701
	21,787,531	Series 2011-8-AV		4.00%			01/25/2030		22,961,600
	24,479,928	Series 2011-99-CZ		4.50%			10/25/2041		28,590,750
	112,656,371	Series 2011-99-DZ		5.00%			10/25/2041		128,012,808
	11,675,719	Series 2012-104-Z		3.50%			09/25/2042		12,193,096
	11,301,182	Series 2012-111-LB		3.50%			05/25/2041		11,941,965
	44,434,820	Series 2012-111-MJ		4.00%			04/25/2042		48,031,357
	33,330,454	Series 2012-114-DC		2.00%			08/25/2039		33,633,142
	131,787,305	Series 2012-122-AD		2.00%			02/25/2040		132,574,761
	97,853,224	Series 2012-122-DB		3.00%			11/25/2042		100,262,625
	107,900,212	Series 2012-125-LA		3.00%			11/25/2042		110,354,272
	10,697,101	Series 2012-133-PB		6.50%			04/25/2042		12,028,744
	67,208,662	Series 2012-144-PT		4.33%	#		11/25/2049		71,901,857
	10,005,429	Series 2012-14-BZ		4.00%			03/25/2042		10,956,970
	22,866,322	Series 2012-15-PZ		4.00%			03/25/2042		25,469,950
	17,300,906	Series 2012-20-ZT		3.50%			03/25/2042		18,292,234
	52,793,940	Series 2012-30-DZ		4.00%			04/25/2042		59,052,910
	43,408,351	Series 2012-31-Z		4.00%			04/25/2042		47,550,245
	17,481,148	Series 2012-63-EB		2.00%			08/25/2040		17,441,774
	31,186,866	Series 2012-74-Z		4.00%			07/25/2042		34,200,415
	14,613,958	Series 2012-80-EA		2.00%			04/25/2042		14,085,563
	22,970,829	Series 2012-86-ZC		3.50%			08/25/2042		24,646,027
	32,004,383	Series 2012-96-VZ		3.50%			09/25/2042		33,541,473
	63,505,578	Series 2012-98-BG		4.50%			08/25/2040		69,135,366
	87,935,348	Series 2012-99-QE		3.00%			09/25/2042		91,439,660
	24,007,108	Series 2013-130-ZE		3.00%			01/25/2044		23,594,774
	21,570,240	Series 2013-133-ZT		3.00%			01/25/2039		21,012,736
	11,487,540	Series 2013-36-Z		3.00%			04/25/2043		11,326,484
	24,867,139	Series 2013-41-ZH		3.00%			05/25/2033		25,381,424
	19,292,416	Series 2013-51-HS		4.88%	# I/F		04/25/2043		17,796,843
	8,321,815	Series 2013-53-AB		1.50%			03/25/2028		8,229,871
	8,605,363	Series 2013-58-SC		5.35%	# I/F		06/25/2043		8,092,423
	123,883,864	Series 2013-81-ZQ		3.00%			08/25/2043		113,330,966
	37,212,987	Series 2013-82-SH		5.62%	# I/F I/O		12/25/2042		6,625,147
	24,712,466	Series 2013-8-Z		3.00%			02/25/2043		23,438,316
	21,510,535	Series 2014-12-GZ		3.50%			03/25/2044		22,754,158
	23,358,655	Series 2014-21-GZ		3.00%			04/25/2044		22,389,969
	27,879,204	Series 2014-37-ZY		2.50%			07/25/2044		25,435,191
	44,261,008	Series 2014-39-ZA		3.00%			07/25/2044		42,080,312
	14,811,001	Series 2014-46-NZ		3.00%			06/25/2043		14,607,329
	76,657,853	Series 2014-55-MA		3.00%			10/25/2039		80,085,893
	9,162,206	Series 2014-56-AD		3.00%			01/25/2040		9,312,153
	53,048,415	Series 2014-60-EZ		3.00%			10/25/2044		52,268,937
	37,446,131	Series 2014-61-ZV		3.00%			10/25/2044		35,853,813
	31,578,331	Series 2014-64-NZ		3.00%			10/25/2044		30,204,010
	154,467,741	Series 2014-65-CD		3.00%			06/25/2040		160,788,777
	11,119,308	Series 2014-67-DZ		3.00%			10/25/2044		10,716,124
	148,947,156	Series 2014-68-MA		3.00%			11/25/2040		154,818,623
	35,546,649	Series 2014-68-MZ		3.00%			11/25/2044		33,823,575
	25,334,425	Series 2014-6-Z		2.50%			02/25/2044		22,295,951
	63,773,307	Series 2014-73-CQ		3.00%			06/25/2040		66,405,168
	20,066,456	Series 2014-77-VZ		3.00%			11/25/2044		19,157,720
	35,626,338	Series 2014-82-YA		3.00%			04/25/2041		37,080,519
	25,770,598	Series 2014-84-KZ		3.00%			12/25/2044		24,767,243

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 31

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
	170,820,864	Series 2014-95-NA		3.00%			04/25/2041		177,523,072
	198,036,380	Series 2014-M11-1A		3.12%	#		08/25/2024		210,737,008
	118,959,964	Series 2015-09-HA		3.00%			01/25/2045		124,369,811
	59,125,202	Series 2015-11-A		3.00%			05/25/2034		61,994,010
	141,674,027	Series 2015-21-G		3.00%			02/25/2042		148,159,212
	26,578,577	Series 2015-42-CA		3.00%			03/25/2044		27,656,245
	82,535,539	Series 2015-49-A		3.00%			03/25/2044		86,102,156
	23,430,082	Series 2015-63-KD		3.00%			07/25/2041		24,202,693
	89,825,862	Series 2015-88-AC		3.00%			04/25/2043		92,187,169
	241,514,505	Series 2015-88-BA		3.00%			04/25/2044		251,197,933
	77,423,246	Series 2016-02-JA		2.50%			02/25/2046		79,323,275
	17,569,116	Series 400-S4		5.02%	# I/F I/O		11/25/2039		2,509,660
	146,758,935	Series 412-A3		3.00%			08/25/2042		149,950,117
		Federal National Mortgage Association Pass-Thru,
	17,290,756	Pool 555743		5.00%			09/01/2033		19,233,062
	18,528,499	Pool 735141		5.50%			01/01/2035		20,995,937
	6,902,343	Pool 735230		5.50%			02/01/2035		7,813,449
	13,019,947	Pool 735382		5.00%			04/01/2035		14,456,266
	21,325,332	Pool 735402		5.00%			04/01/2035		23,673,929
	15,005,437	Pool 735484		5.00%			05/01/2035		16,652,831
	5,740,259	Pool 735667		5.00%			07/01/2035		6,382,915
	4,880,729	Pool 735893		5.00%			10/01/2035		5,412,848
	12,267,619	Pool 745275		5.00%			02/01/2036		13,606,810
	1,162,855	Pool 745571		4.00%			01/01/2019		1,211,153
	547,977	Pool 888695		5.00%			08/01/2037		606,088
	2,601,223	Pool 888968		5.00%			08/01/2035		2,890,449
	6,730,493	Pool 889509		6.00%			05/01/2038		7,688,944
	12,968,094	Pool 889662		6.00%			06/01/2038		14,802,703
	19,544,616	Pool 890549		4.00%			11/01/2043		21,195,149
	21,411,615	Pool 890565		3.00%			11/01/2043		22,027,410
	1,746,326	Pool 929321		5.50%			03/01/2038		1,958,561
	1,456,376	Pool 931104		5.00%			05/01/2039		1,611,222
	987,651	Pool 961410		6.00%			01/01/2038		1,126,221
	407,507	Pool 975116		5.00%			05/01/2038		450,722
	4,945,131	Pool 982036		6.00%			05/01/2038		5,633,861
	4,320,678	Pool 985190		6.00%			08/01/2038		4,924,055
	2,516,988	Pool 986864		6.50%			08/01/2038		2,949,428
	2,866,589	Pool 987316		6.50%			09/01/2038		3,279,031
	11,997,015	Pool 995070		5.50%			08/01/2037		13,598,731
	43,661,024	Pool 995112		5.50%			07/01/2036		49,478,607
	22,755,072	Pool 995203		5.00%			07/01/2035		25,302,825
	1,821,362	Pool 995581		6.00%			01/01/2039		2,075,124
	39,079,937	Pool 995849		5.00%			08/01/2036		43,436,986
	31,914,523	Pool AB2123		4.00%			01/01/2031		34,405,937
	681,072	Pool AB2370		4.50%			09/01/2035		715,466
	4,153,063	Pool AB3713		4.00%			10/01/2031		4,475,827
	16,841,984	Pool AB3796		3.50%			11/01/2031		17,836,218
	8,312,838	Pool AB3850		4.00%			11/01/2041		8,689,314
	15,377,799	Pool AB3923		4.00%			11/01/2041		16,074,890
	52,583,577	Pool AB4167		3.50%			01/01/2032		55,688,011
	52,396,077	Pool AB4261		3.50%			01/01/2032		55,483,247
	10,020,909	Pool AB5084		3.50%			05/01/2032		10,661,971
	20,112,943	Pool AB5156		3.50%			05/01/2032		21,300,456
	31,721,758	Pool AB5212		3.50%			05/01/2032		33,590,824
	12,596,569	Pool AB5243		4.00%			05/01/2042		13,168,783
	45,545,977	Pool AB5911		3.00%			08/01/2032		47,499,675
	12,230,046	Pool AB6280		3.00%			09/01/2042		12,544,525
	19,590,749	Pool AB6349		3.00%			10/01/2032		20,431,134
	57,233,147	Pool AB6750		3.00%			10/01/2032		59,685,838
	27,607,376	Pool AB6751		3.00%			10/01/2032		28,791,640
	153,485,040	Pool AB6854		3.00%			11/01/2042		157,900,157
	115,838,636	Pool AB7077		3.00%			11/01/2042		119,170,929
	93,138,516	Pool AB7344		3.00%			12/01/2032		97,134,025
	41,324,234	Pool AB7776		3.00%			02/01/2043		42,389,608
	50,429,717	Pool AB7877		3.00%			02/01/2043		51,730,448
	23,322,542	Pool AB8418		3.00%			02/01/2033		24,366,054
	34,939,962	Pool AB8520		3.00%			02/01/2033		36,503,238
	37,871,818	Pool AB8703		3.00%			03/01/2038		39,077,168
	19,326,930	Pool AB8858		3.00%			04/01/2033		20,191,686
	31,666,870	Pool AB9020		3.00%			04/01/2038		32,674,752
	31,711,521	Pool AB9197		3.00%			05/01/2033		33,130,525
	93,259,412	Pool AB9406		3.00%			05/01/2033		97,432,535
	20,212,271	Pool AB9409		3.00%			05/01/2033		21,116,671

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Federal National Mortgage Association Pass-Thru, (Cont.)
	854,926	Pool AC1032		5.00%		06/01/2040		906,635
	41,114,322	Pool AD0189		5.50%		02/01/2039		46,490,579
	19,494,941	Pool AD0500		5.50%		09/01/2036		22,089,569
	1,279,155	Pool AD2177		4.50%		06/01/2030		1,400,051
	2,012,662	Pool AD6438		5.00%		06/01/2040		2,232,910
	1,442,866	Pool AD7859		5.00%		06/01/2040		1,606,916
	13,586,175	Pool AH0607		4.00%		12/01/2040		14,609,425
	2,354,025	Pool AH1140		4.50%		12/01/2040		2,477,125
	14,005,383	Pool AH4437		4.00%		01/01/2041		14,635,787
	3,090,451	Pool AH7309		4.00%		02/01/2031		3,331,396
	15,754,772	Pool AH9323		4.00%		04/01/2026		16,816,541
	2,093,518	Pool AI8889		4.00%		08/01/2041		2,187,762
	8,372,467	Pool AI9831		4.00%		09/01/2041		8,747,019
	2,381,242	Pool AJ1265		4.00%		09/01/2041		2,488,262
	4,633,865	Pool AJ1399		4.00%		09/01/2041		4,841,194
	14,428,104	Pool AJ1467		4.00%		10/01/2041		15,080,122
	8,687,722	Pool AJ3392		4.00%		10/01/2041		9,080,979
	2,630,980	Pool AJ3854		4.00%		10/01/2041		2,746,551
	43,784,120	Pool AJ4118		4.00%		11/01/2041		45,766,813
	11,005,761	Pool AJ4131		4.00%		10/01/2041		11,503,244
	1,932,065	Pool AJ5172		4.00%		11/01/2041		2,018,707
	53,409,564	Pool AJ5322		4.00%		11/01/2041		57,421,370
	28,038,866	Pool AJ7677		3.50%		12/01/2041		28,985,715
	5,346,123	Pool AJ8334		4.00%		12/01/2041		5,587,827
	53,226,602	Pool AK0713		3.50%		01/01/2032		56,365,745
	14,523,718	Pool AK4039		4.00%		02/01/2042		15,182,725
	10,496,941	Pool AK4763		4.00%		02/01/2042		10,974,524
	11,986,122	Pool AK9438		4.00%		03/01/2042		12,530,788
	15,921,959	Pool AK9439		4.00%		03/01/2042		16,645,600
	2,201,000	Pool AK9446		4.50%		03/01/2042		2,315,878
	11,967,225	Pool AL1485		6.00%		01/01/2040		13,662,402
	6,781,957	Pool AL1548		6.00%		07/01/2039		7,747,427
	12,934,724	Pool AL1554		6.00%		01/01/2040		14,745,997
	25,576,031	Pool AL1690		6.00%		05/01/2041		29,182,553
	34,214,894	Pool AL1744		6.00%		10/01/2040		39,048,503
	10,287,171	Pool AL1745		6.00%		03/01/2040		11,719,911
	12,233,336	Pool AL1793		6.00%		01/01/2041		13,954,336
	115,210,212	Pool AL3038		3.00%		01/01/2033		120,151,643
	163,233,966	Pool AL3699		3.00%		06/01/2043		167,430,891
	82,588,903	Pool AL3883		3.00%		07/01/2043		84,716,771
	7,261,777	Pool AL4292		4.50%		04/01/2026		7,837,145
	15,713,444	Pool AL4312		4.00%		10/01/2043		17,040,543
	33,179,235	Pool AL6075		3.50%		09/01/2053		34,199,304
	41,735,455	Pool AL6076		3.00%		06/01/2053		42,200,547
	140,449,883	Pool AL6141		4.00%		04/01/2042		151,349,877
	84,871,642	Pool AL6325		3.00%		10/01/2044		87,295,119
	57,992,417	Pool AL6486		4.50%		02/01/2045		63,365,008
	129,582,725	Pool AL6538		4.50%		06/01/2044		141,325,518
	50,295,762	Pool AO2980		4.00%		05/01/2042		52,588,153
	101,496,734	Pool AP4787		3.50%		09/01/2042		104,915,524
	96,058,236	Pool AP4789		3.50%		09/01/2042		99,314,912
	22,917,411	Pool AQ5541		3.00%		12/01/2042		23,575,490
	28,136,985	Pool AR9856		3.00%		04/01/2043		28,945,531
	54,194,149	Pool AS1927		4.50%		03/01/2044		59,160,007
	54,791,745	Pool AS2038		4.50%		03/01/2044		59,833,826
	49,754,564	Pool AS2517		4.50%		05/01/2044		54,325,898
	24,718,914	Pool AS2551		4.50%		06/01/2044		26,897,536
	22,737,044	Pool AS2765		4.50%		07/01/2044		24,737,519
	58,101,005	Pool AS3201		3.00%		08/01/2034		60,674,558
	25,727,105	Pool AS3456		3.00%		10/01/2034		26,869,070
	57,658,458	Pool AS3666		3.00%		10/01/2034		60,215,254
	228,007,321	Pool AS3961		3.00%		12/01/2044		234,214,000
	62,947,899	Pool AS4154		3.00%		12/01/2044		64,661,429
	46,349,382	Pool AS4212		3.00%		01/01/2035		48,410,428
	70,465,750	Pool AS4281		3.00%		01/01/2035		73,594,268
	37,882,353	Pool AS4345		3.50%		01/01/2045		39,956,168
	53,432,950	Pool AS4360		3.00%		01/01/2035		55,809,621
	391,563,452	Pool AS4625		3.00%		03/01/2045		402,222,357
	162,958,716	Pool AS4645		3.00%		03/01/2045		167,394,681
	60,900,853	Pool AS4779		3.00%		04/01/2035		63,191,030
	60,240,210	Pool AS4780		3.00%		04/01/2035		62,505,504
	82,207,209	Pool AS4840		3.00%		04/01/2035		85,298,637
	39,615,519	Pool AS4881		3.00%		05/01/2035		41,105,278
	40,086,946	Pool AS4882		3.00%		05/01/2035		41,594,430

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association Pass-Thru, (Cont.)
	67,128,369	Pool AX9696		3.00%			07/01/2045		68,024,005
	112,275,234	Pool AY3974		3.00%			03/01/2045		115,331,523
	43,527,718	Pool AY4295		3.00%			02/01/2045		44,097,702
	23,684,047	Pool AY4296		3.00%			01/01/2045		23,990,141
	23,266,757	Pool AY5471		3.00%			03/01/2045		23,572,542
	4,342,654	Pool MA0264		4.50%			12/01/2029		4,723,878
	117,055	Pool MA0315		4.50%			01/01/2025		117,767
	16,828,611	Pool MA0353		4.50%			03/01/2030		18,305,930
	3,681,112	Pool MA0406		4.50%			05/01/2030		4,004,262
	249,190	Pool MA0445		5.00%			06/01/2040		268,482
	1,031,318	Pool MA0459		4.00%			07/01/2020		1,076,488
	666,627	Pool MA0468		5.00%			07/01/2040		707,196
	3,401,599	Pool MA0502		4.00%			08/01/2020		3,551,241
	1,506,096	Pool MA0517		4.00%			09/01/2020		1,572,498
	5,230,737	Pool MA0534		4.00%			10/01/2030		5,637,645
	9,294,999	Pool MA0536		4.00%			10/01/2020		9,706,406
	11,462,770	Pool MA0580		4.00%			11/01/2020		11,971,906
	1,089,921	Pool MA0587		4.00%			12/01/2030		1,174,982
	27,593,741	Pool MA0616		4.00%			01/01/2031		29,742,539
	11,638,254	Pool MA0896		4.00%			11/01/2041		12,167,184
	195,100,715	Pool MA0919		3.50%			12/01/2031		206,579,138
	83,585,015	Pool MA0949		3.50%			01/01/2032		88,509,168
	99,948,810	Pool MA0976		3.50%			02/01/2032		105,847,340
	48,772,362	Pool MA1010		3.50%			03/01/2032		51,645,757
	15,026,536	Pool MA1039		3.50%			04/01/2042		15,534,016
	65,905,899	Pool MA1059		3.50%			05/01/2032		69,791,287
	9,423,482	Pool MA1068		3.50%			05/01/2042		9,741,931
	142,577,575	Pool MA1084		3.50%			06/01/2032		150,992,371
	21,600,059	Pool MA1093		3.50%			06/01/2042		22,329,087
	17,873,683	Pool MA1094		4.00%			06/01/2042		18,686,194
	84,571,596	Pool MA1107		3.50%			07/01/2032		89,561,499
	196,063,987	Pool MA1117		3.50%			07/01/2042		202,689,427
	235,110,971	Pool MA1136		3.50%			08/01/2042		243,043,829
	56,234,183	Pool MA1138		3.50%			08/01/2032		59,554,775
	63,665,456	Pool MA1179		3.50%			09/01/2042		65,821,366
	11,162,074	Pool MA1201		3.50%			10/01/2032		11,821,215
	139,976,667	Pool MA1209		3.50%			10/01/2042		144,699,082
	343,179,790	Pool MA1237		3.00%			11/01/2032		357,901,555
	8,617,358	Pool MA1242		3.50%			11/01/2042		8,907,397
	265,283,873	Pool MA1275		3.00%			12/01/2032		276,664,317
	36,351,482	Pool MA1338		3.00%			02/01/2033		37,910,609
	142,902,775	Pool MA1366		3.00%			03/01/2033		149,296,583
	87,682,149	Pool MA1401		3.00%			04/01/2033		91,605,393
	154,667,210	Pool MA1459		3.00%			06/01/2033		161,588,276
	19,495,976	Pool MA1490		3.00%			07/01/2033		20,368,399
	128,971,338	Pool MA2018		3.50%			09/01/2034		136,391,808
	62,093,771	Pool MA2114		3.50%			12/01/2044		64,149,392
	49,212,919	Pool MA2151		3.50%			01/01/2045		50,842,298
	75,797,503	Pool MA2164		3.50%			02/01/2035		80,139,044
	190,044,845	Pool MA2166		3.50%			02/01/2045		196,336,947
	141,243,101	Pool MA2248		3.00%			04/01/2045		143,092,614
	142,566,142	Pool MA2270		3.00%			05/01/2045		144,431,876
	14,186,742	Pool MA3894		4.00%			09/01/2031		15,296,324
		Government National Mortgage Association,
	12,382,685	Pool MA251		3.50%			01/20/2045		12,905,580
	14,700,000	Series 2003-67-SP		6.67%	# I/F I/O		08/20/2033		4,356,917
	9,566,129	Series 2003-86-ZK		5.00%			10/20/2033		10,562,510
	4,449,427	Series 2004-49-Z		6.00%			06/20/2034		5,036,123
	3,393,536	Series 2004-80-PH		5.00%			07/20/2034		3,548,890
	9,677,806	Series 2004-83-CS		5.65%	# I/F I/O		10/20/2034		1,790,604
	2,523,115	Series 2005-21-Z		5.00%			03/20/2035		2,766,234
	22,662,871	Series 2005-39-ZB		5.00%			07/20/2034		25,605,188
	919,520	Series 2006-24-CX		36.80%	# I/F		05/20/2036		2,463,134
	13,453,176	Series 2007-26-SJ		4.26%	# I/F I/O		04/20/2037		1,377,729
	7,789,095	Series 2008-2-SM		6.06%	# I/F I/O		01/16/2038		1,619,724
	13,071,223	Series 2008-42-AI		7.25%	# I/F I/O		05/16/2038		3,440,437
	5,990,442	Series 2008-43-SH		5.90%	# I/F I/O		05/20/2038		947,921
	6,916,443	Series 2008-51-SC		5.82%	# I/F I/O		06/20/2038		1,283,448
	4,408,964	Series 2008-51-SE		5.81%	# I/F I/O		06/16/2038		859,745
	2,681,038	Series 2008-82-SM		5.62%	# I/F I/O		09/20/2038		477,638
	4,854,838	Series 2008-83-SD		6.12%	# I/F I/O		11/16/2036		1,058,105
	15,948,641	Series 2009-106-VZ		4.50%			11/20/2039		17,579,180
	9,044,606	Series 2009-10-NS		6.21%	# I/F I/O		02/16/2039		1,908,992
	4,190,813	Series 2009-24-SN		5.67%	# I/F I/O		09/20/2038		566,649

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Government National Mortgage Association, (Cont.)
	11,229,137	Series 2009-32-ZE		4.50%			05/16/2039		12,238,185
	64,373,209	Series 2009-35-DZ		4.50%			05/20/2039		70,440,642
	6,632	Series 2009-41-ZQ		4.50%			06/16/2039		8,511
	7,324,133	Series 2009-48-Z		5.00%			06/16/2039		8,154,238
	1,774,410	Series 2009-50-KP		4.50%			06/20/2039		1,892,622
	6,029,928	Series 2009-69-TS		5.76%	# I/F I/O		04/16/2039		798,649
	9,957,662	Series 2009-75-GZ		4.50%			09/20/2039		10,799,665
	7,771,934	Series 2009-87-IG		6.31%	# I/F I/O		03/20/2037		1,120,288
	53,957,610	Series 2010-106-PS		5.62%	# I/F I/O		03/20/2040		7,855,608
	14,039,111	Series 2010-1-SA		5.31%	# I/F I/O		01/16/2040		1,881,481
	3,371,988	Series 2010-25-ZB		4.50%			02/16/2040		3,781,447
	132,793,478	Series 2010-26-QS		5.82%	# I/F I/O		02/20/2040		21,436,373
	11,509,857	Series 2010-42-AY		5.00%			11/20/2039		12,846,711
	11,566,466	Series 2010-42-ES		5.25%	# I/F I/O		04/20/2040		1,684,549
	3,509,660	Series 2010-61-AS		6.12%	# I/F I/O		09/20/2039		543,557
	34,512,998	Series 2010-62-SB		5.32%	# I/F I/O		05/20/2040		5,111,189
	9,130,443	Series 2010-62-ZG		5.50%			05/16/2040		10,448,908
	61,120,116	Series 2010-9-XD		6.16%	# I/F I/O		01/16/2040		10,317,772
	7,833,334	Series 2011-18-SN		8.64%	# I/F		12/20/2040		9,267,868
	8,333,334	Series 2011-18-YS		8.64%	# I/F		12/20/2040		9,859,141
	9,527,502	Series 2011-51-UZ		4.50%			04/20/2041		10,392,599
	5,920,648	Series 2011-69-OC		0.00%	P/O		05/20/2041		5,506,602
	49,270,013	Series 2011-69-SB		4.92%	# I/F I/O		05/20/2041		7,099,434
	25,926,407	Series 2011-71-ZA		4.50%			02/20/2041		28,465,147
	18,312,791	Series 2011-72-AS		4.95%	# I/F I/O		05/20/2041		2,522,393
	6,068,246	Series 2011-72-DO		0.00	% P/O		03/16/2033		6,049,580
	13,156,255	Series 2011-72-SK		5.72%	# I/F I/O		05/20/2041		2,181,281
	12,118,033	Series 2012-105-SE		5.77%	# I/F I/O		01/20/2041		1,001,975
	23,224,664	Series 2012-52-PN		2.00%			12/20/2039		23,697,713
	48,686,398	Series 2013-116-LS		5.72%	# I/F I/O		08/20/2043		8,186,788
	41,176,761	Series 2013-136-CS		5.76%	# I/F I/O		09/16/2043		8,088,092
	17,982,604	Series 2013-182-WZ		2.50%			12/20/2043		17,012,277
	55,432,310	Series 2013-182-ZW		2.50%			12/20/2043		52,229,620
	32,073,260	Series 2013-186-SG		5.81%	# I/F I/O		02/16/2043		5,357,238
	32,414,921	Series 2013-26-MS		5.82%	# I/F I/O		02/20/2043		5,488,222
	56,284,267	Series 2013-34-PL		3.00%			03/20/2042		58,120,349
	66,026,758	Series 2014-163-PS		5.17%	# I/F I/O		11/20/2044		9,257,731
	68,370,962	Series 2014-167-SA		5.17%	# I/F I/O		11/20/2044		10,270,077
	93,691,883	Series 2014-21-SE		5.12%	# I/F I/O		02/20/2044		15,845,808
	55,465,537	Series 2014-39-SK		5.77%	# I/F I/O		03/20/2044		9,746,160
	42,567,426	Series 2014-59-DS		5.81%	# I/F I/O		04/16/2044		7,973,641
		Total US Government / Agency Mortgage Backed Obligations (Cost $27,290,609,789)							28,199,031,981
	US GOVERNMENT BONDS AND NOTES 3.5%
	1,325,000,000	United States Treasury Notes		1.63%			11/15/2022		1,335,507,250
	700,000,000	United States Treasury Notes		2.00%			02/15/2023		721,669,900
		Total US Government Bonds and Notes (Cost $1,999,491,016)							2,057,177,150
	SHORT TERM INVESTMENTS 12.0%
	220,303,473	BlackRock Liquidity Funds FedFund - Institutional Shares		0.24%	¨				220,303,473
	164,785,000	Federal Home Loan Banks		0.50%			09/28/2016		164,790,438
	175,000,000	Federal Home Loan Banks		0.63%			11/23/2016		175,102,200
	100,000,000	Federal Home Loan Banks		0.40%			10/28/2016		100,007,900
	100,000,000	Federal Home Loan Banks		0.55%			11/25/2016		100,021,500
	150,000,000	Federal Home Loan Banks		5.13%			10/19/2016		153,770,400

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 33

Schedule of Investments  DoubleLine Total Return Bond Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $ /		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	175,000,000	Federal Home Loan Banks		4.75%		12/16/2016		180,194,175
	100,000,000	Federal Home Loan Banks		0.22%		04/07/2016		100,001,600
	100,000,000	Federal Home Loan Banks		0.50%		08/19/2016		100,062,200
	233,000,000	Federal Home Loan Banks		0.40%		07/29/2016		233,029,125
	200,000,000	Federal Home Loan Banks		0.50%		09/30/2016		200,041,200
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%		04/08/2016		99,996,100
	250,000,000	Federal Home Loan Bank Discount Notes		0.00%		04/11/2016		249,986,000
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%		04/14/2016		99,992,800
	200,000,000	Federal Home Loan Bank Discount Notes		0.00%		04/19/2016		199,980,000
	250,000,000	Federal Home Loan Bank Discount Notes		0.00%		04/22/2016		249,970,750
	250,000,000	Federal Home Loan Bank Discount Notes		0.00%		04/27/2016		249,964,000
	275,000,000	Federal Home Loan Bank Discount Notes		0.00%		04/29/2016		274,957,100
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%		05/18/2016		99,967,400
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%		05/20/2016		99,966,000
	150,000,000	Federal Home Loan Bank Discount Notes		0.00%		05/23/2016		149,945,850
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%		05/25/2016		99,962,500
	200,000,000	Federal Home Loan Bank Discount Notes		0.00%		05/27/2016		199,922,200
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%		05/31/2016		99,958,300
	150,000,000	Federal Home Loan Bank Discount Notes		0.00%		06/06/2016		149,917,500
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%		06/10/2016		99,941,700
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%		06/14/2016		99,938,300
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%		06/17/2016		99,935,800
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%		07/01/2016		99,911,500
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%		07/06/2016		99,906,700
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%		07/19/2016		99,894,000
	150,000,000	Federal Home Loan Bank Discount Notes		0.00%		07/22/2016		149,836,650
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%		07/25/2016		99,888,200
	200,000,000	Federal Home Loan Bank Discount Notes		0.00%		08/26/2016		199,681,400
	200,000,000	Federal Home Loan Bank Discount Notes		0.00%		08/30/2016		199,672,800
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%		09/06/2016		99,820,100
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%		09/07/2016		99,818,900

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	150,000,000	Federal Home Loan Bank Discount Notes		0.00%			09/27/2016		149,694,150
	125,000,000	Federal Home Loan Bank Discount Notes		0.00%			12/01/2016		124,593,375
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			01/23/2017		99,595,800
	166,133,000	Federal Home Loan Mortgage Corporation		2.00%			08/25/2016		167,125,479
	138,610,000	Federal Home Loan Mortgage Corporation		0.50%			01/27/2017		138,476,380
	73,840,000	Federal National Mortgage Association		0.63%			08/26/2016		73,891,614
	100,000,000	Federal National Mortgage Association Discount Notes		0.00%			07/25/2016		99,888,200
	150,000,000	Federal National Mortgage Association		5.00%			02/13/2017		155,646,600
	220,303,473	Fidelity Institutional Money Market Government Portfolio - Class I		0.23%	¨				220,303,473
	220,303,473	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.25%	¨				220,303,473
		Total Short Term Investments (Cost $6,947,751,334)							6,949,575,305
		Total Investments 99.5% (Cost $57,057,210,846)							57,547,928,563
		Other Assets in Excess of Liabilities 0.5%							285,119,459
		NET ASSETS 100.0%						$	57,833,048,022

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government / Agency Mortgage Backed Obligations	48.8%
Non-Agency Residential Collateralized Mortgage Obligations	21.0%
Short Term Investments	12.0%
Non-Agency Commercial Mortgage Backed Obligations	7.2%
Collateralized Loan Obligations	4.6%
US Government Bonds and Notes	3.5%
Asset Backed Obligations	2.4%
Other Assets and Liabilities	0.5%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration 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 March 31, 2016, the value of these securities amounted to $9,619,654,665 or 16.6% of net assets.

¥ Illiquid security. At March 31, 2016, the value of these securities amounted to $731,987,548 or 1.3% of net assets.

# Variable rate security. Rate disclosed as of March 31, 2016.

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 March 31, 2016

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

Schedule of Investments  DoubleLine Core Fixed Income Fund March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 1.2%
		Castlelake Aircraft Securitization Trust,
	6,825,000	Series 2015-1A-A		4.70%	^		12/15/2040		6,705,221
		Citi Held For Asset Issuance,
	5,000,000	Series 2015-PM1-B		2.93%	^		12/15/2021		4,892,670
		DB Master Finance LLC,
	14,850,000	Series 2015-1A-A2I		3.26%	^		02/20/2045		14,660,593
	9,900,000	Series 2015-1A-A2II		3.98%	^		02/20/2045		9,705,563
		Hero Funding Trust,
	9,883,533	Series 2016-1A-A		4.05%	^		09/20/2041		9,830,182
		MarketPlace Loan Trust,
	6,772,906	Series 2015-CB1-A		4.00%	^		07/15/2021		6,692,295
		Shenton Aircraft Investment Ltd.,
	9,667,158	Series 2015-1A-A		4.75%	^		10/15/2042		9,588,371
		SoFi Professional Loan Program,
	10,000,000	Series 2016-A-A2		2.76%	^		12/26/2036		9,936,964
		Total Asset Backed Obligations (Cost $72,717,822)							72,011,859
	BANK LOANS 2.5%
		Acadia Healthcare Company, Inc.,
	897,600	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.50%	#		02/16/2023		901,527
		Activision Blizzard, Inc.,
	872,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.25%	#		10/13/2020		877,045
		Albertson’s Holdings LLC,
	1,756,019	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4		5.50%	#		08/25/2021		1,760,848
		Alere, Inc.,
	887,835	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		06/20/2022		883,951
		AlixPartners LLP,
	1,757,399	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		07/28/2022		1,756,300
		Allflex Holdings, Inc.,
	1,776,927	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/17/2020		1,757,487
		Allied Security Holdings LLC,
	1,632,883	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		02/12/2021		1,596,143
		American Airlines, Inc.,
	1,770,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.25%	#		06/29/2020		1,765,265
		American Renal Holdings, Inc.,
	1,791,119	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		08/20/2019		1,792,238
		American Tire Distributors, Inc.,
	575,816	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		09/01/2021		574,737
		Ardagh Packaging Finance,
	1,752,120	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan, Tranche B		4.00%	#		12/17/2019		1,753,215

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Asurion LLC,
	788,000	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		08/04/2022		772,736
	955,956	Senior Secured 1st Lien Term Loan, Tranche B1		5.00%	#		05/24/2019		944,403
		Avago Technologies Finance Ltd.,
	1,770,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		4.25%	#		02/01/2023		1,763,663
		B&G Foods, Inc.,
	1,357,313	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		11/02/2022		1,361,385
		B/E Aerospace, Inc.,
	1,748,715	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		12/16/2021		1,757,826
		Beacon Roofing Supply, Inc.,
	1,754,986	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		09/23/2022		1,756,083
		Berry Plastics Corporation,
	1,760,284	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		4.00%	#		10/01/2022		1,763,039
		Burger King Corporation,
	1,614,369	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.75%	#		12/10/2021		1,615,717
		Calpine Corporation,
	1,440,157	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B5		3.50%	#		05/27/2022		1,424,856
		Candy Intermediate Holdings, Inc.,
	1,776,942	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		7.50%	#		06/18/2018		1,781,384
		Capital Automotive LP,
	1,720,224	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		04/10/2019		1,724,524
		CCO Safari III LLC,
	1,785,000	Senior Secured 1st Lien Term Loan, Tranche I		3.50%	#		01/24/2023		1,789,463
		CSC Holdings LLC,
	1,775,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		10/11/2022		1,780,130
		CSM Bakery Supplies LLC,
	1,831,166	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		07/03/2020		1,786,531
		Dealer Tire LLC,
	1,600,395	Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		12/22/2021		1,602,395
		Dell International LLC,
	1,760,967	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.00%	#		04/29/2020		1,761,909
		Duff & Phelps Corporation,
	1,789,312	Senior Secured 1st Lien Term Loan, Tranche B1		4.75%	#		04/23/2020		1,780,365
		EFS Cogen Holdings LLC,
	1,699,722	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		12/17/2020		1,680,600

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 35

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Eldorado Resorts, Inc.,
	1,756,191	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/23/2022		1,756,200
		Emerald Expositions Holdings, Inc.,
	1,906,814	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/17/2020		1,902,047
		Endo Luxembourg Finance I Company S.A.R.L.,
	1,770,563	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		09/26/2022		1,747,049
		Energy Transfer Equity LP,
	925,235	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.00%	#		12/02/2019		836,565
		Ensemble S Merger Sub, Inc.,
	1,807,324	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		09/16/2022		1,783,602
		Envision Healthcare Corporation,
	1,605,975	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.50%	#		10/28/2022		1,608,986
		Federal-Mogul Holdings Corporation,
	619,634	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.75%	#		04/15/2021		564,090
		Filtration Group, Inc.,
	1,650,472	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		11/20/2020		1,647,716
		First Data Corporation,
	616,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.43%	#		03/24/2021		615,230
	1,311,835	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C1		3.93%	#		03/23/2018		1,311,507
		Four Seasons Holdings, Inc.,
	1,746,004	Guaranteed Senior Secured 1st Lien Term Loan		3.50%	#		06/27/2020		1,737,815
		Galleria Company,
	1,765,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		01/26/2023		1,764,453
		Global Payments, Inc.,
	365,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		03/21/2023		367,435
		Gray Television, Inc.,
	1,620,938	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.25%	#		06/11/2021		1,625,500
		Guggenheim Partners Investment Management Holdings LLC,
	1,407,553	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/22/2020		1,409,897
		Hillman Group, Inc.,
	1,279,076	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		06/30/2021		1,250,834
		Hilton Worldwide Finance LLC,
	1,770,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		10/26/2020		1,772,398
		Hostess Brands LLC,
	1,773,197	Senior Secured 1st Lien Term Loan		4.50%	#		08/03/2022		1,777,258

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Huntsman International LLC,
	1,795,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		03/24/2023		1,789,956
		Informatica Corporation,
	831,162	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		08/05/2022		817,655
		Jeld-Wen, Inc.,
	1,762,349	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/30/2022		1,761,802
		KAR Auction Services, Inc.,
	1,294,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		4.25%	#		03/09/2023		1,299,927
		KIK Custom Products, Inc.,
	1,837,223	Senior Secured 1st Lien Term Loan, Tranche B		6.00%	#		08/18/2022		1,776,742
		Kloeckner Pentaplast of America, Inc.,
	771,832	Senior Secured 1st Lien Term Loan		5.00%	#		04/28/2020		773,762
	329,843	Senior Secured 1st Lien Term Loan		5.00%	#		04/28/2020		330,667
		Level 3 Financing, Inc.,
	1,770,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche BII		3.50%	#		05/31/2022		1,768,894
		Life Time Fitness, Inc.,
	1,765,553	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		06/10/2022		1,748,339
		Live Nation Entertainment, Inc.,
	1,608,063	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		3.50%	#		08/14/2020		1,610,741
		MacDermid, Inc.,
	1,742,943	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		5.50%	#		06/05/2020		1,689,025
		Match Group, Inc.,
	1,754,813	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		11/16/2022		1,760,305
		MGOC, Inc.,
	1,779,515	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan, Tranche B		4.00%	#		07/31/2020		1,779,071
		Michaels Stores, Inc.,
	1,757,957	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.00%	#		01/28/2020		1,761,719
		Microsemi Corporation,
	1,770,515	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		01/17/2023		1,781,306
		Mitchell International, Inc.,
	519,206	Guaranteed Secured 2nd Lien Term Loan		8.50%	#		10/11/2021		461,444
		National Vision, Inc.,
	1,826,093	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/12/2021		1,778,733
		Nord Anglia Education Finance LLC,
	1,817,227	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		03/31/2021		1,794,521

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		NXP B.V.,
	1,771,013	Guranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		12/07/2020		1,777,238
		ON Semiconductor Corporation,
	1,477,000	Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		03/31/2023		1,481,387
		Party City Holdings, Inc.,
	1,797,167	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		08/19/2022		1,786,491
		Pharmaceutical Product Development LLC,
	1,640,255	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		08/18/2022		1,628,642
		Pinnacle Foods Finance LLC,
	1,610,963	Guaranteed Senior Secured 1st Lien Term Loan, Tranche I		3.75%	#		01/13/2023		1,619,291
		PODS LLC,
	1,781,814	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		02/02/2022		1,782,928
		PolyOne Corporation,
	1,770,963	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		11/10/2022		1,777,055
		Prestige Brands, Inc.,
	1,771,593	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		3.50%	#		09/03/2021		1,776,686
		Protection One, Inc.,
	1,802,248	Senior Secured 1st Lien Term Loan		5.00%	#		07/01/2021		1,789,110
		Reynolds Group Holdings, Inc.,
	1,789,671	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		4.50%	#		11/30/2018		1,792,938
		Scientific Games International, Inc.,
	1,836,422	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		6.00%	#		10/01/2021		1,783,340
		Serta Simmons Holdings LLC,
	1,791,672	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		10/01/2019		1,793,078
		Signode Industrial Group, Inc.,
	1,803,317	Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		04/30/2021		1,755,979
		SolarWinds Holdings, Inc.,
	1,795,000	Guaranteed Senior Secured 1st Lien Term Loan		6.50%	#		02/06/2023		1,781,538
		Solenis International LP,
	677,091	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		07/31/2021		653,995
		Southeast PowerGen LLC,
	1,662,078	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		12/02/2021		1,533,267
		Spin Holdco, Inc.,
	1,821,889	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		11/14/2019		1,779,074
		Station Casinos LLC,
	1,780,848	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		03/02/2020		1,778,622

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Summit Materials LLC,
	1,786,110	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		07/18/2022		1,786,110
		Surgery Center Holdings, Inc.,
	1,603,146	Guaranteed Senior Secured 1st Lien Term Loan		5.25%	#		11/03/2020		1,586,618
		Team Health, Inc.,
	1,775,863	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		11/23/2022		1,781,394
		T-Mobile USA, Inc.,
	1,775,913	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		11/09/2022		1,784,934
		Transtar Holding Company,
	653,934	Senior Secured 1st Lien Term Loan		5.75%	#		10/09/2018		441,405
		TransUnion LLC,
	1,781,828	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.50%	#		04/09/2021		1,767,573
		Travelport Finance Luxembourg S.A.R.L.,
	1,684,627	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		09/02/2021		1,685,890
		Tribune Media Company,
	1,765,779	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		12/24/2020		1,762,106
		Univar, Inc.,
	1,682,186	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/01/2022		1,663,001
		Univision Communications Inc,
	1,666,046	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C3		4.00%	#		02/28/2020		1,652,335
		US Renal Care, Inc.,
	1,635,900	Senior Secured 1st Lien Term Loan		5.25%	#		12/30/2022		1,633,176
		USAGM HoldCo LLC,
	1,640,888	Senior Secured 1st Lien Term Loan		4.75%	#		07/28/2022		1,591,661
		Virgin Media Investment Holdings Ltd.,
	1,675,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		3.50%	#		06/30/2023		1,663,493
		Vizient, Inc.,
	1,600,000	Senior Secured 1st Lien Term Loan, Tranche B		6.25%	#		02/13/2023		1,615,328
		Yankee Cable Acquisition LLC,
	832,839	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		02/28/2020		830,411
		York Risk Services Group, Inc.,
	1,726,730	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		10/01/2021		1,491,463
		Total Bank Loans (Cost $151,722,517)							151,036,513
	COLLATERALIZED LOAN OBLIGATIONS 3.6%
		Adams Mill Ltd.,
	875,000	Series 2014-1A-D1		4.12%	#^		07/15/2026		739,863
	1,000,000	Series 2014-1A-E1		5.62%	#^		07/15/2026		588,857

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 37

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		ALM Ltd.,
	1,880,000	Series 2014-11A-C		4.12%	#^		10/17/2026		1,701,062
		Apidos Ltd.,
	2,000,000	Series 2007-5A-B		1.32%	#^		04/15/2021		1,906,314
	2,000,000	Series 2013-16A-A1		2.07%	#^		01/19/2025		1,990,585
	2,950,000	Series 2013-16A-B		3.42%	#^		01/19/2025		2,886,817
	2,000,000	Series 2014-18A-C		4.27%	#^		07/22/2026		1,801,100
	1,000,000	Series 2014-18A-D		5.82%	#^		07/22/2026		829,143
	1,000,000	Series 2014-19A-D		4.37%	#^		10/17/2026		886,261
	1,500,000	Series 2015-20A-B		3.82%	#^		01/16/2027		1,484,808
	1,500,000	Series 2015-20A-C		4.32%	#^		01/16/2027		1,337,429
	2,250,000	Series 2015-21A-C		4.17%	#^		07/18/2027		1,870,191
		ARES Ltd.,
	2,000,000	Series 2013-1A-D		4.37%	#^		04/15/2025		1,709,248
	1,882,222	Series 2014-30A-A2		1.47%	#^		04/20/2023		1,873,556
		Babson Ltd.,
	5,000,000	Series 2007-1A-B1		1.17%	#^		01/18/2021		4,802,107
	1,500,000	Series 2012-1A-C		4.62%	#^		04/15/2022		1,424,696
	2,000,000	Series 2012-IIR-CR		4.22%	#^		05/15/2023		1,896,630
	1,000,000	Series 2014-3A-D2		4.83%	#^		01/15/2026		893,286
	2,750,000	Series 2015-1A-D1		4.07%	#^		04/20/2027		2,364,267
	5,000,000	Series 2015-2A-D		4.42%	#^		07/20/2027		4,452,374
		Betony Ltd.,
	2,500,000	Series 2015-1A-C		3.77%	#^		04/15/2027		2,459,313
	3,000,000	Series 2015-1A-D		4.22%	#^		04/15/2027		2,645,434
		Birchwood Park Ltd.,
	1,000,000	Series 2014-1A-C2		3.77%	#^		07/15/2026		996,128
	1,000,000	Series 2014-1A-D2		4.82%	#^		07/15/2026		903,604
	1,000,000	Series 2014-1A-E2		7.02%	#^		07/15/2026		854,066
		BlueMountain Ltd.,
	1,500,000	Series 2012-1A-E		6.12%	#^		07/20/2023		1,289,269
	5,000,000	Series 2015-2A-D		4.17%	#^		07/18/2027		4,227,532
	2,000,000	Series 2015-2A-E		5.97%	#^		07/18/2027		1,543,992
	4,000,000	Series 2015-3A-B		3.43%	#^		10/20/2027		3,841,337
	4,000,000	Series 2015-3A-C		3.88%	#^		10/20/2027		3,484,767
	5,000,000	Series 2015-4A-C		3.66%	#^		01/20/2027		4,843,357
	4,000,000	Series 2015-4A-D1		5.06%	#^		01/20/2027		3,922,935
		Brookside Mill Ltd.,
	1,250,000	Series 2013-1A-C1		3.32%	#^		04/17/2025		1,179,529
	2,250,000	Series 2013-1A-D		3.67%	#^		04/17/2025		1,827,673
	1,250,000	Series 2013-1A-E		5.02%	#^		04/17/2025		786,722
		Canyon Capital Ltd.,
	2,500,000	Series 2012-1A-C		3.42%	#^		01/15/2024		2,369,211
	5,000,000	Series 2014-1A-B		3.27%	#^		04/30/2025		4,664,503
	2,750,000	Series 2014-1A-C		3.87%	#^		04/30/2025		2,357,006
		Carlyle Global Market Strategies Ltd.,
	1,250,000	Series 2014-3A-B		3.77%	#^		07/27/2026		1,242,192
	2,000,000	Series 2014-3A-C2		4.82%	#^		07/27/2026		1,831,137
		Carlyle High Yield Partners Ltd.,
	297,586	Series 2006-8A-A2A		0.86%	#^		05/21/2021		294,888
	4,341,330	Series 2007-10-A1		0.84%	#^		04/19/2022		4,214,041
		Catamaran Ltd.,
	2,500,000	Series 2015-1A-C1		3.72%	#^		04/22/2027		2,430,197
		Cent Ltd.,
	2,000,000	Series 2013-18A-D		4.07%	#^		07/23/2025		1,758,880
	1,500,000	Series 2013-18A-E		5.22%	#^		07/23/2025		1,176,353
	1,000,000	Series 2014-22A-C		4.37%	#^		11/07/2026		830,677
		Dorchester Park Ltd.,
	2,000,000	Series 2015-1A-C		3.82%	#^		01/20/2027		1,997,415
	1,000,000	Series 2015-1A-D		4.17%	#^		01/20/2027		885,766
		Dryden Leveraged Loan,
	500,000	Series 2006-11A-C1		2.22%	#^		04/12/2020		470,781
		Dryden Senior Loan Fund,
	2,000,000	Series 2013-28A-B1L		3.82%	#^		08/15/2025		1,742,330
	2,000,000	Series 2014-33A-B		2.62%	#^		07/15/2026		1,927,154
		Eaton Vance Ltd.,
	2,000,000	Series 2006-8A-B		1.27%	#^		08/15/2022		1,874,415

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Emerson Park Ltd.,
	1,000,000	Series 2013-1A-C1		3.37%	#^		07/15/2025		976,564
		Flatiron Ltd.,
	2,000,000	Series 2014-1A-C		3.92%	#^		07/17/2026		1,721,326
		Four Corners Ltd.,
	2,000,000	Series 2006-3A-D		2.12%	#^		07/22/2020		1,866,164
		Galaxy Ltd.,
	1,000,000	Series 2013-15A-C		3.22%	#^		04/15/2025		970,131
	1,000,000	Series 2013-15A-D		4.02%	#^		04/15/2025		840,206
		GoldenTree Loan Opportunities Ltd.,
	2,000,000	Series 2012-6A-D		4.82%	#^		04/17/2022		1,938,461
	3,750,000	Series 2015-10A-D		3.97%	#^		07/20/2027		3,115,238
		Gulf Stream Ltd.,
	1,000,000	Series 2007-1X-B		1.09%	#		06/17/2021		976,369
		Halcyon Loan Advisors Funding Ltd.,
	740,000	Series 2013-2A-C		3.32%	#^		08/01/2025		685,177
	1,500,000	Series 2014-3A-D		4.27%	#^		10/22/2025		1,223,869
		ING Ltd.,
	2,000,000	Series 2013-3A-A1		2.22%	#		08/01/2020		1,891,525
	2,000,000	Series 2013-3A-B		3.32%	#^		01/18/2026		1,946,416
		Inwood Park Ltd.,
	2,000,000	Series 2006-1A-B		1.01%	#^		01/20/2021		1,913,487
		Jamestown Ltd.,
	2,000,000	Series 2015-6A-A1A		2.22%	#^		02/20/2027		1,977,714
		LCM LP,
	2,000,000	Series 11A-D2		4.57%	#^		04/19/2022		1,933,225
	1,000,000	Series 12A-E		6.37%	#^		10/19/2022		884,280
	2,850,000	Series 14A-D		4.12%	#^		07/15/2025		2,579,302
	2,500,000	Series 15A-C		3.73%	#^		08/25/2024		2,479,667
	1,000,000	Series 16A-D		4.22%	#^		07/15/2026		881,889
	2,000,000	Series 19A-D		4.07%	#^		07/15/2027		1,676,396
		Madison Park Funding Ltd.,
	5,000,000	Series 2007-4A-A1B		0.92%	#^		03/22/2021		4,856,385
	5,000,000	Series 2007-4A-B		0.99%	#^		03/22/2021		4,686,614
	1,000,000	Series 2007-4A-D		2.05%	#^		03/22/2021		915,256
	2,750,000	Series 2007-6A-C		1.62%	#^		07/26/2021		2,619,750
	1,000,000	Series 2014-13A-D		3.97%	#^		01/19/2025		890,713
	1,000,000	Series 2014-13X-E		5.62%	#		01/19/2025		819,634
	4,750,000	Series 2014-14A-D		4.22%	#^		07/20/2026		4,269,917
	750,000	Series 2014-14A-E		5.37%	#^		07/20/2026		608,791
	2,000,000	Series 2014-15A-C		4.32%	#^		01/27/2026		1,770,094
	3,000,000	Series 2015-16A-B		3.62%	#^		04/20/2026		2,967,638
	5,000,000	Series 2015-18A-D2		4.57%	#^		10/21/2026		4,486,774
		Magnetite Ltd.,
	1,500,000	Series 2012-7A-D		5.87%	#^		01/15/2025		1,278,416
	2,000,000	Series 2014-11A-C		4.22%	#^		01/18/2027		1,755,875
	1,500,000	Series 2014-8A-C		3.72%	#^		04/15/2026		1,477,513
		Nautique Funding Ltd.,
	1,000,000	Series 2006-1A-C		2.32%	#^		04/15/2020		931,037
		Nomad Ltd.,
	1,500,000	Series 2013-1A-B		3.57%	#^		01/15/2025		1,398,884
	1,500,000	Series 2013-1A-C		4.12%	#^		01/15/2025		1,271,234
		North End Ltd.,
	1,000,000	Series 2013-1A-D		3.12%	#^		07/17/2025		873,916
		OCP Ltd.,
	2,000,000	Series 2013-3A-B		3.37%	#^		01/17/2025		1,913,736
		Octagon Investment Partners Ltd.,
	2,000,000	Series 2013-1A-D		3.97%	#^		07/17/2025		1,746,175
	2,000,000	Series 2013-1A-E		5.12%	#^		07/17/2025		1,437,854
	1,000,000	Series 2014-1A-C2		4.12%	#^		11/25/2025		999,130
	1,000,000	Series 2014-1A-D2		5.20%	#^		11/25/2025		904,020
		OZLM Funding Ltd.,
	10,000,000	Series 2013-3A-A1		1.95%	#^		01/22/2025		9,906,250
		OZLM Ltd.,
	1,500,000	Series 2015-11A-A2A		2.87%	#^		01/30/2027		1,444,808

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Race Point Ltd.,
	1,000,000	Series 2013-8A-B		2.52%	#^		02/20/2025		965,887
		Saturn Ltd.,
	500,000	Series 2007-1A-D		4.62%	#^		05/13/2022		467,952
		Symphony Ltd.,
	3,000,000	Series 2013-11A-B1		2.82%	#^		01/17/2025		2,945,727
	3,000,000	Series 2013-11A-C		3.77%	#^		01/17/2025		2,993,439
		Thacher Park Ltd.,
	1,000,000	Series 2014-1A-C		3.67%	#^		10/20/2026		990,259
	1,000,000	Series 2014-1A-D1		4.15%	#^		10/20/2026		878,674
		Venture Ltd.,
	1,900,000	Series 2006-1A-B		1.26%	#^		08/03/2020		1,785,348
	500,000	Series 2012-10A-C		3.87%	#^		07/20/2022		496,414
	2,000,000	Series 2012-10A-D		4.82%	#^		07/20/2022		1,872,466
	5,000,000	Series 2013-15A-C		3.72%	#^		07/15/2025		4,797,723
	2,500,000	Series 2014-17A-C		3.47%	#^		07/15/2026		2,286,950
		WG Horizons,
	1,500,000	Series 2006-1A-C		2.34%	#^		05/24/2019		1,424,126
		Wind River Ltd.,
	3,000,000	Series 2013-1A-C		4.02%	#^		04/20/2025		2,501,407
		Total Collateralized Loan Obligations (Cost $231,641,954)							217,425,390
	FOREIGN CORPORATE BONDS 11.9%
	4,300,000	Abengoa Transmision Sur S.A.		6.88%	^		04/30/2043		4,396,750
	5,200,000	Abengoa Transmision Sur S.A.		6.88%			04/30/2043		5,317,000
	5,000,000	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		5,150,000
	500,000	Aeropuertos Dominicanos		9.75%	#^		11/13/2019		530,000
	1,800,000	Aeropuertos Dominicanos		9.75%	#		11/13/2019		1,908,000
	2,000,000	AES El Salvador Trust		6.75%			03/28/2023		1,570,000
	1,000,000	AES Gener S.A.		5.25%			08/15/2021		1,064,198
	3,500,000	Agromercantil Senior Trust		6.25%			04/10/2019		3,622,500
	3,500,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		3,622,500
	1,700,000	Ajecorp B.V.		6.50%			05/14/2022		731,000
	15,695,000	Alibaba Group Holding Ltd.		3.60%			11/28/2024		15,851,416
	8,775,000	AstraZeneca PLC		2.38%			11/16/2020		8,962,162
	10,835,000	Australia and New Zealand Banking Group Ltd.		4.88%	^		01/12/2021		12,095,555
	4,700,000	Avianca Holdings S.A.		8.38%			05/10/2020		3,713,000
	2,600,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		2,054,000
	5,883,000	Banco Continental SAECA		8.88%			10/15/2017		5,963,891
	2,000,000	Banco de Costa Rica		5.25%	^		08/12/2018		2,035,000
	2,000,000	Banco de Credito del Peru		6.13%	#		04/24/2027		2,142,500
	2,500,000	Banco do Brasil S.A.		8.50%	#†		10/20/2020		2,224,250
	4,500,000	Banco do Brasil S.A.		9.00%	#^†		06/18/2024		3,145,500
	1,250,000	Banco GNB Sudameris S.A.		3.88%			05/02/2018		1,231,875
	4,005,000	Banco GNB Sudameris S.A.		7.50%			07/30/2022		4,005,000
	10,340,000	Banco International del Peru S.A.A.		6.63%	#		03/19/2029		10,663,125

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,900,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		3,890,250
	485,000	Banco Mercantil del Norte		6.86%	#		10/13/2021		489,850
	3,500,000	Banco Nacional de Comercio Exterior S.N.C.		4.38%	^		10/14/2025		3,533,250
	1,000,000	Banco Nacional de Comercio Exterior S.N.C.		4.38%			10/14/2025		1,009,500
	2,650,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		2,643,375
	5,450,000	Banco Regional SAECA		8.13%			01/24/2019		5,629,850
	400,000	Banco Regional SAECA		8.13%	^		01/24/2019		413,200
	8,099,000	Banco Santander		5.95%	#		01/30/2024		8,394,613
	6,000,000	Bancolombia S.A.		6.13%			07/26/2020		6,358,200
	8,115,000	Bank of Montreal		2.38%			01/25/2019		8,275,263
	1,250,000	Bantrab Senior Trust		9.00%			11/14/2020		1,207,812
	2,000,000	BBVA Banco Continental S.A.		5.25%	#		09/22/2029		2,022,500
	7,200,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		7,326,000
	2,557,000	BBVA Bancomer S.A.		5.35%	#		11/12/2029		2,467,505
	5,700,000	BBVA Bancomer S.A.		5.35%	#^		11/12/2029		5,500,500
	1,250,000	BBVA Colombia S.A.		4.88%	^		04/21/2025		1,212,500
	2,000,000	BBVA Colombia S.A.		4.88%			04/21/2025		1,940,000
	1,000,000	Bharat Petrol Corporation Ltd.		4.00%			05/08/2025		1,008,099
	8,000,000	Bharti Airtel Ltd.		4.38%			06/10/2025		8,144,760
	8,515,000	BP Capital Markets PLC		3.06%			03/17/2022		8,731,613
	1,000,000	BR Malls International Finance Ltd.		8.50%	†		01/29/2049		895,000
	3,300,000	Braskem Finance Company		7.13%			07/22/2041		2,816,385
	15,413,000	British Telecommunications PLC		5.95%			01/15/2018		16,629,379
	1,500,000	Camposol S.A.		9.88%	^		02/02/2017		1,312,500
	650,000	Camposol S.A.		9.88%			02/02/2017		568,750
	1,875,000	Cementos Progreso Trust		7.13%			11/06/2023		1,992,187
	500,000	Cencosud S.A.		6.63%			02/12/2045		472,854
	6,000,000	Central American Bottling Corporation		6.75%			02/09/2022		6,345,000
	2,000,000	CIMPOR Financial Operations B.V.		5.75%	^		07/17/2024		1,470,000
	1,900,000	CIMPOR Financial Operations B.V.		5.75%			07/17/2024		1,396,500
	7,000,000	CNOOC Finance Ltd.		2.63%			05/05/2020		7,022,141
	2,700,000	Comcel Trust		6.88%			02/06/2024		2,538,000
	4,000,000	Comcel Trust		6.88%	^		02/06/2024		3,760,000
	1,000,000	Comision Federal de Electricidad		4.88%			01/15/2024		1,032,500
	2,000,000	Comision Federal de Electricidad		6.13%			06/16/2045		1,995,000
	5,000,000	Compania Minera Ares S.A.C.		7.75%			01/23/2021		4,975,000
	2,322,000	CorpGroup Banking S.A.		6.75%			03/15/2023		2,173,973
	3,500,000	CorpGroup Banking S.A.		6.75%	^		03/15/2023		3,276,875
	4,000,000	Corporacion Azucarera del Peru S.A.		6.38%			08/02/2022		3,460,000
	4,664,000	Corporacion Financiera de Desarrolo S.A.		4.75%			02/08/2022		4,908,860
	3,910,000	Cosan Overseas Ltd.		8.25%	†		11/29/2049		3,323,500
	3,000,000	Credito Real S.A.B. de C.V.		7.50%	^		03/13/2019		2,977,500
	5,000,000	DBS Bank Ltd.		3.63%	#		09/21/2022		5,125,455
	5,000,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		5,037,500
	8,000,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		8,030,000
	500,000	Digicel Ltd.		7.00%			02/15/2020		460,000
	3,000,000	Digicel Ltd.		8.25%			09/30/2020		2,591,250

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 39

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,900,000	Digicel Ltd.		7.13%	^		04/01/2022		3,051,360
	5,100,000	Digicel Ltd.		7.13%			04/01/2022		3,990,240
	1,300,000	Ecopetrol S.A.		7.38%			09/18/2043		1,196,000
	11,900,000	Ecopetrol S.A.		5.88%			05/28/2045		9,427,180
	4,000,000	Empresa de Energia de Bogota S.A.		6.13%			11/10/2021		4,164,000
	16,000,000	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		14,884,720
	6,000,000	Empresa Electrica Guacolda S.A.		4.56%	^		04/30/2025		5,757,930
	5,713,547	ENA Norte Trust		4.95%			04/25/2023		5,856,385
	2,000,000	ENTEL Chile S.A.		4.75%			08/01/2026		1,926,974
	3,800,000	ESAL GmbH		6.25%	^		02/05/2023		3,358,250
	2,100,000	ESAL GmbH		6.25%			02/05/2023		1,855,875
	2,900,730	Fermaca Enterprises S. de R.L. de C.V.		6.38%	^		03/30/2038		2,748,442
	6,091,533	Fermaca Enterprises S. de R.L. de C.V.		6.38%			03/30/2038		5,771,727
	4,000,000	Freeport-McMoRan Copper & Gold, Inc.		4.00%			11/14/2021		2,850,000
	800,000	Freeport-McMoRan Copper & Gold, Inc.		3.88%			03/15/2023		551,296
	10,000,000	Freeport-McMoRan Copper & Gold, Inc.		5.45%			03/15/2043		6,100,000
	3,000,000	Global Bank Corporation		4.75%			10/05/2017		3,048,750
	5,000,000	Global Bank Corporation		5.13%	^		10/30/2019		5,087,500
	9,500,000	Global Bank Corporation		5.13%			10/30/2019		9,666,250
	6,000,000	GNL Quintero S.A.		4.63%			07/31/2029		6,067,398
	1,000,000	Gol LuxCo S.A.		8.88%	^		01/24/2022		350,000
	12,000,000	Grupo Aval Ltd.		4.75%			09/26/2022		11,220,000
	3,950,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		4,108,000
	4,350,000	Grupo Elektra S.A.B. de C.V.		7.25%			08/06/2018		4,241,250
	2,890,000	Grupo Idesa S.A. de C.V.		7.88%	^		12/18/2020		2,821,362
	5,000,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		4,881,250
	600,000	Grupo Posadas S.A.B. de C.V.		7.88%	^		06/30/2022		592,500
	4,000,000	GrupoSura Finance S.A.		5.70%			05/18/2021		4,158,000
	400,000	GTL Trade Finance, Inc.		5.89%			04/29/2024		327,000
	11,483,718	Guanay Finance Ltd.		6.00%			12/15/2020		11,167,916
	4,000,000	Hutchison Whampoa International Ltd.		6.00%	#†		05/07/2017		4,142,000
	5,000,000	Hutchison Whampoa International Ltd.		3.25%			11/08/2022		5,191,435
	800,000	Industrial Senior Trust		5.50%	^		11/01/2022		770,000
	8,284,000	Industrial Senior Trust		5.50%			11/01/2022		7,973,350
	1,668,000	Inkia Energy Ltd.		8.38%			04/04/2021		1,672,170
	1,800,000	Inkia Energy Ltd.		8.38%	^		04/04/2021		1,804,500
	2,300,000	Instituto Costarricense de Electricidad		6.95%	^		11/10/2021		2,305,750
	2,800,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		2,807,000
	2,970,000	Intelsat Jackson Holdings S.A.		5.50%			08/01/2023		1,804,275
	320,000	Intelsat Jackson Holdings S.A.		8.00%	^		02/15/2024		330,400
	1,700,000	Intercorp Peru Ltd.		5.88%			02/12/2025		1,636,250
	2,000,000	Inversiones CMPC S.A.		4.50%			04/25/2022		2,061,092
	5,000,000	Israel Electric Corporation Ltd.		5.00%	^		11/12/2024		5,315,000
	200,000	JBS Investments GmbH		7.25%	^		04/03/2024		184,500
	3,800,000	JBS Investments GmbH		7.25%			04/03/2024		3,505,500
	6,000,000	Latam Airlines Group S.A.		7.25%	^		06/09/2020		5,550,000
	10,600,000	Lima Metro Line 2 Finance Ltd.		5.88%			07/05/2034		10,600,000
	485,000	Maestro Peru S.A.		6.75%			09/26/2019		510,463
	1,600,000	Magnesita Finance Ltd.		8.63%	†		04/05/2017		936,000

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,900,000	Marfrig Holdings B.V.		6.88%	^		06/24/2019		2,765,875
	2,100,000	Marfrig Holdings B.V.		6.88%			06/24/2019		2,002,875
	7,649,096	Mexico Generadora de Energia		5.50%			12/06/2032		6,721,643
	3,500,000	Minerva Luxembourg S.A.		8.75%	#^†		04/03/2019		3,303,125
	4,800,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		4,530,000
	2,000,000	Minsur S.A.		6.25%			02/07/2024		1,910,000
	10,095,000	National Gas Company of Trinidad and Tobago Ltd.		6.05%			01/15/2036		10,284,281
	5,300,000	OAS Financial Ltd.		8.88%	#^†W		04/25/2018		32,860
	1,500,000	OAS Financial Ltd.		8.88%	#†W		04/29/2049		9,300
	1,700,000	Odebrecht Finance Ltd.		7.13%			06/26/2042		726,750
	1,500,000	Odebrecht Finance Ltd.		7.50%	†		09/29/2049		648,000
	6,200,000	ONGC Videsh Ltd.		3.75%			05/07/2023		6,208,066
	2,000,000	ONGC Videsh Ltd.		4.63%			07/15/2024		2,101,742
	2,866,000	Orange S.A.		2.75%			09/14/2016		2,887,670
	5,793,000	Orange S.A.		2.75%			02/06/2019		5,976,047
	14,000,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		14,557,452
	4,700,000	Pacific Rubiales Energy Corporation		5.13%	W		03/28/2023		822,500
	1,500,000	Pacific Rubiales Energy Corporation		5.13%	^W		03/28/2023		262,500
	5,000,000	Pacific Rubiales Energy Corporation		5.63%	^W		01/19/2025		875,000
	1,000,000	Pacific Rubiales Energy Corporation		5.63%	W		01/19/2025		175,000
	5,800,000	Peru Enhanced Pass-Through Finance Ltd.		0.00%			06/02/2025		4,488,678
	1,000,000	Pesquera Exalmar S.A.A.		7.38%			01/31/2020		710,000
	1,800,000	Pesquera Exalmar S.A.A.		7.38%	^		01/31/2020		1,278,000
	3,000,000	Petroleos Mexicanos		5.50%			01/21/2021		3,118,125
	1,000,000	Petroleos Mexicanos		4.50%			01/23/2026		934,000
	4,000,000	Petroleos Mexicanos		6.38%			01/23/2045		3,728,000
	15,285,000	Petroleos Mexicanos		5.63%			01/23/2046		12,902,833
	6,960,000	Reliance Industries Ltd.		5.88%	†		02/05/2018		6,916,500
	4,500,000	Reliance Industries Ltd.		4.13%			01/28/2025		4,645,800
	2,040,000	Royal Bank of Canada		2.50%			01/19/2021		2,085,331
	1,000,000	Sixsigma Networks Mexico S.A. de C.V.		8.25%	^		11/07/2021		947,500
	1,000,000	Sixsigma Networks Mexico S.A. de C.V.		8.25%			11/07/2021		947,500
	1,000,000	Sociedad Quimica y Minera S.A.		5.50%			04/21/2020		1,038,250
	6,400,000	Sociedad Quimica y Minera S.A.		4.38%			01/28/2025		6,064,000
	1,500,000	Southern Copper Corporation		7.50%			07/27/2035		1,576,126
	6,000,000	Southern Copper Corporation		6.75%			04/16/2040		5,865,300
	3,800,000	Southern Copper Corporation		5.25%			11/08/2042		3,134,939
	5,333,000	SUAM Finance B.V.		4.88%			04/17/2024		5,372,997
	8,310,000	Sumitomo Mitsui Financial Group, Inc.		2.93%			03/09/2021		8,477,488
	9,791,000	Tanner Servicios Financieros S.A.		4.38%			03/13/2018		9,619,658
	8,000,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		7,880,000
	8,942,000	Teva Pharmaceutical Finance Company B.V.		2.95%			12/18/2022		9,010,675
	2,926,000	Toronto Dominion Bank		1.75%			07/23/2018		2,940,089
	5,430,000	Toronto Dominion Bank		2.13%			04/07/2021		5,420,769
	1,175,000	Transportadora de Gas Internacional S.A.		5.70%	^		03/20/2022		1,196,737
	12,825,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		13,062,263

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,350,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		2,169,125
	3,200,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		1,888,000
	2,419,000	Unifin Financiera S.A.P.I. de C.V.		6.25%			07/22/2019		2,310,145
	1,000,000	Union Andina de Cementos S.A.A.		5.88%			10/30/2021		1,005,000
	2,000,000	Union Andina de Cementos S.A.A.		5.88%	^		10/30/2021		2,010,000
	14,000,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		14,438,620
	5,000,000	Vedanta Resources PLC		8.25%			06/07/2021		3,000,000
	1,800,000	Vedanta Resources PLC		7.13%			05/31/2023		1,008,000
	2,200,000	Vedanta Resources PLC		7.13%	^		05/31/2023		1,232,000
	7,800,000	Volcan Cia Minera S.A.A.		5.38%			02/02/2022		5,976,750
	8,000,000	VTR Finance B.V.		6.88%			01/15/2024		7,862,400
	8,230,000	Westpac Banking Corporation		2.60%			11/23/2020		8,412,081
		Total Foreign Corporate Bonds (Cost $765,937,725)							720,585,576
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 0.5%
	20,000,000	Colombia Government International Bond		4.38%			07/12/2021		20,900,000
	11,822,000	Mexico Government International Bond		4.00%			10/02/2023		12,413,100
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $32,648,931)							33,313,100
	MUNICIPAL BONDS 0.2%
	4,500,000	New York State Dormitory Authority		5.00%			03/15/2033		5,384,655
	4,480,000	State of California		5.00%			08/01/2033		5,377,344
		Total Municipal Bonds (Cost $10,151,630)							10,761,999
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 6.6%
		BAMLL Commercial Mortgage Securities Trust,
	2,000,000	Series 2014-IP-E		2.72%	#^		06/15/2028		1,962,917
	118,650,000	Series 2015-200P-XA		0.38%	#^ I/O		04/14/2033		3,803,183
		Bear Stearns Commercial Mortgage Securities, Inc.,
	3,775,000	Series 2007-T26-AJ		5.57%	#		01/12/2045		3,718,750
		CD Commercial Mortgage Trust,
	3,735,300	Series 2007-CD4-AMFX		5.37%	#		12/11/2049		3,799,531
		CFCRE Commercial Mortgage Trust,
	75,456,911	Series 2016-C3-XA		1.10%	# I/O		01/10/2048		5,911,921
		Citigroup Commercial Mortgage Trust,
	11,371,294	Series 2012-GC8-XA		2.16%	#^ I/O		09/10/2045		870,681
	4,234,500	Series 2015-GC27-D		4.43%	#^		02/10/2048		3,254,389
	4,250,798	Series 2015-GC27-XA		1.44%	# I/O		02/10/2048		393,096
	5,572,000	Series 2015-GC35-C		4.65%			11/10/2048		5,204,067
	74,253,943	Series 2015-GC35-XA		0.91%	# I/O		11/10/2048		4,320,013
	46,139,000	Series 2016-P3-XA		1.72%	# I/O		04/15/2049		5,524,273
		COBALT Commercial Mortgage Trust,
	2,602,680	Series 2007-C2-AJFX		5.57%	#		04/15/2047		2,543,299
		Commercial Mortgage Pass-Through Certificates,
	4,562,508	Series 2002-LC4-XA		2.38%	#^ I/O		12/10/2044		414,682
	1,074,034	Series 2010-C1-XPA		1.57%	#^  I/O		07/10/2046		27,175
	28,150,996	Series 2012-CR3-XA		2.10%	# I/O		10/15/2045		2,471,990
	3,500,000	Series 2014-CR20-C		4.51%	#		11/10/2047		3,480,085

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Commercial Mortgage Pass-Through Certificates, (Cont.)
	6,073,872	Series 2014-KYO-F		3.94%	#^		06/11/2027		6,020,902
	5,000,000	Series 2015-CR23-D		4.26%	#		05/10/2048		3,723,318
	1,400,000	Series 2015-CR25-C		4.55%	#		08/10/2048		1,289,281
	61,639,859	Series 2015-CR26-XA		1.07%	# I/O		10/10/2048		4,385,793
	4,310,000	Series 2015-LC21-C		4.31%	#		07/10/2048		3,959,546
	5,579,000	Series 2015-LC23-C		4.65%	#		10/10/2053		5,439,652
	6,664,000	Series 2016-CR28-C		4.65%	#		02/10/2049		6,576,341
	3,786,000	Series 2016-DC2-C		4.80%	#		02/10/2049		3,734,841
	60,155,000	Series 2016-DC2-XA		1.24%	# I/O		02/10/2049		4,490,360
		Credit Suisse First Boston Mortgage Securities Corporation,
	328,726	Series 1998-C2-F		6.75%	#^		11/15/2030		331,120
	7,777	Series 2001-CF2-G		6.93%	^		02/15/2034		7,749
		Credit Suisse Mortgage Capital Certificates,
	6,530,000	Series 2006-C4-AM		5.51%			09/15/2039		6,586,873
	2,500,000	Series 2007-C4-A1AM		5.94%	#		09/15/2039		2,501,979
	3,800,000	Series 2009-RR2-IQB		5.69%	#^		04/16/2049		3,867,893
	5,135,000	Series 2015-SAND-D		3.29%	#^		08/15/2030		4,960,621
		CSAIL Commercial Mortgage Trust,
	5,597,000	Series 2015-C4-C		4.59%	#		11/15/2048		5,270,808
		DBRR Trust,
	1,000,000	Series 2011-C32-A3B		5.70%	#^		06/17/2049		1,023,403
		DBUBS Mortgage Trust,
	4,819,413	Series 2011-LC2A-XA		1.36%	#^ I/O		07/10/2044		166,984
		Deutsche Bank Commercial Mortgage Trust,
	4,475,000	Series 2016-C1-C		3.35%	#		05/10/2049		3,917,727
		GE Commercial Mortgage Corporation Trust,
	4,078,000	Series 2007-C1-AM		5.61%	#		12/10/2049		4,039,294
		Greenwich Capital Commercial Funding Corporation,
	3,795,300	Series 2007-GG11-AJ		6.03%	#		12/10/2049		3,740,830
	3,500,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		3,601,468
	3,681,100	Series 2007-GG9-AMFX		5.48%			03/10/2039		3,741,885
		GS Mortgage Securities Corporation,
	453,595	Series 2006-GG6-XC		0.00%	#^ I/O		04/10/2038		5
	5,191,022	Series 2007-GG10-A4		5.79%	#		08/10/2045		5,353,183
	4,379,150	Series 2011-GC5-XA		1.62%	#^ I/O		08/10/2044		175,834
	5,539,583	Series 2012-GC6-XA		2.05%	#^ I/O		01/10/2045		468,755
	3,741,000	Series 2014-GC26-C		4.51%	#		11/10/2047		3,641,819
	3,748,000	Series 2014-GC26-D		4.51%	#^		11/10/2047		2,915,417
	986,700	Series 2015-GC32-B		4.40%	#		07/10/2048		1,014,899
	99,803,977	Series 2015-GS1-XA		0.84%	# I/O		11/10/2048		6,078,242
	5,663,000	Series 2016-ICE2-A		2.37%	#^		02/15/2033		5,671,104
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	23,024,180	Series 2006-LDP8-X		0.53%	# I/O		05/15/2045		31,140
	2,500,000	Series 2006-LDP9-AM		5.37%			05/15/2047		2,511,818
	1,000,000	Series 2007-CB18-AMFX		5.40%			06/12/2047		1,018,068
	5,568,600	Series 2007-CIBC19-AM		5.70%	#		02/12/2049		5,689,920
	5,055,300	Series 2007-CIBC20-AJ		6.08%	#		02/12/2051		4,929,921
	6,350,000	Series 2007-LD12-AM		6.01%	#		02/15/2051		6,625,963
	12,050,000	Series 2009-IWST-XB		0.29%	#^ I/O		12/05/2027		160,539
	1,000,000	Series 2009-RR2-GEB		5.54%	^		12/13/2049		1,022,265
	9,109,339	Series 2011-C4-XA		1.41%	#^ I/O		07/15/2046		290,652
	31,522,093	Series 2012-C8-XA		2.04%	# I/O		10/15/2045		2,518,360
	6,594,990	Series 2012-CBX-XA		1.70%	# I/O		06/15/2045		413,613
	1,700,000	Series 2015-CSMO-C		2.69%	#^		01/15/2032		1,658,371
	79,863,013	Series 2015-JP1-XA		1.16%	# I/O		01/15/2049		5,526,816
		JPMBB Commercial Mortgage Securities Trust,
	58,550,102	Series 2014-C18-XA		1.13%	# I/O		02/15/2047		3,151,834
	3,000,000	Series 2014-C21-C		4.66%	#		08/15/2047		2,953,290
	2,766,125	Series 2014-C23-C		4.46%	#		09/15/2047		2,728,446
	3,766,500	Series 2014-C25-C		4.45%	#		11/15/2047		3,729,869
	58,539,380	Series 2014-C25-XA		1.01%	# I/O		11/15/2047		3,384,478
	50,791,688	Series 2014-C26-XA		1.18%	# I/O		01/15/2048		3,217,984
	4,474,600	Series 2015-C27-D		3.84%	#^		02/15/2048		3,224,952
	34,648,830	Series 2015-C27-XA		1.38%	# I/O		02/15/2048		2,666,626
	4,500,000	Series 2015-C30-B		4.31%	#		07/15/2048		4,367,382
	52,198,245	Series 2015-C31-XA		1.03%	# I/O		08/15/2048		3,417,717
	4,750,000	Series 2015-C32-C		4.67%	#		11/15/2048		4,272,253
	6,470,000	Series 2015-C33-C		4.62%	#		12/15/2048		5,989,438
	6,122,000	Series 2016-C1-C		4.90%	#		03/15/2049		5,577,355

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 41

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		LB Commercial Mortgage Trust,
	3,000,000	Series 2007-C3-AMFL		5.90%	#^		07/15/2044		3,100,913
		LB-UBS Commercial Mortgage Trust,
	7,852,102	Series 2006-C7-XCL		0.67%	#^ I/O		11/15/2038		25,965
	6,332,606	Series 2006-C7-XW		0.67%	#^ I/O		11/15/2038		20,941
	5,488,832	Series 2007-C1-AJ		5.48%			02/15/2040		5,482,818
		Merrill Lynch Mortgage Trust,
	3,050,000	Series 2006-C1-AJ		5.76%	#		05/12/2039		2,999,779
	1,600,000	Series 2006-C2-AJ		5.80%	#		08/12/2043		1,573,823
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	3,728,700	Series 2007-5-AM		5.42%			08/12/2048		3,771,601
		Morgan Stanley Bank of America Merrill Lynch Trust,
	2,696,418	Series 2012-C5-XA		1.74%	#^ I/O		08/15/2045		173,479
	3,000,000	Series 2014-C18-C		4.49%			10/15/2047		2,966,729
	4,000,000	Series 2014-C19-C		4.00%			12/15/2047		3,575,947
	39,461,764	Series 2015-C20-XA		1.42%	# I/O		02/15/2048		3,359,443
	4,600,000	Series 2015-C25-C		4.53%	#		10/15/2048		4,349,290
	7,500,000	Series 2015-C26-D		3.06%	^		10/15/2048		4,969,885
	4,674,000	Series 2015-C27-C		4.54%	#		12/15/2047		4,343,991
	6,710,000	Series 2015-C27-D		3.24%	#^		12/15/2047		4,423,034
		Morgan Stanley Capital, Inc.,
	1,796,053	Series 2006-HQ8-AJ		5.49%	#		03/12/2044		1,792,413
	3,462,000	Series 2007-1Q16-AMA		6.05%	#		12/12/2049		3,601,128
	2,325,000	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		2,287,877
	3,700,000	Series 2007-IQ13-AM		5.41%			03/15/2044		3,816,978
	1,400,000	Series 2007-IQ16-AM		6.05%	#		12/12/2049		1,463,879
	12,951,428	Series 2011-C1-XA		0.48%	#^ I/O		09/15/2047		232,389
	4,000,000	Series 2014-CPT-G		3.45%	#^		07/13/2029		3,577,834
	4,000,000	Series 2014-MP-D		3.69%	#^		08/11/2029		4,010,988
	93,567,590	Series 2015-UBS8-XA		0.99%	# I/O		12/15/2048		6,515,897
	5,617,000	Series 2015-XLF2-AFSC		3.44%	#^		08/15/2026		5,612,920
		TIAA Seasoned Commercial Mortgage Trust,
	308,584	Series 2007-C4-AJ		5.53%	#		08/15/2039		310,063
		UBS-Barclays Commercial Mortgage Trust,
	14,060,200	Series 2012-C3-XA		2.08%	#^ I/O		08/10/2049		1,257,423
		Wachovia Bank Commercial Mortgage Trust,
	623,173	Series 2006-C24-AJ		5.66%	#		03/15/2045		622,292
	2,500,000	Series 2006-C28-AJ		5.63%	#		10/15/2048		2,444,764
	15,738,821	Series 2006-C29-IO		0.37%	# I/O		11/15/2048		32,899
	1,900,000	Series 2007-C30-AJ		5.41%	#		12/15/2043		1,870,420
	5,488,832	Series 2007-C33-AM		5.95%	#		02/15/2051		5,678,204
	2,500,000	Series 2007-C33-B		5.95%	#		02/15/2051		2,367,877
		Wells Fargo Commercial Mortgage Trust,
	6,750,000	Series 2014-LC16-D		3.94%	^		08/15/2050		5,063,363
	2,200,000	Series 2015-C28-C		4.14%	#		05/15/2048		2,039,002
	5,403,000	Series 2015-C31-C		4.61%	#		11/15/2048		5,182,820
	78,802,559	Series 2015-C31-XA		1.12%	# I/O		11/15/2048		6,096,710
	4,610,000	Series 2015-LC22-C		4.54%	#		09/15/2058		4,430,166
	56,123,926	Series 2015-NXS1-XA		1.20%	# I/O		05/15/2048		4,117,150
	4,000,000	Series 2015-NXS3-C		4.49%	#		09/15/2057		3,668,675
	5,672,000	Series 2015-NXS4-C		4.60%	#		12/15/2048		5,445,641
	5,613,000	Series 2015-P2-A4		3.81%			12/15/2048		6,059,023
	79,057,148	Series 2015-P2-XA		1.04%	# I/O		12/15/2048		5,540,657
	4,650,000	Series 2016-C32-C		4.72%	#		01/15/2059		4,424,532
	4,483,000	Series 2016-C33-C		3.90%	#		03/15/2059		3,914,336
		WF-RBS Commercial Mortgage Trust,
	18,533,842	Series 2012-C9-XA		2.16%	#^ I/O		11/15/2045		1,617,087
	88,089,205	Series 2014-C21-XA		1.18%	# I/O		08/15/2047		5,821,675
	56,286,647	Series 2014-C22-XA		0.95%	# I/O		09/15/2057		2,999,932
	59,235,606	Series 2014-C24-XA		0.98%	# I/O		11/15/2047		3,385,925
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $416,753,789)							399,917,625
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 7.7%
		Adjustable Rate Mortgage Trust,
	13,337,821	Series 2007-1-4A1		3.93%	#		03/25/2037		10,348,902
	87,440	Series 2007-3-1A1		3.78%	# ^		11/25/2037		72,312

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		American General Mortgage Loan Trust,
	614,597	Series 2010-1-A3		5.65%	#^		03/25/2058		615,877
		Banc of America Funding Corporation,
	1,694,209	Series 2005-G-A3		2.87%	#		10/20/2035		1,582,609
	851,552	Series 2006-2-6A2		5.50%			03/25/2036		840,228
	651,276	Series 2006-6-1A2		6.25%			08/25/2036		639,841
		BCAP LLC Trust,
	797,794	Series 2009-RR13-6A5		6.00%	#^		04/26/2037		811,242
		Bear Stearns Asset Backed Securities Trust,
	300,352	Series 2007-SD1-1A3A		6.50%			10/25/2036		224,507
		Chase Mortgage Finance Trust,
	4,934,866	Series 2007-A2-6A4		2.72%	#		07/25/2037		4,340,221
	1,809,244	Series 2007-S3-2A1		5.50%			05/25/2037		1,544,131
		Citicorp Mortgage Securities, Inc.,
	138,451	Series 2005-1-1A4		5.50%			02/25/2035		139,455
		Citicorp Residential Mortgage Securities, Inc.,
	1,800,000	Series 2006-2-A5		5.89%	#		09/25/2036		1,799,373
		Citigroup Mortgage Loan Trust, Inc.,
	347,067	Series 2006-WF2-A2C		5.85%	#		05/25/2036		219,591
	4,928,000	Series 2008-AR4-2A1B		2.90%	#^		11/25/2038		4,690,830
	2,655,778	Series 2010-8-5A4		6.66%	#^		11/25/2036		2,483,439
	13,294,019	Series 2010-8-6A4		6.56%	#^		12/25/2036		12,325,133
	982,286	Series 2011-12-3A1		2.75%	#^		09/25/2047		979,331
		CitiMortgage Alternative Loan Trust,
	232,440	Series 2006-A2-A2		6.00%			05/25/2036		200,942
	99,448	Series 2006-A5-3A3		6.00%			10/25/2036		81,820
	229,092	Series 2007-A1-1A7		6.00%			01/25/2037		195,517
	13,159,662	Series 2007-A5-1A10		5.75%			05/25/2037		11,122,346
		Countrywide Alternative Loan Trust,
	2,493,335	Series 2004-22CB-1A1		6.00%			10/25/2034		2,505,007
	284,368	Series 2005-20CB-1A1		5.50%			07/25/2035		266,407
	337,033	Series 2005-28CB-3A6		6.00%			08/25/2035		263,963
	1,631,671	Series 2005-46CB-A22		5.25%			10/25/2035		1,479,617
	269,331	Series 2005-J10-1A13		1.13%	#		10/25/2035		209,939
	546,960	Series 2006-26CB-A9		6.50%			09/25/2036		470,613
	12,936,554	Series 2006-42-1A8		6.00%			01/25/2047		11,519,960
	1,981,019	Series 2007-12T1-A1		6.00%			06/25/2037		1,643,711
	2,169,301	Series 2007-16CB-2A1		0.88%	#		08/25/2037		1,288,697
	628,175	Series 2007-16CB-2A2		50.98	%# I/F		08/25/2037		1,612,938
	157,625	Series 2007-17CB-1A10		27.91	%# I/F		08/25/2037		263,769
	786,833	Series 2007-18CB-2A17		6.00%			08/25/2037		692,688
	3,311,967	Series 2007-23CB-A3		0.93%	#		09/25/2037		2,048,417
	3,253,445	Series 2007-23CB-A4		6.07%	# I/F I/O		09/25/2037		1,013,004
	776,818	Series 2007-4CB-2A1		7.00%			03/25/2037		311,741
		Countrywide Asset-Backed Certificates,
	141,581	Series 2005-13-AF3		4.84%	#		04/25/2036		126,753
		Countrywide Home Loans,
	73,946	Series 2002-32-2A6		5.00%			01/25/2018		74,511
	621,493	Series 2005-28-A7		5.25%			01/25/2019		572,081
	1,183,141	Series 2007-10-A5		6.00%			07/25/2037		1,026,587
	503,827	Series 2007-15-1A16		6.25%			09/25/2037		487,276
	1,395,873	Series 2007-3-A17		6.00%			04/25/2037		1,274,078
		Credit Suisse First Boston Mortgage Securities Corporation,
	147,442	Series 2005-10-5A5		5.50%			11/25/2035		133,606
	2,168,559	Series 2005-8-1A3		5.25%			09/25/2035		1,945,225
		Credit Suisse Mortgage Capital Certificates,
	5,686,560	Series 2006-4-6A1		6.00%			05/25/2036		4,569,904
	194,756	Series 2006-4-7A1		5.50%			05/25/2021		185,585
	165,266	Series 2007-1-3A1		6.00%			02/25/2022		127,457
	50,837	Series 2007-2-2A1		5.00%			03/25/2037		50,053
	6,831,327	Series 2010-4R-3A17		6.00%	#^		06/26/2037		6,804,277
	11,661,076	Series 2013-IVR1-A1		2.50%	#^		03/25/2043		11,396,782
	23,949,948	Series 2013-IVR4		3.50%	#^		07/25/2043		24,388,041
	18,969,079	Series 2015-PR2-A1		4.25%	#^		07/26/2055		18,682,532
	47,097,708	Series 2015-RPL3-A1		3.75%	#^		12/25/2056		46,369,492
		Deutsche ALT-A Securities, Inc. Mortgage Loan Trust,
	16,170,646	Series 2005-6-2A1		5.50%			12/25/2035		13,463,290

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Deutsche Mortgage Securities, Inc.,
	1,907,855	Series 2006-PR1-3A1		11.51%	#^ I/F		04/15/2036		2,153,107
	217,566	Series 2006-PR1-4AI2		13.77%	#^ I/F		04/15/2036		274,721
	1,599,819	Series 2006-PR1-5AI4		11.51%	#^ I/F		04/15/2036		1,954,798
		First Horizon Alternative Mortgage Securities,
	543,414	Series 2006-FA2-1A5		6.00%			05/25/2036		440,729
	5,036,043	Series 2006-FA8-1A1		6.25%			02/25/2037		3,879,549
	131,391	Series 2006-RE1-A1		5.50%			05/25/2035		120,986
		GMACM Mortgage Loan Trust,
	7,153,416	Series 2006-J1-A6		5.75%			04/25/2036		6,757,530
		GSAA Home Equity Trust,
	391,245	Series 2005-7-AF5		4.61%	#		05/25/2035		405,388
	1,754,076	Series 2007-10-A1A		6.00%			11/25/2037		1,516,184
	1,610,059	Series 2007-10-A2A		6.50%			11/25/2037		1,180,845
		GSR Mortgage Loan Trust,
	71,226	Series 2006-2F-5A1		4.50%			01/25/2021		68,475
	7,052,190	Series 2006-3F-4A1		6.00%			03/25/2036		6,385,719
	1,002,232	Series 2007-1F-2A2		5.50%			01/25/2037		951,041
		Impac Secured Assets Trust,
	36,826,855	Series 2006-5-1A1C		0.70%	#		02/25/2037		23,657,822
		JP Morgan Alternative Loan Trust,
	429,781	Series 2006-S2-A4		6.19%	#		05/25/2036		311,897
	9,404,362	Series 2006-S3-A4		6.31%	#		08/25/2036		7,580,287
	1,121,490	Series 2006-S3-A6		6.12%	#		08/25/2036		1,047,560
	1,470,660	Series 2006-S4-A6		5.71%	#		12/25/2036		1,382,563
		JP Morgan Mortgage Trust,
	409,449	Series 2007-S3-1A7		6.00%			08/25/2037		357,144
		JP Morgan Resecuritization Trust,
	1,076,713	Series 2011-2-2A3		3.50%	#^		07/26/2036		1,077,572
		Lehman Mortgage Trust,
	2,495,858	Series 2005-1-2A4		5.50%			11/25/2035		2,293,407
	873,777	Series 2006-3-1A5		6.00%			07/25/2036		651,191
	63,445	Series 2006-9-1A19		28.69%	# I/F		01/25/2037		101,289
	1,045,096	Series 2007-10-2A1		6.50%			01/25/2038		814,793
	234,817	Series 2007-2-1A1		5.75%			02/25/2037		201,559
		MASTR Alternative Loans Trust,
	138,270	Series 2005-2-3A1		6.00%			03/25/2035		132,638
	63,225	Series 2007-1-2A7		6.00%			10/25/2036		45,619
		MASTR Asset Securitization Trust,
	190,781	Series 2003-2-30B2		5.75%			04/25/2033		188,542
	3,733,645	Series 2006-2-1A11		6.00%	#		06/25/2036		3,583,861
		Morgan Stanley Mortgage Loan Trust,
	192,346	Series 2004-1-1A1		5.00%			11/25/2018		197,138
	1,634,946	Series 2005-7-7A4		5.50%			11/25/2035		1,651,214
	4,488,338	Series 2006-7-3A		5.22%	#		06/25/2036		3,711,994
		Morgan Stanley Re-Remic Trust,
	2,647,957	Series 2010-R6-5C		5.75%	#^		05/26/2037		2,427,485
		Nomura Asset Acceptance Corporation,
	259,047	Series 2006-AP1-A2		5.52%	#		01/25/2036		140,793
		Nomura Home Equity Loan, Inc.,
	681,192	Series 2006-AF1-A2		5.80%	#		10/25/2036		334,862
	1,219,483	Series 2007-1-1A1		6.06%	#		02/25/2037		579,027
		Option One Mortgage Loan Trust,
	77,684	Series 2004-3-M3		1.41%	#		11/25/2034		69,473
		PHH Alternative Mortgage Trust,
	661,248	Series 2007-2-4A1		6.00%			05/25/2022		588,706
		PR Mortgage Loan Trust,
	12,779,682	Series 2014-1-APT		5.92%	#		10/25/2049		13,139,970
		Residential Accredit Loans, Inc.,
	330,624	Series 2004-QS15-A1		5.25%			11/25/2034		338,639
	553,556	Series 2005-QS14-3A3		6.00%			09/25/2035		501,010
	109,881	Series 2005-QS1-A5		5.50%			01/25/2035		109,915
	621,110	Series 2006-QS10-A4		5.75%			08/25/2036		495,188
	6,777,545	Series 2006-QS10-A9		6.50%			08/25/2036		5,674,429
	6,804,627	Series 2006-QS4-A10		6.00%			04/25/2036		5,630,817
	1,378,259	Series 2006-QS6-1A15		6.00%			06/25/2036		1,124,037

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Residential Accredit Loans, Inc., (Cont.)
	333,656	Series 2006-QS6-2A1		6.00%			06/25/2021		326,248
	2,073,151	Series 2007-QS3-A4		6.25%			02/25/2037		1,654,809
	7,297,920	Series 2007-QS9-A33		6.50%			07/25/2037		6,190,402
		Residential Asset Mortgage Products, Inc.,
	494,732	Series 2005-RS1-AI5		5.41%	#		01/25/2035		498,030
		Residential Asset Securitization Trust,
	264,880	Series 2005-A10-A3		5.50%			09/25/2035		226,777
	365,020	Series 2005-A11-2A4		6.00%			10/25/2035		290,837
	84,417	Series 2005-A7-A3		5.50%			06/25/2035		73,628
	2,005,244	Series 2006-A6-1A1		6.50%			07/25/2036		1,116,378
	191,568	Series 2006-R1-A1		26.67	%# I/F		01/25/2046		360,357
		Residential Funding Mortgage Securities Trust,
	177,370	Series 2006-S10-1A2		6.00%			10/25/2036		158,220
	897,066	Series 2006-S11-A3		6.00%			11/25/2036		837,636
	1,728,693	Series 2007-S2-A4		6.00%			02/25/2037		1,575,036
	1,194,206	Series 2007-S3-1A4		6.00%			03/25/2037		1,080,269
		Securitized Mortgage Asset Loan Trust,
	50,175,745	Series 2015-1-PC		4.02%	#^¥		02/25/2054		37,199,534
	9,500,434	Series 2015-2-PC		3.57%	^¥		12/26/2059		8,395,532
	15,570,154	Series 2015-3-PC		3.59%	^¥		10/25/2044		14,566,745
		Structured Asset Securities Corporation,
	1,283,568	Series 2003-35-1A1		5.23%	#		12/25/2033		1,320,219
	1,961,631	Series 2005-14-1A1		0.73%	#		07/25/2035		1,648,398
	1,692,744	Series 2005-16-1A3		5.50%			09/25/2035		1,707,366
	1,787,246	Series 2005-RF1-A		0.78%	#^		03/25/2035		1,472,291
	1,787,246	Series 2005-RF1-AIO		4.74%	#^ I/O		03/25/2035		337,261
		Washington Mutual Mortgage Pass-Through Certificates,
	191,052	Series 2005-1-2A		6.00%			03/25/2035		175,638
	1,555,124	Series 2006-1-3A1		5.75%			02/25/2036		1,432,397
	3,253,203	Series 2006-2-4CB		6.00%			03/25/2036		2,844,537
	5,534,394	Series 2006-8-A6		4.66%	#		10/25/2036		3,299,961
	4,489,295	Series 2006-AR19-2A		1.91%	#		01/25/2047		3,852,113
	2,982,871	Series 2007-3-A6		6.00%			04/25/2037		2,516,711
	200,604	Series 2007-5-A11		36.88	%# I/F		06/25/2037		494,344
	13,485,796	Series 2007-5-A3		7.00%			06/25/2037		8,628,086
		Wells Fargo Alternative Loan Trust,
	2,054,015	Series 2007-PA5-1A1		6.25%			11/25/2037		1,976,988
		Wells Fargo Mortgage Backed Securities Trust,
	1,862,232	Series 2005-17-1A1		5.50%			01/25/2036		1,826,525
	99,672	Series 2005-AR14-A6		2.74%	#		08/25/2035		94,604
	165,235	Series 2005-AR16-6A4		2.76%	#		10/25/2035		158,537
	749,598	Series 2006-2-3A1		5.75%			03/25/2036		763,084
	1,681,579	Series 2006-7-2A1		6.00%			06/25/2036		1,623,056
	1,619,123	Series 2007-10-1A5		6.00%			07/25/2037		1,619,609
	1,967,612	Series 2007-10-2A11		6.00%			07/25/2037		1,886,035
	2,782,756	Series 2007-11-A96		6.00%			08/25/2037		2,749,458
	3,199,078	Series 2007-14-1A1		6.00%			10/25/2037		3,147,833
	792,827	Series 2007-4-A16		5.50%			04/25/2037		767,841
	194,359	Series 2007-7-A1		6.00%			06/25/2037		193,144
		WinWater Mortgage Loan Trust,
	26,697,347	Series 2015-5-A3		3.50%	#^		08/20/2045		27,210,580
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $473,568,878)							467,054,215
	US CORPORATE BONDS 13.6%
	4,054,000	21st Century Fox America, Inc.		4.75%			09/15/2044		4,214,109
	8,231,000	AbbVie, Inc.		4.70%			05/14/2045		8,790,412
	8,132,000	Actavis Funding SCS		2.35%			03/12/2018		8,231,300
	2,053,000	Activision Blizzard, Inc.		5.63%	^		09/15/2021		2,168,481
	8,005,000	Air Lease Corporation		3.75%			02/01/2022		7,984,291
	2,351,000	Air Medical Merger Sub Corporation		6.38%	^		05/15/2023		2,215,817
	1,635,000	Alere, Inc.		6.50%			06/15/2020		1,674,240
	6,937,000	Ally Financial, Inc.		4.13%			03/30/2020		6,902,315

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 43

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,830,000	Amazon.com, Inc.		3.80%			12/05/2024		4,194,367
	2,080,000	American Axle & Manufacturing, Inc.		6.63%			10/15/2022		2,168,400
	2,645,000	American Express Credit Corporation		2.13%			03/18/2019		2,677,732
	13,755,000	American Express Credit Corporation		2.25%			08/15/2019		13,936,030
	3,845,000	Anheuser-Busch InBev Finance, Inc.		4.90%			02/01/2046		4,306,627
	7,471,000	Apache Corporation		4.75%			04/15/2043		6,732,193
	5,909,000	Apple, Inc.		4.65%			02/23/2046		6,468,553
	750,000	Argos Merger Sub, Inc.		7.13%	^		03/15/2023		796,875
	884,000	Asbury Automotive Group, Inc.		6.00%			12/15/2024		897,260
	2,170,000	Ashland, Inc.		4.75%			08/15/2022		2,213,400
	8,820,000	AT&T, Inc.		3.40%			05/15/2025		8,858,782
	13,629,000	Bank of America Corporation		2.00%			01/11/2018		13,692,511
	8,155,000	BB&T Corporation		2.45%			01/15/2020		8,303,690
	9,949,000	Berkshire Hathaway Energy Company		6.50%			09/15/2037		13,018,227
	1,545,000	Berry Plastics Corporation		5.50%			05/15/2022		1,589,419
	5,043,000	Boeing Company		6.88%			03/15/2039		7,374,702
	8,292,000	Boston Properties LP		4.13%			05/15/2021		8,899,936
	8,049,000	Burlington Northern Santa Fe LLC		4.55%			09/01/2044		8,745,907
	6,988,000	Cardinal Health, Inc.		1.95%			06/15/2018		7,025,330
	2,817,000	CCO Holdings LLC		5.25%			09/30/2022		2,908,552
	535,000	CCO Holdings LLC		5.13%	^		05/01/2023		545,700
	340,000	CDW LLC		6.00%			08/15/2022		360,611
	4,055,000	Celgene Corporation		3.88%			08/15/2025		4,271,602
	2,800,000	Centene Escrow Corporation		5.63%	^		02/15/2021		2,926,000
	3,270,000	Cequel Communications LLC		6.38%	^		09/15/2020		3,253,650
	4,910,000	Chevron Corporation		1.37%			03/02/2018		4,929,444
	2,641,000	Chevron Corporation		1.79%			11/16/2018		2,674,316
	8,355,000	Cisco Systems, Inc.		1.65%			06/15/2018		8,484,603
	7,860,000	Citigroup, Inc.		2.65%			10/26/2020		7,945,965
	4,455,000	Citigroup, Inc.		2.70%			03/30/2021		4,494,748
	4,155,000	Coca Cola Company		1.88%			10/27/2020		4,224,505
	4,465,000	Coca-Cola Company		1.65%			11/01/2018		4,550,540
	2,875,000	Comcast Corporation		4.20%			08/15/2034		3,045,513
	5,455,000	Comcast Corporation		4.40%			08/15/2035		5,922,957
	2,298,000	CommScope, Inc.		5.00%	^		06/15/2021		2,323,852
	4,080,000	Covidien International Finance S.A.		2.95%			06/15/2023		4,213,273
	890,000	CSC Holdings LLC		5.25%			06/01/2024		795,437
	1,190,000	Dana Holding Corporation		5.50%			12/15/2024		1,127,525
	6,399,000	Delphi Corporation		4.15%			03/15/2024		6,592,902
	2,119,000	Delphi Corporation		4.25%			01/15/2026		2,217,173
	565,000	Dollar Tree, Inc.		5.75%	^		03/01/2023		601,372
	8,955,000	Duke Energy Progress, Inc.		4.15%			12/01/2044		9,430,869
	6,260,000	Eli Lilly & Company		3.70%			03/01/2045		6,389,244
	2,625,000	Energy Gulf Coast, Inc.		9.25%	W		12/15/2017		100,078
	427,000	Energy Gulf Coast, Inc.		11.00%	^W		03/15/2020		61,915
	720,000	Energy Gulf Coast, Inc.		7.50%	W		12/15/2021		27,000
	1,355,000	Energy Partners Ltd.		8.25%	W		02/15/2018		68,597
	1,715,000	Energy Transfer Partners LP		5.20%			02/01/2022		1,630,198
	7,410,000	Energy Transfer Partners LP		4.75%			01/15/2026		6,809,634
	2,955,000	Ensemble S Merger Sub, Inc.		9.00%	^		09/30/2023		2,906,981
	5,673,000	Enterprise Products Operating LLC		3.70%			02/15/2026		5,643,960
	4,095,000	EOG Resources, Inc.		4.15%			01/15/2026		4,254,590
	1,225,000	Equinix, Inc.		5.88%			01/15/2026		1,292,987
	3,080,000	ESH Hospitality, Inc.		5.25%	^		05/01/2025		3,022,250
	4,060,000	Express Scripts Holding Company		4.50%			02/25/2026		4,224,641

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	8,060,000	FedEx Corporation		4.75%			11/15/2045		8,567,014
	6,335,000	Fidelity National Information Services, Inc.		3.63%			10/15/2020		6,556,738
	1,030,000	First Data Corporation		7.00%	^		12/01/2023		1,044,162
	1,215,000	First Data Corporation		5.75%	^		01/15/2024		1,219,435
	6,665,000	Ford Motor Company		7.45%			07/16/2031		8,711,055
	1,490,000	Frontier Communications Corporation		10.50%	^		09/15/2022		1,532,837
	2,770,000	Gannett Company, Inc.		4.88%	^		09/15/2021		2,860,025
	3,710,000	Gates Global LLC		6.00%	^		07/15/2022		3,190,600
	12,665,000	GE Capital International Funding Company		0.96%	^		04/15/2016		12,665,747
	4,045,000	General Motors Financial Company, Inc.		3.20%			07/13/2020		4,041,537
	6,300,000	General Motors Financial Company, Inc.		4.20%			03/01/2021		6,516,997
	16,252,000	Georgia-Pacific LLC		3.60%	^		03/01/2025		16,851,146
	9,315,000	Goldman Sachs Group, Inc.		2.88%			02/25/2021		9,493,746
	2,300,000	Goodyear Tire & Rubber Company		5.13%			11/15/2023		2,363,250
	1,335,000	Gray Television, Inc.		7.50%			10/01/2020		1,415,100
	1,865,000	HCA, Inc.		5.38%			02/01/2025		1,887,734
	1,100,000	HCA, Inc.		5.88%			02/15/2026		1,135,750
	1,940,000	HD Supply, Inc.		7.50%			07/15/2020		2,068,525
	435,000	HD Supply, Inc.		5.75%	^		04/15/2024		448,050
	6,295,000	Hewlett Packard Company		3.60%	^		10/15/2020		6,555,166
	6,297,000	HJ Heinz Company		1.60%	^		06/30/2017		6,319,669
	2,018,000	HJ Heinz Company		2.00%	^		07/02/2018		2,038,063
	3,601,000	Home Depot, Inc.		3.35%			09/15/2025		3,908,554
	4,980,000	Home Depot, Inc.		3.00%			04/01/2026		5,234,189
	2,435,000	Infor US, Inc.		6.50%			05/15/2022		2,228,025
	10,000,000	International Business Machines Corporation		1.13%			02/06/2018		10,022,470
	2,680,000	JBS LLC		5.75%	^		06/15/2025		2,358,400
	8,283,000	JP Morgan Chase & Company		2.55%			10/29/2020		8,403,385
	8,060,000	JP Morgan Chase & Company		4.25%			10/01/2027		8,406,854
	5,970,000	Kinder Morgan Energy Partners LP		6.95%			01/15/2038		5,989,701
	9,516,000	Kroger Company		3.40%			04/15/2022		10,088,311
	8,112,000	Laboratory Corporation		2.50%			11/01/2018		8,187,206
	8,450,000	Laboratory Corporation		4.70%			02/01/2045		8,467,001
	2,236,000	Level 3 Communications, Inc.		5.75%			12/01/2022		2,314,260
	1,440,000	Levi Strauss & Company		5.00%			05/01/2025		1,461,600
	10,599,000	Liberty Mutual Group, Inc.		6.50%	^		05/01/2042		12,413,761
	7,835,000	Lockheed Martin Corporation		4.70%			05/15/2046		8,799,857
	4,530,000	McGraw Hill Financial, Inc.		4.40%			02/15/2026		4,935,720
	3,338,000	Memorial Productions Partners LP		6.88%			08/01/2022		934,640
	335,000	Microsemi Corporation		9.13%	^		04/15/2023		369,337
	7,665,000	Microsoft Corporation		4.45%			11/03/2045		8,495,296
	2,480,000	Milacron LLC		7.75%	^		02/15/2021		2,294,000
	8,225,000	Morgan Stanley		2.65%			01/27/2020		8,357,126
	9,035,000	Morgan Stanley		3.88%			01/27/2026		9,447,728
	1,675,000	MPLX LP		5.50%	^		02/15/2023		1,624,197

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	8,269,000	MUFG Americas Holdings Corporation		1.63%			02/09/2018		8,244,334
	2,715,000	National Rural Utilities Cooperative Finance Corporation		10.38%			11/01/2018		3,312,599
	7,690,000	National Rural Utilities Cooperative Finance Corporation		2.00%			01/27/2020		7,761,886
	2,086,000	NCL Corporation Ltd.		5.25%	^		11/15/2019		2,148,580
	1,965,000	Newell Rubbermaid, Inc.		3.15%			04/01/2021		2,021,677
	1,970,000	Occidental Petroleum Corporation		3.40%			04/15/2026		1,987,829
	4,915,000	Omnicom Group, Inc.		3.63%			05/01/2022		5,169,297
	3,285,000	Omnicom Group, Inc.		3.60%			04/15/2026		3,373,373
	1,400,000	OPE KAG Finance Sub, Inc.		7.88%	^		07/31/2023		1,403,500
	8,612,000	Oracle Corporation		2.38%			01/15/2019		8,932,711
	8,322,000	Oracle Corporation		2.25%			10/08/2019		8,592,681
	8,205,000	Oracle Corporation		4.13%			05/15/2045		8,406,671
	2,782,000	Phillips 66		5.88%			05/01/2042		3,034,127
	705,000	Phillips 66		4.88%			11/15/2044		709,175
	770,000	Pilgrim’s Pride Corporation		5.75%	^		03/15/2025		776,738
	2,203,000	Plastipak Holdings, Inc.		6.50%	^		10/01/2021		2,175,463
	7,986,000	PNC Funding Corporation		3.30%			03/08/2022		8,369,655
	1,310,000	Post Holdings, Inc.		7.38%			02/15/2022		1,390,238
	1,560,000	Quintiles Transnational Corporation		4.88%	^		05/15/2023		1,602,323
	1,210,000	Regal Entertainment Group		5.75%			03/15/2022		1,258,400
	2,524,000	Revlon Consumer Products Corporation		5.75%			02/15/2021		2,606,030
	3,095,000	Reynolds Group Issuer LLC		8.25%			02/15/2021		3,178,256
	7,985,000	Reynolds, Inc.		4.00%			06/12/2022		8,694,012
	1,405,000	Rite Aid Corporation		6.13%	^		04/01/2023		1,494,569
	1,490,000	Sabre GLBL, Inc.		5.25%	^		11/15/2023		1,523,376
	1,951,000	Sally Holdings LLC		5.75%			06/01/2022		2,053,428
	965,000	Sanchez Energy Corporation		6.13%			01/15/2023		525,925
	365,000	Sandridge Energy, Inc.		8.75%	^W		06/01/2020		90,338
	2,033,000	SBA Communications Corporation		5.63%			10/01/2019		2,129,568
	3,675,000	Schlumberger Holdings Corporation		2.35%	^		12/21/2018		3,701,159
	2,350,000	Scientific Games International, Inc.		7.00%	^		01/01/2022		2,408,750
	2,485,000	Select Medical Corporation		6.38%			06/01/2021		2,360,750
	2,027,000	Service Corporation International		5.38%			01/15/2022		2,128,350
	3,460,000	Signode Industrial Group, Inc.		6.38%	^		05/01/2022		3,161,575
	8,715,000	Simon Property Group LP		3.30%			01/15/2026		9,059,643
	2,345,000	Sinclair Television Group, Inc.		5.63%	^		08/01/2024		2,368,450
	1,090,000	Solera Finance, Inc.		10.50%	^		03/01/2024		1,098,175
	13,261,000	Southern Company		2.45%			09/01/2018		13,482,857
	2,020,000	Spectrum Brands, Inc.		5.75%			07/15/2025		2,156,350
	5,865,000	State Street Corporation		3.55%			08/18/2025		6,250,759
	1,335,000	Station Casinos LLC		7.50%			03/01/2021		1,415,100
	8,764,000	Synchrony Financial		3.00%			08/15/2019		8,911,717

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,185,000	Team Health, Inc.		7.25%	^		12/15/2023		1,270,913
	2,440,000	Tenet Healthcare Corporation		6.75%			06/15/2023		2,348,500
	2,096,000	Terex Corporation		6.00%			05/15/2021		2,038,360
	13,055,000	Thermo Fisher Scientific, Inc.		3.30%			02/15/2022		13,337,275
	7,635,000	TIAA Asset Management Finance Company LLC		2.95%	^		11/01/2019		7,757,633
	4,105,000	Time Warner, Inc.		3.60%			07/15/2025		4,223,515
	2,980,000	TransDigm, Inc.		6.00%			07/15/2022		2,983,725
	800,000	Treehouse Foods, Inc.		6.00%	^		02/15/2024		852,000
	3,150,000	Tribune Media Company		5.88%	^		07/15/2022		3,079,125
	15,310,000	Tyson Foods, Inc.		3.95%			08/15/2024		16,356,209
	3,325,000	Ultra Petroleum Corporation		5.75%	^		12/15/2018		249,375
	16,965,000	Verizon Communications, Inc.		4.40%			11/01/2034		17,207,939
	1,600,000	Viking Cruises Ltd.		8.50%	^		10/15/2022		1,520,000
	1,595,000	Vizient, Inc.		10.38%	^		03/01/2024		1,710,638
	8,050,000	Wal-Mart Stores, Inc.		4.30%			04/22/2044		9,027,061
	6,340,000	Waste Management, Inc.		4.10%			03/01/2045		6,392,964
	1,615,000	WCI Communities, Inc.		6.88%			08/15/2021		1,610,963
	410,000	WellPoint, Inc.		1.88%			01/15/2018		411,522
	7,597,000	WellPoint, Inc.		2.30%			07/15/2018		7,687,799
	16,855,000	Wells Fargo & Company		3.55%			09/29/2025		17,699,705
	605,000	Western Digital Corporation		7.38%	^		04/01/2023		618,613
	1,225,000	WMG Acquisition Corporation		6.75%	^		04/15/2022		1,218,875
	6,440,000	Xerox Corporation		2.95%			03/15/2017		6,480,508
	6,429,000	Zimmer Holdings, Inc.		1.45%			04/01/2017		6,428,736
	2,074,000	Zimmer Holdings, Inc.		2.70%			04/01/2020		2,105,790
		Total US Corporate Bonds (Cost $815,401,637)							826,666,191
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 17.0%
		Federal Home Loan Mortgage Corporation,
	1,291,152	Pool G01840		5.00%			07/01/2035		1,433,885
	737,777	Pool G04817		5.00%			09/01/2038		810,555
	20,953,952	Pool G08537		3.00%			07/01/2043		21,498,688
	54,168,905	Pool G08622		3.00%			01/01/2045		55,543,681
	13,910,395	Pool G08686		3.00%			01/01/2046		14,263,432
	3,830,201	Pool N70081		5.50%			07/01/2038		4,236,538
	10,455,360	Pool Q33789		3.50%			06/01/2045		11,011,650
	5,456,907	Pool T60854		3.50%			09/01/2042		5,634,180
	854,752	Pool U60299		4.00%			11/01/2040		916,940
	98,183	Series 2692-SC		12.41%	# I/F		07/15/2033		115,142
	3,635,995	Series 2722-PS		9.40%	# I/F		12/15/2033		4,140,416
	192,103	Series 2750-ZT		5.00%			02/15/2034		213,460
	366,484	Series 3002-SN		6.06%	# I/F I/O		07/15/2035		63,864
	161,273	Series 3045-DI		6.29%	# I/F I/O		10/15/2035		31,204
	604,564	Series 3116-Z		5.50%			02/15/2036		682,404
	53,528	Series 3117-ZN		4.50%			02/15/2036		57,321
	743,424	Series 3203-ZC		5.00%			07/15/2036		828,589
	208,621	Series 3275-SC		5.64%	# I/F I/O		02/15/2037		33,481
	1,253,110	Series 3382-SB		5.56%	# I/F I/O		11/15/2037		176,142
	1,405,439	Series 3384-S		5.95%	# I/F I/O		11/15/2037		188,954
	1,567,913	Series 3417-SX		5.74%	# I/F I/O		02/15/2038		177,732
	163,778	Series 3423-GS		5.21%	# I/F I/O		03/15/2038		19,579
	163,778	Series 3423-SG		5.21%	# I/F I/O		03/15/2038		18,512
	262,462	Series 3524-LB		4.25%	#		06/15/2038		265,881
	610,778	Series 3562-WS		4.51%	# I/F I/O		08/15/2039		68,901

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 45

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	466,572	Series 3582-SA		5.56%	# I/F I/O		10/15/2049		73,108
	850,291	Series 3606-CS		5.91%	# I/F I/O		12/15/2039		169,641
	455,442	Series 3616-SG		5.91%	# I/F I/O		03/15/2032		70,687
	2,153,551	Series 3626-AZ		5.50%			08/15/2036		2,390,765
	805,054	Series 3666-SC		5.33%	# I/F I/O		05/15/2040		145,250
	519,384	Series 3666-VZ		5.50%			08/15/2036		581,224
	2,539,160	Series 3779-DZ		4.50%			12/15/2040		2,807,287
	1,400,000	Series 3779-YA		3.50%			12/15/2030		1,529,853
	147,853	Series 3780-YS		9.03%	# I/F		12/15/2040		159,296
	672,831	Series 3786-SG		8.63%	# I/F		01/15/2041		742,089
	11,076,531	Series 3792-SE		8.99%	# I/F		01/15/2041		11,804,075
	2,458,300	Series 3795-VZ		4.00%			01/15/2041		2,707,455
	80,404	Series 3798-SD		8.73%	# I/F		12/15/2040		87,468
	1,860,769	Series 3806-CZ		5.50%			07/15/2034		2,105,411
	1,156,635	Series 3808-DB		3.50%			02/15/2031		1,226,948
	3,599,174	Series 3818-CZ		4.50%			03/15/2041		3,984,287
	2,348,152	Series 3819-ZU		5.50%			07/15/2034		2,623,689
	3,736,782	Series 3824-EY		3.50%			03/15/2031		4,059,799
	251,282	Series 3828-SW		11.89%	# I/F		02/15/2041		357,983
	3,649,201	Series 3863-ZA		5.50%			08/15/2034		4,060,336
	3,614,554	Series 3888-ZG		4.00%			07/15/2041		3,895,785
	18,072,771	Series 3889-VZ		4.00%			07/15/2041		19,408,063
	2,732,085	Series 3910-GZ		5.00%			08/15/2041		3,342,888
	20,293,460	Series 3967-ZP		4.00%			09/15/2041		22,213,164
	5,800,658	Series 3972-AZ		3.50%			12/15/2041		5,860,783
	23,230,889	Series 4057-ZA		4.00%			06/15/2042		25,791,152
	8,468,041	Series 4096-DZ		3.50%			08/15/2042		9,011,778
	26,833,815	Series 4165-ZT		3.00%			02/15/2043		25,560,188
	10,786,537	Series 4291-MS		5.46%	# I/F I/O		01/15/2054		1,882,539
	17,399,860	Series 4341-AZ		3.00%			05/15/2044		16,690,349
	23,601,415	Series 4377-A		3.00%			06/15/2039		24,393,832
	16,702,152	Series 4391-MA		3.00%			07/15/2040		17,421,774
	12,572,418	Series 4413-AZ		3.50%			11/15/2044		13,494,380
	10,072,873	Series 4419-TB		3.00%			02/15/2040		10,270,732
	10,446,546	Series 4423-Z		3.50%			12/15/2044		10,843,517
	23,435,135	Series 4427-MA		3.00%			02/15/2034		24,502,552
	33,263,855	Series 4471-BA		3.00%			12/15/2041		34,691,886
	45,796,425	Series 4471-GA		3.00%			02/15/2044		47,329,987
	28,695,451	Series 4481-B		3.00%			12/15/2042		29,591,041
	19,537,939	Series 4511-QA		3.00%			01/15/2041		20,271,636
	83,109,139	Series 4542-AC		2.70%			01/15/2045		84,754,135
	4,781,000	Series K050-A2		3.33%	#		08/25/2025		5,176,235
	6,528,000	Series K053-A2		3.00%			12/25/2025		6,875,153
	802,810	Series R003-ZA		5.50%			10/15/2035		914,070
		Federal National Mortgage Association,
	77,813	Series 2003-117-KS		6.67%	# I/F I/O		08/25/2033		4,381
	450,711	Series 2003-W17-1A7		5.75%			08/25/2033		515,269
	4,067,289	Series 2005-20-QH		5.00%			03/25/2035		4,525,068
	685,820	Series 2006-101-SA		6.15%	# I/F I/O		10/25/2036		138,495
	309,324	Series 2006-56-SM		6.32%	# I/F I/O		07/25/2036		58,703
	262,420	Series 2007-116-BI		5.82%	# I/F I/O		05/25/2037		46,391
	2,772,221	Series 2007-30-FS		27.82%	# I/F		04/25/2037		4,806,964
	1,077,931	Series 2007-30-OI		6.01%	# I/F I/O		04/25/2037		226,075
	206,423	Series 2008-29-ZA		4.50%			04/25/2038		224,824
	221,950	Series 2008-62-SC		5.57%	# I/F I/O		07/25/2038		32,461
	1,386,240	Series 2009-111-EZ		5.00%			01/25/2040		1,472,378
	71,931	Series 2009-111-SE		5.82%	# I/F I/O		01/25/2040		9,441
	137,195	Series 2009-16-MZ		5.00%			03/25/2029		151,917
	198,290	Series 2009-48-WS		5.52%	# I/F I/O		07/25/2039		22,695
	997,085	Series 2009-62-PS		5.67%	# I/F I/O		08/25/2039		126,148
	2,180,894	Series 2009-77-ZA		4.50%			10/25/2039		2,373,334
	529,405	Series 2009-83-Z		4.50%			10/25/2039		559,851
	251,969	Series 2010-101-ZH		4.50%			07/25/2040		269,586
	55,491	Series 2010-109-BS		50.18%	# I/F		10/25/2040		240,524
	917,085	Series 2010-112-ZA		4.00%			10/25/2040		952,931
	484,851	Series 2010-121-SD		4.07%	# I/F I/O		10/25/2040		53,038
	29,336	Series 2010-137-VS		13.68%	# I/F		12/25/2040		47,032
	2,466,495	Series 2010-150-ZA		4.00%			01/25/2041		2,628,094
	152,182	Series 2010-31-SA		4.57%	# I/F I/O		04/25/2040		13,511
	182,162	Series 2010-34-PS		4.50%	# I/F I/O		04/25/2040		16,388
	320,138	Series 2010-35-SP		5.92%	# I/F I/O		04/25/2050		52,967
	130,305	Series 2010-35-SV		6.02%	# I/F I/O		04/25/2040		16,414
	4,476,024	Series 2010-37-MY		4.50%			04/25/2040		4,858,287

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
	362,057	Series 2010-59-PS		6.02%	# I/F I/O		03/25/2039		37,726
	444,689	Series 2010-59-SC		4.57%	# I/F I/O		01/25/2040		49,789
	2,246,220	Series 2010-60-VZ		5.00%			10/25/2039		2,407,589
	401,354	Series 2010-64-EZ		5.00%			06/25/2040		449,665
	923,302	Series 2010-7-PE		5.00%			02/25/2040		997,860
	490,756	Series 2010-90-GS		5.57%	# I/F I/O		08/25/2040		64,517
	57,791	Series 2010-99-SG		22.81%	# I/F		09/25/2040		106,213
	7,220,116	Series 2011-141-PZ		4.00%			01/25/2042		7,514,067
	15,435,839	Series 2011-18-UZ		4.00%			03/25/2041		16,159,974
	1,533,918	Series 2011-25-KY		3.00%			04/25/2026		1,609,447
	1,000,000	Series 2011-29-AL		3.50%			04/25/2031		1,073,586
	2,369,686	Series 2011-59-MA		4.50%			07/25/2041		2,574,606
	4,214,407	Series 2011-63-ZE		4.00%			08/25/2038		4,268,406
	23,408,291	Series 2013-45-LZ		3.00%			05/25/2043		23,077,628
	30,057,731	Series 2013-6-ZB		3.00%			02/25/2043		29,588,935
	16,138,495	Series 2014-55-MA		3.00%			10/25/2039		16,860,188
	24,083,896	Series 2014-70-VZ		3.00%			11/25/2044		23,243,454
	8,061,771	Series 2014-73-CZ		3.00%			11/25/2044		7,755,813
	41,516,229	Series 2015-09-HA		3.00%			01/25/2045		43,404,229
	6,348,000	Series 2016-M3-A2		2.70%	#		02/25/2026		6,435,823
	598,947	Series 400-S4		5.02%	# I/F I/O		11/25/2039		85,557
		Federal National Mortgage Association Pass-Thru,
	253,530	Pool 555743		5.00%			09/01/2033		282,010
	216,999	Pool 735382		5.00%			04/01/2035		240,938
	1,658,773	Pool 735383		5.00%			04/01/2035		1,841,359
	888,555	Pool 735402		5.00%			04/01/2035		986,414
	1,276,951	Pool 735484		5.00%			05/01/2035		1,417,143
	242,729	Pool 931104		5.00%			05/01/2039		268,537
	1,528,136	Pool 995112		5.50%			07/01/2036		1,731,751
	1,460,330	Pool 995203		5.00%			07/01/2035		1,623,835
	1,318,634	Pool AB2123		4.00%			01/01/2031		1,421,573
	131,489	Pool AB2370		4.50%			09/01/2035		138,130
	18,231,962	Pool AB6854		3.00%			11/01/2042		18,756,419
	45,201	Pool AC1032		5.00%			06/01/2040		47,935
	36,128	Pool AD2177		4.50%			06/01/2030		39,542
	1,854,271	Pool AH7309		4.00%			02/01/2031		1,998,838
	38,173,897	Pool AS4645		3.00%			03/01/2045		39,213,044
	1,042,237	Pool MA0264		4.50%			12/01/2029		1,133,731
	89,940	Pool MA0282		5.00%			12/01/2039		99,998
	764,488	Pool MA0353		4.50%			03/01/2030		831,600
	42,665	Pool MA0468		5.00%			07/01/2040		45,262
	28,146,529	Pool MA2151		3.50%			01/01/2045		29,078,426
	14,124,310	Pool MA2248		3.00%			04/01/2045		14,309,261
		Government National Mortgage Association,
	728,879	Pool 752494		5.50%			09/20/2039		803,954
	271,875	Series 2003-67-SP		6.67%	# I/F I/O		08/20/2033		80,581
	268,104	Series 2008-82-SM		5.62%	# I/F I/O		09/20/2038		47,764
	3,572,907	Series 2009-32-ZE		4.50%			05/16/2039		3,893,968
	4,096,477	Series 2009-35-DZ		4.50%			05/20/2039		4,482,586
	4,356,477	Series 2009-75-GZ		4.50%			09/20/2039		4,724,853
	5,339,495	Series 2009-75-HZ		5.00%			09/20/2039		5,913,877
	13,344,814	Series 2010-113-SM		5.62%	# I/F I/O		09/20/2040		2,136,989
	116,566	Series 2010-25-ZB		4.50%			02/16/2040		130,720
	7,510,775	Series 2011-45-GZ		4.50%			03/20/2041		8,113,204
	8,390,271	Series 2011-70-WS		8.84%	# I/F		12/20/2040		9,796,812
	12,424,599	Series 2011-71-ZA		4.50%			02/20/2041		13,641,228
	27,665,798	Series 2013-117-MS		5.72%	# I/F I/O		02/20/2043		3,815,133
	12,102,598	Series 2013-122-SB		5.66%	# I/F I/O		08/16/2043		2,005,657
	56,874,877	Series 2013-169-SE		5.61%	# I/F I/O		11/16/2043		8,910,268
	18,982,693	Series 2014-102-TS		5.17%	# I/F I/O		07/20/2044		2,553,218
	15,706,064	Series 2014-118-PS		5.77%	# I/F I/O		08/20/2044		2,378,479
	13,742,807	Series 2014-118-SA		5.77%	# I/F I/O		08/20/2044		2,146,097
		Total US Government / Agency Mortgage Backed Obligations (Cost $990,298,793)							1,031,594,774
	US GOVERNMENT BONDS AND NOTES 25.3%
	153,400,000	United States Treasury Bonds		2.75%			11/15/2042		158,238,696
	92,900,000	United States Treasury Bonds		3.00%			11/15/2044		100,295,676

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

March 31, 2016

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	205,300,000	United States Treasury Notes		0.50%			06/30/2016		205,403,882
	167,500,000	United States Treasury Notes		0.50%			03/31/2017		167,329,820
	21,300,000	United States Treasury Notes		1.00%			05/15/2018		21,406,074
	73,606,624	United States Treasury Notes		0.13%			04/15/2019		75,228,767
	6,250,000	United States Treasury Notes		1.00%			11/30/2019		6,250,000
	175,100,000	United States Treasury Notes		2.00%			11/30/2020		181,485,021
	141,100,000	United States Treasury Notes		2.25%			03/31/2021		148,019,967
	8,200,000	United States Treasury Notes		1.88%			11/30/2021		8,425,664
	72,300,000	United States Treasury Notes		1.75%			03/31/2022		73,623,162
	123,700,000	United States Treasury Notes		2.50%			05/15/2024		131,609,997
	5,400,000	United States Treasury Notes		2.38%			08/15/2024		5,690,358
	120,200,000	United States Treasury Notes		2.25%			11/15/2024		125,395,405
	124,700,000	United States Treasury Notes		2.00%			02/15/2025		127,449,760
		Total US Government Bonds and Notes (Cost $1,503,595,343)							1,535,852,249
	AFFILIATED MUTUAL FUNDS 2.2%
	8,165,507	DoubleLine Global Bond Fund (Class I)							85,656,164
	5,000,000	DoubleLine Long Duration Total Return Bond Fund (Class I)							52,000,000
		Total Affiliated Mutual Funds (Cost $131,500,000)							137,656,164
	SHORT TERM INVESTMENTS 5.1%
	102,833,999	BlackRock Liquidity Funds FedFund - Institutional Shares		0.24%	¨				102,833,999
	102,833,999	Fidelity Institutional Money Market Government Portfolio - Class I		0.23%	¨				102,833,999
	102,833,999	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.25%	¨				102,833,999
		Total Short Term Investments (Cost $308,501,997)							308,501,997
		Total Investments 97.4% (Cost $5,904,441,016)							5,912,377,652
		Other Assets in Excess of Liabilities 2.6%							154,877,560
		NET ASSETS 100.0%						$	6,067,255,212

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government Bonds and Notes	25.3%
US Government / Agency Mortgage Backed Obligations	17.0%
US Corporate Bonds	13.6%
Foreign Corporate Bonds	11.9%
Non-Agency Residential Collateralized Mortgage Obligations	7.7%
Non-Agency Commercial Mortgage Backed Obligations	6.6%
Short Term Investments	5.1%
Collateralized Loan Obligations	3.6%
Bank Loans	2.5%
Affiliated Mutual Funds	2.2%
Asset Backed Obligations	1.2%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.5%
Municipal Bonds	0.2%
Other Assets and Liabilities	2.6%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	84.9%
Mexico	1.8%
Colombia	1.4%
Peru	1.4%
Chile	1.4%
Brazil	0.6%
United Kingdom	0.6%
India	0.6%
Singapore	0.6%
Panama	0.5%
Guatemala	0.5%
Israel	0.4%
China	0.4%
Canada	0.4%
Australia	0.3%
Paraguay	0.3%
Trinidad and Tobago	0.2%
Jamaica	0.2%
Costa Rica	0.2%
Indonesia	0.2%
Hong Kong	0.2%
France	0.1%
Japan	0.1%
Luxembourg	0.1%
Dominican Republic	0.0%	~
Netherlands	0.0%	~
El Salvador	0.0%	~
Germany	0.0%	~
Qatar	0.0%	~
Other Assets and Liabilities	2.6%
	100.0%

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 47

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2016

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government Bonds and Notes	25.3%
US Government / Agency Mortgage Backed Obligations	17.0%
Non-Agency Residential Collateralized Mortgage Obligations	7.7%
Non-Agency Commercial Mortgage Backed Obligations	6.6%
Banking	5.3%
Short Term Investments	5.1%
Collateralized Loan Obligations	3.6%
Oil & Gas	2.3%
Affiliated Mutual Funds	2.2%
Telecommunications	1.7%
Transportation	1.5%
Technology	1.5%
Utilities	1.4%
Media	1.4%
Healthcare	1.3%
Asset Backed Obligations	1.2%
Electronics/Electric	1.0%
Finance	1.0%
Retailers (other than Food/Drug)	0.9%
Mining	0.7%
Consumer Products	0.7%
Business Equipment and Services	0.6%
Food Products	0.6%
Financial Intermediaries	0.5%
Automotive	0.5%

Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.5%
Chemicals/Plastics	0.5%
Pharmaceuticals	0.5%
Real Estate	0.5%
Containers and Glass Products	0.4%
Aerospace & Defense	0.4%
Beverage and Tobacco	0.4%
Building and Development (including Steel/Metals)	0.3%
Insurance	0.3%
Pulp & Paper	0.3%
Leisure	0.3%
Industrial Equipment	0.2%
Food/Drug Retailers	0.2%
Energy	0.2%
Hotels/Motels/Inns and Casinos	0.2%
Municipal Bonds	0.2%
Conglomerates	0.2%
Environmental Control	0.1%
Health Care Providers & Services	0.1%
Cosmetics/Toiletries	0.0%	~
Computers & Electronics	0.0%	~
Construction	0.0%	~
Other Assets and Liabilities	2.6%
	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 March 31, 2016, the value of these securities amounted to $843,996,326 or 13.9% of net assets.

# Variable rate security. Rate disclosed as of March 31, 2016.

† Perpetual Maturity

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

I/O Interest only security

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

¥ Illiquid security. At March 31, 2016, the value of these securities amounted to $60,161,811 or 1.0% of net assets.

¨ Seven-day yield as of March 31, 2016

~ Represents less than 0.05% of net assets

A summary of the DoubleLine Core Fixed Income Fund’s investments in affiliated mutual funds for the year ended March 31, 2016 is as follows:

Fund	Value at March 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value at March 31, 2016		Dividend Income Earned in the Year Ended March 31, 2016		Net Realized Gain (Loss) in the Year Ended March 31, 2016
DoubleLine Floating Rate Fund	$	107,442,440	$	—	$	106,854,579		—	$	—	$	1,074,438	$	481,640
DoubleLine Global Bond Fund		—		81,500,000		—		8,165,507		85,656,164		152,645		—
DoubleLine Long Duration Total Return Bond Fund		52,150,000		—		—		5,000,000		52,000,000		1,512,543		—
	$	159,592,440	$	81,500,000	$	106,854,579		13,165,507	$	137,656,164	$	2,739,626	$	481,640

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

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 93.1%
	BRAZIL 8.1%
	10,000,000	Banco do Brasil S.A.		9.00%	#^†		06/18/2024		6,990,000
	1,300,000	BR Malls International Finance Ltd.		8.50%	†		01/29/2049		1,163,500
	2,700,000	Braskem Finance Company		7.13%			07/22/2041		2,304,315
	4,500,000	CIMPOR Financial Operations B.V.		5.75%	^		07/17/2024		3,307,500
	2,200,000	CIMPOR Financial Operations B.V.		5.75%			07/17/2024		1,617,000
	4,131,000	Cosan Overseas Ltd.		8.25%	†		11/29/2049		3,511,350
	1,000,000	ESAL GmbH		6.25%	^		02/05/2023		883,750
	2,000,000	Globo Communicacao e Participacoes S.A.		5.31%	#		05/11/2022		1,988,000
	3,200,000	Gol LuxCo S.A.		8.88%	^		01/24/2022		1,120,000
	2,000,000	GTL Trade Finance, Inc.		5.89%	^		04/29/2024		1,635,000
	1,000,000	JBS Investments GmbH		7.25%	^		04/03/2024		922,500
	1,000,000	JBS Investments GmbH		7.25%			04/03/2024		922,500
	6,575,000	Magnesita Finance Ltd.		8.63%	†		04/05/2017		3,846,375
	11,000,000	Marfrig Holdings B.V.		6.88%	^		06/24/2019		10,491,250
	3,500,000	Marfrig Holdings B.V.		6.88%			06/24/2019		3,338,125
	7,600,000	Minerva Luxembourg S.A.		8.75%	#^†		04/03/2019		7,172,500
	3,900,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		3,680,625
	1,500,000	Minerva Luxembourg S.A.		7.75%	^		01/31/2023		1,520,625
	500,000	Minerva Luxembourg S.A.		7.75%			01/31/2023		506,875
	11,000,000	OAS Financial Ltd.		8.88%	#^†W		04/25/2018		68,200
	4,900,000	Odebrecht Finance Ltd.		7.13%			06/26/2042		2,094,750
	3,500,000	Odebrecht Finance Ltd.		7.50%	†		09/29/2049		1,512,000
									60,596,740
	CHILE 16.1%
	8,000,000	AES Gener S.A.		5.25%			08/15/2021		8,513,584
	1,000,000	Cencosud S.A.		4.88%	^		01/20/2023		1,009,263
	550,000	Cencosud S.A.		6.63%			02/12/2045		520,139
	8,200,000	CorpGroup Banking S.A.		6.75%	^		03/15/2023		7,677,250
	26,000,000	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		24,187,670
	13,650,000	Empresa Electrica Guacolda S.A.		4.56%	^		04/30/2025		13,099,291
	1,000,000	ENTEL Chile S.A.		4.75%	^		08/01/2026		963,487
	500,000	ENTEL Chile S.A.		4.75%			08/01/2026		481,743
	8,000,000	GNL Quintero S.A.		4.63%			07/31/2029		8,089,864
	20,096,506	Guanay Finance Ltd.		6.00%			12/15/2020		19,543,852
	10,300,000	Latam Airlines Group S.A.		7.25%	^		06/09/2020		9,527,500
	1,000,000	Sociedad Quimica y Minera S.A.		5.50%			04/21/2020		1,038,250
	1,000,000	Sociedad Quimica y Minera S.A.		4.38%			01/28/2025		947,500
	4,400,000	SUAM Finance B.V.		4.88%			04/17/2024		4,433,000
	11,883,000	Tanner Servicios Financieros S.A.		4.38%			03/13/2018		11,675,048
	9,500,000	VTR Finance B.V.		6.88%			01/15/2024		9,336,600
									121,044,041
	COLOMBIA 11.5%
	5,100,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		4,029,000
	8,900,000	Avianca Holdings S.A.		8.38%			05/10/2020		7,031,000
	5,300,000	Banco GNB Sudameris S.A.		7.50%			07/30/2022		5,300,000
	3,450,000	Bancolombia S.A.		6.13%			07/26/2020		3,655,965
	1,750,000	BBVA Colombia S.A.		4.88%	^		04/21/2025		1,697,500
	4,530,000	Ecopetrol S.A.		4.13%			01/16/2025		3,850,500
	1,810,000	Ecopetrol S.A.		7.38%			09/18/2043		1,665,200
	17,870,000	Ecopetrol S.A.		5.88%			05/28/2045		14,156,614
	6,845,000	Empresa de Energia de Bogota S.A.		6.13%			11/10/2021		7,125,645

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,513,000	Grupo Aval Ltd.		4.75%			09/26/2022		5,154,655
	8,000,000	GrupoSura Finance S.A.		5.70%			05/18/2021		8,316,000
	14,600,000	Pacific Rubiales Energy Corporation		5.13%	W		03/28/2023		2,555,000
	4,000,000	Pacific Rubiales Energy Corporation		5.63%	^W		01/19/2025		700,000
	2,000,000	Pacific Rubiales Energy Corporation		5.63%	W		01/19/2025		350,000
	935,000	Transportadora de Gas Internacional S.A.		5.70%	^		03/20/2022		952,297
	19,565,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		19,926,953
									86,466,329
	COSTA RICA 1.1%
	3,600,000	Instituto Costarricense de Electricidad		6.95%	^		11/10/2021		3,609,000
	4,500,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		4,511,250
									8,120,250
	EL SALVADOR 0.8%
	7,200,000	AES El Salvador Trust		6.75%			03/28/2023		5,652,000
									5,652,000
	GUATEMALA 5.1%
	6,000,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		6,210,000
	5,000,000	Agromercantil Senior Trust		6.25%			04/10/2019		5,175,000
	2,500,000	Bantrab Senior Trust		9.00%			11/14/2020		2,415,625
	6,000,000	Comcel Trust		6.88%	^		02/06/2024		5,640,000
	5,500,000	Comcel Trust		6.88%			02/06/2024		5,170,000
	5,900,000	Industrial Senior Trust		5.50%	^		11/01/2022		5,678,750
	8,000,000	Industrial Senior Trust		5.50%			11/01/2022		7,700,000
									37,989,375
	HONG KONG 0.3%
	2,000,000	Hutchison Whampoa International Ltd.		6.00%	#†		05/07/2017		2,071,000
									2,071,000
	INDIA 2.9%
	1,405,000	Bharat Petrol Corporation Ltd.		4.00%			05/08/2025		1,416,379
	4,500,000	Bharti Airtel Ltd.		4.38%			06/10/2025		4,581,427
	5,000,000	ONGC Videsh Ltd.		3.75%			05/07/2023		5,006,505
	4,177,000	Reliance Industries Ltd.		5.88%	†		02/05/2018		4,150,894
	500,000	Reliance Industries Ltd.		8.25%			01/15/2027		653,873
	5,400,000	Vedanta Resources PLC		8.25%			06/07/2021		3,240,000
	4,400,000	Vedanta Resources PLC		7.13%	^		05/31/2023		2,464,000
									21,513,078
	INDONESIA 1.7%
	4,200,000	Freeport-McMoRan Copper & Gold, Inc.		4.00%			11/14/2021		2,992,500
	3,800,000	Freeport-McMoRan Copper & Gold, Inc.		3.88%			03/15/2023		2,618,656
	12,000,000	Freeport-McMoRan Copper & Gold, Inc.		5.45%			03/15/2043		7,320,000
									12,931,156
	ISRAEL 0.9%
	2,500,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		2,518,750
	4,440,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		4,456,650
									6,975,400

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 49

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	JAMAICA 2.1%
	500,000	Digicel Ltd.		7.00%			02/15/2020		460,000
	7,500,000	Digicel Ltd.		7.13%	^		04/01/2022		5,868,000
	12,000,000	Digicel Ltd.		7.13%			04/01/2022		9,388,800
									15,716,800
	MEXICO 15.3%
	8,000,000	Banco Santander		5.95%	#		01/30/2024		8,292,000
	4,000,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		4,070,000
	5,000,000	BBVA Bancomer S.A.		5.35%	#^		11/12/2029		4,825,000
	7,600,000	BBVA Bancomer S.A.		5.35%	#		11/12/2029		7,334,000
	2,200,000	Cemex S.A.B. de C.V.		7.75%	^		04/16/2026		2,265,560
	8,000,000	Comision Federal de Electricidad		6.13%			06/16/2045		7,980,000
	3,000,000	Credito Real S.A.B. de C.V.		7.50%			03/13/2019		2,977,500
	5,801,460	Fermaca Enterprises S. de R.L. de C.V.		6.38%	^		03/30/2038		5,496,883
	8,218,735	Fermaca Enterprises S. de R.L. de C.V.		6.38%			03/30/2038		7,787,251
	1,000,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		1,040,000
	8,407,000	Grupo Elektra S.A.B. de C.V.		7.25%			08/06/2018		8,196,825
	8,500,000	Grupo Idesa S.A. de C.V.		7.88%	^		12/18/2020		8,298,125
	7,104,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		6,935,280
	1,500,000	Grupo Posadas S.A.B. de C.V.		7.88%	^		06/30/2022		1,481,250
	4,900,000	Mexichem S.A.B. de C.V.		5.88%			09/17/2044		4,416,125
	9,432,594	Mexico Generadora de Energia		5.50%			12/06/2032		8,288,892
	1,500,000	Petroleos Mexicanos		5.50%			01/21/2021		1,559,063
	2,000,000	Petroleos Mexicanos		4.50%			01/23/2026		1,868,000
	6,000,000	Petroleos Mexicanos		6.38%			01/23/2045		5,592,000
	2,000,000	Sixsigma Networks Mexico S.A. de C.V.		8.25%	^		11/07/2021		1,895,000
	6,834,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		4,425,015
	7,200,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		4,248,000
	2,800,000	Unifin Financiera S.A.P.I. de C.V.		6.25%	^		07/22/2019		2,674,000
	3,000,000	Unifin Financiera S.A.P.I. de C.V.		6.25%			07/22/2019		2,865,000
									114,810,769
	PANAMA 5.3%
	9,700,000	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		9,991,000
	13,478,834	ENA Norte Trust		4.95%			04/25/2023		13,815,805
	9,000,000	Global Bank Corporation		5.13%	^		10/30/2019		9,157,500
	7,000,000	Global Bank Corporation		5.13%			10/30/2019		7,122,500
									40,086,805
	PARAGUAY 3.3%
	6,910,000	Banco Continental SAECA		8.88%			10/15/2017		7,005,012
	900,000	Banco Regional SAECA		8.13%	^		01/24/2019		929,700
	8,340,000	Banco Regional SAECA		8.13%			01/24/2019		8,615,220
	400,000	Telefonica Celular del Paraguay S.A.		6.75%	^		12/13/2022		394,000
	7,600,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		7,486,000
									24,429,932

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PERU 16.0%
	9,810,000	Abengoa Transmision Sur S.A.		6.88%	^		04/30/2043		10,030,725
	9,190,000	Abengoa Transmision Sur S.A.		6.88%			04/30/2043		9,396,775
	3,900,000	Ajecorp B.V.		6.50%			05/14/2022		1,677,000
	11,000,000	Banco International del Peru S.A.A.		6.63%	#		03/19/2029		11,343,750
	3,000,000	Camposol S.A.		9.88%	^		02/02/2017		2,625,000
	2,818,000	Camposol S.A.		9.88%			02/02/2017		2,465,750
	900,000	Compania Minera Ares S.A.C.		7.75%	^		01/23/2021		895,500
	11,100,000	Compania Minera Ares S.A.C.		7.75%			01/23/2021		11,044,500
	6,300,000	Corporacion Azucarera del Peru S.A.		6.38%			08/02/2022		5,449,500
	2,900,000	Inkia Energy Ltd.		8.38%	^		04/04/2021		2,907,250
	1,900,000	Inkia Energy Ltd.		8.38%			04/04/2021		1,904,750
	7,800,000	Intercorp Peru Ltd.		5.88%			02/12/2025		7,507,500
	4,000,000	Lima Metro Line 2 Finance Ltd.		5.88%			07/05/2034		4,000,000
	5,300,000	Minsur S.A.		6.25%			02/07/2024		5,061,500
	20,632,000	Peru Enhanced Pass-Through Finance Ltd.		0.00%			06/02/2025		15,967,311
	4,100,000	Pesquera Exalmar S.A.A.		7.38%	^		01/31/2020		2,911,000
	2,730,000	Pesquera Exalmar S.A.A.		7.38%			01/31/2020		1,938,300
	2,000,000	Southern Copper Corporation		7.50%			07/27/2035		2,101,502
	4,800,000	Southern Copper Corporation		6.75%			04/16/2040		4,692,240
	7,000,000	Southern Copper Corporation		5.25%			11/08/2042		5,774,888
	4,440,000	Southern Copper Corporation		5.88%			04/23/2045		3,951,360
	8,138,000	Volcan Cia Minera S.A.A.		5.38%			02/02/2022		6,235,743
									119,881,844
	SINGAPORE 2.2%
	8,000,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		8,318,544
	8,000,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		8,250,640
									16,569,184
	TRINIDAD AND TOBAGO 0.4%
	3,000,000	National Gas Company of Trinidad and Tobago Ltd.		6.05%			01/15/2036		3,056,250
									3,056,250
		Total Foreign Corporate Bonds (Cost $784,358,704)							697,910,953
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 4.6%
	COLOMBIA 3.9%
	28,000,000	Colombia Government International Bond		4.38%			07/12/2021		29,260,000
									29,260,000
	PANAMA 0.4%
	2,500,000	Panama Government International Bond		3.88%			03/17/2028		2,531,250
									2,531,250

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

March 31, 2016

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PARAGUAY 0.3%
	2,500,000	Paraguay Government International Bond		5.00%	^		04/15/2026		2,518,750
									2,518,750
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $34,377,566)							34,310,000
	SHORT TERM INVESTMENTS 0.0%
	157	BlackRock Liquidity Funds FedFund - Institutional Shares		0.24%	¨				157
	157	Fidelity Institutional Money Market Government Portfolio - Class I		0.23%	¨				157
	157	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.25%	¨				157
		Total Short Term Investments (Cost $471)							471
		Total Investments 97.7% (Cost $818,736,741)							732,221,424
		Other Assets in Excess of Liabilities 2.3%							17,289,464
		NET ASSETS 100.0%						$	749,510,888

COUNTRY BREAKDOWN as a % of Net Assets:
Chile	16.1%
Peru	16.0%
Colombia	15.4%
Mexico	15.3%
Brazil	8.1%
Panama	5.7%
Guatemala	5.1%
Paraguay	3.6%
India	2.9%
Singapore	2.2%
Jamaica	2.1%
Indonesia	1.7%
Costa Rica	1.1%
Israel	0.9%
El Salvador	0.8%
Trinidad and Tobago	0.4%
Hong Kong	0.3%
United States	0.0%	~
Other Assets and Liabilities	2.3%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Banking	17.4%
Utilities	14.7%
Transportation	14.0%
Oil & Gas	10.1%
Mining	7.7%
Finance	7.2%
Telecommunications	6.7%
Consumer Products	6.0%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	4.6%
Chemicals/Plastics	3.1%
Building and Development (including Steel/Metals)	1.7%
Media	1.5%
Retailers (other than Food/Drug)	1.1%
Construction	0.5%
Conglomerates	0.3%
Technology	0.3%
Beverage and Tobacco	0.2%
Food/Drug Retailers	0.2%
Hotels/Motels/Inns and Casinos	0.2%
Real Estate	0.2%
Short Term Investments	0.0%	~
Other Assets and Liabilities	2.3%
	100.0%

# Variable rate security. Rate disclosed as of March 31, 2016.

^ 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 March 31, 2016, the value of these securities amounted to $169,517,306 or 22.6% of net assets.

† Perpetual Maturity

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

¨ Seven-day yield as of March 31, 2016

~ Represents less than 0.05% of net assets

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 51

Schedule of Investments (Consolidated)  DoubleLine Multi-Asset Growth Fund March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 2.4%
		AVANT Loans Funding Trust,
	555,206	Series 2015-A-A		4.00%	^		08/16/2021		546,599
	1,000,000	Series 2015-A-B		6.00%	^		08/16/2021		992,625
		Citi Held For Asset Issuance,
	381,983	Series 2015-PM1-A		1.85%	^		12/15/2021		380,080
	1,000,000	Series 2015-PM1-B		2.93%	^		12/15/2021		978,534
	500,000	Series 2015-PM1-C		5.01%	^		12/15/2021		473,948
		MarketPlace Loan Trust,
	356,469	Series 2015-CB1-A		4.00%	^		07/15/2021		352,226
		Total Asset Backed Obligations (Cost $3,792,829)							3,724,012
	COLLATERALIZED LOAN OBLIGATIONS 3.6%
		Babson Ltd.,
	333,324	Series 2007-1A-A1		0.84%	#^		01/18/2021		328,589
		Brookside Mill Ltd.,
	1,000,000	Series 2013-1A-E		5.02%	#^		04/17/2025		629,378
	1,000,000	Series 2013-1A-SUB		0.00%	#^@		04/17/2025		324,015
		Carlyle High Yield Partners Ltd.,
	297,586	Series 2006-8A-A2A		0.86%	#^		05/21/2021		294,887
		Cent Ltd.,
	1,000,000	Series 2013-18A-D		4.07%	#^		07/23/2025		879,440
	1,000,000	Series 2013-18A-E		5.22%	#^		07/23/2025		784,236
	1,000,000	Series 2013-18A-SUB		0.64%	#^@		07/23/2025		379,529
	500,000	Series 2014-22A-C		4.37%	#^		11/07/2026		415,338
		Madison Park Funding Ltd.,
	500,000	Series 2014-13A-D		3.97%	#^		01/19/2025		445,356
		Octagon Investment Partners Ltd.,
	500,000	Series 2014-1A-C		4.27%	#^		11/14/2026		441,118
	500,000	Series 2014-1A-D		7.22%	#^		11/14/2026		415,826
		Saturn Ltd.,
	211,677	Series 2007-1A-A1		0.84%	#^		05/13/2022		210,335
		Total Collateralized Loan Obligations (Cost $7,562,874)							5,548,047
	MUNICIPAL BONDS 1.1%
	2,500,000	Commonwealth of Puerto Rico General Obligation		8.00%			07/01/2035		1,725,000
		Total Municipal Bonds (Cost $2,263,574)							1,725,000
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 6.1%
		Adjustable Rate Mortgage Trust,
	260,750	Series 2006-1-2A1		3.17%	#		03/25/2036		189,417
		Banc of America Alternative Loan Trust,
	500,917	Series 2006-7-A4		6.00%	#		10/25/2036		314,890
		BCAP LLC Trust,
	47,735	Series 2007-AA2-2A5		6.00%			04/25/2037		39,334
	2,800,579	Series 2009-RR4-1A2		9.62%	#^		06/26/2037		1,428,488
		ChaseFlex Trust,
	280,474	Series 2007-M1-2F4		4.41%	#		08/25/2037		231,386
		Citicorp Mortgage Securities, Inc.,
	59,596	Series 2007-2-3A1		5.50%			02/25/2037		59,301
		Citigroup Mortgage Loan Trust, Inc.,
	233,120	Series 2009-7-2A2		5.50%	^		10/25/2021		241,410
		CitiMortgage Alternative Loan Trust,
	308,385	Series 2007-A6-1A11		6.00%			06/25/2037		266,149
		Countrywide Alternative Loan Trust,
	116,892	Series 2006-32CB-A16		5.50%			11/25/2036		102,946
	820,219	Series 2006-J1-2A1		7.00%			02/25/2036		391,247

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Alternative Loan Trust, (Cont.)
	25,220	Series 2007-17CB-1A10		27.91%	# I/F		08/25/2037		42,203
	17,280	Series 2007-21CB-2A2		26.67%	# I/F		09/25/2037		31,197
		Countrywide Home Loans,
	282,134	Series 2007-10-A5		6.00%			07/25/2037		244,801
	14,712	Series 2007-4-1A5		6.50%			05/25/2037		13,570
		Credit Suisse First Boston Mortgage Securities Corporation,
	173,485	Series 2005-8-1A3		5.25%			09/25/2035		155,618
		Credit Suisse Mortgage Capital Certificates,
	47,459	Series 2006-9-4A1		6.00%			11/25/2036		38,828
	354,512	Series 2010-7R-4A17		6.00%	#^		04/26/2037		341,415
		Deutsche Mortgage Securities, Inc.,
	169,745	Series 2006-PR1-3A1		11.51%	#^ I/F		04/15/2036		191,566
	319,964	Series 2006-PR1-5AI4		11.51%	#^ I/F		04/15/2036		390,960
		First Horizon Alternative Mortgage Securities,
	64,249	Series 2007-FA2-1A3		6.00%			04/25/2037		47,841
		GSAA Home Equity Trust,
	1,000,000	Series 2006-15-AF3B		5.93%	#		09/25/2036		182,106
		GSR Mortgage Loan Trust,
	152,997	Series 2006-2F-2A20		10.66%	# I/F		02/25/2036		161,970
		JP Morgan Alternative Loan Trust,
	37,780	Series 2005-S1-2A11		6.00%			12/25/2035		34,577
	603,200	Series 2006-S1-1A3		5.50%			03/25/2036		487,200
		JP Morgan Mortgage Acquisition Corporation,
	173,465	Series 2006-CH2-AF3		5.46%	#		10/25/2036		129,028
		Lavender Trust,
	297,000	Series 2010-R12A-A3		6.00%	^		06/26/2037		299,273
		Lehman Mortgage Trust,
	97,210	Series 2006-4-1A3		4.97%	# I/F I/O		08/25/2036		18,840
	6,075	Series 2006-4-1A4		6.00%			08/25/2036		5,127
	53,119	Series 2007-5-11A1		5.36%	#		06/25/2037		38,539
		Lehman XS Trust,
	243,477	Series 2005-1-3A3A		5.11%	#		07/25/2035		224,889
		Long Beach Mortgage Loan Trust,
	186,680	Series 2005-WL2-M1		1.14%	#		08/25/2035		185,566
		MASTR Resecuritization Trust,
	363,416	Series 2008-4-A1		6.00%	#^		06/27/2036		315,516
		Morgan Stanley Mortgage Loan Trust,
	343,185	Series 2007-13-6A1		6.00%			10/25/2037		281,044
		Residential Accredit Loans, Inc.,
	267,887	Series 2006-QS10-A9		6.50%			08/25/2036		224,286
	4,824	Series 2006-QS13-1A8		6.00%			09/25/2036		3,834
	269,125	Series 2006-QS2-1A4		5.50%			02/25/2036		234,664
	55,398	Series 2006-QS7-A4		0.83%	#		06/25/2036		32,812
	166,195	Series 2006-QS7-A5		5.17%	# I/F I/O		06/25/2036		33,679
	102,336	Series 2006-QS8-A4		0.88%	#		08/25/2036		59,343
	307,008	Series 2006-QS8-A5		5.12%	# I/F I/O		08/25/2036		62,511
		Residential Asset Mortgage Products, Inc.,
	334,974	Series 2004-RS2-MII1		1.30%	#		02/25/2034		320,135
		Residential Asset Securitization Trust,
	26,825	Series 2005-A12-A12		5.50%			11/25/2035		24,849
	636,951	Series 2006-A16-1A3		6.00%			02/25/2037		505,573
	507,182	Series 2007-A1-A8		6.00%			03/25/2037		347,319
	436,038	Series 2007-A5-2A5		6.00%			05/25/2037		368,217
		Washington Mutual Mortgage Pass-Through Certificates,
	325,553	Series 2006-8-A6		4.66%	#		10/25/2036		194,115
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $9,426,933)							9,537,579

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

March 31, 2016

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 3.7%
		Federal Home Loan Mortgage Corporation,
	77,886	Series 3261-SA		5.99%	# I/F I/O		01/15/2037		15,000
	62,161	Series 3317-DS		13.91%	# I/F		05/15/2037		84,030
	160,088	Series 3355-BI		5.61%	# I/F I/O		08/15/2037		29,796
	131,760	Series 3384-S		5.95%	# I/F I/O		11/15/2037		17,714
	229,676	Series 3384-SG		5.87%	# I/F I/O		08/15/2036		34,018
	145,852	Series 3417-SX		5.74%	# I/F I/O		02/15/2038		16,533
	204,723	Series 3423-GS		5.21%	# I/F I/O		03/15/2038		24,474
	2,042,881	Series 3423-TG		0.35%	# I/F I/O		03/15/2038		16,448
	211,471	Series 3500-SA		5.08%	# I/F I/O		01/15/2039		22,236
	330,012	Series 3523-SM		5.56%	# I/F I/O		04/15/2039		52,232
	61,078	Series 3562-WS		4.51%	# I/F I/O		08/15/2039		6,890
	354,448	Series 3728-SV		4.01%	# I/F I/O		09/15/2040		37,717
	280,849	Series 3758-S		5.59%	# I/F I/O		11/15/2040		44,782
	79,653	Series 3779-DZ		4.50%			12/15/2040		88,065
	13,927	Series 3780-YS		9.03%	# I/F		12/15/2040		15,004
	334,126	Series 3815-ST		5.41%	# I/F I/O		02/15/2041		54,025
	128,783	Series 3900-SB		5.53%	# I/F I/O		07/15/2041		18,560
	411,822	Series 3923-CZ		5.00%			09/15/2041		506,907
		Federal National Mortgage Association,
	142,879	Series 2006-101-SA		6.15%	# I/F I/O		10/25/2036		28,853
	73,972	Series 2006-123-LI		5.89%	# I/F I/O		01/25/2037		15,106
	514,018	Series 2007-39-AI		5.69%	# I/F I/O		05/25/2037		92,777
	243,875	Series 2007-57-SX		6.19%	# I/F I/O		10/25/2036		38,707
	15,703	Series 2009-49-S		6.32%	# I/F I/O		07/25/2039		2,512
	395,890	Series 2009-86-CI		5.37%	# I/F I/O		09/25/2036		54,090
	177,542	Series 2009-90-IA		5.32%	# I/F I/O		03/25/2037		22,837
	168,937	Series 2009-90-IB		5.29%	# I/F I/O		04/25/2037		20,202
	410,446	Series 2010-39-SL		5.24%	# I/F I/O		05/25/2040		65,737
	229,359	Series 2011-5-PS		5.97%	# I/F I/O		11/25/2040		22,644
	350,786	Series 2012-30-DZ		4.00%			04/25/2042		392,374
	1,088,602	Series 2013-53-ZC		3.00%			06/25/2043		1,069,963
	829,635	Series 2013-55-KS		5.35%	# I/F		06/25/2043		779,262
	1,016,627	Series 2013-55-VZ		3.00%			06/25/2043		1,008,115
		Government National Mortgage Association,
	39,832	Series 2009-6-SM		5.52%	# I/F I/O		02/20/2038		6,264
	625,898	Series 2011-45-GZ		4.50%			03/20/2041		676,100
	250,000	Series 2011-7-LS		9.02%	# I/F		12/20/2040		295,866
		Total US Government / Agency Mortgage Backed Obligations (Cost $5,153,007)							5,675,840
	US GOVERNMENT BONDS AND NOTES 1.0%
	1,275,000	United States Treasury Bonds		3.75%			08/15/2041		1,572,783
		Total US Government Bonds and Notes (Cost $1,573,732)							1,572,783
	REAL ESTATE INVESTMENT TRUSTS 2.9%
	240,000	Annaly Capital Management, Inc.							2,462,400
	148,747	Chimera Investment Corporation							2,021,472
		Total Real Estate Investment Trusts (Cost $4,537,178)							4,483,872
	AFFILIATED MUTUAL FUNDS 23.8%
	578,000	DoubleLine Core Fixed Income Fund (Class I)							6,282,858
	199,203	DoubleLine Flexible Income Fund (Class I)							1,902,390
	2,663,622	DoubleLine Total Return Bond Fund (Class I)							28,953,571
		Total Affiliated Mutual Funds (Cost $38,297,852)							37,138,819

SHARES / CONTRACTS		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 14.2%
	55,000	iShares MSCI Hong Kong Index Fund						1,087,350
	38,750	iShares MSCI Singapore Index Fund						420,825
	18,000	iShares MSCI Sweden Index Fund						530,100
	62,000	iShares MSCI Switzerland Capped Index Fund						1,843,260
	170,500	iShares MSCI United Kingdom Index Fund						2,673,440
	42,500	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.						324,700
	70,000	SPDR Barclays International Treasury Bond ETF*						3,901,800
	40,000	SPDR S&P 500 ETF						8,222,400
	25,600	Stone Harbor Emerging Markets Income Fund						327,168
	37,500	Templeton Emerging Markets Income Fund						385,500
	20,000	Vanguard REIT ETF						1,676,000
	25,300	Western Asset Emerging Markets Debt Fund, Inc.						367,356
	36,400	Western Asset Emerging Markets Income Fund, Inc.						373,464
		Total Exchange Traded Funds and Common Stocks (Cost $22,973,817)						22,133,363
	PURCHASED OPTIONS 0.2%
		S&P 500 Index Put,
	100	Expiration June 2016, Strike Price $2,000						365,000
		Total Purchased Options (Cost $521,200)						365,000
	SHORT TERM INVESTMENTS 36.7%
	18,824,271	BlackRock Liquidity Funds FedFund - Institutional Shares		0.24%	¨			18,824,271
	3,446,057	Dreyfus Government Cash Management - Institutional Shares		0.21%	¨			3,446,057
	15,378,215	Fidelity Institutional Money Market Government Portfolio - Class I		0.23%	¨			15,378,215
	19,571,271	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.25%	¨‡			19,571,271
		Total Short Term Investments (Cost $57,219,814)						57,219,814
		Total Investments 95.7% (Cost $153,322,810)						149,124,129
		Other Assets in Excess of Liabilities 4.3%						6,756,866
		NET ASSETS 100.0%					$	155,880,995

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 53

Schedule of Investments (Consolidated)  DoubleLine Multi-Asset Growth Fund  (Cont.) March 31, 2016

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Short Term Investments	36.7%
Affiliated Mutual Funds	23.8%
Exchange Traded Funds and Common Stocks	14.2%
Non-Agency Residential Collateralized Mortgage Obligations	6.1%
US Government / Agency Mortgage Backed Obligations	3.7%
Collateralized Loan Obligations	3.6%
Real Estate Investment Trusts	2.9%
Asset Backed Obligations	2.4%
Municipal Bonds	1.1%
US Government Bonds and Notes	1.0%
Purchased Options	0.2%
Other Assets and Liabilities	4.3%
	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 March 31, 2016, the value of these securities amounted to $12,480,687 or 8.0% of net assets.

# Variable rate security. Rate disclosed as of March 31, 2016.

@ 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 March 31, 2016.

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

I/O Interest only security

* Non-Income Producing

¨ Seven-day yield as of March 31, 2016

‡ All or a portion of security has been pledged as collateral in connection with swaps.

Written Options
Contracts	Security Description	Value
100	S&P 500 Index Put, Expiration June 2016, Strike Price $1,900	$	179,000
Total Written Options (Premiums Received $279,800)		$	179,000

Futures Contracts - Long
Contracts	Security Description	Expiration Month/ Year		Unrealized Appreciation (Depreciation)
27	Gold Future		06/2016	$	18,548
76	Ultra 10 Year US Treasury Note Future		06/2016		15,168
140	E-mini S&P 500 Future		06/2016		220,850
270	Euro STOXX 50 Future		06/2016		(106,821	)
36	mini MSCI EAFE Index Future		06/2016		(3,416	)
174	mini MSCI Emerging Markets Index Future		06/2016		89,249
				$	233,578

Futures Contracts - Short
Contracts	Security Description	Expiration Month/ Year		Unrealized Appreciation (Depreciation)
43	Euro/Bund Future		06/2016	$	(43,349	)
				$	(43,349	)

Total Return Swaps - Long
Reference Entity	Counterparty	Financing Rate		Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
S&P GSCI Copper Official Close Index	Morgan Stanley		0.25%		590,000		04/07/2016	$	—
S&P GSCI Cotton Official Close Index	Morgan Stanley		0.25%		590,000		04/07/2016		—
S&P GSCI Gold Official Close Index	Morgan Stanley		0.20%		590,000		04/07/2016		—
S&P GSCI Nickel Official Close Index	Morgan Stanley		0.25%		590,000		04/07/2016		—
S&P GSCI Silver Official Close Index	Morgan Stanley		0.20%		590,000		04/07/2016		—
S&P GSCI Zinc Official Close Index	Morgan Stanley		0.25%		590,000		04/07/2016		—
Shiller Barclays CAPE® US Sector  ER II USD Index¤	Barclays Capital, Inc.		0.40%		31,300,000		04/28/2017		—
								$	—

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

March 31, 2016

Total Return Swaps - Short
Reference Entity	Counterparty	Financing Rate		Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
S&P GSCI Brent Crude Official Close Index	Morgan Stanley		0.15%		590,000		04/07/2016	$	—
S&P GSCI Crude Oil Official Close Index	Morgan Stanley		0.15%		590,000		04/07/2016		—
S&P GSCI GasOil Official Close Index	Morgan Stanley		0.15%		590,000		04/07/2016		—
S&P GSCI Heating Oil Official Close Index	Morgan Stanley		0.20%		590,000		04/07/2016		—
S&P GSCI Kansas Wheat Official Close Index	Morgan Stanley		0.25%		590,000		04/07/2016		—
S&P GSCI Natural Gas Official Close Index	Morgan Stanley		0.15%		590,000		04/07/2016		—
								$	—

¤ 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. At March 31, 2016, the four sector constituents and their weightings were as follows: Technology 25.5%, Industrial 25.2%, Consumer Discretionary 25.0%, and Healthcare 24.3%.

Forward Currency Exchange Contracts
Settlement Date	Currency to be Delivered			U.S. Value		Currency to be Received			U.S. Value		Counterparty	Unrealized Appreciation (Depreciation)
05/09/2016		5,000,000	U.S. Dollars	$	5,000,000		4,473,755	Euro	$	5,096,743	BNP Paribas	$	96,743
05/09/2016		4,000,000	U.S. Dollars		4,000,000		3,537,034	Euro		4,029,580	Bank of America		29,580
05/16/2016		5,000,000	U.S. Dollars		5,000,000		557,798,300	Japanese Yen		4,962,795	Morgan Stanley		(37,205	)
				$	14,000,000				$	14,089,118		$	89,118

A summary of the DoubleLine Multi-Asset Growth Fund’s (Consolidated) investments in affiliated mutual funds for the year ended March 31, 2016 is as follows:

Fund	Value at March 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value at March 31, 2016		Dividend Income Earned in the Year Ended March  31, 2016		Net Realized Gain (Loss) in the Year Ended March 31, 2016
DoubleLine Core Fixed Income Fund	$	7,263,507	$	—	$	850,000		578,000	$	6,282,858	$	213,578	$	27,809
DoubleLine Emerging Markets Fixed Income Fund		6,805,772		—		6,588,154		—		—		125,329		(511,846	)
DoubleLine Equities Growth Fund		2,566,964		—		2,047,582		—		—		21,161		(452,418	)
DoubleLine Flexible Income Fund		—		2,000,000		—		199,203		1,902,390		66,604		—
DoubleLine Total Return Bond Fund		26,370,639		3,000,000		—		2,663,622		28,953,571		1,054,268		—
	$	43,006,882	$	5,000,000	$	9,485,736		3,440,825	$	37,138,819	$	1,480,940	$	(936,455	)

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 55

Schedule of Investments  DoubleLine Low Duration Bond Fund March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 2.6%
		Access Group, Inc.,
	13,099,661	Series 2007-A-B		1.18%	#		02/25/2037		11,236,150
		Access Point Funding LLC,
	5,403,310	Series 2015-A-A		2.61%	^		04/15/2020		5,386,424
		Blue Elephant Loan Trust,
	1,968,176	Series 2015-1-A		3.12%	^		12/15/2022		1,966,738
		Consumer Credit Origination Loan Trust,
	2,786,230	Series 2015-1-A		2.82%	^		03/15/2021		2,787,425
		Eaglewood Consumer Loan Trust,
	5,000,000	Series 2014-1-A		3.50%	^¥		10/15/2019		4,974,845
		Earnest Student Loan Program,
	20,000,000	Series 2016-A-A2		2.50%	^		04/25/2033		19,626,630
		OneMain Financial Issuance Trust,
	6,010,000	Series 2014-1A-A		2.43%	^		06/18/2024		5,996,014
		SoFi Professional Loan Program,
	4,792,322	Series 2013-A-A		3.75%	^		12/25/2029		4,800,325
	1,600,982	Series 2014-A-A2		3.02%	^		10/25/2027		1,618,278
	5,945,024	Series 2015-C-A2		2.51%	^		08/25/2033		5,864,312
	10,000,000	Series 2016-A-A2		2.76%	^		12/26/2036		9,936,964
		Total Asset Backed Obligations (Cost $75,210,323)							74,194,105
	COLLATERALIZED LOAN OBLIGATIONS 19.7%
		AB Ltd.,
	5,250,000	Series 2007-1A-B		1.37%	#^		04/15/2021		5,274,373
		ACAS Ltd.,
	222,649	Series 2007-1X-A1S		0.83%	#		04/20/2021		222,744
		ALM Loan Funding,
	10,000,000	Series 2012-7A-A1		2.04%	#^		10/19/2024		10,005,963
		Anchorage Capital Ltd.,
	950,000	Series 2014-4A-A1A		2.07%	#^		07/28/2026		938,529
		Apidos Ltd.,
	443,250	Series 2007-5A-A18		0.85%	#^		04/15/2021		439,322
	9,975,000	Series 2013-16A-A1		2.07%	#^		01/19/2025		9,928,043
		ARES Ltd.,
	13,771,588	Series 2007-11A-A1B		0.88%	#^		10/11/2021		13,586,521
	2,939,768	Series 2007-12A-A		1.26%	#^		11/25/2020		2,895,390
	750,000	Series 2007-12A-C		2.63%	#^		11/25/2020		729,469
	2,570,771	Series 2007-3RA-A2		0.84%	#^		04/16/2021		2,508,813
		Atrium Corporation,
	3,489,527	Series 5A-A2A		0.84%	#^		07/20/2020		3,478,496
		Avalon Capital Ltd.,
	6,653,471	Series 2014-1AR-AR		1.79%	#^		04/17/2023		6,631,070
		Avenue Ltd.,
	33,870	Series 2007-6A-A1		0.84%	#^		07/17/2019		33,911
		Avery Point Ltd.,
	3,000,000	Series 2014-1A-A		2.14%	#^		04/25/2026		2,963,480
		Babson Ltd.,
	3,124,772	Series 2007-1A-A2A		0.83%	#^		01/18/2021		3,120,192
	2,416,491	Series 2007-1X-A2A		0.83%	#		01/18/2021		2,412,948
	2,500,000	Series 2016-1A-X		1.62%	#^		04/23/2027		2,501,966
		Birchwood Park Ltd.,
	1,000,000	Series 2014-1A-C2		3.77%	#^		07/15/2026		996,128
		BlackRock Senior Income,
	2,119,516	Series 2006-4A-A		0.86%	#^		04/20/2019		2,119,429
		BlueMountain Ltd.,
	6,924,122	Series 2007-3A-A1B		0.89%	#^		03/17/2021		6,809,772
	10,000,000	Series 2012-2A-A1		2.04%	#^		11/20/2024		9,963,214
	9,500,000	Series 2014-3A-A1		2.10%	#^		10/15/2026		9,473,245
	4,000,000	Series 2014-4A-B1		3.04%	#^		11/30/2026		3,929,704
	15,000,000	Series 2015-2A-A1		2.05%	#^		07/18/2027		14,815,062
	15,000,000	Series 2015-3A-A1		1.81%	#^		10/20/2027		14,964,090

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Bridgeport Ltd.,
	544,143	Series 2006-1A-A1		0.87%	#^		07/21/2020		537,950
		Carlyle Global Market Strategies Ltd.,
	2,250,000	Series 2013-2A-D		4.37%	#^		04/18/2025		2,019,296
		Carlyle High Yield Partners Ltd.,
	1,104,596	Series 2006-8A-A1		0.87%	#^		05/21/2021		1,090,480
	11,382,651	Series 2006-8A-A2A		0.86%	#^		05/21/2021		11,279,448
	6,412,710	Series 2006-9A-A1		0.87%	#^		08/01/2021		6,320,477
	17,365,322	Series 2007-10-A1		0.84%	#^		04/19/2022		16,856,165
	7,961,951	Series 2007-10A-A2A		0.83%	#^		04/19/2022		7,788,004
		Catamaran Ltd.,
	5,000,000	Series 2012-1A-A		1.98%	#^		12/20/2023		4,987,625
	5,000,000	Series 2014-1A-A1		2.17%	#^		04/20/2026		4,974,404
	1,250,000	Series 2014-1A-B		3.27%	#^		04/20/2026		1,181,842
		Cent Ltd.,
	1,442,534	Series 2006-11A-A1		0.88%	#^		04/25/2019		1,425,750
	949,660	Series 2007-14A-A1		0.86%	#^		04/15/2021		934,436
	2,360,167	Series 2007-14A-A2A		0.85%	#^		04/15/2021		2,311,040
		Clydesdale Ltd.,
	1,392,891	Series 2006-1A-A1		0.87%	#^		12/19/2018		1,381,473
		ColumbusNova Ltd.,
	5,000,000	Series 2007-2A-B		1.87%	#^		10/15/2021		4,894,044
		Cornerstone Ltd.,
	1,034,572	Series 2007-1A-A1S		0.84%	#^		07/15/2021		1,026,854
		Covenant Credit Partners Ltd.,
	5,000,000	Series 2014-1A-A		2.10%	#^		07/20/2026		4,856,781
		Dryden Leveraged Loan,
	4,460,302	Series 2006-11A-A1		0.87%	#^		04/12/2020		4,436,797
	2,500,000	Series 2006-16A-A2		1.00%	#^		10/20/2020		2,470,791
		Dryden Senior Loan Fund,
	500,000	Series 2012-25A-D		4.62%	#^		01/15/2025		464,411
		Eaton Vance Ltd.,
	5,433,253	Series 2006-8A-A		0.87%	#^		08/15/2022		5,288,480
	1,500,000	Series 2006-8A-B		1.27%	#^		08/15/2022		1,405,811
		Flatiron Ltd.,
	1,000,000	Series 2013-1A-A1		2.02%	#^		01/17/2026		982,251
		Four Corners Ltd.,
	5,091,461	Series 2006-2A-A		0.89%	#^		01/26/2020		5,026,839
	1,115,141	Series 2006-3A-A		0.87%	#^		07/22/2020		1,110,867
		Franklin Ltd.,
	419,421	Series 6A-A		0.85%	#^		08/09/2019		409,363
		Galaxy Ltd.,
	2,500,000	Series 2013-15A-A		1.87%	#^		04/15/2025		2,475,656
	3,000,000	Series 2014-18A-A		2.09%	#^		10/15/2026		2,949,205
		GoldenTree Loan Opportunities Ltd.,
	1,093,142	Series 2007-4A-A1B		0.85%	#^		08/18/2022		1,074,894
	638,223	Series 2007-5A-A		1.31%	#^		10/18/2021		635,333
	2,000,000	Series 2012-6A-D		4.82%	#^		04/17/2022		1,938,461
	5,000,000	Series 2014-8A-A		2.07%	#^		04/19/2026		4,956,416
		Gulf Stream Ltd.,
	158,447	Series 2007-1A-A1A		0.86%	#^		06/17/2021		158,103
		Halcyon Loan Advisors Funding Ltd.,
	9,000,000	Series 2012-1X-A2		3.12%	#		08/15/2023		9,045,238
	1,000,000	Series 2014-1A-A1		2.15%	#^		04/18/2026		985,759
	2,250,000	Series 2014-2A-C		4.12%	#^		04/28/2025		1,855,963
		Highbridge Loan Management Ltd.,
	1,000,000	2016-8A-X		5.33%	#		04/20/2028		1,000,000
		ING Ltd.,
	8,046,498	Series 2012-1RA-A1R		1.83%	#^		03/14/2022		8,026,425
	1,280,000	Series 2012-4A-A1		2.01%	#^		10/15/2023		1,273,329
	3,000,000	Series 2012-4A-A2		2.87%	#^		10/15/2023		2,993,118
		Inwood Park Ltd.,
	565,259	Series 2006-1A-A1A		0.85%	#^		01/20/2021		564,978

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Jamestown Ltd.,
	4,000,000	Series 2014-4A-A1A		2.12%	#^		07/15/2026		3,873,320
		KKR Financial Corporation,
	1,048,025	Series 2007-1A-A		0.97%	#^		05/15/2021		1,044,015
		KKR Ltd.,
	2,000,000	Series 13-X		1.37%	#^		01/16/2028		2,004,768
		Landmark Ltd.,
	5,455,080	Series 2006-8A-A1		0.86%	#^		10/19/2020		5,416,499
		LCM LP,
	8,654,439	Series 10AR-AR		1.82%	#^		04/15/2022		8,594,697
	500,000	Series 10AR-BR		2.52%	#^		04/15/2022		497,262
	500,000	Series 10AR-CR		3.47%	#^		04/15/2022		495,464
	1,000,000	Series 11A-B		2.77%	#^		04/19/2022		1,005,009
	25,500,000	Series 12A-AR		1.88%	#^		10/19/2022		25,114,279
	1,000,000	Series 15A-C		3.73%	#^		08/25/2024		991,867
	5,500,000	Series 16A-A		2.12%	#^		07/15/2026		5,489,776
		Madison Park Funding Ltd.,
	461,263	Series 2007-4A-A2		0.85%	#^		03/22/2021		451,567
	10,000,000	Series 2012-10A-A1A		1.99%	#^		01/20/2025		9,958,916
	500,000	Series 2014-15A-C		4.32%	#^		01/27/2026		442,524
		Magnetite Ltd.,
	4,750,000	Series 2014-9A-A1		2.04%	#^		07/25/2026		4,714,375
	250,000	Series 2015-12A-A		2.12%	#^		04/15/2027		249,215
		MAPS Fund Ltd.,
	1,000,000	Series 2007-2A-B		1.52%	#^		07/20/2022		941,649
		Mountain Capital Ltd.,
	312,848	Series 2007-6A-A		0.85%	#^		04/25/2019		310,987
		Mountain Hawk Ltd.,
	18,400,000	Series 2014-A3-A		2.12%	#^		04/18/2025		18,197,066
		Mountain View Ltd.,
	12,990,807	Series 2006-2A-A1		0.87%	#^		01/12/2021		12,858,753
	800,000	Series 2007-3A-A2		0.96%	#^		04/16/2021		786,578
		Nautique Funding Ltd.,
	3,312,590	Series 2006-1A-A1A		0.87%	#^		04/15/2020		3,282,803
		Navigare Funding Ltd.,
	3,000,000	Series 2007-2A-C		1.37%	#^		04/17/2021		2,834,836
		Neuberger Berman Ltd.,
	3,000,000	Series 2016-21A-X		1.62%	#^		04/20/2027		3,001,441
		NewMark Capital Funding Ltd.,
	9,750,000	Series 2013-1A-A2		1.75%	#^		06/02/2025		9,500,176
		Northwoods Capital Corporation,
	20,000,000	Series 2012-9A-A		2.04%	#^		01/18/2024		19,900,122
	3,000,000	Series 2013-10-A1		2.02%	#^		11/04/2025		2,928,008
		NYLIM Flatiron Ltd.,
	3,464,329	Series 2006-1A-A1		0.86%	#^		08/08/2020		3,444,617
		Oak Hill Credit Partners,
	1,000,000	Series 2012-7A-A		2.04%	#^		11/20/2023		997,068
		Ocean Trails,
	1,408,355	Series 2006-1X-A1		0.87%	#		10/12/2020		1,392,206
		Octagon Investment Partners Ltd.,
	2,209,618	Series 2012-1A-AR		1.89%	#^		05/05/2023		2,210,018
		OZLM Funding Ltd.,
	3,110,000	Series 2013-5A-A1		2.12%	#^		01/17/2026		3,092,982
		OZLM Ltd.,
	11,900,000	Series 2014-6A-A1		2.17%	#^		04/17/2026		11,867,712
		Pacifica Corporation,
	2,936,137	Series 2006-6A-A1A		0.86%	#^		08/15/2021		2,896,602
		Prospect Park Ltd.,
	1,873,944	Series 2006-1A-A		0.87%	#^		07/15/2020		1,864,336
		Race Point Ltd.,
	1,000,000	Series 2012-7A-A		2.04%	#^		11/08/2024		994,506
		Regatta Funding Ltd.,
	3,000,000	Series 2014-1A-A1A		2.18%	#^		10/25/2026		2,967,461

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Silverado Ltd.,
	3,437,530	Series 2006-2A-A1		0.86%	#^		10/16/2020		3,383,822
		Slater Mill Loan Fund,
	3,800,000	Series 2012-1A-B		3.27%	#^		08/17/2022		3,789,651
		Sound Harbor Loan Fund Ltd.,
	3,000,000	Series 2014-1A-A1		2.12%	#^		10/30/2026		2,977,576
		Sound Point Ltd.,
	2,000,000	Series 2015-3A-X		1.46%	#^		01/20/2028		2,002,155
		Steele Creek Ltd.,
	2,000,000	Series 2014-1A-A1		2.22%	#^		08/21/2026		1,974,563
		Symphony Ltd.,
	25,000,000	Series 2010-10A-AR		1.89%	#^		07/23/2023		25,000,740
	8,753,133	Series 2012-8AR-AR		1.72%	#^		01/09/2023		8,713,745
	10,000,000	Series 2013-11A-A		1.92%	#^		01/17/2025		9,870,509
		Venture Ltd.,
	9,250,000	Series 2014-16A-A1L		2.12%	#^		04/15/2026		9,147,306
	2,500,000	Series 2014-17A-A		2.10%	#^		07/15/2026		2,483,625
	1,000,000	Series 2014-17A-B2		2.72%	#^		07/15/2026		950,548
		Wasatch Ltd.,
	11,266,427	Series 2006-1A-A1B		0.86%	#^		11/14/2022		10,940,540
		Washington Mill Ltd.,
	5,000,000	Series 2014-1A-A1		2.12%	#^		04/20/2026		4,933,357
	1,000,000	Series 2014-1A-B1		2.67%	#^		04/20/2026		961,369
	1,000,000	Series 2014-1A-C		3.62%	#^		04/20/2026		957,287
		Westwood Ltd.,
	4,995,115	Series 2006-1X-A1		0.87%	#		03/25/2021		4,917,239
	2,704,158	Series 2007-2A-A1		0.84%	#^		04/25/2022		2,647,631
		WhiteHorse Ltd.,
	2,500,000	Series 2012-1A-B1L		4.86%	#^		02/03/2025		2,152,527
	5,000,000	Series 2013-1A-A1L		2.02%	#^		11/24/2025		4,960,918
	3,250,000	Series 2014-1A-A		2.12%	#^		05/01/2026		3,188,294
		Wind River Ltd.,
	10,000,000	Series 2013-2A-A1		2.07%	#^		01/18/2026		9,786,077
	5,000,000	Series 2014-1A-A		2.14%	#^		04/18/2026		4,947,601
		Zais Ltd.,
	4,500,000	Series 2014-2A-A1A		2.12%	#^		07/25/2026		4,427,117
		Total Collateralized Loan Obligations (Cost $571,341,274)							567,864,108
	FOREIGN CORPORATE BONDS 17.0%
	1,500,000	AES Gener S.A.		5.25%			08/15/2021		1,596,297
	1,450,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		1,500,750
	3,550,000	Agromercantil Senior Trust		6.25%			04/10/2019		3,674,250
	1,000,000	Banco Continental SAECA		8.88%			10/15/2017		1,013,750
	7,000,000	Banco Davivienda S.A.		2.95%			01/29/2018		6,994,750
	5,500,000	Banco de Bogota S.A.		5.00%			01/15/2017		5,582,500
	2,453,000	Banco de Chile		6.25%			06/15/2016		2,477,417
	6,900,000	Banco de Costa Rica		5.25%			08/12/2018		7,020,750
	2,000,000	Banco de Credito del Peru		2.75%	^		01/09/2018		2,020,000
	5,500,000	Banco de Credito del Peru		2.75%			01/09/2018		5,555,000
	1,000,000	Banco GNB Sudameris S.A.		3.88%	^		05/02/2018		985,500
	8,300,000	Banco GNB Sudameris S.A.		3.88%			05/02/2018		8,179,650
	2,000,000	Banco Latinoamericano de Comercio Exterior S.A.		3.75%			04/04/2017		2,038,000

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 57

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,000,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		1,995,000
	5,000,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%	^		05/07/2020		4,987,500
	3,725,000	Banco Mercantil del Norte		6.86%	#		10/13/2021		3,762,250
	7,000,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		6,982,500
	1,000,000	Banco Regional SAECA		8.13%			01/24/2019		1,033,000
	11,100,000	Banco Santander		5.95%	#		01/30/2024		11,505,150
	1,146,000	Bancolombia S.A.		6.88%			05/25/2017		1,194,705
	5,150,000	Bancolombia S.A.		6.13%			07/26/2020		5,457,455
	5,100,000	Bank of Montreal		1.80%			07/31/2018		5,122,884
	8,750,000	BBVA Banco Continental S.A.		3.25%			04/08/2018		8,903,125
	12,800,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		13,024,000
	2,761,000	BP Capital Markets PLC		1.85%			05/05/2017		2,774,935
	2,000,000	BP Capital Markets PLC		1.67%			02/13/2018		2,003,178
	4,545,000	British Telecommunications PLC		5.95%			01/15/2018		4,903,687
	125,000	Celulosa Arauco y Constitucion S.A.		5.00%			01/21/2021		133,854
	1,000,000	Cementos Progreso Trust		7.13%			11/06/2023		1,062,500
	4,100,000	Cemex S.A.B. de C.V.		5.37%	#		10/15/2018		4,089,750
	7,000,000	Cencosud S.A.		5.50%			01/20/2021		7,485,471
	6,000,000	Central American Bottling Corporation		6.75%			02/09/2022		6,345,000
	8,000,000	CNOOC Finance Ltd.		2.63%			05/05/2020		8,025,304
	1,000,000	CNPC General Capital Ltd.		2.75%			05/14/2019		1,015,739
	1,000,000	Colbun S.A.		6.00%			01/21/2020		1,100,168
	2,000,000	Comision Federal de Electricidad		4.88%			05/26/2021		2,112,500
	500,000	Compania Minera Ares S.A.C.		7.75%			01/23/2021		497,500
	5,000,000	Corp Nacional del Cobre de Chile		3.88%			11/03/2021		5,130,515
	10,500,000	Corpbanca S.A.		3.13%			01/15/2018		10,570,245
	400,000	Corpbanca S.A.		3.88%			09/22/2019		410,738
	3,000,000	Corporacion Financiera de Desarrollo S.A.		3.25%			07/15/2019		3,060,000
	4,000,000	Corporacion Financiera de Desarrollo S.A.		3.25%	^		07/15/2019		4,080,000
	2,000,000	Corporacion Nacional del Cobre de Chile		3.75%			11/04/2020		2,095,772
	1,500,000	Cosan Overseas Ltd.		8.25%	†		11/29/2049		1,275,000
	9,000,000	DBS Bank Ltd.		3.63%	#		09/21/2022		9,225,819
	7,000,000	Delek & Avner Tamar Bond Ltd.		3.84%	^		12/30/2018		7,006,300
	5,000,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		5,037,500
	2,000,000	Embraer Overseas Ltd.		6.38%			01/24/2017		2,067,500
	300,000	Empresa de Energia de Bogota S.A.		6.13%			11/10/2021		312,300
	5,000,000	Empresas Publicas de Medellin E.S.P.		7.63%			07/29/2019		5,675,000
	12,223,138	ENA Norte Trust		4.95%			04/25/2023		12,528,716
	5,400,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		5,474,250
	3,000,000	Fondo Mivivienda S.A.		3.38%	^		04/02/2019		3,041,250
	9,000,000	Freeport-McMoRan Copper & Gold, Inc.		2.38%			03/15/2018		8,010,000
	8,000,000	Global Bank Corporation		4.75%			10/05/2017		8,130,000
	2,000,000	Global Bank Corporation		5.13%			10/30/2019		2,035,000
	4,000,000	Global Bank Corporation		5.13%	^		10/30/2019		4,070,000
	12,550,000	Globo Communicacao e Participacoes S.A.		5.31%	#		05/11/2022		12,474,700
	11,080,000	Grupo Aval Ltd.		5.25%			02/01/2017		11,343,150
	200,000	Grupo Aval Ltd.		5.25%	^		02/01/2017		204,750
	2,500,000	Grupo Aval Ltd.		4.75%			09/26/2022		2,337,500
	500,000	Grupo Bimbo S.A.B. de C.V.		4.50%			01/25/2022		531,643

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,800,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		2,912,000
	500,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		488,125
	1,000,000	Grupo Televisa S.A.B		6.00%			05/15/2018		1,085,915
	6,400,000	GrupoSura Finance S.A.		5.70%			05/18/2021		6,652,800
	9,569,765	Guanay Finance Ltd.		6.00%			12/15/2020		9,306,596
	11,000,000	Hutchison Whampoa International Ltd.		6.00%	#†		05/07/2017		11,390,500
	3,543,014	Interoceanica Finance Ltd.		0.00%			11/30/2018		3,383,579
	8,000,000	Inversiones CMPC S.A.		4.75%			01/19/2018		8,281,456
	400,000	Israel Electric Corporation Ltd.		2.50%	#		01/17/2018		395,000
	5,000,000	Israel Electric Corporation Ltd.		5.63%			06/21/2018		5,323,450
	2,800,000	Marfrig Holdings B.V.		6.88%	^		06/24/2019		2,670,500
	2,000,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		1,887,500
	9,450,000	Nacional Financiera S.N.C.		3.38%			11/05/2020		9,544,500
	4,000,000	Oleoducto Central S.A.		4.00%			05/07/2021		3,805,000
	9,470,000	ONGC Videsh Ltd.		3.25%			07/15/2019		9,626,539
	8,100,000	Ooredoo Tamweel Ltd.		3.04%			12/03/2018		8,263,013
	1,995,000	Orange S.A.		2.75%			09/14/2016		2,010,084
	2,847,000	Orange S.A.		2.75%			02/06/2019		2,936,960
	3,000,000	Oversea-Chinese Banking Corporation		3.75%	#		11/15/2022		3,084,750
	9,000,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		9,358,362
	1,000,000	Pacific Rubiales Energy Corporation		5.38%	^W		01/26/2019		175,000
	7,000,000	Pacific Rubiales Energy Corporation		5.38%	W		01/26/2019		1,225,000
	5,161,647	Peru Enhanced Pass-Through Finance Ltd.		0.00%			05/31/2018		4,973,298
	134,481	Peru Enhanced Pass-Through Finance Ltd.		0.00%	^		05/31/2018		129,574
	5,000,000	Petroleos Mexicanos		3.50%			07/18/2018		5,080,000
	2,400,000	Petroleos Mexicanos		2.64%	#		07/18/2018		2,354,040
	2,600,000	Petroleos Mexicanos		5.50%			01/21/2021		2,702,375
	2,144,700	Ras Laffan Liquefied Natural Gas Company		5.30%			09/30/2020		2,310,107
	500,000	Reliance Holdings, Inc.		4.50%			10/19/2020		538,724
	5,400,000	Royal Bank of Canada		2.00%			12/10/2018		5,455,577
	9,000,000	Sigma Alimentos S.A.		5.63%			04/14/2018		9,594,000
	1,800,000	Sinopec Group Overseas Development Ltd.		2.50%	^		04/28/2020		1,809,925
	3,200,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		3,217,645
	3,000,000	SK Telecom Company Ltd.		2.13%			05/01/2018		3,020,778
	8,800,000	Sociedad Quimica y Minera S.A.		6.13%			04/15/2016		8,807,225
	3,000,000	Sociedad Quimica y Minera S.A.		5.50%			04/21/2020		3,114,750
	6,108,000	Southern Copper Corporation		3.50%			11/08/2022		5,895,203
	1,000,000	Tanner Servicios Financieros S.A.		4.38%	^		03/13/2018		982,500
	4,000,000	Tanner Servicios Financieros S.A.		4.38%			03/13/2018		3,930,000
	200,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		197,000
	1,400,000	Tencent Holdings Ltd.		2.88%	^		02/11/2020		1,424,998
	4,924,000	Thomson Reuters Corporation		1.30%			02/23/2017		4,916,289
	4,875,000	Toronto Dominion Bank		1.75%			07/23/2018		4,898,473
	10,164,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		10,352,034
	575,000	Transportadora de Gas Internacional S.A.		5.70%	^		03/20/2022		585,638
	420,000	Union Andina de Cementos S.A.A.		5.88%			10/30/2021		422,100

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,000,000	United Overseas Bank Ltd.		2.88%	#		10/17/2022		5,078,000
	9,000,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		9,281,970
	4,715,000	Westpac Banking Corporation		1.95%			11/23/2018		4,757,543
		Total Foreign Corporate Bonds (Cost $495,743,451)							489,919,812
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 0.7%
	400,000	Brazilian Government International Bond		8.00%			01/15/2018		425,000
	6,000,000	Colombia Government International Bond		4.38%			07/12/2021		6,270,000
	9,000,000	Mexico Government International Bond		3.50%			01/21/2021		9,337,500
	5,000,000	Panama Government International Bond		5.20%			01/30/2020		5,525,000
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $21,315,853)							21,557,500
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 20.4%
		Arbor Realty Ltd.,
	3,710,000	Series 2015-FL2A-C		5.44%	#^		09/15/2025		3,262,177
		Asset Securitization Corporation,
	4,521,455	Series 1997-D4-PS1		1.41%	# I/O		04/14/2029		80,879
		Banc of America Commercial Mortgage Trust,
	9,750,000	Series 2006-5-AM		5.45%			09/10/2047		9,861,251
	6,340,000	Series 2006-6-AM		5.39%			10/10/2045		6,421,275
	9,150,000	Series 2007-5-AM		5.77%	#		02/10/2051		9,448,651
		Bear Stearns Commercial Mortgage Securities Trust,
	2,645,000	Series 2007-PW18-AM		6.08%	#		06/11/2050		2,767,515
		Bear Stearns Commercial Mortgage Securities, Inc.,
	6,981,460	Series 2006-PW13-A4		5.54%			09/11/2041		7,002,901
	6,254,000	Series 2006-PW13-AJ		5.61%	#		09/11/2041		6,227,240
	10,250,000	Series 2006-PW13-AM		5.58%	#		09/11/2041		10,347,847
	3,762,000	Series 2007-PW16-AM		5.72%	#		06/11/2040		3,875,415
	5,209,139	Series 2007-T26-AJ		5.57%	#		01/12/2045		5,131,519
		Boca Hotel Portfolio Trust,
	1,523,024	Series 2013-BOCA-A		1.59%	#^		08/15/2026		1,521,333
	4,100,000	Series 2013-BOCA-D		3.49%	#^		08/15/2026		4,087,231
		CD Commercial Mortgage Trust,
	1,704,113	Series 2006-CD2-AM		5.39%	#		01/15/2046		1,702,083
		CGGS Commercial Mortgage Trust,
	9,446,000	Series 2016-RNDB-AFL		2.10%	#^		02/15/2033		9,457,842
		Citigroup Commercial Mortgage Trust,
	10,500,000	Series 2007-C6-AMFX		5.70%	#^		12/10/2049		10,618,799
	9,157,400	Series 2008-C7-AM		6.14%	#		12/10/2049		9,355,790
	65,794,000	Series 2016-P3-XA		1.72%	# I/O		04/15/2049		7,877,588
		COBALT Commercial Mortgage Trust,
	9,341,000	Series 2006-C1-AM		5.25%			08/15/2048		9,283,771
	12,000,000	Series 2007-C2-AJFX		5.57%	#		04/15/2047		11,726,215
		Colony Mortgage Capital Ltd.,
	9,315,000	Series 2015-FL3-A		2.39%	#^		09/05/2032		9,288,899
		Commercial Mortgage Pass-Through Certificates,
	8,705,024	Series 2012-CR2-XA		1.75%	# I/O		08/15/2045		731,968
	28,473,450	Series 2014-CR19-XA		1.29%	# I/O		08/10/2047		1,891,132
	8,600,000	Series 2014-KYO-E		2.79%	#^		06/11/2027		8,434,276
	9,650,000	Series 2014-KYO-F		3.94%	#^		06/11/2027		9,565,843
	3,890,000	Series 2014-TWC-C		2.28%	#^		02/13/2032		3,789,638
		Countrywide Commercial Mortgage Trust,
	9,243,298	Series 2007-MF1-A		6.07%	#^		11/12/2043		9,540,073

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Credit Suisse First Boston Mortgage Securities Corporation,
	164,363	Series 1998-C2-F		6.75%	#^		11/15/2030		165,560
		Credit Suisse Mortgage Capital Certificates,
	10,381,000	Series 2006-C3-AM		6.14%	#		06/15/2038		10,406,458
	10,381,000	Series 2006-C4-AM		5.51%			09/15/2039		10,471,413
	10,500,000	Series 2007-C4-A1AM		5.94%	#		09/15/2039		10,508,312
	6,918,248	Series 2007-C5-A4		5.70%	#		09/15/2040		7,139,854
	3,180,000	Series 2008-C1-AM		6.07%	#^		02/15/2041		3,332,804
	678,000	Series 2009-RR2-IQB		5.69%	#^		04/16/2049		690,114
		GE Commercial Mortgage Corporation Trust,
	10,497,000	Series 2007-C1-AM		5.61%	#		12/10/2049		10,397,369
		Greenwich Capital Commercial Funding Corporation,
	4,838,500	Series 2007-GG11-AJ		6.03%	#		12/10/2049		4,769,058
	8,430,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		8,674,392
	11,500,000	Series 2007-GG9-AM		5.48%			03/10/2039		11,678,620
		GS Mortgage Securities Corporation,
	9,116,392	Series 2007-GG10-A4		5.79%	#		08/10/2045		9,401,176
	91,730	Series 2012-GCJ7-A1		1.14%			05/10/2045		91,698
	9,379,000	Series 2016-ICE2-A		2.37%	#^		02/15/2033		9,392,422
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	74,566	Series 2004-LN2-A2		5.12%			07/15/2041		74,669
	3,866	Series 2006-CB17-ASB		5.42%			12/12/2043		3,862
	5,970,000	Series 2006-LDP8-AJ		5.48%	#		05/15/2045		5,955,267
	8,680,000	Series 2006-LDP9-AM		5.37%			05/15/2047		8,721,034
	4,260,000	Series 2007-C1-AM		5.94%	#		02/15/2051		4,334,985
	10,866,373	Series 2007-CB20-AM		5.88%	#		02/12/2051		11,371,767
	11,495,000	Series 2007-CIBC18-AM		5.47%	#		06/12/2047		11,661,837
	10,548,000	Series 2007-CIBC19-AM		5.70%	#		02/12/2049		10,777,803
	9,950,000	Series 2007-CIBC20-AJ		6.08%	#		02/12/2051		9,703,226
	16,360,000	Series 2007-LD12-AM		6.01%	#		02/15/2051		17,070,986
	77,940	Series 2010-C1-A1		3.85%	^		06/15/2043		77,881
	149,796	Series 2011-PLSD-A1		2.19%	^		11/13/2028		150,175
	2,500,000	Series 2014-INN-C		2.14%	#^		06/15/2029		2,395,000
	2,500,000	Series 2014-INN-D		2.79%	#^		06/15/2029		2,362,915
	9,000,000	Series 2014-PHH-D		2.84%	#^		08/15/2027		8,909,263
	10,500,000	Series 2015-CSMO-C		2.69%	#^		01/15/2032		10,242,882
	7,726,287	Series 2015-JP1-A1		1.95%			01/15/2049		7,782,662
		JP Morgan Chase Commercial Mortgage Securities Trust,
	9,341,000	Series 2007-LD11-AM		5.74%	#		06/15/2049		9,252,346
	8,903,173	Series 2008-C2-A4		6.07%			02/12/2051		9,287,374
		LB Commercial Mortgage Trust,
	10,730,000	Series 2007-C3-AM		5.90%	#		07/15/2044		11,097,348
		LB-UBS Commercial Mortgage Trust,
	4,350,000	Series 2006-C7-AM		5.38%			11/15/2038		4,410,940
	10,584,723	Series 2007-C1-AJ		5.48%			02/15/2040		10,573,126
	7,482,000	Series 2007-C1-AM		5.46%			02/15/2040		7,599,921
	7,650,000	Series 2007-C2-AM		5.49%	#		02/15/2040		7,775,231
	8,338,600	Series 2007-C7-AJ		6.24%	#		09/15/2045		8,167,334
		LMREC, Inc.,
	8,385,000	Series 2015-CRE1-A		2.18%	#^		02/22/2032		8,267,920
		Merrill Lynch Mortgage Trust,
	9,341,000	Series 2007-C1-AM		5.84%	#		06/12/2050		9,148,273
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	1,697,962	Series 2006-1-AJ		5.74%	#		02/12/2039		1,696,425
	2,985,000	Series 2006-2-AJ		5.95%	#		06/12/2046		2,999,631
		Morgan Stanley Bank of America Merrill Lynch Trust,
	3,595,224	Series 2012-C5-XA		1.74%	#^ I/O		08/15/2045		231,306
		Morgan Stanley Capital, Inc.,
	638,156	Series 2005-T19-AJ		4.99%	#		06/12/2047		637,854
	20,911,616	Series 2006-HQ10-X1		0.50%	#^ I/O		11/12/2041		16,227
	9,252,567	Series 2006-XLF-J		0.86%	#^		07/15/2019		9,014,387
	9,000,000	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		8,856,297
	7,657,000	Series 2007-IQ13-AM		5.41%			03/15/2044		7,899,082
	10,780,000	Series 2007-IQ14-A4		5.69%	#		04/15/2049		11,041,859
	10,055,000	Series 2007-IQ16-AM		6.05%	#		12/12/2049		10,513,786
	1,815,368	Series 2007-XLFA-D		0.63%	#^		10/15/2020		1,817,754
		Morgan Stanley Re-Remic Trust,
	1,715,000	Series 2009-GG10-A4B		5.79%	#^		08/12/2045		1,753,596
	572,090	Series 2012-IO-AXA		1.00%	^		03/27/2051		566,526

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 59

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Velocity Commercial Capital Loan Trust,
	17,655,763	Series 2015-1-AFL		2.86%	#^		06/25/2045		17,766,111
		Wachovia Bank Commercial Mortgage Trust,
	967,601	Series 2006-C24-AJ		5.66%	#		03/15/2045		966,234
	8,770,000	Series 2006-C28-AJ		5.63%	#		10/15/2048		8,576,233
	9,160,000	Series 2007-C30-AM		5.38%			12/15/2043		9,328,188
	6,770,000	Series 2007-C31-AM		5.59%	#		04/15/2047		6,942,929
	6,850,000	Series 2007-C32-AMFX		5.70%	^		06/15/2049		7,007,942
	4,120,000	Series 2007-C33-AJ		5.95%	#		02/15/2051		4,066,690
	10,065,000	Series 2007-C33-AM		5.95%	#		02/15/2051		10,412,257
		WF-RBS Commercial Mortgage Trust,
	17,712,102	Series 2012-C8-XA		2.15%	#^ I/O		08/15/2045		1,406,701
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $608,222,842)							591,112,443
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 11.9%
		Ajax Mortgage Loan Trust,
	23,046,605	Series 2015-B-A		3.88%	#^		07/25/2060		23,136,176
		Banc of America Funding Corporation,
	703,321	Series 2005-E-6A1		2.70%	#		05/20/2035		697,512
	201,947	Series 2012-R4-A		0.70%	#^		03/04/2039		201,052
	896,782	Series 2012-R5-A		0.70%	#^		10/03/2039		893,697
		Banc of America Mortgage Securities, Inc.,
	3,392,257	Series 2005-E-2A1		2.78%	#		06/25/2035		3,225,141
		Bayview Opportunity Master Fund Trust,
	5,867,200	Series 2015-1-A		3.84%	#^		01/28/2030		5,877,726
	19,703,858	Series 2016-A-A		4.46%	#^		01/28/2036		19,770,897
		BCAP LLC Trust,
	21,471	Series 2009-RR13-6A5		6.00%	#^		04/26/2037		21,833
	584,313	Series 2011-RR12-2A5		2.35%	#^		12/26/2036		582,191
	3,675,259	Series 2011-RR1-8A3		6.00%	#^		08/28/2021		3,711,677
	4,018,484	Series 2013-RR1-4A2		4.00%	#^		08/26/2037		4,001,235
		Bear Stearns Adjustable Rate Mortgage Trust,
	6,195,675	Series 2003-9-4A1		2.87%	#		02/25/2034		6,161,142
		Bear Stearns Asset Backed Securities Trust,
	1,032,526	Series 2004-AC2-2A		5.00%			05/25/2034		1,026,339
		CAM Mortgage LLC,
	24,575,943	Series 2015-1-A		3.50%	#^		07/15/2064		24,659,425
		Citicorp Residential Mortgage Securities, Inc.,
	4,207,443	Series 2007-1-A4		5.80%	#		03/25/2037		4,437,048
	19,262,334	Series 2007-2-A4		5.44%	#		06/25/2037		20,045,178
		Citigroup Mortgage Loan Trust, Inc.,
	3,346,109	Series 2006-AR1-2A1		2.73%	#		03/25/2036		3,201,032
	2,668,393	Series 2007-WFHE2-A3		0.61%	#		03/25/2037		2,618,707
	160,870	Series 2010-12-3A1		4.00%	^		04/25/2037		161,543
	407,346	Series 2010-8-5A6		4.00%	^		11/25/2036		408,382
	83,177	Series 2011-12-1A1		3.50%	#^		04/25/2036		83,057
	376,412	Series 2011-12-3A1		2.75%	#^		09/25/2047		375,280
		Countrywide Alternative Loan Trust,
	742,075	Series 2004-28CB-1A1		5.50%			01/25/2035		745,711
		Countrywide Asset-Backed Certificates,
	636,350	Series 2005-15-1AF6		4.38%	#		04/25/2036		645,704
	409,915	Series 2006-2-2A2		0.62%	#		10/25/2034		401,083
		Countrywide Home Loans,
	11,698,834	Series 2004-HYB9-1A1		2.76%	#		02/20/2035		11,643,674
		Credit Suisse First Boston Mortgage Securities Corporation,
	186,902	Series 2005-11-5A1		5.25%			12/25/2020		186,603
		Credit Suisse Mortgage Capital Certificates,
	12,000,000	Series 2011-5R-6A9		2.74%	#^		11/27/2037		10,897,422
	6,123,013	Series 2013-3R-1A1		1.57%	#^		04/27/2035		5,709,953
	28,487,665	Series 2015-RPL3-A1		3.75%	#^		12/25/2056		28,047,195
		Fieldstone Mortgage Investment Trust,
	1,062,815	Series 2004-5-M2		2.16%	#		02/25/2035		1,055,300

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		First Franklin Mortgage Loan Trust,
	526,153	Series 2006-FF1-2A3		0.67%	#		01/25/2036		519,559
		First Horizon Asset Securities, Inc.,
	11,872,951	Series 2007-AR2-1A1		2.70%	#		08/25/2037		9,452,517
		GreenPoint Mortgage Funding Trust,
	1	Series 2006-AR8-1A1A		0.51%	#		01/25/2047		1
	84	Series 2007-AR2-1A1		0.56%	#		04/25/2047		84
		GSR Mortgage Loan Trust,
	5,942,897	Series 2005-AR7-3A1		2.76%	#		11/25/2035		5,592,658
	827,209	Series 2006-4F-2A7		5.50%			05/25/2036		806,045
		Home Equity Mortgage Loan Asset-Backed Trust,
	729,468	Series 2006-D-2A2		0.54%	#		11/25/2036		723,855
		Impac Secured Assets Trust,
	18,130,144	Series 2006-5-1A1C		0.70%	#		02/25/2037		11,646,928
		JP Morgan Alternative Loan Trust,
	980,440	Series 2006-S4-A6		5.71%	#		12/25/2036		921,709
		JP Morgan Mortgage Acquisition Corporation,
	1,553,438	Series 2007-CH5-A3		0.54%	#		05/25/2037		1,538,841
		JP Morgan Mortgage Trust,
	146,983	Series 2007-S1-1A1		5.00%			03/25/2022		145,329
	104,258	Series 2007-S3-2A2		5.50%			08/25/2022		102,543
		JP Morgan Resecuritization Trust,
	19,571	Series 2009-7-8A1		3.02%	#^		01/27/2047		19,555
	89,726	Series 2011-2-2A3		3.50%	#^		07/26/2036		89,798
	528,413	Series 2012-2-3A3		2.45%	#^		10/26/2036		526,510
		Lehman XS Trust,
	952,233	Series 2007-4N-1A1		0.57%	#		03/25/2047		941,055
		MASTR Adjustable Rate Mortgages Trust,
	10,068,724	Series 2006-2-2A1		2.75%	#		04/25/2036		9,289,271
	1,453,375	Series 2007-2-A2		0.54%	#		03/25/2047		1,427,487
		MASTR Asset Backed Securities Trust,
	14,008	Series 2006-NC1-A3		0.62%	#		01/25/2036		14,008
		Merrill Lynch Mortgage Investors Trust,
	7,463,914	Series 2005-3-2A		2.42%	#		11/25/2035		7,345,675
		Morgan Stanley Capital, Inc.,
	1,029,292	Series 2005-WMC3-M3		1.14%	#		03/25/2035		1,028,779
		Morgan Stanley Mortgage Loan Trust,
	69,944	Series 2004-1-1A1		5.00%			11/25/2018		71,686
		Morgan Stanley Re-Remic Trust,
	5,019,657	Series 2012-R3-2A		0.67%	#^		02/26/2037		4,717,928
		NRTL Trust,
	18,865,097	Series 2016-LH1-A		4.50%	#^		04/25/2019		18,795,245
		Opteum Mortgage Acceptance Corporation,
	865,812	Series 2005-5-2AN		5.68%	#		12/25/2035		876,371
		Pacific Bay Ltd.,
	8,807,218	Series 2003-1A-A2		1.80%	#^		11/04/2038		8,366,857
		Residential Asset Mortgage Products, Inc.,
	5,950,950	Series 2005-EFC7-AI3		0.68%	#		04/25/2034		5,633,481
		Residential Asset Securities Corporation,
	2,453,033	Series 2006-KS6-A3		0.58%	#		08/25/2036		2,372,727
		Residential Funding Mortgage Securities Trust,
	83,123	Series 2003-S16-A1		4.75%			09/25/2018		83,493
		Soundview Home Equity Loan Trust,
	725,452	Series 2007-NS1-A2		0.58%	#		01/25/2037		723,363
		Springleaf Mortgage Loan Trust,
	5,269,567	Series 2014-3A-A		1.87%	#^		09/25/2057		5,281,984
		Structured Adjustable Rate Mortgage Loan Trust,
	1,890,965	Series 2007-1-2A2		4.13%	#		02/25/2037		1,811,340
		Structured Asset Securities Corporation,
	462,648	Series 2003-24A-1A3		2.55%	#		07/25/2033		452,924
	168,973	Series 2004-15-2A1		4.75%			09/25/2019		170,570
	382,259	Series 2005-10-6A1		5.00%			06/25/2020		389,488
	1,621,650	Series 2005-AXS-1A3		5.00%	#		03/25/2035		1,624,769

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Towd Point Mortgage Trust,
	26,287,561	Series 2015-2-1A13		2.50%	#^		11/25/2060		26,307,866
		VOLT LLC,
	22,255,025	Series 2014-NPL6-A1		3.13%	#^		09/25/2043		21,995,407
		Washington Mutual Mortgage Pass-Through Certificates,
	1,295,597	Series 2002-AR16-A		2.55%	#		12/25/2032		1,259,855
		Wells Fargo Alternative Loan Trust,
	218,583	Series 2007-PA5-2A1		6.00%			11/25/2022		221,607
		Wells Fargo Mortgage Backed Securities Trust,
	5,289,545	Series 2006-AR6-5A1		2.80%	#		03/25/2036		5,249,745
		Wells Fargo Mortgage Loan Trust,
	95,808	Series 2012-RR1-A1		2.85%	#^		08/27/2037		95,778
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $347,048,846)							343,263,606
	US CORPORATE BONDS 9.6%
	4,815,000	AbbVie, Inc.		1.80%			05/14/2018		4,850,458
	5,090,000	Amazon.com, Inc.		2.60%			12/05/2019		5,301,627
	5,100,000	American Express Credit Corporation		1.80%			07/31/2018		5,124,449
	4,785,000	American Honda Finance Corporation		1.70%			02/22/2019		4,827,687
	5,385,000	Anheuser-Busch InBev Finance, Inc.		1.90%			02/01/2019		5,465,150
	2,055,000	Apple, Inc.		1.70%			02/22/2019		2,087,613
	4,770,000	AT&T, Inc.		2.30%			03/11/2019		4,874,549
	6,380,000	Bank of America Corporation		2.00%			01/11/2018		6,409,731
	4,654,000	BB&T Corporation		2.15%			03/22/2017		4,701,238
	725,000	BB&T Corporation		2.25%			02/01/2019		737,757
	4,875,000	Berkshire Hathaway Finance Corporation		1.70%			03/15/2019		4,956,690
	4,545,000	Boston Properties LP		5.88%			10/15/2019		5,088,468
	4,570,000	Cardinal Health, Inc.		1.95%			06/15/2018		4,594,413
	4,910,000	Caterpillar Financial Services Corporation		1.70%			06/16/2018		4,951,519
	5,110,000	Celgene Corporation		2.13%			08/15/2018		5,171,576
	2,960,000	Chevron Corporation		1.37%			03/02/2018		2,971,722
	1,714,000	Chevron Corporation		1.79%			11/16/2018		1,735,622
	4,950,000	Cisco Systems, Inc.		1.65%			06/15/2018		5,026,784
	6,390,000	Citigroup, Inc.		2.05%			12/07/2018		6,422,052
	4,251,000	Comcast Corporation		6.50%			01/15/2017		4,435,876
	4,909,000	ConocoPhillips Company		1.05%			12/15/2017		4,840,588
	4,324,000	Covidien International Finance S.A.		6.00%			10/15/2017		4,640,772
	4,714,000	CVS Health Corporation		1.90%			07/20/2018		4,786,134
	160,000	Daimler Finance North America LLC		2.25%	^		03/02/2020		161,138
	4,725,000	Daimler Finance North America LLC		1.65%	^		03/02/2018		4,732,541
	4,550,000	Duke Energy Corporation		1.63%			08/15/2017		4,559,209
	1,150,000	Express Scripts Holding Company		2.65%			02/15/2017		1,165,317
	3,410,000	Express Scripts Holding Company		1.25%			06/02/2017		3,404,179
	235,000	Express Scripts Holding Company		2.25%			06/15/2019		236,940
	2,685,000	GE Capital International Funding Company		0.96%	^		04/15/2016		2,685,158
	4,825,000	General Mills, Inc.		2.20%			10/21/2019		4,911,372

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,295,000	Goldman Sachs Group, Inc.		2.90%			07/19/2018		5,422,382
	6,235,000	Hewlett-Packard Company		2.85%	^		10/05/2018		6,344,537
	4,955,000	HJ Heinz Company		2.00%	^		07/02/2018		5,004,263
	3,515,000	Home Depot, Inc.		2.00%			06/15/2019		3,608,699
	4,885,000	John Deere Capital Corporation		1.60%			07/13/2018		4,926,430
	4,965,000	JP Morgan Chase & Company		2.25%			01/23/2020		5,008,697
	4,748,000	Kinder Morgan Energy Partners LP		6.00%			02/01/2017		4,889,514
	3,720,000	Kroger Company		2.20%			01/15/2017		3,748,737
	770,000	Kroger Company		6.40%			08/15/2017		823,260
	4,890,000	Laboratory Corporation		2.50%			11/01/2018		4,935,335
	4,955,000	McGraw Hill Financial, Inc.		2.50%			08/15/2018		5,024,583
	4,893,000	McKesson Corporation		1.29%			03/10/2017		4,903,177
	220,000	Medtronic, Inc.		1.50%			03/15/2018		221,984
	4,725,000	Metropolitan Life Global Funding		1.50%	^		01/10/2018		4,733,325
	6,565,000	Morgan Stanley		2.45%			02/01/2019		6,666,987
	5,110,000	MUFG Americas Holdings Corporation		1.63%			02/09/2018		5,094,757
	3,965,000	National Rural Utilities Cooperative Finance Corporation		2.30%			11/15/2019		4,053,991
	4,775,000	Newell Rubbermaid, Inc.		2.60%			03/29/2019		4,848,831
	3,995,000	Oracle Corporation		2.38%			01/15/2019		4,143,774
	1,000,000	Oracle Corporation		2.25%			10/08/2019		1,032,526
	285,000	Pepsico, Inc.		1.50%			02/22/2019		288,711
	3,510,000	Pepsico, Inc.		2.15%			10/14/2020		3,602,243
	4,120,000	Philip Morris International, Inc.		5.65%			05/16/2018		4,510,036
	2,765,000	Phillips 66		2.95%			05/01/2017		2,816,324
	4,775,000	Procter & Gamble Company		1.60%			11/15/2018		4,845,613
	3,065,000	Reynolds American, Inc.		3.25%			06/12/2020		3,210,781
	4,759,000	Simon Property Group LP		2.15%			09/15/2017		4,811,297
	4,840,000	Southern Company		2.45%			09/01/2018		4,920,973
	3,010,000	Thermo Fisher Scientific, Inc.		2.15%			12/14/2018		3,029,092
	2,750,000	Toyota Motor Credit Corporation		1.55%			07/13/2018		2,776,331
	2,740,000	Toyota Motor Credit Corporation		1.70%			02/19/2019		2,767,252
	5,200,000	United Technologies Corporation		1.78%	#		05/04/2018		5,215,423
	3,754,000	Waste Management, Inc.		2.60%			09/01/2016		3,778,604
	725,000	Waste Management, Inc.		6.10%			03/15/2018		792,399
	4,000,000	WellPoint, Inc.		1.88%			01/15/2018		4,014,852
	905,000	WellPoint, Inc.		2.30%			07/15/2018		915,817
	4,695,000	Wells Fargo & Company		2.10%			05/08/2017		4,749,570
	410,000	Wells Fargo & Company		1.50%			01/16/2018		412,560
	4,525,000	Xerox Corporation		2.95%			03/15/2017		4,553,462
	4,451,000	Zimmer Holdings, Inc.		1.45%			04/01/2017		4,450,818
	465,000	Zimmer Holdings, Inc.		2.70%			04/01/2020		472,128
		Total US Corporate Bonds (Cost $276,530,961)							278,228,404

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 61

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 1.9%
		Federal Home Loan Mortgage Corporation,
	157,143	Pool G06871		6.00%			06/01/2038		179,379
	335,416	Pool G06954		6.00%			05/01/2040		381,348
	459,624	Pool N70081		5.50%			07/01/2038		508,385
	34,525,810	Series 2015-95-AP		3.00%			08/25/2042		35,737,482
	68,922	Series 3267-BA		5.80%			11/15/2036		74,313
	226,323	Series 3818-JA		4.50%			01/15/2040		235,931
	64,149	Series 3872-BA		4.00%			06/15/2041		67,555
	5,231,451	Series 4050-BC		2.00%			05/15/2041		5,123,355
		Federal National Mortgage Association,
	235,378	Series 2011-64-DB		4.00%			07/25/2041		255,347
	2,139,420	Series 2012-133-PB		6.50%			04/25/2042		2,405,749
		Federal National Mortgage Association Pass-Thru,
	54,576	Pool 995112		5.50%			07/01/2036		61,848
	213,979	Pool AB3850		4.00%			11/01/2041		223,670
	172,428	Pool AD0189		5.50%			02/01/2039		194,976
	320,180	Pool AL1690		6.00%			05/01/2041		365,329
	244,597	Pool AL1691		6.00%			06/01/2041		279,074
	322,900	Pool AL1744		6.00%			10/01/2040		368,517
	6,779,809	Pool AL4292		4.50%			04/01/2026		7,316,989
		Total US Government / Agency Mortgage Backed Obligations (Cost $52,738,706)							53,779,247
	US GOVERNMENT BONDS AND NOTES 10.4%
	44,400,000	United States Treasury Notes		3.13%			01/31/2017		45,329,647
	30,200,000	United States Treasury Notes		0.88%			07/15/2017		30,278,460
	45,200,000	United States Treasury Notes		1.00%			09/15/2017		45,401,276
	48,600,000	United States Treasury Notes		0.75%			04/15/2018		48,596,209
	69,900,000	United States Treasury Notes		0.88%			07/15/2018		70,044,693
	60,500,000	United States Treasury Notes		1.00%			09/15/2018		60,807,219
		Total US Government Bonds and Notes (Cost $299,145,925)							300,457,504
	AFFILIATED MUTUAL FUNDS 1.7%
	5,000,000	DoubleLine Low Duration Emerging Markets Fixed Income Fund (Class I)							47,950,000
		Total Affiliated Mutual Funds (Cost $50,000,000)							47,950,000
	SHORT TERM INVESTMENTS 2.1%
	19,783,655	BlackRock Liquidity Funds FedFund - Institutional Shares		0.24%	¨				19,783,655
	19,783,656	Fidelity Institutional Money Market Government Portfolio - Class I		0.23%	¨				19,783,656

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	19,783,655	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.25%	¨			19,783,655
		Total Short Term Investments (Cost $59,350,966)						59,350,966
		Total Investments 98.0% (Cost $2,856,649,147)						2,827,677,695
		Other Assets in Excess of Liabilities 2.0%						57,568,156
		NET ASSETS 100.0%					$	2,885,245,851

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Non-Agency Commercial Mortgage Backed Obligations	20.4%
Collateralized Loan Obligations	19.7%
Foreign Corporate Bonds	17.0%
Non-Agency Residential Collateralized Mortgage Obligations	11.9%
US Government Bonds and Notes	10.4%
US Corporate Bonds	9.6%
Asset Backed Obligations	2.6%
Short Term Investments	2.1%
US Government / Agency Mortgage Backed Obligations	1.9%
Affiliated Mutual Funds	1.7%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.7%
Other Assets and Liabilities	2.0%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	80.3%
Mexico	2.7%
Colombia	2.7%
Chile	2.3%
Peru	1.6%
Panama	1.4%
Singapore	1.2%
Brazil	0.7%
Canada	0.7%
Israel	0.6%
China	0.5%
Costa Rica	0.5%
Guatemala	0.4%
Hong Kong	0.4%
India	0.4%
Qatar	0.4%
United Kingdom	0.3%
Indonesia	0.3%
France	0.2%
Australia	0.2%
South Korea	0.1%
Paraguay	0.1%
Other Assets and Liabilities	2.0%
	100.0%

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

March 31, 2016

INVESTMENT BREAKDOWN as a % of Net Assets:
Non-Agency Commercial Mortgage Backed Obligations	20.4%
Collateralized Loan Obligations	19.7%
Non-Agency Residential Collateralized Mortgage Obligations	11.9%
US Government Bonds and Notes	10.4%
Banking	9.2%
Asset Backed Obligations	2.6%
Oil & Gas	2.5%
Short Term Investments	2.1%
US Government / Agency Mortgage Backed Obligations	1.9%
Affiliated Mutual Funds	1.7%
Transportation	1.5%
Healthcare	1.0%
Media	1.0%
Telecommunications	1.0%
Consumer Products	0.9%
Finance	0.8%
Mining	0.8%
Beverage and Tobacco	0.7%
Technology	0.7%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.7%
Utilities	0.7%

Food/Drug Retailers	0.6%
Automotive	0.6%
Chemicals/Plastics	0.4%
Electronics/Electric	0.4%
Conglomerates	0.4%
Food Products	0.4%
Real Estate	0.4%
Construction	0.4%
Insurance	0.4%
Pulp & Paper	0.3%
Building and Development (including Steel/Metals)	0.2%
Business Equipment and Services	0.2%
Aerospace & Defense	0.2%
Biotechnology	0.2%
Energy	0.2%
Pharmaceuticals	0.2%
Environmental Control	0.1%
Retailers (other than Food/Drug)	0.1%
Financial Intermediaries	0.1%
Other Assets and Liabilities	2.0%
	100.0%

# Variable rate security. Rate disclosed as of March 31, 2016.

^ 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 March 31, 2016, the value of these securities amounted to $1,046,073,601 or 36.3% of net assets.

¥ Illiquid security. At March 31, 2016, the value of these securities amounted to $4,974,845 or 0.2% of net assets.

† Perpetual Maturity

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

I/O Interest only security

¨ Seven-day yield as of March 31, 2016

A summary of the DoubleLine Low Duration Bond Fund’s investments in affiliated mutual funds for the year ended March 31, 2016 is as follows:

Fund	Value at March 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value at March 31, 2016		Dividend Income Earned in the Year Ended March 31, 2016		Net Realized Gain (Loss) in the Year Ended March 31, 2016
DoubleLine Low Duration Emerging Markets Fixed Income Fund	$	49,150,000	$	—	$	—		5,000,000	$	47,950,000	$	1,712,019	$	—

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 63

Schedule of Investments  DoubleLine Floating Rate Fund March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	BANK LOANS 87.7%
	AEROSPACE & DEFENSE 1.0%
		B/E Aerospace, Inc.,
	3,062,727	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		12/16/2021		3,078,684
	AUTOMOTIVE 2.1%
		American Tire Distributors, Inc.,
	968,180	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		09/01/2021		966,365
		Dealer Tire LLC,
	3,083,991	Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		12/22/2021		3,087,846
		Federal-Mogul Holdings Corporation,
	1,655,472	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.75%	#		04/15/2021		1,507,075
		Transtar Holding Company,
	1,317,816	Senior Secured 1st Lien Term Loan		5.75%	#		10/09/2018		889,526
									6,450,812
	BUILDING AND DEVELOPMENT (INCLUDING STEEL/METALS) 3.9%
		Beacon Roofing Supply, Inc.,
	2,951,995	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		09/23/2022		2,953,840
		Capital Automotive LP,
	2,470,856	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		04/10/2019		2,477,033
		Jeld-Wen, Inc.,
	3,144,200	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/30/2022		3,143,225
		Summit Materials LLC,
	3,161,361	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		07/18/2022		3,161,361
									11,735,459
	BUSINESS EQUIPMENT AND SERVICES 9.1%
		AlixPartners LLP,
	3,114,350	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		07/28/2022		3,112,404
		Allied Security Holdings LLC,
	3,119,565	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		02/12/2021		3,049,375
		Duff & Phelps Corporation,
	3,121,294	Senior Secured 1st Lien Term Loan, Tranche B1		4.75%	#		04/23/2020		3,105,688
		Hillman Group, Inc.,
	2,209,250	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		06/30/2021		2,160,469
		KAR Auction Services, Inc.,
	2,282,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		4.25%	#		03/09/2023		2,292,452
		Mitchell International, Inc.,
	1,544,603	Guaranteed Secured 2nd Lien Term Loan		8.50%	#		10/11/2021		1,372,766
		Protection One, Inc.,
	3,084,500	Senior Secured 1st Lien Term Loan		5.00%	#		07/01/2021		3,062,014

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		TransUnion LLC,
	3,066,532	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.50%	#		04/09/2021		3,041,999
		Travelport Finance Luxembourg S.A.R.L.,
	2,958,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		09/02/2021		2,960,218
		USAGM HoldCo LLC,
	3,281,775	Senior Secured 1st Lien Term Loan		4.75%	#		07/28/2022		3,183,322
									27,340,707
	CHEMICALS/PLASTICS 4.4%
		Huntsman International LLC,
	2,975,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		03/24/2023		2,966,640
		MacDermid, Inc.,
	3,124,233	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		5.50%	#		06/05/2020		3,027,584
		PolyOne Corporation,
	3,102,225	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		11/10/2022		3,112,897
		Solenis International LP,
	1,255,742	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		07/31/2021		1,212,909
		Univar, Inc.,
	3,079,525	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/01/2022		3,044,403
									13,364,433
	COMPUTERS & ELECTRONICS 1.0%
		Avago Technologies Finance Ltd.,
	3,155,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		4.25%	#		02/01/2023		3,143,705
	CONTAINERS AND GLASS PRODUCTS 4.0%
		Ardagh Packaging Finance,
	3,146,051	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan, Tranche B		4.00%	#		12/17/2019		3,148,017
		Berry Plastics Corporation,
	2,953,148	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		4.00%	#		10/01/2022		2,957,769
		Kloeckner Pentaplast of America, Inc.,
	897,410	Senior Secured 1st Lien Term Loan		5.00%	#		04/28/2020		899,654
		Kloeckner Pentaplast of America, Inc.,
	2,099,940	Senior Secured 1st Lien Term Loan		5.00%	#		04/28/2020		2,105,190
		Reynolds Group Holdings, Inc.,
	3,069,774	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		4.50%	#		11/30/2018		3,075,376
									12,186,006
	COSMETICS/TOILETRIES 3.0%
		Galleria Company,
	3,030,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		01/26/2023		3,029,061

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		KIK Custom Products, Inc.,
	3,104,400	Senior Secured 1st Lien Term Loan, Tranche B		6.00%	#		08/18/2022		3,002,203
		Prestige Brands, Inc.,
	3,006,016	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		3.50%	#		09/03/2021		3,014,658
									9,045,922
	ELECTRONICS/ELECTRIC 5.3%
		Allflex Holdings, Inc.,
	3,186,039	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/17/2020		3,151,183
		Ensemble S Merger Sub, Inc.,
	3,109,375	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		09/16/2022		3,068,564
		Informatica Corporation,
	1,547,225	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		08/05/2022		1,522,083
		Microsemi Corporation,
	2,835,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		01/17/2023		2,852,279
		NXP B.V.,
	3,022,425	Guranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		12/07/2020		3,033,049
		ON Semiconductor Corporation,
	2,418,000	Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		03/31/2023		2,425,182
									16,052,340
	FINANCIAL INTERMEDIARIES 2.2%
		First Data Corporation,
	525,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.43%	#		03/24/2021		524,344
	2,498,542	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C1		3.93%	#		03/23/2018		2,497,917
		Global Payments, Inc.,
	576,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		03/21/2023		579,842
		Guggenheim Partners Investment Management Holdings LLC,
	3,036,766	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/22/2020		3,041,822
									6,643,925
	FOOD PRODUCTS 4.5%
		B&G Foods, Inc.,
	2,701,861	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		11/02/2022		2,709,967
		Candy Intermediate Holdings, Inc.,
	3,028,468	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		7.50%	#		06/18/2018		3,036,040
		CSM Bakery Supplies LLC,
	3,199,132	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		07/03/2020		3,121,153
		Hostess Brands LLC,
	3,069,575	Senior Secured 1st Lien Term Loan		4.50%	#		08/03/2022		3,076,604

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Pinnacle Foods Finance LLC,
	1,546,125	Guaranteed Senior Secured 1st Lien Term Loan, Tranche I		3.75%	#		01/13/2023		1,554,118
									13,497,882
	FOOD/DRUG RETAILERS 2.0%
		Albertson’s Holdings LLC,
	3,032,486	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4		5.50%	#		08/25/2021		3,040,825
		Burger King Corporation,
	3,107,501	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.75%	#		12/10/2021		3,110,096
									6,150,921
	HEALTHCARE 8.2%
		Acadia Healthcare Company, Inc.,
	1,531,250	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.50%	#		02/16/2023		1,537,949
		Alere, Inc.,
	1,695,525	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		06/20/2022		1,688,107
		American Renal Holdings, Inc.,
	3,029,486	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		08/20/2019		3,031,379
		Envision Healthcare Corporation,
	3,082,275	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.50%	#		10/28/2022		3,088,054
		Pharmaceutical Product Development LLC,
	3,135,678	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		08/18/2022		3,113,478
		Surgery Center Holdings, Inc.,
	3,094,615	Guaranteed Senior Secured 1st Lien Term Loan		5.25%	#		11/03/2020		3,062,710
		Team Health, Inc.,
	3,147,113	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		11/23/2022		3,156,916
		US Renal Care, Inc.,
	2,753,100	Senior Secured 1st Lien Term Loan		5.25%	#		12/30/2022		2,748,516
		Vizient, Inc.,
	3,000,000	Senior Secured 1st Lien Term Loan, Tranche B		6.25%	#		02/13/2023		3,028,740
									24,455,849
	HOTELS/MOTELS/INNS AND CASINOS 5.2%
		Eldorado Resorts, Inc.,
	3,131,499	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/23/2022		3,131,515
		Four Seasons Holdings, Inc.,
	3,132,250	Guaranteed Senior Secured 1st Lien Term Loan		3.50%	#		06/27/2020		3,117,560
		Hilton Worldwide Finance LLC,
	3,203,119	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		10/26/2020		3,207,459

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 65

Schedule of Investments  DoubleLine Floating Rate Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Scientific Games International, Inc.,
	3,280,588	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		6.00%	#		10/01/2021		3,185,762
		Station Casinos LLC,
	2,954,039	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		03/02/2020		2,950,347
									15,592,643
	INDUSTRIAL EQUIPMENT 1.9%
		Filtration Group, Inc.,
	3,035,957	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		11/20/2020		3,030,887
		Signode Industrial Group, Inc.,
	2,879,553	Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		04/30/2021		2,803,964
									5,834,851
	INSURANCE 2.1%
		Asurion LLC,
	1,576,000	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		08/04/2022		1,545,473
		Asurion LLC,
	1,895,093	Senior Secured 1st Lien Term Loan, Tranche B1		5.00%	#		05/24/2019		1,872,191
		York Risk Services Group, Inc.,
	3,253,485	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		10/01/2021		2,810,197
									6,227,861
	LEISURE 5.5%
		Activision Blizzard, Inc.,
	1,477,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.25%	#		10/13/2020		1,485,544
		Emerald Expositions Holdings, Inc.,
	3,041,603	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/17/2020		3,033,999
		Life Time Fitness, Inc.,
	2,987,475	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		06/10/2022		2,958,347
		Live Nation Entertainment, Inc.,
	3,036,641	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		3.50%	#		08/14/2020		3,041,697
		Match Group, Inc.,
	2,962,500	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		11/16/2022		2,971,773
		Nord Anglia Education Finance LLC,
	3,132,063	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		03/31/2021		3,092,928
									16,584,288
	MEDIA 6.1%
		CCO Safari III LLC,
	3,160,000	Senior Secured 1st Lien Term Loan, Tranche I		3.50%	#		01/24/2023		3,167,900
		CSC Holdings LLC,
	3,070,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		10/11/2022		3,078,872

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		MGOC, Inc.,
	3,014,645	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan, Tranche B		4.00%	#		07/31/2020		3,013,892
		Tribune Media Company,
	2,977,111	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		12/24/2020		2,970,918
		Univision Communications Inc,
	3,093,527	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C3		4.00%	#		02/28/2020		3,068,067
		Virgin Media Investment Holdings Ltd.,
	3,105,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		3.50%	#		06/30/2023		3,083,669
									18,383,318
	OIL & GAS 0.6%
		Energy Transfer Equity LP,
	2,064,235	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.00%	#		12/02/2019		1,866,409
	PHARMACEUTICALS 1.0%
		Endo Luxembourg Finance I Company S.A.R.L.,
	3,187,013	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		09/26/2022		3,144,689
	RETAILERS (OTHER THAN FOOD/DRUG) 5.1%
		Michaels Stores, Inc.,
	3,016,756	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.00%	#		01/28/2020		3,023,211
		National Vision, Inc.,
	3,203,696	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/12/2021		3,120,608
		Party City Holdings, Inc.,
	3,114,176	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		08/19/2022		3,095,678
		Serta Simmons Holdings LLC,
	2,979,179	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		10/01/2019		2,981,518
		Spin Holdco, Inc.,
	3,096,953	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		11/14/2019		3,024,175
									15,245,190
	TECHNOLOGY 2.0%
		Dell International LLC,
	2,966,106	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.00%	#		04/29/2020		2,967,692
		SolarWinds Holdings, Inc.,
	3,065,000	Guaranteed Senior Secured 1st Lien Term Loan		6.50%	#		02/06/2023		3,042,013
									6,009,705
	TELECOMMUNICATIONS 2.5%
		Level 3 Financing, Inc.,
	3,090,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche BII		3.50%	#		05/31/2022		3,088,069

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		T-Mobile USA, Inc.,
	3,042,375	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		11/09/2022		3,057,830
		Yankee Cable Acquisition LLC,
	1,496,118	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		02/28/2020		1,491,757
									7,637,656
	TRANSPORTATION 2.1%
		American Airlines, Inc.,
	3,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.25%	#		06/29/2020		2,991,975
		PODS LLC,
	3,124,771	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		02/02/2022		3,126,725
									6,118,700
	UTILITIES 2.9%
		Calpine Corporation,
	3,096,600	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B5		3.50%	#		05/27/2022		3,063,698
		EFS Cogen Holdings LLC,
	2,940,310	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		12/17/2020		2,907,231
		Southeast PowerGen LLC,
	3,121,294	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		12/02/2021		2,879,394
									8,850,323
		Total Bank Loans (Cost $266,039,410)							264,642,278

SHARES		SECURITY DESCRIPTION	RATE		MATURITY	VALUE $
	SHORT TERM INVESTMENTS 13.5%
	13,616,099	BlackRock Liquidity Funds FedFund - Institutional Shares		0.24%¨			13,616,099
	13,616,099	Fidelity Institutional Money Market Government Portfolio - Class I		0.23%¨			13,616,099
	13,616,099	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.25%¨			13,616,099
		Total Short Term Investments (Cost $40,848,297)					40,848,297
		Total Investments 101.2% (Cost $306,887,707)					305,490,575
		Liabilities in Excess of Other Assets (1.2)%					(3,597,515	)
		NET ASSETS 100.0%				$	301,893,060

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Bank Loans	87.7%
Short Term Investments	13.5%
Other Assets and Liabilities	(1.2)%
	100.0%

# Variable rate security. Rate disclosed as of March 31, 2016.

¨ Seven-day yield as of March 31, 2016

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 67

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^® March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 1.9%
		Blue Elephant Loan Trust,
	414,353	Series 2015-1-A		3.12%	^		12/15/2022		414,050
		Citi Held For Asset Issuance,
	1,000,000	Series 2015-PM1-B		2.93%	^		12/15/2021		978,534
		Consumer Credit Origination Loan Trust,
	910,169	Series 2015-1-A		2.82%	^		03/15/2021		910,559
		Hero Funding Trust,
	5,930,120	Series 2016-1A-A		4.05%	^		09/20/2041		5,898,109
		OneMain Financial Issuance Trust,
	8,000,000	Series 2014-1A-A		2.43%	^		06/18/2024		7,981,382
		Total Asset Backed Obligations (Cost $16,227,298)							16,182,634
	BANK LOANS 2.4%
		Acadia Healthcare Company, Inc.,
	224,450	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.50%	#		02/16/2023		225,432
		Activision Blizzard, Inc.,
	115,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.25%	#		10/13/2020		115,665
		Albertson’s Holdings LLC,
	230,802	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4		5.50%	#		08/25/2021		231,436
		Alere, Inc.,
	109,360	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		06/20/2022		108,881
		AlixPartners LLP,
	234,125	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		07/28/2022		233,979
		Allflex Holdings, Inc.,
	234,107	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/17/2020		231,546
		Allied Security Holdings LLC,
	203,687	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		02/12/2021		199,104
		American Airlines, Inc.,
	235,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.25%	#		06/29/2020		234,371
		American Renal Holdings, Inc.,
	238,116	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		08/20/2019		238,265
		American Tire Distributors, Inc.,
	77,759	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		09/01/2021		77,614
		Ardagh Packaging Finance,
	232,379	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan, Tranche B		4.00%	#		12/17/2019		232,525
		Asurion LLC,
	197,000	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		08/04/2022		193,184
	238,676	Senior Secured 1st Lien Term Loan, Tranche B1		5.00%	#		05/24/2019		235,792

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Avago Technologies Finance Ltd.,
	230,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		4.25%	#		02/01/2023		229,177
		B&G Foods, Inc.,
	187,216	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		11/02/2022		187,777
		B/E Aerospace, Inc.,
	229,091	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		12/16/2021		230,285
		Beacon Roofing Supply, Inc.,
	228,940	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		09/23/2022		229,083
		Berry Plastics Corporation,
	230,219	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		4.00%	#		10/01/2022		230,579
		Burger King Corporation,
	376,623	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.75%	#		12/10/2021		376,937
		Calpine Corporation,
	168,725	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B5		3.50%	#		05/27/2022		166,932
		Candy Intermediate Holdings, Inc.,
	236,059	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		7.50%	#		06/18/2018		236,649
		Capital Automotive LP,
	234,705	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		04/10/2019		235,292
		CCO Safari III LLC,
	235,000	Senior Secured 1st Lien Term Loan, Tranche I		3.50%	#		01/24/2023		235,588
		CSC Holdings LLC,
	235,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		10/11/2022		235,679
		CSM Bakery Supplies LLC,
	239,553	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		07/03/2020		233,714
		Dealer Tire LLC,
	202,374	Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		12/22/2021		202,627
		Dell International LLC,
	229,497	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.00%	#		04/29/2020		229,620
		Duff & Phelps Corporation,
	233,529	Senior Secured 1st Lien Term Loan, Tranche B1		4.75%	#		04/23/2020		232,362
		EFS Cogen Holdings LLC,
	222,380	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		12/17/2020		219,879
		Eldorado Resorts, Inc.,
	233,562	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/23/2022		233,563
		Emerald Expositions Holdings, Inc.,
	223,391	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/17/2020		222,833

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Endo Luxembourg Finance I Company S.A.R.L.,
	234,413	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		09/26/2022		231,300
		Energy Transfer Equity LP,
	112,882	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.00%	#		12/02/2019		102,064
		Ensemble S Merger Sub, Inc.,
	238,975	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		09/16/2022		235,838
		Envision Healthcare Corporation,
	219,450	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.50%	#		10/28/2022		219,862
		Federal-Mogul Holdings Corporation,
	89,591	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.75%	#		04/15/2021		81,560
		Filtration Group, Inc.,
	204,128	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		11/20/2020		203,788
		First Data Corporation,
	40,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.43%	#		03/24/2021		39,950
	181,639	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C1		3.93%	#		03/23/2018		181,593
		Four Seasons Holdings, Inc.,
	231,479	Guaranteed Senior Secured 1st Lien Term Loan		3.50%	#		06/27/2020		230,393
		Galleria Company,
	235,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		01/26/2023		234,927
		Global Payments, Inc.,
	42,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		03/21/2023		42,280
		Gray Television, Inc.,
	99,750	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.25%	#		06/11/2021		100,031
		Guggenheim Partners Investment Management Holdings LLC,
	167,443	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/22/2020		167,722
		Hillman Group, Inc.,
	168,522	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		06/30/2021		164,801
		Hilton Worldwide Finance LLC,
	235,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		10/26/2020		235,318
		Hostess Brands LLC,
	278,600	Senior Secured 1st Lien Term Loan		4.50%	#		08/03/2022		279,238
		Huntsman International LLC,
	240,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		03/24/2023		239,326
		Informatica Corporation,
	104,525	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		08/05/2022		102,826

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Jeld-Wen, Inc.,
	234,050	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/30/2022		233,977
		KAR Auction Services, Inc.,
	152,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		4.25%	#		03/09/2023		152,696
		KIK Custom Products, Inc.,
	244,125	Senior Secured 1st Lien Term Loan, Tranche B		6.00%	#		08/18/2022		236,088
		Kloeckner Pentaplast of America, Inc.,
	264,231	Senior Secured 1st Lien Term Loan		5.00%	#		04/28/2020		264,891
	112,919	Senior Secured 1st Lien Term Loan		5.00%	#		04/28/2020		113,201
		Level 3 Financing, Inc.,
	235,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche BII		3.50%	#		05/31/2022		234,853
		Life Time Fitness, Inc.,
	229,422	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		06/10/2022		227,185
		Live Nation Entertainment, Inc.,
	217,315	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		3.50%	#		08/14/2020		217,677
		MacDermid, Inc.,
	234,407	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		5.50%	#		06/05/2020		227,155
		Match Group, Inc.,
	232,500	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		11/16/2022		233,228
		MGOC, Inc.,
	232,598	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan, Tranche B		4.00%	#		07/31/2020		232,540
		Michaels Stores, Inc.,
	232,625	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.00%	#		01/28/2020		233,123
		Microsemi Corporation,
	235,294	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		01/17/2023		236,728
		Mitchell International, Inc.,
	85,000	Guaranteed Secured 2nd Lien Term Loan		8.50%	#		10/11/2021		75,544
		National Vision, Inc.,
	244,114	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/12/2021		237,783
		Nord Anglia Education Finance LLC,
	244,038	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		03/31/2021		240,989
		NXP B.V.,
	234,450	Guranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		12/07/2020		235,274
		ON Semiconductor Corporation,
	190,000	Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		03/31/2023		190,564
		Party City Holdings, Inc.,
	238,987	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		08/19/2022		237,568

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 69

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Pharmaceutical Product Development LLC,
	218,574	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		08/18/2022		217,027
		Pinnacle Foods Finance LLC,
	214,463	Guaranteed Senior Secured 1st Lien Term Loan, Tranche I		3.75%	#		01/13/2023		215,571
		PODS LLC,
	238,571	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		02/02/2022		238,720
		PolyOne Corporation,
	234,463	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		11/10/2022		235,269
		Prestige Brands, Inc.,
	232,705	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		3.50%	#		09/03/2021		233,374
		Protection One, Inc.,
	238,937	Senior Secured 1st Lien Term Loan		5.00%	#		07/01/2021		237,196
		Reynolds Group Holdings, Inc.,
	237,336	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		4.50%	#		11/30/2018		237,769
		Scientific Games International, Inc.,
	245,998	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		6.00%	#		10/01/2021		238,887
		Serta Simmons Holdings LLC,
	240,000	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		10/01/2019		240,188
		Signode Industrial Group, Inc.,
	240,007	Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		04/30/2021		233,707
		SolarWinds Holdings, Inc.,
	235,000	Guaranteed Senior Secured 1st Lien Term Loan		6.50%	#		02/06/2023		233,238
		Solenis International LP,
	88,893	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		07/31/2021		85,861
		Southeast PowerGen LLC,
	218,567	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		12/02/2021		201,628
		Spin Holdco, Inc.,
	241,061	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		11/14/2019		235,396
		Station Casinos LLC,
	239,443	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		03/02/2020		239,144
		Summit Materials LLC,
	238,587	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		07/18/2022		238,587
		Surgery Center Holdings, Inc.,
	198,618	Guaranteed Senior Secured 1st Lien Term Loan		5.25%	#		11/03/2020		196,570
		Team Health, Inc.,
	239,463	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		11/23/2022		240,208
		T-Mobile USA, Inc.,
	239,475	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		11/09/2022		240,692

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		TransUnion LLC,
	236,057	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.50%	#		04/09/2021		234,168
		Travelport Finance Luxembourg S.A.R.L.,
	216,195	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		09/02/2021		216,357
		Tribune Media Company,
	229,447	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		12/24/2020		228,970
		Univar, Inc.,
	219,025	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/01/2022		216,527
		Univision Communications Inc,
	215,894	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C3		4.00%	#		02/28/2020		214,117
		US Renal Care, Inc.,
	209,475	Senior Secured 1st Lien Term Loan		5.25%	#		12/30/2022		209,126
		USAGM HoldCo LLC,
	418,950	Senior Secured 1st Lien Term Loan		4.75%	#		07/28/2022		406,382
		Virgin Media Investment Holdings Ltd.,
	215,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		3.50%	#		06/30/2023		213,523
		Vizient, Inc.,
	200,000	Senior Secured 1st Lien Term Loan, Tranche B		6.25%	#		02/13/2023		201,916
		Yankee Cable Acquisition LLC,
	104,728	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		02/28/2020		104,423
		York Risk Services Group, Inc.,
	223,977	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		10/01/2021		193,460
		Total Bank Loans (Cost $20,617,888)							20,558,252
	COLLATERALIZED LOAN OBLIGATIONS 16.7%
		AB Ltd.,
	500,000	Series 2007-1A-B		1.37%	#^		04/15/2021		502,321
		Adams Mill Ltd.,
	1,000,000	Series 2014-1A-A1		2.10%	#^		07/15/2026		990,885
	250,000	Series 2014-1A-D1		4.12%	#^		07/15/2026		211,389
		AIMCO,
	289,783	Series 2006-AA-A1		0.87%	#^		08/20/2020		288,281
		ALM Loan Funding,
	2,500,000	Series 2012-7A-A1		2.04%	#^		10/19/2024		2,501,491
	3,935,000	Series 2014-14A-A1		2.05%	#^		07/28/2026		3,910,093
		Anchorage Capital Ltd.,
	650,000	Series 2014-3A-A2A		2.87%	#^		04/28/2026		650,631
		Apidos Ltd.,
	2,000,000	Series 2007-5A-B		1.32%	#^		04/15/2021		1,906,314
	2,000,000	Series 2013-16A-A1		2.07%	#^		01/19/2025		1,990,585
	500,000	Series 2014-19A-D		4.37%	#^		10/17/2026		443,130
	1,000,000	Series 2015-20A-A1		2.17%	#^		01/16/2027		995,310
	500,000	Series 2015-20A-A2		2.97%	#^		01/16/2027		493,836

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		ARES Ltd.,
	730,034	Series 2007-12A-A		1.26%	#^		11/25/2020		719,014
	500,000	Series 2014-1A-A2		2.62%	#^		04/17/2026		476,041
	752,889	Series 2014-30A-A2		1.47%	#^		04/20/2023		749,422
		Atrium Corporation,
	296,981	Series 5A-A2A		0.84%	#^		07/20/2020		296,042
		Avalon Capital Ltd.,
	1,709,305	Series 2014-1AR-AR		1.79%	#^		04/17/2023		1,703,551
		Avery Point Ltd.,
	250,000	Series 2013-2A-D		4.07%	#^		07/17/2025		219,520
	500,000	Series 2014-1A-C		3.72%	#^		04/25/2026		477,277
		Babson Ltd.,
	2,701,588	Series 2007-1A-A1		0.84%	#^		01/18/2021		2,663,212
	124,991	Series 2007-1A-A2A		0.83%	#^		01/18/2021		124,808
	500,000	Series 2014-3A-C1		3.62%	#^		01/15/2026		465,142
	500,000	Series 2014-3A-D2		4.83%	#^		01/15/2026		446,643
	2,500,000	Series 2015-2A-D		4.42%	#^		07/20/2027		2,226,187
		Betony Ltd.,
	1,000,000	Series 2015-1A-C		3.77%	#^		04/15/2027		983,725
	1,000,000	Series 2015-1A-D		4.22%	#^		04/15/2027		881,811
		Birchwood Park Ltd.,
	500,000	Series 2014-1A-C2		3.77%	#^		07/15/2026		498,064
	500,000	Series 2014-1A-D2		4.82%	#^		07/15/2026		451,802
		Black Diamond Ltd.,
	54,404	Series 2005-2A-A		0.88%	#^		01/07/2018		54,463
		BlackRock Senior Income,
	190,219	Series 2006-4A-A		0.86%	#^		04/20/2019		190,211
		BlueMountain Ltd.,
	750,000	Series 2012-1A-A		1.94%	#^		07/20/2023		747,588
	2,500,000	Series 2012-2A-A1		2.04%	#^		11/20/2024		2,490,803
	1,000,000	Series 2013-1A-A1		1.82%	#^		05/15/2025		983,375
	2,500,000	Series 2013-4A-A		2.12%	#^		04/15/2025		2,491,406
	1,000,000	Series 2014-4A-B1		3.04%	#^		11/30/2026		982,426
	4,000,000	Series 2015-3A-A1		1.81%	#^		10/20/2027		3,990,424
		Canyon Capital Ltd.,
	1,000,000	Series 2012-1A-C		3.42%	#^		01/15/2024		947,684
	1,500,000	Series 2014-1A-B		3.27%	#^		04/30/2025		1,399,351
		Carlyle Global Market Strategies Ltd.,
	2,500,000	Series 2012-4A-A		2.01%	#^		01/20/2025		2,489,807
	1,250,000	Series 2014-1A-C		3.62%	#^		04/17/2025		1,232,222
	500,000	Series 2014-3A-B		3.77%	#^		07/27/2026		496,877
	500,000	Series 2014-3A-C2		4.82%	#^		07/27/2026		457,784
	2,000,000	Series 2015-1A-A		2.15%	#^		04/20/2027		1,991,296
		Carlyle High Yield Partners Ltd.,
	892,757	Series 2006-8A-A2A		0.86%	#^		05/21/2021		884,663
	500,000	Series 2006-8A-B		1.00%	#^		05/21/2021		484,610
	1,808,888	Series 2007-10-A1		0.84%	#^		04/19/2022		1,755,851
	1,384,687	Series 2007-10A-A2A		0.83%	#^		04/19/2022		1,354,435
		Catamaran Ltd.,
	250,000	Series 2014-1A-B		3.27%	#^		04/20/2026		236,368
	1,000,000	Series 2015-1A1-B		2.82%	#^		04/22/2027		968,282
	2,000,000	Series 2015-1A-A		2.17%	#^		04/22/2027		1,986,741
		Cent Ltd.,
	1,000,000	Series 2013-19A-A1A		1.95%	#^		10/29/2025		980,689
	1,000,000	Series 2014-21A-A1A		2.11%	#^		07/27/2026		989,826
	500,000	Series 2014-22A-B		3.82%	#^		11/07/2026		492,113
	250,000	Series 2014-22A-C		4.37%	#^		11/07/2026		207,669
		ColumbusNova Ltd.,
	2,500,000	Series 2007-2A-B		1.87%	#^		10/15/2021		2,447,022
		Cornerstone Ltd.,
	606,949	Series 2007-1A-A1S		0.84%	#^		07/15/2021		602,421
		Dryden Leveraged Loan,
	800,000	Series 2006-11A-C1		2.22%	#^		04/12/2020		753,250
		Eaton Vance Ltd.,
	1,852,245	Series 2006-8A-A		0.87%	#^		08/15/2022		1,802,891
	2,500,000	Series 2006-8A-B		1.27%	#^		08/15/2022		2,343,018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Flatiron Ltd.,
	500,000	Series 2013-1A-B		3.37%	#^		01/17/2026		464,124
	250,000	Series 2014-1A-C		3.92%	#^		07/17/2026		215,166
		Four Corners Ltd.,
	1,761,751	Series 2006-2A-A		0.89%	#^		01/26/2020		1,739,391
		Galaxy Ltd.,
	2,000,000	Series 2014-18A-A		2.09%	#^		10/15/2026		1,966,137
	500,000	Series 2014-18A-D1		4.32%	#^		10/15/2026		429,577
		GoldenTree Loan Opportunities Ltd.,
	700,000	Series 2012-6A-D		4.82%	#^		04/17/2022		678,461
		Gulf Stream Ltd.,
	156,878	Series 2007-1A-A1A		0.86%	#^		06/17/2021		156,537
		Halcyon Loan Advisors Funding Ltd.,
	500,000	Series 2012-1X-A2		3.12%	#		08/15/2023		502,513
	500,000	Series 2013-2A-C		3.32%	#^		08/01/2025		462,957
	250,000	Series 2013-2A-D		4.42%	#^		08/01/2025		211,928
	500,000	Series 2014-2A-C		4.12%	#^		04/28/2025		412,436
		Hildene Ltd.,
	3,000,000	Series 2015-4A-A1A		2.12%	#^		07/23/2027		2,953,275
		Highbridge Loan Management Ltd.,
	2,000,000	2016-8A-X		5.33%	#		04/20/2028		2,000,000
		ING Ltd.,
	1,439,085	Series 2012-1RA-A1R		1.83%	#^		03/14/2022		1,435,495
	500,000	Series 2012-1RA-BR		3.38%	#^		03/14/2022		498,456
		Inwood Park Ltd.,
	1,000,000	Series 2006-1A-B		1.01%	#^		01/20/2021		956,744
		Jamestown Ltd.,
	1,000,000	Series 2015-6A-A1A		2.22%	#^		02/20/2027		988,857
		KKR Financial Corporation,
	1,886,446	Series 2007-1A-A		0.97%	#^		05/15/2021		1,879,226
		LCM LP,
	500,000	Series 10AR-BR		2.52%	#^		04/15/2022		497,262
	500,000	Series 10AR-CR		3.47%	#^		04/15/2022		495,464
	500,000	Series 11A-B		2.77%	#^		04/19/2022		502,504
	250,000	Series 11A-D2		4.57%	#^		04/19/2022		241,653
	500,000	Series 14A-D		4.12%	#^		07/15/2025		452,509
	500,000	Series 15A-C		3.73%	#^		08/25/2024		495,933
	250,000	Series 16A-D		4.22%	#^		07/15/2026		220,472
	767,941	Series 9A-A		1.82%	#^		07/14/2022		769,213
		Limerock Ltd.,
	1,800,000	Series 2014-2A-A		2.12%	#^		04/18/2026		1,792,110
		Madison Park Funding Ltd.,
	2,400,000	Series 2012-10A-A1A		1.99%	#^		01/20/2025		2,390,140
	250,000	Series 2014-13A-D		3.97%	#^		01/19/2025		222,678
	250,000	Series 2014-14A-C1		3.72%	#^		07/20/2026		249,099
	1,000,000	Series 2014-14A-D		4.22%	#^		07/20/2026		898,930
	1,000,000	Series 2014-15A-C		4.32%	#^		01/27/2026		885,047
	1,000,000	Series 2015-16A-B		3.62%	#^		04/20/2026		989,213
		Magnetite Ltd.,
	1,000,000	Series 2014-11A-C		4.22%	#^		01/18/2027		877,938
		MAPS Fund Ltd.,
	1,000,000	Series 2007-2A-B		1.52%	#^		07/20/2022		941,649
		Nautique Funding Ltd.,
	500,000	Series 2006-1A-C		2.32%	#^		04/15/2020		465,518
		Navigare Funding Ltd.,
	3,000,000	Series 2007-2A-C		1.37%	#^		04/17/2021		2,834,836
		Neuberger Berman Ltd.,
	2,000,000	Series 2015-20A-X		1.51%	#^		01/15/2028		2,000,862
		North End Ltd.,
	500,000	Series 2013-1A-C		3.37%	#^		07/17/2025		480,712
	250,000	Series 2013-1A-D		3.12%	#^		07/17/2025		218,479
		NYLIM Flatiron Ltd.,
	3,000,000	Series 2006-1A-A2B		0.94%	#^		08/08/2020		2,951,826
		Ocean Trails,
	500,000	Series 2006-1A-A2		1.07%	#^		10/12/2020		484,050

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 71

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		OCP Ltd.,
	230,546	Series 2012-2A-A2		2.10%	#^		11/22/2023		231,162
		Octagon Investment Partners Ltd.,
	2,474,773	Series 2012-1A-AR		1.89%	#^		05/05/2023		2,475,221
	1,000,000	Series 2014-1A-A		2.10%	#^		11/25/2025		993,610
	2,500,000	Series 2014-1A-A		2.14%	#^		04/15/2026		2,484,370
	500,000	Series 2014-1A-B		3.82%	#^		11/14/2026		491,022
	750,000	Series 2014-1A-C		4.27%	#^		11/14/2026		661,678
		OZLM Funding Ltd.,
	1,500,000	Series 2013-5A-A1		2.12%	#^		01/17/2026		1,491,792
		OZLM Ltd.,
	1,000,000	Series 2015-11A-A1A		2.17%	#^		01/30/2027		996,330
	1,000,000	Series 2015-11A-A2A		2.87%	#^		01/30/2027		963,205
		Pinnacle Park Ltd.,
	500,000	Series 2014-1A-C		3.72%	#^		04/15/2026		496,961
		Prospect Park Ltd.,
	2,602,699	Series 2006-1A-A		0.87%	#^		07/15/2020		2,589,356
		Race Point Ltd.,
	2,773,879	Series 2011-5A-AR		1.93%	#^		12/15/2022		2,767,919
	250,000	Series 2012-6RA-CR		3.73%	#^		05/24/2023		248,738
	250,000	Series 2012-6RA-DR		4.73%	#^		05/24/2023		234,443
		Regatta Funding Ltd.,
	500,000	Series 2014-1A-A1A		2.18%	#^		10/25/2026		494,577
		Silverado Ltd.,
	1,604,181	Series 2006-2A-A1		0.86%	#^		10/16/2020		1,579,117
		Slater Mill Loan Fund,
	500,000	Series 2012-1A-B		3.27%	#^		08/17/2022		498,638
		Sound Harbor Loan Fund Ltd.,
	500,000	Series 2014-1A-A1		2.12%	#^		10/30/2026		496,263
		Steele Creek Ltd.,
	250,000	Series 2014-1A-A1		2.22%	#^		08/21/2026		246,820
		Symphony Ltd.,
	2,916,091	Series 2012-8AR-AR		1.72%	#^		01/09/2023		2,902,969
	2,000,000	Series 2013-11A-A		1.92%	#^		01/17/2025		1,974,102
	1,500,000	Series 2013-11A-B1		2.82%	#^		01/17/2025		1,472,864
	1,500,000	Series 2013-11A-C		3.77%	#^		01/17/2025		1,496,720
		Thacher Park Ltd.,
	500,000	Series 2014-1A-C		3.67%	#^		10/20/2026		495,130
	500,000	Series 2014-1A-D1		4.15%	#^		10/20/2026		439,337
		Venture Ltd.,
	784,916	Series 2007-8A-A2A		0.84%	#^		07/22/2021		767,242
	500,000	Series 2012-10A-C		3.87%	#^		07/20/2022		496,414
	1,000,000	Series 2012-11A-AR		1.92%	#^		11/14/2022		995,697
	500,000	Series 2013-14A-B1		2.49%	#^		08/28/2025		476,860
	620,000	Series 2014-16A-A1L		2.12%	#^		04/15/2026		613,117
	1,500,000	Series 2014-17A-A		2.10%	#^		07/15/2026		1,490,175
		Washington Mill Ltd.,
	1,000,000	Series 2014-1A-A1		2.12%	#^		04/20/2026		986,671
		WG Horizons,
	500,000	Series 2006-1A-C		2.34%	#^		05/24/2019		474,709
		Total Collateralized Loan Obligations (Cost $145,527,087)							143,334,699
	FOREIGN CORPORATE BONDS 10.8%
	600,000	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		618,000
	200,000	Aeropuertos Dominicanos		9.75%	#		11/13/2019		212,000
	1,400,000	AES Gener S.A.		5.25%			08/15/2021		1,489,877
	1,000,000	Agromercantil Senior Trust		6.25%			04/10/2019		1,035,000
	200,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		207,000
	800,000	Avianca Holdings S.A.		8.38%			05/10/2020		632,000

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	200,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		158,000
	1,100,000	Banco Continental SAECA		8.88%			10/15/2017		1,115,125
	200,000	Banco de Bogota S.A.		5.00%			01/15/2017		203,000
	500,000	Banco GNB Sudameris S.A.		7.50%			07/30/2022		500,000
	1,300,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		1,296,750
	1,495,000	Banco Mercantil del Norte		6.86%	#		10/13/2021		1,509,950
	600,000	Banco Regional SAECA		8.13%			01/24/2019		619,800
	1,600,000	Banco Santander		5.95%	#		01/30/2024		1,658,400
	1,000,000	Bancolombia S.A.		6.13%			07/26/2020		1,059,700
	1,245,000	Bank of Montreal		1.80%			07/31/2018		1,250,586
	2,200,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		2,238,500
	250,000	BP Capital Markets PLC		1.85%			05/05/2017		251,262
	937,000	BP Capital Markets PLC		1.67%			02/13/2018		938,489
	1,090,000	British Telecommunications PLC		5.95%			01/15/2018		1,176,022
	50,000	Camposol S.A.		9.88%			02/02/2017		43,750
	200,000	Cementos Progreso Trust		7.13%			11/06/2023		212,500
	800,000	Cemex S.A.B. de C.V.		5.37%	#		10/15/2018		798,000
	1,400,000	Cencosud S.A.		5.50%			01/20/2021		1,497,094
	1,000,000	Central American Bottling Corporation		6.75%			02/09/2022		1,057,500
	1,500,000	CNOOC Finance Ltd.		2.63%			05/05/2020		1,504,745
	300,000	Colbun S.A.		6.00%			01/21/2020		330,050
	500,000	Comcel Trust		6.88%			02/06/2024		470,000
	900,000	Comision Federal de Electricidad		4.88%			05/26/2021		950,625
	1,075,000	Compania Minera Ares S.A.C.		7.75%			01/23/2021		1,069,625
	700,000	Corp Nacional del Cobre de Chile		3.88%			11/03/2021		718,272
	700,000	Corpbanca S.A.		3.88%			09/22/2019		718,792
	500,000	CorpGroup Banking S.A.		6.75%			03/15/2023		468,125
	400,000	Corporacion Azucarera del Peru S.A.		6.38%			08/02/2022		346,000
	500,000	Corporacion Financiera de Desarrollo S.A.		3.25%	^		07/15/2019		510,000
	700,000	Corporacion Nacional del Cobre de Chile		3.75%			11/04/2020		733,520
	700,000	Cosan Overseas Ltd.		8.25%	†		11/29/2049		595,000
	200,000	Credito Real S.A.B. de C.V.		7.50%			03/13/2019		198,500
	200,000	Delek & Avner Tamar Bond Ltd.		3.84%	^		12/30/2018		200,180
	1,800,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		1,813,500
	200,000	Digicel Ltd.		7.00%			02/15/2020		184,000
	900,000	Digicel Ltd.		8.25%			09/30/2020		777,375
	800,000	Digicel Ltd.		7.13%			04/01/2022		625,920
	500,000	Empresa de Energia de Bogota S.A.		6.13%			11/10/2021		520,500
	1,200,000	Empresa Electrica Guacolda S.A.		4.56%	^		04/30/2025		1,151,586
	800,000	Empresas Publicas de Medellin E.S.P.		7.63%			07/29/2019		908,000
	2,311,098	ENA Norte Trust		4.95%			04/25/2023		2,368,875
	241,727	Fermaca Enterprises S. de R.L. de C.V.		6.38%			03/30/2038		229,037
	2,000,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		2,027,500
	1,300,000	Freeport-McMoRan Copper & Gold, Inc.		2.38%			03/15/2018		1,157,000
	1,100,000	Global Bank Corporation		4.75%			10/05/2017		1,117,875
	200,000	Global Bank Corporation		5.13%	^		10/30/2019		203,500
	900,000	Global Bank Corporation		5.13%			10/30/2019		915,750
	200,000	Globo Communicacao e Participacoes S.A.		5.31%	#		05/11/2022		198,800
	1,000,000	Grupo Aval Ltd.		5.25%			02/01/2017		1,023,750
	500,000	Grupo Aval Ltd.		4.75%			09/26/2022		467,500
	200,000	Grupo Bimbo S.A.B. de C.V.		4.50%			01/25/2022		212,657
	900,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		936,000

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	700,000	Grupo Elektra S.A.B. de C.V.		7.25%			08/06/2018		682,500
	1,300,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		1,269,125
	1,500,000	GrupoSura Finance S.A.		5.70%			05/18/2021		1,559,250
	1,196,221	Guanay Finance Ltd.		6.00%			12/15/2020		1,163,325
	717,732	Guanay Finance Ltd.		6.00%	^		12/15/2020		697,995
	2,000,000	Hutchison Whampoa International Ltd.		6.00%	#†		05/07/2017		2,071,000
	300,000	Inkia Energy Ltd.		8.38%			04/04/2021		300,750
	200,000	Inkia Energy Ltd.		8.38%	^		04/04/2021		200,500
	1,000,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		1,002,500
	815,729	Interoceanica Finance Ltd.		0.00%			11/30/2018		779,021
	600,000	Inversiones CMPC S.A.		4.75%			01/19/2018		621,109
	800,000	Israel Electric Corporation Ltd.		2.50%	#		01/17/2018		790,000
	1,500,000	Israel Electric Corporation Ltd.		5.63%			06/21/2018		1,597,035
	600,000	JBS Investments GmbH		7.75%			10/28/2020		597,000
	400,000	Latam Airlines Group S.A.		7.25%	^		06/09/2020		370,000
	1,300,000	Marfrig Holdings B.V.		6.88%			06/24/2019		1,239,875
	200,000	Marfrig Holdings B.V.		6.88%	^		06/24/2019		190,750
	193,648	Mexico Generadora de Energia		5.50%			12/06/2032		170,168
	1,600,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		1,510,000
	600,000	Nacional Financiera S.N.C.		3.38%			11/05/2020		606,000
	200,000	OAS Investments GmbH		8.25%	W		10/19/2019		1,240
	150,000	Odebrecht Finance Ltd.		7.50%	†		09/29/2049		64,800
	500,000	Oleoducto Central S.A.		4.00%			05/07/2021		475,625
	1,300,000	ONGC Videsh Ltd.		3.25%			07/15/2019		1,321,489
	360,000	Orange S.A.		2.75%			09/14/2016		362,722
	885,000	Orange S.A.		2.75%			02/06/2019		912,964
	2,200,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		2,287,600
	850,000	Pacific Rubiales Energy Corporation		5.38%	W		01/26/2019		148,750
	1,156,536	Peru Enhanced Pass-Through Finance Ltd.		0.00%			05/31/2018		1,114,334
	600,000	Petroleos Mexicanos		5.50%			01/21/2021		623,625
	357,450	Ras Laffan Liquefied Natural Gas Company		5.30%			09/30/2020		385,018
	250,000	Reliance Holdings, Inc.		4.50%			10/19/2020		269,362
	1,415,000	Royal Bank of Canada		2.00%			12/10/2018		1,429,563
	200,000	Sigma Alimentos S.A.		6.88%			12/16/2019		227,000
	500,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		502,757
	500,000	Sinopec Group Overseas Development Ltd.		2.50%	^		04/28/2020		502,757
	1,200,000	Sociedad Quimica y Minera S.A.		6.13%			04/15/2016		1,200,985
	300,000	Sociedad Quimica y Minera S.A.		5.50%			04/21/2020		311,475
	1,100,000	Southern Copper Corporation		3.50%			11/08/2022		1,061,677
	1,200,000	Tanner Servicios Financieros S.A.		4.38%			03/13/2018		1,179,000
	1,400,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		1,379,000
	300,000	Tencent Holdings Ltd.		2.88%	^		02/11/2020		305,357
	1,325,000	Thomson Reuters Corporation		1.30%			02/23/2017		1,322,925
	1,215,000	Toronto Dominion Bank		1.75%			07/23/2018		1,220,850
	2,000,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		2,037,000
	200,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		129,500
	700,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		413,000
	400,000	Unifin Financiera S.A.P.I. de C.V.		6.25%			07/22/2019		382,000
	200,000	Unifin Financiera S.A.P.I. de C.V.		6.25%	^		07/22/2019		191,000
	1,150,000	Union Andina de Cementos S.A.A.		5.88%			10/30/2021		1,155,750
	2,200,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		2,268,926
	400,000	Vedanta Resources PLC		6.00%			01/31/2019		274,500
	1,000,000	VTR Finance B.V.		6.88%			01/15/2024		982,800

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,360,000	Westpac Banking Corporation		1.95%			11/23/2018		1,372,271
		Total Foreign Corporate Bonds (Cost $95,596,755)							92,666,389
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 0.7%
	3,500,000	Colombia Government International Bond		4.38%			07/12/2021		3,657,500
	1,800,000	Panama Government International Bond		5.20%			01/30/2020		1,989,000
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $5,641,531)							5,646,500
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 15.9%
		BAMLL Commercial Mortgage Securities Trust,
	200,000	Series 2014-IP-E		2.72%	#^		06/15/2028		196,292
	30,000,000	Series 2015-200P-XA		0.38%	#^ I/O		04/14/2033		961,614
		Banc of America Commercial Mortgage Trust,
	350,000	Series 2006-5-AM		5.45%			09/10/2047		353,994
	500,000	Series 2007-1-AMFX		5.48%	#		01/15/2049		505,803
	500,000	Series 2007-5-AM		5.77%	#		02/10/2051		516,320
		Bear Stearns Commercial Mortgage Securities, Inc.,
	68,564	Series 2004-PWR4-D		5.97%	#		06/11/2041		68,751
	876,741	Series 2006-PW13-A4		5.54%			09/11/2041		879,434
	300,000	Series 2006-PW13-AJ		5.61%	#		09/11/2041		298,716
	1,903,000	Series 2006-PW13-AM		5.58%	#		09/11/2041		1,921,166
	500,000	Series 2007-T26-AJ		5.57%	#		01/12/2045		492,550
		BXHTL Mortgage Trust,
	1,055,000	Series 2015-JWRZ-A		1.67%	#^		05/15/2029		1,035,654
		CD Commercial Mortgage Trust,
	59,644	Series 2006-CD2-AM		5.39%	#		01/15/2046		59,573
	900,000	Series 2007-CD4-AMFX		5.37%	#		12/11/2049		915,476
		CFCRE Commercial Mortgage Trust,
	22,245,787	Series 2016-C3-XA		1.10%	# I/O		01/10/2048		1,742,920
		CGGS Commercial Mortgage Trust,
	2,023,000	Series 2016-RNDB-AFL		2.10%	#^		02/15/2033		2,025,536
		Citigroup Commercial Mortgage Trust,
	933,000	Series 2007-C6-AM		5.70%	#		12/10/2049		943,495
	1,500,000	Series 2007-C6-AMFX		5.70%	#^		12/10/2049		1,516,971
	8,237,728	Series 2014-GC25-XA		1.09%	# I/O		10/10/2047		553,786
	1,430,000	Series 2015-GC27-D		4.43%	#^		02/10/2048		1,099,014
	5,952,109	Series 2015-GC27-XA		1.44%	# I/O		02/10/2048		550,426
	1,750,000	Series 2015-GC31-C		4.06%	#		06/10/2048		1,655,213
	20,116,687	Series 2016-GC36-XA		1.36%	# I/O		02/10/2049		1,901,596
	14,502,000	Series 2016-P3-XA		1.72%	# I/O		04/15/2049		1,736,340
		COBALT Commercial Mortgage Trust,
	1,947,000	Series 2006-C1-AM		5.25%			08/15/2048		1,935,071
	300,000	Series 2007-C2-AJFX		5.57%	#		04/15/2047		293,155
	350,000	Series 2007-C3-AM		5.76%	#		05/15/2046		360,126
		Commercial Mortgage Pass-Through Certificates,
	110,000	Series 2006-C7-AM		5.87%	#		06/10/2046		110,234
	10,323,382	Series 2013-CR10-XA		0.96%	# I/O		08/10/2046		438,491
	3,199,187	Series 2014-CR17-XA		1.18%	# I/O		05/10/2047		195,094
	300,000	Series 2014-CR19-C		4.72%	#		08/10/2047		299,356
	500,000	Series 2014-CR20-C		4.51%	#		11/10/2047		497,155
	1,768,000	Series 2014-KYO-E		2.79%	#^		06/11/2027		1,733,930
	1,500,000	Series 2014-KYO-F		3.94%	#^		06/11/2027		1,486,919
	110,000	Series 2014-TWC-C		2.28%	#^		02/13/2032		107,162
	1,500,000	Series 2015-CR22-D		4.13%	#^		03/10/2048		1,122,462
	22,345,882	Series 2015-CR22-XA		1.03%	# I/O		03/10/2048		1,363,266
	1,500,000	Series 2015-CR23-D		4.26%	#		05/10/2048		1,116,995
	1,386,000	Series 2015-CR25-C		4.55%	#		08/10/2048		1,276,388
	1,000,000	Series 2015-DC1-D		4.35%	#^		02/10/2048		758,916
	12,427,880	Series 2015-DC1-XA		1.18%	# I/O		02/10/2048		861,919
	950,000	Series 2015-LC19-B		3.83%	#		02/10/2048		966,831
	1,470,000	Series 2015-LC23-C		4.65%	#		10/10/2053		1,433,283
	1,966,000	Series 2016-CR28-C		4.65%	#		02/10/2049		1,940,139

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 73

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Commercial Mortgage Pass-Through Certificates, (Cont.)
	17,918,000	Series 2016-DC2-XA		1.24%	# I/O		02/10/2049		1,337,516
		Countrywide Commercial Mortgage Trust,
	885,816	Series 2007-MF1-A		6.07%	#^		11/12/2043		914,257
		Credit Suisse Mortgage Capital Certificates,
	110,000	Series 2006-C4-AM		5.51%			09/15/2039		110,958
	190,000	Series 2006-C5-AM		5.34%			12/15/2039		192,333
	350,000	Series 2007-C2-AM		5.59%	#		01/15/2049		358,362
	1,575,000	Series 2007-C2-AMFL		0.67%	#		01/15/2049		1,505,118
	855,000	Series 2007-C4-A1AM		5.94%	#		09/15/2039		855,677
	2,735,001	Series 2007-C5-A4		5.70%	#		09/15/2040		2,822,609
	1,750,000	Series 2008-C1-AM		6.07%	#^		02/15/2041		1,834,090
	10,092,000	Series 2014-USA-X1		0.55%	#^ I/O		09/15/2037		435,308
	1,500,000	Series 2015-SAND-D		3.29%	#^		08/15/2030		1,449,062
		CSAIL Commercial Mortgage Trust,
	16,904,438	Series 2015-C1-XA		0.97%	# I/O		04/15/2050		1,006,695
		GE Commercial Mortgage Corporation Trust,
	1,499,300	Series 2007-C1-AM		5.61%	#		12/10/2049		1,485,070
		Grace Mortgage Trust,
	350,000	Series 2014-GRCE-A		3.37%	^		06/10/2028		368,911
		Greenwich Capital Commercial Funding Corporation,
	1,550,000	Series 2007-GG11-AJ		6.03%	#		12/10/2049		1,527,755
	1,750,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		1,800,734
	550,000	Series 2007-GG9-AM		5.48%			03/10/2039		558,543
		GS Mortgage Securities Corporation,
	1,519,839	Series 2007-GG10-A4		5.79%	#		08/10/2045		1,567,316
	300,000	Series 2013-KING-C		3.44%	#^		12/10/2027		302,899
	13,328,312	Series 2014-GC20-XA		1.18%	# I/O		04/10/2047		823,830
	4,484,245	Series 2014-GC24-XA		0.88%	# I/O		09/10/2047		221,434
	37,728,674	Series 2015-GC32-XA		0.90%	# I/O		07/10/2048		2,070,142
	9,975,292	Series 2015-GC34-XA		1.38%	# I/O		10/10/2048		911,621
	9,231,868	Series 2015-GS1-XA		0.84%	# I/O		11/10/2048		562,237
	1,975,000	Series 2016-ICE2-A		2.37%	#^		02/15/2033		1,977,826
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	1,500,000	Series 2006-LDP9-AM		5.37%			05/15/2047		1,507,091
	1,910,000	Series 2007-C1-AM		5.94%	#		02/15/2051		1,943,620
	900,000	Series 2007-CB20-AM		5.88%	#		02/12/2051		941,859
	530,000	Series 2007-CIBC19-AM		5.70%	#		02/12/2049		541,547
	1,600,000	Series 2007-CIBC20-AJ		6.08%	#		02/12/2051		1,560,318
	1,750,000	Series 2007-LD12-AM		6.01%	#		02/15/2051		1,826,053
	350,000	Series 2014-DSTY-A		3.43%	^		06/10/2027		363,099
	500,000	Series 2014-PHH-D		2.84%	#^		08/15/2027		494,959
	1,550,000	Series 2015-CSMO-C		2.69%	#^		01/15/2032		1,512,045
	23,041,517	Series 2015-JP1-XA		1.16%	# I/O		01/15/2049		1,594,558
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,947,000	Series 2007-LD11-AM		5.74%	#		06/15/2049		1,928,521
	1,678,228	Series 2008-C2-A4		6.07%			02/12/2051		1,750,649
		JPMBB Commercial Mortgage Securities Trust,
	7,318,763	Series 2014-C18-XA		1.13%	# I/O		02/15/2047		393,979
	500,000	Series 2014-C23-C		4.46%	#		09/15/2047		493,189
	23,296,243	Series 2014-C25-XA		1.01%	# I/O		11/15/2047		1,346,882
	1,303,000	Series 2014-C26-C		4.43%	#		01/15/2048		1,279,787
	7,668,882	Series 2014-C26-XA		1.18%	# I/O		01/15/2048		485,874
	1,000,000	Series 2015-C27-D		3.84%	#^		02/15/2048		720,724
	8,662,207	Series 2015-C27-XA		1.38%	# I/O		02/15/2048		666,656
	29,812,048	Series 2015-C29-XA		0.96%	# I/O		05/15/2048		1,390,822
	31,050,951	Series 2015-C30-XA		0.72%	# I/O		07/15/2048		1,247,733
	13,159,221	Series 2015-C31-XA		1.03%	# I/O		08/15/2048		861,609
	26,177,042	Series 2015-C32-XA		1.53%	# I/O		11/15/2048		2,104,255
	580,000	Series 2015-C33-C		4.62%	#		12/15/2048		536,920
		LB-UBS Commercial Mortgage Trust,
	150,000	Series 2006-C7-AM		5.38%			11/15/2038		152,101
	1,550,000	Series 2007-C1-AJ		5.48%			02/15/2040		1,548,302
	1,268,000	Series 2007-C1-AM		5.46%			02/15/2040		1,287,984
	179,000	Series 2007-C2-AM		5.49%	#		02/15/2040		181,930
		Madison Avenue Trust,
	300,000	Series 2013-650M-D		4.03%	#^		10/12/2032		300,583
		Merrill Lynch Mortgage Trust,
	250,000	Series 2006-C1-AJ		5.76%	#		05/12/2039		245,884

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Merrill Lynch Mortgage Trust, (Cont.)
	150,000	Series 2006-C2-AJ		5.80%	#		08/12/2043		147,546
	100,000	Series 2006-C2-AM		5.78%	#		08/12/2043		100,513
	1,947,000	Series 2007-C1-AM		5.84%	#		06/12/2050		1,906,829
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	63,674	Series 2006-1-AJ		5.74%	#		02/12/2039		63,616
	750,000	Series 2006-4-AM		5.20%			12/12/2049		762,874
		Morgan Stanley Bank of America Merrill Lynch Trust,
	5,312,299	Series 2013-C12-XA		0.96%	# I/O		10/15/2046		211,064
	21,174,089	Series 2013-C7-XA		1.65%	# I/O		02/15/2046		1,464,679
	9,923,601	Series 2014-C14-XA		1.28%	# I/O		02/15/2047		548,470
	500,000	Series 2014-C18-C		4.49%			10/15/2047		494,455
	620,000	Series 2014-C19-C		4.00%			12/15/2047		554,272
	120,000	Series 2015-C20-C		4.46%	#		02/15/2048		111,457
	2,000,000	Series 2015-C26-D		3.06%	^		10/15/2048		1,325,303
	21,879,376	Series 2016-C28-XA		1.30%	# I/O		01/15/2049		1,934,973
		Morgan Stanley Capital, Inc.,
	235,499	Series 2006-HQ8-AJ		5.49%	#		03/12/2044		235,021
	500,000	Series 2007-1Q16-AMA		6.05%	#		12/12/2049		520,094
	500,000	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		492,017
	750,000	Series 2007-IQ16-AM		6.05%	#		12/12/2049		784,221
	175,000	Series 2014-CPT-E		3.45%	#^		07/13/2029		169,373
	175,000	Series 2014-CPT-F		3.45%	#^		07/13/2029		164,682
	800,000	Series 2014-CPT-G		3.45%	#^		07/13/2029		715,567
	500,000	Series 2014-MP-D		3.69%	#^		08/11/2029		501,374
	625,000	Series 2015-XLF1-D		3.44%	#^		08/14/2031		617,670
		Velocity Commercial Capital Loan Trust,
	3,363,002	Series 2015-1-AFL		2.86%	#^		06/25/2045		3,384,021
		Wachovia Bank Commercial Mortgage Trust,
	183,273	Series 2006-C24-AJ		5.66%	#		03/15/2045		183,014
	1,500,000	Series 2006-C28-AJ		5.63%	#		10/15/2048		1,466,859
	110,000	Series 2006-C28-AM		5.60%	#		10/15/2048		111,417
	680,000	Series 2007-C30-AJ		5.41%	#		12/15/2043		669,413
	1,800,000	Series 2007-C30-AM		5.38%			12/15/2043		1,833,050
	500,000	Series 2007-C31-AM		5.59%	#		04/15/2047		512,772
	500,000	Series 2007-C32-AMFX		5.70%	^		06/15/2049		511,529
	1,045,000	Series 2007-C33-AJ		5.95%	#		02/15/2051		1,031,478
	1,500,000	Series 2007-C33-AM		5.95%	#		02/15/2051		1,551,752
		Wells Fargo Commercial Mortgage Trust,
	1,900,000	Series 2014-LC16-D		3.94%	^		08/15/2050		1,425,243
	540,000	Series 2014-LC18-B		3.96%			12/15/2047		556,176
	13,903,918	Series 2015-C27-XA		1.00%	# I/O		02/15/2048		908,988
	2,000,000	Series 2015-C31-C		4.61%	#		11/15/2048		1,918,497
	22,194,392	Series 2015-C31-XA		1.12%	#I/O		11/15/2048		1,717,111
	32,853,489	Series 2015-NXS2-XA		0.81%	# I/O		07/15/2058		1,627,276
	1,340,000	Series 2015-NXS3-C		4.49%	#		09/15/2057		1,229,006
	1,443,000	Series 2016-C32-C		4.72%	#		01/15/2059		1,373,032
	15,404,588	Series 2016-C33-XA		1.99%	# I/O		03/15/2059		1,857,947
		WF-RBS Commercial Mortgage Trust,
	3,877,157	Series 2014-C19-XA		1.27%	# I/O		03/15/2047		243,434
	9,837,093	Series 2014-C21-XA		1.18%	# I/O		08/15/2047		650,118
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $141,392,409)							137,025,571
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 11.0%
		Ajax Mortgage Loan Trust,
	2,880,826	Series 2015-B-A		3.88%	#^		07/25/2060		2,892,022
		Banc of America Funding Corporation,
	1,750,000	Series 2005-B-3M1		0.88%	#		04/20/2035		1,431,111
	5,403,825	Series 2006-7-T2A1		5.88%	#		10/25/2036		4,461,624
		Bayview Opportunity Master Fund Trust,
	7,487,466	Series 2016-A-A		4.46%	#^		01/28/2036		7,512,941
		BCAP LLC Trust,
	3,386,627	Series 2012-RR1-3A4		5.89%	#^		10/26/2035		3,034,357

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		CAM Mortgage LLC,
	1,474,557	Series 2015-1-A		3.50%	#^		07/15/2064		1,479,565
		Citicorp Residential Mortgage Securities, Inc.,
	2,337,468	Series 2007-1-A4		5.80%	#		03/25/2037		2,465,027
		CitiMortgage Alternative Loan Trust,
	2,392,666	Series 2007-A5-1A10		5.75%			05/25/2037		2,022,245
		Countrywide Alternative Loan Trust,
	194,427	Series 2004-33-1A1		3.01%	#		12/25/2034		191,254
	1,133,720	Series 2005-23CB-A15		5.50%			07/25/2035		1,097,272
	4,004,092	Series 2005-28CB-1A6		5.50%			08/25/2035		3,791,910
	3,548,340	Series 2006-J6-A5		6.00%			09/25/2036		3,178,146
	795,268	Series 2007-15CB-A7		6.00%			07/25/2037		714,672
		Countrywide Home Loans,
	2,777,041	Series 2005-10-A2		5.50%			05/25/2035		2,669,620
	1,529,577	Series 2007-14-A15		6.50%			09/25/2037		1,499,536
		Credit Suisse First Boston Mortgage Securities Corporation,
	22,742	Series 2004-8-6A1		4.50%			12/25/2019		22,969
	4,479,354	Series 2005-11-2A1		6.00%			12/25/2035		4,273,516
	191,809	Series 2005-11-8A5		6.00%			12/25/2035		183,879
	1,837,635	Series 2005-9-5A9		5.50%			10/25/2035		1,589,100
		Credit Suisse Mortgage Capital Certificates,
	1,000,000	Series 2011-12R-3A5		2.42%	#^		07/27/2036		922,910
	1,000,000	Series 2011-5R-6A9		2.74%	#^		11/27/2037		908,118
		Deutsche ALT-B Securities, Inc. Mortgage Loan Trust,
	1,469,465	Series 2006-AB4-A1A		6.01%	#		10/25/2036		1,191,325
		Deutsche Mortgage & Asset Receiving Corporation,
	847,059	Series 2014-RS1-1A2		8.17%	#^		07/27/2037		628,864
		GMACM Mortgage Loan Trust,
	199,054	Series 2005-J1-A6		6.00%			12/25/2035		193,327
		GSR Mortgage Loan Trust,
	39,266	Series 2004-2F-14A1		5.50%			09/25/2019		40,222
	1,079,701	Series 2006-2F-3A4		6.00%			02/25/2036		877,803
		Home Equity Mortgage Loan Asset-Backed Trust,
	46,131	Series 2006-D-2A2		0.54%	#		11/25/2036		45,776
		Home Equity Mortgage Trust,
	259,988	Series 2003-6-M2		2.63%	#		03/25/2034		251,567
		HSI Asset Loan Obligation Trust,
	399,501	Series 2006-2-1A1		6.00%			12/25/2036		253,451
		Impac Secured Assets Trust,
	1,133,134	Series 2006-5-1A1C		0.70%	#		02/25/2037		727,933
		IndyMac Mortgage Loan Trust,
	3,021,805	Series 2006-AR5-2A1		3.80%	#		05/25/2036		2,564,412
		Lehman Mortgage Trust,
	531,638	Series 2006-1-1A3		5.50%			02/25/2036		431,771
		Lehman XS Trust,
	39,505	Series 2005-6-3A2B		5.42%	#		11/25/2035		39,290
		MASTR Adjustable Rate Mortgages Trust,
	394,852	Series 2006-2-2A1		2.75%	#		04/25/2036		364,285
		Merrill Lynch Alternative Note Asset Trust,
	699,205	Series 2007-F1-2A6		6.00%			03/25/2037		506,692
		Merrill Lynch Mortgage Investors Trust,
	2,649,691	Series 2006-AF1-AF2C		6.25%			08/25/2036		2,142,732
		Morgan Stanley Mortgage Loan Trust,
	645,137	Series 2006-2-7A1		5.50%	#		02/25/2036		592,273
		Residential Accredit Loans, Inc.,
	1,816,595	Series 2006-QS12-2A3		6.00%			09/25/2036		1,493,380
	2,405,759	Series 2007-QS9-A33		6.50%			07/25/2037		2,040,666
		Residential Asset Mortgage Products, Inc.,
	457,765	Series 2005-EFC7-AI3		0.68%	#		04/25/2034		433,345
		Residential Asset Securitization Trust,
	1,144,941	Series 2006-A2-A11		6.00%			01/25/2046		865,297
		Springleaf Mortgage Loan Trust,
	1,250,000	Series 2013-1A-B2		6.00%	#^		06/25/2058		1,249,558
	1,250,000	Series 2013-2A-B2		6.00%	#^		12/25/2065		1,255,449

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Structured Asset Securities Corporation,
	2,497,761	Series 2005-16-1A2		5.50%			09/25/2035		2,519,336
		Towd Point Mortgage Trust,
	4,381,260	Series 2015-2-1A13		2.50%	#^		11/25/2060		4,384,644
		VOLT LLC,
	10,950,624	Series 2015-NPL11-A1		3.63%	#^		07/25/2045		10,881,391
	2,929,544	Series 2015-NPL1-A1		3.63%	#^		10/25/2057		2,894,910
	6,211,262	Series 2015-NPL3-A1		3.38%	#^		10/25/2058		6,143,663
		Washington Mutual Mortgage Pass-Through Certificates,
	239,559	Series 2006-5-1A5		6.00%			07/25/2036		203,888
		Wells Fargo Alternative Loan Trust,
	3,114,391	Series 2007-PA5-1A1		6.25%			11/25/2037		2,997,600
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $96,062,351)							94,556,644
	US CORPORATE BONDS 7.9%
	1,280,000	AbbVie, Inc.		1.80%			05/14/2018		1,289,426
	1,240,000	Amazon.com, Inc.		2.60%			12/05/2019		1,291,556
	1,260,000	American Express Credit Corporation		1.80%			07/31/2018		1,266,040
	1,145,000	American Honda Finance Corporation		1.70%			02/22/2019		1,155,215
	1,375,000	Anheuser-Busch InBev Finance, Inc.		1.90%			02/01/2019		1,395,466
	490,000	Apple, Inc.		1.70%			02/22/2019		497,776
	1,170,000	AT&T, Inc.		2.30%			03/11/2019		1,195,644
	1,552,000	Bank of America Corporation		2.00%			01/11/2018		1,559,232
	848,000	BB&T Corporation		2.15%			03/22/2017		856,607
	300,000	BB&T Corporation		2.25%			02/01/2019		305,279
	1,350,000	Berkshire Hathaway Finance Corporation		1.70%			03/15/2019		1,372,622
	1,093,000	Boston Properties LP		5.88%			10/15/2019		1,223,696
	910,000	Cardinal Health, Inc.		1.95%			06/15/2018		914,861
	1,245,000	Caterpillar Financial Services Corporation		1.70%			06/16/2018		1,255,528
	1,265,000	Celgene Corporation		2.13%			08/15/2018		1,280,243
	620,000	Chevron Corporation		1.37%			03/02/2018		622,455
	359,000	Chevron Corporation		1.79%			11/16/2018		363,529
	1,295,000	Cisco Systems, Inc.		1.65%			06/15/2018		1,315,088
	1,646,000	Citigroup, Inc.		2.05%			12/07/2018		1,654,256
	860,000	Comcast Corporation		6.50%			01/15/2017		897,401
	945,000	ConocoPhillips Company		1.05%			12/15/2017		931,830
	880,000	Covidien International Finance S.A.		6.00%			10/15/2017		944,468
	1,147,000	CVS Health Corporation		1.90%			07/20/2018		1,164,551
	265,000	Daimler Finance North America LLC		2.25%	^		03/02/2020		266,885
	950,000	Daimler Finance North America LLC		1.65%	^		03/02/2018		951,516
	1,265,000	Duke Energy Corporation		1.63%			08/15/2017		1,267,560
	1,025,000	Express Scripts Holding Company		2.65%			02/15/2017		1,038,652
	155,000	Express Scripts Holding Company		2.25%			06/15/2019		156,280
	611,000	GE Capital International Funding Company		0.96%	^		04/15/2016		611,036
	1,225,000	General Mills, Inc.		2.20%			10/21/2019		1,246,929
	1,175,000	Goldman Sachs Group, Inc.		2.90%			07/19/2018		1,203,267
	1,620,000	Hewlett-Packard Company		2.85%	^		10/05/2018		1,648,460
	1,195,000	HJ Heinz Company		2.00%	^		07/02/2018		1,206,881
	855,000	Home Depot, Inc.		2.00%			06/15/2019		877,792
	1,150,000	John Deere Capital Corporation		1.60%			07/13/2018		1,159,753
	1,260,000	JP Morgan Chase & Company		2.25%			01/23/2020		1,271,089

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 75

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	875,000	Kellogg Company		1.75%			05/17/2017		881,769
	1,166,000	Kinder Morgan Energy Partners LP		6.00%			02/01/2017		1,200,753
	600,000	Kroger Company		2.20%			01/15/2017		604,635
	275,000	Kroger Company		6.40%			08/15/2017		294,021
	1,181,000	Laboratory Corporation		2.50%			11/01/2018		1,191,949
	135,000	Lockheed Martin Corporation		1.85%			11/23/2018		136,651
	1,310,000	McGraw Hill Financial, Inc.		2.50%			08/15/2018		1,328,396
	1,197,000	McKesson Corporation		1.29%			03/10/2017		1,199,490
	355,000	Medtronic, Inc.		1.50%			03/15/2018		358,201
	925,000	Metropolitan Life Global Funding		1.50%	^		01/10/2018		926,630
	1,550,000	Morgan Stanley		2.45%			02/01/2019		1,574,079
	1,330,000	MUFG Americas Holdings Corporation		1.63%			02/09/2018		1,326,033
	1,000,000	National Rural Utilities Cooperative Finance Corporation		2.30%			11/15/2019		1,022,444
	1,170,000	Newell Rubbermaid, Inc.		2.60%			03/29/2019		1,188,091
	615,000	Oracle Corporation		2.38%			01/15/2019		637,903
	635,000	Oracle Corporation		2.25%			10/08/2019		655,654
	240,000	Pepsico, Inc.		1.50%			02/22/2019		243,125
	705,000	Pepsico, Inc.		2.15%			10/14/2020		723,527
	870,000	Philip Morris International, Inc.		5.65%			05/16/2018		952,362
	850,000	Phillips 66		2.95%			05/01/2017		865,778
	1,140,000	Procter & Gamble Company		1.60%			11/15/2018		1,156,858
	730,000	Reynolds American, Inc.		3.25%			06/12/2020		764,721
	875,000	Simon Property Group LP		2.15%			09/15/2017		884,615
	233,000	Simon Property Group LP		2.20%			02/01/2019		236,642
	1,215,000	Southern Company		2.45%			09/01/2018		1,235,327
	600,000	Thermo Fisher Scientific, Inc.		2.15%			12/14/2018		603,806
	850,000	Toyota Motor Credit Corporation		1.55%			07/13/2018		858,139
	650,000	Toyota Motor Credit Corporation		1.70%			02/19/2019		656,465
	1,290,000	United Technologies Corporation		1.78%	#		05/04/2018		1,293,826
	325,000	Waste Management, Inc.		2.60%			09/01/2016		327,130
	505,000	Waste Management, Inc.		6.10%			03/15/2018		551,947
	250,000	WellPoint, Inc.		1.88%			01/15/2018		250,928
	1,035,000	WellPoint, Inc.		2.30%			07/15/2018		1,047,370
	950,000	Wells Fargo & Company		2.10%			05/08/2017		961,042
	225,000	Wells Fargo & Company		1.50%			01/16/2018		226,405
	885,000	Xerox Corporation		2.95%			03/15/2017		890,567
	842,000	Zimmer Holdings, Inc.		1.45%			04/01/2017		841,965
	350,000	Zimmer Holdings, Inc.		2.70%			04/01/2020		355,365
		Total US Corporate Bonds (Cost $67,679,457)							68,113,478
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 4.2%
		Federal Home Loan Mortgage Corporation,
	2,798,114	Pool G08626		3.00%			02/01/2045		2,869,129
	2,843,897	Pool G08631		3.00%			03/01/2045		2,916,074
	1,049,720	Series 3417-SM		5.84%	# I/F I/O		02/15/2038		212,906
	2,552,094	Series 4471-GA		3.00%			02/15/2044		2,637,554
		Federal National Mortgage Association,
	5,588,723	Series 2015-09-HA		3.00%			01/25/2045		5,842,877
	9,594,836	Series 2015-59-A		3.00%			06/25/2041		9,849,863

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association Pass-Thru,
	3,817,390	Pool AS4645		3.00%			03/01/2045		3,921,305
	834,708	Pool MA1200		3.00%			10/01/2032		870,514
	7,273,798	Pool MA2270		3.00%			05/01/2045		7,368,989
		Total US Government / Agency Mortgage Backed Obligations (Cost $36,097,830)							36,489,211
	US GOVERNMENT BONDS AND NOTES 17.4%
	22,200,000	United States Treasury Notes		3.13%			01/31/2017		22,664,823
	14,700,000	United States Treasury Notes		0.88%			07/15/2017		14,738,191
	22,900,000	United States Treasury Notes		1.00%			09/15/2017		23,001,974
	24,000,000	United States Treasury Notes		0.75%			04/15/2018		23,998,128
	34,900,000	United States Treasury Notes		0.88%			07/15/2018		34,972,243
	30,400,000	United States Treasury Notes		1.00%			09/15/2018		30,554,371
		Total US Government Bonds and Notes (Cost $149,524,525)							149,929,730
	SHORT TERM INVESTMENTS 5.2%
	15,008,715	BlackRock Liquidity Funds FedFund - Institutional Shares		0.24%	¨				15,008,715
	15,008,713	Fidelity Institutional Money Market Government Portfolio - Class I		0.23%	¨				15,008,713
	15,008,714	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.25%	¨				15,008,714
		Total Short Term Investments (Cost $45,026,142)							45,026,142
		Total Investments 94.1% (Cost $819,393,273)							809,529,250
		Other Assets in Excess of Liabilities 5.9%							50,763,792
		NET ASSETS 100.0%						$	860,293,042

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

March 31, 2016

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government Bonds and Notes	17.4%
Collateralized Loan Obligations	16.7%
Non-Agency Commercial Mortgage Backed Obligations	15.9%
Non-Agency Residential Collateralized Mortgage Obligations	11.0%
Foreign Corporate Bonds	10.8%
US Corporate Bonds	7.9%
Short Term Investments	5.2%
US Government / Agency Mortgage Backed Obligations	4.2%
Bank Loans	2.4%
Asset Backed Obligations	1.9%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.7%
Other Assets and Liabilities	5.9%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	82.5%
Chile	1.6%
Mexico	1.6%
Colombia	1.6%
Peru	1.0%
Panama	1.0%
Canada	0.7%
Singapore	0.5%
Israel	0.5%
Brazil	0.5%
Paraguay	0.4%
Guatemala	0.3%
China	0.3%
United Kingdom	0.3%
Hong Kong	0.2%
India	0.2%
Jamaica	0.2%
Australia	0.2%
France	0.2%
Indonesia	0.1%
Costa Rica	0.1%
Luxembourg	0.1%
Qatar	0.0%	~
Netherlands	0.0%	~
Dominican Republic	0.0%	~
Germany	0.0%	~
Other Assets and Liabilities	5.9%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government Bonds and Notes	17.4%
Collateralized Loan Obligations	16.7%
Non-Agency Commercial Mortgage Backed Obligations	15.9%
Non-Agency Residential Collateralized Mortgage Obligations	11.0%
Short Term Investments	5.2%
Banking	4.6%
US Government / Agency Mortgage Backed Obligations	4.2%
Asset Backed Obligations	1.9%
Oil & Gas	1.5%
Utilities	1.3%
Transportation	1.2%
Healthcare	1.2%
Telecommunications	1.0%
Consumer Products	0.8%
Technology	0.7%
Media	0.7%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.7%
Finance	0.6%
Beverage and Tobacco	0.6%
Mining	0.6%
Food Products	0.5%
Electronics/Electric	0.5%
Food/Drug Retailers	0.5%
Automotive	0.5%
Building and Development (including Steel/Metals)	0.5%
Chemicals/Plastics	0.4%
Business Equipment and Services	0.4%
Retailers (other than Food/Drug)	0.3%
Insurance	0.3%
Construction	0.3%
Real Estate	0.3%
Conglomerates	0.2%
Pharmaceuticals	0.2%
Aerospace & Defense	0.2%
Biotechnology	0.2%
Leisure	0.2%
Hotels/Motels/Inns and Casinos	0.1%
Containers and Glass Products	0.1%
Energy	0.1%
Financial Intermediaries	0.1%
Environmental Control	0.1%
Cosmetics/Toiletries	0.1%
Pulp & Paper	0.1%
Industrial Equipment	0.1%
Computers & Electronics	0.0%	~
Other Assets and Liabilities	5.9%
	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 March 31, 2016, the value of these securities amounted to $245,049,740 or 28.5% of net assets.

# Variable rate security. Rate disclosed as of March 31, 2016.

† Perpetual Maturity

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

I/O Interest only security

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

¨ Seven-day yield as of March 31, 2016

~ Represents less than 0.05% of net assets

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 77

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2016

Total Return Swaps - Long
Reference Entity	Counterparty	Financing Rate		Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
Shiller Barclays CAPE® US Sector  ER USD Index «	Barclays Capital, Inc.		0.47%		58,500,000		04/14/2016	$	426,673
Shiller Barclays CAPE® US Sector  ER II USD Index ¤	Barclays Capital, Inc.		0.40%		50,000,000		04/28/2016		2,842,752
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		20,000,000		05/26/2016		1,134,115
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		90,000,000		06/30/2016		3,645,905
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		20,000,000		07/28/2016		592,205
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		50,000,000		08/25/2016		2,045,586
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		70,000,000		09/29/2016		7,921,209
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		0.43%		25,000,000		11/16/2016		994,083
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		25,000,000		11/17/2016		808,220
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		0.43%		25,000,000		12/21/2016		1,045,303
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		50,000,000		12/22/2016		1,917,930
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		50,000,000		01/26/2017		4,265,286
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		0.43%		25,000,000		02/22/2017		2,756,960
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		90,000,000		02/23/2017		9,251,830
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		99,000,000		03/30/2017		5,931,178
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		0.40%		60,000,000		04/27/2017		(13,233	)
								$	45,566,002

« 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. At March 31, 2016, the four sector constituents and their weightings were as follows: Technology 25.4%, Industrial 25.2%, Consumer Discretionary 25.1%, and Healthcare 24.3%.

¤ 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. At March 31, 2016, the four sector constituents and their weightings were as follows: Technology 25.5%, Industrial 25.2%, Consumer Discretionary 25.0%, and Healthcare 24.3%.

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

Schedule of Investments  DoubleLine Flexible Income Fund March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 1.5%
		Citi Held For Asset Issuance,
	1,000,000	Series 2015-PM1-C		5.01%	^		12/15/2021		947,897
		Eaglewood Consumer Loan Trust,
	1,000,000	Series 2014-1-A		3.50%	^¥		10/15/2019		994,969
		MarketPlace Loan Trust,
	1,425,875	Series 2015-CB1-A		4.00%	^		07/15/2021		1,408,904
		Total Asset Backed Obligations (Cost $3,425,629)							3,351,770
	COLLATERALIZED LOAN OBLIGATIONS 18.6%
		Adams Mill Ltd.,
	1,000,000	Series 2014-1A-A1		2.10%	#^		07/15/2026		990,885
	250,000	Series 2014-1A-D1		4.12%	#^		07/15/2026		211,389
	250,000	Series 2014-1A-E1		5.62%	#^		07/15/2026		147,214
		ALM Loan Funding,
	1,000,000	Series 2012-7A-A1		2.04%	#^		10/19/2024		1,000,596
	1,000,000	Series 2014-14A-A1		2.05%	#^		07/28/2026		993,671
		Anchorage Capital Ltd.,
	250,000	Series 2014-3A-A2A		2.87%	#^		04/28/2026		250,243
		Apidos Ltd.,
	500,000	Series 2014-19A-D		4.37%	#^		10/17/2026		443,130
	500,000	Series 2015-21A-C		4.17%	#^		07/18/2027		415,598
	250,000	Series 2015-21A-D		6.17%	#^		07/18/2027		189,531
		ARES Ltd.,
	473,624	Series 2007-12A-A		1.26%	#^		11/25/2020		466,474
	1,000,000	Series 2007-12A-C		2.63%	#^		11/25/2020		972,625
		Atrium Corporation,
	742,452	Series 5A-A2A		0.84%	#^		07/20/2020		740,106
		Avery Point Ltd.,
	250,000	Series 2013-2A-C		3.37%	#^		07/17/2025		237,624
	500,000	Series 2013-2A-D		4.07%	#^		07/17/2025		439,039
		Babson Ltd.,
	272,716	Series 2007-1A-A1		0.84%	#^		01/18/2021		268,842
	500,000	Series 2012-IIR-CR		4.22%	#^		05/15/2023		474,158
	500,000	Series 2014-3A-D2		4.83%	#^		01/15/2026		446,643
	250,000	Series 2014-3A-E2		7.12%	#^		01/15/2026		184,538
	1,000,000	Series 2015-2A-D		4.42%	#^		07/20/2027		890,475
		Battalion Ltd.,
	500,000	Series 2007-1A-C		1.42%	#^		07/14/2022		474,530
		Betony Ltd.,
	500,000	Series 2015-1A-D		4.22%	#^		04/15/2027		440,906
		BlueMountain Ltd.,
	500,000	Series 2012-2A-C		3.37%	#^		11/20/2024		496,023
	750,000	Series 2015-2A-C		3.32%	#^		07/18/2027		696,828
	1,000,000	Series 2015-2A-D		4.17%	#^		07/18/2027		845,506
	500,000	Series 2015-2A-E		5.97%	#^		07/18/2027		385,998
	1,000,000	Series 2015-3A-B		3.43%	#^		10/20/2027		960,334
	500,000	Series 2015-3A-C		3.88%	#^		10/20/2027		435,596
		Carlyle High Yield Partners Ltd.,
	1,447,110	Series 2007-10-A1		0.84%	#^		04/19/2022		1,404,680
	692,344	Series 2007-10A-A2A		0.83%	#^		04/19/2022		677,218
		Catamaran Ltd.,
	250,000	Series 2015-1A-C1		3.72%	#^		04/22/2027		243,020
		Cent Ltd.,
	645,000	Series 2014-16AR-A1AR		1.87%	#^		08/01/2024		644,510
	250,000	Series 2014-22A-B		3.82%	#^		11/07/2026		246,057
	500,000	Series 2014-22A-C		4.37%	#^		11/07/2026		415,338
		Cornerstone Ltd.,
	275,886	Series 2007-1A-A1S		0.84%	#^		07/15/2021		273,828
		Dryden Leveraged Loan,
	500,000	Series 2006-11A-C1		2.22%	#^		04/12/2020		470,781
		Dryden Senior Loan Fund,
	500,000	Series 2012-24RA-DR		4.32%	#^		11/15/2023		456,679
	250,000	Series 2012-25A-D		4.62%	#^		01/15/2025		232,205

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Eaton Vance Ltd.,
	1,234,830	Series 2006-8A-A		0.87%	#^		08/15/2022		1,201,927
	500,000	Series 2006-8A-B		1.27%	#^		08/15/2022		468,604
		Flatiron Ltd.,
	500,000	Series 2013-1A-B		3.37%	#^		01/17/2026		464,124
		Four Corners Ltd.,
	880,876	Series 2006-2A-A		0.89%	#^		01/26/2020		869,695
		Galaxy Ltd.,
	1,000,000	Series 2014-18A-A		2.09%	#^		10/15/2026		983,068
	250,000	Series 2014-18A-D1		4.32%	#^		10/15/2026		214,789
		GoldenTree Loan Opportunities Ltd.,
	500,000	Series 2012-6A-D		4.82%	#^		04/17/2022		484,615
	1,000,000	Series 2015-10A-D		3.97%	#^		07/20/2027		830,730
		Halcyon Loan Advisors Funding Ltd.,
	250,000	Series 2013-2A-C		3.32%	#^		08/01/2025		231,479
	250,000	Series 2014-2A-C		4.12%	#^		04/28/2025		206,218
	250,000	Series 2014-2A-D		5.62%	#^		04/28/2025		134,538
		ING Ltd.,
	500,000	Series 2013-1A-D		5.62%	#^		04/15/2024		413,438
		LCM LP,
	500,000	Series 10AR-BR		2.52%	#^		04/15/2022		497,262
	500,000	Series 12A-DR		4.32%	#^		10/19/2022		467,372
	500,000	Series 14A-D		4.12%	#^		07/15/2025		452,509
	250,000	Series 16A-D		4.22%	#^		07/15/2026		220,472
		Limerock Ltd.,
	250,000	Series 2007-1A-B		1.25%	#^		04/24/2023		237,484
		Madison Park Funding Ltd.,
	922,526	Series 2007-4A-A2		0.85%	#^		03/22/2021		903,134
	1,000,000	Series 2007-6A-C		1.62%	#^		07/26/2021		952,636
	250,000	Series 2014-13A-D		3.97%	#^		01/19/2025		222,678
	250,000	Series 2014-13X-E		5.62%	#		01/19/2025		204,909
	750,000	Series 2014-14A-D		4.22%	#^		07/20/2026		674,197
	500,000	Series 2014-15A-C		4.32%	#^		01/27/2026		442,524
	500,000	Series 2015-16A-B		3.62%	#^		04/20/2026		494,606
	500,000	Series 2015-18A-D2		4.57%	#^		10/21/2026		448,677
		Magnetite Ltd.,
	250,000	Series 2014-9A-B		3.62%	#^		07/25/2026		243,460
		Marea Ltd.,
	750,000	Series 2012-1A-DR		4.37%	#^		10/15/2023		696,073
		Ocean Trails,
	250,000	Series 2006-1A-A2		1.07%	#^		10/12/2020		242,025
		Octagon Investment Partners Ltd.,
	238,344	Series 2006-10A-A1		0.86%	#^		10/18/2020		238,300
	500,000	Series 2014-1A-C		4.27%	#^		11/14/2026		441,119
	500,000	Series 2014-1A-C2		4.12%	#^		11/25/2025		499,565
	250,000	Series 2014-1A-D		7.22%	#^		11/14/2026		207,913
	500,000	Series 2014-1A-D2		5.20%	#^		11/25/2025		452,010
		OZLM Funding Ltd.,
	500,000	Series 2013-5A-A1		2.12%	#^		01/17/2026		497,264
		Pinnacle Park Ltd.,
	250,000	Series 2014-1A-C		3.72%	#^		04/15/2026		248,480
		Race Point Ltd.,
	250,000	Series 2012-6RA-CR		3.73%	#^		05/24/2023		248,738
	250,000	Series 2012-6RA-DR		4.73%	#^		05/24/2023		234,443
		Symphony Ltd.,
	500,000	Series 2013-11A-C		3.77%	#^		01/17/2025		498,907
	500,000	Series 2014-14A-D2		4.22%	#^		07/14/2026		440,170
		Thacher Park Ltd.,
	500,000	Series 2014-1A-D1		4.15%	#^		10/20/2026		439,337
		Venture Ltd.,
	1,000,000	Series 2006-1A-B		1.26%	#^		08/03/2020		939,657
	500,000	Series 2013-15A-C		3.72%	#^		07/15/2025		479,772
	500,000	Series 2014-17A-C		3.47%	#^		07/15/2026		457,390
		Washington Mill Ltd.,
	250,000	Series 2014-1A-C		3.62%	#^		04/20/2026		239,322

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 79

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		WG Horizons,
	500,000	Series 2006-1A-C		2.34%	#^		05/24/2019		474,709
		Wind River Ltd.,
	1,000,000	Series 2014-1A-A		2.14%	#^		04/18/2026		989,520
		Total Collateralized Loan Obligations (Cost $43,917,360)							41,492,677
	FOREIGN CORPORATE BONDS 14.6%
	600,000	Abengoa Transmision Sur S.A.		6.88%	^		04/30/2043		613,500
	400,000	Abengoa Transmision Sur S.A.		6.88%			04/30/2043		409,000
	500,000	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		515,000
	200,000	Aeropuertos Dominicanos		9.75%	#		11/13/2019		212,000
	200,000	AES El Salvador Trust		6.75%			03/28/2023		157,000
	300,000	AES Gener S.A.		5.25%			08/15/2021		319,259
	500,000	Agromercantil Senior Trust		6.25%			04/10/2019		517,500
	200,000	Avianca Holdings S.A.		8.38%			05/10/2020		158,000
	200,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		158,000
	700,000	Banco Continental SAECA		8.88%			10/15/2017		709,625
	200,000	Banco de Costa Rica		5.25%			08/12/2018		203,500
	200,000	Banco do Brasil S.A.		9.00%	#^ †		06/18/2024		139,800
	200,000	Banco GNB Sudameris S.A.		7.50%			07/30/2022		200,000
	400,000	Banco International del Peru S.A.A.		6.63%	#		03/19/2029		412,500
	400,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		399,000
	300,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		299,250
	350,000	Banco Regional SAECA		8.13%			01/24/2019		361,550
	700,000	Banco Santander		5.95%	#		01/30/2024		725,550
	400,000	Bancolombia S.A.		6.13%			07/26/2020		423,880
	50,000	BBVA Banco Continental S.A.		5.25%	#		09/22/2029		50,563
	200,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		203,500
	400,000	BBVA Bancomer S.A.		5.35%	#		11/12/2029		386,000
	400,000	BBVA Colombia S.A.		4.88%			04/21/2025		388,000
	400,000	Bharti Airtel Ltd.		4.38%			06/10/2025		407,238
	100,000	Camposol S.A.		9.88%			02/02/2017		87,500
	200,000	Cementos Progreso Trust		7.13%			11/06/2023		212,500
	200,000	Central American Bottling Corporation		6.75%			02/09/2022		211,500
	400,000	CIMPOR Financial Operations B.V.		5.75%			07/17/2024		294,000
	200,000	Colbun S.A.		6.00%			01/21/2020		220,034
	200,000	Comcel Trust		6.88%			02/06/2024		188,000
	400,000	Compania Minera Ares S.A.C.		7.75%			01/23/2021		398,000
	500,000	CorpGroup Banking S.A.		6.75%			03/15/2023		468,125
	100,000	Corporacion Azucarera del Peru S.A.		6.38%			08/02/2022		86,500
	200,000	Corporacion Financiera de Desarrolo S.A.		4.75%			02/08/2022		210,500
	500,000	Cosan Overseas Ltd.		8.25%	†		11/29/2049		425,000
	600,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		604,500
	300,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		301,125
	200,000	Digicel Ltd.		8.25%			09/30/2020		172,750
	400,000	Digicel Ltd.		7.13%			04/01/2022		312,960
	170,000	Ecopetrol S.A.		7.38%			09/18/2043		156,400
	200,000	Ecopetrol S.A.		5.88%			05/28/2045		158,440

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	300,000	Empresa de Energia de Bogota S.A.		6.13%			11/10/2021		312,300
	1,000,000	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		930,295
	400,000	Empresa Electrica Guacolda S.A.		4.56%	^		04/30/2025		383,862
	727,568	ENA Norte Trust		4.95%			04/25/2023		745,757
	193,382	Fermaca Enterprises S. de R.L. de C.V.		6.38%	^		03/30/2038		183,229
	100,000	Freeport-McMoRan Copper & Gold, Inc.		4.00%			11/14/2021		71,250
	400,000	Freeport-McMoRan Copper & Gold, Inc.		3.88%			03/15/2023		275,648
	200,000	Freeport-McMoRan Copper & Gold, Inc.		5.45%			03/15/2043		122,000
	400,000	Global Bank Corporation		4.75%			10/05/2017		406,500
	400,000	Global Bank Corporation		5.13%			10/30/2019		407,000
	200,000	Global Bank Corporation		5.13%	^		10/30/2019		203,500
	500,000	GNL Quintero S.A.		4.63%			07/31/2029		505,617
	400,000	Grupo Aval Ltd.		4.75%			09/26/2022		374,000
	150,000	Grupo Bimbo S.A.B. de C.V.		4.50%			01/25/2022		159,493
	200,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		208,000
	500,000	Grupo Elektra S.A.B. de C.V.		7.25%			08/06/2018		487,500
	400,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		390,500
	200,000	Grupo Posadas S.A.B. de C.V.		7.88%	^		06/30/2022		197,500
	400,000	GrupoSura Finance S.A.		5.70%			05/18/2021		415,800
	150,000	GTL Trade Finance, Inc.		5.89%			04/29/2024		122,625
	717,732	Guanay Finance Ltd.		6.00%			12/15/2020		697,995
	500,000	Hutchison Whampoa International Ltd.		6.00%	#†		05/07/2017		517,750
	500,000	Industrial Senior Trust		5.50%			11/01/2022		481,250
	200,000	Inkia Energy Ltd.		8.38%	^		04/04/2021		200,500
	200,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		200,500
	230,000	Intelsat Jackson Holdings S.A.		5.50%			08/01/2023		139,725
	25,000	Intelsat Jackson Holdings S.A.		8.00%	^		02/15/2024		25,812
	400,000	Intercorp Peru Ltd.		5.88%			02/12/2025		385,000
	450,000	JBS Investments GmbH		7.25%			04/03/2024		415,125
	300,000	Latam Airlines Group S.A.		7.25%	^		06/09/2020		277,500
	400,000	Lima Metro Line 2 Finance Ltd.		5.88%			07/05/2034		400,000
	200,000	Magnesita Finance Ltd.		8.63%	†		04/05/2017		117,000
	200,000	Marfrig Holdings B.V.		6.88%	^		06/24/2019		190,750
	387,296	Mexico Generadora de Energia		5.50%			12/06/2032		340,336
	380,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		358,625
	200,000	Minerva Luxembourg S.A.		8.75%	#^†		04/03/2019		188,750
	100,000	National Gas Company of Trinidad and Tobago Ltd.		6.05%			01/15/2036		101,875
	200,000	OAS Financial Ltd.		8.88%	#†W		04/29/2049		1,240
	200,000	ONGC Videsh Ltd.		3.75%			05/07/2023		200,260
	200,000	ONGC Videsh Ltd.		4.63%			07/15/2024		210,174
	900,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		935,836
	200,000	Pacific Rubiales Energy Corporation		5.13%	W		03/28/2023		35,000
	100,000	Pacific Rubiales Energy Corporation		5.63%	W		01/19/2025		17,500
	200,000	Pacific Rubiales Energy Corporation		5.63%	^W		01/19/2025		35,000
	800,000	Peru Enhanced Pass-Through Finance Ltd.		0.00%			06/02/2025		619,128
	400,000	Petroleos Mexicanos		5.50%			01/21/2021		415,750
	600,000	Petroleos Mexicanos		6.38%			01/23/2045		559,200
	200,000	Sixsigma Networks Mexico S.A. de C.V.		8.25%	^		11/07/2021		189,500
	200,000	Sociedad Quimica y Minera S.A.		5.50%			04/21/2020		207,650
	200,000	Sociedad Quimica y Minera S.A.		4.38%			01/28/2025		189,500

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	300,000	Southern Copper Corporation		6.75%			04/16/2040		293,265
	200,000	SUAM Finance B.V.		4.88%			04/17/2024		201,500
	500,000	Tanner Servicios Financieros S.A.		4.38%			03/13/2018		491,250
	200,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		197,000
	900,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		916,650
	400,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		259,000
	400,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		236,000
	800,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		825,064
	200,000	Vedanta Resources PLC		8.25%			06/07/2021		120,000
	200,000	Vedanta Resources PLC		7.13%			05/31/2023		112,000
	600,000	Volcan Cia Minera S.A.A.		5.38%			02/02/2022		459,750
	200,000	VTR Finance B.V.		6.88%			01/15/2024		196,560
		Total Foreign Corporate Bonds (Cost $35,152,628)							32,741,695
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 0.7%
	1,500,000	Colombia Government International Bond		4.38%			07/12/2021		1,567,500
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $1,559,702)							1,567,500
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 12.1%
		Banc of America Commercial Mortgage Trust,
	150,000	Series 2006-6-AM		5.39%			10/10/2045		151,923
	100,000	Series 2007-1-AMFX		5.48%	#		01/15/2049		101,161
	100,000	Series 2007-5-AM		5.77%	#		02/10/2051		103,264
		Bear Stearns Commercial Mortgage Securities, Inc.,
	100,000	Series 2006-PW13-AJ		5.61%	#		09/11/2041		99,572
	540,000	Series 2006-PW13-AM		5.58%	#		09/11/2041		545,155
	250,000	Series 2007-T26-AJ		5.57%	#		01/12/2045		246,275
		BXHTL Mortgage Trust,
	550,000	Series 2015-JWRZ-A		1.67%	#^		05/15/2029		539,914
		CD Commercial Mortgage Trust,
	17,041	Series 2006-CD2-AM		5.39%	#		01/15/2046		17,021
	100,000	Series 2007-CD4-AMFX		5.37%	#		12/11/2049		101,720
		CGBAM Commercial Mortgage Trust,
	100,000	Series 2014-HD-D		2.44%	#^		02/15/2031		96,752
		Citigroup Commercial Mortgage Trust,
	210,000	Series 2007-C6-AMFX		5.70%	#^		12/10/2049		212,376
	100,000	Series 2014-GC21-D		4.84%	#^		05/10/2047		79,163
	1,872,504	Series 2014-GC25-XA		1.09%	# I/O		10/10/2047		125,880
	200,000	Series 2015-GC27-D		4.43%	#^		02/10/2048		153,708
		COBALT Commercial Mortgage Trust,
	150,000	Series 2007-C2-AJFX		5.57%	#		04/15/2047		146,578
	100,000	Series 2007-C3-AM		5.76%	#		05/15/2046		102,893
		Commercial Mortgage Pass-Through Certificates,
	3,176,425	Series 2013-CR10-XA		0.96%	# I/O		08/10/2046		134,920
	1,328,893	Series 2014-CR17-XA		1.18%	# I/O		05/10/2047		81,039
	100,000	Series 2014-CR19-C		4.72%	#		08/10/2047		99,785
	1,472,765	Series 2014-CR19-XA		1.29%	# I/O		08/10/2047		97,817
	125,000	Series 2014-CR20-C		4.51%	#		11/10/2047		124,289
	150,000	Series 2014-KYO-E		2.79%	#^		06/11/2027		147,109
	425,000	Series 2014-KYO-F		3.94%	#^		06/11/2027		421,294
	375,000	Series 2015-CR22-D		4.13%	#^		03/10/2048		280,615
	300,000	Series 2015-CR23-D		4.26%	#		05/10/2048		223,399
	2,485,576	Series 2015-DC1-XA		1.18%	# I/O		02/10/2048		172,384
	815,000	Series 2015-LC21-C		4.31%	#		07/10/2048		748,731
	406,000	Series 2015-LC23-C		4.65%	#		10/10/2053		395,859
	3,646,000	Series 2016-DC2-XA		1.24%	# I/O		02/10/2049		272,161

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Commercial Mortgage Trust,
	173,312	Series 2007-MF1-A		6.07%	#^		11/12/2043		178,876
		Credit Suisse Mortgage Capital Certificates,
	150,000	Series 2006-C4-AM		5.51%			09/15/2039		151,306
	100,000	Series 2007-C2-AM		5.59%	#		01/15/2049		102,389
	375,000	Series 2007-C4-A1AM		5.94%	#		09/15/2039		375,297
	297,908	Series 2007-C5-A4		5.70%	#		09/15/2040		307,451
	2,018,458	Series 2014-USA-X1		0.55%	#^ I/O		09/15/2037		87,064
	875,000	Series 2015-SAND-D		3.29%	#^		08/15/2030		845,286
		CSAIL Commercial Mortgage Trust,
	2,734,541	Series 2015-C1-XA		0.97%	# I/O		04/15/2050		162,848
		GE Commercial Mortgage Corporation Trust,
	399,200	Series 2007-C1-AM		5.61%	#		12/10/2049		395,411
		Grace Mortgage Trust,
	100,000	Series 2014-GRCE-A		3.37%	^		06/10/2028		105,403
		Greenwich Capital Commercial Funding Corporation,
	300,000	Series 2007-GG11-AJ		6.03%	#		12/10/2049		295,694
	150,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		154,349
	200,000	Series 2007-GG9-AM		5.48%			03/10/2039		203,106
	175,000	Series 2007-GG9-AMFX		5.48%			03/10/2039		177,890
		GS Mortgage Securities Corporation,
	351,814	Series 2007-GG10-A4		5.79%	#		08/10/2045		362,805
	3,206,197	Series 2013-GC10-XA		1.61%	# I/O		02/10/2046		258,049
	4,154,538	Series 2014-GC20-XA		1.18%	# I/O		04/10/2047		256,794
	9,227,044	Series 2014-GC24-XA		0.88%	# I/O		09/10/2047		455,635
	7,485,298	Series 2015-GS1-XA		0.84%	# I/O		11/10/2048		455,868
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	150,000	Series 2006-LDP8-AJ		5.48%	#		05/15/2045		149,630
	348,533	Series 2006-LDP9-AM		5.37%			05/15/2047		350,181
	150,000	Series 2007-CB20-AM		5.88%	#		02/12/2051		156,976
	550,000	Series 2007-CIBC18-AM		5.47%	#		06/12/2047		557,983
	385,000	Series 2007-CIBC20-AJ		6.08%	#		02/12/2051		375,451
	475,000	Series 2007-LD12-AM		6.01%	#		02/15/2051		495,643
	100,000	Series 2014-DSTY-A		3.43%	^		06/10/2027		103,743
	150,000	Series 2014-PHH-D		2.84%	#^		08/15/2027		148,488
	550,000	Series 2015-CSMO-C		2.69%	#^		01/15/2032		536,532
		JPMBB Commercial Mortgage Securities Trust,
	2,195,629	Series 2014-C18-XA		1.13%	# I/O		02/15/2047		118,194
	1,235,236	Series 2014-C21-XA		1.11%	# I/O		08/15/2047		81,634
	100,000	Series 2014-C23-C		4.46%	#		09/15/2047		98,638
	150,000	Series 2014-C25-C		4.45%	#		11/15/2047		148,541
	425,000	Series 2014-C26-C		4.43%	#		01/15/2048		417,429
	6,956,145	Series 2015-C29-XA		0.96%	# I/O		05/15/2048		324,525
	5,775,436	Series 2015-C31-XA		1.03%	# I/O		08/15/2048		378,151
	470,000	Series 2015-C33-C		4.62%	#		12/15/2048		435,091
		LB-UBS Commercial Mortgage Trust,
	845,000	Series 2007-C1-AJ		5.48%			02/15/2040		844,074
	100,000	Series 2007-C1-AM		5.46%			02/15/2040		101,576
	550,000	Series 2007-C2-AM		5.49%	#		02/15/2040		559,003
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	21,225	Series 2006-1-AJ		5.74%	#		02/12/2039		21,205
	300,000	Series 2006-2-AJ		5.95%	#		06/12/2046		301,470
		Morgan Stanley Bank of America Merrill Lynch Trust,
	100,000	Series 2014-C18-C		4.49%			10/15/2047		98,891
	500,000	Series 2014-C19-C		4.00%			12/15/2047		446,993
	500,000	Series 2015-C20-C		4.46%	#		02/15/2048		464,405
	180,000	Series 2015-C21-C		4.16%	#		03/15/2048		160,173
	360,000	Series 2015-C23-C		4.14%	#		07/15/2050		323,125
	550,000	Series 2015-C26-D		3.06%	^		10/15/2048		364,458
	274,000	Series 2015-C27-C		4.54%	#		12/15/2047		254,654
		Morgan Stanley Capital, Inc.,
	117,749	Series 2006-HQ8-AJ		5.49%	#		03/12/2044		117,511
	200,000	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		196,807
	150,000	Series 2007-IQ16-AM		6.05%	#		12/12/2049		156,844
	150,000	Series 2014-MP-D		3.69%	#^		08/11/2029		150,412
		Wachovia Bank Commercial Mortgage Trust,
	360,000	Series 2006-C28-AJ		5.63%	#		10/15/2048		352,046
	430,000	Series 2007-C30-AJ		5.41%	#		12/15/2043		423,305
	600,000	Series 2007-C30-AM		5.38%			12/15/2043		611,017

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 81

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wachovia Bank Commercial Mortgage Trust, (Cont.)
	150,000	Series 2007-C31-AM		5.59%	#		04/15/2047		153,832
	485,000	Series 2007-C33-AJ		5.95%	#		02/15/2051		478,724
	407,000	Series 2007-C33-AM		5.95%	#		02/15/2051		421,042
		Wells Fargo Commercial Mortgage Trust,
	500,000	Series 2014-LC16-D		3.94%	^		08/15/2050		375,064
	200,000	Series 2015-C27-C		3.89%			02/15/2048		177,870
	400,000	Series 2015-C28-C		4.14%	#		05/15/2048		370,728
	540,000	Series 2015-C31-C		4.61%	#		11/15/2048		517,994
	5,985,004	Series 2015-C31-XA		1.12%	# I/O		11/15/2048		463,041
	2,730,805	Series 2015-NXS1-XA		1.20%	# I/O		05/15/2048		200,327
	8,960,042	Series 2015-NXS2-XA		0.81%	# I/O		07/15/2058		443,803
	411,000	Series 2015-NXS4-C		4.60%	#		12/15/2048		394,598
	2,794,000	Series 2016-C33-XA		1.99%	# I/O		03/15/2059		336,984
		WF-RBS Commercial Mortgage Trust,
	4,180,765	Series 2014-C21-XA		1.18%	# I/O		08/15/2047		276,300
	2,538,669	Series 2014-C24-XA		0.98%	# I/O		11/15/2047		145,111
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $28,178,895)							26,934,495
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 21.5%
		Banc of America Funding Corporation,
	750,000	Series 2005-B-3M1		0.88%	#		04/20/2035		613,333
		Bayview Opportunity Master Fund Trust,
	3,755,008	Series 2015-1-A		3.84%	#^		01/28/2030		3,761,745
		Bear Stearns Alt-A Trust,
	2,156,239	Series 2006-4-22A1		3.07%	#		08/25/2036		1,746,683
		CAM Mortgage LLC,
	983,038	Series 2015-1-A		3.50%	#^		07/15/2064		986,377
		CitiMortgage Alternative Loan Trust,
	2,392,666	Series 2007-A5-1A10		5.75%			05/25/2037		2,022,245
		Countrywide Alternative Loan Trust,
	927,445	Series 2005-75CB-A3		5.50%			01/25/2036		860,943
	1,009,888	Series 2006-23CB-2A2		6.50%			08/25/2036		745,285
	795,268	Series 2007-15CB-A7		6.00%			07/25/2037		714,672
	1,018,029	Series 2008-1R-2A3		6.00%			08/25/2037		841,735
		Countrywide Home Loans,
	1,061,168	Series 2005-HYB9-3A2A		2.59%	#		02/20/2036		984,462
	699,235	Series 2007-14-A15		6.50%			09/25/2037		685,502
	1,794,390	Series 2007-HY1-1A1		3.02%	#		04/25/2037		1,692,763
		Credit Suisse First Boston Mortgage Backed Trust,
	557,646	Series 2006-2-A5A		6.08%	#		09/25/2036		369,940
		Credit Suisse First Boston Mortgage Securities Corporation,
	1,101,578	Series 2005-10-6A9		5.50%			11/25/2035		927,455
	660,236	Series 2005-9-5A9		5.50%			10/25/2035		570,941
		Credit Suisse Mortgage Capital Certificates,
	1,500,000	Series 2011-12R-3A5		2.42%	#^		07/27/2036		1,384,365
	402,000	Series 2011-5R-6A9		2.74%	#^		11/27/2037		365,064
	3,798,355	Series 2015-RPL3-A1		3.75%	#^		12/25/2056		3,739,626
		Deutsche ALT-B Securities, Inc. Mortgage Loan Trust,
	682,456	Series 2006-AB4-A1A		6.01%	#		10/25/2036		553,281
		Deutsche Mortgage & Asset Receiving Corporation,
	259,304	Series 2014-RS1-1A2		8.17%	#^		07/27/2037		192,509
		Impac Secured Assets Trust,
	1,133,134	Series 2006-5-1A1C		0.70%	#		02/25/2037		727,933
		IndyMac Mortgage Loan Trust,
	4,860,479	Series 2006-AR19-2A1		2.86%	#		08/25/2036		3,947,830
		JP Morgan Mortgage Trust,
	988,669	Series 2005-S3-1A2		5.75%			01/25/2036		849,931
	1,699,491	Series 2007-A2-4A1M		4.56%	#		04/25/2037		1,506,829
		Lehman Mortgage Trust,
	303,793	Series 2006-1-1A3		5.50%			02/25/2036		246,726
		MASTR Adjustable Rate Mortgages Trust,
	394,852	Series 2006-2-2A1		2.75%	#		04/25/2036		364,285

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Merrill Lynch Alternative Note Asset Trust,
	545,233	Series 2007-F1-2A7		6.00%			03/25/2037		395,114
		Merrill Lynch Mortgage Investors Trust,
	1,219,183	Series 2006-AF1-AF2C		6.25%			08/25/2036		985,920
		Morgan Stanley Mortgage Loan Trust,
	256,241	Series 2005-7-4A1		5.50%			11/25/2035		229,063
	248,916	Series 2006-2-2A4		5.75%			02/25/2036		236,217
	806,422	Series 2006-2-7A1		5.50%	#		02/25/2036		740,341
	835,592	Series 2007-8XS-A1		5.75%	#		04/25/2037		589,532
		Residential Accredit Loans, Inc.,
	455,408	Series 2006-QS10-A9		6.50%			08/25/2036		381,286
	974,758	Series 2006-QS12-2A3		6.00%			09/25/2036		801,326
		Residential Asset Securitization Trust,
	572,471	Series 2006-A2-A11		6.00%			01/25/2046		432,649
		RMAT LLC,
	1,392,041	Series 2015-RPL1-A1		3.97%	#^		05/26/2020		1,381,702
		Springleaf Mortgage Loan Trust,
	750,000	Series 2013-1A-B2		6.00%	#^		06/25/2058		749,735
	750,000	Series 2013-2A-B2		6.00%	#^		12/25/2065		753,269
		Towd Point Mortgage Trust,
	3,505,008	Series 2015-2-1A13		2.50%	#^		11/25/2060		3,507,715
		VOLT LLC,
	2,227,514	Series 2015-NPL3-A1		3.38%	#^		10/25/2058		2,203,271
		Washington Mutual Mortgage Pass-Through Certificates,
	1,478,729	Series 2006-2-4CB		6.00%			03/25/2036		1,292,972
		Wells Fargo Alternative Loan Trust,
	1,483,044	Series 2007-PA5-1A1		6.25%			11/25/2037		1,427,428
		Wells Fargo Mortgage Backed Securities Trust,
	331,742	Series 2007-2-1A15		5.75%			03/25/2037		323,419
	183,747	Series 2007-3-1A4		6.00%			04/25/2037		179,918
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $49,387,347)							48,013,337
	US CORPORATE BONDS 4.8%
	170,000	Activision Blizzard, Inc.		5.63%	^		09/15/2021		179,562
	205,000	Air Medical Merger Sub Corporation		6.38%	^		05/15/2023		193,212
	122,000	Alere, Inc.		6.50%			06/15/2020		124,928
	165,000	American Axle & Manufacturing, Inc.		6.63%			10/15/2022		172,012
	60,000	Argos Merger Sub, Inc.		7.13%	^		03/15/2023		63,750
	85,000	Asbury Automotive Group, Inc.		6.00%			12/15/2024		86,275
	175,000	Ashland, Inc.		4.75%			08/15/2022		178,500
	120,000	Berry Plastics Corporation		5.50%			05/15/2022		123,450
	225,000	CCO Holdings LLC		5.25%			09/30/2022		232,312
	45,000	CCO Holdings LLC		5.13%	^		05/01/2023		45,900
	37,000	CDW LLC		6.00%			08/15/2022		39,243
	215,000	Centene Escrow Corporation		5.63%	^		02/15/2021		224,675
	250,000	Cequel Communications LLC		6.38%	^		09/15/2020		248,750
	185,000	CommScope, Inc.		5.00%	^		06/15/2021		187,081
	80,000	CSC Holdings LLC		5.25%			06/01/2024		71,500
	110,000	Dana Holding Corporation		5.50%			12/15/2024		104,225
	45,000	Dollar Tree, Inc.		5.75%	^		03/01/2023		47,897
	40,000	Energy Gulf Coast, Inc.		9.25%	W		12/15/2017		1,525
	15,000	Energy Gulf Coast, Inc.		11.00%	^W		03/15/2020		2,175
	35,000	Energy Gulf Coast, Inc.		7.50%	W		12/15/2021		1,312
	85,000	Energy Partners Ltd.		8.25%	W		02/15/2018		4,303
	135,000	Energy Transfer Partners LP		5.20%			02/01/2022		128,325

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

March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	245,000	Ensemble S Merger Sub, Inc.		9.00%	^		09/30/2023		241,019
	105,000	Equinix, Inc.		5.88%			01/15/2026		110,827
	240,000	ESH Hospitality, Inc.		5.25%	^		05/01/2025		235,500
	90,000	First Data Corporation		7.00%	^		12/01/2023		91,237
	90,000	First Data Corporation		5.75%	^		01/15/2024		90,328
	120,000	Frontier Communications Corporation		10.50%	^		09/15/2022		123,450
	245,000	Gannett Company, Inc.		4.88%	^		09/15/2021		252,962
	315,000	Gates Global LLC		6.00%	^		07/15/2022		270,900
	175,000	Goodyear Tire & Rubber Company		5.13%			11/15/2023		179,812
	120,000	Gray Television, Inc.		7.50%			10/01/2020		127,200
	145,000	HCA, Inc.		5.38%			02/01/2025		146,768
	90,000	HCA, Inc.		5.88%			02/15/2026		92,925
	180,000	HD Supply, Inc.		7.50%			07/15/2020		191,925
	35,000	HD Supply, Inc.		5.75%	^		04/15/2024		36,050
	225,000	Infor US, Inc.		6.50%			05/15/2022		205,875
	205,000	JBS LLC		5.75%	^		06/15/2025		180,400
	175,000	Level 3 Communications, Inc.		5.75%			12/01/2022		181,125
	120,000	Levi Strauss & Company		5.00%			05/01/2025		121,800
	300,000	Memorial Productions Partners LP		6.88%			08/01/2022		84,000
	30,000	Microsemi Corporation		9.13%	^		04/15/2023		33,075
	180,000	Milacron LLC		7.75%	^		02/15/2021		166,500
	130,000	MPLX LP		5.50%	^		02/15/2023		126,057
	170,000	NCL Corporation Ltd.		5.25%	^		11/15/2019		175,100
	125,000	OPE KAG Finance Sub, Inc.		7.88%	^		07/31/2023		125,313
	65,000	Pilgrim’s Pride Corporation		5.75%	^		03/15/2025		65,569
	185,000	Plastipak Holdings, Inc.		6.50%	^		10/01/2021		182,688
	110,000	Post Holdings, Inc.		7.38%			02/15/2022		116,738
	125,000	Quintiles Transnational Corporation		4.88%	^		05/15/2023		128,391
	90,000	Regal Entertainment Group		5.75%			03/15/2022		93,600
	214,000	Revlon Consumer Products Corporation		5.75%			02/15/2021		220,955
	225,000	Reynolds Group Issuer LLC		8.25%			02/15/2021		231,053
	115,000	Rite Aid Corporation		6.13%	^		04/01/2023		122,331
	120,000	Sabre GLBL, Inc.		5.25%	^		11/15/2023		122,688
	166,000	Sally Holdings LLC		5.75%			06/01/2022		174,715
	85,000	Sanchez Energy Corporation		6.13%			01/15/2023		46,325
	35,000	Sandridge Energy, Inc.		8.75%	^W		06/01/2020		8,663
	170,000	SBA Communications Corporation		5.63%			10/01/2019		178,075
	200,000	Scientific Games International, Inc.		7.00%	^		01/01/2022		205,000
	200,000	Select Medical Corporation		6.38%			06/01/2021		190,000
	160,000	Service Corporation International		5.38%			01/15/2022		168,000
	275,000	Signode Industrial Group, Inc.		6.38%	^		05/01/2022		251,281
	185,000	Sinclair Television Group, Inc.		5.63%	^		08/01/2024		186,850
	85,000	Solera Finance, Inc.		10.50%	^		03/01/2024		85,638
	175,000	Spectrum Brands, Inc.		5.75%			07/15/2025		186,813
	120,000	Station Casinos LLC		7.50%			03/01/2021		127,200
	75,000	Team Health, Inc.		7.25%	^		12/15/2023		80,438
	205,000	Tenet Healthcare Corporation		6.75%			06/15/2023		197,313
	180,000	Terex Corporation		6.00%			05/15/2021		175,050
	240,000	TransDigm, Inc.		6.00%			07/15/2022		240,300
	65,000	Treehouse Foods, Inc.		6.00%	^		02/15/2024		69,225
	245,000	Tribune Media Company		5.88%	^		07/15/2022		239,488
	155,000	Ultra Petroleum Corporation		5.75%	^		12/15/2018		11,625
	125,000	Viking Cruises Ltd.		8.50%	^		10/15/2022		118,750
	120,000	Vizient, Inc.		10.38%	^		03/01/2024		128,700
	140,000	WCI Communities, Inc.		6.88%			08/15/2021		139,650
	50,000	Western Digital Corporation		7.38%	^		04/01/2023		51,125

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	100,000	WMG Acquisition Corporation		6.75%	^		04/15/2022		99,500
		Total US Corporate Bonds (Cost $11,134,678)							10,694,797
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 2.2%
		Federal Home Loan Mortgage Corporation,
	6,152,461	Series 3926-HS		6.01%	# I/F I/O		09/15/2041		1,085,001
	852,193	Series 4390-NY		3.00%			06/15/2040		890,938
	915,928	Series 4471-GA		3.00%			02/15/2044		946,600
		Federal National Mortgage Association,
	1,918,967	Series 2015-59-A		3.00%			06/25/2041		1,969,972
		Total US Government / Agency Mortgage Backed Obligations (Cost $4,930,393)							4,892,511
	US GOVERNMENT BONDS AND NOTES 6.7%
	14,650,000	United States Treasury Notes		1.75%			12/31/2020		15,015,679
		Total US Government Bonds and Notes (Cost $14,823,327)							15,015,679
	AFFILIATED MUTUAL FUNDS 9.7%
	2,226,764	DoubleLine Floating Rate Fund (Class I)							21,755,488
		Total Affiliated Mutual Funds (Cost $22,540,387)							21,755,488
	SHORT TERM INVESTMENTS 2.5%
	1,898,197	BlackRock Liquidity Funds FedFund - Institutional Shares		0.24%	¨				1,898,197
	1,898,197	Fidelity Institutional Money Market Government Portfolio - Class I		0.23%	¨				1,898,197
	1,898,197	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.25%	¨				1,898,197
		Total Short Term Investments (Cost $5,694,591)							5,694,591
		Total Investments 94.9% (Cost $220,744,937)							212,154,540
		Other Assets in Excess of Liabilities 5.1%							11,315,227
		NET ASSETS 100.0%						$	223,469,767

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 83

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2016

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	21.5%
Collateralized Loan Obligations	18.6%
Foreign Corporate Bonds	14.6%
Non-Agency Commercial Mortgage Backed Obligations	12.1%
Affiliated Mutual Funds	9.7%
US Government Bonds and Notes	6.7%
US Corporate Bonds	4.8%
Short Term Investments	2.5%
US Government / Agency Mortgage Backed Obligations	2.2%
Asset Backed Obligations	1.5%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.7%
Other Assets and Liabilities	5.1%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	79.6%
Chile	2.3%
Mexico	2.2%
Colombia	2.2%
Peru	2.1%
Panama	1.2%
Brazil	0.9%
Singapore	0.8%
Guatemala	0.7%
Paraguay	0.6%
India	0.5%
Israel	0.4%
Costa Rica	0.3%
Hong Kong	0.2%
Jamaica	0.2%
Indonesia	0.2%
Columbia	0.2%
Dominican Republic	0.1%
Luxembourg	0.1%
El Salvador	0.1%
Trinidad and Tobago	0.0%	~
Other Assets and Liabilities	5.1%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	21.5%
Collateralized Loan Obligations	18.6%
Non-Agency Commercial Mortgage Backed Obligations	12.1%
Affiliated Mutual Funds	9.7%
US Government Bonds and Notes	6.7%
Banking	4.0%
Short Term Investments	2.5%
US Government / Agency Mortgage Backed Obligations	2.2%
Transportation	2.2%
Utilities	1.9%
Oil & Gas	1.8%
Asset Backed Obligations	1.5%
Finance	1.1%
Telecommunications	1.0%
Consumer Products	0.9%
Media	0.9%
Mining	0.8%
Building and Development (including Steel/Metals)	0.7%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	0.7%
Healthcare	0.5%
Retailers (other than Food/Drug)	0.5%
Chemicals/Plastics	0.4%
Leisure	0.3%
Industrial Equipment	0.3%
Containers and Glass Products	0.2%
Hotels/Motels/Inns and Casinos	0.2%
Technology	0.2%
Conglomerates	0.2%
Automotive	0.2%
Electronics/Electric	0.2%
Real Estate	0.2%
Business Equipment and Services	0.1%
Health Care Providers & Services	0.1%
Aerospace & Defense	0.1%
Beverage and Tobacco	0.1%
Energy	0.1%
Food Products	0.1%
Financial Intermediaries	0.1%
Pharmaceuticals	0.0%	~
Construction	0.0%	~
Food/Drug Retailers	0.0%	~
Other Assets and Liabilities	5.1%
	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 March 31, 2016, the value of these securities amounted to $77,882,884 or 34.9% of net assets.

¥ Illiquid security. At March 31, 2016, the value of these securities amounted to $994,969 or 0.4% of net assets.

# Variable rate security. Rate disclosed as of March 31, 2016.

† Perpetual Maturity

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

I/O Interest only security

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

¨ Seven-day yield as of March 31, 2016

~ Represents less than 0.05% of net assets

A summary of the DoubleLine Flexible Income Fund’s investments in affiliated mutual funds for the year ended March 31, 2016 is as follows:

Fund	Value at March 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value at March 31, 2016		Dividend Income Earned in the Year Ended March 31, 2016		Net Realized Gain (Loss) in the Year Ended March 31, 2016
DoubleLine Floating Rate Fund	$	8,175,333	$	14,400,000	$	—		2,226,764	$	21,755,488	$	711,817	$	—

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

Schedule of Investments  DoubleLine Low Duration Emerging Markets Fixed Income Fund March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 89.5%
	BRAZIL 6.5%
	3,000,000	Cosan Overseas Ltd.		8.25%	†		11/29/2049		2,550,000
	100,000	Globo Communicacao e Participacoes S.A.		5.31%	#^		05/11/2022		99,400
	4,400,000	Globo Communicacao e Participacoes S.A.		5.31%	#		05/11/2022		4,373,600
	200,000	Marfrig Holdings B.V.		8.38%			05/09/2018		202,000
	1,500,000	Marfrig Holdings B.V.		6.88%	^		06/24/2019		1,430,625
	1,000,000	Marfrig Holdings B.V.		6.88%			06/24/2019		953,750
	600,000	Minerva Luxembourg S.A.		8.75%	#^†		04/03/2019		566,250
	1,900,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		1,793,125
	1,000,000	OAS Investments GmbH		8.25%	W		10/19/2019		6,200
									11,974,950
	CHILE 15.0%
	3,550,000	AES Gener S.A.		5.25%			08/15/2021		3,777,903
	3,000,000	Banco Santander		1.52%	#		04/11/2017		2,981,250
	123,000	Celulosa Arauco y Constitucion S.A.		5.00%			01/21/2021		131,713
	4,000,000	Cencosud S.A.		5.50%			01/20/2021		4,277,412
	1,600,000	Corp Nacional del Cobre de Chile		3.88%			11/03/2021		1,641,765
	1,000,000	Corpbanca S.A.		3.13%			01/15/2018		1,006,690
	200,000	Corpbanca S.A.		3.88%			09/22/2019		205,369
	1,500,000	Corporacion Nacional del Cobre de Chile		3.75%			11/04/2020		1,571,829
	3,827,906	Guanay Finance Ltd.		6.00%			12/15/2020		3,722,638
	3,500,000	Inversiones CMPC S.A.		4.75%			01/19/2018		3,623,137
	2,300,000	Sociedad Quimica y Minera S.A.		6.13%			04/15/2016		2,301,888
	500,000	Sociedad Quimica y Minera S.A.		5.50%			04/21/2020		519,125
	1,900,000	Tanner Servicios Financieros S.A.		4.38%			03/13/2018		1,866,750
	300,000	VTR Finance B.V.		6.88%			01/15/2024		294,840
									27,922,309
	CHINA 0.8%
	400,000	CNPC General Capital Ltd.		1.52%	#^		05/14/2017		400,150
	1,000,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		1,005,514
									1,405,664
	COLOMBIA 11.7%
	1,200,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		948,000
	4,500,000	Ecopetrol S.A.		4.25%			09/18/2018		4,567,500
	1,500,000	Empresa de Energia de Bogota S.A.		6.13%			11/10/2021		1,561,500
	4,000,000	Empresas Publicas de Medellin E.S.P.		7.63%			07/29/2019		4,540,000
	3,000,000	Grupo Aval Ltd.		5.25%			02/01/2017		3,071,250
	700,000	GrupoSura Finance S.A.		5.70%			05/18/2021		727,650
	500,000	Oleoducto Central S.A.		4.00%			05/07/2021		475,625
	3,800,000	Pacific Rubiales Energy Corporation		5.38%	W		01/26/2019		665,000
	5,000,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		5,092,500
									21,649,025
	COSTA RICA 1.1%
	1,000,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		997,500
	1,000,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		1,002,500
									2,000,000
	DOMINICAN REPUBLIC 0.1%
	200,000	Aeropuertos Dominicanos		9.75%	#		11/13/2019		212,000
									212,000

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	GUATEMALA 4.6%
	900,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		931,500
	1,600,000	Agromercantil Senior Trust		6.25%			04/10/2019		1,656,000
	500,000	Bantrab Senior Trust		9.00%			11/14/2020		483,125
	1,250,000	Cementos Progreso Trust		7.13%			11/06/2023		1,328,125
	4,000,000	Central American Bottling Corporation		6.75%			02/09/2022		4,230,000
									8,628,750
	HONG KONG 2.0%
	3,600,000	Hutchison Whampoa International Ltd.		6.00%	#†		05/07/2017		3,727,800
									3,727,800
	INDIA 2.7%
	3,500,000	ONGC Videsh Ltd.		3.25%			07/15/2019		3,557,855
	2,000,000	Vedanta Resources PLC		6.00%			01/31/2019		1,372,500
									4,930,355
	INDONESIA 1.9%
	4,000,000	Freeport-McMoRan Copper & Gold, Inc.		2.38%			03/15/2018		3,560,000
									3,560,000
	ISRAEL 4.0%
	1,000,000	Delek & Avner Tamar Bond Ltd.		3.84%	^		12/30/2018		1,000,900
	2,500,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		2,518,750
	4,000,000	Israel Electric Corporation Ltd.		2.50%	#		01/17/2018		3,950,000
									7,469,650
	JAMAICA 1.3%
	1,200,000	Digicel Ltd.		7.00%			02/15/2020		1,104,000
	1,500,000	Digicel Ltd.		8.25%			09/30/2020		1,295,625
									2,399,625
	MEXICO 13.8%
	2,118,000	Banco Mercantil del Norte		6.86%	#		10/13/2021		2,139,180
	4,000,000	Banco Santander		5.95%	#		01/30/2024		4,146,000
	5,000,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		5,087,500
	500,000	Credito Real S.A.B. de C.V.		7.50%	^		03/13/2019		496,250
	200,000	Credito Real S.A.B. de C.V.		7.50%			03/13/2019		198,500
	2,700,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		2,808,000
	2,500,000	Grupo Elektra S.A.B. de C.V.		7.25%			08/06/2018		2,437,500
	1,500,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		1,464,375
	3,500,000	Petroleos Mexicanos		3.50%			07/18/2018		3,556,000
	2,000,000	Petroleos Mexicanos		5.50%			01/21/2021		2,078,750
	400,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		259,000
	1,500,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		885,000
									25,556,055
	PANAMA 6.9%
	250,000	Banco Latinoamericano de Comercio Exterior S.A.		3.75%			04/04/2017		254,750
	2,000,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%	^		05/07/2020		1,995,000
	1,000,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		997,500
	4,622,195	ENA Norte Trust		4.95%			04/25/2023		4,737,750

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 85

Schedule of Investments  DoubleLine Low Duration Emerging Markets Fixed Income Fund  (Cont.) March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,500,000	Global Bank Corporation		4.75%			10/05/2017		1,524,375
	1,500,000	Global Bank Corporation		5.13%	^		10/30/2019		1,526,250
	1,800,000	Global Bank Corporation		5.13%			10/30/2019		1,831,500
									12,867,125
	PARAGUAY 1.6%
	500,000	Banco Continental SAECA		8.88%			10/15/2017		506,875
	1,080,000	Banco Regional SAECA		8.13%			01/24/2019		1,115,640
	1,000,000	Telefonica Celular del Paraguay S.A.		6.75%	^		12/13/2022		985,000
	400,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		394,000
									3,001,515
	PERU 10.4%
	1,000,000	Banco de Credito del Peru		2.75%			01/09/2018		1,010,000
	600,000	Camposol S.A.		9.88%			02/02/2017		525,000
	200,000	Corporacion Azucarera del Peru S.A.		6.38%			08/02/2022		173,000
	1,400,000	Corporacion Financiera de Desarrollo S.A.		3.25%			07/15/2019		1,428,000
	2,000,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		2,027,500
	200,000	Inkia Energy Ltd.		8.38%	^		04/04/2021		200,500
	2,677,000	Inkia Energy Ltd.		8.38%			04/04/2021		2,683,692
	1,104,632	Interoceanica Finance Ltd.		0.00%			11/30/2018		1,054,924
	2,687,000	Maestro Peru S.A.		6.75%			09/26/2019		2,828,068
	3,783,486	Peru Enhanced Pass-Through Finance Ltd.		0.00%			05/31/2018		3,645,426
	1,800,000	Southern Copper Corporation		3.50%			11/08/2022		1,737,290
	1,500,000	Union Andina de Cementos S.A.A.		5.88%	^		10/30/2021		1,507,500
	500,000	Union Andina de Cementos S.A.A.		5.88%			10/30/2021		502,500
									19,323,400
	QATAR 1.2%
	1,000,000	Ooredoo Tamweel Ltd.		3.04%			12/03/2018		1,020,125
	1,206,751	Ras Laffan Liquefied Natural Gas Company		5.30%			09/30/2020		1,299,820
									2,319,945
	SINGAPORE 3.9%
	1,000,000	DBS Bank Ltd.		3.63%	#		09/21/2022		1,025,091
	3,000,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		3,119,454
	3,000,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		3,093,990
									7,238,535
		Total Foreign Corporate Bonds (Cost $174,521,726)							166,186,703

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 8.0%
	COLOMBIA 3.8%
	6,700,000	Colombia Government International Bond		4.38%			07/12/2021		7,001,500
									7,001,500
	MEXICO 1.1%
	2,050,000	Mexico Government International Bond		3.50%			01/21/2021		2,126,875
									2,126,875
	PANAMA 3.1%
	5,200,000	Panama Government International Bond		5.20%			01/30/2020		5,746,000
									5,746,000
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $14,851,613)							14,874,375
	SHORT TERM INVESTMENTS 0.6%
	353,721	BlackRock Liquidity Funds FedFund - Institutional Shares		0.24%	¨				353,721
	353,722	Fidelity Institutional Money Market Government Portfolio - Class I		0.23%	¨				353,722
	353,721	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.25%	¨				353,721
		Total Short Term Investments (Cost $1,061,164)							1,061,164
		Total Investments 98.1% (Cost $190,434,503)							182,122,242
		Other Assets in Excess of Liabilities 1.9%							3,476,876
		NET ASSETS 100.0%						$	185,599,118

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Corporate Bonds	89.5%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	8.0%
Short Term Investments	0.6%
Other Assets and Liabilities	1.9%
	100.0%

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

March 31, 2016

COUNTRY BREAKDOWN as a % of Net Assets:
Colombia	15.5%
Chile	15.0%
Mexico	14.9%
Peru	10.4%
Panama	10.0%
Brazil	6.5%
Guatemala	4.6%
Israel	4.0%
Singapore	3.9%
India	2.7%
Hong Kong	2.0%
Indonesia	1.9%
Paraguay	1.6%
Jamaica	1.3%
Qatar	1.2%
Costa Rica	1.1%
China	0.8%
United States	0.6%
Dominican Republic	0.1%
Other Assets and Liabilities	1.9%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Banking	22.2%
Oil & Gas	12.8%
Transportation	10.5%
Utilities	9.6%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	8.0%
Mining	5.3%
Finance	3.4%
Building and Development (including Steel/Metals)	3.3%
Consumer Products	3.0%
Media	3.0%
Retailers (other than Food/Drug)	2.8%
Telecommunications	2.7%
Beverage and Tobacco	2.3%
Chemicals/Plastics	2.3%
Food/Drug Retailers	2.3%
Conglomerates	2.0%
Pulp & Paper	2.0%
Short Term Investments	0.6%
Construction	0.0%	~
Other Assets and Liabilities	1.9%
	100.0%

† Perpetual Maturity

# Variable rate security. Rate disclosed as of March 31, 2016.

^ 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 March 31, 2016, the value of these securities amounted to $14,606,075 or 7.9% of net assets.

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

¨ Seven-day yield as of March 31, 2016

~ Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 87

Schedule of Investments  DoubleLine Long Duration Total Return Bond Fund March 31, 2016

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 69.4%
		Federal Home Loan Mortgage Corporation,
	1,596,049	Series 4057-ZB		3.50%			06/15/2042		1,685,120
	1,596,049	Series 4057-ZC		3.50%			06/15/2042		1,732,024
	2,221,082	Series 4182-ZD		3.50%			03/15/2043		2,326,415
	1,091,323	Series 4194-ZL		3.00%			04/15/2043		1,087,431
	2,439,701	Series 4204-QZ		3.00%			05/15/2043		2,370,066
	1,656,136	Series 4206-LZ		3.50%			05/15/2043		1,720,078
	615,100	Series 4210-Z		3.00%			05/15/2043		597,913
	324,954	Series 4226-GZ		3.00%			07/15/2043		314,196
	2,342,971	Series 4390-NZ		3.00%			09/15/2044		2,301,907
	2,076,327	Series 4417-PZ		3.00%			12/15/2044		1,994,687
	2,771,595	Series 4420-CZ		3.00%			12/15/2044		2,659,354
	4,924,311	Series 4427-XG		3.00%			01/15/2045		4,755,409
	2,054,849	Series 4440-ZD		2.50%			02/15/2045		1,835,797
	1,061,513	Series 4460-KB		3.50%			03/15/2045		1,079,704
	2,055,693	Series 4461-LZ		3.00%			03/15/2045		1,977,660
		Federal National Mortgage Association,
	2,100,000	Series 2012-128-UC		2.50%			11/25/2042		1,916,498
	1,596,049	Series 2012-68-ZA		3.50%			07/25/2042		1,690,811
	2,273,439	Series 2012-92-AZ		3.50%			08/25/2042		2,392,541
	2,991,894	Series 2013-127-MZ		3.00%			12/25/2043		2,826,513
	504,526	Series 2013-66-ZK		3.00%			07/25/2043		470,197
	1,651,320	Series 2013-74-ZH		3.50%			07/25/2043		1,724,058
	1,218,090	Series 2014-42-BZ		3.00%			07/25/2044		1,172,262
	1,500,000	Series 2014-67-HD		3.00%			10/25/2044		1,490,232
	904,000	Series 2014-68-TD		3.00%			11/25/2044		900,434
	2,427,280	Series 2014-80-DZ		3.00%			12/25/2044		2,291,885
	1,108,514	Series 2014-80-KL		2.00%			05/25/2043		887,844
	3,075,865	Series 2015-16-ZY		2.50%			04/25/2045		2,773,942
	2,693,521	Series 2015-52-GZ		3.00%			07/25/2045		2,553,059
		Government National Mortgage Association,
	674,291	Series 2013-180-LO		0.00%	P/O		11/16/2043		587,168
	3,250,490	Series 2015-53-EZ		2.00%			04/16/2045		2,476,557
	2,853,060	Series 2015-79-UZ		2.50%			05/20/2045		2,466,039
	271,584	Series 2016-12-MZ		3.00%			01/20/2046		237,166
		Total US Government / Agency Mortgage Backed Obligations (Cost $54,466,880)							57,294,967

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT BONDS AND NOTES 23.4%
	2,400,000	United States Treasury Bonds		6.25%			05/15/2030		3,663,235
	2,800,000	United States Treasury Bonds		4.25%			05/15/2039		3,708,306
	2,500,000	United States Treasury Bonds		3.38%			05/15/2044		2,899,755
	3,646,496	United States Treasury Inflation Indexed Bonds		0.38%			07/15/2025		3,729,658
	2,600,000	United States Treasury Notes		0.50%			06/30/2016		2,601,316
	1,300,000	United States Treasury Notes		1.88%			05/31/2022		1,332,729
	1,300,000	United States Treasury Notes		2.50%			05/15/2024		1,383,128
		Total US Government Bonds and Notes (Cost $18,888,360)							19,318,127
	SHORT TERM INVESTMENTS 7.1%
	1,963,158	BlackRock Liquidity Funds FedFund - Institutional Shares		0.24%	¨				1,963,158
	1,963,157	Fidelity Institutional Money Market Government Portfolio - Class I		0.23%	¨				1,963,157
	1,963,157	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.25%	¨				1,963,157
		Total Short Term Investments (Cost $5,889,472)							5,889,472
		Total Investments 99.9% (Cost $79,244,712)							82,502,566
		Other Assets in Excess of Liabilities 0.1%							103,190
		NET ASSETS 100.0%						$	82,605,756

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government / Agency Mortgage Backed Obligations	69.4%
US Government Bonds and Notes	23.4%
Short Term Investments	7.1%
Other Assets and Liabilities	0.1%
	100.0%

P/O Principal only security

¨ Seven-day yield as of March 31, 2016

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

Schedule of Investments (Consolidated)  DoubleLine Strategic Commodity Fund March 31, 2016

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SHORT TERM INVESTMENTS 99.3%
	1,618,949	BlackRock Liquidity Funds FedFund - Institutional Shares		0.24%	¨				1,618,949
	309,537	Dreyfus Government Cash Management - Institutional Shares		0.20%	¨				309,537
	1,309,412	Fidelity Institutional Money Market Government Portfolio - Class I		0.23%	¨				1,309,412
	250,000	United States Treasury Bills		0.00%			04/21/2016		249,985
	1,140,000	United States Treasury Bills		0.00%			04/28/2016		1,139,860
	750,000	United States Treasury Bills		0.00%			05/12/2016		749,921
	15,150,000	United States Treasury Bills		0.00%	‡		06/23/2016		15,142,895

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	4,200,000	United States Treasury Bills		0.00%			07/21/2016		4,196,606
	4,500,000	United States Treasury Bills		0.00%			08/18/2016		4,494,253
		Total Short Term Investments (Cost $29,212,644)							29,211,418
		Total Investments 99.3% (Cost $29,212,644)							29,211,418
		Other Assets in Excess of Liabilities 0.7%							207,046
		NET ASSETS 100.0%						$	29,418,464

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Short Term Investments	99.3%
Other Assets and Liabilities	0.7%
	100.0%

¨ Seven-day yield as of March 31, 2016

‡ All or a portion of security has been pledged as collateral in connection with swaps.

Excess Return Swaps - Long
Reference Entity	Counterparty	Financing Rate	Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
Commodity Beta Basket Swap g	Morgan Stanley	0.28%		17,600,000		04/01/2016	$	708,969
Long Commodity Basket Swap j	Morgan Stanley	0.22%		5,800,000		04/01/2016		110,274
							$	819,243
Excess Return Swaps - Short
Reference Entity	Counterparty	Financing Rate	Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
Short Commodity Basket Swap y	Morgan Stanley	0.22%		5,800,000		04/01/2016	$	(375,311	)
							$	(375,311	)

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

g Commodity Beta Basket Swap represents a swap on a basket of commodity indices designed to approximate the broad commodity market. At March 31, 2016, the constituents and their weightings were as follows: Copper 20.1%, Soybeans 19.6%, Nickel 12.1%, Brent Crude 10.3%, Crude Oil 10.2%, Gas Oil 5.5%, Sugar 5.5%, Unleaded Gasoline 5.1%, Live Cattle 4.8%, Cotton 3.6%, Heating Oil 3.2%.

j Long Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At March 31, 2016, the constituents and their weightings were as follows: Cotton 20.4%, Copper 20.2%, Zinc 19.9%, Cocoa 19.8%, Gold 19.7%.

y Short Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At March 31, 2016, the constituents and their weightings were as follows: Gasoline 20.1%, Crude Oil 20.1%, Brent Crude 20.1%, Natural Gas 19.9%, Heating Oil 19.8%.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 89

Schedule of Investments  DoubleLine Global Bond Fund March 31, 2016

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 64.5%
	AUSTRALIA 3.4%
	2,650,000	AUD	Australia Government Bond		1.75%			11/21/2020		2,004,926
	3,200,000	AUD	Australia Government Bond		3.25%			04/21/2025		2,614,068
										4,618,994
	BELGIUM 1.7%
	2,000,000	EUR	Belgium Government Bond		0.80%	^		06/22/2025		2,362,365
										2,362,365
	CANADA 3.6%
	2,600,000	CAD	Canadian Government Bond		2.75%			06/01/2022		2,228,483
	3,240,000	CAD	Canadian Government Bond		2.25%			06/01/2025		2,715,001
										4,943,484
	GERMANY 3.8%
	4,250,000	EUR	Bundesrepublik Deutschland		1.00%			08/15/2025		5,242,553
										5,242,553
	HUNGARY 4.2%
	990,000,000	HUF	Hungary Government Bond		3.50%			06/24/2020		3,846,149
	425,000,000	HUF	Hungary Government Bond		5.50%			06/24/2025		1,884,386
										5,730,535
	IRELAND 4.1%
	1,500,000	EUR	Ireland Government Bond		3.90%			03/20/2023		2,125,415
	2,175,000	EUR	Ireland Government Bond		5.40%			03/13/2025		3,492,320
										5,617,735
	ISRAEL 2.7%
	7,450,000	ILS	Israel Government Bond		4.25%			03/31/2023		2,363,373
	5,175,000	ILS	Israel Government Bond		1.75%			08/31/2025		1,380,184
										3,743,557
	ITALY 3.1%
	700,000	EUR	Italy Buoni Poliennali Del Tesoro		0.65%			11/01/2020		809,923
	2,850,000	EUR	Italy Buoni Poliennali Del Tesoro		1.50%			06/01/2025		3,345,839
										4,155,762
	JAPAN 15.0%
	350,000,000	JPY	Japan Government Ten Year Bond		0.60%			06/20/2024		3,301,985
	550,000,000	JPY	Japan Government Ten Year Bond		0.40%			06/20/2025		5,110,482
	572,500,000	JPY	Japan Government Ten Year Bond		0.40%			09/20/2025		5,319,862
	290,000,000	JPY	Japan Government Twenty Year Bond		1.50%			06/20/2034		3,099,067
	355,000,000	JPY	Japan Government Twenty Year Bond		1.20%			09/20/2035		3,613,288
										20,444,684

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	MEXICO 1.6%
	35,000,000	MXN	Mexican Bonos		8.00%			06/11/2020		2,239,031
										2,239,031
	NEW ZEALAND 2.6%
	4,375,000	NZD	New Zealand Government Bond		5.50%			04/15/2023		3,601,222
										3,601,222
	POLAND 4.1%
	7,150,000	PLN	Poland Government Bond		1.50%			04/25/2020		1,888,829
	13,350,000	PLN	Poland Government Bond		3.25%			07/25/2025		3,734,332
										5,623,161
	PORTUGAL 3.2%
	1,250,000	EUR	Portugal Obrigacoes do Tesouro		2.20%	^		10/17/2022		1,418,377
	2,525,000	EUR	Portugal Obrigacoes do Tesouro		2.88%	^		10/15/2025		2,900,528
										4,318,905
	ROMANIA 1.8%
	9,000,000	RON	Romania Government Bond		4.75%			06/24/2019		2,504,345
										2,504,345
	SPAIN 3.3%
	625,000	EUR	Spain Government Bond		5.85%	^		01/31/2022		924,842
	2,800,000	EUR	Spain Government Bond		2.75%	^		10/31/2024		3,571,871
										4,496,713
	UNITED KINGDOM 6.3%
	1,800,000	GBP	United Kingdom Gilt		1.25%			07/22/2018		2,633,567
	3,900,000	GBP	United Kingdom Gilt		2.00%			07/22/2020		5,899,118
										8,532,685
			Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $84,180,053)							88,175,731
	US GOVERNMENT BONDS AND NOTES 31.5%
	UNITED STATES 31.5%
	3,500,000	USD	United States Treasury Notes		1.38%			04/30/2020		3,537,734
	3,500,000	USD	United States Treasury Notes		1.63%			06/30/2020		3,571,232
	3,500,000	USD	United States Treasury Notes		1.75%			04/30/2022		3,562,685
	12,500,000	USD	United States Treasury Notes		1.88%			08/31/2022		12,796,625
	4,000,000	USD	United States Treasury Notes		2.00%			11/30/2022		4,123,360
	2,500,000	USD	United States Treasury Notes		2.38%			08/15/2024		2,634,425
	12,500,000	USD	United States Treasury Notes		2.00%			02/15/2025		12,775,637
			Total US Government Bonds and Notes (Cost $41,948,846)							43,001,698

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

March 31, 2016

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	SHORT TERM INVESTMENTS 3.5%
	1,577,463	BlackRock Liquidity Funds FedFund - Institutional Shares		0.24%	¨			1,577,463
	1,577,464	Fidelity Institutional Money Market Government Portfolio - Class I		0.23%	¨			1,577,464
	1,577,463	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.25%	¨			1,577,463
		Total Short Term Investments (Cost $4,732,390)						4,732,390
		Total Investments 99.5% (Cost $130,861,289)						135,909,819
		Other Assets in Excess of Liabilities 0.5%						658,333
		NET ASSETS 100.0%					$	136,568,152

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	64.5%
US Government Bonds and Notes	31.5%
Short Term Investments	3.5%
Other Assets and Liabilities	0.5%
	100.0%
COUNTRY BREAKDOWN as a % of Net Assets:
United States	35.0%
Japan	15.0%
United Kingdom	6.3%
Hungary	4.2%
Poland	4.1%
Ireland	4.1%
Germany	3.8%
Canada	3.6%
Australia	3.4%
Spain	3.3%
Portugal	3.2%
Italy	3.1%
Israel	2.7%
New Zealand	2.6%
Romania	1.8%
Belgium	1.7%
Mexico	1.6%
Other Assets and Liabilities	0.5%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration 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 March 31, 2016, the value of these securities amounted to $11,177,983 or 8.2% of net assets.

¨ Seven-day yield as of March 31, 2016

AUD Australian Dollar

EUR Euro

CAD Canadian Dollar

HUF Hungarian Forint

ILS Israeli Shekel

JPY Japanese Yen

MXN Mexican Peso

NZD New Zealand Dollar

PLN Polish Zloty

RON Romanian Leu

GBP British Pound

USD United States Dollar

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 91

Statements of Assets and Liabilities March 31, 2016

	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income Fund			DoubleLine Multi-Asset Growth Fund (Consolidated)			DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund
ASSETS
Investments in Unaffiliated Securities, at Value*	$	50,598,353,258		$	5,466,219,491		$	732,220,953		$	54,765,496		$	2,720,376,729		$	264,642,278
Investments in Affiliated Securities, at Value*		—			137,656,164			—			37,138,819			47,950,000			—
Short Term Investments*		6,949,575,305			308,501,997			471			57,219,814			59,350,966			40,848,297
Foreign Currency, at Value*		—			—			—			33,624			—			—
Receivable for Fund Shares Sold		282,902,268			36,632,155			3,825,395			589,017			7,692,366			703,419
Interest and Dividends Receivable		183,971,301			35,914,420			11,925,353			531,708			13,789,159			2,170,185
Prepaid Expenses and Other Assets		675,295			159,773			98,100			28,096			63,961			34,315
Receivable for Investments Sold		—			188,853,833			10,631,578			1,186,748			68,255,858			13,576,742
Cash		—			—			—			3,280,000			—			—
Deposit at Broker for Futures		—			—			—			2,546,281			—			—
Unrealized Appreciation on Forward Currency Exchange Contracts		—			—			—			126,323			—			—
Total Assets		58,015,477,427			6,173,937,833			758,701,850			157,445,926			2,917,479,039			321,975,236
LIABILITIES
Payable for Fund Shares Redeemed		67,914,763			6,509,807			1,927,403			118,375			4,132,520			431,875
Distribution Payable		55,766,657			4,328,841			579,754			747,054			1,407,550			402,629
Payable for Investments Purchased		29,908,872			93,168,283			4,636,321			108,144			25,073,164			18,972,476
Investment Advisory Fees Payable		19,205,135			1,933,174			466,791			114,157			830,755			127,905
Transfer Agent Expenses Payable		3,362,446			82,207			51,228			32,899			144,801			6,697
Distribution Fees Payable		2,615,397			197,313			39,155			26,756			329,818			18,953
Administration, Fund Accounting and Custodian Fees Payable		1,295,258			157,225			22,072			11,375			125,428			31,827
Registration Fees Payable		1,188,072			115,140			17,389			2,515			66,778			23,540
Accrued Expenses		822,838			77,858			29,315			9,239			54,292			18,705
Professional Fees Payable		349,967			112,773			91,534			61,328			68,082			47,569
Loans Payable		—			—			1,330,000			—			—			—
Written Option Contracts, at Value (Premiums received $279,800)		—			—			—			179,000			—			—
Unrealized Depreciation on Forward Currency Exchange Contracts		—			—			—			37,205			—			—
Variation Margin Payable		—			—			—			116,884			—			—
Total Liabilities		182,429,405			106,682,621			9,190,962			1,564,931			32,233,188			20,082,176
Net Assets	$	57,833,048,022		$	6,067,255,212		$	749,510,888		$	155,880,995		$	2,885,245,851		$	301,893,060
NET ASSETS CONSIST OF:
Paid-in Capital	$	59,143,496,686		$	6,114,286,867		$	857,252,153		$	166,980,592		$	2,929,899,297		$	313,102,946
Undistributed (Accumulated) Net Investment Income (Loss)		5,390,358			50,261			(426,856	)		123,468			(479,167	)		58,346
Accumulated Net Realized Gain (Loss) on Investments		(1,806,556,739	)		(55,018,552	)		(20,799,092	)		(7,404,721	)		(15,202,827	)		(9,871,100	)
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		488,893,746			1,780,472			(86,515,317	)		(3,039,648	)		(26,921,452	)		(1,397,132	)
Investments in Affiliated Securities		—			6,156,164			—			(1,159,033	)		(2,050,000	)		—
Short Term Investments		1,823,971			—			—			—			—			—
Foreign Currency		—			—			—			190			—			—
Forwards		—			—			—			89,118			—			—
Futures		—			—			—			190,229			—			—
Swaps		—			—			—			—			—			—
Written Options		—			—			—			100,800			—			—
Net Assets	$	57,833,048,022		$	6,067,255,212		$	749,510,888		$	155,880,995		$	2,885,245,851		$	301,893,060
*Identified Cost:
Investments in Unaffiliated Securities	$	50,109,459,512		$	5,464,439,019		$	818,736,270		$	57,805,144		$	2,747,298,181		$	266,039,410
Investments in Affiliated Securities		—			131,500,000			—			38,297,852			50,000,000			—
Short Term Investments		6,947,751,334			308,501,997			471			57,219,814			59,350,966			40,848,297
Foreign Currency		—			—			—			33,434			—			—
Class I (unlimited shares authorized):
Net Assets	$	46,082,293,549		$	5,114,336,092		$	548,221,357		$	42,074,571		$	1,722,942,481		$	229,612,207
Shares Outstanding		4,238,682,263			470,454,842			56,626,876			4,752,246			172,405,594			23,510,081
Net Asset Value, Offering and Redemption Price per Share	$	10.87		$	10.87		$	9.68		$	8.85		$	9.99		$	9.77
Class N (unlimited shares authorized):
Net Assets	$	11,750,754,473		$	952,919,120		$	201,289,531		$	—		$	1,162,303,370		$	72,280,853
Shares Outstanding		1,081,312,824			87,716,401			20,790,622			—			116,387,414			7,385,580
Net Asset Value, Offering and Redemption Price per Share	$	10.87		$	10.86		$	9.68		$	—		$	9.99		$	9.79
Class A (unlimited shares authorized):
Net Assets	$	—		$	—		$	—		$	113,806,424		$	—		$	—
Shares Outstanding		—			—			—			12,889,262			—			—
Net Asset Value, Offering Price per Share	$	—		$	—		$	—		$	9.21		$	—		$	—
Net Asset Value, Redemption Price per Share	$	—		$	—		$	—		$	8.83		$	—		$	—

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

March 31, 2016

	DoubleLine Shiller Enhanced CAPE®			DoubleLine Flexible Income Fund			DoubleLine Low Duration Emerging Markets Fixed Income Fund			DoubleLine Long Duration Total Return Bond Fund			DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund
ASSETS
Investments in Unaffiliated Securities, at Value*	$	764,503,108		$	184,704,461		$	181,061,078		$	76,613,094		$	—		$	131,177,429
Investments in Affiliated Securities, at Value*		—			21,755,488			—			—			—			—
Short Term Investments*		45,026,142			5,694,591			1,061,164			5,889,472			29,211,418			4,732,390
Foreign Currency, at Value*		—			—			—			—			—			386,018
Unrealized Appreciation on Swaps		45,566,002			—			—			—			443,932			—
Receivable for Fund Shares Sold		8,450,461			1,106,024			1,609,738			88,521			8,308			385,274
Receivable for Investments Sold		7,593,702			9,908,721			602,639			—			—			—
Interest and Dividends Receivable		4,119,190			1,473,137			2,230,721			307,255			216			937,267
Prepaid Expenses and Other Assets		51,529			54,483			28,227			17,397			854			1,371
Due from Advisor		—			—			—			—			16,245			—
Total Assets		875,310,134			224,696,905			186,593,567			82,915,739			29,680,973			137,619,749
LIABILITIES
Payable for Investments Purchased		13,368,182			469,779			528,767			—			—			786,356
Payable for Fund Shares Redeemed		758,046			325,404			127,905			50,542			—			14,826
Investment Advisory Fees Payable		325,736			100,094			38,260			26,055			—			27,096
Distribution Payable		307,457			241,604			207,775			143,267			—			59,257
Transfer Agent Expenses Payable		97,650			28,097			26,206			22,545			28,343			22,070
Professional Fees Payable		59,168			26,822			15,668			41,212			193,924			37,913
Administration, Fund Accounting and Custodian Fees Payable		41,023			16,278			10,315			7,072			3,582			21,747
Distribution Fees Payable		35,104			13,262			22,836			5,323			475			7,423
Registration Fees Payable		15,807			4,087			3,456			1,706			492			9,095
Accrued Expenses		8,919			1,711			13,261			12,261			35,693			10,007
Due to Custodian		—			—			—			—			—			55,807
Total Liabilities		15,017,092			1,227,138			994,449			309,983			262,509			1,051,597
Net Assets	$	860,293,042		$	223,469,767		$	185,599,118		$	82,605,756		$	29,418,464		$	136,568,152
NET ASSETS CONSIST OF:
Paid-in Capital	$	823,542,547		$	234,529,349		$	194,214,336		$	80,307,520		$	28,795,624		$	131,101,446
Undistributed (Accumulated) Net Investment Income (Loss)		(20,613	)		1,237			(161,981	)		7,061			180,134			159,508
Accumulated Net Realized Gain (Loss) on Investments		1,069,129			(2,470,422	)		(140,976	)		(966,679	)		—			223,660
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		(9,864,023	)		(7,805,498	)		(8,312,261	)		3,257,854			—			5,048,530
Investments in Affiliated Securities		—			(784,899	)		—			—			—			—
Short Term Investments		—			—			—			—			(1,226	)		—
Foreign Currency		—			—			—			—			—			4,310
Swaps		45,566,002			—			—			—			443,932			—
Translation of Other Assets and Liabilities Denominated in Foreign Currency		—			—			—			—			—			30,698
Net Assets	$	860,293,042		$	223,469,767		$	185,599,118		$	82,605,756		$	29,418,464		$	136,568,152
*Identified Cost:
Investments in Unaffiliated Securities	$	774,367,131		$	192,509,959		$	189,373,339		$	73,355,240		$	—		$	126,128,899
Investments in Affiliated Securities		—			22,540,387			—			—			—			—
Short Term Investments		45,026,142			5,694,591			1,061,164			5,889,472			29,212,644			4,732,390
Foreign Currency		—			—			—			—			—			381,708
Class I (unlimited shares authorized):
Net Assets	$	673,308,064		$	160,590,237		$	66,797,269		$	56,843,135		$	27,997,005		$	94,631,148
Shares Outstanding		54,651,069			16,813,722			6,963,809			5,466,268			3,221,666			9,017,236
Net Asset Value, Offering and Redemption Price per Share	$	12.32		$	9.55		$	9.59		$	10.40		$	8.69		$	10.49
Class N (unlimited shares authorized):
Net Assets	$	186,984,978		$	62,879,530		$	118,801,849		$	25,762,621		$	1,421,459		$	41,937,004
Shares Outstanding		15,186,518			6,585,366			12,375,903			2,479,231			163,936			3,996,645
Net Asset Value, Offering and Redemption Price per Share	$	12.31		$	9.55		$	9.60		$	10.39		$	8.67		$	10.49

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 93

Statements of Operations For the Period Ended March 31, 2016

	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
INVESTMENT INCOME
Income:
Interest	$	1,873,257,632		$	171,561,279		$	51,148,579		$	2,506,418		$	69,852,183		$	14,366,358
Dividends from Unaffiliated Securities		—			—			—			1,310,363			—			—
Dividends from Affiliated Securities		—			2,739,626			—			1,480,940			1,712,019			—
Total Investment Income		1,873,257,632			174,300,905			51,148,579			5,297,721			71,564,202			14,366,358
Expenses:
Investment Advisory Fees		199,523,197			19,216,037			6,595,062			1,403,092			9,188,763			1,652,257
Distribution Fees - Class N		25,222,143			1,894,171			577,609			—			2,882,085			163,397
Distribution Fees - Class A		—			—			—			245,458			—			—
Transfer Agent Expenses		20,806,972			1,468,772			736,993			118,573			1,058,323			157,794
Administration, Fund Accounting and Custodian Fees		7,399,337			947,355			166,478			54,726			586,342			132,907
Registration Fees		2,569,724			247,107			147,249			65,616			212,117			55,011
Shareholder Reporting Expenses		1,613,886			176,756			72,630			3,801			75,466			13,082
Professional Fees		984,038			200,035			130,087			92,337			103,896			69,068
Insurance Expenses		733,677			68,071			15,964			4,047			47,106			9,868
Trustees’ Fees		565,266			53,812			11,023			1,417			30,022			3,693
Miscellaneous Expenses		342,946			25,216			24,899			7,550			19,327			54,661
Total Expenses		259,761,186			24,297,332			8,477,994			1,996,617			14,203,447			2,311,738
Less: Investment Advisory Fees (Waived)		—			(507,986	)		—			(180,083	)		(242,692	)		—
Less: Fees (Reimbursed)/Recouped		—			203,659			—			(68,149	)		228,850			—
Net Expenses		259,761,186			23,993,005			8,477,994			1,748,385			14,189,605			2,311,738
Net Investment Income (Loss)		1,613,496,446			150,307,900			42,670,585			3,549,336			57,374,597			12,054,620
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities		(9,092,364	)		(16,515,219	)		(144,365	)		(964,426	)		(2,621,104	)		(8,862,940	)
Investments in Affiliated Securities		—			481,640			—			(936,455	)		—			—
Foreign Currency		—			—			—			(5,581	)		—			—
Forwards		—			—			—			(971,121	)		—			—
Futures		—			—			—			(4,089,817	)		—			—
Swaps		—			—			—			2,012,261			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		(388,865,347	)		(53,886,864	)		(63,306,418	)		(5,123,139	)		(28,263,795	)		(3,455,753	)
Investments in Affiliated Securities		—			2,936,663			—			(438,683	)		(1,200,000	)		—
Short Term Investments		1,564,652			—			—			12			—			—
Foreign Currency		—			—			—			190			—			—
Forwards		—			—			—			335,340			—			—
Futures		—			—			—			52,555			—			—
Swaps		—			—			—			434,821			—			—
Written Options		—			—			—			100,800			—			—
Net Realized and Unrealized Gain (Loss) on Investments		(396,393,059	)		(66,983,780	)		(63,450,783	)		(9,593,243	)		(32,084,899	)		(12,318,693	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,217,103,387		$	83,324,120		$	(20,780,198	)	$	(6,043,907	)	$	25,289,698		$	(264,073	)

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

For the Period Ended March 31, 2016

	DoubleLine Shiller Enhanced CAPE®			DoubleLine Flexible Income Fund			DoubleLine Low Duration Emerging Markets Fixed Income Fund			DoubleLine Long Duration Total Return Bond Fund			DoubleLine Strategic Commodity Fund (Consolidated)1			DoubleLine Global Bond Fund2
INVESTMENT INCOME
Income:
Interest	$	18,922,606		$	7,813,670		$	6,994,846		$	2,564,422		$	30,923		$	364,735
Dividends from Affiliated Securities		—			711,817			—			—			—			—
Foreign Taxes Withheld		—			—			—			—			—			1,257
Total Investment Income		18,922,606			8,525,487			6,994,846			2,564,422			30,923			365,992
Expenses:
Investment Advisory Fees		2,589,754			1,170,231			865,743			365,229			140,282			120,090
Transfer Agent Expenses		430,173			170,531			355,716			91,173			71,636			30,490
Distribution Fees - Class N		291,350			129,331			255,106			47,503			1,232			8,783
Administration, Fund Accounting and Custodian Fees		257,492			128,816			52,753			15,472			5,978			30,929
Professional Fees		147,241			55,016			49,711			39,434			362,327			52,868
Registration Fees		112,081			83,965			72,936			80,390			86,887			21,683
Miscellaneous Expenses		48,864			6,693			16,571			5,313			17,072			8,464
Shareholder Reporting Expenses		34,838			11,593			34,502			9,134			34,738			35,786
Insurance Expenses		8,325			2,706			3,940			2,571			88			84
Trustees’ Fees		5,850			2,289			2,185			932			566			375
Total Expenses		3,925,968			1,761,171			1,709,163			657,151			720,806			309,552
Less: Investment Advisory Fees (Waived)		—			(92,489	)		—			—			—			—
Less: Fees (Reimbursed)/Recouped		(22,516	)		(84,116	)		(432,477	)		(134,851	)		(526,045	)		(132,643	)
Net Expenses		3,903,452			1,584,566			1,276,686			522,300			194,761			176,909
Net Investment Income (Loss)		15,019,154			6,940,921			5,718,160			2,042,122			(163,838	)		189,083
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities		(2,579,272	)		(1,326,954	)		167,007			(929,778	)		9,065			223,660
Foreign Currency		—			—			—			—			—			167,690
Swaps		8,923,418			—			—			—			(534,982	)		—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		(10,145,025	)		(7,261,825	)		(5,014,819	)		1,032,041			—			5,048,530
Investments in Affiliated Securities		—			(819,845	)		—			—			—			—
Short Term Investments		—			—			—			—			(1,226	)		—
Foreign Currency		—			—			—			—			—			4,310
Swaps		34,931,709			—			—			—			443,932			—
Translation of Other Assets and Liabilities Denominated in Foreign Currency		—			—			—			—			—			30,698
Net Realized and Unrealized Gain (Loss) on Investments		31,130,830			(9,408,624	)		(4,847,812	)		102,263			(83,211	)		5,474,888
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	46,149,984		$	(2,467,703	)	$	870,348		$	2,144,385		$	(247,049	)	$	5,663,971

¹  Commencement of operations on May 18, 2015.

²  Commencement of operations on December 17, 2015.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 95

Statements of Changes in Net Assets March 31, 2016

	DoubleLine Total Return Bond Fund						DoubleLine Core Fixed Income Fund
	Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2016			Year Ended March 31, 2015
OPERATIONS
Net Investment Income (Loss)	$	1,613,496,446		$	1,372,410,265		$	150,307,900		$	91,410,507
Net Realized Gain (Loss) on Investments		(9,092,364	)		3,427,405			(16,033,579	)		16,905,648
Net Change in Unrealized Appreciation (Depreciation) on Investments		(387,300,695	)		746,039,607			(50,950,201	)		43,651,274
Net Increase (Decrease) in Net Assets Resulting from Operations		1,217,103,387			2,121,877,277			83,324,120			151,967,429
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(1,592,585,033	)		(1,333,251,287	)		(138,890,859	)		(83,191,481	)
Class N		(378,136,485	)		(325,614,446	)		(24,114,624	)		(16,874,140	)
Total Distributions to Shareholders		(1,970,721,518	)		(1,658,865,733	)		(163,005,483	)		(100,065,621	)
NET SHARE TRANSACTIONS
Class I		10,394,862,523			11,289,659,328			1,775,047,253			2,012,382,225
Class N		2,465,195,792			2,271,852,073			353,195,271			218,937,983
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		12,860,058,315			13,561,511,401			2,128,242,524			2,231,320,208
Total Increase (Decrease) in Net Assets	$	12,106,440,184		$	14,024,522,945		$	2,048,561,161		$	2,283,222,016
NET ASSETS
Beginning of Period	$	45,726,607,838		$	31,702,084,893		$	4,018,694,051		$	1,735,472,035
End of Period	$	57,833,048,022		$	45,726,607,838		$	6,067,255,212		$	4,018,694,051
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	5,390,358		$	9,772,655		$	50,261		$	498,241

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

March 31, 2016

	DoubleLine Emerging Markets Fixed Income Fund						DoubleLine Multi-Asset Growth Fund (Consolidated)
	Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2016			Year Ended March 31, 2015
OPERATIONS
Net Investment Income (Loss)	$	42,670,585		$	33,859,605		$	3,549,336		$	3,753,049
Net Realized Gain (Loss) on Investments		(144,365	)		910,510			(4,955,139	)		4,618,082
Net Change in Unrealized Appreciation (Depreciation) on Investments		(63,306,418	)		(20,412,635	)		(4,638,104	)		(547,185	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(20,780,198	)		14,357,480			(6,043,907	)		7,823,946
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(32,607,064	)		(24,679,407	)		(2,028,228	)		(1,984,995	)
Class N		(10,765,477	)		(10,288,341	)		—			—
Class A		—			—			(4,345,777	)		(3,186,549	)
From Net Realized Gain
Class I		—			—			(484,512	)		(2,245,080	)
Class A		—			—			(1,359,935	)		(3,948,695	)
Total Distributions to Shareholders		(43,372,541	)		(34,967,748	)		(8,218,452	)		(11,365,319	)
NET SHARE TRANSACTIONS
Class I		58,855,393			223,550,943			3,592,084			(22,074,409	)
Class N		(18,081,083	)		54,182,018			—			—
Class A		—			—			39,447,910			(10,306,195	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		40,774,310			277,732,961			43,039,994			(32,380,604	)
Total Increase (Decrease) in Net Assets	$	(23,378,429	)	$	257,122,693		$	28,777,635		$	(35,921,977	)
NET ASSETS
Beginning of Period	$	772,889,317		$	515,766,624		$	127,103,360		$	163,025,337
End of Period	$	749,510,888		$	772,889,317		$	155,880,995		$	127,103,360
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	(426,856	)	$	275,100		$	123,468		$	2,950,991

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 97

Statements of Changes in Net Assets  (Cont.) March 31, 2016

	DoubleLine Low Duration Bond Fund						DoubleLine Floating Rate Fund
	Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2016			Year Ended March 31, 2015
OPERATIONS
Net Investment Income (Loss)	$	57,374,597		$	43,773,895		$	12,054,620		$	11,989,619
Net Realized Gain (Loss) on Investments		(2,621,104	)		(2,379,603	)		(8,862,940	)		(957,215	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(29,463,795	)		(7,261,258	)		(3,455,753	)		874,963
Net Increase (Decrease) in Net Assets Resulting from Operations		25,289,698			34,133,034			(264,073	)		11,907,367
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(37,160,611	)		(23,936,627	)		(9,859,110	)		(10,079,356	)
Class N		(25,796,298	)		(22,121,181	)		(2,288,730	)		(1,871,512	)
From Net Realized Gain
Class I		—			—			—			(224,448	)
Class N		—			—			—			(41,580	)
Total Distributions to Shareholders		(62,956,909	)		(46,057,808	)		(12,147,840	)		(12,216,896	)
NET SHARE TRANSACTIONS
Class I		577,796,275			320,882,912			(71,003,853	)		33,787,831
Class N		29,948,738			92,351,618			23,838,413			(53,064,447	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		607,745,013			413,234,530			(47,165,440	)		(19,276,616	)
Total Increase (Decrease) in Net Assets	$	570,077,802		$	401,309,756		$	(59,577,353	)	$	(19,586,145	)
NET ASSETS
Beginning of Period	$	2,315,168,049		$	1,913,858,293		$	361,470,413		$	381,056,558
End of Period	$	2,885,245,851		$	2,315,168,049		$	301,893,060		$	361,470,413
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	(479,167	)	$	691,496		$	58,346		$	151,566

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

March 31, 2016

	DoubleLine Shiller Enhanced CAPE®						DoubleLine Flexible Income Fund
	Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2016			Period Ended March 31, 20151
OPERATIONS
Net Investment Income (Loss)	$	15,019,154		$	4,369,964		$	6,940,921		$	2,055,344
Net Realized Gain (Loss) on Investments		6,344,146			6,152,439			(1,326,954	)		(23,570	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		24,786,684			9,564,812			(8,081,670	)		(508,727	)
Net Increase (Decrease) in Net Assets Resulting from Operations		46,149,984			20,087,215			(2,467,703	)		1,523,047
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(13,392,963	)		(3,813,749	)		(5,784,363	)		(1,461,010	)
Class N		(3,099,774	)		(1,031,003	)		(2,055,590	)		(813,963	)
From Net Realized Gain
Class I		(7,556,918	)		(32,317	)		—			—
Class N		(1,947,414	)		(8,962	)		—			—
Total Distributions to Shareholders		(25,997,069	)		(4,886,031	)		(7,839,953	)		(2,274,973	)
NET SHARE TRANSACTIONS
Class I		356,497,043			259,720,132			110,612,477			57,939,114
Class N		103,229,298			64,717,418			38,237,268			27,740,490
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		459,726,341			324,437,550			148,849,745			85,679,604
Total Increase (Decrease) in Net Assets	$	479,879,256		$	339,638,734		$	138,542,089		$	84,927,678
NET ASSETS
Beginning of Period	$	380,413,786		$	40,775,052		$	84,927,678		$	—
End of Period	$	860,293,042		$	380,413,786		$	223,469,767		$	84,927,678
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	(20,613	)	$	47,374		$	1,237		$	20,265

¹  Commencement of operations on April 7, 2014.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 99

Statements of Changes in Net Assets  (Cont.) March 31, 2016

	DoubleLine Low Duration Emerging Markets Fixed Income Fund						DoubleLine Long Duration Total Return Bond Fund
	Year Ended March 31, 2016			Period Ended March 31, 20151			Year Ended March 31, 2016			Period Ended March 31, 20152
OPERATIONS
Net Investment Income (Loss)	$	5,718,160		$	3,532,181		$	2,042,122		$	578,097
Net Realized Gain (Loss) on Investments		167,007			(183,082	)		(929,778	)		66,314
Net Change in Unrealized Appreciation (Depreciation) on Investments		(5,014,819	)		(3,297,442	)		1,032,041			2,225,813
Net Increase (Decrease) in Net Assets Resulting from Operations		870,348			51,657			2,144,385			2,870,224
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(2,508,967	)		(2,105,211	)		(1,548,525	)		(445,918	)
Class N		(3,421,817	)		(1,382,171	)		(503,394	)		(115,335	)
From Net Realized Gain
Class I		—			(50,222	)		(76,976	)		—
Class N		—			(63,660	)		(26,240	)		—
Total Distributions to Shareholders		(5,930,784	)		(3,601,264	)		(2,155,135	)		(561,253	)
NET SHARE TRANSACTIONS
Class I		4,024,591			66,054,608			709,097			53,980,829
Class N		42,324,640			81,805,322			6,094,941			19,522,668
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		46,349,231			147,859,930			6,804,038			73,503,497
Total Increase (Decrease) in Net Assets	$	41,288,795		$	144,310,323		$	6,793,288		$	75,812,468
NET ASSETS
Beginning of Period	$	144,310,323		$	—		$	75,812,468		$	—
End of Period	$	185,599,118		$	144,310,323		$	82,605,756		$	75,812,468
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	(161,981	)	$	7,429		$	7,061		$	16,844

¹  Commencement of operations on April 7, 2014.

²  Commencement of operations on December 15, 2014.

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

March 31, 2016

	DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund
	Period Ended March 31, 20161			Period Ended March 31, 20162
OPERATIONS
Net Investment Income (Loss)	$	(163,838	)	$	189,083
Net Realized Gain (Loss) on Investments		(525,917	)		391,350
Net Change in Unrealized Appreciation (Depreciation) on Investments		442,706			5,083,538
Net Increase (Decrease) in Net Assets Resulting from Operations		(247,049	)		5,663,971
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		—			(169,086	)
Class N		—			(28,179	)
From Net Realized Gain
Class I		(8,845	)		—
Class N		(243	)		—
Total Distributions to Shareholders		(9,088	)		(197,265	)
NET SHARE TRANSACTIONS
Class I		28,243,359			90,111,915
Class N		1,431,242			40,989,531
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		29,674,601			131,101,446
Total Increase (Decrease) in Net Assets	$	29,418,464		$	136,568,152
NET ASSETS
Beginning of Period	$	—		$	—
End of Period	$	29,418,464		$	136,568,152
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	180,134		$	159,508

¹  Commencement of operations on May 18, 2015.

²  Commencement of operations on December 17, 2015.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 101

Financial Highlights March 31, 2016

	DoubleLine Total Return Bond Fund
	Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012
	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	$	11.04		$	10.90		$	11.34		$	11.17		$	10.96		$	11.04		$	10.89		$	11.33		$	11.16		$	10.96
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.35			0.41			0.42			0.46			0.77			0.33			0.40			0.39			0.44			0.73
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.09	)		0.22			(0.30	)		0.34			0.31			(0.09	)		0.22			(0.30	)		0.34			0.31
Total from Investment Operations		0.26			0.63			0.12			0.80			1.08			0.24			0.62			0.09			0.78			1.04
Less Distributions:
Distributions from Net Investment Income		(0.43	)		(0.49	)		(0.56	)		(0.63	)		(0.87	)		(0.41	)		(0.47	)		(0.53	)		(0.61	)		(0.84	)
Total Distributions		(0.43	)		(0.49	)		(0.56	)		(0.63	)		(0.87	)		(0.41	)		(0.47	)		(0.53	)		(0.61	)		(0.84	)
Net Asset Value, End of Period	$	10.87		$	11.04		$	10.90		$	11.34		$	11.17		$	10.87		$	11.04		$	10.89		$	11.33		$	11.16
Total Return		2.45%			5.93%			1.13%			7.37%			10.18%			2.20%			5.76%			0.88%			7.11%			9.83%
Supplemental Data:
Net Assets, End of Period (000’s)	$	46,082,294		$	36,286,609		$	24,631,306		$	30,398,069		$	16,226,569		$	11,750,754		$	9,439,999		$	7,070,779		$	9,441,917		$	6,115,779
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.47%			0.47%			0.47%			0.48%			0.50%			0.72%			0.72%			0.72%			0.73%			0.75%
Expenses After Investment Advisory Fees (Waived)		0.47%			0.47%			0.47%			0.48%			0.50%			0.72%			0.72%			0.72%			0.73%			0.75%
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.47%			0.47%			0.48%			0.48%			0.49%			0.72%			0.72%			0.73%			0.73%			0.74%
Net Investment Income (Loss)		3.29%			3.74%			3.78%			4.02%			6.86%			3.04%			3.50%			3.25%			3.76%			6.58%
Portfolio Turnover Rate		15%			13%			14%			23%			15%			15%			13%			14%			23%			15%

¹  Calculated based on average shares outstanding during the period.

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

March 31, 2016

	DoubleLine Core Fixed Income Fund
	Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012
	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	$	11.10		$	10.88		$	11.29		$	11.06		$	10.46		$	11.10		$	10.87		$	11.28		$	11.05		$	10.46
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.36			0.39			0.41			0.36			0.50			0.32			0.37			0.40			0.33			0.47
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.22	)		0.26			(0.31	)		0.36			0.65			(0.22	)		0.26			(0.31	)		0.36			0.65
Total from Investment Operations		0.14			0.65			0.10			0.72			1.15			0.10			0.63			0.09			0.69			1.12
Less Distributions:
Distributions from Net Investment Income		(0.37	)		(0.43	)		(0.47	)		(0.44	)		(0.52	)		(0.34	)		(0.40	)		(0.46	)		(0.41	)		(0.50	)
Distributions from Net Realized Gain		—			—			(0.04	)		(0.05	)		(0.03	)		—			—			(0.04	)		(0.05	)		(0.03	)
Total Distributions		(0.37	)		(0.43	)		(0.51	)		(0.49	)		(0.55	)		(0.34	)		(0.40	)		(0.50	)		(0.46	)		(0.53	)
Net Asset Value, End of Period	$	10.87		$	11.10		$	10.88		$	11.29		$	11.06		$	10.86		$	11.10		$	10.87		$	11.28		$	11.05
Total Return		1.31%			6.07%			1.03%			6.53%			11.19%			0.97%			5.91%			0.77%			6.27%			10.85%
Supplemental Data:
Net Assets, End of Period (000’s)	$	5,114,336		$	3,406,628		$	1,351,760		$	1,829,092		$	1,544,169		$	952,919		$	612,066		$	383,712		$	731,957		$	539,143
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.47%			0.48%			0.51%			0.51%			0.54%			0.72%			0.73%			0.76%			0.76%			0.79%
Expenses After Investment Advisory Fees (Waived)		0.46%			0.46%			0.48%			0.51%			0.54%			0.71%			0.71%			0.73%			0.76%			0.79%
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.46%			0.47%			0.48%			0.50%			0.49%			0.71%			0.72%			0.73%			0.75%			0.74%
Net Investment Income (Loss)		3.17%			3.60%			3.76%			3.14%			4.51%			2.92%			3.39%			3.32%			2.91%			4.22%
Portfolio Turnover Rate		70%			65%			53%			83%			81%			70%			65%			53%			83%			81%

¹  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 103

Financial Highlights  (Cont.) March 31, 2016

	DoubleLine Emerging Markets Fixed Income Fund
	Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012
	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	$	10.23		$	10.48		$	11.03		$	10.70		$	10.57		$	10.23		$	10.48		$	11.03		$	10.70		$	10.57
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.49			0.55			0.46			0.38			0.58			0.46			0.52			0.44			0.36			0.55
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.54	)		(0.24	)		(0.38	)		0.46			0.23			(0.54	)		(0.24	)		(0.38	)		0.46			0.23
Total from Investment Operations		(0.05	)		0.31			0.08			0.84			0.81			(0.08	)		0.28			0.06			0.82			0.78
Less Distributions:
Distributions from Net Investment Income		(0.50	)		(0.56	)		(0.48	)		(0.38	)		(0.58	)		(0.47	)		(0.53	)		(0.46	)		(0.36	)		(0.55	)
Distributions from Net Realized Gain		—			—			(0.15	)		(0.13	)		(0.10	)		—			—			(0.15	)		(0.13	)		(0.10	)
Total Distributions		(0.50	)		(0.56	)		(0.63	)		(0.51	)		(0.68	)		(0.47	)		(0.53	)		(0.61	)		(0.49	)		(0.65	)
Net Asset Value, End of Period	$	9.68		$	10.23		$	10.48		$	11.03		$	10.70		$	9.68		$	10.23		$	10.48		$	11.03		$	10.70
Total Return		(0.48)%			2.90%			0.95%			8.04%			7.96%			(0.73)%			2.64%			0.69%			7.78%			7.71%
Supplemental Data:
Net Assets, End of Period (000’s)	$	548,221		$	539,542		$	331,790		$	620,479		$	349,926		$	201,290		$	233,347		$	183,977		$	167,750		$	81,484
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.90%			0.90%			0.92%			0.91%			0.95%			1.15%			1.15%			1.17%			1.16%			1.20%
Expenses After Investment Advisory Fees (Waived)		0.90%			0.90%			0.92%			0.91%			0.95%			1.15%			1.15%			1.17%			1.16%			1.20%
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.90%			0.90%			0.92%			0.91%			0.95%			1.15%			1.15%			1.17%			1.16%			1.20%
Net Investment Income (Loss)		4.92%			5.20%			4.40%			3.53%			5.47%			4.67%			4.95%			4.25%			3.30%			5.26%
Portfolio Turnover Rate		75%			67%			79%			105%			177%			75%			67%			79%			105%			177%

¹  Calculated based on average shares outstanding during the period.

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

March 31, 2016

	DoubleLine Multi-Asset Growth Fund (Consolidated)
	Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2012
	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	$	9.81		$	10.10		$	9.96		$	10.03		$	10.11		$	9.78		$	10.07		$	9.95		$	10.02		$	10.09
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.24			0.28			0.18			0.31			0.42			0.22			0.26			0.12			0.29			0.41
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.65	)		0.32			0.18			(0.06	)		(0.16	)		(0.65	)		0.32			0.19			(0.06	)		(0.16	)
Total from Investment Operations		(0.41	)		0.60			0.36			0.25			0.26			(0.43	)		0.58			0.31			0.23			0.25
Less Distributions:
Distributions from Net Investment Income		(0.44	)		(0.40	)		(0.22	)		(0.32	)		(0.34	)		(0.41	)		(0.38	)		(0.19	)		(0.30	)		(0.32	)
Distributions from Net Realized Gain		(0.11	)		(0.49	)		—			—			—			(0.11	)		(0.49	)		—			—			—
Total Distributions		(0.55	)		(0.89	)		(0.22	)		(0.32	)		(0.34	)		(0.52	)		(0.87	)		(0.19	)		(0.30	)		(0.32	)
Net Asset Value, End of Period	$	8.85		$	9.81		$	10.10		$	9.96		$	10.03		$	8.83		$	9.78		$	10.07		$	9.95		$	10.02
Total Return2		(4.29)%			6.22%			3.65%			2.49%			2.67%			(4.42)%			5.96%			3.28%			2.19%			2.57%
Supplemental Data:
Net Assets, End of Period (000’s)	$	42,075		$	42,796		$	66,292		$	105,114		$	85,073		$	113,806		$	84,307		$	96,734		$	159,714		$	42,261
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.25%			1.30%			1.33%			1.45%			1.70%			1.50%			1.55%			1.58%			1.70%			1.95%
Expenses After Investment Advisory Fees (Waived)		1.12%			1.09%			1.26%			1.35%			1.59%			1.37%			1.34%			1.51%			1.60%			1.84%
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.07%			0.99%			1.13%			1.10%			1.09%			1.32%			1.24%			1.38%			1.35%			1.34%
Net Investment Income (Loss)		2.72%			2.87%			1.67%			3.11%			4.14%			2.47%			2.66%			1.01%			2.48%			3.88%
Portfolio Turnover Rate		56%			86%			150%			88%			48%			56%			86%			150%			88%			48%

¹  Calculated based on average shares outstanding during the period.

²  Total return does not include the effects of sales charges for Class A.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 105

Financial Highlights  (Cont.) March 31, 2016

	DoubleLine Low Duration Bond Fund
	Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Period Ended March 31, 20121			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Period Ended March 31, 20121
	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	$	10.14		$	10.19		$	10.21		$	10.16		$	10.00		$	10.13		$	10.18		$	10.20		$	10.15		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.22			0.22			0.15			0.20			0.11			0.21			0.19			0.13			0.17			0.09
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.12	)		(0.04	)		—			0.09			0.13			(0.12	)		(0.04	)		—			0.09			0.13
Total from Investment Operations		0.10			0.18			0.15			0.29			0.24			0.09			0.15			0.13			0.26			0.22
Less Distributions:
Distributions from Net Investment Income		(0.25	)		(0.23	)		(0.17	)		(0.24	)		(0.08	)		(0.23	)		(0.20	)		(0.15	)		(0.21	)		(0.07	)
Total Distributions		(0.25	)		(0.23	)		(0.17	)		(0.24	)		(0.08	)		(0.23	)		(0.20	)		(0.15	)		(0.21	)		(0.07	)
Net Asset Value, End of Period	$	9.99		$	10.14		$	10.19		$	10.21		$	10.16		$	9.99		$	10.13		$	10.18		$	10.20		$	10.15
Total Return		1.00%			1.76%			1.51%			2.88%			2.44%	2		0.85%			1.51%			1.26%			2.64%			2.25%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	1,722,942		$	1,166,438		$	851,771		$	375,840		$	132,117		$	1,162,303		$	1,148,730		$	1,062,088		$	237,727		$	85,343
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.43%			0.45%			0.48%			0.53%			0.94%	3		0.68%			0.70%			0.73%			0.78%			1.19%	3
Expenses After Investment Advisory Fees (Waived)		0.42%			0.44%			0.48%			0.53%			0.94%	3		0.67%			0.69%			0.73%			0.78%			1.19%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.43%			0.46%			0.47%			0.47%			0.47%	3		0.68%			0.71%			0.72%			0.72%			0.72%	3
Net Investment Income (Loss)		2.30%			2.16%			1.46%			1.98%			2.10%	3		2.05%			1.90%			1.30%			1.70%			1.74%	3
Portfolio Turnover Rate		66%			61%			53%			71%			46%	2		66%			61%			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.

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

March 31, 2016

	DoubleLine Floating Rate Fund
	Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Period Ended March 31, 20131			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Period Ended March 31, 20131
	Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	10.14		$	10.15		$	10.08		$	10.00		$	10.16		$	10.16		$	10.08		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.36			0.34			0.27			—			0.34			0.32			0.25			—
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.36	)		—			0.04			0.08			(0.36	)		—			0.05			0.08
Total from Investment Operations		—			0.34			0.31			0.08			(0.02	)		0.32			0.30			0.08
Less Distributions:
Distributions from Net Investment Income		(0.37	)		(0.34	)		(0.24	)		—			(0.35	)		(0.31	)		(0.22	)		—
Distributions from Net Realized Gain		—			(0.01	)		—			—			—			(0.01	)		—			—
Total Distributions		(0.37	)		(0.35	)		(0.24	)		—			(0.35	)		(0.32	)		(0.22	)		—
Net Asset Value, End of Period	$	9.77		$	10.14		$	10.15		$	10.08		$	9.79		$	10.16		$	10.16		$	10.08
Total Return		0.02%			3.36%			3.07%			0.80%	2		(0.23)%			3.19%			2.93%			0.80%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	229,612		$	310,368		$	276,737		$	63,436		$	72,281		$	51,103		$	104,320		$	10
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.65%			0.67%			0.73%			2.01%3			0.90%			0.92%			0.98%			2.26%3
Expenses After Investment Advisory Fees (Waived)		0.65%			0.67%			0.73%			2.01%3			0.90%			0.92%			0.98%			2.26%3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.65%			0.70%			0.73%			0.75%3			0.90%			0.95%			0.98%			1.00%3
Net Investment Income (Loss)		3.70%			3.35%			2.68%			(0.13)%	3		3.45%			3.06%			2.68%			(0.13)%	3
Portfolio Turnover Rate		70%			84%			66%			20%	2		70%			84%			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. Annual Report March 31, 2016 107

Financial Highlights  (Cont.) March 31, 2016

	DoubleLine Shiller Enhanced CAPE®
	Year Ended March 31, 2016			Year Ended March 31, 2015			Period Ended March 31, 20141			Year Ended March 31, 2016			Year Ended March 31, 2015			Period Ended March 31, 20141
	Class I			Class I			Class I			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	12.13		$	10.68		$	10.00		$	12.12		$	10.68		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.32			0.34			0.11			0.29			0.30			0.10
Net Gain (Loss) on Investments (Realized and Unrealized)		0.40			1.45			0.67			0.40			1.45			0.67
Total from Investment Operations		0.72			1.79			0.78			0.69			1.75			0.77
Less Distributions:
Distributions from Net Investment Income		(0.34	)		(0.34	)		(0.10	)		(0.31	)		(0.31	)		(0.09	)
Distributions from Net Realized Gain		(0.19	)		—	5		—			(0.19	)		—	5		—
Total Distributions		(0.53	)		(0.34	)		(0.10	)		(0.50	)		(0.31	)		(0.09	)
Net Asset Value, End of Period	$	12.32		$	12.13		$	10.68		$	12.31		$	12.12		$	10.68
Total Return		6.09%			16.96%			7.83%	2		5.84%			16.60%			7.73%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	673,308		$	301,580		$	30,061		$	186,985		$	78,834		$	10,714
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.63%			0.82%			4.98%	3		0.88%			1.07%			5.23%	3
Expenses After Investment Advisory Fees (Waived)		0.63%			0.79%			4.72%	3		0.88%			1.04%			4.97%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.63%			0.62%			0.39%	3		0.88%			0.87%			0.64%	3
Net Investment Income (Loss)		2.66%			2.89%			2.64%	3		2.41%			2.63%			2.35%	3
Portfolio Turnover Rate		67%			68%			120%	2		67%			68%			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.

⁵  Less than $0.005 per share.

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

March 31, 2016

	DoubleLine Flexible Income Fund
	Year Ended March 31, 2016			Period Ended March 31, 20151			Year Ended March 31, 2016			Period Ended March 31, 20151
	Class I			Class I			Class N			Class N
Net Asset Value, Beginning of Period	$	9.99		$	10.00		$	9.99		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.36			0.42			0.34			0.40
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.40	)		(0.04	)		(0.40	)		(0.04	)
Total from Investment Operations		(0.04	)		0.38			(0.06	)		0.36
Less Distributions:
Distributions from Net Investment Income		(0.40	)		(0.39	)		(0.38	)		(0.37	)
Total Distributions		(0.40	)		(0.39	)		(0.38	)		(0.37	)
Net Asset Value, End of Period	$	9.55		$	9.99		$	9.55		$	9.99
Total Return		(0.43)%			3.85%	2		(0.66)%			3.63%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	160,590		$	57,511		$	62,880		$	27,417
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.87%			1.33%	3		1.12%			1.58%	3
Expenses After Investment Advisory Fees (Waived)		0.82%			1.27%	3		1.07%			1.52%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.77%			0.76%	3		1.02%			1.01%	3
Net Investment Income (Loss)		3.75%			4.26%	3		3.50%			4.08%	3
Portfolio Turnover Rate		42%			55%	2		42%			55%	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. Annual Report March 31, 2016 109

Financial Highlights  (Cont.) March 31, 2016

	DoubleLine Low Duration Emerging Markets Fixed Income Fund
	Year Ended March 31, 2016			Period Ended March 31, 20151			Year Ended March 31, 2016			Period Ended March 31, 20151
	Class I			Class I			Class N			Class N
Net Asset Value, Beginning of Period	$	9.83		$	10.00		$	9.84		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.33			0.37			0.31			0.35
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.23	)		(0.17	)		(0.23	)		(0.17	)
Total from Investment Operations		0.10			0.20			0.08			0.18
Less Distributions:
Distributions from Net Investment Income		(0.34	)		(0.36	)		(0.32	)		(0.33	)
Distributions from Net Realized Gain		—			(0.01	)		—			(0.01	)
Total Distributions		(0.34	)		(0.37	)		(0.32	)		(0.34	)
Net Asset Value, End of Period	$	9.59		$	9.83		$	9.60		$	9.84
Total Return		1.06%			1.92%	2		0.82%			1.80%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	66,797		$	64,891		$	118,802		$	79,419
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.84%			0.91%	3		1.09%			1.16%	3
Expenses After Investment Advisory Fees (Waived)		0.84%			0.91%	3		1.09%			1.16%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.59%			0.59%	3		0.84%			0.84%	3
Net Investment Income (Loss)		3.44%			3.80%	3		3.19%			3.58%	3
Portfolio Turnover Rate		39%			21%	2		39%			21%	2

¹  Commencement of operations on April 7, 2014.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

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

March 31, 2016

	DoubleLine Long Duration Total Return Bond Fund
	Year Ended March 31, 2016			Period Ended March 31, 20151			Year Ended March 31, 2016			Period Ended March 31, 20151
	Class I			Class I			Class N			Class N
Net Asset Value, Beginning of Period	$	10.43		$	10.00		$	10.42		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.29			0.10			0.26			0.09
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.02	)		0.41			(0.02	)		0.41
Total from Investment Operations		0.27			0.51			0.24			0.50
Less Distributions:
Distributions from Net Investment Income		(0.29	)		(0.08	)		(0.26	)		(0.08	)
Distributions from Net Realized Gain		(0.01	)		—			(0.01	)		—
Total Distributions		(0.30	)		(0.08	)		(0.27	)		(0.08	)
Net Asset Value, End of Period	$	10.40		$	10.43		$	10.39		$	10.42
Total Return		2.76%			5.15%	2		2.51%			4.99%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	56,843		$	56,240		$	25,763		$	19,572
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.84%			1.33%	3		1.09%			1.58%	3
Expenses After Investment Advisory Fees (Waived)		0.84%			1.33%	3		1.09%			1.58%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.65%			0.65%	3		0.90%			0.90%	3
Net Investment Income (Loss)		2.87%			3.02%	3		2.62%			3.00%	3
Portfolio Turnover Rate		52%			72%	2		52%			72%	2

¹  Commencement of operations on December 15, 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. Annual Report March 31, 2016 111

Financial Highlights  (Cont.) March 31, 2016

	DoubleLine Strategic Commodity Fund (Consolidated)
	Period Ended March 31, 20161			Period Ended March 31, 20161
	Class I			Class N
Net Asset Value, Beginning of Period	$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		(0.07	)		(0.09	)
Net Gain (Loss) on Investments (Realized and Unrealized)		(1.24	)		(1.24	)
Total from Investment Operations		(1.31	)		(1.33	)
Less Distributions:
Distributions from Net Realized Gain		—	5		—	5
Total Distributions		—	5		—	5
Net Asset Value, End of Period	$	8.69		$	8.67
Total Return		(13.07)%	2		(13.27)%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	27,997		$	1,421
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		4.42%	3		4.67%	3
Expenses After Investment Advisory Fees (Waived)		4.42%	3		4.67%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.06%	3		1.31%	3
Net Investment Income (Loss)		(1.05)%	3		(1.30)%	3
Portfolio Turnover Rate		0%	2		0%	2

¹  Commencement of operations on May 18, 2015.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

⁵  Less than $0.005 per share.

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

March 31, 2016

	DoubleLine Global Bond Fund
	Period Ended March 31, 20161			Period Ended March 31, 20161
	Class I			Class N
Net Asset Value, Beginning of Period	$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.02			0.02
Net Gain (Loss) on Investments (Realized and Unrealized)		0.49			0.49
Total from Investment Operations		0.51			0.51
Less Distributions:
Distributions from Net Investment Income		(0.02	)		(0.02	)
Total Distributions		(0.02	)		(0.02	)
Net Asset Value, End of Period	$	10.49		$	10.49
Total Return		5.11%	2		5.07%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	94,631		$	41,937
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.29%	3		1.54%	3
Expenses After Investment Advisory Fees (Waived)		1.29%	3		1.54%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.70%	3		0.95%	3
Net Investment Income (Loss)		0.83%	3		0.58%	3
Portfolio Turnover Rate		13%	2		13%	2

¹  Commencement of operations on December 17, 2015.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2016 113

Notes to Financial Statements March 31, 2016

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 13 funds, DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund, DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Shiller Enhanced CAPE^®, DoubleLine Flexible Income Fund, DoubleLine Low Duration Emerging Markets Fixed Income Fund, DoubleLine Selective Credit Fund, Doubleline Long Duration Total Return Bond Fund, DoubleLine Strategic Commodity Fund and DoubleLine Global Bond 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 annual report.

The Funds’ investment objectives and commencement of operations of each share class are as follows:

		Commencement of Operations
Fund Name	Investment Objective	I Shares		N Shares		A Shares
DoubleLine Total Return Bond Fund	Maximize total return		4/6/2010		4/6/2010		—
DoubleLine Core Fixed Income Fund	Maximize current income and total return		6/1/2010		6/1/2010		—
DoubleLine Emerging Markets Fixed Income Fund	Seek high total return from current income and capital appreciation		4/6/2010		4/6/2010		—
DoubleLine Multi-Asset Growth Fund (Consolidated)	Seek long-term capital appreciation		12/20/2010		—		12/20/2010
DoubleLine Low Duration Bond Fund	Seek current income		9/30/2011		9/30/2011		—
DoubleLine Floating Rate Fund	Seek high level of current income		2/1/2013		2/1/2013		—
DoubleLine Shiller Enhanced CAPE®	Seek total return which exceeds the total return of its benchmark index		10/31/2013		10/31/2013		—
DoubleLine Flexible Income Fund	Seek long-term total return while striving to generate current income		4/7/2014		4/7/2014		—
DoubleLine Low Duration Emerging Markets Fixed Income Fund	Seek long-term total return		4/7/2014		4/7/2014		—
DoubleLine Long Duration Total Return Bond Fund	Seek long-term total return		12/15/2014		12/15/2014		—
DoubleLine Strategic Commodity Fund (Consolidated)	Seek long-term total return		5/18/2015		5/18/2015		—
DoubleLine Global Bond Fund	Seek long-term total return		12/17/2015		12/17/2015		—

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 Funds are authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income securities. Securities that use similar valuation techniques and inputs as described in the following table are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable, the values generally would be categorized as Level 3.

114 DoubleLine Funds Trust

March 31, 2016

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

Investments in registered open-end management investment companies will be valued based upon the net asset value (“NAV”) of such investments and are categorized as Level 1 of the fair value hierarchy. 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 March 31, 2016, the Funds did not hold any investments in private investment funds.

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

Over-the-counter financial derivative instruments, such as forward currency exchange contracts, options contracts, 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.

Annual Report March 31, 2016 115

Notes to Financial Statements  (Cont.) March 31, 2016

The following is a summary of the fair valuations according to the inputs used to value the Funds’ investments as of March 31, 2016¹:

Category	DoubleLine Total Return Bond Fund		DoubleLine Core Fixed Income Fund		DoubleLine Emerging Markets Fixed Income Fund		DoubleLine Multi-Asset Growth Fund (Consolidated)		DoubleLine Low Duration Bond Fund		DoubleLine Floating Rate Fund
Investments in Securities
Level 1
Money Market Funds	$	660,910,419	$	308,501,997	$	471	$	57,219,814	$	59,350,966	$	40,848,297
Affiliated Mutual Funds		—		137,656,164		—		37,138,819		47,950,000		—
Exchange Traded Funds and Common Stock		—		—		—		22,133,363		—		—
Real Estate Investment Trusts		—		—		—		4,483,872		—		—
Purchased Options		—		—		—		365,000
Total Level 1		660,910,419		446,158,161		471		121,340,868		107,300,966		40,848,297
Level 2
US Government / Agency Mortgage Backed Obligations		28,199,031,981		1,031,594,774		—		5,675,840		53,779,247		—
Non-Agency Residential Collateralized Mortgage Obligations		11,991,462,032		462,363,385		—		9,537,579		332,366,184		—
Other Short Term Investments		6,288,664,886		—		—		—		—		—
Non-Agency Commercial Mortgage Backed Obligations		4,160,981,697		399,917,625		—		—		591,112,443		—
Collateralized Loan Obligations		2,613,803,650		217,425,390		—		5,548,047		567,864,108		—
US Government Bonds and Notes		2,057,177,150		1,535,852,249		—		1,572,783		300,457,504		—
Asset Backed Obligations		1,250,671,030		72,011,859		—		3,724,012		69,219,260		—
US Corporate Bonds		—		826,666,191		—		—		278,228,404		—
Foreign Corporate Bonds		—		720,585,576		697,910,953		—		489,919,812		—
Bank Loans		—		151,036,513		—		—		—		264,642,278
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies		—		33,313,100		34,310,000		—		21,557,500		—
Municipal Bonds		—		10,761,999		—		1,725,000		—		—
Total Level 2		56,561,792,426		5,461,528,661		732,220,953		27,783,261		2,704,504,462		264,642,278
Level 3
Non-Agency Residential Collateralized Mortgage Obligations		180,048,302		4,690,830		—		—		10,897,422		—
Asset Backed Obligations		113,426,466		—		—		—		4,974,845		—
Collateralized Loan Obligations		31,750,950		—		—		—		—		—
Total Level 3		325,225,718		4,690,830		—		—		15,872,267		—
Total	$	57,547,928,563	$	5,912,377,652	$	732,221,424	$	149,124,129	$	2,827,677,695	$	305,490,575
Other Financial Instruments
Level 1
Futures Contracts	$	—	$	—	$	—	$	190,229	$	—	$	—
Written Options		—		—		—		179,000		—		—
Total Level 1		—		—		—		369,229		—		—
Level 2
Total Return Swaps		—		—		—		—		—		—
Forward Currency Exchange Contracts		—		—		—		89,118		—		—
Total Level 2		—		—		—		89,118		—		—
Level 3		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	458,347	$	—	$	—

116 DoubleLine Funds Trust

March 31, 2016

Category	DoubleLine Shiller Enhanced CAPE®		DoubleLine Flexible Income Fund		DoubleLine Low Duration Emerging Markets Fixed Income Fund		DoubleLine Long Duration Total Return Bond Fund		DoubleLine Strategic Commodity Fund (Consolidated)		DoubleLine Global Bond Fund
Investments in Securities
Level 1
Money Market Funds	$	45,026,142	$	5,694,591	$	1,061,164	$	5,889,472	$	3,237,898	$	4,732,390
Affiliated Mutual Funds		—		21,755,488		—		—		—		—
Total Level 1		45,026,142		27,450,079		1,061,164		5,889,472		3,237,898		4,732,390
Level 2
US Government Bonds and Notes		149,929,730		15,015,679		—		19,318,127		—		43,001,698
Collateralized Loan Obligations		143,334,699		41,492,677		—		—		—		—
Non-Agency Commercial Mortgage Backed Obligations		137,025,571		26,934,495		—		—		—		—
Non-Agency Residential Collateralized Mortgage Obligations		93,019,662		47,455,764		—		—		—		—
Foreign Corporate Bonds		92,666,389		32,741,695		166,186,703		—		—		—
US Corporate Bonds		68,113,478		10,694,797		—		—		—		—
US Government / Agency Mortgage Backed Obligations		36,489,211		4,892,511		—		57,294,967		—		—
Bank Loans		20,558,252		—		—		—		—		—
Asset Backed Obligations		16,182,634		2,356,801		—		—		—		—
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies		5,646,500		1,567,500		14,874,375		—		—		88,175,731
Other Short Term Investments		—		—		—		—		25,973,520		—
Total Level 2		762,966,126		183,151,919		181,061,078		76,613,094		25,973,520		131,177,429
Level 3
Non-Agency Residential Collateralized Mortgage Obligations		1,536,982		557,573		—		—		—		—
Asset Backed Obligations		—		994,969		—		—		—		—
Total Level 3		1,536,982		1,552,542		—		—		—		—
Total	$	809,529,250	$	212,154,540	$	182,122,242	$	82,502,566	$	29,211,418	$	135,909,819
Other Financial Instruments
Level 1	$	—	$	—	$	—	$	—	$	—	$	—
Total Level 1		—		—		—		—		—		—
Level 2
Total Return Swaps		45,566,002		—		—		—		—		—
Excess Return Swaps		—		—		—		—		443,932		—
Total Level 2		45,566,002		—		—		—		443,932		—
Level 3		—		—		—		—		—		—
Total	$	45,566,002	$	—	$	—	$	—	$	443,932	$	—

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

¹  There were no transfers into or out of Level 1 during the period ended March 31, 2016.

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, 2015, 2014 and 2013 for the Funds, are those that are open for exam by taxing authorities. As of March 31, 2016 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, 2016. The Funds identify their major tax jurisdictions as U.S. Federal, the State of Delaware 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.

Annual Report March 31, 2016 117

Notes to Financial Statements  (Cont.) March 31, 2016

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 action transactions, if any, are recorded on the ex-date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of securities received. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations.

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

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

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from US GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed 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.

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

G. Share Valuation. The NAV per share of a class of shares of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, attributable to that class, minus all liabilities (including estimated accrued expenses) attributable to that class by the total number of shares of that class outstanding, rounded to the nearest cent. The Funds’ NAV is calculated on days when the New York Stock Exchange opens for regular trading (except that the Funds, other than DoubleLine Strategic Commodity Fund, do not calculate their NAV on holidays when the principal U.S. bond markets are closed, such as Columbus Day and Veterans Day).

H. 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.

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

J. Basis for Consolidation The DoubleLine Multi-Asset Growth Fund and the DoubleLine Strategic Commodity Fund may invest up to 25% of their total assets in the DoubleLine Cayman Multi-Asset Growth Fund I, Ltd. and DoubleLine Strategic Commodity Ltd. (each, a “Subsidiary” and, collectively, the “Subsidiaries”), respectively. The Subsidiaries, which are organized under the laws of the Cayman Islands, are wholly-owned and controlled by each respective Fund. Each Subsidiary invests in commodity-related investments and other investments. The consolidated financial statements include the accounts and balances of each Fund and its respective Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

118 DoubleLine Funds Trust

March 31, 2016

As of March 31, 2016, the relationship of the Subsidiary to each respective Fund was as follows:

	DoubleLine Multi-Asset Growth Fund (Consolidated)		DoubleLine Strategic Commodity Fund (Consolidated)
Commencement of Operations		6/15/2011		5/18/2015
Fund Net Assets		155,880,995		29,418,464
Subsidiary % of Fund Net Assets		7.27%		22.17%
Subsidiary Financial Statement Information
Net Assets		11,337,873		6,523,126
Total Income		6,493		4,979
Net Realized Gain/(Loss)		1,126,162		(541,104	)

K. Other. Each share class of a Fund is charged for those expenses that are directly attributable to that share class. Expenses that are not directly attributable to a Fund are allocated among all appropriate Funds in proportion to their respective net assets or 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 and DoubleLine Commodity LP (each, an “Adviser” and, collectively, the “Advisers”) provide the Funds with investment management services under investment management agreements (the “Agreements”). Under the Agreements, each Adviser manages the investment of the assets of each Fund, places orders for the purchase and sale of its portfolio securities and is responsible for providing certain resources to assist with the day-to-day management of the Trust’s business affairs. As compensation for its services, each Adviser is entitled to a monthly fee at the annual rates of the average daily net assets of the Funds (the “Advisory Fee”) in the following table. Each Adviser has arrangements with DoubleLine Group LP to provide personnel and other resources to the Funds.

Each Adviser has contractually agreed to limit the Funds’ ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed the following ratios (the “Expense Caps”). For the purposes of the expense limitation agreement between each Adviser and the Funds, “ordinary operating expenses” excludes taxes, commissions, mark-ups, litigation expenses, indemnification expenses, interest expenses, acquired fund fees and expenses, and any extraordinary expenses. With the exception of DoubleLine Long Duration Total Return Bond Fund, DoubleLine Strategic Commodity Fund and DoubleLine Global Bond Fund, each Fund’s expense limitation is expected to apply until at least July 31, 2016. DoubleLine Long Duration Total Return Bond Fund’s expense limitation is expected to apply until at least November 20, 2016, DoubleLine Strategic Commodity Fund’s expense limitation is expected to apply until at least May 13, 2017 and DoubleLine Global Bond Fund’s expense limitation is expected to apply until at least November 20, 2017. Each may be terminated during the term only by a majority vote of the disinterested Trustees of the Board.

			Expense Caps
	Advisory Fee		I Shares		N Shares		A Shares
DoubleLine Total Return Bond Fund		0.40%		N/A		N/A		N/A
DoubleLine Core Fixed Income Fund		0.40%		N/A		N/A		N/A
DoubleLine Emerging Markets Fixed Income Fund		0.75%		0.95%		1.20%		N/A
DoubleLine Multi-Asset Growth Fund (Consolidated)		1.00%		1.20%		N/A		1.45%
DoubleLine Low Duration Bond Fund		0.35%		0.47%		0.72%		N/A
DoubleLine Floating Rate Fund		0.50%		0.75%		1.00%		N/A
DoubleLine Shiller Enhanced CAPE®		0.45%		0.65%		0.90%		N/A
DoubleLine Flexible Income Fund		0.62%		0.82%		1.07%		N/A
DoubleLine Low Duration Emerging Markets Fixed Income Fund		0.50%		0.59%		0.84%		N/A
DoubleLine Long Duration Total Return Bond Fund		0.50%		0.65%		0.90%		N/A
DoubleLine Strategic Commodity Fund (Consolidated)		0.90%		1.10%		1.35%		N/A
DoubleLine Global Bond Fund		0.50%		0.70%		0.95%		N/A

Each 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 each Adviser is entitled to any reimbursement of fees waived and/or expenses reimbursed. Any such reimbursement requested by each 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.

Annual Report March 31, 2016 119

Notes to Financial Statements  (Cont.) March 31, 2016

Each 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 in the following table:

	March 31,
	2017		2018		2019
DoubleLine Multi-Asset Growth Fund (Consolidated)	$	283,515	$	133,348	$	68,149
DoubleLine Shiller Enhanced CAPE®		380,834		270,166		40,888
DoubleLine Flexible Income Fund		—		248,339		84,116
DoubleLine Low Duration Emerging Markets Fixed Income Fund		—		302,278		432,477
DoubleLine Long Duration Total Return Bond Fund		—		130,444		134,851
DoubleLine Strategic Commodity Fund (Consolidated)		—		—		526,045
DoubleLine Global Bond Fund		—		—		132,643

For the year ended March 31, 2016, each Adviser recouped the amounts shown from the following Funds:

DoubleLine Core Fixed Income Fund	$	203,659
DoubleLine Low Duration Bond Fund		228,850
DoubleLine Shiller Enhanced CAPE®		18,372

If a Fund invested in other investment vehicles sponsored by an Adviser (“other DoubleLine Funds”) during the period, such Adviser waived its advisory fee to the Fund in an amount equal to the advisory fees paid to the Adviser by the other DoubleLine Funds in respect of Fund assets so invested. Accordingly, the Adviser waived the following fees for the period ended March 31, 2016.

DoubleLine Core Fixed Income Fund	$	507,986
DoubleLine Multi-Asset Growth Fund (Consolidated)		180,083
DoubleLine Low Duration Bond Fund		242,692
DoubleLine Flexible Income Fund		92,489

As of March 31, 2016, greater than 5% of the following DoubleLine Funds was held by other DoubleLine Funds as follows:

Affiliated Fund Held	% Owned		Significant Owner
DoubleLine Global Bond Fund		63%		DoubleLine Core Fixed Income Fund
DoubleLine Long Duration Total Return Bond Fund		63%		DoubleLine Core Fixed Income Fund
DoubleLine Floating Rate Fund		7%		DoubleLine Flexible Income Fund
DoubleLine Low Duration Emerging Markets Fixed Income Fund		26%		DoubleLine Low Duration Bond Fund

DoubleLine Capital LP and certain DoubleLine affiliated advisers provide investment advisory, sub-advisory, or consulting services to a variety of investors, including investment program sponsors, separate accounts, and mutual funds sponsored by third parties (collectively “third-party accounts”). Those services may result, directly or indirectly, in investments by the third-party accounts in one or more of the Funds. At times, the third-party accounts’ investments, individually or in the aggregate, may represent material interests in one or more of the Funds. The third-party accounts’ transaction activity in a Fund may cause a Fund to incur material transaction costs, to realize taxable gains distributable to shareholders, and/or to buy or sell assets at a time when the Fund might not otherwise do so, each of which may adversely affect a Fund’s performance. See the description of “large shareholder risk” in the Principal Risks footnote for more information. The Funds’ transfer agent’s register reflects that greater than 25% of the following Funds were held by third-party accounts as of March 31, 2016:

	% Owned
DoubleLine Multi-Asset Growth Fund (Consolidated)		65%

4.  Distribution, Sales Charge and Redemption Fees

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

120 DoubleLine Funds Trust

March 31, 2016

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 transactions (excluding short-term investments) for the period ended March 31, 2016 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	$	15,691,103,559	$	7,023,077,080	$	—	$	—
DoubleLine Core Fixed Income Fund		2,778,488,652		1,769,787,623		2,180,025,023		1,308,239,192
DoubleLine Emerging Markets Fixed Income Fund		683,845,004		637,215,505		—		—
DoubleLine Multi-Asset Growth Fund (Consolidated)		48,878,108		50,495,451		1,574,476		—
DoubleLine Low Duration Bond Fund		1,668,386,931		1,298,409,251		497,457,860		359,804,313
DoubleLine Floating Rate Fund		212,282,608		280,909,229		—		—
DoubleLine Shiller Enhanced CAPE ®		496,141,001		186,306,512		283,860,460		167,008,443
DoubleLine Flexible Income Fund		177,653,457		59,078,276		29,729,516		14,836,305
DoubleLine Low Duration Emerging Markets Fixed Income Fund		109,001,581		64,968,946		—		—
DoubleLine Long Duration Total Return Bond Fund		11,410,716		437,893		23,567,081		34,785,246
DoubleLine Strategic Commodity Fund (Consolidated)		6,965,000		1,360,872		—		—
DoubleLine Global Bond Fund		88,657,369		4,525,951		46,867,247		5,064,209

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

6. Income Tax Information

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

	Period Ended March 31, 2016				Period Ended March 31, 2015
	Ordinary Income		Long Term Capital Gain		Ordinary Income		Long Term Capital Gain
DoubleLine Total Return Bond Fund	$	1,970,721,518	$	—	$	1,658,865,733	$	—
DoubleLine Core Fixed Income Fund		163,005,483		—		100,065,621		—
DoubleLine Emerging Markets Fixed Income Fund		43,372,541		—		34,967,748		—
DoubleLine Multi-Asset Growth Fund (Consolidated)		6,392,116		1,826,336		8,783,328		2,581,991
DoubleLine Low Duration Bond Fund		62,956,909		—		46,057,808		—
DoubleLine Floating Rate Fund		12,147,840		—		12,204,973		11,923
DoubleLine Shiller Enhanced CAPE®		16,492,737		9,504,332		4,864,087		21,944
DoubleLine Flexible Income Fund		7,839,953		—		2,274,973		—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		5,930,784		—		3,601,264		—
DoubleLine Long Duration Total Return Bond Fund		2,155,135		—		561,253		—
DoubleLine Strategic Commodity Fund (Consolidated)		9,088		—		—		—
DoubleLine Global Bond Fund		197,265		—		—		—

The amount and character of tax-basis distributions and composition of net assets, including undistributed (accumulated) net investment income (loss), are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of the date of this report.

Annual Report March 31, 2016 121

Notes to Financial Statements  (Cont.) March 31, 2016

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

The cost basis of investments for federal income tax purposes as of March 31, 2016 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
Tax Cost of Investments	$	57,295,013,906		$	5,912,618,315		$	819,484,603		$	155,630,515		$	2,857,045,629		$	306,892,675
Gross Tax Unrealized Appreciation		1,593,268,728			131,358,626			3,572,209			5,984,757			12,275,506			1,336,839
Gross Tax Unrealized Depreciation		(1,340,354,071	)		(131,599,289	)		(90,835,388	)		(12,491,143	)		(41,643,440	)		(2,738,939	)
Net Tax Unrealized Appreciation (Depreciation)		252,914,657			(240,663	)		(87,263,179	)		(6,506,386	)		(29,367,934	)		(1,402,100	)

	DoubleLine Shiller Enhanced CAPE®			DoubleLine Flexible Income Fund			DoubleLine Low Duration Emerging Markets Fixed Income Fund			DoubleLine Long Duration Total Return Bond Fund			DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund
Tax Cost of Investments	$	819,472,816		$	220,839,160		$	190,660,185		$	79,268,752		$	29,212,644		$	130,875,096
Gross Tax Unrealized Appreciation		53,535,413			900,282			887,461			3,367,738			150,355			5,098,986
Gross Tax Unrealized Depreciation		(63,478,979	)		(9,584,902	)		(9,425,404	)		(133,924	)		(151,581	)		(64,263	)
Net Tax Unrealized Appreciation (Depreciation)		(9,943,566	)		(8,684,620	)		(8,537,943	)		3,233,814			(1,226	)		5,034,723

As of March 31, 2016, the components of accumulated earnings (losses) for income tax purposes were as follows:

	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income  Fund			DoubleLine Multi-Asset Growth  Fund (Consolidated)			DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund
Net Tax Unrealized Appreciation (Depreciation)	$	252,914,657		$	(240,663	)	$	(87,263,179	)	$	(6,506,386	)	$	(29,367,934	)	$	(1,402,100	)
Undistributed Ordinary Income		55,967,639			5,140,904			802,381			1,858,738			1,289,057			462,460
Undistributed Long Term Capital Gain		—			—			—			—			—			—
Total Distributable Earnings		55,967,639			5,140,904			802,381			1,858,738			1,289,057			462,460
Other Accumulated Gains (Losses)		(1,619,330,960	)		(51,931,896	)		(21,280,467	)		(6,451,949	)		(16,574,569	)		(10,270,246	)
Total Accumulated Earnings (Losses)		(1,310,448,664	)		(47,031,655	)		(107,741,265	)		(11,099,597	)		(44,653,446	)		(11,209,886	)

	DoubleLine Shiller Enhanced CAPE®			DoubleLine Flexible Income Fund			DoubleLine Low Duration Emerging Markets Fixed Income Fund			DoubleLine Long Duration Total Return Bond Fund			DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund
Net Tax Unrealized Appreciation (Depreciation)	$	(9,943,566	)	$	(8,684,620	)	$	(8,537,943	)	$	3,233,814		$	(1,226	)	$	5,034,723
Undistributed Ordinary Income		342,767			266,669			253,459			169,102			182,603			456,235
Undistributed Long Term Capital Gain		1,093,807			—			—			—			—			—
Total Distributable Earnings		1,436,574			266,669			253,459			169,102			182,603			456,235
Other Accumulated Gains (Losses)		45,257,487			(2,641,631	)		(330,734	)		(1,104,680	)		441,463			(24,252	)
Total Accumulated Earnings (Losses)		36,750,495			(11,059,582	)		(8,615,218	)		2,298,236			622,840			5,466,706

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.

122 DoubleLine Funds Trust

March 31, 2016

As of March 31, 2016, 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		1,439,235,578		Indefinite
DoubleLine Core Fixed Income Fund		39,908,634		Indefinite
DoubleLine Emerging Markets Fixed Income Fund		17,589,919		Indefinite
DoubleLine Multi-Asset Growth Fund (Consolidated)		4,032,425		Indefinite
DoubleLine Low Duration Bond Fund		11,361,393		Indefinite
DoubleLine Floating Rate Fund		2,658,865		Indefinite
DoubleLine Flexible Income Fund		1,343,048		Indefinite
DoubleLine Low Duration Emerging Markets Fixed Income Fund		122,490		Indefinite
DoubleLine Long Duration Total Return Bond Fund		961,222		Indefinite

As of March 31, 2016, the following Funds deferred, on a tax basis, losses of:

	Post-October Loss		Late-Year Loss
DoubleLine Total Return Bond Fund	$	120,453,276	$	—
DoubleLine Core Fixed Income Fund		7,681,763		—
DoubleLine Emerging Markets Fixed Income Fund		3,107,712		—
DoubleLine Multi-Asset Growth Fund (Consolidated)		1,791,422		—
DoubleLine Low Duration Bond Fund		3,796,325		—
DoubleLine Floating Rate Fund		7,207,267		—
DoubleLine Flexible Income Fund		1,056,635		—
DoubleLine Strategic Commodity Fund (Consolidated)		—		2,456

Additionally, US GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to paydown losses, accretion of discount on certain debt instruments, foreign currency gains (losses) and consent fee income. For the period ended March 31, 2016, 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	$	352,842,775		$	(352,842,775	)	$	—
DoubleLine Core Fixed Income Fund		12,249,603			(12,249,603	)		—
DoubleLine Emerging Markets Fixed Income Fund		—			—			—
DoubleLine Multi-Asset Growth Fund (Consolidated)		(2,854	)		(991,213	)		994,067
DoubleLine Low Duration Bond Fund		4,411,649			(4,411,649	)		—
DoubleLine Floating Rate Fund		—			—			—
DoubleLine Shiller Enhanced CAPE®		1,405,596			(1,405,596	)		—
DoubleLine Flexible Income Fund		880,004			(880,004	)		—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		43,214			(53,564	)		10,350
DoubleLine Long Duration Total Return Bond Fund		14			1			(15	)
DoubleLine Strategic Commodity Fund (Consolidated)		343,972			535,005			(878,977	)
DoubleLine Global Bond Fund		167,690			(167,690	)		—

Annual Report March 31, 2016 123

Notes to Financial Statements  (Cont.) March 31, 2016

7.  Share Transactions

Transactions in each Fund’s shares were as follows:

	DoubleLine Total Return Bond Fund												DoubleLine Core Fixed Income Fund
	Year Ended March 31, 2016						Year Ended March 31, 2015						Year Ended March 31, 2016						Year Ended March 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		1,762,519,501		$	19,220,239,412			1,558,010,043		$	17,148,705,516			299,595,407		$	3,249,703,452			230,438,036		$	2,541,026,162
Class N		475,211,866			5,179,721,681			454,573,725			5,004,430,061			54,551,178			591,687,811			36,562,856			402,958,798
Reinvested Dividends
Class I		97,679,661			1,064,103,215			80,206,318			881,703,118			9,055,797			98,353,071			5,684,656			62,733,460
Class N		27,160,833			295,814,232			22,572,716			248,096,489			2,022,844			21,944,431			1,328,000			14,641,059
Shares Redeemed
Class I		(907,208,165	)		(9,889,480,104	)		(612,602,713	)		(6,740,749,306	)		(145,001,023	)		(1,573,009,270	)		(53,606,529	)		(591,377,397	)
Class N		(276,177,861	)		(3,010,340,121	)		(271,054,941	)		(2,980,674,477	)		(24,013,524	)		(260,436,971	)		(18,034,346	)		(198,661,874	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		1,179,185,835		$	12,860,058,315			1,231,705,148		$	13,561,511,401			196,210,679		$	2,128,242,524			202,372,673		$	2,231,320,208
	DoubleLine Emerging Markets Fixed Income Fund												DoubleLine Multi-Asset Growth Fund (Consolidated)
	Year Ended March 31, 2016						Year Ended March 31, 2015						Year Ended March 31, 2016						Year Ended March 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		55,178,656		$	554,648,724			48,464,178		$	512,367,218			2,500,752		$	22,491,147			1,196,955		$	11,927,076
Class N		21,032,858			211,676,846			17,993,367			189,439,392			—			—			—			—
Class A		—			—			—			—			8,322,576			75,994,583			3,020,401			29,928,377
Reinvested Dividends
Class I		2,858,479			28,039,810			1,788,406			18,901,203			185,849			1,691,777			357,528			3,500,423
Class N		857,976			8,459,813			735,937			7,789,995			—			—			—			—
Class A		—			—			—			—			211,996			1,914,682			459,846			4,465,787
Shares Redeemed
Class I		(54,134,807	)		(523,833,141	)		(29,176,327	)		(307,717,478	)		(2,298,221	)		(20,590,840	)*		(3,756,397	)		(37,501,908	)#
Class N		(23,900,960	)		(238,217,742	)		(13,475,224	)		(143,047,369	)		—			—			—			—
Class A		—			—			—			—			(4,262,149	)		(38,461,355	)*		(4,464,933	)		(44,700,359	)#
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		1,892,202		$	40,774,310			26,330,337		$	277,732,961			4,660,803		$	43,039,994			(3,186,600	)	$	(32,380,604	)
	DoubleLine Low Duration Bond Fund												DoubleLine Floating Rate Fund
	Year Ended March 31, 2016						Year Ended March 31, 2015						Year Ended March 31, 2016						Year Ended March 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		134,933,087		$	1,357,710,671			106,256,430		$	1,080,831,534			17,393,275		$	174,009,480			21,835,983		$	220,180,224
Class N		45,028,340			452,716,429			50,471,628			513,317,544			4,824,858			48,272,154			1,986,975			20,090,929
Reinvested Dividends
Class I		2,902,515			29,164,428			1,922,215			19,551,236			445,232			4,423,456			316,515			3,189,878
Class N		2,074,916			20,849,788			1,799,041			18,290,065			147,867			1,470,439			131,252			1,325,930
Shares Redeemed
Class I		(80,500,458	)		(809,078,824	)		(76,705,087	)		(779,499,858	)		(24,939,341	)		(249,436,789	)^		(18,819,723	)		(189,582,271	)~
Class N		(44,109,966	)		(443,617,479	)		(43,180,922	)		(439,255,991	)		(2,616,823	)		(25,904,180	)^		(7,357,051	)		(74,481,306	)~
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		60,328,434		$	607,745,013			40,563,305		$	413,234,530			(4,744,932	)	$	(47,165,440	)		(1,906,049	)	$	(19,276,616	)

124 DoubleLine Funds Trust

March 31, 2016

	DoubleLine Shiller Enhanced CAPE®												DoubleLine Flexible Income Fund
	Year Ended March 31, 2016						Year Ended March 31, 2015						Year Ended March 31, 2016						Period Ended March 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		41,453,903		$	494,197,119			24,010,369		$	282,366,924			21,499,928		$	211,974,817			8,439,758		$	84,838,598
Class N		12,189,003			144,752,851			7,120,050			83,477,991			7,486,460			73,646,868			3,935,101			39,646,317
Reinvested Dividends
Class I		1,476,805			17,668,300			278,813			3,298,566			447,693			4,361,213			119,818			1,199,839
Class N		373,282			4,466,707			79,425			935,897			184,609			1,796,873			73,547			737,094
Shares Redeemed
Class I		(13,146,855	)		(155,368,376	)		(2,236,761	)		(25,945,358	)		(10,890,962	)		(105,723,553	)		(2,802,513	)		(28,099,323	)
Class N		(3,879,667	)		(45,990,260	)		(1,698,935	)		(19,696,470	)		(3,830,401	)		(37,206,473	)		(1,263,950	)		(12,642,921	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		38,466,471		$	459,726,341			27,552,961		$	324,437,550			14,897,327		$	148,849,745			8,501,761		$	85,679,604
	DoubleLine Low Duration Emerging Markets Fixed Income Fund												DoubleLine Long Duration Total Return Bond Fund
	Year Ended March 31, 2016						Period Ended March 31, 2015						Year Ended March 31, 2016						Period Ended March 31, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		5,615,248		$	55,212,165			6,793,837		$	68,019,507			528,232		$	5,304,239			5,579,541		$	55,943,736
Class N		7,167,948			70,403,717			8,771,415			88,791,916			1,704,462			17,319,167			1,921,385			19,969,246
Reinvested Dividends
Class I		67,638			656,267			29,706			295,980			10,593			106,495			1,871			19,580
Class N		313,363			3,026,806			130,008			1,292,322			46,632			467,544			10,894			114,122
Shares Redeemed
Class I		(5,317,565	)		(51,843,841	)		(225,055	)		(2,260,879	)		(464,030	)		(4,701,637	)		(189,939	)		(1,982,487	)
Class N		(3,175,455	)		(31,105,883	)		(831,376	)		(8,278,916	)		(1,149,451	)		(11,691,770	)		(54,691	)		(560,700	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		4,671,177		$	46,349,231			14,668,535		$	147,859,930			676,438		$	6,804,038			7,269,061		$	73,503,497
	DoubleLine Strategic Commodity Fund (Consolidated)												DoubleLine Global Bond Fund
	Period Ended March 31, 2016												Period Ended March 31, 2016
	Shares			Amount									Shares			Amount
Shares Sold
Class I		3,265,686		$	28,623,750									9,507,800		$	95,140,112
Class N		198,077			1,720,801									4,028,788			41,320,016
Reinvested Dividends
Class I		947			8,236									774			8,045
Class N		25			214									2,585			26,935
Shares Redeemed
Class I		(44,967	)		(388,627	)								(491,338	)		(5,036,242	)
Class N		(34,166	)		(289,773	)								(34,728	)		(357,420	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		3,385,602		$	29,674,601									13,013,881		$	131,101,446

* Net of redemption fees of $8,639 and $4,093 for Class I and Class A, respectively.

^ Net of redemption fees of $81,279 and $15,764 for Class I and Class N, respectively.

# Net of redemption fees of $2,358 and $1,411 for Class I and Class A, respectively.

~ Net of redemption fees of $10,717 and $28,406 for Class I and Class N, respectively.

8.  Trustees’ Fees

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

Annual Report March 31, 2016 125

Notes to Financial Statements  (Cont.) March 31, 2016

For the period ended March 31, 2016, the Trustees received, as a group:

	Current Fees		Increase/(Decrease) in Value of  Deferred Amount		Trustees’ Fees
DoubleLine Total Return Bond Fund	$	564,876	$	390	$	565,266
DoubleLine Core Fixed Income Fund		53,780		32		53,812
DoubleLine Emerging Markets Fixed Income Fund		11,008		15		11,023
DoubleLine Multi-Asset Growth Fund (Consolidated)		1,417		—		1,417
DoubleLine Low Duration Bond Fund		30,009		13		30,022
DoubleLine Floating Rate Fund		3,693		—		3,693
DoubleLine Shiller Enhanced CAPE®		5,844		6		5,850
DoubleLine Flexible Income Fund		2,288		1		2,289
DoubleLine Low Duration Emerging Markets Fixed Income Fund		2,183		2		2,185
DoubleLine Long Duration Total Return Bond Fund		932		—		932
DoubleLine Strategic Commodity Fund (Consolidated)		566		—		566
DoubleLine Global Bond Fund		375		—		375

9.  Additional Disclosures about Derivative Instruments

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

The average volume of derivative activity during the period ended March 31, 2016 is as follows:

	DoubleLine Multi- Asset Growth  Fund (Consolidated)			DoubleLine Shiller Enhanced CAPE®		DoubleLine Strategic Commodity Fund (Consolidated)
Average Market Value
Purchased Options	$	365,000		$	—	$	—
Written Options		179,000			—		—
Futures Contracts - Long		(244,219	)		—		—
Futures Contracts - Short		(24,945	)		—		—
Average Notional Balance
Excess Return Swaps - Long	$	—		$	—	$	17,373,750
Excess Return Swaps - Short		—			—		4,647,500
Interest Rate Swaps		3,900,000			—		—
Total Return Swaps - Long		39,078,004			578,091,400		—
Total Return Swaps - Short		4,379,326			—		—
Forward Currency Exchange Contracts		22,134,421			—		—

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.

126 DoubleLine Funds Trust

March 31, 2016

The activity in written options during the year ended March 31, 2016, is as follows:

DoubleLine Multi-Asset Growth Fund (Consolidated)	Number of Contracts		Premium Amount
Outstanding, Beginning of Period		—	$	—
Options Written		100		279,800
Options Expired		—		—
Options Exercised		—		—
Options Closed		—		—
Outstanding, End of Period		100	$	279,800

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 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 Statements of Operations.

Annual Report March 31, 2016 127

Notes to Financial Statements  (Cont.) March 31, 2016

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

The effect of derivative instruments on the Statements of Assets and Liabilities for the period ended March 31, 2016 was as follows:

			Unrealized Appreciation (Depreciation)
Derivatives not accounted for as hedging instruments	Statements of Assets and Liabilities Location	DoubleLine Multi- Asset Growth  Fund (Consolidated)			DoubleLine Shiller Enhanced CAPE®		DoubleLine Strategic Commodity Fund (Consolidated)
Purchased Options
Index	Net Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities	$	(156,200	)	$	—	$	—
Written Options
Index	Net Unrealized Appreciation (Depreciation) on Written Options	$	100,800		$	—	$	—
Forward Contracts
Currency	Net Unrealized Appreciation (Depreciation) on Forwards	$	89,118		$	—	$	—
Futures Contracts
Commodity		$	(9,633	)	$	—	$	—
Index			199,862			—		—
	Net Unrealized Appreciation (Depreciation) on Futures	$	190,229		$	—	$	—
Swap Contracts
Excess Return		$	—		$	—	$	443,932
Total Return			—			45,566,002		—
	Net Unrealized Appreciation (Depreciation) on Swaps	$	—		$	45,566,002	$	443,932

The effect of derivative instruments on the Statements of Operations for the period ended March 31, 2016 was as follows:

		Realized Gain (Loss) on Derivatives								Change in Unrealized Appreciation (Depreciation) on Derivatives
Derivatives not accounted for as hedging instruments	Statements of Operations Location	DoubleLine Multi- Asset Growth  Fund (Consolidated)			DoubleLine Shiller Enhanced CAPE®		DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Multi- Asset Growth Fund (Consolidated)			DoubleLine Shiller Enhanced CAPE®		DoubleLine Strategic Commodity  Fund (Consolidated)
Purchased Options
Index
	Net Realized and Unrealized Gain (Loss) on Investments in Unaffiliated Securities	$	—		$	—	$	—		$	(156,200	)	$	—	$	—
Written Options
Index
	Net Realized and Unrealized Gain (Loss) on Written Options	$	—		$	—	$	—		$	100,800		$	—	$	—
Forward Contracts
Currency
	Net Realized and Unrealized Gain (Loss) on Forwards	$	(971,121	)	$	—	$	—		$	335,340		$	—	$	—
Futures Contracts
Commodity		$	183,965		$	—	$	—		$	34,904		$	—	$	—
Index			(4,273,782	)		—		—			44,098			—		—
Treasury Bond			—			—		—			(26,447	)		—		—
	Net Realized and Unrealized Gain (Loss) on Futures	$	(4,089,817	)	$	—	$	—		$	52,555		$	—	$	—
Swap Contracts
Excess Return		$	—		$	—	$	(534,982	)	$	—		$	—	$	443,932
Interest Rate			33,292			—		—			—			—		—
Total Return			1,978,969			8,923,418		—			434,821			34,931,709		—
	Net Realized and Unrealized Gain (Loss) on Swaps	$	2,012,261		$	8,923,418	$	(534,982	)	$	434,821		$	34,931,709	$	443,932

128 DoubleLine Funds Trust

March 31, 2016

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 March 31, 2016 the Trust held the following derivative instruments that were subject to offsetting on the Statements of Assets and Liabilities:

DoubleLine Multi-Asset Growth Fund (Consolidated)

Assets:

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Received
Written Options	$	—	$	—	$	—	$	—	$	—	$	—
Forwards		126,323		37,205		89,118		89,118		—		—
Swap Contracts		—		—		—		—		—		—
	$	126,323	$	37,205	$	89,118	$	89,118	$	—	$	—

Liabilities:

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets  and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Pledged
Written Options	$	179,000	$	—	$	179,000	$	179,000	$	—	$	—
Forwards		37,205		37,205		—		—		—		—
Swap Contracts		—		—		—		—		—		—
	$	216,205	$	37,205	$	179,000	$	179,000	$	—	$	—

DoubleLine Shiller Enhanced CAPE^®

Assets:

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Received
Swap Contracts	$	45,580,930	$	14,928	$	45,566,002	$	4,796,346	$	40,769,656	$	—

Liabilities:

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Pledged
Swap Contracts	$	14,928	$	14,928	$	—	$	—	$	—	$	—

DoubleLine Strategic Commodity Fund (Consolidated)

Assets:

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Received
Swap Contracts	$	819,736	$	375,804	$	443,932	$	443,932	$	—	$	—

Liabilities:

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Pledged
Swap Contracts	$	375,804	$	375,804	$	—	$	—	$	—	$	—

Annual Report March 31, 2016 129

Notes to Financial Statements  (Cont.) March 31, 2016

11.  Bank Loans

The Funds may make loans directly to borrowers and may acquire or invest in loans made by others (“loans”). The Funds may acquire a loan interest directly by acting as a member of the original lending syndicate. Alternatively, the Funds may acquire some or all of the interest of a bank or other lending institution in a loan to a particular borrower by means of a novation, an assignment or a participation. The loans in which the Funds may invest include those that pay fixed rates of interest and those that pay floating rates—i.e., rates that adjust periodically based on a known lending rate, such as a bank’s prime 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 (the “DoubleLine Funds”), an uncommitted, $600,000,000 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 2.81% for the period ended March 31, 2016).

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.

For the year ended March 31, 2016, the Funds’ credit facility activity is as follows:

	Average Borrowings		Maximum Amount Outstanding		Interest Expense		Commitment Fee
DoubleLine Emerging Markets Fixed Income Fund	$	9,821,408	$	39,973,000	$	38,058	$	—
DoubleLine Low Duration Bond Fund		5,464,000		5,464,000		417		—
DoubleLine Floating Rate Fund		—		—		—		48,800
DoubleLine Flexible Income Fund		1,170,167		2,735,000		1,149		—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		4,068,618		13,822,000		10,567		—

13.  Significant Shareholder Holdings

As of March 31, 2016, a single beneficial shareholder held 90% of the outstanding Class I shares of DoubleLine Strategic Commodity Fund and 85% of the DoubleLine Strategic Commodity Fund’s outstanding shares. That shareholder may control the DoubleLine Strategic Commodity Fund and a redemption of all or a substantial portion of that shareholder’s investment in the Fund may adversely affect the Fund and its investment performance. See the description of “large shareholder risk” in the following Principal Risks footnote.

14.  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, each Adviser may have an incentive to invest a portion of a Fund’s assets in investment companies sponsored or managed by each Adviser or its affiliates in lieu of investments by the Fund directly in portfolio securities, or may have an incentive to invest in such investment companies over investment companies sponsored or managed by others. Similarly, each Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in investment companies sponsored or managed by the Adviser or its affiliates.

• asset allocation risk:  the risk that a Fund’s investment performance may depend, at least 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.

130 DoubleLine Funds Trust

March 31, 2016

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

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

• commodities risk:  the risk that the value of a Fund’s shares may be affected by changes in the values of the Fund’s investment exposures to commodities or commodity-related instruments, which may be extremely volatile and the value of which may be difficult to determine. The value of commodities and commodity-related instruments may be affected by market movements, commodity index volatility, changes in interest rates, or factors affecting a particular sector, industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

• confidential information access risk:  the risk that the intentional or unintentional receipt of material, non-public information (“Confidential Information”) by each 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:  investing in convertible bonds and securities includes 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. Subject to certain limitations for U.S. federal income tax purposes, the Fund is not subject to any limit with respect to the number or the value of transactions it can enter into with a single counterparty. To the extent that a Fund enters into multiple transactions with a single or a small set of counterparties, it will be subject to increased counterparty risk.

• debt securities risks:

° credit risk:  the risk that an issuer or counterparty will fail to pay its obligations to a Fund when they are due. As a result, a Fund’s income might be reduced, the value of the Fund’s investment might fall, and/or the Fund could lose the entire amount of its investment. 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. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply.

° interest rate risk:  the risk that debt instruments will change in value because of changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration. As of the date of this report, interest rates in the U.S. are at or near historically low levels. As such, bond funds may currently face an increased exposure to the risks associated with rising interest rates.

• 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 by each Adviser, 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, thinner trading markets, different clearing and settlement procedures and custodial services, and less developed legal systems than in many more developed countries.

Annual Report March 31, 2016 131

Notes to Financial Statements  (Cont.) March 31, 2016

• 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 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:   a Fund that invests a substantial portion of its assets in a particular market, industry, sector, group of industries or sectors, country, region, group of countries or asset class is 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, regulatory or other occurrence affecting, for example, the particular markets, industries, countries, regions, sectors or asset classes in which the Fund is invested.

• 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. To the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on a Fund.

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

• index risk:  the risk that a Fund’s return may not match or may underperform the return of an index utilized by the Fund. In addition, a decline in the value of an index used by the Fund should be expected to reduce the overall total return of the Fund. Although each Adviser may license from an index’s sponsor the right to use an index as part of implementing the Fund’s principal investment strategies, there can be no guarantee that an index used by the Fund will be maintained indefinitely or that the Fund will be able to continue to utilize the index to implement the Fund’s principal investment strategies indefinitely.

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

• investment company and exchange-traded fund risk:  the risk that an investment company or other pooled investment vehicle, including any exchange-traded 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 each Adviser (or an affiliate of an Adviser) has investment discretion, may from time to time own or control a significant percentage of a Fund’s shares. A Fund is subject to the risk that a redemption by those shareholders of all or a portion of their Fund shares, including as a result of an asset allocation decision made by an Adviser (or an affiliate of an Adviser), will adversely affect the Fund’s performance if it is forced to sell portfolio securities or invest cash when each 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

132 DoubleLine Funds Trust

March 31, 2016

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. It is unclear whether the protections of the securities laws against fraud and misrepresentation extend to loans and other forms of direct indebtedness. In the absence of definitive regulatory guidance, the Fund relies on the Adviser’s research in an attempt to avoid situations where fraud or misrepresentation could adversely affect the Fund. There can be no assurance that the Adviser’s efforts in this regard will be successful.

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

• market risk:  the risk that markets will perform poorly or that the returns from the securities in which a Fund invests will underperform returns from the general securities markets or other types of investments. 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 times 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 or favorable 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 each adviser:  the risk associated with each Fund’s ability to achieve its investment objective being dependent upon each 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.

• 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 investments 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 position risk:  the risk that an increase in the value of an instrument with respect to which a Fund has established a short position will result in a loss to the Fund.

• sovereign debt obligations risk:  the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or 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

Annual Report March 31, 2016 133

Notes to Financial Statements  (Cont.) March 31, 2016

• 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 a Fund’s annual gross income. If a Fund were to earn non-qualifying income in excess of 10% of its annual gross income, it could fail to qualify as a regulated investment company for that year. If a Fund were to fail to qualify as a regulated investment company, the Fund would be subject to tax and shareholders of the Fund would be subject to the risk of diminished returns.

• 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.

15.  Recently Issued Accounting Pronouncements

In May 2015, the FASB issued ASU No. 2015-07, which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The guidance is effective for fiscal years beginning after December 15, 2015 and for interim periods within those years and early adoption is permitted.

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

16.  Subsequent Events

DoubleLine Infrastructure Income Fund, a new series of the Trust, commenced operations on April 1, 2016. Its investment objective is to seek long-term total return while striving to generate current income.

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.

134 DoubleLine Funds Trust

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of DoubleLine Funds Trust

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund (Consolidated), DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Shiller Enhanced CAPE^®, DoubleLine Flexible Income Fund, DoubleLine Low Duration Emerging Markets Fixed Income Fund, DoubleLine Long Duration Total Return Bond Fund, DoubleLine Strategic Commodity Fund (Consolidated) and DoubleLine Global Bond Fund (twelve of the portfolios constituting DoubleLine Funds Trust, hereafter referred to as the “Funds”) at March 31, 2016, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Los Angeles, California

May 23, 2016

Annual Report March 31, 2016 135

Shareholder Expenses (Unaudited) March 31, 2016

Example

As a shareholder of the Funds, you incur two basic types of costs: (1) transaction costs , including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees and other Fund expenses.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 10/1/15 through 3/31/16.*

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 a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect the transaction fees discussed above. Therefore, those columns are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

						Actual				Hypothetical (5% return before expenses)
		Fund’s Annualized Expense  Ratio1		Beginning Account Value		Ending Account Value 3/31/16		Expenses Paid During Period*1		Ending Account Value 3/31/16		Expenses Paid During Period*1
DoubleLine Total Return Bond Fund	Class I		0.47%	$	1,000	$	1,013	$	2.36	$	1,023	$	2.38
	Class N		0.72%	$	1,000	$	1,012	$	3.62	$	1,021	$	3.64
DoubleLine Core Fixed Income Fund	Class I		0.46%	$	1,000	$	1,018	$	2.32	$	1,023	$	2.33
	Class N		0.71%	$	1,000	$	1,016	$	3.58	$	1,021	$	3.59
DoubleLine Emerging Markets Fixed Income Fund	Class I		0.91%	$	1,000	$	1,025	$	4.61	$	1,020	$	4.60
	Class N		1.16%	$	1,000	$	1,024	$	5.87	$	1,019	$	5.86
DoubleLine Multi-Asset Growth Fund (Consolidated)	Class I		1.02%	$	1,000	$	1,030	$	5.18	$	1,020	$	5.15
	Class A		1.27%	$	1,000	$	1,030	$	6.45	$	1,019	$	6.41
DoubleLine Low Duration Bond Fund	Class I		0.42%	$	1,000	$	1,007	$	2.11	$	1,023	$	2.12
	Class N		0.67%	$	1,000	$	1,005	$	3.36	$	1,022	$	3.39
DoubleLine Floating Rate Fund	Class I		0.66%	$	1,000	$	996	$	3.29	$	1,022	$	3.34
	Class N		0.91%	$	1,000	$	995	$	4.54	$	1,020	$	4.60
DoubleLine Shiller Enhanced CAPE®	Class I		0.61%	$	1,000	$	1,133	$	3.25	$	1,022	$	3.08
	Class N		0.86%	$	1,000	$	1,132	$	4.58	$	1,021	$	4.34
DoubleLine Flexible Income Fund	Class I		0.77%	$	1,000	$	997	$	3.84	$	1,021	$	3.89
	Class N		1.02%	$	1,000	$	996	$	5.09	$	1,020	$	5.15
DoubleLine Low Duration Emerging Markets Fixed Income Fund	Class I		0.59%	$	1,000	$	1,021	$	2.98	$	1,022	$	2.98
	Class N		0.84%	$	1,000	$	1,020	$	4.24	$	1,021	$	4.24
DoubleLine Long Duration Total Return Bond Fund	Class I		0.65%	$	1,000	$	1,046	$	3.32	$	1,022	$	3.29
	Class N		0.90%	$	1,000	$	1,045	$	4.60	$	1,021	$	4.55
DoubleLine Strategic Commodity Fund (Consolidated)	Class I		0.92%	$	1,000	$	994	$	4.59	$	1,020	$	4.65
	Class N		1.17%	$	1,000	$	992	$	5.83	$	1,019	$	5.91
DoubleLine Global Bond Fund	Class I		0.70%	$	1,000	$	1,051	$	2.06	$	1,022	$	3.54
	Class N		0.95%	$	1,000	$	1,051	$	2.79	$	1,020	$	4.80

* 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 Global Bond Fund are multiplied by 105/366, which is based on the date of inception (December 17, 2015).

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

136 DoubleLine Funds Trust

Growth of Investment (Unaudited) March 31, 2016

DoubleLine Total Return Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2016

	1 Year		5 Year		Since Inception (4/6/2010)
DoubleLine Total Return Bond Fund Class I		2.45%		5.36%		7.59%
Barclays U.S. Aggregate Bond Index		1.96%		3.78%		4.11%
DoubleLine Total Return Bond Fund Class N		2.20%		5.11%		7.33%

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

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

Barclays U.S. Aggregate Bond Index — This index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

Annual Report March 31, 2016 137

Growth of Investment  (Cont.) (Unaudited) March 31, 2016

DoubleLine Core Fixed Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2016

	1 Year		5 Year		Since Inception (6/1/2010)
DoubleLine Core Fixed Income Fund Class I		1.31%		5.16%		6.11%
Barclays U.S. Aggregate Bond Index		1.96%		3.78%		3.78%
DoubleLine Core Fixed Income Fund Class N		0.97%		4.89%		5.85%

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

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

Barclays U.S. Aggregate Bond Index — This index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

138 DoubleLine Funds Trust

(Unaudited)

March 31, 2016

DoubleLine Emerging Markets Fixed Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2016

	1 Year		5 Year		Since Inception (4/6/2010)
DoubleLine Emerging Markets Fixed Income Fund Class I		(0.48)%		3.81%		5.07%
JP Morgan Emerging Markets Bond Global Diversified Index		4.19%		6.22%		6.59%
DoubleLine Emerging Markets Fixed Income Fund Class N		(0.73)%		3.56%		4.82%

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

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

JP Morgan Emerging Markets Bond Global Diversified Index — This index is an uniquely-weighted version of the EMBI Global. It limits the weights of those index countries with larger debt supplies by only including specified portions of these countries’ eligible current face amounts of debt outstanding. The countries covered in the Emerging Markets Bond Global Diversified are identical to those covered by EMBI Global. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

Annual Report March 31, 2016 139

Growth of Investment  (Cont.) (Unaudited) March 31, 2016

DoubleLine Multi-Asset Growth Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2016

	1 Year		5 Year		Since Inception (12/20/2010)
DoubleLine Multi-Asset Growth Fund Class I		(4.29)%		2.09%		2.22%
S&P 500® Index		1.78%		11.58%		12.35%
Blended Benchmark		(4.34)%		1.04%		1.77%
DoubleLine Multi-Asset Growth Fund (with load) Class A		(8.49)%		0.97%		1.12%

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

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

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

Blended Benchmark: 60% Barclays 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. The Barclays Capital U.S. Aggregate Bond Index covers the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. The Standard & Poor’s/Goldman Sachs Commodity Total Return Index is a composite index of commodity sector returns which represents a broadly diversified, unleveraged, long-only position in commodity futures. This index’s components qualify for inclusion in the index based on liquidity measures and are weighted in relation to their global production levels, making the index a valuable economic indicator and commodities market benchmark. The Morgan Stanley Capital International All Country World Index is designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI All Country World Index Ex-U.S. includes both developed and emerging markets. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

140 DoubleLine Funds Trust

(Unaudited)

March 31, 2016

DoubleLine Low Duration Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2016

	1 Year		Since Inception (9/30/2011)
DoubleLine Low Duration Bond Fund Class I		1.00%		2.13%
BofA/Merrill Lynch 1-3 Year Treasury Index		0.92%		0.68%
DoubleLine Low Duration Bond Fund Class N		0.85%		1.89%

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

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

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

Annual Report March 31, 2016 141

Growth of Investment  (Cont.) (Unaudited) March 31, 2016

DoubleLine Floating Rate Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2016

	1 Year		Since Inception (2/1/2013)
DoubleLine Floating Rate Fund Class I		0.02%		2.29%
S&P/LSTA Leveraged Loan Index		(1.25)%		2.10%
DoubleLine Floating Rate Fund Class N		(0.23)%		2.11%

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

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

S&P/LSTA Leveraged Loan Index — The S&P/LSTA Leveraged Loan Index is a broad index designed to reflect the performance of U.S. dollar facilities in the leverage loan market. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

142 DoubleLine Funds Trust

(Unaudited)

March 31, 2016

DoubleLine Shiller Enhanced CAPE^®

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2016

	1 Year		Since Inception (10/31/2013)
DoubleLine Shiller Enhanced CAPE® Class I		6.09%		12.82%
S&P 500® Index		1.78%		9.11%
Shiller Barclays CAPE® US Sector Total Return USD Index		6.81%		11.61%
DoubleLine Shiller Enhanced CAPE® Class N		5.84%		12.53%

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

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

Shiller Barclays CAPE^® US Sector Total Return USD Index — The Index incorporates the principles of long-term investing distilled by Dr. Robert Shiller and expressed through the CAPE^® (Cyclically Adjusted Price Earnings) ratio (the “CAPE^® Ratio”). The Index aims to identify undervalued sectors based on a modified CAPE^® Ratio, and then uses a momentum factor to seek to reduce the risk of investing in a sector that may appear undervalued, but which may have also had recent relative price underperformance due to fundamental issues with the sector that may negatively affect the sector’s long-term total return.

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

Annual Report March 31, 2016 143

Growth of Investment  (Cont.) (Unaudited) March 31, 2016

DoubleLine Flexible Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2016

	1 Year		Since Inception (4/7/2014)
DoubleLine Flexible Income Fund Class I		(0.43)%		1.71%
LIBOR USD 3 Month		0.39%		0.33%
DoubleLine Flexible Income Fund Class N		(0.66)%		1.48%

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

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

LIBOR USD 3 Month — London Interbank Offering Rate (LIBOR) is 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.

144 DoubleLine Funds Trust

(Unaudited)

March 31, 2016

DoubleLine Low Duration Emerging Markets Fixed Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2016

	1 Year		Since Inception (4/7/2014)
DoubleLine Low Duration Emerging Markets Fixed Income Fund Class I		1.06%		1.51%
JP Morgan CEMBI Broad Diversified 1-3 Year index		3.23%		2.62%
DoubleLine Low Duration Emerging Markets Fixed Income Fund Class N		0.82%		1.32%

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

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

JP Morgan CEMBI Broad Diversified 1-3 Year Index — This index is a market capitalization weighted index consisting of 1-3 year maturity US-denominated Emerging Market corporate bonds. It is a liquid global corporate benchmark representing Asia, Latin America, Europe and the Middle East/Africa.

Annual Report March 31, 2016 145

Growth of Investment  (Cont.) (Unaudited) March 31, 2016

DoubleLine Long Duration Total Return Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2016

	1 Year		Since Inception (12/15/2014)
DoubleLine Long Duration Total Return Bond Fund Class I		2.76%		6.18%
Barclays U.S. Long-Term Government/Credit Index		0.39%		3.26%
DoubleLine Long Duration Total Return Bond Fund Class N		2.51%		5.86%

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

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

Barclays U.S. Long-Term Government/Credit Index — This index includes publicly issued U.S. Treasury debt, taxable debt issued by U.S. states and territories and their political subdivisions, debt issued by U.S. and non-U.S. corporations, non-U.S. government debt and supranational debt.

146 DoubleLine Funds Trust

(Unaudited)

March 31, 2016

DoubleLine Strategic Commodity Fund

Value of a $100,000 Investment

Class I Shares¹

Total Returns¹

As of March 31, 2016

	Since Inception Not Annualized (5/18/2015)
DoubleLine Strategic Commodity Fund Class I		(13.07)%
Bloomberg Commodity Index Total Return		(24.90)%
DoubleLine Strategic Commodity Fund Class N		(13.27)%

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

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

Bloomberg Commodity Index Total Return—This index is calculated on an excess return basis and reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and weight-caps are applied at the commodity, sector and group level for diversification. Roll period typically occurs from 6th-10th business day based on the roll schedule.

Annual Report March 31, 2016 147

Growth of Investment  (Cont.) (Unaudited) March 31, 2016

DoubleLine Global Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Total Returns¹

As of March 31, 2016

	Since Inception Not Annualized (12/17/2015)
DoubleLine Global Bond Fund Class I		5.11%
Citi World Government Bond Index		7.51%
DoubleLine Global Bond Fund Class N		5.07%

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

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

The Citi World Government Bond Index measures the performance of fixed-rate, local currency and investment grade sovereign bonds.

148 DoubleLine Funds Trust

Evaluation of Advisory Agreement by the Boards of Trustees (Unaudited) March 31, 2016

DoubleLine Total Return Bond Fund

DoubleLine Core Fixed Income Fund

DoubleLine Emerging Markets Fixed Income Fund

DoubleLine Multi-Asset Growth Fund

DoubleLine Cayman Multi Asset Growth Fund I Ltd.

DoubleLine Low Duration Bond Fund

DoubleLine Floating Rate Fund

DoubleLine Shiller Enhanced CAPE^®

DoubleLine Flexible Income Fund

DoubleLine Low Duration Emerging Markets Fixed Income Fund

DoubleLine Long Duration Total Return Bond Fund

DoubleLine Equities Growth Fund

DoubleLine Opportunistic Credit Fund

DoubleLine Income Solutions Fund

At the February 25, 2016 meeting (the “Meeting”) of the Board of Trustees of DoubleLine Funds Trust (“DFT”), DoubleLine Equity Funds (“DEF”), DoubleLine Opportunistic Credit Fund (“DBL”), and DoubleLine Income Solutions Fund (“DSL” which, together with DBL, are the “Closed-End Funds” and, together with DFT, DEF, and DBL, are the “Trusts”), including in respect of each of DFT’s and DEF’s series of shares of beneficial interest (each, an “Open-End Fund” and, collectively with the Closed-End Funds, the “Funds”), the Board of Trustees, including the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trusts (“Independent Trustees”) voting separately, approved the renewal of the Investment Advisory and Management Agreements (the “DFT Advisory Agreements”) between DoubleLine Capital LP (“DoubleLine Capital” or an “Adviser”) and DFT, in respect of the DoubleLine Total Return Bond Fund, the DoubleLine Core Fixed Income Fund, the DoubleLine Emerging Markets Fixed Income Fund (“EMFI”), the DoubleLine Multi-Asset Growth Fund (“MAG”), the DoubleLine Cayman Multi Asset Growth Fund I Ltd., the DoubleLine Low Duration Fund, the DoubleLine Floating Rate Fund, the DoubleLine Shiller Enhanced CAPE^® (“CAPE”), the DoubleLine Flexible Income Fund, the DoubleLine Low Duration Emerging Markets Fixed Income Fund, and the DoubleLine Long Duration Total Return Bond Fund (the “DFT 15(c) Funds”), for an additional one-year period; the Investment Management Agreement (the “DEF Advisory Agreement”) between DoubleLine Equity LP (“DoubleLine Equity” or an “Adviser”) and DEF, in respect of the DoubleLine Equities Growth Fund, for an additional one-year period; the Investment Management Agreement (the “DBL Advisory Agreement”) between DoubleLine Capital and DBL for an additional one-year period; and the Investment Management Agreement (together with the DFT Advisory Agreements, the DEF Advisory Agreement, and the DBL Advisory Agreement, the “Advisory Agreements”) between DoubleLine Capital and DSL for an additional one-year period.

The Trustees meet over the course of the year with investment advisory personnel from the Advisers and regularly review detailed information, presented both orally and in writing, regarding the investment program, performance and operations of each Fund. The Trustees’ determination to approve the continuance of the Advisory Agreements was made on the basis of each Trustee’s business judgment after an evaluation of all of the information provided to the Trustees, both at the February 25, 2016 meeting and at prior meetings. The Trustees noted that they had recently approved the renewal, through March 25, 2016, of a number of the Funds’ advisory arrangements at the Board’s November 2015 meeting and had considered information similar to that presented at its February 25, 2016 meeting. The Trustees noted that they would consider the proposed renewal of each Fund’s advisory arrangements and any information presented anew, but that their deliberations and conclusions may be informed, at least in part, by their other recent deliberations.

This summary describes a number, but not necessarily all, of the most important factors considered by the Board and the Independent Trustees. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. No single factor was determined to be decisive. In all of their deliberations, the Board of Trustees and the Independent Trustees were advised by counsel to the Funds and counsel to the Independent Trustees, respectively.

The Trustees considered the nature, extent, and quality of the services provided and expected to be provided by DoubleLine, including the expertise and experience of its investment personnel. In this regard, the Trustees considered that DoubleLine provides a full investment program for each of the Funds, and noted DoubleLine’s representation that it seeks to provide attractive returns with a strong emphasis on risk management. In respect of each Fund other than the DoubleLine Equities Growth Fund, the Board considered the difficulty of managing debt-related funds, noting that managing such funds requires a portfolio management team to balance a number of factors, which may include, among others, varying maturities, prepayments, collateral management, counterparty management, pay-downs, credit events, workouts and net new issuances. The Trustees also considered certain challenges associated with managing DoubleLine Equities Growth Fund and the investment processes that are used by DoubleLine Equity in managing that Fund.

The Trustees reviewed reports (the “Strategic Insight Reports”) provided by Strategic Insight, an Asset International Company (“Strategic Insight”), that compared the DFT 15(c) Funds’ advisory fee rates, total expense ratios (Class I shares), and performance records (Class I shares) for the three-month, six-month and one-year periods ended December 31, 2015 and, where applicable, the performance records (Class I shares) for the three- and five-year periods ended December 31, 2015 against a group of each DFT 15(c) Fund’s peer funds selected by Strategic Insight. The Trustees noted in particular that each DFT 15(c) Fund other than EMFI was in the top performance quartile of its respective peer group over the one-year period ending December 31, 2015, and that each DFT 15(c) Fund was in the first or second performance quartile of its respective peers for the three- and five-year periods ended December 31, 2015 (if applicable) (other than MAG, which was in the second and third performance quartiles for the three- and five-year periods, respectively). In considering MAG’s relative performance, including its recent favorable short-term performance, the Trustees considered DoubleLine’s current and past representations

Annual Report March 31, 2016 149

Evaluation of Advisory Agreement by the Boards of Trustees  (Cont.) (Unaudited) March 31, 2016

regarding the limited comparability of some of the peers in MAG’s peer group. The Trustees noted that, although EMFI’s performance was in the first and second performance quartiles for the three- and five-year periods, respectively, the Fund’s performance record was in the third performance quartile for the one-year period. The Trustees noted the reasons provided by management for the relative underperformance, including the Fund’s overweight to Latin America, the Fund’s exposure to commodity-related issuers and the Fund’s relative under exposure to certain emerging markets deemed by DoubleLine to be of higher relative risk, including Ukraine, Russia, Venezuela and Argentina, all of which appeared to be decisions that were consistent with DoubleLine’s investment approach generally.

The Trustees considered the portion of the Strategic Insight Reports covering the DFT 15(c) Funds’ expenses and advisory fees, noting that the reports showed that each DFT 15(c) Fund, other than CAPE, had a net total expense ratio in the first or second quartile of its peer group. They noted that CAPE’s net total expense ratio was only slightly above the median of its peer group. The Trustees also noted that each DFT 15(c) Fund, other than EMFI, had a net management fee ratio in the first or second quartile of its respective peer group. They noted that, notwithstanding EMFI’s net management fee ratio falling in the third quartile of that Fund’s peer group, the Fund’s net total expense ratio was below the median of its peer group. The Trustees also evaluated each DFT 15(c) Fund’s net management fee rate in light of its asset size, noting that a number of the DFT 15(c) Funds had achieved significant scale. The Trustees also noted that the net management fee rates of the DFT 15(c) Funds with significant scale were generally attractive or at least highly competitive relative to their peer groups and appeared to be consistent with DoubleLine’s general pricing philosophy of setting a Fund’s initial management fee rate at a level that generally reflects reasonably foreseeable economies of scale instead of relying on breakpoints in a Fund’s management fee rate.

The Trustees considered the relative underperformance of the DoubleLine Equities Growth Fund, noting that it was in the fourth performance quartile for the one-year period ended December 31, 2015. The Trustees noted that the net management fee paid by the DoubleLine Equities Growth Fund was in the first quartile of its peer group but that its net total expenses were in the third quartile. The Trustees noted that the Adviser continues to bear a substantial amount of fee waivers associated with the DoubleLine Equities Growth Fund notwithstanding the Fund’s above-median net total expenses. The Trustees noted, however, that they had approved the liquidation of DoubleLine Equities Growth Fund and therefore were only being asked to approve that Fund’s advisory arrangements to the extent necessary to permit DoubleLine to effect the Fund’s orderly liquidation and distribution of assets to Fund shareholders, which was expected to occur on or about March 28, 2016.

The Trustees considered the Strategic Insight Report regarding DBL that compared the Fund’s management fees (based on managed assets and net assets (i.e., generally not including those assets attributable to leverage)), total expense ratio (both inclusive and exclusive of investment related expenses (“IRE”)) also based on managed assets and net assets, and the performance record based on net asset value for the three-year, one-year, six-month, and three-month periods ended December 31, 2015 against a group of DBL’s peer funds. The Trustees noted that DBL had performed in the top quartile of its Morningstar category as presented by Strategic Insight for each of the six-month, one-year, and three-year periods shown and that DBL was the top performing fund in that category for the six-month and one-year periods ended December 31, 2015, though performance had been less favorable over the very near term. The Trustees noted that that DBL’s management fee rate and net total expense (excluding IRE) ratio were lower than the medians of DBL’s peer group on a net asset basis but were above median on a managed assets basis. In this regard and in evaluating the information presented, the Trustees noted that they had recently received reports from DoubleLine supporting the conclusion that DBL’s performance had generally benefitted from the use of leverage notwithstanding the expenses associated with it. The Trustees noted also DoubleLine’s representations that DBL invests more heavily in mortgage-related investments than other funds included in the peer group, and acknowledged comments from DoubleLine regarding how that made DBL’s portfolio different from a number of its peers and also increased the complexity of managing DBL as compared to a bond fund without such investments.

The Trustees considered the Strategic Insight Report regarding DSL, noting that DSL had performed in the third quartile of its peer funds over the one-year period ended December 31, 2015 and had underperformed its benchmark index during the period. The Trustees considered information and discussions from management relating to the contributors to DSL’s relative underperformance, including its larger relative investments in emerging market high yield corporate debt instruments. The Trustees noted that DSL’s advisory fee was among the highest in its peer group and that DSL’s net operating expense ratio (excluding IREs) was slightly above the median of its peer group. In evaluating DSL’s and DBL’s management fees, the Trustees considered DoubleLine’s statement that the Adviser had attempted to set its fees at each Fund’s inception at rates that reflect competitive market levels, but that also reflect the experience and expertise the Adviser brings to managing the Funds.

The Trustees noted that both DBL and DSL employed leverage during the period ended December 31, 2015. They noted further that the use of such leverage increases total assets and thus the absolute amount of fees received by the Adviser under DBL’s and DSL’s Advisory Agreements (because the fees are calculated based on total managed assets, including assets attributable to borrowings, reverse repurchase agreements and other forms of leverage outstanding). The Trustees noted that, in this regard, the Adviser has a financial incentive for DBL and DSL to continue to use leverage, which may create a conflict of interest between the Adviser, on the one hand, and DBL’s and DSL’s common shareholders, respectively, on the other. The Trustees considered information from DoubleLine, including discussions with management, regarding the reasons why the Adviser believes DBL’s and DSL’s use of leverage continues to be appropriate and in the best interests of each Fund’s common shareholders under current market conditions.

The Trustees considered that DoubleLine provides a variety of other services to the Funds in addition to investment advisory services, including, among others, a number of back-office services, valuation services, 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 DoubleLine’s ongoing efforts to keep the Trustees informed about matters relevant to the Trusts and their shareholders. The Trustees also considered the nature, extent, and structure of the Funds’ compliance program, including the policies and procedures of the Funds and their various service providers (including the Advisers). The Trustees considered the quality of those non-investment advisory services and determined that their quality supported the renewal of the Funds’ arrangements with DoubleLine.

150 DoubleLine Funds Trust

(Unaudited)

March 31, 2016

The Trustees also considered DoubleLine’s reports, provided at the Board’s regular meetings, that it had continued to hire additional resources to support DoubleLine’s ability to provide services. The Trustees concluded that it appeared that DoubleLine continued to have sufficient quality and depth of personnel, resources, and investment methods.

The Trustees considered materials relating to the fees charged by DoubleLine to non-Fund clients, including institutional separate accounts and mutual funds for which DoubleLine serves as sub-adviser, where DoubleLine employs investment strategies substantially similar to one or more Funds’ investment strategies. The Trustees noted the information management provided regarding certain large institutional separate accounts and funds sub-advised by DoubleLine that are subject to fee schedules that differ from, including some that are lower than, the rates paid by a Fund with substantially similar investment strategies. The Trustees noted DoubleLine’s representations that administrative, compliance, operational, legal, and other burdens of providing investment advice to mutual funds exceed in many respects those required to provide advisory services to non-mutual fund clients, such as institutional accounts for retirement or pension plans, which may have differing contractual requirements. The Trustees noted DoubleLine’s representations that there are substantially greater legal and other responsibilities and risks to DoubleLine in managing and sponsoring public mutual funds than in managing private accounts or in sub-advising mutual funds sponsored by others, and that the services and resources required of DoubleLine when it sub-advises mutual funds sponsored by others generally are less than in the case of the Funds because many of the sponsorship, operational, and compliance responsibilities related to the advisory function are retained by the primary adviser.

The Trustees reviewed the financial and profitability information for DoubleLine, including information as to each Adviser’s profitability with respect to each Fund. The Trustees considered information provided by management regarding the methodologies, estimates, and assumptions that had been used in compiling those reports. The Trustees also reviewed information concerning the profitability to DoubleLine of its service arrangements with the Funds and took into account both the direct and indirect benefits to DoubleLine from managing the Funds. The Trustees also noted other benefits received by DoubleLine and its affiliates as a result of DoubleLine’s relationship with the Funds, including possible ancillary benefits to DoubleLine’s institutional investment management business due to the reputation and market penetration of the Funds. In evaluating DoubleLine’s profitability, the Trustees considered that DoubleLine presented profitability information that was reduced by certain distributions made to the DoubleLine’s employee owners that may be comparable to the ordinary compensation expense incurred by investment advisers that are not closely-held by their employees. The Trustees considered DoubleLine’s compensation practices and considered DoubleLine’s representation that those compensation and incentive policies and practices enable DoubleLine to retain, motivate, and attract highly qualified and experienced employees. The Trustees noted that the Advisers’ profitability was shown both before and after certain distribution and shareholder servicing payments made by the Advisers and they considered those profitability margins. The Trustees noted that DoubleLine had significant profitability in respect of certain of the Funds, but noted that in those cases it would be appropriate to weigh that against other considerations they might find relevant, such as the nature and quality of the services provided by DoubleLine, the efficiency and cost structure of DoubleLine, and the competitiveness of the management fees and total operating expenses of the Funds.

The Trustees considered the potential benefits that DoubleLine receives in respect of certain soft dollar credits generated by the brokerage commissions paid by the DoubleLine’s funds, and they noted that soft dollar arrangements are only in place with respect to a small number of Funds (currently MAG and the DoubleLine Equities Growth Fund) and noted their limited use. The Trustees separately considered that DoubleLine was continuing to invest in its business to maintain its ability to provide high quality services for the Funds, and noted DoubleLine’s need to invest in technology, infrastructure and staff to continue to provide services and accommodate rapidly changing regulatory requirements.

The Trustees considered statements from management that DoubleLine did not believe that implementation of breakpoints or fee reductions would be appropriate at this time, for a number of reasons, including DoubleLine’s general approach to investment advisory fees, which was to set a fee from a Fund’s inception at a rate that reflected reasonably foreseeable economies of scale. They noted statements from management that that approach has facilitated the Open-End Funds’ asset raising efforts and allowed the Open-End Funds to compete with peer funds with larger asset bases from inception notwithstanding, in some cases, the Open-End Funds’ smaller asset bases. The Trustees further noted that the Adviser was still subsidizing the expenses of a number of the Funds, including MAG and CAPE. The Trustees also noted the Adviser’s rapid growth and changes to the regulatory environment, which required DoubleLine to re-invest significantly in its business and infrastructure.

With regard to the Closed-End Funds, the Trustees noted that they have not increased in assets significantly from their initial offering due principally to their status as closed-end investment companies. They noted that there were no substantial increases in economies of scale realized with respect to the Closed-End Funds since their inception and that, in the Adviser’s view, the levels of the firm’s profitability in respect of DBL and DSL are appropriate in light of the investment the firm has made in the products, the quality of the investment management and other teams provided by the firm, and the continued investments by the firm in its own business.

The Trustees noted that, due to tax rules applicable to companies seeking to qualify as regulated investment companies, MAG made certain investments through a subsidiary organized as a Cayman Islands exempted company (the “Subsidiary”) in order to obtain certain desired investment exposure without eliminating its ability to qualify as a regulated investment company under the Internal Revenue Code. The Trustees considered the advisory arrangements for the Subsidiary generally in the same manner as they had considered the advisory arrangements for MAG.

On the basis of these considerations as well as others and in the exercise of their business judgment, the Trustees determined that they were satisfied with the nature, extent and the quality of the services provided to each Fund under its Advisory Agreement; that it appeared that the management fees paid by each Fund to DoubleLine were generally within the range of management fees paid by its peer funds, and with respect to some Funds lower than the median management fees paid by their peer funds, and generally reasonable in light of the services provided, the quality of the portfolio management teams and each Fund’s performance to date; that the fees paid by each Fund did not appear inconsistent with the fee schedules charged to DoubleLine’s

Annual Report March 31, 2016 151

Evaluation of Advisory Agreement by the Boards of Trustees  (Cont.) (Unaudited) March 31, 2016

other clients (where applicable) in light of the nature of the services provided and the risks borne by DoubleLine; that the profitability of each Fund to DoubleLine did not appear excessive or such as to preclude renewal of a Fund’s Advisory Agreement; and that it did not appear that implementation of breakpoints for any of the Funds would be appropriate at this time, although the Trustees would continue to consider the topic over time; and that it would be appropriate to approve each Advisory Agreement for an additional one-year period.

*         *         *         *         *

As noted above, at their November 2015 meeting, the Boards of Trustees of DoubleLine Funds Trust, DoubleLine Income Solutions Fund, and DoubleLine Equity Funds approved the renewal through March 25, 2016 of the Advisory Agreements of DoubleLine Flexible Income Fund and DoubleLine Low Duration Emerging Markets Fixed Income Fund, DoubleLine Equities Growth Fund, and DoubleLine Income Solutions Fund (collectively, the “November-Reviewed Funds”). The Trustees noted that they had received, reviewed and considered a universe of information at the November 2015 meeting with respect to the November-Reviewed Funds that was similar to what they received, reviewed and considered at their February 2016 meeting with respect to those same Funds, though certain differences existed and that, in certain cases, the information was presented for different time periods.

In addition to the considerations summarized above, in respect of the DoubleLine Equities Growth Fund, the Trustees also noted that the Fund’s performance was in the fourth performance quartile relative to its peer group over the periods ending September 30, 2015 shown. In this regard, the Trustees considered DoubleLine’s explanation that DoubleLine Equity believed that certain differences between the Fund’s investment strategies and the characteristics of some of the other funds in its peer group contributed to the relative underperformance shown. The Trustees also noted that they had been presented information regarding certain of the issues that had caused the Equities Growth Fund to underperform on a relative basis during the periods shown, as well as certain enhancements DoubleLine Equity had begun to implement to improve the Fund’s performance in the future.

In addition to the considerations summarized above, in respect of DoubleLine Income Solutions Fund (“DSL”), the Trustees considered information regarding the discount to net asset value at which DSL’s shares traded over recent periods. They noted DoubleLine Capital’s representation that it continues to believe DSL represents an attractive investment opportunity and that DSL’s discount was generally consistent with other closed-end funds generally and does not, in DoubleLine Capital’s view, reflect issues unique to DSL. They considered DoubleLine Capital’s view that DSL’s investment strategy is not suited for an open-ended structure and that DoubleLine Capital did not believe that changing DSL’s investment portfolio to seek to increase DSL’s yield was appropriate under current market conditions. The Trustees also considered other measures that DoubleLine Capital could propose in respect of DSL’s discount, such as a share buyback program, and noted DoubleLine Capital’s view that none of those measures were likely to reduce the discount over the longer term. The Trustees also noted DoubleLine Capital’s representations that DSL continues to earn sufficient income on its investments to support its current distribution rate.

Notwithstanding certain differences in the information reviewed and considered, the conclusions the Boards drew in determining to approve the renewal of the November-Reviewed Funds’ Advisory Agreements were based on conclusions similar to those made at the February 2016 meeting with respect to the November-Reviewed Funds and that are summarized above.

DoubleLine Global Bond Fund

At the November 19, 2015 meeting of the Board of Trustees (the “November Meeting”) of DoubleLine Funds Trust (the “Trust”), the Board of Trustees, including the Independent Trustees voting separately, approved the Investment Management Agreement (the “Agreement”) between the Trust, on behalf of DoubleLine Global Bond Fund (the “Global Bond Fund”), and DoubleLine Capital LP (the “Adviser”). This summary describes a number, but not necessarily all, of the most important factors considered by the Board and the Independent Trustees.

The Trustees considered a wide range of materials, including information provided to the Trustees in connection with the approval of other advisory contracts between the Adviser and the other series of the Trust. The Trustees’ determination to approve the Agreement was based on an evaluation of all of the information provided to them. 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, respectively.

In the process of considering the approval of the Agreement, the Trustees considered the terms of the proposed Agreement between the Adviser and the Trust, with respect to the Global Bond Fund, and noted that the proposed terms of the Agreement, with the exception of the rate of advisory fees payable and certain provisions relating to the lack of intended third-party beneficiaries, had substantially similar terms as the advisory agreement between DoubleLine Commodity LP and DoubleLine Strategic Commodity Fund, which the Board had previously approved.

The Trustees considered the Adviser’s specific responsibilities in all aspects of day-to-day management of the Global Bond Fund as well as the qualifications, experience, and responsibilities of the proposed portfolio managers of the Global Bond Fund and other key personnel that would be involved in the day-to-day activities of the Global Bond Fund. The Board considered the expected difficulty of managing a debt-related fund, noting that managing such a fund would require 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 also considered the additional challenges involved with managing the Global Bond Fund’s currency strategies and in investing in sovereign debt. The Trustees considered generally the performance record of the other series of the Trust advised by DoubleLine. They also considered the possible effects of adding an additional fund to the Trust on the capacities of the Adviser.

152 DoubleLine Funds Trust

(Unaudited)

March 31, 2016

The Trustees reviewed the proposed services the Adviser would provide to the Global Bond Fund as investment adviser. The Trustees considered that the Adviser would provide a variety of other services to the Global Bond Fund 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 Global Bond Fund’s other service providers. 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 the proposed Agreement and that, in the Trustees’ view, the nature, overall quality, and extent of the management services to be provided appeared likely to be satisfactory and reliable and the value of these services.

The Board then turned to the anticipated cost of the proposed services, and the proposed structure and level of the advisory fees to be paid under the Agreement. The Trustees considered that the Adviser anticipated launching the Global Bond Fund with two classes of shares and noted the overall fee structure and expense caps proposed for the Global Bond Fund. The Trustees also considered information provided by Strategic Insight. The Trustees noted that the peer group analysis of global bond funds provided by Strategic Insight indicated that the Global Bond Fund’s expected net total expense ratio for the Global Bond Fund’s Class I shares would be below the expense group median of the peer funds presented for their consideration for the Agreement’s initial period and the proposed management fee was below the median of the peer group’s gross advisory fees and only slightly below the median net management fee. In considering the peer group information presented, the Trustees took into account the information provided by a representative of Strategic Insight who participated in the analysis of the peer funds selected by Strategic Insight.

As part of their evaluation of the proposed advisory fees, the Trustees noted the Adviser’s representation that it does not manage any other accounts with investment strategies substantially similar to the strategies proposed for the Global Bond Fund.

The Trustees discussed information provided by the Adviser as to the estimated profitability of the Adviser from managing the Global Bond Fund. In assessing profitability, the Trustees reviewed the Adviser’s financial information provided both at the November 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 Global Bond Fund. The Trustees also considered in this regard the Adviser’s significant investment in forming, registering and promoting the Global Bond Fund during its start-up period. The Trustees noted other potential 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 Global Bond Fund. The Trustees concluded that the Adviser’s profitability from managing the Global Bond Fund would likely not be excessive in the start-up period. The Trustees considered that the Adviser was implementing expense caps for the Global Bond Fund that would limit the overall expense ratio of the Global Bond Fund during the proposed term of the Agreement. The Trustees noted the Adviser’s representation that the proposed advisory fee was consistent with the Adviser’s general pricing philosophy of setting a Fund’s initial investment advisory fee rate at a level that generally reflects reasonably foreseeable economies of scale instead of relying on breakpoints in a Fund’s management fee rate. At the conclusion of their review of the issues, the Trustees concluded that it did not appear appropriate at this time to implement breakpoints in the investment advisory fee.

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

Annual Report March 31, 2016 153

Federal Tax Information (Unaudited) March 31, 2016

For the fiscal year ended March 31, 2016, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% (20% for taxpayers with taxable income greater than $400,000 for single individuals and $450,000 for married couples filing jointly), as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and The American Taxpayer Relief Act of 2012. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Qualified Dividend Income
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Multi-Asset Growth Fund (Consolidated)	7.99%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.00%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31, 2016 was 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)	3.42%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.00%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	0.00%

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 was as follows:

Qualified Short-Term Gains
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Multi-Asset Growth Fund (Consolidated)	0.28%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.00%
DoubleLine Long Duration Total Return Bond Fund	4.79%
DoubleLine Strategic Commodity Fund (Consolidated)	100.00%
DoubleLine Global Bond Fund	0.00%

154 DoubleLine Funds Trust

(Unaudited)

March 31, 2016

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 was as follows:

Qualified Interest Income
DoubleLine Total Return Bond Fund	100.00%
DoubleLine Core Fixed Income Fund	90.57%
DoubleLine Emerging Markets Fixed Income Fund	0.01%
DoubleLine Multi-Asset Growth Fund (Consolidated)	34.95%
DoubleLine Low Duration Bond Fund	99.49%
DoubleLine Floating Rate Fund	98.52%
DoubleLine Shiller Enhanced CAPE®	96.46%
DoubleLine Flexible Income Fund	83.35%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	68.24%
DoubleLine Long Duration Total Return Bond Fund	97.10%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	20.11%

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

Annual Report March 31, 2016 155

Trustees and Officers (Unaudited) March 31, 2016

Name, Address, and Year of Birth(1)	Position with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen(2)	Other Directorships Held by Trustee During Past 5 years
Independent Trustees
Joseph J. Ciprari, 1964	Trustee	Indefinite/Since Inception	President, Remo Consultants, a real estate financial consulting firm. Formerly, Managing Director, UBS AG. Formerly, Managing Director, Ally Securities LLC.	16	None
John C. Salter, 1957	Trustee	Indefinite/Since Inception	Stark Municipal Brokers. Formerly, Managing Director, Municipals, Tullet Prebon Financial Services LLC (d/b/a Chapdelaine). Formerly, Partner, Stark, Salter & Smith, a securities brokerage firm specializing in tax exempt bonds.	16	None
Raymond B. Woolson, 1958	Trustee	Indefinite/Since Inception	President, Apogee Group, Inc., a company providing financial consulting services.	16	None

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

(2) Includes each series of DoubleLine Funds Trust, DoubleLine Opportunistic Credit Fund and DoubleLine Income Solutions Fund.

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

Name, Address, and Year of Birth(1)	Position with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen	Other Directorships Held by Trustee During Past 5 years
Interested Trustees
Jeffrey E. Gundlach, 1959	Trustee	Indefinite/Since Inception	Chief Executive Officer and Chief Investment Officer, DoubleLine Capital (since December 2009).	14	None
Philip A. Barach, 1952	Trustee	Indefinite/Since Inception	President, DoubleLine Capital (since December 2009).	14	None

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

156 DoubleLine Funds Trust

(Unaudited)

March 31, 2016

Officers

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

Name, Address, and Year of Birth(1)	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Ronald R. Redell, 1970	President	Indefinite/Since Inception	Trustee, Chairman, President and Chief Executive Officer, DoubleLine Income Solutions Fund (since January 2013); Executive, DoubleLine Group LP (since January 2013); Trustee, Chairman, President and Chief Executive Officer, DoubleLine Opportunistic Credit Fund (since July 2011); Executive, DoubleLine Capital (since July 2010); President, DoubleLine Funds Trust (since January 2010).
Susan Nichols, 1962	Treasurer and Principal Financial and Accounting Officer	Indefinite/Since October 2011	Treasurer and Principal Financial and Accounting Officer, DoubleLine Income Solutions Fund (since January 2013); Treasurer and Principal Financial and Accounting Officer, DoubleLine Funds Trust (since October 2011); Treasurer and Principal Financial and Accounting Officer, DoubleLine Opportunistic Credit Fund (since July 2011); Director of Mutual Funds Operations, DoubleLine Capital. Formerly, Southern Wholesaler, DoubleLine Capital. Formerly, Assistant Treasurer, DoubleLine Funds Trust.
Keith T. Kirk, 1963	Chief Compliance Officer	Indefinite/Since May 2012	Chief Compliance Officer, DoubleLine Income Solutions Fund (since January 2013); Chief Compliance Officer, DoubleLine Funds Trust (since May 2012); Chief Compliance Officer, DoubleLine Opportunistic Credit Fund (since May 2012); Deputy General Counsel and Chief Compliance Officer, DoubleLine Capital (since January 2012). Formerly, Independent Compliance Consultant (from September 2009 through December 2011).
Louis C. Lucido, 1948	Secretary	Indefinite/Since Inception	Member of the Board of Directors, 826LA (since June 2013); Member of the Board of Directors, Junior Achievement of Southern California (since June 2013); Member of the Board of Directors, CASA of Los Angeles (since February 2013) and Vice Chairman (since June 2014); Secretary, DoubleLine Income Solutions Fund (since January 2013); Secretary, DoubleLine Opportunistic Credit Fund (since July 2011); Chief Operating Officer, DoubleLine Capital (since June 2010); Secretary, DoubleLine Funds Trust (since January 2010); Formerly, Executive Vice President, DoubleLine Capital (from December 2009 through May 2010).
Grace Walker, 1970	Assistant Treasurer	Indefinite/Since March 2012	Assistant Treasurer, DoubleLine Income Solutions Fund (since January 2013); Assistant Treasurer, DoubleLine Opportunistic Credit Fund (since March 2012); Assistant Treasurer, DoubleLine Funds Trust (since March 2012). Formerly, Assistant Treasurer of the private funds of Western Asset Management Company (from December 2004 through March 2012).
Earl A. Lariscy, 1966	Vice President	Indefinite/Since May 2012	Vice President and Assistant Secretary, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Funds Trust (since May 2012); Vice President and Assistant Secretary, DoubleLine Opportunistic Credit Fund (since May 2012 and inception, respectively); General Counsel, DoubleLine Capital (since April 2010).
Cris Santa Ana, 1965	Vice President	Indefinite/Since April 2011	Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Opportunistic Credit Fund (since July 2011); Vice President, DoubleLine Funds Trust (since April 2011); Chief Risk Officer, DoubleLine Capital (since June 2010). Formerly, Chief Operating Officer, DoubleLine Capital (from December 2009 through May 2010).
David Kennedy, 1964	Vice President	Indefinite/Since May 2012	Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Funds Trust (since May 2012); Vice President, DoubleLine Opportunistic Credit Fund (since May 2012); Manager, Trading and Settlements, DoubleLine Capital (since December 2009).
Patrick A. Townzen, 1978	Vice President	Indefinite/Since September 2012	Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Funds Trust (since September 2012); Vice President, DoubleLine Opportunistic Credit Fund (since September 2012); Manager of Operations, DoubleLine Capital (since September 2012). Formerly, Manager, Western Asset Management Company.

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

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

Annual Report March 31, 2016 157

Information About Proxy Voting (Unaudited) March 31, 2016

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 website 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.

158 DoubleLine Funds Trust

Privacy Notice (Unaudited) March 31, 2016

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.

Annual Report March 31, 2016 159

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

Investment Advisers:

DoubleLine Capital LP and

DoubleLine Commodity 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

DL-ANNUAL-DFT

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

	FYE 3/31/2016	FYE 3/31/2015
Audit Fees	$815,230	$758,625
Audit-Related Fees	$3,550	$3,591
Tax Fees	$145,250	$113,390
All Other Fees	N/A	N/A

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

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

	FYE 3/31/2016	FYE 3/31/2015
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

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

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

Non-Audit Related Fees	FYE 3/31/2016		FYE 3/31/2015
Registrant		$145,250		$113,390
Registrant’s Investment Adviser		$854,258		$705,479

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 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. Filed herewith.

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

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

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

SIGNATURES

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

           (Registrant)             DoubleLine Funds Trust                                                                                                       

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

                                                            Ronald R. Redell, President

           Date                                                    5/25/2016                                                                                                       

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                                                          5/25/2016                                                                                               

           By (Signature and Title)                     /s/ Susan Nichols                                                                                  

                                                           Susan Nichols, Treasurer and

                                                           Principal Financial and Accounting Officer

Date                                                     5/25/2016