As filed with the Securities and Exchange Commission on June 2, 2017

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, 2017

Item 1. Reports to Stockholders.

Annual Report

March 31, 2017

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 Infrastructure Income Fund

BILDX (I-share)

BILTX (N-share)

DoubleLine Ultra Short Bond Fund

DBULX (I-share)

DLUSX (N-share)

DoubleLine Shiller Enhanced International CAPE^®

DSEUX (I-share)

DLEUX (N-share)

DoubleLine Capital LP DoubleLine Alternatives 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		16
Schedules of Investments		19
Statements of Assets and Liabilities		104
Statements of Operations		107
Statements of Changes in Net Assets		110
Financial Highlights		117
Notes to Financial Statements		132
Report of Independent Registered Public Accounting Firm		158
Shareholder Expenses		159
Growth of Investment		161
Evaluation of Advisory Agreement by the Boards of Trustees		176
Federal Tax Information		182
Trustees and Officers		184
Information About Proxy Voting		186
Information About Portfolio Holdings		186
Householding — Important Notice Regarding Delivery of Shareholder Documents		186
Privacy Notice		187

Annual Report March 31, 2017 3

President’s Letter (Unaudited) March 31, 2017

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, 2017. 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 where our investment management team offers 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, 2017

4 DoubleLine Funds Trust

Financial Markets Highlights (Unaudited) March 31, 2017

· Agency Mortgage-Backed Securities (Agency MBS)

For the 12-month period ended March 31, 2017, the Bloomberg Barclays U.S. MBS Index returned 0.17%, with its duration extending from 3.06 to 4.97 years. During the period, U.S. Treasury yields increased across the curve, with 2-year yields increasing by about 0.53% to 1.26% and 10-year yields increasing by about 0.62% to 2.39%. In aggregate, prepayment speeds declined year-over-year (YoY), mostly due to the selloff in rates towards the end of the year. Despite this, 2016 as a whole showed higher prepayment activity relative to 2015 due to 30-year mortgage rates (based on Freddie Mac 30-year U.S. Commitment Rates) nearing their historic lows during the summer months. Not surprisingly, as a result of the lower rate environment in the middle of 2016, overall refinancing activity, as measured by Mortgage Bankers Association (MBA) U.S. Refinancing Index Seasonally-Adjusted, generally was at local highs. Additionally, overall housing turnover increased, with purchase activity reaching levels not seen since late 2009 according to the MBA Purchase Index Seasonally-Adjusted. As a result of higher prepayment speeds for most of 2016, there was higher total gross Agency MBS issuance relative to 2015 by about 17%. Current coupon spreads against 5-year and 10-year U.S. Treasuries tightened as demand by both domestic banks and overseas investors increased for the period, with the Federal Reserve (Fed) continuing to reinvest paydowns of mortgages on its balance sheet.

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

For the 12-month period ended March 31, 2017, non-Agency MBS spreads continued to tighten since the February 2016 widening in spreads. The tightening in non-Agency MBS spreads occurred in conjunction with a tightening in credit spreads in general (including for Investment Grade Corporate, High Yield (HY), and Structured Products). Contributing to the spread tightening is an improvement in housing fundamentals, primarily home price appreciation and the technicals of the non-Agency MBS market, where no new securities have been created since the financial crisis, leading to a supply and demand imbalance.

· Commercial Mortgage-Backed Securities (CMBS)

For the 12-month period ended March 31, 2017, new issue CMBS spreads tightened alongside broader credit and equity indices. While the first quarter of 2016 saw meaningful widening on low oil prices and macro uncertainty, the fourth quarter of 2016 and the first quarter of 2017 saw meaningful tightening in credit, largely led by a risk-on sentiment post-election. The Bloomberg Barclays U.S. CMBS Index ERISA Eligible Total Return Value returned 0.59%, outperforming the broader Bloomberg Barclays U.S. Aggregate Bond Index return of 0.44%. For the period, 10-year AAA last cash flows (LCFs) tightened by 0.34% to 0.94% over swaps, while BBB- bonds tightened by 2.25% to 4.40% over swaps. On the new issue front, private label CMBS issuance was down 22% year-over-year (YoY) as issuers grappled with how best to implement the relatively new risk retention rules while facing increased competition from private capital lenders. $45.7 billion in new issuance priced during the 12-month reporting period compared to $58.1 billion from April 2015 through March 2016. The Trepp CMBS Delinquency Rate for U.S. Commercial Real Estate loans has moved higher in 11 of the 13 month-period ended March 31, 2017 and ended the period at 5.37%, 1.15% higher YoY, as 10-year loans originated in 2006/2007 face difficulty refinancing at maturity.

· Emerging Markets (EM) Debt

For the 12-month period ended March 31, 2017, U.S. dollar (USD)-denominated EM fixed income sovereign and corporate bonds indices, represented by the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified and the JP Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified 1-3 Year, respectively, posted high single-digit returns. Improved commodity prices, dissipating concerns of policy instability in China, and rising global growth data, led credit spreads across both the sovereign and corporate index to tighten. High Yield (HY) credits outperformed their Investment Grade counterparts due to improved risk sentiment over the period.

· International Sovereign

For the 12-month period ended March 31, 2017, the Citi World Government Bond Index (WGBI) fell -3.65% driven by both rising global yields and foreign exchange (FX) devaluation relative to the USD. Global government yields generally rose over the period on improving economic data, firming inflation expectations globally and concerns about potentially reduced monetary accommodation from central banks going forward.

Annual Report March 31, 2017 5

Financial Markets Highlights  (Cont.) (Unaudited) March 31, 2017

· Investment Grade (IG) Credit

For the 12-month period ended March 31, 2017, investment grade credit, as measured by the Bloomberg Barclays U.S. Credit Index, recorded a total return of 2.96% and an excess return over duration-matched U.S. Treasuries of 4.60%, with spreads tightening by 0.43%, from 1.55% over U.S. Treasuries to 1.12%. The largest outperformance came from the Energy and Metals and Mining sectors. Energy was up 11.42% and Metals and Mining was up 17.02%. The worst performing sectors were Tobacco and Supra-nationals, down 0.3% and 0.21%, respectively. The new issue market during this period was very active with $1.5 billion of gross new issuance.

· Bank Loans

For the 12-month period ended March 31, 2017, the S&P/LSTA Leverage Loan Index returned 9.72%. There was notable outperformance at the lower end of the credit quality spectrum, as the CCC subindex rose 36% compared to returns of 10% for the single-B subindex and 6% for the BB subindex. Commodity-related sectors showed the strongest performance, with returns of 60% for Oil & Gas and 59% for Nonferrous Metals-Minerals. The weighted-average bid price of the S&P/LSTA Leverage Loan Index ended the period at 98.22, up significantly from 91.51 in March 2016. The default rate by principal amount declined from 1.75% in March 2016 to 1.49% at the end of the period.

· U.S. High Yield

For the 12-month period ended March 31, 2017, the Citi High-Yield Cash-Pay Capped Index returned 16.33%. Bonds with lower credit ratings far outpaced those with higher ratings, with CCC-rated issues returning 33.45%, while BB- and B-rated rated issues returned 14.34%. For the period, notable outperformers by industry were commodity-related and included Energy, Metals & Mining and Industrials. The underperforming sectors over the period were Pharmaceuticals, Textiles and Retail.

· Collateralized Loan Obligations (CLOs)

For the 12-month period ending March 31, 2017, CLO issuance was $81.4 billion, largely due to a rebound from the beginning of the period through the end of 2016, totaling $64 billion. The most active quarter of issuance was during the fourth quarter of 2016 as the Dodd-Frank Risk Retention rule’s effective date of December 24, 2016 approached. Issuance for the first quarter of 2017 started off slowly as the market was still absorbing all the supply from the fourth quarter of 2016. Risk Retention went effective on December 24, 2016 so all deals issued afterward will have to comply with Risk Retention rules. After a slow January 2017 issuance, managers issued more deals in February. In total, the period ended with $17.38 billion in issuance. Coming off the volatility in spreads at the beginning of the period, spreads compressed and ended the period near the all-time tightest spreads across the capital stack. Refinancing activity has also been at historically high levels as managers are trying to bring down their cost of debt and take advantage of the tighter spreads during the period.

· Global Equities

For the 12-month period ended March 31, 2017, Global Equities, as measured by the Morgan Stanley Capital International (MSCI) All Country World Index (MSCI ACWI), was up 15.70%. U.S. equities performed better with the S&P 500^® Index returning 17.17% during the period. European equities outperformed the broader market, with the Eurostoxx 50 Index returning 21.42%. Asian equity markets posted positive returns, with Japanese equities, as measured by the Nikkei 225 Index, up 14.87%, and Chinese equities, as measured by the Shanghai Composite Index, up 9.50%. EM equities, as measured by the MSCI Emerging Markets Index (MSCI EM), outperformed the broader market, up 17.63% over the period.

· Commodities

For the 12-month period ended March 31, 2017, the commodity market rallied by 8.01% and 8.28%, as measured by the S&P Goldman Sachs Commodity Index (GSCI) and the Bloomberg Commodity Index (BCOM), respectively. The Industrial Metals sector was the best performer over this period, gaining 25.50% as fears of a global recession were found to be untrue. The Energy sector rallied 13.26% as prices recovered from large declines caused by a supply glut in early 2016. The Precious Metals sector, which returned 1.34% was mixed as Gold declined by 0.30% while Silver rallied 15.54%. The Agriculture sector declined by 5.74% as Wheat and Kansas Wheat declined significantly, with returns of -22.92% and -26.82%, respectively. The Livestock sector fell 6.18% with Lean Hogs, Live Cattle and Feeder Cattle all declining by 16.17%, 0.52% and 5.73%, respectively.

6 DoubleLine Funds Trust

(Unaudited)

March 31, 2017

· Infrastructure Debt

For the 12-month period ended March 31, 2017, infrastructure debt was robust, with new issuance totaling over $120 billion financing power, transport, telecom and renewable assets. Performance has been bifurcated with the energy sector outperforming the transport, telecom and power sectors. The entire energy complex was fraught with volatility in 2016. The sharp sell-off in the sector in the first quarter of 2016 was followed by a strong rebound into 2017. Unsurprisingly, mid-stream and down-stream energy issues were the strongest performers during this period. Sectors regarded as traditionally less volatile, such as utilities, underperformed the Bloomberg Barclays U.S. Credit Index during this time. The Bank of America/Merrill Lynch U.S. Utility Index returned 2.58% over the period compared to 2.96% of the Bloomberg Barclays U.S. Credit Index. During the same time frame, the transport sector fared better, as evidenced by the Bank of America/Merrill Lynch U.S. Transport Index, producing a return of 3.33%.

· Asset-Backed Securities (ABS)

For the 12-month period ending March 31, 2017, ABS performed well notwithstanding some sector specific volatility experienced by the student loan and the consumer loan space. The Bloomberg Barclays U.S. ABS Index outperformed the broader Bloomberg Barclays U.S. Aggregate Bond Index by 0.76% over the period despite some concerns over collateral deterioration. Both the marketplace lending sector and auto loan market suffered upticks in delinquencies over the period with a number of marketplace lending deals hitting early amortization triggers as losses mounted. Stronger issuer names, however, were somewhat immune to this trend as new issue pricing levels remained high as investors continued to seek attractive yield opportunities in the space. Federal Family Education Loan Program student loan deals also faced increased volatility over the period as rating agencies continued to downgrade deals that extended beyond the stated legal maturity date due to slower than expected prepayments and higher loan modification and defaults for loans predominately made during the crisis. The student loan subsector has since bounced back from the widest spreads as investors digested the downgrades, with most becoming comfortable with the low credit risk of the deals which are, at a minimum, 97% backed by the federal government.

· U.S. Large Cap Equities

For the 12-month period ended March 31, 2017, the large capitalization U.S. equity market posted strong gains, with the S&P 500 Index gaining 17.17% including dividends. There were two key inflection points for equities in 2016: the early July bottom in U.S. Treasury yields and the U.S. Presidential Election. Leading up to the U.S. Presidential Election, large capitalization stocks were up modestly as reflected in the 5.2% total return of the S&P 500 Index. Following the election, stocks staged a strong rally, with the S&P 500 Index gaining 11.4% from Election Day through the end of the period. Earlier in the period, however, the bottoming in U.S. Treasury yields and inflation expectations in July sparked a rotation in the market away from defensive and yield-oriented sectors, such as Utilities and Staples, towards more cyclical sectors, such as Financials and Technology. For the period ended March 31, 2017, Financials were the best returning sector, gaining over 32.6%. Technology, Materials and Industrials also outperformed the broader market, gaining 22.5%, 19.5% and 20.0%, respectively. The weakest sectors in the year ended March 31, 2017 were Real Estate, Staples and Utilities. These three sectors all delivered positive total returns, gaining 2.4%, 5.7% and 7.1%, respectively.

· U.S. Government Securities

For the 12-month period ended March 31, 2017, two major event risks loomed large over the U.S. Treasuries market: the Brexit Vote and the U.S. Presidential Election. Both produced heavily volatile episodes in the market, where trading volumes spiked. The significance of the latter was more pronounced, since it ended the “lower for longer” mantra and validated the belief that the U.S. Treasuries market was over its turning point. The U.S. Treasuries market was largely treading water from March 2016 through the eve of the Brexit Vote. Amid the fallout of the surprising Brexit Vote result, the yield on 10-year U.S. Treasuries dropped roughly 0.40%, reaching a historically low point of 1.36% on July 8, 2016. It then started a slow recovery process, until now-President Trump’s surprising U.S. Presidential election win ignited severe sell-offs. Yields were hence pushed to elevated levels and then fluctuated from the new base line. More recent developments near the end of the period showed signs that, for the first time in a while, the market may believe in Fed guidance again.

Annual Report March 31, 2017 7

Management’s Discussion of Fund Performance (Unaudited) March 31, 2017

DoubleLine Total Return Bond Fund

For the 12-month period ended March 31, 2017, the DoubleLine Total Return Bond Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index return of 0.44%. U.S. Treasury yields increased across the curve, with 2-year yields increasing by 0.53% and 10-year yields increasing by 0.62%. Due to the increasing interest rate environment, Agency MBS broadly suffered from price declines during this period. Not surprisingly, the longer duration sectors such as inverse floating rate securities and principal-only securities suffered the most from price declines. From an absolute return standpoint, Agency pass-throughs were the best performers within the Agency side of the portfolio. Amongst non-Agency MBS, higher credit quality sectors, such as Prime and Alt-A, were the highest contributors to total return; both sectors benefited from modest price appreciation and robust interest carry. CLOs contributed positively to returns as spreads tightened. CMBS contributed positively to returns despite facing some minor price declines as high coupon returns offset those declines during the period. Additionally, ABS contributed positively to returns driven primarily by high interest carry.

Period Ended 3-31-17	1-Year
I-Share		1.46%
N-Share		1.21%
Bloomberg Barclays U.S. Aggregate Bond Index		0.44%

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

DoubleLine Core Fixed Income Fund

For the 12-month period ended March 31, 2017, the DoubleLine Core Fixed Income Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index largely due to a rebound in credit markets. A bull market in spread products resumed after the turmoil and uncertainty of February 2016 quickly fell to the background, demonstrated specifically in the HY and EM exposures. A bounce from the local lows in oil benchmarks helped the fundamental picture improve within both of these sectors. CLOs contributed positively to returns over the period due to the appetite for floating rate products increasing as the Fed’s hawkish tone took ahold of forward-looking short-term rates. Bank Loans were also benefactors of the change in risk appetite and demand for floating products. CMBS and Infrastructure Debt added significant risk-adjusted returns. U.S. Treasury yield curve movements during the period supported Fund performance relative to longer duration funds and benchmarks.

Period Ended 3-31-17	1-Year
I-Share		2.80%
N-Share		2.54%
Bloomberg Barclays U.S. Aggregate Bond Index		0.44%

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

DoubleLine Emerging Markets Fixed Income Fund

For the 12-month period ended March 31, 2017, the DoubleLine Emerging Markets Fixed Income Fund outperformed the JP Morgan EMBI Global Diversified. The Fund’s outperformance was in large part driven by the Fund’s allocation to lower duration credits ahead of the November U.S. Presidential Election. Following the election, 10-year U.S. Treasury yields rose 0.75%, hitting a 2-year high on December 15, 2016, and subsequently traded within a 0.31% range through the end of the period. The Fund began extending the duration of the portfolio in January to more closely match the duration of the EMBI and was less than 0.5 years shorter by the end of the period. The Fund’s outperformance was also driven by an overweight position in Latin American credits relative to the EMBI, which outperformed CEEMEA (Central and Eastern Europe, Middle East, and Africa) and Asia over the period. The rebound in commodity prices from the early 2016 lows and an improved global growth outlook boosted investors’ appetites for emerging markets credit.

Period Ended 3-31-17	1-Year
I-Share		13.19%
N-Share		12.91%
JP Morgan EMBI Global Diversified		8.92%

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

8 DoubleLine Funds Trust

(Unaudited)

March 31, 2017

DoubleLine Multi-Asset Growth Fund

For the 12-month period ended March 31, 2017, the DoubleLine Multi-Asset Growth Fund significantly outperformed the Blended Benchmark return of 5.35%. The equity sleeve contributed to performance with Global Equities as measured by the MSCI ACWI up 15.70%. Tactical positions in Real Estate Investment Trusts (REITs), banks, and EM contributed to performance. The fixed income sleeve outperformed the Bloomberg Barclays U.S. Aggregate Bond Index return of 0.44%. Positions in Agency and non-Agency MBS contributed to relative performance. EM and CLOs also contributed to performance during the period. Real Assets and currencies detracted from performance during the period.

Period Ended 3-31-17	1-Year
I-Share		14.63%
A-Share
Without Load		14.27%
With Load		9.41%
S&P 500® Index TR		17.17%
Blended Benchmark*		5.35%

* Blended Benchmark: 60% Bloomberg Barclays U.S. Aggregate Bond Index/25% MSCI ACWI Net/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, 2017, the DoubleLine Low Duration Bond Fund outperformed the Bank of America/Merrill Lynch 1-3 Year U.S. Treasury Index return of 0.25%, largely due to a combination of credit exposure and advantageous interest rate risk management. A bounce from the local lows in oil benchmarks helped the fundamental picture improve within EM and IG Credit. CLOs contributed positively to the Fund’s returns over the period due to the appetite for floating rate products increasing as the Fed’s hawkish tone took a hold of rates in July. CMBS in the Fund had a strong year investing in short duration bonds with relatively high coupons. MBS, U.S. Treasuries, and Bank Loans also contributed positively to returns for the period. In fact, every sector within the Fund finished the year positively.

Period Ended 3-31-17	1-Year
I-Share		2.99%
N-Share		2.64%
Bank of America/Merrill Lynch 1-3 Year U.S. Treasury Index		0.25%

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

DoubleLine Floating Rate Fund

For the 12-month period ended March 31, 2017, the DoubleLine Floating Rate Fund underperformed the S&P/LSTA Leveraged Loan Index return of 9.72%. The Fund maintained a defensive posture in this period that detracted from overall performance given the strong market backdrop. Market returns were driven by strength at the low-end of the credit spectrum, with the CCC-only component of the Index returning 35.57% and the second lien component of the Index returning 26.81% relative to the overall Index return of 9.72%. The Fund was underweight both of these segments of the market. Moreover, the best performing sectors in the Index were commodity-linked Oil & Gas and Nonferrous Metals-Minerals, which returned 60% and 59%, respectively, and the Fund was generally underweight these sectors.

Period Ended 3-31-17	1-Year
I-Share		4.99%
N-Share		4.73%
S&P/LSTA Leveraged Loan Index		9.72%

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

Annual Report March 31, 2017 9

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) March 31, 2017

DoubleLine Shiller Enhanced CAPE^®

For the 12-month period ended March 31, 2017, DoubleLine Shiller Enhanced CAPE^® outperformed the S&P 500 Index return of 17.17%. This relative outperformance was due to both the outperformance of the Shiller Barclays CAPE^® U.S. Sector Total Return USD Index (the “Index”) and DoubleLine’s implementation of the Fund’s fixed income portfolio. During the period, the Index returned 22.87%. This was 5.70% better than the S&P 500 Index, while the Fund’s total return exceeded the benchmark by 7.58%. The Index was exposed to the following six sectors during parts of the period: Consumer Discretionary, Consumer Staples, Energy, Healthcare, Industrial, and Technology. All six sectors experienced positive returns while constituents of the Index. The best performing sector exposure was Technology, followed by Industrials and Consumer Discretionary. The fixed income portfolio also contributed to total return, with every sector delivering positive returns. The fixed income sectors with the highest returns during the period were, in order, CMBS, CLOs, EM and MBS.

Period Ended 3-31-17	1-Year
I-Share		24.75%
N-Share		24.48%
S&P 500® Index		17.17%
Shiller Barclays CAPE® U.S. Sector Total Return USD Index		22.87%

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

DoubleLine Flexible Income Fund

For the 12-month period ended March 31, 2017, the DoubleLine Flexible Income Fund outperformed the LIBOR USD 3-Month, largely due to a combination of credit exposure and advantageous interest rate risk management. A bull market in spread products resumed after the turmoil and uncertainty of February 2016 quickly fell to the background. This was most acutely evidenced by the stellar returns for the Fund’s HY and EM exposures. A rebound from the local lows in oil benchmarks helped the fundamental picture improve within both of these sectors. CLOs contributed positively to returns over the period due to an increased appetite for floating rate product as the Fed’s hawkish tone took ahold of forward-looking short-term rates. Residential MBS (RMBS), CMBS, and ABS were also steady and positive contributors to returns over the period adding significant risk-adjusted returns. Fund duration remained well below 2.5 years over the period.

Period Ended 3-31-17	1-Year
I-Share		6.48%
N-Share		6.23%
LIBOR* USD 3 Month		0.83%

* LIBOR stands for the London Interbank Offered Rate.

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

DoubleLine Low Duration Emerging Markets Fixed Income Fund

For the 12-month period ended March 31, 2017, the DoubleLine Low Duration Emerging Markets Fixed Income Fund outperformed the JP Morgan CEMBI Broad Diversified 1-3 Year. The Fund’s positive performance was driven by an overweight position in Latin American credits relative to the JP Morgan CEMBI Broad Diversified 1-3 Year, which outperformed CEEMEA and Asia over the period. The rebound in commodity prices from the early 2016 lows and an improved global growth outlook boosted investors’ appetites for emerging market sovereign and corporate credit. This led to inflows into the EM dollar-denominated fixed income asset class, helping spreads tighten, which more than offset the rise in front-end U.S. Treasury yields.

Period Ended 3-31-17	1-Year
I-Share		5.95%
N-Share		5.69%
JP Morgan CEMBI Broad Diversified 1-3 Year		5.65%

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

10 DoubleLine Funds Trust

(Unaudited)

March 31, 2017

DoubleLine Long Duration Total Return Bond Fund

For the 12-month period ended March 31, 2017, the DoubleLine Long Duration Total Return Bond Fund underperformed the Bloomberg Barclays Long U.S. Government/Credit Index return of 0.98%. U.S. Treasury yields increased across the curve during this time with 2-year yields increasing by about 0.53%, 10-year yields increasing by about 0.62%, and 30-year yields increasing by about 0.40%. The underperformance was largely due to the lack of corporate credit exposure within the Fund as U.S. Corporate spreads tightened significantly during this time (based on Bloomberg Barclays Long U.S. Corporate OAS Index). Within the Fund, the U.S. Government exposure performed the best with its mix of Treasury Inflation-Protected Securities, Agency Debentures, and conventional U.S. Treasuries. The relative outperformance between MBS and U.S. Government positions was due to differing exposures to the yield curve, with the Government exposure primarily exposed to a longer portion of the curve relative to MBS. The Fund ended the period with a positive convexity profile for both the MBS and Government sectors.

Period Ended 3-31-17	1-Year
I-Share		-2.82%
N-Share		-3.08%
Bloomberg Barclays U.S. Long Government/Credit Index		0.98%

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

DoubleLine Strategic Commodity Fund

For the 12-month period ended March 31, 2017, the DoubleLine Strategic Commodity Fund underperformed the S&P GSCI return of 8.01% and the BCOM return of 8.28%. The Fund was exposed to both long-only commodity beta through the Morgan Stanley Backwardation-Focused Multi-Commodity Index (MS BFMCI) and the DoubleLine Commodity Long Short alpha strategy during the period, which returned 13.62% and -1.01%, respectively. The Fund’s slight underperformance relative to the BCOM was caused by the allocation between the beta and alpha strategies. As of the end of the reporting period, the Fund was fully collateralized by U.S. Treasury bills, which added incremental return over the period.

Period Ended 3-31-17	1-Year
I-Share		7.93%
N-Share		7.55%
Bloomberg Commodity Index Total Return		8.71%

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

DoubleLine Global Bond Fund

For the 12-month period ended March 31, 2017, the DoubleLine Global Bond Fund underperformed the WGBI return of -3.65%. The negative performance was driven by both rising global yields and FX devaluation relative to the USD. Global government yields generally rose over the period on improving economic data and firming inflation expectations globally, as well as concerns about potentially reduced monetary accommodation from central banks going forward. The USD, as indicated by the U.S. Dollar Index (DXY), rose over the period and peaked at the end of the 2016 on heightened reflationary expectations following the U.S. Presidential Election. The USD then gave back some of those gains in the first quarter 2017 on the lack of a concrete fiscal reform plan from the new Trump Administration and the failure to pass a healthcare reform bill.

Period Ended 3-31-17	1-Year
I-Share		-4.00%
N-Share		-4.31%
Citi World Government Bond Index (WGBI)		-3.65%

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

Annual Report March 31, 2017 11

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) March 31, 2017

DoubleLine Infrastructure Income Fund

For the period since inception on April 1, 2016 through March 31, 2017, the DoubleLine Infrastructure Income Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index return of 0.48%. The period was marked with increased volatility due to geopolitical forces which pushed U.S. interest rates higher and investment grade corporate spreads to tighter levels as investors sought safer assets. Within the Fund, the best performing assets were EM as international railroad and utility positions benefited from the bond market rally. ABS additionally contributed strong returns, boosted by positive performance from solar and aircraft exposure. Infrastructure benefited from strong technicals early in 2017 as new issue supply in Infrastructure-related deals lagged other ABS issuance, which resulted in increasing valuations. Other domestic infrastructure positions contributed mixed returns with some sectors, such as water and telecommunications, underperforming while gas and utility related positions outperformed over the period.

Period From 4-1-16 through 3-31-17	Since Inception* (Not Annualized)
I-Share		3.11%
N-Share		2.76%
Bloomberg Barclays U.S. Aggregate Bond Index		0.48%

* Inception Date of 4-1-2016

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

DoubleLine Ultra Short Bond Fund

For the period since inception on June 30, 2016 through March 31, 2017, the DoubleLine Ultra Short Bond Fund’s Class I shares outperformed the Bank of America/Merrill Lynch 3-Month Treasury Bill Index return of 0.28% (not annualized), while the N shares underperformed. The outperformance was attributable to the allocation to corporate floating-rate notes and thus credit risk with the benefit of rising LIBOR rates. The Fund’s credit holdings were overweight the Bank and Automotive sectors, which both outperformed the Bloomberg Barclays U.S. Credit Index.

Period From 6-30-16 through 3-31-17	Since Inception* (Not Annualized)
I-Share		0.36%
N-Share		0.20%
Bank of America/Merrill Lynch 3-Month Treasury Bill Index		0.28%

* Inception Date of 6-30-2016

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

DoubleLine Shiller Enhanced International CAPE^®

For the period since inception on December 23, 2016 through March 31, 2017, DoubleLine Shiller Enhanced International CAPE^® earned returns roughly in line with the MSCI Europe Net Return USD Index return of 8.77%. In addition to the positive equity market returns of both the benchmark and the Shiller Barclays CAPE^® Europe Sector Net TR Index, which returned 9.75%, the appreciation of the Euro relative to the USD and positive fixed income collateral performance contributed to the returns of the Fund.

Period From 12-23-16 through 3-31-17	Since Inception* (Not Annualized)
I-Share		8.76%
N-Share		8.72%
MSCI Europe Net Return USD Index		8.77%

* Inception Date of 12-23-2016

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

12 DoubleLine Funds Trust

(Unaudited)

March 31, 2017

Past Performance is not a guarantee of future results.

Opinions expressed herein are as of March 31, 2017 and are subject to change at any time, are not guaranteed and should not be considered investment advice. This report is for the information of shareholders of the Funds. It may also be used as sales literature when preceded or accompanied by the current prospectus.

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.

Mutual fund investing involves risk. Principal loss is possible.

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

Investments in debt securities typically decline in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Funds may invest in foreign securities (or derivatives which give exposure to foreign securities) which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. 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.

In addition, the Funds may invest in other asset classes and investments such as, among others, REITs, credit default swaps, short sales, derivatives and smaller companies which include additional risks.

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. Exchange-traded fund investments involve additional risks such as the market price trading at a discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund’s ability to sell its shares.

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

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 Investors Service, Inc. (Moody’s) range from the highest rating of Aaa for bonds of the highest quality that offer the lowest degree of investment risk to the lowest rating of C for the lowest rated class of bonds. Credit ratings from S&P Global Ratings (S&P) range from the highest rating of AAA for bonds of the highest quality that offer the lowest degree of investment risk to the lowest rating of D for bonds that are in default.

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

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.

Bank of America/Merrill Lynch 3 Month Treasury Index—This index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

Bank of America/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.

Bank of America/Merrill Lynch U.S. Transport Index—This index is a subset of The BofA Merrill Lynch US Corporate Index including all securities of Airline, Railroad and other Transportation issuers. The index consists of publically issued US corporate debt that meet the specified maturity, liquidity, and quality requirements.

Bank of America/Merrill Lynch U.S. Utility Index—This index is a subset of The BofA Merrill Lynch US Corporate Index including all securities of Electric and Gas distribution, transmission, generation and integration. The index consists of publically issued US corporate debt that meet the specified maturity, liquidity, and quality requirements.

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 Barclays Long U.S. Corporate OAS Index—The option-adjusted spread of the Barclays Long U.S. Corporate Index, which includes dollar-denominated debt from U.S. and non-U.S. industrial, utility, and financial institutions issuers with a duration of 10+ years.

Bloomberg Barclays U.S. ABS Index—This index represents the ABS component of the Bloomberg Barclays U.S. Aggregate Index. It includes securities whose value and income payments are derived from and collateralized (‘or backed”) by a specified pool of underlying assets including credit cards, auto loans, etc.

Bloomberg 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.

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

Bloomberg Barclays U.S. CMBS Index ERISA Eligible Total Return Value—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, and includes only ERISA-eligible CMBS.

Annual Report March 31, 2017 13

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) March 31, 2017

Bloomberg 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.

Bloomberg 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).

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.

Convexity—A measure of the curvature in the relationship between bond prices and bond yields that demonstrates how the duration of a bond changes as the interest rate changes. Convexity is used as a risk-management tool, and helps to measure and manage the amount of market risk to which a portfolio of bonds is exposed.

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 Index—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.

Freddie Mac U.S. 30-year Commitment Rates—The interest rate charged by Freddie Mac to lend money to a qualified borrower on a 30-year fixed-rate mortgage loan.

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—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 Backwardation Focused Multi-Commodity Index (MS BFMCI)—An index comprised of futures contracts selected based on (i) the contracts’ historical backwardation relative to other commodity-related futures contracts and (ii) the contracts’ historical liquidity. The sectors represented in the index (industrial metals, energy and agricultural/livestock) have been selected to provide diversified exposure. The index is typically re-balanced annually in January.

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.

Morgan Stanley Capital International (MSCI) Europe Net Return USD Index—The Index is part of the Modern Index Strategy and represents the performance of large and mid-cap equities across 15 developed countries in Europe. The Index has a number of sub-Indexes which cover various sub-regions market segments/sizes, sectors and covers approximately 85% of the free float-adjusted market capitalization in each country.

Mortgage Bankers Association U.S. Refinancing Index Seasonally-Adjusted—An index that covers all mortgage applications to refinance an existing mortgage adjusted to take into account changes in data due to seasonality. It includes conventional and government refinances.

Mortgage Bankers Association Purchase Index Seasonally-Adjusted—An index that includes all mortgage applications for purchases of single-family homes adjusted to take into account changes in data due to seasonality. It covers the entire market, both conventional and government loans and all products.

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.

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 USD 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.

Shiller Barclays CAPE^® Europe Sector Net TR 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 classic CAPE^® Ratio assesses equity market valuations and averages ten years of reported earnings to account for earnings and market cycles.

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

S&P 500 ^® Index—The 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,

14 DoubleLine Funds Trust

(Unaudited)

March 31, 2017

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.

Trepp CMBS Delinquency Rate—A report published by Trepp on a monthly basis giving the total principal balances of loans with delinquencies divided by the total principal balance of all loans.

U.S. Dollar Index (DXY)—A weighted geometric mean of the United States dollar’s value relative to a basket of 6 major foreign currencies, including the Euro, Japanese yen, Pound sterling, Canadian dollar, Swedish krona and Swiss franc.

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.

Annual Report March 31, 2017 15

Standardized Performance Summary (Unaudited) March 31, 2017

The performance information shown assumes the reinvestment of all dividends and distributions. Returns over 1 year are average annual returns. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance of the fund may be lower or higher than the performance quoted. 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.

DBLTX/DLTNX
Total Return Bond Fund Returns as of March 31, 2017	1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (4-6-10 to 3-31-17)		Gross/Net Expense Ratio
I-share (DBLTX)		1.46%		3.26%		3.64%		6.69%		0.47%
N-share (DLTNX)		1.21%		3.04%		3.40%		6.43%		0.72%
Bloomberg Barclays U.S. Aggregate Bond Index		0.44%		2.68%		2.34%		3.57%
DBLFX/DLFNX
Core Fixed Income Fund Returns as of March 31, 2017	1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (6-1-10 to 3-31-17)		Gross/Net Expense Ratio
I-share (DBLFX)		2.80%		3.37%		3.52%		5.62%		0.48%
N-share (DLFNX)		2.54%		3.12%		3.27%		5.36%		0.73%
Bloomberg Barclays U.S. Aggregate Bond Index		0.44%		2.68%		2.34%		3.28%
DBLEX/DLENX
Emerging Markets Fixed Income Fund Returns as of March 31, 2017	1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (4-6-10 to 3-31-17)		Gross/Net Expense Ratio
I-share (DBLEX)		13.19%		5.05%		4.80%		6.20%		0.90%
N-share (DLENX)		12.91%		4.78%		4.54%		5.94%		1.15%
JP Morgan Emerging Markets Bond Global Diversified Index		8.92%		6.23%		5.83%		6.92%
DMLIX/DMLAX
Multi-Asset Growth Fund Returns as of March 31, 2017	1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (12-20-10 to 3-31-17)		Gross Expense Ratio		Net Expense Ratio*±
I-share (DMLIX)		14.63%		5.23%		4.36%		4.10%		1.36%	1.31%
A-share (DMLAX)										1.61%	1.56%
A-share (No Load)		14.27%		4.99%		4.08%		3.82%
A-share (With Load)		9.41%		3.48%		3.18%		3.11%
Blended Benchmark**		5.35%		-0.62%		1.32%		2.33%
S&P 500® Index TR		17.17%		10.37%		13.30%		13.10%
DBLSX/DLSNX
Low Duration Bond Fund Returns as of March 31, 2017	1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (9-30-11 to 3-31-17)		Gross/Net Expense Ratio
I-share (DBLSX)		2.99%		1.91%		2.02%		2.29%		0.44%
N-share (DLSNX)		2.64%		1.66%		1.78%		2.03%		0.69%
BofA/Merrill Lynch 1-3 Year U.S. Treasury Index		0.25%		0.72%		0.64%		0.60%
DBFRX/DLFRX
Floating Rate Fund Returns as of March 31, 2017	1-Year		3-Year Annualized				Since Inception Annualized (2-1-13 to 3-31-17)		Gross/Net Expense Ratio
I-share (DBFRX)		4.99%		2.77%				2.93%		0.66%
N-share (DLFRX)		4.73%		2.54%				2.73%		0.91%
S&P LSTA Leveraged Loan Index		9.72%		3.57%				3.88%

16 DoubleLine Funds Trust

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March 31, 2017

DSEEX/DSENX
Shiller Enhanced CAPE® Returns as of March 31, 2017	1-Year		3-Year Annualized		Since Inception Annualized (10-31-13 to 3-31-17)		Gross/Net Expense Ratio
I-share (DSEEX)		24.75%		15.68%		16.19%		0.64%
N-share (DSENX)		24.48%		15.38%		15.90%		0.89%
Shiller Barclays CAPE® U.S. Sector Total Return USD Index		22.87%		14.49%		14.79%
S&P 500® Index TR		17.17%		10.37%		11.41%
DFLEX/DLINX
Flexible Income Fund Returns as of March 31, 2017	1-Year				Since Inception Annualized (4-7-14 to 3-31-17)		Gross Expense Ratio		Net Expense Ratio*
I-share (DFLEX)		6.48%				3.29%		0.89%	0.84%
N-share (DLINX)		6.23%				3.05%		1.14%	1.09%
LIBOR USD 3-Month Index		0.83%				0.50%
DBLLX/DELNX
Low Duration Emerging Markets Fixed Income Fund Returns as of March 31, 2017	1-Year				Since Inception Annualized (4-7-14 to 3-31-17)		Gross Expense Ratio		Net Expense Ratio*
I-share (DBLLX)		5.95%				2.98%		0.84%	0.59%
N-share (DELNX)		5.69%				2.77%		1.09%	0.84%
JP Morgan CEMBI Broad Diversified 1-3 Years		5.65%				3.63%
DBLDX/DLLDX
Long Duration Total Return Bond Fund Returns as of March 31, 2017	1-Year				Since Inception Annualized (12-15-14 to 3-31-17)		Gross Expense Ratio		Net Expense Ratio*
I-share (DBLDX)		-2.82%				2.15%		0.84%	0.65%
N-share (DLLDX)		-3.08%				1.86%		1.09%	0.90%
Bloomberg Barclays Long Government/Credit Index		0.98%				2.26%
DBCMX/DLCMX
Strategic Commodity Fund Returns as of March 31, 2017	1-Year				Since Inception Annualized (5-18-15 to 3-31-17)		Gross Expense Ratio		Net Expense Ratio*
I-share (DBCMX)		7.93%				-3.35%		4.47%	1.15%
N-share (DLCMX)		7.55%				-3.65%		4.72%	1.40%
Bloomberg Commodity Index Total Return		8.71%				-10.27%
DBLGX/DLGBX
Global Bond Fund Returns as of March 31, 2017	1-Year				Since Inception Annualized (12-17-15 to 3-31-17)		Gross Expense Ratio		Net Expense Ratio*
I-share (DBLGX)		-4.00%				0.71%		0.93%	0.71%
N-share (DLGBX)		-4.31%				0.42%		1.18%	0.96%
Citi World Government Bond Index		-3.65%				2.78%
BILDX/BILTX
Infrastructure Income Fund Returns as of March 31, 2017					Since Inception Not Annualized (4-1-16 to 3-31-17)		Gross Expense Ratio		Net Expense Ratio***
I-share (BILDX)						3.11%		1.18%	0.66%
N-share (BILTX)						2.76%		1.43%	0.91%
Bloomberg Barclays U.S. Aggregate Bond Index						0.48%
DBULX/DLUSX
Ultra Short Bond Fund Returns as of March 31, 2017					Since Inception Not Annualized (6-30-16 to 3-31-17)		Gross Expense Ratio		Net Expense Ratio****à
I-share (DBULX)						0.36%		0.77%	0.31%
N-share (DLUSX)						0.20%		1.02%	0.56%
BofA Merrill Lynch 3 Month Treasury Bill Index						0.28%

Annual Report March 31, 2017 17

Standardized Performance Summary  (Cont.) (Unaudited) March 31, 2017

DSEUX/DLEUX
Shiller Enhanced International CAPE® Returns as of March 31, 2017	Since Inception Not Annualized (12-23-16 to 3-31-17)		Gross Expense Ratio		Net Expense Ratio*****
I-share (DSEUX)		8.76%		1.04%	0.66%
N-share (DLEUX)		8.72%		1.29%	0.91%
MSCI Europe Net Return USD Index		8.77%

*The Adviser has contractually agreed to waive fees and reimburse expenses through March 24, 2018. 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% Bloomberg Barclays U.S. Aggregate Bond Index, 25% MSCI All Country World Index Net & 15% SP GSCI Total Return Index.

*** The Adviser has contractually agreed to waive fees and reimburse expenses through April 1, 2018.

**** The Adviser has contractually agreed to waive fees and reimburse expenses through June 29, 2018.

***** The Adviser has contractually agreed to waive fees and reimburse expenses through December 21, 2018.

± Effective April 1, 2017, the Multi Asset Growth Fund’s management fee rate and expense limitation agreement were reduced to 0.95% for the fund and 1.15% and 1.40% for I Shares and N Shares, respectively. The Fund’s gross or net expense ratio (if applicable) applies to investors.

à Effective April 1, 2017, the Ultra Short Bond Fund’s management fee rate and expense limitation agreement were reduced to 0.15% for the fund and 0.30% and 0.55% for I Shares and N Shares, respectively. The Fund’s gross or net expense ratio (if applicable) applies to investors.

Mutual Fund Investing involves risk. Principal loss is possible.

18 DoubleLine Funds Trust

Schedule of Investments—Summary  DoubleLine Total Return Bond Fund March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	Asset Backed Obligations
		Total Asset Backed Obligations (Cost $1,526,908,410)#^¥µ							1,537,120,957		2.8%
	Collateralized Loan Obligations
		Total Collateralized Loan Obligations (Cost $2,227,003,443)#^¥µ							2,241,302,856		4.1%
	Non-Agency Commercial Mortgage Backed Obligations
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $3,928,423,694)# I/O ^µ							3,743,171,709		6.9%
	Non-Agency Residential Collateralized Mortgage Obligations
		PR Mortgage Loan Trust,
	254,935,937	Series 2014-1-APT		5.92%	#		10/25/2049		251,657,384		0.5%
		Securitized Mortgage Asset Loan Trust,
	372,044,017	Series 2015-1-PC		1.89%	^¥		02/25/2054		281,995,302		0.5%
		Sequoia Mortgage Trust,
	232,606,759	Series 2016-2-A1		3.50%	#^		08/25/2046		232,605,247		0.4%
		Other Non-Agency Residential Collateralized Mortgage Obligations# I/O I/F P/O ^¥µ							11,454,101,567		21.1%
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $12,292,386,620)							12,220,359,500		22.5%
	US Government and Agency Obligations
	518,485,000	United States Treasury Inflation Indexed Bonds		0.13%			04/15/2020		526,385,156		1.0%
	1,325,000,000	United States Treasury Notes		1.63%			11/15/2022		1,294,489,225		2.4%
	700,000,000	United States Treasury Notes		2.00%			02/15/2023		696,404,100		1.3%
		Other US Government and Agency Obligationsµ							63,381,166		0.1%
		Total US Government and Agency Obligations (Cost $2,595,457,408)							2,580,659,647		4.8%
	US Government / Agency Mortgage Backed Obligations
		Federal Home Loan Mortgage Corporation Pass-Thru,
	267,591,486	Pool Z40117-Z4		3.00%			04/01/2045		265,477,406		0.5%
		Federal Home Loan Mortgage Corporation,
	202,809,831	Pool G08626		3.00%			02/01/2045		201,113,679		0.4%
	280,430,633	Pool G08635		3.00%			04/01/2045		278,085,330		0.5%
	426,647,008	Pool G08648		3.00%			06/01/2045		423,078,810		0.8%
	639,681,450	Pool G08675		3.00%			11/01/2045		634,331,154		1.2%
	192,002,098	Pool G08686		3.00%			01/01/2046		190,395,557		0.3%
	252,802,510	Pool G08692		3.00%			02/01/2046		250,687,175		0.5%
	508,094,687	Pool G08697		3.00%			03/01/2046		503,843,184		0.9%
	691,806,771	Pool G08705		3.00%			05/01/2046		686,018,008		1.3%
	179,479,539	Pool G08721		3.00%			09/01/2046		177,977,683		0.3%
	257,714,844	Pool G60393		3.50%			01/01/2046		264,595,156		0.5%
	236,053,308	Series 4573-CA		3.00%			11/15/2044		233,914,169		0.4%
	176,908,073	Federal Home Loan Mortgage Corporation		3.00%			02/15/2034		181,267,636		0.3%
		Series 4427-CE
		Series 4427-MA
	311,618,560	Federal Home Loan Mortgage Corporation		3.00%			06/15/2040		318,553,548		0.6%
		Series 4323-GA
		Series 4390-NY
	338,570,254	Federal Home Loan Mortgage Corporation		3.00%			12/15/2041		342,995,614		0.6%
		Series 4471-BA
		Series 4471-BC
	209,065,085	Federal Home Loan Mortgage Corporation		3.00%			08/15/2042		206,278,297		0.4%
		Series 267-30
		Series 269-30
		Series 274-30
	476,334,821	Federal Home Loan Mortgage Corporation		3.00%			02/15/2044		481,711,475		0.9%
		Series 4471-GA
		Series 4527-CA
		Series 4527-GA
		Series 4588-DA

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 19

Schedule of Investments—Summary  DoubleLine Total Return Bond Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	421,462,500	Federal Home Loan Mortgage Corporation		3.00%			06/15/2044		423,409,736		0.8%
		Series 4483-CA
		Series 4533-AB
	324,814,058	Federal Home Loan Mortgage Corporation		3.00%			12/01/2045		322,199,152		0.6%
		Pool G08680
		Pool V82117
	217,256,557	Federal Home Loan Mortgage Corporation		3.00%			08/01/2045		215,819,094		0.4%
		Pool G08658
		Pool V81821
	175,829,047	Federal Home Loan Mortgage Corporation		3.00%			03/15/2045		174,654,717		0.3%
		Series 4450-JZ
		Series 4461-LZ
		Series 4573-DA
		Series 4629-KA
	4,343,033,583	Federal Home Loan Mortgage Corporation		2.00%-21.08%	# I/F  I/O		12/15/2030-10/15/2049		4,110,469,391		7.6%
	2,339,531,832	Federal Home Loan Mortgage Corporation		2.50%-6.00%			03/01/2028-01/01/2047		2,379,988,967		4.4%
	189,317,736	Federal National Mortgage Association Pass-Thru		3.50%			01/01/2032		197,789,248		0.4%
		Pool AB4167
		Pool AB4261
		Pool AK0713
		Pool MA0949
	299,251,681	Federal National Mortgage Association Pass-Thru		3.00%			12/01/2032		306,235,346		0.5%
		Pool AB7344
		Pool MA1275
	200,579,182	Federal National Mortgage Association Pass-Thru		3.50%			09/01/2042		204,539,905		0.4%
		Pool AP4787
		Pool AP4789
		Pool MA1179
	231,324,553	Federal National Mortgage Association Pass-Thru		3.00%			11/01/2042		230,787,773		0.4%
		Pool AB6854
		Pool AB7077
	234,145,730	Federal National Mortgage Association Pass-Thru		3.00%			12/01/2044		232,873,965		0.4%
		Pool AS3961
		Pool AS4154
		Federal National Mortgage Association Pass-Thru,
	331,624,424	Pool AS4625		3.00%			03/01/2045		329,595,877		0.6%
	139,799,918	Pool AS4645		3.00%			03/01/2045		138,944,573		0.3%
	90,057,826	Pool AY3974		3.00%			03/01/2045		89,507,356		0.2%
	15,103,644	Pool AY5471		3.00%			03/01/2045		14,928,475		0.0%
	177,193,721	Pool MA1136		3.50%			08/01/2042		180,691,881		0.3%
	284,322,481	Pool MA1237		3.00%			11/01/2032		290,955,776		0.5%
	171,890,370	Pool MA2650		3.50%			06/01/2046		175,285,597		0.3%
		Federal National Mortgage Association,
	376,978,583	Pool AS8356		3.00%			11/01/2046		372,589,878		0.7%
		Federal National Mortgage Association,
	196,565,816	Series 2014-M11-1A		3.12%	#		08/25/2024		198,357,494		0.4%
	179,582,172	Federal National Mortgage Association		3.00%			06/25/2040		184,471,606		0.3%
		Series 2014-65-CD
		Series 2014-73-CQ
	225,876,162	Federal National Mortgage Association		3.00%			04/25/2044		228,505,233		0.4%
		Series 2014-21-GZ
		Series 2015-88-BA
	272,586,142	Federal National Mortgage Association		3.00%			10/25/2044		256,649,267		0.5%
		Series 2014-60-EZ
		Series 2014-61-ZV
		Series 2014-64-NZ
		Series 2014-67-DZ
		Series 2016-32-LA
	323,894,202	Federal National Mortgage Association		3.00%			08/01/2046		320,123,326		0.6%
		Pool AS7661
		Pool MA2711
	4,314,753,457	Federal National Mortgage Association		1.50%-46.37%	# I/F I/O		01/25/2026-10/25/2050		4,034,270,441		7.4%
	5,609,901,996	Federal National Mortgage Association		2.50%-6.50%			01/01/2019-09/01/2053		5,761,496,418		10.6%
		Other US Government / Agency Mortgage Backed Obligations# I/O I/F P/O µ							1,210,209,293		2.2%
		Total US Government / Agency Mortgage Backed Obligations (Cost $28,181,099,214)							28,225,673,666		51.9%

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

March 31, 2017

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $			% OF NET ASSETS
	Short Term Investments
	344,040,144	BlackRock Liquidity Funds FedFund - Institutional Shares		0.60%	¨				344,040,144			0.6%
	175,000,000	Federal Home Loan Bank Discount Notes		0.00%			04/28/2017		174,917,400			0.3%
	200,000,000	Federal Home Loan Bank Discount Notes		0.00%			05/24/2017		199,796,000			0.4%
	700,000,000	Federal Home Loan Bank Discount Notes		0.00%			04/19/2017-05/25/2017		699,552,101			1.3%
	344,040,144	Fidelity Institutional Money Market Government Portfolio - Class I		0.56%	¨				344,040,144			0.6%
	344,040,144	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.60%	¨				344,040,144			0.6%
	250,000,000	United States Treasury Bills		0.00%			04/27/2017		249,881,000			0.5%
	250,000,000	United States Treasury Bills		0.00%			05/25/2017		249,746,250			0.5%
	250,000,000	United States Treasury Bills		0.00%			06/15/2017		249,637,000			0.5%
	250,000,000	United States Treasury Bills		0.00%			07/20/2017		249,430,000			0.5%
		Other Short Term Investmentsµ							749,682,750			1.3%
		Total Short Term Investments (Cost $3,855,462,191)							3,854,762,933			7.1%
		Total Investments (Cost $54,606,740,980)							54,403,051,268			100.1%
		Liabilities in Excess of Other Assets							(49,057,204	)		(0.1)%
		NET ASSETS							$54,353,994,064			100.0%

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government / Agency Mortgage Backed Obligations	51.9%
Non-Agency Residential Collateralized Mortgage Obligations	22.5%
Short Term Investments	7.1%
Non-Agency Commercial Mortgage Backed Obligations	6.9%
US Government and Agency Obligations	4.8%
Collateralized Loan Obligations	4.1%
Asset Backed Obligations	2.8%
Other Assets and Liabilities	(0.1)%
	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, 2017, the value of these securities amounted to $10,450,424,022 or 19.2% of net assets.

¥ Includes illiquid securities. At March 31, 2017, the value of these securities amounted to $773,843,305 or 1.4% of net assets.

# Includes variable rate securities. Rate disclosed as of March 31, 2017.

I/O Includes interest only securities

I/F Includes inverse floating rate securities whose interest rate moves in the opposite direction of reference interest rates

P/O Includes principal only securities

¨ Seven-day yield as of March 31, 2017

µ Represents issues not identified in the Fund’s top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate, respectively, as of March 31, 2017.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 21

Schedule of Investments  DoubleLine Core Fixed Income Fund March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 1.8%
		AVANT Loans Funding Trust,
	576,724	Series 2016-B-A		3.92%	^		08/15/2019		578,796
		Castlelake Aircraft Securitization Trust,
	5,967,961	Series 2015-1A-A		4.70%	^		12/15/2040		6,089,302
	12,659,959	Series 2016-1-A		4.45%			08/15/2041		12,841,668
		Citi Held For Asset Issuance,
	3,823,306	Series 2015-PM1-B		2.93%	^		12/15/2021		3,825,728
		DB Master Finance LLC,
	14,700,000	Series 2015-1A-A2I		3.26%	^		02/20/2045		14,809,247
	9,800,000	Series 2015-1A-A2II		3.98%	^		02/20/2045		9,976,191
		Harbour Aircraft Investments Ltd.,
	3,487,260	Series 2016-1-A		4.70%			07/15/2041		3,520,738
		HERO Funding Trust,
	8,386,541	Series 2016-1A-A		4.05%	^		09/20/2041		8,481,670
		MarketPlace Loan Trust,
	2,198,271	Series 2015-CB1-A		4.00%	^		07/15/2021		2,196,898
		NP SPE II LLC,
	13,662,365	Series 2016-1A-A1		4.16%	^		04/20/2046		13,686,121
	148,000	Oncor Electric Delivery Company LLC		2.95%			04/01/2025		146,847
		OneMain Financial Issuance Trust,
	14,000,000	Series 2015-1A-A		3.19%	^		03/18/2026		14,165,911
		Shenton Aircraft Investment Ltd.,
	8,762,558	Series 2015-1A-A		4.75%	^		10/15/2042		8,948,850
		SoFi Consumer Loan Program Trust,
	3,042,620	Series 2016-2-A		3.09%	^		10/27/2025		3,048,843
	2,816,051	Series 2017-1-A		3.28%	^		01/26/2026		2,833,149
	500,000	Series 2017-1-B		4.73%	#^		01/26/2026		505,212
	1,000,000	Series 2017-2-A		3.28%	^		02/25/2026		1,001,251
		SoFi Professional Loan Program,
	7,627,535	Series 2016-A-A2		2.76%	^		12/26/2036		7,691,783
	5,000,000	Series 2017-B-BFX		3.70%	#^		05/25/2040		4,997,671
		Springfield Funding Trust,
	15,304,000	Series 2015-AA-A		3.16%	^		11/15/2024		15,455,263
		Spruce Asset Backed Securities Trust,
	1,836,236	Series 2016-E1-A		4.32%	^		06/15/2028		1,814,792
		Textainer Marine Containers Ltd.,
	1,516,667	Series 2014-1A-A		3.27%	^		10/20/2039		1,483,829
		Westlake Automobile Receivables Trust,
	7,000,000	Series 2016-1A-B		2.68%	^		09/15/2021		7,043,383
		Total Asset Backed Obligations (Cost $143,595,993)							145,143,143
	BANK LOANS 2.6%
		Acadia Healthcare Company, Inc.,
	2,511,583	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.98%	#		02/16/2023		2,528,850
		AdvancePierre Foods, Inc.,
	2,061,771	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		06/02/2023		2,090,285
		Albertson’s Holdings LLC,
	2,007,194	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4		3.98%	#		08/25/2021		2,018,374
		AlixPartners LLP,
	1,055,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/28/2024		1,061,594

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Alpha 3 B.V.,
	2,050,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		4.15%	#		01/31/2024		2,057,698
		American Axle & Manufacturing, Inc.,
	685,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.00%	#		03/08/2024		685,644
		American Renal Holdings, Inc.,
	2,051,073	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		08/20/2019		2,055,781
		American Tire Distributors, Inc.,
	2,482,252	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		09/01/2021		2,491,175
		Americold Realty Trust, Inc.,
	2,042,895	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		12/01/2022		2,069,719
		Aspen Merger Sub, Inc.,
	1,534,225	Senior Secured 1st Lien Term Loan		5.25%	#		09/27/2024		1,551,677
		Asurion LLC,
	914,848	Senior Secured 1st Lien Term Loan, Tranche B2		4.23%	#		07/08/2020		921,901
		Avantor Performance Materials Holdings LLC,
	96,364	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan		5.00%	#&		03/08/2024		97,167
		Avantor Performance Materials Holdings LLC,
	2,288,636	Guaranteed Senior Secured 1st Lien Term Loan		5.00%	#		03/08/2024		2,307,712
		B/E Aerospace, Inc.,
	2,013,715	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.06%	#		12/16/2021		2,016,232
		BJ’s Wholesale Club, Inc.,
	1,725,000	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		02/02/2024		1,689,267
		BJ’s Wholesale Club, Inc.,
	225,000	Senior Secured 2nd Lien Term Loan		8.50%	#		02/03/2025		220,162
		Bright Bidco BV,
	1,425,000	Senior Secured 1st Lien Term Loan		5.50%	#		03/15/2024		1,436,870
		Burger King Restaurant Brands,
	1,925,984	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.40%	#		02/16/2024		1,930,000
		Capital Automotive LP,
	215,000	Guaranteed Secured 2nd Lien Term Loan		7.00%	#		03/24/2025		217,890
		Capital Automotive LP,
	1,350,000	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/25/2024		1,365,187
		Cengage Learning, Inc.,
	2,029,310	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		06/07/2023		1,941,481
		Ceva Group PLC,
	336,639	Guaranteed Senior Secured 1st Lien Term Loan		0.90%	#		03/19/2021		295,401
		Ceva Group PLC,
	59,524	Guaranteed Senior Secured 1st Lien Term Loan		6.54%	#		03/19/2021		52,232

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Ceva Group PLC,
	476,191	Guaranteed Senior Secured 1st Lien Term Loan		6.54%	#		03/19/2021		417,858
		Ceva Intercompany BV,
	345,239	Guaranteed Senior Secured 1st Lien Term Loan		6.54%	#		03/19/2021		302,947
		CH Hold Corporation,
	2,131,818	Senior Secured 1st Lien Term Loan		4.00%	#		02/01/2024		2,150,024
		CH Hold Corporation,
	213,182	Senior Secured 1st Lien Delayed-Draw Term Loan		1.50%	#&		02/01/2024		215,002
		Change Healthcare Holdings LLC,
	985,000	Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		03/01/2024		987,773
		CHG Healthcare, Inc.,
	2,075,515	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		4.75%	#		06/07/2023		2,104,312
		Chill Merger Sub Inc.,
	915,000	Senior Secured 1st Lien Term Loan		5.25%	#		03/20/2024		925,294
		Colorado Buyer, Inc.,
	2,160,000	Guaranteed Senior Secured 1st Lien Term Loan		4.00%	#		03/15/2024		2,175,930
		Columbus McKinnon Corporation,
	311,011	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.15%	#		01/31/2024		314,025
		Community Health Systems Inc.,
	2,130,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche G		3.80%	#		12/31/2019		2,119,840
		Compuware Corporation,
	2,098,438	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		5.25%	#		12/15/2021		2,107,094
		CPI Holdco LLC,
	965,000	Senior Secured 1st Lien Term Loan, Tranche B		5.15%	#		03/24/2024		972,841
		CSC Holdings LLC,
	2,096,785	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.94%	#		10/11/2024		2,096,135
		CSM Bakery Supplies LLC,
	2,086,711	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		07/03/2020		1,972,985
		Dell International, LLC,
	1,952,108	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.49%	#		09/07/2023		1,962,581
		DJO Finance LLC,
	2,124,608	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		06/08/2020		2,061,315
		EFS Cogen Holdings I LLC,
	1,937,036	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		06/28/2023		1,958,315
		Eldorado Resorts, Inc.,
	2,090,504	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/23/2022		2,091,811
		Eldorado Resorts, Inc.,
	1,120,000	Senior Secured 1st Lien Term Loan, Tranche B		2.25%	#		03/15/2024		1,120,000

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Emerald Expositions Holdings, Inc.,
	2,057,688	Senior Secured 1st Lien Term Loan, Tranche B		4.90%	#		06/17/2020		2,076,989
		Energy Transfer Equity LP,
	2,101,681	Senior Secured 1st Lien Term Loan		3.54%	#		02/02/2024		2,100,042
		Envision Healthcare Corporation,
	2,037,910	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.15%	#		12/01/2023		2,058,289
		Equinox Holdings, Inc.,
	2,135,000	Senior Secured 1st Lien Term Loan		4.25%	#		03/08/2024		2,153,692
		Evergreen Skills,
	2,278,645	Senior Secured 1st Lien Term Loan		5.75%	#		04/28/2021		2,102,061
		Fairmount Minerals,
	1,137,248	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.65%	#		09/05/2019		1,116,402
		Federal-Mogul Holdings Corporation,
	2,178,343	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.75%	#		04/15/2021		2,173,758
		Ferrara Candy Company,
	2,039,824	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.65%	#		06/15/2023		1,999,027
		Filtration Group, Inc.,
	2,090,195	Senior Secured 1st Lien Term Loan, Tranche B		4.30%	#		11/23/2020		2,109,142
		First Data Corporation,
	1,082,796	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		3.98%	#		03/24/2021		1,092,270
		Foresight Energy LLC,
	1,560,000	Guaranteed Senior Secured 1st Lien Term Loan		6.75%	#		03/16/2022		1,523,925
		Galleria Company,
	2,125,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.81%	#		09/29/2023		2,146,250
		Gates Global LLC,
	2,135,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.40%	#		07/05/2021		2,141,544
		Gavilan Resources LLC,
	510,000	Secured 2nd Lien Term Loan		7.00%	#		03/01/2024		505,537
		Genesy’s Telecommunications Laboratories, Inc.,
	2,470,024	Senior Secured 1st Lien Term Loan, Tranche B		5.02%	#		12/01/2023		2,493,180
		Greektown Holdings LLC,
	1,440,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		03/21/2024		1,442,254
		GTCR Valor Companies, Inc.,
	1,032,300	Senior Secured 1st Lien Term Loan, Tranche B		7.15%	#		06/16/2023		1,039,263
		GTT Communications,
	922,688	Guaranteed Senior Secured 1st Lien Term Loan		5.00%	#		01/09/2024		936,722
		Harbor Freight Tools USA, Inc.,
	2,025,012	Senior Secured 1st Lien Term Loan		4.23%	#		08/18/2023		2,025,012

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 23

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Hargray Corporation,
	240,000	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/22/2024		241,124
		Harsco Corporation,
	1,177,050	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		6.00%	#		11/02/2023		1,196,177
		Huntsman International LLC,
	2,115,570	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		04/01/2023		2,137,614
		Ineos US Finance LLC,
	204,488	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.73%	#		04/01/2024		205,862
		Informatica Corporation,
	1,060,107	Senior Secured 1st Lien Term Loan, Tranche B		4.65%	#		08/05/2022		1,056,216
		JDA Software Group, Inc.,
	2,507,000	Senior Secured 1st Lien Term Loan		4.50%	#		10/12/2023		2,527,633
		Jeld-Wen, Inc.,
	2,064,511	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.15%	#		07/01/2022		2,081,709
		Jo-Ann Stores LLC,
	1,346,625	Senior Secured 1st Lien Term Loan		6.26%	#		10/20/2023		1,323,066
		Kenan Advantage Group,
	1,673,660	Senior Secured 1st Lien Term Loan, Tranche B1		4.00%	#		08/01/2022		1,678,362
		KIK Custom Products, Inc.,
	2,086,905	Senior Secured 1st Lien Term Loan, Tranche B		5.65%	#		08/26/2022		2,119,074
		Kraton Polymers LLC,
	1,717,911	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		01/06/2022		1,736,877
		Kronos, Inc.,
	2,114,700	Senior Secured 1st Lien Term Loan, Tranche B		5.03%	#		11/01/2023		2,129,355
		Leslie’s Poolmart, Inc.,
	2,509,950	Senior Secured 1st Lien Term Loan, Tranche B		4.77%	#		08/16/2023		2,523,441
		Lifetime Fitness,
	2,110,483	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		06/10/2022		2,118,661
		Lightstone Holdco LLC,
	1,926,332	Senior Secured 1st Lien Term Loan, Tranche B		5.54%	#		01/30/2024		1,941,020
		Lightstone Holdco LLC,
	118,841	Senior Secured 1st Lien Term Loan, Tranche C		5.54%	#		01/30/2024		119,747
		Lonestar Intermediate Super Holdings LLC,
	1,115,000	Senior Unsecured Term Loan (PIK 10.75%)		10.00%	#		08/31/2021		1,162,387
		Mallinckrodt International Finance S.A.,
	490,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.90%	#		09/24/2024		490,306
		McGraw-Hill Financial, Inc.,
	1,108,943	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		05/04/2022		1,099,318

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Micron Technology, Inc.,
	2,044,875	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		09/28/2023		2,058,944
		Micron Technology, Inc.,
	1,185,573	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		4.73%	#		04/26/2022		1,194,281
		Mission Broadcasting, Inc.,
	192,771	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.94%	#		01/17/2024		194,699
		Mitchell International, Inc.,
	519,206	Guaranteed Secured 2nd Lien Term Loan		8.54%	#		10/11/2021		522,453
		Mohegan Tribal Gaming Authority,
	768,075	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		10/13/2023		771,673
		MPH Acquisition Holdings LLC,
	1,914,481	Senior Secured 1st Lien Term Loan, Tranche B		4.90%	#		06/07/2023		1,941,485
		National Vision, Inc.,
	2,051,438	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/12/2021		2,054,218
		NBTY Inc.,
	2,056,772	Senior Secured 1st Lien Term Loan, Tranche B		4.65%	#		05/05/2023		2,073,483
		Nexstar Broadcasting, Inc.,
	1,988,365	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.94%	#		01/17/2023		2,008,249
		Nord Anglia Education Finance LLC,
	2,122,353	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.55%	#		03/31/2021		2,134,959
		Party City Holdings, Inc.,
	2,107,979	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.86%	#		08/19/2022		2,106,282
		Peabody Energy Corporation,
	2,100,000	Guaranteed Senior Secured 1st Lien Term Loan		5.50%	#		03/31/2022		2,103,675
		Pharmaceutical Product Development LLC,
	2,120,248	Senior Secured 1st Lien Term Loan, Tranche B		4.40%	#		08/18/2022		2,129,852
		Pike Corporation,
	510,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		03/08/2024		516,375
		Piscine US Acquisition LLC,
	2,184,525	Guaranteed Senior Secured 1st Lien Term Loan		5.65%	#		12/20/2023		2,203,640
		PODS LLC,
	2,080,964	Senior Secured 1st Lien Term Loan, Tranche B2		4.25%	#		02/02/2022		2,101,773
		PQ Corporation,
	2,105,653	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.29%	#		11/04/2022		2,134,227
		Precyse Acquisition Corporation,
	1,262,357	Senior Secured 1st Lien Term Loan, Tranche B		6.50%	#		10/20/2022		1,271,041
		Prime Security Services Borrower LLC,
	2,048,865	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		05/02/2022		2,072,335

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		RCN Corporation,
	2,115,000	Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		02/01/2024		2,128,515
		RentPath LLC,
	2,274,574	Senior Secured 1st Lien Term Loan, Tranche B		6.25%	#¥		12/17/2021		2,245,186
		Revlon Consumer Products Corporation,
	1,994,975	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.48%	#		09/07/2023		1,998,027
		Reynolds Group,
	2,130,366	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		02/03/2023		2,141,135
		Sabre GLBL Inc.,
	180,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.73%	#		02/22/2024		181,687
		Safway Group Holding LLC,
	1,315,546	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		08/18/2023		1,331,787
		Scientific Games International, Inc.,
	1,004,024	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		4.94%	#		10/01/2021		1,018,065
		Seahawk Holding Ltd.,
	2,069,813	Senior Secured 1st Lien Term Loan		7.00%	#		10/31/2022		2,103,447
		Select Medical Corporation,
	1,840,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		03/06/2024		1,860,700
		Solarwinds Holdings, Inc.,
	2,129,824	Guaranteed Senior Secured 1st Lien Term Loan		4.50%	#		02/03/2023		2,134,222
		Solenis International LP,
	508,956	Guaranteed Secured 2nd Lien Term Loan		7.80%	#		07/29/2022		504,981
		Solenis International LP,
	732,961	Guaranteed Senior Secured 1st Lien Term Loan		4.30%	#		07/31/2021		736,559
		Solera LLC,
	2,120,461	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		03/03/2023		2,133,862
		Sophia LP,
	2,116,763	Senior Secured 1st Lien Term Loan, Tranche B		4.40%	#		09/30/2022		2,119,081
		SRS Distribution, Inc.,
	280,764	Senior Secured 1st Lien Term Loan, Tranche B1		5.29%	#		08/25/2022		285,035
		Summit Materials LLC,
	2,066,209	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.73%	#		07/18/2022		2,086,448
		Surgery Center Holdings, Inc.,
	2,088,111	Guaranteed Senior Secured 1st Lien Term Loan		4.75%	#		11/03/2020		2,114,870
		Team Health Holdings Inc.,
	2,155,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		02/26/2024		2,142,878
		Telesat Canada,
	2,074,688	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4		4.15%	#		11/17/2023		2,095,435

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		TKC Holdings,
	2,065,000	Senior Secured 1st Lien Term Loan		4.75%	#		02/01/2023		2,088,665
		TransDigm, Inc.,
	2,142,123	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		3.98%	#		06/09/2023		2,136,425
		Travel Leaders Group LLC,
	845,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		6.23%	#		01/25/2024		857,679
		Tribune Media Company,
	126,234	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		12/24/2020		127,576
		Tribune Media Company,
	1,577,287	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		3.98%	#		01/26/2024		1,589,905
		Tumi Holdings, Inc.,
	2,089,949	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.23%	#		08/01/2023		2,109,876
		UFC Holdings LLC,
	2,069,750	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		08/18/2023		2,083,607
		Univar USA, Inc.,
	2,137,112	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.73%	#		07/01/2022		2,144,795
		Univision Communications, Inc.,
	2,025,603	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C5		3.75%	#		03/15/2024		2,016,103
		US Renal Care, Inc.,
	2,136,636	Senior Secured 1st Lien Term Loan		5.40%	#		12/30/2022		2,010,435
		USAGM HoldCo LLC,
	2,032,372	Senior Secured 1st Lien Term Loan		4.75%	#		07/28/2022		2,046,030
		VF Holdings Corporation,
	2,082,784	Senior Secured 1st Lien Term Loan		4.25%	#		06/30/2023		2,095,802
		Vizient, Inc.,
	582,263	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		02/13/2023		587,721
		Western Digital Corporation,
	1,190,575	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.50%	#		04/28/2023		1,199,338
		Western Refining, Inc.,
	992,323	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		5.50%	#		06/23/2023		994,184
		WMG Acquisition Corporation,
	2,095,000	Guaranteed Senior Secured 1st Lien Term Loan		3.75%	#		11/01/2023		2,105,967
		York Risk Services Group, Inc.,
	1,938,154	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.90%	#		10/01/2021		1,895,156
		Total Bank Loans (Cost $212,454,504)							213,326,517

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 25

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLLATERALIZED LOAN OBLIGATIONS 3.5%
		Adams Mill Ltd.,
	875,000	Series 2014-1A-D1		4.52%	#^		07/15/2026		866,250
	1,000,000	Series 2014-1A-E1		6.02%	#^		07/15/2026		957,017
		ALM LLC,
	3,800,000	Series 2013-7RA-CR		4.97%	#^		10/15/2028		3,845,703
	3,000,000	Series 2013-8A-CR		5.06%	#^		10/15/2028		3,057,833
	1,880,000	Series 2014-11A-C		4.52%	#^		10/17/2026		1,886,245
	2,700,000	Series 2016-19A-B		4.02%	#^		07/15/2028		2,726,623
	2,000,000	Series 2016-19A-C		5.37%	#^		07/15/2028		2,036,400
		Apidos Ltd.,
	2,000,000	Series 2013-16A-A1		2.47%	#^		01/19/2025		2,003,117
	2,950,000	Series 2013-16A-B		3.82%	#^		01/19/2025		2,961,807
	2,000,000	Series 2014-18A-C		4.69%	#^		07/22/2026		2,018,327
	1,000,000	Series 2014-18A-D		6.24%	#^		07/22/2026		987,555
	1,500,000	Series 2015-20A-C		4.72%	#^		01/16/2027		1,498,968
	2,250,000	Series 2015-21A-C		4.57%	#^		07/18/2027		2,245,178
		ARES Ltd.,
	2,000,000	Series 2013-1A-D		4.77%	#^		04/15/2025		2,004,951
		Atrium Corporation,
	5,000,000	Series 2017-9A-DR		0.00%	#^		05/28/2030		4,961,795
		Babson Ltd.,
	2,000,000	Series 2012-2A-CR		4.64%	#^		05/15/2023		2,022,633
	1,000,000	Series 2014-3A-D2		5.17%	#^		01/15/2026		1,005,311
	1,000,000	Series 2014-3A-E1		6.12%	#^		01/15/2026		954,015
	3,400,000	Series 2015-1A-D1		4.48%	#^		04/20/2027		3,356,782
	5,000,000	Series 2015-2A-D		4.83%	#^		07/20/2027		5,015,000
		Barings Ltd.,
	2,250,000	Series 2016-3A-C		4.87%	#^		01/15/2028		2,275,177
		Betony Ltd.,
	3,000,000	Series 2015-1A-D		4.62%	#^		04/15/2027		2,972,203
		Birchwood Park Ltd.,
	1,000,000	Series 2014-1A-E2		7.42%	#^		07/15/2026		1,006,973
		BlueMountain Ltd.,
	1,500,000	Series 2012-1A-E		6.53%	#^		07/20/2023		1,507,490
	10,100,000	Series 2012-2A-DR		5.20%	#^		11/20/2028		10,154,719
	3,000,000	Series 2013-1A-CR		5.18%	#^		01/20/2029		3,078,008
	5,000,000	Series 2015-2A-D		4.57%	#^		07/18/2027		5,024,781
	2,000,000	Series 2015-2A-E		6.37%	#^		07/18/2027		1,940,320
	4,000,000	Series 2015-3A-B		4.13%	#^		10/20/2027		4,090,973
	4,000,000	Series 2015-3A-C		4.58%	#^		10/20/2027		4,005,470
	5,000,000	Series 2015-4A-C		4.23%	#^		01/20/2027		5,038,950
	4,000,000	Series 2015-4A-D1		5.63%	#^		01/20/2027		4,044,972
	2,000,000	Series 2016-3A-D		4.82%	#^		11/15/2027		2,020,946
		Bristol Park Ltd.,
	2,000,000	Series 2016-1A-D		4.98%	#^		04/15/2029		2,023,295
		Brookside Mill Ltd.,
	1,250,000	Series 2013-1A-C1		3.72%	#^		04/17/2025		1,242,422
	2,250,000	Series 2013-1A-D		4.07%	#^		04/17/2025		2,206,316
	1,250,000	Series 2013-1A-E		5.42%	#^		04/17/2025		1,155,914
		California Street LP,
	5,000,000	Series 2012-9A-DR		4.98%	#^		10/16/2028		5,062,330
		Canyon Capital Ltd.,
	5,000,000	Series 2014-1A-B		3.69%	#^		04/30/2025		5,012,698
	2,750,000	Series 2014-1A-C		4.29%	#^		04/30/2025		2,682,629
		Carlyle High Yield Partners Ltd.,
	1,964,808	Series 2007-10A-A1		1.25%	#^		04/19/2022		1,967,322
		Carlyle Ltd.,
	2,000,000	Series 2016-4A-C		4.78%	#^		10/20/2027		2,009,703
		Catamaran Ltd.,
	2,500,000	Series 2015-1A-C1		4.14%	#^		04/22/2027		2,522,155
		Cent Ltd.,
	2,000,000	Series 2013-18A-D		4.49%	#^		07/23/2025		1,997,536
	1,500,000	Series 2013-18A-E		5.64%	#^		07/23/2025		1,432,835
	5,000,000	Series 2014-21A-D		6.04%	#^		07/27/2026		4,712,590
	1,000,000	Series 2014-22A-C		4.78%	#^		11/07/2026		1,000,265

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Dorchester Park Ltd.,
	2,000,000	Series 2015-1A-C		4.23%	#^		01/20/2027		2,023,359
	1,000,000	Series 2015-1A-D		4.58%	#^		01/20/2027		996,482
		Dryden Senior Loan Fund,
	2,000,000	Series 2013-28A-B1L		4.24%	#^		08/15/2025		1,985,070
	10,000,000	Series 2014-33R-DR		5.37%	#^		10/15/2028		10,102,035
		Eaton Vance Ltd.,
	2,000,000	Series 2006-8A-B		1.69%	#^		08/15/2022		1,992,355
		Emerson Park Ltd.,
	1,000,000	Series 2013-1A-C1		3.77%	#^		07/15/2025		999,829
		Flatiron Ltd.,
	2,000,000	Series 2014-1A-C		4.32%	#^		07/17/2026		1,967,349
		Galaxy Ltd.,
	1,000,000	Series 2013-15A-C		3.62%	#^		04/15/2025		1,003,983
	1,000,000	Series 2013-15A-D		4.42%	#^		04/15/2025		1,002,804
		GLM,
	2,000,000	Series 2017-1A-D		0.00%	#^		04/20/2029		2,000,000
		GoldenTree Loan Opportunities Ltd.,
	3,750,000	Series 2015-10A-D		4.38%	#^		07/20/2027		3,721,530
		Halcyon Loan Advisors Funding Ltd.,
	740,000	Series 2013-2A-C		3.73%	#^		08/01/2025		744,538
	1,500,000	Series 2014-3A-D		4.69%	#^		10/22/2025		1,482,580
		ING Ltd.,
	2,000,000	Series 2013-3A-B		3.72%	#^		01/18/2026		2,005,157
		Jamestown Ltd.,
	2,000,000	Series 2015-6A-A1A		2.65%	#^		02/20/2027		2,002,123
		Jay Park Ltd.,
	3,500,000	Series 2016-1A-C		4.66%	#^		10/20/2027		3,530,586
		LCM LP,
	1,000,000	Series 12A-E		6.77%	#^		10/19/2022		1,004,922
	2,850,000	Series 14A-D		4.52%	#^		07/15/2025		2,864,493
	2,500,000	Series 15A-C		4.15%	#^		08/25/2024		2,502,864
	1,000,000	Series 16A-D		4.62%	#^		07/15/2026		1,006,902
	2,000,000	Series 19A-D		4.47%	#^		07/15/2027		1,969,974
		Madison Park Funding Ltd.,
	5,000,000	Series 2007-4A-A1B		1.46%	#^		03/22/2021		4,922,197
	5,000,000	Series 2007-4A-B		1.53%	#^		03/22/2021		4,894,797
	1,000,000	Series 2007-4A-D		2.59%	#^		03/22/2021		982,958
	2,750,000	Series 2007-6A-C		2.03%	#^		07/26/2021		2,684,344
	2,000,000	Series 2013-11A-D		4.54%	#^		10/23/2025		2,016,490
	1,000,000	Series 2014-13X-E		6.02%	#		01/19/2025		985,000
	4,750,000	Series 2014-14A-D		4.63%	#^		07/20/2026		4,791,090
	750,000	Series 2014-14A-E		5.78%	#^		07/20/2026		737,499
	2,000,000	Series 2014-15A-CR		4.49%	#^		01/27/2026		2,015,308
	1,250,000	Series 2014-15A-DR		6.48%	#^		01/27/2026		1,247,511
	5,000,000	Series 2015-18A-D2		4.99%	#^		10/21/2026		5,009,377
		Magnetite Ltd.,
	5,000,000	Series 2012-7A-CR		4.77%	#^		01/15/2025		5,062,049
	2,000,000	Series 2014-11A-C		4.62%	#^		01/18/2027		2,016,950
		MP Ltd.,
	1,000,000	Series 2014-2A-DR		4.46%	#^		01/15/2027		1,000,000
		Nomad Ltd.,
	1,500,000	Series 2013-1A-B		3.97%	#^		01/15/2025		1,507,469
	1,500,000	Series 2013-1A-C		4.52%	#^		01/15/2025		1,507,416
		North End Ltd.,
	1,000,000	Series 2013-1A-D		4.52%	#^		07/17/2025		992,364
		Octagon Investment Partners Ltd.,
	2,000,000	Series 2013-1A-D		4.37%	#^		07/17/2025		2,000,727
	2,000,000	Series 2013-1A-E		5.52%	#^		07/17/2025		1,866,549
	1,000,000	Series 2014-1A-C2		4.54%	#^		11/25/2025		1,001,491
	2,000,000	Series 2014-1A-D		4.68%	#^		08/12/2026		2,004,821
	1,000,000	Series 2014-1A-D2		5.62%	#^		11/25/2025		1,005,379
	3,500,000	Series 2016-1A-C		4.02%	#^		07/15/2027		3,506,831
	10,000,000	Series 2016-1A-D		5.77%	#^		07/15/2027		10,050,276
	4,000,000	Series 2017-1A-C		4.53%	#^		03/17/2030		4,004,497
	1,760,000	Series 2017-1A-D		7.23%	#^		03/17/2030		1,751,950

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Symphony Ltd.,
	3,000,000	Series 2013-11A-B1		3.22%	#^		01/17/2025		3,002,204
	3,000,000	Series 2013-11A-C		4.17%	#^		01/17/2025		3,005,692
		TCI-Flatiron Ltd.,
	5,000,000	Series 2016-1A-C		4.07%	#^		07/17/2028		5,022,805
	4,000,000	Series 2016-1A-C		5.12%	#^		12/21/2029		4,031,163
		TCI-Symphony Ltd.,
	5,000,000	Series 2016-1A-D		4.72%	#^		10/13/2029		5,005,696
		Thacher Park Ltd.,
	2,000,000	Series 2014-1A-D1R		5.26%	#^		10/20/2026		2,002,409
		THL Credit Wind River Ltd.,
	2,000,000	Series 2014-1A-DR		4.61%	#^		04/18/2026		2,000,498
		Venture Ltd.,
	2,450,000	Series 2012-12A-DR		4.75%	#^		02/28/2026		2,455,096
	2,500,000	Series 2014-17A-C		3.87%	#^		07/15/2026		2,507,655
		Wind River Ltd.,
	2,000,000	Series 2012-1A-DR		5.12%	#^		01/15/2026		2,028,740
	3,000,000	Series 2013-1A-C		4.43%	#^		04/20/2025		3,004,050
	4,100,000	Series 2016-1A-B		4.22%	#^		07/15/2028		4,125,435
	2,000,000	Series 2016-1A-D		5.67%	#^		07/15/2028		2,019,809
		Total Collateralized Loan Obligations (Cost $280,976,441)							285,286,029
	FOREIGN CORPORATE BONDS 8.0%
	1,995,800	Abengoa Transmision Sur S.A.		6.88%	^		04/30/2043		2,145,485
	1,995,800	Abengoa Transmision Sur S.A.		6.88%			04/30/2043		2,145,485
	700,000	Aeropuerto Argentina S.A.		6.88%	^		02/01/2027		724,500
	6,200,000	AES Andres B.V.		7.95%	^		05/11/2026		6,667,294
	2,000,000	AES El Salvador Trust		6.75%			03/28/2023		1,865,000
	2,800,000	AES Gener S.A.		5.00%			07/14/2025		2,850,614
	2,000,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		2,075,000
	1,557,000	Agromercantil Senior Trust		6.25%			04/10/2019		1,615,388
	1,700,000	Ajecorp B.V.		6.50%			05/14/2022		1,262,250
	9,675,000	AstraZeneca PLC		2.38%			11/16/2020		9,694,292
	10,835,000	Australia and New Zealand Banking Group Ltd.		4.88%	^		01/12/2021		11,747,892
	800,000	Autoridad del Canal de Panama		4.95%			07/29/2035		878,000
	2,600,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		2,589,600
	4,700,000	Avianca Holdings S.A.		8.38%			05/10/2020		4,681,200
	1,500,000	Axiata SPV2 BHD		3.47%			11/19/2020		1,537,585
	600,000	Banco de Bogota S.A.		5.38%			02/19/2023		626,250
	1,500,000	Banco de Bogota S.A.		6.25%	^		05/12/2026		1,569,375
	2,000,000	Banco de Costa Rica		5.25%	^		08/12/2018		2,036,620
	2,500,000	Banco de Costa Rica		5.25%			08/12/2018		2,545,775
	4,300,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		4,388,838
	2,200,000	Banco de Reservas de la Republica Dominicana		7.00%	^		02/01/2023		2,245,452
	3,000,000	Banco do Brasil S.A.		9.00%	#^†		06/18/2024		3,120,000
	2,100,000	Banco GNB Sudameris S.A.		6.50%	^		04/03/2027		2,133,495
	1,000,000	Banco International del Peru S.A.A.		8.50%	#		04/23/2070		1,095,000
	6,200,000	Banco Macro S.A.		6.75%	#		11/04/2026		6,238,440
	2,500,000	Banco Mercantil del Norte S.A.		5.75%	#		10/04/2031		2,453,125
	3,000,000	Banco Mercantil del Norte S.A.		5.75%	#^		10/04/2031		2,943,750
	4,500,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#		08/11/2026		4,421,250
	1,500,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		1,521,720

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,700,000	Banco Nacional de Costa Rica		5.88%	^		04/25/2021		5,806,875
	11,280,000	Banco Santander		5.95%	#		01/30/2024		11,703,000
	10,360,000	Bank of Montreal		1.90%			08/27/2021		10,096,545
	1,250,000	Bantrab Senior Trust		9.00%			11/14/2020		1,168,750
	7,200,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		7,200,000
	5,700,000	BBVA Bancomer S.A.		5.35%	#^		11/12/2029		5,643,000
	2,557,000	BBVA Bancomer S.A.		5.35%	#		11/12/2029		2,531,430
	1,700,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		1,813,560
	7,300,000	Bharti Airtel Ltd.		4.38%			06/10/2025		7,306,516
	2,475,000	BP Capital Markets PLC		3.59%			04/14/2027		2,494,458
	7,685,000	BP Capital Markets PLC		3.72%			11/28/2028		7,822,093
	9,800,000	BPRL International Singapore Pte Ltd.		4.38%			01/18/2027		10,008,044
	20,183,000	British Telecommunications PLC		5.95%			01/15/2018		20,851,380
	1,130,000	Camelot Finance S.A.		7.88%	^		10/15/2024		1,200,614
	2,150,000	Camposol S.A.		10.50%	^		07/15/2021		2,273,625
	95,000	Canadian Pacific Railway Company		2.90%			02/01/2025		93,305
	1,600,000	Cementos Progreso Trust		7.13%			11/06/2023		1,700,000
	5,800,000	Cencosud S.A.		5.15%			02/12/2025		6,054,397
	1,900,000	CIMPOR Financial Operations B.V.		5.75%			07/17/2024		1,691,000
	2,000,000	CIMPOR Financial Operations B.V.		5.75%	^		07/17/2024		1,780,000
	7,500,000	CK Hutchison International Ltd.		3.50%	^		04/05/2027		7,486,601
	700,000	CNOOC Finance Ltd.		4.25%			01/26/2021		733,961
	14,000,000	CNOOC Finance Ltd.		3.50%			05/05/2025		13,879,726
	2,000,000	CNPC General Capital Ltd.		3.40%			04/16/2023		2,029,435
	1,000,000	Colbun S.A.		6.00%			01/21/2020		1,086,316
	3,700,000	Comision Federal de Electricidad		4.75%			02/23/2027		3,718,500
	15,815,000	Commonwealth Bank of Australia		2.75%	^		03/10/2022		15,863,141
	3,500,000	CorpGroup Banking S.A.		6.75%	^		03/15/2023		3,368,715
	2,322,000	CorpGroup Banking S.A.		6.75%			03/15/2023		2,234,902
	6,610,000	Cosan Overseas Ltd.		8.25%	†		11/29/2049		6,659,575
	6,600,000	Credito Real S.A.B. de C.V.		7.25%	^		07/20/2023		6,699,000
	1,000,000	Dana Financing, Ltd.		5.75%	^		04/15/2025		1,011,250
	500,000	DBS Bank Ltd.		3.63%	#		09/21/2022		503,831
	5,700,000	DBS Group Holdings Ltd.		3.60%	#†		12/29/2049		5,615,680
	3,000,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		3,193,125
	500,000	Digicel Ltd.		7.00%			02/15/2020		482,500
	7,100,000	Digicel Ltd.		7.13%			04/01/2022		5,555,750
	3,900,000	Digicel Ltd.		7.13%	^		04/01/2022		3,051,750
	1,500,000	Eldorado International Finance GMBH		8.63%	^		06/16/2021		1,278,750
	4,500,000	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		4,549,149
	3,500,000	Empresa Electrica Guacolda S.A.		4.56%	^		04/30/2025		3,357,683
	2,950,000	Empresa Electrica Guacolda S.A.		4.56%			04/30/2025		2,830,047
	2,200,000	Empresa Nacional de Telecomunicaciones S.A.		4.88%			10/30/2024		2,278,074
	6,110,994	ENA Norte Trust		4.95%			04/25/2023		6,324,879
	3,600,000	Engie Energia Chile S.A.		4.50%			01/29/2025		3,689,174
	8,000,000	ENTEL Chile S.A.		4.75%			08/01/2026		8,218,143
	2,000,000	Fondo Mivivienda S.A.		3.50%	^		01/31/2023		2,020,000
	10,865,000	Fortis, Inc.		2.10%	^		10/04/2021		10,537,583
	1,000,000	Global Bank Corporation		5.13%	^		10/30/2019		1,030,500
	1,500,000	Global Bank Corporation		4.50%	^		10/20/2021		1,489,500
	800,000	GNL Quintero S.A.		4.63%			07/31/2029		820,000
	7,600,000	Gohl Capital Ltd.		4.25%			01/24/2027		7,682,863
	2,300,000	Grupo Aval Ltd.		4.75%			09/26/2022		2,305,750
	3,950,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		4,108,000
	2,890,000	Grupo Idesa S.A. de C.V.		7.88%	^		12/18/2020		2,561,262

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 27

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,000,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		4,431,250
	400,000	Grupo Televisa SAB		4.63%			01/30/2026		412,292
	1,500,000	Grupo Televisa SAB		6.13%			01/31/2046		1,593,696
	3,050,000	GrupoSura Finance S.A.		5.50%			04/29/2026		3,221,563
	9,950,831	Guanay Finance Ltd.		6.00%			12/15/2020		10,261,794
	3,000,000	Hutchison Whampoa International Ltd.		3.25%			11/08/2022		3,069,820
	1,500,000	Indian Oil Corporation, Ltd.		5.63%			08/02/2021		1,647,759
	8,484,000	Industrial Senior Trust		5.50%			11/01/2022		8,523,366
	800,000	Industrial Senior Trust		5.50%	^		11/01/2022		803,712
	2,300,000	Instituto Costarricense de Electricidad		6.95%	^		11/10/2021		2,432,066
	2,000,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		2,114,840
	1,375,000	Intelsat Jackson Holdings S.A.		5.50%			08/01/2023		1,136,094
	740,000	Intelsat Jackson Holdings S.A.		8.00%	^		02/15/2024		786,250
	7,000,000	Inversiones CMPC S.A.		4.38%	^		04/04/2027		6,973,760
	3,000,000	IOI Investment BHD		4.38%			06/27/2022		3,102,744
	8,600,000	Israel Electric Corporation Ltd.		5.00%	^		11/12/2024		9,055,800
	200,000	Korea Development Bank		3.00%			01/13/2026		199,619
	2,300,000	Korea Development Bank		2.00%			09/12/2026		2,098,145
	435,000	Kronos Acquisition Holdings, Inc.		9.00%	^		08/15/2023		443,700
	5,000,000	Lima Metro Line 2 Finance Ltd.		5.88%			07/05/2034		5,337,500
	1,600,000	Magnesita Finance Ltd.		8.63%	†		04/05/2017		1,599,200
	3,700,000	MARB BondCo PLC		7.00%	^		03/15/2024		3,681,500
	1,000,000	Marfrig Holdings Europe B.V.		8.00%	^		06/08/2023		1,047,300
	2,500,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		2,625,000
	3,500,000	Minerva Luxembourg S.A.		8.75%	#^†		04/03/2019		3,675,000
	10,095,000	National Gas Company of Trinidad and Tobago Ltd.		6.05%			01/15/2036		10,498,800
	5,300,000	OAS Financial Ltd.		8.88%	#^†W		04/25/2018		238,500
	1,500,000	OAS Financial Ltd.		8.88%	#†W		04/29/2049		67,500
	1,700,000	Odebrecht Finance Ltd.		7.13%			06/26/2042		629,000
	1,500,000	Odebrecht Finance Ltd.		7.50%	†		09/29/2049		568,125
	9,000,000	ONGC Videsh Ltd.		3.75%			07/27/2026		8,830,962
	10,400,000	Ooredoo International Finance Ltd.		3.88%			01/31/2028		10,251,124
	10,189,000	Orange S.A.		2.75%			02/06/2019		10,312,328
	695,000	Orange S.A.		5.38%			07/08/2019		744,095
	5,800,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		5,962,221
	4,800,000	Pampa Energia S.A.		7.50%	^		01/24/2027		4,866,720
	5,100,000	Pertamina Persero PT		5.63%			05/20/2043		5,248,257
	1,800,000	Pesquera Exalmar S.A.A.		7.38%	^		01/31/2020		1,529,820
	1,000,000	Pesquera Exalmar S.A.A.		7.38%			01/31/2020		849,900
	2,100,000	Petrobras Global Finance B.V.		7.38%			01/17/2027		2,225,370
	12,000,000	Petrobras Global Finance B.V.		7.25%			03/17/2044		11,910,000
	5,175,000	Petroleos Mexicanos		6.75%			09/21/2047		5,266,132
	8,500,000	Petronas Capital Ltd.		3.50%			03/18/2025		8,648,844
	7,500,000	Pontis Ltd.		5.13%	^		03/31/2027		7,522,500
	2,240,000	Potash Corporation of Saskatchewan, Inc.		4.00%			12/15/2026		2,297,485
	2,000,000	Reliance Holdings, Inc.		4.50%			10/19/2020		2,122,340
	4,700,000	Reliance Holdings, Inc.		5.40%			02/14/2022		5,133,542
	500,000	Reliance Holdings, Inc.		4.13%			01/28/2025		513,169
	5,080,000	Royal Bank of Canada		2.13%			03/02/2020		5,083,774
	2,485,000	Royal Bank of Canada		2.50%			01/19/2021		2,503,193
	600,000	SACI Falabella		3.75%			04/30/2023		605,645
	10,310,000	Shire Acquisitions Investments Ireland DAC		2.88%			09/23/2023		10,016,485
	1,000,000	Sigma Alimentos S.A. de C.V.		4.13%			05/02/2026		980,000
	1,000,000	Sinopec Group Overseas Development Ltd.		2.75%			05/03/2021		993,695

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	15,000,000	Sinopec Group Overseas Development Ltd.		2.75%			09/29/2026		13,930,200
	1,000,000	Sixsigma Networks Mexico S.A. de C.V.		8.25%			11/07/2021		992,500
	1,000,000	Sixsigma Networks Mexico S.A. de C.V.		8.25%	^		11/07/2021		992,500
	300,000	SUAM Finance B.V.		4.88%			04/17/2024		312,210
	8,285,000	Sumitomo Mitsui Financial Group, Inc.		2.93%			03/09/2021		8,358,347
	7,155,000	Sumitomo Mitsui Financial Group, Inc.		2.06%			07/14/2021		6,968,491
	350,000	Sydney Airport Finance Company Pty Ltd.		3.63%	^		04/28/2026		349,016
	3,200,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		3,312,000
	1,180,000	Telesat LLC		8.88%	^		11/15/2024		1,298,000
	10,582,000	Teva Pharmaceutical Finance Company B.V.		2.95%			12/18/2022		10,345,429
	3,600,000	Teva Pharmaceutical Finance Netherlands B.V.		2.80%			07/21/2023		3,421,062
	15,895,000	Toronto Dominion Bank		1.80%			07/13/2021		15,473,798
	200,000	Transelec S.A.		3.88%			01/12/2029		194,500
	9,900,000	Transportadora de Gas del Peru S.A.		4.25%			04/30/2028		10,023,750
	3,350,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		3,350,000
	3,200,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		3,160,000
	2,000,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		2,040,460
	2,500,000	United Overseas Bank Ltd.		3.50%	#		09/16/2026		2,511,590
	9,280,000	Westpac Banking Corporation		2.60%			11/23/2020		9,352,820
	1,175,000	Westpac Banking Corporation		2.00%			08/19/2021		1,148,890
		Total Foreign Corporate Bonds (Cost $657,185,848)							651,541,241
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 2.6%
	16,000,000	Argentine Republic Government International Bond		6.88%	^		01/26/2027		16,212,000
	14,000,000	Brazilian Government International Bond		5.63%			01/07/2041		13,685,000
	7,000,000	Chile Government International Bond		3.13%			01/21/2026		7,126,000
	3,000,000	Colombia Government International Bond		4.50%			01/28/2026		3,176,250
	8,140,000	Costa Rica Government International Bond		10.00%			08/01/2020		9,579,152
	4,500,000	Dominican Republic International Bond		5.50%			01/27/2025		4,595,625
	15,300,000	Dominican Republic International Bond		5.95%	^		01/25/2027		15,663,375
	5,900,000	Dominican Republic International Bond		6.85%			01/27/2045		6,136,000
	6,400,000	Guatemala Government Bond		4.50%			05/03/2026		6,385,152
	2,715,000	Guatemala Government Bond		4.88%			02/13/2028		2,774,730
	5,000,000	Indonesia Government International Bond		5.88%			03/13/2020		5,474,710
	5,000,000	Indonesia Government International Bond		4.35%	^		01/08/2027		5,179,785
	13,500,000	Korea International Bond		2.75%			01/19/2027		13,290,412
	11,000,000	Mexico Government International Bond		4.13%			01/21/2026		11,335,500
	25,431,000	Mexico Government International Bond		4.15%			03/28/2027		25,907,831

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	8,600,000	Mexico Government International Bond		4.75%			03/08/2044		8,385,000
	10,800,000	Panama Government International Bond		3.88%			03/17/2028		11,002,500
	3,000,000	Panama Government International Bond		4.30%			04/29/2053		2,857,500
	6,500,000	Perusahaan Penerbit SBSN Indonesia III		4.15%	^		03/29/2027		6,535,425
	7,000,000	Philippine Government International Bond		3.70%			02/02/2042		6,931,498
	6,500,000	Provincia de Buenos Aires		7.88%	^		06/15/2027		6,598,800
	7,000,000	Qatar Government International Bond		2.38%			06/02/2021		6,930,595
	8,500,000	Republic of Poland Government International Bond		5.13%			04/21/2021		9,321,780
	3,000,000	Republic of Poland Government International Bond		3.25%			04/06/2026		2,980,665
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $204,904,653)							208,065,285
	MUNICIPAL BONDS 0.3%
	7,400,000	City of Houston TX Combined Utility System Revenue		5.00%			11/15/2035		8,481,140
	2,300,000	Los Angeles County Metropolitan Transportation Authority		5.00%			06/01/2033		2,699,993
	5,050,000	Massachusetts School Building Authority		5.00%			11/15/2034		5,855,727
	4,950,000	North Texas Municipal Water District Water System Revenue		5.00%			09/01/2035		5,703,341
	1,780,000	State of California		5.00%			08/01/2033		2,026,494
		Total Municipal Bonds (Cost $24,472,801)							24,766,695
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 7.5%
		BAMLL Commercial Mortgage Securities Trust,
	2,000,000	Series 2014-IP-E		2.72%	#^		06/15/2028		1,974,064
	118,650,000	Series 2015-200P-XA		0.38%	#^ I/O		04/14/2033		3,372,140
		Barclays Commercial Mortgage Securities LLC,
	77,344,161	Series 2017-C1-XA		1.53%	# I/O		02/15/2050		8,719,703
		Bear Stearns Commercial Mortgage Securities, Inc.,
	3,775,000	Series 2007-T26-AJ		5.57%	#		01/12/2045		3,627,474
		CFCRE Commercial Mortgage Trust,
	74,856,789	Series 2016-C3-XA		1.09%	# I/O		01/10/2048		5,355,958
	9,279,000	Series 2016-C7-A3		3.84%			12/10/2054		9,579,612
		CGCMT Commercial Mortgage Trust,
	3,214,000	Series 2016-SMPL-D		3.52%	^		09/10/2031		3,189,365
		Chicago Skyscraper Trust,
	6,014,000	Series 2017-SKY-B		2.01%	#^		04/15/2030		6,017,608
	3,331,000	Series 2017-SKY-C		2.16%	#^		04/15/2030		3,331,000
		Citigroup Commercial Mortgage Trust,
	10,899,161	Series 2012-GC8-XA		2.12%	#^ I/O		09/10/2045		671,479
	4,234,500	Series 2015-GC27-D		4.43%	#^		02/10/2048		3,407,448
	4,213,581	Series 2015-GC27-XA		1.43%	# I/O		02/10/2048		351,831
	5,572,000	Series 2015-GC35-C		4.50%	#		11/10/2048		5,571,115
	73,792,369	Series 2015-GC35-XA		0.90%	# I/O		11/10/2048		3,850,744
	6,303,000	Series 2016-C32-A5		3.72%	#		12/10/2049		6,540,057
	46,020,675	Series 2016-P3-XA		1.71%	# I/O		04/15/2049		5,109,496
	8,530,000	Series 2016-P4-A4		2.90%			07/10/2049		8,305,452

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Citigroup Commercial Mortgage Trust, (Cont.)
	58,742,557	Series 2016-P4-XA		2.01%	# I/O		07/10/2049		7,630,059
	84,506,250	Series 2016-P5-XA		1.56%	# I/O		10/10/2049		8,467,323
		COBALT Commercial Mortgage Trust,
	2,602,680	Series 2007-C2-AJFX		5.57%	#		04/15/2047		2,631,960
		Commercial Mortgage Pass-Through Certificates,
	3,988,084	Series 2002-LC4-XA		2.23%	#^ I/O		12/10/2044		323,126
	1,043,365	Series 2010-C1-XPA		1.59%	#^ I/O		07/10/2046		10,186
	27,463,649	Series 2012-CR3-XA		2.07%	# I/O		10/15/2045		2,022,670
	8,626,000	Series 2012-CR4-D		4.57%	#^		10/15/2045		7,871,949
	7,910,000	Series 2013-CR11-D		5.17%	#^		08/10/2050		7,463,890
	3,500,000	Series 2014-CR20-C		4.51%	#		11/10/2047		3,449,742
	5,000,000	Series 2015-CR23-D		4.26%	#		05/10/2048		3,803,983
	1,400,000	Series 2015-CR25-C		4.55%	#		08/10/2048		1,377,619
	61,242,797	Series 2015-CR26-XA		1.05%	# I/O		10/10/2048		3,824,735
	4,310,000	Series 2015-LC21-C		4.31%	#		07/10/2048		4,081,016
	5,579,000	Series 2015-LC23-C		4.65%	#		10/10/2048		5,492,441
	6,664,000	Series 2016-CR28-C		4.65%	#		02/10/2049		6,501,681
	3,786,000	Series 2016-DC2-C		4.64%	#		02/10/2049		3,662,968
	59,705,469	Series 2016-DC2-XA		1.07%	# I/O		02/10/2049		4,116,197
	9,247,000	Series 2016-GCT-E		3.46%	#^		08/10/2029		8,917,949
		Credit Suisse First Boston Mortgage Securities Corporation,
	8,659	Series 1998-C2-F		6.75%	#^		11/15/2030		8,664
		Credit Suisse Mortgage Capital Certificates,
	9,157,000	Series 2007-C4-A1AM		5.96%	#		09/15/2039		9,216,257
	5,135,000	Series 2015-SAND-D		3.76%	#^		08/15/2030		5,161,231
		CSAIL Commercial Mortgage Trust,
	5,597,000	Series 2015-C4-C		4.58%	#		11/15/2048		5,493,995
	58,927,471	Series 2016-C6-XA		1.81%	# I/O		01/15/2049		6,718,563
		DBRR Trust,
	1,000,000	Series 2011-C32-A3B		5.76%	#^		06/17/2049		998,232
		DBUBS Mortgage Trust,
	3,513,636	Series 2011-LC2A-XA		1.32%	#^ I/O		07/10/2044		122,345
		Deutsche Bank Commercial Mortgage Trust,
	61,953,470	Series 2016-C1-XA		1.50%	# I/O		05/10/2049		6,282,447
		Deutsche Bank Mortgage Trust,
	4,475,000	Series 2016-C1-C		3.35%	#		05/10/2049		4,211,732
		GE Commercial Mortgage Corporation Trust,
	4,078,000	Series 2007-C1-AM		5.61%	#		12/10/2049		4,057,692
		Greenwich Capital Commercial Funding Corporation,
	3,795,300	Series 2007-GG11-AJ		6.05%	#		12/10/2049		3,860,783
	3,500,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		3,541,741
		GS Mortgage Securities Corporation,
	88,599	Series 2006-GG6-XC		0.00%	#^ I/O		04/10/2038		1
	2,993,637	Series 2011-GC5-XA		1.36%	#^ I/O		08/10/2044		143,528
	5,000,649	Series 2012-GC6-XA		1.96%	#^ I/O		01/10/2045		378,372
	3,741,000	Series 2014-GC26-C		4.51%	#		11/10/2047		3,773,790
	9,957,000	Series 2014-GC26-D		4.51%	#^		11/10/2047		8,320,818
	99,181,538	Series 2015-GS1-XA		0.83%	# I/O		11/10/2048		5,618,803
	61,842,199	Series 2016-GS2-XA		1.67%	# I/O		05/10/2049		6,728,029
	5,663,000	Series 2016-ICE2-A		2.84%	#^		02/15/2033		5,719,371
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	2,566,003	Series 2006-LDP8-X		0.42%	# I/O		05/15/2045		26
	1,539,482	Series 2006-LDP9-AM		5.37%			05/15/2047		1,538,238
	467,889	Series 2007-CB18-AMFX		5.40%			06/12/2047		468,910
	5,568,600	Series 2007-CB19-AM		5.83%	#		02/12/2049		5,572,368
	5,055,300	Series 2007-CB20-AJ		6.18%	#		02/12/2051		5,178,523
	6,350,000	Series 2007-LD12-AM		6.07%	#		02/15/2051		6,442,329
	12,050,000	Series 2009-IWST-XB		0.30%	#^ I/O		12/05/2027		125,326
	30,068	Series 2009-RR2-GEB		5.54%	^		12/13/2049		30,035
	7,896,587	Series 2011-C4-XA		1.36%	#^ I/O		07/15/2046		185,474
	25,173,782	Series 2012-C8-XA		1.93%	# I/O		10/15/2045		1,908,888
	5,953,945	Series 2012-CBX-XA		1.66%	# I/O		06/15/2045		333,937
	79,342,792	Series 2015-JP1-XA		1.15%	# I/O		01/15/2049		4,566,908
	6,097,000	Series 2007-LD11-AM		5.84%	#		06/15/2049		6,241,840
	18,000,379	Series 2007-LDPX-AM		5.46%	#		01/15/2049		17,985,671
	2,704,000	Series 2016-JP2-B		3.46%			08/15/2049		2,663,600
	2,080,000	Series 2016-JP2-C		3.80%	#		08/15/2049		2,021,960

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 29

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JP Morgan Chase Commercial Mortgage Securities Corporation, (Cont.)
	60,354,211	Series 2016-JP2-XA		1.86%	# I/O		08/15/2049		7,981,024
	9,281,000	Series 2016-WIKI-E		4.01%	#^		10/05/2031		9,088,421
	9,287,000	Series 2016-WPT-E		5.91%	#^		10/15/2033		9,479,789
		JPMBB Commercial Mortgage Securities Trust,
	57,173,750	Series 2014-C18-XA		1.07%	# I/O		02/15/2047		2,577,536
	3,000,000	Series 2014-C21-C		4.66%	#		08/15/2047		2,992,394
	2,766,125	Series 2014-C23-C		4.46%	#		09/15/2047		2,773,753
	3,766,500	Series 2014-C25-C		4.45%	#		11/15/2047		3,713,996
	58,177,610	Series 2014-C25-XA		0.99%	# I/O		11/15/2047		3,029,157
	50,394,697	Series 2014-C26-XA		1.17%	# I/O		01/15/2048		2,696,489
	12,131,110	Series 2015-C27-D		3.84%	#^		02/15/2048		9,585,526
	34,294,254	Series 2015-C27-XA		1.37%	# I/O		02/15/2048		2,383,794
	4,500,000	Series 2015-C30-B		4.31%	#		07/15/2048		4,410,488
	51,537,796	Series 2015-C31-XA		1.01%	# I/O		08/15/2048		2,924,780
	4,750,000	Series 2015-C32-C		4.67%	#		11/15/2048		4,515,992
	6,470,000	Series 2015-C33-C		4.62%	#		12/15/2048		6,492,881
	6,122,000	Series 2016-C1-C		4.75%	#		03/15/2049		6,316,906
	63,559,030	Series 2016-C2-XA		1.71%	# I/O		06/15/2049		6,397,839
		LB Commercial Mortgage Trust,
	1,579,500	Series 2007-C3-AM		6.05%	#		07/15/2044		1,587,380
	3,000,000	Series 2007-C3-AMFL		6.05%	#^		07/15/2044		3,018,548
		LB-UBS Commercial Mortgage Trust,
	639,036	Series 2006-C7-XCL		0.49%	#^ I/O		11/15/2038		2,255
	515,373	Series 2006-C7-XW		0.49%	#^ I/O		11/15/2038		1,819
	3,017,800	Series 2007-C2-AM		5.49%	#		02/15/2040		3,019,368
	4,708,000	Series 2007-C7-AJ		6.25%	#		09/15/2045		4,801,814
		LSTAR Commercial Mortgage Trust,
	5,425,000	Series 2016-4-C		4.55%	#^		03/10/2049		5,003,689
		Merrill Lynch Mortgage Trust,
	518,725	Series 2006-C1-AJ		5.44%	#		05/12/2039		518,229
		Morgan Stanley Bank of America Merrill Lynch Trust,
	2,382,360	Series 2012-C5-XA		1.57%	#^ I/O		08/15/2045		135,585
	3,000,000	Series 2014-C18-C		4.49%	#		10/15/2047		2,958,235
	4,000,000	Series 2014-C19-C		4.00%			12/15/2047		3,738,116
	39,044,805	Series 2015-C20-XA		1.40%	# I/O		02/15/2048		2,855,686
	4,600,000	Series 2015-C25-C		4.53%	#		10/15/2048		4,681,796
	7,500,000	Series 2015-C26-D		3.06%	^		10/15/2048		5,608,184
	4,674,000	Series 2015-C27-C		4.54%	#		12/15/2047		4,464,273
	6,710,000	Series 2015-C27-D		3.24%	#^		12/15/2047		4,312,204
	75,237,372	Series 2016-C30-XA		1.47%	# I/O		09/15/2049		7,659,714
	6,907,000	Series 2016-C32-A4		3.72%			12/15/2049		7,168,914
		Morgan Stanley Capital, Inc.,
	639,824	Series 2006-HQ8-AJ		5.40%	#		03/12/2044		640,538
	3,462,000	Series 2007-1Q16-AMA		6.06%	#		12/12/2049		3,541,812
	1,278,404	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		1,255,399
	827,022	Series 2007-IQ13-AM		5.41%			03/15/2044		825,301
	1,400,000	Series 2007-IQ16-AM		6.07%	#		12/12/2049		1,428,186
	12,539,365	Series 2011-C1-XA		0.46%	#^ I/O		09/15/2047		167,809
	4,000,000	Series 2014-CPT-G		3.45%	#^		07/13/2029		3,890,910
	4,000,000	Series 2014-MP-D		3.69%	#^		08/11/2029		4,050,144
	92,780,923	Series 2015-UBS8-XA		0.97%	# I/O		12/15/2048		5,880,687
	5,617,000	Series 2015-XLF2-AFSC		3.91%	#^		08/15/2026		5,618,313
	32,082,528	Series 2016-UB11-XA		1.68%	# I/O		08/15/2049		3,403,815
	7,347,000	Series 2017-PRME-D		4.31%	#^		02/15/2034		7,386,534
		MSCG Trust,
	9,213,000	Series 2016-SNR-C		5.21%	^		11/15/2034		9,252,130
		PFP Ltd.,
	3,421,000	Series 2017-3-A		1.83%	#^		01/14/2035		3,432,214
	2,851,000	Series 2017-3-AS		2.08%	#^		01/14/2035		2,868,631
	1,639,000	Series 2017-3-B		2.53%	#^		01/14/2035		1,651,316
	1,710,000	Series 2017-3-C		3.28%	#^		01/14/2035		1,725,773
		SG Commercial Mortgage Securities Trust,
	54,958,606	Series 2016-C5-XA		2.03%	# I/O		10/10/2048		7,024,276
		Sutherland Commercial Mortgage Loans LLC,
	5,925,867	Series 2015-SBC4-A		4.00%	^		06/25/2039		5,904,382
		TIAA Seasoned Commercial Mortgage Trust,
	148,265	Series 2007-C4-AJ		5.47%	#		08/15/2039		149,777

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		UBS-Barclays Commercial Mortgage Trust,
	13,644,303	Series 2012-C3-XA		2.01%	#^ I/O		08/10/2049		1,005,682
		Wachovia Bank Commercial Mortgage Trust,
	1,739,010	Series 2006-C28-AJ		5.63%	#		10/15/2048		1,745,531
	1,933,229	Series 2006-C29-IO		0.28%	# I/O		11/15/2048		19
	1,836,726	Series 2007-C30-AJ		5.41%	#		12/15/2043		1,850,495
	5,488,832	Series 2007-C33-AM		6.05%	#		02/15/2051		5,532,255
	2,500,000	Series 2007-C33-B		6.05%	#		02/15/2051		2,436,838
		Wells Fargo Commercial Mortgage Trust,
	6,750,000	Series 2014-LC16-D		3.94%	^		08/15/2050		5,592,017
	2,200,000	Series 2015-C28-C		4.14%	#		05/15/2048		1,984,320
	5,403,000	Series 2015-C31-C		4.61%	#		11/15/2048		5,488,980
	78,175,811	Series 2015-C31-XA		1.11%	# I/O		11/15/2048		5,357,396
	4,610,000	Series 2015-LC22-C		4.54%	#		09/15/2058		4,660,581
	55,640,700	Series 2015-NXS1-XA		1.19%	# I/O		05/15/2048		3,588,413
	4,000,000	Series 2015-NXS3-C		4.49%	#		09/15/2057		3,812,598
	5,672,000	Series 2015-NXS4-C		4.60%	#		12/15/2048		5,809,202
	5,613,000	Series 2015-P2-A4		3.81%			12/15/2048		5,859,406
	78,677,741	Series 2015-P2-XA		1.03%	# I/O		12/15/2048		4,849,255
	4,650,000	Series 2016-C32-C		4.72%	#		01/15/2059		4,521,816
	4,483,000	Series 2016-C33-C		3.90%			03/15/2059		4,318,999
	17,697,709	Series 2016-LC24-XA		1.74%	# I/O		10/15/2049		2,020,724
		WF-RBS Commercial Mortgage Trust,
	17,982,843	Series 2012-C9-XA		2.09%	#^ I/O		11/15/2045		1,311,154
	87,021,756	Series 2014-C21-XA		1.15%	# I/O		08/15/2047		5,056,391
	55,755,711	Series 2014-C22-XA		0.93%	# I/O		09/15/2057		2,676,703
	58,827,226	Series 2014-C24-XA		0.97%	# I/O		11/15/2047		2,983,888
	82,284,833	Series 2016-NXS6-XA		1.66%	# I/O		11/15/2049		8,746,903
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $622,113,857)							606,448,554
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 7.8%
		Adjustable Rate Mortgage Trust,
	11,952,263	Series 2007-1-4A1		4.41%	#		03/25/2037		9,271,635
	79,505	Series 2007-3-1A1		4.25%	#^		11/25/2037		74,296
		Alternative Loan Trust,
	22,667,819	Series 2005-49CB-A2		5.50%			11/25/2035		21,238,971
		Banc of America Funding Corporation,
	1,568,012	Series 2005-G-A3		3.10%	#		10/20/2035		1,477,036
	689,666	Series 2006-2-6A2		5.50%			03/25/2036		678,302
	490,179	Series 2006-6-1A2		6.25%			08/25/2036		459,150
		Bayview Opportunity Master Fund Trust,
	24,333,196	Series 2016-RPL3-A1		3.47%	#^		07/28/2031		24,310,379
		BCAP LLC Trust,
	89,876	Series 2009-RR13-6A5		6.00%	#^		04/26/2037		90,363
		Bear Stearns Asset Backed Securities Trust,
	285,833	Series 2007-SD1-1A3A		6.50%			10/25/2036		220,796
		Chase Mortgage Finance Trust,
	4,113,244	Series 2007-A2-6A4		3.22%	#		07/25/2037		3,943,667
	1,544,368	Series 2007-S3-2A1		5.50%			05/25/2037		1,197,973
		CIM Trust,
	20,000,000	Series 2016-2RR-B2		13.12%	#^		02/27/2056		17,543,924
	20,000,000	Series 2016-3RR-B2		11.38%	#^		02/27/2056		17,546,440
		Citicorp Mortgage Securities, Inc.,
	108,389	Series 2005-1-1A4		5.50%			02/25/2035		110,582
		Citicorp Residential Mortgage Securities, Inc.,
	1,800,000	Series 2006-2-A5		5.68%	#		09/25/2036		1,850,513
		Citigroup Mortgage Loan Trust, Inc.,
	297,879	Series 2006-WF2-A2C		5.85%	#		05/25/2036		178,839
	4,928,000	Series 2008-AR4-2A1B		3.25%	#^		11/25/2038		5,136,625
	2,379,836	Series 2010-8-5A4		6.00%	#^		11/25/2036		2,454,657
	12,280,956	Series 2010-8-6A4		6.00%	#^		12/25/2036		12,367,196
		CitiMortgage Alternative Loan Trust,
	187,429	Series 2006-A2-A2		6.00%			05/25/2036		163,171
	87,755	Series 2006-A5-3A3		6.00%			10/25/2036		72,907

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		CitiMortgage Alternative Loan Trust, (Cont.)
	194,539	Series 2007-A1-1A7		6.00%			01/25/2037		178,118
	10,969,375	Series 2007-A5-1A10		5.75%			05/25/2037		10,052,163
		Countrywide Alternative Loan Trust,
	1,987,675	Series 2004-22CB-1A1		6.00%			10/25/2034		2,054,977
	231,268	Series 2005-20CB-1A1		5.50%			07/25/2035		210,809
	285,499	Series 2005-28CB-3A6		6.00%			08/25/2035		225,212
	1,321,158	Series 2005-46CB-A22		5.25%			10/25/2035		1,230,801
	227,496	Series 2005-J10-1A13		1.68%	#		10/25/2035		175,338
	454,820	Series 2006-26CB-A9		6.50%			09/25/2036		380,364
	11,561,825	Series 2006-42-1A8		6.00%			01/25/2047		9,848,853
	1,731,075	Series 2007-12T1-A1		6.00%			06/25/2037		1,398,023
	1,864,805	Series 2007-16CB-2A1		1.43%	#		08/25/2037		990,855
	540,001	Series 2007-16CB-2A2		46.40%	# I/F		08/25/2037		1,096,027
	134,108	Series 2007-17CB-1A10		25.38%	# I/F		08/25/2037		195,783
	642,017	Series 2007-18CB-2A17		6.00%			08/25/2037		578,165
	2,828,758	Series 2007-23CB-A3		1.48%	#		09/25/2037		1,794,644
	2,778,774	Series 2007-23CB-A4		5.52%	# I/F I/O		09/25/2037		637,634
	784,831	Series 2007-4CB-2A1		7.00%			03/25/2037		224,708
		Countrywide Asset-Backed Certificates,
	87,793	Series 2005-13-AF3		4.78%	#		04/25/2036		76,627
		Countrywide Home Loans,
	25,273	Series 2002-32-2A6		5.00%			01/25/2018		25,346
	481,952	Series 2005-28-A7		5.25%			01/25/2019		433,524
	933,763	Series 2007-10-A5		6.00%			07/25/2037		804,443
	416,941	Series 2007-15-1A16		6.25%			09/25/2037		383,715
	1,112,084	Series 2007-3-A17		6.00%			04/25/2037		950,772
		Credit Suisse First Boston Mortgage Securities Corporation,
	130,106	Series 2005-10-5A5		5.50%			11/25/2035		124,689
	1,814,706	Series 2005-8-1A3		5.25%			09/25/2035		1,632,164
		Credit Suisse Mortgage Capital Certificates,
	5,092,368	Series 2006-4-6A1		6.00%			05/25/2036		3,914,901
	107,612	Series 2006-4-7A1		5.50%			05/25/2021		102,157
	116,967	Series 2007-1-3A1		6.00%			02/25/2022		84,296
	40,762	Series 2007-2-2A1		5.00%			03/25/2037		40,081
	4,837,884	Series 2010-4R-3A17		6.00%	#^		06/26/2037		5,138,877
	9,558,112	Series 2013-IVR1-A1		2.50%	#^		03/25/2043		9,166,411
	20,065,319	Series 2013-IVR4-A11		3.48%	#^		07/25/2043		19,908,518
	17,743,059	Series 2015-PR2-A1		4.25%	#^		07/26/2055		17,950,156
	43,299,363	Series 2015-RPL3-A1		3.75%	#^		12/25/2056		43,391,634
	13,144,074	Series 2016-PR1-A1		5.10%	#^		07/25/2056		12,896,424
		CSMC Trust,
	41,624,815	Series 2014-WIN2-A3		3.50%	#^		10/25/2044		41,467,931
		Deutsche ALT-A Securities, Inc. Mortgage Loan Trust,
	13,568,243	Series 2005-6-2A1		5.50%			12/25/2035		11,875,107
		Deutsche Mortgage Securities, Inc.,
	1,491,726	Series 2006-PR1-3A1		11.05%	#^ I/F		04/15/2036		1,616,782
	191,924	Series 2006-PR1-4AI2		13.13%	#^ I/F		04/15/2036		221,058
	1,484,440	Series 2006-PR1-5AI4		11.05%	#^ I/F		04/15/2036		1,521,035
		First Horizon Alternative Mortgage Securities,
	448,368	Series 2006-FA2-1A5		6.00%			05/25/2036		354,410
	4,196,684	Series 2006-FA8-1A1		6.25%			02/25/2037		3,365,709
	105,075	Series 2006-RE1-A1		5.50%			05/25/2035		93,347
		FirstKey Mortgage Trust,
	10,997,928	Series 2014-1-A8		3.50%	#^		11/25/2044		11,141,205
		GMACM Mortgage Loan Trust,
	5,691,984	Series 2006-J1-A6		5.75%			04/25/2036		5,365,586
		GSAA Home Equity Trust,
	233,656	Series 2005-7-AF5		4.61%	#		05/25/2035		235,969
	1,621,878	Series 2007-10-A1A		6.00%			11/25/2037		1,368,276
	1,425,061	Series 2007-10-A2A		6.50%			11/25/2037		1,024,978
		GSR Mortgage Loan Trust,
	57,169	Series 2006-2F-5A1		4.50%			01/25/2021		54,976
	6,005,015	Series 2006-3F-4A1		6.00%			03/25/2036		5,460,113
	714,751	Series 2007-1F-2A2		5.50%			01/25/2037		690,217
		Impac Secured Assets Trust,
	36,503,796	Series 2006-5-1A1C		1.25%	#		02/25/2037		28,152,231

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JP Morgan Alternative Loan Trust,
	400,194	Series 2006-S2-A4		6.19%	#		05/25/2036		324,318
	9,155,442	Series 2006-S3-A4		6.31%	#		08/25/2036		7,799,967
	756,210	Series 2006-S3-A6		6.12%	#		08/25/2036		745,427
	880,902	Series 2006-S4-A6		5.71%	#		12/25/2036		859,282
		JP Morgan Mortgage Trust,
	347,693	Series 2007-S3-1A7		6.00%			08/25/2037		309,562
		Lehman Mortgage Trust,
	1,898,813	Series 2005-1-2A4		5.50%			11/25/2035		1,770,852
	777,978	Series 2006-3-1A5		6.00%			07/25/2036		628,219
	52,320	Series 2006-9-1A19		26.17%	# I/F		01/25/2037		71,334
	870,683	Series 2007-10-2A1		6.50%			01/25/2038		640,392
	199,226	Series 2007-2-1A1		5.75%			02/25/2037		173,290
		MASTR Alternative Loans Trust,
	132,512	Series 2005-2-3A1		6.00%			03/25/2035		123,908
	53,908	Series 2007-1-2A7		6.00%			10/25/2036		36,533
		MASTR Asset Securitization Trust,
	2,867,122	Series 2006-2-1A11		6.00%	#		06/25/2036		2,765,239
		Morgan Stanley Mortgage Loan Trust,
	89,401	Series 2004-1-1A1		5.00%			11/25/2018		92,053
	1,288,559	Series 2005-7-7A4		5.50%			11/25/2035		1,330,736
	3,666,588	Series 2006-7-3A		5.13%	#		06/25/2036		3,028,704
		Morgan Stanley Re-Remic Trust,
	1,941,277	Series 2010-R6-5C		5.75%	#^		05/26/2037		1,831,290
		Nomura Asset Acceptance Corporation,
	242,327	Series 2006-AP1-A2		5.52%	#		01/25/2036		139,356
		Nomura Home Equity Loan, Inc.,
	655,503	Series 2006-AF1-A2		5.80%	#		10/25/2036		308,089
	1,168,618	Series 2007-1-1A1		6.06%	#		02/25/2037		603,126
		Option One Mortgage Loan Trust,
	70,079	Series 2004-3-M3		1.96%	#		11/25/2034		64,688
		PHH Alternative Mortgage Trust,
	454,720	Series 2007-2-4A1		6.00%			05/25/2022		461,143
		PR Mortgage Loan Trust,
	11,575,828	Series 2014-1-APT		5.92%	#		10/25/2049		11,426,959
		Residential Accredit Loans, Inc.,
	231,784	Series 2004-QS15-A1		5.25%			11/25/2034		235,833
	459,862	Series 2005-QS14-3A3		6.00%			09/25/2035		435,814
	62,249	Series 2005-QS1-A5		5.50%			01/25/2035		62,313
	522,990	Series 2006-QS10-A4		5.75%			08/25/2036		435,636
	5,706,860	Series 2006-QS10-A9		6.50%			08/25/2036		4,982,925
	5,535,625	Series 2006-QS4-A10		6.00%			04/25/2036		4,801,220
	1,112,479	Series 2006-QS6-1A15		6.00%			06/25/2036		954,776
	237,414	Series 2006-QS6-2A1		6.00%			06/25/2021		233,394
	1,764,958	Series 2007-QS3-A4		6.25%			02/25/2037		1,443,038
	6,159,183	Series 2007-QS9-A33		6.50%			07/25/2037		5,473,624
		Residential Asset Mortgage Products, Inc.,
	396,272	Series 2005-RS1-AI5		5.41%	#		01/25/2035		398,859
		Residential Asset Securitization Trust,
	232,947	Series 2005-A10-A3		5.50%			09/25/2035		204,705
	323,850	Series 2005-A11-2A4		6.00%			10/25/2035		254,354
	70,338	Series 2005-A7-A3		5.50%			06/25/2035		60,299
	1,909,108	Series 2006-A6-1A1		6.50%			07/25/2036		987,751
	169,495	Series 2006-R1-A1		24.47%	# I/F		01/25/2046		258,086
		Residential Funding Mortgage Securities Trust,
	139,701	Series 2006-S10-1A2		6.00%			10/25/2036		134,022
	703,814	Series 2006-S11-A3		6.00%			11/25/2036		655,053
	1,398,158	Series 2007-S2-A4		6.00%			02/25/2037		1,309,378
	942,861	Series 2007-S3-1A4		6.00%			03/25/2037		844,020
		Securitized Mortgage Asset Loan Trust,
	46,658,675	Series 2015-1-PC		1.89%	^¥		02/25/2054		35,365,512
	8,730,091	Series 2015-2-PC		0.00%	^¥		12/26/2059		7,970,006
	13,081,108	Series 2015-3-PC		0.00%	^¥		10/25/2044		12,041,918
		SGR Residential Mortgage Trust,
	13,764,172	Series 2016-1-A1		3.75%	^		11/25/2046		13,895,772

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 31

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Shellpoint Co-Originator Trust,
	30,728,282	Series 2016-1-1A10		3.50%	#^		11/25/2046		31,300,098
		Structured Asset Securities Corporation,
	1,042,682	Series 2003-35-1A1		5.16%	#		12/25/2033		1,072,139
	1,424,981	Series 2005-14-1A1		1.28%	#		07/25/2035		1,140,372
	1,373,274	Series 2005-16-1A3		5.50%			09/25/2035		1,335,311
	1,625,191	Series 2005-RF1-A		1.33%	#^		03/25/2035		1,414,205
	1,629,102	Series 2005-RF1-AIO		4.30%	#^ I/O		03/25/2035		205,748
		VOLT LLC,
	30,000,000	Series 2017-NPL2-A1		3.50%	#^		03/25/2047		30,087,660
		Washington Mutual Mortgage Pass-Through Certificates,
	165,399	Series 2005-1-2A		6.00%			03/25/2035		154,206
	1,243,865	Series 2006-1-3A1		5.75%			02/25/2036		1,170,982
	2,785,511	Series 2006-2-4CB		6.00%			03/25/2036		2,660,384
	5,037,362	Series 2006-8-A6		4.56%	#		10/25/2036		3,253,366
	3,780,459	Series 2006-AR19-2A		1.87%	#		01/25/2047		3,613,049
	2,568,630	Series 2007-3-A6		6.00%			04/25/2037		2,416,807
	166,013	Series 2007-5-A11		33.59%	# I/F		06/25/2037		322,883
	12,398,605	Series 2007-5-A3		7.00%			06/25/2037		8,109,896
		Wells Fargo Alternative Loan Trust,
	1,635,638	Series 2007-PA5-1A1		6.25%			11/25/2037		1,577,251
		Wells Fargo Mortgage Backed Securities Trust,
	1,150,266	Series 2005-17-1A1		5.50%			01/25/2036		1,129,322
	77,245	Series 2005-AR14-A6		2.98%	#		08/25/2035		73,917
	115,049	Series 2005-AR16-6A4		3.08%	#		10/25/2035		114,728
	458,239	Series 2006-2-3A1		5.75%			03/25/2036		460,523
	1,131,639	Series 2006-7-2A1		6.00%			06/25/2036		1,091,513
	1,166,672	Series 2007-10-1A5		6.00%			07/25/2037		1,153,267
	1,431,514	Series 2007-10-2A11		6.00%			07/25/2037		1,402,189
	2,049,410	Series 2007-11-A96		6.00%			08/25/2037		2,026,781
	2,401,918	Series 2007-14-1A1		6.00%			10/25/2037		2,367,227
	571,006	Series 2007-4-A16		5.50%			04/25/2037		554,386
	137,644	Series 2007-7-A1		6.00%			06/25/2037		135,236
		WinWater Mortgage Loan Trust,
	21,176,778	Series 2015-5-A3		3.50%	#^		08/20/2045		21,372,007
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $634,990,266)							633,381,789
	US CORPORATE BONDS 12.7%
	10,051,000	AbbVie, Inc.		4.70%			05/14/2045		10,060,428
	1,575,000	Acadia Healthcare Company, Inc.		5.63%			02/15/2023		1,638,976
	10,052,000	Actavis Funding SCS		2.35%			03/12/2018		10,097,767
	1,225,000	AECOM		5.13%	^		03/15/2027		1,231,125
	11,458,000	Air Lease Corporation		3.75%			02/01/2022		11,812,637
	2,560,000	Air Medical Merger Sub Corporation		6.38%	^		05/15/2023		2,489,600
	2,135,000	Albertson’s Holdings LLC		5.75%	^		03/15/2025		2,076,287
	780,000	Allison Transmission, Inc.		5.00%	^		10/01/2024		789,750
	9,017,000	Ally Financial, Inc.		4.13%			03/30/2020		9,219,882
	1,670,000	Ally Financial, Inc.		4.25%			04/15/2021		1,707,575
	770,000	AMC Entertainment Holdings, Inc.		5.88%	^		11/15/2026		780,587
	760,000	AMC Entertainment Holdings, Inc.		6.13%	^		05/15/2027		768,550
	2,220,000	American Axle & Manufacturing, Inc.		6.63%			10/15/2022		2,297,700
	4,900,000	American Express Credit Corporation		2.25%			08/15/2019		4,939,861
	9,760,000	American Express Credit Corporation		2.25%			05/05/2021		9,671,545
	8,600,000	American Express Credit Corporation		2.70%			03/03/2022		8,597,119
	10,625,000	Analog Devices, Inc.		2.50%			12/05/2021		10,533,529
	4,595,000	Anheuser-Busch InBev Finance, Inc.		4.90%			02/01/2046		4,980,985
	4,676,000	Apache Corporation		4.75%			04/15/2043		4,698,548

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,320,000	Applied Materials, Inc.		4.35%			04/01/2047		5,394,453
	1,220,000	Aramark Services, Inc.		5.00%	^		04/01/2025		1,259,650
	2,730,000	Argos Merger Sub, Inc.		7.13%	^		03/15/2023		2,600,325
	1,254,000	Asbury Automotive Group, Inc.		6.00%			12/15/2024		1,301,025
	1,115,000	Ashland, Inc.		4.75%			08/15/2022		1,158,206
	10,505,000	AT&T, Inc.		3.80%			03/01/2024		10,633,150
	1,930,000	B&G Foods, Inc.		5.25%			04/01/2025		1,951,712
	7,944,000	Bank of America Corporation		2.00%			01/11/2018		7,965,878
	7,810,000	Bank of America Corporation		2.50%			10/21/2022		7,616,531
	12,449,000	Berkshire Hathaway Energy Company		6.50%			09/15/2037		16,241,376
	1,620,000	Berry Plastics Corporation		5.50%			05/15/2022		1,688,850
	840,000	BlueLine Rental Finance Corporation		9.25%	^		03/15/2024		862,050
	5,173,000	Boeing Company		6.88%			03/15/2039		7,316,008
	10,208,000	Boston Properties LP		4.13%			05/15/2021		10,743,165
	4,570,000	Broadcom Corporation		3.63%	^		01/15/2024		4,609,412
	810,000	Builders FirstSource, Inc.		5.63%	^		09/01/2024		825,187
	9,834,000	Burlington Northern Santa Fe LLC		4.55%			09/01/2044		10,392,355
	1,535,000	BWAY Holding Company		5.50%	^		04/15/2024		1,550,350
	755,000	Calpine Corporation		5.75%			01/15/2025		753,022
	11,303,000	Cardinal Health, Inc.		1.95%			06/15/2018		11,340,379
	402,000	CCO Holdings LLC		5.25%			09/30/2022		418,080
	525,000	CCO Holdings LLC		5.13%	^		05/01/2023		542,062
	225,000	CCO Holdings LLC		5.13%	^		05/01/2027		227,109
	4,965,000	Celgene Corporation		3.88%			08/15/2025		5,083,068
	1,405,000	Cengage Learning, Inc.		9.50%	^		06/15/2024		1,264,500
	750,000	Centene Corporation		5.63%			02/15/2021		786,825
	1,600,000	Centene Corporation		4.75%			01/15/2025		1,613,008
	2,465,000	Cequel Communications Holdings LLC		6.38%	^		09/15/2020		2,542,031
	9,841,000	Charter Communications Operating LLC		4.91%			07/23/2025		10,408,688
	6,800,000	Chevron Corporation		1.56%			05/16/2019		6,779,138
	5,815,000	Chevron Corporation		2.50%			03/03/2022		5,848,355
	830,000	CHS Community Health Systems, Inc.		8.00%			11/15/2019		816,512
	1,005,000	CHS Community Health Systems, Inc.		6.25%			03/31/2023		1,028,869
	1,620,000	Cincinnati Bell, Inc.		7.00%	^		07/15/2024		1,703,025
	3,625,000	Cintas Corporation		3.70%			04/01/2027		3,711,239
	10,335,000	Cisco Systems, Inc.		1.85%			09/20/2021		10,140,898
	15,095,000	Citigroup, Inc.		2.70%			03/30/2021		15,125,764
	275,000	Cliffs Natural Resources, Inc.		5.75%	^		03/01/2025		267,437
	5,445,000	Coca Cola Company		1.55%			09/01/2021		5,320,533
	1,282,000	Comcast Corporation		4.20%			08/15/2034		1,305,158
	9,014,000	Comcast Corporation		4.40%			08/15/2035		9,358,452
	1,663,000	CommScope, Inc.		5.00%	^		06/15/2021		1,714,969
	870,000	CSC Holdings LLC		5.25%			06/01/2024		868,912
	11,080,000	CSX Corporation		3.80%			11/01/2046		10,142,577
	585,000	CyrusOne Finance Corporation		5.00%	^		03/15/2024		602,550
	6,399,000	Delphi Corporation		4.15%			03/15/2024		6,691,210
	3,396,000	Delphi Corporation		4.25%			01/15/2026		3,551,150
	4,510,000	Delta Air Lines, Inc.		3.63%			03/15/2022		4,608,427
	1,600,000	Diamond 1 Finance Corporation		7.13%	^		06/15/2024		1,769,618
	430,000	DJO Finance, LLC		8.13%	^		06/15/2021		373,025
	3,615,000	Duke Energy Corporation		3.75%			09/01/2046		3,271,618
	8,955,000	Duke Energy Progress, Inc.		4.15%			12/01/2044		9,113,083
	1,286,000	Embarq Corporation		8.00%			06/01/2036		1,286,000
	10,760,000	Enable Midstream Partners LP		4.40%			03/15/2027		10,699,841
	1,210,000	Energy Transfer Equity LP		5.50%			06/01/2027		1,270,500
	9,565,000	Energy Transfer Partners LP		4.75%			01/15/2026		9,859,535

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,250,000	Energy Transfer Partners LP		4.20%			04/15/2027		1,237,352
	2,340,000	Ensemble S Merger Sub, Inc.		9.00%	^		09/30/2023		2,468,700
	1,965,000	Envision Healthcare Corporation		6.25%	^		12/01/2024		2,068,163
	275,000	EP Energy LLC		9.38%			05/01/2020		260,562
	1,525,000	Equinix Inc.		5.88%			01/15/2026		1,626,031
	1,706,000	ESH Hospitality, Inc.		5.25%	^		05/01/2025		1,724,118
	5,175,000	Exelon Corporation		3.40%			04/15/2026		5,099,021
	4,723,000	Express Scripts Holding Company		4.50%			02/25/2026		4,852,826
	3,390,000	Express Scripts Holding Company		3.40%			03/01/2027		3,199,106
	845,000	Extraction Oil & Gas Holdings LLC		7.88%	^		07/15/2021		895,700
	9,867,000	FedEx Corporation		4.75%			11/15/2045		10,141,954
	7,595,000	Fidelity National Information Services, Inc.		3.63%			10/15/2020		7,897,835
	1,125,000	First Data Corporation		7.00%	^		12/01/2023		1,209,375
	1,140,000	First Data Corporation		5.75%	^		01/15/2024		1,180,185
	1,230,000	Flex Acquisition Company, Inc.		6.88%	^		01/15/2025		1,257,675
	8,365,000	Ford Motor Company		7.45%			07/16/2031		10,574,456
	340,000	Foresight Energy LLC		11.50%	^		04/01/2023		319,600
	1,210,000	Frontier Communications Corporation		8.50%			04/15/2020		1,281,087
	404,000	FTS International, Inc.		6.25%			05/01/2022		355,520
	2,420,000	Gannett Company, Inc.		4.88%	^		09/15/2021		2,462,350
	470,000	Gartner, Inc.		5.13%	^		04/01/2025		479,987
	1,810,000	Gates Global LLC		6.00%	^		07/15/2022		1,850,725
	8,420,000	General Motors Financial Company, Inc.		2.40%			05/09/2019		8,441,681
	4,045,000	General Motors Financial Company, Inc.		3.20%			07/13/2020		4,117,256
	3,605,000	General Motors Financial Company, Inc.		3.20%			07/06/2021		3,621,835
	1,725,000	Genesy’s Telecommunications Laboratories, Inc.		10.00%	^		11/30/2024		1,880,250
	21,067,000	Georgia-Pacific LLC		3.60%	^		03/01/2025		21,550,635
	750,000	GLP Capital LP		5.38%			04/15/2026		776,250
	6,230,000	Goldman Sachs Group, Inc.		2.35%			11/15/2021		6,112,072
	4,105,000	Goldman Sachs Group, Inc.		3.00%			04/26/2022		4,113,025
	1,575,000	Goodyear Tire & Rubber Company		5.13%			11/15/2023		1,642,922
	820,000	Gray Television, Inc.		5.13%	^		10/15/2024		811,800
	1,165,000	Gray Television, Inc.		5.88%	^		07/15/2026		1,188,300
	765,000	Grinding Media Canada, Inc.		7.38%	^		12/15/2023		805,162
	465,000	Halcon Resources Corporation		6.75%	^		02/15/2025		458,955
	7,390,000	Hewlett Packard Enterprise Company		3.60%			10/15/2020		7,600,837
	1,605,000	Hexion, Inc.		10.38%	^		02/01/2022		1,605,000
	3,075,000	Hilton Domestic Operating Company, Inc.		4.25%	^		09/01/2024		3,051,937
	2,626,000	Home Depot, Inc.		3.35%			09/15/2025		2,703,315
	7,400,000	Home Depot, Inc.		3.00%			04/01/2026		7,394,975
	1,245,000	Icahn Enterprises LP		6.25%	^		02/01/2022		1,266,787
	1,560,000	Infor US, Inc.		6.50%			05/15/2022		1,610,856
	2,085,000	Informatica LLC		7.13%	^		07/15/2023		2,038,087
	1,000,000	ING Groep NV		3.95%			03/29/2027		1,002,743
	5,505,000	International Paper Company		3.00%			02/15/2027		5,156,049
	1,535,000	InVentiv Group Holdings, Inc.		7.50%	^		10/01/2024		1,586,806

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,550,000	Jack Ohio Finance Corporation		6.75%	^		11/15/2021		1,608,125
	1,310,000	JBS LLC		5.75%	^		06/15/2025		1,329,650
	7,187,000	John Deere Capital Corporation		2.65%			01/06/2022		7,216,970
	10,125,000	JP Morgan Chase & Company		2.97%			01/15/2023		10,122,762
	9,725,000	JP Morgan Chase & Company		4.25%			10/01/2027		10,001,229
	9,349,000	Kinder Morgan Energy Partners LP		6.95%			01/15/2038		10,876,757
	4,867,000	Kraft Heinz Foods Company		1.60%			06/30/2017		4,868,791
	5,703,000	Kraft Heinz Foods Company		2.00%			07/02/2018		5,718,313
	13,715,000	Kroger Company		3.40%			04/15/2022		14,027,496
	9,802,000	Laboratory Corporation		2.50%			11/01/2018		9,890,473
	2,951,000	Level 3 Communications, Inc.		5.75%			12/01/2022		3,061,662
	765,000	Levi Strauss & Company		5.00%			05/01/2025		788,103
	13,049,000	Liberty Mutual Group, Inc.		6.50%	^		05/01/2042		16,296,987
	825,000	LifePoint Health, Inc.		5.38%	^		05/01/2024		841,087
	1,625,000	Live Nation Entertainment, Inc.		4.88%	^		11/01/2024		1,629,063
	9,687,000	Lockheed Martin Corporation		4.70%			05/15/2046		10,531,939
	420,000	MEG Energy Corporation		7.00%	^		03/31/2024		378,000
	2,853,000	Memorial Production Partners LP		6.88%	W		08/01/2022		1,069,875
	50,000	Metropolitan Edison Company		4.00%	^		04/15/2025		50,500
	555,000	MGM Growth Properties LP		5.63%			05/01/2024		588,300
	1,255,000	Micron Technology, Inc.		5.25%	^		08/01/2023		1,292,650
	10,130,000	Microsoft Corporation		4.45%			11/03/2045		10,724,489
	3,555,000	Morgan Stanley		2.50%			04/21/2021		3,538,843
	7,145,000	Morgan Stanley		2.63%			11/17/2021		7,096,064
	11,040,000	Morgan Stanley		3.63%			01/20/2027		10,976,995
	2,795,000	MPH Acquisition Holdings LLC		7.13%	^		06/01/2024		3,011,962
	8,269,000	MUFG Americas Holdings Corporation		1.63%			02/09/2018		8,271,233
	1,925,000	MUFG Americas Holdings Corporation		2.25%			02/10/2020		1,923,880
	10,645,000	Mylan NV		3.15%			06/15/2021		10,699,737
	7,660,000	National Rural Utilities Cooperative Finance Corporation		2.00%			01/27/2020		7,633,895
	1,264,000	Nationstar Capital Corporation		6.50%			07/01/2021		1,286,120
	1,275,000	Navient Corporation		6.50%			06/15/2022		1,287,750
	1,595,000	NCL Corporation Ltd.		4.75%	^		12/15/2021		1,622,913
	7,300,000	New York Life Global Funding		2.90%	^		01/17/2024		7,325,149
	2,455,000	Newell Brands, Inc.		3.15%			04/01/2021		2,513,719
	1,260,000	Nexstar Escrow Corporation		5.63%	^		08/01/2024		1,282,050
	825,000	NGL Energy Finance Corporation		7.50%	^		11/01/2023		855,938
	1,295,000	NGL Energy Finance Corporation		6.13%	^		03/01/2025		1,262,625
	445,000	Noble Holding International Ltd.		7.75%			01/15/2024		429,425
	1,145,000	Novelis Corporation		6.25%	^		08/15/2024		1,196,525
	475,000	Novelis Corporation		5.88%	^		09/30/2026		485,688
	1,600,000	NRG Energy, Inc.		7.25%			05/15/2026		1,656,000
	2,445,000	Occidental Petroleum Corporation		3.40%			04/15/2026		2,442,851
	920,000	Olin Corporation		5.13%			09/15/2027		937,848
	10,680,000	Omnicom Group, Inc.		3.60%			04/15/2026		10,693,895
	865,000	OPE KAG Finance Sub, Inc.		7.88%	^		07/31/2023		888,788
	1,925,000	Open Text Corporation		5.88%	^		06/01/2026		2,021,250

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 33

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	9,825,000	Oracle Corporation		1.90%			09/15/2021		9,662,976
	9,685,000	Oracle Corporation		4.13%			05/15/2045		9,442,497
	500,000	PDC Energy, Inc.		6.13%	^		09/15/2024		515,000
	820,000	Peabody Securities Finance Corporation		6.00%	^		03/31/2022		818,975
	5,180,000	Penske Truck Leasing Company		4.20%	^		04/01/2027		5,284,056
	11,000,000	PepsiCo, Inc.		3.45%			10/06/2046		9,975,801
	4,462,000	Phillips 66		5.88%			05/01/2042		5,123,143
	1,610,000	Pilgrim’s Pride Corporation		5.75%	^		03/15/2025		1,630,125
	1,560,000	Pinnacle Entertainment, Inc.		5.63%	^		05/01/2024		1,585,350
	9,726,000	PNC Funding Corporation		3.30%			03/08/2022		10,021,544
	820,000	Post Holdings, Inc.		5.50%	^		03/01/2025		822,050
	1,125,000	PQ Corporation		6.75%	^		11/15/2022		1,200,938
	1,535,000	Prime Security Services Borrower LLC		9.25%	^		05/15/2023		1,686,581
	1,610,000	Quintiles Transnational Corporation		4.88%	^		05/15/2023		1,640,188
	805,000	RegionalCare Hospital Partners Holdings, Inc.		8.25%	^		05/01/2023		862,960
	1,569,000	Revlon Consumer Products Corporation		5.75%			02/15/2021		1,574,884
	385,000	Revlon Consumer Products Corporation		6.25%			08/01/2024		385,000
	1,070,000	Reynolds Group Issuer Inc.		7.00%	^		07/15/2024		1,147,575
	10,015,000	Reynolds, Inc.		4.00%			06/12/2022		10,522,490
	1,645,000	Rite Aid Corporation		6.13%	^		04/01/2023		1,636,775
	4,530,000	S&P Global, Inc.		4.40%			02/15/2026		4,815,906
	1,575,000	Sabre GLBL, Inc.		5.25%	^		11/15/2023		1,618,313
	2,321,000	Sally Holdings LLC		5.75%			06/01/2022		2,399,334
	895,000	Sanchez Energy Corporation		6.13%			01/15/2023		834,588
	5,025,000	Schlumberger Holdings Corporation		2.35%	^		12/21/2018		5,059,627
	1,070,000	Scientific Games International, Inc.		7.00%	^		01/01/2022		1,146,238
	1,670,000	Select Medical Corporation		6.38%			06/01/2021		1,695,050
	10,220,000	Shell International Finance B.V.		1.38%			05/10/2019		10,131,617
	1,760,000	Signode Industrial Group, Inc.		6.38%	^		05/01/2022		1,813,891
	11,405,000	Simon Property Group LP		3.30%			01/15/2026		11,267,421
	450,000	Sinclair Television Group, Inc.		5.63%	^		08/01/2024		456,750
	1,705,000	Sirius XM Radio Inc.		5.38%	^		07/15/2026		1,747,625
	2,360,000	Six Flags Entertainment Corporation		4.88%	^		07/31/2024		2,334,925
	2,435,000	Six Flags Entertainment Corporation		5.50%	^		04/15/2027		2,435,000
	970,000	SM Energy Company		5.00%			01/15/2024		921,500
	10,100,000	Smithfield Foods, Inc.		4.25%	^		02/01/2027		10,231,401
	1,075,000	Solera Finance, Inc.		10.50%	^		03/01/2024		1,233,219
	14,121,000	Southern Company		2.45%			09/01/2018		14,243,584
	1,686,000	Southern Company		1.85%			07/01/2019		1,677,594
	1,230,000	Spectrum Brands, Inc.		5.75%			07/15/2025		1,306,875
	7,235,000	State Street Corporation		3.55%			08/18/2025		7,442,543
	3,350,000	State Street Corporation		2.65%			05/19/2026		3,212,844
	1,420,000	Station Casinos LLC		7.50%			03/01/2021		1,480,350
	10,174,000	Synchrony Financial		3.00%			08/15/2019		10,337,425
	915,000	Targa Resources Partners Finance Corporation		5.38%	^		02/01/2027		951,600
	1,665,000	Team Health Holdings, Inc.		6.38%	^		02/01/2025		1,635,863
	815,000	Tempur Sealy International, Inc.		5.63%			10/15/2023		823,150
	1,725,000	Tenet Healthcare Corporation		6.75%			06/15/2023		1,699,125
	790,000	The ServiceMaster Company LLC		5.13%	^		11/15/2024		811,725
	14,740,000	Thermo Fisher Scientific, Inc.		3.30%			02/15/2022		15,044,646

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	10,220,000	TIAA Asset Management Finance Company LLC		2.95%	^		11/01/2019		10,393,546
	715,000	TreeHouse Foods, Inc.		6.00%	^		02/15/2024		752,538
	10,335,000	Tyson Foods, Inc.		3.95%			08/15/2024		10,554,691
	675,000	United Rentals North America, Inc.		5.50%			05/15/2027		683,438
	10,430,000	UnitedHealth Group, Inc.		4.20%			01/15/2047		10,600,291
	1,265,000	Universal Hospital Services, Inc.		7.63%			08/15/2020		1,265,000
	7,075,000	Vale Overseas Ltd.		5.88%			06/10/2021		7,599,399
	855,000	Valeant Pharmaceuticals International, Inc.		7.00%	^		03/15/2024		879,581
	10,747,000	Verizon Communications, Inc.		4.40%			11/01/2034		10,198,022
	485,000	Videotron Ltd.		5.13%	^		04/15/2027		485,000
	2,315,000	Viking Cruises Ltd.		8.50%	^		10/15/2022		2,410,494
	1,400,000	Vizient, Inc.		10.38%	^		03/01/2024		1,601,250
	7,525,000	Waste Management, Inc.		4.10%			03/01/2045		7,574,025
	1,285,000	WellCare Health Plans, Inc.		5.25%			04/01/2025		1,328,369
	10,164,000	WellPoint, Inc.		2.30%			07/15/2018		10,211,872
	10,245,000	Wells Fargo & Company		3.07%			01/24/2023		10,295,723
	4,660,000	Wells Fargo & Company		3.00%			04/22/2026		4,467,509
	7,090,000	Wells Fargo & Company		3.00%			10/23/2026		6,795,942
	605,000	Western Digital Corporation		7.38%	^		04/01/2023		664,744
	1,600,000	Williams Partners LP		4.88%			03/15/2024		1,647,379
	1,990,000	WMG Acquisition Corporation		6.75%	^		04/15/2022		2,099,450
	6,429,000	Zimmer Holdings, Inc.		1.45%			04/01/2017		6,429,000
	2,948,000	Zimmer Holdings, Inc.		2.70%			04/01/2020		2,970,576
		Total US Corporate Bonds (Cost $1,022,642,392)							1,030,200,004
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 16.6%
		Federal Home Loan Mortgage Corporation,
	992,050	Pool G01840		5.00%			07/01/2035		1,090,462
	542,232	Pool G04817		5.00%			09/01/2038		590,211
	18,400,661	Pool G08537		3.00%			07/01/2043		18,319,028
	43,239,997	Pool G08622		3.00%			01/01/2045		42,878,370
	12,330,410	Pool G08686		3.00%			01/01/2046		12,227,238
	54,333,194	Pool G08701		3.00%			04/01/2046		53,878,558
	63,545,458	Pool G08721		3.00%			09/01/2046		63,013,720
	3,187,963	Pool N70081		5.50%			07/01/2038		3,529,276
	10,170,308	Pool Q33789		3.50%			06/01/2045		10,445,005
	4,157,108	Pool T60854		3.50%			09/01/2042		4,231,999
	703,939	Pool U60299		4.00%			11/01/2040		745,575
	45,738,518	Pool V82851		3.00%			01/01/2047		45,355,807
	5,373,863	Series 2016-KF22-B		5.83%	#^		07/25/2023		5,423,265
	78,116	Series 2692-SC		11.46%	# I/F		07/15/2033		94,836
	2,796,202	Series 2722-PS		8.88%	# I/F		12/15/2033		3,211,304
	142,056	Series 2750-ZT		5.00%			02/15/2034		155,780
	290,094	Series 3002-SN		5.59%	# I/F I/O		07/15/2035		46,143
	129,050	Series 3045-DI		5.82%	# I/F I/O		10/15/2035		20,795
	468,976	Series 3116-Z		5.50%			02/15/2036		526,651
	41,773	Series 3117-ZN		4.50%			02/15/2036		44,139
	571,587	Series 3203-ZC		5.00%			07/15/2036		625,160
	162,858	Series 3275-SC		5.17%	# I/F I/O		02/15/2037		20,889

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	935,637	Series 3382-SB		5.09%	# I/F I/O		11/15/2037		104,323
	1,164,034	Series 3384-S		5.48%	# I/F I/O		11/15/2037		158,231
	1,165,348	Series 3417-SX		5.27%	# I/F I/O		02/15/2038		170,000
	111,243	Series 3423-GS		4.74%	# I/F I/O		03/15/2038		12,679
	111,243	Series 3423-SG		4.74%	# I/F I/O		03/15/2038		11,667
	203,653	Series 3524-LB		3.97%	#		06/15/2038		196,110
	393,944	Series 3562-WS		4.04%	# I/F I/O		08/15/2039		36,107
	314,625	Series 3582-SA		5.09%	# I/F I/O		10/15/2049		40,520
	659,066	Series 3606-CS		5.44%	# I/F I/O		12/15/2039		119,892
	377,303	Series 3616-SG		5.44%	# I/F I/O		03/15/2032		62,383
	1,615,681	Series 3626-AZ		5.50%			08/15/2036		1,754,623
	640,198	Series 3666-SC		4.86%	# I/F I/O		05/15/2040		92,170
	413,973	Series 3666-VZ		5.50%			08/15/2036		452,118
	2,524,181	Series 3779-DZ		4.50%			12/15/2040		2,633,974
	1,400,000	Series 3779-YA		3.50%			12/15/2030		1,450,073
	510,694	Series 3786-SG		7.68%	# I/F		01/15/2041		529,667
	4,906,417	Series 3792-SE		8.04%	# I/F		01/15/2041		5,236,882
	2,558,455	Series 3795-VZ		4.00%			01/15/2041		2,695,905
	63,096	Series 3798-SD		7.78%	# I/F		12/15/2040		64,203
	1,562,907	Series 3806-CZ		5.50%			07/15/2034		1,745,558
	1,156,635	Series 3808-DB		3.50%			02/15/2031		1,198,596
	2,757,660	Series 3818-CZ		4.50%			03/15/2041		2,978,273
	1,786,783	Series 3819-ZU		5.50%			07/15/2034		1,961,245
	3,736,782	Series 3824-EY		3.50%			03/15/2031		3,963,756
	251,282	Series 3828-SW		10.46%	# I/F		02/15/2041		311,812
	2,770,337	Series 3863-ZA		5.50%			08/15/2034		3,029,165
	3,688,726	Series 3888-ZG		4.00%			07/15/2041		3,907,969
	16,091,551	Series 3889-VZ		4.00%			07/15/2041		17,015,459
	2,871,864	Series 3910-GZ		5.00%			08/15/2041		3,295,627
	21,120,247	Series 3967-ZP		4.00%			09/15/2041		22,646,130
	5,448,810	Series 3972-AZ		3.50%			12/15/2041		5,488,833
	24,177,352	Series 4057-ZA		4.00%			06/15/2042		25,426,073
	8,769,224	Series 4096-DZ		3.50%			08/15/2042		8,795,574
	27,649,991	Series 4165-ZT		3.00%			02/15/2043		25,597,308
	8,357,426	Series 4291-MS		4.99%	# I/F I/O		01/15/2054		1,406,243
	17,929,093	Series 4341-AZ		3.00%			05/15/2044		16,420,993
	18,860,023	Series 4377-A		3.00%			06/15/2039		19,138,954
	14,014,307	Series 4391-MA		3.00%			07/15/2040		14,292,295
	13,019,581	Series 4413-AZ		3.50%			11/15/2044		13,107,736
	2,442,425	Series 4419-TB		3.00%			02/15/2040		2,456,471
	10,818,098	Series 4423-Z		3.50%			12/15/2044		10,756,130
	18,941,269	Series 4427-MA		3.00%			02/15/2034		19,394,837
	28,254,148	Series 4471-BA		3.00%			12/15/2041		28,464,800
	40,054,924	Series 4471-GA		3.00%			02/15/2044		40,319,799
	24,542,033	Series 4481-B		3.00%			12/15/2042		24,633,428
	14,796,450	Series 4511-QA		3.00%			01/15/2041		14,968,707
	69,855,850	Series 4542-AC		2.70%			01/15/2045		69,260,490
	4,781,000	Series K-050-A2		3.33%	#		08/25/2025		4,967,952
	6,528,000	Series K-053-A2		3.00%			12/25/2025		6,612,043
	618,736	Series R003-ZA		5.50%			10/15/2035		700,790
		Federal Home Loan Mortgage Corporation Pass-Thru,
	6,720,000	Series K054-A2		2.75%			01/25/2026		6,671,471
	106,129,187	Series K722-X1		1.31%	# I/O		03/25/2023		6,767,423
		Federal National Mortgage Association,
	18,818,755	Pool AL9238		3.00%			10/01/2041		18,775,078
	51,529,827	Pool AS7661		3.00%			08/01/2046		50,929,910
	10,144,741	Pool AS7724		2.50%			08/01/2046		9,680,185
	40,694,858	Pool AS8522		3.00%			12/01/2046		40,398,410
	23,999,061	Pool BC9081		3.00%			12/01/2046		23,824,236
	23,900,135	Pool BD8013		2.50%			09/01/2046		22,805,658
	20,447,832	Pool MA2621		3.50%			05/01/2046		20,851,724
	30,641,427	Pool MA2649		3.00%			06/01/2046		30,284,960
	69,193,310	Pool MA2737		3.00%			09/01/2046		68,689,244
	38,527	Series 2003-117-KS		6.12%	# I/F  I/O		08/25/2033		1,007
	391,809	Series 2003-W17-1A7		5.75%			08/25/2033		439,604
	3,160,005	Series 2005-20-QH		5.00%			03/25/2035		3,440,868
	550,646	Series 2006-101-SA		5.60%	# I/F I/O		10/25/2036		92,113
	247,152	Series 2006-56-SM		5.77%	# I/F I/O		07/25/2036		39,333
	203,179	Series 2007-116-BI		5.27%	# I/F I/O		05/25/2037		30,874
	2,244,264	Series 2007-30-FS		25.28%	# I/F		04/25/2037		3,455,326
	872,644	Series 2007-30-OI		5.46%	# I/F I/O		04/25/2037		152,201

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
	154,612	Series 2008-29-ZA		4.50%			04/25/2038		165,802
	163,893	Series 2008-62-SC		5.02%	# I/F I/O		07/25/2038		21,125
	961,676	Series 2009-111-EZ		5.00%			01/25/2040		1,010,801
	51,072	Series 2009-111-SE		5.27%	# I/F I/O		01/25/2040		7,492
	100,950	Series 2009-16-MZ		5.00%			03/25/2029		110,427
	141,846	Series 2009-48-WS		4.97%	# I/F I/O		07/25/2039		15,118
	628,754	Series 2009-62-PS		5.12%	# I/F I/O		08/25/2039		79,122
	1,671,312	Series 2009-77-ZA		4.50%			10/25/2039		1,792,371
	384,222	Series 2009-83-Z		4.50%			10/25/2039		402,179
	175,440	Series 2010-101-ZH		4.50%			07/25/2040		185,152
	55,491	Series 2010-109-BS		46.37%	# I/F		10/25/2040		208,592
	587,753	Series 2010-112-ZA		4.00%			10/25/2040		602,010
	388,068	Series 2010-121-SD		3.52%	# I/F I/O		10/25/2040		33,730
	29,336	Series 2010-137-VS		12.65%	# I/F		12/25/2040		40,478
	2,566,983	Series 2010-150-ZA		4.00%			01/25/2041		2,690,517
	88,038	Series 2010-31-SA		4.02%	# I/F I/O		04/25/2040		8,365
	124,868	Series 2010-34-PS		3.95%	# I/F I/O		04/25/2040		13,339
	242,789	Series 2010-35-SP		5.37%	# I/F I/O		04/25/2050		50,123
	82,969	Series 2010-35-SV		5.47%	# I/F I/O		04/25/2040		10,929
	3,245,356	Series 2010-37-MY		4.50%			04/25/2040		3,433,764
	228,681	Series 2010-59-PS		5.47%	# I/F I/O		03/25/2039		20,824
	361,163	Series 2010-59-SC		4.02%	# I/F I/O		01/25/2040		42,834
	1,477,958	Series 2010-60-VZ		5.00%			10/25/2039		1,547,660
	323,394	Series 2010-64-EZ		5.00%			06/25/2040		354,531
	666,624	Series 2010-7-PE		5.00%			02/25/2040		723,008
	352,873	Series 2010-90-GS		5.02%	# I/F I/O		08/25/2040		44,745
	57,791	Series 2010-99-SG		21.08%	# I/F		09/25/2040		100,279
	7,514,274	Series 2011-141-PZ		4.00%			01/25/2042		7,932,421
	16,064,719	Series 2011-18-UZ		4.00%			03/25/2041		16,889,337
	1,533,918	Series 2011-25-KY		3.00%			04/25/2026		1,571,050
	1,000,000	Series 2011-29-AL		3.50%			04/25/2031		1,031,256
	1,791,902	Series 2011-59-MA		4.50%			07/25/2041		1,918,397
	24,120,277	Series 2013-45-LZ		3.00%			05/25/2043		22,143,010
	30,971,965	Series 2013-6-ZB		3.00%			02/25/2043		28,075,981
	13,161,328	Series 2014-55-MA		3.00%			10/25/2039		13,445,714
	24,816,430	Series 2014-70-VZ		3.00%			11/25/2044		22,934,431
	8,306,977	Series 2014-73-CZ		3.00%			11/25/2044		7,609,484
	33,257,923	Series 2015-09-HA		3.00%			01/25/2045		33,955,501
	6,348,000	Series 2016-M3-A2		2.70%			02/25/2026		6,249,498
	432,873	Series 400-S4		4.47%	# I/F I/O		11/25/2039		60,561
		Federal National Mortgage Association Pass-Thru,
	194,014	Pool 555743		5.00%			09/01/2033		212,888
	167,178	Pool 735382		5.00%			04/01/2035		183,010
	1,274,071	Pool 735383		5.00%			04/01/2035		1,394,788
	681,839	Pool 735402		5.00%			04/01/2035		746,321
	977,177	Pool 735484		5.00%			05/01/2035		1,069,659
	188,938	Pool 931104		5.00%			05/01/2039		206,260
	1,181,723	Pool 995112		5.50%			07/01/2036		1,323,612
	1,128,301	Pool 995203		5.00%			07/01/2035		1,236,128
	1,029,879	Pool AB2123		4.00%			01/01/2031		1,090,409
	125,666	Pool AB2370		4.50%			09/01/2035		131,677
	15,986,962	Pool AB6854		3.00%			11/01/2042		15,949,860
	44,250	Pool AC1032		5.00%			06/01/2040		45,372
	33,900	Pool AD2177		4.50%			06/01/2030		36,460
	1,468,687	Pool AH7309		4.00%			02/01/2031		1,554,973
	32,748,832	Pool AS4645		3.00%			03/01/2045		32,548,464
	807,642	Pool MA0264		4.50%			12/01/2029		868,219
	51,091	Pool MA0282		5.00%			12/01/2039		56,001
	575,112	Pool MA0353		4.50%			03/01/2030		618,400
	33,540	Pool MA0468		5.00%			07/01/2040		35,874
	17,587,638	Pool MA2151		3.50%			01/01/2045		17,934,981
	11,220,508	Pool MA2248		3.00%			04/01/2045		11,090,209
	14,204,809	Pool MA2621		3.50%			04/01/2046		14,569,937
		Government National Mortgage Association,
	475,399	Pool 752494SF		5.50%			09/20/2039		521,357
	271,875	Series 2003-67-SP		6.12%	# I/F I/O		08/20/2033		62,754
	207,294	Series 2008-82-SM		5.07%	# I/F I/O		09/20/2038		30,598
	2,706,773	Series 2009-32-ZE		4.50%			05/16/2039		2,892,842
	3,035,178	Series 2009-35-DZ		4.50%			05/20/2039		3,270,420
	3,199,759	Series 2009-75-GZ		4.50%			09/20/2039		3,407,280
	3,875,829	Series 2009-75-HZ		5.00%			09/20/2039		4,188,465
	9,942,453	Series 2010-113-SM		5.07%	# I/F I/O		09/20/2040		1,381,601
	121,921	Series 2010-25-ZB		4.50%			02/16/2040		131,789

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 35

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Government National Mortgage Association, (Cont.)
	5,974,964	Series 2011-45-GZ		4.50%			03/20/2041		6,316,194
	8,375,358	Series 2011-70-WS		7.74%	# I/F		12/20/2040		9,003,925
	12,995,383	Series 2011-71-ZA		4.50%			02/20/2041		13,857,381
	19,697,449	Series 2013-117-MS		5.17%	# I/F I/O		02/20/2043		2,707,929
	8,802,987	Series 2013-122-SB		5.17%	# I/F I/O		08/16/2043		1,511,920
	41,549,689	Series 2013-169-SE		5.12%	# I/F I/O		11/16/2043		5,950,161
	13,958,257	Series 2014-102-TS		4.62%	# I/F I/O		07/20/2044		2,009,330
	11,099,585	Series 2014-118-PS		5.22%	# I/F I/O		08/20/2044		1,615,356
	9,712,137	Series 2014-118-SA		5.22%	# I/F I/O		08/20/2044		1,515,282
		Total US Government / Agency Mortgage Backed Obligations (Cost $1,343,747,213)							1,344,698,453
	US GOVERNMENT AND AGENCY OBLIGATIONS 24.3%
	6,100,000	United States Treasury Bonds		1.50%			02/28/2023		5,896,748
	202,250,000	United States Treasury Bonds		2.75%			11/15/2042		192,583,866
	39,374,335	United States Treasury Inflation Indexed Bonds		0.13%			07/15/2024		39,041,622
	39,915,746	United States Treasury Inflation Indexed Bonds		0.13%			07/15/2026		38,974,772
	95,723,792	United States Treasury Inflation Indexed Bonds		1.00%			02/15/2046		97,309,265
	54,500,000	United States Treasury Notes		0.63%			05/31/2017		54,495,149
	135,900,000	United States Treasury Notes		0.63%			09/30/2017		135,719,525
	192,000,000	United States Treasury Notes		1.00%			02/15/2018		191,917,440
	19,500,000	United States Treasury Notes		1.00%			05/15/2018		19,476,386
	110,700,000	United States Treasury Notes		1.00%			05/31/2018		110,548,673
	175,300,000	United States Treasury Notes		1.50%			05/31/2020		174,865,256
	167,000,000	United States Treasury Notes		2.00%			11/30/2020		168,728,784
	8,550,000	United States Treasury Notes		1.75%			12/31/2020		8,556,849
	184,700,000	United States Treasury Notes		2.25%			03/31/2021		187,997,264
	271,200,000	United States Treasury Notes		1.75%			03/31/2022		268,646,923
	48,600,000	United States Treasury Notes		2.13%			02/29/2024		48,333,283
	242,750,000	United States Treasury Notes		1.63%			05/15/2026		227,696,587
		Total US Government and Agency Obligations (Cost $1,975,905,192)							1,970,788,392
	AFFILIATED MUTUAL FUNDS 9.9%
	38,177,441	DoubleLine Global Bond Fund (Class I)							383,301,511
	37,092,309	DoubleLine Infrastructure Income Fund (Class I)							373,519,556
	5,000,000	DoubleLine Long Duration Total Return Bond Fund (Class I)							48,950,000
		Total Affiliated Mutual Funds (Cost $809,000,000)							805,771,067

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 0.1%
	34,833	Energy Gulf Coast, Inc.*						1,043,950
	67,847	Pacific Exploration and Production Corporation*						2,110,029
	7,893	SandRidge Energy, Inc.*						145,942
		Total Exchange Traded Funds and Common Stocks (Cost $15,752,527)						3,299,921
	WARRANTS 0.0%
		Energy Gulf Coast, Inc.,
	11,182	Expiration 12/30/2021, Strike Price $43.66*						69,887
		Total Warrants (Cost $237,990)						69,887
	SHORT TERM INVESTMENTS 2.9%
	78,680,077	BlackRock Liquidity Funds FedFund - Institutional Shares		0.60%	¨			78,680,077
	78,680,077	Fidelity Institutional Money Market Government Portfolio - Class I		0.56%	¨			78,680,077
	78,680,077	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.60%	¨			78,680,077
		Total Short Term Investments (Cost $236,040,231)						236,040,231
		Total Investments 100.6% (Cost $8,184,019,908)						8,158,827,208
		Liabilities in Excess of Other Assets (0.6)%						(49,307,982	)
		NET ASSETS 100.0%					$	8,109,519,226

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	24.3%
US Government / Agency Mortgage Backed Obligations	16.6%
US Corporate Bonds	12.7%
Affiliated Mutual Funds	9.9%
Foreign Corporate Bonds	8.0%
Non-Agency Residential Collateralized Mortgage Obligations	7.8%
Non-Agency Commercial Mortgage Backed Obligations	7.5%
Collateralized Loan Obligations	3.5%
Short Term Investments	2.9%
Bank Loans	2.6%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	2.6%
Asset Backed Obligations	1.8%
Municipal Bonds	0.3%
Exchange Traded Funds and Common Stocks	0.1%
Warrants	0.0%
Other Assets and Liabilities	(0.6)%
	100.0%

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

March 31, 2017

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	24.3%
US Government / Agency Mortgage Backed Obligations	16.6%
Affiliated Mutual Funds	9.9%
Non-Agency Residential Collateralized Mortgage Obligations	7.8%
Non-Agency Commercial Mortgage Backed Obligations	7.5%
Banking	4.4%
Collateralized Loan Obligations	3.5%
Short Term Investments	2.9%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	2.6%
Oil & Gas	1.9%
Asset Backed Obligations	1.8%
Telecommunications	1.5%
Utilities	1.5%
Healthcare	1.1%
Transportation	1.1%
Technology	1.1%
Media	1.0%
Pharmaceuticals	0.8%
Consumer Products	0.6%
Automotive	0.6%
Energy	0.5%
Finance	0.5%
Retailers (other than Food/Drug)	0.5%
Electronics/Electric	0.5%
Insurance	0.5%
Financial Intermediaries	0.5%
Chemicals/Plastics	0.4%
Aerospace & Defense	0.4%
Pulp & Paper	0.4%
Food Products	0.4%
Real Estate	0.3%
Food/Drug Retailers	0.3%
Municipal Bonds	0.3%
Beverage and Tobacco	0.3%
Containers and Glass Products	0.3%
Health Care Providers & Services	0.3%
Hotels/Motels/Inns and Casinos	0.3%
Building and Development (including Steel/Metals)	0.2%
Industrial Equipment	0.2%
Business Equipment and Services	0.2%
Leisure	0.2%
Mining	0.1%
Conglomerates	0.1%
Construction	0.1%
Environmental Control	0.1%
Biotechnology	0.1%
Cosmetics/Toiletries	0.1%
Other Assets and Liabilities	(0.6)%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	90.0%
Mexico	1.5%
Chile	0.8%
Brazil	0.7%
Canada	0.6%
United Kingdom	0.5%
Dominican Republic	0.5%
Australia	0.5%
India	0.5%
Argentina	0.4%
China	0.4%
Peru	0.4%
Costa Rica	0.3%
Guatemala	0.3%
Panama	0.3%
Israel	0.3%
Indonesia	0.3%
Colombia	0.3%
Malaysia	0.3%
Qatar	0.2%
Singapore	0.2%
South Korea	0.2%
Japan	0.2%
Poland	0.2%
Luxembourg	0.1%
France	0.1%
Hong Kong	0.1%
Trinidad & Tobago	0.1%
Ireland	0.1%
Jamaica	0.1%
Philippines	0.1%
Netherlands	0.0%	~
Paraguay	0.0%	~
El Salvador	0.0%	~
Hungary	0.0%	~
Other Assets and Liabilities	(0.6)%
	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, 2017, the value of these securities amounted to $1,397,141,706 or 17.2% of net assets.

# Variable rate security. Rate disclosed as of March 31, 2017.

& Unfunded or partially unfunded loan commitment. At March 31, 2017, the value of these securities amounted to $312,169 or 0.0% of net assets.

† Perpetual Maturity

I/O Interest only security

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

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, 2017

¥ Illiquid security. At March 31, 2017, the value of these securities amounted to $57,622,622 or 0.7% of net assets.

~ Represents less than 0.05% of net assets

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

* Non-income producing security

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 37

Schedule of Investments  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2017

A summary of the DoubleLine Core Fixed Income Fund’s investments in affiliated mutual funds for the year ended March 31, 2017 is as follows:

Fund	Value at March 31, 2016		Gross Purchases		Gross Sales		Shares Held at March 31, 2017		Value at March 31, 2017		Dividend Income Earned in the Year Ended March  31, 2017		Net Realized Gain (Loss) in the Year Ended March  31, 2017
DoubleLine Global Bond Fund	$	85,656,164	$	304,500,000	$	—		38,177,441	$	383,301,511	$	473,841	$	—
DoubleLine Long Duration Total Return Bond Fund		52,000,000		—		—		5,000,000		48,950,000		1,638,282		—
DoubleLine Infrastructure Income Fund		—		373,000,000		—		37,092,309		373,519,556		3,398,472		—
	$	137,656,164	$	677,500,000	$	—		80,269,750	$	805,771,067	$	5,510,595	$	—

38 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, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 69.0%
	ARGENTINA 1.4%
	800,000	Aeropuerto Argentina S.A.		6.88%	^		02/01/2027		828,000
	500,000	Banco Macro S.A.		6.75%	#^		11/04/2026		503,100
	6,800,000	Banco Macro S.A.		6.75%	#		11/04/2026		6,842,160
	6,200,000	Pampa Energia S.A.		7.50%	^		01/24/2027		6,286,180
									14,459,440
	BRAZIL 7.8%
	5,000,000	Banco do Brasil S.A.		9.00%	#^†		06/18/2024		5,200,000
	1,300,000	BR Malls International Finance Ltd.		8.50%	†		04/21/2049		1,309,750
	4,500,000	CIMPOR Financial Operations B.V.		5.75%	^		07/17/2024		4,005,000
	2,200,000	CIMPOR Financial Operations B.V.		5.75%			07/17/2024		1,958,000
	7,631,000	Cosan Overseas Ltd.		8.25%	†		11/29/2049		7,688,232
	1,500,000	Eldorado International Finance GMBH		8.63%	^		06/16/2021		1,278,750
	2,000,000	Globo Communicacao e Participacoes S.A.		5.31%	#		05/11/2022		2,012,500
	4,000,000	Magnesita Finance Ltd.		8.63%	†		04/05/2017		3,998,000
	3,500,000	MARB BondCo PLC		7.00%	^		03/15/2024		3,482,500
	3,000,000	Marfrig Holdings Europe B.V.		8.00%	^		06/08/2023		3,141,900
	7,600,000	Minerva Luxembourg S.A.		8.75%	#^†		04/03/2019		7,980,000
	2,500,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		2,625,000
	10,500,000	Pontis Ltd.		5.13%	^		03/31/2027		10,531,500
	11,000,000	OAS Financial Ltd.		8.88%	#^†W		04/25/2018		495,000
	4,900,000	Odebrecht Finance Ltd.		7.13%			06/26/2042		1,813,000
	3,500,000	Odebrecht Finance Ltd.		7.50%	†		09/29/2049		1,325,625
	2,800,000	Petrobras Global Finance B.V.		7.38%			01/17/2027		2,967,160
	17,000,000	Petrobras Global Finance B.V.		7.25%			03/17/2044		16,872,500
									78,684,417
	CHILE 9.4%
	5,123,000	AES Gener S.A.		5.00%			07/14/2025		5,215,606
	6,143,000	Celulosa Arauco y Constitucion S.A.		7.25%			07/29/2019		6,776,033
	7,700,000	Cencosud S.A.		5.15%			02/12/2025		8,037,734
	2,000,000	Colbun S.A.		6.00%			01/21/2020		2,172,632
	8,200,000	CorpGroup Banking S.A.		6.75%	^		03/15/2023		7,892,418
	4,000,000	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		4,043,688
	4,000,000	Empresa Electrica Guacolda S.A.		4.56%	^		04/30/2025		3,837,352
	6,435,000	Empresa Electrica Guacolda S.A.		4.56%			04/30/2025		6,173,341
	3,600,000	Empresa Nacional de Telecomunicaciones S.A.		4.88%			10/30/2024		3,727,757
	5,100,000	Engie Energia Chile S.A.		4.50%			01/29/2025		5,226,330
	11,008,000	ENTEL Chile S.A.		4.75%			08/01/2026		11,308,164
	900,000	GNL Quintero S.A.		4.63%			07/31/2029		922,500
	14,224,326	Guanay Finance Ltd.		6.00%			12/15/2020		14,668,836
	11,620,000	Inversiones CMPC S.A.		4.38%	^		04/04/2027		11,576,441
	2,810,000	SUAM Finance B.V.		4.88%			04/17/2024		2,924,367
	204,000	Transelec S.A.		3.88%			01/12/2029		198,390
									94,701,589
	CHINA 4.8%
	2,000,000	CNOOC Finance Ltd.		4.25%			01/26/2021		2,097,032
	16,500,000	CNOOC Finance Ltd.		3.50%			05/05/2025		16,358,248
	7,400,000	CNPC General Capital Ltd.		3.40%			04/16/2023		7,508,908
	4,000,000	Sinopec Group Overseas Development Ltd.		2.75%			05/03/2021		3,974,780

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	20,000,000	Sinopec Group Overseas Development Ltd.		2.75%			09/29/2026		18,573,600
									48,512,568
	COLOMBIA 2.1%
	5,100,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		5,079,600
	8,500,000	Avianca Holdings S.A.		8.38%			05/10/2020		8,466,000
	200,000	Banco de Bogota S.A.		6.25%	^		05/12/2026		209,250
	3,100,000	Banco GNB Sudameris S.A.		6.50%	^		04/03/2027		3,149,445
	4,609,000	GrupoSura Finance S.A.		5.50%			04/29/2026		4,868,256
									21,772,551
	COSTA RICA 1.9%
	10,970,000	Banco Nacional de Costa Rica		5.88%	^		04/25/2021		11,175,687
	1,400,000	Banco Nacional de Costa Rica		5.88%			04/25/2021		1,426,250
	3,600,000	Instituto Costarricense de Electricidad		6.95%	^		11/10/2021		3,806,712
	3,000,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		3,172,260
									19,580,909
	DOMINICAN REPUBLIC 1.7%
	7,500,000	AES Andres B.V.		7.95%	^		05/11/2026		8,065,275
	1,800,000	Banco de Reservas de la Republica Dominicana		7.00%	^		02/01/2023		1,837,188
	7,098,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		7,244,645
									17,147,108
	EL SALVADOR 0.7%
	7,200,000	AES El Salvador Trust		6.75%			03/28/2023		6,714,000
									6,714,000
	GUATEMALA 1.7%
	2,300,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		2,386,250
	1,600,000	Agromercantil Senior Trust		6.25%			04/10/2019		1,660,000
	2,500,000	Bantrab Senior Trust		9.00%			11/14/2020		2,337,500
	5,900,000	Industrial Senior Trust		5.50%	^		11/01/2022		5,927,376
	4,400,000	Industrial Senior Trust		5.50%			11/01/2022		4,420,416
									16,731,542
	HONG KONG 1.3%
	13,500,000	CK Hutchison International Ltd.		3.50%	^		04/05/2027		13,475,881
									13,475,881
	INDIA 5.8%
	1,753,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		1,870,101
	10,000,000	Bharti Airtel Ltd.		4.38%			06/10/2025		10,008,926
	15,595,000	BPRL International Singapore Pte Ltd.		4.38%			01/18/2027		15,926,066
	1,000,000	Indian Oil Corporation Ltd.		5.63%			08/02/2021		1,098,506
	13,900,000	ONGC Videsh Ltd.		3.75%			07/27/2026		13,638,930
	9,000,000	Reliance Holdings, Inc.		4.50%			10/19/2020		9,550,530
	5,600,000	Reliance Holdings, Inc.		5.40%			02/14/2022		6,116,561
	500,000	Reliance Industries Ltd.		8.25%			01/15/2027		652,028
									58,861,648

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 39

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	INDONESIA 0.9%
	8,400,000	Pertamina Persero PT		5.63%			05/20/2043		8,644,188
									8,644,188
	ISRAEL 2.6%
	4,700,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		4,876,250
	1,000,000	Delek & Avner Tamar Bond Ltd.		5.08%	^		12/30/2023		1,048,750
	4,000,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		4,257,500
	15,060,000	Israel Electric Corporation Ltd.		5.00%	^		11/12/2024		15,858,180
									26,040,680
	JAMAICA 1.6%
	500,000	Digicel Ltd.		7.00%			02/15/2020		482,500
	7,500,000	Digicel Ltd.		7.13%	^		04/01/2022		5,868,750
	12,000,000	Digicel Ltd.		7.13%			04/01/2022		9,390,000
									15,741,250
	MALAYSIA 2.9%
	2,800,000	Axiata SPV2 BHD		3.47%			11/19/2020		2,870,160
	11,000,000	Gohl Capital Ltd.		4.25%			01/24/2027		11,119,933
	15,400,000	Petronas Capital Ltd.		3.50%			03/18/2025		15,669,669
									29,659,762
	MEXICO 10.9%
	1,000,000	Banco Mercantil del Norte S.A.		5.75%	#^		10/04/2031		981,250
	6,400,000	Banco Mercantil del Norte S.A.		5.75%	#		10/04/2031		6,280,000
	3,000,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#		08/11/2026		2,947,500
	9,200,000	Banco Santander		5.95%	#		01/30/2024		9,545,000
	9,000,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		9,000,000
	1,600,000	BBVA Bancomer S.A.		5.35%	#^		11/12/2029		1,584,000
	6,850,000	BBVA Bancomer S.A.		5.35%	#		11/12/2029		6,781,500
	19,700,000	Comision Federal de Electricidad		4.75%			02/23/2027		19,798,500
	1,300,000	Comision Federal de Electricidad		6.13%			06/16/2045		1,342,250
	9,600,000	Credito Real S.A.B. de C.V.		7.25%	^		07/20/2023		9,744,000
	1,000,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		1,040,000
	8,500,000	Grupo Idesa S.A. de C.V.		7.88%	^		12/18/2020		7,533,125
	7,104,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		6,295,920
	1,500,000	Grupo Posadas S.A.B. de C.V.		7.88%	^		06/30/2022		1,548,750
	1,700,000	Grupo Televisa SAB		4.63%			01/30/2026		1,752,241
	5,000,000	Grupo Televisa SAB		6.13%			01/31/2046		5,312,318
	2,200,000	Sigma Alimentos S.A. de C.V.		4.13%			05/02/2026		2,156,000
	2,000,000	Sixsigma Networks Mexico S.A. de C.V.		8.25%	^		11/07/2021		1,985,000
	6,834,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		6,834,000
	7,200,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		7,110,000
									109,571,354
	PANAMA 2.2%
	1,193,000	Autoridad del Canal de Panama		4.95%			07/29/2035		1,309,318
	10,847,886	ENA Norte Trust		4.95%			04/25/2023		11,227,562
	2,000,000	Global Bank Corporation		5.13%	^		10/30/2019		2,061,000
	5,400,000	Global Bank Corporation		5.13%			10/30/2019		5,564,700
	1,500,000	Global Bank Corporation		4.50%	^		10/20/2021		1,489,500
									21,652,080

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PARAGUAY 0.4%
	400,000	Telefonica Celular del Paraguay S.A.		6.75%	^		12/13/2022		414,000
	3,300,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		3,415,500
									3,829,500
	PERU 5.2%
	6,665,972	Abengoa Transmision Sur S.A.		6.88%	^		04/30/2043		7,165,920
	8,033,095	Abengoa Transmision Sur S.A.		6.88%			04/30/2043		8,635,577
	3,900,000	Ajecorp B.V.		6.50%			05/14/2022		2,895,750
	190,000	Banco International del Peru S.A.A.		6.63%	#		03/19/2029		208,288
	2,100,000	Banco International del Peru S.A.A.		8.50%	#		04/23/2070		2,299,500
	5,818,000	Camposol S.A.		10.50%	^		07/15/2021		6,152,535
	2,750,000	Fondo Mivivienda S.A.		3.50%	^		01/31/2023		2,777,500
	4,100,000	Pesquera Exalmar S.A.A.		7.38%	^		01/31/2020		3,484,590
	2,730,000	Pesquera Exalmar S.A.A.		7.38%			01/31/2020		2,320,227
	16,488,000	Transportadora de Gas del Peru S.A.		4.25%			04/30/2028		16,694,100
									52,633,987
	QATAR 1.5%
	15,138,000	Ooredoo International Finance Ltd.		3.88%			01/31/2028		14,921,300
									14,921,300
	SINGAPORE 1.4%
	7,000,000	DBS Group Holdings Ltd.		3.60%	#†		12/29/2049		6,896,449
	7,000,000	United Overseas Bank Ltd.		3.50%	#		09/16/2026		7,032,452
									13,928,901
	SOUTH KOREA 0.5%
	305,000	GS Caltex Corporation		3.25%			10/01/2018		309,558
	1,500,000	Kia Motors Corporation		2.63%			04/21/2021		1,490,276
	200,000	Korea Development Bank		3.00%			01/13/2026		199,619
	2,900,000	Korea Development Bank		2.00%			09/12/2026		2,645,487
									4,644,940
	TRINIDAD & TOBAGO 0.3%
	3,000,000	National Gas Company of Trinidad and Tobago Ltd.		6.05%			01/15/2036		3,120,000
									3,120,000
		Total Foreign Corporate Bonds (Cost $709,451,521)							695,029,595
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 28.7%
	ARGENTINA 3.4%
	24,100,000	Argentine Republic Government International Bond		6.88%	^		01/26/2027		24,419,325
	10,000,000	Provincia de Buenos Aires		7.88%	^		06/15/2027		10,152,000
									34,571,325

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	BRAZIL 1.9%
	20,000,000	Brazilian Government International Bond		5.63%			01/07/2041		19,550,000
									19,550,000
	CHILE 1.0%
	10,000,000	Chile Government International Bond		3.13%			01/21/2026		10,180,000
									10,180,000
	COLOMBIA 0.4%
	4,200,000	Colombia Government International Bond		4.50%			01/28/2026		4,446,750
									4,446,750
	COSTA RICA 1.9%
	15,808,000	Costa Rica Government International Bond		10.00%			08/01/2020		18,602,854
									18,602,854
	DOMINICAN REPUBLIC 3.6%
	6,800,000	Dominican Republic International Bond		5.50%			01/27/2025		6,944,500
	18,300,000	Dominican Republic International Bond		5.95%	^		01/25/2027		18,734,625
	10,000,000	Dominican Republic International Bond		6.85%			01/27/2045		10,400,000
									36,079,125
	GUATEMALA 1.6%
	10,200,000	Guatemala Government Bond		4.50%			05/03/2026		10,176,336
	5,285,000	Guatemala Government Bond		4.88%			02/13/2028		5,401,270
									15,577,606
	HUNGARY 0.4%
	4,000,000	Hungary Government International Bond		6.25%			01/29/2020		4,388,284
									4,388,284
	INDONESIA 2.8%
	12,000,000	Indonesia Government International Bond		5.88%			03/13/2020		13,139,304
	5,500,000	Indonesia Government International Bond		4.35%	^		01/08/2027		5,697,763
	9,700,000	Perusahaan Penerbit SBSN Indonesia III		4.15%	^		03/29/2027		9,752,865
									28,589,932
	MEXICO 4.1%
	13,000,000	Mexico Government International Bond		4.13%			01/21/2026		13,396,500
	15,000,000	Mexico Government International Bond		4.15%			03/28/2027		15,281,250
	12,410,000	Mexico Government International Bond		4.75%			03/08/2044		12,099,750
									40,777,500
	PANAMA 1.9%
	15,000,000	Panama Government International Bond		3.88%			03/17/2028		15,281,250
	4,000,000	Panama Government International Bond		4.30%			04/29/2053		3,810,000
									19,091,250

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PHILIPPINES 1.0%
	9,900,000	Philippine Government International Bond		3.70%			02/02/2042		9,803,119
									9,803,119
	POLAND 1.0%
	6,000,000	Republic of Poland Government International Bond		5.13%			04/21/2021		6,580,080
	3,000,000	Republic of Poland Government International Bond		3.25%			04/06/2026		2,980,665
									9,560,745
	QATAR 1.8%
	18,000,000	Qatar Government International Bond		2.38%			06/02/2021		17,821,530
									17,821,530
	SOUTH KOREA 1.9%
	20,000,000	Korea International Bond		2.75%			01/19/2027		19,689,500
									19,689,500
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $284,827,216)							288,729,520
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 0.4%
	COLOMBIA 0.4%
	114,249	Pacific Exploration and Production Corporation*							3,553,136
		Total Exchange Traded Funds and Common Stocks (Cost $20,010,064)							3,553,136
	SHORT TERM INVESTMENTS 2.4%
	8,089,337	BlackRock Liquidity Funds FedFund - Institutional Shares		0.60%	¨				8,089,337
	8,089,338	Fidelity Institutional Money Market Government Portfolio - Class I		0.56%	¨				8,089,338
	8,089,338	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.60%	¨				8,089,338
		Total Short Term Investments (Cost $24,268,013)							24,268,013
		Total Investments 100.5% (Cost $1,038,556,814)							1,011,580,264
		Liabilities in Excess of Other Assets (0.5)%							(4,531,835	)
		NET ASSETS 100.0%						$	1,007,048,429

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 41

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund  (Cont.) March 31, 2017

INVESTMENT BREAKDOWN as a % of Net Assets:
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	28.7%
Oil & Gas	15.5%
Banking	12.2%
Utilities	11.0%
Telecommunications	6.2%
Transportation	5.8%
Consumer Products	3.9%
Media	3.3%
Finance	2.5%
Short Term Investments	2.4%
Pulp & Paper	1.9%
Chemicals/Plastics	1.4%
Conglomerates	1.3%
Hotels/Motels/Inns and Casinos	1.3%
Building and Development (including Steel/Metals)	1.1%
Retailers (other than Food/Drug)	0.8%
Construction	0.4%
Beverage and Tobacco	0.3%
Technology	0.2%
Automotive	0.2%
Real Estate	0.1%
Other Assets and Liabilities	(0.5)%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
Mexico	14.9%
Chile	10.4%
Brazil	9.8%
India	5.8%
Dominican Republic	5.3%
Peru	5.2%
Argentina	4.9%
China	4.8%
Panama	4.0%
Costa Rica	3.8%
Indonesia	3.7%
Qatar	3.3%
Guatemala	3.2%
Colombia	3.0%
Malaysia	2.9%
Israel	2.6%
South Korea	2.4%
United States	2.4%
Jamaica	1.6%
Singapore	1.4%
Hong Kong	1.3%
Philippines	1.0%
Poland	1.0%
El Salvador	0.7%
Hungary	0.4%
Paraguay	0.4%
Trinidad & Tobago	0.3%
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, 2017, the value of these securities amounted to $269,737,985 or 26.8% of net assets.

# Variable rate security. Rate disclosed as of March 31, 2017.

† Perpetual Maturity

¨ Seven-day yield as of March 31, 2017

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

* Non-income producing security

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

Schedule of Investments  DoubleLine Multi-Asset Growth Fund (Consolidated) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 4.0%
		Arcadia Receivables Credit Trust,
	941,107	Series 2017-1-A		3.25%	^		06/15/2023		944,544
		AVANT Loans Funding Trust,
	109,439	Series 2015-A-A		4.00%	^		08/16/2021		109,801
	812,859	Series 2015-A-B		6.00%	^		08/16/2021		820,731
		BMW Vehicle Lease Trust,
	1,000,000	Series 2017-1-A1		1.00%			03/20/2018		1,000,080
		Citi Held For Asset Issuance,
	764,661	Series 2015-PM1-B		2.93%	^		12/15/2021		765,146
	500,000	Series 2015-PM1-C		5.01%	^		12/15/2021		499,018
		LendingClub Issuance Trust,
	391,814	Series 2016-NP2-A		3.00%	^		01/17/2023		393,034
		MarketPlace Loan Trust,
	169,098	Series 2015-CB1-A		4.00%	^		07/15/2021		168,992
		SoFi Consumer Loan Program Trust,
	1,000,000	Series 2017-2-A		3.28%	^		02/25/2026		1,001,251
		Westlake Automobile Receivables Trust,
	1,000,000	Series 2017-1A-A1		1.10%	^		03/15/2018		1,000,017
		Total Asset Backed Obligations (Cost $6,687,764)							6,702,614
	COLLATERALIZED LOAN OBLIGATIONS 2.3%
		Brookside Mill Ltd.,
	1,000,000	Series 2013-1A-E		5.42%	#^		04/17/2025		924,732
	1,000,000	Series 2013-1A-SUB		6.81%	#^@		04/17/2025		467,865
		Cent Ltd.,
	1,000,000	Series 2013-18A-E		5.64%	#^		07/23/2025		955,223
	1,000,000	Series 2013-18A-SUB		7.58%	#^@		07/23/2025		519,454
		Madison Park Funding Ltd.,
	500,000	Series 2014-15A-DR		6.48%	#^		01/27/2026		499,004
		MP Ltd.,
	500,000	Series 2014-1A-AR		2.21%	#^		07/18/2026		500,975
		Total Collateralized Loan Obligations (Cost $4,657,939)							3,867,253
	MUNICIPAL BONDS 0.9%
	2,500,000	Commonwealth of Puerto Rico General Obligation		8.00%	W		07/01/2035		1,556,250
		Total Municipal Bonds (Cost $2,249,008)							1,556,250
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 6.4%
		Adjustable Rate Mortgage Trust,
	229,984	Series 2006-1-2A1		3.66%	#		03/25/2036		184,082
		Banc of America Alternative Loan Trust,
	440,290	Series 2006-7-A4		6.00%	#		10/25/2036		263,915
		BCAP LLC Trust,
	41,326	Series 2007-AA2-2A5		6.00%			04/25/2037		36,060
	2,881,219	Series 2009-RR4-1A2		9.27%	#^		06/26/2037		1,399,618
		ChaseFlex Trust,
	245,460	Series 2007-M1-2F4		4.30%	#		08/25/2037		205,380
		CIM Trust,
	910,000	Series 2017-3RR-B2		16.78%	#^		01/27/2057		1,001,000
		Citicorp Mortgage Securities, Inc.,
	37,075	Series 2007-2-3A1		5.50%			02/25/2037		36,980
		Citigroup Mortgage Loan Trust, Inc.,
	167,085	Series 2009-7-2A2		5.50%	^		10/25/2021		178,018
		CitiMortgage Alternative Loan Trust,
	259,681	Series 2007-A6-1A11		6.00%			06/25/2037		225,969

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Alternative Loan Trust,
	96,776	Series 2006-32CB-A16		5.50%			11/25/2036		80,754
	740,421	Series 2006-J1-2A1		7.00%			02/25/2036		280,758
	21,457	Series 2007-17CB-1A10		25.38%	# I/F		08/25/2037		31,325
	14,194	Series 2007-21CB-2A2		24.47%	# I/F		09/25/2037		18,794
		Countrywide Home Loans,
	222,667	Series 2007-10-A5		6.00%			07/25/2037		191,829
	11,831	Series 2007-4-1A5		6.50%			05/25/2037		10,275
		Credit Suisse First Boston Mortgage Securities Corporation,
	145,177	Series 2005-8-1A3		5.25%			09/25/2035		130,573
		Credit Suisse Mortgage Capital Certificates,
	43,496	Series 2006-9-4A1		6.00%			11/25/2036		34,958
	255,325	Series 2010-7R-4A17		6.00%	#^		04/26/2037		258,178
		Deutsche Mortgage Securities, Inc.,
	132,722	Series 2006-PR1-3A1		11.05%	#^ I/F		04/15/2036		143,848
	296,888	Series 2006-PR1-5AI4		11.05%	#^ I/F		04/15/2036		304,207
		First Horizon Alternative Mortgage Securities,
	53,733	Series 2007-FA2-1A3		6.00%			04/25/2037		40,832
		GreenPoint Mortgage Funding Trust,
	1,508,526	Series 2005-AR3-2A1		1.24%	#		08/25/2045		979,024
		GSAA Home Equity Trust,
	1,000,000	Series 2006-15-AF3B		5.93%	#		09/25/2036		167,340
		GSR Mortgage Loan Trust,
	116,078	Series 2006-2F-2A20		10.32%	# I/F		02/25/2036		116,211
		JP Morgan Alternative Loan Trust,
	32,755	Series 2005-S1-2A11		6.00%			12/25/2035		29,846
	496,031	Series 2006-S1-1A3		5.50%			03/25/2036		417,901
		JP Morgan Mortgage Acquisition Corporation,
	157,981	Series 2006-CH2-AF3		5.46%	#		10/25/2036		122,184
		Lavender Trust,
	128,698	Series 2010-R12A-A3		6.00%	^		06/26/2037		129,891
		Lehman Mortgage Trust,
	80,022	Series 2006-4-1A3		4.42%	# I/F I/O		08/25/2036		13,414
	5,001	Series 2006-4-1A4		6.00%			08/25/2036		4,501
	43,669	Series 2007-5-11A1		5.35%	#		06/25/2037		33,901
		Lehman XS Trust,
	200,256	Series 2005-1-3A3A		5.11%	#		07/25/2035		185,251
		MASTR Resecuritization Trust,
	307,695	Series 2008-4-A1		6.00%	#^		06/27/2036		280,037
		Morgan Stanley Mortgage Loan Trust,
	1,776,548	Series 2006-8AR-1A4		1.23%	#		06/25/2036		910,163
	307,267	Series 2007-13-6A1		6.00%			10/25/2037		258,563
		Residential Accredit Loans, Inc.,
	225,568	Series 2006-QS10-A9		6.50%			08/25/2036		196,954
	3,938	Series 2006-QS13-1A8		6.00%			09/25/2036		3,322
	225,768	Series 2006-QS2-1A4		5.50%			02/25/2036		195,459
	46,057	Series 2006-QS7-A4		1.38%	#		06/25/2036		29,625
	138,171	Series 2006-QS7-A5		4.62%	# I/F I/O		06/25/2036		20,811
	84,229	Series 2006-QS8-A4		1.43%	#		08/25/2036		54,822
	252,686	Series 2006-QS8-A5		4.57%	# I/F I/O		08/25/2036		36,451
		Residential Asset Mortgage Products, Inc.,
	280,642	Series 2004-RS2-MII1		1.85%	#		02/25/2034		272,093
		Residential Asset Securitization Trust,
	22,892	Series 2005-A12-A12		5.50%			11/25/2035		21,812
	552,232	Series 2006-A16-1A3		6.00%			02/25/2037		426,633
	444,837	Series 2007-A1-A8		6.00%			03/25/2037		290,262
	354,353	Series 2007-A5-2A5		6.00%			05/25/2037		310,933
		Washington Mutual Mortgage Pass-Through Certificates,
	296,315	Series 2006-8-A6		4.56%	#		10/25/2036		191,375
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $11,108,527)							10,756,132

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 43

Schedule of Investments  DoubleLine Multi-Asset Growth Fund (Consolidated)  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 2.9%
		Federal Home Loan Mortgage Corporation,
	64,065	Series 3261-SA		5.52%	# I/F I/O		01/15/2037		11,752
	30,554	Series 3317-DS		12.72%	# I/F		05/15/2037		38,807
	131,717	Series 3355-BI		5.14%	# I/F I/O		08/15/2037		19,868
	109,128	Series 3384-S		5.48%	# I/F I/O		11/15/2037		14,834
	169,050	Series 3384-SG		5.40%	# I/F I/O		08/15/2036		23,262
	108,404	Series 3417-SX		5.27%	# I/F I/O		02/15/2038		15,814
	139,053	Series 3423-GS		4.74%	# I/F I/O		03/15/2038		15,849
	1,369,004	Series 3423-TG		0.35%	# I/F I/O		03/15/2038		15,727
	155,442	Series 3500-SA		4.61%	# I/F I/O		01/15/2039		15,704
	267,494	Series 3523-SM		5.09%	# I/F I/O		04/15/2039		40,934
	39,394	Series 3562-WS		4.04%	# I/F I/O		08/15/2039		3,611
	256,934	Series 3728-SV		3.54%	# I/F I/O		09/15/2040		23,841
	218,103	Series 3758-S		5.12%	# I/F I/O		11/15/2040		37,505
	79,184	Series 3779-DZ		4.50%			12/15/2040		82,628
	257,162	Series 3815-ST		4.94%	# I/F I/O		02/15/2041		35,775
	96,101	Series 3900-SB		5.06%	# I/F I/O		07/15/2041		12,219
	432,891	Series 3923-CZ		5.00%			09/15/2041		487,115
		Federal National Mortgage Association,
	114,718	Series 2006-101-SA		5.60%	# I/F I/O		10/25/2036		19,190
	60,599	Series 2006-123-LI		5.34%	# I/F I/O		01/25/2037		10,772
	419,871	Series 2007-39-AI		5.14%	# I/F I/O		05/25/2037		72,288
	193,699	Series 2007-57-SX		5.64%	# I/F I/O		10/25/2036		35,066
	12,742	Series 2009-49-S		5.77%	# I/F I/O		07/25/2039		2,381
	293,613	Series 2009-86-CI		4.82%	# I/F I/O		09/25/2036		36,228
	105,736	Series 2009-90-IA		4.77%	# I/F I/O		03/25/2037		12,943
	102,253	Series 2009-90-IB		4.74%	# I/F I/O		04/25/2037		12,980
	314,976	Series 2010-39-SL		4.69%	# I/F I/O		05/25/2040		44,284
	152,560	Series 2011-5-PS		5.42%	# I/F I/O		11/25/2040		18,950
	365,078	Series 2012-30-DZ		4.00%			04/25/2042		386,788
	1,121,712	Series 2013-53-ZC		3.00%			06/25/2043		1,046,397
	687,773	Series 2013-55-KS		4.53%	# I/F		06/25/2043		628,229
	1,047,548	Series 2013-55-VZ		3.00%			06/25/2043		972,495
		Government National Mortgage Association,
	31,220	Series 2009-6-SM		4.97%	# I/F I/O		02/20/2038		5,108
	497,914	Series 2011-45-GZ		4.50%			03/20/2041		526,349
	250,000	Series 2011-7-LS		7.92%	# I/F		12/20/2040		267,525
		Total US Government / Agency Mortgage Backed Obligations (Cost $4,806,914)							4,993,218
	REAL ESTATE INVESTMENT TRUSTS 4.8%
	460,000	Annaly Capital Management, Inc.							5,110,600
	148,747	Chimera Investment Corporation							3,001,715
		Total Real Estate Investment Trusts (Cost $6,852,088)							8,112,315
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 23.6%
	171,500	iShares Core MSCI Emerging Markets ETF							8,195,985
	101,500	iShares MSCI Australia Index ETF							2,294,915
	183,000	iShares MSCI France ETF							4,851,330
	55,000	iShares MSCI Hong Kong Index ETF							1,223,750
	19,375	iShares MSCI Singapore Capped ETF							441,944
	18,000	iShares MSCI Sweden Capped ETF							568,260
	42,500	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.							322,150
	330,000	PowerShares Senior Loan Portfolio							7,675,800
	217,000	SPDR EURO STOXX 50 ETF							7,887,950

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	25,600	Stone Harbor Emerging Markets Income Fund							404,992
	37,500	Templeton Emerging Markets Income Fund							421,125
	143,000	VanEck Vectors Gold Miners ETF							3,261,830
	51,343	Western Asset Emerging Markets Debt Fund, Inc.							795,816
	129,206	Western Asset/Claymore Inflation-Linked Opportunities & Income Fund							1,443,231
		Total Exchange Traded Funds and Common Stocks (Cost $39,941,920)							39,789,078
	AFFILIATED MUTUAL FUNDS 25.7%
	578,000	DoubleLine Core Fixed Income Fund (Class I)							6,277,078
	199,203	DoubleLine Flexible Income Fund (Class I)							1,956,175
	675,944	DoubleLine Low Duration Bond Fund (Class I)							6,786,481
	2,663,622	DoubleLine Total Return Bond Fund (Class I)							28,314,301
		Total Affiliated Mutual Funds (Cost $45,097,852)							43,334,035
	SHORT TERM INVESTMENTS 23.5%
	11,229,103	BlackRock Liquidity Funds FedFund - Institutional Shares		0.60%	¨				11,229,103
	1,654,600	Dreyfus Government Cash Management - Institutional Shares		0.66%	¨				1,654,600
	9,574,503	Fidelity Institutional Money Market Government Portfolio - Class I		0.56%	¨				9,574,503
	11,229,103	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.60%	¨‡				11,229,103
	6,000,000	United States Treasury Bills		0.00%			05/04/2017		5,996,495
		Total Short Term Investments (Cost $39,683,904)							39,683,804
		Total Investments 94.1% (Cost $161,085,916)							158,794,699
		Other Assets in Excess of Liabilities 5.9%							10,020,252
		NET ASSETS 100.0%						$	168,814,951

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Affiliated Mutual Funds	25.7%
Exchange Traded Funds and Common Stocks	23.6%
Short Term Investments	23.5%
Non-Agency Residential Collateralized Mortgage Obligations	6.4%
Real Estate Investment Trusts	4.8%
Asset Backed Obligations	4.0%
US Government / Agency Mortgage Backed Obligations	2.9%
Collateralized Loan Obligations	2.3%
Municipal Bonds	0.9%
Other Assets and Liabilities	5.9%
	100.0%

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

March 31, 2017

^ 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, 2017, the value of these securities amounted to $13,264,584 or 7.9% of net assets.

# Variable rate security. Rate disclosed as of March 31, 2017.

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

I/O Interest only security

¨ Seven-day yield as of March 31, 2017

@ 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, 2017.

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

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

Futures Contracts - Long
Contracts	Security Description	Expiration Month/Year		Unrealized Appreciation (Depreciation)
198	Euro STOXX 50 Future		06/2017	$	241,709
30	CME Ultra Long Term US Treasury Bond Future		06/2017		17,430
27	Ultra 10-Year US Treasury Note Future		06/2017		10,068
23	Gold Future		06/2017		4,991
63	mini MSCI Emerging Markets Index Future		06/2017		(16,277	)
58	FTSE 100 Index Future		06/2017		(27,675	)
89	E-mini S&P 500 Future		06/2017		(93,895	)
74	Nikkei-225 Future		06/2017		(139,677	)
				$	(3,326	)

Futures Contracts - Short
Contracts	Security Description	Expiration Month/Year		Unrealized Appreciation (Depreciation)
75	Euro-OAT Future		06/2017	$	(39,335	)
134	5-Year US Treasury Note Futures		06/2017		(92,516	)
				$	(131,851	)

Total Return Swaps - Long
Reference Entity	Counterparty	Financing Rate		Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
S&P GSCI Unleaded Gasoline Official Close Index	Morgan Stanley		0.20%		580,000		04/06/2017	$	6,645
S&P GSCI Gold Official Close Index	Morgan Stanley		0.20%		580,000		04/06/2017		1,484
S&P GSCI Cocoa Official Close Index	Morgan Stanley		0.25%		580,000		04/06/2017		(281	)
S&P GSCI Aluminum Official Close Index	Morgan Stanley		0.25%		580,000		04/06/2017		(2,949	)
S&P GSCI Copper Official Close Index	Morgan Stanley		0.25%		580,000		04/06/2017		(11,696	)
S&P GSCI Zinc Official Close Index	Morgan Stanley		0.25%		580,000		04/06/2017		(20,346	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		0.40%		31,300,000		04/28/2017		6,808,820
								$	6,781,677
Total Return Swaps - Short
Reference Entity	Counterparty	Financing Rate		Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
S&P GSCI Natural Gas Official Close Index	Morgan Stanley		0.15%		580,000		04/06/2017	$	179
S&P GSCI Crude Oil Official Close Index	Morgan Stanley		0.15%		580,000		04/06/2017		(2,882	)
S&P GSCI Kansas Wheat Official Close Index	Morgan Stanley		0.25%		580,000		04/06/2017		(4,522	)
S&P GSCI Wheat Official Close Index	Morgan Stanley		0.25%		580,000		04/06/2017		(7,581	)
S&P GSCI Cotton Official Close Index	Morgan Stanley		0.25%		580,000		04/06/2017		(8,373	)
S&P GSCI Corn Official Close Index	Morgan Stanley		0.25%		580,000		04/06/2017		(10,955	)
								$	(34,134	)

¤ 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, 2017, the four sector constituents with each index ticker indicated in parentheses and their weightings were as follows: Consumer Discretionary Select Sector Index (IXYTR) 25.4%, Technology Select Sector Index (IXTTR) 25.3%, Health Care Select Sector Index (IXVTR) 24.7%, Industrial Select Sector Index (IXITR) 24.6%.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 45

Schedule of Investments  DoubleLine Multi-Asset Growth Fund (Consolidated)  (Cont.) March 31, 2017

Interest Rate Swaps
Fixed Rate	Reference Index	Floating Rate Paid or Received		Maturity Date		Notional Amount		Counterparty		Unrealized Appreciation (Depreciation)
1.99%	US CPI Urban Consumers NSA Index		Received		10/19/2026		5,000,000		Bank of America Merrill Lynch	$	149,024
2.03%	US CPI Urban Consumers NSA Index		Received		10/28/2026		5,000,000		Bank of America Merrill Lynch		133,122
2.04%	US CPI Urban Consumers NSA Index		Received		11/03/2026		5,000,000		Bank of America Merrill Lynch		126,158
										$	408,304

Forward Currency Exchange Contracts
Settlement Date	Currency to be Delivered			U.S. Value		Currency to be Received			U.S. Value		Counterparty	Unrealized Appreciation (Depreciation)
04/18/2017		4,891,279	United States Dollar	$	4,891,279		4,017,903	British Pound	$	5,036,136	BNP Paribas	$	144,857
04/28/2017		7,146,718	United States Dollar		7,146,718		6,600,000	Euro		7,049,733	Morgan Stanley		(96,985	)
				$	12,037,997				$	12,085,869		$	47,872

A summary of the DoubleLine Multi-Asset Growth Fund’s (Consolidated) investments in affiliated mutual funds for the year ended March 31, 2017 is as follows:

Fund	Value at March 31, 2016		Gross Purchases		Gross Sales		Shares Held at March 31, 2017		Value at March 31, 2017		Dividend Income Earned in the Year Ended March  31, 2017		Net Realized Gain (Loss) in the Year Ended March  31, 2017
DoubleLine Total Return Bond Fund	$	28,953,571	$	—	$	—		2,663,622	$	28,314,301	$	1,058,608	$	—
DoubleLine Core Fixed Income Fund		6,282,858		—		—		578,000		6,277,078		180,713		—
DoubleLine Flexible Income Fund		1,902,390		—		—		199,203		1,956,175		67,916		—
DoubleLine Low Duration Bond Fund		—		6,800,000		—		675,944		6,786,481		123,512		—
	$	37,138,819	$	6,800,000	$	—		4,116,769	$	43,334,035	$	1,430,749	$	—

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

Schedule of Investments  DoubleLine Low Duration Bond Fund March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 8.3%
		Access Group, Inc.,
	11,198,521	Series 2007-A-B		1.60%	#		02/25/2037		9,903,281
		Access Point Funding LLC,
	867,157	Series 2015-A-A		2.61%	^		04/15/2020		867,648
		AMPLIT Trust,
	2,555,169	Series 2015-A-A		5.00%	^		09/15/2021		2,564,916
		Arcadia Receivables Credit Trust,
	23,527,663	Series 2017-1-A		3.25%	^		06/15/2023		23,613,609
		AVANT Loans Funding Trust,
	1,255,182	Series 2016-B-A		3.92%	^		08/15/2019		1,259,692
	315,657	Series 2016-C-A		2.96%	^		09/16/2019		316,176
		Blue Elephant Loan Trust,
	109,595	Series 2015-1-A		3.12%	^		12/15/2022		109,880
		Consumer Credit Origination Loan Trust,
	54,593	Series 2015-1-A		2.82%	^		03/15/2021		54,594
		Consumer Installment Loan Trust,
	1,416,704	Series 2016-LD1-A		3.96%	^		07/15/2022		1,429,912
		Eagle Ltd.,
	1,957,813	Series 2014-1A-A1		2.57%	^		12/15/2039		1,946,367
		Eaglewood Consumer Loan Trust,
	3,306,708	Series 2014-1-A		3.50%	^¥		10/15/2019		3,299,463
		Earnest Student Loan Program,
	13,382,755	Series 2016-A-A2		2.50%	^		04/25/2033		13,298,163
		Flagship Credit Auto Trust,
	6,000,000	Series 2016-3-B		2.43%	^		06/15/2021		5,972,303
	12,750,000	Series 2016-4-B		2.41%	^		10/15/2021		12,634,368
	15,000,000	Series 2017-1-B		2.83%	^		03/15/2023		14,995,161
		Invitation Homes Trust,
	13,239,615	Series 2015-SFR3-A		2.24%	#^		08/17/2032		13,341,199
		LendingClub Issuance Trust,
	13,713,504	Series 2016-NP2-A		3.00%	^		01/17/2023		13,756,194
		Lendmark Funding Trust,
	17,750,000	Series 2016-2A-A		3.26%	^		04/21/2025		17,684,076
		Mariner Finance Issuance Trust,
	10,000,000	Series 2017-AA-A		3.62%	^		02/20/2029		10,063,509
		Marketplace Loan Trust,
	5,263,305	Series 2015-AV2-A		4.00%	^		10/15/2021		5,302,848
		OneMain Financial Issuance Trust,
	1,480,542	Series 2014-1A-A		2.43%	^		06/18/2024		1,480,940
	10,000,000	Series 2015-1A-A		3.19%	^		03/18/2026		10,118,508
		Oportun Funding LLC,
	10,000,000	Series 2016-C-A		3.28%	^		11/08/2021		9,921,411
		Progress Residential Trust,
	7,722,215	Series 2016-SFR1-A		2.44%	#^		09/17/2033		7,829,526
		SCF Equipment Leasing LLC,
	4,880,182	Series 2017-1A-A		3.77%	^		01/20/2023		4,875,447
		Sierra Timeshare Receivables Funding LLC,
	14,553,678	Series 2016-2A-A		2.33%	^		07/20/2033		14,556,583
		Sofi Consumer Loan Program LLC,
	1,136,742	Series 2016-1-A		3.26%	^		08/25/2025		1,135,931
	6,918,649	Series 2016-3-A		3.05%	^		12/26/2025		6,931,196
		SoFi Consumer Loan Program Trust,
	7,606,549	Series 2016-2-A		3.09%	^		10/27/2025		7,622,107
	14,080,255	Series 2017-1-A		3.28%	^		01/26/2026		14,165,745
	10,000,000	Series 2017-2-A		3.28%	^		02/25/2026		10,012,512
		SoFi Professional Loan Program,
	2,831,276	Series 2013-A-A		3.75%	^		12/25/2029		2,894,263
	988,704	Series 2014-A-A2		3.02%	^		10/25/2027		1,000,420
	4,168,086	Series 2015-C-A2		2.51%	^		08/25/2033		4,162,566
	7,627,535	Series 2016-A-A2		2.76%	^		12/26/2036		7,691,783
	5,000,000	Series 2017-A-A2B		2.40%	^		03/26/2040		4,924,352
	28,000,000	Series 2017-B-A1FX		1.83%	^		05/25/2040		27,997,880

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		SpringCastle America Funding LLC,
	24,771,022	Series 2016-AA-A		3.05%	^		04/25/2029		24,972,906
		Springfield Funding Trust,
	10,000,000	Series 2015-AA-A		3.16%	^		11/15/2024		10,098,839
		Springleaf Funding Trust,
	15,810,000	Series 2016-AA-A		2.90%	^		11/15/2029		15,907,865
		Spruce Trust,
	734,494	Series 2016-E1-A		4.32%	^		06/15/2028		725,917
		Westlake Automobile Receivables Trust,
	7,000,000	Series 2016-2A-B		2.30%	^		11/15/2019		7,020,136
	10,000,000	Series 2016-3A-C		2.46%	^		01/18/2022		9,966,094
		Total Asset Backed Obligations (Cost $358,059,771)							358,426,286
	BANK LOANS 4.5%
		Allison Transmission, Inc.,
	8,500,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		2.99%	#		09/23/2022		8,586,190
		Avolon Holdings, Ltd.,
	8,750,000	Senior Secured 1st Lien Term Loan, Tranche B2		3.73%	#		03/20/2022		8,877,619
		Berry Plastics Corporation,
	8,790,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche I		3.52%	#		10/01/2022		8,856,848
		Burger King Restaurant Brands,
	8,517,242	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.25%	#		02/16/2024		8,535,000
		Charter Communications Operating LLC,
	8,805,000	Guaranteed Senior Secured 1st Lien Term Loan Tranche I		3.23%	#		01/15/2024		8,857,610
		CSC Holdings LLC,
	4,025,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.94%	#		10/11/2024		4,023,752
		Dell International, LLC,
	8,460,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.49%	#		09/07/2023		8,505,388
		Delta Air Lines, Inc.,
	8,480,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		3.35%	#		10/18/2018		8,527,022
		First Data Corporation,
	8,440,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		3.98%	#		03/24/2021		8,513,850
		Galleria Company,
	8,405,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.81%	#		09/29/2023		8,489,050
		Grifols Worldwide Operations USA, Inc.,
	8,850,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.19%	#		01/31/2025		8,875,045
		HCA Inc.,
	8,490,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B9		2.98%	#		03/17/2023		8,540,728

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 47

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Hilton Worldwide,
	8,425,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		2.98%	#		10/25/2023		8,500,151
		Huntsman International LLC,
	8,480,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		04/01/2023		8,568,362
		Kar Auction Services, Inc.,
	8,405,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		4.50%	#		03/09/2023		8,511,827
		Level 3 Financing, Inc.,
	8,835,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.23%	#		02/22/2024		8,860,754
		Lockheed Martin Corporation,
	8,374,013	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.25%	#		08/16/2023		8,461,940
		MGM Growth Properties LP,
	8,810,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.48%	#		04/25/2023		8,865,062
		Pinnacle Foods LLC,
	8,448,825	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		2.81%	#		02/02/2024		8,495,378
		RPI Finance Trust,
	9,200,000	Senior Secured 1st Lien Term Loan, Tranche B6		3.15%	#		03/16/2023		9,237,352
		ServiceMaster Company LLC,
	8,423,888	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.48%	#		11/08/2023		8,514,697
		Sprint Communications,
	8,510,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.50%	#		02/02/2024		8,519,148
		Trans Union LLC,
	8,413,349	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.48%	#		04/09/2023		8,478,216
		Total Bank Loans (Cost $194,978,761)							194,200,989
	COLLATERALIZED LOAN OBLIGATIONS 15.2%
		ALM LLC,
	7,500,000	Series 2016-19A-A1		2.57%	#^		07/15/2028		7,582,500
	2,500,000	Series 2016-19A-A2		3.22%	#^		07/15/2028		2,527,464
		Anchorage Capital Ltd.,
	950,000	Series 2014-4A-A1A		2.49%	#^		07/28/2026		954,406
		Apidos Ltd.,
	10,000,000	Series 2013-14A-A		2.17%	#^		04/15/2025		10,006,724
	9,975,000	Series 2013-16A-A1		2.47%	#^		01/19/2025		9,990,544
		Arbor Realty Ltd.,
	3,710,000	Series 2015-FL2A-C		5.91%	#^		09/15/2025		3,757,440
		ARES Ltd.,
	362,577	Series 2007-3RA-A2		1.24%	#^		04/16/2021		362,794
		Avery Point Ltd.,
	3,000,000	Series 2014-1A-A		2.56%	#^		04/25/2026		3,003,750
		Babson Ltd.,
	3,160,000	Series 2013-IA-A		2.13%	#^		04/20/2025		3,162,528
	10,000,000	Series 2014-3A-AR		2.30%	#^		01/15/2026		10,037,500

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Bluemountain Ltd.,
	5,000,000	Series 2007-3A-C		1.84%	#^		03/17/2021		5,005,721
		BlueMountain Ltd.,
	1,624,463	Series 2006-2A-A2		1.30%	#^		07/15/2018		1,624,072
	6,700,000	Series 2012-2A-AR		2.47%	#^		11/20/2028		6,756,112
	9,500,000	Series 2014-3A-A1		2.50%	#^		10/15/2026		9,513,546
	15,000,000	Series 2015-2A-A1		2.45%	#^		07/18/2027		15,106,425
	15,000,000	Series 2015-3A-A1		2.51%	#^		10/20/2027		15,067,500
		Brookside Mill Ltd.,
	20,000,000	Series 2013-1A-A1		2.17%	#^		04/17/2025		20,024,137
		Callidus Debt Partners Fund Ltd.,
	4,781,377	Series 6A-A1T		1.30%	#^		10/23/2021		4,782,758
		Carlyle Global Market Strategies Ltd.,
	2,250,000	Series 2013-2A-D		4.77%	#^		04/18/2025		2,252,877
		Carlyle High Yield Partners Ltd.,
	1,000,000	Series 20017-10A-A2B		1.32%	#^		04/19/2022		1,001,168
	7,859,232	Series 2007-10A-A1		1.25%	#^		04/19/2022		7,869,290
	2,892,675	Series 2007-10A-A2A		1.24%	#^		04/19/2022		2,894,427
		Catamaran Ltd.,
	30,000,000	Series 2013-1A-A		2.19%	#^		01/27/2025		30,027,823
	5,000,000	Series 2014-1A-A1		2.58%	#^		04/20/2026		5,018,519
	1,250,000	Series 2014-1A-B		3.68%	#^		04/20/2026		1,243,913
		Cathedral Lake Ltd.,
	5,000,000	Series 2013-1A-A1R		2.42%	#^		01/15/2026		5,007,156
		Cent Ltd.,
	842,075	Series 2007-14A-A1		1.26%	#^		04/15/2021		839,151
	8,245,277	Series 2007-14A-A2A		1.25%	#^		04/15/2021		8,225,017
	1,637,620	Series 2012-16A-A1AR		2.28%	#^		08/01/2024		1,637,145
		Dryden Senior Loan Fund,
	500,000	Series 2012-25A-D		5.02%	#^		01/15/2025		502,609
	5,855,000	Series 2014-31A-A		2.37%	#^		04/18/2026		5,856,756
		Eaton Vance Ltd.,
	1,672,874	Series 2006-8A-A		1.29%	#^		08/15/2022		1,669,930
	1,500,000	Series 2006-8A-B		1.69%	#^		08/15/2022		1,494,266
		Franklin Ltd.,
	2,218,708	Series 6A-A		1.27%	#^		08/09/2019		2,217,784
		Galaxy Ltd.,
	3,900,000	Series 2013-15A-A		2.27%	#^		04/15/2025		3,906,771
		Goldentree Loan Opportunities Ltd.,
	5,000,000	Series 2014-8A-AR		2.24%	#^		04/19/2026		5,005,757
		Halcyon Loan Advisors Funding Ltd.,
	9,000,000	Series 2012-1X-A2		3.54%	#		08/15/2023		9,044,252
	1,000,000	Series 2014-1A-A1		2.55%	#^		04/18/2026		999,509
	2,250,000	Series 2014-2A-C		4.54%	#^		04/28/2025		2,200,810
		Harbourview Ltd.,
	9,000,000	Series 7A-A1R		2.30%	#^		11/18/2026		8,960,669
		Hillmark Funding Ltd.,
	8,001,615	Series 2006-1A-A1		1.30%	#^		05/21/2021		7,990,914
		Jamestown Ltd.,
	10,000,000	Series 2014-4A-A1A		2.52%	#^		07/15/2026		10,004,844
	31,000,000	Series 2016-9A-A1B		2.32%	#^		10/20/2028		31,324,511
		Kingsland Ltd.,
	10,400,000	Series 2007-4A-B		1.42%	#^		04/16/2021		10,318,549
		LCM LP,
	19,639,074	Series 12A-AR		2.28%	#^		10/19/2022		19,707,510
	1,000,000	Series 15A-C		4.15%	#^		08/25/2024		1,001,145
	5,500,000	Series 16A-A		2.52%	#^		07/15/2026		5,524,764
		Madison Park Funding Ltd.,
	352,828	Series 2007-4A-A2		1.39%	#^		03/22/2021		350,724
	1,520,778	Series 2013-11A-A1A		2.32%	#^		10/23/2025		1,522,559
		Magnetite Ltd.,
	4,750,000	Series 2014-9A-A1		2.46%	#^		07/25/2026		4,757,775
		Marathon Ltd.,
	3,000,000	Series 2017-9A-A2		0.00%	#^		04/15/2029		3,003,044

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Mountain Hawk Ltd.,
	18,400,000	Series 2014-A3-A		2.52%	#^		04/18/2025		18,423,857
		Mountain View Ltd.,
	4,866,814	Series 2006-2A-A1		1.27%	#^		01/12/2021		4,867,574
	293,928	Series 2007-3A-A2		1.36%	#^		04/16/2021		293,797
		MP Ltd.,
	7,500,000	Series 2014-1A-AR		2.21%	#^		07/18/2026		7,514,628
	3,500,000	Series 2014-2A-AR		2.16%	#^		01/15/2027		3,500,000
		NewMark Capital Funding Ltd.,
	20,000,000	Series 2013-1A-A2		2.18%	#^		06/02/2025		19,975,698
		Northwoods Capital Corporation,
	20,000,000	Series 2012-9A-A		2.44%	#^		01/18/2024		20,019,523
	3,000,000	Series 2013-10A-A1		2.43%	#^		11/04/2025		3,001,488
		OCP Ltd.,
	20,000,000	Series 2012-2A-A1R		2.45%	#^		11/22/2025		20,032,295
		Octagon Investment Partners Ltd.,
	852,960	Series 2012-1A-AR		2.30%	#^		05/05/2023		853,943
	8,750,000	Series 2016-1A-B		3.17%	#^		07/15/2027		8,862,093
		Palmer Square Loan Funding Ltd.,
	1,432,552	Series 2016-2A-A1		2.39%	#^		06/21/2024		1,434,268
		Palmer Square Ltd.,
	16,000,000	Series 2014-1A-A1R		2.39%	#^		01/17/2027		16,004,322
		Regatta Funding Ltd.,
	3,000,000	Series 2014-1A-A1A		2.60%	#^		10/25/2026		3,000,000
		Shackleton Ltd.,
	1,900,000	Series 2016-9A-X		1.86%	#^		10/20/2028		1,905,264
		Silverado Ltd.,
	308,844	Series 2006-2A-A1		1.26%	#^		10/16/2020		309,159
		Sound Harbor Loan Fund Ltd.,
	3,000,000	Series 2014-1A-A1		2.54%	#^		10/30/2026		3,005,320
		Steele Creek Ltd.,
	2,000,000	Series 2014-1A-A1R		2.37%	#^		08/21/2026		1,999,952
	24,400,000	Series 2014-1A-A2R		2.37%	#^		08/21/2026		24,399,410
		Symphony Ltd.,
	4,000,000	Series 2007-3A-C		1.70%	#^		05/15/2019		3,999,706
	7,237,789	Series 2012-8A-AR		2.11%	#^		01/09/2023		7,257,376
	10,000,000	Series 2013-11A-A		2.32%	#^		01/17/2025		10,023,950
		TCI-Flatiron Ltd.,
	20,000,000	Series 2016-1A-A		2.57%	#^		07/17/2028		20,354,379
		Tryon Park Ltd.,
	1,200,000	Series 2013-1A-A1		2.14%	#^		07/15/2025		1,201,404
		Venture Ltd.,
	9,250,000	Series 2014-16A-A1L		2.52%	#^		04/15/2026		9,250,000
	14,000,000	Series 2014-17A-A		2.50%	#^		07/15/2026		14,008,063
	1,000,000	Series 2014-17A-B2		3.12%	#^		07/15/2026		1,002,223
	2,000,000	Series 2014-18A-A		2.47%	#^		10/15/2026		2,001,050
	10,000,000	Series 2016-23A-A		2.67%	#^		07/19/2028		10,102,632
		Vibrant Ltd.,
	30,000,000	Series 2015-3A-A1R		2.51%	#^		04/20/2026		30,012,721
	5,000,000	Series 2016-5A-A		2.55%	#^		01/20/2029		5,022,240
		Voya Ltd.,
	9,770,000	Series 2012-3A-BR		2.97%	#^		10/15/2022		9,789,540
	1,000,000	Series 2013-2A-A1		2.19%	#^		04/25/2025		1,001,275
		Wasatch Ltd.,
	8,516,445	Series 2006-1A-A1B		1.28%	#^		11/14/2022		8,413,412
		Westwood Ltd.,
	95,933	Series 2007-2A-A1		1.26%	#^		04/25/2022		95,992
		WhiteHorse Ltd.,
	2,500,000	Series 2012-1A-B1L		5.28%	#^		02/03/2025		2,503,295
	5,000,000	Series 2013-1A-A1L		2.45%	#^		11/24/2025		5,034,329
	3,250,000	Series 2014-1A-A		2.53%	#^		05/01/2026		3,237,688
		Wind River Ltd.,
	10,000,000	Series 2013-2A-A1		2.47%	#^		01/18/2026		10,024,506

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		York Ltd.,
	2,000,000	Series 2016-2A-X		1.96%	#^		01/20/2030		2,002,113
		Zais Ltd.,
	4,500,000	Series 2014-2A-A1A		2.54%	#^		07/25/2026		4,520,371
		Total Collateralized Loan Obligations (Cost $649,196,361)							652,908,715
	FOREIGN CORPORATE BONDS 16.0%
	10,000,000	Adani Ports & Special Economic Zone Ltd.		3.50%			07/29/2020		10,077,882
	1,990,769	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		2,135,100
	3,900,000	AES Gener S.A.		5.25%			08/15/2021		4,127,094
	3,550,000	Agromercantil Senior Trust		6.25%			04/10/2019		3,683,125
	1,450,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		1,504,375
	12,500,000	America Movil SAB de CV		3.13%			07/16/2022		12,623,318
	7,600,000	AstraZeneca PLC		1.75%			11/16/2018		7,603,922
	7,000,000	Axiata SPV2 BHD		3.47%			11/19/2020		7,175,399
	9,000,000	Banco Davivienda S.A.		2.95%			01/29/2018		9,067,500
	9,000,000	Banco de Costa Rica		5.25%			08/12/2018		9,164,790
	3,000,000	Banco de Credito del Peru		2.75%			01/09/2018		3,022,500
	2,000,000	Banco de Credito del Peru		2.75%	^		01/09/2018		2,015,000
	700,000	Banco de Credito del Peru		2.25%	^		10/25/2019		695,625
	1,000,000	Banco de Credito del Peru		4.25%			04/01/2023		1,040,000
	15,400,000	Banco del Estado de Chile		3.88%			02/08/2022		15,996,507
	8,300,000	Banco GNB Sudameris S.A.		3.88%			05/02/2018		8,320,750
	1,000,000	Banco GNB Sudameris S.A.		3.88%	^		05/02/2018		1,002,500
	2,000,000	Banco Latinoamericano de Comercio Exterior S.A.		3.75%			04/04/2017		2,000,000
	6,000,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		6,066,000
	4,000,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%	^		05/07/2020		4,044,000
	725,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#^		08/11/2026		712,312
	15,775,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#		08/11/2026		15,498,937
	9,000,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		9,130,320
	2,000,000	Banco Nacional de Costa Rica		5.88%	^		04/25/2021		2,037,500
	400,000	Banco Nacional de Costa Rica		5.88%			04/25/2021		407,500
	1,000,000	Banco Regional SAECA		8.13%			01/24/2019		1,069,900
	4,000,000	Banco Santander		3.88%			09/20/2022		4,152,495
	500,000	Banco Santander		4.13%			11/09/2022		506,500
	12,891,000	Banco Santander		5.95%	#		01/30/2024		13,374,412
	5,150,000	Bancolombia S.A.		6.13%			07/26/2020		5,568,695
	6,010,000	Bank of Montreal		1.50%			07/18/2019		5,949,095
	2,070,000	Bank of Montreal		2.10%			12/12/2019		2,080,015
	8,750,000	BBVA Banco Continental S.A.		3.25%			04/08/2018		8,883,000

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 49

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	12,800,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		12,800,000
	6,800,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		7,254,240
	5,286,000	BP Capital Markets PLC		1.68%			05/03/2019		5,261,098
	2,351,000	BP Capital Markets PLC		2.32%			02/13/2020		2,371,350
	5,130,000	British Telecommunications PLC		5.95%			01/15/2018		5,299,885
	3,550,000	Celulosa Arauco y Constitucion S.A.		7.25%			07/29/2019		3,915,826
	125,000	Celulosa Arauco y Constitucion S.A.		5.00%			01/21/2021		132,458
	9,993,000	Celulosa Arauco y Constitucion S.A.		4.75%			01/11/2022		10,489,055
	6,000,000	CK Hutchison International Ltd.		2.88%	^		04/05/2022		6,006,691
	8,000,000	CNOOC Finance Ltd.		2.63%			05/05/2020		7,978,473
	9,500,000	CNOOC Finance Ltd.		3.88%			05/02/2022		9,814,735
	13,000,000	CNPC General Capital Ltd.		3.95%			04/19/2022		13,530,584
	1,000,000	Colbun S.A.		6.00%			01/21/2020		1,086,316
	17,000,000	Comision Federal de Electricidad		4.88%			05/26/2021		17,871,250
	4,460,000	Commonwealth Bank of Australia		2.25%	^		03/10/2020		4,464,393
	10,500,000	Corpbanca S.A.		3.13%			01/15/2018		10,594,770
	400,000	Corpbanca S.A.		3.88%			09/22/2019		413,178
	4,000,000	Corporacion Financiera de Desarrollo S.A.		3.25%	^		07/15/2019		4,073,200
	4,000,000	Corporacion Financiera de Desarrollo S.A.		3.25%			07/15/2019		4,073,200
	1,500,000	Cosan Overseas Ltd.		8.25%	†		05/05/2017		1,511,250
	4,324,000	Covidien International Finance S.A.		6.00%			10/15/2017		4,429,052
	6,000,000	DBS Bank Ltd.		3.63%	#		09/21/2022		6,045,970
	10,000,000	DBS Group Holdings Ltd.		3.60%	#†		09/07/2021		9,852,070
	7,000,000	Delek & Avner Tamar Bond Ltd.		3.84%	^		12/30/2018		7,132,125
	7,400,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		7,677,500
	1,300,000	Digicel Ltd.		7.00%			02/15/2020		1,254,500
	2,500,000	Digicel Ltd.		8.25%			09/30/2020		2,158,425
	2,800,000	Empresa de Energia de Bogota S.A.		6.13%			11/10/2021		2,891,000
	5,000,000	Empresas Publicas de Medellin E.S.P.		7.63%			07/29/2019		5,618,000
	11,309,616	ENA Norte Trust		4.95%			04/25/2023		11,705,453
	10,600,000	Export-Import Bank of India		3.13%			07/20/2021		10,693,556
	3,000,000	Fondo Mivivienda S.A.		3.38%	^		04/02/2019		3,052,500
	5,400,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		5,494,500
	6,000,000	Fondo Mivivienda S.A.		3.50%	^		01/31/2023		6,060,000
	3,000,000	Global Bank Corporation		5.13%			10/30/2019		3,091,500
	4,000,000	Global Bank Corporation		5.13%	^		10/30/2019		4,122,000
	6,500,000	Global Bank Corporation		4.50%			10/20/2021		6,454,500
	4,000,000	Global Bank Corporation		4.50%	^		10/20/2021		3,972,000
	12,550,000	Globo Communicacao e Participacoes S.A.		5.31%	#		05/11/2022		12,628,437
	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		443,125
	8,120,033	Guanay Finance Ltd.		6.00%			12/15/2020		8,373,784
	6,000,000	Hutchison Whampoa International Ltd.		6.00%	#†		05/07/2017		6,034,200
	2,620,000	Indian Oil Corporation, Ltd.		5.63%			08/02/2021		2,878,086
	1,400,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		1,480,388
	2,362,010	Interoceanica Finance Ltd.		0.00%			11/30/2018		2,317,722

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	7,000,000	Inversiones CMPC S.A.		4.75%			01/19/2018		7,105,919
	7,300,000	Inversiones CMPC S.A.		4.50%			04/25/2022		7,546,737
	1,500,000	IOI Investment BHD		4.38%			06/27/2022		1,551,372
	400,000	Israel Electric Corporation Ltd.		2.98%	#		01/17/2018		400,742
	11,000,000	Israel Electric Corporation Ltd.		5.63%			06/21/2018		11,451,000
	5,000,000	Kia Motors Corporation		2.63%	^		04/21/2021		4,967,585
	2,940,000	Korea Development Bank		2.50%			01/13/2021		2,928,382
	18,000,000	Korea Development Bank		2.63%			02/27/2022		17,936,983
	2,000,000	Malayan Banking BHD		3.25%	#		09/20/2022		2,007,300
	8,455,000	Medtronic Global Holdings SCA		1.70%			03/28/2019		8,453,301
	2,000,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		2,100,000
	7,323,000	Nacional Financiera S.N.C.		3.38%			11/05/2020		7,447,491
	7,470,000	ONGC Videsh Ltd.		3.25%			07/15/2019		7,587,652
	4,800,000	ONGC Videsh Ltd.		2.88%			01/27/2022		4,706,477
	8,000,000	Ooredoo Tamweel Ltd.		3.04%			12/03/2018		8,125,920
	7,377,000	Orange S.A.		2.75%			02/06/2019		7,466,291
	3,000,000	Oversea-Chinese Banking Corporation		3.75%	#		11/15/2022		3,031,680
	9,000,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		9,251,722
	80,689	Peru Enhanced Pass-Through Finance Ltd.		0.00%	^		05/31/2018		79,381
	3,096,990	Peru Enhanced Pass-Through Finance Ltd.		0.00%			05/31/2018		3,046,818
	1,250,000	Petrobras Global Finance B.V.		6.13%			01/17/2022		1,313,750
	6,500,000	Petronas Capital Ltd.		3.13%			03/18/2022		6,560,177
	8,000,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		8,069,336
	1,922,400	Ras Laffan Liquefied Natural Gas Company		5.30%			09/30/2020		2,028,978
	3,500,000	Reliance Holdings, Inc.		4.50%			10/19/2020		3,714,095
	13,500,000	Reliance Holdings, Inc.		5.40%			02/14/2022		14,745,280
	6,790,000	Royal Bank of Canada		2.00%			12/10/2018		6,816,332
	5,720,000	Shire Acquisitions Investments Ireland DAC		1.90%			09/23/2019		5,677,781
	5,200,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		5,179,768
	1,800,000	Sinopec Group Overseas Development Ltd.		2.50%	^		04/28/2020		1,792,997
	4,200,000	Sinopec Group Overseas Development Ltd.		2.75%			05/03/2021		4,173,519
	3,000,000	Sinopec Group Overseas Development Ltd.		2.00%	^		09/29/2021		2,883,888
	3,000,000	SK Telecom Company Ltd.		2.13%			05/01/2018		3,006,610
	200,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		207,000
	13,000,000	Telefonica Chile S.A.		3.88%			10/12/2022		13,260,221
	1,000,000	Tencent Holdings Ltd.		2.88%			02/11/2020		1,010,635
	1,400,000	Tencent Holdings Ltd.		2.88%	^		02/11/2020		1,414,889
	2,355,000	Teva Pharmaceutical Finance Netherlands B.V.		1.70%			07/19/2019		2,329,236
	7,885,000	Toronto Dominion Bank		1.75%			07/23/2018		7,903,885
	575,000	Transportadora de Gas Internacional S.A.		5.70%	^		03/20/2022		593,687
	7,000,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		7,227,500
	5,000,000	United Overseas Bank Ltd.		2.88%	#		10/17/2022		5,030,200
	9,000,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		9,182,070
	1,300,000	United Overseas Bank Ltd.		3.50%	#		09/16/2026		1,306,027
	2,930,000	Westpac Banking Corporation		1.95%			11/23/2018		2,935,734

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,755,000	Westpac Banking Corporation		1.60%			08/19/2019		2,726,276
		Total Foreign Corporate Bonds (Cost $681,789,903)							686,733,037
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 2.4%
	200,000	Brazilian Government International Bond		8.00%			01/15/2018		207,910
	3,500,000	Brazilian Government International Bond		4.88%			01/22/2021		3,692,500
	4,150,000	Chile Government International Bond		2.25%			10/30/2022		4,075,923
	1,210,000	Costa Rica Government International Bond		10.00%			08/01/2020		1,423,928
	9,000,000	Dominican Republic International Bond		7.50%			05/06/2021		9,967,500
	4,700,000	Guatemala Government Bond		5.75%			06/06/2022		5,169,201
	2,860,000	Indonesia Government International Bond		4.88%			05/05/2021		3,063,300
	6,740,000	Indonesia Government International Bond		3.70%	^		01/08/2022		6,885,685
	23,650,000	Mexico Government International Bond		3.50%			01/21/2021		24,584,175
	5,000,000	Panama Government International Bond		5.20%			01/30/2020		5,412,500
	5,000,000	Perusahaan Penerbit SBSN		6.13%			03/15/2019		5,369,000
	12,000,000	Qatar Government International Bond		2.38%			06/02/2021		11,881,020
	13,500,000	Republic of Chile		3.25%			09/14/2021		13,992,750
	6,000,000	Republic of Poland Government International Bond		5.13%			04/21/2021		6,580,080
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $101,809,928)							102,305,472
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 14.1%
		A10 LLC,
	9,595,000	Series 2016-1-A1		2.42%	^		03/15/2035		9,531,139
		Asset Securitization Corporation,
	4,056,747	Series 1997-D4-PS1		1.10%	# I/O		04/14/2029		2,285
		Banc of America Commercial Mortgage Trust,
	9,150,000	Series 2007-5-AM		5.77%	#		02/10/2051		9,337,864
		Barclays Commercial Mortgage Securities LLC,
	96,349,668	Series 2017-C1-XA		1.53%	# I/O		02/15/2050		10,862,365
	9,971,000	Series 2014-BXO-E		3.33%	#^		08/15/2027		9,951,945
		Bear Stearns Commercial Mortgage Securities Trust,
	5,174,109	Series 2007-PW17-A4		5.69%	#		06/11/2050		5,211,258
	2,645,000	Series 2007-PW18-AM		6.08%	#		06/11/2050		2,699,811
		Bear Stearns Commercial Mortgage Securities, Inc.,
	529,647	Series 2006-PW13-AJ		5.61%	#		09/11/2041		529,169
	5,201,539	Series 2007-PW16-AM		5.77%	#		06/11/2040		5,212,635
	662,000	Series 2007-PW17-AM		5.89%	#		06/11/2050		670,840
	7,756,214	Series 2007-PW18-A4		5.70%			06/11/2050		7,849,861
	5,209,139	Series 2007-T26-AJ		5.57%	#		01/12/2045		5,005,567
		CD Commercial Mortgage Trust,
	7,842,000	Series 2007-CD5-TR		6.84%	#		11/15/2044		7,958,780
		CG-CCRE Commercial Mortgage Trust,
	5,538,677	Series 2014-FL2-A		2.77%	#^		11/15/2031		5,540,777
		Chicago Skyscraper Trust,
	3,676,000	Series 2017-SKY-B		2.01%	#^		04/15/2030		3,678,206
	2,036,000	Series 2017-SKY-C		2.16%	#^		04/15/2030		2,036,000

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Citigroup Commercial Mortgage Trust,
	2,849,120	Series 2007-C6-A4		5.78%	#		12/10/2049		2,852,517
	10,500,000	Series 2007-C6-AMFX		5.78%	#^		12/10/2049		10,554,902
	9,157,400	Series 2008-C7-AM		6.13%	#		12/10/2049		9,341,575
	34,767,856	Series 2016-GC36-XA		1.35%	# I/O		02/10/2049		3,053,810
	65,625,269	Series 2016-P3-XA		1.71%	# I/O		04/15/2049		7,286,118
		COBALT Commercial Mortgage Trust,
	12,000,000	Series 2007-C2-AJFX		5.57%	#		04/15/2047		12,135,000
		Colony Mortgage Capital Ltd.,
	2,583,273	Series 2015-FL3-A		2.78%	#^		09/05/2032		2,605,892
		Commercial Mortgage Pass-Through Certificates,
	8,359,062	Series 2012-CR2-XA		1.72%	# I/O		08/15/2045		606,228
	130,817,536	Series 2013-CC12-XA		1.35%	# I/O		10/10/2046		7,745,942
	3,890,000	Series 2014-TWC-C		2.73%	#^		02/13/2032		3,909,892
		Countrywide Commercial Mortgage Trust,
	7,097,100	Series 2007-MF1-A		6.21%	#^		11/12/2043		7,136,493
		Credit Suisse First Boston Mortgage Securities Corporation,
	4,330	Series 1998-C2-F		6.75%	#^		11/15/2030		4,332
		Credit Suisse Mortgage Capital Certificates,
	10,500,000	Series 2007-C4-A1AM		5.96%	#		09/15/2039		10,567,948
	5,534,917	Series 2007-C5-A4		5.70%	#		09/15/2040		5,559,650
	7,540,100	Series 2008-C1-AM		6.06%	#^		02/15/2041		7,676,184
		CSMC Mortgage Securities Trust,
	3,435,000	Series 2017-HD-B		2.26%	#^		02/15/2031		3,435,000
	1,649,000	Series 2017-HD-C		2.61%	#^		02/15/2031		1,649,000
	3,559,000	Series 2017-HD-D		3.41%	#^		02/15/2031		3,559,000
		GE Commercial Mortgage Corporation Trust,
	10,497,000	Series 2007-C1-AM		5.61%	#		12/10/2049		10,444,726
		Greenwich Capital Commercial Funding Corporation,
	4,838,500	Series 2007-GG11-AJ		6.05%	#		12/10/2049		4,921,983
	8,430,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		8,530,537
		GS Mortgage Securities Corporation,
	3,609,719	Series 2007-GG10-A4		5.95%	#		08/10/2045		3,610,410
	9,379,000	Series 2016-ICE2-A		2.84%	#^		02/15/2033		9,472,360
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	36,800	Series 2004-LN2-A2		5.12%			07/15/2041		36,736
	5,345,082	Series 2006-LDP9-AM		5.37%			05/15/2047		5,340,762
	4,260,000	Series 2007-C1-AM		5.99%	#		02/15/2051		4,305,142
	5,378,386	Series 2007-CB18-AM		5.47%	#		06/12/2047		5,390,154
	10,548,000	Series 2007-CB19-AM		5.83%	#		02/12/2049		10,555,138
	9,950,000	Series 2007-CB20-AJ		6.18%	#		02/12/2051		10,192,531
	10,866,373	Series 2007-CB20-AM		5.98%	#		02/12/2051		11,024,019
	693,000	Series 2007-CB20-AMFX		5.93%	#		02/12/2051		703,882
	16,360,000	Series 2007-LD12-AM		6.07%	#		02/15/2051		16,597,874
	2,500,000	Series 2014-INN-C		2.61%	#^		06/15/2029		2,501,520
	2,500,000	Series 2014-INN-D		3.26%	#^		06/15/2029		2,502,166
	9,000,000	Series 2014-PHH-D		3.31%	#^		08/15/2027		9,003,110
	6,568,510	Series 2015-JP1-A1		1.95%			01/15/2049		6,570,860
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,793,000	Series 2006-LDP9-AMS		5.34%			05/15/2047		1,773,342
	9,341,000	Series 2007-LD11-AM		5.84%	#		06/15/2049		9,562,904
	11,946,571	Series 2007-LDPX-AM		5.46%	#		01/15/2049		11,936,810
	8,463,041	Series 2008-C2-A4		6.07%			02/12/2051		8,567,492
	1,931,501	Series 2014-FL6-A		2.31%	#^		11/15/2031		1,936,119
	9,412,000	Series 2014-FRR1-A707		4.35%	^		01/27/2047		9,287,906
	2,240,000	Series 2015-FL7-C		3.76%	#^		05/15/2028		2,244,697
	6,280,000	Series 2016-ASH-B		3.06%	#^		10/15/2034		6,319,264
	3,545,000	Series 2016-ASH-C		3.66%	#^		10/15/2034		3,571,563
	72,576,106	Series 2016-JP4-XA		0.82%	# I/O		12/15/2049		3,650,095
		LB Commercial Mortgage Trust,
	10,730,000	Series 2007-C3-AM		6.05%	#		07/15/2044		10,783,532
		LB-UBS Commercial Mortgage Trust,
	4,027,595	Series 2007-C2-AM		5.49%	#		02/15/2040		4,029,686
	8,405,858	Series 2007-C7-A3		5.87%	#		09/15/2045		8,532,968
	8,338,600	Series 2007-C7-AJ		6.25%	#		09/15/2045		8,504,760
		LMREC, Inc.,
	8,385,000	Series 2015-CRE1-A		2.73%	#^		02/22/2032		8,450,831

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 51

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		LSTAR Commercial Mortgage Trust,
	79,604,600	Series 2017-5-X		1.39%	#^ I/O		03/10/2050		4,645,677
		Merrill Lynch Mortgage Trust,
	9,341,000	Series 2007-C1-AM		5.84%	#		06/12/2050		9,192,674
		ML-CFC Commercial Mortgage Trust,
	3,688,720	Series 2007-7-A4		5.79%	#		06/12/2050		3,688,803
	7,296,770	Series 2007-9-A4		5.70%			09/12/2049		7,364,386
		Morgan Stanley Bank of America Merrill Lynch Trust,
	3,176,480	Series 2012-C5-XA		1.57%	#^ I/O		08/15/2045		180,780
		Morgan Stanley Capital, Inc.,
	3,191,444	Series 2006-HQ10-X1		0.19%	#^ I/O		11/12/2041		32
	9,252,567	Series 2006-XLF-J		1.34%	#^		07/15/2019		9,224,537
	4,948,662	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		4,859,608
	2,816,570	Series 2007-IQ13-AM		5.41%			03/15/2044		2,810,709
	10,055,000	Series 2007-IQ16-AM		6.07%	#		12/12/2049		10,257,436
	10,205,000	Series 2017-A-PRME		1.81%	#^		02/15/2034		10,291,285
		Morgan Stanley Re-Remic Trust,
	1,715,000	Series 2009-GG10-A4B		5.95%	#^		08/12/2045		1,715,640
	339,904	Series 2012-IO-AXA		1.00%	^		03/27/2051		335,757
		Sutherland Commercial Mortgage Loans LLC,
	7,009,120	Series 2015-SBC4-A		4.00%	^		06/25/2039		6,983,708
		TRU Trust,
	13,923,301	Series 2016-TOYS-A		3.16%	#^		11/15/2030		13,982,049
		Velocity Commercial Capital Loan Trust,
	10,515,160	Series 2015-1-AFL		3.41%	#^		06/25/2045		10,605,359
	7,886,280	Series 2016-1-AFX		3.53%	#^		04/25/2046		7,881,498
	10,489,987	Series 2016-2-AFX		3.00%	#		10/25/2046		10,395,924
		VSD LLC,
	8,803,897	Series 2017-PLT1-A		3.60%	^		12/25/2043		8,807,172
		Wachovia Bank Commercial Mortgage Trust,
	13,294,000	Series 2006-C25-F		5.88%	#		05/15/2043		13,334,034
	11,734,000	Series 2006-C26-AM		6.06%	#		06/15/2045		11,822,185
	6,639,540	Series 2006-C28-AJ		5.63%	#		10/15/2048		6,664,438
	9,484,275	Series 2007-C30-AJ		5.41%	#		12/15/2043		9,555,374
	5,878,636	Series 2007-C31-AM		5.59%	#		04/15/2047		5,917,284
	6,850,000	Series 2007-C32-AMFX		5.70%	^		06/15/2049		6,927,256
	4,120,000	Series 2007-C33-AJ		6.05%	#		02/15/2051		4,135,202
	10,065,000	Series 2007-C33-AM		6.05%	#		02/15/2051		10,144,626
		Wells Fargo Commercial Mortgage Trust,
	51,775,821	Series 2017-RB1X-A		1.45%	# I/O		03/15/2050		5,174,993
		WF-RBS Commercial Mortgage Trust,
	15,016,180	Series 2012-C8-XA		1.98%	#^ I/O		08/15/2045		1,051,744
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $617,619,462)							604,564,034
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 14.1%
		Ajax Mortgage Loan Trust,
	19,911,894	Series 2015-B-A		3.88%	#^		07/25/2060		19,907,536
		Angel Oak Mortgage Trust LLC,
	15,684,662	Series 2017-1-A1		2.81%	#^		01/25/2047		15,810,453
	7,648,256	Series 2017-1-A2		3.09%	#^		01/25/2047		7,710,498
		Banc of America Funding Corporation,
	422,647	Series 2005-E-6A1		3.13%	#		05/20/2035		421,919
		Banc of America Mortgage Securities, Inc.,
	2,497,216	Series 2005-E-2A1		3.24%	#		06/25/2035		2,350,149
		Bayview Opportunity Master Fund Trust,
	14,629,248	Series 2016-RN2-A1		3.60%	#^		08/28/2031		14,553,737
	11,188,064	Series 2016-RPL2-A1		3.84%	#^		06/28/2031		11,073,310
	7,044,229	Series 2016-RPL4-A1		3.47%	#^		07/28/2018		7,012,492
		BCAP LLC Trust,
	2,419	Series 2009-RR13-6A5		6.00%	#^		04/26/2037		2,432
	259,063	Series 2011-RR12-2A5		2.77%	#^		12/26/2036		260,869
	2,696,765	Series 2011-RR1-8A3		6.00%	#^		08/28/2021		2,904,512
	2,298,193	Series 2013-RR1-4A2		4.00%	#^		08/26/2037		2,322,333

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Bear Stearns Adjustable Rate Mortgage Trust,
	4,073,148	Series 2003-9-4A1		3.42%	#		02/25/2034		4,078,455
		Bear Stearns Asset Backed Securities Trust,
	836,823	Series 2004-AC2-2A		5.00%			05/25/2034		832,243
		CAM Mortgage Trust,
	30,000,000	Series 2017-1-A1		3.22%	#^		08/01/2057		30,000,000
		Citicorp Residential Mortgage Securities, Inc.,
	3,120,940	Series 2007-1-A4		5.66%	#		03/25/2037		3,240,026
	14,187,060	Series 2007-2-A4		5.33%	#		06/25/2037		14,584,138
		Citigroup Mortgage Loan Trust, Inc.,
	2,671,357	Series 2006-AR1-2A1		2.99%	#		03/25/2036		2,544,087
	116,005	Series 2007-WFH2-A3		1.16%	#		03/25/2037		116,199
		Countrywide Asset-Backed Certificates,
	137,694	Series 2005-15-1AF6		4.15%	#		04/25/2036		140,016
		Countrywide Home Loans,
	8,069,376	Series 2004-HYB9-1A1		3.31%	#		02/20/2035		8,124,067
		Credit Suisse First Boston Mortgage Securities Corporation,
	95,827	Series 2005-11-5A1		5.25%			12/25/2020		94,922
		Credit Suisse Mortgage Capital Certificates,
	12,000,000	Series 2011-5R-6A9		3.12%	#^		11/27/2037		12,387,541
	4,454,730	Series 2013-3R-1A1		1.91%	#^		04/27/2035		4,559,995
	26,190,187	Series 2015-RPL3-A1		3.75%	#^		12/25/2056		26,245,998
		Credit Suisse Commercial Mortgage Trust,
	19,351,250	Series 2017-1A-A		4.50%	^		03/25/2021		19,410,387
		CSMC Mortgage Securities Trust,
	30,000,000	Series 2017-3R-1A1		2.98%	#^		03/06/2047		30,000,000
		Fieldstone Mortgage Investment Trust,
	373,906	Series 2004-5-M2		2.71%	#		02/25/2035		373,412
		First Franklin Mortgage Loan Trust,
	211,000	Series 2006-FF1-2A3		1.22%	#		01/25/2036		210,608
		First Horizon Asset Securities, Inc.,
	10,251,035	Series 2007-AR2-1A1		3.02%	#		08/25/2037		8,228,654
		GCAT LLC,
	20,000,000	Series 2017-1-A1		3.38%	^		03/25/2047		19,970,000
		GreenPoint Mortgage Funding Trust,
	393	Series 2007-AR2-1A1		1.11%	#		04/25/2047		396
		GSR Mortgage Loan Trust,
	4,573,052	Series 2005-AR7-3A1		3.25%	#		11/25/2035		4,363,688
	436,083	Series 2006-4F-2A7		5.50%			05/25/2036		436,289
		Impac Secured Assets Trust,
	17,971,099	Series 2006-5-1A1C		1.25%	#		02/25/2037		13,859,560
		JP Morgan Alternative Loan Trust,
	587,268	Series 2006-S4-A6		5.71%	#		12/25/2036		572,854
		JP Morgan Mortgage Trust,
	107,130	Series 2007-S1-1A1		5.00%			03/25/2022		106,482
	73,228	Series 2007-S3-2A2		5.50%			08/25/2022		72,027
		JP Morgan Resecuritization Trust,
	242,739	Series 2012-2-3A3		2.88%	#^		10/26/2036		244,582
		MASTR Adjustable Rate Mortgages Trust,
	7,872,816	Series 2006-2-2A1		3.26%	#		04/25/2036		7,304,434
		Merrill Lynch Mortgage Investors Trust,
	5,270,677	Series 2005-3-2A		3.06%	#		11/25/2035		5,189,841
		Mill City Mortgage Loan Trust,
	19,000,000	Series 2017-1-A1		2.75%	#^		11/25/2058		18,957,531
		Morgan Stanley Capital, Inc.,
	383,439	Series 2005-WMC3-M3		1.69%	#		03/25/2035		383,297
		Morgan Stanley Mortgage Loan Trust,
	32,509	Series 2004-1-1A1		5.00%			11/25/2018		33,474
		Morgan Stanley Re-Remic Trust,
	3,726,640	Series 2012-R3-2A		1.01%	#^		02/26/2037		3,732,860
		Nationstar HECM Loan Trust,
	11,965,025	Series 2016-2A-A		2.24%	^		06/25/2026		11,968,423

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Opteum Mortgage Acceptance Corporation,
	336,770	Series 2005-5-2AN		5.68%	#		12/25/2035		339,671
		Pacific Bay Ltd.,
	5,711,515	Series 2003-1A-A2		2.49%	#^		11/04/2038		5,583,006
		Pretium Mortgage Credit Partners LLC,
	14,952,044	Series 2016-NPL1-A1		4.38%	#^		02/27/2031		15,137,158
	7,001,898	Series 2016-NPL4-A		4.00%	#^		07/27/2031		7,029,750
	18,588,491	Series 2016-NPL5-A		3.88%	#^		09/27/2031		18,635,096
		PRPM LLC,
	12,542,753	Series 2017-1A-A1		4.25%	#^		01/25/2022		12,588,202
		Residential Asset Mortgage Products, Inc.,
	2,825,457	Series 2005-EFC7-AI3		1.23%	#		12/25/2035		2,758,296
		Residential Asset Securities Corporation,
	1,003,451	Series 2006-KS6-A3		1.13%	#		08/25/2036		994,469
		Residential Funding Mortgage Securities Trust,
	36,995	Series 2003-S16-A1		4.75%			09/25/2018		37,098
		Sequoia Mortgage Trust,
	27,246,274	Series 2016-3-A11		3.00%	#^		11/25/2046		27,369,727
		SG Mortgage Securities Trust,
	20,000,000	Series 2017-1A-A		3.71%	#^		04/25/2047		19,984,520
		Shellpoint Co-Originator Trust,
	28,364,568	Series 2016-1-1A10		3.50%	#^		11/25/2046		28,892,398
		Springleaf Mortgage Loan Trust,
	3,553,432	Series 2014-3A-A		1.87%	#^		09/25/2057		3,559,058
		Structured Adjustable Rate Mortgage Loan Trust,
	866,988	Series 2007-1-2A2		3.45%	#		02/25/2037		851,442
		Structured Asset Securities Corporation,
	386,326	Series 2003-24A-1A3		3.21%	#		07/25/2033		379,903
	100,327	Series 2004-15-2A1		4.75%			09/25/2019		101,139
	261,638	Series 2005-10-6A1		5.00%			06/25/2020		266,012
	2,609,177	Series 2006-OW1-FLT		1.18%	#^		12/25/2035		2,563,770
		Towd Point Mortgage Trust,
	21,402,579	Series 2015-2-1A13		2.50%	#^		11/25/2060		21,244,386
		US Residential Opportunity Fund Trust,
	9,703,031	Series 2016-3-A		3.60%	#^		10/27/2036		9,674,734
		Verus Securitization Trust,
	26,439,014	Series 2017-1A-A1		2.85%	#^		01/25/2047		26,503,943
	3,916,891	Series 2017-1A-A2		3.16%	#^		01/25/2047		3,928,878
		VOLT LLC,
	9,526,845	Series 2016-NPL11-A1		3.50%	#^		10/25/2046		9,619,513
	14,832,970	Series 2016-NPL6-A1		3.84%	#^		06/25/2046		14,897,717
	29,528,957	Series 2017-NPL1-A1		3.63%	#^		02/25/2047		29,549,509
		Washington Mutual Mortgage Pass-Through Certificates,
	1,063,071	Series 2002-AR16-A		2.70%	#		12/25/2032		1,036,619
		Wells Fargo Alternative Loan Trust,
	32,049	Series 2007-PA5-2A1		6.00%			11/25/2022		32,140
		Wells Fargo Mortgage Backed Securities Trust,
	3,994,555	Series 2006-AR6-5A1		3.07%	#		03/25/2036		3,982,570
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $604,603,336)							604,237,450
	US CORPORATE BONDS 9.0%
	7,667,000	AbbVie, Inc.		1.80%			05/14/2018		7,677,381
	6,340,000	Amazon.com, Inc.		2.60%			12/05/2019		6,469,209
	5,100,000	American Express Credit Corporation		1.80%			07/31/2018		5,105,952
	2,200,000	American Express Credit Corporation		2.25%			08/15/2019		2,217,897
	850,000	American Express Credit Corporation		2.20%			03/03/2020		852,753
	4,785,000	American Honda Finance Corporation		1.70%			02/22/2019		4,780,741
	6,684,000	American Honda Finance Corporation		1.20%			07/12/2019		6,595,638

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,385,000	Anheuser-Busch InBev Finance, Inc.		1.90%			02/01/2019		5,394,812
	4,665,000	Apple, Inc.		1.90%			02/07/2020		4,679,238
	9,630,000	Bank of America Corporation		2.00%			01/11/2018		9,656,521
	4,845,000	BB&T Corporation		2.25%			02/01/2019		4,879,046
	4,875,000	Berkshire Hathaway Finance Corporation		1.70%			03/15/2019		4,884,443
	3,200,000	Berkshire Hathaway Finance Corporation		1.30%			08/15/2019		3,170,163
	6,025,000	Boston Properties LP		5.88%			10/15/2019		6,523,376
	2,905,000	Broadcom Corporation		2.38%	^		01/15/2020		2,906,272
	4,652,000	Capital One Financial Corporation		2.45%			04/24/2019		4,680,652
	7,150,000	Cardinal Health, Inc.		1.95%			06/15/2018		7,173,645
	3,675,000	Caterpillar Financial Services Corporation		1.70%			06/16/2018		3,676,882
	2,770,000	Caterpillar Financial Services Corporation		2.10%			01/10/2020		2,771,302
	7,200,000	Celgene Corporation		2.13%			08/15/2018		7,236,202
	345,000	Chevron Corporation		1.37%			03/02/2018		344,850
	1,068,000	Chevron Corporation		1.56%			05/16/2019		1,064,723
	2,965,000	Chevron Corporation		1.99%			03/03/2020		2,969,673
	8,061,000	Cisco Systems, Inc.		1.40%			09/20/2019		7,997,963
	9,635,000	Citigroup, Inc.		2.05%			12/07/2018		9,655,879
	2,710,000	Comcast Corporation		5.88%			02/15/2018		2,813,191
	4,370,000	Comcast Corporation		5.15%			03/01/2020		4,761,657
	2,255,000	Consolidated Edison, Inc.		2.00%			03/15/2020		2,253,124
	7,941,000	CVS Health Corporation		1.90%			07/20/2018		7,958,566
	7,370,000	Daimler Finance North America LLC		2.25%	^		03/02/2020		7,367,745
	5,316,000	Duke Energy Corporation		1.63%			08/15/2017		5,320,646
	4,445,000	Duke Energy Corporation		1.85%			01/15/2020		4,442,960
	7,335,000	Express Scripts Holding Company		2.25%			06/15/2019		7,347,704
	7,895,000	General Mills, Inc.		2.20%			10/21/2019		7,947,889
	4,982,000	General Motors Financial Co, Inc.		3.15%			01/15/2020		5,070,052
	2,966,000	Goldman Sachs Group, Inc.		2.90%			07/19/2018		3,003,757
	3,300,000	Goldman Sachs Group, Inc.		2.30%			12/13/2019		3,303,742
	6,720,000	Hewlett Packard Enterprise Company		2.85%			10/05/2018		6,802,172
	1,030,000	Hewlett Packard Enterprise Company		3.60%			10/15/2020		1,059,386
	4,885,000	John Deere Capital Corporation		1.60%			07/13/2018		4,891,360
	2,825,000	John Deere Capital Corporation		1.95%			01/08/2019		2,841,119
	7,770,000	JP Morgan Chase & Company		2.25%			01/23/2020		7,797,723
	6,915,000	Kinder Morgan, Inc.		3.05%			12/01/2019		7,035,044
	7,340,000	Kraft Heinz Foods Company		2.00%			07/02/2018		7,359,708
	7,243,000	Kroger Company		6.15%			01/15/2020		7,991,818
	7,240,000	Laboratory Corporation		2.50%			11/01/2018		7,305,348
	3,199,000	McKesson Corporation		2.28%			03/15/2019		3,218,344
	2,267,000	Medtronic, Inc.		1.50%			03/15/2018		2,267,791
	3,350,000	Microsoft Corporation		1.85%			02/06/2020		3,358,455
	3,745,000	Molson Coors Brewing Company		1.45%			07/15/2019		3,698,255
	10,075,000	Morgan Stanley		2.45%			02/01/2019		10,172,163
	5,110,000	MUFG Americas Holdings Corporation		1.63%			02/09/2018		5,111,380
	135,000	MUFG Americas Holdings Corporation		2.25%			02/10/2020		134,921
	6,095,000	Mylan NV		2.50%			06/07/2019		6,125,554
	5,490,000	National Rural Utilities Cooperative Finance Corporation		2.30%			11/15/2019		5,543,143
	1,153,000	Newell Brands, Inc.		2.60%			03/29/2019		1,167,724

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 53

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,695,000	Oracle Corporation		2.25%			10/08/2019		3,741,232
	6,290,000	PepsiCo, Inc.		2.15%			10/14/2020		6,328,218
	6,475,000	Philip Morris International, Inc.		5.65%			05/16/2018		6,767,974
	4,978,000	PNC Funding Corporation		4.38%			08/11/2020		5,306,334
	3,885,000	Prudential Financial, Inc.		7.38%			06/15/2019		4,333,298
	5,335,000	Reynolds American, Inc.		3.25%			06/12/2020		5,477,493
	5,022,000	Shell International Finance B.V.		1.38%			05/10/2019		4,978,570
	7,317,000	Simon Property Group LP		2.20%			02/01/2019		7,362,387
	4,840,000	Southern Company		2.45%			09/01/2018		4,882,016
	3,175,000	Southern Company		1.85%			07/01/2019		3,159,169
	4,750,000	Synchrony Financial		3.00%			08/15/2019		4,826,299
	5,948,000	Thermo Fisher Scientific, Inc.		2.15%			12/14/2018		5,970,995
	4,492,000	TIAA Asset Management Finance Company LLC		2.95%	^		11/01/2019		4,568,279
	415,000	Toyota Motor Credit Corporation		1.55%			07/13/2018		415,494
	3,970,000	Toyota Motor Credit Corporation		1.70%			02/19/2019		3,978,131
	8,145,000	United Technologies Corporation		1.50%			11/01/2019		8,090,934
	9,615,000	Verizon Communications, Inc.		2.95%	^		03/15/2022		9,583,867
	4,000,000	WellPoint, Inc.		1.88%			01/15/2018		4,003,856
	2,567,000	WellPoint, Inc.		2.30%			07/15/2018		2,579,091
	8,120,000	Wells Fargo & Company		1.50%			01/16/2018		8,106,391
	4,451,000	Zimmer Holdings, Inc.		1.45%			04/01/2017		4,451,000
		Total US Corporate Bonds (Cost $388,010,809)							387,748,682
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 1.2%
		Federal Home Loan Mortgage Corporation,
	118,003	Pool G06871		6.00%			06/01/2038		133,401
	247,478	Pool G06954		6.00%			05/01/2040		279,554
	382,556	Pool N70081		5.50%			07/01/2038		423,513
	26,577	Series 3267-BA		5.80%			11/15/2036		27,866
	95,244	Series 3818-JA		4.50%			01/15/2040		97,267
	47,708	Series 3872-BA		4.00%			06/15/2041		49,153
	3,581,009	Series 4050-BC		2.00%			05/15/2041		3,552,541
		Federal Home Loan Mortgage Corporation Pass-Thru,
	134,791,946	Series K722-X1		1.31%	# I/O		03/25/2023		8,595,130
		Federal National Mortgage Association,
	9,995,036	Pool AL9932		3.42%			01/01/2024		10,213,052
	176,611	Series 2011-64-DB		4.00%			07/25/2041		187,513
	1,540,350	Series 2012-133-PB		6.50%			04/25/2042		1,740,431
	18,608,346	Series 2016-89-FH		1.48%	#		12/25/2046		18,579,656
		Federal National Mortgage Association Pass-Thru,
	42,204	Pool 995112		5.50%			07/01/2036		47,272
	134,917	Pool AB3850		4.00%			11/01/2041		140,367
	128,183	Pool AD0189		5.50%			02/01/2039		143,381
	233,890	Pool AL1690		6.00%			05/01/2041		264,209
	181,586	Pool AL1691		6.00%			06/01/2041		205,271
	241,212	Pool AL1744		6.00%			10/01/2040		272,701
	5,110,797	Pool AL4292		4.50%			04/01/2026		5,409,001
		Total US Government / Agency Mortgage Backed Obligations (Cost $48,409,633)							50,361,279

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 10.1%
	70,300,000	United States Treasury Notes		0.88%			11/30/2017		70,254,656
	79,100,000	United States Treasury Notes		1.00%			12/31/2017		79,093,830
	70,600,000	United States Treasury Notes		0.75%			01/31/2018		70,434,514
	35,300,000	United States Treasury Notes		1.00%			03/15/2018		35,275,855
	57,500,000	United States Treasury Notes		0.75%			10/31/2018		57,099,052
	39,200,000	United States Treasury Notes		1.63%			06/30/2019		39,455,702
	62,500,000	United States Treasury Notes		0.88%			09/15/2019		61,731,000
	21,900,000	United States Treasury Notes		1.63%			06/30/2020		21,919,666
		Total US Government and Agency Obligations (Cost $435,686,708)							435,264,275
	AFFILIATED MUTUAL FUNDS 1.1%
	5,000,000	DoubleLine Low Duration Emerging Markets Fixed Income Fund (Class I)							49,250,000
		Total Affiliated Mutual Funds (Cost $50,000,000)							49,250,000
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 0.0%
	44,664	Pacific Exploration and Production Corporation*							1,389,063
		Total Exchange Traded Funds and Common Stocks (Cost $8,231,569)							1,389,063
	SHORT TERM INVESTMENTS 8.5%
	121,300,411	BlackRock Liquidity Funds FedFund - Institutional Shares		0.60%	¨				121,300,411
	121,300,411	Fidelity Institutional Money Market Government Portfolio - Class I		0.56%	¨				121,300,411
	121,300,411	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.60%	¨				121,300,411
		Total Short Term Investments (Cost $363,901,233)							363,901,233
		Total Investments 104.5% (Cost $4,502,297,474)							4,491,290,515
		Liabilities in Excess of Other Assets (4.5)%							(194,344,251	)
		NET ASSETS 100.0%						$	4,296,946,264

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

March 31, 2017

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Corporate Bonds	16.0%
Collateralized Loan Obligations	15.2%
Non-Agency Commercial Mortgage Backed Obligations	14.1%
Non-Agency Residential Collateralized Mortgage Obligations	14.1%
US Government and Agency Obligations	10.1%
US Corporate Bonds	9.0%
Short Term Investments	8.5%
Asset Backed Obligations	8.3%
Bank Loans	4.5%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	2.4%
US Government / Agency Mortgage Backed Obligations	1.2%
Affiliated Mutual Funds	1.1%
Exchange Traded Funds and Common Stocks	0.0%	~
Other Assets and Liabilities	(4.5)%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Collateralized Loan Obligations	15.2%
Non-Agency Commercial Mortgage Backed Obligations	14.1%
Non-Agency Residential Collateralized Mortgage Obligations	14.1%
US Government and Agency Obligations	10.1%
Banking	8.9%
Short Term Investments	8.5%
Asset Backed Obligations	8.3%
Oil & Gas	3.1%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	2.4%
Telecommunications	2.1%
Healthcare	1.4%
Utilities	1.4%
Transportation	1.4%
US Government / Agency Mortgage Backed Obligations	1.2%
Affiliated Mutual Funds	1.1%
Pharmaceuticals	1.0%
Automotive	0.9%
Media	0.8%
Food Products	0.8%
Technology	0.8%
Business Equipment and Services	0.7%
Pulp & Paper	0.7%
Aerospace & Defense	0.6%
Beverage and Tobacco	0.6%
Finance	0.6%
Hotels/Motels/Inns and Casinos	0.4%
Food/Drug Retailers	0.4%
Construction	0.4%
Real Estate	0.3%
Insurance	0.3%
Energy	0.3%
Conglomerates	0.2%
Electronics/Electric	0.2%
Chemicals/Plastics	0.2%
Containers and Glass Products	0.2%
Financial Intermediaries	0.2%
Cosmetics/Toiletries	0.2%
Biotechnology	0.2%
Consumer Products	0.1%
Building and Development (including Steel/Metals)	0.1%
Other Assets and Liabilities	(4.5)%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	86.3%
Mexico	2.5%
Chile	2.5%
India	1.4%
Panama	1.1%
China	1.1%
Peru	1.0%
Singapore	1.0%
Colombia	1.0%
South Korea	0.7%
Israel	0.6%
Malaysia	0.6%
Costa Rica	0.6%
Canada	0.5%
Qatar	0.5%
Brazil	0.5%
United Kingdom	0.5%
Indonesia	0.4%
Luxembourg	0.3%
Guatemala	0.2%
Australia	0.2%
Dominican Republic	0.2%
France	0.2%
Poland	0.2%
Hong Kong	0.1%
Ireland	0.1%
Jamaica	0.1%
Netherlands	0.1%
Paraguay	0.0%	~
Other Assets and Liabilities	(4.5)%
	100.0%

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 55

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) March 31, 2017

# Variable rate security. Rate disclosed as of March 31, 2017.

^ 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, 2017, the value of these securities amounted to $1,818,991,110 or 42.3% of net assets.

† Perpetual Maturity

I/O Interest only security

¥ Illiquid security. At March 31, 2017, the value of these securities amounted to $3,299,463 or 0.1% of net assets.

~ Represents less than 0.05% of net assets

¨ Seven-day yield as of March 31, 2017

* Non-income producing security

A summary of the DoubleLine Low Duration Bond Fund’s investments in affiliated mutual funds for the year ended March 31, 2017 is as follows:

Fund	Value at March 31, 2016		Gross Purchases		Gross Sales		Shares Held at March 31, 2017		Value at March 31, 2017		Dividend Income Earned in the Year Ended March 31, 2017		Net Realized Gain (Loss) in the Year Ended March 31, 2017
DoubleLine Low Duration Emerging Markets Fixed Income Fund	$	47,950,000	$	—	$	—		5,000,000	$	49,250,000	$	1,524,278	$	—
DoubleLine Global Bond Fund		—		28,800,000		28,964,260		—		—		44,978		164,260
	$	47,950,000	$	28,800,000	$	28,964,260		5,000,000	$	49,250,000	$	1,569,256	$	164,260

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

Schedule of Investments  DoubleLine Floating Rate Fund March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	BANK LOANS 91.8%
	AEROSPACE & DEFENSE 2.6%
		Avantor Performance Materials Holdings LLC,
	160,606	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan		5.00%	#&		03/08/2024		161,945
		Avantor Performance Materials Holdings LLC,
	3,814,394	Guaranteed Senior Secured 1st Lien Term Loan		5.00%	#		03/08/2024		3,846,187
		B/E Aerospace, Inc.,
	3,572,727	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.04%	#		12/16/2021		3,577,193
		TransDigm, Inc.,
	3,769,925	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		3.98%	#		06/09/2023		3,759,896
									11,345,221
	AUTOMOTIVE 4.3%
		American Axle & Manufacturing, Inc.,
	1,245,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.00%	#		03/08/2024		1,246,170
		American Tire Distributors, Inc.,
	4,141,686	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		09/01/2021		4,156,575
		Capital Automotive LP,
	380,000	Guaranteed Secured 2nd Lien Term Loan		7.00%	#		03/24/2025		385,107
		Capital Automotive LP,
	2,390,000	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/25/2024		2,416,888
		Ceva Group PLC,
	613,891	Guaranteed Senior Secured 1st Lien Term Loan		0.90%	#		03/19/2021		538,689
		Ceva Group PLC,
	868,376	Guaranteed Senior Secured 1st Lien Term Loan		6.54%	#		03/19/2021		762,000
		Ceva Group PLC,
	108,547	Guaranteed Senior Secured 1st Lien Term Loan		6.54%	#		03/19/2021		95,250
		Ceva Intercompany BV,
	629,573	Guaranteed Senior Secured 1st Lien Term Loan		6.54%	#		03/19/2021		552,450
		CH Hold Corporation,
	3,568,182	Senior Secured 1st Lien Term Loan		4.00%	#		02/01/2024		3,598,654
		CH Hold Corporation,
	356,818	Senior Secured 1st Lien Delayed-Draw Term Loan		1.50%	#&		02/01/2024		359,866
		Federal-Mogul Holdings Corporation,
	4,203,665	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.75%	#		04/15/2021		4,194,816
									18,306,465
	BEVERAGE AND TOBACCO 1.3%
		AdvancePierre Foods, Inc.,
	3,904,723	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		06/02/2023		3,958,725

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Chill Merger Sub Inc.,
	1,715,000	Senior Secured 1st Lien Term Loan		5.25%	#		03/20/2024		1,734,294
									5,693,019
	BUILDING AND DEVELOPMENT (INCLUDING STEEL/METALS) 2.6%
		Gates Global LLC,
	3,755,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.40%	#		07/05/2021		3,766,509
		Jeld-Wen, Inc.,
	3,920,503	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.15%	#		07/01/2022		3,953,161
		Summit Materials LLC,
	3,593,329	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.73%	#		07/18/2022		3,628,525
									11,348,195
	BUSINESS EQUIPMENT AND SERVICES 4.8%
		AlixPartners LLP,
	2,060,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/28/2024		2,072,875
		AlixPartners LLP,
	274,057	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		07/28/2022		275,355
		Bright Bidco BV,
	2,530,000	Senior Secured 1st Lien Term Loan		5.50%	#		03/15/2024		2,551,075
		Mitchell International, Inc.,
	1,544,603	Guaranteed Secured 2nd Lien Term Loan		8.54%	#		10/11/2021		1,554,264
		RentPath LLC,
	3,814,322	Senior Secured 1st Lien Term Loan, Tranche B		6.25%	#¥		12/17/2021		3,765,041
		Sabre GLBL Inc.,
	330,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.73%	#		02/22/2024		333,094
		Scientific Games International, Inc.,
	1,828,445	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		4.85%	#		10/01/2021		1,854,016
		Solera LLC,
	4,039,458	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		03/03/2023		4,064,987
		USAGM HoldCo LLC,
	3,774,874	Senior Secured 1st Lien Term Loan		4.79%	#		07/28/2022		3,800,241
									20,270,948
	CHEMICALS/PLASTICS 6.5%
		Alpha 3 B.V.,
	3,640,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		4.15%	#		01/31/2024		3,653,668
		Huntsman International LLC,
	3,698,708	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		04/01/2023		3,737,249

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 57

Schedule of Investments  DoubleLine Floating Rate Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Ineos US Finance LLC,
	374,063	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.73%	#		04/01/2024		376,576
		Kraton Polymers LLC,
	2,660,556	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		01/06/2022		2,689,928
		Kronos, Inc.,
	3,700,725	Senior Secured 1st Lien Term Loan, Tranche B		5.03%	#		11/01/2023		3,726,371
		Milacron LLC,
	3,635,888	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		09/28/2023		3,660,903
		PQ Corporation,
	3,994,166	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.29%	#		11/04/2022		4,048,367
		Solenis International LP,
	948,117	Guaranteed Secured 2nd Lien Term Loan		7.80%	#		07/29/2022		940,712
		Solenis International LP,
	1,202,484	Guaranteed Senior Secured 1st Lien Term Loan		4.27%	#		07/31/2021		1,208,388
		Univar USA, Inc.,
	3,736,416	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.73%	#		07/01/2022		3,749,848
									27,792,010
	CONSUMER PRODUCTS 3.7%
		BJ’s Wholesale Club, Inc.,
	3,075,000	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		02/02/2024		3,011,301
		BJ’s Wholesale Club, Inc.,
	402,000	Senior Secured 2nd Lien Term Loan		8.50%	#		02/03/2025		393,357
		Equinox Holdings, Inc.,
	4,060,000	Senior Secured 1st Lien Term Loan		4.25%	#		03/08/2024		4,095,545
		Life Time Fitness,
	3,725,421	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		06/10/2022		3,739,857
		Revlon Consumer Products Corporation,
	4,136,210	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.48%	#		09/07/2023		4,142,539
		SRS Distribution, Inc.,
	650,632	Senior Secured 1st Lien Term Loan, Tranche B1		5.29%	#		08/25/2022		660,528
									16,043,127
	CONTAINERS AND GLASS PRODUCTS 0.9%
		Reynolds Group,
	3,730,054	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		02/03/2023		3,748,909
	COSMETICS/TOILETRIES 1.8%
		Galleria Company,
	3,750,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.81%	#		09/29/2023		3,787,500

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		KIK Custom Products, Inc.,
	3,711,033	Senior Secured 1st Lien Term Loan, Tranche B		5.65%	#		08/26/2022		3,768,238
									7,555,738
	ELECTRONICS/ELECTRIC 1.7%
		Evergreen Skills,
	4,052,596	Senior Secured 1st Lien Term Loan		5.75%	#		04/28/2021		3,738,540
		GTT Communications, Inc.,
	1,356,600	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		5.00%	#		01/09/2024		1,377,234
		Informatica Corporation,
	1,942,707	Senior Secured 1st Lien Term Loan, Tranche B		4.65%	#		08/05/2022		1,935,578
		ON Semiconductor Corporation,
	81,539	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.23%	#		03/31/2023		82,014
									7,133,366
	ENERGY 3.1%
		Energy Transfer Equity LP,
	3,738,542	Senior Secured 1st Lien Term Loan		3.54%	#		02/02/2024		3,735,626
		Foresight Energy LLC,
	2,770,000	Guaranteed Senior Secured 1st Lien Term Loan		6.75%	#		03/16/2022		2,705,944
		Gavilan Resources LLC,
	925,000	Secured 2nd Lien Term Loan		7.00%	#		03/01/2024		916,906
		Peabody Energy Corporation,
	3,725,000	Guaranteed Senior Secured 1st Lien Term Loan		5.50%	#		03/31/2022		3,731,519
		Peabody Energy Corporation,
	2,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.40%	#		09/24/2020		2,039,500
									13,129,495
	FINANCIAL INTERMEDIARIES 2.1%
		First Data Corporation,
	1,899,953	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		3.98%	#		03/24/2021		1,916,578
		GTCR Valor Companies, Inc.,
	2,982,488	Senior Secured 1st Lien Term Loan, Tranche B		7.15%	#		06/16/2023		3,002,605
		Prime Security Services Borrower LLC,
	3,902,995	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		05/02/2022		3,947,704
									8,866,887
	FOOD PRODUCTS 3.1%
		Burger King Restaurant Brands,
	3,512,676	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.40%	#		02/16/2024		3,520,000
		CSM Bakery Supplies LLC,
	3,166,382	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		07/03/2020		2,993,814

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Ferrara Candy Company,
	2,972,761	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.65%	#		06/15/2023		2,913,306
		NBTY Inc.,
	3,924,690	Senior Secured 1st Lien Term Loan, Tranche B		4.65%	#		05/05/2023		3,956,578
									13,383,698
	FOOD/DRUG RETAILERS 0.9%
		Albertson’s Holdings LLC,
	3,891,613	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4		3.98%	#		08/25/2021		3,913,289
	HEALTH CARE PROVIDERS & SERVICES 1.9%
		Envision Healthcare Corporation,
	3,932,334	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.15%	#		12/01/2023		3,971,657
		Team Health Holdings Inc.,
	3,995,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		02/06/2024		3,972,528
									7,944,185
	HEALTHCARE 10.6%
		Acadia Healthcare Company, Inc.,
	4,190,072	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.98%	#		02/16/2023		4,218,878
		American Renal Holdings, Inc.,
	3,936,754	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		08/20/2019		3,945,789
		Change Healthcare Holdings LLC,
	1,820,000	Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		03/01/2024		1,825,123
		CHG Healthcare, Inc.,
	3,899,965	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		4.75%	#		06/07/2023		3,954,077
		Community Health Systems, Inc.,
	3,795,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche G		3.75%	#		12/31/2019		3,776,898
		CPI Holdco LLC,
	1,885,000	Senior Secured 1st Lien Term Loan, Tranche B		5.15%	#		03/24/2024		1,900,316
		DJO Finance LLC,
	4,018,567	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		06/08/2020		3,898,854
		Kinetic Concepts, Inc.,
	1,130,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.40%	#		02/02/2024		1,132,475
		MPH Acquisition Holdings LLC,
	3,628,678	Senior Secured 1st Lien Term Loan, Tranche B		4.90%	#		06/07/2023		3,679,861
		Pharmaceutical Product Development LLC,
	3,949,787	Senior Secured 1st Lien Term Loan, Tranche B		4.40%	#		08/18/2022		3,967,680
		Precyse Acquisition Corporation,
	2,375,171	Senior Secured 1st Lien Term Loan, Tranche B		6.50%	#		10/20/2022		2,391,512

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Select Medical Corporation,
	3,520,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		03/06/2024		3,559,600
		Surgery Center Holdings, Inc.,
	3,701,355	Guaranteed Senior Secured 1st Lien Term Loan		4.75%	#		11/03/2020		3,748,788
		US Renal Care, Inc.,
	3,675,500	Senior Secured 1st Lien Term Loan		5.40%	#		12/30/2022		3,458,407
									45,458,258
	HOTELS/MOTELS/INNS AND CASINOS 2.2%
		Eldorado Resorts, Inc.,
	3,668,501	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/23/2022		3,670,794
		Eldorado Resorts, Inc.,
	1,985,000	Senior Secured 1st Lien Term Loan, Tranche B		2.25%	#		03/15/2024		1,985,000
		Greektown Holdings LLC,
	2,815,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		03/21/2024		2,819,405
		Mohegan Tribal Gaming Authority,
	1,127,175	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		10/13/2023		1,132,456
									9,607,655
	INDUSTRIAL EQUIPMENT 3.5%
		Aspen Merger Sub, Inc.,
	2,626,500	Senior Secured 1st Lien Term Loan		5.25%	#		09/27/2023		2,656,376
		Columbus McKinnon Corporation,
	549,129	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.15%	#		01/31/2024		554,450
		Filtration Group, Inc.,
	3,923,073	Senior Secured 1st Lien Term Loan, Tranche B		4.30%	#		11/23/2020		3,958,636
		Manitowoc Foodservice, Inc.,
	898,816	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/03/2023		909,678
		Pike Corporation,
	925,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		03/08/2024		936,563
		Piscine US Acquisition LLC,
	3,721,963	Guaranteed Senior Secured 1st Lien Term Loan		5.65%	#		12/20/2023		3,754,530
		Safway Group Holding LLC,
	2,189,636	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		08/18/2023		2,216,667
									14,986,900
	INSURANCE 2.4%
		Asurion LLC,
	1,638,530	Senior Secured 1st Lien Term Loan, Tranche B2		4.23%	#		07/08/2020		1,651,163

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 59

Schedule of Investments  DoubleLine Floating Rate Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Lonestar Intermediate Super Holdings LLC,
	1,625,000	Senior Unsecured Term Loan (PIK 10.75%)		10.00%	#		08/31/2021		1,694,062
		VF Holdings Corporation,
	3,651,518	Senior Secured 1st Lien Term Loan		4.25%	#		06/30/2023		3,674,340
		York Risk Services Group, Inc.,
	3,227,906	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.90%	#		10/01/2021		3,156,295
									10,175,860
	LEISURE 2.0%
		Emerald Expositions Holdings, Inc.,
	3,139,799	Senior Secured 1st Lien Term Loan, Tranche B		4.90%	#		06/17/2020		3,169,251
		Nord Anglia Education Finance LLC,
	3,730,185	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.55%	#		03/31/2021		3,752,342
		Travel Leaders Group LLC,
	1,490,000	Guaranteed Senior Secured 1st Lien Term Loan, Trance B		6.23%	#		01/25/2024		1,512,357
									8,433,950
	MEDIA 7.3%
		Cengage Learning, Inc.,
	3,409,674	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		06/07/2023		3,262,104
		CSC Holdings LLC,
	3,710,525	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.94%	#		10/11/2024		3,709,375
		McGraw-Hill Financial, Inc.,
	2,182,864	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		05/04/2022		2,163,917
		Mission Broadcasting, Inc.,
	336,189	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.94%	#		01/17/2024		339,551
		Nexstar Broadcasting, Inc.,
	3,467,675	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.94%	#		01/17/2024		3,502,351
		RCN Corporation,
	3,935,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		02/01/2024		3,960,145
		Tribune Media Company,
	219,357	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		12/24/2020		221,688
		Tribune Media Company,
	2,740,854	Guaranteed Senior Secured 1st Lien Term Loan, Trance C		3.98%	#		01/26/2024		2,762,781
		UFC Holdings LLC,
	3,688,258	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		08/18/2023		3,712,951
		Univision Communications, Inc.,
	3,713,711	Guaranteed Senior Secured 1st Lien Term Loan, Trance C5		3.75%	#		03/15/2024		3,696,294

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		WMG Acquisition Corporation,
	3,940,000	Guaranteed Senior Secured 1st Lien Term Loan		3.75%	#		11/01/2023		3,960,626
									31,291,783
	MINING 1.0%
		Fairmount Minerals,
	1,925,013	Guaranteed Senior Secured 1st Lien Term Loan, Trance B2		4.65%	#		09/05/2019		1,889,728
		Harsco Corporation,
	2,304,713	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		6.00%	#		11/02/2023		2,342,164
									4,231,892
	OIL & GAS 0.4%
		Western Refining, Inc.,
	1,753,132	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		5.50%	#		06/23/2023		1,756,419
	PHARMACEUTICALS 0.4%
		Mallinckrodt International Finance S.A.,
	890,000	Guaranteed Senior Secured 1st Lien Term Loan, Trance B		3.90%	#		09/24/2024		890,556
		Vizient, Inc.,
	1,038,238	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		02/13/2023		1,047,972
									1,938,528
	REAL ESTATE 0.9%
		Lightstone Holdco LLC,
	3,467,397	Senior Secured 1st Lien Term Loan, Tranche B		5.54%	#		01/30/2024		3,493,836
		Lightstone Holdco LLC,
	213,913	Senior Secured 1st Lien Term Loan, Tranche C		5.54%	#		01/30/2024		215,544
									3,709,380
	RETAILERS (OTHER THAN FOOD/DRUG) 5.4%
		Harbor Freight Tools USA, Inc.,
	3,743,332	Senior Secured 1st Lien Term Loan		4.23%	#		08/18/2023		3,743,332
		Jo-Ann Stores LLC,
	2,972,550	Senior Secured 1st Lien Term Loan		6.26%	#		10/20/2023		2,920,545
		Leslie’s Poolmart, Inc.,
	4,206,736	Senior Secured 1st Lien Term Loan, Tranche B		4.77%	#		08/16/2023		4,229,348
		National Vision, Inc.,
	4,121,728	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/12/2021		4,127,314
		Party City Holdings, Inc.,
	3,958,154	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.86%	#		08/19/2022		3,954,967
		Tumi Holdings, Inc.,
	3,933,527	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.23%	#		08/01/2023		3,971,033
									22,946,539

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	TECHNOLOGY 6.3%
		Compuware Corporation,
	3,938,125	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		5.25%	#		12/15/2021		3,954,370
		Dell International, LLC,
	2,907,713	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.49%	#		09/07/2023		2,923,312
		JDA Software Group, Inc.,
	4,169,513	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		10/12/2023		4,203,828
		Micron Technology, Inc.,
	2,194,497	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.73%	#		04/26/2022		2,210,616
		Seahawk Holding Ltd.,
	4,035,788	Senior Secured 1st Lien Term Loan		7.00%	#		10/31/2022		4,101,369
		SolarWinds Holdings, Inc.,
	3,765,238	Guaranteed Senior Secured 1st Lien Term Loan		4.50%	#		02/03/2023		3,773,013
		Sophia LP,
	3,714,602	Senior Secured 1st Lien Term Loan, Trance B		4.40%	#		09/30/2022		3,718,670
		Western Digital Corporation,
	2,209,537	Guaranteed Senior Secured 1st Lien Term Loan, Trance B2		3.50%	#		04/28/2023		2,225,800
									27,110,978
	TELECOMMUNICATIONS 3.8%
		Colorado Buyer, Inc.,
	4,195,000	Guaranteed Senior Secured 1st Lien Term Loan		4.00%	#		03/15/2024		4,225,938
		Genesy’s Telecommunications Laboratories, Inc.,
	4,137,505	Senior Secured 1st Lien Term Loan, Tranche B		5.02%	#		12/01/2023		4,176,294
		Hargray Corporation,
	470,000	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/22/2024		472,202
		Level 3 Financing, Inc.,
	3,300,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.23%	#		02/22/2024		3,309,619
		Telesat Canada,
	3,892,844	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4		4.15%	#		11/17/2023		3,931,772
									16,115,825
	TRANSPORTATION 3.4%
		Americold Realty Trust, Inc.,
	3,598,346	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		12/01/2022		3,645,592
		Kenan Advantage Group, Inc.,
	3,157,597	Senior Secured 1st Lien Term Loan, Tranche B1		4.00%	#		08/01/2022		3,166,470
		PODS LLC,
	3,950,914	Senior Secured 1st Lien Term Loan, Tranche B2		4.25%	#		02/02/2022		3,990,423
		TKC Holdings, Inc.,
	3,900,000	Senior Secured 1st Lien Term Loan		4.75%	#		02/01/2023		3,944,694
									14,747,179

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	UTILITIES 0.9%
		EFS Cogen Holdings I LLC,
	3,671,610	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		06/28/2023		3,711,942
		Total Bank Loans (Cost $391,475,084)							392,697,640
	COLLATERALIZED LOAN OBLIGATIONS 0.7%
	1,000,000	Madison Park Funding Ltd.		6.48%	#^		01/27/2026		998,009
	1,000,000	Octagon Investment Partners Ltd.		7.23%	#^		03/17/2030		995,426
	1,000,000	Venture Ltd.		7.79%	#^		10/20/2028		1,004,500
		Total Collateralized Loan Obligations (Cost $2,972,520)							2,997,935
	FOREIGN CORPORATE BONDS 0.5%
	CONTAINERS AND GLASS PRODUCTS 0.5%
	2,000,000	Ardagh Packaging Finance, Inc.		6.00%	^		02/15/2025		2,027,500
		Total Foreign Corporate Bonds (Cost $2,002,032)							2,027,500
	US CORPORATE BONDS 3.5%
	CONGLOMERATES 0.2%
	1,000,000	Icahn Enterprises LP		6.25%	^		02/01/2022		1,017,500
	FOOD PRODUCTS 0.5%
	1,035,000	B&G Foods, Inc.		5.25%			04/01/2025		1,046,644
	1,000,000	Post Holdings, Inc.		5.50%	^		03/01/2025		1,002,500
									2,049,144
	FOOD/DRUG RETAILERS 0.2%
	1,010,000	Albertson’s Holdings LLC		5.75%	^		03/15/2025		982,225
	HEALTH CARE PROVIDERS & SERVICES 0.2%
	1,000,000	Centene Corporation		4.75%			01/15/2025		1,008,130
	HEALTHCARE 0.2%
	1,000,000	Universal Hospital Services, Inc.		7.63%			08/15/2020		1,000,000
	HOTELS/MOTELS/INNS AND CASINOS 0.2%
	950,000	Scientific Games International, Inc.		7.00%	^		01/01/2022		1,017,687
	LEISURE 0.4%
	1,330,000	Six Flags Entertainment Corporation		4.88%	^		07/31/2024		1,315,869
	500,000	Viking Cruises Ltd.		8.50%	^		10/15/2022		520,625
									1,836,494
	MINING 0.1%
	405,000	Cliffs Natural Resources, Inc.		5.75%	^		03/01/2025		393,862
	OIL & GAS 0.5%
	1,000,000	Sanchez Energy Corporation		7.75%			06/15/2021		992,500
	1,000,000	SM Energy Company		5.00%			01/15/2024		950,000
									1,942,500

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 61

Schedule of Investments  DoubleLine Floating Rate Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PHARMACEUTICALS 0.4%
	1,665,000	inVentiv Group Holdings, Inc.		7.50%	^		10/01/2024		1,721,194
	TELECOMMUNICATIONS 0.3%
	1,000,000	Cincinnati Bell, Inc.		7.00%	^		07/15/2024		1,051,250
	UTILITIES 0.3%
	1,000,000	NGL Energy Finance Corporation		7.50%	^		11/01/2023		1,037,500
		Total US Corporate Bonds (Cost $15,094,141)							15,057,486
	SHORT TERM INVESTMENTS 14.0%
	20,011,982	BlackRock Liquidity Funds FedFund - Institutional Shares		0.60%	¨				20,011,982
	20,011,981	Fidelity Institutional Money Market Government Portfolio - Class I		0.56%	¨				20,011,981
	20,011,981	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.60%	¨				20,011,981
		Total Short Term Investments (Cost $60,035,944)							60,035,944
		Total Investments 110.5% (Cost $471,579,721)							472,816,505
		Liabilities in Excess of Other Assets (10.5)%							(44,812,638	)
		NET ASSETS 100.0%						$	428,003,867

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Bank Loans	91.8%
Short Term Investments	14.0%
US Corporate Bonds	3.5%
Collateralized Loan Obligations	0.7%
Foreign Corporate Bonds	0.5%
Other Assets and Liabilities	(10.5)%
	100.0%

# Variable rate security. Rate disclosed as of March 31, 2017.

^ 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, 2017, the value of these securities amounted to $15,085,647 or 3.5% of net assets.

¨ Seven-day yield as of March 31, 2017

¥ Illiquid security. At March 31, 2017, the value of these securities amounted to $3,765,041 or 0.9% of net assets.

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

& Unfunded or partially unfunded loan commitment. At March 31, 2017, the value of these securities amounted to $521,811 or 0.1% of net assets.

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

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^® March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 6.0%
		Arcadia Receivables Credit Trust,
	9,411,065	Series 2017-1-A		3.25%	^		06/15/2023		9,445,444
		AVANT Loans Funding Trust,
	115,345	Series 2016-B-A		3.92%	^		08/15/2019		115,759
		Blue Elephant Loan Trust,
	23,073	Series 2015-1-A		3.12%	^		12/15/2022		23,133
		Citi Held For Asset Issuance,
	764,661	Series 2015-PM1-B		2.93%	^		12/15/2021		765,146
		Colony American Finance Ltd.,
	986,574	Series 2016-1-A		2.54%	^		06/15/2048		969,946
		Colony American Homes,
	3,000,000	Series 2014-2A-E		4.18%	#^		07/17/2031		3,006,164
		Colony Starwood Homes Trust,
	6,200,000	Series 2016-2A-D		3.29%	#^		12/17/2033		6,235,102
		Consumer Credit Origination Loan Trust,
	17,834	Series 2015-1-A		2.82%	^		03/15/2021		17,834
		Consumer Installment Loan Trust,
	354,176	Series 2016-LD1-A		3.96%	^		07/15/2022		357,478
		Flagship Credit Auto Trust,
	2,500,000	Series 2016-3-B		2.43%	^		06/15/2021		2,488,459
	8,120,000	Series 2016-4-C		2.71%	^		11/15/2022		8,036,709
	6,850,000	Series 2017-1-C		3.22%	^		05/15/2023		6,881,762
		HERO Funding Trust,
	5,031,925	Series 2016-1A-A		4.05%	^		09/20/2041		5,089,002
		Kabbage Asset Securitization LLC,
	15,000,000	Series 2017-1-A		4.57%	^		03/15/2022		15,394,035
		LendingClub Issuance Trust,
	3,918,144	Series 2016-NP2-A		3.00%	^		01/17/2023		3,930,341
		Mariner Finance Issuance Trust,
	5,000,000	Series 2017-AA-A		3.62%	^		02/20/2029		5,031,754
		MarketPlace Loan Trust,
	279,324	Series 2015-AV2-A		4.00%	^		10/15/2021		281,423
		Mosaic Solar Loans LLC,
	3,467,602	Series 2017-1A-A		4.45%	^		06/20/2042		3,486,614
		OneMain Direct Auto Receivables Trust,
	4,000,000	Series 2016-1A-B		2.76%	^		05/15/2021		4,010,123
		OneMain Financial Issuance Trust,
	1,970,772	Series 2014-1A-A		2.43%	^		06/18/2024		1,971,301
		Oportun Funding LLC,
	3,000,000	Series 2016-B-A		3.69%	^		07/08/2021		3,009,584
	3,000,000	Series 2016-C-A		3.28%	^		11/08/2021		2,976,423
		Progress Residential Trust,
	2,650,000	Series 2016-SFR1-C		3.44%	#^		09/17/2033		2,686,859
	3,000,000	Series 2016-SFR2-D		3.44%	#^		01/17/2034		3,008,643
		SCF Equipment Leasing LLC,
	4,880,182	Series 2017-1A-A		3.77%	^		01/20/2023		4,875,447
		Sierra Timeshare Receivables Funding LLC,
	7,883,933	Series 2016-3A-A		2.43%	^		10/20/2033		7,801,942
		SLM Private Credit Student Loan Trust,
	9,000,000	Series 2006-A-A5		1.42%	#		06/15/2039		8,467,643
		SoFi Consumer Loan Program LLC,
	2,273,485	Series 2016-1-A		3.26%	^		08/25/2025		2,271,862
	2,594,494	Series 2016-3-A		3.05%	^		12/26/2025		2,599,198
		SoFi Consumer Loan Program Trust,
	1,521,310	Series 2016-2-A		3.09%	^		10/27/2025		1,524,421
	9,386,837	Series 2017-1-A		3.28%	^		01/26/2026		9,443,830
	5,000,000	Series 2017-2-A		3.28%	^		02/25/2026		5,006,256
		SoFi Professional Loan Program,
	5,000,000	Series 2017-A-A2B		2.40%	^		03/26/2040		4,924,352
		SpringCastle America Funding LLC,
	4,345,793	Series 2016-AA-A		3.05%	^		04/25/2029		4,381,211

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Springleaf Funding Trust,
	9,000,000	Series 2016-AA-A		2.90%	^		11/15/2029		9,055,711
		Spruce Asset Backed Securities Trust,
	2,203,483	Series 2016-E1-A		4.32%	^		06/15/2028		2,177,751
		TAL Advantage LLC,
	24,100,000	Series 2017-1A-A		4.50%	^		04/20/2042		24,392,360
		Westlake Automobile Receivables Trust,
	1,000,000	Series 2016-2A-B		2.30%	^		11/15/2019		1,002,877
	14,000,000	Series 2017-1A-C		2.70%	^		10/17/2022		14,037,901
		Total Asset Backed Obligations (Cost $190,329,918)							191,181,800
	BANK LOANS 5.7%
		Acadia Healthcare Company, Inc.,
	2,241,764	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.98%	#		02/16/2023		2,257,176
		AdvancePierre Foods, Inc.,
	1,988,489	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		06/02/2023		2,015,990
		Albertson’s Holdings LLC,
	2,009,605	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4		3.98%	#		08/25/2021		2,020,799
		AlixPartners LLP,
	1,515,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.15%	#		07/28/2022		1,522,174
		AlixPartners LLP,
	1,015,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.15%	#		03/28/2024		1,021,344
		Alpha 3 B.V.,
	1,855,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		4.04%	#		01/31/2024		1,861,966
		American Axle & Manufacturing, Inc.,
	180,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.41%	#		03/08/2024		180,169
		American Renal Holdings, Inc.,
	2,020,828	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		08/20/2019		2,025,466
		American Tire Distributors, Inc.,
	2,218,017	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.40%	#		09/01/2021		2,225,991
		Americold Realty Trust, Inc.,
	1,847,598	Senior Secured 1st Lien Term Loan, Tranche B		5.78%	#		12/01/2022		1,871,857
		Aspen Merger Sub, Inc.,
	944,050	Senior Secured 1st Lien Term Loan		5.40%	#		09/27/2023		954,789
		Asurion LLC,
	826,137	Senior Secured 1st Lien Term Loan, Tranche B2		4.39%	#		07/08/2020		832,506
		Avantor Performance Materials Holdings LLC,
	86,465	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan		5.12%	#&		03/08/2024		87,185

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 63

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Avantor Performance Materials Holdings LLC,
	2,053,535	Guaranteed Senior Secured 1st Lien Term Loan		5.00%	#		03/08/2024		2,070,652
		B/E Aerospace, Inc.,
	354,091	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.04%	#		12/16/2021		354,534
		Berry Plastics Corporation,
	528,590	Guaranteed Senior Secured 1st Lien Term Loan, Tranche I		3.48%	#		10/01/2022		532,610
		BJ’s Wholesale Club, Inc.,
	1,620,000	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		02/02/2024		1,586,442
		BJ’s Wholesale Club, Inc.,
	212,000	Senior Secured 2nd Lien Term Loan		8.50%	#		02/03/2025		207,442
		Bright Bidco BV,
	1,330,000	Senior Secured 1st Lien Term Loan		5.50%	#		03/15/2024		1,341,079
		Burger King Restaurant Brands,
	1,792,328	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.40%	#		02/16/2024		1,796,065
		Capital Automotive LP,
	200,000	Guaranteed Secured 2nd Lien Term Loan		7.00%	#		03/24/2025		202,688
		Capital Automotive LP,
	1,260,000	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/25/2024		1,274,175
		Cengage Learning, Inc.,
	1,687,080	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		06/07/2023		1,614,063
		Ceva Group PLC,
	56,268	Guaranteed Senior Secured 1st Lien Term Loan		6.54%	#		03/19/2021		49,375
		Ceva Group PLC,
	318,226	Guaranteed Senior Secured 1st Lien Term Loan		0.90%	#		03/19/2021		279,243
		Ceva Group PLC,
	450,145	Guaranteed Senior Secured 1st Lien Term Loan		6.54%	#		03/19/2021		395,002
		Ceva Intercompany BV,
	326,355	Guaranteed Senior Secured 1st Lien Term Loan		6.54%	#		03/19/2021		286,376
		CH Hold Corporation,
	1,931,818	Senior Secured 1st Lien Term Loan		4.00%	#		02/01/2024		1,948,316
		CH Hold Corporation,
	193,182	Senior Secured 1st Lien Delayed-Draw Term Loan		3.00%	#&		02/01/2024		194,832
		Change Healthcare Holdings LLC,
	2,060,000	Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		03/01/2024		2,065,799
		Charter Communications Operating LLC,
	521,482	Guaranteed Senior Secured 1st Lien Term Loan Tranche I		3.23%	#		01/15/2024		524,598
		CHG Healthcare, Inc.,
	1,983,675	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		4.75%	#		06/07/2023		2,011,199
		Chill Merger Sub Inc.,
	550,000	Senior Secured 1st Lien Term Loan		5.25%	#		03/20/2024		556,187

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Colorado Buyer, Inc.,
	2,055,000	Guaranteed Senior Secured 1st Lien Term Loan		4.00%	#		03/15/2024		2,070,156
		Columbus McKinnon Corporation,
	72,893	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.15%	#		01/31/2024		73,600
		Community Health Systems Inc.,
	1,990,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche G		3.75%	#		12/31/2019		1,980,508
		Compuware Corporation,
	2,008,688	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		5.25%	#		12/15/2021		2,016,973
		CPI Holdco LLC,
	930,000	Senior Secured 1st Lien Term Loan		5.15%	#		03/24/2024		937,556
		CSC Holdings LLC,
	1,211,363	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.94%	#		10/11/2024		1,210,988
		CSC Holdings LLC,
	695,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.30%	#		07/15/2025		695,434
		CSM Bakery Supplies LLC,
	1,706,753	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		07/03/2020		1,613,735
		Dell International, LLC,
	1,474,200	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.49%	#		09/07/2023		1,482,109
		DJO Finance LLC,
	2,092,620	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		06/08/2020		2,030,281
		EFS Cogen Holdings I LLC,
	1,959,250	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		06/28/2023		1,980,772
		Eldorado Resorts, Inc.,
	485,071	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		07/23/2022		485,374
		Eldorado Resorts, Inc.,
	1,045,000	Senior Secured 1st Lien Term Loan, Tranche B		2.25%	#		03/15/2024		1,045,000
		Emerald Expositions Holdings, Inc.,
	596,716	Senior Secured 1st Lien Term Loan, Tranche B		4.90%	#		06/17/2020		602,313
		Energy Transfer Equity LP,
	1,975,405	Senior Secured 1st Lien Term Loan		3.73%	#		02/02/2024		1,973,865
		Envision Healthcare Corporation,
	2,012,269	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.15%	#		12/01/2023		2,032,392
		Equinox Holdings, Inc.,
	2,070,000	Senior Secured 1st Lien Term Loan		4.25%	#		03/08/2024		2,088,123
		Fairmount Minerals,
	1,034,289	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.65%	#		09/05/2019		1,015,331

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal-Mogul Holdings Corporation,
	2,088,681	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.75%	#		04/15/2021		2,084,285
		Ferrara Candy Company,
	372,324	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.65%	#		06/15/2023		364,878
		Filtration Group, Inc.,
	2,000,571	Senior Secured 1st Lien Term Loan, Tranche B		4.30%	#		11/23/2020		2,018,706
		First Data Corporation,
	1,014,388	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		3.98%	#		03/24/2021		1,023,263
		Foresight Energy LLC,
	1,455,000	Guaranteed Senior Secured 1st Lien Term Loan		6.75%	#		03/16/2022		1,421,353
		Galleria Company,
	1,975,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		09/29/2023		1,994,750
		Gates Global LLC,
	1,995,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.40%	#		07/05/2021		2,001,115
		Gavilan Resources LLC,
	480,000	Secured 2nd Lien Term Loan		7.00%	#		03/01/2024		475,800
		Genesy’s Telecommunications Laboratories, Inc.,
	2,219,027	Senior Secured 1st Lien Term Loan, Tranche B		5.02%	#		12/01/2023		2,239,830
		Greektown Holdings LLC,
	1,385,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		03/21/2024		1,387,168
		GTCR Valor Companies, Inc.,
	971,927	Senior Secured 1st Lien Term Loan, Tranche B		7.15%	#		06/16/2023		978,483
		GTT Communications,
	159,600	Guaranteed Senior Secured 1st Lien Term Loan		5.00%	#		01/09/2024		162,028
		Harbor Freight Tools USA, Inc.,
	517,899	Senior Secured 1st Lien Term Loan		4.23%	#		08/18/2023		517,899
		Hargray Corporation,
	230,000	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/22/2024		231,078
		Harsco Corporation,
	1,154,013	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		6.00%	#		11/02/2023		1,172,765
		HCA Inc.,
	99,750	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B8		3.23%	#		02/15/2024		100,694
		Huntsman International LLC,
	1,996,380	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		04/01/2023		2,017,182
		Ineos US Finance LLC,
	54,863	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.73%	#		04/01/2024		55,231
		Informatica Corporation,
	1,015,000	Senior Secured 1st Lien Term Loan, Tranche B		4.65%	#		08/05/2022		1,011,275
		JDA Software Group, Inc.,
	2,239,025	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		10/12/2023		2,257,452
		Jeld-Wen, Inc.,
	2,001,236	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.15%	#		07/01/2022		2,017,906
		Jo-Ann Stores LLC,
	1,269,438	Senior Secured 1st Lien Term Loan		6.26%	#		10/20/2023		1,247,229

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Kenan Advantage Group,
	1,509,646	Senior Secured 1st Lien Term Loan, Tranche B1		4.00%	#		08/01/2022		1,513,888
		KIK Custom Products, Inc.,
	609,272	Senior Secured 1st Lien Term Loan, Tranche B		5.65%	#		08/26/2022		618,664
		Kinetic Concepts, Inc.,
	155,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.40%	#		02/02/2024		155,339
		Kraton Polymers LLC,
	797,246	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		01/06/2022		806,047
		Kronos, Inc.,
	1,985,025	Senior Secured 1st Lien Term Loan, Tranche B		5.03%	#		11/01/2023		1,998,781
		Leslie’s Poolmart, Inc.,
	2,247,786	Senior Secured 1st Lien Term Loan, Tranche B		4.77%	#		08/16/2023		2,259,868
		Level 3 Financing, Inc.,
	1,695,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.23%	#		02/22/2024		1,699,941
		Lifetime Fitness,
	1,995,197	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		06/10/2022		2,002,928
		Lightstone Holdco LLC,
	549,709	Senior Secured 1st Lien Term Loan, Tranche B		5.54%	#		01/30/2024		553,901
		Lightstone Holdco LLC,
	33,913	Senior Secured 1st Lien Term Loan, Tranche C		5.54%	#		01/30/2024		34,172
		Lonestar Intermediate Super Holdings LLC,
	205,000	Senior Unsecured Term Loan (PIK 10.75%)		10.00%	#		08/31/2021		213,712
		Mallinckrodt International Finance S.A.,
	130,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.90%	#		09/24/2024		130,081
		Manitowoc Foodservice, Inc.,
	260,878	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/03/2023		264,031
		McGraw Hill Financial, Inc.,
	1,091,239	Senior Secured 1st Lien Term Loan		5.00%	#		05/04/2022		1,081,767
		MGM Growth Properties LP,
	555,768	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.48%	#		04/25/2023		559,241
		Micron Technology, Inc.,
	397,995	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		4.73%	#		04/26/2022		400,918
		Milacron,
	1,868,575	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		09/28/2023		1,881,431
		Mission Broadcasting, Inc.,
	48,931	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.94%	#		01/17/2024		49,420
		Mitchell International, Inc.,
	85,000	Guaranteed Secured 2nd Lien Term Loan		8.54%	#		10/11/2021		85,532

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 65

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Mohegan Tribal Gaming Authority,
	129,675	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.50%	#		10/13/2023		130,283
		MPH Acquisition Holdings LLC,
	1,843,590	Senior Secured 1st Lien Term Loan, Tranche B		4.90%	#		06/07/2023		1,869,593
		National Vision, Inc.,
	2,045,291	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/12/2021		2,048,062
		NBTY Inc.,
	2,061,354	Senior Secured 1st Lien Term Loan, Tranche B		4.65%	#		05/05/2023		2,078,102
		Nexstar Broadcasting, Inc.,
	511,069	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.94%	#		01/17/2024		516,180
		Nord Anglia Education Finance LLC,
	1,975,903	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.55%	#		03/31/2021		1,987,640
		Party City Holdings, Inc.,
	2,072,987	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.03%	#		08/19/2022		2,071,318
		Peabody Energy Corporation,
	1,970,000	Guaranteed Senior Secured 1st Lien Term Loan		5.50%	#		03/31/2022		1,973,447
		Pharmaceutical Product Development LLC,
	2,035,020	Senior Secured 1st Lien Term Loan, Tranche B		4.40%	#		08/18/2022		2,044,239
		Pike Corporation,
	135,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		03/08/2024		136,687
		Piscine US Acquisition LLC,
	1,884,038	Guaranteed Senior Secured 1st Lien Term Loan		5.65%	#		12/20/2023		1,900,523
		PODS LLC,
	2,011,295	Senior Secured 1st Lien Term Loan, Tranche B2		4.25%	#		02/02/2022		2,031,408
		PQ Corporation,
	2,055,346	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.29%	#		11/04/2022		2,083,237
		Precyse Acquisition Corporation,
	1,069,158	Senior Secured 1st Lien Term Loan, Tranche B		6.50%	#		10/20/2022		1,076,514
		Prime Security Services Borrower LLC,
	2,002,565	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		05/02/2022		2,025,504
		RCN Corporation,
	2,030,000	Guaranteed Senior Secured 1st Lien Term Loan		3.98%	#		02/01/2024		2,042,972
		RentPath LLC,
	2,033,001	Senior Secured 1st Lien Term Loan, Tranche B		6.25%	#¥		12/17/2021		2,006,735
		Revlon Consumer Products Corporation,
	2,064,704	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.48%	#		09/07/2023		2,067,863
		Reynolds Group,
	2,042,611	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		02/03/2023		2,052,937

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Sabre GLBL Inc.,
	45,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.73%	#		02/22/2024		45,422
		Safway Group Holding LLC,
	1,183,100	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		08/18/2023		1,197,705
		Scientific Games International, Inc.,
	930,752	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		4.85%	#		10/01/2021		943,769
		Seahawk Holding Ltd.,
	2,058,675	Senior Secured 1st Lien Term Loan		7.00%	#		10/31/2022		2,092,128
		Select Medical Corporation,
	1,800,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		03/06/2024		1,820,250
		Skillsoft
	2,064,668	Senior Secured 1st Lien Term Loan		5.75%	#		04/28/2021		1,904,666
		Solarwinds Holdings, Inc.,
	2,062,324	Guaranteed Senior Secured 1st Lien Term Loan		4.50%	#		02/03/2023		2,066,582
		Solenis International LP,
	344,692	Guaranteed Secured 2nd Lien Term Loan		7.80%	#		07/29/2022		342,000
		Solenis International LP,
	97,022	Guaranteed Senior Secured 1st Lien Term Loan		4.30%	#		07/31/2021		97,499
		Solera LLC,
	2,081,113	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		03/03/2023		2,094,266
		Sophia LP,
	2,046,118	Senior Secured 1st Lien Term Loan, Tranche B		4.40%	#		09/30/2022		2,048,359
		SRS Distribution, Inc.,
	110,242	Senior Secured 1st Lien Term Loan, Tranche B1		5.29%	#		08/25/2022		111,919
		Summit Materials LLC,
	1,849,880	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.73%	#		07/18/2022		1,867,999
		Surgery Center Holdings, Inc.,
	614,297	Guaranteed Senior Secured 1st Lien Term Loan		4.75%	#		11/03/2020		622,169
		Team Health Holdings Inc.,
	2,055,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		02/06/2024		2,043,441
		Telesat Canada,
	1,994,077	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4		4.15%	#		11/17/2023		2,014,018
		TKC Holdings,
	1,980,000	Senior Secured 1st Lien Term Loan		4.75%	#		02/01/2023		2,002,691
		TransDigm, Inc.,
	2,002,312	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		3.98%	#		06/09/2023		1,996,985
		Travel Leaders Group LLC,
	200,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		6.23%	#		01/25/2024		203,001

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Tribune Media Company,
	36,241	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		12/24/2020		36,626
		Tribune Media,
	452,828	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		3.98%	#		01/26/2024		456,451
		Tumi Holdings, Inc.,
	2,006,341	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.23%	#		08/01/2023		2,025,472
		UFC Holdings LLC,
	1,902,887	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		08/18/2023		1,915,626
		Univar USA, Inc.,
	2,066,211	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.73%	#		07/01/2022		2,073,639
		Univision Communications, Inc.,
	507,689	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C5		3.75%	#		03/15/2024		505,308
		US Renal Care, Inc.,
	1,901,470	Senior Secured 1st Lien Term Loan		5.40%	#		12/30/2022		1,789,160
		USAGM HoldCo LLC,
	1,935,484	Senior Secured 1st Lien Term Loan		4.75%	#		07/28/2022		1,948,490
		VF Holdings Corporation,
	1,872,498	Senior Secured 1st Lien Term Loan		4.25%	#		06/30/2023		1,884,201
		Vizient, Inc.,
	170,978	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		02/13/2023		172,581
		Western Digital Corporation,
	1,168,050	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.50%	#		04/28/2023		1,176,647
		Western Refining, Inc.,
	226,206	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		5.50%	#		06/23/2023		226,630
		WMG Acquisition Corporation,
	2,035,000	Guaranteed Senior Secured 1st Lien Term Loan		3.75%	#		11/01/2023		2,045,653
		York Risk Services Group, Inc.,
	1,732,216	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.90%	#		10/01/2021		1,693,787
		Total Bank Loans (Cost $182,463,855)							182,201,015
	COLLATERALIZED LOAN OBLIGATIONS 10.9%
		Adams Mill Ltd.,
	1,000,000	Series 2014-1A-A1		2.50%	#^		07/15/2026		1,001,776
	250,000	Series 2014-1A-D1		4.52%	#^		07/15/2026		247,500
		ALM LLC,
	3,935,000	Series 2014-14A-A1		2.47%	#^		07/28/2026		3,938,935
	5,000,000	Series 2016-19A-A1		2.57%	#^		07/15/2028		5,055,000
	2,500,000	Series 2016-19A-A2		3.22%	#^		07/15/2028		2,527,464
		Anchorage Capital Ltd.,
	10,000,000	Series 2012-1A-A2R		3.12%	#^		01/13/2027		10,055,702
	1,600,000	Series 2014-4A-A1A		2.49%	#^		07/28/2026		1,607,420

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Apidos Ltd.,
	2,000,000	Series 2013-16A-A1		2.47%	#^		01/19/2025		2,003,117
	10,000,000	Series 2014-18A-A1		2.45%	#^		07/22/2026		10,020,175
	1,000,000	Series 2015-20A-A1R		2.35%	#^		01/16/2027		1,003,010
	5,000,000	Series 2016-24A-A2		3.03%	#^		07/20/2027		5,025,135
		Arrowpoint Ltd.,
	4,500,000	Series 2013-1A-A1R		2.35%	#^		11/15/2028		4,519,776
	2,410,000	Series 2014-2A-A1L		2.62%	#^		03/12/2026		2,418,934
		Avery Point Ltd.,
	250,000	Series 2013-2A-D		4.47%	#^		07/17/2025		248,714
	6,000,000	Series 2013-3A-A		2.42%	#^		01/18/2025		6,003,290
	500,000	Series 2014-1A-C		4.14%	#^		04/25/2026		501,251
		Babson Ltd.,
	20,000,000	Series 2014-3A-AR		2.30%	#^		01/15/2026		20,075,000
	500,000	Series 2014-3A-D2		5.17%	#^		01/15/2026		502,656
	2,500,000	Series 2015-2A-D		4.83%	#^		07/20/2027		2,507,500
		Betony Ltd.,
	1,000,000	Series 2015-1A-D		4.62%	#^		04/15/2027		990,734
		BlueMountain Ltd.,
	447,106	Series 2012-1A-A		2.35%	#^		07/20/2023		447,608
	2,500,000	Series 2013-1A-A1R		2.43%	#^		01/20/2029		2,512,760
	2,500,000	Series 2013-4A-A		2.52%	#^		04/15/2025		2,506,305
	4,000,000	Series 2015-3A-A1		2.51%	#^		10/20/2027		4,018,000
		Canyon Capital Ltd.,
	4,500,000	Series 2006-1A-D		2.73%	#^		12/15/2020		4,436,778
	1,500,000	Series 2014-1A-B		3.69%	#^		04/30/2025		1,503,810
	5,800,000	Series 2016-2A-B		2.79%	#^		10/15/2028		5,795,752
		Carlyle Global Market Strategies Ltd.,
	3,129,462	Series 2012-2A-A1R		2.33%	#^		07/20/2023		3,132,470
	2,000,000	Series 2015-1A-A		2.56%	#^		04/20/2027		2,001,719
		Carlyle High Yield Partners Ltd.,
	818,670	Series 2007-10A-A1		1.25%	#^		04/19/2022		819,718
	503,074	Series 2007-10A-A2A		1.24%	#^		04/19/2022		503,379
		Catamaran Ltd.,
	250,000	Series 2014-1A-B		3.68%	#^		04/20/2026		248,783
	2,000,000	Series 2015-1A-A		2.59%	#^		04/22/2027		2,012,609
	1,000,000	Series 2015-1A-B		3.24%	#^		04/22/2027		1,002,433
		Cent Ltd.,
	1,000,000	Series 2014-21A-A1AR		0.00%	#^		07/27/2026		1,000,227
	2,750,000	Series 2006-12A-D		2.45%	#^		11/18/2020		2,702,558
	1,000,000	Series 2013-19A-A1A		2.37%	#^		10/29/2025		1,001,105
	250,000	Series 2014-22A-C		4.78%	#^		11/07/2026		250,066
		Dryden Senior Loan Fund,
	8,750,000	Series 2014-31A-A		2.37%	#^		04/18/2026		8,752,625
	1,000,000	Series 2014-31A-B		2.92%	#^		04/18/2026		1,000,000
		Eaton Vance Ltd.,
	570,298	Series 2006-8A-A		1.29%	#^		08/15/2022		569,294
	2,500,000	Series 2006-8A-B		1.69%	#^		08/15/2022		2,490,444
		Flatiron Ltd.,
	250,000	Series 2014-1A-C		4.32%	#^		07/17/2026		245,919
		Franklin Ltd.,
	1,674,496	Series 2007-6A-A		1.27%	#^		08/09/2019		1,673,799
		Galaxy Ltd.,
	500,000	Series 2014-18A-D1		4.72%	#^		10/15/2026		495,001
		Halcyon Loan Advisors Funding Ltd.,
	500,000	Series 2012-1X-A2		3.54%	#		08/15/2023		502,458
	500,000	Series 2013-2A-C		3.73%	#^		08/01/2025		503,066
	250,000	Series 2013-2A-D		4.83%	#^		08/01/2025		251,222
	500,000	Series 2014-2A-C		4.54%	#^		04/28/2025		489,069
		Hildene Ltd.,
	20,000,000	Series 2014-2A-AR		0.00%	#^		07/19/2026		20,000,000
	3,000,000	Series 2015-4A-A1A		2.54%	#^		07/23/2027		3,018,266
		Jamestown Ltd.,
	5,000,000	Series 2013-3A-A1A		2.47%	#^		01/15/2026		5,016,531
	3,000,000	Series 2014-4A-A1A		2.52%	#^		07/15/2026		3,001,453
	1,000,000	Series 2015-6A-A1A		2.65%	#^		02/20/2027		1,001,062

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 67

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		LCM LP,
	10,000,000	Series 14A-A		2.17%	#^		07/15/2025		10,004,839
	500,000	Series 14A-D		4.52%	#^		07/15/2025		502,543
	500,000	Series 15A-C		4.15%	#^		08/25/2024		500,573
	250,000	Series 16A-D		4.62%	#^		07/15/2026		251,725
		Madison Park Funding Ltd.,
	10,000,000	Series 2013-11A-A2		2.34%	#^		10/23/2025		10,004,959
	250,000	Series 2014-14A-C1		4.13%	#^		07/20/2026		250,068
	1,000,000	Series 2014-14A-D		4.63%	#^		07/20/2026		1,008,651
	1,000,000	Series 2014-15A-CR		4.49%	#^		01/27/2026		1,007,654
		Magnetite Ltd.,
	1,000,000	Series 2014-11A-C		4.62%	#^		01/18/2027		1,008,475
		Marathon Ltd.,
	8,625,000	Series 2017-9A-A2		0.00%	#^		04/15/2029		8,633,752
		MP Ltd.,
	10,000,000	Series 2014-1A-AR		2.21%	#^		07/18/2026		10,019,505
	5,000,000	Series 2014-2A-AR		2.16%	#^		01/15/2027		5,000,000
		North End Ltd.,
	500,000	Series 2013-1A-C		3.77%	#^		07/17/2025		500,474
	250,000	Series 2013-1A-D		4.52%	#^		07/17/2025		248,091
		Octagon Investment Partners Ltd.,
	955,315	Series 2012-1A-AR		2.30%	#^		05/05/2023		956,416
	3,750,000	Series 2013-1A-A		2.14%	#^		07/17/2025		3,757,753
	1,000,000	Series 2014-1A-A		2.52%	#^		11/25/2025		1,003,715
	750,000	Series 2014-1A-C		4.69%	#^		11/14/2026		753,063
		OZLM Ltd.,
	1,000,000	Series 2015-11A-A1A		2.59%	#^		01/30/2027		1,002,760
		Palmer Square Ltd.,
	3,000,000	Series 2013-2A-A1B		3.12%	^		10/17/2025		3,000,000
		Primus Ltd.,
	2,000,000	Series 2007-2A-D		3.42%	#^		07/15/2021		1,995,439
		Race Point Ltd.,
	250,000	Series 2012-6A-CR		4.16%	#^		05/24/2023		251,779
	250,000	Series 2012-6A-DR		5.16%	#^		05/24/2023		250,444
		Regatta Funding Ltd.,
	500,000	Series 2014-1A-A1A		2.60%	#^		10/25/2026		500,000
		Silverado Ltd.,
	144,127	Series 2006-2A-A1		1.26%	#^		10/16/2020		144,274
		Sound Harbor Loan Fund Ltd.,
	1,944,000	Series 2014-1A-A1		2.54%	#^		10/30/2026		1,947,447
		Steele Creek Ltd.,
	20,000,000	Series 2014-1A-A1R		2.37%	#^		08/21/2026		19,999,516
		Stewart Park Ltd.,
	5,000,000	Series 2015-1A-B		3.02%	#^		04/15/2026		5,027,252
		Symphony Ltd.,
	3,327,719	Series 2012-8A-AR		2.11%	#^		01/09/2023		3,336,725
	2,000,000	Series 2013-11A-A		2.32%	#^		01/17/2025		2,004,790
	1,500,000	Series 2013-11A-B1		3.22%	#^		01/17/2025		1,501,102
	1,500,000	Series 2013-11A-C		4.17%	#^		01/17/2025		1,502,846
		TCI-Cent Ltd.,
	3,500,000	Series 2016-1A-A1		2.64%	#^		12/21/2029		3,528,635
	6,000,000	Series 2016-1A-A2		3.32%	#^		12/21/2029		6,067,354
		TCI-Flatiron Ltd,
	2,000,000	Series 2016-1A-B		3.22%	#^		07/17/2028		2,032,339
		Venture Ltd.,
	395,750	Series 2007-8A-A2A		1.26%	#^		07/22/2021		395,201
	4,000,000	Series 2007-8A-C		1.94%	#^		07/22/2021		3,910,526
	887,305	Series 2012-11A-AR		2.34%	#^		11/14/2022		888,414
	500,000	Series 2013-14A-B1		2.90%	#^		08/28/2025		500,423
	17,620,000	Series 2014-16A-A1L		2.52%	#^		04/15/2026		17,620,000
	6,000,000	Series 2014-17A-A		2.50%	#^		07/15/2026		6,003,455
	4,000,000	Series 2014-18A-A		2.47%	#^		10/15/2026		4,002,100
	6,000,000	Series 2014-18A-B		2.92%	#^		10/15/2026		6,022,604
		Vibrant Ltd.,
	5,000,000	Series 2015-3A-A1R		2.51%	#^		04/20/2026		5,002,120
	3,500,000	Series 2016-5A-B		3.10%	#^		01/20/2029		3,499,575

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Voya Ltd.,
	551,557	Series 2006-3A-B		1.70%	#^		12/13/2020		552,809
	6,250,000	Series 2013-2A-A1		2.19%	#^		04/25/2025		6,257,968
	3,060,000	Series 2014-4A-A1		2.52%	#^		10/14/2026		3,069,961
		WhiteHorse Ltd.,
	6,150,000	Series 2014-1A-A		2.53%	#^		05/01/2026		6,126,701
		Wind River Ltd.,
	4,600,000	Series 2013-1A-A1		2.18%	#^		04/20/2025		4,604,229
	5,000,000	Series 2016-1A-C		3.37%	#^		07/15/2028		5,059,551
		Total Collateralized Loan Obligations (Cost $346,704,253)							348,179,973
	FOREIGN CORPORATE BONDS 8.2%
	2,500,000	Adani Ports & Special Economic Zone Ltd.		3.50%			07/29/2020		2,519,470
	2,488,462	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		2,668,875
	1,000,000	AES Gener S.A.		5.25%			08/15/2021		1,058,229
	200,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		207,500
	1,000,000	Agromercantil Senior Trust		6.25%			04/10/2019		1,037,500
	5,200,000	America Movil SAB de CV		3.13%			07/16/2022		5,251,300
	4,685,000	AstraZeneca PLC		1.75%			11/16/2018		4,687,417
	800,000	Avianca Holdings S.A.		8.38%			05/10/2020		796,800
	200,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		199,200
	2,500,000	Axiata SPV2 BHD		3.47%			11/19/2020		2,562,642
	500,000	Banco Davivienda S.A.		2.95%			01/29/2018		503,750
	2,600,000	Banco de Costa Rica		5.25%			08/12/2018		2,647,606
	200,000	Banco de Credito del Peru		2.25%	^		10/25/2019		198,750
	6,500,000	Banco de Credito del Peru		4.25%			04/01/2023		6,760,000
	4,500,000	Banco del Estado de Chile		3.88%			02/08/2022		4,674,304
	1,500,000	Banco GNB Sudameris S.A.		3.88%			05/02/2018		1,503,750
	2,000,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		2,022,000
	400,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#^		08/11/2026		393,000
	5,600,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#		08/11/2026		5,502,000
	1,500,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		1,521,720
	1,000,000	Banco Nacional de Costa Rica		5.88%			04/25/2021		1,018,750
	600,000	Banco Regional SAECA		8.13%			01/24/2019		641,940
	3,920,000	Banco Santander		3.88%			09/20/2022		4,069,445
	4,100,000	Banco Santander		5.95%	#		01/30/2024		4,253,750
	500,000	Bancolombia S.A.		6.13%			07/26/2020		540,650
	2,395,000	Bank of Montreal		1.50%			07/18/2019		2,370,729
	2,725,000	Bank of Montreal		2.10%			12/12/2019		2,738,184
	1,000,000	BBVA Banco Continental S.A.		3.25%			04/08/2018		1,015,200
	4,000,000	BBVA Banco Continental S.A.		5.00%			08/26/2022		4,290,000
	2,650,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		2,650,000
	5,000,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		5,334,000
	5,560,000	BP Capital Markets PLC		1.68%			05/03/2019		5,533,807
	136,000	BP Capital Markets PLC		2.32%			02/13/2020		137,177
	2,055,000	British Telecommunications PLC		5.95%			01/15/2018		2,123,053

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	50,000	Camposol S.A.		10.50%	^		07/15/2021		52,875
	300,000	Celulosa Arauco y Constitucion S.A.		7.25%			07/29/2019		330,915
	1,250,000	Celulosa Arauco y Constitucion S.A.		5.00%			01/21/2021		1,324,584
	2,500,000	Celulosa Arauco y Constitucion S.A.		4.75%			01/11/2022		2,624,101
	2,500,000	CK Hutchison International Ltd.		2.88%	^		04/05/2022		2,502,788
	3,500,000	CNOOC Finance Ltd.		2.63%			05/05/2020		3,490,582
	3,000,000	CNOOC Finance Ltd.		3.88%			05/02/2022		3,099,390
	1,000,000	CNPC General Capital Ltd.		2.75%			05/14/2019		1,010,698
	5,000,000	CNPC General Capital Ltd.		3.95%			04/19/2022		5,204,071
	2,000,000	Colbun S.A.		6.00%			01/21/2020		2,172,632
	5,500,000	Comision Federal de Electricidad		4.88%			05/26/2021		5,781,875
	3,620,000	Commonwealth Bank of Australia		2.25%	^		03/10/2020		3,623,566
	700,000	Corpbanca S.A.		3.88%			09/22/2019		723,062
	500,000	CorpGroup Banking S.A.		6.75%			03/15/2023		481,245
	500,000	Corporacion Financiera de Desarrollo S.A.		3.25%	^		07/15/2019		509,150
	300,000	Corporacion Financiera de Desarrollo S.A.		3.25%			07/15/2019		305,490
	4,000,000	Corporacion Financiera de Desarrolo S.A.		4.75%			02/08/2022		4,265,000
	700,000	Cosan Overseas Ltd.		8.25%	†		11/29/2049		705,250
	880,000	Covidien International Finance S.A.		6.00%			10/15/2017		901,380
	1,100,000	DBS Bank Ltd.		3.63%	#		09/21/2022		1,108,428
	5,500,000	DBS Group Holdings Ltd.		3.60%	#†		12/29/2049		5,418,639
	200,000	Delek & Avner Tamar Bond Ltd.		3.84%	^		12/30/2018		203,775
	3,800,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		3,942,500
	900,000	Digicel Ltd.		8.25%			09/30/2020		777,033
	800,000	Digicel Ltd.		7.13%			04/01/2022		626,000
	2,500,000	E.CL S.A.		5.63%			01/15/2021		2,713,824
	1,500,000	Empresa de Energia de Bogota S.A.		6.13%			11/10/2021		1,548,750
	800,000	Empresas Publicas de Medellin E.S.P.		7.63%			07/29/2019		898,880
	2,138,373	ENA Norte Trust		4.95%			04/25/2023		2,213,216
	4,000,000	Export-Import Bank of India		3.13%			07/20/2021		4,035,304
	2,000,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		2,035,000
	1,500,000	Fondo Mivivienda S.A.		3.50%			01/31/2023		1,515,000
	2,500,000	Fondo Mivivienda S.A.		3.50%	^		01/31/2023		2,525,000
	400,000	Global Bank Corporation		5.13%			10/30/2019		412,200
	200,000	Global Bank Corporation		5.13%	^		10/30/2019		206,100
	4,500,000	Global Bank Corporation		4.50%			10/20/2021		4,468,500
	700,000	Global Bank Corporation		4.50%	^		10/20/2021		695,100
	200,000	Globo Communicacao e Participacoes S.A.		5.31%	#		05/11/2022		201,250
	900,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		936,000
	1,300,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		1,152,125
	583,057	Guanay Finance Ltd.		6.00%	^		12/15/2020		601,277
	1,360,465	Guanay Finance Ltd.		6.00%			12/15/2020		1,402,980
	2,000,000	Hutchison Whampoa International Ltd.		6.00%	#†		05/07/2017		2,011,400
	3,000,000	Indian Oil Corporation, Ltd.		5.63%			08/02/2021		3,295,518
	300,000	Inkia Energy Ltd.		8.38%			04/04/2021		309,000
	200,000	Inkia Energy Ltd.		8.38%	^		04/04/2021		206,000
	1,200,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		1,268,904
	543,819	Interoceanica Finance Ltd.		0.00%			11/30/2018		533,622
	1,100,000	Inversiones CMPC S.A.		4.75%			01/19/2018		1,116,644
	4,100,000	Inversiones CMPC S.A.		4.50%			04/25/2022		4,238,578
	1,700,000	IOI Investment BHD		4.38%			06/27/2022		1,758,222
	800,000	Israel Electric Corporation Ltd.		2.98%	#		01/17/2018		801,483

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,500,000	Israel Electric Corporation Ltd.		5.63%			06/21/2018		1,561,500
	1,500,000	Kia Motors Corporation		2.63%	^		04/21/2021		1,490,275
	700,000	Korea Development Bank		2.50%			01/13/2021		697,234
	5,000,000	Korea Development Bank		2.63%			02/27/2022		4,982,495
	1,500,000	Malayan Banking BHD		3.25%	#		09/20/2022		1,505,475
	4,855,000	Medtronic Global Holdings SCA		1.70%			03/28/2019		4,854,024
	400,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		420,000
	2,404,000	Nacional Financiera S.N.C.		3.38%			11/05/2020		2,444,868
	200,000	OAS Investments GMBH		8.25%	W		10/19/2019		9,000
	150,000	Odebrecht Finance Ltd.		7.50%	†		09/29/2049		56,813
	2,500,000	ONGC Videsh Ltd.		3.25%			07/15/2019		2,539,375
	4,000,000	ONGC Videsh Ltd.		2.88%			01/27/2022		3,922,064
	1,000,000	Ooredoo Tamweel Ltd.		3.04%			12/03/2018		1,015,740
	3,610,000	Orange S.A.		2.75%			02/06/2019		3,653,695
	450,000	Orange S.A.		5.38%			07/08/2019		481,788
	2,200,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		2,261,532
	693,922	Peru Enhanced Pass-Through Finance Ltd.		0.00%			05/31/2018		682,680
	500,000	Peru Enhanced Pass-Through Finance Ltd.		0.00%			06/02/2025		411,460
	400,000	Petrobras Global Finance B.V.		6.13%			01/17/2022		420,400
	4,000,000	Petronas Capital Ltd.		3.13%			03/18/2022		4,037,032
	2,200,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		2,219,067
	320,400	Ras Laffan Liquefied Natural Gas Company		5.30%			09/30/2020		338,163
	250,000	Reliance Holdings, Inc.		4.50%			10/19/2020		265,293
	5,500,000	Reliance Holdings, Inc.		5.40%			02/14/2022		6,007,337
	2,990,000	Royal Bank of Canada		2.00%			12/10/2018		3,001,595
	2,135,000	Royal Bank of Canada		1.50%			07/29/2019		2,113,644
	3,015,000	Shire Acquisitions Investments Ireland DAC		1.90%			09/23/2019		2,992,746
	500,000	Sinopec Group Overseas Development Ltd.		2.50%	^		04/28/2020		498,055
	500,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		498,055
	2,000,000	Sinopec Group Overseas Development Ltd.		2.75%			05/03/2021		1,987,390
	500,000	Sinopec Group Overseas Development Ltd.		2.00%	^		09/29/2021		480,648
	2,500,000	Sinopec Group Overseas Development Ltd.		3.90%			05/17/2022		2,590,058
	1,400,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		1,449,000
	4,000,000	Telefonica Chile S.A.		3.88%			10/12/2022		4,080,068
	2,200,000	Tencent Holdings Ltd.		2.88%			02/11/2020		2,223,397
	300,000	Tencent Holdings Ltd.		2.88%	^		02/11/2020		303,190
	1,330,000	Teva Pharmaceutical Finance Netherlands B.V.		1.70%			07/19/2019		1,315,450
	4,210,000	Toronto Dominion Bank		1.75%			07/23/2018		4,220,083
	200,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		200,000
	700,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		691,250

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 69

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,400,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		1,428,322
	5,000,000	United Overseas Bank Ltd.		3.50%	#		09/16/2026		5,023,180
	600,000	Want Want China Finance Ltd.		1.88%	^		05/14/2018		597,612
	775,000	Westpac Banking Corporation		1.95%			11/23/2018		776,517
	2,030,000	Westpac Banking Corporation		1.60%			08/19/2019		2,008,835
		Total Foreign Corporate Bonds (Cost $262,154,703)							262,473,809
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 1.5%
	3,500,000	Brazilian Government International Bond		4.88%			01/22/2021		3,692,500
	3,500,000	Chile Government International Bond		2.25%			10/30/2022		3,437,525
	965,000	Costa Rica Government International Bond		10.00%			08/01/2020		1,135,612
	437,191	Dominican Republic International Bond		9.04%			01/23/2018		453,174
	4,000,000	Dominican Republic International Bond		7.50%			05/06/2021		4,430,000
	2,800,000	Guatemala Government Bond		5.75%			06/06/2022		3,079,524
	500,000	Hungary Government International Bond		4.00%			03/25/2019		519,361
	2,900,000	Indonesia Government International Bond		4.88%			05/05/2021		3,106,144
	900,000	Indonesia Government International Bond		3.70%	^		01/08/2022		919,453
	1,100,000	Indonesia Government International Bond		3.70%			01/08/2022		1,123,777
	8,500,000	Mexico Government International Bond		3.50%			01/21/2021		8,835,750
	3,000,000	Panama Government International Bond		5.20%			01/30/2020		3,247,500
	1,800,000	Perusahaan Penerbit SBSN		6.13%			03/15/2019		1,932,840
	6,000,000	Qatar Government International Bond		2.38%			06/02/2021		5,940,510
	3,500,000	Republic of Chile		3.25%			09/14/2021		3,627,750
	2,500,000	Republic of Poland Government International Bond		5.13%			04/21/2021		2,741,700
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $48,009,950)							48,223,120

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 11.8%
		A10 LLC,
	2,328,000	Series 2016-1-A1		2.42%	^		03/15/2035		2,312,505
		Americold 2010 LLC Trust,
	1,080,000	Series 2010-ARTA-C		6.81%	^		01/14/2029		1,206,768
		Arbor Realty Ltd.,
	404,000	Series 2016-FL1A-B		3.86%	#^		09/15/2026		410,578
		BAMLL Commercial Mortgage Securities Trust,
	200,000	Series 2014-IP-E		2.72%	#^		06/15/2028		197,406
	30,000,000	Series 2015-200P-XA		0.38%	#^ I/O		04/14/2033		852,627
		Banc of America Commercial Mortgage Trust,
	500,000	Series 2007-5-AM		5.77%	#		02/10/2051		510,266
	2,675,243	Series 2010-UB3-A4B2		5.88%	#^		05/15/2046		2,673,324
		Barclays Commercial Mortgage Securities LLC,
	57,941,914	Series 2017-C1-XA		1.53%	# I/O		02/15/2050		6,532,313
	6,786,000	Series 2014-BXO-E		3.33%	#^		08/15/2027		6,773,032
		BB-UBS Trust,
	7,538,000	Series 2012-TFT-TE		3.56%	#^		06/05/2030		6,957,327
		Bear Stearns Commercial Mortgage Securities Trust,
	2,614,813	Series 2007-PW17-A4		5.69%	#		06/11/2050		2,633,587
		Bear Stearns Commercial Mortgage Securities, Inc.,
	25,407	Series 2006-PW13-AJ		5.61%	#		09/11/2041		25,384
	2,438,442	Series 2007-PW18-A4		5.70%			06/11/2050		2,467,884
	500,000	Series 2007-T26-AJ		5.57%	#		01/12/2045		480,460
		BXHTL Mortgage Trust,
	1,055,000	Series 2015-JWRZ-A		2.14%	#^		05/15/2029		1,058,143
		CD Commercial Mortgage Trust,
	68,505,899	Series 2017-CD3-XA		1.05%	# I/O		02/10/2050		5,433,408
		CFCRE Commercial Mortgage Trust,
	22,068,863	Series 2016-C3-XA		1.09%	# I/O		01/10/2048		1,579,014
	38,784,649	Series 2016-C4-XA		1.77%	# I/O		05/10/2058		4,444,275
		CGCMT Trust,
	3,222,000	Series 2010-RR2-JA4B		6.07%	#^		02/19/2051		3,266,195
		Citigroup Commercial Mortgage Trust,
	933,000	Series 2007-C6-AM		5.78%	#		12/10/2049		945,418
	1,500,000	Series 2007-C6-AMFX		5.78%	#^		12/10/2049		1,507,843
	1,510,000	Series 2008-C7-AM		6.13%	#		12/10/2049		1,540,369
	8,110,000	Series 2014-GC25-XA		1.06%	# I/O		10/10/2047		505,260
	1,430,000	Series 2015-GC27-D		4.43%	#^		02/10/2048		1,150,703
	5,899,996	Series 2015-GC27-XA		1.43%	# I/O		02/10/2048		492,645
	1,750,000	Series 2015-GC31-C		4.06%	#		06/10/2048		1,677,880
	20,004,363	Series 2016-GC36-XA		1.35%	# I/O		02/10/2049		1,757,069
	14,464,809	Series 2016-P3-XA		1.71%	# I/O		04/15/2049		1,605,971
	17,984,652	Series 2016-P4-XA		2.01%	# I/O		07/10/2049		2,336,023
		COBALT Commercial Mortgage Trust,
	6,020,000	Series 2007-C2-AJFX		5.57%	#		04/15/2047		6,087,725
	350,000	Series 2007-C3-AM		5.88%	#		05/15/2046		355,872
		Commercial Mortgage Pass-Through Certificates,
	2,305,000	Series 2012-CR4-C		4.44%	#^		10/15/2045		2,258,186
	5,636,000	Series 2012-CR4-D		4.57%	#^		10/15/2045		5,143,323
	30,317,094	Series 2013-CC12-XA		1.35%	# I/O		10/10/2046		1,795,130
	10,163,067	Series 2013-CR10-XA		0.92%	# I/O		08/10/2046		361,723
	8,870,000	Series 2013-CR11-D		5.17%	#^		08/10/2050		8,369,748
	7,526,000	Series 2013-LC13-D		5.04%	#^		08/10/2046		7,220,295
	3,157,881	Series 2014-CR17-XA		1.16%	# I/O		05/10/2047		168,940
	300,000	Series 2014-CR19-C		4.72%	#		08/10/2047		305,552
	500,000	Series 2014-CR20-C		4.51%	#		11/10/2047		492,820
	110,000	Series 2014-TWC-C		2.73%	#^		02/13/2032		110,562
	1,500,000	Series 2015-CR22-D		4.13%	#^		03/10/2048		1,208,204
	22,173,538	Series 2015-CR22-XA		1.01%	# I/O		03/10/2048		1,180,912
	1,500,000	Series 2015-CR23-D		4.26%	#		05/10/2048		1,141,195
	1,386,000	Series 2015-CR25-C		4.55%	#		08/10/2048		1,363,843
	43,220,193	Series 2015-CR27-XA		1.16%	# I/O		10/13/2048		2,792,081
	1,000,000	Series 2015-DC1-D		4.35%	#^		02/10/2048		818,341
	12,340,690	Series 2015-DC1-XA		1.17%	# I/O		02/10/2048		749,472
	1,470,000	Series 2015-LC23-C		4.65%	#		10/10/2048		1,447,193

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Commercial Mortgage Pass-Through Certificates, (Cont.)
	1,966,000	Series 2016-CR28-C		4.65%	#		02/10/2049		1,918,113
	17,784,101	Series 2016-DC2-XA		1.07%	# I/O		02/10/2049		1,226,066
		Countrywide Commercial Mortgage Trust,
	680,139	Series 2007-MF1-A		6.21%	#^		11/12/2043		683,914
		Credit Suisse Commercial Mortgage Trust,
	2,696,875	Series 2007-C1-AM		5.42%			02/15/2040		2,692,463
		Credit Suisse Mortgage Capital Certificates,
	72,990	Series 2007-C2-AM		5.62%	#		01/15/2049		73,275
	328,457	Series 2007-C2-AMFL		1.17%	#		01/15/2049		328,327
	3,274,000	Series 2007-C4-A1AM		5.96%	#		09/15/2039		3,295,187
	2,230,603	Series 2007-C5-A4		5.70%	#		09/15/2040		2,240,571
	2,180,000	Series 2008-C1-AM		6.06%	#^		02/15/2041		2,219,345
	10,092,000	Series 2014-USA-X1		0.55%	#^ I/O		09/15/2037		379,371
	1,500,000	Series 2015-SAND-D		3.76%	#^		08/15/2030		1,507,662
		CSAIL Commercial Mortgage Trust,
	30,624,315	Series 2015-C1-XA		0.95%	# I/O		04/15/2050		1,666,226
	4,781,352	Series 2016-C6-XA		1.81%	# I/O		01/15/2049		545,142
		Deutsche Bank Commercial Mortgage Trust,
	19,588,771	Series 2016-C1-XA		1.50%	# I/O		05/10/2049		1,986,417
		FORT CRE LLC,
	2,438,000	Series 2016-1A-B		3.53%	#^		05/21/2036		2,472,442
		GE Commercial Mortgage Corporation Trust,
	1,499,300	Series 2007-C1-AM		5.61%	#		12/10/2049		1,491,834
		GMAC Commercial Mortgage Securities Trust,
	2,488,000	Series 2004-C3-D		5.04%	#		12/10/2041		2,551,323
	2,806,000	Series 2004-C3-E		5.14%	#^		12/10/2041		2,784,810
		Grace Mortgage Trust,
	350,000	Series 2014-GRCE-A		3.37%	^		06/10/2028		362,828
		Greenwich Capital Commercial Funding Corporation,
	1,550,000	Series 2007-GG11-AJ		6.05%	#		12/10/2049		1,576,743
	1,750,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		1,770,871
		GS Mortgage Securities Corporation,
	713,355	Series 2007-GG10-A4		5.95%	#		08/10/2045		713,492
	300,000	Series 2013-KING-C		3.44%	#^		12/10/2027		304,687
	11,931,275	Series 2014-GC20-XA		1.15%	# I/O		04/10/2047		641,547
	4,435,734	Series 2014-GC24-XA		0.86%	# I/O		09/10/2047		199,401
	37,258,428	Series 2015-GC32-XA		0.88%	# I/O		07/10/2048		1,835,279
	9,912,233	Series 2015-GC34-XA		1.37%	# I/O		10/10/2048		831,580
	9,174,292	Series 2015-GS1-XA		0.83%	# I/O		11/10/2048		519,739
	19,779,687	Series 2016-GS2-XA		1.67%	# I/O		05/10/2049		2,151,901
	1,975,000	Series 2016-ICE2-A		2.84%	#^		02/15/2033		1,994,660
		GS Mortgage Securities Trust,
	1,503,000	Series 2013-GC13-D		4.07%	#^		07/10/2046		1,359,908
	3,210,000	Series 2014-GSFL-C		3.16%	#^		07/15/2031		3,191,179
	34,452,753	Series 2016-GS3-XA		1.28%	# I/O		10/10/2049		3,036,449
		GSCCRE Commercial Mortgage Trust,
	5,382,000	Series 2015-HULA-D		4.66%	#^		08/15/2032		5,434,393
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	923,689	Series 2006-LDP9-AM		5.37%			05/15/2047		922,943
	5,415,000	Series 2007-C1-AM		5.99%	#		02/15/2051		5,472,381
	3,344,000	Series 2007-CB19-AM		5.83%	#		02/12/2049		3,346,263
	1,600,000	Series 2007-CB20-AJ		6.18%	#		02/12/2051		1,639,000
	1,701,000	Series 2007-CB20-AM		5.98%	#		02/12/2051		1,725,678
	1,750,000	Series 2007-LD12-AM		6.07%	#		02/15/2051		1,775,445
	350,000	Series 2014-DSTY-A		3.43%	^		06/10/2027		356,181
	500,000	Series 2014-PHH-D		3.31%	#^		08/15/2027		500,173
	22,891,426	Series 2015-JP1-XA		1.15%	# I/O		01/15/2049		1,317,612
		JP Morgan Chase Commercial Mortgage Securities Trust,
	2,336,000	Series 2004-CBX-D		5.10%	#		01/12/2037		2,375,055
	6,613,000	Series 2006-LDP9-AMS		5.34%			05/15/2047		6,540,498
	6,672,000	Series 2007-LD11-AM		5.84%	#		06/15/2049		6,830,499
	6,291,014	Series 2007-LDPX-AM		5.46%	#		01/15/2049		6,285,873
	1,595,264	Series 2008-C2-A4		6.07%			02/12/2051		1,614,953
	3,232,000	Series 2014-FRR1-A707		4.35%	^		01/27/2047		3,189,387
	7,500,000	Series 2015-FL7-C		3.76%	#^		05/15/2028		7,515,725
	2,403,000	Series 2016-ASH-B		3.06%	#^		10/15/2034		2,418,024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JP Morgan Chase Commercial Mortgage Securities Trust, (Cont.)
	1,357,000	Series 2016-ASH-C		3.66%	#^		10/15/2034		1,367,168
	40,139,818	Series 2016-JP4-XA		0.82%	# I/O		12/15/2049		2,018,766
	3,472,000	Series 2016-WPT-E		5.91%	#^		10/15/2033		3,544,075
	3,218,000	Series 2016-WSP-C		3.76%	#^		08/15/2033		3,228,920
		JPMBB Commercial Mortgage Securities Trust,
	2,009,000	Series 2013-C15-D		5.05%	#^		11/15/2045		1,908,450
	7,146,719	Series 2014-C18-XA		1.07%	# I/O		02/15/2047		322,192
	17,893,552	Series 2014-C21-XA		1.09%	# I/O		08/15/2047		1,036,067
	500,000	Series 2014-C23-C		4.46%	#		09/15/2047		501,379
	23,152,274	Series 2014-C25-XA		0.99%	# I/O		11/15/2047		1,205,479
	1,303,000	Series 2014-C26-C		4.43%	#		01/15/2048		1,270,298
	7,608,942	Series 2014-C26-XA		1.17%	# I/O		01/15/2048		407,135
	1,000,000	Series 2015-C27-D		3.84%	#^		02/15/2048		790,161
	8,573,564	Series 2015-C27-XA		1.37%	# I/O		02/15/2048		595,948
	29,544,907	Series 2015-C29-XA		0.94%	# I/O		05/15/2048		1,141,556
	30,731,133	Series 2015-C30-XA		0.70%	# I/O		07/15/2048		1,107,098
	12,992,722	Series 2015-C31-XA		1.01%	# I/O		08/15/2048		737,340
	25,743,107	Series 2015-C32-XA		1.50%	# I/O		11/15/2048		1,744,075
	580,000	Series 2015-C33-C		4.62%	#		12/15/2048		582,051
		JPMDB Commercial Mortgage Securities Trust,
	53,283,363	Series 2016-C4-XA		0.85%	# I/O		12/15/2049		3,363,342
		LB Commercial Mortgage Trust,
	2,185,000	Series 2007-C3-AM		6.05%	#		07/15/2044		2,195,901
		LB-UBS Commercial Mortgage Trust,
	975,046	Series 2007-C2-AM		5.49%	#		02/15/2040		975,553
		LSTAR Commercial Mortgage Trust,
	11,838,787	Series 2016-4-XA		1.95%	#^ I/O		03/10/2049		1,019,041
	99,712,000	Series 2017-5-X		1.39%	#^ I/O		03/10/2050		5,819,132
		Madison Avenue Trust,
	300,000	Series 2013-650M-D		4.03%	#^		10/12/2032		307,368
		Merrill Lynch Mortgage Trust,
	42,518	Series 2006-C1-AJ		5.44%	#		05/12/2039		42,478
	5,172,000	Series 2007-C1-AM		5.84%	#		06/12/2050		5,089,874
		ML-CFC Commercial Mortgage Trust,
	865,944	Series 2007-7-A4		5.79%	#		06/12/2050		865,963
		Morgan Stanley Bank of America Merrill Lynch Trust,
	5,211,104	Series 2013-C12-XA		0.92%	# I/O		10/15/2046		168,084
	19,256,676	Series 2013-C7-XA		1.50%	# I/O		02/15/2046		1,170,138
	9,806,877	Series 2014-C14-XA		1.25%	# I/O		02/15/2047		453,768
	500,000	Series 2014-C18-C		4.49%	#		10/15/2047		493,039
	620,000	Series 2014-C19-C		4.00%			12/15/2047		579,408
	120,000	Series 2015-C20-C		4.46%	#		02/15/2048		111,297
	5,965,000	Series 2015-C20-D		3.07%	^		02/15/2048		4,504,328
	2,000,000	Series 2015-C26-D		3.06%	^		10/15/2048		1,495,516
	21,780,836	Series 2016-C28-XA		1.29%	# I/O		01/15/2049		1,803,323
		Morgan Stanley Capital, Inc.,
	83,894	Series 2006-HQ8-AJ		5.40%	#		03/12/2044		83,987
	500,000	Series 2007-1Q16-AMA		6.06%	#		12/12/2049		511,527
	274,926	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		269,978
	2,412,000	Series 2007-IQ16-AM		6.07%	#		12/12/2049		2,460,561
	175,000	Series 2014-CPT-E		3.45%	#^		07/13/2029		173,798
	175,000	Series 2014-CPT-F		3.45%	#^		07/13/2029		171,845
	800,000	Series 2014-CPT-G		3.45%	#^		07/13/2029		778,182
	500,000	Series 2014-MP-D		3.69%	#^		08/11/2029		506,268
	625,000	Series 2015-XLF1-D		3.89%	#^		08/14/2031		624,746
	68,822,038	Series 2016-UB12-XA		0.84%	# I/O		12/15/2049		3,752,556
	8,477,000	Series 2017-PRME-D		4.31%	#^		02/15/2034		8,522,615
		MSCG Trust,
	1,403,000	Series 2016-SNR-C		5.21%	^		11/15/2034		1,408,959
		RRX Trust,
	7,250,000	Series 2014-1A-A		0.00%	^ P/O		08/26/2044		6,921,220
		Sutherland Commercial Mortgage Loans LLC,
	5,925,633	Series 2015-SBC4-A		4.00%	^		06/25/2039		5,904,149
		TRU Trust,
	4,512,851	Series 2016-TOYS-A		3.16%	#^		11/15/2030		4,531,893

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 71

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		UBS-Barclays Commercial Mortgage Trust,
	3,088,000	Series 2013-C6-D		4.35%	#^		04/10/2046		2,783,684
		Velocity Commercial Capital Loan Trust,
	2,002,888	Series 2015-1-AFL		3.41%	#^		06/25/2045		2,020,068
	4,337,454	Series 2016-1-AFX		3.53%	#^		04/25/2046		4,334,824
		Wachovia Bank Commercial Mortgage Trust,
	7,341,000	Series 2006-C25-F		5.88%	#		05/15/2043		7,363,107
	3,760,000	Series 2006-C26-AM		6.06%	#		06/15/2045		3,788,258
	1,361,885	Series 2006-C27-AJ		5.83%	#		07/15/2045		1,372,897
	1,043,406	Series 2006-C28-AJ		5.63%	#		10/15/2048		1,047,319
	3,866,792	Series 2007-C30-AJ		5.41%	#		12/15/2043		3,895,780
	4,393,000	Series 2007-C31-AJ		5.66%	#		04/15/2047		4,413,139
	434,168	Series 2007-C31-AM		5.59%	#		04/15/2047		437,022
	713,113	Series 2007-C32-A3		5.76%	#		06/15/2049		712,376
	2,663,000	Series 2007-C32-AMFX		5.70%	^		06/15/2049		2,693,034
	1,045,000	Series 2007-C33-AJ		6.05%	#		02/15/2051		1,048,856
	1,500,000	Series 2007-C33-AM		6.05%	#		02/15/2051		1,511,867
		Wells Fargo Commercial Mortgage Trust,
	1,900,000	Series 2014-LC16-D		3.94%	^		08/15/2050		1,574,049
	540,000	Series 2014-LC18-B		3.96%			12/15/2047		547,135
	13,780,051	Series 2015-C27-XA		0.99%	# I/O		02/15/2048		781,920
	57,567,538	Series 2015-C30-XA		1.01%	# I/O		09/15/2058		3,605,915
	2,000,000	Series 2015-C31-C		4.61%	#		11/15/2048		2,031,827
	22,017,871	Series 2015-C31-XA		1.11%	# I/O		11/15/2048		1,508,887
	32,617,874	Series 2015-NXS2-XA		0.79%	# I/O		07/15/2058		1,381,510
	1,340,000	Series 2015-NXS3-C		4.49%	#		09/15/2057		1,277,220
	1,443,000	Series 2016-C32-C		4.72%	#		01/15/2059		1,403,222
	15,273,778	Series 2016-C33-XA		1.81%	# I/O		03/15/2059		1,666,485
	26,062,634	Series 2016-LC24-XA		1.74%	# I/O		10/15/2049		2,975,831
	16,426,000	Series 2017-RC1-XA		1.74%	# I/O		01/15/2060		1,801,903
		WFRBS Commercial Mortgage Trust,
	2,218,000	Series 2012-C6-D		5.58%	#^		04/15/2045		2,224,710
	3,897,502	Series 2012-C9-D		4.80%	#^		11/15/2045		3,698,658
		WF-RBS Commercial Mortgage Trust,
	3,803,273	Series 2014-C19-XA		1.22%	# I/O		03/15/2047		210,952
	9,717,889	Series 2014-C21-XA		1.15%	# I/O		08/15/2047		564,657
	29,554,751	Series 2016-NXS6-XA		1.66%	# I/O		11/15/2049		3,141,679
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $380,774,685)							374,924,415
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 10.9%
		Ajax Mortgage Loan Trust,
	2,488,987	Series 2015-B-A		3.88%	#^		07/25/2060		2,488,442
	8,394,513	Series 2016-B-A		4.00%	#^		09/25/2065		8,398,997
		Alternative Loan Trust,
	12,915,415	Series 2005-49CB-A6		5.50%			11/25/2035		12,101,302
	13,618,018	Series 2005-62-1A1		1.28%	#		12/25/2035		11,413,915
	12,733,663	Series 2007-HY9-A2		1.25%	#		08/25/2047		10,546,831
		Banc of America Funding Corporation,
	1,750,000	Series 2005-B-3M1		1.43%	#		04/20/2035		1,464,600
	4,375,931	Series 2006-7-T2A1		5.88%	#		10/25/2036		3,587,341
		Banc of America Mortgage Securities Trust,
	11,887,052	Series 2007-3-1A1		6.00%			09/25/2037		11,545,066
		Bayview Opportunity Master Fund Trust,
	8,949,658	Series 2016-RN2-A1		3.60%	#^		08/28/2031		8,903,462
	5,594,032	Series 2016-RPL2-A1		3.84%	#^		06/28/2031		5,536,655
	3,127,660	Series 2016-RPL3-A1		3.47%	#^		07/28/2031		3,124,727
	7,044,229	Series 2016-RPL4-A1		3.47%	#^		07/28/2018		7,012,492
		BCAP LLC Trust,
	3,301,347	Series 2012-RR1-3A4		5.50%	#^		10/26/2035		3,083,663
		Citicorp Residential Mortgage Securities, Inc.,
	1,733,855	Series 2007-1-A4		5.66%	#		03/25/2037		1,800,015
		CitiMortgage Alternative Loan Trust,
	1,994,432	Series 2007-A5-1A10		5.75%			05/25/2037		1,827,666

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Alternative Loan Trust,
	106,884	Series 2004-33-1A1		3.60%	#		12/25/2034		105,774
	905,188	Series 2005-23CB-A15		5.50%			07/25/2035		854,795
	3,234,525	Series 2005-28CB-1A6		5.50%			08/25/2035		3,005,963
	3,037,707	Series 2006-J6-A5		6.00%			09/25/2036		2,654,335
	675,381	Series 2007-15CB-A7		6.00%			07/25/2037		600,335
		Countrywide Home Loans,
	2,167,187	Series 2005-10-A2		5.50%			05/25/2035		2,023,310
	1,225,193	Series 2007-14-A15		6.50%			09/25/2037		1,148,918
		Credit Suisse First Boston Mortgage Securities Corporation,
	13,343	Series 2004-8-6A1		4.50%			12/25/2019		13,338
	3,562,125	Series 2005-11-2A1		6.00%			12/25/2035		3,419,685
	151,295	Series 2005-11-8A5		6.00%			12/25/2035		148,759
	1,393,040	Series 2005-9-5A9		5.50%			10/25/2035		1,201,422
		Credit Suisse Mortgage Capital Certificates,
	1,000,000	Series 2011-12R-3A5		3.05%	#^		07/27/2036		967,161
	1,000,000	Series 2011-5R-6A9		3.12%	#^		11/27/2037		1,032,295
		Credit Suisse Mortgage Trust,
	14,000,000	Series 2017-1A-A		4.50%	^		03/25/2021		14,042,784
		CSMC Mortgage Securities Trust,
	20,000,000	Series 2017-3R-1A1		0.00%	#^		03/06/2047		20,000,000
		Deutsche ALT-B Securities, Inc. Mortgage Loan Trust,
	1,219,212	Series 2006-AB4-A1A		6.01%	#		10/25/2036		1,094,868
		Deutsche Mortgage & Asset Receiving Corporation,
	776,689	Series 2014-RS1-1A2		7.58%	#^		07/27/2037		678,730
		FirstKey Mortgage Trust,
	7,172,562	Series 2014-1-A8		3.50%	#^		11/25/2044		7,266,003
		GMACM Mortgage Loan Trust,
	185,610	Series 2005-J1-A6		6.00%			12/25/2035		179,311
		GSR Mortgage Loan Trust,
	19,548	Series 2004-2F-14A1		5.50%			09/25/2019		19,811
	860,476	Series 2006-2F-3A4		6.00%			02/25/2036		705,275
		Home Equity Mortgage Trust,
	165,632	Series 2003-6-M2		3.18%	#		03/25/2034		163,076
		HSI Asset Loan Obligation Trust,
	295,339	Series 2006-2-1A1		6.00%			12/25/2036		181,503
		Impac Secured Assets Trust,
	1,123,194	Series 2006-5-1A1C		1.25%	#		02/25/2037		866,223
		IndyMac Mortgage Loan Trust,
	2,508,695	Series 2006-AR5-2A1		3.09%	#		05/25/2036		2,148,854
		Lehman Mortgage Trust,
	426,362	Series 2006-1-1A3		5.50%			02/25/2036		379,157
		Lehman XS Trust,
	23,182	Series 2005-6-3A2B		5.42%	#		11/25/2035		23,289
		MASTR Adjustable Rate Mortgages Trust,
	308,738	Series 2006-2-2A1		3.26%	#		04/25/2036		286,448
		Merrill Lynch Alternative Note Asset Trust,
	612,894	Series 2007-F1-2A6		6.00%			03/25/2037		465,163
		Merrill Lynch Mortgage Investors Trust,
	2,308,891	Series 2006-AF1-AF2C		6.25%			08/25/2036		1,843,620
		Morgan Stanley Mortgage Loan Trust,
	512,452	Series 2006-2-7A1		5.41%	#		02/25/2036		451,114
		Nationstar HECM Loan Trust,
	9,000,000	Series 2016-3A-M1		3.15%	^		08/25/2026		8,964,081
	20,000,000	Pretium Mortgage Credit Partners LLC 2017-NPL1-A1		3.50%	^		04/29/2031		20,000,000
		Pretium Mortgage Credit Partners LLC,
	16,613,382	Series 2016-NPL1-A1		4.38%	#^		02/27/2031		16,819,064
		RCO Trust,
	6,834,364	Series 2016-SFR1-A		3.75%	#^		11/25/2051		6,904,649

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Residential Accredit Loans, Inc.,
	1,495,668	Series 2006-QS12-2A3		6.00%			09/25/2036		1,323,806
	2,030,375	Series 2007-QS9-A33		6.50%			07/25/2037		1,804,380
		Residential Asset Mortgage Products, Inc.,
	217,343	Series 2005-EFC7-AI3		1.23%	#		04/25/2034		212,177
		Residential Asset Securitization Trust,
	1,055,349	Series 2006-A2-A11		6.00%			01/25/2046		820,411
		Shellpoint Co-Originator Trust,
	4,727,428	Series 2016-1-1A10		3.50%	#^		11/25/2046		4,815,400
		Soundview Home Loan Trust,
	6,327,876	Series 2007-OPT3-2A3		1.16%	#		08/25/2037		5,897,430
		Springleaf Mortgage Loan Trust,
	1,250,000	Series 2013-2A-B2		6.00%	#^		12/25/2065		1,253,795
		Structured Adjustable Rate Mortgage Loan Trust,
	9,927,737	Series 2005-22-4A1		3.35%	#		12/25/2035		9,322,547
		Structured Asset Securities Corporation,
	2,026,360	Series 2005-16-1A2		5.50%			09/25/2035		1,970,343
		Towd Point Mortgage Trust,
	3,567,096	Series 2015-2-1A13		2.50%	#^		11/25/2060		3,540,731
		VOLT LLC,
	6,542,845	Series 2015-NP11-A1		3.63%	#^		07/25/2045		6,588,540
	3,194,657	Series 2015-NPL3-A1		3.38%	#^		10/25/2058		3,190,117
	20,959,059	Series 2016-NPL11-A1		3.50%	#^		10/25/2046		21,162,927
	12,042,307	Series 2016-NPL4-A1		4.25%	#^		04/25/2046		12,193,544
	8,900,553	Series 2016-NPL8-A1		3.50%	#^		07/25/2046		8,970,590
	19,685,971	Series 2017-NPL1-A1		3.63%	#^		02/25/2047		19,699,673
		WaMu Mortgage Pass-Through Certificates Trust,
	9,934,148	Series 2006-AR10-2A1		2.97%	#		09/25/2036		9,271,713
		Washington Mutual Mortgage Pass-Through Certificates,
	199,487	Series 2006-5-1A5		6.00%			07/25/2036		172,000
		Wells Fargo Alternative Loan Trust,
	2,480,028	Series 2007-PA5-1A1		6.25%			11/25/2037		2,391,499
		Wells Fargo Mortgage Backed Securities Trust,
	7,617,974	Series 2007-11-A85		6.00%			08/25/2037		7,552,711
	11,134,265	Series 2007-13-A7		6.00%			09/25/2037		11,236,952
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $347,730,812)							346,885,573
	US CORPORATE BONDS 7.4%
	4,572,000	AbbVie, Inc.		1.80%			05/14/2018		4,578,190
	5,184,000	Amazon.com, Inc.		2.60%			12/05/2019		5,289,650
	1,260,000	American Express Credit Corporation		1.80%			07/31/2018		1,261,470
	2,828,000	American Express Credit Corporation		2.25%			08/15/2019		2,851,006
	475,000	American Express Credit Corporation		2.20%			03/03/2020		476,539
	1,375,000	American Honda Finance Corporation		1.70%			02/22/2019		1,373,776
	3,991,000	American Honda Finance Corporation		1.20%			07/12/2019		3,938,239
	3,840,000	Anheuser-Busch InBev Finance, Inc.		1.90%			02/01/2019		3,846,996
	2,655,000	Apple, Inc.		1.90%			02/07/2020		2,663,103
	7,187,000	Bank of America Corporation		2.00%			01/11/2018		7,206,793
	2,330,000	BB&T Corporation		2.25%			02/01/2019		2,346,373
	1,750,000	Berkshire Hathaway Finance Corporation		1.70%			03/15/2019		1,753,390

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,815,000	Berkshire Hathaway Finance Corporation		1.30%			08/15/2019		3,779,429
	3,093,000	Boston Properties LP		5.88%			10/15/2019		3,348,847
	1,465,000	Broadcom Corporation		2.38%	^		01/15/2020		1,465,642
	3,010,000	Capital One Financial Corporation		2.45%			04/24/2019		3,028,539
	4,120,000	Cardinal Health, Inc.		1.95%			06/15/2018		4,133,625
	1,925,000	Caterpillar Financial Services Corporation		1.70%			06/16/2018		1,925,986
	2,010,000	Caterpillar Financial Services Corporation		2.10%			01/10/2020		2,010,945
	5,064,000	Celgene Corporation		2.13%			08/15/2018		5,089,462
	1,740,000	Chevron Corporation		1.56%			05/16/2019		1,734,662
	1,665,000	Chevron Corporation		1.99%			03/03/2020		1,667,624
	4,090,000	Cisco Systems, Inc.		1.40%			09/20/2019		4,058,016
	6,116,000	Citigroup, Inc.		2.05%			12/07/2018		6,129,253
	1,405,000	Comcast Corporation		5.88%			02/15/2018		1,458,500
	3,432,000	Comcast Corporation		5.15%			03/01/2020		3,739,590
	2,750,000	Consolidated Edison, Inc.		2.00%			03/15/2020		2,747,712
	5,755,000	CVS Health Corporation		1.90%			07/20/2018		5,767,730
	5,070,000	Daimler Finance North America LLC		2.25%	^		03/02/2020		5,068,449
	2,155,000	Duke Energy Corporation		1.63%			08/15/2017		2,156,883
	4,095,000	Duke Energy Corporation		1.85%			01/15/2020		4,093,120
	5,665,000	Express Scripts Holding Company		2.25%			06/15/2019		5,674,812
	4,505,000	General Mills, Inc.		2.20%			10/21/2019		4,535,179
	2,805,000	General Motors Financial Co, Inc.		3.15%			01/15/2020		2,854,576
	1,422,000	Goldman Sachs Group, Inc.		2.90%			07/19/2018		1,440,102
	2,565,000	Goldman Sachs Group, Inc.		2.30%			12/13/2019		2,567,909
	2,405,000	Hewlett Packard Enterprise Company		2.85%			10/05/2018		2,434,408
	1,750,000	Hewlett Packard Enterprise Company		3.60%			10/15/2020		1,799,927
	1,150,000	John Deere Capital Corporation		1.60%			07/13/2018		1,151,497
	3,872,000	John Deere Capital Corporation		1.95%			01/08/2019		3,894,094
	5,013,000	JP Morgan Chase & Company		2.25%			01/23/2020		5,030,886
	4,245,000	Kinder Morgan, Inc.		3.05%			12/01/2019		4,318,693
	4,485,000	Kraft Heinz Foods Company		2.00%			07/02/2018		4,497,042
	4,190,000	Kroger Company		6.15%			01/15/2020		4,623,183
	3,843,000	Laboratory Corporation		2.50%			11/01/2018		3,877,687
	2,505,000	McKesson Corporation		2.28%			03/15/2019		2,520,148
	2,950,000	Medtronic, Inc.		1.50%			03/15/2018		2,951,030
	710,000	Microsoft Corporation		1.10%			08/08/2019		702,421
	1,715,000	Microsoft Corporation		1.85%			02/06/2020		1,719,329
	1,885,000	Molson Coors Brewing Company		1.45%			07/15/2019		1,861,471

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 73

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	6,990,000	Morgan Stanley		2.45%			02/01/2019		7,057,412
	1,660,000	MUFG Americas Holdings Corporation		1.63%			02/09/2018		1,660,448
	915,000	MUFG Americas Holdings Corporation		2.25%			02/10/2020		914,467
	2,210,000	Mylan NV		2.50%			06/07/2019		2,221,079
	1,743,000	National Rural Utilities Cooperative Finance Corporation		2.30%			11/15/2019		1,759,872
	563,000	Newell Brands, Inc.		2.60%			03/29/2019		570,190
	1,880,000	Oracle Corporation		2.25%			10/08/2019		1,903,523
	3,250,000	PepsiCo, Inc.		2.15%			10/14/2020		3,269,747
	4,210,000	Philip Morris International, Inc.		5.65%			05/16/2018		4,400,490
	3,500,000	PNC Funding Corporation		4.38%			08/11/2020		3,730,849
	2,210,000	Prudential Financial, Inc.		7.38%			06/15/2019		2,465,016
	3,075,000	Reynolds American, Inc.		3.25%			06/12/2020		3,157,130
	2,580,000	Shell International Finance B.V.		1.38%			05/10/2019		2,557,688
	5,476,000	Simon Property Group LP		2.20%			02/01/2019		5,509,968
	1,510,000	Southern Company		2.45%			09/01/2018		1,523,108
	2,604,000	Southern Company		1.85%			07/01/2019		2,591,016
	3,470,000	Synchrony Financial		3.00%			08/15/2019		3,525,739
	2,900,000	Thermo Fisher Scientific, Inc.		2.15%			12/14/2018		2,911,211
	2,894,000	TIAA Asset Management Finance Company LLC		2.95%	^		11/01/2019		2,943,143
	315,000	Toyota Motor Credit Corporation		1.55%			07/13/2018		315,375
	1,865,000	Toyota Motor Credit Corporation		1.70%			02/19/2019		1,868,820
	5,980,000	United Technologies Corporation		1.50%			11/01/2019		5,940,305
	4,923,000	Verizon Communications, Inc.		2.95%	^		03/15/2022		4,907,059
	250,000	WellPoint, Inc.		1.88%			01/15/2018		250,241
	2,580,000	WellPoint, Inc.		2.30%			07/15/2018		2,592,152
	4,680,000	Wells Fargo & Company		1.50%			01/16/2018		4,672,156
	842,000	Zimmer Holdings, Inc.		1.45%			04/01/2017		842,000
		Total US Corporate Bonds (Cost $235,723,059)							235,504,137
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 5.1%
		Federal Home Loan Mortgage Corporation,
	2,281,427	Pool G08626		3.00%			02/01/2045		2,262,347
	2,390,293	Pool G08631		3.00%			03/01/2045		2,370,302
	19,135,747	Pool G67700		3.50%			08/01/2046		19,667,181
	23,900,002	Pool V82248		3.50%			03/01/2046		24,545,763
	3,394,387	Series 2016-KF22-B		5.83%	#^		07/25/2023		3,425,592
	835,831	Series 3417-SM		5.37%	# I/F I/O		02/15/2038		146,347
	2,232,138	Series 4471-GA		3.00%			02/15/2044		2,246,898

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation Pass-Thru,
	33,498,053	Series K722-X1		1.31%	# I/O		03/25/2023		2,136,033
		Federal National Mortgage Association,
	19,787,694	Pool AL9593		3.50%			12/01/2046		20,343,479
	24,493,059	Pool AS8265		3.00%			11/01/2046		24,207,896
	4,477,028	Series 2015-09-HA		3.00%			01/25/2045		4,570,933
	7,342,116	Series 2015-59-A		3.00%			06/25/2041		7,485,304
	9,786,362	Series 2016-72-PA		3.00%			07/25/2046		9,904,184
	9,934,292	Series 2017-13-ML		3.00%			08/25/2041		10,075,217
	9,919,782	Series 2017-2-HA		3.00%			09/25/2041		10,123,213
	9,930,297	Series 2017-4-CH		3.00%			06/25/2042		10,131,197
		Federal National Mortgage Association Pass-Thru,
	3,274,883	Pool AS4645		3.00%			03/01/2045		3,254,846
	690,574	Pool MA1200		3.00%			10/01/2032		709,955
	5,884,606	Pool MA2270		3.00%			05/01/2045		5,816,240
		Total US Government / Agency Mortgage Backed Obligations (Cost $163,592,668)							163,422,927
	US GOVERNMENT AND AGENCY OBLIGATIONS 16.8%
	86,600,000	United States Treasury Notes		0.88%			11/30/2017		86,544,143
	97,500,000	United States Treasury Notes		1.00%			12/31/2017		97,492,395
	86,900,000	United States Treasury Notes		0.75%			01/31/2018		86,696,306
	43,400,000	United States Treasury Notes		1.00%			03/15/2018		43,370,315
	70,900,000	United States Treasury Notes		0.75%			10/31/2018		70,405,614
	48,400,000	United States Treasury Notes		1.63%			06/30/2019		48,715,713
	76,900,000	United States Treasury Notes		0.88%			09/15/2019		75,953,823
	27,000,000	United States Treasury Notes		1.63%			06/30/2020		27,024,246
		Total US Government and Agency Obligations (Cost $536,440,455)							536,202,555
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 0.0%
	4,745	Pacific Exploration and Production Corporation*							147,570
		Total Exchange Traded Funds and Common Stocks (Cost $852,503)							147,570
	SHORT TERM INVESTMENTS 13.7%
	88,965,448	BlackRock Liquidity Funds FedFund - Institutional Shares		0.60%	¨				88,965,448
	88,965,447	Fidelity Institutional Money Market Government Portfolio - Class I		0.56%	¨				88,965,447
	88,965,445	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.60%	¨				88,965,445

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

March 31, 2017

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	140,000,000	United States Treasury Bills		0.00%		04/13/2017		139,972,280
	30,000,000	United States Treasury Bills		0.00%		05/04/2017		29,982,480
		Total Short Term Investments (Cost $436,846,884)						436,851,100
		Total Investments 98.0% (Cost $3,131,623,745)						3,126,197,994
		Other Assets in Excess of Liabilities 2.0%						64,926,496
		NET ASSETS 100.0%					$	3,191,124,490

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	16.8%
Short Term Investments	13.7%
Non-Agency Commercial Mortgage Backed Obligations	11.8%
Collateralized Loan Obligations	10.9%
Non-Agency Residential Collateralized Mortgage Obligations	10.9%
Foreign Corporate Bonds	8.2%
US Corporate Bonds	7.4%
Asset Backed Obligations	6.0%
Bank Loans	5.7%
US Government / Agency Mortgage Backed Obligations	5.1%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	1.5%
Exchange Traded Funds and Common Stocks	0.0%	~
Other Assets and Liabilities	2.0%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	16.8%
Short Term Investments	13.7%
Non-Agency Commercial Mortgage Backed Obligations	11.8%
Collateralized Loan Obligations	10.9%
Non-Agency Residential Collateralized Mortgage Obligations	10.9%
Asset Backed Obligations	6.0%
US Government / Agency Mortgage Backed Obligations	5.1%
Banking	4.9%
Oil & Gas	2.0%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	1.5%
Healthcare	1.5%
Telecommunications	1.3%
Utilities	1.1%
Technology	1.0%
Automotive	0.8%
Beverage and Tobacco	0.6%
Pharmaceuticals	0.6%
Business Equipment and Services	0.6%
Media	0.5%
Transportation	0.5%
Finance	0.4%
Chemicals/Plastics	0.4%
Insurance	0.4%
Energy	0.4%
Food/Drug Retailers	0.4%
Consumer Products	0.4%
Aerospace & Defense	0.4%
Retailers (other than Food/Drug)	0.4%
Food Products	0.3%
Real Estate	0.3%
Construction	0.3%
Electronics/Electric	0.3%
Pulp & Paper	0.2%
Industrial Equipment	0.2%
Biotechnology	0.2%
Conglomerates	0.2%
Health Care Providers & Services	0.2%
Building and Development (including Steel/Metals)	0.1%
Financial Intermediaries	0.1%
Leisure	0.1%
Cosmetics/Toiletries	0.1%
Containers and Glass Products	0.1%
Hotels/Motels/Inns and Casinos	0.0%	~
Mining	0.0%	~
Other Assets and Liabilities	2.0%
	100.0%

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 75

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2017

COUNTRY BREAKDOWN as a % of Net Assets:
United States	88.2%
Chile	1.2%
Mexico	1.2%
India	0.9%
Peru	0.8%
China	0.7%
Canada	0.5%
Panama	0.5%
Singapore	0.5%
United Kingdom	0.4%
Malaysia	0.4%
Costa Rica	0.2%
Qatar	0.2%
South Korea	0.2%
Indonesia	0.2%
Israel	0.2%
Australia	0.2%
Colombia	0.2%
Luxembourg	0.2%
Brazil	0.2%
Dominican Republic	0.2%
Guatemala	0.1%
France	0.1%
Ireland	0.1%
Poland	0.1%
Paraguay	0.1%
Hong Kong	0.1%
Jamaica	0.1%
Netherlands	0.0%	~
Hungary	0.0%	~
Other Assets and Liabilities	2.0%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At March 31, 2017, the value of these securities amounted to $948,222,553 or 29.7% of net assets.

# Variable rate security. Rate disclosed as of March 31, 2017.

† Perpetual Maturity

I/O Interest only security

P/O Principal only security

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

~ Represents less than 0.05% 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, 2017

¥ Illiquid security. At March 31, 2017, the value of these securities amounted to $2,006,735 or 0.1% of net assets.

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

& Unfunded or partially unfunded loan commitment. At March 31, 2017, the value of these securities amounted to $282,017 or 0.0% of net assets.

* Non-income producing security

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

March 31, 2017

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%		111,000,000		04/13/2017	$	15,581
Shiller Barclays CAPE® US Sector  ER II USD Index¤	Barclays Capital, Inc.		0.40%		60,000,000		04/27/2017		13,035,874
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		0.43%		25,000,000		05/24/2017		5,512,435
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		0.40%		100,000,000		05/25/2017		21,549,612
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		0.43%		25,000,000		06/28/2017		5,167,750
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		0.40%		100,000,000		06/29/2017		21,618,265
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		0.43%		25,000,000		07/26/2017		4,833,586
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		0.40%		90,000,000		07/27/2017		17,582,665
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		0.43%		25,000,000		08/30/2017		3,743,082
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		0.40%		100,000,000		08/31/2017		13,509,830
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		0.43%		50,000,000		09/27/2017		6,527,132
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		0.40%		60,000,000		09/28/2017		8,262,038
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		0.43%		90,000,000		10/25/2017		11,848,036
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		0.40%		90,000,000		10/26/2017		11,546,099
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		0.43%		75,000,000		11/29/2017		9,053,665
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		0.40%		100,000,000		11/30/2017		10,955,384
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		0.43%		25,000,000		12/19/2017		1,587,670
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		0.43%		75,000,000		12/20/2017		7,253,700
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		0.40%		100,000,000		12/21/2017		6,496,756
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		0.43%		75,000,000		01/23/2018		4,502,608
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		0.43%		100,000,000		01/24/2018		6,259,885
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		0.40%		75,000,000		01/25/2018		4,583,245
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		0.43%		96,000,000		02/20/2018		2,265,293
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		0.43%		100,000,000		02/21/2018		5,652,854
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		0.40%		100,000,000		02/22/2018		3,470,685
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		0.43%		50,000,000		03/13/2018		375,594
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		0.43%		100,000,000		03/14/2018		750,458
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		0.40%		100,000,000		03/15/2018		(147,700	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		0.43%		100,000,000		03/27/2018		1,892,823
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		0.43%		100,000,000		03/28/2018		1,894,354
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		0.40%		100,000,000		03/29/2018		536,870
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		0.43%		100,000,000		04/10/2018		(412,315	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		0.43%		100,000,000		04/11/2018		324,775
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		0.40%		100,000,000		04/12/2018		(174,641	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		0.43%		100,000,000		04/24/2018		29,781
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		0.43%		100,000,000		04/25/2018		(412,315	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		0.43%		50,000,000		05/16/2018		(87,362	)
								$	211,404,052

« 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, 2017, the four sector constituents with each fund ticker indicated in parentheses and their weightings were as follows: Technology Select Sector SPDR^® Fund (XLK) 25.4%, Consumer Discretionary Select Sector SPDR^® Fund (XLY) 25.3%, Health Care Select Sector SPDR^® Fund (XLV) 24.7%, Industrial Select Sector SPDR^® Fund (XLI) 24.6%.

¤ 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, 2017, the four sector constituents with each index ticker indicated in parentheses and their weightings were as follows: Consumer Discretionary Select Sector Index (IXYTR) 25.4%, Technology Select Sector Index (IXTTR) 25.3%, Health Care Select Sector Index (IXVTR) 24.7%, Industrial Select Sector Index (IXITR) 24.6%.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 77

Schedule of Investments  DoubleLine Flexible Income Fund March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 4.2%
		Arcadia Receivables Credit Trust,
	941,107	Series 2017-1-A		3.25%	^		06/15/2023		944,544
		AVANT Loans Funding Trust,
	273,596	Series 2015-A-A		4.00%	^		08/16/2021		274,502
	115,345	Series 2016-B-A		3.92%	^		08/15/2019		115,759
		Citi Held For Asset Issuance,
	1,000,000	Series 2015-PM1-C		5.01%	^		12/15/2021		998,036
		Colony Starwood Homes Trust,
	1,000,000	Series 2016-2A-D		3.29%	#^		12/17/2033		1,005,662
		Consumer Installment Loan Trust,
	354,176	Series 2016-LD1-A		3.96%	^		07/15/2022		357,478
		Eaglewood Consumer Loan Trust,
	661,342	Series 2014-1-A		3.50%	^¥		10/15/2019		659,893
		ECAF Ltd.,
	1,363,687	Series 2015-1A-A2		4.95%	^		06/15/2040		1,324,687
		Kabbage Asset Securitization LLC,
	10,000,000	Series 2017-1-A		4.57%	^		03/15/2022		10,262,690
		LendingClub Issuance Trust,
	1,567,258	Series 2016-NP2-A		3.00%	^		01/17/2023		1,572,136
		MarketPlace Loan Trust,
	676,391	Series 2015-CB1-A		4.00%	^		07/15/2021		675,969
		SoFi Consumer Loan Program Trust,
	380,327	Series 2016-2-A		3.09%	^		10/27/2025		381,105
	1,877,367	Series 2017-1-A		3.28%	^		01/26/2026		1,888,766
	500,000	Series 2017-1-B		4.73%	#^		01/26/2026		505,212
	2,000,000	Series 2017-2-A		3.28%	^		02/25/2026		2,002,502
		Springleaf Funding Trust,
	1,000,000	Series 2016-AA-A		2.90%	^		11/15/2029		1,006,190
		TAL Advantage LLC,
	7,200,000	Series 2017-1A-A		4.50%	^		04/20/2042		7,287,344
		Total Asset Backed Obligations (Cost $30,928,519)							31,262,475
	BANK LOANS 9.2%
		Acadia Healthcare Company, Inc.,
	743,194	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.98%	#		02/16/2023		748,304
		AdvancePierre Foods, Inc.,
	720,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		06/02/2023		729,958
		Albertson’s Holdings LLC,
	730,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4		3.98%	#		08/25/2021		734,066
		AlixPartners LLP,
	724,863	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		07/28/2022		728,295
	365,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/28/2024		367,281
		Alpha 3 B.V.,
	685,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1		4.15%	#		01/31/2024		687,572
		American Axle & Manufacturing, Inc.,
	220,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.00%	#		03/08/2024		220,207

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		American Renal Holdings, Inc.,
	730,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		08/20/2019		731,675
		American Tire Distributors, Inc.,
	750,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		09/01/2021		752,696
		Americold Realty Trust, Inc.,
	690,000	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		12/01/2022		699,060
		Aspen Merger Sub, Inc.,
	295,000	Senior Secured 1st Lien Term Loan		5.25%	#		09/27/2023		298,356
		Asurion LLC,
	300,000	Senior Secured 1st Lien Term Loan, Tranche B2		4.23%	#		07/08/2020		302,313
		Avantor Performance Materials Holdings LLC,
	29,697	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan		5.00%	#&		03/08/2024		29,944
		Avantor Performance Materials Holdings LLC,
	705,303	Guaranteed Senior Secured 1st Lien Term Loan		5.00%	#		03/08/2024		711,182
		BJ’s Wholesale Club, Inc.,
	595,000	Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		02/02/2024		582,675
		BJ’s Wholesale Club, Inc.,
	78,000	Senior Secured 2nd Lien Term Loan		8.50%	#		02/03/2025		76,323
		Bright Bidco BV,
	495,000	Senior Secured 1st Lien Term Loan		5.50%	#		03/15/2024		499,123
		Burger King Restaurant Brands,
	645,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.25%	#		02/16/2024		646,345
		Capital Automotive LP,
	75,000	Guaranteed Secured 2nd Lien Term Loan		7.00%	#		03/24/2025		76,008
		Capital Automotive LP,
	460,000	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/25/2024		465,175
		Cengage Learning, Inc.,
	550,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.25%	#		06/07/2023		526,196
		Ceva Group PLC,
	165,744	Guaranteed Senior Secured 1st Lien Term Loan		6.54%	#		03/19/2021		145,440
		Ceva Group PLC,
	117,171	Guaranteed Senior Secured 1st Lien Term Loan		0.90%	#		03/19/2021		102,818
		Ceva Group PLC,
	20,718	Guaranteed Senior Secured 1st Lien Term Loan		6.54%	#		03/19/2021		18,180
		Ceva Intercompany BV,
	120,164	Guaranteed Senior Secured 1st Lien Term Loan		6.54%	#		03/19/2021		105,444
		CH Hold Corporation,
	659,091	Senior Secured 1st Lien Term Loan		4.00%	#		02/01/2024		664,720
		CH Hold Corporation,
	65,909	Senior Secured 1st Lien Delayed-Draw Term Loan		1.50%	#&		02/01/2024		66,472
		Change Healthcare Holdings LLC,
	740,000	Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		03/01/2024		742,083

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Charter Communications Operating LLC,
	590,000	Guaranteed Senior Secured 1st Lien Term Loan Tranche B		3.23%	#		01/15/2024		593,525
		CHG Healthcare, Inc.,
	720,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		06/07/2023		729,990
		Chill Merger Sub Inc.,
	300,000	Senior Secured 1st Lien Term Loan		5.25%	#		03/20/2024		303,375
		Colorado Buyer, Inc.,
	745,000	Guaranteed Senior Secured 1st Lien Term Loan		4.00%	#		03/15/2024		750,494
		Community Health Systems Inc.,
	730,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche G		3.75%	#		12/31/2019		726,518
		Compuware Corporation,
	730,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		5.25%	#		12/15/2021		733,011
		CPI Holdco LLC,
	335,000	Senior Secured 1st Lien Term Loan, Tranche B		5.15%	#		03/24/2024		337,722
		CSC Holdings LLC,
	685,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.94%	#		10/11/2024		684,788
		CSM Bakery Supplies LLC,
	570,000	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		07/03/2020		538,935
		Dell International, LLC,
	530,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.49%	#		09/07/2023		532,843
		DJO Finance LLC,
	755,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		06/08/2020		732,509
		EFS Cogen Holdings I LLC,
	720,000	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		06/28/2023		727,909
		Eldorado Resorts, Inc.,
	380,000	Senior Secured 1st Lien Term Loan, Tranche B		2.25%	#		03/15/2024		380,000
		Energy Transfer Equity LP,
	725,000	Senior Secured 1st Lien Term Loan		3.54%	#		02/02/2024		724,435
		Envision Healthcare Corporation,
	725,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.15%	#		12/01/2023		732,250
		Equinox Holdings, Inc.,
	745,000	Senior Secured 1st Lien Term Loan		4.25%	#		03/08/2024		751,522
		Evergreen Skills,
	770,000	Senior Secured 1st Lien Term Loan		5.75%	#		04/28/2021		710,329
		Fairmount Minerals,
	345,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		4.65%	#		09/05/2019		338,676
		Federal-Mogul Holdings Corporation,
	760,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		4.75%	#		04/15/2021		758,400
		Filtration Group, Inc.,
	720,000	Senior Secured 1st Lien Term Loan, Tranche B		4.30%	#		11/23/2020		726,527
		First Data Corporation,
	370,629	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C		3.98%	#		03/24/2021		373,872

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Foresight Energy LLC,
	530,000	Guaranteed Senior Secured 1st Lien Term Loan		6.75%	#		03/16/2022		517,744
		Galleria Company,
	720,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.81%	#		09/29/2023		727,200
		Gates Global LLC,
	730,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.40%	#		07/05/2021		732,237
		Gavilan Resources LLC,
	175,000	Secured 2nd Lien Term Loan		7.00%	#		03/01/2024		173,469
		Genesy’s Telecommunications Laboratories, Inc.,
	740,000	Senior Secured 1st Lien Term Loan, Tranche B		5.02%	#		12/01/2023		746,937
		Greektown Holdings LLC,
	500,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		03/21/2024		500,783
		GTCR Valor Companies, Inc.,
	360,000	Senior Secured 1st Lien Term Loan, Tranche B		7.15%	#		06/16/2023		362,428
		Harbor Freight Tools USA, Inc.,
	608,471	Senior Secured 1st Lien Term Loan		4.23%	#		08/18/2023		608,471
		Hargray Corporation,
	85,000	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/22/2024		85,398
		Harsco Corporation,
	425,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		6.00%	#		11/02/2023		431,906
		Huntsman International LLC,
	725,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		04/01/2023		732,554
		Ineos US Finance LLC,
	65,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.73%	#		04/01/2024		65,437
		Informatica Corporation,
	359,943	Senior Secured 1st Lien Term Loan, Tranche B		4.65%	#		08/05/2022		358,622
		JDA Software Group, Inc.,
	745,000	Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		10/12/2023		751,131
		Jeld-Wen, Inc.,
	723,064	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.15%	#		07/01/2022		729,087
		Jo-Ann Stores LLC,
	465,000	Senior Secured 1st Lien Term Loan		6.26%	#		10/20/2023		456,865
		Kenan Advantage Group,
	575,000	Senior Secured 1st Lien Term Loan, Tranche B1		4.00%	#		08/01/2022		576,616
		KIK Custom Products, Inc.,
	709,419	Senior Secured 1st Lien Term Loan, Tranche B		5.65%	#		08/26/2022		720,355
		Kraton Polymers LLC,
	529,304	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		01/06/2022		535,147
		Kronos, Inc.,
	725,000	Senior Secured 1st Lien Term Loan, Tranche B		5.03%	#		11/01/2023		730,024
		Leslie’s Poolmart, Inc.,
	745,000	Senior Secured 1st Lien Term Loan, Tranche B		4.77%	#		08/16/2023		749,004
		Level 3 Financing, Inc.,
	610,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.23%	#		02/22/2024		611,778

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 79

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Life Time Fitness,
	730,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		06/10/2022		732,829
		Lightstone Holdco LLC,
	650,000	Senior Secured 1st Lien Term Loan, Tranche B		5.54%	#		01/30/2024		654,956
		Lightstone Holdco LLC,
	40,000	Senior Secured 1st Lien Term Loan, Tranche C		5.54%	#		01/30/2024		40,305
		Mallinckrodt International Finance S.A.,
	160,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.90%	#		09/24/2024		160,100
		McGraw Hill Financial, Inc.,
	395,000	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		05/04/2022		391,571
		MGM Growth Properties LP,
	665,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.48%	#		04/25/2023		669,156
		Micron Technology, Inc.,
	405,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.73%	#		04/26/2022		407,975
		Milacron LLC,
	685,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		09/28/2023		689,713
		MPH Acquisition Holdings LLC,
	669,876	Senior Secured 1st Lien Term Loan, Tranche B		4.90%	#		06/07/2023		679,324
		National Vision, Inc.,
	740,000	Senior Secured 1st Lien Term Loan, Tranche B		4.00%	#		03/12/2021		741,003
		NBTY Inc.,
	745,000	Senior Secured 1st Lien Term Loan, Tranche B		4.65%	#		05/05/2023		751,053
		Nord Anglia Education Finance LLC,
	725,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.55%	#		03/31/2021		729,306
		Party City Holdings, Inc.,
	750,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.86%	#		08/19/2022		749,396
		Peabody Energy Corporation,
	720,000	Guaranteed Senior Secured 1st Lien Term Loan		5.50%	#		03/31/2022		721,260
		Pharmaceutical Product Development LLC,
	735,000	Senior Secured 1st Lien Term Loan, Tranche B		4.40%	#		08/18/2022		738,330
		Pike Corporation,
	165,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.75%	#		03/08/2024		167,063
		Piscine US Acquisition LLC,
	705,000	Guaranteed Senior Secured 1st Lien Term Loan		5.65%	#		12/20/2023		711,169
		PODS LLC,
	730,000	Senior Secured 1st Lien Term Loan, Tranche B2		4.25%	#		02/02/2022		737,300
		PQ Corporation,
	739,206	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.29%	#		11/04/2022		749,237
		Precyse Acquisition Corporation,
	440,917	Senior Secured 1st Lien Term Loan, Tranche B		6.50%	#		10/20/2022		443,950
		Prime Security Services Borrower LLC,
	720,000	Guaranteed Senior Secured 1st Lien Term Loan		4.25%	#		05/02/2022		728,248
		RCN Corporation,
	730,000	Senior Secured 1st Lien Term Loan		3.98%	#		02/01/2024		734,665

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		RentPath LLC,
	718,888	Senior Secured 1st Lien Term Loan, Tranche B		6.25%	#¥		12/17/2021		709,600
		Revlon Consumer Products Corporation,
	750,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.48%	#		09/07/2023		751,147
		Reynolds Group,
	740,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.98%	#		02/03/2023		743,741
		Sabre GLBL Inc.,
	60,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.73%	#		02/22/2024		60,563
		Safway Group Holding LLC,
	405,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		5.75%	#		08/18/2023		410,000
		Scientific Games International, Inc.,
	340,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		4.85%	#		10/01/2021		344,755
		Seahawk Holding Ltd.,
	738,325	Senior Secured 1st Lien Term Loan		7.00%	#		10/31/2022		750,323
		Select Medical Corporation,
	650,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.50%	#		03/06/2024		657,313
		SolarWinds Holdings, Inc.,
	745,000	Guaranteed Senior Secured 1st Lien Term Loan		4.50%	#		02/03/2023		746,538
		Solenis International LP,
	178,395	Guaranteed Secured 2nd Lien Term Loan		7.80%	#		07/29/2022		177,002
		Solera LLC,
	745,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		03/03/2023		749,708
		Sophia LP,
	743,727	Senior Secured 1st Lien Term Loan, Tranche B		4.40%	#		09/30/2022		744,541
		Summit Materials LLC,
	690,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.73%	#		07/18/2022		696,759
		Surgery Center Holdings, Inc.,
	705,000	Guaranteed Senior Secured 1st Lien Term Loan		4.75%	#		11/03/2020		714,035
		Team Health Holdings Inc.,
	745,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.75%	#		02/06/2024		740,809
		Telesat Canada,
	725,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4		4.15%	#		11/17/2023		732,250
		TKC Holdings, Inc.,
	715,000	Senior Secured 1st Lien Term Loan		4.75%	#		02/01/2023		723,194
		TransDigm, Inc.,
	735,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F		3.98%	#		06/09/2023		733,045
		Tumi Holdings, Inc.,
	725,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.23%	#		08/01/2023		731,913
		UFC Holdings LLC,
	685,000	Senior Secured 1st Lien Term Loan, Tranche B		4.25%	#		08/18/2023		689,586
		Univar USA, Inc.,
	740,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		3.73%	#		07/01/2022		742,660

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Univision Communications, Inc.,
	683,163	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C5		3.75%	#		03/15/2024		679,959
		US Renal Care, Inc.,
	635,000	Senior Secured 1st Lien Term Loan		5.40%	#		12/30/2022		597,494
		USAGM HoldCo LLC,
	695,000	Senior Secured 1st Lien Term Loan		4.79%	#		07/28/2022		699,670
		VF Holdings Corporation,
	720,000	Senior Secured 1st Lien Term Loan		4.25%	#		06/30/2023		724,500
		Vizient, Inc.,
	197,669	Senior Secured 1st Lien Term Loan, Tranche B		5.00%	#		02/13/2023		199,522
		Western Digital Corporation,
	425,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2		3.50%	#		04/28/2023		428,128
		WMG Acquisition Corporation,
	735,000	Guaranteed Senior Secured 1st Lien Term Loan		3.75%	#		11/01/2023		738,848
		York Risk Services Group, Inc.,
	580,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.90%	#		10/01/2021		567,133
		Total Bank Loans (Cost $68,490,216)							68,361,379
	COLLATERALIZED LOAN OBLIGATIONS 15.7%
		Adams Mill Ltd.,
	1,000,000	Series 2014-1A-A1		2.50%	#^		07/15/2026		1,001,776
	250,000	Series 2014-1A-D1		4.52%	#^		07/15/2026		247,500
	250,000	Series 2014-1A-E1		6.02%	#^		07/15/2026		239,254
		ALM LLC,
	2,000,000	Series 2013-8A-DR		8.12%	#^		10/15/2028		2,021,673
	1,000,000	Series 2014-14A-A1		2.47%	#^		07/28/2026		1,001,000
	500,000	Series 2016-19A-A2		3.22%	#^		07/15/2028		505,493
	500,000	Series 2016-19A-B		4.02%	#^		07/15/2028		504,930
		Apidos Ltd.,
	2,500,000	Series 2015-21A-C		4.57%	#^		07/18/2027		2,494,642
	250,000	Series 2015-21A-D		6.57%	#^		07/18/2027		244,917
	1,250,000	Series 2016-24A-C		4.98%	#^		07/20/2027		1,272,491
		Atrium Corporation,
	3,000,000	Series 2017-9A-DR		0.00%	#^		05/28/2030		2,977,077
		Avery Point Ltd.,
	500,000	Series 2013-2A-D		4.47%	#^		07/17/2025		497,427
		Babson Ltd.,
	500,000	Series 2012-2A-CR		4.64%	#^		05/15/2023		505,658
	3,500,000	Series 2014-3A-D1		4.52%	#^		01/15/2026		3,508,750
	500,000	Series 2014-3A-D2		5.17%	#^		01/15/2026		502,656
	2,250,000	Series 2014-3A-E1		6.12%	#^		01/15/2026		2,146,534
	250,000	Series 2014-3A-E2		7.52%	#^		01/15/2026		251,843
	1,000,000	Series 2015-2A-D		4.83%	#^		07/20/2027		1,003,000
		Barings Ltd.,
	2,000,000	Series 2016-3A-C		4.87%	#^		01/15/2028		2,022,380
		Battalion Ltd.,
	500,000	Series 2007-1A-C		1.82%	#^		07/14/2022		497,723
		Betony Ltd.,
	500,000	Series 2015-1A-D		4.62%	#^		04/15/2027		495,367
		BlueMountain Ltd.,
	750,000	Series 2015-2A-C		3.72%	#^		07/18/2027		746,786
	1,000,000	Series 2015-2A-D		4.57%	#^		07/18/2027		1,004,956
	500,000	Series 2015-2A-E		6.37%	#^		07/18/2027		485,080

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		BlueMountain Ltd., (Cont.)
	1,000,000	Series 2015-3A-B		4.13%	#^		10/20/2027		1,022,743
	500,000	Series 2015-3A-C		4.58%	#^		10/20/2027		500,684
	750,000	Series 2016-2A-C		5.15%	#^		08/20/2028		767,697
	1,000,000	Series 2016-3A-D		4.82%	#^		11/15/2027		1,010,473
		California Street LP,
	2,000,000	Series 2012-9A-DR		4.98%	#^		10/16/2028		2,024,932
	2,000,000	Series 2012-9A-ER		8.20%	#^		10/16/2028		2,008,858
		Canyon Capital Ltd.,
	2,000,000	Series 2006-1A-D		2.73%	#^		12/15/2020		1,971,901
	1,000,000	Series 2012-1A-DR		5.12%	#^		01/15/2026		1,022,148
		Carlyle Global Market Strategies Ltd.,
	2,000,000	Series 2016-2A-D2		7.47%	#^		07/15/2027		1,972,358
		Carlyle High Yield Partners Ltd.,
	654,936	Series 2007-10A-A1		1.25%	#^		04/19/2022		655,774
	251,537	Series 2007-10A-A2A		1.24%	#^		04/19/2022		251,689
		Catamaran Ltd.,
	250,000	Series 2015-1A-C1		4.14%	#^		04/22/2027		252,215
		Cent Ltd.,
	2,000,000	Series 2006-12A-D		2.45%	#^		11/18/2020		1,965,497
	2,375,000	Series 2007-15A-D		5.27%	#^		03/11/2021		2,336,813
	621,332	Series 2012-16A-A1AR		2.28%	#^		08/01/2024		621,152
	2,000,000	Series 2014-22A-C		4.78%	#^		11/07/2026		2,000,529
	1,595,000	Series 2014-22A-D		6.33%	#^		11/07/2026		1,523,569
		Dryden Senior Loan Fund,
	500,000	Series 2012-24RA-DR		4.74%	#^		11/15/2023		496,484
	250,000	Series 2012-25A-D		5.02%	#^		01/15/2025		251,304
	2,500,000	Series 2014-34A-DR		0.00%	#^		10/15/2026		2,500,000
	1,000,000	Series 2016-45-D		4.87%	#^		07/15/2027		1,010,107
		Duane Street Ltd.,
	1,500,000	Series 2007-4A-D		3.29%	#^		11/14/2021		1,502,898
		Eaton Vance Ltd.,
	380,199	Series 2006-8A-A		1.29%	#^		08/15/2022		379,529
	500,000	Series 2006-8A-B		1.69%	#^		08/15/2022		498,089
		Galaxy Ltd.,
	250,000	Series 2014-18A-D1		4.72%	#^		10/15/2026		247,501
		GLM 2017-1A D,
	1,000,000	Series 2017-1A-D		4.53%	#		04/20/2029		1,000,000
		GoldenTree Loan Opportunities Ltd.,
	1,000,000	Series 2015-10A-D		4.38%	#^		07/20/2027		992,408
		Halcyon Loan Advisors Funding Ltd.,
	250,000	Series 2013-2A-C		3.73%	#^		08/01/2025		251,533
	250,000	Series 2014-2A-C		4.54%	#^		04/28/2025		244,534
	250,000	Series 2014-2A-D		6.04%	#^		04/28/2025		230,554
		ING Ltd.,
	500,000	Series 2013-1A-D		6.02%	#^		04/15/2024		496,306
		Jay Park Ltd.,
	2,000,000	Series 2016-1A-C		4.66%	#^		10/20/2027		2,017,478
		LCM LP,
	500,000	Series 12A-DR		4.72%	#^		10/19/2022		504,463
	500,000	Series 14A-D		4.52%	#^		07/15/2025		502,543
	250,000	Series 16A-D		4.62%	#^		07/15/2026		251,725
		Madison Park Funding Ltd.,
	705,655	Series 2007-4A-A2		1.39%	#^		03/22/2021		701,448
	1,000,000	Series 2007-6A-C		2.03%	#^		07/26/2021		976,125
	2,095,000	Series 2013-11A-D		4.54%	#^		10/23/2025		2,112,274
	250,000	Series 2014-13X-E		6.02%	#		01/19/2025		246,250
	750,000	Series 2014-14A-D		4.63%	#^		07/20/2026		756,488
	1,000,000	Series 2014-15A-CR		4.49%	#^		01/27/2026		1,007,654
	2,500,000	Series 2014-15A-DR		6.48%	#^		01/27/2026		2,495,021
	500,000	Series 2015-18A-D2		4.99%	#^		10/21/2026		500,938
		Magnetite Ltd.,
	250,000	Series 2014-9A-B		4.04%	#^		07/25/2026		252,914
		Marathon Ltd.,
	1,000,000	Series 2017-9A-A2		0.00%	#^		04/15/2029		1,001,015

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 81

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Octagon Investment Partners Ltd.,
	500,000	Series 2014-1A-C		4.69%	#^		11/14/2026		502,042
	500,000	Series 2014-1A-C2		4.54%	#^		11/25/2025		500,746
	2,000,000	Series 2014-1A-D		7.64%	#^		11/14/2026		2,020,054
	500,000	Series 2014-1A-D2		5.62%	#^		11/25/2025		502,689
	2,500,000	Series 2017-1A-C		4.53%	#^		03/17/2030		2,502,811
	1,250,000	Series 2017-1A-D		7.23%	#^		03/17/2030		1,244,282
		Palmer Square Ltd.,
	1,000,000	Series 2013-2A-A1B		3.12%	^		10/17/2025		1,000,000
		Race Point Ltd.,
	250,000	Series 2012-6A-CR		4.16%	#^		05/24/2023		251,779
	250,000	Series 2012-6A-DR		5.16%	#^		05/24/2023		250,444
		Sound Harbor Loan Fund Ltd.,
	1,000,000	Series 2014-1A-A1		2.54%	#^		10/30/2026		1,001,773
		Symphony Ltd.,
	500,000	Series 2013-11A-C		4.17%	#^		01/17/2025		500,949
	500,000	Series 2014-14A-D2		4.62%	#^		07/14/2026		498,814
		TCI-Flatiron Ltd.,
	2,000,000	Series 2016-1A-C		5.12%	#^		12/21/2029		2,015,581
		TCI-Symphony Ltd.,
	1,000,000	Series 2016-1A-D		4.72%	#^		10/13/2029		1,001,139
		Thacher Park Ltd.,
	3,000,000	Series 2014-1A-D1R		5.26%	#^		10/20/2026		3,003,614
		THL Credit Wind River Ltd.,
	4,000,000	Series 2014-1A-DR		4.61%	#^		04/18/2026		4,000,995
	2,000,000	Series 2014-2A-D		4.92%	#^		07/15/2026		2,023,771
	2,000,000	Series 2017-1A-DR		4.78%	#^		04/18/2029		2,002,089
	1,750,000	Series 2017-1A-E		7.45%	#^		04/18/2029		1,742,853
		Venture Ltd.,
	4,000,000	Series 2007-8A-C		1.94%	#^		07/22/2021		3,910,526
	4,000,000	Series 2012-12A-DR		4.75%	#^		02/28/2026		4,008,319
	500,000	Series 2014-17A-C		3.87%	#^		07/15/2026		501,531
	2,500,000	Series 2016-12A-ER		7.25%	#^		02/28/2026		2,450,218
	1,000,000	Series 2016-23A-B		3.32%	#^		07/19/2028		1,004,213
	2,000,000	Series 2016-24A-E		7.79%	#^		10/20/2028		2,009,000
		Westcott Park Ltd.,
	1,000,000	Series 2016-1A-D		5.38%	#^		07/20/2028		1,018,691
		Wind River Ltd.,
	2,000,000	Series 2012-1A-DR		5.12%	#^		01/15/2026		2,028,740
	500,000	Series 2016-1A-B		4.22%	#^		07/15/2028		503,102
	500,000	Series 2016-1A-C		3.37%	#^		07/15/2028		505,955
		Total Collateralized Loan Obligations (Cost $114,884,094)							116,022,248
	FOREIGN CORPORATE BONDS 11.8%
	199,580	Abengoa Transmision Sur S.A.		6.88%	^		04/30/2043		214,548
	199,580	Abengoa Transmision Sur S.A.		6.88%			04/30/2043		214,549
	300,000	Aeropuerto Argentina S.A.		6.88%	^		02/01/2027		310,500
	500,000	AES Andres B.V.		7.95%	^		05/11/2026		537,685
	200,000	AES El Salvador Trust		6.75%			03/28/2023		186,500
	700,000	AES Gener S.A.		5.00%			07/14/2025		712,654
	300,000	Agromercantil Senior Trust		6.25%			04/10/2019		311,250
	200,000	Autoridad del Canal de Panama		4.95%			07/29/2035		219,500
	200,000	Avianca Holdings S.A.		8.38%			05/10/2020		199,200
	200,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		199,200
	200,000	Axiata SPV2 BHD		3.47%			11/19/2020		205,011
	300,000	Banco de Bogota S.A.		5.38%			02/19/2023		313,125
	1,000,000	Banco de Costa Rica		5.25%			08/12/2018		1,018,310
	200,000	Banco de Reservas de la Republica Dominicana		7.00%	^		02/01/2023		204,132
	200,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		204,132

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	200,000	Banco do Brasil S.A.		9.00%	#^†		06/18/2024		208,000
	300,000	Banco GNB Sudameris S.A.		3.88%			05/02/2018		300,750
	500,000	Banco GNB Sudameris S.A.		6.50%	^		04/03/2027		507,975
	100,000	Banco International del Peru S.A.A.		6.63%	#		03/19/2029		109,625
	1,450,000	Banco Macro S.A.		6.75%	#		11/04/2026		1,458,990
	2,500,000	Banco Mercantil del Norte S.A.		5.75%	#		10/04/2031		2,453,125
	2,000,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#		08/11/2026		1,965,000
	600,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		608,688
	400,000	Banco Nacional de Costa Rica		5.88%	^		04/25/2021		407,500
	900,000	Banco Santander		5.95%	#		01/30/2024		933,750
	400,000	Bancolombia S.A.		6.13%			07/26/2020		432,520
	200,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		200,000
	400,000	BBVA Bancomer S.A.		5.35%	#		11/12/2029		396,000
	1,500,000	Bharti Airtel Ltd.		4.38%			06/10/2025		1,501,339
	2,000,000	BPRL International Singapore Pte Ltd.		4.38%			01/18/2027		2,042,458
	295,000	Camelot Finance S.A.		7.88%	^		10/15/2024		313,435
	100,000	Camposol S.A.		10.50%	^		07/15/2021		105,750
	500,000	Cementos Progreso Trust		7.13%			11/06/2023		531,250
	1,500,000	Cencosud S.A.		5.15%			02/12/2025		1,565,792
	400,000	CIMPOR Financial Operations B.V.		5.75%			07/17/2024		356,000
	2,000,000	CK Hutchison International Ltd.		3.50%	^		04/05/2027		1,996,427
	200,000	CNOOC Finance Ltd.		4.25%			01/26/2021		209,703
	2,500,000	CNOOC Finance Ltd.		3.50%			05/05/2025		2,478,522
	1,000,000	CNPC General Capital Ltd.		3.40%			04/16/2023		1,014,717
	300,000	Colbun S.A.		6.00%			01/21/2020		325,895
	2,500,000	Comision Federal de Electricidad		4.75%			02/23/2027		2,512,500
	900,000	Comision Federal de Electricidad		6.13%			06/16/2045		929,250
	500,000	CorpGroup Banking S.A.		6.75%			03/15/2023		481,245
	500,000	Cosan Overseas Ltd.		8.25%	†		11/29/2049		503,750
	400,000	Credito Real S.A.B. de C.V.		7.25%	^		07/20/2023		406,000
	250,000	Dana Financing, Ltd.		5.75%	^		04/15/2025		252,812
	2,000,000	DBS Group Holdings Ltd.		3.60%	#†		12/29/2049		1,970,414
	200,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		207,500
	500,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		532,187
	200,000	Digicel Ltd.		8.25%			09/30/2020		172,674
	2,000,000	Digicel Ltd.		7.13%			04/01/2022		1,565,000
	200,000	Eldorado International Finance GMBH		8.63%	^		06/16/2021		170,500
	400,000	Empresa Electrica Guacolda S.A.		4.56%	^		04/30/2025		383,735
	800,000	Empresa Electrica Guacolda S.A.		4.56%			04/30/2025		767,471
	300,000	Empresa Nacional de Telecomunicaciones S.A.		4.88%			10/30/2024		310,646
	791,990	ENA Norte Trust		4.95%			04/25/2023		819,710
	1,600,000	Engie Energia Chile S.A.		4.50%			01/29/2025		1,639,633
	1,500,000	ENTEL Chile S.A.		4.75%			08/01/2026		1,540,902
	800,000	Export-Import Bank of India		3.13%			07/20/2021		807,061
	400,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		407,000
	400,000	Fondo Mivivienda S.A.		3.50%	^		01/31/2023		404,000
	1,000,000	Global Bank Corporation		4.50%			10/20/2021		993,000
	1,000,000	Global Bank Corporation		4.50%	^		10/20/2021		993,000
	500,000	GNL Quintero S.A.		4.63%			07/31/2029		512,500
	1,500,000	Gohl Capital Ltd.		4.25%			01/24/2027		1,516,355
	200,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		208,000

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	400,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		354,500
	200,000	Grupo Posadas S.A.B. de C.V.		7.88%	^		06/30/2022		206,500
	400,000	Grupo Televisa SAB		4.63%			01/30/2026		412,292
	600,000	Grupo Televisa SAB		6.13%			01/31/2046		637,478
	750,000	GrupoSura Finance S.A.		5.50%			04/29/2026		792,188
	583,056	Guanay Finance Ltd.		6.00%			12/15/2020		601,277
	500,000	Hutchison Whampoa International Ltd.		6.00%	#†		05/07/2017		502,850
	2,000,000	Industrial Senior Trust		5.50%			11/01/2022		2,009,280
	200,000	Inkia Energy Ltd.		8.38%	^		04/04/2021		206,000
	200,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		211,484
	150,000	Intelsat Jackson Holdings S.A.		5.50%			08/01/2023		123,937
	100,000	Intelsat Jackson Holdings S.A.		8.00%	^		02/15/2024		106,250
	1,800,000	Inversiones CMPC S.A.		4.38%	^		04/04/2027		1,793,252
	300,000	IOI Investment BHD		4.38%			06/27/2022		310,274
	2,500,000	Israel Electric Corporation Ltd.		5.00%	^		11/12/2024		2,632,500
	2,500,000	Korea Development Bank		3.00%			01/13/2026		2,495,234
	135,000	Kronos Acquisition Holdings, Inc.		9.00%	^		08/15/2023		137,700
	200,000	Magnesita Finance Ltd.		8.63%	†		04/05/2017		199,900
	800,000	Malayan Banking BHD		3.25%	#		09/20/2022		802,920
	1,000,000	MARB BondCo PLC		7.00%	^		03/15/2024		995,000
	400,000	Marfrig Holdings Europe B.V.		8.00%	^		06/08/2023		418,920
	380,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		399,000
	200,000	Minerva Luxembourg S.A.		8.75%	#^†		04/03/2019		210,000
	100,000	National Gas Company of Trinidad and Tobago Ltd.		6.05%			01/15/2036		104,000
	200,000	OAS Financial Ltd.		8.88%	†W		04/29/2049		9,000
	2,500,000	ONGC Videsh Ltd.		3.75%			07/27/2026		2,453,045
	2,400,000	Ooredoo International Finance Ltd.		3.88%			01/31/2028		2,365,644
	800,000	Pampa Energia S.A.		7.50%	^		01/24/2027		811,120
	1,000,000	Pertamina Persero PT		5.63%			05/20/2043		1,029,070
	400,000	Petrobras Global Finance B.V.		7.38%			01/17/2027		423,880
	2,000,000	Petrobras Global Finance B.V.		7.25%			03/17/2044		1,985,000
	2,200,000	Petronas Capital Ltd.		3.50%			03/18/2025		2,238,524
	1,500,000	Pontis Ltd.		5.13%	^		03/31/2027		1,504,500
	250,000	Reliance Holdings, Inc.		4.50%			10/19/2020		265,293
	500,000	Reliance Holdings, Inc.		5.40%			02/14/2022		546,122
	200,000	Sigma Alimentos S.A. de C.V.		4.13%			05/02/2026		196,000
	2,800,000	Sinopec Group Overseas Development Ltd.		2.75%			09/29/2026		2,600,304
	200,000	Sixsigma Networks Mexico S.A. de C.V.		8.25%	^		11/07/2021		198,500
	900,000	SUAM Finance B.V.		4.88%			04/17/2024		936,630
	310,000	Telesat LLC		8.88%	^		11/15/2024		341,000
	200,000	Tenedora Nemak S.A. de C.V.		5.50%			02/28/2023		208,750
	2,500,000	Transportadora de Gas del Peru S.A.		4.25%			04/30/2028		2,531,250
	400,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		400,000
	400,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		395,000
	800,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		816,184
		Total Foreign Corporate Bonds (Cost $86,628,995)							87,397,904

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 4.5%
	2,900,000	Argentine Republic Government International Bond		6.88%	^		01/26/2027		2,938,425
	2,500,000	Brazilian Government International Bond		5.63%			01/07/2041		2,443,750
	1,500,000	Chile Government International Bond		3.13%			01/21/2026		1,527,000
	300,000	Colombia Government International Bond		4.50%			01/28/2026		317,625
	800,000	Costa Rica Government International Bond		10.00%			08/01/2020		941,440
	300,000	Dominican Republic International Bond		5.50%			01/27/2025		306,375
	2,600,000	Dominican Republic International Bond		5.95%	^		01/25/2027		2,661,750
	1,200,000	Dominican Republic International Bond		6.85%			01/27/2045		1,248,000
	1,400,000	Guatemala Government Bond		4.50%			05/03/2026		1,396,752
	500,000	Guatemala Government Bond		4.88%			02/13/2028		511,000
	1,500,000	Indonesia Government International Bond		5.88%			03/13/2020		1,642,413
	500,000	Indonesia Government International Bond		4.35%	^		01/08/2027		517,979
	3,000,000	Korea International Bond		2.75%			01/19/2027		2,953,425
	3,000,000	Mexico Government International Bond		4.13%			01/21/2026		3,091,500
	800,000	Mexico Government International Bond		4.15%			03/28/2027		815,000
	1,500,000	Mexico Government International Bond		4.75%			03/08/2044		1,462,500
	3,000,000	Panama Government International Bond		3.88%			03/17/2028		3,056,250
	600,000	Panama Government International Bond		4.30%			04/29/2053		571,500
	1,400,000	Perusahaan Penerbit SBSN Indonesia III		4.15%	^		03/29/2027		1,407,630
	1,200,000	Philippine Government International Bond		3.70%			02/02/2042		1,188,257
	1,200,000	Provincia de Buenos Aires		7.88%	^		06/15/2027		1,218,240
	800,000	Republic of Poland Government International Bond		5.13%			04/21/2021		877,344
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $32,534,193)							33,094,155
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 9.8%
	159,000	Americold 2010 LLC Trust, Series 2010-ARTA-C		6.81%	^		01/14/2029		177,663
		Banc of America Commercial Mortgage Trust,
	100,000	Series 2007-5-AM		5.77%	#		02/10/2051		102,053
		Barclays Commercial Mortgage Securities LLC,
	11,389,514	Series 2017-C1-XA		1.53%	# I/O		02/15/2050		1,284,042
	1,259,000	Series 2014-BXO-E		3.33%	#^		08/15/2027		1,256,594
		BB-UBS Trust,
	1,430,000	Series 2012-TFT-TE		3.56%	#^		06/05/2030		1,319,843
		Bear Stearns Commercial Mortgage Securities Trust,
	493,405	Series 2007-PW17-A4		5.69%	#		06/11/2050		496,948

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 83

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Bear Stearns Commercial Mortgage Securities, Inc.,
	8,469	Series 2006-PW13-AJ		5.61%	#		09/11/2041		8,461
	443,430	Series 2007-PW18-A4		5.70%			06/11/2050		448,784
	250,000	Series 2007-T26-AJ		5.57%	#		01/12/2045		240,230
		BXHTL Mortgage Trust,
	550,000	Series 2015-JWRZ-A		2.14%	#^		05/15/2029		551,639
		CD Commercial Mortgage Trust,
	13,285,774	Series 2017-CD3-XA		1.05%	# I/O		02/10/2050		1,053,735
		CFCRE Commercial Mortgage Trust,
	7,605,734	Series 2016-C4-XA		1.77%	# I/O		05/10/2058		871,530
		Citigroup Commercial Mortgage Trust,
	412,000	Series 2007-C6-AM		5.78%	#		12/10/2049		417,483
	210,000	Series 2007-C6-AMFX		5.78%	#^		12/10/2049		211,098
	275,000	Series 2008-C7-AM		6.13%	#		12/10/2049		280,531
	100,000	Series 2014-GC21-D		4.84%	#^		05/10/2047		84,305
	1,843,470	Series 2014-GC25-XA		1.06%	# I/O		10/10/2047		114,850
	200,000	Series 2015-GC27-D		4.43%	#^		02/10/2048		160,937
	3,325,915	Series 2016-P4-XA		2.01%	# I/O		07/10/2049		432,002
		COBALT Commercial Mortgage Trust,
	1,290,000	Series 2007-C2-AJFX		5.57%	#		04/15/2047		1,304,513
	100,000	Series 2007-C3-AM		5.88%	#		05/15/2046		101,678
		Commercial Mortgage Pass-Through Certificates,
	440,000	Series 2012-CR4-C		4.44%	#^		10/15/2045		431,064
	1,187,000	Series 2012-CR4-D		4.57%	#^		10/15/2045		1,083,237
	3,127,098	Series 2013-CR10-XA		0.92%	# I/O		08/10/2046		111,299
	2,000,000	Series 2013-CR11-D		5.17%	#^		08/10/2050		1,887,204
	1,565,000	Series 2013-LC13-D		5.04%	#^		08/10/2046		1,501,430
	1,311,735	Series 2014-CR17-XA		1.16%	# I/O		05/10/2047		70,175
	100,000	Series 2014-CR19-C		4.72%	#		08/10/2047		101,851
	125,000	Series 2014-CR20-C		4.51%	#		11/10/2047		123,205
	375,000	Series 2015-CR22-D		4.13%	#^		03/10/2048		302,051
	300,000	Series 2015-CR23-D		4.26%	#		05/10/2048		228,239
	8,245,847	Series 2015-CR27-XA		1.16%	# I/O		10/13/2048		532,692
	2,468,138	Series 2015-DC1-XA		1.17%	# I/O		02/10/2048		149,894
	815,000	Series 2015-LC21-C		4.31%	#		07/10/2048		771,700
	406,000	Series 2015-LC23-C		4.65%	#		10/10/2048		399,701
	3,618,754	Series 2016-DC2-XA		1.07%	# I/O		02/10/2049		249,483
		Cosmopolitan Hotel Trust,
	595,000	Series 2016-CSMO-C		3.56%	#^		11/15/2033		604,224
		Countrywide Commercial Mortgage Trust,
	133,071	Series 2007-MF1-A		6.21%	#^		11/12/2043		133,809
		Credit Suisse Commercial Mortgage Trust,
	586,088	Series 2007-C1-AM		5.42%			02/15/2040		585,129
		Credit Suisse Mortgage Capital Certificates,
	20,854	Series 2007-C2-AM		5.62%	#		01/15/2049		20,936
	551,000	Series 2007-C4-A1AM		5.96%	#		09/15/2039		554,566
	238,340	Series 2007-C5-A4		5.70%	#		09/15/2040		239,405
	2,018,458	Series 2014-USA-X1		0.55%	#^ I/O		09/15/2037		75,876
	875,000	Series 2015-SAND-D		3.76%	#^		08/15/2030		879,470
		CSAIL Commercial Mortgage Trust,
	2,713,085	Series 2015-C1-XA		0.95%	# I/O		04/15/2050		147,615
		FORT CRE LLC,
	536,000	Series 2016-1A-B		3.53%	#^		05/21/2036		543,572
		GE Commercial Mortgage Corporation Trust,
	399,200	Series 2007-C1-AM		5.61%	#		12/10/2049		397,212
		GMAC Commercial Mortgage Securities Trust,
	406,000	Series 2004-C3-D		5.04%	#		12/10/2041		416,333
	564,000	Series 2004-C3-E		5.14%	#^		12/10/2041		559,741
		Grace Mortgage Trust,
	100,000	Series 2014-GRCE-A		3.37%	^		06/10/2028		103,665
		Greenwich Capital Commercial Funding Corporation,
	300,000	Series 2007-GG11-AJ		6.05%	#		12/10/2049		305,176
	150,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		151,789
		GS Mortgage Securities Corporation,
	132,287	Series 2007-GG10-A4		5.95%	#		08/10/2045		132,312
	3,137,827	Series 2013-GC10-XA		1.59%	# I/O		02/10/2046		219,965
	3,719,071	Series 2014-GC20-XA		1.15%	# I/O		04/10/2047		199,975

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		GS Mortgage Securities Corporation, (Cont.)
	9,127,225	Series 2014-GC24-XA		0.86%	# I/O		09/10/2047		410,299
	7,438,615	Series 2015-GS1-XA		0.83%	# I/O		11/10/2048		421,410
	7,406,658	Series 2016-GS2-XA		1.67%	# I/O		05/10/2049		805,796
		GS Mortgage Securities Trust,
	257,000	Series 2013-GC13-D		4.07%	#^		07/10/2046		232,533
		GSCCRE Commercial Mortgage Trust,
	1,056,000	Series 2015-HULA-D		4.66%	#^		08/15/2032		1,066,280
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	214,624	Series 2006-LDP9-AM		5.37%			05/15/2047		214,451
	1,044,000	Series 2007-C1-AM		5.99%	#		02/15/2051		1,055,063
	257,339	Series 2007-CB18-AM		5.47%	#		06/12/2047		257,902
	631,000	Series 2007-CB19-AM		5.83%	#		02/12/2049		631,427
	385,000	Series 2007-CB20-AJ		6.18%	#		02/12/2051		394,384
	150,000	Series 2007-CB20-AM		5.98%	#		02/12/2051		152,176
	475,000	Series 2007-LD12-AM		6.07%	#		02/15/2051		481,907
	100,000	Series 2014-DSTY-A		3.43%	^		06/10/2027		101,766
	150,000	Series 2014-PHH-D		3.31%	#^		08/15/2027		150,052
		JP Morgan Chase Commercial Mortgage Securities Trust,
	412,000	Series 2004-CBX-D		5.10%	#		01/12/2037		418,888
	1,266,000	Series 2006-LDP9-AMS		5.34%			05/15/2047		1,252,120
	1,587,000	Series 2007-LD11-AM		5.84%	#		06/15/2049		1,624,701
	1,241,510	Series 2007-LDPX-AM		5.46%	#		01/15/2049		1,240,496
	543,000	Series 2014-FRR1-A707		4.35%	^		01/27/2047		535,841
	1,500,000	Series 2015-FL7-C		3.76%	#^		05/15/2028		1,503,145
	1,476,000	Series 2015-JP1-F		4.74%	#^		01/15/2049		1,058,420
	406,000	Series 2016-ASH-B		3.06%	#^		10/15/2034		408,538
	229,000	Series 2016-ASH-C		3.66%	#^		10/15/2034		230,716
	6,449,723	Series 2016-JP4-XA		0.82%	# I/O		12/15/2049		324,378
	594,000	Series 2016-WPT-E		5.91%	#^		10/15/2033		606,331
		JPMBB Commercial Mortgage Securities Trust,
	318,000	Series 2013-C15-D		5.05%	#^		11/15/2045		302,084
	2,144,016	Series 2014-C18-XA		1.07%	# I/O		02/15/2047		96,658
	1,225,183	Series 2014-C21-XA		1.09%	# I/O		08/15/2047		70,940
	100,000	Series 2014-C23-C		4.46%	#		09/15/2047		100,276
	150,000	Series 2014-C25-C		4.45%	#		11/15/2047		147,909
	425,000	Series 2014-C26-C		4.43%	#		01/15/2048		414,334
	6,893,812	Series 2015-C29-XA		0.94%	# I/O		05/15/2048		266,363
	5,702,361	Series 2015-C31-XA		1.01%	# I/O		08/15/2048		323,610
	470,000	Series 2015-C33-C		4.62%	#		12/15/2048		471,662
		JPMDB Commercial Mortgage Securities Trust,
	9,255,819	Series 2016-C4-XA		0.85%	# I/O		12/15/2049		584,244
		LB-UBS Commercial Mortgage Trust,
	289,566	Series 2007-C2-AM		5.49%	#		02/15/2040		289,716
		LSTAR Commercial Mortgage Trust,
	4,601,536	Series 2016-4-XA		1.95%	#^ I/O		03/10/2049		396,084
	18,807,000	Series 2017-5-X		1.39%	#^ I/O		03/10/2050		1,097,565
		Merrill Lynch Mortgage Trust,
	542,000	Series 2007-C1-AM		5.84%	#		06/12/2050		533,394
		Morgan Stanley Bank of America Merrill Lynch Trust,
	100,000	Series 2014-C18-C		4.49%	#		10/15/2047		98,608
	500,000	Series 2014-C19-C		4.00%			12/15/2047		467,265
	500,000	Series 2015-C20-C		4.46%	#		02/15/2048		463,736
	1,664,000	Series 2015-C20-D		3.07%	^		02/15/2048		1,256,530
	180,000	Series 2015-C21-C		4.16%	#		03/15/2048		174,129
	360,000	Series 2015-C23-C		4.14%	#		07/15/2050		341,170
	550,000	Series 2015-C26-D		3.06%	^		10/15/2048		411,267
	274,000	Series 2015-C27-C		4.54%	#		12/15/2047		261,705
		Morgan Stanley Capital, Inc.,
	41,947	Series 2006-HQ8-AJ		5.40%	#		03/12/2044		41,994
	109,970	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		107,991
	616,000	Series 2007-IQ16-AM		6.07%	#		12/12/2049		628,402
	150,000	Series 2014-MP-D		3.69%	#^		08/11/2029		151,880
	11,578,517	Series 2016-UB12-XA		0.84%	# I/O		12/15/2049		631,324
	1,651,000	Series 2017-PRME-D		4.31%	#^		02/15/2034		1,659,884
		MSCG Trust,
	648,000	Series 2016-SNR-C		5.21%	^		11/15/2034		650,752

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		RRX Trust,
	2,000,000	Series 2014-1A-A		0.00%	^ P/O		08/26/2044		1,909,302
		Sutherland Commercial Mortgage Loans LLC,
	1,105,227	Series 2015-SBC4-A		4.00%	^		06/25/2039		1,101,220
		TRU Trust,
	1,306,952	Series 2016-TOYS-A		3.16%	#^		11/15/2030		1,312,466
		UBS-Barclays Commercial Mortgage Trust,
	571,000	Series 2013-C6-D		4.35%	#^		04/10/2046		514,729
		Wachovia Bank Commercial Mortgage Trust,
	1,417,000	Series 2006-C25-F		5.88%	#		05/15/2043		1,421,267
	1,252,000	Series 2006-C26-AM		6.06%	#		06/15/2045		1,261,409
	262,514	Series 2006-C27-AJ		5.83%	#		07/15/2045		264,636
	250,417	Series 2006-C28-AJ		5.63%	#		10/15/2048		251,357
	609,020	Series 2007-C30-AJ		5.41%	#		12/15/2043		613,585
	1,629,000	Series 2007-C31-AJ		5.66%	#		04/15/2047		1,636,468
	130,250	Series 2007-C31-AM		5.59%	#		04/15/2047		131,107
	136,358	Series 2007-C32-A3		5.76%	#		06/15/2049		136,217
	485,000	Series 2007-C33-AJ		6.05%	#		02/15/2051		486,790
	407,000	Series 2007-C33-AM		6.05%	#		02/15/2051		410,220
		Wells Fargo Commercial Mortgage Trust,
	500,000	Series 2014-LC16-D		3.94%	^		08/15/2050		414,224
	200,000	Series 2015-C27-C		3.89%			02/15/2048		176,621
	400,000	Series 2015-C28-C		4.14%	#		05/15/2048		360,785
	11,052,463	Series 2015-C30-XA		1.01%	# I/O		09/15/2058		692,304
	540,000	Series 2015-C31-C		4.61%	#		11/15/2048		548,593
	5,937,403	Series 2015-C31-XA		1.11%	# I/O		11/15/2048		406,891
	2,707,293	Series 2015-NXS1-XA		1.19%	# I/O		05/15/2048		174,600
	8,895,784	Series 2015-NXS2-XA		0.79%	# I/O		07/15/2058		376,776
	411,000	Series 2015-NXS4-C		4.60%	#		12/15/2048		420,942
	2,770,274	Series 2016-C33-XA		1.81%	# I/O		03/15/2059		302,258
	3,155,000	Series 2017-RC1-XA		1.74%	# I/O		01/15/2060		346,098
		WFRBS Commercial Mortgage Trust,
	1,192,000	Series 2012-C6-D		5.58%	#^		04/15/2045		1,195,606
	1,066,647	Series 2012-C9-D		4.80%	#^		11/15/2045		1,012,229
		WF-RBS Commercial Mortgage Trust,
	4,130,103	Series 2014-C21-XA		1.15%	# I/O		08/15/2047		239,979
	2,521,167	Series 2014-C24-XA		0.97%	# I/O		11/15/2047		127,881
	5,056,309	Series 2016-NXS6-XA		1.66%	# I/O		11/15/2049		537,487
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $73,078,729)							71,937,457
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 25.4%
		ACE Securities Corporation Home Equity Loan Trust Series,
	5,581,208	Series 2007-HE1-A2A		1.07%	#		01/25/2037		3,938,003
		Ajax Mortgage Loan Trust,
	1,866,740	Series 2015-B-A		3.88%	#^		07/25/2060		1,866,331
	4,504,587	Series 2016-1-A		4.25%	#^		07/25/2047		4,462,329
	3,801,641	Series 2016-C-A		4.00%	#^		10/25/2057		3,793,040
		Banc of America Funding Corporation,
	750,000	Series 2005-B-3M1		1.43%	#		04/20/2035		627,686
		Bayview Opportunity Master Fund Trust,
	3,187,016	Series 2016-RN3-A1		3.60%	#^		09/28/2031		3,190,116
	2,237,613	Series 2016-RPL2-A1		3.84%	#^		06/28/2031		2,214,662
	2,817,691	Series 2016-RPL4-A1		3.47%	#^		07/28/2018		2,804,997
		Bear Stearns Alt-A Trust,
	1,861,901	Series 2006-4-22A1		3.49%	#		08/25/2036		1,554,861
		Bear Stearns ARM Trust,
	4,193,026	Series 2006-2-2A1		3.34%	#		07/25/2036		4,080,544
		Chase Mortgage Finance Trust Series,
	3,521,167	Series 2007-S4-A4		1.58%	#		06/25/2037		2,076,074
		CHL Mortgage Pass-Through Trust,
	10,968,172	Series 2007-14-A19		6.00%			09/25/2037		9,964,722
	9,064,281	Series 2007-9-A1		5.75%			07/25/2037		8,404,826
	10,220,590	Series 2007-9-A13		5.75%			07/25/2037		9,370,519

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		CIM Trust,
	13,420,000	Series 2017-3RR-B2		16.78%	#^		01/27/2057		14,762,000
		Citigroup Mortgage Loan Trust, Inc.,
	4,688,333	Series 2006-AMC1-A1		1.13%	#^		09/25/2036		4,139,776
	9,297,219	Series 2006-AR6-2A3		1.23%	#		09/25/2036		8,689,659
		CitiMortgage Alternative Loan Trust,
	12,283,967	Series 2007-A5-1A1		6.00%			05/25/2037		11,402,695
	1,994,432	Series 2007-A5-1A10		5.75%			05/25/2037		1,827,666
		Countrywide Alternative Loan Trust,
	753,378	Series 2005-75CB-A3		5.50%			01/25/2036		675,522
	889,637	Series 2006-23CB-2A2		6.50%			08/25/2036		593,527
	675,381	Series 2007-15CB-A7		6.00%			07/25/2037		600,335
	898,313	Series 2008-1R-2A3		6.00%			08/25/2037		720,802
		Countrywide Home Loans,
	870,096	Series 2005-HYB9-3A2A		3.31%	#		02/20/2036		775,428
	560,088	Series 2007-14-A15		6.50%			09/25/2037		525,220
	1,559,692	Series 2007-HY1-1A1		3.55%	#		04/25/2037		1,499,152
		Credit Suisse First Boston Mortgage Backed Trust,
	482,187	Series 2006-2-A5A		6.08%	#		09/25/2036		308,366
		Credit Suisse First Boston Mortgage Securities Corporation,
	971,179	Series 2005-10-6A9		5.50%			11/25/2035		802,023
	500,499	Series 2005-9-5A9		5.50%			10/25/2035		431,654
		Credit Suisse Mortgage Capital Certificates,
	1,500,000	Series 2011-12R-3A5		3.05%	#^		07/27/2036		1,450,741
	402,000	Series 2011-5R-6A9		3.12%	#^		11/27/2037		414,983
	3,492,025	Series 2015-RPL3-A1		3.75%	#^		12/25/2056		3,499,466
		Credit Suisse Mortgage Trust,
	5,000,000	Series 2017-1-A		4.50%	^		03/25/2021		5,015,280
		CSMC Mortgage Securities Trust,
	5,000,000	Series 2017-3R-1A1		2.98%	#^		03/06/2047		5,000,000
		Deutsche ALT-B Securities, Inc. Mortgage Loan Trust,
	566,233	Series 2006-AB4-A1A		6.01%	#		10/25/2036		508,484
		Deutsche Mortgage & Asset Receiving Corporation,
	237,762	Series 2014-RS1-1A2		7.58%	#^		07/27/2037		207,774
		Impac Secured Assets Trust,
	1,123,194	Series 2006-5-1A1C		1.25%	#		02/25/2037		866,223
		IndyMac Mortgage Loan Trust,
	3,731,502	Series 2004-AR4-3A		3.17%	#		08/25/2034		3,673,950
	3,582,840	Series 2006-AR19-2A1		3.21%	#		08/25/2036		3,145,403
		JP Morgan Mortgage Trust,
	822,516	Series 2005-S3-1A2		5.75%			01/25/2036		693,884
	1,371,443	Series 2007-A2-4A1M		3.31%	#		04/25/2037		1,214,332
		Lehman Mortgage Trust,
	243,636	Series 2006-1-1A3		5.50%			02/25/2036		216,661
		MASTR Adjustable Rate Mortgages Trust,
	308,738	Series 2006-2-2A1		3.26%	#		04/25/2036		286,448
		Merrill Lynch Alternative Note Asset Trust,
	477,929	Series 2007-F1-2A7		6.00%			03/25/2037		362,730
		Merrill Lynch Mortgage Investors Trust,
	1,062,373	Series 2006-AF1-AF2C		6.25%			08/25/2036		848,291
		Morgan Stanley Mortgage Loan Trust,
	213,763	Series 2005-7-4A1		5.50%			11/25/2035		198,306
	189,405	Series 2006-2-2A4		5.75%			02/25/2036		180,365
	640,565	Series 2006-2-7A1		5.41%	#		02/25/2036		563,893
	770,536	Series 2007-8XS-A1		5.75%	#		04/25/2037		550,900
		Nationstar HECM Loan Trust,
	2,500,000	Series 2016-2A-M1		3.60%	^		06/25/2026		2,509,123
		New Century Home Equity Loan Trust,
	6,076,467	Series 2006-1-A2B		1.16%	#		05/25/2036		5,181,459
		PRPM LLC,
	4,824,136	Series 2017-1A-A1		4.25%	#^		01/25/2022		4,841,616
		Residential Accredit Loans, Inc.,
	383,465	Series 2006-QS10-A9		6.50%			08/25/2036		334,821
	802,554	Series 2006-QS12-2A3		6.00%			09/25/2036		710,335

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 85

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Residential Asset Securitization Trust,
	2,523,381	Series 2005-A15-5A2		5.75%			02/25/2036		1,947,135
	527,674	Series 2006-A2-A11		6.00%			01/25/2046		410,206
		RFMSI Trust,
	8,698,537	Series 2006-S8-A10		6.00%			09/25/2036		8,098,500
		Springleaf Mortgage Loan Trust,
	750,000	Series 2013-2A-B2		6.00%	#^		12/25/2065		752,277
		Structured Adjustable Rate Mortgage Loan Trust,
	4,897,684	Series 2005-22-4A1		3.35%	#		12/25/2035		4,599,123
		Towd Point Mortgage Trust,
	2,853,677	Series 2015-2-1A13		2.50%	#^		11/25/2060		2,832,585
		Verus Securitization,
	4,896,114	Series 2017-1A-A3		3.72%	#^		01/25/2047		4,911,028
		VOLT LLC,
	1,145,684	Series 2015-NPL3-A1		3.38%	#^		10/25/2058		1,144,056
	4,892,187	Series 2016-NPL4-A1		4.25%	#^		04/25/2046		4,953,627
	4,921,493	Series 2017-NPL1-A1		3.63%	#^		02/25/2047		4,924,918
		Washington Mutual Mortgage Pass-Through Certificates,
	1,266,141	Series 2006-2-4CB		6.00%			03/25/2036		1,209,265
		Wells Fargo Alternative Loan Trust,
	1,180,966	Series 2007-PA5-1A1		6.25%			11/25/2037		1,138,809
		Wells Fargo Mortgage Backed Securities Trust,
	241,306	Series 2007-2-1A15		5.75%			03/25/2037		237,861
	132,210	Series 2007-3-1A4		6.00%			04/25/2037		132,294
		WinWater Mortgage Loan Trust,
	2,085,673	Series 2016-1-2A3		3.00%	#^		12/20/2030		2,091,213
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $188,969,587)							187,960,900
	US CORPORATE BONDS 5.7%
	440,000	Acadia Healthcare Company, Inc.		5.63%			02/15/2023		457,873
	290,000	AECOM		5.13%	^		03/15/2027		291,450
	650,000	Air Medical Merger Sub Corporation		6.38%	^		05/15/2023		632,125
	455,000	Albertson’s Holdings LLC		5.75%	^		03/15/2025		442,487
	235,000	Allison Transmission, Inc.		5.00%	^		10/01/2024		237,937
	235,000	AMC Entertainment Holdings, Inc.		5.88%	^		11/15/2026		238,231
	190,000	AMC Entertainment Holdings, Inc.		6.13%	^		05/15/2027		192,137
	585,000	American Axle & Manufacturing, Inc.		6.63%			10/15/2022		605,475
	300,000	Aramark Services, Inc.		5.00%	^		04/01/2025		309,750
	580,000	Argos Merger Sub, Inc.		7.13%	^		03/15/2023		552,450
	335,000	Asbury Automotive Group, Inc.		6.00%			12/15/2024		347,562
	280,000	Ashland, Inc.		4.75%			08/15/2022		290,850
	410,000	B&G Foods, Inc.		5.25%			04/01/2025		414,612
	415,000	Berry Plastics Corporation		5.50%			05/15/2022		432,637
	215,000	BlueLine Rental Finance Corporation		9.25%	^		03/15/2024		220,644
	232,000	Builders FirstSource, Inc.		5.63%	^		09/01/2024		236,350
	380,000	BWAY Holding Company		5.50%	^		04/15/2024		383,800
	185,000	Calpine Corporation		5.75%			01/15/2025		184,515
	100,000	CCO Holdings LLC		5.25%			09/30/2022		104,000
	160,000	CCO Holdings LLC		5.13%	^		05/01/2023		165,200
	55,000	CCO Holdings LLC		5.13%	^		05/01/2027		55,516
	380,000	Cengage Learning, Inc.		9.50%	^		06/15/2024		342,000
	185,000	Centene Corporation		5.63%			02/15/2021		194,083
	435,000	Centene Corporation		4.75%			01/15/2025		438,537
	480,000	Cequel Communications Holdings LLC		6.38%	^		09/15/2020		495,000

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	240,000	CHS Community Health Systems, Inc.		8.00%			11/15/2019		236,100
	215,000	CHS Community Health Systems, Inc.		6.25%			03/31/2023		220,106
	400,000	Cincinnati Bell, Inc.		7.00%	^		07/15/2024		420,500
	65,000	Cliffs Natural Resources, Inc.		5.75%	^		03/01/2025		63,212
	405,000	CommScope, Inc.		5.00%	^		06/15/2021		417,656
	240,000	CSC Holdings LLC		5.25%			06/01/2024		239,700
	145,000	CyrusOne Finance Corporation		5.00%	^		03/15/2024		149,350
	410,000	Diamond 1 Finance Corporation		7.13%	^		06/15/2024		453,465
	110,000	DJO Finance LLC		8.13%	^		06/15/2021		95,425
	335,000	Embarq Corporation		8.00%			06/01/2036		335,000
	325,000	Energy Transfer Equity LP		5.50%			06/01/2027		341,250
	590,000	Ensemble S Merger Sub, Inc.		9.00%	^		09/30/2023		622,450
	515,000	Envision Healthcare Corporation		6.25%	^		12/01/2024		542,038
	70,000	EP Energy LLC		9.38%			05/01/2020		66,325
	410,000	Equinix, Inc.		5.88%			01/15/2026		437,162
	386,000	ESH Hospitality, Inc.		5.25%	^		05/01/2025		390,099
	220,000	Extraction Oil & Gas Holdings LLC		7.88%	^		07/15/2021		233,200
	320,000	First Data Corporation		7.00%	^		12/01/2023		344,000
	330,000	First Data Corporation		5.75%	^		01/15/2024		341,632
	325,000	Flex Acquisition Company, Inc.		6.88%	^		01/15/2025		332,312
	85,000	Foresight Energy LLC		11.50%	^		04/01/2023		79,900
	320,000	Frontier Communications Corporation		8.50%			04/15/2020		338,800
	122,000	FTS International, Inc.		6.25%			05/01/2022		107,360
	480,000	Gannett Company, Inc.		4.88%	^		09/15/2021		488,400
	115,000	Gartner, Inc.		5.13%	^		04/01/2025		117,444
	455,000	Gates Global LLC		6.00%	^		07/15/2022		465,237
	425,000	Genesy’s Telecommunications Laboratories, Inc.		10.00%	^		11/30/2024		463,250
	230,000	GLP Capital LP		5.38%			04/15/2026		238,050
	380,000	Goodyear Tire & Rubber Company		5.13%			11/15/2023		396,387
	240,000	Gray Television, Inc.		5.13%	^		10/15/2024		237,600
	350,000	Gray Television, Inc.		5.88%	^		07/15/2026		357,000
	215,000	Grinding Media Canada, Inc.		7.38%	^		12/15/2023		226,287
	110,000	Halcon Resources Corporation		6.75%	^		02/15/2025		108,570
	415,000	Hexion, Inc.		10.38%	^		02/01/2022		415,000
	655,000	Hilton Domestic Operating Company, Inc.		4.25%	^		09/01/2024		650,087
	330,000	Icahn Enterprises LP		6.25%	^		02/01/2022		335,775
	415,000	Infor US, Inc.		6.50%			05/15/2022		428,529
	445,000	Informatica LLC		7.13%	^		07/15/2023		434,987
	420,000	InVentiv Group Holdings, Inc.		7.50%	^		10/01/2024		434,175
	415,000	Jack Ohio Finance Corporation		6.75%	^		11/15/2021		430,562
	265,000	JBS LLC		5.75%	^		06/15/2025		268,975
	628,000	Level 3 Communications, Inc.		5.75%			12/01/2022		651,550
	235,000	Levi Strauss & Company		5.00%			05/01/2025		242,097
	205,000	LifePoint Health, Inc.		5.38%	^		05/01/2024		208,997
	415,000	Live Nation Entertainment, Inc.		4.88%	^		11/01/2024		416,038
	105,000	MEG Energy Corporation		7.00%	^		03/31/2024		94,500
	325,000	Memorial Production Partners LP		6.88%	W		08/01/2022		121,875
	140,000	MGM Growth Properties LP		5.63%			05/01/2024		148,400
	350,000	Micron Technology, Inc.		5.25%	^		08/01/2023		360,500
	595,000	MPH Acquisition Holdings LLC		7.13%	^		06/01/2024		641,187
	260,000	Nationstar Capital Corporation		6.50%			07/01/2021		264,550
	325,000	Navient Corporation		6.50%			06/15/2022		328,250

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	430,000	NCL Corporation Ltd.		4.75%	^		12/15/2021		437,525
	335,000	Nexstar Escrow Corporation		5.63%	^		08/01/2024		340,863
	220,000	NGL Energy Finance Corporation		7.50%	^		11/01/2023		228,250
	310,000	NGL Energy Finance Corporation		6.13%	^		03/01/2025		302,250
	140,000	Noble Holding International Ltd.		7.75%			01/15/2024		135,100
	300,000	Novelis Corporation		6.25%	^		08/15/2024		313,500
	110,000	Novelis Corporation		5.88%	^		09/30/2026		112,475
	410,000	NRG Energy, Inc.		7.25%			05/15/2026		424,350
	230,000	Olin Corporation		5.13%			09/15/2027		234,462
	235,000	OPE KAG Finance Sub, Inc.		7.88%	^		07/31/2023		241,463
	411,000	Open Text Corporation		5.88%	^		06/01/2026		431,550
	105,000	PDC Energy, Inc.		6.13%	^		09/15/2024		108,150
	230,000	Peabody Securities Finance Corporation		6.00%	^		03/31/2022		229,713
	395,000	Pilgrim’s Pride Corporation		5.75%	^		03/15/2025		399,938
	385,000	Pinnacle Entertainment, Inc.		5.63%	^		05/01/2024		391,256
	215,000	Post Holdings, Inc.		5.50%	^		03/01/2025		215,538
	285,000	PQ Corporation		6.75%	^		11/15/2022		304,238
	380,000	Prime Security Services Borrower LLC		9.25%	^		05/15/2023		417,525
	410,000	Quintiles Transnational Corporation		4.88%	^		05/15/2023		417,688
	150,000	RegionalCare Hospital Partners Holdings, Inc.		8.25%	^		05/01/2023		160,800
	419,000	Revlon Consumer Products Corporation		5.75%			02/15/2021		420,571
	135,000	Revlon Consumer Products Corporation		6.25%			08/01/2024		135,000
	260,000	Reynolds Group Issuer Inc.		7.00%	^		07/15/2024		278,850
	405,000	Rite Aid Corporation		6.13%	^		04/01/2023		402,975
	415,000	Sabre GLBL, Inc.		5.25%	^		11/15/2023		426,413
	586,000	Sally Holdings LLC		5.75%			06/01/2022		605,778
	215,000	Sanchez Energy Corporation		6.13%			01/15/2023		200,488
	300,000	Scientific Games International, Inc.		7.00%	^		01/01/2022		321,375
	415,000	Select Medical Corporation		6.38%			06/01/2021		421,225
	195,000	ServiceMaster Company LLC		5.13%	^		11/15/2024		200,363
	405,000	Signode Industrial Group, Inc.		6.38%	^		05/01/2022		417,401
	105,000	Sinclair Television Group, Inc.		5.63%	^		08/01/2024		106,575
	404,000	Sirius XM Radio Inc.		5.38%	^		07/15/2026		414,100
	500,000	Six Flags Entertainment Corporation		4.88%	^		07/31/2024		494,688
	520,000	Six Flags Entertainment Corporation		5.50%	^		04/15/2027		520,000
	235,000	SM Energy Company		5.00%			01/15/2024		223,250
	290,000	Solera Finance, Inc.		10.50%	^		03/01/2024		332,682
	330,000	Spectrum Brands, Inc.		5.75%			07/15/2025		350,625
	310,000	Station Casinos LLC		7.50%			03/01/2021		323,175
	230,000	Targa Resources Partners Finance Corporation		5.38%	^		02/01/2027		239,200
	450,000	Team Health Holdings, Inc.		6.38%	^		02/01/2025		442,125
	205,000	Tempur Sealy International, Inc.		5.63%			10/15/2023		207,050
	425,000	Tenet Healthcare Corporation		6.75%			06/15/2023		418,625
	231,000	TreeHouse Foods, Inc.		6.00%	^		02/15/2024		243,128
	165,000	United Rentals North America, Inc.		5.50%			05/15/2027		167,063
	315,000	Universal Hospital Services, Inc.		7.63%			08/15/2020		315,000
	210,000	Valeant Pharmaceuticals International, Inc.		7.00%	^		03/15/2024		216,038
	105,000	Videotron Ltd.		5.13%	^		04/15/2027		105,000
	610,000	Viking Cruises Ltd.		8.50%	^		10/15/2022		635,163

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	380,000	Vizient, Inc.		10.38%	^		03/01/2024		434,625
	320,000	WellCare Health Plans, Inc.		5.25%			04/01/2025		330,800
	125,000	Western Digital Corporation		7.38%	^		04/01/2023		137,344
	405,000	Williams Partners LP		4.88%			03/15/2024		416,993
	500,000	WMG Acquisition Corporation		6.75%	^		04/15/2022		527,500
		Total US Corporate Bonds (Cost $41,913,406)							42,324,344
	US GOVERNMENT AND AGENCY OBLIGATIONS 4.4%
	32,121,524	United States Treasury Inflation Indexed Bonds		0.13%			04/15/2021		32,472,547
		Total US Government and Agency Obligations (Cost $32,499,574)							32,472,547
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 0.6%
		Federal Home Loan Mortgage Corporation,
	570,561	Series 2016-KF22-B		5.83%	#^		07/25/2023		575,806
	4,360,976	Series 3926-HS		5.54%	# I/F I/O		09/15/2041		748,848
	713,001	Series 4390-NY		3.00%			06/15/2040		727,233
	801,098	Series 4471-GA		3.00%			02/15/2044		806,396
		Federal Home Loan Mortgage Corporation Pass-Thru,
	6,468,665	Series K722-X1		1.31%	# I/O		03/25/2023		412,480
		Federal National Mortgage Association,
	1,468,423	Series 2015-59-A		3.00%			06/25/2041		1,497,061
		Total US Government / Agency Mortgage Backed Obligations (Cost $4,813,842)							4,767,824
	AFFILIATED MUTUAL FUNDS 3.7%
	2,740,782	DoubleLine Global Bond Fund (Class I)							27,517,456
		Total Affiliated Mutual Funds (Cost $27,550,000)							27,517,456
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 0.0%
	1,224	Energy Gulf Coast, Inc.*							36,693
	2,784	Pacific Exploration and Production Corporation*							86,588
	756	SandRidge Energy, Inc.*							13,979
		Total Exchange Traded Funds and Common Stocks (Cost $627,721)							137,260
	WARRANTS 0.0%
		Energy Gulf Coast, Inc.,
	466	Expiration 12/30/2021, Strike Price $43.66 *							2,913
		Total Warrants (Cost $9,918)							2,913
	SHORT TERM INVESTMENTS 10.1%
	24,860,925	BlackRock Liquidity Funds FedFund - Institutional Shares		0.60%	¨				24,860,925
	24,860,926	Fidelity Institutional Money Market Government Portfolio - Class I		0.56%	¨				24,860,926

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 87

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	24,860,925	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.60%	¨			24,860,925
		Total Short Term Investments (Cost $74,582,776)						74,582,776
		Total Investments 105.1% (Cost $777,511,570)						777,841,638
		Liabilities in Excess of Other Assets (5.1)%						(37,593,393	)
		NET ASSETS 100.0%					$	740,248,245

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	25.4%
Collateralized Loan Obligations	15.7%
Foreign Corporate Bonds	11.8%
Short Term Investments	10.1%
Non-Agency Commercial Mortgage Backed Obligations	9.8%
Bank Loans	9.2%
US Corporate Bonds	5.7%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	4.5%
US Government and Agency Obligations	4.4%
Asset Backed Obligations	4.2%
Affiliated Mutual Funds	3.7%
US Government / Agency Mortgage Backed Obligations	0.6%
Exchange Traded Funds and Common Stocks	0.0%	~
Warrants	0.0%	~
Other Assets and Liabilities	(5.1)%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	25.4%
Collateralized Loan Obligations	15.7%
Short Term Investments	10.1%
Non-Agency Commercial Mortgage Backed Obligations	9.8%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	4.5%
US Government and Agency Obligations	4.4%
Asset Backed Obligations	4.2%
Affiliated Mutual Funds	3.7%
Banking	3.3%
Oil & Gas	2.8%
Utilities	1.9%
Healthcare	1.8%
Media	1.7%
Telecommunications	1.7%
Technology	1.1%
Consumer Products	1.1%
Transportation	1.1%
Retailers (other than Food/Drug)	1.1%
Chemicals/Plastics	0.9%
Hotels/Motels/Inns and Casinos	0.7%
Business Equipment and Services	0.7%
Automotive	0.7%
US Government/Agency Mortgage Backed Obligations	0.6%
Finance	0.6%
Food Products	0.5%
Leisure	0.5%
Building and Development (including Steel/Metals)	0.5%
Health Care Providers & Services	0.4%
Industrial Equipment	0.4%
Conglomerates	0.4%
Energy	0.3%
Financial Intermediaries	0.3%
Electronics/Electric	0.3%
Pulp & Paper	0.3%
Real Estate	0.2%
Containers and Glass Products	0.2%
Insurance	0.2%
Aerospace & Defense	0.2%
Cosmetics/Toiletries	0.2%
Food/Drug Retailers	0.2%
Mining	0.2%
Beverage and Tobacco	0.1%
Pharmaceuticals	0.1%
Construction	0.0%	~
Other Assets and Liabilities	(5.1)%
	100.0%

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

March 31, 2017

COUNTRY BREAKDOWN as a % of Net Assets:
United States	88.7%
Mexico	2.5%
Chile	1.8%
Brazil	1.3%
India	1.0%
Argentina	0.9%
Panama	0.9%
China	0.9%
South Korea	0.7%
Dominican Republic	0.7%
Malaysia	0.7%
Guatemala	0.7%
Indonesia	0.6%
Peru	0.6%
Israel	0.5%
Costa Rica	0.4%
Colombia	0.4%
Singapore	0.4%
Hong Kong	0.3%
Qatar	0.3%
Jamaica	0.2%
Canada	0.2%
Philippines	0.2%
Luxembourg	0.1%
Poland	0.1%
El Salvador	0.0%	~
Trinidad & Tobago	0.0%	~
Hungary	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, 2017, the value of these securities amounted to $314,586,389 or 42.6% of net assets.

¥ Illiquid security. At March 31, 2017, the value of these securities amounted to $1,369,493 or 0.2% of net assets.

# Variable rate security. Rate disclosed as of March 31, 2017.

† Perpetual Maturity

I/O Interest only security

P/O Principal only security

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

~ Represents less than 0.05% 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, 2017

* Non-income producing security

& Unfunded or partially unfunded loan commitment. At March 31, 2017, the value of these securities amounted to $96,416 or 0.0% of net assets.

A summary of the DoubleLine Flexible Income Fund’s investments in affiliated mutual funds for the year ended March 31, 2017 is as follows:

Fund	Value at March 31, 2016		Gross Purchases		Gross Sales			Shares Held at March 31, 2017		Value at March 31, 2017		Dividend Income Earned in the Year Ended March 31, 2017		Net Realized Gain (Loss) in the Year Ended March 31, 2017
DoubleLine Floating Rate Fund	$	21,755,488	$	19,900,000	$	(42,099,483	)		—	$	—	$	927,291	$	(340,904	)
DoubleLine Global Bond Fund		—		27,550,000		—			2,740,782		27,517,456		13,991		—
	$	21,755,488	$	47,450,000	$	(42,099,483	)		2,740,782	$	27,517,456	$	941,282	$	(340,904	)

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 89

Schedule of Investments  DoubleLine Low Duration Emerging Markets Fixed Income Fund March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 74.4%
	BRAZIL 2.7%
	3,000,000	Cosan Overseas Ltd.		8.25%	†		11/29/2049		3,022,500
	4,500,000	Globo Communicacao e Participacoes S.A.		5.31%	#		05/11/2022		4,528,125
	1,000,000	Minerva Luxembourg S.A.		8.75%	#†		04/03/2019		1,050,000
	1,000,000	OAS Investments GMBH		8.25%	W		10/19/2019		45,000
	750,000	Petrobras Global Finance B.V.		6.13%			01/17/2022		788,250
									9,433,875
	CHILE 10.0%
	1,901,000	AES Gener S.A.		5.25%			08/15/2021		2,011,694
	8,000,000	Banco del Estado de Chile		3.88%			02/08/2022		8,309,874
	3,000,000	Banco Santander		1.91%	#		04/11/2017		3,000,577
	2,000,000	Celulosa Arauco y Constitucion S.A.		7.25%			07/29/2019		2,206,099
	2,623,000	Celulosa Arauco y Constitucion S.A.		5.00%			01/21/2021		2,779,507
	1,000,000	Celulosa Arauco y Constitucion S.A.		4.75%			01/11/2022		1,049,640
	1,000,000	Colbun S.A.		6.00%			01/21/2020		1,086,316
	575,000	E.CL S.A.		5.63%			01/15/2021		624,180
	3,614,945	Guanay Finance Ltd.		6.00%			12/15/2020		3,727,912
	3,000,000	Inversiones CMPC S.A.		4.75%			01/19/2018		3,045,394
	3,700,000	Inversiones CMPC S.A.		4.50%			04/25/2022		3,825,058
	3,195,000	Telefonica Chile S.A.		3.88%			10/12/2022		3,258,954
									34,925,205
	CHINA 8.3%
	5,835,000	CNOOC Finance Ltd.		2.63%			05/05/2020		5,819,299
	1,800,000	CNOOC Finance Ltd.		3.88%			05/02/2022		1,859,634
	5,000,000	CNPC General Capital Ltd.		2.75%			05/14/2019		5,053,489
	3,000,000	CNPC General Capital Ltd.		3.95%			04/19/2022		3,122,443
	1,700,000	Sinopec Group Overseas Development Ltd.		2.13%			05/03/2019		1,693,263
	4,041,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		4,025,277
	1,500,000	Sinopec Group Overseas Development Ltd.		2.00%	^		09/29/2021		1,441,944
	6,000,000	Tencent Holdings Ltd.		2.88%			02/11/2020		6,063,809
									29,079,158
	COLOMBIA 2.5%
	1,200,000	Avianca Holdings S.A.		8.38%	^		05/10/2020		1,195,200
	4,000,000	Empresas Publicas de Medellin E.S.P.		7.63%			07/29/2019		4,494,400
	3,000,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		3,097,500
									8,787,100
	COSTA RICA 2.0%
	2,000,000	Banco de Costa Rica		5.25%			08/12/2018		2,036,620
	1,200,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		1,217,376
	1,000,000	Banco Nacional de Costa Rica		5.88%	^		04/25/2021		1,018,750
	2,500,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		2,643,550
									6,916,296
	GUATEMALA 0.9%
	2,500,000	Agromercantil Senior Trust		6.25%			04/10/2019		2,593,750

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	500,000	Bantrab Senior Trust		9.00%			11/14/2020		467,500
									3,061,250
	HONG KONG 0.3%
	1,000,000	Hutchison Whampoa International Ltd.		6.00%	#†		05/07/2017		1,005,700
									1,005,700
	INDIA 11.2%
	7,000,000	Adani Ports & Special Economic Zone Ltd.		3.50%			07/29/2020		7,054,517
	3,950,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		4,213,860
	3,000,000	Export-Import Bank of India		3.13%			07/20/2021		3,026,478
	5,600,000	Indian Oil Corporation, Ltd.		5.63%			08/02/2021		6,151,634
	4,595,000	Oil India Ltd.		3.88%			04/17/2019		4,714,957
	5,000,000	ONGC Videsh Ltd.		3.25%			07/15/2019		5,078,750
	2,700,000	ONGC Videsh Ltd.		2.88%			01/27/2022		2,647,393
	6,000,000	Reliance Holdings, Inc.		4.50%			10/19/2020		6,367,020
									39,254,609
	ISRAEL 3.0%
	6,200,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		6,432,500
	4,000,000	Israel Electric Corporation Ltd.		5.63%			06/21/2018		4,164,000
									10,596,500
	JAMAICA 0.8%
	1,500,000	Digicel Ltd.		7.00%			02/15/2020		1,447,500
	1,500,000	Digicel Ltd.		8.25%			09/30/2020		1,295,055
									2,742,555
	MALAYSIA 5.7%
	6,000,000	Axiata SPV2 BHD		3.47%			11/19/2020		6,150,342
	1,500,000	IOI Investment BHD		4.38%			06/27/2022		1,551,372
	4,000,000	Malayan Banking BHD		3.25%	#		09/20/2022		4,014,600
	1,500,000	Petronas Capital Ltd.		3.13%			03/18/2022		1,513,887
	6,700,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		6,758,069
									19,988,270
	MEXICO 12.0%
	6,500,000	America Movil SAB de C.V.		3.13%			07/16/2022		6,564,125
	8,000,000	Banco Nacional de Comercio Exterior S.N.C.		3.80%	#		08/11/2026		7,860,000
	7,000,000	Banco Santander		5.95%	#		01/30/2024		7,262,500
	6,670,000	BBVA Bancomer S.A.		6.01%	#		05/17/2022		6,670,000
	7,000,000	Comision Federal de Electricidad		4.88%			05/26/2021		7,358,750
	2,700,000	Grupo Cementos de Chihuahua S.A.B de C.V.		8.13%			02/08/2020		2,808,000
	1,500,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		1,329,375
	400,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		400,000
	1,500,000	TV Azteca S.A.B. de C.V.		7.63%			09/18/2020		1,481,250
									41,734,000
	PANAMA 3.9%
	6,967,692	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		7,472,850
	6,019,124	ENA Norte Trust		4.95%			04/25/2023		6,229,793
									13,702,643

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

March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PARAGUAY 0.1%
	400,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		414,000
									414,000
	PERU 3.1%
	4,000,000	Banco International del Peru S.A.A.		5.75%			10/07/2020		4,400,000
	600,000	Camposol S.A.		10.50%	^		07/15/2021		634,500
	200,000	Inkia Energy Ltd.		8.38%	^		04/04/2021		206,000
	2,000,000	Inkia Energy Ltd.		8.38%			04/04/2021		2,060,000
	736,422	Interoceanica Finance Ltd.		0.00%			11/30/2018		722,614
	2,270,092	Peru Enhanced Pass-Through Finance Ltd.		0.00%			05/31/2018		2,233,317
	700,000	Peru Enhanced Pass-Through Finance Ltd.		0.00%			06/02/2025		576,044
									10,832,475
	QATAR 0.3%
	1,081,670	Ras Laffan Liquefied Natural Gas Company		5.30%			09/30/2020		1,141,638
									1,141,638
	SINGAPORE 5.3%
	7,500,000	DBS Group Holdings Ltd.		3.60%	#†		12/29/2049		7,389,053
	5,000,000	Oversea-Chinese Banking Corporation		4.00%	#		10/15/2024		5,139,846
	2,000,000	United Overseas Bank Ltd.		3.75%	#		09/19/2024		2,040,460
	4,000,000	United Overseas Bank Ltd.		3.50%	#		09/16/2026		4,018,544
									18,587,903
	SOUTH KOREA 2.3%
	2,500,000	Kia Motors Corporation		2.63%	^		04/21/2021		2,483,793
	1,200,000	Korea Development Bank		2.50%			01/13/2021		1,195,258
	4,500,000	Korea Development Bank		2.63%			02/27/2022		4,484,246
									8,163,297
		Total Foreign Corporate Bonds (Cost $261,184,299)							260,366,474
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 16.3%
	CHILE 0.5%
	1,500,000	Chile Government International Bond		2.25%			10/30/2022		1,473,225
	400,000	Chile Government International Bond		3.25%			09/14/2021		414,600
									1,887,825
	COSTA RICA 0.8%
	2,300,000	Costa Rica Government International Bond		10.00%			08/01/2020		2,706,640
									2,706,640
	DOMINICAN REPUBLIC 2.2%
	2,994,757	Dominican Republic International Bond		9.04%			01/23/2018		3,104,245
	4,000,000	Dominican Republic International Bond		7.50%			05/06/2021		4,430,000
									7,534,245

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	GUATEMALA 0.9%
	3,000,000	Guatemala Government Bond		5.75%			06/06/2022		3,299,490
									3,299,490
	INDONESIA 2.5%
	1,600,000	Indonesia Government International Bond		4.88%			05/05/2021		1,713,734
	5,600,000	Indonesia Government International Bond		3.70%			01/08/2022		5,721,044
	1,100,000	Indonesia Government International Bond		6.13%			03/15/2019		1,181,180
									8,615,958
	MEXICO 2.1%
	7,000,000	Mexico Government International Bond		3.50%			01/21/2021		7,276,500
									7,276,500
	PANAMA 2.8%
	9,000,000	Panama Government International Bond		5.20%			01/30/2020		9,742,500
									9,742,500
	POLAND 2.2%
	7,000,000	Republic of Poland Government International Bond		5.13%			04/21/2021		7,676,760
									7,676,760
	QATAR 2.3%
	8,000,000	Qatar Government International Bond		2.38%			06/02/2021		7,920,680
									7,920,680
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $56,580,687)							56,660,598
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 0.2%
	COLOMBIA 0.2%
	21,215	Pacific Exploration and Production Corporation*							659,791
		Exchange Traded Funds and Common Stocks (Cost $3,794,240)							659,791
	SHORT TERM INVESTMENTS 5.8%
	6,791,548	BlackRock Liquidity Funds FedFund - Institutional Shares		0.60%	¨				6,791,548
	6,791,548	Fidelity Institutional Money Market Government Portfolio - Class I		0.56%	¨				6,791,548
	6,791,548	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.60%	¨				6,791,548
		Total Short Term Investments (Cost $20,374,644)							20,374,644
		Total Investments 96.7% (Cost $341,933,870)							338,061,507
		Other Assets in Excess of Liabilities 3.3%							11,702,958
		NET ASSETS 100.0%						$	349,764,465

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 91

Schedule of Investments  DoubleLine Low Duration Emerging Markets Fixed Income Fund  (Contd.) March 31, 2017

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Corporate Bonds	74.4%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	16.3%
Short Term Investments	5.8%
Exchange Traded Funds and Common Stocks	0.2%
Other Assets and Liabilities	3.3%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Banking	21.8%
Oil & Gas	19.9%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	16.3%
Transportation	9.1%
Utilities	7.0%
Short Term Investments	5.8%
Telecommunications	5.5%
Pulp & Paper	3.7%
Media	3.6%
Consumer Products	1.8%
Building and Development (including Steel/Metals)	0.8%
Automotive	0.7%
Chemicals/Plastics	0.4%
Conglomerates	0.3%
Construction	0.0%	~
Other Assets and Liabilities	3.3%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
Mexico	14.1%
India	11.2%
Chile	10.5%
China	8.3%
Panama	6.7%
United States	5.8%
Malaysia	5.7%
Singapore	5.3%
Peru	3.1%
Israel	3.0%
Costa Rica	2.8%
Colombia	2.7%
Brazil	2.7%
Qatar	2.6%
Indonesia	2.5%
South Korea	2.3%
Poland	2.2%
Dominican Republic	2.2%
Guatemala	1.8%
Jamaica	0.8%
Hong Kong	0.3%
Paraguay	0.1%
Other Assets and Liabilities	3.3%
	100.0%

† Perpetual Maturity

# Variable rate security. Rate disclosed as of March 31, 2017.

^ 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, 2017, the value of these securities amounted to $13,412,687 or 3.8% 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, 2017

~ Represents less than 0.05% of net assets

* Non-income producing security

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

Schedule of Investments  DoubleLine Long Duration Total Return Bond Fund March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 19.4%
	3,850,000	Tennessee Valley Authority		5.38%		04/01/2056		5,031,472
	2,700,000	Tennessee Valley Authority		4.63%		09/15/2060		3,090,295
	300,000	Tennessee Valley Authority		4.25%		09/15/2065		317,435
	1,823,562	United States Treasury Inflation Indexed Bonds		0.13%		07/15/2026		1,780,573
	1,050,000	United States Treasury Notes		0.63%		08/31/2017		1,049,015
	800,000	United States Treasury Notes		2.50%		02/15/2046		716,875
		Total US Government and Agency Obligations (Cost $12,376,157)						11,985,665
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 79.4%
		Federal Home Loan Mortgage Corporation,
	1,652,816	Series 4057-ZB		3.50%		06/15/2042		1,664,885
	1,652,816	Series 4057-ZC		3.50%		06/15/2042		1,665,542
	1,124,517	Series 4194-ZL		3.00%		04/15/2043		1,045,801
	2,513,907	Series 4204-QZ		3.00%		05/15/2043		2,335,056
	1,715,040	Series 4206-LZ		3.50%		05/15/2043		1,694,374
	633,809	Series 4210-Z		3.00%		05/15/2043		583,696
	334,837	Series 4226-GZ		3.00%		07/15/2043		313,135
	2,414,235	Series 4390-NZ		3.00%		09/15/2044		2,232,525
	2,139,480	Series 4417-PZ		3.00%		12/15/2044		1,962,768
	2,855,896	Series 4420-CZ		3.00%		12/15/2044		2,585,269
	2,106,813	Series 4440-ZD		2.50%		02/15/2045		1,818,636
	1,061,513	Series 4460-KB		3.50%		03/15/2045		1,063,229
	2,118,219	Series 4461-LZ		3.00%		03/15/2045		1,922,656
		Federal National Mortgage Association,
	2,100,000	Series 2012-128-UC		2.50%		11/25/2042		1,845,107
	1,652,816	Series 2012-68-ZA		3.50%		07/25/2042		1,640,763
	2,354,298	Series 2012-92-AZ		3.50%		08/25/2042		2,375,351
	3,082,895	Series 2013-127-MZ		3.00%		12/25/2043		2,810,137
	519,871	Series 2013-66-ZK		3.00%		07/25/2043		444,461
	1,710,053	Series 2013-74-ZH		3.50%		07/25/2043		1,703,639
	1,255,140	Series 2014-42-BZ		3.00%		07/25/2044		1,150,225
	1,500,000	Series 2014-67-HD		3.00%		10/25/2044		1,441,768
	904,000	Series 2014-68-TD		3.00%		11/25/2044		865,208
	2,501,108	Series 2014-80-DZ		3.00%		12/25/2044		2,292,640

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	918,979	Series 2014-80-KL		2.00%			05/25/2043		711,443
	3,153,649	Series 2015-16-ZY		2.50%			04/25/2045		2,640,774
	2,775,447	Series 2015-52-GZ		3.00%			07/25/2045		2,508,425
		Government National Mortgage Association,
	579,168	Series 2013-180-LO		0.00%	P/O		11/16/2043		482,721
	3,316,099	Series 2015-53-EZ		2.00%			04/16/2045		2,488,961
	2,925,210	Series 2015-79-VZ		2.50%			05/20/2045		2,486,970
	279,844	Series 2016-12-MZ		3.00%			01/20/2046		255,222
		Total US Government / Agency Mortgage Backed Obligations (Cost $49,352,161)							49,031,387
	SHORT TERM INVESTMENTS 1.1%
	224,878	BlackRock Liquidity Funds FedFund - Institutional Shares		0.60%	¨				224,878
	224,878	Fidelity Institutional Money Market Government Portfolio - Class I		0.56%	¨				224,878
	224,878	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.60%	¨				224,878
		Total Short Term Investments (Cost $674,634)							674,634
		Total Investments 99.9% (Cost $62,402,952)							61,691,686
		Other Assets in Excess of Liabilities 0.1%							49,494
		NET ASSETS 100.0%						$	61,741,180

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government / Agency Mortgage Backed Obligations	79.4%
US Government and Agency Obligations	19.4%
Short Term Investments	1.1%
Other Assets and Liabilities	0.1%
	100.0%

P/O Principal only security

¨ Seven-day yield as of March 31, 2017

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 93

Schedule of Investments  DoubleLine Strategic Commodity Fund (Consolidated) March 31, 2017

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SHORT TERM INVESTMENTS 106.5%
	1,790,241	BlackRock Liquidity Funds FedFund - Institutional Shares		0.60%	¨				1,790,241
	1,790,241	Dreyfus Government Cash Management - Institutional Shares		0.66%	¨				1,790,241
	11,500,000	United States Treasury Bills		0.00%	‡		04/27/2017		11,494,525
	13,000,000	United States Treasury Bills		0.00%	‡		05/04/2017		12,992,408

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,600,000	United States Treasury Bills		0.00%	‡		05/11/2017		2,598,042
		Total Short Term Investments (Cost $30,667,477)							30,665,457
		Total Investments 106.5% (Cost $30,667,477)							30,665,457
		Liabilities in Excess of Other Assets (6.5)%							(1,882,170	)
		NET ASSETS 100.0%						$	28,783,287

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Short Term Investments	106.5%
Other Assets and Liabilities	(6.5)%
	100.0%

¨ Seven-day yield as of March 31, 2017

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.

‡ All or a portion of this 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)
Long Commodity Basket Swapj	Bank of America Merrill Lynch		0.20%		50,000		04/03/2017	$	(2,100	)
Commodity Beta Basket Swapg	Bank of America Merrill Lynch		0.23%		30,610,000		04/03/2017		(1,751,147	)
								$	(1,753,247	)
Excess Return Swaps - Short
Reference Entity	Counterparty	Financing Rate		Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
Short Commodity Basket Swapy	Bank of America Merrill Lynch		0.00%		50,000		04/03/2017	$	3,023

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.

j Long Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At March 31, 2017, the constituents with each ticker indicated in parentheses and their weightings were as follows: S&P GSCI 2 Month Forward Cotton Index ER (SG2MCTP) 20.8%, S&P GSCI 2 Month Forward Unleaded Gasoline Index ER (SG2MHUP) 20.5%, S&P GSCI 2 Month Forward Copper Index ER (SG2MICP) 20.3%, S&P GSCI 2 Month Forward Zinc Index ER (SG2MIZP) 20.2%, S&P GSCI 2 Month Forward Sugar Index ER (SG2MSBP) 18.2%.

g Commodity Beta Basket Swap represents a swap on a basket of commodity indices designed to approximate the broad commodity market. At March 31, 2017, the constituents with each ticker indicated in parentheses and their weightings were as follows: Cotton No. 2 Future (CT1) 4.3%, Nickel Future (LN1) 14.2%, Soybean Future (S 1) 18.5%, Electrolytic Copper Future (LP1) 20.6%, Live Cattle Future (LC1) 5.4%, Low Sulphur Gas Oil Future (QS1) 4.9%, Crude Oil Future (CL1) 9.8%, Brent Crude Future (CO1) 10.0%, NY Harbor ULSD Heating Oil Future (HO1) 3.0%, Sugar No. 11 Future (SB1) 4.4%, Gasoline RBOB Future (XB1) 4.9%.

y Short Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At March 31, 2017, the constituents with each ticker indicated in parentheses and their weightings were as follows: S&P GSCI 2 Month Forward Coffee Index ER (SG2MKCP) 20.5%, S&P GSCI 2 Month Forward Heating Oil Index ER (SG2MHOP) 20.4%, S&P GSCI 2 Month Forward Corn Index ER (SG2MCNP) 20.3%, S&P GSCI 2 Month Forward Wheat Index ER (SG2MWHP) 19.9%, S&P GSCI 2 Month Forward Kansas Wheat Index ER (SG2MKWP) 18.9%.

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

Schedule of Investments  DoubleLine Global Bond Fund March 31, 2017

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 68.1%
	AUSTRALIA 3.8%
	20,150,000	AUD	Australia Government Bond		1.75%			11/21/2020		15,247,942
	4,500,000	AUD	Australia Government Bond		3.25%			04/21/2025		3,605,824
										18,853,766
	BELGIUM 3.5%
	2,750,000	EUR	Kingdom of Belgium Government Bond		0.80%	^		06/22/2025		3,003,555
	13,100,000	EUR	Kingdom of Belgium Government Bond		1.00%	^		06/22/2026		14,396,905
										17,400,460
	CANADA 1.6%
	6,700,000	CAD	Canadian Government Bond		2.75%			06/01/2022		5,433,608
	3,240,000	CAD	Canadian Government Bond		2.25%			06/01/2025		2,570,097
										8,003,705
	CZECH REPUBLIC 4.5%
	300,000,000	CZK	Czech Republic Government Bond		0.45%			10/25/2023		11,860,860
	200,000,000	CZK	Czech Republic Government Bond		5.70%			05/25/2024		10,834,605
										22,695,465
	GERMANY 3.0%
	6,500,000	EUR	Bundesrepublik Deutschland		0.50%			02/15/2026		7,142,262
	7,700,000	EUR	Bundesrepublik Deutschland		0.00%			08/15/2026		8,021,363
										15,163,625
	HUNGARY 3.4%
	3,100,000,000	HUF	Hungary Government Bond		3.50%			06/24/2020		11,608,508
	1,250,000,000	HUF	Hungary Government Bond		6.00%			11/24/2023		5,235,872
										16,844,380
	IRELAND 5.1%
	8,925,000	EUR	Ireland Government Bond		5.40%			03/13/2025		12,943,859
	11,800,000	EUR	Ireland Government Bond		1.00%			05/15/2026		12,610,030
										25,553,889

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ISRAEL 2.7%
	17,950,000	ILS	Israel Government Bond		4.25%			03/31/2023		5,787,357
	27,925,000	ILS	Israel Government Bond		1.75%			08/31/2025		7,691,420
										13,478,777
	JAPAN 19.6%
	700,000,000	JPY	Japan Government Ten Year Bond		0.60%			06/20/2024		6,579,736
	1,210,000,000	JPY	Japan Government Ten Year Bond		0.40%			06/20/2025		11,222,122
	1,287,500,000	JPY	Japan Government Ten Year Bond		0.40%			09/20/2025		11,943,347
	1,650,000,000	JPY	Japan Government Ten Year Bond		0.10%			12/20/2026		14,880,753
	1,000,000,000	JPY	Japan Government Twenty Year Bond		2.20%			09/20/2027		10,962,822
	850,000,000	JPY	Japan Government Twenty Year Bond		2.10%			12/20/2027		9,267,252
	875,000,000	JPY	Japan Government Twenty Year Bond		1.50%			06/20/2034		9,182,572
	1,300,000,000	JPY	Japan Government Twenty Year Bond		1.30%			06/20/2035		13,217,262
	1,075,000,000	JPY	Japan Government Twenty Year Bond		1.20%			09/20/2035		10,743,029
										97,998,895
	MEXICO 1.9%
	185,000,000	MXN	Mexican Bonos		6.50%			06/09/2022		9,708,467
										9,708,467
	NEW ZEALAND 3.3%
	18,400,000	NZD	New Zealand Government Bond		3.00%			04/15/2020		13,147,900
	3,875,000	NZD	New Zealand Government Bond		5.50%			04/15/2023		3,123,959
										16,271,859
	PERU 1.2%
	18,500,000	PEN	Peruvian Government International Bond - GDN		7.84%	^		08/12/2020		6,256,030
										6,256,030

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 95

Schedule of Investments  DoubleLine Global Bond Fund  (Cont.) March 31, 2017

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	POLAND 4.1%
	50,350,000	PLN	Republic of Poland Government Bond		1.50%			04/25/2020		12,398,007
	31,250,000	PLN	Republic of Poland Government Bond		3.25%			07/25/2025		7,865,493
										20,263,500
	PORTUGAL 4.3%
	13,000,000	EUR	Portugal Obrigacoes do Tesouro OT		2.20%	^		10/17/2022		13,837,418
	2,400,000	EUR	Portugal Obrigacoes do Tesouro OT		2.88%	^		10/15/2025		2,467,024
	4,500,000	EUR	Portugal Obrigacoes do Tesouro OT		4.95%	^		10/25/2023		5,381,547
										21,685,989
	SOUTH AFRICA 0.7%
	45,000,000	ZAR	Republic of South Africa Government Bond		7.75%			02/28/2023		3,271,110
										3,271,110
	SPAIN 5.4%
	11,400,000	EUR	Spain Government Bond		5.85%	^		01/31/2022		15,340,065
	9,700,000	EUR	Spain Government Bond		2.75%	^		10/31/2024		11,529,007
										26,869,072
			Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $340,008,464)							340,318,989
	US GOVERNMENT AND AGENCY OBLIGATIONS 26.5%
	UNITED STATES 26.5%
	2,840,562	USD	United States Treasury Inflation Indexed Bonds		0.13%			01/15/2023		2,841,164
	5,875,922	USD	United States Treasury Inflation Indexed Bonds		0.13%			07/15/2026		5,737,403
	11,800,000	USD	United States Treasury Notes		0.75%			04/30/2018		11,755,986
	6,000,000	USD	United States Treasury Notes		1.38%			04/30/2020		5,968,128
	7,250,000	USD	United States Treasury Notes		1.63%			06/30/2020		7,256,511

PRINCIPAL AMOUNT/ SHARES			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	7,000,000	USD	United States Treasury Notes		1.38%			08/31/2020		6,935,740
	6,750,000	USD	United States Treasury Notes		1.50%			01/31/2022		6,617,376
	7,500,000	USD	United States Treasury Notes		1.75%			04/30/2022		7,423,245
	9,000,000	USD	United States Treasury Notes		1.88%			08/31/2022		8,931,096
	6,000,000	USD	United States Treasury Notes		2.00%			11/30/2022		5,977,500
	6,500,000	USD	United States Treasury Notes		2.50%			05/15/2024		6,615,654
	6,000,000	USD	United States Treasury Notes		2.38%			08/15/2024		6,047,460
	10,000,000	USD	United States Treasury Notes		2.00%			02/15/2025		9,778,120
	10,000,000	USD	United States Treasury Notes		2.00%			08/15/2025		9,737,300
	11,400,000	USD	United States Treasury Notes		1.63%			02/15/2026		10,718,896
	11,500,000	USD	United States Treasury Notes		2.00%			11/15/2026		11,108,505
	9,100,000	USD	United States Treasury Notes		2.88%			05/15/2043		8,860,233
										132,310,317
			Total US Government and Agency Obligations (Cost $133,787,446)							132,310,317
	SHORT TERM INVESTMENTS 3.7%
	6,131,544		BlackRock Liquidity Funds FedFund - Institutional Shares		0.60%	¨				6,131,544
	6,131,544		Fidelity Institutional Money Market Government Portfolio - Class I		0.56%	¨				6,131,544
	6,131,544		Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.60%	¨				6,131,544
			Total Short Term Investments (Cost $18,394,632)							18,394,632
			Total Investments 98.3% (Cost $492,190,542)							491,023,938
			Other Assets in Excess of Liabilities 1.7%							8,362,435
			NET ASSETS 100.0%						$	499,386,373

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

March 31, 2017

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	68.1%
US Government and Agency Obligations	26.5%
Short Term Investments	3.7%
Other Assets and Liabilities	1.7%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	30.2%
Japan	19.6%
Spain	5.4%
Ireland	5.1%
Czech Republic	4.5%
Portugal	4.3%
Poland	4.1%
Australia	3.8%
Belgium	3.5%
Hungary	3.4%
New Zealand	3.3%
Germany	3.0%
Israel	2.7%
Mexico	1.9%
Canada	1.6%
Peru	1.2%
South Africa	0.7%
Other Assets and Liabilities	1.7%
	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, 2017, the value of these securities amounted to $72,211,551 or 14.5% of net assets.

GDN Global Depositary Note

¨ Seven-day yield as of March 31, 2017

AUD Australian Dollar

EUR Euro

CZK Czech Republic Koruna

CAD Canadian Dollar

HUF Hungarian Forint

ILS Israeli Shekel

JPY Japanese Yen

MXN Mexican Peso

NZD New Zealand Dollar

PEN Peruvian Sol

PLN Polish Zloty

ZAR South African Rand

USD US Dollar

Forward Currency Exchange Contracts
Settlement Date	Currency to be Delivered			U.S. Value		Currency to be Received			U.S. Value		Counterparty	Unrealized Appreciation (Depreciation)
04/06/2017		22,125,000	New Zealand Dollar	$	15,507,241		15,617,263	United States Dollar	$	15,617,263	JP Morgan Securities LLC	$	110,022
04/06/2017		15,456,282	United States Dollar		15,456,282		22,125,000	New Zealand Dollar		15,507,241	JP Morgan Securities LLC		50,959
04/06/2017		17,608,020	United States Dollar		17,608,020		22,950,000	Australian Dollar		17,531,970	JP Morgan Securities LLC		(76,050	)
04/06/2017		22,950,000	Australian Dollar		17,531,970		17,372,347	United States Dollar		17,372,347	JP Morgan Securities LLC		(159,623	)
04/06/2017		16,499,972	United States Dollar		16,499,972		1,867,500,000	Japanese Yen		16,777,684	Morgan Stanley		277,712
04/06/2017		1,867,500,000	Japanese Yen		16,777,684		16,331,464	United States Dollar		16,331,464	Morgan Stanley		(446,220	)
04/13/2017		23,512,282	United States Dollar		23,512,282		2,690,000,000	Japanese Yen		24,174,088	Morgan Stanley		661,806
04/13/2017		2,690,000,000	Japanese Yen		24,174,088		23,482,090	United States Dollar		23,482,090	Morgan Stanley		(691,998	)
				$	147,067,539				$	146,794,147		$	(273,392	)

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 97

Schedule of Investments  DoubleLine Infrastructure Income Fund March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 35.0%
		Blackbird Capital Aircraft Lease Securitization Ltd.,
	6,432,292	Series 2016-1A-B		5.68%	#^		12/16/2041		6,550,845
		CAL Funding II Ltd.,
	2,328,000	Series 2013-1A-A		3.35%	^		03/27/2028		2,272,747
		Castlelake Aircraft Securitization Trust,
	2,489,492	Series 2015-1A-A		4.70%	^		12/15/2040		2,540,109
	9,980,114	Series 2016-1-A		4.45%			08/15/2041		10,123,358
		CLI Funding LLC,
	274,480	Series 2013-1A-NOTE		2.83%	^		03/18/2028		264,096
	2,062,433	Series 2013-2A-NOTE		3.22%	^		06/18/2028		1,990,717
	997,347	Series 2014-1A-A		3.29%	^		06/18/2029		974,446
	5,113,414	Series 2014-2A-A		3.38%	^		10/18/2029		5,017,154
		Eagle Ltd.,
	1,750,000	Series 2014-1A-A1		2.57%	^		12/15/2039		1,739,770
		ECAF Ltd.,
	2,983,735	Series 2015-1A-A1		3.47%	^		06/15/2040		2,949,168
		Element Rail Leasing LLC,
	2,050,000	Series 2014-1A-A2		3.67%	^		04/19/2044		2,017,354
	7,065,349	Series 2016-1A-A2		5.05%	^		03/19/2046		7,257,252
		Falcon Aerospace Ltd.,
	14,916,000	Series 2017-1-A		4.58%			02/15/2042		15,149,764
		Global SC Finance SRL,
	3,345,833	Series 2013-1A-A		2.98%	^		04/17/2028		3,259,806
	92,120	Series 2013-2A-A		3.67%	^		11/17/2028		90,865
	4,007,667	Series 2014-1A-A1		3.19%	^		07/17/2029		3,905,094
		Harbour Aircraft Investments Ltd.,
	5,689,740	Series 2016-1-A		4.70%			07/15/2041		5,744,362
		HERO Funding Trust,
	81,088	Series 2015-2A-A		3.99%	^		09/20/2040		83,405
	2,254,133	Series 2016-3A-A2		3.91%	^		09/20/2042		2,296,761
	4,874,400	Series 2016-4A-A2		4.29%	^		09/20/2047		5,044,039
		InSite Issuer LLC,
	2,250,000	Series 2016-1A-B		4.56%	^		11/15/2046		2,206,829
		Mosaic Solar Loans LLC,
	15,411,562	Series 2017-1A-A		4.45%	^		06/20/2042		15,496,061
		NP SPE II LLC,
	231,566	Series 2016-1A-A1		4.16%	^		04/20/2046		231,968
		Shenton Aircraft Investment Ltd.,
	280,402	Series 2015-1A-A		4.75%	^		10/15/2042		286,363
		TAL Advantage LLC,
	233,333	Series 2013-2A-A		3.55%	^		11/20/2038		229,551
	762,217	Series 2014-1A-A		3.51%	^		02/22/2039		748,082
	1,141,250	Series 2014-1A-B		4.10%	^		02/22/2039		1,088,966
	22,150,000	Series 2017-1A-A		4.50%	^		04/21/2042		22,418,704
		Textainer Marine Containers Ltd.,
	916,500	Series 2013-1A-A		3.90%	^		09/20/2038		913,198
	9,941,750	Series 2014-1A-A		3.27%	^		10/20/2039		9,726,497
		Trinity Rail Leasing LLC,
	4,371,317	Series 2010-1A-A		5.19%	^		10/16/2040		4,501,462
		Total Asset Backed Obligations (Cost $136,160,336)							137,118,793
	FOREIGN CORPORATE BONDS 25.8%
	2,145,485	Abengoa Transmision Sur S.A.		6.88%			04/30/2043		2,306,396
	6,171,385	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		6,618,810
	10,500,000	APT Pipelines Ltd.		4.25%	^		07/15/2027		10,609,168
	771,000	Canadian Pacific Railway Company		2.90%			02/01/2025		757,246
	3,150,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		3,352,781

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	10,652,000	Empresa de Transporte de Pasajeros Metro S.A.		5.00%	^		01/25/2047		11,175,546
	10,336,192	Energia Eolica S.A.		6.00%	¥		08/30/2034		10,439,554
	3,174,588	Fermaca Enterprises S. de R.L. de C.V.		6.38%	^		03/30/2038		3,269,826
	235,504	Fermaca Enterprises S. de R.L. de C.V.		6.38%			03/30/2038		242,569
	4,000,000	Fideicomiso P.A. Costera		6.75%	^¥		01/15/2034		4,130,000
	1,906,000	GNL Quintero S.A.		4.63%			07/31/2029		1,953,650
	3,568,668	Interoceanica Finance Ltd.		0.00%	^		11/30/2025		2,917,386
	8,207,944	Interoceanica Finance Ltd.		0.00%			11/30/2025		6,709,994
	3,640,000	Israel Electric Corporation Ltd.		5.00%	^		11/12/2024		3,832,920
	6,500,000	Lima Metro Line 2 Finance Ltd.		5.88%	^		07/05/2034		6,938,750
	1,450,000	Lima Metro Line 2 Finance Ltd.		5.88%			07/05/2034		1,547,875
	13,050,000	Mexico City Airport Trust		4.25%	^		10/31/2026		13,262,062
	4,216,000	Sydney Airport Finance Company Pty Ltd.		3.38%	^		04/30/2025		4,138,742
	2,440,000	Sydney Airport Finance Company Pty Ltd.		3.63%	^		04/28/2026		2,433,141
	840,000	Transelec S.A.		4.63%	^		07/26/2023		882,786
	500,000	Transelec S.A.		4.25%	^		01/14/2025		512,313
	3,500,000	Transelec S.A.		3.88%	^		01/12/2029		3,403,750
		Total Foreign Corporate Bonds (Cost $100,943,801)							101,435,265
	US CORPORATE BONDS 31.7%
	3,865,000	Ameren Corporation		3.65%			02/15/2026		3,912,165
	6,860,000	American Electric Power Company, Inc.		2.95%			12/15/2022		6,902,628
	11,250,000	American Tower Corporation		4.40%			02/15/2026		11,657,531
	700,000	American Tower Corporation		3.38%			10/15/2026		668,676
	474,000	American Transmission Systems, Inc.		5.25%	^		01/15/2022		522,259
	7,515,000	American Water Capital Corporation		3.40%			03/01/2025		7,716,733
	2,500,000	Commonwealth Edison Company		4.35%			11/15/2045		2,612,193
	2,500,000	Connecticut Light & Power Company		3.20%			03/15/2027		2,515,768
	3,557,000	Crown Castle International Corporation		3.70%			06/15/2026		3,497,022
	175,000	DTE Energy Company		2.85%			10/01/2026		164,060
	8,000,000	DTE Energy Company		3.80%			03/15/2027		8,128,248
	6,250,000	Duke Energy Corporation		3.20%			01/15/2027		6,289,094
	135,000	Eversource Energy		2.80%			05/01/2023		133,817
	7,266,000	Exelon Corporation		3.40%			04/15/2026		7,159,321
	8,200,000	Great Plains Energy, Inc.		3.90%			04/01/2027		8,284,066
	7,000,000	ITC Holdings Corporation		3.25%			06/30/2026		6,812,785
	3,730,000	Metropolitan Edison Company		4.00%	^		04/15/2025		3,767,296
	7,069,000	NextEra Energy Capital Holdings, Inc.		3.63%			06/15/2023		7,173,105

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

March 31, 2017

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	100,000	Oglethorpe Power Corporation		4.25%			04/01/2046		94,702
	2,650,000	Oncor Electric Delivery Company LLC		2.95%			04/01/2025		2,629,354
	245,000	SBA Tower Trust		2.24%	^		04/16/2018		245,094
	2,500,000	SBA Tower Trust		2.88%	^		07/15/2021		2,488,400
	7,350,000	Sierra Pacific Power Company		2.60%			05/01/2026		7,051,450
	7,250,000	Sunoco Logistics Partners Operations LP		3.90%			07/15/2026		7,017,652
	2,000,000	Union Pacific Corporation		2.75%			03/01/2026		1,952,766
	3,450,000	Union Pacific Corporation		3.00%			04/15/2027		3,412,205
	5,300,000	Virginia Electric & Power Company		3.50%			03/15/2027		5,419,457
	6,417,000	Xcel Energy, Inc.		3.30%			06/01/2025		6,436,983
		Total US Corporate Bonds (Cost $125,825,397)							124,664,830
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 6.0%
	100,400	iShares iBoxx Investment Grade Corporate Bond ETF							11,838,164
	137,600	Vanguard Intermediate-Term Corporate Bond ETF							11,885,888
		Exchange Traded Funds and Common Stocks (Cost $23,567,505)							23,724,052
	SHORT TERM INVESTMENTS 6.5%
	8,515,420	BlackRock Liquidity Funds FedFund - Institutional Shares		0.60%	¨				8,515,420
	8,515,420	Fidelity Institutional Money Market Government Portfolio - Class I		0.56%	¨				8,515,420
	8,515,420	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.60%	¨				8,515,420
		Total Short Term Investments (Cost $25,546,260)							25,546,260
		Total Investments 105.0% (Cost $412,043,299)							412,489,200
		Liabilities in Excess of Other Assets (5.0)%							(19,806,026	)
		NET ASSETS 100.0%						$	392,683,174

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Asset Backed Obligations	35.0%
US Corporate Bonds	31.7%
Foreign Corporate Bonds	25.8%
Short Term Investments	6.5%
Exchange Traded Funds and Common Stocks	6.0%
Other Assets and Liabilities	(5.0)%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Asset Backed Obligations	35.0%
Utilities	26.6%
Transportation	16.8%
Energy	7.1%
Short Term Investments	6.5%
Exchange Traded Funds and Common Stock	6.0%
Telecommunications	4.8%
Oil & Gas	2.2%
Other Assets and Liabilities	(5.0)%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	81.9%
Peru	7.8%
Chile	4.6%
Mexico	4.3%
Israel	1.8%
Panama	1.7%
Australia	1.7%
Colombia	1.0%
Canada	0.2%
Other Assets and Liabilities	(5.0)%
	100.0%

# Variable rate security. Rate disclosed as of March 31, 2017.

^ 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, 2017, the value of these securities amounted to $183,983,529 or 46.9% of net assets.

¥ Illiquid security. At March 31, 2017, the value of these securities amounted to $14,569,554 or 3.7% of net assets.

¨ Seven-day yield as of March 31, 2017

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 99

Schedule of Investments  DoubleLine Ultra Short Bond Fund March 31, 2017

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 23.9%
	250,000	Australia and New Zealand Banking Group Ltd.		1.82%	#^		09/23/2019		251,847
	450,000	Westpac Banking Corporation		1.61%	#		08/19/2019		451,874
	450,000	Bank of Montreal		1.65%	#		07/31/2018		451,666
	155,000	Royal Bank of Canada		1.86%	#		03/22/2018		155,274
	450,000	Nissan Motor Acceptance Corporation		2.12%	#^		03/08/2019		454,515
	250,000	Sumitomo Mitsui Banking Corporation		1.56%	#		01/11/2019		250,238
		Total Foreign Corporate Bonds (Cost $2,012,132)							2,015,414
	US CORPORATE BONDS 24.4%
	250,000	American Express Credit Corporation		1.65%	#		07/31/2018		251,097
	250,000	BB&T Corporation		1.70%	#		06/15/2020		250,434
	350,000	Caterpillar Financial Services Corporation		1.44%	#		03/22/2019		350,049
	350,000	JP Morgan Chase & Company		1.59%	#		04/25/2018		351,502
	400,000	Philip Morris International, Inc.		1.47%	#		02/21/2020		402,024
	450,000	Toyota Motor Credit Corporation		1.41%	#		01/17/2019		451,596
		Total US Corporate Bonds (Cost $2,052,768)							2,056,702
	SHORT TERM INVESTMENTS 52.0%
	COMMERCIAL PAPER 25.6%
	250,000	Canadian National Railway Company		0.00%	^		04/20/2017		249,880
	305,000	Commonwealth Bank of Australia		0.00%	^		04/03/2017		304,979
	250,000	GE Capital Treasury Services LLC		0.00%			12/18/2017		247,832
	250,000	Mitsubishi Corporation		0.00%			05/25/2017		249,609
	250,000	National Rural Utilities Cooperative Finance Corporation		0.00%			04/19/2017		249,886
	250,000	Pfizer, Inc.		0.00%	^		07/05/2017		249,373
	250,000	Simon Property Group LP		0.00%	^		05/08/2017		249,763
	350,000	Wal-Mart Stores, Inc.		0.00%	^		04/03/2017		349,978
									2,151,300
	MONEY MARKET FUNDS 2.7%
	75,516	BlackRock Liquidity Funds FedFund - Institutional Shares		0.60%	¨				75,516
	75,516	Fidelity Institutional Money Market Government Portfolio - Class I		0.56%	¨				75,516
	75,516	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.60%	¨				75,516
									226,548

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	US TREASURY BILLS 23.7%
	500,000	United States Treasury Bills		0.00%		04/27/2017		499,762
	250,000	United States Treasury Bills		0.00%		06/01/2017		249,718
	500,000	United States Treasury Bills		0.00%		07/13/2017		498,943
	350,000	United States Treasury Bills		0.00%		08/03/2017		349,088
	400,000	United States Treasury Bills		0.00%		09/14/2017		398,460
								1,995,971
		Total Short Term Investments (Cost $4,374,066)						4,373,819
		Total Investments 100.3% (Cost $8,438,966)						8,445,935
		Liabilities in Excess of Other Assets (0.3)%						(27,647	)
		NET ASSETS 100.0%					$	8,418,288

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Short Term Investments	52.0%
US Corporate Bonds	24.4%
Foreign Corporate Bonds	23.9%
Other Assets and Liabilities	(0.3)%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Banking	35.3%
US Treasury Bills	23.7%
Automotive	10.8%
Beverage and Tobacco	4.8%
Retailers (other than Food/Drug)	4.2%
Construction	4.1%
Real Estate	3.0%
Utilities	3.0%
Transportation	2.9%
Finance	2.9%
Pharmaceuticals	2.9%
Money Market Funds	2.7%
Other Assets and Liabilities	(0.3)%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	72.1%
Australia	12.0%
Canada	10.2%
Japan	6.0%
Other Assets and Liabilities	(0.3)%
	100.0%

# Variable rate security. Rate disclosed as of March 31, 2017.

^ 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, 2017, the value of these securities amounted to $2,110,335 or 25.1% of net assets.

¨ Seven-day yield as of March 31, 2017

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

Schedule of Investments  DoubleLine Shiller Enhanced International CAPE^® March 31, 2017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 12.5%
		Arcadia Receivables Credit Trust,
	470,553	Series 2017-1-A		3.25%	^		06/15/2023		472,272
		Citi Held For Asset Issuance,
	381,320	Series 2016-PM1-A		4.65%	^		04/15/2025		386,476
		DRB Prime Student Loan Trust,
	163,535	Series 2015-B-A3		2.54%	^		04/27/2026		163,713
		Global SC Finance SRL,
	341,000	Series 2014-1A-A1		3.19%	^		07/17/2029		332,272
		Kabbage Asset Securitization LLC,
	500,000	Series 2017-1-A		4.57%	^		03/15/2022		513,134
		OneMain Financial Issuance Trust,
	500,000	Series 2015-2A-A		2.57%	^		07/18/2025		501,644
		SoFi Consumer Loan Program Trust,
	250,000	Series 2017-2-A		3.28%	^		02/25/2026		250,313
		SpringCastle America Funding LLC,
	434,579	Series 2016-AA-A		3.05%	^		04/25/2029		438,121
		TAL Advantage LLC,
	300,000	Series 2017-1A-A		4.50%	^		04/21/2042		303,639
		Westlake Automobile Receivables Trust,
	500,000	Series 2017-1A-C		2.70%	#^		10/17/2022		501,354
		Total Asset Backed Obligations (Cost $3,839,737)							3,862,938
	FOREIGN CORPORATE BONDS 4.1%
	140,000	AstraZeneca PLC		1.75%			11/16/2018		140,072
	90,000	Bank of Montreal		2.10%			12/12/2019		90,435
	175,000	BP Capital Markets PLC		1.68%			05/03/2019		174,176
	150,000	Commonwealth Bank of Australia		2.25%	^		03/10/2020		150,148
	150,000	Medtronic Global Holdings SCA		1.70%			03/28/2019		149,970
	165,000	Orange S.A.		2.75%			02/06/2019		166,997
	160,000	Royal Bank of Canada		1.50%			07/29/2019		158,399
	55,000	Shire Acquisitions Investments Ireland DAC		1.90%			09/23/2019		54,594
	35,000	Teva Pharmaceutical Finance Netherlands B.V.		1.70%			07/19/2019		34,617
	80,000	Toronto Dominion Bank		1.75%			07/23/2018		80,192
	55,000	Westpac Banking Corporation		1.60%			08/19/2019		54,427
		Total Foreign Corporate Bonds (Cost $1,253,461)							1,254,027
	US CORPORATE BONDS 21.9%
	145,000	AbbVie, Inc.		1.80%			05/14/2018		145,196
	140,000	Amazon.com, Inc.		2.60%			12/05/2019		142,853
	95,000	American Express Credit Corporation		2.25%			08/15/2019		95,773
	10,000	American Express Credit Corporation		2.20%			03/03/2020		10,032
	205,000	American Honda Finance Corporation		1.20%			07/12/2019		202,290
	105,000	Anheuser-Busch InBev Finance, Inc.		1.90%			02/01/2019		105,191
	40,000	Apple, Inc.		1.90%			02/07/2020		40,122
	175,000	Bank of America Corporation		2.00%			01/11/2018		175,482
	25,000	BB&T Corporation		2.25%			02/01/2019		25,176
	125,000	Berkshire Hathaway Finance Corporation		1.30%			08/15/2019		123,835
	20,000	Boston Properties LP		5.88%			10/15/2019		21,654
	15,000	Broadcom Corporation		2.38%	^		01/15/2020		15,007
	180,000	Capital One Financial Corporation		2.45%			04/24/2019		181,109
	165,000	Cardinal Health, Inc.		1.95%			06/15/2018		165,546

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	60,000	Caterpillar Financial Services Corporation		2.10%			01/10/2020		60,028
	155,000	Celgene Corporation		2.13%			08/15/2018		155,779
	30,000	Chevron Corporation		1.56%			05/16/2019		29,908
	25,000	Chevron Corporation		1.99%			03/03/2020		25,039
	80,000	Cisco Systems, Inc.		1.40%			09/20/2019		79,374
	175,000	Citigroup, Inc.		2.05%			12/07/2018		175,379
	230,000	Comcast Corporation		5.15%			03/01/2020		250,614
	35,000	Consolidated Edison, Inc.		2.00%			03/15/2020		34,971
	240,000	CVS Health Corporation		1.90%			07/20/2018		240,531
	250,000	Daimler Finance North America LLC		2.25%	^		03/02/2020		249,924
	105,000	Duke Energy Corporation		1.85%			01/15/2020		104,952
	245,000	Express Scripts Holding Company		2.25%			06/15/2019		245,424
	165,000	General Mills, Inc.		2.20%			10/21/2019		166,105
	75,000	General Motors Financial Company, Inc.		3.15%			01/15/2020		76,326
	145,000	Goldman Sachs Group, Inc.		2.30%			12/13/2019		145,164
	90,000	Hewlett Packard Enterprise Company		3.60%			10/15/2020		92,568
	75,000	John Deere Capital Corporation		1.95%			01/08/2019		75,428
	145,000	JP Morgan Chase & Company		2.25%			01/23/2020		145,517
	190,000	Kinder Morgan, Inc.		3.05%			12/01/2019		193,298
	190,000	Kraft Heinz Foods Company		2.00%			07/02/2018		190,510
	145,000	Kroger Company		6.15%			01/15/2020		159,991
	75,000	Laboratory Corporation		2.50%			11/01/2018		75,677
	75,000	McKesson Corporation		2.28%			03/15/2019		75,454
	85,000	Medtronic, Inc.		1.50%			03/15/2018		85,030
	20,000	Microsoft Corporation		1.85%			02/06/2020		20,051
	20,000	Molson Coors Brewing Company		1.45%			07/15/2019		19,750
	300,000	Morgan Stanley		2.45%			02/01/2019		302,893
	35,000	MUFG Americas Holdings Corporation		2.25%			02/10/2020		34,980
	7,000	Newell Brands, Inc.		2.60%			03/29/2019		7,089
	35,000	Oracle Corporation		2.25%			10/08/2019		35,438
	60,000	PepsiCo, Inc.		2.15%			10/14/2020		60,365
	95,000	Philip Morris International, Inc.		5.65%			05/16/2018		99,298
	60,000	PNC Funding Corporation		4.38%			08/11/2020		63,957
	50,000	Prudential Financial, Inc.		7.38%			06/15/2019		55,770
	110,000	Reynolds American, Inc.		3.25%			06/12/2020		112,938
	65,000	Shell International Finance B.V.		1.38%			05/10/2019		64,438
	255,000	Simon Property Group LP		2.20%			02/01/2019		256,582
	170,000	Southern Company		1.85%			07/01/2019		169,152
	60,000	Synchrony Financial		3.00%			08/15/2019		60,964
	70,000	Thermo Fisher Scientific, Inc.		2.15%			12/14/2018		70,271
	90,000	TIAA Asset Management Finance Company LLC		2.95%	^		11/01/2019		91,528
	50,000	Toyota Motor Credit Corporation		1.70%			02/19/2019		50,102
	250,000	United Technologies Corporation		1.50%			11/01/2019		248,341
	76,000	Verizon Communications, Inc.		2.95%	^		03/15/2022		75,754
	125,000	WellPoint, Inc.		2.30%			07/15/2018		125,589
	155,000	Wells Fargo & Company		1.50%			01/16/2018		154,740
		Total US Corporate Bonds (Cost $6,761,261)							6,762,247
	US GOVERNMENT AND AGENCY OBLIGATIONS 39.1%
	1,950,000	United States Treasury Notes		0.88%			11/30/2017		1,948,742
	2,190,000	United States Treasury Notes		1.00%			12/31/2017		2,189,829
	1,950,000	United States Treasury Notes		0.75%			01/31/2018		1,945,429

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 101

Schedule of Investments  DoubleLine Shiller Enhanced International CAPE^®  (Cont.) March 31, 2017

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	980,000	United States Treasury Notes		1.00%			03/15/2018		979,330
	1,590,000	United States Treasury Notes		0.75%			10/31/2018		1,578,913
	1,090,000	United States Treasury Notes		1.63%			06/30/2019		1,097,110
	1,730,000	United States Treasury Notes		0.88%			09/15/2019		1,708,714
	610,000	United States Treasury Notes		1.63%			06/30/2020		610,548
		Total US Government and Agency Obligations (Cost $12,053,038)							12,058,615
	SHORT TERM INVESTMENTS 28.6%
	2,949,207	BlackRock Liquidity Funds FedFund - Institutional Shares		0.60%	¨				2,949,207
	2,949,207	Fidelity Institutional Money Market Government Portfolio - Class I		0.56%	¨				2,949,207
	2,949,207	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.60%	¨				2,949,207
		Total Short Term Investments (Cost $8,847,621)							8,847,621
		Total Investments 106.2% (Cost $32,755,118)							32,785,448
		Liabilities in Excess of Other Assets (6.2)%							(1,902,442	)
		NET ASSETS 100.0%						$	30,883,006

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	39.1%
Short Term Investments	28.6%
US Corporate Bonds	21.9%
Asset Backed Obligations	12.5%
Foreign Corporate Bonds	4.1%
Other Assets and Liabilities	(6.2)%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	39.1%
Short Term Investments	28.6%
Asset Backed Obligations	12.5%
Banking	6.0%
Healthcare	2.7%
Automotive	1.6%
Pharmaceuticals	1.5%
Food/Drug Retailers	1.3%
Beverage and Tobacco	1.3%
Finance	1.2%
Food Products	1.2%
Telecommunications	1.0%
Utilities	1.0%
Real Estate	0.9%
Energy	0.8%
Media	0.8%
Aerospace & Defense	0.8%
Oil & Gas	0.8%
Insurance	0.7%
Technology	0.7%
Biotechnology	0.5%
Business Equipment and Services	0.5%
Construction	0.5%
Electronics/Electric	0.2%
Consumer Products	0.0%	~
Other Assets and Liabilities	(6.2)%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	102.1%
Canada	1.1%
United Kingdom	1.0%
Australia	0.7%
France	0.5%
Luxembourg	0.5%
Ireland	0.2%
Netherlands	0.1%
Other Assets and Liabilities	(6.2)%
	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, 2017, the value of these securities amounted to $4,445,299 or 14.4% of net assets.

# Variable rate security. Rate disclosed as of March 31, 2017.

¨ Seven-day yield as of March 31, 2017

~ Represents less than 0.05% of net assets

Total Return Swaps - Long
Reference Entity	Counterparty	Financing Rate		Notional              Amount			Termination Date		Unrealized Appreciation (Depreciation)
Shiller Barclays CAPE® Europe Sector Net ER NoC Index	Barclays Capital, Inc.		0.20%		8,400,000	Euro		04/28/2017	$	8,997
Shiller Barclays CAPE® Europe Sector Net ER NoC Index	Barclays Capital, Inc.		0.20%		5,000,000	Euro		03/29/2018		138,643
Shiller Barclays CAPE® Europe Sector Net ER NoC Index	Barclays Capital, Inc.		0.20%		15,000,000	Euro		04/26/2018		—
									$	147,640

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

March 31, 2017

Shiller Barclays CAPE^® Europe Sector Net ER NoC Index aims to provide notional long exposure to the top four European equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each European sector is represented by an index that invests primarily in equity securities of companies in the relevant sector. At March 31, 2017, the four sector constituents with each index ticker indicated in parentheses and their weightings were as follows: MSCI Europe Utilities Net Return EUR Index (M7EU0UT) 25.6%, MSCI Europe Consumer Staples Net Return EUR Index (M7EU0CS) 25.1%, MSCI Europe Materials Net Return EUR Index (M7EU0MT) 24.8%, MSCI Europe Energy Net Return EUR Index (M7EU0EN) 24.5%.

Forward Currency Exchange Contracts
Settlement Date	Currency to be Delivered			U.S. Value		Currency to be Received			U.S. Value		Counterparty	Unrealized Appreciation (Depreciation)
04/04/2017		28,097,986	United States Dollar	$	28,097,986		26,400,000	Euro	$	28,168,331	Barclays Capital, Inc.	$	70,345
04/04/2017		26,400,000	Euro		28,168,327		28,151,451	United States Dollar		28,151,451	Barclays Capital, Inc.		(16,876	)
05/02/2017		30,397,576	United States Dollar		30,397,576		28,400,000	Euro		30,340,994	Barclays Capital, Inc.		(56,582	)
				$	86,663,889				$	86,660,776		$	(3,113	)

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 103

Statements of Assets and Liabilities March 31, 2017

	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*	$	50,548,288,335		$	7,117,015,910		$	987,312,251		$	75,776,860		$	4,078,139,282		$	412,780,561
Investments in Affiliated Securities, at Value*		—			805,771,067			—			43,334,035			49,250,000			—
Short Term Investments*		3,854,762,933			236,040,231			24,268,013			39,683,804			363,901,233			60,035,944
Foreign Currency, at Value*		—			—			—			817,992			—			—
Interest and Dividends Receivable		175,782,604			41,453,497			12,475,813			507,302			19,056,729			2,328,310
Receivable for Fund Shares Sold		135,904,666			38,821,087			3,191,150			348,635			18,221,016			3,055,211
Receivable for Investments Sold		815,028			62,029,150			20,726,013			56,174			14,871,992			37,596,611
Prepaid Expenses and Other Assets		493,316			157,383			15,379			25,540			76,576			37,078
Unrealized Appreciation on Swaps		—			—			—			7,155,847			—			—
Deposit at Broker for Futures		—			—			—			2,223,559			—			—
Unrealized Appreciation on Forward Currency Exchange Contracts		—			—			—			47,872			—			—
Due from Advisor		—			—			—			—			—			—
Total Assets		54,716,046,882			8,301,288,325			1,047,988,619			169,977,620			4,543,516,828			515,833,715
LIABILITIES
Payable for Investments Purchased		201,245,145			126,076,058			38,150,262			126,601			178,453,158			86,127,727
Payable for Fund Shares Redeemed		80,625,296			56,025,974			1,081,630			431,699			63,984,674			738,782
Distribution Payable		47,294,342			5,653,480			557,944			227,113			1,472,418			579,388
Investment Advisory Fees Payable		18,436,541			2,387,944			615,860			126,063			1,224,466			176,113
Transfer Agent Expenses Payable		6,240,121			638,663			254,724			44,646			348,527			54,189
Distribution Fees Payable		4,153,878			403,661			74,864			45,124			723,589			41,803
Administration, Fund Accounting and Custodian Fees Payable		1,880,873			323,668			40,470			15,423			198,204			32,742
Accrued Expenses		1,166,329			70,460			52,246			2,492			70,597			14,194
Registration Fees Payable		622,204			65,732			10,312			1,435			37,233			14,409
Professional Fees Payable		388,089			123,459			101,878			53,479			57,698			50,501
Variation Margin Payable		—			—			—			88,594			—			—
Unrealized Depreciation on Swaps		—			—			—			—			—			—
Unrealized Depreciation on Forward Currency Exchange Contracts		—			—			—			—			—			—
Total Liabilities		362,052,818			191,769,099			40,940,190			1,162,669			246,570,564			87,829,848
Net Assets	$	54,353,994,064		$	8,109,519,226			1,007,048,429		$	168,814,951			4,296,946,264		$	428,003,867
NET ASSETS CONSIST OF:
Paid-in Capital	$	57,027,661,504		$	8,186,631,136		$	1,047,378,095		$	163,142,514		$	4,328,513,754		$	435,555,176
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)		17,150,907			1,606,145			(348,570	)		(903,060	)		250,567			113,145
Accumulated Net Realized Gain (Loss) on Investments		(2,487,128,635	)		(53,525,355	)		(13,004,546	)		1,781,345			(20,811,098	)		(8,901,238	)
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		(202,990,454	)		(21,963,767	)		(26,976,550	)		(527,300	)		(10,256,959	)		1,236,784
Investments in Affiliated Securities		—			(3,228,933	)		—			(1,763,817	)		(750,000	)		—
Short Term Investments		(699,258	)		—			—			(100	)		—			—
Foreign Currency		—			—			—			16,827			—			—
Forwards		—			—			—			47,872			—			—
Futures		—			—			—			(135,177	)		—			—
Swaps		—			—			—			7,155,847			—			—
Translation of Other Assets and Liabilities Denominated in Foreign Currency		—			—			—			—			—			—
Net Assets	$	54,353,994,064		$	8,109,519,226		$	1,007,048,429		$	168,814,951		$	4,296,946,264		$	428,003,867
*Identified Cost:
Investments in Unaffiliated Securities	$	50,751,278,789		$	7,138,979,677		$	1,014,288,801		$	76,304,160		$	4,088,396,241		$	411,543,777
Investments in Affiliated Securities		—			809,000,000			—			45,097,852			50,000,000			—
Short Term Investments		3,855,462,191			236,040,231			24,268,013			39,683,904			363,901,233			60,035,944
Foreign Currency		—			—			—			801,165			—			—
Class I (unlimited shares authorized):
Net Assets	$	44,379,729,976		$	7,034,665,144		$	775,961,342		$	49,379,666		$	2,756,497,971		$	297,060,278
Shares Outstanding		4,174,097,449			647,935,523			73,880,580			5,020,507			274,506,332			29,996,137
Net Asset Value, Offering and Redemption Price per Share	$	10.63		$	10.86		$	10.50		$	9.84		$	10.04		$	9.90
Class N (unlimited shares authorized):
Net Assets	$	9,974,264,088		$	1,074,854,082		$	231,087,087		$	—		$	1,540,448,293		$	130,943,589
Shares Outstanding		938,531,696			99,069,876			22,001,138			—			153,512,986			13,197,402
Net Asset Value, Offering and Redemption Price per Share	$	10.63		$	10.85		$	10.50		$	—		$	10.03		$	9.92
Class A (unlimited shares authorized):
Net Assets	$	—		$	—		$	—		$	119,435,285		$	—		$	—
Shares Outstanding		—			—			—			12,178,366			—			—
Net Asset Value, Offering Price per Share	$	—		$	—		$	—		$	10.23		$	—		$	—
Net Asset Value, Redemption Price per Share	$	—		$	—		$	—		$	9.81		$	—		$	—

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

March 31, 2017

	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*	$	2,689,346,894		$	675,741,406		$	317,686,863		$	61,017,052		$	—		$	472,629,306
Investments in Affiliated Securities, at Value*		—			27,517,456			—			—			—			—
Short Term Investments*		436,851,100			74,582,776			20,374,644			674,634			30,665,457			18,394,632
Foreign Currency, at Value*		—			—			—			—			—			2,573,762
Interest and Dividends Receivable		11,384,937			4,290,605			3,475,884			243,699			1,776			3,369,941
Receivable for Fund Shares Sold		32,359,082			3,825,016			525,892			29,764			33,901			168,681
Receivable for Investments Sold		38,642,419			9,321,096			8,576,157			—			—			2,938,933
Prepaid Expenses and Other Assets		181,619			83,151			48,625			28,541			198			35,833
Unrealized Appreciation on Swaps		211,404,052			—			—			—			—			—
Deposit at Broker for Futures		—			—			—			—			—			—
Unrealized Appreciation on Forward Currency Exchange Contracts		—			—			—			—			—			—
Due from Advisor		—			—			—			—			—			—
Total Assets		3,420,170,103			795,361,506			350,688,065			61,993,690			30,701,332			500,111,088
LIABILITIES
Payable for Investments Purchased		222,729,692			53,214,092			—			—			—			—
Payable for Fund Shares Redeemed		3,411,278			873,615			440,194			659			49			17,210
Distribution Payable		1,031,101			395,786			221,069			161,809			—			—
Investment Advisory Fees Payable		1,133,802			401,976			91,849			17,816			6,538			205,740
Transfer Agent Expenses Payable		286,479			89,489			42,302			24,489			32,205			97,651
Distribution Fees Payable		231,334			54,920			81,796			3,835			2,235			5,616
Administration, Fund Accounting and Custodian Fees Payable		125,658			47,629			18,247			5,347			2,493			42,233
Accrued Expenses		17,110			328			4,328			4,748			40,780			22,656
Registration Fees Payable		12,468			3,197			2,712			1,742			1,014			16,377
Professional Fees Payable		66,691			32,229			21,103			32,065			82,507			43,840
Variation Margin Payable		—			—			—			—			—			—
Unrealized Depreciation on Swaps		—			—			—			—			1,750,224			—
Unrealized Depreciation on Forward Currency Exchange Contracts		—			—			—			—			—			273,392
Total Liabilities		229,045,613			55,113,261			923,600			252,510			1,918,045			724,715
Net Assets	$	3,191,124,490		$	740,248,245		$	349,764,465		$	61,741,180		$	28,783,287		$	499,386,373
NET ASSETS CONSIST OF:
Paid-in Capital	$	2,863,119,685		$	742,373,264		$	353,419,866		$	63,788,141		$	30,685,197		$	504,598,372
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)		273,584			164,531			(57,445	)		(5,110	)		(150,622	)		(2,816,373	)
Accumulated Net Realized Gain (Loss) on Investments		121,752,920			(2,619,618	)		274,407			(1,330,585	)		956			(968,281	)
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		(5,429,967	)		362,612			(3,872,363	)		(711,266	)		—			(1,166,604	)
Investments in Affiliated Securities		—			(32,544	)		—			—			—			—
Short Term Investments		4,216			—			—			—			(2,020	)		—
Foreign Currency		—			—			—			—			—			(2,156	)
Forwards		—			—			—			—			—			(273,392	)
Futures		—			—			—			—			—			—
Swaps		211,404,052			—			—			—			(1,750,224	)		—
Translation of Other Assets and Liabilities Denominated in Foreign Currency		—			—			—			—			—			14,807
Net Assets	$	3,191,124,490		$	740,248,245		$	349,764,465		$	61,741,180		$	28,783,287		$	499,386,373
*Identified Cost:
Investments in Unaffiliated Securities	$	2,694,776,861		$	675,378,794		$	321,559,226		$	61,728,318		$	—		$	473,795,910
Investments in Affiliated Securities		—			27,550,000			—			—			—			—
Short Term Investments		436,846,884			74,582,776			20,374,644			674,634			30,667,477			18,394,632
Foreign Currency		—			—			—			—			—			2,575,918
Class I (unlimited shares authorized):
Net Assets	$	2,432,724,800		$	593,152,895		$	133,046,686		$	50,464,973		$	22,243,096		$	475,328,191
Shares Outstanding		164,868,994			60,390,085			13,504,624			5,155,192			2,383,466			47,356,847
Net Asset Value, Offering and Redemption Price per Share	$	14.76		$	9.82		$	9.85		$	9.79		$	9.33		$	10.04
Class N (unlimited shares authorized):
Net Assets	$	758,399,690		$	147,095,350		$	216,717,779		$	11,276,207		$	6,540,191		$	24,058,182
Shares Outstanding		51,434,203			14,984,150			21,977,590			1,152,702			704,822			2,400,298
Net Asset Value, Offering and Redemption Price per Share	$	14.75		$	9.82		$	9.86		$	9.78		$	9.28		$	10.02
Class A (unlimited shares authorized):
Net Assets	$	—		$	—		$	—		$	—		$	—		$	—
Shares Outstanding		—			—			—			—			—			—
Net Asset Value, Offering Price per Share	$	—		$	—		$	—		$	—		$	—		$	—
Net Asset Value, Redemption Price per Share	$	—		$	—		$	—		$	—		$	—		$	—

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 105

Statements of Assets and Liabilities  (Cont.) March 31, 2017

	DoubleLine Infrastructure Income Fund			DoubleLine Ultra Short Bond Fund			DoubleLine Shiller Enhanced International CAPE®
ASSETS
Investments in Unaffiliated Securities, at Value*	$	386,942,940		$	4,072,116		$	23,937,827
Investments in Affiliated Securities, at Value*		—			—			—
Short Term Investments*		25,546,260			4,373,819			8,847,621
Foreign Currency, at Value*		—			—			—
Interest and Dividends Receivable		2,070,878			8,668			78,218
Receivable for Fund Shares Sold		251			—			153,817
Receivable for Investments Sold		15,182,798			—			349,979
Prepaid Expenses and Other Assets		17,855			13,754			—
Unrealized Appreciation on Swaps		—			—			147,640
Deposit at Broker for Futures		—			—			—
Unrealized Appreciation on Forward Currency Exchange Contracts		—			—			—
Due from Advisor		—			24,372			45,624
Total Assets		429,760,982			8,492,729			33,560,726
LIABILITIES
Payable for Investments Purchased		35,961,947			—			2,443,329
Payable for Fund Shares Redeemed		47			—			157,298
Distribution Payable		848,431			3			4,015
Investment Advisory Fees Payable		158,438			—			—
Transfer Agent Expenses Payable		39,093			17,834			16,684
Distribution Fees Payable		241			325			712
Administration, Fund Accounting and Custodian Fees Payable		15,175			4,540			1,395
Accrued Expenses		5,946			11,061			30,312
Registration Fees Payable		4,987			599			1,560
Professional Fees Payable		43,503			40,079			19,302
Variation Margin Payable		—			—			—
Unrealized Depreciation on Swaps		—			—			—
Unrealized Depreciation on Forward Currency Exchange Contracts		—			—			3,113
Total Liabilities		37,077,808			74,441			2,677,720
Net Assets	$	392,683,174		$	8,418,288		$	30,883,006
NET ASSETS CONSIST OF:
Paid-in Capital	$	392,138,920		$	8,409,157		$	30,127,081
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)		103,324			525			(948	)
Accumulated Net Realized Gain (Loss) on Investments		(4,971	)		1,637			582,016
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		445,901			7,216			30,330
Investments in Affiliated Securities		—			—			—
Short Term Investments		—			(247	)		—
Foreign Currency		—			—			—
Forwards		—			—			(3,113	)
Futures		—			—			—
Swaps		—			—			147,640
Translation of Other Assets and Liabilities Denominated in Foreign Currency		—			—			—
Net Assets	$	392,683,174		$	8,418,288		$	30,883,006
*Identified Cost:
Investments in Unaffiliated Securities	$	386,497,039		$	4,064,900		$	23,907,497
Investments in Affiliated Securities		—			—			—
Short Term Investments		25,546,260			4,374,066			8,847,621
Foreign Currency
Class I (unlimited shares authorized):
Net Assets	$	392,116,512		$	8,293,788		$	19,384,116
Shares Outstanding		38,961,080			828,501			1,784,590
Net Asset Value, Offering and Redemption Price per Share	$	10.07		$	10.01		$	10.86
Class N (unlimited shares authorized):
Net Assets	$	566,662		$	124,500		$	11,498,890
Shares Outstanding		56,348			12,426			1,058,492
Net Asset Value, Offering and Redemption Price per Share	$	10.06		$	10.02		$	10.86
Class A (unlimited shares authorized):
Net Assets	$	—		$	—		$	—
Shares Outstanding		—			—			—
Net Asset Value, Offering Price per Share	$	—		$	—		$	—
Net Asset Value, Redemption Price per Share	$	—		$	—		$	—

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

Statements of Operations For the Period Ended March 31, 2017

	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	$	1,717,025,971		$	226,511,972		$	45,818,194	$	1,970,994		$	86,021,107		$	13,711,192
Dividends from Affiliated Securities		—			5,510,595			—		1,430,749			1,569,256			—
Dividends from Unaffiliated Securities		—			—			—		1,189,031			—			—
Foreign Taxes Withheld		—			—			—		—			—			—
Total Investment Income		1,717,025,971			232,022,567			45,818,194		4,590,774			87,590,363			13,711,192
Expenses:
Investment Advisory Fees		235,579,986			29,326,283			6,599,979		1,562,439			11,494,505			1,600,131
Distribution Fees - Class N		28,888,771			2,611,572			515,234		—			3,235,616			207,263
Distribution Fees - Class A		—			—			—		281,404			—			—
Transfer Agent Expenses		23,804,954			2,744,380			831,166		97,410			1,372,886			236,278
Administration, Fund Accounting and Custodian Fees		8,245,983			1,287,708			168,865		57,534			610,898			116,565
Shareholder Reporting Expenses		2,001,959			202,984			64,726		5,559			105,072			18,068
Registration Fees		1,909,869			284,419			195,684		57,404			197,680			65,565
Professional Fees		1,200,729			281,519			164,579		93,884			108,898			78,413
Insurance Expenses		690,861			73,135			16,045		3,471			45,351			6,928
Trustees Fees		682,646			76,486			9,548		1,586			37,994			3,255
Miscellaneous Expenses		499,622			61,710			52,947		8,829			34,974			53,083
Total Expenses		303,505,380			36,950,196			8,618,773		2,169,520			17,243,874			2,385,549
Less: Investment Advisory Fees (Waived)		—			(1,994,411	)		—		(169,619	)		(270,570	)		—
Less: Other Fees (Reimbursed)/Recouped		—			—			—		(21,559	)		—			—
Net Expenses		303,505,380			34,955,785			8,618,773		1,978,342			16,973,304			2,385,549
Net Investment Income (Loss)		1,413,520,591			197,066,782			37,199,421		2,612,432			70,617,059			11,325,643
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities		47,277,263			14,684,386			7,893,429		806,178			2,566,710			1,008,729
Investments in Affiliated Securities		—			—			—		—			164,260			—
Foreign Currency		—			—			—		12,931			—			—
Forwards		—			—			—		(690,171	)		—			—
Futures		—			—			—		7,288,223			—			—
Swaps		—			—			—		2,111,998			—			—
Written Options		—			—			—		279,800			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		(691,884,200	)		(23,744,239	)		59,538,767		2,512,348			16,664,493			2,633,916
Investments in Affiliated Securities		—			(9,385,097	)		—		(604,784	)		1,300,000			—
Short Term Investments		(2,523,229	)		—			—		(100	)		—			—
Foreign Currency		—			—			—		16,637			—			—
Forwards		—			—			—		(41,246	)		—			—
Futures		—			—			—		(325,406	)		—			—
Swaps		—			—			—		7,155,847			—			—
Written Options		—			—			—		(100,800	)		—			—
Translation of Other Assets and Liabilities Denominated in Foreign Currency		—			—			—		—			—			—
Net Realized and Unrealized Gain (Loss) on Investments		(647,130,166	)		(18,444,950	)		67,432,196		18,421,455			20,695,463			3,642,645
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	766,390,425		$	178,621,832		$	104,631,617	$	21,033,887		$	91,312,522		$	14,968,288

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 107

Statements of Operations  (Cont.) For the Period Ended March 31, 2017

	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
INVESTMENT INCOME
Income:
Interest	$	40,964,227	$	14,616,678		$	10,519,142		$	2,714,158		$	91,085		$	3,698,741
Dividends from Affiliated Securities		—		941,282			—			—			—			—
Dividends from Unaffiliated Securities		—		—			—			—			—			—
Foreign Taxes Withheld		—		—			—			—			—			(74,841	)
Total Investment Income		40,964,227		15,557,960			10,519,142			2,714,158			91,085			3,623,900
Expenses:
Investment Advisory Fees		7,077,396		2,346,875			1,453,830			361,113			233,677			1,553,042
Distribution Fees - Class N		873,406		251,771			463,909			42,836			9,815			100,551
Distribution Fees - Class A		—		—			—			—			—			—
Transfer Agent Expenses		913,834		310,149			459,120			85,044			65,087			188,944
Administration, Fund Accounting and Custodian Fees		412,275		182,946			71,437			14,881			3,170			86,336
Shareholder Reporting Expenses		57,591		17,542			33,219			2,000			28,410			29,200
Registration Fees		104,059		96,338			56,404			40,249			86,600			89,046
Professional Fees		107,208		69,872			59,565			39,184			37,510			98,328
Insurance Expenses		11,552		3,022			4,208			2,482			1,004			2,190
Trustees Fees		22,616		2,629			2,109			890			20			3,211
Miscellaneous Expenses		19,552		9,445			18,794			3,996			12,158			9,925
Total Expenses		9,599,489		3,290,589			2,622,595			592,675			477,451			2,160,773
Less: Investment Advisory Fees (Waived)		—		(176,197	)		—			—			—			—
Less: Other Fees (Reimbursed)/Recouped		691,888		(1,210	)		(443,142	)		(80,395	)		(183,840	)		(13,273	)
Net Expenses		10,291,377		3,113,182			2,179,453			512,280			293,611			2,147,500
Net Investment Income (Loss)		30,672,850		12,444,778			8,339,689			2,201,878			(202,526	)		1,476,400
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities		1,141,508		1,295,256			910,129			(331,246	)		(4,383	)		(5,591,256	)
Investments in Affiliated Securities		—		(340,904	)		—			—			—			—
Foreign Currency		—		54			—			—			—			270,070
Forwards		—		—			—			—			—			73,942
Futures		—		—			—			(32,660	)		—			—
Swaps		156,255,578		—			—			—			3,859,951			—
Written Options		—		—			—			—			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		4,434,056		8,168,110			4,439,898			(3,969,120	)		—			(6,215,134	)
Investments in Affiliated Securities		—		752,355			—			—			—			—
Short Term Investments		4,216		—			—			—			(794	)		—
Foreign Currency		—		—			—			—			—			(6,466	)
Forwards		—		—			—			—			—			(273,392	)
Futures		—		—			—			—			—			—
Swaps		165,838,050		—			—			—			(2,194,156	)		—
Written Options		—		—			—			—			—			—
Translation of Other Assets and Liabilities Denominated in Foreign Currency		—		—			—			—			—			(15,891	)
Net Realized and Unrealized Gain (Loss) on Investments		327,673,408		9,874,871			5,350,027			(4,333,026	)		1,660,618			(11,758,127	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	358,346,258	$	22,319,649		$	13,689,716		$	(2,131,148	)	$	1,458,092		$	(10,281,727	)

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

For the Period Ended March 31, 2017

	DoubleLine Infrastructure Income Fund1			DoubleLine Ultra Short Bond Fund2			DoubleLine Shiller Enhanced International CAPE®3
INVESTMENT INCOME
Income:
Interest	$	4,116,027		$	37,564		$	38,417
Dividends from Affiliated Securities		—			—			—
Dividends from Unaffiliated Securities		174,974			—			—
Foreign Taxes Withheld		—			—			—
Total Investment Income		4,291,001			37,564			38,417
Expenses:
Investment Advisory Fees		628,193			9,751			13,901
Distribution Fees - Class N		670			219			761
Distribution Fees - Class A		—			—			—
Transfer Agent Expenses		79,967			48,128			18,179
Administration, Fund Accounting and Custodian Fees		41,841			8,890			4,520
Shareholder Reporting Expenses		34,417			27,000			31,200
Registration Fees		47,870			43,598			41,693
Professional Fees		130,129			91,303			77,933
Insurance Expenses		—			—			—
Trustees Fees		1,563			1,129			379
Miscellaneous Expenses		7,979			8,000			2,148
Total Expenses		972,629			238,018			190,714
Less: Investment Advisory Fees (Waived)		—			—			—
Less: Other Fees (Reimbursed)/Recouped		(172,344	)		(220,735	)		(171,882	)
Net Expenses		800,285			17,283			18,832
Net Investment Income (Loss)		3,490,716			20,281			19,585
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities		98,565			1,637			(3,867	)
Investments in Affiliated Securities		—			—			—
Foreign Currency		—			—			(60,699	)
Forwards		—			—			25,824
Futures		—			—			—
Swaps		—			—			620,993
Written Options		—			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		445,901			7,216			30,330
Investments in Affiliated Securities		—			—			—
Short Term Investments		—			(247	)		—
Foreign Currency		—			—			—
Forwards		—			—			(3,113	)
Futures		—			—			—
Swaps		—			—			147,640
Written Options		—			—			—
Translation of Other Assets and Liabilities Denominated in Foreign Currency		—			—			—
Net Realized and Unrealized Gain (Loss) on Investments		544,466			8,606			757,108
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,035,182		$	28,887		$	776,693

¹  Commencement of operations on April 1, 2016.

²  Commencement of operations on June 30, 2016.

³  Commencement of operations on December 23, 2016.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 109

Statements of Changes in Net Assets March 31, 2017

	DoubleLine Total Return Bond Fund						DoubleLine Core Fixed Income Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2017			Year Ended March 31, 2016
OPERATIONS
Net Investment Income (Loss)	$	1,413,520,591		$	1,613,496,446		$	197,066,782		$	150,307,900
Net Realized Gain (Loss) on Investments		47,277,263			(9,092,364	)		14,684,386			(16,033,579	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(694,407,429	)		(387,300,695	)		(33,129,336	)		(50,950,201	)
Net Increase (Decrease) in Net Assets Resulting from Operations		766,390,425			1,217,103,387			178,621,832			83,324,120
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(1,736,543,665	)		(1,592,585,033	)		(181,347,576	)		(138,890,859	)
Class N		(393,065,536	)		(378,136,485	)		(27,354,511	)		(24,114,624	)
Total Distributions to Shareholders		(2,129,609,201	)		(1,970,721,518	)		(208,702,087	)		(163,005,483	)
NET SHARE TRANSACTIONS
Class I		(601,278,088	)		10,394,862,523			1,947,964,711			1,775,047,253
Class N		(1,514,557,094	)		2,465,195,792			124,379,558			353,195,271
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(2,115,835,182	)		12,860,058,315			2,072,344,269			2,128,242,524
Total Increase (Decrease) in Net Assets	$	(3,479,053,958	)	$	12,106,440,184		$	2,042,264,014		$	2,048,561,161
NET ASSETS
Beginning of Period	$	57,833,048,022		$	45,726,607,838		$	6,067,255,212		$	4,018,694,051
End of Period	$	54,353,994,064		$	57,833,048,022		$	8,109,519,226		$	6,067,255,212
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	17,150,907		$	5,390,358		$	1,606,145		$	50,261

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

March 31, 2017

	DoubleLine Emerging Markets Fixed Income Fund						DoubleLine Multi-Asset Growth Fund (Consolidated)
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2017			Year Ended March 31, 2016
OPERATIONS
Net Investment Income (Loss)	$	37,199,421		$	42,670,585		$	2,612,432		$	3,549,336
Net Realized Gain (Loss) on Investments		7,893,429			(144,365	)		9,808,959			(4,955,139	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		59,538,767			(63,306,418	)		8,612,496			(4,638,104	)
Net Increase (Decrease) in Net Assets Resulting from Operations		104,631,617			(20,780,198	)		21,033,887			(6,043,907	)
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(28,818,155	)		(32,607,064	)		(1,307,129	)		(2,028,228	)
Class N		(8,401,863	)		(10,765,477	)		—			—
Class A		—			—			(3,138,601	)		(4,345,777	)
From Net Realized Gain
Class I		—			—			—			(484,512	)
Class A		—			—			—			(1,359,935	)
Total Distributions to Shareholders		(37,220,018	)		(43,372,541	)		(4,445,730	)		(8,218,452	)
NET SHARE TRANSACTIONS
Class I		176,618,809			58,855,393			2,686,021			3,592,084
Class N		13,507,133			(18,081,083	)		—			—
Class A		—			—			(6,340,222	)		39,447,910
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		190,125,942			40,774,310			(3,654,201	)		43,039,994
Total Increase (Decrease) in Net Assets	$	257,537,541		$	(23,378,429	)	$	12,933,956		$	28,777,635
NET ASSETS
Beginning of Period	$	749,510,888		$	772,889,317		$	155,880,995		$	127,103,360
End of Period	$	1,007,048,429		$	749,510,888		$	168,814,951		$	155,880,995
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	(348,570	)	$	(426,856	)	$	(903,060	)	$	123,468

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 111

Statements of Changes in Net Assets  (Cont.) March 31, 2017

	DoubleLine Low Duration Bond Fund						DoubleLine Floating Rate Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2017			Year Ended March 31, 2016
OPERATIONS
Net Investment Income (Loss)	$	70,617,059		$	57,374,597		$	11,325,643		$	12,054,620
Net Realized Gain (Loss) on Investments		2,730,970			(2,621,104	)		1,008,729			(8,862,940	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		17,964,493			(29,463,795	)		2,633,916			(3,455,753	)
Net Increase (Decrease) in Net Assets Resulting from Operations		91,312,522			25,289,698			14,968,288			(264,073	)
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(49,550,718	)		(37,160,611	)		(8,515,997	)		(9,859,110	)
Class N		(28,675,848	)		(25,796,298	)		(2,793,714	)		(2,288,730	)
Total Distributions to Shareholders		(78,226,566	)		(62,956,909	)		(11,309,711	)		(12,147,840	)
NET SHARE TRANSACTIONS
Class I		1,026,115,258			577,796,275			64,616,215			(71,003,853	)
Class N		372,499,199			29,948,738			57,836,015			23,838,413
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		1,398,614,457			607,745,013			122,452,230			(47,165,440	)
Total Increase (Decrease) in Net Assets	$	1,411,700,413		$	570,077,802		$	126,110,807		$	(59,577,353	)
NET ASSETS
Beginning of Period	$	2,885,245,851		$	2,315,168,049		$	301,893,060		$	361,470,413
End of Period	$	4,296,946,264		$	2,885,245,851		$	428,003,867		$	301,893,060
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	250,567		$	(479,167	)	$	113,145		$	58,346

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

March 31, 2017

	DoubleLine Shiller Enhanced CAPE®						DoubleLine Flexible Income Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2017			Year Ended March 31, 2016
OPERATIONS
Net Investment Income (Loss)	$	30,672,850		$	15,019,154		$	12,444,778		$	6,940,921
Net Realized Gain (Loss) on Investments		157,397,086			6,344,146			954,406			(1,326,954	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		170,276,322			24,786,684			8,920,465			(8,081,670	)
Net Increase (Decrease) in Net Assets Resulting from Operations		358,346,258			46,149,984			22,319,649			(2,467,703	)
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(26,323,650	)		(13,392,963	)		(10,043,521	)		(5,784,363	)
Class N		(6,691,277	)		(3,099,774	)		(3,341,565	)		(2,055,590	)
From Net Realized Gain
Class I		(26,627,563	)		(7,556,918	)		—			—
Class N		(7,449,458	)		(1,947,414	)		—			—
Total Distributions to Shareholders		(67,091,948	)		(25,997,069	)		(13,385,086	)		(7,839,953	)
NET SHARE TRANSACTIONS
Class I		1,534,079,370			356,497,043			425,937,884			110,612,477
Class N		505,497,768			103,229,298			81,906,031			38,237,268
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		2,039,577,138			459,726,341			507,843,915			148,849,745
Total Increase (Decrease) in Net Assets	$	2,330,831,448		$	479,879,256		$	516,778,478		$	138,542,089
NET ASSETS
Beginning of Period	$	860,293,042		$	380,413,786		$	223,469,767		$	84,927,678
End of Period	$	3,191,124,490		$	860,293,042		$	740,248,245		$	223,469,767
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	273,584		$	(20,613	)	$	164,531		$	1,237

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 113

Statements of Changes in Net Assets  (Cont.) March 31, 2017

	DoubleLine Low Duration Emerging Markets Fixed Income Fund						DoubleLine Long Duration Total Return Bond Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2017			Year Ended March 31, 2016
OPERATIONS
Net Investment Income (Loss)	$	8,339,689		$	5,718,160		$	2,201,878		$	2,042,122
Net Realized Gain (Loss) on Investments		910,129			167,007			(363,906	)		(929,778	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		4,439,898			(5,014,819	)		(3,969,120	)		1,032,041
Net Increase (Decrease) in Net Assets Resulting from Operations		13,689,716			870,348			(2,131,148	)		2,144,385
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(3,196,392	)		(2,508,967	)		(1,739,864	)		(1,548,525	)
Class N		(5,136,394	)		(3,421,817	)		(474,185	)		(503,394	)
From Net Realized Gain
Class I		(145,250	)		—			—			(76,976	)
Class N		(251,863	)		—			—			(26,240	)
Total Distributions to Shareholders		(8,729,899	)		(5,930,784	)		(2,214,049	)		(2,155,135	)
NET SHARE TRANSACTIONS
Class I		64,287,333			4,024,591			(3,195,885	)		709,097
Class N		94,918,197			42,324,640			(13,323,494	)		6,094,941
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		159,205,530			46,349,231			(16,519,379	)		6,804,038
Total Increase (Decrease) in Net Assets	$	164,165,347		$	41,288,795		$	(20,864,576	)	$	6,793,288
NET ASSETS
Beginning of Period	$	185,599,118		$	144,310,323		$	82,605,756		$	75,812,468
End of Period	$	349,764,465		$	185,599,118		$	61,741,180		$	82,605,756
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	(57,445	)	$	(161,981	)	$	(5,110	)	$	7,061

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

March 31, 2017

	DoubleLine Strategic Commodity Fund (Consolidated)						DoubleLine Global Bond Fund
	Year Ended March 31, 2017			Period Ended March 31, 20161			Year Ended March 31, 2017			Period Ended March 31,  20162
OPERATIONS
Net Investment Income (Loss)	$	(202,526	)	$	(163,838	)	$	1,476,400		$	189,083
Net Realized Gain (Loss) on Investments		3,855,568			(525,917	)		(5,247,244	)		391,350
Net Change in Unrealized Appreciation (Depreciation) on Investments		(2,194,950	)		442,706			(6,510,883	)		5,083,538
Net Increase (Decrease) in Net Assets Resulting from Operations		1,458,092			(247,049	)		(10,281,727	)		5,663,971
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(169,986	)		—			(348,763	)		(169,086	)
Class N		(12,617	)		—			(48,215	)		(28,179	)
From Net Realized Gain
Class I		—			(8,845	)		—			—
Class N		—			(243	)		—			—
From Return of Capital
Class I		—			—			(249,602	)		—
Class N		—			—			(34,507	)		—
Total Distributions to Shareholders		(182,603	)		(9,088	)		(681,087	)		(197,265	)
NET SHARE TRANSACTIONS
Class I		(6,967,137	)		28,243,359			389,038,263			90,111,915
Class N		5,056,471			1,431,242			(15,257,228	)		40,989,531
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(1,910,666	)		29,674,601			373,781,035			131,101,446
Total Increase (Decrease) in Net Assets	$	(635,177	)	$	29,418,464		$	362,818,221		$	136,568,152
NET ASSETS
Beginning of Period	$	29,418,464		$	—		$	136,568,152		$	—
End of Period	$	28,783,287		$	29,418,464		$	499,386,373		$	136,568,152
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	(150,622	)	$	180,134		$	(2,816,373	)	$	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, 2017 115

Statements of Changes in Net Assets  (Cont.) March 31, 2017

	DoubleLine Infrastructure Income Fund			DoubleLine Ultra Short Bond Fund			DoubleLine Shiller Enhanced International CAPE®
	Period Ended March 31, 20171			Period Ended March 31, 20172			Period Ended March 31, 20173
OPERATIONS
Net Investment Income (Loss)	$	3,490,716		$	20,281		$	19,585
Net Realized Gain (Loss) on Investments		98,565			1,637			582,251
Net Change in Unrealized Appreciation (Depreciation) on Investments		445,901			6,969			174,857
Net Increase (Decrease) in Net Assets Resulting from Operations		4,035,182			28,887			776,693
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(3,422,792	)		(19,756	)		(16,423	)
Class N		(6,782	)		—			(4,345	)
From Net Realized Gain
Class I		(61,163	)		—			—
Class N		(191	)		—			—
Total Distributions to Shareholders		(3,490,928	)		(19,756	)		(20,768	)
NET SHARE TRANSACTIONS
Class I		391,569,220			8,284,896			18,692,469
Class N		569,700			124,261			11,434,612
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		392,138,920			8,409,157			30,127,081
Total Increase (Decrease) in Net Assets	$	392,683,174		$	8,418,288		$	30,883,006
NET ASSETS
Beginning of Period	$	—		$	—		$	—
End of Period	$	392,683,174		$	8,418,288		$	30,883,006
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)	$	103,324		$	525		$	(948	)

¹  Commencement of operations on April 1, 2016.

²  Commencement of operations on June 30, 2016.

³  Commencement of operations on December 23, 2016.

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

Financial Highlights March 31, 2017

	DoubleLine Total Return Bond Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013
	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	$	10.87		$	11.04		$	10.90		$	11.34		$	11.17		$	10.87		$	11.04		$	10.89		$	11.33		$	11.16
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.27			0.35			0.41			0.42			0.46			0.24			0.33			0.40			0.39			0.44
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.11	)		(0.09	)		0.22			(0.30	)		0.34			(0.11	)		(0.09	)		0.22			(0.30	)		0.34
Total from Investment Operations		0.16			0.26			0.63			0.12			0.80			0.13			0.24			0.62			0.09			0.78
Less Distributions:
Distributions from Net Investment Income		(0.40	)		(0.43	)		(0.49	)		(0.56	)		(0.63	)		(0.37	)		(0.41	)		(0.47	)		(0.53	)		(0.61	)
Total Distributions		(0.40	)		(0.43	)		(0.49	)		(0.56	)		(0.63	)		(0.37	)		(0.41	)		(0.47	)		(0.53	)		(0.61	)
Net Asset Value, End of Period	$	10.63		$	10.87		$	11.04		$	10.90		$	11.34		$	10.63		$	10.87		$	11.04		$	10.89		$	11.33
Total Return		1.46%			2.45%			5.93%			1.13%			7.37%			1.21%			2.20%			5.76%			0.88%			7.11%
Supplemental Data:
Net Assets, End of Period (000’s)	$	44,379,730		$	46,082,294		$	36,286,609		$	24,631,306		$	30,398,069		$	9,974,264		$	11,750,754		$	9,439,999		$	7,070,779		$	9,441,917
Ratios to Average Net Assets:
Expenses Before Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.47%			0.47%			0.47%			0.47%			0.48%			0.72%			0.72%			0.72%			0.72%			0.73%
Expenses After Investment Advisory Fees (Waived)		0.47%			0.47%			0.47%			0.47%			0.48%			0.72%			0.72%			0.72%			0.72%			0.73%
Expenses After Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.47%			0.47%			0.47%			0.48%			0.48%			0.72%			0.72%			0.72%			0.73%			0.73%
Net Investment Income (Loss)		2.45%			3.29%			3.74%			3.78%			4.02%			2.20%			3.04%			3.50%			3.25%			3.76%
Portfolio Turnover Rate		22%			15%			13%			14%			23%			22%			15%			13%			14%			23%

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, 2017 117

Financial Highlights  (Cont.) March 31, 2017

	DoubleLine Core Fixed Income Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013
	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	$	10.87		$	11.10		$	10.88		$	11.29		$	11.06		$	10.86		$	11.10		$	10.87		$	11.28		$	11.05
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.29			0.36			0.39			0.41			0.36			0.27			0.32			0.37			0.40			0.33
Net Gain (Loss) on Investments (Realized and Unrealized)		0.01			(0.22	)		0.26			(0.31	)		0.36			0.01			(0.22	)		0.26			(0.31	)		0.36
Total from Investment Operations		0.30			0.14			0.65			0.10			0.72			0.28			0.10			0.63			0.09			0.69
Less Distributions:
Distributions from Net Investment Income		(0.31	)		(0.37	)		(0.43	)		(0.47	)		(0.44	)		(0.29	)		(0.34	)		(0.40	)		(0.46	)		(0.41	)
Distributions from Net Realized Gain		—			—			—			(0.04	)		(0.05	)		—			—			—			(0.04	)		(0.05	)
Total Distributions		(0.31	)		(0.37	)		(0.43	)		(0.51	)		(0.49	)		(0.29	)		(0.34	)		(0.40	)		(0.50	)		(0.46	)
Net Asset Value, End of Period	$	10.86		$	10.87		$	11.10		$	10.88		$	11.29		$	10.85		$	10.86		$	11.10		$	10.87		$	11.28
Total Return		2.80%			1.31%			6.07%			1.03%			6.53%			2.54%			0.97%			5.91%			0.77%			6.27%
Supplemental Data:
Net Assets, End of Period (000’s)	$	7,034,665		$	5,114,336		$	3,406,628		$	1,351,760		$	1,829,092		$	1,074,854		$	952,919		$	612,066		$	383,712		$	731,957
Ratios to Average Net Assets:
Expenses Before Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.47%			0.47%			0.48%			0.51%			0.51%			0.72%			0.72%			0.73%			0.76%			0.76%
Expenses After Investment Advisory Fees (Waived)		0.44%			0.46%			0.46%			0.48%			0.51%			0.69%			0.71%			0.71%			0.73%			0.76%
Expenses After Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.44%			0.46%			0.47%			0.48%			0.50%			0.69%			0.71%			0.72%			0.73%			0.75%
Net Investment Income (Loss)		2.72%			3.17%			3.60%			3.76%			3.14%			2.47%			2.92%			3.39%			3.32%			2.91%
Portfolio Turnover Rate		81%			70%			65%			53%			83%			81%			70%			65%			53%			83%

¹  Calculated based on average shares outstanding during the period.

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

March 31, 2017

	DoubleLine Emerging Markets Fixed Income Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013
	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	$	9.68		$	10.23		$	10.48		$	11.03		$	10.70		$	9.68		$	10.23		$	10.48		$	11.03		$	10.70
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.45			0.49			0.55			0.46			0.38			0.42			0.46			0.52			0.44			0.36
Net Gain (Loss) on Investments (Realized and Unrealized)		0.81			(0.54	)		(0.24	)		(0.38	)		0.46			0.81			(0.54	)		(0.24	)		(0.38	)		0.46
Total from Investment Operations		1.26			(0.05	)		0.31			0.08			0.84			1.23			(0.08	)		0.28			0.06			0.82
Less Distributions:
Distributions from Net Investment Income		(0.44	)		(0.50	)		(0.56	)		(0.48	)		(0.38	)		(0.41	)		(0.47	)		(0.53	)		(0.46	)		(0.36	)
Distributions from Net Realized Gain		—			—			—			(0.15	)		(0.13	)		—			—			—			(0.15	)		(0.13	)
Total Distributions		(0.44	)		(0.50	)		(0.56	)		(0.63	)		(0.51	)		(0.41	)		(0.47	)		(0.53	)		(0.61	)		(0.49	)
Net Asset Value, End of Period	$	10.50		$	9.68		$	10.23		$	10.48		$	11.03		$	10.50		$	9.68		$	10.23		$	10.48		$	11.03
Total Return		13.19%			(0.48	)%		2.90%			0.95%			8.04%			12.91%			(0.73	)%		2.64%			0.69%			7.78%
Supplemental Data:
Net Assets, End of Period (000’s)	$	775,961		$	548,221		$	539,542		$	331,790		$	620,479		$	231,087		$	201,290		$	233,347		$	183,977		$	167,750
Ratios to Average Net Assets:
Expenses Before Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.92%			0.90%			0.90%			0.92%			0.91%			1.17%			1.15%			1.15%			1.17%			1.16%
Expenses After Investment Advisory Fees (Waived)		0.92%			0.90%			0.90%			0.92%			0.91%			1.17%			1.15%			1.15%			1.17%			1.16%
Expenses After Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.92%			0.90%			0.90%			0.92%			0.91%			1.17%			1.15%			1.15%			1.17%			1.16%
Net Investment Income (Loss)		4.28%			4.92%			5.20%			4.40%			3.53%			4.03%			4.67%			4.95%			4.25%			3.30%
Portfolio Turnover Rate		108%			75%			67%			79%			105%			108%			75%			67%			79%			105%

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, 2017 119

Financial Highlights  (Cont.) March 31, 2017

	DoubleLine Multi-Asset Growth Fund (Consolidated)
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013
	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	$	8.85		$	9.81		$	10.10		$	9.96		$	10.03		$	8.83		$	9.78		$	10.07		$	9.95		$	10.02
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.18			0.24			0.28			0.18			0.31			0.15			0.22			0.26			0.12			0.29
Net Gain (Loss) on Investments (Realized and Unrealized)		1.09			(0.65	)		0.32			0.18			(0.06	)		1.09			(0.65	)		0.32			0.19			(0.06	)
Total from Investment Operations		1.27			(0.41	)		0.60			0.36			0.25			1.24			(0.43	)		0.58			0.31			0.23
Less Distributions:
Distributions from Net Investment Income		(0.28	)		(0.44	)		(0.40	)		(0.22	)		(0.32	)		(0.26	)		(0.41	)		(0.38	)		(0.19	)		(0.30	)
Distributions from Net Realized Gain		—			(0.11	)		(0.49	)		—			—			—			(0.11	)		(0.49	)		—			—
Total Distributions		(0.28	)		(0.55	)		(0.89	)		(0.22	)		(0.32	)		(0.26	)		(0.52	)		(0.87	)		(0.19	)		(0.30	)
Net Asset Value, End of Period	$	9.84		$	8.85		$	9.81		$	10.10		$	9.96		$	9.81		$	8.83		$	9.78		$	10.07		$	9.95
Total Return2		14.63%			(4.29	)%		6.22%			3.65%			2.49%			14.27%			(4.42	)%		5.96%			3.28%			2.19%
Supplemental Data:
Net Assets, End of Period (000’s)	$	49,380		$	42,075		$	42,796		$	66,292		$	105,114		$	119,435		$	113,806		$	84,307		$	96,734		$	159,714
Ratios to Average Net Assets:
Expenses Before Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.21%			1.25%			1.30%			1.33%			1.45%			1.46%			1.50%			1.55%			1.58%			1.70%
Expenses After Investment Advisory Fees (Waived)		1.10%			1.12%			1.09%			1.26%			1.35%			1.35%			1.37%			1.34%			1.51%			1.60%
Expenses After Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.09%			1.07%			0.99%			1.13%			1.10%			1.34%			1.32%			1.24%			1.38%			1.35%
Net Investment Income (Loss)		1.87%			2.72%			2.87%			1.67%			3.11%			1.62%			2.47%			2.66%			1.01%			2.48%
Portfolio Turnover Rate		59%			56%			86%			150%			88%			59%			56%			86%			150%			88%

¹ Calculated based on average shares outstanding during the period.

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

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

March 31, 2017

	DoubleLine Low Duration Bond Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2013
	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	$	9.99		$	10.14		$	10.19		$	10.21		$	10.16		$	9.99		$	10.13		$	10.18		$	10.20		$	10.15
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.24			0.22			0.22			0.15			0.20			0.20			0.21			0.19			0.13			0.17
Net Gain (Loss) on Investments (Realized and Unrealized)		0.06			(0.12	)		(0.04	)		—			0.09			0.06			(0.12	)		(0.04	)		—			0.09
Total from Investment Operations		0.30			0.10			0.18			0.15			0.29			0.26			0.09			0.15			0.13			0.26
Less Distributions:
Distributions from Net Investment Income		(0.25	)		(0.25	)		(0.23	)		(0.17	)		(0.24	)		(0.22	)		(0.23	)		(0.20	)		(0.15	)		(0.21	)
Total Distributions		(0.25	)		(0.25	)		(0.23	)		(0.17	)		(0.24	)		(0.22	)		(0.23	)		(0.20	)		(0.15	)		(0.21	)
Net Asset Value, End of Period	$	10.04		$	9.99		$	10.14		$	10.19		$	10.21		$	10.03		$	9.99		$	10.13		$	10.18		$	10.20
Total Return		2.99%			1.00%			1.76%			1.51%			2.88%			2.64%			0.85%			1.51%			1.26%			2.64%
Supplemental Data:
Net Assets, End of Period (000’s)	$	2,756,498		$	1,722,942		$	1,166,438		$	851,771		$	375,840		$	1,540,448		$	1,162,303		$	1,148,730		$	1,062,088		$	237,727
Ratios to Average Net Assets:
Expenses Before Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.43%			0.43%			0.45%			0.48%			0.53%			0.68%			0.68%			0.70%			0.73%			0.78%
Expenses After Investment Advisory Fees (Waived)		0.42%			0.42%			0.44%			0.48%			0.53%			0.67%			0.67%			0.69%			0.73%			0.78%
Expenses After Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.42%			0.43%			0.46%			0.47%			0.47%			0.67%			0.68%			0.71%			0.72%			0.72%
Net Investment Income (Loss)		2.25%			2.30%			2.16%			1.46%			1.98%			2.00%			2.05%			1.90%			1.30%			1.70%
Portfolio Turnover Rate		69%			66%			61%			53%			71%			69%			66%			61%			53%			71%

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, 2017 121

Financial Highlights  (Cont.) March 31, 2017

	DoubleLine Floating Rate Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Period Ended March 31, 20131			Year Ended March 31, 2017			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 I			Class N			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	9.77		$	10.14		$	10.15		$	10.08		$	10.00		$	9.79		$	10.16		$	10.16		$	10.08		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.35			0.36			0.34			0.27			—			0.33			0.34			0.32			0.25			—
Net Gain (Loss) on Investments (Realized and Unrealized)		0.13			(0.36	)		—			0.04			0.08			0.13			(0.36	)		—			0.05			0.08
Total from Investment Operations		0.48			—			0.34			0.31			0.08			0.46			(0.02	)		0.32			0.30			0.08
Less Distributions:
Distributions from Net Investment Income		(0.35	)		(0.37	)		(0.34	)		(0.24	)		—			(0.33	)		(0.35	)		(0.31	)		(0.22	)		—
Distributions from Net Realized Gain		—			—			(0.01	)		—			—			—			—			(0.01	)		—			—
Total Distributions		(0.35	)		(0.37	)		(0.35	)		(0.24	)		—			(0.33	)		(0.35	)		(0.32	)		(0.22	)		—
Net Asset Value, End of Period	$	9.90		$	9.77		$	10.14		$	10.15		$	10.08		$	9.92		$	9.79		$	10.16		$	10.16		$	10.08
Total Return		4.99%			0.02%			3.36%			3.07%			0.80%	2		4.73%			(0.23	)%		3.19%			2.93%			0.80%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	297,060		$	229,612		$	310,368		$	276,737		$	63,436		$	130,944		$	72,281		$	51,103		$	104,320		$	10
Ratios to Average Net Assets:
Expenses Before Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.68%			0.65%			0.67%			0.73%			2.01%	3		0.93%			0.90%			0.92%			0.98%			2.26%	3
Expenses After Investment Advisory Fees (Waived)		0.68%			0.65%			0.67%			0.73%			2.01%	3		0.93%			0.90%			0.92%			0.98%			2.26%	3
Expenses After Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.68%			0.65%			0.70%			0.73%			0.75%	3		0.93%			0.90%			0.95%			0.98%			1.00%	3
Net Investment Income (Loss)		3.60%			3.70%			3.35%			2.68%			(0.13	)%3		3.35%			3.45%			3.06%			2.68%			(0.13	)%3
Portfolio Turnover Rate		106%			70%			84%			66%			20%	2		106%			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.

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

March 31, 2017

	DoubleLine Shiller Enhanced CAPE®
	Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Period Ended March 31, 20141			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Period Ended March 31, 20141
	Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	12.32		$	12.13		$	10.68		$	10.00		$	12.31		$	12.12		$	10.68		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.27			0.32			0.34			0.11			0.24			0.29			0.30			0.10
Net Gain (Loss) on Investments (Realized and Unrealized)		2.72			0.40			1.45			0.67			2.72			0.40			1.45			0.67
Total from Investment Operations		2.99			0.72			1.79			0.78			2.96			0.69			1.75			0.77
Less Distributions:
Distributions from Net Investment Income		(0.28	)		(0.34	)		(0.34	)		(0.10	)		(0.25	)		(0.31	)		(0.31	)		(0.09	)
Distributions from Net Realized Gain		(0.27	)		(0.19	)		—	5		—			(0.27	)		(0.19	)		—	5		—
Total Distributions		(0.55	)		(0.53	)		(0.34	)		(0.10	)		(0.52	)		(0.50	)		(0.31	)		(0.09	)
Net Asset Value, End of Period	$	14.76		$	12.32		$	12.13		$	10.68		$	14.75		$	12.31		$	12.12		$	10.68
Total Return		24.75%			6.09%			16.96%			7.83%	2		24.48%			5.84%			16.60%			7.73%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	2,432,725		$	673,308		$	301,580		$	30,061		$	758,400		$	186,985		$	78,834		$	10,714
Ratios to Average Net Assets:
Expenses Before Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.55%			0.63%			0.82%			4.98%	3		0.80%			0.88%			1.07%			5.23%	3
Expenses After Investment Advisory Fees (Waived)		0.55%			0.63%			0.79%			4.72%	3		0.80%			0.88%			1.04%			4.97%	3
Expenses After Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.60%			0.63%			0.62%			0.39%	3		0.85%			0.88%			0.87%			0.64%	3
Net Investment Income (Loss)		2.01%			2.66%			2.89%			2.64%	3		1.76%			2.41%			2.63%			2.35%	3
Portfolio Turnover Rate		68%			67%			68%			120%	2		68%			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.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 123

Financial Highlights  (Cont.) March 31, 2017

	DoubleLine Flexible Income Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Period Ended March 31, 20151			Year Ended March 31, 2017			Year Ended March 31, 2016			Period Ended March 31, 20151
	Class I			Class I			Class I			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	9.55		$	9.99		$	10.00		$	9.55		$	9.99		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.32			0.36			0.42			0.30			0.34			0.40
Net Gain (Loss) on Investments (Realized and Unrealized)		0.29			(0.40	)		(0.04	)		0.29			(0.40	)		(0.04	)
Total from Investment Operations		0.61			(0.04	)		0.38			0.59			(0.06	)		0.36
Less Distributions:
Distributions from Net Investment Income		(0.34	)		(0.40	)		(0.39	)		(0.32	)		(0.38	)		(0.37	)
Total Distributions		(0.34	)		(0.40	)		(0.39	)		(0.32	)		(0.38	)		(0.37	)
Net Asset Value, End of Period	$	9.82		$	9.55		$	9.99		$	9.82		$	9.55		$	9.99
Total Return		6.48%			(0.43)%			3.85%	2		6.23%			(0.66)%			3.63%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	593,153		$	160,590		$	57,511		$	147,095		$	62,880		$	27,417
Ratios to Average Net Assets:
Expenses Before Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.80%			0.87%			1.33%	3		1.05%			1.12%			1.58%	3
Expenses After Investment Advisory Fees (Waived)		0.76%			0.82%			1.27%	3		1.01%			1.07%			1.52%	3
Expenses After Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.76%			0.77%			0.76%	3		1.01%			1.02%			1.01%	3
Net Investment Income (Loss)		3.36%			3.75%			4.26%	3		3.11%			3.50%			4.08%	3
Portfolio Turnover Rate		58%			42%			55%	2		58%			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.

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

March 31, 2017

	DoubleLine Low Duration Emerging Markets Fixed Income Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Period Ended March 31, 20151			Year Ended March 31, 2017			Year Ended March 31, 2016			Period Ended March 31, 20151
	Class I			Class I			Class I			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	9.59		$	9.83		$	10.00		$	9.60		$	9.84		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.29			0.33			0.37			0.27			0.31			0.35
Net Gain (Loss) on Investments (Realized and Unrealized)		0.27			(0.23	)		(0.17	)		0.27			(0.23	)		(0.17	)
Total from Investment Operations		0.56			0.10			0.20			0.54			0.08			0.18
Less Distributions:
Distributions from Net Investment Income		(0.29	)		(0.34	)		(0.36	)		(0.27	)		(0.32	)		(0.33	)
Distributions from Net Realized Gain		(0.01	)		—			(0.01	)		(0.01	)		—			(0.01	)
Total Distributions		(0.30	)		(0.34	)		(0.37	)		(0.28	)		(0.32	)		(0.34	)
Net Asset Value, End of Period	$	9.85		$	9.59		$	9.83		$	9.86		$	9.60		$	9.84
Total Return		5.95%			1.06%			1.92%	2		5.69%			0.82%			1.80%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	133,047		$	66,797		$	64,891		$	216,718		$	118,802		$	79,419
Ratios to Average Net Assets:
Expenses Before Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.74%			0.84%			0.91%	3		0.99%			1.09%			1.16%	3
Expenses After Investment Advisory Fees (Waived)		0.74%			0.84%			0.91%	3		0.99%			1.09%			1.16%	3
Expenses After Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.59%			0.59%			0.59%	3		0.84%			0.84%			0.84%	3
Net Investment Income (Loss)		3.03%			3.44%			3.80%	3		2.78%			3.19%			3.58%	3
Portfolio Turnover Rate		61%			39%			21%	2		61%			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.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 125

Financial Highlights  (Cont.) March 31, 2017

	DoubleLine Long Duration Total Return Bond Fund
	Year Ended March 31, 2017			Year Ended March 31, 2016			Period Ended March 31,  20151			Year Ended March 31, 2017			Year Ended March 31, 2016			Period Ended March 31,  20151
	Class I			Class I			Class I			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	10.40		$	10.43		$	10.00		$	10.39		$	10.42		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.32			0.29			0.10			0.29			0.26			0.09
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.60	)		(0.02	)		0.41			(0.60	)		(0.02	)		0.41
Total from Investment Operations		(0.28	)		0.27			0.51			(0.31	)		0.24			0.50
Less Distributions:
Distributions from Net Investment Income		(0.33	)		(0.29	)		(0.08	)		(0.30	)		(0.26	)		(0.08	)
Distributions from Net Realized Gain		—			(0.01	)		—			—			(0.01	)		—
Total Distributions		(0.33	)		(0.30	)		(0.08	)		(0.30	)		(0.27	)		(0.08	)
Net Asset Value, End of Period	$	9.79		$	10.40		$	10.43		$	9.78		$	10.39		$	10.42
Total Return		(2.82)%			2.76%			5.15%	2		(3.08	)%		2.51%			4.99%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	50,465		$	56,843		$	56,240		$	11,276		$	25,763		$	19,572
Ratios to Average Net Assets:
Expenses Before Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.76%			0.84%			1.33%	3		1.01%			1.09%			1.58%	3
Expenses After Investment Advisory Fees (Waived)		0.76%			0.84%			1.33%	3		1.01%			1.09%			1.58%	3
Expenses After Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.65%			0.65%			0.65%	3		0.90%			0.90%			0.90%	3
Net Investment Income (Loss)		3.13%			2.87%			3.02%	3		2.79%			2.62%			3.00%	3
Portfolio Turnover Rate		94%			52%			72%	2		94%			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.

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

March 31, 2017

	DoubleLine Strategic Commodity Fund (Consolidated)
	Year Ended March 31, 2017			Period Ended March 31, 20161			Year Ended March 31, 2017			Period Ended March 31, 20161
	Class I			Class I			Class N			Class N
Net Asset Value, Beginning of Period	$	8.69		$	10.00		$	8.67		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		(0.06	)		(0.07	)		(0.09	)		(0.09	)
Net Gain (Loss) on Investments (Realized and Unrealized)		0.75			(1.24	)		0.75			(1.24	)
Total from Investment Operations		0.69			(1.31	)		0.66			(1.33	)
Less Distributions:
Distributions from Net Investment Income		(0.05	)		—			(0.05	)		—
Distributions from Net Realized Gain		—			—	5		—			—	5
Total Distributions		(0.05	)		—	5		(0.05	)		—	5
Net Asset Value, End of Period	$	9.33		$	8.69		$	9.28		$	8.67
Total Return		7.93%			(13.07)%	2		7.55%			(13.27)%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	22,243		$	27,997		$	6,540		$	1,421
Ratios to Average Net Assets:
Expenses Before Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.77%			4.42%	3		2.23%			4.67%	3
Expenses After Investment Advisory Fees (Waived)		1.77%			4.42%	3		2.23%			4.67%	3
Expenses After Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.10%			1.06%	3		1.35%			1.31%	3
Net Investment Income (Loss)		(0.75)%			(1.05)%	3		(1.00)%			(1.30)%	3
Portfolio Turnover Rate		0%			0%	2		0%			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.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 127

Financial Highlights  (Cont.) March 31, 2017

	DoubleLine Global Bond Fund
	Year Ended March 31, 2017			Period Ended March 31,  20161			Year Ended March 31, 2017			Period Ended March 31,  20161
	Class I			Class I			Class N			Class N
Net Asset Value, Beginning of Period	$	10.49		$	10.00		$	10.49		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.05			0.02			0.02			0.02
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.47	)		0.49			(0.47	)		0.49
Total from Investment Operations		(0.42	)		0.51			(0.45	)		0.51
Less Distributions:
Distributions from Net Investment Income		(0.02	)		(0.02	)		(0.01	)		(0.02	)
Distributions from Return of Capital		(0.01	)		—			(0.01	)		—
Total Distributions		(0.03	)		(0.02	)		(0.02	)		(0.02	)
Net Asset Value, End of Period	$	10.04		$	10.49		$	10.02		$	10.49
Total Return		(4.00	)%		5.11%	2		(4.31	)%		5.07%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	475,328		$	94,631		$	24,058		$	41,937
Ratios to Average Net Assets:
Expenses Before Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.66%			1.29%	3		0.91%			1.54%	3
Expenses After Investment Advisory Fees (Waived)		0.66%			1.29%	3		0.91%			1.54%	3
Expenses After Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.66%			0.70%	3		0.91%			0.95%	3
Net Investment Income (Loss)		0.52%			0.83%	3		0.20%			0.58%	3
Portfolio Turnover Rate		57%			13%	2		57%			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.

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

March 31, 2017

	DoubleLine Infrastructure Income Fund
	Period Ended March 31,  20171			Period Ended March 31,  20171
	Class I			Class N
Net Asset Value, Beginning of Period	$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.29			0.26
Net Gain (Loss) on Investments (Realized and Unrealized)		0.01			0.01
Total from Investment Operations		0.30			0.27
Less Distributions:
Distributions from Net Investment Income		(0.23	)		(0.21	)
Distributions from Net Realized Gain		—	5		—	5
Total Distributions		(0.23	)		(0.21	)
Net Asset Value, End of Period	$	10.07		$	10.06
Total Return		3.11%	2		2.76%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	392,117		$	567
Ratios to Average Net Assets:
Expenses Before Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.77%	3		1.50%	3
Expenses After Investment Advisory Fees (Waived)		0.77%	3		1.50%	3
Expenses After Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.64%	3		0.89%	3
Net Investment Income (Loss)		2.78%	3		2.53%	3
Portfolio Turnover Rate		43%	2		43%	2

¹  Commencement of operations on April 1, 2016.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

⁵  Less than $0.005 per share.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2017 129

Financial Highlights  (Cont.) March 31, 2017

	DoubleLine Ultra Short Bond Fund
	Period Ended March 31, 20171			Period Ended March 31, 20171
	Class I			Class N
Net Asset Value, Beginning of Period	$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.03			0.01
Net Gain (Loss) on Investments (Realized and Unrealized)		0.01			0.01
Total from Investment Operations		0.04			0.02
Less Distributions:
Distributions from Net Investment Income		(0.03	)		—
Total Distributions		(0.03	)		—
Net Asset Value, End of Period	$	10.01		$	10.02
Total Return		0.36%	2		0.20%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	8,294		$	125
Ratios to Average Net Assets:
Expenses Before Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		4.87%	3		5.42%	3
Expenses After Investment Advisory Fees (Waived)		4.87%	3		5.42%	3
Expenses After Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.35%	3		0.60%	3
Net Investment Income (Loss)		0.42%	3		0.11%	3
Portfolio Turnover Rate		79%	2		79%	2

¹  Commencement of operations on June 30, 2016.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

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

March 31, 2017

	DoubleLine Shiller Enhanced International CAPE®
	Period Ended March 31,  20171			Period Ended March 31,  20171
	Class I			Class N
Net Asset Value, Beginning of Period	$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.03			0.02
Net Gain (Loss) on Investments (Realized and Unrealized)		0.85			0.85
Total from Investment Operations		0.88			0.87
Less Distributions:
Distributions from Net Investment Income		(0.02	)		(0.01	)
Total Distributions		(0.02	)		(0.01	)
Net Asset Value, End of Period	$	10.86		$	10.86
Total Return		8.76%	2		8.72%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	19,384		$	11,499
Ratios to Average Net Assets:
Expenses Before Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		7.10%	3		4.93%	3
Expenses After Investment Advisory Fees (Waived)		7.10%	3		4.93%	3
Expenses After Investment Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.64%	3		0.89%	3
Net Investment Income (Loss)		0.72%	3		0.58%	3
Portfolio Turnover Rate		38%	2		38%	2

¹  Commencement of operations on December 23, 2016.

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, 2017 131

Notes to Financial Statements March 31, 2017

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 16 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, DoubleLine Global Bond Fund, DoubleLine Infrastructure Income Fund, DoubleLine Ultra Short Bond Fund and DoubleLine Shiller Enhanced International CAPE^® (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.

Effective March 7, 2017, the name of DoubleLine Strategic Commodity Fund’s investment adviser changed from DoubleLine Commodity LP to DoubleLine Alternatives LP.

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		—
DoubleLine Infrastructure Income Fund	Seek long-term total return while striving to generate  current income		4/1/2016		4/1/2016		—
DoubleLine Ultra Short Bond Fund	Seek to provide a level of current income consistent with limited price volatility		6/30/2016		6/30/2016		—
DoubleLine Shiller Enhanced International CAPE®	Seek total return which exceeds the total return of its benchmark index over a full market cycle		12/23/2016		12/23/2016		—

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.

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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.

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

Investments in registered open-end management investment companies will be valued based upon the net asset value (“NAV”) of such investments and are categorized as Level 1 of the fair value hierarchy. 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, 2017, 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 swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of 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, 2017 133

Notes to Financial Statements  (Cont.) March 31, 2017

The following is a summary of the fair valuations according to the inputs used to value the Funds’ investments as of March 31, 2017¹:

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	$	1,032,120,432	$	236,040,231	$	24,268,013	$	33,687,309		$	363,901,233	$	60,035,944
Affiliated Mutual Funds		—		805,771,067		—		43,334,035			49,250,000		—
Exchange Traded Funds and Common Stock		—		3,299,921		3,553,136		39,789,078			1,389,063		—
Real Estate Investment Trusts		—		—		—		8,112,315			—		—
Total Level 1		1,032,120,432		1,045,111,219		27,821,149		124,922,737			414,540,296		60,035,944
Level 2
US Government / Agency Mortgage Backed Obligations		28,225,673,666		1,344,698,453		—		4,993,218			50,361,279		—
Non-Agency Residential Collateralized Mortgage Obligations		12,037,420,175		633,381,789		—		10,756,132			604,237,450		—
Non-Agency Commercial Mortgage Backed Obligations		3,743,171,709		606,448,554		—		—			604,564,034		—
Other Short Term Investments		2,822,642,501		—		—		5,996,495			—		—
US Government and Agency Obligations		2,580,659,647		1,970,788,392		—		—			435,264,275		—
Collateralized Loan Obligations		2,221,347,627		285,286,029		—		3,867,253			652,908,715		2,997,935
Asset Backed Obligations		1,461,893,199		145,143,143		—		6,702,614			355,126,823		—
US Corporate Bonds		—		1,030,200,004		—		—			387,748,682		15,057,486
Foreign Corporate Bonds		—		651,541,241		695,029,595		—			686,733,037		2,027,500
Bank Loans		—		213,326,517		—		—			194,200,989		392,697,640
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies		—		208,065,285		288,729,520		—			102,305,472		—
Municipal Bonds		—		24,766,695		—		1,556,250			—		—
Warrants		—		69,887		—		—			—		—
Total Level 2		53,092,808,524		7,113,715,989		983,759,115		33,871,962			4,073,450,756		412,780,561
Level 3								.
Non-Agency Residential Collateralized Mortgage Obligations		182,939,325		—		—		—			—		—
Asset Backed Obligations		75,227,758		—		—		—			3,299,463		—
Collateralized Loan Obligations		19,955,229		—		—		—			—		—
Total Level 3		278,122,312		—		—		—			3,299,463		—
Total	$	54,403,051,268	$	8,158,827,208	$	1,011,580,264	$	158,794,699		$	4,491,290,515	$	472,816,505
Other Financial Instruments
Level 1
Futures Contracts	$	—	$	—	$	—	$	(135,177	)	$	—	$	—
Total Level 1		—		—		—		(135,177	)		—		—
Level 2
Total Return Swaps		—		—		—		6,747,543			—		—
Interest Rate Swaps		—		—		—		408,304			—		—
Forward Currency Exchange Contracts		—		—		—		47,872			—		—
Total Level 2		—		—		—		7,203,719			—		—
Level 3		—		—		—		—			—		—
Total	$	—	$	—	$	—	$	7,068,542		$	—	$	—

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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	$	266,896,340	$	74,582,776	$	20,374,644	$	674,634	$	3,580,482		$	18,394,632
Exchange Traded Funds and Common Stock		147,570		137,260		659,791		—		—			—
Affiliated Mutual Funds		—		27,517,456		—		—		—			—
Total Level 1		267,043,910		102,237,492		21,034,435		674,634		3,580,482			18,394,632
Level 2
US Government and Agency Obligations		536,202,555		32,472,547		—		11,985,665		—			132,310,317
Non-Agency Commercial Mortgage Backed Obligations		374,924,415		70,879,037		—		—		—			—
Collateralized Loan Obligations		348,179,973		116,022,248		—		—		—			—
Non-Agency Residential Collateralized Mortgage Obligations		345,239,682		186,302,385		—		—		—			—
Foreign Corporate Bonds		262,473,809		87,397,904		260,366,474		—		—			—
US Corporate Bonds		235,504,137		42,324,344		—		—		—			—
Asset Backed Obligations		191,181,800		30,602,582		—		—		—			—
Bank Loans		182,201,015		68,361,379		—		—		—			—
Other Short Term Investments		169,954,760		—		—		—		27,084,975			—
US Government / Agency Mortgage Backed Obligations		163,422,927		4,767,824		—		49,031,387		—			—
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies		48,223,120		33,094,155		56,660,598		—		—			340,318,989
Warrants		—		2,913		—		—		—			—
Total Level 2		2,857,508,193		672,227,318		317,027,072		61,017,052		27,084,975			472,629,306
Level 3
Non-Agency Residential Collateralized Mortgage Obligations		1,645,891		1,658,515		—		—		—			—
Non-Agency Commercial Mortgage Backed Obligations		—		1,058,420		—		—		—			—
Asset Backed Obligations		—		659,893		—		—		—			—
Total Level 3		1,645,891		3,376,828		—		—		—			—
Total	$	3,126,197,994	$	777,841,638	$	338,061,507	$	61,691,686	$	30,665,457		$	491,023,938
Other Financial Instruments
Level 1	$	—	$	—	$	—	$	—	$	—		$	—
Total Level 1		—		—		—		—		—			—
Level 2
Total Return Swaps		211,404,052		—		—		—		—			—
Excess Return Swaps		—		—		—		—		(1,750,224	)		—
Forward Currency Exchange Contracts		—		—		—		—		—			(273,392	)
Total Level 2		211,404,052		—		—		—		(1,750,224	)		(273,392	)
Level 3		—		—		—		—		—			—
Total	$	211,404,052	$	—	$	—	$	—	$	(1,750,224	)	$	(273,392	)

Annual Report March 31, 2017 135

Notes to Financial Statements  (Cont.) March 31, 2017

Category	DoubleLine Infrastructure Income Fund		DoubleLine Ultra Short Bond Fund		DoubleLine Shiller Enhanced International CAPE®
Investments in Securities
Level 1
Money Market Funds	$	25,546,260	$	226,548	$	8,847,621
Exchange Traded Funds and Common Stock		23,724,052		—		—
Total Level 1		49,270,312		226,548		8,847,621
Level 2
Asset Backed Obligations		137,118,793		—		3,862,938
US Corporate Bonds		124,664,830		2,056,702		6,762,247
Foreign Corporate Bonds		101,435,265		2,015,414		1,254,027
Commercial Paper		—		2,151,300		—
Other Short Term Investments		—		1,995,971		—
US Government and Agency Obligations		—		—		12,058,615
Total Level 2		363,218,888		8,219,387		23,937,827
Level 3		—		—		—
Total	$	412,489,200	$	8,445,935	$	32,785,448
Other Financial Instruments
Level 1	$	—	$	—	$	—
Total Level 1		—		—		—
Level 2
Total Return Swaps		—		—		147,640
Forward Currency Exchange Contracts		—		—		(3,113	)
Total Level 2		—		—		144,527
Level 3		—		—		—
Total	$	—	$	—	$	—

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, 2017.

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, 2016, 2015 and 2014 for the Funds, are those that are open for exam by taxing authorities. As of March 31, 2017, 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, 2017. 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.

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. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income on the Statements of Operations.

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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, the DoubleLine Strategic Commodity Fund and the DoubleLine Global Bond 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 and, effective April 1, 2017, the DoubleLine Global Bond Fund will be declared and paid quarterly. Prior to April 1, 2017, the DoubleLine Global Bond Fund declared and paid dividends from net investment income monthly. Dividends from the net investment income of the DoubleLine Strategic Commodity Fund will be declared and paid annually. The Funds will distribute any net realized long or short-term capital gains at least annually. Distributions are recorded on the ex-dividend date.

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

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

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

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

Annual Report March 31, 2017 137

Notes to Financial Statements  (Cont.) March 31, 2017

As of March 31, 2017, 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	$	168,814,951		$	28,783,287
Subsidiary % of Fund Net Assets		6.56%			16.78%
Subsidiary Financial Statement Information
Net Assets	$	11,079,065		$	4,828,636
Total Income		34,055			20,355
Net Realized Gain/(Loss)		(73,024	)		3,854,962

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

3. Related and Other Party Transactions

DoubleLine Capital LP and DoubleLine Alternatives LP, (formerly 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 the applicable Fund, places orders for the purchase and sale of its portfolio securities and is responsible for providing certain resources to assist with the day-to-day management of the Trust’s business affairs. As compensation for its services, each Adviser is entitled to a monthly fee at the annual rates of the average daily net assets of the Funds (the “Advisory Fee”) in the following table. Each Adviser has arrangements with DoubleLine Group LP to provide personnel and other resources to the Funds.

Each Adviser has contractually agreed to limit certain of the Funds’ ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed the following ratios (the “Expense Caps”). For the purposes of the expense limitation agreement between each Adviser and the 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 Infrastructure Income Fund, DoubleLine Ultra Short Bond Fund and DoubleLine Shiller Enhanced International CAPE^®, each Fund’s expense limitation is expected to apply until at least March 24, 2018. DoubleLine Infrastructure Income Fund’s expense limitation is expected to apply until at least April 1, 2018. DoubleLine Ultra Short Bond Fund’s expense limitation is expected to apply until at least June 29, 2018. DoubleLine Shiller Enhanced International CAPE^®’s expense limitation is expected to apply until at least December 21, 2018. 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
DoubleLine Infrastructure Income Fund		0.50%		0.65%		0.90%		N/A
DoubleLine Ultra Short Bond Fund		0.20%		0.35%		0.60%		N/A
DoubleLine Shiller Enhanced International CAPE®		0.50%		0.65%		0.90%		N/A

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

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

	March 31,
	2018		2019		2020
DoubleLine Multi-Asset Growth Fund (Consolidated)	$	133,348	$	68,149	$	21,559
DoubleLine Flexible Income Fund		212,093		84,116		37,456
DoubleLine Low Duration Emerging Markets Fixed Income Fund		302,278		432,477		443,142
DoubleLine Long Duration Total Return Bond Fund		130,444		134,851		80,395
DoubleLine Strategic Commodity Fund (Consolidated)		—		526,045		183,840
DoubleLine Global Bond Fund		—		132,643		13,273
DoubleLine Infrastructure Income Fund		—		—		172,344
DoubleLine Ultra Short Bond Fund		—		—		220,735
DoubleLine Shiller Enhanced International CAPE®		—		—		171,882

For the period ended March 31, 2017, each Adviser recouped the amounts shown from the following Funds:

DoubleLine Shiller Enhanced CAPE®	$	691,888
DoubleLine Flexible Income Fund		36,246

If a Fund invested in other investment vehicles sponsored by an Adviser (“other DoubleLine Funds”) during the period, such Adviser waived its advisory fee to the Fund in an amount equal to the advisory fees paid to the Adviser by the other DoubleLine Funds in respect of Fund assets so invested. Accordingly, the Adviser waived the following fees for the year ended March 31, 2017.

DoubleLine Core Fixed Income Fund	$	1,994,411
DoubleLine Multi-Asset Growth Fund (Consolidated)		169,619
DoubleLine Low Duration Bond Fund		270,570
DoubleLine Flexible Income Fund		176,197

As of March 31, 2017, 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		77%	DoubleLine Core Fixed Income Fund
DoubleLine Infrastructure Income Fund		95%	DoubleLine Core Fixed Income Fund
DoubleLine Long Duration Total Return Bond Fund		79%	DoubleLine Core Fixed Income Fund
DoubleLine Global Bond Fund		6%	DoubleLine Flexible Income Fund
DoubleLine Low Duration Emerging Markets Fixed Income Fund		14%	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 Note for more information. Records available to the Funds reflect that greater than 25% of the following Funds were held by third-party accounts as of March 31, 2017:

	% Owned
DoubleLine Multi-Asset Growth Fund (Consolidated)		77%

Annual Report March 31, 2017 139

Notes to Financial Statements  (Cont.) March 31, 2017

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.

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 these 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, 2017 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	$	12,922,513,030	$	11,856,479,043	$	—	$	—
DoubleLine Core Fixed Income Fund		4,058,037,041		2,163,700,598		3,784,225,308		3,355,976,169
DoubleLine Emerging Markets Fixed Income Fund		1,120,637,193		928,799,945		—		—
DoubleLine Multi-Asset Growth Fund (Consolidated)		82,471,181		58,073,435		—		—
DoubleLine Low Duration Bond Fund		2,599,463,521		1,386,031,332		849,494,637		769,317,352
DoubleLine Floating Rate Fund		467,930,950		323,711,917		—		—
DoubleLine Shiller Enhanced CAPE ®		1,929,792,624		394,741,391		778,444,813		503,075,836
DoubleLine Flexible Income Fund		640,338,570		171,520,677		45,212,981		27,895,576
DoubleLine Low Duration Emerging Markets Fixed Income Fund		306,510,245		171,554,481		—		—
DoubleLine Long Duration Total Return Bond Fund		18,062,050		15,106,281		48,352,288		61,683,305
DoubleLine Strategic Commodity Fund (Consolidated)		—		—		—		—
DoubleLine Global Bond Fund		401,250,358		137,593,683		116,199,930		24,804,088
DoubleLine Infrastructure Income Fund		440,158,236		53,810,965		—		—
DoubleLine Ultra Short Bond Fund		5,363,981		1,454,647		—		—
DoubleLine Shiller Enhanced International CAPE ®		11,974,239		366,174		8,864,759		2,686,243

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

140 DoubleLine Funds Trust

March 31, 2017

6. Income Tax Information and Distributions to Shareholders

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

	Period Ended March 31, 2017						Period Ended March 31, 2016
	Ordinary Income		Long Term Capital Gain		Return of Capital		Ordinary Income		Long Term Capital Gain
DoubleLine Total Return Bond Fund	$	2,129,609,201	$	—	$	—	$	1,970,721,518	$	—
DoubleLine Core Fixed Income Fund		208,702,087		—		—		163,005,483		—
DoubleLine Emerging Markets Fixed Income Fund		37,220,018		—		—		43,372,541		—
DoubleLine Multi-Asset Growth Fund (Consolidated)		4,445,730		—		—		6,392,116		1,826,336
DoubleLine Low Duration Bond Fund		78,226,566		—		—		62,956,909		—
DoubleLine Floating Rate Fund		11,309,711		—		—		12,147,840		—
DoubleLine Shiller Enhanced CAPE®		34,848,113		32,243,835		—		16,492,737		9,504,332
DoubleLine Flexible Income Fund		13,385,086		—		—		7,839,953		—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		8,729,899		—		—		5,930,784		—
DoubleLine Long Duration Total Return Bond Fund		2,214,049		—		—		2,155,135		—
DoubleLine Strategic Commodity Fund (Consolidated)		182,603		—		—		9,088		—
DoubleLine Global Bond Fund		396,978		—		284,109		197,265		—
DoubleLine Infrastructure Income Fund		3,490,928		—		—		N/A		N/A
DoubleLine Ultra Short Bond Fund		19,756		—		—		N/A		N/A
DoubleLine Shiller Enhanced International CAPE®		20,768		—		—		N/A		N/A

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, 2017, 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	$	55,255,328,567		$	8,198,687,874		$	1,039,906,753		$	163,885,449		$	4,503,370,739		$	471,609,792
Gross Tax Unrealized Appreciation		1,382,110,137			85,396,878			16,619,026			9,883,389			19,653,027			2,648,975
Gross Tax Unrealized Depreciation		(2,234,387,436	)		(125,257,544	)		(44,945,515	)		(14,974,139	)		(31,733,251	)		(1,442,262	)
Net Tax Unrealized Appreciation (Depreciation)		(852,277,299	)		(39,860,666	)		(28,326,489	)		(5,090,750	)		(12,080,224	)		1,206,713

	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	$	3,132,226,277		$	777,746,162		$	342,351,078		$	62,423,491		$	34,467,715		$	492,424,716
Gross Tax Unrealized Appreciation		226,068,114			5,875,323			2,125,030			610,099			352,300			8,866,412
Gross Tax Unrealized Depreciation		(232,096,397	)		(5,779,847	)		(6,414,601	)		(1,341,904	)		(4,154,558	)		(10,267,190	)
Net Tax Unrealized Appreciation (Depreciation)		(6,028,283	)		95,476			(4,289,571	)		(731,805	)		(3,802,258	)		(1,400,778	)

	DoubleLine Infrastructure Income Fund			DoubleLine Ultra Short Bond Fund			DoubleLine Shiller Enhanced International CAPE®
Tax Cost of Investments	$	412,055,370		$	8,438,966		$	32,757,670
Gross Tax Unrealized Appreciation		2,958,209			7,601			213,952
Gross Tax Unrealized Depreciation		(2,524,379	)		(632	)		(186,174	)
Net Tax Unrealized Appreciation (Depreciation)		433,830			6,969			27,778

Annual Report March 31, 2017 141

Notes to Financial Statements  (Cont.) March 31, 2017

As of March 31, 2017, 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)	$	(852,277,299	)	$	(39,860,666	)	$	(28,326,489	)	$	(5,090,750	)	$	(12,080,224	)	$	1,206,713
Undistributed Ordinary Income		44,303,185			5,643,509			872,343			3,813,664			2,482,218			694,902
Undistributed Long Term Capital Gains		—			—			—			—			—			—
Total Distributable Earnings		44,303,185			5,643,509			872,343			3,813,664			2,482,218			694,902
Other Accumulated Gains (Losses)		(1,865,693,326	)		(42,894,753	)		(12,875,520	)		6,949,523			(21,969,484	)		(9,452,924	)
Total Accumulated Earnings (Losses)		(2,673,667,440	)		(77,111,910	)		(40,329,666	)		5,672,437			(31,567,490	)		(7,551,309	)

	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)	$	(6,028,283	)	$	95,476		$	(4,289,571	)	$	(731,805	)	$	(3,802,258	)	$	(1,400,778	)
Undistributed Ordinary Income		20,314,438			591,840			627,097			171,965			3,650,661			—
Undistributed Long Term Capital Gains		103,257,701			—			128,299			—			—			—
Total Distributable Earnings		123,572,139			591,840			755,396			171,965			3,650,661			—
Other Accumulated Gains (Losses)		210,460,949			(2,812,335	)		(121,226	)		(1,487,121	)		(1,750,313	)		(3,811,221	)
Total Accumulated Earnings (Losses)		328,004,805			(2,125,019	)		(3,655,401	)		(2,046,961	)		(1,901,910	)		(5,211,999	)

	DoubleLine Infrastructure Income Fund			DoubleLine Ultra Short Bond Fund			DoubleLine Shiller Enhanced International CAPE®
Net Tax Unrealized Appreciation (Depreciation)	$	433,830		$	6,969		$	27,778
Undistributed Ordinary Income		959,057			2,175			584,568
Undistributed Long Term Capital Gains		—			—			—
Total Distributable Earnings		959,057			2,175			584,568
Other Accumulated Gains (Losses)		(848,633	)		(13	)		143,579
Total Accumulated Earnings (Losses)		544,254			9,131			755,925

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

As of March 31, 2017, 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		1,814,355,048		Indefinite
DoubleLine Core Fixed Income Fund		37,550,909		Indefinite
DoubleLine Emerging Markets Fixed Income Fund		12,932,672		Indefinite
DoubleLine Low Duration Bond Fund		20,597,203		Indefinite
DoubleLine Floating Rate Fund		8,871,167		Indefinite
DoubleLine Flexible Income Fund		2,456,449		Indefinite
DoubleLine Long Duration Total Return Bond Fund		1,324,911		Indefinite

142 DoubleLine Funds Trust

March 31, 2017

As of March 31, 2017, the following Funds deferred, on a tax basis, losses of:

	Post-October Loss		Late-Year Loss
DoubleLine Global Bond Fund	$	916,736	$	1,914,490

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, 2017, the following table shows the reclassifications made:

	Undistributed (Accumulated) Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
DoubleLine Total Return Bond Fund	$	727,849,159		$	(727,849,159	)	$	—
DoubleLine Core Fixed Income Fund		13,191,189			(13,191,189	)		—
DoubleLine Emerging Markets Fixed Income Fund		98,883			(98,883	)		—
DoubleLine Multi-Asset Growth Fund (Consolidated)		806,770			(622,893	)		(183,877	)
DoubleLine Low Duration Bond Fund		8,339,241			(8,339,241	)		—
DoubleLine Floating Rate Fund		38,867			(38,867	)		—
DoubleLine Shiller Enhanced CAPE®		2,636,274			(2,636,274	)		—
DoubleLine Flexible Income Fund		1,103,602			(1,103,602	)		—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		97,633			(97,633	)		—
DoubleLine Long Duration Total Return Bond Fund		—			—			—
DoubleLine Strategic Commodity Fund (Consolidated)		54,373			(3,854,612	)		3,800,239
DoubleLine Global Bond Fund		(3,771,194	)		4,055,303			(284,109	)
DoubleLine Infrastructure Income Fund		42,182			(42,182	)		—
DoubleLine Ultra Short Bond Fund		—			—			—
DoubleLine Shiller Enhanced International CAPE®		235			(235	)		—

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, 2017						Year Ended March 31, 2016						Year Ended March 31, 2017						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		1,511,555,139		$	16,337,735,560			1,762,519,501		$	19,220,239,412			324,434,484		$	3,550,991,953			299,595,407		$	3,249,703,452
Class N		348,301,837			3,765,457,623			475,211,866			5,179,721,681			47,100,233			515,180,881			54,551,178			591,687,811
Reinvested Dividends
Class I		111,334,724			1,200,621,661			97,679,661			1,064,103,215			11,549,298			126,516,108			9,055,797			98,353,071
Class N		30,312,173			326,729,209			27,160,833			295,814,232			2,309,279			25,291,372			2,022,844			21,944,431
Shares Redeemed
Class I		(1,687,474,677	)		(18,139,635,309	)		(907,208,165	)		(9,889,480,104	)		(158,503,101	)		(1,729,543,350	)		(145,001,023	)		(1,573,009,270	)
Class N		(521,395,138	)		(5,606,743,926	)		(276,177,861	)		(3,010,340,121	)		(38,056,037	)		(416,092,695	)		(24,013,524	)		(260,436,971	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(207,365,942	)	$	(2,115,835,182	)		1,179,185,835		$	12,860,058,315			188,834,156		$	2,072,344,269			196,210,679		$	2,128,242,524

Annual Report March 31, 2017 143

Notes to Financial Statements  (Cont.) March 31, 2017

	DoubleLine Emerging Markets Fixed Income Fund												DoubleLine Multi-Asset Growth Fund (Consolidated)
	Year Ended March 31, 2017						Year Ended March 31, 2016						Year Ended March 31, 2017						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		45,973,297		$	472,413,041			55,178,656		$	554,648,724			2,589,863		$	24,144,395			2,500,752		$	22,491,147
Class N		14,611,713			150,698,505			21,032,858			211,676,846			—			—			—			—
Class A		—			—			—			—			4,860,323			45,195,042			8,322,576			75,994,583
Reinvested Dividends
Class I		2,376,393			24,404,747			2,858,479			28,039,810			76,181			701,542			185,849			1,691,777
Class N		649,217			6,663,623			857,976			8,459,813			—			—			—			—
Class A		—			—			—			—			35,819			328,309			211,996			1,914,682
Shares Redeemed
Class I		(31,095,986	)		(320,198,979	)		(54,134,807	)		(523,833,141	)		(2,397,783	)		(22,159,916	)#		(2,298,221	)		(20,590,840	)*
Class N		(14,050,414	)		(143,854,995	)		(23,900,960	)		(238,217,742	)		—			—			—			—
Class A		—			—			—			—			(5,607,038	)		(51,863,573	)#		(4,262,149	)		(38,461,355	)*
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		18,464,220		$	190,125,942			1,892,202		$	40,774,310			(442,635	)	$	(3,654,201	)		4,660,803		$	43,039,994
	DoubleLine Low Duration Bond Fund												DoubleLine Floating Rate Fund
	Year Ended March 31, 2017						Year Ended March 31, 2016						Year Ended March 31, 2017						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		215,030,009		$	2,159,461,515			134,933,087		$	1,357,710,671			18,481,730		$	183,178,045			17,393,275		$	174,009,480
Class N		73,298,275			735,441,924			45,028,340			452,716,429			9,091,207			90,293,490			4,824,858			48,272,154
Reinvested Dividends
Class I		3,949,425			39,652,904			2,902,515			29,164,428			431,276			4,260,647			445,232			4,423,456
Class N		2,254,104			22,616,259			2,074,916			20,849,788			172,847			1,711,179			147,867			1,470,439
Shares Redeemed
Class I		(116,878,696	)		(1,172,999,161	)		(80,500,458	)		(809,078,824	)		(12,426,950	)		(122,822,477	)~		(24,939,341	)		(249,436,789	)^
Class N		(38,426,807	)		(385,558,984	)		(44,109,966	)		(443,617,479	)		(3,452,232	)		(34,168,654	)~		(2,616,823	)		(25,904,180	)^
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		139,226,310		$	1,398,614,457			60,328,434		$	607,745,013			12,297,878		$	122,452,230			(4,744,932	)	$	(47,165,440	)
	DoubleLine Shiller Enhanced CAPE®												DoubleLine Flexible Income Fund
	Year Ended March 31, 2017						Year Ended March 31, 2016						Year Ended March 31, 2017						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		128,671,146		$	1,786,629,059			41,453,903		$	494,197,119			52,891,181		$	516,918,176			21,499,928		$	211,974,817
Class N		45,626,661			634,244,411			12,189,003			144,752,851			11,830,952			115,360,862			7,486,460			73,646,868
Reinvested Dividends
Class I		3,095,216			42,589,328			1,476,805			17,668,300			734,612			7,177,826			447,693			4,361,213
Class N		825,260			11,355,650			373,282			4,466,707			316,282			3,086,449			184,609			1,796,873
Shares Redeemed
Class I		(21,548,437	)		(295,139,017	)		(13,146,855	)		(155,368,376	)		(10,049,430	)		(98,158,118	)		(10,890,962	)		(105,723,553	)
Class N		(10,204,236	)		(140,102,293	)		(3,879,667	)		(45,990,260	)		(3,748,450	)		(36,541,280	)		(3,830,401	)		(37,206,473	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		146,465,610		$	2,039,577,138			38,466,471		$	459,726,341			51,975,147		$	507,843,915			14,897,327		$	148,849,745

144 DoubleLine Funds Trust

March 31, 2017

	DoubleLine Low Duration Emerging Markets Fixed Income Fund												DoubleLine Long Duration Total Return Bond Fund
	Year Ended March 31, 2017						Year Ended March 31, 2016						Year Ended March 31, 2017						Year Ended March 31, 2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		9,645,650		$	94,767,162			5,615,248		$	55,212,165			495,668		$	5,130,338			528,232		$	5,304,239
Class N		12,840,946			126,784,920			7,167,948			70,403,717			1,658,759			17,151,231			1,704,462			17,319,167
Reinvested Dividends
Class I		106,089			1,040,548			67,638			656,267			7,621			79,809			10,593			106,495
Class N		494,414			4,859,319			313,363			3,026,806			38,978			404,559			46,632			467,544
Shares Redeemed
Class I		(3,210,924	)		(31,520,377	)		(5,317,565	)		(51,843,841	)		(814,365	)		(8,406,032	)		(464,030	)		(4,701,637	)
Class N		(3,733,673	)		(36,726,042	)		(3,175,455	)		(31,105,883	)		(3,024,266	)		(30,879,284	)		(1,149,451	)		(11,691,770	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		16,142,502		$	159,205,530			4,671,177		$	46,349,231			(1,637,605	)	$	(16,519,379	)		676,438		$	6,804,038
	DoubleLine Strategic Commodity Fund (Consolidated)												DoubleLine Global Bond Fund
	Year Ended March 31, 2017						Period Ended March 31, 2016						Year Ended March 31, 2017						Period Ended March 31, 2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		2,255,511		$	21,277,815			3,265,686		$	28,623,750			42,140,256		$	428,673,225			9,507,800		$	95,140,112
Class N		666,499			6,246,262			198,077			1,720,801			2,186,617			23,056,324			4,028,788			41,320,016
Reinvested Dividends
Class I		16,781			159,081			947			8,236			3,057			32,242			774			8,045
Class N		1,250			11,827			25			214			7,466			78,428			2,585			26,935
Shares Redeemed
Class I		(3,110,492	)		(28,404,033	)		(44,967	)		(388,627	)		(3,803,702	)		(39,667,204	)		(491,338	)		(5,036,242	)
Class N		(126,863	)		(1,201,618	)		(34,166	)		(289,773	)		(3,790,430	)		(38,391,980	)		(34,728	)		(357,420	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(297,314	)	$	(1,910,666	)		3,385,602		$	29,674,601			36,743,264		$	373,781,035			13,013,881		$	131,101,446

	DoubleLine Infrastructure Income Fund						DoubleLine Ultra Short Bond Fund						DoubleLine Shiller Enhanced International CAPE®
	Period Ended March 31, 2017						Period Ended March 31, 2017						Period Ended March 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class I		39,499,646		$	397,100,699			960,051		$	9,600,513			2,298,659		$	24,078,547
Class N		88,718			899,656			37,696			376,964			1,070,884			11,568,756
Reinvested Dividends
Class I		4,507			45,748			1,974			19,750			547			5,882
Class N		668			6,718			—			—			388			4,213
Shares Redeemed
Class I		(543,073	)		(5,577,227	)		(133,524	)		(1,335,367	)		(514,616	)		(5,391,960	)
Class N		(33,038	)		(336,674	)		(25,270	)		(252,703	)		(12,780	)		(138,357	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		39,017,428		$	392,138,920			840,927		$	8,409,157			2,843,082		$	30,127,081

# Net of redemption fees of $4,348 and $3,078 for Class I and Class A, respectively

~ Net of redemption fees of $74,170 and $13,516 for Class I and Class N, respectively

* 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.

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

Annual Report March 31, 2017 145

Notes to Financial Statements  (Cont.) March 31, 2017

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.

For the period ended March 31, 2017, the Trustees received as a group:

	Current Fees		Increase/(Decrease) in Value of Deferred Amount		Trustees Fees
DoubleLine Total Return Bond Fund	$	649,995	$	32,651	$	682,646
DoubleLine Core Fixed Income Fund		72,455		4,031		76,486
DoubleLine Emerging Markets Fixed Income Fund		9,067		481		9,548
DoubleLine Multi-Asset Growth Fund (Consolidated)		1,497		89		1,586
DoubleLine Low Duration Bond Fund		36,153		1,841		37,994
DoubleLine Floating Rate Fund		3,071		184		3,255
DoubleLine Shiller Enhanced CAPE®		21,749		867		22,616
DoubleLine Flexible Income Fund		2,409		220		2,629
DoubleLine Low Duration Emerging Markets Fixed Income Fund		1,997		112		2,109
DoubleLine Long Duration Total Return Bond Fund		850		40		890
DoubleLine Strategic Commodity Fund (Consolidated)		3		17		20
DoubleLine Global Bond Fund		3,044		167		3,211
DoubleLine Infrastructure Income Fund		1,496		67		1,563
DoubleLine Ultra Short Bond Fund		1,126		3		1,129
DoubleLine Shiller Enhanced International CAPE®		333		46		379

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, 2017, is as follows:

	DoubleLine Multi- Asset Growth  Fund (Consolidated)			DoubleLine Shiller Enhanced CAPE®		DoubleLine Strategic Commodity Fund (Consolidated)		DoubleLine Global Bond Fund		DoubleLine Shiller Enhanced International CAPE®
Average Market Value
Purchased Options	$	73,000		$	—	$	—	$	—	$	—
Written Options		35,800			—		—		—		—
Futures Contracts - Long		323,132			—		—		—		—
Futures Contracts - Short		(41,174	)		—		—		—		—
Average Notional Balance
Excess Return Swaps - Long		—			—		23,238,000		—		—
Excess Return Swaps - Short		—			—		2,315,000		—		—
Interest Rate Swaps		8,000,000			—		—		—		—
Total Return Swaps - Long		36,292,902			1,572,100,000		—		—		4,960,000
Total Return Swaps - Short		10,610,529			—		—		—		—
Forward Currency Exchange Contracts		17,285,819			—		—		81,264,766	$	45,924,411

146 DoubleLine Funds Trust

March 31, 2017

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.

The activity in written options during the period ended March 31, 2017, is as follows:

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

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.

Annual Report March 31, 2017 147

Notes to Financial Statements  (Cont.) March 31, 2017

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.

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, 2017, 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)			DoubleLine Global Bond Fund			DoubleLine Shiller Enhanced International CAPE®
Forward Contracts
Currency	Net Unrealized Appreciation (Depreciation) on Forwards	$	47,872		$	—	$	—		$	(273,392	)	$	(3,113	)
Futures Contracts
Commodity		$	4,991		$	—	$	—		$	—		$	—
Index			(35,815	)		—		—			—			—
Treasury Bond			(104,353	)		—		—			—			—
	Net Unrealized Appreciation (Depreciation) on Futures	$	(135,177	)	$	—	$	—		$	—		$	—
Swap Contracts
Excess Return		$	—		$	—	$	(1,750,224	)	$	—		$	—
Interest Rate			408,304			—		—			—			—
Total Return			6,747,543			211,404,052		—			—			147,640
	Net Unrealized Appreciation (Depreciation) on Swaps	$	7,155,847		$	211,404,052	$	(1,750,224	)	$	—		$	147,640

148 DoubleLine Funds Trust

March 31, 2017

The effect of derivative instruments on the Statements of Operations for the period ended March 31, 2017, 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 Global Bond Fund		DoubleLine Shiller Enhanced International CAPE®		DoubleLine Multi-Asset Growth Fund (Consolidated)			DoubleLine Shiller Enhanced CAPE®		DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund			DoubleLine Shiller Enhanced International CAPE®
Purchased Options
Equity		$	(226,341	)	$	—	$	—	$	—	$	—	$	—		$	—	$	—		$	—		$	—
Index			(521,200	)		—		—		—		—		156,200			—		—			—			—
	Net Realized and Unrealized Gain (Loss) on Investments in Unaffiliated Securities	$	(747,541	)	$	—	$	—	$	—	$	—	$	156,200		$	—	$	—		$	—		$	—
Written Options
Index	Net Realized and Unrealized Gain (Loss) on Written Options	$	279,800		$	—	$	—	$	—	$	—	$	(100,800	)	$	—	$	—		$	—		$	—
Forward Contracts
Currency	Net Realized and Unrealized Gain (Loss) on Forwards	$	(690,171	)	$	—	$	—	$	73,942	$	25,824	$	(41,246	)	$	—	$	—		$	(273,392	)	$	(3,113	)
Futures Contracts
Commodity		$	1,272,848		$	—	$	—	$	—	$	—	$	14,624		$	—	$	—		$	—		$	—
Exchange Rate			1,396			—		—		—		—		—			—		—			—			—
Index			6,062,552			—		—		—		—		(235,677	)		—		—			—			—
Treasury Bond			(48,573	)		—		—		—		—		(104,353	)		—		—			—			—
	Net Realized and Unrealized Gain (Loss) on Futures	$	7,288,223		$	—	$	—	$	—	$	—	$	(325,406	)	$	—	$	—		$	—		$	—
Swap Contracts
Excess Return		$	—		$	—	$	3,859,951	$	—	$	—	$	—		$	—	$	(2,194,156	)	$	—		$	—
Interest Rate			248,000			—		—		—		—		408,304			—		—			—			—
Total Return			1,863,998			156,255,578		—		—		620,993		6,747,543			165,838,050		—			—			147,640
	Net Realized and Unrealized Gain (Loss) on Swaps	$	2,111,998		$	156,255,578	$	3,859,951	$	—	$	620,993	$	7,155,847		$	165,838,050	$	(2,194,156	)	$	—		$	147,640

Annual Report March 31, 2017 149

Notes to Financial Statements  (Cont.) March 31, 2017

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, 2017, 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
Forwards	$	144,857	$	96,985	$	47,872	$	—	$	—	$	47,872
Swap Contracts		7,225,432		69,585		7,155,847		69,585		6,808,820		277,442
	$	7,370,289	$	166,570	$	7,203,719	$	69,585	$	6,808,820	$	325,314

Liabilities:

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Pledged
Forwards	$	96,985	$	96,985	$	—	$	—	$	—	$	—
Swap Contracts		69,585		69,585		—		—		—		—
	$	166,570	$	166,570	$	—	$	—	$	—	$	—

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	$	212,802,747	$	1,398,695	$	211,404,052	$	78,563,489	$	132,840,563	$	—

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	$	1,398,695	$	1,398,695	$	—	$	—	$	—	$	—

150 DoubleLine Funds Trust

March 31, 2017

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	$	3,023	$	3,023	$	—	$	—	$	—	$	—

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	$	1,753,247	$	3,023	$	1,750,224	$	1,750,224	$	—	$	—

DoubleLine Global Bond Fund

Assets:

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Received
Forwards	$	1,100,499	$	1,100,499	$	—	$	—	$	—	$	—

Liabilities:

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Pledged
Forwards	$	1,373,891	$	1,100,499	$	273,392	$	—	$	—	$	273,392

DoubleLine Shiller Enhanced International CAPE^®

Assets:

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Received
Forwards	$	173,521	$	173,521	$	—	$	—	$	—	$	—
Swap Contracts		147,640		—		147,640		—		—		147,640
	$	321,161	$	173,521	$	147,640	$	—	$	—	$	147,640

Liabilities:

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Pledged
Forwards	$	176,634	$	173,521	$	3,113	$	—	$	—	$	3,113

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

Annual Report March 31, 2017 151

Notes to Financial Statements  (Cont.) March 31, 2017

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 3.07% for the year ended March 31, 2017).

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 period ended March 31, 2017, the Funds’ credit facility activity is as follows:

	Average Borrowings		Maximum Amount Outstanding		Interest Expense		Commitment Fee
DoubleLine Emerging Markets Fixed Income Fund	$	4,665,950	$	47,808,000	$	15,713	$	—
DoubleLine Floating Rate Fund		—		—		—		48,667
DoubleLine Low Duration Emerging Markets Fixed Income Fund		1,220,000		2,446,000		1,933		—
DoubleLine Long Duration Total Return Bond Fund		5,428,286		5,645,000		3,166		—
DoubleLine Global Bond Fund		1,121,000		6,452,000		934		—
DoubleLine Infrastructure Income Fund		36,000		116,000		15		—
DoubleLine Ultra Short Bond Fund		116,000		116,000		10		—

13.  Significant Shareholder Holdings

As of March 31, 2017, a single beneficial shareholder unaffiliated with the Funds held 39% of the outstanding Class I shares of DoubleLine Ultra Short Bond Fund and 38% of DoubleLine Ultra Short Bond Fund’s total outstanding shares. That shareholder may be deemed to control the DoubleLine Ultra Short Bond Fund and a redemption of all or a substantial portion of that shareholder’s investment in the DoubleLine Ultra Short Bond Fund may adversely affect its investment performance.

As of March 31, 2017, shareholders affiliated with the Funds and/or Advisers owned shares of the Funds as follows:

	Shares		% of Total  Outstanding Shares - Per Class		% of Total Outstanding Shares - Total Fund
DoubleLine Strategic Commodity Fund (Consolidated) - Class I		1,491,712		63%		48%
DoubleLine Ultra Short Bond Fund - Class I		491,252		59%		60%
DoubleLine Ultra Short Bond Fund - Class N		10,000		80%		60%
DoubleLine Shiller Enhanced International CAPE® - Class I		490,000		27%		17%

Investment activities of these shareholders could have a material affect on each Fund. See the description of Large Shareholder Risk in the following Principal Risks Note.

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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, an Adviser may have an incentive to invest a portion of a Fund’s assets in investment companies sponsored or managed by the Adviser or its related parties 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, an 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 related parties.

• 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.

• 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 an 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 difficult to value. 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. A Fund may at times have significant exposure to particular sectors through its commodities-related investments, including, without limitation, the energy, industrial metals, and agricultural and livestock sectors and may be exposed to greater risk associated with events affecting those sectors.

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

• counterparty risk:  the risk that a Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into 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 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

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Notes to Financial Statements  (Cont.) March 31, 2017

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

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

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

• defaulted securities risk:  the 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 an Adviser, may not be available at the time or price desired, cannot be closed out at a favorable time or price, will increase a Fund’s transaction costs, or will increase a Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely or at all with that of the cash investment; that the positions may be improperly executed or constructed; 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.

• 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; (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; and (v) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

• focused investment risk:  the risk that a Fund that invests a substantial portion of its assets in a particular market, industry, sector, group of industries or sectors, country, region, group of countries or asset class is 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.

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• 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. 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. If a Fund buys securities denominated in a foreign currency, receives income in foreign currencies, or holds foreign currencies from time to time, the value of the Fund’s assets, as measured in U.S. dollars, can be affected unfavorably by changes in exchange rates relative to the U.S. dollar or other foreign currencies. Foreign markets are also subject to the risk that a foreign government could restrict foreign exchange transactions or otherwise implement unfavorable currency regulations.

• 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, commonly known as ‘junk bonds,’ have a higher degree of default risk and may be less liquid than higher-rated bonds. These instruments may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of high yield investments generally, and less secondary market liquidity.

• index risk:  the risk that 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 an 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 funds (“ETFs”) or money market funds, in which a Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of 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 an Adviser or funds or accounts over which an Adviser (or related parties of an Adviser) has investment discretion, may from time to time own or control a significant percentage of a Fund’s shares. A Fund is subject to the risk that a redemption by those shareholders of all or a portion of their Fund shares, including as a result of an asset allocation decision made by an Adviser (or related parties of an Adviser), will adversely affect the Fund’s performance if it is forced to sell portfolio securities or invest cash when the Adviser would not otherwise choose to do so. Redemptions of a large number of shares may affect the liquidity of a Fund’s portfolio, increase a Fund’s transaction costs, and accelerate the realization of taxable income and/or gains to shareholders.

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

• limited operating history risk:  the risk that a newly formed fund has no or a limited operating history to evaluate and may not attract sufficient assets to achieve or maximize investment and operational efficiencies.

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

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

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Notes to Financial Statements  (Cont.) March 31, 2017

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. Markets may, in response to governmental actions or intervention, political, 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.

• 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.

• restricted securities risk:  a Fund may hold securities that are restricted as to resale under the U.S. federal securities laws. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may prevent a Fund from disposing of them promptly at reasonable prices or at all. A Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the values of restricted securities may have significant volatility.

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• 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 inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner.

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

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

• 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.  Subsequent Events

Effective April 1, 2017, the DoubleLine Global Bond Fund began declaring and paying dividends of net investment income quarterly, rather than monthly.

Effective April 1, 2017, the following Funds’ Advisory Fee rates were reduced and the Adviser lowered the expense caps applicable to those Funds. Under the revised expense caps, the Adviser has contractually agreed to waive its investment advisory fee and to reimburse each Fund for other ordinary operating expenses to the extent necessary to limit the Funds’ ordinary operating expenses to amounts not to exceed the amounts shown in the following table. Ordinary operating expenses exclude taxes, commissions, mark-ups, litigation expenses, indemnification expenses, interest expenses, Acquired Fund Fees and Expenses, and any extraordinary expenses. These expense limitations are expected to apply until March 24, 2018 for the DoubleLine Multi-Asset Growth Fund and June 29, 2018 for the DoubleLine Ultra Short Bond Fund, except that they may be terminated by the Board at any time.

			Expense Caps
	Advisory Fee		I Shares		N Shares
DoubleLine Multi-Asset Growth Fund		0.95%		1.15%		1.40%
DoubleLine Ultra Short Bond Fund		0.15%		0.30%		0.55%

On April 6, 2017, DoubleLine Low Duration Emerging Markets Fixed Income Fund honored redemption requests representing approximately 40% of its then outstanding shares by distributing to the redeeming shareholders an approximately pro rata portion of its portfolio. The Fund’s net assets following that redemption on April 7, 2017 were approximately $198 million.

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 additional subsequent events that would need to be disclosed in the Funds’ financial statements.

Annual Report March 31, 2017 157

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 (summary schedule of investments for DoubleLine Total Return Bond Fund), 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), DoubleLine Global Bond Fund, DoubleLine Infrastructure Income Fund, DoubleLine Ultra Short Bond Fund, and DoubleLine Shiller Enhanced International CAPE^® (fifteen of the funds constituting DoubleLine Funds Trust, hereafter referred to as the “Funds”) as of March 31, 2017, 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 as of March 31, 2017 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Los Angeles, California

May 23, 2017

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Shareholder Expenses (Unaudited) March 31, 2017

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 10/1/16 through 3/31/17.*

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 3/31/17		Expenses Paid During Period*1		Ending Account Value 3/31/17		Expenses Paid During Period*1
DoubleLine Total Return Bond Fund	Class I		0.47%	$	1,000	$	992	$	2.33	$	1,023	$	2.37
	Class N		0.72%	$	1,000	$	992	$	3.58	$	1,021	$	3.63
DoubleLine Core Fixed Income Fund	Class I		0.43%	$	1,000	$	990	$	2.13	$	1,023	$	2.17
	Class N		0.68%	$	1,000	$	988	$	3.37	$	1,022	$	3.43
DoubleLine Emerging Markets Fixed Income Fund	Class I		0.92%	$	1,000	$	1,028	$	4.65	$	1,020	$	4.63
	Class N		1.17%	$	1,000	$	1,027	$	5.91	$	1,019	$	5.89
DoubleLine Multi-Asset Growth Fund (Consolidated)	Class I		1.08%	$	1,000	$	1,075	$	5.59	$	1,020	$	5.44
	Class A		1.33%	$	1,000	$	1,072	$	6.87	$	1,018	$	6.69
DoubleLine Low Duration Bond Fund	Class I		0.42%	$	1,000	$	1,009	$	2.10	$	1,023	$	2.12
	Class N		0.67%	$	1,000	$	1,008	$	3.35	$	1,022	$	3.38
DoubleLine Floating Rate Fund	Class I		0.67%	$	1,000	$	1,020	$	3.37	$	1,022	$	3.38
	Class N		0.92%	$	1,000	$	1,019	$	4.63	$	1,020	$	4.63
DoubleLine Shiller Enhanced CAPE®	Class I		0.57%	$	1,000	$	1,118	$	3.01	$	1,022	$	2.87
	Class N		0.82%	$	1,000	$	1,117	$	4.33	$	1,021	$	4.13

Annual Report March 31, 2017 159

Shareholder Expenses  (Cont.) (Unaudited) March 31, 2017

						Actual				Hypothetical (5% return before expenses)
		Fund’s Annualized Expense  Ratio1		Beginning Account Value		Ending Account Value 3/31/17		Expenses Paid During Period*1		Ending Account Value 3/31/17		Expenses Paid During Period*1
DoubleLine Flexible Income Fund	Class I		0.75%	$	1,000	$	1,018	$	3.77	$	1,021	$	3.78
	Class N		1.00%	$	1,000	$	1,016	$	5.03	$	1,020	$	5.04
DoubleLine Low Duration Emerging Markets Fixed Income Fund	Class I		0.59%	$	1,000	$	1,010	$	2.96	$	1,022	$	2.97
	Class N		0.84%	$	1,000	$	1,009	$	4.21	$	1,021	$	4.23
DoubleLine Long Duration Total Return Bond Fund	Class I		0.65%	$	1,000	$	915	$	3.10	$	1,022	$	3.28
	Class N		0.90%	$	1,000	$	914	$	4.29	$	1,020	$	4.53
DoubleLine Strategic Commodity Fund (Consolidated)	Class I		1.10%	$	1,000	$	1,016	$	5.53	$	1,019	$	5.54
	Class N		1.35%	$	1,000	$	1,015	$	6.78	$	1,018	$	6.79
DoubleLine Global Bond Fund	Class I		0.63%	$	1,000	$	940	$	3.05	$	1,022	$	3.18
	Class N		0.88%	$	1,000	$	938	$	4.25	$	1,021	$	4.43
DoubleLine Infrastructure Income Fund	Class I		0.63%	$	1,000	$	996	$	3.13	$	1,022	$	3.18
	Class N		0.88%	$	1,000	$	994	$	4.37	$	1,021	$	4.43
DoubleLine Ultra Short Bond Fund	Class I		0.35%	$	1,000	$	1,003	$	1.75	$	1,023	$	1.77
	Class N		0.60%	$	1,000	$	1,002	$	2.99	$	1,022	$	3.02
DoubleLine Shiller Enhanced International CAPE®	Class I		0.65%	$	1,000	$	1,074	$	1.81	$	1,022	$	3.28
	Class N		0.90%	$	1,000	$	1,073	$	2.51	$	1,020	$	4.53

* 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 182/365 (to reflect the one-half year period). The actual dollar amounts shown as expenses paid during the period for the DoubleLine Shiller Enhanced International CAPE^® are multiplied by 98/365, which is based on the date of inception (December 23, 2016).

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

160 DoubleLine Funds Trust

Growth of Investment (Unaudited) March 31, 2017

DoubleLine Total Return Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2017

	1 Year		5 Year		Since Inception (4/6/2010)
DoubleLine Total Return Bond Fund Class I		1.46%		3.64%		6.69%
Bloomberg Barclays U.S. Aggregate Bond Index		0.44%		2.34%		3.57%
DoubleLine Total Return Bond Fund Class N		1.21%		3.40%		6.43%

¹  Past performance is not an indication of future results. Returns represent past performance and reflect changes in share prices, the reinvestment of all dividends and capital gains, expense limitations and the effects of compounding. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the investment company, which investors should read and consider carefully before investing. To obtain a prospectus, contact a registered representative or visit www.doubleline.com. The Fund’s adviser waived a portion of its management fee and/or reimbursed Fund expenses during the period shown. Had the adviser not done so, the Fund’s total returns would have been lower. 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 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, 2017 161

Growth of Investment  (Cont.) (Unaudited) March 31, 2017

DoubleLine Core Fixed Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2017

	1 Year		5 Year		Since Inception (6/1/2010)
DoubleLine Core Fixed Income Fund Class I		2.80%		3.52%		5.62%
Bloomberg Barclays U.S. Aggregate Bond Index		0.44%		2.34%		3.28%
DoubleLine Core Fixed Income Fund Class N		2.54%		3.27%		5.36%

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 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.

162 DoubleLine Funds Trust

(Unaudited)

March 31, 2017

DoubleLine Emerging Markets Fixed Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2017

	1 Year		5 Year		Since Inception (4/6/2010)
DoubleLine Emerging Markets Fixed Income Fund Class I		13.19%		4.80%		6.20%
JP Morgan Emerging Markets Bond Global Diversified Index		8.92%		5.83%		6.92%
DoubleLine Emerging Markets Fixed Income Fund Class N		12.91%		4.54%		5.94%

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 a 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, 2017 163

Growth of Investment  (Cont.) (Unaudited) March 31, 2017

DoubleLine Multi-Asset Growth Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2017

	1 Year		5 Year		Since Inception (12/20/2010)
DoubleLine Multi-Asset Growth Fund Class I		14.63%		4.36%		4.10%
S&P 500® Index		17.17%		13.30%		13.10%
Blended Benchmark		5.35%		1.32%		2.33%
DoubleLine Multi-Asset Growth Fund (with load) Class A		9.41%		3.18%		3.11%

¹  Past performance is not an indication of future results. Returns represent past performance and reflect changes in share prices, the reinvestment of all dividends and capital gains, expense limitations and the effects of compounding. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the investment company, which investors should read and consider carefully before investing. To obtain a prospectus, contact a registered representative or visit www.doubleline.com. The Fund’s adviser waived a portion of its management fee and/or reimbursed Fund expenses during the period shown. Had the adviser not done so, the Fund’s total returns would have been lower. 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% Bloomberg Barclays U.S. Aggregate Bond Index/ 25% Morgan Stanley Capital International All Country World Index Net/ 15% Standard & Poor’s Goldman Sachs Commodity Index (GSCI) Total Return Index. The Bloomberg Barclays 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 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.

164 DoubleLine Funds Trust

(Unaudited)

March 31, 2017

DoubleLine Low Duration Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2017

	1 Year		5 Year		Since Inception (9/30/2011)
DoubleLine Low Duration Bond Fund Class I		2.99%		2.02%		2.29%
BofA/Merrill Lynch 1-3 Year U.S. Treasury Index		0.25%		0.64%		0.60%
DoubleLine Low Duration Bond Fund Class N		2.64%		1.78%		2.03%

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 U.S. 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, 2017 165

Growth of Investment  (Cont.) (Unaudited) March 31, 2017

DoubleLine Floating Rate Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2017

	1 Year		Since Inception (2/1/2013)
DoubleLine Floating Rate Fund Class I		4.99%		2.93%
S&P/LSTA Leveraged Loan Index		9.72%		3.88%
DoubleLine Floating Rate Fund Class N		4.73%		2.73%

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.

166 DoubleLine Funds Trust

(Unaudited)

March 31, 2017

DoubleLine Shiller Enhanced CAPE^®

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2017

	1 Year		Since Inception (10/31/2013)
DoubleLine Shiller Enhanced CAPE® Class I		24.75%		16.19%
S&P 500® Index		17.17%		11.41%
Shiller Barclays CAPE® US Sector Total Return USD Index		22.87%		14.79%
DoubleLine Shiller Enhanced CAPE® Class N		24.48%		15.90%

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. 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, 2017 167

Growth of Investment  (Cont.) (Unaudited) March 31, 2017

DoubleLine Flexible Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2017

	1 Year		Since Inception (4/7/2014)
DoubleLine Flexible Income Fund Class I		6.48%		3.29%
LIBOR USD 3 Month		0.83%		0.50%
DoubleLine Flexible Income Fund Class N		6.23%		3.05%

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 Offered 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. 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.

168 DoubleLine Funds Trust

(Unaudited)

March 31, 2017

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, 2017

	1 Year		Since Inception (4/7/2014)
DoubleLine Low Duration Emerging Markets Fixed Income Fund Class I		5.95%		2.98%
JP Morgan CEMBI Broad Diversified 1-3 Year index		5.65%		3.63%
DoubleLine Low Duration Emerging Markets Fixed Income Fund Class N		5.69%		2.77%

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. 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, 2017 169

Growth of Investment  (Cont.) (Unaudited) March 31, 2017

DoubleLine Long Duration Total Return Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2017

	1 Year		Since Inception (12/15/2014)
DoubleLine Long Duration Total Return Bond Fund Class I		(2.82)%		2.15%
Bloomberg Barclays U.S. Long-Term Government/Credit Index		0.98%		2.26%
DoubleLine Long Duration Total Return Bond Fund Class N		(3.08)%		1.86%

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.

Bloomberg 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. 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.

170 DoubleLine Funds Trust

(Unaudited)

March 31, 2017

DoubleLine Strategic Commodity Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2017

	1 Year		Since Inception (5/18/2015)
DoubleLine Strategic Commodity Fund Class I		7.93%		(3.35)%
Bloomberg Commodity Index Total Return		8.71%		(10.27)%
DoubleLine Strategic Commodity Fund Class N		7.55%		(3.65)%

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. 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, 2017 171

Growth of Investment  (Cont.) (Unaudited) March 31, 2017

DoubleLine Global Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2017

	1 Year			Since Inception (12/17/2015)
DoubleLine Global Bond Fund Class I		(4.00	)%		0.71%
Citi World Government Bond Index		(3.65	)%		2.78%
DoubleLine Global Bond Fund Class N		(4.31	)%		0.42%

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. 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.

172 DoubleLine Funds Trust

(Unaudited)

March 31, 2017

DoubleLine Infrastructure Income Fund

Value of a $100,000 Investment

Class I Shares¹

Total Returns¹

As of March 31, 2017

	Since Inception Not Annualized (4/1/2016)
DoubleLine Infrastructure Income Fund Class I		3.11%
Bloomberg Barclays U.S. Aggregate Bond Index		0.48%
DoubleLine Infrastructure Income Fund Class N		2.76%

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 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, 2017 173

Growth of Investment  (Cont.) (Unaudited) March 31, 2017

DoubleLine Ultra Short Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Total Returns¹

As of March 31, 2017

	Since Inception Not Annualized (6/30/2016)
DoubleLine Ultra Short Bond Fund Class I		0.36%
BofA/Merrill Lynch 3 Month Treasury Bill Index		0.28%
DoubleLine Ultra Short Bond Fund Class N		0.20%

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.

BofA Merrill Lynch 3 Month Treasury Bill Index —This index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but no beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. 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.

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DoubleLine Shiller Enhanced International CAPE^®

Value of a $100,000 Investment

Class I Shares¹

Total Returns¹

As of March 31, 2017

	Since Inception Not Annualized (12/23/2016)
DoubleLine Shiller Enhanced International CAPE® Class I		8.76%
MSCI Europe Net Return USD Index		8.77%
DoubleLine Shiller Enhanced International CAPE® Class N		8.72%

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.

MSCI Europe Net Return USD Index —This index captures large and mid cap representation across 15 Developed Markets (DM) countries in Europe. With 446 constituents, the index covers approximately 85% of the free float-adjusted market capitalization across the European Developed Markets equity universe. 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, 2017 175

Evaluation of Advisory Agreement by the Boards of Trustees (Unaudited) March 31, 2017

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 Selective Credit Fund

DoubleLine Strategic Commodity Fund

DoubleLine Strategic Commodity Ltd.

DoubleLine Global Bond Fund

DoubleLine Opportunistic Credit Fund

DoubleLine Income Solutions Fund

At the February 9, 2017 meeting (the “Meeting”) of the Boards of Trustees of DoubleLine Funds Trust (“DFT”), DoubleLine Opportunistic Credit Fund (“DBL”), and DoubleLine Income Solutions Fund (“DSL” which, together with DBL, are the “Closed-End Funds” and, together with DFT and DBL, are the “Trusts”), including in respect of each of DFT’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” or “DoubleLine”) and DFT, in respect of each of DoubleLine Total Return Bond Fund (“Total Return”), DoubleLine Core Fixed Income Fund (“Core Fixed Income”), DoubleLine Emerging Markets Fixed Income Fund (“EMFI”), DoubleLine Multi-Asset Growth Fund (“MAG”), DoubleLine Cayman Multi Asset Growth Fund I Ltd., DoubleLine Low Duration Fund (“Low Duration”), DoubleLine Floating Rate Fund (“Floating Rate”), DoubleLine Shiller Enhanced CAPE^® (“CAPE”), DoubleLine Flexible Income Fund (“Flexible Income”), DoubleLine Low Duration Emerging Markets Fixed Income Fund (“LDEMFI”), DoubleLine Selective Credit Fund (“Selective Credit”), DoubleLine Long Duration Total Return Bond Fund (“LD Total Return”), and DoubleLine Global Bond Fund (“Global Bond”) (collectively, with DoubleLine Strategic Commodity Fund (“Strategic Commodity”), the “DFT 15(c) Funds”), for an additional one-year period; the Investment Management Agreements (the “Commodity Advisory Agreements”) between DoubleLine Alternatives LP (formerly, DoubleLine Commodity LP) (“DoubleLine Alternatives” or an “Adviser” or “DoubleLine”) and DFT, in respect of each of Strategic Commodity and DoubleLine Strategic Commodity Ltd., as applicable, 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 between DoubleLine Capital and DSL (the “DSL Advisory Agreement” and together with the DFT Advisory Agreements, the Commodity Advisory Agreements, and the DBL Advisory Agreement, the “Advisory Agreements”) 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 noted that they would consider the proposed renewal of each Fund’s Advisory Agreement and any information presented anew, but that their deliberations and conclusions may be informed, at least in part, by their other recent deliberations, as well as the information gathered over the course of the year.

The Trustees’ determination to approve the continuance of each Advisory Agreement was made on the basis of each Trustee’s business judgment after an evaluation of all of the information provided to the Trustees, both for the February 9, 2017 meeting and at prior meetings. Those meetings include meetings held by the Independent Trustees outside the presence of management and meetings held on February 1, 2017, February 3, 2017 and February 7, 2017 specifically to review and consider materials related to the proposed continuance of each Advisory Agreement. 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 Independent Trustees were advised by independent counsel.

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

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, 2016 and, where applicable, the performance records (Class I shares) for the three- and five-year periods ended December 31, 2016 against a group of each DFT 15(c) Fund’s peer funds selected by Strategic Insight. The Independent Trustees met with Strategic Insight representatives to receive a report regarding Strategic Insight’s selection of peer groups, including the views of Strategic Insight regarding the challenges Strategic Insight encountered in assembling a peer group of funds with investment strategies substantially similar to those of certain 15(c) Funds, such as CAPE, LDEMFI and MAG.

With respect to the comparative performance information in the Strategic Insight Reports, the Trustees noted in particular that each DFT 15(c) Fund, other than Total Return, LDEMFI, Selective Credit, Floating Rate and Global Bond, was in the first or second performance quartile relative to its respective peer group over the one-year period ending December 31, 2016, and that each DFT 15(c) Fund with a sufficiently long track record was in the first or second performance quartile relative to its respective peers for the three- and five-year periods ended December 31, 2016 (other than MAG, which was in the second and third performance quartiles for the three- and five-year periods, respectively, and Floating Rate, which was in the third quartile for the three-year period). The Trustees noted the reasons provided by management for the relative underperformance of each Fund that performed in the third or fourth performance quartile over the one- or three-year period ending December 31, 2016 (as applicable), including Floating Rate’s relatively low exposure to lower quality credits and Total Return’s and Selective Credit’s relative underweight to corporate bonds. The Trustees also considered management’s explanation of the unique investment strategies of MAG and LDEMFI in evaluating their performance relative to the peer groups as presented by Strategic Insight. The Trustees further noted the reasons provided by management for the relative underperformance of Global Bond during its initial period of operations and they considered that the Fund has only a short operating history.

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 and EMFI, had a net total expense ratio in the first or second quartile of its peer group. The Trustees noted that each DFT 15(c) Fund, other than EMFI and MAG, had a net management fee ratio in the first or second quartile relative to its respective peer group. The Trustees noted that CAPE’s net total expense ratio was only slightly above the median of its peer group. They noted that EMFI’s net total expense ratio was near the median of its peer group, that EMFI’s net management fee, though above the median, was below a number of its peers, and that EMFI’s performance was in the first quartile of its peer group over each period shown in the Strategic Insight Reports. The Trustees noted that MAG’s net management fee was only slightly above median and that MAG’s net total expense ratio was below the median of its peer group. The Trustees also noted DoubleLine’s commitment, effective April 1, 2017, to reduce MAG’s investment advisory fee from 1.00% to 0.95%, and make a commensurate reduction in MAG’s expense limitation agreement for a period of at least one year.

The Trustees 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 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 Strategic Insight Report regarding DBL that compared the Fund’s management fees (based on managed assets and net assets (i.e., not including those assets attributable to borrowings and certain other forms of 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, 2016 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 the three-year period shown, but that DBL’s performance had been in the fourth quartile over the one-year period. The Trustees noted that DBL’s net management fee ratio based on managed assets was above the median of its peer group, but that DBL’s net total expense ratios (both on a managed assets and net asset basis and including IRE in both instances) were below DBL’s peer group medians, as was DBL’s net management fee based on net assets.

Annual Report March 31, 2017 177

Evaluation of Advisory Agreement by the Boards of Trustees  (Cont.) (Unaudited) March 31, 2017

The Trustees considered the Strategic Insight Report regarding DSL, noting that DSL had performed in the top quartile of its Morningstar category as presented by Strategic Insight for each of the three-month, six-month, one-year, and three-year periods shown. The Trustees noted that DSL’s management fee (both on a managed assets and net asset basis) was above median and near the highest in its peer group on a managed assets basis, and that DSL’s net operating expense ratios (both on a managed assets and net asset basis and including investment related expenses in each case) were above, but near the median of DSL’s peer group.

In evaluating DBL’s and DSL’s comparative management fees and expenses, the Trustees considered they had received reports from DoubleLine supporting the conclusion that DBL’s and DSL’s total return performance had generally benefitted from the use of leverage notwithstanding the expenses associated with it. The Trustees noted also DSL’s first quartile performance across all periods shown, and DoubleLine’s representations that DBL invests more heavily in mortgage-related investments than other funds included in the peer group. The Trustees also acknowledged comments from DoubleLine that DBL’s lack of exposure to high yield and other corporate debt contributed to its recent relative underperformance. In evaluating the comparative net management fees, the Trustees also considered DoubleLine’s statement that the Adviser had attempted to set each Fund’s 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, 2016. 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 has benefitted the total return performance of DBL and DSL and 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.

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

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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 that DoubleLine reported it and its affiliates receive 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 Adviser’s profitability in respect of each 15(c) Fund was shown both before and after certain distribution and shareholder servicing payments made by the Adviser. They noted that they would consider the profitability margins before distribution and shareholder servicing payments borne by DoubleLine for purposes of evaluating whether to continue each Advisory Agreement for another one-year period. 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 consider that in light of 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 could receive in respect of certain soft dollar credits generated by the brokerage commissions paid by the DoubleLine funds, and they noted DoubleLine’s representations that soft dollar arrangements are not currently in place for any of the Funds. 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 seek 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. 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 and Strategic Commodity made certain investments through subsidiaries organized as a Cayman Islands exempted company (the “Subsidiaries”) 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 Subsidiaries generally in the same manner as they had considered the advisory arrangements for MAG and Strategic Commodity.

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 other clients (where applicable) in light of the differences in the services provided and the risks borne by DoubleLine; that the profitability of each Fund to DoubleLine did not appear excessive or such as to preclude renewal of any 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.

Annual Report March 31, 2017 179

Evaluation of Advisory Agreement by the Boards of Trustees  (Cont.) (Unaudited) March 31, 2017

DoubleLine Shiller Enhanced International CAPE^®

At the November 10, 2016 meeting of the Board of Trustees 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 Shiller Enhanced International CAPE^® (the “Fund”) and DoubleLine Capital LP (the “Adviser”). This summary describes a number, but not necessarily all, of the most important factors considered by the Board and the Independent Trustees.

The Trustees considered a wide range of materials, including information provided to the Trustees in connection with their duties as Trustees of the other DoubleLine funds and in connection with their consideration of the renewal of advisory contracts between the Adviser and the other series of the Trust, which at that time had last occurred at the February 2016 meeting. The Trustees noted that they would consider the Fund’s Agreement and any information presented anew, but that their deliberations and conclusions may be informed, at least in part, by their other recent deliberations, as well as the information gathered over the course of the year. 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.

The Trustees’ determination to approve the Agreement was based on an evaluation of all of the information provided to them. 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 and noted that the proposed terms of the Agreement were the same, except at to fees, as the terms of the advisory agreements between the Adviser and DoubleLine Global Bond Fund, DoubleLine Infrastructure Income Fund, and DoubleLine Ultra Short Bond Fund.

The Trustees considered the Adviser’s specific responsibilities in all aspects of the day-to-day management of the Fund as well as the qualifications, experience, and responsibilities of the proposed portfolio managers of the Fund, including with respect to investment in derivatives, and other key personnel who would be involved in the day-to-day investment activities of the Fund. The Board considered the expected difficulty of managing the Fund given the unusual aspects of its strategy, noting that managing the Fund’s strategy requires a portfolio management team to balance a number of factors, which may include, among others, varying maturities, prepayments, counter-party exposure, credit events, subscription and redemption activity and the potential extensive use of derivative instruments, and that the Fund’s strategy would be more complex and challenging to manage than the strategies of either a traditional equity or bond fund. The Trustees noted the Adviser’s experience with the management of DoubleLine Shiller Enhanced CAPE^® (“CAPE”), a fund with an investment structure similar to that proposed for the Fund. The Trustees considered the Adviser’s experience managing both the portion of CAPE’s portfolio intended to approximate the return of the Shiller Barclays CAPE^® US Sector TR USD Index as well as the portion of CAPE’s portfolio that has been invested in a portfolio of fixed income assets, each in a manner similar to how the Adviser proposes to manage portions of the Fund’s portfolio. The Trustees considered generally the performance record of CAPE and the other series of the Trust advised by DoubleLine. The Trustees considered information DoubleLine had provided regarding its experience managing foreign currency related exposures, noting that managing the Fund, unlike CAPE, would involve the management of foreign currency exposures and related aspects of the Fund’s investment strategies. They also considered the possible effects of adding additional funds to the Trust on the capacities of the Adviser.

The Trustees reviewed the proposed services the Adviser would provide to the Funds as investment adviser. The Trustees considered that the Adviser would provide a variety of services 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 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.

The Board then turned to the proposed structure and level of the advisory fees to be paid under the Agreement. The Trustees considered that the Adviser anticipated launching the Fund with two classes of shares and noted the overall fee structure and expense caps proposed for the Fund. The Trustees considered information provided by Strategic Insight, an Asset International Company (“Strategic Insight”). In considering the peer group information presented, the Trustees took into account the information orally provided during the meeting by a representative of Strategic Insight who participated in the analysis of the peer

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funds selected by Strategic Insight, including Strategic Insight’s assessment of the unique nature of the Fund’s investment approach and Strategic Insight’s view of the Fund as belonging to an emerging investment category. the Trustees noted that Strategic Insight’s assessments had led it to create and present three peer groups for their consideration: (i) a collection of European focused equity funds, (ii) a core group of international enhanced index (or index-related) funds, and (iii) a broader group of enhanced index (or index related) funds that pursued a multi-asset approach similar to that proposed for the Fund, against which the Trustees could compare the Fund’s proposed advisory fees and expected net expenses. The Trustees noted that the Fund’s net management fee ratio and net total expense ratio would be the lowest among the group of European focused equity funds. They noted that the Fund’s net management fee ratio and expected net expenses were higher than, though near, the median of the group of international enhanced index funds and the median of larger group of funds pursuing a multi-asset approach, except that the proposed net management fee for the Fund was below the median of the net management fee of the larger group of funds pursuing a multi-asset approach. The Trustees considered each of these comparisons in light of the differences between the Fund’s proposed principal investment strategies and those of the other funds included in the peer groups.

The Trustees discussed information provided by the Adviser as to the estimated profitability of the Adviser from managing the Fund. In assessing profitability, the Trustees reviewed the Adviser’s financial information provided as part of each meeting’s materials and that was provided at previous meetings of the Trustees and they took into account both the likely direct and indirect benefits to the Adviser from managing the Fund. The Trustees also considered in this regard the Adviser’s significant investment in sponsoring, forming, registering and promoting the Fund during its start-up period and the related risks to DoubleLine of those activities. The Trustees noted other benefits received by the Adviser and its affiliates as a result of the Adviser’s relationship with the Trust, including possible ancillary benefits to the Adviser’s institutional investment management business due to the reputation and market penetration of the Fund. The Trustees also considered DoubleLine’s representation that it had proposed advisory fees designed to cause the Fund to have a competitive fee structure at low assets levels and that DoubleLine believed the proposed advisory fees also reflected reasonably foreseeable economies of scale that DoubleLine might experience as a Fund’s assets grow. The Trustees considered that the Adviser was also implementing expense caps for the Fund that would limit the overall expense ratio of the Fund during the proposed initial term of the Agreement. In light of all of the information evaluated, including relevant information received from the Adviser in prior meetings concerning other funds, the Trustees concluded that the Adviser’s profit from managing the Fund would likely not be excessive in the start-up periods and that it did not appear appropriate at this time to consider the implementation of breakpoints in the investment advisory fee.

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

Annual Report March 31, 2017 181

Federal Tax Information (Unaudited) March 31, 2017

For the fiscal year ended March 31, 2017, 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)	6.96%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.00%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	0.00%
DoubleLine Infrastructure Income Fund	0.00%
DoubleLine Ultra Short Bond Fund	0.00%
DoubleLine Shiller Enhanced International CAPE®	0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31, 2017 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)	2.32%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.00%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	0.00%
DoubleLine Infrastructure Income Fund	0.00%
DoubleLine Ultra Short Bond Fund	0.00%
DoubleLine Shiller Enhanced International CAPE®	0.00%

182 DoubleLine Funds Trust

(Unaudited)

March 31, 2017

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 the fiscal year ended March 31, 2017 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)	0.00%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	5.26%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	4.55%
DoubleLine Long Duration Total Return Bond Fund	4.79%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	56.34%
DoubleLine Infrastructure Income Fund	1.76%
DoubleLine Ultra Short Bond Fund	0.00%
DoubleLine Shiller Enhanced International CAPE®	0.00%

The percentage of taxable ordinary income distributions that are designated as interest related dividends under Internal Revenue Section 871(k)(1)(c) for the fiscal year ended March 31, 2017 for each Fund was as follows:

Qualified Interest Income
DoubleLine Total Return Bond Fund	100.00%
DoubleLine Core Fixed Income Fund	93.76%
DoubleLine Emerging Markets Fixed Income Fund	0.11%
DoubleLine Multi-Asset Growth Fund (Consolidated)	34.54%
DoubleLine Low Duration Bond Fund	94.77%
DoubleLine Floating Rate Fund	97.54%
DoubleLine Shiller Enhanced CAPE®	65.64%
DoubleLine Flexible Income Fund	83.90%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	64.61%
DoubleLine Long Duration Total Return Bond Fund	99.83%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	20.11%
DoubleLine Infrastructure Income Fund	71.77%
DoubleLine Ultra Short Bond Fund	100.00%
DoubleLine Shiller Enhanced International CAPE®	6.79%

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, 2017 183

Trustees and Officers (Unaudited) March 31, 2017

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 March 2010	President, Remo Consultants, a real estate financial consulting firm. Formerly, Managing Director, UBS AG. Formerly, Managing Director, Ally Securities LLC.	18	None
John C. Salter, 1957	Trustee	Indefinite / Since March 2010	Partner, Stark Municipal Brokers. Formerly, Managing Director, Municipals, Tullet Prebon Financial Services LLC (d/b/a Chapdelaine). Formerly, Partner, Stark, Salter & Smith, a securities brokerage firm specializing in tax exempt bonds.	18	None
Raymond B. Woolson, 1958	Trustee	Indefinite / Since March 2010	President, Apogee Group, Inc., a company providing financial consulting services.	18	Trustee, Advisors Series Trust(3)

(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.

(3) Quasar Distributors, LLC serves as the principal underwriter of DoubleLine Funds Trust and Advisors Series Trust.

The following Trustees are “interested persons” of the Trust 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 January 2010	Chief Executive Officer and Chief Investment Officer, DoubleLine Capital LP (since December 2009).	16	None
Philip A. Barach, 1952	Trustee	Indefinite / Since January 2010	President, DoubleLine Capital LP (since December 2009).	16	None

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

184 DoubleLine Funds Trust

(Unaudited)

March 31, 2017

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 LP (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 LP. Formerly, Southern Wholesaler, DoubleLine Capital LP. 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 LP (since January 2012).
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 Chairman (since June 2016); Secretary, DoubleLine Income Solutions Fund (since January 2013); Secretary, DoubleLine Opportunistic Credit Fund (since July 2011); Chief Operating Officer, DoubleLine Capital LP (since June 2010); Secretary, DoubleLine Funds Trust (since January 2010); Formerly, Executive Vice President, DoubleLine Capital LP (from December 2009 through May 2010); Formerly, Vice Chairman, CASA of Los Angeles (from June 2014 to June 2016).
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).
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 LP (since June 2010). Formerly, Chief Operating Officer, DoubleLine Capital LP (from December 2009 through May 2010).
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 LP (since April 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 LP (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 LP (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, 2017 185

Information About Proxy Voting (Unaudited) March 31, 2017

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.

186 DoubleLine Funds Trust

Privacy Notice (Unaudited) March 31, 2017

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, 2017 187

DoubleLine Capital LP DoubleLine Alternatives 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 Alternatives 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  3/31/2017	FYE  3/31/2016
Audit Fees	$919,039	$815,230
Audit-Related Fees	$3,670	$3,550
Tax Fees	$177,810	$145,250
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 3/31/2017	FYE 3/31/2016
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  3/31/2017		FYE  3/31/2016
Registrant		$177,810		$145,250
Registrant’s Investment Adviser		$1,454,202		$854,258

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.

The information required by this Item 6 (except with respect to the DoubleLine Total Return Bond Fund) is included as part of the annual report to shareholders filed under Item 1 of this Form N-CSR.

Please note that the Registrant has included a summary schedule of portfolio securities of the DoubleLine Total Return Bond Fund in its annual report to shareholders, a copy of which is included under Item 1, for this reporting period. The DoubleLine Total Return Bond Fund’s complete schedule of investments in securities of unaffiliated issuers as of the close of this period as set forth in Section 210.12-12 of Regulation S-X is set forth below:

DoubleLine Total Return Bond Fund

Schedule of Investments

March 31, 2017

Principal Amount   $/Shares	Security Description	Rate			Maturity		Value $
Asset Backed Obligations - 2.8%
9,324,126	AMPLIT Trust, Series 2015-A-A		5.00%	^		09/15/2021		9,359,693
28,233,195	Arcadia Receivables Credit Trust, Series 2017-1-A		3.25%	^		06/15/2023		28,336,331
2,900,122	AVANT Loans Funding Trust, Series 2015-A-A		4.00%	^		08/16/2021		2,909,717
3,575,689	AVANT Loans Funding Trust, Series 2016-B-A		3.92%	^		08/15/2019		3,588,535
5,050,519	AVANT Loans Funding Trust, Series 2016-C-A		2.96%	^		09/16/2019		5,058,813
380,699	Blue Elephant Loan Trust, Series 2015-1-A		3.12%	^		12/15/2022		381,689
16,510,738	CAN Capital Funding LLC, Series 2012-1A-B1		3.12%	^		04/15/2020		16,491,883
36,489,821	Castlelake Aircraft Securitization Trust, Series 2015-1A-A		4.70%	^		12/15/2040		37,231,732
46,204,230	Castlelake Aircraft Securitization Trust, Series 2016-1-A		4.45%			08/15/2041		46,867,400
22,175,173	Citi Held For Asset Issuance, Series 2015-PM1-B		2.93%	^		12/15/2021		22,189,223
10,500,000	Citi Held For Asset Issuance, Series 2015-PM1-C		5.01%	^		12/15/2021		10,479,380
3,718,243	Citi Held For Asset Issuance, Series 2015-PM2-A		2.35%	^		03/15/2022		3,719,839
45,000,000	Citi Held For Asset Issuance, Series 2015-PM2-B		4.00%	^		03/15/2022		45,318,933
30,000,000	Citi Held For Asset Issuance, Series 2015-PM2-C		5.96%	^		03/15/2022		30,255,774
1,860,672	Citi Held For Asset Issuance, Series 2015-PM3-A		2.56%	^		05/16/2022		1,862,711
15,859,112	Citi Held For Asset Issuance, Series 2016-MF1-A		4.48%	^		08/15/2022		16,057,890
21,184,467	Citi Held For Asset Issuance, Series 2016-PM1-A		4.65%	^		04/15/2025		21,470,866
36,503,254	Colony American Finance Ltd., Series 2016-1-A		2.54%	^		06/15/2048		35,888,014
10,293,000	Colony American Homes, Series 2014-2A-E		4.18%	# ^		07/17/2031		10,314,148
15,805,831	Commonbond Student Loan Trust, Series 2015-A-A1		3.20%	^		06/25/2032		15,863,800
20,903,169	Commonbond Student Loan Trust, Series 2016-A-A1		3.32%	^		05/25/2040		20,805,948
5,102,968	Conn’s Receivables Funding LLC, Series 2016-A-A		4.68%	^		04/16/2018		5,108,729
450,866	Consumer Credit Origination Loan Trust, Series 2015-1-A		2.82%	^		03/15/2021		450,872
38,959,357	Consumer Installment Loan Trust, Series 2016-LD1-A		3.96%	^		07/15/2022		39,322,567
53,410,000	DB Master Finance LLC, Series 2015-1A-A2I		3.26%	^		02/20/2045		53,806,932
36,750,000	DB Master Finance LLC, Series 2015-1A-A2II		3.98%	^		02/20/2045		37,410,717
75,392,944	Eaglewood Consumer Loan Trust, Series 2014-1-A		3.50%	^ ¥		10/15/2019		75,227,758
20,335,885	Earnest Student Loan Program LLC, Series 2016-B-A2		3.02%	^		05/25/2034		20,345,760
26,918,148	Earnest Student Loan Program LLC, Series 2016-D-A2		2.72%	^		01/25/2041		26,543,062
73,054,677	ECAF Ltd., Series 2015-1A-A2		4.95%	^		06/15/2040		70,965,386
8,575,494	Element Rail Leasing LLC, Series 2016-1A-A1		3.97%	^		03/19/2046		8,611,351
9,944,000	Falcon Aerospace Ltd., Series 2017-1-A		4.58%			02/15/2042		10,099,842
16,222,420	Foundation Finance Trust, Series 2016-1A-A		3.96%	^		06/15/2035		16,274,867
12,587,896	HERO Funding Trust, Series 2016-3A-A2		3.91%	^		09/20/2042		12,825,946
29,246,399	HERO Funding Trust, Series 2016-4A-A2		4.29%	^		09/20/2047		30,264,232
7,748,493	L2L Education Loan Trust, Series 2006-1A-B		1.41%	# ^		10/15/2028		6,827,583
98,958,333	Labrador Aviation Finance Ltd., Series 2016-A-1		4.30%	^		01/15/2042		98,795,052
9,768,662	LendingClub Issuance Trust, Series 2016-NP1-A		3.75%	^		06/15/2022		9,847,219
1,567,258	LendingClub Issuance Trust, Series 2016-NP2-A		3.00%	^		01/17/2023		1,572,136
23,000,000	Mariner Finance Issuance Trust, Series 2017-AA-A		3.62%	^		02/20/2029		23,146,071
610,661	Marketplace Loan Trust, Series 2015-AV1-A		4.00%	^		09/15/2021		612,688
11,480,222	MarketPlace Loan Trust, Series 2015-AV2-A		4.00%	^		10/15/2021		11,566,473
14,035,117	MarketPlace Loan Trust, Series 2015-CB1-A		4.00%	^		07/15/2021		14,026,348
21,392,947	MarketPlace Loan Trust, Series 2015-LD1-A		4.00%	^		12/15/2021		21,203,123
32,580,976	MarketPlace Loan Trust, Series 2016-LD1-A		5.25%	^		03/15/2022		33,105,660
39,734,702	OneMain Direct Auto Receivables Trust, Series 2016-1A-A		2.04%	^		01/15/2021		39,812,821
9,795,229	OneMain Financial Issuance Trust, Series 2014-1A-A		2.43%	^		06/18/2024		9,797,861
15,971,000	OneMain Financial Issuance Trust, Series 2015-2A-A		2.57%	^		07/18/2025		16,023,513
90,000,000	OneMain Financial Issuance Trust, Series 2016-2A-A		4.10%	^		03/20/2028		92,282,400
17,000,000	Oportun Funding LLC, Series 2016-B-A		3.69%	^		07/08/2021		17,054,312
25,000,000	Oxford Finance Funding LLC, Series 2016-1A-A		3.97%	^		06/17/2024		24,765,873
4,000,000	Progress Residential Trust, Series 2016-SFR2-D		3.44%	# ^		01/17/2034		4,011,524
10,725,070	RCO Trust, Series 2016-SFR-1		4.50%	# ^		11/25/2051		10,708,093
35,148,160	RCO Trust, Series 2016-SFR1-A		3.75%	# ^		11/25/2051		35,509,623
47,366,009	Shenton Aircraft Investment Ltd., Series 2015-1A-A		4.75%	^		10/15/2042		48,373,011
4,925,883	SoFi Consumer Loan Program LLC, Series 2016-1-A		3.26%	^		08/25/2025		4,922,369
16,734,408	SoFi Consumer Loan Program Trust, Series 2016-2-A		3.09%	^		10/27/2025		16,768,636
52,750,000	SoFi Consumer Loan Program Trust, Series 2017-2-A		3.28%	^		02/25/2026		52,816,001
21,357,097	SoFi Professional Loan Program, Series 2016-A-A2		2.76%	^		12/26/2036		21,536,992
104,472,871	SpringCastle America Funding LLC, Series 2016-AA-A		3.05%	^		04/25/2029		105,324,324

14,000,000	Springleaf Funding Trust, Series 2016-AA-A	2.90%	^	11/15/2029	14,086,661
5,508,707	Spruce Asset Backed Securities Trust, Series 2016-E1-A	4.32%	^	06/15/2028	5,444,377
5,560,000	TAL Advantage LLC, Series 2013-2A-A	3.55%	^	11/20/2038	5,469,873
Total Asset Backed Obligations (Cost $1,526,908,410)					1,537,120,957
Collateralized Loan Obligations - 4.1%
20,000,000	Adams Mill Ltd., Series 2014-1A-A1	2.50%	# ^	07/15/2026	20,035,522
10,000,000	Adams Mill Ltd., Series 2014-1A-C1	4.02%	# ^	07/15/2026	10,037,136
20,000,000	ALM LLC, Series 2014-14A-A1	2.47%	# ^	07/28/2026	20,020,000
25,000,000	ALM LLC, Series 2016-19A-A1	2.57%	# ^	07/15/2028	25,275,000
12,600,000	Anchorage Capital Ltd., Series 2014-4A-A1A	2.49%	# ^	07/28/2026	12,658,431
20,000,000	Anchorage Capital Ltd., Series 2014-5A-A	2.62%	# ^	10/15/2026	20,084,488
43,900,000	Apidos Ltd., Series 2013-16A-A1	2.47%	# ^	01/19/2025	43,968,408
5,500,000	Apidos Ltd., Series 2014-18A-B	3.84%	# ^	07/22/2026	5,510,760
23,000,000	Apidos Ltd., Series 2015-20A-A1R	2.35%	# ^	01/16/2027	23,069,226
25,000,000	ARES Ltd., Series 2013-1A-B	2.77%	# ^	04/15/2025	25,045,952
6,500,000	ARES Ltd., Series 2013-1A-D	4.77%	# ^	04/15/2025	6,516,092
75,000,000	Arrowpoint Ltd., Series 2013-1A-A1R	2.35%	# ^	11/15/2028	75,329,595
3,950,000	Avery Point Ltd., Series 2013-2A-D	4.47%	# ^	07/17/2025	3,929,676
10,000,000	Avery Point Ltd., Series 2013-3A-A	2.42%	# ^	01/18/2025	10,005,483
5,000,000	Avery Point Ltd., Series 2014-1A-A	2.56%	# ^	04/25/2026	5,006,250
31,500,000	Babson Ltd., Series 2014-3A-AR	2.30%	# ^	01/15/2026	31,618,125
4,500,000	Babson Ltd., Series 2014-3A-D2	5.17%	# ^	01/15/2026	4,523,900
4,750,000	Babson Ltd., Series 2014-IIA-C	3.92%	# ^	10/17/2026	4,756,934
3,750,000	Babson Ltd., Series 2014-IIA-D	4.62%	# ^	10/17/2026	3,737,410
75,000,000	BlueMountain Ltd., Series 2012-2A-AR	2.47%	# ^	11/20/2028	75,628,125
33,150,000	BlueMountain Ltd., Series 2013-1A-A1R	2.43%	# ^	01/20/2029	33,319,195
4,000,000	BlueMountain Ltd., Series 2013-4A-A	2.52%	# ^	04/15/2025	4,010,088
5,000,000	BlueMountain Ltd., Series 2014-3A-A1	2.50%	# ^	10/15/2026	5,007,130
58,250,000	BlueMountain Ltd., Series 2015-3A-A1	2.51%	# ^	10/20/2027	58,512,125
34,500,000	BlueMountain Ltd., Series 2015-4A-B	3.28%	# ^	01/20/2027	34,772,230
9,250,000	BlueMountain Ltd., Series 2015-4A-C	4.23%	# ^	01/20/2027	9,322,058
8,750,000	BlueMountain Ltd., Series 2015-4A-D1	5.63%	# ^	01/20/2027	8,848,377
22,500,000	BlueMountain Ltd., Series 2016-2A-A2	3.05%	# ^	08/20/2028	22,568,026
17,000,000	Brookside Mill Ltd., Series 2013-1A-C1	3.72%	# ^	04/17/2025	16,896,942
21,522,261	Callidus Debt Partners Fund Ltd., Series 2007-6A-A1T	1.30%	# ^	10/23/2021	21,528,474
1,000,000	Canyon Capital Ltd., Series 2014-1A-B	3.69%	# ^	04/30/2025	1,002,540
23,026,584	Carlyle Global Market Strategies Ltd., Series 2012-2A-A1R	2.33%	# ^	07/20/2023	23,048,715
20,000,000	Carlyle Global Market Strategies Ltd., Series 2015-5A-A1A	2.58%	# ^	01/20/2028	20,200,168
8,000,000	Carlyle Global Market Strategies Ltd., Series 2015-5A-A2A	3.28%	# ^	01/20/2028	8,080,787
4,000,000	Carlyle Global Market Strategies Ltd., Series 2015-5A-B2	4.28%	# ^	01/20/2028	4,039,668
8,992,366	Carlyle High Yield Partners Ltd., Series 2007-10A-A2A	1.24%	# ^	04/19/2022	8,997,811
47,000,000	Catamaran Ltd., Series 2015-1A-A	2.59%	# ^	04/22/2027	47,296,310
8,500,000	Catamaran Ltd., Series 2015-1A-B	3.24%	# ^	04/22/2027	8,520,680
22,000,000	Cathedral Lake Ltd., Series 2013-1A-A1R	2.42%	# ^	01/15/2026	22,031,486
43,000,000	Cathedral Lake Ltd., Series 2016-4A-A	2.51%	# ^	10/20/2028	43,037,349
11,000,000	Cent Ltd., Series 2014-21A-A1AR	0.00%	# ^	07/27/2026	11,002,500
1,473,631	Cent Ltd., Series 2007-14A-A1	1.26%	# ^	04/15/2021	1,468,514
22,159,481	Cent Ltd., Series 2007-14A-A2A	1.25%	# ^	04/15/2021	22,105,032
7,250,000	Cent Ltd., Series 2014-22A-C	4.78%	# ^	11/07/2026	7,251,918
3,135,123	Crown Point Ltd., Series 2012-1A-A1LB	2.56%	# ^	11/21/2022	3,147,226
3,801,987	Eaton Vance Ltd., Series 2006-8A-A	1.29%	# ^	08/15/2022	3,795,294
6,750,000	Flatiron Ltd., Series 2014-1A-C	4.32%	# ^	07/17/2026	6,639,804
10,000,000	Fortress Credit Ltd., Series 2013-1A-A	2.20%	# ^	01/19/2025	10,040,827
10,000,000	Fortress Credit Ltd., Series 2013-1A-B	2.92%	# ^	01/19/2025	10,018,805
30,500,000	Galaxy Ltd., Series 2013-15A-A	2.27%	# ^	04/15/2025	30,552,956
15,000,000	Galaxy Ltd., Series 2013-15A-B	2.87%	# ^	04/15/2025	15,137,534
13,100,000	Galaxy Ltd., Series 2013-15A-C	3.62%	# ^	04/15/2025	13,152,173
6,125,000	Galaxy Ltd., Series 2013-15A-D	4.42%	# ^	04/15/2025	6,142,175
50,000,000	Galaxy Ltd., Series 2016-22A-A1	2.60%	# ^	07/16/2028	50,404,375
37,000,000	GLG Ore Hill Ltd., Series 2013-1A-A	2.14%	# ^	07/15/2025	36,819,465
6,500,000	Halcyon Loan Advisors Funding Ltd., Series 2014-2A-C	4.54%	# ^	04/28/2025	6,357,895
1,750,000	Halcyon Loan Advisors Funding Ltd., Series 2014-2A-D	6.04%	# ^	04/28/2025	1,613,877
5,000,000	Halcyon Loan Advisors Funding Ltd., Series 2014-3A-D	4.69%	# ^	10/22/2025	4,941,933
30,000,000	Harbourview Ltd., Series 7A-A1R	2.30%	# ^	11/18/2026	29,868,898
25,000,000	Hildene Ltd., Series 2014-2A-AR	0.00%	^	07/19/2026	25,000,000
39,000,000	Hildene Ltd., Series 2014-3A-A	2.63%	# ^	10/20/2026	38,999,984
39,000,000	Hildene Ltd., Series 2014-3A-AR	0.00%	# ^	10/20/2026	39,000,000
5,000,000	Hildene Ltd., Series 2015-4A-A1A	2.54%	# ^	07/23/2027	5,030,444
20,000,000	ICE Global Credit Ltd., Series 2013-1A-A1	2.78%	# ^ ¥	04/20/2024	19,955,229
3,415,000	ING Ltd., Series 2013-3A-A1	2.47%	# ^	01/18/2026	3,427,978
4,250,000	ING Ltd., Series 2013-3A-B	3.72%	# ^	01/18/2026	4,260,959

15,000,000	Jamestown Ltd., Series 2012-1A-A1R	2.58%	# ^	11/05/2028	15,059,354
50,000,000	Jamestown Ltd., Series 2013-3A-A1A	2.47%	# ^	01/15/2026	50,165,313
46,500,000	Jamestown Ltd., Series 2014-4A-A1A	2.52%	# ^	07/15/2026	46,522,525
28,750,000	Jamestown Ltd., Series 2015-6A-A1A	2.65%	# ^	02/20/2027	28,780,520
20,000,000	KVK Ltd., Series 2013-1A-A	2.42%	# ^	04/14/2025	20,100,369
7,825,000	LCM LP, Series 14A-D	4.52%	# ^	07/15/2025	7,864,792
21,000,000	LCM LP, Series 16A-A	2.52%	# ^	07/15/2026	21,094,553
2,750,000	LCM LP, Series 16A-D	4.62%	# ^	07/15/2026	2,768,980
3,002,328	Madison Park Funding Ltd., Series 2007-4A-A1A	1.38%	# ^	03/22/2021	2,989,355
7,000,000	Madison Park Funding Ltd., Series 2007-4A-A1B	1.46%	# ^	03/22/2021	6,891,075
2,769,206	Madison Park Funding Ltd., Series 2012-9A-AR	2.33%	# ^	08/15/2022	2,784,989
3,000,000	Madison Park Funding Ltd., Series 2014-14A-C1	4.13%	# ^	07/20/2026	3,000,811
5,500,000	Madison Park Funding Ltd., Series 2014-15A-CR	4.49%	# ^	01/27/2026	5,542,098
5,000,000	Madison Park Funding Ltd., Series 2014-15A-DR	6.48%	# ^	01/27/2026	4,990,042
24,000,000	Magnetite Ltd., Series 2015-12A-AR	2.35%	# ^	04/15/2027	24,030,791
17,000,000	Marathon Ltd., Series 2013-5A-A2A	3.40%	# ^	02/21/2025	17,008,467
9,185,259	Mountain View Ltd., Series 2007-3A-A2	1.36%	# ^	04/16/2021	9,181,146
22,000,000	NewMark Capital Funding Ltd., Series 2013-1A-A2	2.18%	# ^	06/02/2025	21,973,268
9,000,000	Nomad Ltd., Series 2013-1A-B	3.97%	# ^	01/15/2025	9,044,814
3,500,000	Nomad Ltd., Series 2013-1A-C	4.52%	# ^	01/15/2025	3,517,303
30,000,000	Northwoods Capital Corporation, Series 2012-9A-A	2.44%	# ^	01/18/2024	30,029,284
16,660,000	Northwoods Capital Corporation, Series 2013-10-A1	2.43%	# ^	11/04/2025	16,668,265
50,000,000	Ocean Trails, Series 2014-5A-A2R	2.19%	# ^	10/13/2026	49,969,721
60,000,000	OCP Ltd., Series 2016-12A-A1	2.46%	# ^	10/18/2028	60,458,441
20,000,000	Octagon Investment Partners Ltd., Series 2013-1A-A	2.31%	# ^	01/19/2025	20,027,038
15,000,000	Octagon Investment Partners Ltd., Series 2014-1A-A	2.47%	# ^	08/12/2026	15,030,232
5,500,000	Octagon Investment Partners Ltd., Series 2014-1A-C	4.69%	# ^	11/14/2026	5,522,460
1,500,000	Octagon Investment Partners Ltd., Series 2014-1A-C2	4.54%	# ^	11/25/2025	1,502,237
38,500,000	OZLM Ltd., Series 2015-11A-A1A	2.59%	# ^	01/30/2027	38,606,279
30,000,000	Regatta Funding Ltd., Series 2014-1A-A1A	2.60%	# ^	10/25/2026	30,000,000
35,000,000	Regatta Funding Ltd., Series 2016-1A-A1	2.67%	# ^	12/20/2028	35,317,155
123,538	Silverado Ltd., Series 2006-2A-A1	1.26%	# ^	10/16/2020	123,664
25,000,000	Sound Harbor Loan Fund Ltd., Series 2014-1A-A1	2.54%	# ^	10/30/2026	25,044,332
22,000,000	Steele Creek Ltd., Series 2014-1A-A1R	2.37%	# ^	08/21/2026	21,999,468
29,500,000	Symphony Ltd., Series 2013-11A-B1	3.22%	# ^	01/17/2025	29,521,670
10,250,000	Symphony Ltd., Series 2013-11A-C	4.17%	# ^	01/17/2025	10,269,449
17,000,000	TCI-Cent Ltd., Series 2016-1A-A1	2.64%	# ^	12/21/2029	17,139,082
10,000,000	TCI-Cent Ltd., Series 2016-1A-A2	3.32%	# ^	12/21/2029	10,112,256
30,000,000	TCI-Flatiron Ltd., Series 2016-1A-A	2.57%	# ^	07/17/2028	30,531,568
3,044,233	Venture Ltd., Series 2007-8A-A2A	1.26%	# ^	07/22/2021	3,040,007
18,500,000	Venture Ltd., Series 2014-16A-A1L	2.52%	# ^	04/15/2026	18,500,000
47,950,000	Venture Ltd., Series 2014-17A-A	2.50%	# ^	07/15/2026	47,977,615
3,500,000	Venture Ltd., Series 2014-17A-B2	3.12%	# ^	07/15/2026	3,507,780
18,500,000	Venture Ltd., Series 2015-20A-A	2.51%	# ^	04/15/2027	18,537,719
13,000,000	Venture Ltd., Series 2016-23A-A	2.67%	# ^	07/19/2028	13,133,422
30,500,000	Vibrant Ltd., Series 2016-5A-A	2.55%	# ^	01/20/2029	30,635,663
35,000,000	Voya Ltd., Series 2014-4A-A1	2.52%	# ^	10/14/2026	35,113,935
491,766	Westwood Ltd., Series 2007-2A-A1	1.26%	# ^	04/25/2022	492,067
45,000,000	Wind River Ltd., Series 2016-2A-A	2.39%	# ^	11/01/2028	45,109,028
10,000,000	York Ltd., Series 2016-2A-A1	2.59%	# ^	01/20/2030	10,004,177
30,000,000	Zais Ltd., Series 2014-2A-A1A	2.54%	# ^	07/25/2026	30,135,810
Total Collateralized Loan Obligations (Cost $2,227,003,443)					2,241,302,856
Non-Agency Commercial Mortgage Backed Obligations - 6.9%
8,350,000	BAMLL Commercial Mortgage Securities Trust, Series 2014-IP-E	2.72%	# ^	06/15/2028	8,241,716
1,905,153	Banc of America Commercial Mortgage Trust, Series 2007-2-AM	5.71%	#	04/10/2049	1,903,020
59,298,515	Banc of America Commercial Mortgage Trust, Series 2007-5-AM	5.77%	#	02/10/2051	60,516,008
194,567,670	Banc of America Commercial Mortgage Trust, Series 2007-5-XW	0.34%	# ^ I/O	02/10/2051	245,661
13,728,000	Banc of America Commercial Mortgage Trust, Series 2010-UB3-A4B2	5.88%	# ^	05/15/2046	13,718,153
4,000,000	Banc of America Commercial Mortgage Trust, Series 2015-UBS7-B	4.37%	#	09/15/2048	4,206,517
59,756,428	Banc of America Commercial Mortgage Trust, Series 2015-UBS7-XA	0.92%	# I/O	09/15/2048	3,434,310
67,432,426	Banc of America Commercial Mortgage Trust, Series 2016-UBS10-XA	2.01%	# I/O	07/15/2049	8,082,282
27,365,000	Barclays Commercial Mortgage Securities LLC, Series 2015-STP-D	4.28%	# ^	09/10/2028	27,484,547
410,574	Bear Stearns Commercial Mortgage Securities, Inc., Series 2006-PW13-AJ	5.61%	#	09/11/2041	410,203
21,190,614	Bear Stearns Commercial Mortgage Securities, Inc., Series 2007-PW16-AM	5.77%	#	06/11/2040	21,235,818
12,815,000	Bear Stearns Commercial Mortgage Securities, Inc., Series 2007-PW17-AMFL	1.57%	# ^	06/11/2050	12,816,717
23,433,127	Bear Stearns Commercial Mortgage Securities, Inc., Series 2007-PW18-A4	5.70%		06/11/2050	23,716,054
4,500,000	Bear Stearns Commercial Mortgage Securities, Inc., Series 2007-T26-AJ	5.57%	#	01/12/2045	4,324,141
33,200,000	CDGJ Commercial Mortgage Trust, Series 2014-BXCH-B	2.76%	# ^	12/15/2027	33,254,388
7,155,000	CFCRE Commercial Mortgage Trust, Series 2016-C4-XA	4.88%	#	05/10/2058	7,344,786

101,817,454	CFCRE Commercial Mortgage Trust, Series 2016-C4-XA	1.77%	# I/O	05/10/2058	11,667,109
33,492,000	CFCRE Commercial Mortgage Trust, Series 2016-C7-A3	3.84%		12/10/2054	34,577,040
3,069,000	Chicago Skyscraper Trust, Series 2017-SKY-B	2.01%	# ^	04/15/2030	3,070,841
1,700,000	Chicago Skyscraper Trust, Series 2017-SKY-C	2.16%	# ^	04/15/2030	1,700,000
42,169,000	Citigroup Commercial Mortgage Trust, Series 2007-C6-AM	5.78%	#	12/10/2049	42,730,244
7,020,000	Citigroup Commercial Mortgage Trust, Series 2007-C6-AMFX	5.78%	# ^	12/10/2049	7,056,706
16,359,000	Citigroup Commercial Mortgage Trust, Series 2008-C7-AM	6.13%	#	12/10/2049	16,688,014
7,708,000	Citigroup Commercial Mortgage Trust, Series 2008-C7-FLT	6.13%	#	12/10/2049	7,863,204
279,698,525	Citigroup Commercial Mortgage Trust, Series 2012-GC8-XA	2.12%	# ^ I/O	09/10/2045	17,231,751
116,509,097	Citigroup Commercial Mortgage Trust, Series 2014-GC19-XA	1.23%	# I/O	03/10/2047	6,915,910
115,707,746	Citigroup Commercial Mortgage Trust, Series 2014-GC21-XA	1.27%	# I/O	05/10/2047	7,757,186
9,011,000	Citigroup Commercial Mortgage Trust, Series 2014-GC25-A4	3.64%		10/10/2047	9,315,747
195,416,616	Citigroup Commercial Mortgage Trust, Series 2014-GC25-XA	1.06%	# I/O	10/10/2047	12,174,631
50,000,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27-A5	3.14%		02/10/2048	49,934,555
6,265,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27-B	3.77%		02/10/2048	6,232,019
8,216,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27-D	4.43%	# ^	02/10/2048	6,611,311
220,770,968	Citigroup Commercial Mortgage Trust, Series 2015-GC27-XA	1.43%	# I/O	02/10/2048	18,434,199
14,310,000	Citigroup Commercial Mortgage Trust, Series 2015-GC33-C	4.57%	#	09/10/2058	13,978,988
179,663,755	Citigroup Commercial Mortgage Trust, Series 2015-GC33-XA	0.97%	# I/O	09/10/2058	10,909,291
20,725,000	Citigroup Commercial Mortgage Trust, Series 2015-GC35-C	4.50%	#	11/10/2048	20,721,709
153,716,042	Citigroup Commercial Mortgage Trust, Series 2016-C1-XA	1.94%	# I/O	05/10/2049	19,628,755
220,019,172	Citigroup Commercial Mortgage Trust, Series 2016-GC36-XA	1.35%	# I/O	02/10/2049	19,325,230
114,637,253	Citigroup Commercial Mortgage Trust, Series 2016-P3-XA	1.71%	# I/O	04/15/2049	12,727,727
79,429,390	Citigroup Commercial Mortgage Trust, Series 2016-P4-XA	2.01%	# I/O	07/10/2049	10,317,068
38,491,932	Citigroup Commercial Mortgage Trust, Series 2016-P5-XA	1.56%	# I/O	10/10/2049	3,856,799
87,023,195	Citigroup Mortgage Loan Trust, Inc., Series 2016-GC37-XA	1.81%	# I/O	04/10/2049	10,364,715
17,400,000	COBALT Commercial Mortgage Trust, Series 2007-C2-AJFX	5.57%	#	04/15/2047	17,595,750
22,750,000	COBALT Commercial Mortgage Trust, Series 2007-C2-AMFX	5.53%	#	04/15/2047	22,750,704
2,105,166	Colony Mortgage Capital Ltd., Series 2015-FL3-A	2.78%	# ^	09/05/2032	2,123,599
129,903,074	Commercial Mortgage Pass-Through Certificates, Series 2002-LC4-XA	2.23%	# ^ I/O	12/10/2044	10,525,111
9,057,191	Commercial Mortgage Pass-Through Certificates, Series 2007-C9-AJFL	1.55%	# ^	12/10/2049	8,944,595
3,519,547	Commercial Mortgage Pass-Through Certificates, Series 2008-LS1F-LT	6.10%	#	12/10/2049	3,554,791
34,272,156	Commercial Mortgage Pass-Through Certificates, Series 2012-CR2-XA	1.72%	# I/O	08/15/2045	2,485,533
175,215,332	Commercial Mortgage Pass-Through Certificates, Series 2012-CR3-XA	2.07%	# I/O	10/15/2045	12,904,434
230,992,504	Commercial Mortgage Pass-Through Certificates, Series 2013-CC12-XA	1.35%	# I/O	10/10/2046	13,677,482
179,324,357	Commercial Mortgage Pass-Through Certificates, Series 2013-CR10-XA	0.92%	# I/O	08/10/2046	6,382,495
9,850,000	Commercial Mortgage Pass-Through Certificates, Series 2014-CR19-C	4.72%	#	08/10/2047	10,032,298
5,211,000	Commercial Mortgage Pass-Through Certificates, Series 2014-CR20-A4	3.59%		11/10/2047	5,371,743
30,400,000	Commercial Mortgage Pass-Through Certificates, Series 2014-CR20-C	4.51%	#	11/10/2047	29,963,474
71,378,000	Commercial Mortgage Pass-Through Certificates, Series 2014-CR21-A3	3.53%		12/10/2047	73,233,086
120,410,256	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS-3	1.32%	# I/O	06/10/2047	7,327,855
15,011,000	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS3-A4	3.82%		06/10/2047	15,624,576
8,215,000	Commercial Mortgage Pass-Through Certificates, Series 2015-CALW-D	3.85%	# ^	02/10/2034	8,358,956
20,970,000	Commercial Mortgage Pass-Through Certificates, Series 2015-CR22-D	4.13%	# ^	03/10/2048	16,890,693
223,464,913	Commercial Mortgage Pass-Through Certificates, Series 2015-CR22-XA	1.01%	# I/O	03/10/2048	11,901,227
9,230,000	Commercial Mortgage Pass-Through Certificates, Series 2015-CR23-D	4.26%	#	05/10/2048	7,022,153
9,110,000	Commercial Mortgage Pass-Through Certificates, Series 2015-CR26-B	4.49%	#	10/10/2048	9,188,014
91,105,102	Commercial Mortgage Pass-Through Certificates, Series 2015-CR26-XA	1.05%	# I/O	10/10/2048	5,689,696
50,000,000	Commercial Mortgage Pass-Through Certificates, Series 2015-DC1-A5	3.35%		02/10/2048	50,340,745
8,715,000	Commercial Mortgage Pass-Through Certificates, Series 2015-DC1-C	4.35%	#	02/10/2048	8,412,585
13,275,000	Commercial Mortgage Pass-Through Certificates, Series 2015-DC1-D	4.35%	# ^	02/10/2048	10,863,479
406,769,871	Commercial Mortgage Pass-Through Certificates, Series 2015-DC1-XA	1.17%	# I/O	02/10/2048	24,703,867
35,000,000	Commercial Mortgage Pass-Through Certificates, Series 2015-LC19-A4	3.18%		02/10/2048	35,198,940
29,922,000	Commercial Mortgage Pass-Through Certificates, Series 2016-CR28-C	4.65%	#	02/10/2049	29,193,172
20,355,000	Commercial Mortgage Pass-Through Certificates, Series 2016-GCT-E	3.46%	# ^	08/10/2029	19,630,676
18,437,082	Countrywide Commercial Mortgage Trust, Series 2007-MF1-A	6.21%	# ^	11/12/2043	18,539,419
26,410	Credit Suisse First Boston Mortgage Securities Corporation, Series 1998-C2-F	6.75%	# ^	11/15/2030	26,426
1,076,921	Credit Suisse Mortgage Capital Certificates, Series 2007-C2-AM	5.62%	#	01/15/2049	1,081,119
53,214,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C4-A1AM	5.96%	#	09/15/2039	53,558,358
9,049,828	Credit Suisse Mortgage Capital Certificates, Series 2007-C5-A4	5.70%	#	09/15/2040	9,090,269
150,822,000	Credit Suisse Mortgage Capital Certificates, Series 2014-USA-X1	0.55%	# ^ I/O	09/15/2037	5,669,588
4,606,000	CSAIL Commercial Mortgage Trust, Series 2015-C1-C	4.30%	#	04/15/2050	4,701,790
13,360,000	CSAIL Commercial Mortgage Trust, Series 2015-C2-AS	3.85%	#	06/15/2057	13,767,417
22,320,000	CSAIL Commercial Mortgage Trust, Series 2015-C3-C	4.36%	#	08/15/2048	21,794,692
9,759,000	CSAIL Commercial Mortgage Trust, Series 2015-C4-C	4.58%	#	11/15/2048	9,579,399
319,180,761	CSAIL Commercial Mortgage Trust, Series 2015-C4-XA	0.94%	# I/O	11/15/2048	18,494,227
7,185,000	CSMC Mortgage Securities Trust, Series 2017-HD-B	2.26%	^	02/15/2031	7,185,000
3,450,000	CSMC Mortgage Securities Trust, Series 2017-HD-C	2.61%	^	02/15/2031	3,450,000
7,444,000	CSMC Mortgage Securities Trust, Series 2017-HD-D	3.41%	^	02/15/2031	7,444,000
14,554,963	DBRR Trust, Series 2011-C32-A3B	5.76%	# ^	06/17/2049	14,529,227
121,313,361	DBUBS Mortgage Trust, Series 2011-LC2A-XA	1.32%	# ^ I/O	07/10/2044	4,224,143
125,094,410	Deutsche Bank Commercial Mortgage Trust, Series 2016-C1-XA	1.50%	# I/O	05/10/2049	12,685,311
11,417,000	GE Commercial Mortgage Corporation Trust, Series 2007-C1-AM	5.61%	#	12/10/2049	11,360,145
5,412,682	Greenwich Capital Commercial Funding Corporation, Series 2006-GG7-AM	5.73%	#	07/10/2038	5,410,057
38,266,000	Greenwich Capital Commercial Funding Corporation, Series 2007-GG11-AJ	6.05%	#	12/10/2049	38,926,234
20,167,000	Greenwich Capital Commercial Funding Corporation, Series 2007-GG11-AM	5.87%	#	12/10/2049	20,407,514
975,182	GS Mortgage Securities Corporation, Series 2006-GG6-XC	0.00%	# ^ I/O	04/10/2038	10
7,836,680	GS Mortgage Securities Corporation, Series 2007-GG10-A4	5.95%	#	08/10/2045	7,838,178
20,302,006	GS Mortgage Securities Corporation, Series 2011-GC3-X	0.68%	# ^ I/O	03/10/2044	438,741
98,937,891	GS Mortgage Securities Corporation, Series 2012-GC6-XA	1.96%	# ^ I/O	01/10/2045	7,486,086

27,263,238	GS Mortgage Securities Corporation, Series 2013-GC10-XA	1.59%	# I/O	02/10/2046	1,911,183
38,612,004	GS Mortgage Securities Corporation, Series 2014-GC20-XA	1.15%	# I/O	04/10/2047	2,076,175
60,850,000	GS Mortgage Securities Corporation, Series 2014-GC26-A5	3.63%		11/10/2047	62,842,649
35,000,000	GS Mortgage Securities Corporation, Series 2015-GC28-A5	3.40%		02/10/2048	35,536,561
288,155,858	GS Mortgage Securities Corporation, Series 2015-GC28-XA	1.15%	# I/O	02/10/2048	16,994,193
251,959,136	GS Mortgage Securities Corporation, Series 2015-GC32-XA	0.88%	# I/O	07/10/2048	12,411,028
174,839,668	GS Mortgage Securities Corporation, Series 2015-GC34-XA	1.37%	# I/O	10/10/2048	14,668,052
69,266,403	GS Mortgage Securities Corporation, Series 2015-GS1-XA	0.83%	# I/O	11/10/2048	3,924,060
55,800,346	GS Mortgage Securities Corporation, Series 2016-GS2-XA	1.67%	# I/O	05/10/2049	6,070,715
3,500,000	GS Mortgage Securities Trust, Series 2015-GC28-C	4.33%		02/12/2048	3,289,768
360,430,717	GS Mortgage Securities Trust, Series 2016-GS3-XA	1.28%	# I/O	10/10/2049	31,766,093
2,131,062	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2004-CBX-X1	0.81%	# ^ I/O	01/12/2037	41,790
64,426	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2004-LN2-A2	5.12%		07/15/2041	64,313
4,361,555	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2005-CIBC12-AJ	4.99%	#	09/12/2037	4,369,490
5,806,859	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2005-LDP4-X1	0.18%	# ^ I/O	10/15/2042	1,829
270,279	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2006-LDP7-AM	5.94%	#	04/17/2045	269,803
9,338,671	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2006-LDP8-X	0.42%	# I/O	05/15/2045	93
30,552,983	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2006-LDP9-AM	5.37%		05/15/2047	30,528,293
13,098,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-C1-AM	5.99%	#	02/15/2051	13,236,794
11,510,260	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-CB18-AM	5.47%	#	06/12/2047	11,535,446
11,229,340	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-CB18-AMFX	5.40%		06/12/2047	11,253,849
36,959,942	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-CB18-X	0.43%	# I/O	06/12/2047	66,487
108,977,691	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-CB19-AM	5.83%	#	02/12/2049	109,051,436
35,539,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-CB20-AJ	6.18%	#	02/12/2051	36,405,263
24,769,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-CB20-AM	5.98%	#	02/12/2051	25,128,341
720,214,624	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-CB20-X1	0.35%	# ^ I/O	02/12/2051	581,501
51,440,330	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-LD12-AM	6.07%	#	02/15/2051	52,188,272
340,855	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2009-RR2-GEB	5.54%	^	12/13/2049	340,477
175,004,134	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2012-C6-XA	1.61%	# I/O	05/15/2045	10,916,250
357,250,494	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2012-C8-XA	1.93%	# I/O	10/15/2045	27,089,733
134,287,981	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2012-CBX-XA	1.66%	# I/O	06/15/2045	7,531,770
5,425,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2014-DSTY-A	3.43%	^	06/10/2027	5,520,800
6,725,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2014-INN-C	2.61%	# ^	06/15/2029	6,729,088
7,250,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2014-INN-D	3.26%	# ^	06/15/2029	7,256,281
24,200,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2014-PHH-D	3.31%	# ^	08/15/2027	24,208,364
14,406,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2014-PHH-E	4.21%	# ^	08/15/2027	14,414,443
80,250,434	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2015-JP1-XA	1.15%	# I/O	01/15/2049	4,619,151
39,057,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11-AM	5.84%	#	06/15/2049	39,984,834
15,464,205	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX-AM	5.46%	#	01/15/2049	15,451,569
17,732,214	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2008-C2-A4	6.07%		02/12/2051	17,951,065
18,520,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-ASH-B	3.06%	# ^	10/15/2034	18,635,793
10,455,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-ASH-C	3.66%	# ^	10/15/2034	10,533,341
4,857,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-WIKI-E	4.01%	# ^	10/05/2031	4,756,218
104,580,317	JPMBB Commercial Mortgage Securities Trust, Series 2014-C18-XA	1.07%	# I/O	02/15/2047	4,714,742
3,396,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C21-C	4.66%	#	08/15/2047	3,387,390
57,451,492	JPMBB Commercial Mortgage Securities Trust, Series 2014-C22-XA	0.94%	# I/O	09/15/2047	3,022,856
220,777,205	JPMBB Commercial Mortgage Securities Trust, Series 2014-C25-XA	0.99%	# I/O	11/15/2047	11,495,295
32,031,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-A4	3.49%		01/15/2048	32,816,131
6,499,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-C	4.43%	#	01/15/2048	6,335,892
255,208,124	JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-XA	1.17%	# I/O	01/15/2048	13,655,523
14,055,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-C	4.34%	#	02/15/2048	13,214,695
10,425,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-D	3.84%	# ^	02/15/2048	8,237,425
58,643,174	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-XA	1.37%	# I/O	02/15/2048	4,076,287
8,396,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C28-C	4.24%		10/19/2048	7,789,612
44,427,455	JPMBB Commercial Mortgage Securities Trust, Series 2015-C28-XA	1.19%	# I/O	10/15/2048	2,570,288
64,388,201	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-XA	0.94%	# I/O	05/15/2048	2,487,831
6,762,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C30-B	4.31%	#	07/15/2048	6,627,494
172,620,740	JPMBB Commercial Mortgage Securities Trust, Series 2015-C30-XA	0.70%	# I/O	07/15/2048	6,218,714
27,395,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-C	4.67%	#	11/15/2048	26,045,391
99,762,558	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-XA	1.50%	# I/O	11/15/2048	6,758,834
17,630,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C33-C	4.62%	#	12/15/2048	17,692,347
32,345,000	JPMBB Commercial Mortgage Securities Trust, Series 2016-C1-C	4.75%	#	03/15/2049	33,374,768
149,327,172	JPMBB Commercial Mortgage Securities Trust, Series 2016-C2-XA	1.71%	# I/O	06/15/2049	15,031,243
171,093,000	JPMBB Commercial Mortgage Securities Trust, Series 2017-C5-XA	1.18%	# I/O	03/15/2050	12,928,514
3,688,000	LB Commercial Mortgage Trust, Series 2007-C3-AM	6.05%	#	07/15/2044	3,706,399
23,169,000	LB Commercial Mortgage Trust, Series 2007-C3-AMB	5.19%		07/15/2044	23,279,887
7,550,000	LB Commercial Mortgage Trust, Series 2007-C3-AMFL	6.05%	# ^	07/15/2044	7,596,679
10,663,449	LB-UBS Commercial Mortgage Trust, Series 2006-C7-XCL	0.49%	# ^ I/O	11/15/2038	37,636
45,473,913	LB-UBS Commercial Mortgage Trust, Series 2007-C2-AM	5.49%	#	02/15/2040	45,497,528
28,126,121	LB-UBS Commercial Mortgage Trust, Series 2007-C7-A3	5.87%	#	09/15/2045	28,551,433
28,975,000	LB-UBS Commercial Mortgage Trust, Series 2007-C7-AJ	6.25%	#	09/15/2045	29,552,373
25,315,400	LSTAR Commercial Mortgage Trust, Series 2017-5-X	1.39%	# ^ I/O	03/10/2050	1,477,392
96,311,040	Merrill Lynch Mortgage Investors Trust, Series 1998-C1-IO	0.56%	# I/O	11/15/2026	1,005,969
1,659,408	Merrill Lynch Mortgage Trust, Series 2006-C1-AJ	5.44%	#	05/12/2039	1,657,821
56,203,000	Merrill Lynch Mortgage Trust, Series 2007-C1-AM	5.84%	#	06/12/2050	55,310,553
20,665,036	ML-CFC Commercial Mortgage Trust, Series 2007-9-A4	5.70%		09/12/2049	20,856,531
208,444,167	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12-XA	0.92%	# I/O	10/15/2046	6,723,367
39,150,962	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7-XA	1.50%	# I/O	02/15/2046	2,379,020
11,700,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18-C	4.49%	#	10/15/2047	11,537,115
45,025,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19-A4	3.53%		12/15/2047	46,227,271

37,950,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19-C	4.00%		12/15/2047	35,465,376
56,050,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-A4	3.25%		02/15/2048	56,450,903
20,087,700	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-B	4.16%		02/15/2048	20,231,526
6,457,500	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-C	4.46%	#	02/15/2048	5,989,150
246,628,720	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-XA	1.40%	# I/O	02/15/2048	18,038,104
10,616,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23-C	4.14%	#	07/15/2050	10,060,732
8,460,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25-C	4.53%	#	10/15/2048	8,610,434
19,422,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-C	4.54%	#	12/15/2047	18,550,515
1,517,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-D	3.24%	# ^	12/15/2047	974,905
175,855,774	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C28-XA	1.29%	# I/O	01/15/2049	14,559,803
44,680,210	Morgan Stanley Capital, Inc., Series 2006-HQ10-X1	0.19%	# ^ I/O	11/12/2041	447
1,786,937	Morgan Stanley Capital, Inc., Series 2006-HQ8-AJ	5.40%	#	03/12/2044	1,788,932
24,974,797	Morgan Stanley Capital, Inc., Series 2007-HQ11-AJ	5.51%	#	02/12/2044	24,525,363
977,227	Morgan Stanley Capital, Inc., Series 2007-IQ13-AM	5.41%		03/15/2044	975,194
2,575,000	Morgan Stanley Capital, Inc., Series 2014-CPT-E	3.45%	# ^	07/13/2029	2,557,309
2,325,000	Morgan Stanley Capital, Inc., Series 2014-CPT-F	3.45%	# ^	07/13/2029	2,283,088
12,400,000	Morgan Stanley Capital, Inc., Series 2014-MP-D	3.69%	# ^	08/11/2029	12,555,446
11,000,000	Morgan Stanley Capital, Inc., Series 2014-MP-E	3.69%	# ^	08/11/2029	10,985,084
28,032,210	Morgan Stanley Capital, Inc., Series 2015-UBS8-XA	0.97%	# I/O	12/15/2048	1,776,752
11,733,000	Morgan Stanley Capital, Inc., Series 2017-A-PRME	2.26%	# ^	02/15/2034	11,684,437
7,708,000	Morgan Stanley Capital, Inc., Series 2017-A-PRME	1.81%	# ^	02/15/2034	7,773,173
5,738,000	Morgan Stanley Capital, Inc., Series 2017-C-PRME	2.56%	# ^	02/15/2034	5,781,406
1,156,000	Morgan Stanley Capital, Inc., Series 2017-PRME-D	4.31%	# ^	02/15/2034	1,162,220
12,529,000	Morgan Stanley Re-Remic Trust, Series 2009-GG10-A4B	5.95%	# ^	08/12/2045	12,533,677
33,028,000	Morgan Stanley Re-Remic Trust, Series 2010-GG10-A4B	5.95%	# ^	08/15/2045	33,019,277
25,422,290	Morgan Stanley Re-Remic Trust, Series 2013-AJ-AJA	0.50%	^	12/17/2049	24,340,242
2,274,000	PFP Ltd., Series 2017-3-A	1.83%	# ^	01/14/2035	2,281,454
2,270,000	PFP Ltd., Series 2017-3-AS	2.08%	# ^	01/14/2035	2,284,038
1,306,000	PFP Ltd., Series 2017-3-B	2.53%	# ^	01/14/2035	1,315,813
1,360,000	PFP Ltd., Series 2017-3-C	3.28%	# ^	01/14/2035	1,372,545
2,482,838	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4-AJ	5.47%	#	08/15/2039	2,508,161
3,966,470	TRU Trust, Series 2016-TOYS-A	3.16%	# ^	11/15/2030	3,983,206
100,058,222	UBS-Barclays Commercial Mortgage Trust, Series 2012-C3-XA	2.01%	# ^ I/O	08/10/2049	7,375,001
2,487,230	VSD LLC, Series 2017-PLT1-A	3.60%	^	12/25/2043	2,488,155
31,545,121	Velocity Commercial Capital Loan Trust, Series 2016-1-AFX	3.53%	# ^	04/25/2046	31,525,990
4,517,121	Wachovia Bank Commercial Mortgage Trust, Series 2006-C27-AJ	5.83%	#	07/15/2045	4,553,644
56,710,090	Wachovia Bank Commercial Mortgage Trust, Series 2006-C28-AJ	5.63%	#	10/15/2048	56,922,753
76,605,991	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30-AJ	5.41%	#	12/15/2043	77,180,268
4,341,681	Wachovia Bank Commercial Mortgage Trust, Series 2007-C31-AM	5.59%	#	04/15/2047	4,370,225
5,626,722	Wachovia Bank Commercial Mortgage Trust, Series 2007-C32-A3	5.76%	#	06/15/2049	5,620,905
8,565,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C32-AMFX	5.70%	^	06/15/2049	8,661,599
50,726,700	Wachovia Bank Commercial Mortgage Trust, Series 2007-C33-AJ	6.05%	#	02/15/2051	50,913,866
12,989,316	Wachovia Bank Commercial Mortgage Trust, Series 2007-C33-AM	6.05%	#	02/15/2051	13,092,077
130,122,171	Waterfall Commercial Mortgage Trust, Series 2015-SBC5-A	4.10%	# ^	09/14/2022	129,960,767
38,265,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC18-A5	3.41%		12/15/2047	38,810,954
4,346,710	Wells Fargo Commercial Mortgage Trust, Series 2014-LC18-B	3.96%		12/15/2047	4,404,146
30,000,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C26-A4	3.17%		02/15/2048	29,890,446
11,460,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C26-C	4.07%	#	02/15/2048	11,185,127
443,976,849	Wells Fargo Commercial Mortgage Trust, Series 2015-C26-XA	1.30%	# I/O	02/15/2048	32,955,336
28,000,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C27-A5	3.45%		02/15/2048	28,438,796
264,473,971	Wells Fargo Commercial Mortgage Trust, Series 2015-C27-XA	0.99%	# I/O	02/15/2048	15,007,020
9,701,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C31-C	4.61%	#	11/15/2048	9,855,376
144,038,045	Wells Fargo Commercial Mortgage Trust, Series 2015-C31-XA	1.11%	# I/O	11/15/2048	9,870,942
277,425,179	Wells Fargo Commercial Mortgage Trust, Series 2015-LC20-XA	1.39%	# I/O	04/15/2050	20,845,839
12,000,000	Wells Fargo Commercial Mortgage Trust, Series 2015-LC22-C	4.54%	#	09/15/2058	12,131,665
1,794,000	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4-C	4.60%	#	12/15/2048	1,837,396
5,405,000	Wells Fargo Commercial Mortgage Trust, Series 2015-P2-A4	3.81%		12/15/2048	5,642,275
130,811,345	Wells Fargo Commercial Mortgage Trust, Series 2015-P2-XA	1.03%	# I/O	12/15/2048	8,062,479
11,469,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C32-C	4.72%	#	01/15/2059	11,152,840
8,676,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C-C34	5.03%	#	06/15/2049	8,937,002
65,811,507	WF-RBS Commercial Mortgage Trust, Series 2011-C4-XA	0.41%	# ^ I/O	06/15/2044	935,530
90,977,075	WF-RBS Commercial Mortgage Trust, Series 2012-C6-XA	2.13%	# ^ I/O	04/15/2045	7,169,940
111,646,368	WF-RBS Commercial Mortgage Trust, Series 2012-C8-XA	1.98%	# ^ I/O	08/15/2045	7,819,790
49,905,985	WF-RBS Commercial Mortgage Trust, Series 2012-C9-XA	2.09%	# ^ I/O	11/15/2045	3,638,715
163,605,362	WF-RBS Commercial Mortgage Trust, Series 2013-C18-XA	0.91%	# I/O	12/15/2046	6,098,455
182,371,690	WF-RBS Commercial Mortgage Trust, Series 2014-C19-XA	1.22%	# I/O	03/15/2047	10,115,428
64,962,064	WF-RBS Commercial Mortgage Trust, Series 2014-C24-XA	0.97%	# I/O	11/15/2047	3,295,064
55,000,000	WF-RBS Commercial Mortgage Trust, Series 2014-C25-A5	3.63%		11/15/2047	56,630,365
8,000,000	WF-RBS Commercial Mortgage Trust, Series 2014-C25-C	4.32%	#	11/15/2047	7,970,819
202,839,729	WF-RBS Commercial Mortgage Trust, Series 2014-C25-XA	0.93%	# I/O	11/15/2047	10,146,916
140,206,916	WF-RBS Commercial Mortgage Trust, Series 2016-NXS6-XA	1.66%	# I/O	11/15/2049	14,904,037
Total Non-Agency Commercial Mortgage Backed Obligations (Cost $3,928,423,694)					3,743,171,709
Non-Agency Residential Collateralized Mortgage Obligations - 22.5%
24,181,339	Acacia Ltd., Series 2004-5A-A	1.42%	# ^	11/08/2039	22,433,028
10,000,000	Accredited Mortgage Loan Trust, Series 2005-4-MI	1.38%	#	12/25/2035	9,137,529
103,157,000	Accredited Mortgage Loan Trust, Series 2006-2-A4	1.24%	#	09/25/2036	95,401,698
16,208,785	ACE Securities Corporation Home Equity Loan Trust, Series 2007-HE1-A2B	1.10%	#	01/25/2037	11,476,075
5,807,723	Adjustable Rate Mortgage Trust, Series 2005-10-3A31	3.10%	#	01/25/2036	5,100,576
48,356,871	Adjustable Rate Mortgage Trust, Series 2005-11-4A1	3.25%	#	02/25/2036	34,515,321

6,200,000	Adjustable Rate Mortgage Trust, Series 2005-2-6M2	1.96%	#	06/25/2035	5,728,989
3,524,035	Adjustable Rate Mortgage Trust, Series 2005-7-3A1	3.62%	#	10/25/2035	3,094,011
25,335,451	Adjustable Rate Mortgage Trust, Series 2006-1-2A1	3.66%	#	03/25/2036	20,278,873
20,533,472	Adjustable Rate Mortgage Trust, Series 2006-2-3A1	3.49%	#	05/25/2036	18,339,896
19,485,592	Adjustable Rate Mortgage Trust, Series 2006-2-5A1	4.35%	#	05/25/2036	13,184,051
21,688,715	Adjustable Rate Mortgage Trust, Series 2007-1-3A1	3.71%	#	03/25/2037	18,396,782
3,535,815	Adjustable Rate Mortgage Trust, Series 2007-3-1A1	4.25%	# ^	11/25/2037	3,304,148
352,850	Aegis Asset Backed Securities Trust, Series 2003-2-M2	3.53%	#	11/25/2033	332,334
1,777,241	Aegis Asset Backed Securities Trust, Series 2004-1-M2	3.01%	#	04/25/2034	1,629,983
617,792	Aegis Asset Backed Securities Trust, Series 2004-2-M2	2.93%	#	06/25/2034	558,704
16,694,920	Aegis Asset Backed Securities Trust, Series 2004-6-M2	1.98%	#	03/25/2035	15,599,208
57,725,898	Agate Bay Mortgage Trust, Series 2015-6-A3	3.50%	# ^	09/25/2045	58,258,073
87,275,316	Ajax Master Trust, Series 2016-1-PC	0.00&	# ^ ¥	01/01/2057	77,620,546
92,432,647	Ajax Master Trust, Series 2016-2-PC	0.00&	# ^ ¥	10/25/2056	74,381,143
28,712,158	Ajax Mortgage Loan Trust, Series 2015-C-A	3.88%	# ^	03/25/2057	28,177,319
57,153,432	Ajax Mortgage Loan Trust, Series 2016-A-A	4.25%	# ^	08/25/2064	57,514,567
11,951,410	Ajax Mortgage Loan Trust, Series 2016-C-A	4.00%	# ^	10/25/2057	11,924,370
14,719,336	Alternative Loan Trust, Series 2006-41CB-1A2	1.58%	#	01/25/2037	9,809,697
14,719,336	Alternative Loan Trust, Series 2006-41CB-1A15	4.42%	# I/O I/F	01/25/2037	3,048,432
10,023,837	Alternative Loan Trust, Series 2007-15CB-A2	5.75%		07/25/2037	8,749,322
30,100,820	Alternative Loan Trust, Series 2007-5CB-1A31	5.50%		04/25/2037	25,043,286
10,151,354	Alternative Loan Trust, Series 2007-5CB-2A1	6.00%		04/25/2037	7,940,753
9,500,978	Alternative Loan Trust, Series 2007-6-A1	5.75%		04/25/2047	8,131,306
124,136,803	Alternative Loan Trust, Series 2007-HY9-A2	1.25%	#	08/25/2047	102,818,008
2,058,364	American Home Mortgage Investment Trust, Series 2005-1-7A2	3.36%	#	06/25/2045	2,058,752
8,508,303	American Home Mortgage Investment Trust, Series 2005-4-3A1	1.28%	#	11/25/2045	6,675,767
31,836,638	American Home Mortgage Investment Trust, Series 2005-4-5A	3.11%	#	11/25/2045	24,128,809
2,345,494	American Home Mortgage Investment Trust, Series 2006-2-3A4	6.60%	#	06/25/2036	1,025,420
8,298,356	American Home Mortgage Investment Trust, Series 2007-A-13A1	6.60%	# ^	01/25/2037	4,581,356
16,500,000	Ameriquest Mortgage Securities, Inc., Series 2004-R8-M2	2.00%	#	09/25/2034	15,457,578
11,676,373	Amortizing Residential Collateral Trust, Series 2002-BC7-M1	2.18%	#	10/25/2032	9,138,260
174,229	Argent Securities, Inc., Series 2004-W6-M1	1.81%	#	05/25/2034	168,536
3,621,922	Asset Backed Securities Corporation Home Equity Loan Trust, Series 2003-HE6-M1	1.96%	#	11/25/2033	3,498,161
786,387	Asset Backed Securities Corporation Home Equity Loan Trust, Series 2004-HE3-M2	2.66%	#	06/25/2034	717,449
8,266,498	Banc of America Alternative Loan Trust, Series 2004-8-1CB1	6.00%		09/25/2034	7,714,865
18,588,542	Banc of America Alternative Loan Trust, Series 2005-10-2CB1	6.00%		11/25/2035	17,651,626
3,185,124	Banc of America Alternative Loan Trust, Series 2005-10-4A1	5.75%		11/25/2035	3,052,161
10,153,488	Banc of America Alternative Loan Trust, Series 2005-11-2CB1	6.00%		12/25/2035	9,676,350
3,506,724	Banc of America Alternative Loan Trust, Series 2005-5-2CB1	6.00%		06/25/2035	3,453,028
5,400,189	Banc of America Alternative Loan Trust, Series 2005-6-2CB2	6.00%		07/25/2035	5,152,326
3,270,246	Banc of America Alternative Loan Trust, Series 2005-6-4CB1	6.50%		07/25/2035	3,102,647
2,091,089	Banc of America Alternative Loan Trust, Series 2005-8-2CB1	6.00%		09/25/2035	2,075,044
9,904,946	Banc of America Alternative Loan Trust, Series 2006-1-3CB1	6.50%		02/25/2036	9,409,274
5,511,487	Banc of America Alternative Loan Trust, Series 2006-2-1CB1	6.00%		03/25/2036	5,393,857
7,286,817	Banc of America Alternative Loan Trust, Series 2006-2-3CB1	6.50%		03/25/2036	6,373,643
5,361,587	Banc of America Alternative Loan Trust, Series 2006-3-4CB1	6.50%		04/25/2036	4,802,133
1,630,929	Banc of America Alternative Loan Trust, Series 2006-5-CB14	6.00%	#	06/25/2046	1,456,848
3,402,869	Banc of America Alternative Loan Trust, Series 2006-6-CB3	6.00%		07/25/2046	2,976,900
14,236,036	Banc of America Alternative Loan Trust, Series 2006-7-A4	6.00%	#	10/25/2036	8,533,261
5,146,740	Banc of America Alternative Loan Trust, Series 2006-8-1A1	5.52%	#I/F I/O	11/25/2036	1,123,224
1,834,268	Banc of America Alternative Loan Trust, Series 2006-8-1A2	1.43%	#	11/25/2036	1,260,932
8,401,999	Banc of America Alternative Loan Trust, Series 2006-9-1CB1	6.00%		01/25/2037	7,336,516
1,272,459	Banc of America Alternative Loan Trust, Series 2007-2-2A1	6.00%		06/25/2037	1,092,045
8,357,353	Banc of America Funding Corporation, Series 2006-2-3A1	6.00%		03/25/2036	8,600,563
268,661	Banc of America Funding Corporation, Series 2006-2-4A1	19.85%	#I/F	03/25/2036	346,188
1,053,809	Banc of America Funding Corporation, Series 2006-2-6A2	5.50%		03/25/2036	1,036,445
5,535,224	Banc of America Funding Corporation, Series 2006-3-1A1	6.00%		03/25/2036	5,188,720
1,138,010	Banc of America Funding Corporation, Series 2006-3-6A1	6.22%	#	03/25/2036	1,148,845
7,495,659	Banc of America Funding Corporation, Series 2006-6-1A7	6.25%		08/25/2036	7,021,177
2,108,588	Banc of America Funding Corporation, Series 2006-7-T2A5	6.04%	#	10/25/2036	1,762,289
9,938,415	Banc of America Funding Corporation, Series 2006-7-T2A8	5.91%	#	10/25/2036	8,288,135
2,004,594	Banc of America Funding Corporation, Series 2006-8T2-A8	6.10%	#	10/25/2036	1,769,573
939,894	Banc of America Funding Corporation, Series 2006-B-7A1	3.56%	#	03/20/2036	844,085
12,174,332	Banc of America Funding Corporation, Series 2006-D-6A1	3.75%	#	05/20/2036	10,754,922
839,884	Banc of America Funding Corporation, Series 2006-G-2A1	1.20%	#	07/20/2036	833,451
410,976	Banc of America Funding Corporation, Series 2006-H-3A1	3.25%	#	09/20/2046	331,291
1,401,522	Banc of America Funding Corporation, Series 2007-1-TA10	5.84%	#	01/25/2037	1,234,864
1,945,704	Banc of America Funding Corporation, Series 2007-3-TA1B	5.83%	#	04/25/2037	1,685,499
3,076,268	Banc of America Funding Corporation, Series 2007-5-1A1	5.50%		07/25/2037	2,522,650
3,351,123	Banc of America Funding Corporation, Series 2009-R14-3A	14.35%	# ^I/F	06/26/2035	3,584,923
5,289,860	Banc of America Funding Corporation, Series 2009-R15A-4A2	5.75%	^	12/26/2036	5,082,224
1,845,312	Banc of America Funding Corporation, Series 2010-R1-3A	13.08%	# ^I/F	07/26/2036	1,834,826
796,716	Banc of America Mortgage Securities, Inc., Series 2004-K-4A1	3.27%	#	12/25/2034	773,838
4,230,616	Banc of America Mortgage Securities, Inc., Series 2006-1-A9	6.00%		05/25/2036	3,737,182
510,928	Banc of America Mortgage Securities, Inc., Series 2007-1-2A5	5.75%		01/25/2037	444,562
56,624,317	Bayview Opportunity Master Fund Trust, Series 2016-B-A	4.25%	# ^	03/28/2036	56,916,288
34,494,766	Bayview Opportunity Master Fund Trust, Series 2016-RN3-A1	3.60%	# ^	09/29/2031	34,528,312
17,610,572	Bayview Opportunity Master Fund Trust, Series 2016-RPL4-A1	3.47%	# ^	07/28/2018	17,531,231
3,942,312	BCAP LLC Trust, Series 2007-AA2-2A7	6.00%		04/25/2037	3,432,128
4,268,046	BCAP LLC Trust, Series 2007-AA2-2A8	5.75%		04/25/2037	3,666,399

12,733,190	BCAP LLC Trust, Series 2008-RR3-A1B	6.66%	# ^	10/25/2036	8,534,548
4,463,064	BCAP LLC Trust, Series 2009-RR13-18A2	5.75%	# ^	07/26/2037	3,863,592
13,418,962	BCAP LLC Trust, Series 2009-RR1-3A3	6.00%	# ^	08/26/2037	14,155,282
6,250,292	BCAP LLC Trust, Series 2009-RR4-4A2	5.75%	^	02/26/2036	4,912,786
4,909,879	BCAP LLC Trust, Series 2010-RR10-5A1	7.00%	# ^	04/27/2037	5,460,995
9,019,309	BCAP LLC Trust, Series 2010-RR12-3A15	6.00%	# ^	08/26/2037	9,360,145
3,304,550	BCAP LLC Trust, Series 2010-RR5-2A3	6.10%	# ^	04/26/2037	3,403,845
1,072,778	BCAP LLC Trust, Series 2011-RR12-2A5	2.77%	# ^	12/26/2036	1,080,257
8,067,217	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12-13A1	3.53%	#	02/25/2036	7,785,616
8,714,088	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-4-4A1	3.30%	#	10/25/2046	7,816,539
10,417,412	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-1-2A1	3.38%	#	02/25/2047	8,778,765
5,682,144	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-1-3A1	3.52%	#	02/25/2047	4,806,542
3,787,767	Bear Stearns Alt-A Trust, Series 2004-11-2A3	3.25%	#	11/25/2034	3,729,226
28,669,466	Bear Stearns Alt-A Trust, Series 2006-3-21A1	3.13%	#	05/25/2036	21,913,767
13,844,558	Bear Stearns Alt-A Trust, Series 2006-6-2A1	3.40%	#	11/25/2036	12,598,541
8,219,236	Bear Stearns Asset Backed Securities Trust, Series 2004-AC4-A2	6.00%	#	08/25/2034	8,484,581
22,816,179	Bear Stearns Asset Backed Securities Trust, Series 2005-AC2-1A	5.75%	#	04/25/2035	22,722,342
6,859,574	Bear Stearns Asset Backed Securities Trust, Series 2005-AC2-2A1	5.75%	#	04/25/2035	7,003,415
11,598,762	Bear Stearns Asset Backed Securities Trust, Series 2005-AC7-A4	6.00%	#	10/25/2035	11,097,190
14,935,626	Bear Stearns Asset Backed Securities Trust, Series 2006-AC1-1A1	6.25%	#	02/25/2036	11,592,640
8,617,925	Bear Stearns Asset Backed Securities Trust, Series 2006-AC5-A1	6.25%	#	12/25/2036	8,373,274
1,975,323	Bear Stearns Asset Backed Securities Trust, Series 2007-SD1-1A2A	6.00%		10/25/2036	1,479,574
1,476,804	Bear Stearns Asset Backed Securities Trust, Series 2007-SD1-1A3A	6.50%		10/25/2036	1,140,778
4,117,469	Bear Stearns Asset Backed Securities Trust, Series 2007-SD1-23A1	2.83%	#	10/25/2036	3,331,202
21,649,848	Bear Stearns Mortgage Funding Trust, Series 2006-AR3-2A1	1.18%	#	11/25/2036	18,372,633
1,087,374,177	Belle Haven Ltd., Series 2006-1A-A1	1.25%	# ^	07/05/2046	26,096,980
22,788,531	CAM Mortgage Trust, Series 2016-2-A1	3.25%	# ^	06/15/2057	22,677,770
2,750,000	Centex Home Equity, Series 2004-A-AF5	5.43%	#	01/25/2034	2,771,620
1,611,349	Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2003-4-2M1	1.88%	#	03/25/2033	1,554,316
10,047,092	Chase Mortgage Finance Trust, Series 2005-A1-2A4	3.19%	#	12/25/2035	9,757,906
14,501,969	Chase Mortgage Finance Trust, Series 2006-S2-1A9	6.25%		10/25/2036	11,989,487
8,195,655	Chase Mortgage Finance Trust, Series 2006-S3-1A2	6.00%		11/25/2036	6,690,659
21,709,663	Chase Mortgage Finance Trust, Series 2006-S4-A8	6.00%		12/25/2036	17,316,878
9,235,783	Chase Mortgage Finance Trust, Series 2007-A2-6A4	3.22%	#	07/25/2037	8,855,019
4,155,751	Chase Mortgage Finance Trust, Series 2007-S3-1A5	6.00%		05/25/2037	3,286,339
2,087,156	Chase Mortgage Finance Trust, Series 2007-S3-2A1	5.50%		05/25/2037	1,619,016
4,207,455	Chase Mortgage Finance Trust, Series 2007-S5-1A18	6.00%		07/25/2037	3,477,323
7,013,542	ChaseFlex Trust, Series 2005-1-3A1	6.00%		02/25/2035	6,970,544
1,861,604	ChaseFlex Trust, Series 2006-1-A5	6.16%	#	06/25/2036	1,808,582
6,500,069	ChaseFlex Trust, Series 2006-2-A2B	1.18%	#	09/25/2036	5,343,215
5,592,675	ChaseFlex Trust, Series 2007-1-1A1	6.50%		02/25/2037	4,059,324
12,843,848	ChaseFlex Trust, Series 2007-M1-2F4	4.30%	#	08/25/2037	10,746,633
13,358,744	ChaseFlex Trust, Series 2007-M1-2F5	4.30%	#	08/25/2037	11,176,341
22,048,721	CHL Mortgage Pass-Through Trust, Series 2007-HYB1-2A1	3.03%	#	03/25/2037	18,911,171
65,959,595	CIM Trust, Series 2016-1RR-B2	12.32%	^	07/26/2055	57,833,967
75,440,246	CIM Trust, Series 2016-2RR-B2	13.12%	^	02/27/2056	66,175,897
73,074,681	CIM Trust, Series 2016-3RR-B2	11.38%	^	02/27/2056	64,110,025
50,188,672	CIM Trust, Series 2017-3RR-B2	16.78%	^	01/27/2057	55,207,539
8,971,585	Citicorp Mortgage Securities, Inc., Series 2005-1-1A4	5.50%		02/25/2035	9,153,145
1,963,700	Citicorp Mortgage Securities, Inc., Series 2006-7-1A1	6.00%		12/25/2036	1,785,733
6,594,000	Citicorp Residential Mortgage Securities, Inc., Series 2006-2-A5	5.68%	#	09/25/2036	6,779,045
33,902,075	Citicorp Residential Mortgage Securities, Inc., Series 2007-1-A4	5.66%	#	03/25/2037	35,195,686
2,719,158	Citigroup Mortgage Loan Trust, Inc., Series 2005-5-2A2	5.75%		08/25/2035	2,066,776
1,512,061	Citigroup Mortgage Loan Trust, Inc., Series 2005-9-21A1	5.50%		11/25/2035	1,381,441
4,439,093	Citigroup Mortgage Loan Trust, Inc., Series 2006-4-2A1A	6.00%		12/25/2035	4,029,312
51,711,977	Citigroup Mortgage Loan Trust, Inc., Series 2006-AMC1-A1	1.13%	# ^	09/25/2036	45,661,438
4,175,398	Citigroup Mortgage Loan Trust, Inc., Series 2006-FX1-A6	5.85%	#	10/25/2036	3,490,323
2,336,069	Citigroup Mortgage Loan Trust, Inc., Series 2006-WF1-A2D	5.13%	#	03/25/2036	1,679,999
13,845,960	Citigroup Mortgage Loan Trust, Inc., Series 2006-WF2-A2D	6.16%	#	05/25/2036	8,309,134
7,580,000	Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH3-M1	1.27%	#	10/25/2036	7,277,522
6,473,378	Citigroup Mortgage Loan Trust, Inc., Series 2007-10-1A1A	5.57%	#	04/25/2037	6,603,546
1,012,688	Citigroup Mortgage Loan Trust, Inc., Series 2007-12-2A1	6.50%	^	10/25/2036	739,035
318,661	Citigroup Mortgage Loan Trust, Inc., Series 2007-2-2A	6.00%		11/25/2036	327,801
29,946,395	Citigroup Mortgage Loan Trust, Inc., Series 2007-9-1A1	5.75%	^	04/25/2047	23,672,607
1,383,313	Citigroup Mortgage Loan Trust, Inc., Series 2007-9-2A2	6.50%	^	05/25/2037	1,371,666
98,857,238	Citigroup Mortgage Loan Trust, Inc., Series 2007-AMC2-A1	1.12%	# ^	01/25/2037	80,071,990
5,524,849	Citigroup Mortgage Loan Trust, Inc., Series 2007-AR5-1A3A	3.33%	#	04/25/2037	5,022,771
5,792,098	Citigroup Mortgage Loan Trust, Inc., Series 2007-OPX1-A3A	5.97%	#	01/25/2037	3,892,741
12,767,869	Citigroup Mortgage Loan Trust, Inc., Series 2007-OXP1-A5A	5.76%	#	01/25/2037	8,583,216
18,922,905	Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH3-A2	1.14%	#	06/25/2037	18,765,652
20,000,000	Citigroup Mortgage Loan Trust, Inc., Series 2008-AR4-1A1B	3.58%	# ^	11/25/2038	20,397,826
10,505,106	Citigroup Mortgage Loan Trust, Inc., Series 2010-7-9A4	6.00%	# ^	10/25/2037	9,886,455
162,622,126	Citigroup Mortgage Loan Trust, Inc., Series 2010-8-5A4	6.00%	# ^	11/25/2036	167,734,868
131,252,715	Citigroup Mortgage Loan Trust, Inc., Series 2010-8-6A4	6.00%	# ^	12/25/2036	132,174,410
105,879,782	Citigroup Mortgage Loan Trust, Inc., Series 2010-8-7A4	6.00%	# ^	06/25/2037	106,125,306
38,378,398	Citigroup Mortgage Loan Trust, Inc., Series 2014-J2-A1	3.50%	# ^	11/25/2044	38,561,233
5,723,009	CitiMortgage Alternative Loan Trust, Series 2006-A2-A2	6.00%		05/25/2036	4,982,324
5,097,061	CitiMortgage Alternative Loan Trust, Series 2006-A3-1A13	6.00%		07/25/2036	4,743,667
3,701,190	CitiMortgage Alternative Loan Trust, Series 2006-A4-1A8	6.00%		09/25/2036	3,429,715
1,270,339	CitiMortgage Alternative Loan Trust, Series 2006-A5-2A1	5.50%		10/25/2021	1,277,473

3,865,880	CitiMortgage Alternative Loan Trust, Series 2006-A5-3A3	6.00%		10/25/2036	3,211,760
6,517,017	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A5	6.00%		01/25/2037	5,966,905
3,177,477	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A7	6.00%		01/25/2037	2,909,261
8,129,983	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A9	4.42%	#I/F I/O	01/25/2037	1,256,608
6,682,280	CitiMortgage Alternative Loan Trust, Series 2007-A3-1A1	6.00%	#	03/25/2037	6,023,460
15,378,067	CitiMortgage Alternative Loan Trust, Series 2007-A3-1A3	4.42%	#I/F I/O	03/25/2037	2,177,860
6,026,335	CitiMortgage Alternative Loan Trust, Series 2007-A3-1A4	5.75%		03/25/2037	5,349,548
10,931,259	CitiMortgage Alternative Loan Trust, Series 2007-A4-1A3	1.31%	#	04/25/2037	7,734,553
10,931,259	CitiMortgage Alternative Loan Trust, Series 2007-A4-1A4	5.69%	#I/F I/O	04/25/2037	2,081,169
1,597,104	CitiMortgage Alternative Loan Trust, Series 2007-A5-1A11	6.00%		05/25/2037	1,482,526
21,056,658	CitiMortgage Alternative Loan Trust, Series 2007-A5-1A8	6.00%		05/25/2037	19,546,019
741,433	CitiMortgage Alternative Loan Trust, Series 2007-A8-A1	6.00%		10/25/2037	673,374
10,122,640	COLT Funding LLC, Series 2015-1-A1F	4.00%	# ^	12/26/2045	10,097,627
32,133,797	Countrywide Alternative Loan Trust, Series 2004-36CB-1A1	6.00%		02/25/2035	29,636,978
7,684,480	Countrywide Alternative Loan Trust, Series 2005-13CB-A3	5.50%		05/25/2035	7,531,634
5,888,263	Countrywide Alternative Loan Trust, Series 2005-20CB-2A1	1.48%	#	07/25/2035	4,480,905
12,021,870	Countrywide Alternative Loan Trust, Series 2005-20CB-2A2	4.02%	#I/F I/O	07/25/2035	1,377,194
895,823	Countrywide Alternative Loan Trust, Series 2005-20CB-4A1	5.25%		07/25/2020	878,978
4,403,748	Countrywide Alternative Loan Trust, Series 2005-26CB-A11	11.27%	#I/F	07/25/2035	4,516,438
6,086,711	Countrywide Alternative Loan Trust, Series 2005-28CB-1A2	1.73%	#	08/25/2035	4,930,370
2,172,276	Countrywide Alternative Loan Trust, Series 2005-28CB-3A6	6.00%		08/25/2035	1,713,566
3,035,296	Countrywide Alternative Loan Trust, Series 2005-46CB-A20	5.50%		10/25/2035	2,868,566
9,656,257	Countrywide Alternative Loan Trust, Series 2005-48T1-A2	5.50%		11/25/2035	8,017,296
3,809,124	Countrywide Alternative Loan Trust, Series 2005-54CB-3A4	5.50%		11/25/2035	3,296,627
36,513,369	Countrywide Alternative Loan Trust, Series 2005-57CB-1A1	5.50%		12/25/2035	33,082,949
731,547	Countrywide Alternative Loan Trust, Series 2005-60T1-A7	28.73%	#I/F	12/25/2035	1,041,335
1,144,471	Countrywide Alternative Loan Trust, Series 2005-64CB-1A14	5.50%		12/25/2035	1,096,699
16,610,565	Countrywide Alternative Loan Trust, Series 2005-64CB-1A4	5.50%		12/25/2035	15,917,215
2,727,026	Countrywide Alternative Loan Trust, Series 2005-73CB-1A5	1.78%	#	01/25/2036	2,237,511
6,860,633	Countrywide Alternative Loan Trust, Series 2005-73CB-1A6	3.72%	#I/F I/O	01/25/2036	667,160
61,603,443	Countrywide Alternative Loan Trust, Series 2005-77T1-1A1	6.00%		02/25/2036	48,453,812
1,518,456	Countrywide Alternative Loan Trust, Series 2005-79CB-A5	5.50%		01/25/2036	1,266,120
40,667,973	Countrywide Alternative Loan Trust, Series 2005-85CB-1A1	6.00%		02/25/2036	31,978,179
3,571,835	Countrywide Alternative Loan Trust, Series 2005-85CB-2A6	18.03%	#I/F	02/25/2036	4,278,932
2,038,426	Countrywide Alternative Loan Trust, Series 2005-86CB-A5	5.50%		02/25/2036	1,772,485
3,998,589	Countrywide Alternative Loan Trust, Series 2005-J10-1A11	5.50%		10/25/2035	3,571,958
909,985	Countrywide Alternative Loan Trust, Series 2005-J10-1A13	1.68%	#	10/25/2035	701,353
426,277	Countrywide Alternative Loan Trust, Series 2005-J10-1A15	5.50%		10/25/2035	380,795
1,003,341	Countrywide Alternative Loan Trust, Series 2005-J11-1A3	5.50%		11/25/2035	863,840
1,349,304	Countrywide Alternative Loan Trust, Series 2005-J11-6A1	6.50%		09/25/2032	1,309,578
1,326,711	Countrywide Alternative Loan Trust, Series 2005-J13-2A5	1.46%	#	11/25/2035	989,568
2,653,421	Countrywide Alternative Loan Trust, Series 2005-J13-2A6	4.04%	#I/F I/O	11/25/2035	309,035
3,891,000	Countrywide Alternative Loan Trust, Series 2005-J1-5A3	5.50%		02/25/2035	3,628,138
1,816,345	Countrywide Alternative Loan Trust, Series 2005-J1-7A1	5.50%		01/25/2020	1,821,263
1,252,426	Countrywide Alternative Loan Trust, Series 2005-J2-1A5	1.48%	#	04/25/2035	1,022,479
3,853,619	Countrywide Alternative Loan Trust, Series 2005-J2-1A6	4.02%	#I/F I/O	04/25/2035	409,598
11,128,560	Countrywide Alternative Loan Trust, Series 2005-J3-2A8	1.28%	#	05/25/2035	9,321,458
11,128,560	Countrywide Alternative Loan Trust, Series 2005-J3-2A9	4.22%	#I/F I/O	05/25/2035	1,211,799
4,950,251	Countrywide Alternative Loan Trust, Series 2006-12CB-A3	5.75%	#	05/25/2036	3,644,843
2,464,164	Countrywide Alternative Loan Trust, Series 2006-15CB-A1	6.50%		06/25/2036	1,925,422
1,637,858	Countrywide Alternative Loan Trust, Series 2006-18CB-A12	1.58%	#	07/25/2036	982,470
1,637,858	Countrywide Alternative Loan Trust, Series 2006-18CB-A13	4.52%	#I/F I/O	07/25/2036	250,879
8,315,729	Countrywide Alternative Loan Trust, Series 2006-19CB-A12	1.38%	#	08/25/2036	5,549,771
11,276,628	Countrywide Alternative Loan Trust, Series 2006-19CB-A13	4.62%	#I/F I/O	08/25/2036	1,784,724
1,735,984	Countrywide Alternative Loan Trust, Series 2006-19CB-A15	6.00%		08/25/2036	1,527,437
2,745,017	Countrywide Alternative Loan Trust, Series 2006-24CB-A11	5.75%		06/25/2036	2,307,161
8,034,328	Countrywide Alternative Loan Trust, Series 2006-24CB-A14	6.17%	#I/F I/O	06/25/2036	2,043,915
6,442,485	Countrywide Alternative Loan Trust, Series 2006-24CB-A22	6.00%		06/25/2036	5,523,148
6,914,722	Countrywide Alternative Loan Trust, Series 2006-24CB-A5	1.58%	#	06/25/2036	4,510,180
2,588,914	Countrywide Alternative Loan Trust, Series 2006-26CB-A17	6.25%		09/25/2036	2,116,242
3,323,092	Countrywide Alternative Loan Trust, Series 2006-26CB-A9	6.50%		09/25/2036	2,779,088
5,272,201	Countrywide Alternative Loan Trust, Series 2006-29T1-1A2	6.25%		10/25/2036	4,254,225
910,874	Countrywide Alternative Loan Trust, Series 2006-29T1-2A12	39.77%	#I/F	10/25/2036	1,773,475
557,929	Countrywide Alternative Loan Trust, Series 2006-29T1-2A23	29.11%	#I/F	10/25/2036	869,120
5,870,628	Countrywide Alternative Loan Trust, Series 2006-30T1-1A2	6.25%		11/25/2036	5,171,170
4,125,792	Countrywide Alternative Loan Trust, Series 2006-32CB-A1	1.65%	#	11/25/2036	2,609,339
6,881,821	Countrywide Alternative Loan Trust, Series 2006-32CB-A2	4.35%	#I/F I/O	11/25/2036	1,198,967
7,183,646	Countrywide Alternative Loan Trust, Series 2006-36T2-2A1	6.25%		12/25/2036	5,065,194
2,270,694	Countrywide Alternative Loan Trust, Series 2006-39CB-1A10	6.00%		01/25/2037	2,181,689
17,907,186	Countrywide Alternative Loan Trust, Series 2006-39CB-2A2	5.57%	#I/F I/O	01/25/2037	4,621,035
6,098,242	Countrywide Alternative Loan Trust, Series 2006-39CB-2A4	1.43%	#	01/25/2037	1,423,280
3,288,485	Countrywide Alternative Loan Trust, Series 2006-40T1-1A11	6.00%		01/25/2037	2,845,393
5,596,884	Countrywide Alternative Loan Trust, Series 2006-40T1-1A4	4.47%	#I/F I/O	01/25/2037	825,515
6,018,493	Countrywide Alternative Loan Trust, Series 2006-41CB-1A10	6.00%		01/25/2037	5,304,295
6,337,603	Countrywide Alternative Loan Trust, Series 2006-41CB-1A9	6.00%		01/25/2037	5,585,537
5,331,298	Countrywide Alternative Loan Trust, Series 2006-45T1-1A4	1.58%	#	02/25/2037	2,287,430
5,331,298	Countrywide Alternative Loan Trust, Series 2006-45T1-1A5	4.42%	#I/F I/O	02/25/2037	775,710
1,848,585	Countrywide Alternative Loan Trust, Series 2006-6CB-1A4	5.50%		05/25/2036	1,693,026
11,138,041	Countrywide Alternative Loan Trust, Series 2006-J1-1A3	5.50%		02/25/2036	9,767,255
5,489,528	Countrywide Alternative Loan Trust, Series 2006-J1-A10	5.50%		02/25/2036	4,813,918

2,035,211	Countrywide Alternative Loan Trust, Series 2006-J4-2A2	6.00%		07/25/2036	1,736,610
1,279,567	Countrywide Alternative Loan Trust, Series 2007-11T1-A24	34.01%	#I/F	05/25/2037	2,210,915
19,893,339	Countrywide Alternative Loan Trust, Series 2007-15CB-A1	6.00%		07/25/2037	18,063,901
13,364,433	Countrywide Alternative Loan Trust, Series 2007-16CB-2A1	1.43%	#	08/25/2037	7,101,127
3,870,006	Countrywide Alternative Loan Trust, Series 2007-16CB-2A2	46.40%	#I/F	08/25/2037	7,854,860
7,715,826	Countrywide Alternative Loan Trust, Series 2007-16CB-4A7	6.00%		08/25/2037	7,233,482
11,801,504	Countrywide Alternative Loan Trust, Series 2007-17CB-1A10	25.38%	#I/F	08/25/2037	17,228,864
1,840,709	Countrywide Alternative Loan Trust, Series 2007-18CB-2A25	6.00%		08/25/2037	1,657,643
1,125,904	Countrywide Alternative Loan Trust, Series 2007-19-1A10	33.11%	#I/F	08/25/2037	2,047,333
16,548,374	Countrywide Alternative Loan Trust, Series 2007-19-1A4	6.00%		08/25/2037	13,683,632
36,984,496	Countrywide Alternative Loan Trust, Series 2007-19-2A1	6.50%		08/25/2037	23,157,547
5,677,590	Countrywide Alternative Loan Trust, Series 2007-21CB-2A2	24.47%	#I/F	09/25/2037	7,517,461
26,804,416	Countrywide Alternative Loan Trust, Series 2007-22-2A16	6.50%		09/25/2037	19,113,288
14,447,650	Countrywide Alternative Loan Trust, Series 2007-23CB-A3	1.48%	#	09/25/2037	9,165,996
20,504,211	Countrywide Alternative Loan Trust, Series 2007-23CB-A4	5.52%	#I/F I/O	09/25/2037	4,705,021
16,761,644	Countrywide Alternative Loan Trust, Series 2007-4CB-2A1	7.00%		03/25/2037	4,799,095
7,557,363	Countrywide Alternative Loan Trust, Series 2007-5CB-1A18	4.67%	#I/F I/O	04/25/2037	1,276,258
7,557,363	Countrywide Alternative Loan Trust, Series 2007-5CB-1A23	1.53%	#	04/25/2037	4,955,915
6,270,031	Countrywide Alternative Loan Trust, Series 2007-6-A4	5.75%		04/25/2047	5,366,136
521,107	Countrywide Alternative Loan Trust, Series 2007-8CB-A12	34.31%	#I/F	05/25/2037	963,898
556,274	Countrywide Alternative Loan Trust, Series 2007-8CB-A8	34.19%	#I/F	05/25/2037	1,025,271
802,208	Countrywide Alternative Loan Trust, Series 2007-9T1-1A4	1.48%	#	05/25/2037	381,825
802,208	Countrywide Alternative Loan Trust, Series 2007-9T1-1A5	4.52%	#I/F I/O	05/25/2037	147,655
21,973,577	Countrywide Alternative Loan Trust, Series 2007-9T1-1A6	6.00%		05/25/2037	15,793,742
2,352,047	Countrywide Alternative Loan Trust, Series 2007-9T1-2A1	6.00%		05/25/2037	1,716,596
574,593	Countrywide Alternative Loan Trust, Series 2007-9T1-3A1	5.50%		05/25/2022	410,454
65,890,241	Countrywide Alternative Loan Trust, Series 2007-HY2-1A	3.26%	#	03/25/2047	57,782,335
5,064,104	Countrywide Alternative Loan Trust, Series 2007-HY5R-2A1B	4.01%	#	03/25/2047	5,060,378
3,994,855	Countrywide Asset-Backed Certificates, Series 2003-BC6-M1	1.81%	#	11/25/2033	3,856,098
1,375,421	Countrywide Asset-Backed Certificates, Series 2005-13-AF3	4.78%	#	04/25/2036	1,200,492
23,200,000	Countrywide Asset-Backed Certificates, Series 2005-4-AF5B	4.78%	#	10/25/2035	22,985,514
379,096	Countrywide Home Loans, Series 2002-32-2A6	5.00%		01/25/2018	380,192
3,078,482	Countrywide Home Loans, Series 2003-60-4A1	3.44%	#	02/25/2034	3,072,199
3,426,386	Countrywide Home Loans, Series 2004-R2-1AF1	1.40%	# ^	11/25/2034	2,995,642
3,333,866	Countrywide Home Loans, Series 2004-R2-1AS	5.39%	# ^ I/O	11/25/2034	467,937
7,141,565	Countrywide Home Loans, Series 2005-20-A5	5.50%		10/25/2035	6,898,206
5,161,466	Countrywide Home Loans, Series 2005-20-A8	5.25%		10/25/2035	5,028,359
15,247,156	Countrywide Home Loans, Series 2005-23-A1	5.50%		11/25/2035	14,122,623
4,263,588	Countrywide Home Loans, Series 2005-24-A8	5.50%		11/25/2035	3,789,941
1,281,622	Countrywide Home Loans, Series 2005-27-2A1	5.50%		12/25/2035	1,102,478
2,216,977	Countrywide Home Loans, Series 2005-28-A7	5.25%		01/25/2019	1,994,210
26,663,584	Countrywide Home Loans, Series 2005-HYB1-4A1	3.27%	#	03/25/2035	24,920,436
3,430,786	Countrywide Home Loans, Series 2005-HYB8-1A1	3.20%	#	12/20/2035	2,685,324
4,596,094	Countrywide Home Loans, Series 2005-J3-2A4	4.50%		09/25/2035	4,331,995
3,471,237	Countrywide Home Loans, Series 2005-J4-A5	5.50%		11/25/2035	3,376,985
1,066,153	Countrywide Home Loans, Series 2005-R1-1AF1	1.34%	# ^	03/25/2035	945,394
1,036,767	Countrywide Home Loans, Series 2005-R1-1AS	5.44%	# ^ I/O	03/25/2035	136,305
7,582,455	Countrywide Home Loans, Series 2006-16-2A1	6.50%		11/25/2036	6,306,064
8,453,975	Countrywide Home Loans, Series 2006-1-A2	6.00%		03/25/2036	7,144,981
3,270,982	Countrywide Home Loans, Series 2006-20-1A21	6.00%		02/25/2037	2,879,966
2,138,751	Countrywide Home Loans, Series 2006-J3-A4	5.50%		05/25/2036	2,150,234
8,813,536	Countrywide Home Loans, Series 2007-10-A7	6.00%		07/25/2037	7,592,916
29,482,649	Countrywide Home Loans, Series 2007-11-A1	6.00%		08/25/2037	24,665,231
17,304,782	Countrywide Home Loans, Series 2007-12-A9	5.75%		08/25/2037	15,679,865
7,679,126	Countrywide Home Loans, Series 2007-13-A1	6.00%		08/25/2037	6,649,498
8,994,655	Countrywide Home Loans, Series 2007-13-A110	6.00%		08/25/2037	7,788,638
9,110,955	Countrywide Home Loans, Series 2007-15-1A1	6.25%		09/25/2037	8,384,895
1,004,678	Countrywide Home Loans, Series 2007-15-1A16	6.25%		09/25/2037	924,615
4,476,974	Countrywide Home Loans, Series 2007-15-1A29	6.25%		09/25/2037	4,109,941
9,646,981	Countrywide Home Loans, Series 2007-17-1A2	6.00%		10/25/2037	9,267,269
1,128,516	Countrywide Home Loans, Series 2007-18-1A1	6.00%		11/25/2037	1,006,126
9,242,824	Countrywide Home Loans, Series 2007-3-A1	6.00%		04/25/2037	7,902,118
3,559,738	Countrywide Home Loans, Series 2007-3-A12	6.00%		04/25/2037	3,043,385
6,695,446	Countrywide Home Loans, Series 2007-4-1A39	6.00%		05/25/2037	5,611,213
3,279,026	Countrywide Home Loans, Series 2007-5-A2	5.75%		05/25/2037	2,924,138
11,729,548	Countrywide Home Loans, Series 2007-7-A1	6.00%		06/25/2037	10,764,531
3,516,118	Countrywide Home Loans, Series 2007-7-A2	5.75%		06/25/2037	3,187,377
9,697,995	Countrywide Home Loans, Series 2007-8-1A4	6.00%		01/25/2038	8,071,946
5,089,473	Countrywide Home Loans, Series 2007-8-1A5	5.44%		01/25/2038	4,063,514
11,816,684	Countrywide Home Loans, Series 2007-8-1A9	6.00%	#	01/25/2038	9,835,397
2,071,549	Countrywide Home Loans, Series 2007-9-A11	5.75%		07/25/2037	1,890,191
15,222,154	Countrywide Home Loans, Series 2007-HY1-1A1	3.55%	#	04/25/2037	14,631,300
27,399,531	Countrywide Home Loans, Series 2007-J1-2A1	6.00%		02/25/2037	20,266,162
782,219	Countrywide Home Loans, Series 2007-J3-A1	1.48%	#	07/25/2037	460,298
3,911,093	Countrywide Home Loans, Series 2007-J3-A2	4.52%	#I/F I/O	07/25/2037	540,849
100,000,000	Credit Suisse Commercial Mortgage Trust, Series 2017-1A-A	4.50%	^	03/25/2021	100,305,600
5,255,634	Credit Suisse First Boston Mortgage Backed Trust, Series 2006-3-A4B	6.11%	#	11/25/2036	2,112,923
3,409,202	Credit Suisse First Boston Mortgage Backed Trust, Series 2006-4-A6A	5.68%	#	12/25/2036	1,659,786
11,453,093	Credit Suisse First Boston Mortgage Backed Trust, Series 2007-1-1A1A	5.90%	#	05/25/2037	5,384,270
121,308	Credit Suisse First Boston Mortgage Securities Corporation, Series 2004-AR8-2A1	3.12%	#	09/25/2034	120,228

3,228,145	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-10-5A4	5.50%		11/25/2035	3,093,758
958,185	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-10-5A5	5.50%		11/25/2035	918,295
15,639,808	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-12-5A1	5.25%		01/25/2036	14,854,210
10,783,393	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-12-7A1	7.00%		01/25/2036	4,133,370
6,436,628	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-8-3A10	5.50%		09/25/2035	6,119,755
5,465,822	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-8-7A1	7.00%		09/25/2035	4,052,354
2,801,770	Credit Suisse Mortgage Capital Certificates, Series 2005-1R-2A5	5.75%	^	12/26/2035	2,525,692
20,822,324	Credit Suisse Mortgage Capital Certificates, Series 2006-1-2A1	6.00%		02/25/2036	14,905,186
3,146,481	Credit Suisse Mortgage Capital Certificates, Series 2006-2-3A1	6.50%		03/25/2036	1,841,518
3,639,854	Credit Suisse Mortgage Capital Certificates, Series 2006-2-5A1	1.68%	#	03/25/2036	1,947,941
20,345,112	Credit Suisse Mortgage Capital Certificates, Series 2006-2-5A2	4.32%	#I/F I/O	03/25/2036	3,457,589
4,237,858	Credit Suisse Mortgage Capital Certificates, Series 2006-2-5A3	6.25%		03/25/2036	3,207,928
11,469,340	Credit Suisse Mortgage Capital Certificates, Series 2006-2-5A4	6.00%		03/25/2036	8,490,170
5,256,526	Credit Suisse Mortgage Capital Certificates, Series 2006-3-4A3	5.50%		04/25/2036	4,867,398
3,177,704	Credit Suisse Mortgage Capital Certificates, Series 2006-3-4A4	5.50%		04/25/2036	2,950,209
4,493,494	Credit Suisse Mortgage Capital Certificates, Series 2006-4-1A8	6.00%	#	05/25/2036	3,820,684
22,560,525	Credit Suisse Mortgage Capital Certificates, Series 2006-4-4A1	7.00%		05/25/2036	10,065,759
15,277,104	Credit Suisse Mortgage Capital Certificates, Series 2006-4-6A1	6.00%		05/25/2036	11,744,704
13,033,336	Credit Suisse Mortgage Capital Certificates, Series 2006-6-1A4	6.00%		07/25/2036	9,723,532
11,385,350	Credit Suisse Mortgage Capital Certificates, Series 2006-6-3A1	7.00%		07/25/2036	3,459,118
321,265	Credit Suisse Mortgage Capital Certificates, Series 2006-7-3A11	6.00%		08/25/2036	266,873
4,609,211	Credit Suisse Mortgage Capital Certificates, Series 2006-7-7A5	6.00%		08/25/2036	4,439,490
8,336,763	Credit Suisse Mortgage Capital Certificates, Series 2006-9-2A1	5.50%		11/25/2036	7,784,517
27,298,275	Credit Suisse Mortgage Capital Certificates, Series 2006-9-3A1	6.00%		11/25/2036	25,794,648
7,655,237	Credit Suisse Mortgage Capital Certificates, Series 2006-9-4A1	6.00%		11/25/2036	6,152,672
7,554,632	Credit Suisse Mortgage Capital Certificates, Series 2006-9-6A14	6.00%		11/25/2036	7,349,212
1,227,496	Credit Suisse Mortgage Capital Certificates, Series 2006-9-6A15	35.23%	#I/F	11/25/2036	2,196,391
11,814,269	Credit Suisse Mortgage Capital Certificates, Series 2007-1-1A4	6.13%	#	02/25/2037	5,443,991
10,328,206	Credit Suisse Mortgage Capital Certificates, Series 2007-1-3A1	6.00%		02/25/2022	7,443,322
6,651,311	Credit Suisse Mortgage Capital Certificates, Series 2007-1-5A14	6.00%		02/25/2037	5,686,860
103,560	Credit Suisse Mortgage Capital Certificates, Series 2007-2-2A1	5.00%		03/25/2037	101,830
10,232,254	Credit Suisse Mortgage Capital Certificates, Series 2007-3-2A10	6.00%		04/25/2037	7,979,226
6,741,537	Credit Suisse Mortgage Capital Certificates, Series 2007-5-2A5	5.00%		08/25/2037	6,239,432
52,434,151	Credit Suisse Mortgage Capital Certificates, Series 2007-5-3A19	6.00%		08/25/2037	50,741,372
23,631,277	Credit Suisse Mortgage Capital Certificates, Series 2007-5-3A9	6.00%		08/25/2037	21,742,809
11,870,806	Credit Suisse Mortgage Capital Certificates, Series 2008-2R-1A1	6.00%	^	07/25/2037	11,153,881
3,927,369	Credit Suisse Mortgage Capital Certificates, Series 2009-1R-4A2	3.43%	# ^	07/20/2035	3,943,262
6,289,123	Credit Suisse Mortgage Capital Certificates, Series 2010-13R-1A2	5.50%	^	12/26/2035	6,382,930
93,898,000	Credit Suisse Mortgage Capital Certificates, Series 2010-17R-6A1	2.64%	# ^	06/26/2037	96,913,750
23,133,093	Credit Suisse Mortgage Capital Certificates, Series 2010-2R-4A17	6.00%	# ^	03/26/2037	23,063,287
47,120,993	Credit Suisse Mortgage Capital Certificates, Series 2010-4R-3A17	6.00%	# ^	06/26/2037	50,052,659
23,265,060	Credit Suisse Mortgage Capital Certificates, Series 2010-4R-8A17	6.00%	# ^	06/26/2037	21,796,609
5,774,565	Credit Suisse Mortgage Capital Certificates, Series 2010-6R-2A6A	6.25%	^	07/26/2037	5,907,969
17,872,755	Credit Suisse Mortgage Capital Certificates, Series 2010-7R-4A17	6.00%	# ^	04/26/2037	18,072,463
34,618,976	Credit Suisse Mortgage Capital Certificates, Series 2010-9R-2A5	4.00%	^	02/27/2038	36,186,360
57,373,270	Credit Suisse Mortgage Capital Certificates, Series 2013-6-1A1	2.50%	# ^	07/25/2028	56,425,291
52,325,773	Credit Suisse Mortgage Capital Certificates, Series 2013-9R-A1	3.00%	# ^	05/27/2043	49,872,767
36,117,574	Credit Suisse Mortgage Capital Certificates, Series 2013-IVR4-A11	3.48%	# ^	07/25/2043	35,835,333
25,549,839	Credit Suisse Mortgage Capital Certificates, Series 2013-IVR4-A2	3.00%	# ^	07/25/2043	24,893,632
56,992,521	Credit Suisse Mortgage Capital Certificates, Series 2014-CIM1-A3	2.92%	# ^	01/25/2058	57,390,226
6,948,075	Credit Suisse Mortgage Capital Certificates, Series 2014-WIN1-2A4	3.00%	# ^	09/25/2044	6,866,898
96,268,208	Credit Suisse Mortgage Capital Certificates, Series 2015-1-A1	2.50%	# ^	01/25/2045	93,795,713
141,944,469	Credit Suisse Mortgage Capital Certificates, Series 2015-PR2-A1	4.25%	# ^	07/26/2055	143,601,244
83,947,606	Credit Suisse Mortgage Capital Certificates, Series 2015-RPL1-A1	3.63%	# ^	02/25/2057	84,330,088
93,932,446	Credit Suisse Mortgage Capital Certificates, Series 2015-RPL2-A1A	3.75%	# ^	11/25/2057	92,813,729
26,190,187	Credit Suisse Mortgage Capital Certificates, Series 2015-RPL3-A1	3.75%	# ^	12/25/2056	26,245,998
33,582,232	Credit Suisse Mortgage Capital Certificates, Series 2016-PR1-A1	5.10%	# ^	07/25/2056	32,949,503
238,907	Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB6-A4	3.78%	#	06/25/2035	237,493
9,750,000	Credit-Based Asset Servicing and Securitization LLC, Series 2007-MX1-A3	5.83%	# ^	12/25/2036	9,782,148
40,746,000	CSMC Mortgage Securities Trust, Series 2017-3R-1A1	2.98%	^	02/27/2047	40,746,000
8,745,437	CSMLT Trust, Series 2015-1-A9	3.50%	# ^	05/25/2045	8,826,061
48,038,925	CSMLT Trust, Series 2015-2-A7	3.50%	# ^	08/25/2045	48,481,796
17,535,645	CSMLT Trust, Series 2015-3-1A2	3.50%	# ^	11/25/2045	17,855,441
20,438,673	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-4-A5	5.50%	#	09/25/2035	18,544,204
1,336,491	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-5-1A6	28.73%	#I/F	11/25/2035	1,893,983
1,363,165	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-5-2A1	1.18%	#	11/25/2035	773,676
4,114,180	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-5-2A2	4.32%	#I/F I/O	11/25/2035	666,978
14,426,095	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-6-2A1	5.50%		12/25/2035	12,625,910
24,775,466	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2007-1-1A3A	1.19%	#	08/25/2037	23,492,238
35,825,143	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2007-2-2A1	1.28%	#	09/25/2047	29,562,897
18,629,617	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2007-OA5-A1B	1.20%	#	08/25/2047	15,533,600
1,126,881	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2-A2	5.67%	#	06/25/2036	937,689
2,188,490	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A1A	6.01%	#	10/25/2036	1,965,291
30,560,441	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A2	5.65%	#	10/25/2036	27,343,126
2,177,063	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A3	5.90%	#	10/25/2036	1,955,216
3,200,447	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A3A1	5.90%	#	10/25/2036	2,874,316
6,365,334	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A6A1	5.87%	#	10/25/2036	5,716,857
16,145,742	Deutsche Mortgage Securities, Inc., Series 2006-PR1-3A1	11.05%	# ^I/F	04/15/2036	17,499,285
6,758,688	Deutsche Mortgage Securities, Inc., Series 2006-PR1-4AI1	11.03%	# ^I/F	04/15/2036	7,355,909
11,021,902	Deutsche Mortgage Securities, Inc., Series 2006-PR1-4AI2	13.13%	# ^I/F	04/15/2036	12,695,055

631,096	Deutsche Mortgage Securities, Inc., Series 2006-PR1-5AI1	17.04%	# ^I/F	04/15/2036	747,767
5,500,286	Deutsche Mortgage Securities, Inc., Series 2006-PR1-5AI3	11.49%	# ^I/F	04/15/2036	5,698,660
91,080,985	Deutsche Mortgage Securities, Inc., Series 2006-PR1-5AI4	11.05%	# ^I/F	04/15/2036	93,326,386
2,541,881	Deutsche Mortgage Securities, Inc., Series 2009-RS2-4A2	0.91%	# ^	04/26/2037	2,554,640
2,451,076	First Franklin Mortgage Loan Trust, Series 2006-FF1-2A3	1.22%	#	01/25/2036	2,446,525
11,209,732	First Franklin Mortgage Loan Trust, Series 2006-FF3-A2B	1.18%	#	02/25/2036	10,936,546
11,551,057	First Horizon Alternative Mortgage Securities, Series 2005-AA4-1A1	3.03%	#	05/25/2035	9,584,425
6,545,733	First Horizon Alternative Mortgage Securities, Series 2005-FA5-1A4	5.50%		08/25/2035	5,874,706
9,286,056	First Horizon Alternative Mortgage Securities, Series 2005-FA8-1A4	5.50%		11/25/2035	7,925,950
788,870	First Horizon Alternative Mortgage Securities, Series 2005-FA8-2A1	5.00%		11/25/2020	794,979
7,178,860	First Horizon Alternative Mortgage Securities, Series 2005-FA9-A4A	5.50%		12/25/2035	6,161,694
5,249,392	First Horizon Alternative Mortgage Securities, Series 2006-AA3-A1	3.13%	#	06/25/2036	4,321,760
4,209,722	First Horizon Alternative Mortgage Securities, Series 2006-FA1-1A12	6.00%		04/25/2036	3,584,641
232,616	First Horizon Alternative Mortgage Securities, Series 2006-FA1-1A6	1.73%	#	04/25/2036	225,433
2,750,727	First Horizon Alternative Mortgage Securities, Series 2006-FA2-1A5	6.00%		05/25/2036	2,174,294
771,330	First Horizon Alternative Mortgage Securities, Series 2006-FA7-A8	6.25%		12/25/2036	641,648
3,913,053	First Horizon Alternative Mortgage Securities, Series 2006-FA8-1A5	6.00%		02/25/2037	3,059,152
8,200,727	First Horizon Alternative Mortgage Securities, Series 2006-RE1-A1	5.50%		05/25/2035	7,285,445
23,471,568	First Horizon Alternative Mortgage Securities, Series 2007-FA3-A3	6.00%		06/25/2037	18,572,995
1,207,733	First Horizon Alternative Mortgage Securities, Series 2007-FA3-A4	6.00%		06/25/2037	955,676
1,321,911	First Horizon Alternative Mortgage Securities, Series 2007-FA4-1A13	6.25%		08/25/2037	1,054,137
4,080,839	First Horizon Alternative Mortgage Securities, Series 2007-FA4-1A4	6.25%		08/25/2037	3,254,200
1,917,409	First Horizon Alternative Mortgage Securities, Series 2007-FA4-1A5	6.25%		08/25/2037	1,529,007
2,795,019	First Horizon Asset Securities, Inc., Series 2006-1-1A2	6.00%		05/25/2036	2,567,544
6,413,516	First Horizon Asset Securities, Inc., Series 2007-1-A3	6.00%		03/25/2037	5,638,719
4,516,943	First Horizon Asset Securities, Inc., Series 2007-4-1A1	6.00%		08/25/2037	3,774,194
57,720,250	GCAT LLC, Series 2016-1-A1	4.50%	# ^	03/25/2021	58,105,082
30,000,000	GCAT LLC, Series 2017-1-A1	3.38%	^	03/25/2047	29,955,000
46,273,000	GE-WMC Asset-Backed Pass-Through Certificates, Series 2005-2-A2D	1.30%	#	12/25/2035	37,128,173
5,621,852	GMACM Mortgage Loan Trust, Series 2003-AR1-A5	3.85%	#	10/19/2033	5,690,719
8,256,496	GMACM Mortgage Loan Trust, Series 2005-AR5-3A1	3.63%	#	09/19/2035	7,854,013
10,340,582	GMACM Mortgage Loan Trust, Series 2005-J1-A14	5.50%		12/25/2035	9,958,142
44,427,456	GreenPoint Mortgage Funding Trust, Series 2005-AR3-2A1	1.24%	#	08/25/2045	28,833,121
1,682,500	GS Mortgage Securities Corporation, Series 2008-2R-1A1	7.50%	# ^	09/25/2036	1,176,247
6,101,482	GS Mortgage Securities Corporation, Series 2009-3R-1A2	6.00%	# ^	04/25/2037	5,751,180
261,857	GSAA Home Equity Trust, Series 2005-12-AF3	5.07%	#	09/25/2035	221,481
27,002,838	GSAA Home Equity Trust, Series 2005-7-AF3	4.75%	#	05/25/2035	27,236,140
11,440,950	GSAA Home Equity Trust, Series 2006-10-AF3	5.98%	#	06/25/2036	5,775,376
8,188,484	GSAA Home Equity Trust, Series 2006-10-AF4	6.30%	#	06/25/2036	4,131,398
15,398,967	GSAA Home Equity Trust, Series 2006-15-AF4	5.96%	#	09/25/2036	7,941,584
2,618,918	GSAA Home Equity Trust, Series 2006-18-AF3A	5.77%	#	11/25/2036	1,440,168
5,651,969	GSAA Home Equity Trust, Series 2006-18-AF6	5.68%	#	11/25/2036	2,784,186
6,783,378	GSAA Home Equity Trust, Series 2007-10-A1A	6.00%		11/25/2037	5,722,711
3,794,226	GSAA Home Equity Trust, Series 2007-10-A2A	6.50%		11/25/2037	2,729,005
30,587,956	GSAMP Trust, Series 2006-HE6-A3	1.13%	#	08/25/2036	25,087,495
14,683,162	GSMPS Mortgage Loan Trust, Series 2005-RP2-1AF	1.33%	# ^	03/25/2035	13,077,311
14,683,162	GSMPS Mortgage Loan Trust, Series 2005-RP2-1AS	4.05%	# ^ I/O	03/25/2035	1,292,202
8,416,776	GSMPS Mortgage Loan Trust, Series 2005-RP3-1AF	1.33%	# ^	09/25/2035	7,256,455
8,416,776	GSMPS Mortgage Loan Trust, Series 2005-RP3-1AS	3.88%	# ^ I/O	09/25/2035	842,416
32,501,026	GSMPS Mortgage Loan Trust, Series 2006-RP1-1AS	3.79%	# ^ I/O	01/25/2036	3,522,032
32,501,026	GSMPS Mortgage Loan Trust, Series 2006-RP1-AF1	1.33%	# ^	01/25/2036	27,473,783
9,915,521	GSMSC Pass-Through Trust, Series 2009-3R-3A2	5.75%	# ^	04/25/2037	9,789,084
2,717,721	GSR Mortgage Loan Trust, Series 2005-1F-1A2	5.50%		02/25/2035	2,762,893
5,211,659	GSR Mortgage Loan Trust, Series 2005-1F-3A3	6.00%		01/25/2035	5,269,014
876,613	GSR Mortgage Loan Trust, Series 2005-6F-3A5	6.00%		07/25/2035	892,739
8,559,091	GSR Mortgage Loan Trust, Series 2005-6F-3A9	5.92%	#I/F I/O	07/25/2035	1,036,212
789,929	GSR Mortgage Loan Trust, Series 2005-6F-4A1	1.48%	#	07/25/2035	635,027
493,700	GSR Mortgage Loan Trust, Series 2005-7F-3A1	1.48%	#	09/25/2035	460,394
12,906,623	GSR Mortgage Loan Trust, Series 2005-8F-3A5	6.00%		11/25/2035	10,648,359
4,156,288	GSR Mortgage Loan Trust, Series 2005-8F-4A1	6.00%		11/25/2035	3,754,395
1,416,332	GSR Mortgage Loan Trust, Series 2006-1F-1A2	5.50%		02/25/2036	1,333,012
1,085,216	GSR Mortgage Loan Trust, Series 2006-2F-2A3	5.75%		02/25/2036	1,013,547
4,039,187	GSR Mortgage Loan Trust, Series 2006-2F-3A3	6.00%		02/25/2036	3,310,653
4,850,780	GSR Mortgage Loan Trust, Series 2006-2F-3A6	6.00%		02/25/2036	3,975,861
13,875,774	GSR Mortgage Loan Trust, Series 2006-6F-2A3	6.00%		07/25/2036	11,681,212
6,964,007	GSR Mortgage Loan Trust, Series 2006-7F-3A4	6.25%		08/25/2036	5,117,825
8,248,833	GSR Mortgage Loan Trust, Series 2006-9F-2A1	6.00%		10/25/2036	7,754,158
23,211,480	GSR Mortgage Loan Trust, Series 2006-9F-4A1	6.50%		10/25/2036	19,459,957
121,077	GSR Mortgage Loan Trust, Series 2006-9F-8A1	5.50%		08/25/2021	113,917
5,376,332	GSR Mortgage Loan Trust, Series 2006-OA1-2A1	1.17%	#	08/25/2046	5,347,862
1,722,292	GSR Mortgage Loan Trust, Series 2007-1F-2A2	5.50%		01/25/2037	1,663,173
2,965,961	GSR Mortgage Loan Trust, Series 2007-4F-1A1	5.00%		07/25/2037	2,815,222
36,751,338	GSR Mortgage Loan Trust, Series 2007-4F-3A11	6.00%		07/25/2037	33,200,923
2,003,070	HarborView Mortgage Loan Trust, Series 2005-14-3A1A	3.44%	#	12/19/2035	1,745,901
9,107,422	HarborView Mortgage Loan Trust, Series 2006-10-2A1A	1.16%	#	11/19/2036	7,587,190
20,468,965	HarborView Mortgage Loan Trust, Series 2006-11-A1A	1.15%	#	12/19/2036	17,589,313
1,456,761	Home Equity Asset Trust, Series 2003-3-M1	2.27%	#	08/25/2033	1,433,694
584,726	Home Equity Asset Trust, Series 2004-7-M2	1.97%	#	01/25/2035	536,158
15,000,000	Home Equity Loan Trust, Series 2007-FRE1-2AV2	1.14%	#	04/25/2037	14,108,470
1,718,089	HomeBanc Mortgage Trust, Series 2005-1-M2	1.47%	#	03/25/2035	1,315,363

24,819,968	HomeBanc Mortgage Trust, Series 2005-3-A1	1.22%	#	07/25/2035	24,539,929
1,955,456	HomeBanc Mortgage Trust, Series 2006-1-3A1	2.89%	#	04/25/2037	1,912,403
33,628,809	HSI Asset Loan Obligation Trust, Series 2007-2-3A6	6.00%		09/25/2037	24,899,265
5,126,987	HSI Asset Loan Obligation Trust, Series 2007-AR1-3A1	3.25%	#	01/25/2037	4,504,876
1,039,350	IMPAC Trust, Series 2002-9F-A1	5.22%	#	12/25/2032	1,045,907
2,533,256	IndyMac Mortgage Loan Trust, Series 2006-AR2-1A1	3.32%	#	09/25/2036	2,013,888
6,907,595	IndyMac Mortgage Loan Trust, Series 2006-AR2-4A1	3.27%	#	09/25/2036	5,985,299
28,341,549	IndyMac Mortgage Loan Trust, Series 2006-AR3-1A1	3.46%	#	12/25/2036	26,365,143
9,321,482	IndyMac Mortgage Loan Trust, Series 2006-AR7-3A1	3.28%	#	05/25/2036	7,983,750
5,426,775	IndyMac Mortgage Loan Trust, Series 2007-A1-A1	6.00%		08/25/2037	4,509,076
3,972,823	IndyMac Mortgage Loan Trust, Series 2007-A1-A7	6.00%		08/25/2037	3,300,996
25,002,179	IndyMac Mortgage Loan Trust, Series 2007-A3-A1	6.25%		11/25/2037	20,074,889
13,531,564	IndyMac Mortgage Loan Trust, Series 2007-AR1-3A1	3.36%	#	03/25/2037	11,977,994
6,342,556	IndyMac Mortgage Loan Trust, Series 2007-AR3-3A1	4.32%	#	07/25/2037	5,771,557
578,140	IndyMac Mortgage Loan Trust, Series 2007-F2-1A2	6.00%		07/25/2037	520,805
27,496,361	IndyMac Mortgage Loan Trust, Series 2007-F2-2A1	6.50%		07/25/2037	18,123,556
1,657,520	Jefferies & Company, Inc., Series 2010-R1-1A1	6.00%	# ^	03/26/2037	1,692,757
8,892,400	Jefferies & Company, Inc., Series 2010-R4-1A4	6.00%	# ^	10/26/2036	9,118,671
14,194,013	JP Morgan Alternative Loan Trust, Series 2005-S1-2A11	6.00%		12/25/2035	12,933,107
4,550,298	JP Morgan Alternative Loan Trust, Series 2005-S1-2A9	6.00%		12/25/2035	4,158,883
4,568,936	JP Morgan Alternative Loan Trust, Series 2006-S1-1A8	5.75%		03/25/2036	3,894,508
15,607,584	JP Morgan Alternative Loan Trust, Series 2006-S2-A4	6.19%	#	05/25/2036	12,648,397
5,599,537	JP Morgan Alternative Loan Trust, Series 2006-S4-A3A	5.78%	#	12/25/2036	5,589,245
26,683,033	JP Morgan Alternative Loan Trust, Series 2006-S4-A4	5.96%	#	12/25/2036	23,714,874
12,638,492	JP Morgan Mortgage Acquisition Corporation, Series 2006-CH2-AF3	5.46%	#	10/25/2036	9,774,736
4,475,248	JP Morgan Mortgage Acquisition Corporation, Series 2006-WF1-A5	6.41%	#	07/25/2036	2,600,232
23,000,000	JP Morgan Mortgage Acquisition Corporation, Series 2007-CH1-AF5	4.99%	#	11/25/2036	21,772,580
1,584,404	JP Morgan Mortgage Trust, Series 2005-A6-5A1	3.04%	#	08/25/2035	1,479,864
2,237,372	JP Morgan Mortgage Trust, Series 2005-S2-2A13	5.50%		09/25/2035	2,260,660
1,710,808	JP Morgan Mortgage Trust, Series 2006-S2-3A3	6.00%		07/25/2036	1,397,978
5,193,844	JP Morgan Mortgage Trust, Series 2006-S3-1A2	6.00%		08/25/2036	4,274,259
10,256,384	JP Morgan Mortgage Trust, Series 2006-S3-1A21	1.36%	#	08/25/2036	4,308,916
10,256,384	JP Morgan Mortgage Trust, Series 2006-S3-1A22	6.14%	#I/F I/O	08/25/2036	3,172,692
2,420,140	JP Morgan Mortgage Trust, Series 2006-S3-1A9	6.00%		08/25/2036	1,991,666
9,547,708	JP Morgan Mortgage Trust, Series 2006-S4-A8	1.36%	#	01/25/2037	5,324,849
9,547,708	JP Morgan Mortgage Trust, Series 2006-S4-A9	5.64%	#I/F I/O	01/25/2037	2,421,390
2,888,102	JP Morgan Mortgage Trust, Series 2007-A2-2A1	3.36%	#	04/25/2037	2,590,438
12,589,457	JP Morgan Mortgage Trust, Series 2007-S1-2A6	6.00%		03/25/2037	10,422,830
5,057,410	JP Morgan Mortgage Trust, Series 2007-S3-1A1	5.50%		08/25/2037	4,495,919
8,417,568	JP Morgan Mortgage Trust, Series 2007-S3-1A35	6.00%		08/25/2037	7,495,704
1,426,029	JP Morgan Mortgage Trust, Series 2007-S3-1A9	6.00%		08/25/2037	1,269,637
7,761,426	JP Morgan Mortgage Trust, Series 2007-S3-1A96	6.00%		08/25/2037	6,919,831
8,839,841	JP Morgan Mortgage Trust, Series 2007-S3-1A97	6.00%		08/25/2037	7,882,722
1,230,229	JP Morgan Mortgage Trust, Series 2007-S3-2A2	5.50%		08/25/2022	1,210,055
12,026,934	JP Morgan Resecuritization Trust, Series 2009-4-3A2	6.00%	^	02/26/2037	10,596,961
21,609,951	JP Morgan Resecuritization Trust, Series 2010-1-1A4	6.00%	^	02/26/2037	18,910,263
17,093,773	JP Morgan Resecuritization Trust, Series 2010-2-3A9	6.00%	^	07/26/2036	17,070,421
265,503	JP Morgan Resecuritization Trust, Series 2010-8-2A3	3.23%	# ^	11/26/2034	267,416
1,037	JP Morgan Resecuritization Trust, Series 2011-2-7A11	6.00%	# ^	04/26/2036	1,036
1,331,199	JP Morgan Resecuritization Trust, Series 2012-2-3A3	2.88%	# ^	10/26/2036	1,341,302
4,009,483	Lehman Mortgage Trust, Series 2005-2-3A5	5.50%		12/25/2035	3,543,383
3,631,062	Lehman Mortgage Trust, Series 2005-2-5A5	5.75%		12/25/2035	3,382,449
5,174,314	Lehman Mortgage Trust, Series 2005-3-2A1	6.00%		01/25/2036	4,740,004
440,613	Lehman Mortgage Trust, Series 2005-3-2A3	5.50%		01/25/2036	392,610
2,366,506	Lehman Mortgage Trust, Series 2005-3-2A7	6.00%		01/25/2036	2,167,871
2,117,425	Lehman Mortgage Trust, Series 2006-1-1A1	1.73%	#	02/25/2036	1,472,490
6,352,275	Lehman Mortgage Trust, Series 2006-1-1A2	3.77%	#I/F I/O	02/25/2036	1,123,042
7,794,144	Lehman Mortgage Trust, Series 2006-1-3A1	1.73%	#	02/25/2036	6,414,553
7,794,144	Lehman Mortgage Trust, Series 2006-1-3A2	3.77%	#I/F I/O	02/25/2036	670,758
5,021,701	Lehman Mortgage Trust, Series 2006-1-3A4	5.50%		02/25/2036	4,686,278
4,241,142	Lehman Mortgage Trust, Series 2006-4-1A3	4.42%	#I/F I/O	08/25/2036	710,965
2,695,578	Lehman Mortgage Trust, Series 2006-4-1A4	6.00%		08/25/2036	2,425,936
7,886,254	Lehman Mortgage Trust, Series 2006-5-2A1	1.33%	#	09/25/2036	2,925,113
16,426,982	Lehman Mortgage Trust, Series 2006-5-2A2	6.17%	#I/F I/O	09/25/2036	4,999,741
12,660,710	Lehman Mortgage Trust, Series 2006-6-3A9	5.50%		10/25/2036	11,101,476
4,814,915	Lehman Mortgage Trust, Series 2006-6-4A5	6.00%		12/25/2036	4,492,555
4,041,314	Lehman Mortgage Trust, Series 2006-7-2A2	1.43%	#	11/25/2036	1,642,207
13,875,534	Lehman Mortgage Trust, Series 2006-7-2A5	5.57%	#I/F I/O	11/25/2036	4,076,019
3,459,665	Lehman Mortgage Trust, Series 2006-9-1A19	26.17%	#I/F	01/25/2037	4,716,943
3,816,193	Lehman Mortgage Trust, Series 2006-9-1A5	1.58%	#	01/25/2037	2,601,547
11,358,937	Lehman Mortgage Trust, Series 2006-9-1A6	4.17%	#I/F I/O	01/25/2037	1,551,667
4,967,946	Lehman Mortgage Trust, Series 2006-9-2A1	1.36%	#	01/25/2037	2,111,451
9,503,680	Lehman Mortgage Trust, Series 2006-9-2A2	5.64%	#I/F I/O	01/25/2037	2,551,514
10,012,857	Lehman Mortgage Trust, Series 2007-10-2A1	6.50%		01/25/2038	7,364,503
3,166,889	Lehman Mortgage Trust, Series 2007-2-1A1	5.75%		02/25/2037	2,754,617
3,475,408	Lehman Mortgage Trust, Series 2007-4-2A11	1.31%	#	05/25/2037	1,581,597
14,145,150	Lehman Mortgage Trust, Series 2007-4-2A8	5.69%	#I/F I/O	05/25/2037	4,054,894
1,369,066	Lehman Mortgage Trust, Series 2007-4-2A9	1.31%	#	05/25/2037	582,388
13,100,596	Lehman Mortgage Trust, Series 2007-5-11A1	5.35%	#	06/25/2037	10,170,395
3,821,611	Lehman Mortgage Trust, Series 2007-5-3A4	5.00%		12/25/2035	3,531,069

1,927,126	Lehman Mortgage Trust, Series 2007-5-4A3	34.19%	#I/F	08/25/2036	3,420,961
1,062,675	Lehman Mortgage Trust, Series 2007-5-7A3	7.50%		10/25/2036	885,424
526,603	Lehman Mortgage Trust, Series 2007-6-1A8	6.00%		07/25/2037	470,928
6,057,786	Lehman Mortgage Trust, Series 2008-2-1A6	6.00%		03/25/2038	4,267,912
1,236,230	Lehman XS Trust, Series 2005-10-2A3B	5.55%	#	01/25/2036	1,172,523
13,773,374	Lehman XS Trust, Series 2005-4-2A3A	5.00%	#	10/25/2035	12,771,824
1,121,048	Lehman XS Trust, Series 2006-5-2A4A	5.89%	#	04/25/2036	1,076,304
20,830,635	Lehman XS Trust, Series 2007-1-2A1	5.00%	#	02/25/2037	19,549,418
6,053,482	Long Beach Mortgage Loan Trust, Series 2006-WL1-2A3	1.22%	#	01/25/2046	5,780,348
4,572,515	MASTR Adjustable Rate Mortgages Trust, Series 2005-2-2A1	3.26%	#	03/25/2035	3,582,847
3,820,708	MASTR Adjustable Rate Mortgages Trust, Series 2005-6-5A1	2.91%	#	07/25/2035	3,322,431
20,766,727	MASTR Adjustable Rate Mortgages Trust, Series 2007-1-2A1	3.45%	#	11/25/2036	18,179,100
1,997,017	MASTR Alternative Loans Trust, Series 2005-2-3A1	6.00%		03/25/2035	1,867,352
560,380	MASTR Alternative Loans Trust, Series 2005-5-2A3	5.50%		07/25/2025	559,836
4,569,396	MASTR Alternative Loans Trust, Series 2005-6-1A5	5.50%		12/25/2035	4,146,487
2,637,889	MASTR Alternative Loans Trust, Series 2006-3-1A2	6.25%		07/25/2036	2,250,408
4,879,309	MASTR Alternative Loans Trust, Series 2007-1-1A5	5.75%		10/25/2036	4,611,106
6,171,344	MASTR Alternative Loans Trust, Series 2007-1-2A7	6.00%		10/25/2036	4,182,310
4,975,000	MASTR Asset Backed Securities Trust, Series 2003-OPT1-M3	5.11%	#	12/25/2032	4,944,773
16,841,995	MASTR Asset Backed Securities Trust, Series 2006-AM2-A3	1.15%	#	06/25/2036	14,077,528
5,902,256	MASTR Asset Securitization Trust, Series 2006-1-1A4	5.75%		05/25/2036	5,529,016
4,085,649	MASTR Asset Securitization Trust, Series 2006-2-1A11	6.00%	#	06/25/2036	3,940,465
76,245	MASTR Asset Securitization Trust, Series 2007-1-1A1	5.50%		11/25/2037	76,836
4,881,119	MASTR Asset Securitization Trust, Series 2007-1-1A3	6.25%		11/25/2037	4,014,878
20,773,148	MASTR Resecuritization Trust, Series 2008-4-A1	6.00%	# ^	06/27/2036	18,905,923
1,978,533	MASTR Seasoned Securitization Trust, Series 2005-2-1A4	6.00%		10/25/2032	1,970,149
1,436,420	MASTR Seasoned Securitization Trust, Series 2005-2-2A1	1.38%	#	10/25/2032	1,279,899
23,609,760	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1-2A4	5.70%	#I/F I/O	03/25/2037	7,221,881
23,609,760	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1-2A5	1.30%	#	03/25/2037	10,554,484
7,212,063	Merrill Lynch Mortgage Investors Trust, Series 2006-3-1A	3.20%	#	10/25/2036	7,035,001
2,552,589	Merrill Lynch Mortgage Investors Trust, Series 2006-F1-1A2	6.00%		04/25/2036	2,152,694
71,571,069	Monterey Ltd., Series 2006-1A-A1A	1.33%	# ^	09/06/2042	5,045,760
282,547,649	Monterey Ltd., Series 2006-1A-A1B	1.33%	# ^	09/06/2042	19,919,609
163,480	Morgan Stanley Capital, Inc., Series 2003-NC6-M2	3.91%	#	06/25/2033	165,936
1,816,598	Morgan Stanley Mortgage Loan Trust, Series 2005-10-1A1	1.68%	#	12/25/2035	1,453,558
4,551,400	Morgan Stanley Mortgage Loan Trust, Series 2005-10-1A6	5.75%		12/25/2035	4,385,839
6,158,254	Morgan Stanley Mortgage Loan Trust, Series 2005-10-2A1	5.51%	#	12/25/2035	6,089,316
474,342	Morgan Stanley Mortgage Loan Trust, Series 2005-6AR-1A1	1.26%	#	11/25/2035	466,897
6,084,200	Morgan Stanley Mortgage Loan Trust, Series 2006-11-1A6	6.23%	#	08/25/2036	2,695,546
12,505,998	Morgan Stanley Mortgage Loan Trust, Series 2006-11-2A1	6.00%		08/25/2036	10,083,092
7,969,545	Morgan Stanley Mortgage Loan Trust, Series 2006-17XS-A3A	5.65%	#	10/25/2046	4,378,204
2,529,627	Morgan Stanley Mortgage Loan Trust, Series 2006-17XS-A6	5.58%	#	10/25/2046	1,225,710
6,884,702	Morgan Stanley Mortgage Loan Trust, Series 2006-2-2A3	5.75%		02/25/2036	6,556,106
34,374,265	Morgan Stanley Mortgage Loan Trust, Series 2006-7-3A	5.13%	#	06/25/2036	28,394,102
3,339,356	Morgan Stanley Mortgage Loan Trust, Series 2006-7-4A4	6.00%		06/25/2036	2,989,526
3,380,520	Morgan Stanley Mortgage Loan Trust, Series 2006-7-4A7	6.00%		06/25/2036	3,026,377
4,707,254	Morgan Stanley Mortgage Loan Trust, Series 2007-13-6A1	6.00%		10/25/2037	3,961,121
16,815,777	Morgan Stanley Mortgage Loan Trust, Series 2007-14AR-2A3	3.31%	#	10/25/2037	14,256,931
4,106,475	Morgan Stanley Mortgage Loan Trust, Series 2007-1XS-2A3	5.92%	#	09/25/2046	1,971,923
2,960,665	Morgan Stanley Mortgage Loan Trust, Series 2007-1XS-2A4A	6.08%	#	09/25/2046	1,599,900
1,182,587	Morgan Stanley Mortgage Loan Trust, Series 2007-3XS-1A2A	5.62%	#	01/25/2047	1,144,833
8,340,147	Morgan Stanley Mortgage Loan Trust, Series 2007-3XS-2A3S	5.86%	#	01/25/2047	5,076,414
4,878,199	Morgan Stanley Mortgage Loan Trust, Series 2007-3XS-2A4S	5.96%	#	01/25/2047	2,968,812
5,793,299	Morgan Stanley Re-Remic Trust, Series 2010-R9-1B	6.00%	# ^	08/26/2036	4,470,481
35,607,996	Morgan Stanley Re-Remic Trust, Series 2010-R9-3C	6.00%	# ^	11/26/2036	36,248,136
5,136,455	Morgan Stanley Re-Remic Trust, Series 2011-R1-1A	5.94%	# ^	02/26/2037	5,668,843
8,000,000	Nationstar HECM Loan Trust, Series 2016-2A-M1	3.60%	^	06/25/2026	8,029,192
33,589,250	New Century Home Equity Loan Trust, Series 2005-2-M3	1.72%	#	06/25/2035	30,155,878
18,377,116	New Residential Mortgage Loan Trust, Series 2014-2A-A3	3.75%	# ^	05/25/2054	18,863,275
54,122,458	New Residential Mortgage Loan Trust, Series 2015-2A-A1	3.75%	# ^	08/25/2055	55,485,338
918,131	New York Mortgage Trust, Series 2005-2-A	1.31%	#	08/25/2035	852,721
377,099	Nomura Asset Acceptance Corporation, Series 2005-AP1-2A5	4.86%	#	02/25/2035	384,913
17,350,251	Nomura Asset Acceptance Corporation, Series 2006-AF1-1A2	6.16%	#	05/25/2036	7,588,692
3,525,881	Nomura Asset Acceptance Corporation, Series 2006-AF1-1A3	6.41%	#	05/25/2036	1,541,421
21,033,037	Nomura Asset Acceptance Corporation, Series 2006-AP1-A2	5.52%	#	01/25/2036	12,095,576
3,555,026	Nomura Asset Acceptance Corporation, Series 2006-AP1-A3	5.65%	#	01/25/2036	2,057,729
1,757,447	Nomura Asset Acceptance Corporation, Series 2006-WF1-A2	5.76%	#	06/25/2036	943,569
19,403,825	Nomura Home Equity Loan, Inc., Series 2006-AF1-A2	5.80%	#	10/25/2036	9,119,854
3,505,855	Nomura Home Equity Loan, Inc., Series 2007-1-1A1	6.06%	#	02/25/2037	1,809,379
17,473,991	Nomura Home Equity Loan, Inc., Series 2007-1-1A3	5.99%	#	02/25/2037	9,019,323
55,779,350	Oaks Mortgage Trust Series, Series 2015-2-A3	3.50%	# ^	10/25/2045	56,293,580
1,178,769	Option One Mortgage Loan Trust, Series 2004-3-M3	1.96%	#	11/25/2034	1,088,080
13,000,000	Park Place Securities, Inc., Series 2005-WHQ4-M2	1.47%	#	09/25/2035	11,944,976
32,465,055	PFCA Home Equity Investment Trust, Series 2003-IFC5-A	4.66%	# ^ ¥	01/22/2035	32,568,009
37,715,137	PFCA Home Equity Investment Trust, Series 2003-IFC6-A	3.77%	# ^ ¥	04/22/2035	35,123,379
9,244,358	PHH Alternative Mortgage Trust, Series 2007-1-1A1	1.14%	#	02/25/2037	7,830,231
26,577,234	PHH Alternative Mortgage Trust, Series 2007-2-2A1	6.00%		05/25/2037	22,922,920
1,220,184	PHH Alternative Mortgage Trust, Series 2007-2-3A1	6.00%		05/25/2037	1,083,708
5,207,403	PHH Alternative Mortgage Trust, Series 2007-3-A2	1.17%	#	07/25/2037	5,192,359
254,935,937	PR Mortgage Loan Trust, Series 2014-1-APT	5.92%	#	10/25/2049	251,657,384

122,750,000	Pretium Mortgage Credit Partners LLC 2017-NPL1-A1	3.50%	^	04/29/2031	122,750,000
55,654,831	Pretium Mortgage Credit Partners LLC, Series 2016-NPL1-A1	4.38%	# ^	02/27/2031	56,343,866
78,005,512	Pretium Mortgage Credit Partners LLC, Series 2016-NPL2-A1	4.38%	# ^	03/27/2031	78,738,148
32,675,522	Pretium Mortgage Credit Partners LLC, Series 2016-NPL4-A	4.00%	# ^	07/27/2031	32,805,498
59,256,392	Pretium Mortgage Credit Partners LLC, Series 2016-NPL5-A	3.88%	# ^	09/27/2031	59,404,960
75,115,210	Pretium Mortgage Credit Partners LLC, Series 2016-NPL6-A1	3.50%	# ^	10/27/2031	75,509,250
12,121,844	Prime Mortgage Trust, Series 2006-DR1-2A1	5.50%	^	05/25/2035	11,388,064
5,771,968	Prime Mortgage Trust, Series 2006-DR1-2A2	6.00%	^	05/25/2035	5,453,528
36,731,662	RBSGC Structured Trust, Series 2008-B-A1	6.00%	^	06/25/2037	31,511,920
4,327,700	RCO Mortgage LLC, Series 2016-1-A	4.50%	#	11/25/2047	4,343,723
1,253,355	Renaissance Home Equity Loan Trust, Series 2006-1-AF6	5.75%	#	05/25/2036	832,949
10,538,573	Renaissance Home Equity Loan Trust, Series 2006-4-AF4	5.47%	#	01/25/2037	6,088,124
20,752,596	Renaissance Home Equity Loan Trust, Series 2006-4-AF5	5.69%	#	01/25/2037	12,423,940
17,875,584	Renaissance Home Equity Loan Trust, Series 2007-2-AF2	5.68%	#	06/25/2037	8,588,029
9,667,703	Renaissance Home Equity Loan Trust, Series 2007-2-AF5	6.20%	#	06/25/2037	5,101,969
4,089,199	Residential Accredit Loans, Inc., Series 2004-QS15-A1	5.25%		11/25/2034	4,160,632
43,108,860	Residential Accredit Loans, Inc., Series 2005-QA11-4A1	3.92%	#	10/25/2035	35,625,132
23,663,972	Residential Accredit Loans, Inc., Series 2005-QA13-2A1	4.18%	#	12/25/2035	20,772,995
15,468,078	Residential Accredit Loans, Inc., Series 2005-QA3-CB1	3.94%	#	03/25/2035	9,979,212
600,925	Residential Accredit Loans, Inc., Series 2005-QS12-A11	40.35%	#I/F	08/25/2035	925,541
2,597,115	Residential Accredit Loans, Inc., Series 2005-QS13-1A6	5.50%		09/25/2035	2,395,172
5,022,453	Residential Accredit Loans, Inc., Series 2005-QS13-2A1	1.68%	#	09/25/2035	3,757,906
20,592,058	Residential Accredit Loans, Inc., Series 2005-QS13-2A2	4.07%	#I/F I/O	09/25/2035	2,165,918
10,011,000	Residential Accredit Loans, Inc., Series 2005-QS14-2A1	6.00%		09/25/2035	7,382,512
4,030,022	Residential Accredit Loans, Inc., Series 2005-QS15-2A	6.00%		10/25/2035	3,487,571
4,682,291	Residential Accredit Loans, Inc., Series 2005-QS15-3A	6.00%		10/25/2035	4,184,992
5,030,810	Residential Accredit Loans, Inc., Series 2005-QS16-A1	1.68%	#	11/25/2035	3,743,367
5,029,940	Residential Accredit Loans, Inc., Series 2005-QS16-A2	3.82%	#I/F I/O	11/25/2035	585,404
2,347,117	Residential Accredit Loans, Inc., Series 2005-QS17-A1	6.00%		12/25/2035	2,187,226
1,626,431	Residential Accredit Loans, Inc., Series 2005-QS17-A10	6.00%		12/25/2035	1,515,635
6,802,441	Residential Accredit Loans, Inc., Series 2005-QS17-A11	6.00%		12/25/2035	6,339,043
4,834,961	Residential Accredit Loans, Inc., Series 2005-QS17-A2	1.83%	#	12/25/2035	3,730,414
4,834,961	Residential Accredit Loans, Inc., Series 2005-QS17-A4	4.17%	#I/F I/O	12/25/2035	669,301
3,890,359	Residential Accredit Loans, Inc., Series 2005-QS17-A6	6.00%		12/25/2035	3,625,339
1,084,163	Residential Accredit Loans, Inc., Series 2005-QS1-A5	5.50%		01/25/2035	1,085,270
2,003,672	Residential Accredit Loans, Inc., Series 2005-QS5-A3	5.70%		04/25/2035	2,006,616
1,573,013	Residential Accredit Loans, Inc., Series 2005-QS9-A1	1.48%	#	06/25/2035	1,265,560
3,821,894	Residential Accredit Loans, Inc., Series 2005-QS9-A4	4.02%	#I/F I/O	06/25/2035	387,957
1,978,646	Residential Accredit Loans, Inc., Series 2006-QS10-A4	5.75%		08/25/2036	1,648,155
12,927,751	Residential Accredit Loans, Inc., Series 2006-QS11-1A1	6.50%		08/25/2036	11,119,763
2,233,436	Residential Accredit Loans, Inc., Series 2006-QS12-1A1	6.50%		09/25/2036	1,566,008
5,174,323	Residential Accredit Loans, Inc., Series 2006-QS12-2A18	5.75%		09/25/2036	4,515,701
8,054,401	Residential Accredit Loans, Inc., Series 2006-QS14-A18	6.25%		11/25/2036	6,734,716
3,944,509	Residential Accredit Loans, Inc., Series 2006-QS15-A1	6.50%		10/25/2036	3,377,783
1,639,027	Residential Accredit Loans, Inc., Series 2006-QS16-A10	6.00%		11/25/2036	1,383,437
5,828,121	Residential Accredit Loans, Inc., Series 2006-QS16-A11	6.00%		11/25/2036	4,919,281
1,701,294	Residential Accredit Loans, Inc., Series 2006-QS16-A7	6.00%		11/25/2036	1,435,993
1,838,449	Residential Accredit Loans, Inc., Series 2006-QS16-A8	6.00%		11/25/2036	1,551,760
727,509	Residential Accredit Loans, Inc., Series 2006-QS16-A9	6.00%		11/25/2036	614,061
3,585,319	Residential Accredit Loans, Inc., Series 2006-QS17-A4	6.00%		12/25/2036	3,044,276
19,918,479	Residential Accredit Loans, Inc., Series 2006-QS17-A5	6.00%		12/25/2036	16,912,679
2,087,919	Residential Accredit Loans, Inc., Series 2006-QS1-A6	35.33%	#I/F	01/25/2036	3,520,641
13,914,836	Residential Accredit Loans, Inc., Series 2006-QS3-1A11	6.00%		03/25/2036	12,921,751
3,140,740	Residential Accredit Loans, Inc., Series 2006-QS4-A8	8.00%	#I/F	04/25/2036	2,932,954
9,188,518	Residential Accredit Loans, Inc., Series 2006-QS5-A3	6.00%		05/25/2036	7,903,554
27,385,240	Residential Accredit Loans, Inc., Series 2006-QS5-A4	6.00%		05/25/2036	23,667,335
3,478,223	Residential Accredit Loans, Inc., Series 2006-QS6-1A16	6.00%		06/25/2036	2,985,157
5,720,953	Residential Accredit Loans, Inc., Series 2006-QS6-1A2	6.00%		06/25/2036	4,909,961
11,782,290	Residential Accredit Loans, Inc., Series 2006-QS8-A1	6.00%		08/25/2036	9,927,671
20,432,211	Residential Accredit Loans, Inc., Series 2006-QS8-A5	4.57%	#I/F I/O	08/25/2036	2,947,442
6,821,012	Residential Accredit Loans, Inc., Series 2006-QS9-1A6	4.32%	#I/F I/O	07/25/2036	960,976
6,373,143	Residential Accredit Loans, Inc., Series 2007-QS11-A1	7.00%		10/25/2037	5,389,485
22,342,205	Residential Accredit Loans, Inc., Series 2007-QS1-1A2	4.47%	#I/F I/O	01/25/2037	3,490,319
2,248,980	Residential Accredit Loans, Inc., Series 2007-QS1-1A4	6.00%		01/25/2037	1,969,867
5,491,140	Residential Accredit Loans, Inc., Series 2007-QS1-2A10	6.00%		01/25/2037	4,705,650
990,255	Residential Accredit Loans, Inc., Series 2007-QS2-A6	6.25%		01/25/2037	798,935
37,190,507	Residential Accredit Loans, Inc., Series 2007-QS3-A1	6.50%		02/25/2037	30,936,912
5,930,258	Residential Accredit Loans, Inc., Series 2007-QS3-A4	6.25%		02/25/2037	4,848,606
9,320,918	Residential Accredit Loans, Inc., Series 2007-QS4-3A3	6.00%		03/25/2037	8,141,248
4,344,532	Residential Accredit Loans, Inc., Series 2007-QS5-A1	5.50%		03/25/2037	3,476,857
1,792,296	Residential Accredit Loans, Inc., Series 2007-QS5-A5	1.28%	#	03/25/2037	1,138,868
5,952,626	Residential Accredit Loans, Inc., Series 2007-QS5-A8	5.72%	#I/F I/O	03/25/2037	1,106,843
4,679,898	Residential Accredit Loans, Inc., Series 2007-QS6-A102	5.75%		04/25/2037	4,145,927
1,504,723	Residential Accredit Loans, Inc., Series 2007-QS6-A13	46.82%	#I/F	04/25/2037	2,880,471
6,701,247	Residential Accredit Loans, Inc., Series 2007-QS6-A45	5.75%		04/25/2037	5,936,642
10,679,717	Residential Accredit Loans, Inc., Series 2007-QS6-A6	6.25%		04/25/2037	9,641,805
737,614	Residential Accredit Loans, Inc., Series 2007-QS6-A77	47.65%	#I/F	04/25/2037	1,432,202
8,819,815	Residential Accredit Loans, Inc., Series 2007-QS7-2A1	6.75%		06/25/2037	5,499,127
36,647,140	Residential Accredit Loans, Inc., Series 2007-QS9-A33	6.50%		07/25/2037	32,568,064
77,236	Residential Asset Mortgage Products, Inc., Series 2004-RS4-AI6	5.07%	#	04/25/2034	79,226

574,202	Residential Asset Mortgage Products, Inc., Series 2004-RS5-AI6	5.55%	#	05/25/2034	609,252
5,016,320	Residential Asset Mortgage Products, Inc., Series 2004-RS7-A3	2.86%	#	07/25/2034	4,512,891
746,487	Residential Asset Mortgage Products, Inc., Series 2004-RS7-AI6	5.22%	#	07/25/2034	721,351
260,510	Residential Asset Mortgage Products, Inc., Series 2004-RS9-AI6	4.72%	#	07/25/2034	282,290
5,439,738	Residential Asset Mortgage Products, Inc., Series 2005-RS1-AI5	5.41%	#	01/25/2035	5,475,245
47,222,894	Residential Asset Mortgage Products, Inc., Series 2005-RS9-AI4	1.30%	#	11/25/2035	40,480,036
34,366,151	Residential Asset Mortgage Products, Inc., Series 2006-RS2-A3A	1.28%	#	03/25/2036	31,998,361
12,760,000	Residential Asset Mortgage Products, Inc., Series 2006-RX5-A3	1.23%	#	08/25/2046	11,540,721
12,300,000	Residential Asset Mortgage Products, Inc., Series 2006-RZ3-A3	1.27%	#	08/25/2036	11,944,476
177,726	Residential Asset Securities Corporation, Series 2002-KS1-AI6	6.08%	#	06/25/2032	192,200
418,844	Residential Asset Securities Corporation, Series 2005-AHL3-A2	1.22%	#	11/25/2035	418,305
27,100,365	Residential Asset Securities Corporation, Series 2005-KS11-M2	1.40%	#	12/25/2035	25,272,399
9,664,328	Residential Asset Securities Corporation, Series 2006-EMX5-A3	1.14%	#	07/25/2036	8,697,695
28,795,338	Residential Asset Securities Corporation, Series 2007-KS3-AI3	1.23%	#	04/25/2037	27,694,222
6,476,993	Residential Asset Securitization Trust, Series 2005-A11-2A4	6.00%		10/25/2035	5,087,077
3,732,379	Residential Asset Securitization Trust, Series 2005-A12-A7	4.02%	#I/F I/O	11/25/2035	576,434
3,164,375	Residential Asset Securitization Trust, Series 2005-A12-A8	1.53%	#	11/25/2035	2,389,245
12,222,980	Residential Asset Securitization Trust, Series 2005-A13-2A1	5.50%		10/25/2035	8,967,442
11,740,871	Residential Asset Securitization Trust, Series 2005-A15-5A3	5.75%		02/25/2036	9,059,696
2,274,261	Residential Asset Securitization Trust, Series 2005-A7-A3	5.50%		06/25/2035	1,949,662
5,932,171	Residential Asset Securitization Trust, Series 2005-A8CB-A11	6.00%		07/25/2035	5,587,676
5,907,251	Residential Asset Securitization Trust, Series 2005-A8CB-A2	4.02%	#I/F I/O	07/25/2035	887,837
6,530,334	Residential Asset Securitization Trust, Series 2006-A10-A5	6.50%		09/25/2036	4,783,903
1,012,304	Residential Asset Securitization Trust, Series 2006-A1-1A3	6.00%		04/25/2036	784,435
9,202,378	Residential Asset Securitization Trust, Series 2006-A12-A1	6.25%		11/25/2036	6,579,866
8,866,582	Residential Asset Securitization Trust, Series 2006-A13-A1	6.25%		12/25/2036	5,718,916
17,219,721	Residential Asset Securitization Trust, Series 2006-A1-3A2	6.00%		04/25/2036	12,953,409
16,759,643	Residential Asset Securitization Trust, Series 2006-A14C-2A6	1.43%	#	12/25/2036	4,789,304
36,986,017	Residential Asset Securitization Trust, Series 2006-A14C-2A7	5.57%	#I/F I/O	12/25/2036	10,991,527
8,371,025	Residential Asset Securitization Trust, Series 2006-A2-A11	6.00%		01/25/2046	6,507,502
5,804,634	Residential Asset Securitization Trust, Series 2006-A2-A4	6.00%		01/25/2046	4,505,617
788,295	Residential Asset Securitization Trust, Series 2006-A4-2A5	6.00%		05/25/2036	743,335
4,903,243	Residential Asset Securitization Trust, Series 2006-A8-1A1	6.00%		08/25/2036	4,324,522
6,892,800	Residential Asset Securitization Trust, Series 2006-R1-A1	24.47%	#I/F	01/25/2046	10,495,483
37,624,014	Residential Asset Securitization Trust, Series 2007-A2-1A2	6.00%		04/25/2037	33,164,507
1,110,636	Residential Asset Securitization Trust, Series 2007-A3-1A2	38.86%	#I/F	04/25/2037	2,181,083
24,479,165	Residential Asset Securitization Trust, Series 2007-A5-1A4	5.12%	#I/F I/O	05/25/2037	4,577,969
6,306,336	Residential Asset Securitization Trust, Series 2007-A5-1A6	1.38%	#	05/25/2037	1,341,158
7,804,412	Residential Asset Securitization Trust, Series 2007-A5-2A3	6.00%		05/25/2037	6,848,122
3,420,275	Residential Asset Securitization Trust, Series 2007-A5-2A5	6.00%		05/25/2037	3,001,182
14,611,254	Residential Asset Securitization Trust, Series 2007-A6-1A2	6.00%		06/25/2037	13,296,683
10,332,724	Residential Asset Securitization Trust, Series 2007-A7-A1	6.00%		07/25/2037	7,038,701
45,449,955	Residential Asset Securitization Trust, Series 2007-A7-A2	6.00%		07/25/2037	30,960,728
20,137,916	Residential Asset Securitization Trust, Series 2007-A7-A6	6.00%		07/25/2037	13,718,045
869,390	Residential Funding Mortgage Securities Trust, Series 2003-S16-A1	4.75%		09/25/2018	871,799
3,818,571	Residential Funding Mortgage Securities Trust, Series 2005-S9-A10	6.25%		12/25/2035	3,639,332
10,112,489	Residential Funding Mortgage Securities Trust, Series 2005-S9-A6	5.75%		12/25/2035	9,919,989
752,223	Residential Funding Mortgage Securities Trust, Series 2005-S9-A8	5.50%		12/25/2035	722,330
13,104,651	Residential Funding Mortgage Securities Trust, Series 2006-S10-1A1	6.00%		10/25/2036	12,571,937
22,596,723	Residential Funding Mortgage Securities Trust, Series 2006-S11-A1	6.00%		11/25/2036	21,031,208
4,136,704	Residential Funding Mortgage Securities Trust, Series 2006-S5-A12	6.00%		06/25/2036	3,957,399
283,216	Residential Funding Mortgage Securities Trust, Series 2006-S5-A15	6.00%		06/25/2036	270,940
7,348,353	Residential Funding Mortgage Securities Trust, Series 2006-S9-A1	6.25%		09/25/2036	6,783,060
5,478,681	Residential Funding Mortgage Securities Trust, Series 2007-S1-A7	6.00%		01/25/2037	5,205,817
4,964,123	Residential Funding Mortgage Securities Trust, Series 2007-S2-A1	6.00%		02/25/2037	4,648,913
5,592,631	Residential Funding Mortgage Securities Trust, Series 2007-S2-A4	6.00%		02/25/2037	5,237,512
10,440,803	Residential Funding Mortgage Securities Trust, Series 2007-S2-A5	6.00%		02/25/2037	9,777,836
1,631,549	Residential Funding Mortgage Securities Trust, Series 2007-S2-A9	6.00%		02/25/2037	1,527,950
4,714,304	Residential Funding Mortgage Securities Trust, Series 2007-S3-1A4	6.00%		03/25/2037	4,220,102
1,522,428	Residential Funding Mortgage Securities Trust, Series 2007-S4-A1	6.00%		04/25/2037	1,355,513
4,064,082	Residential Funding Mortgage Securities Trust, Series 2007-S4-A2	6.00%		04/25/2037	3,618,506
33,452,462	Residential Funding Mortgage Securities Trust, Series 2007-S5-A1	6.00%		05/25/2037	31,291,858
9,694,656	Residential Funding Mortgage Securities Trust, Series 2007-S5-A8	6.00%		05/25/2037	9,068,504
5,196,291	Residential Funding Mortgage Securities Trust, Series 2007-S6-2A4	6.00%		06/25/2037	4,809,754
27,241,495	Residential Funding Mortgage Securities Trust, Series 2007-S7-A20	6.00%		07/25/2037	25,239,466
11,984,463	Residential Funding Mortgage Securities Trust, Series 2007-S8-1A1	6.00%		09/25/2037	10,631,820
3,243,998	Residential Funding Mortgage Securities Trust, Series 2007-SA1-4A	4.75%	#	02/25/2037	2,735,610
11,049,530	Residential Funding Mortgage Securities Trust, Series 2007-SA2-2A1	3.91%	#	04/25/2037	10,153,353
34,948,463	RMAT LLC, Series 2015-PR2-A1	5.85%	# ^	11/25/2035	34,832,105
50,413,602	Saxon Asset Securities Trust, Series 2006-3-A3	1.15%	#	10/25/2046	43,031,604
372,044,017	Securitized Mortgage Asset Loan Trust, Series 2015-1-PC	1.89%	^ ¥	02/25/2054	281,995,302
74,352,576	Securitized Mortgage Asset Loan Trust, Series 2015-2-PC	0.00%	^ ¥	12/26/2059	67,879,069
118,507,329	Securitized Mortgage Asset Loan Trust, Series 2015-3-PC	0.00%	^ ¥	10/25/2044	109,092,870
240,596	Sequoia Mortgage Trust, Series 2003-4-2A1	1.33%	#	07/20/2033	226,810
10,754,534	Sequoia Mortgage Trust, Series 2013-2-A	1.87%	#	02/25/2043	10,291,422
12,637,175	Sequoia Mortgage Trust, Series 2013-6-A2	3.00%	#	05/25/2043	12,437,224
89,812,728	Sequoia Mortgage Trust, Series 2015-4-A1	3.00%	# ^	11/25/2030	90,724,866
150,002,760	Sequoia Mortgage Trust, Series 2016-1-A1	3.50%	# ^	06/25/2046	151,423,136
232,606,759	Sequoia Mortgage Trust, Series 2016-2-A1	3.50%	# ^	08/25/2046	232,605,247
17,880,462	SG Mortgage Securities Trust, Series 2006-FRE1-A1A	1.15%	#	02/25/2036	16,630,114

24,496,500	SG Mortgage Securities Trust, Series 2017-1A-A	3.71%	# ^	04/25/2047	24,477,540
68,594,945	Shellpoint Co-Originator Trust, Series 2015-1-A3	3.50%	# ^	08/25/2045	69,227,322
53,402,202	SoFi Mortgage Trust, Series 2016-1A-1A4	3.00%	# ^	11/25/2046	51,994,152
38,802,010	Soundview Home Equity Loan Trust, Series 2007-NS1-A3	1.18%	#	01/25/2037	35,472,661
61,983,000	Springleaf Mortgage Loan Trust, Series 2013-2A-B1	6.00%	# ^	12/25/2065	62,223,717
18,321,698	STARM Mortgage Loan Trust, Series 2007-2-1A1	3.60%	#	04/25/2037	15,398,713
8,547,877	STARM Mortgage Loan Trust, Series 2007-3-1A1	3.14%	#	06/25/2037	7,652,308
10,417,770	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-22-4A1	3.35%	#	12/25/2035	9,782,708
6,695,624	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12-8A	3.22%	#	09/25/2034	6,583,598
3,118,321	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-1-8A1	3.47%	#	02/25/2036	2,282,970
5,390,396	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-6-3A1	3.19%	#	07/25/2036	4,270,698
26,563	Structured Asset Securities Corporation, Series 2003-18XS-A6	4.54%	#	06/25/2033	26,584
3,268,938	Structured Asset Securities Corporation, Series 2003-24A-1A3	3.21%	#	07/25/2033	3,214,586
7,480,109	Structured Asset Securities Corporation, Series 2003-35-1A1	5.16%	#	12/25/2033	7,691,431
2,257,355	Structured Asset Securities Corporation, Series 2004-11XS-2A2	5.40%	#	06/25/2034	2,393,871
1,063,464	Structured Asset Securities Corporation, Series 2004-15-2A1	4.75%		09/25/2019	1,072,073
5,691,048	Structured Asset Securities Corporation, Series 2004-22-A2	4.98%	#	01/25/2035	5,940,507
21,298,109	Structured Asset Securities Corporation, Series 2005-10-1A1	5.75%		06/25/2035	19,981,221
1,886,569	Structured Asset Securities Corporation, Series 2005-10-6A1	5.00%		06/25/2020	1,918,108
5,480,407	Structured Asset Securities Corporation, Series 2005-13-3A1	6.00%		09/25/2035	4,364,846
1,548,892	Structured Asset Securities Corporation, Series 2005-14-1A1	1.28%	#	07/25/2035	1,239,534
626,908	Structured Asset Securities Corporation, Series 2005-14-1A4	20.15%	#I/F	07/25/2035	779,616
32,212,718	Structured Asset Securities Corporation, Series 2005-14-4A1	5.75%		07/25/2035	31,878,076
2,729,016	Structured Asset Securities Corporation, Series 2005-15-1A1	5.50%		08/25/2035	2,861,970
6,058,809	Structured Asset Securities Corporation, Series 2005-15-2A7	5.50%		08/25/2035	5,972,586
8,325,005	Structured Asset Securities Corporation, Series 2005-15-3A1	4.67%	#	08/25/2035	8,047,768
6,312,077	Structured Asset Securities Corporation, Series 2005-16-1A2	5.50%		09/25/2035	6,137,584
7,040,790	Structured Asset Securities Corporation, Series 2005-3-1A6	5.75%		03/25/2035	6,601,788
58,859,954	Structured Asset Securities Corporation, Series 2006-BC4-A4	1.15%	#	12/25/2036	52,591,899
120,601,618	Structured Asset Securities Corporation, Series 2007-4-1A3	5.27%	# ^I/F I/O	03/28/2045	18,532,971
910,851	Suntrust Alternative Loan Trust, Series 2005-1F-2A3	5.75%		12/25/2035	876,646
1,453,166	Suntrust Alternative Loan Trust, Series 2006-1F-1A3	6.00%		04/25/2036	1,366,229
769,010	Thornburg Mortgage Securities Trust, Series 2003-6-A2	1.98%	#	12/25/2033	707,104
7,223,750	Thornburg Mortgage Securities Trust, Series 2004-4-5A	2.92%	#	12/25/2044	6,920,823
19,649,630	Thornburg Mortgage Securities Trust, Series 2007-1-A1	3.10%	#	03/25/2037	18,662,548
4,736,523	Thornburg Mortgage Securities Trust, Series 2007-1-A2A	3.10%	#	03/25/2037	4,168,295
14,174,400	Towd Point Mortgage Trust, Series 2015-1-AE	3.00%	^	10/25/2053	14,220,294
12,550,501	Towd Point Mortgage Trust, Series 2015-1-AES	3.00%	^	10/25/2053	12,666,455
8,568,166	Towd Point Mortgage Trust, Series 2015-2-1A12	2.75%	#^	11/25/2060	8,567,439
22,829,417	Towd Point Mortgage Trust, Series 2015-2-1A13	2.50%	#^	11/25/2060	22,660,678
67,186,607	Towd Point Mortgage Trust, Series 2015-5-A1B	2.75%	#^	05/25/2055	67,389,766
79,621,997	Towd Point Mortgage Trust, Series 2015-6-A1B	2.75%	#^	04/25/2055	79,743,675
46,436,997	US Residential Opportunity Fund Trust, Series 2016-1II-A	3.47%	#^	07/27/2036	46,169,107
65,692,479	US Residential Opportunity Fund Trust, Series 2016-1III-A	3.47%	#^	07/27/2036	65,518,598
14,554,547	US Residential Opportunity Fund Trust, Series 2016-3-A	3.60%	#^	10/27/2036	14,512,102
70,017,897	Vericrest Opportunity Loan Trust, Series 2016-NPL3-A1	4.25%	#^	03/26/2046	70,525,793
22,770,509	VOLT LLC, Series 2015-NPL5-A1	3.50%	#^	03/25/2055	22,912,235
43,823,486	VOLT LLC, Series 2016-NPL11-A1	3.50%	#^	10/25/2046	44,249,757
136,572,960	VOLT LLC, Series 2016-NPL1-A1	4.25%	#^	02/26/2046	137,565,627
17,565,359	VOLT LLC, Series 2016-NPL6-A1	3.84%	#^	06/25/2046	17,642,033
46,502,410	VOLT LLC, Series 2016-NPL7-A1	3.75%	#^	06/25/2046	46,562,919
52,173,833	VOLT LLC, Series 2016-NPL8-A1	3.50%	#^	07/25/2046	52,584,378
19,685,971	VOLT LLC, Series 2017-NPL1-A1	3.63%	#^	02/25/2047	19,699,673
82,500,000	VOLT LLC, Series 2017-NPL2-A1	3.50%	#^	03/25/2047	82,741,065
8,330,634	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-1-2A	6.00%		03/25/2035	7,766,918
3,322,572	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-4-5A1	5.50%		06/25/2035	3,213,135
1,271,199	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-5-CB12	39.80%	#I/F	07/25/2035	2,177,181
4,116,454	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-5-CB6	1.58%	#	07/25/2035	3,320,846
1,283,731	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-6-2A7	5.50%		08/25/2035	1,177,097
1,526,739	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-7-2CB6	39.25%	#I/F	08/25/2035	2,508,928
16,794,125	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-7-2CB7	2.43%	#	08/25/2035	14,902,988
1,591,704	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-7-3CB	6.50%		08/25/2035	1,282,318
15,988,307	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-8-1A2	5.50%		10/25/2035	14,968,189
12,723,568	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-9-2A2	5.50%		11/25/2035	11,509,137
3,362,828	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-9-CX	5.50%	I/O	11/25/2035	767,563
4,836,832	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-1-3A1	5.75%		02/25/2036	4,553,423
2,449,180	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-1-3A2	5.75%		02/25/2036	2,305,673
2,080,255	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-1-3A7	5.75%		02/25/2036	1,958,365
5,045,977	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-3-3CB4	6.00%		04/25/2036	4,621,619
3,086,886	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-5-1A8	5.75%		07/25/2036	2,607,688
5,847,875	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-5-2CB1	6.00%		07/25/2036	4,835,255
10,622,202	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-5-2CB6	6.00%		07/25/2036	8,782,858
7,561,642	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-5-3A5	6.45%	#	07/25/2036	3,348,324
4,456,576	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-9-A7	4.82%	#	10/25/2036	2,375,153
12,460,555	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR10-1A1	2.88%	#	09/25/2036	11,742,911
19,444,962	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR15-1A	1.48%	#	11/25/2046	15,547,122
1,607,740	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6-2A3	2.87%	#	08/25/2036	1,456,754
16,208,789	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-2-1A2	6.00%		04/25/2037	13,694,957
16,579,874	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-2-1A6	6.00%		04/25/2037	14,008,489
8,816,060	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-3-A2	6.00%		04/25/2037	8,294,971

11,907,069	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-3-A3	6.00%		04/25/2037	11,203,280
9,659,321	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-4-1A1	5.50%		06/25/2037	9,070,892
515,836	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-5-A11	33.59%	#I/F	06/25/2037	1,003,262
12,895,906	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-5-A6	6.00%		06/25/2037	12,408,925
22,839,358	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY3-4A1	2.98%	#	03/25/2037	22,391,425
23,533,386	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY5-1A1	2.51%	#	05/25/2037	20,659,823
20,484,767	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY6-2A3	2.67%	#	06/25/2037	18,825,530
2,184,330	Wells Fargo Alternative Loan Trust, Series 2007-PA1-A10	6.00%		03/25/2037	1,943,306
9,590,911	Wells Fargo Alternative Loan Trust, Series 2007-PA1-A3	6.00%		03/25/2037	8,532,626
8,269,464	Wells Fargo Alternative Loan Trust, Series 2007-PA1-A5	6.00%		03/25/2037	7,356,990
13,553,236	Wells Fargo Alternative Loan Trust, Series 2007-PA1-A6	6.00%		03/25/2037	12,057,738
62,189,352	Wells Fargo Alternative Loan Trust, Series 2007-PA2-1A1	6.00%		06/25/2037	62,006,298
9,226,933	Wells Fargo Alternative Loan Trust, Series 2007-PA2-3A1	1.33%	#	06/25/2037	6,346,576
13,592,701	Wells Fargo Alternative Loan Trust, Series 2007-PA2-3A2	5.67%	#I/F I/O	06/25/2037	2,966,789
885,791	Wells Fargo Alternative Loan Trust, Series 2007-PA3-1A4	5.75%		07/25/2037	806,241
19,697,965	Wells Fargo Alternative Loan Trust, Series 2007-PA3-2A1	6.00%		07/25/2037	18,484,442
7,826,128	Wells Fargo Alternative Loan Trust, Series 2007-PA3-2A4	6.00%		07/25/2037	7,343,987
14,905,181	Wells Fargo Alternative Loan Trust, Series 2007-PA3-3A1	6.25%		07/25/2037	14,123,674
7,425,023	Wells Fargo Alternative Loan Trust, Series 2007-PA3-4A3	6.50%		07/25/2037	6,162,560
110,538,398	Wells Fargo Alternative Loan Trust, Series 2007-PA5-1A1	6.25%		11/25/2037	106,592,531
69,146	Wells Fargo Alternative Loan Trust, Series 2007-PA5-2A1	6.00%		11/25/2022	69,342
9,585,765	Wells Fargo Alternative Loan Trust, Series 2007-PA6-A1	3.17%	#	12/28/2037	8,865,808
15,866,046	Wells Fargo Mortgage Backed Securities Trust, Series 2004-Y-3A3	3.04%	#	11/25/2034	16,172,045
23,398,420	Wells Fargo Mortgage Backed Securities Trust, Series 2005-17-1A1	5.50%		01/25/2036	22,972,377
26,790	Wells Fargo Mortgage Backed Securities Trust, Series 2005-4-A7	19.98%	#I/F	04/25/2035	29,421
2,333,082	Wells Fargo Mortgage Backed Securities Trust, Series 2005-8-A1	5.50%		10/25/2035	2,409,467
2,070,884	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16-6A4	3.08%	#	10/25/2035	2,065,100
5,052,500	Wells Fargo Mortgage Backed Securities Trust, Series 2006-12-A3	6.00%		10/25/2036	4,930,196
6,150,741	Wells Fargo Mortgage Backed Securities Trust, Series 2006-14-A1	6.00%		10/25/2036	6,090,988
7,314,858	Wells Fargo Mortgage Backed Securities Trust, Series 2006-15-A1	6.00%		11/25/2036	7,304,959
87,895	Wells Fargo Mortgage Backed Securities Trust, Series 2006-2-1A4	16.69%	#I/F	03/25/2036	101,053
3,976,455	Wells Fargo Mortgage Backed Securities Trust, Series 2006-2-3A1	5.75%		03/25/2036	3,996,275
19,582,695	Wells Fargo Mortgage Backed Securities Trust, Series 2006-3-A11	5.50%		03/25/2036	20,035,901
4,447,071	Wells Fargo Mortgage Backed Securities Trust, Series 2006-3-A6	5.50%		03/25/2036	4,392,607
270,684	Wells Fargo Mortgage Backed Securities Trust, Series 2006-4-2A2	5.50%		04/25/2036	260,739
3,147,311	Wells Fargo Mortgage Backed Securities Trust, Series 2006-6-2A1	1.38%	#	05/25/2036	2,588,203
3,147,311	Wells Fargo Mortgage Backed Securities Trust, Series 2006-6-2A2	6.12%	#I/F I/O	05/25/2036	647,703
1,929,788	Wells Fargo Mortgage Backed Securities Trust, Series 2006-9-2A1	0.00%	P/O	08/25/2036	1,104,068
1,929,788	Wells Fargo Mortgage Backed Securities Trust, Series 2006-9-2A2	6.00%	I/O	08/25/2036	431,144
9,892,063	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR12-1A1	3.23%	#	09/25/2036	9,371,797
5,635,471	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR13-A2	3.00%	#	09/25/2036	5,552,756
6,089,359	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR4-2A1	3.34%	#	04/25/2036	5,603,908
1,829,152	Wells Fargo Mortgage Backed Securities Trust, Series 2007-10-1A18	6.00%		07/25/2037	1,808,135
3,462,260	Wells Fargo Mortgage Backed Securities Trust, Series 2007-10-2A11	6.00%		07/25/2037	3,391,334
1,940,231	Wells Fargo Mortgage Backed Securities Trust, Series 2007-11-A14	6.00%		08/25/2037	1,918,808
3,872,499	Wells Fargo Mortgage Backed Securities Trust, Series 2007-11-A36	6.00%		08/25/2037	3,829,741
2,752,064	Wells Fargo Mortgage Backed Securities Trust, Series 2007-11-A96	6.00%		08/25/2037	2,721,678
34,048,179	Wells Fargo Mortgage Backed Securities Trust, Series 2007-14-1A1	6.00%		10/25/2037	33,556,421
19,532,961	Wells Fargo Mortgage Backed Securities Trust, Series 2007-2-1A1	6.00%		03/25/2037	19,402,602
1,130,433	Wells Fargo Mortgage Backed Securities Trust, Series 2007-2-1A18	5.75%		03/25/2037	1,114,294
2,546,033	Wells Fargo Mortgage Backed Securities Trust, Series 2007-2-1A9	6.00%		03/25/2037	2,529,042
755,908	Wells Fargo Mortgage Backed Securities Trust, Series 2007-2-3A2	5.25%		03/25/2037	773,906
2,062,474	Wells Fargo Mortgage Backed Securities Trust, Series 2007-3-1A3	6.00%		04/25/2037	2,063,779
2,015,919	Wells Fargo Mortgage Backed Securities Trust, Series 2007-4-A11	6.50%		04/25/2037	2,025,890
7,743,836	Wells Fargo Mortgage Backed Securities Trust, Series 2007-4-A15	6.00%		04/25/2037	7,644,267
4,567,666	Wells Fargo Mortgage Backed Securities Trust, Series 2007-4-A3	6.00%		04/25/2037	4,508,935
4,817,215	Wells Fargo Mortgage Backed Securities Trust, Series 2007-4-A8	6.00%		04/25/2037	4,755,276
5,329,107	Wells Fargo Mortgage Backed Securities Trust, Series 2007-6-A4	6.00%		05/25/2037	5,353,881
2,546,506	Wells Fargo Mortgage Backed Securities Trust, Series 2007-6-A6	6.00%		05/25/2037	2,558,345
8,413,737	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A1	6.00%		06/25/2037	8,266,578
585,159	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A32	5.75%		06/25/2037	570,456
18,947,116	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A34	6.00%		06/25/2037	18,615,725
5,128,398	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A36	6.00%		06/25/2037	5,038,700
1,745,245	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A43	1.48%	#	06/25/2037	1,492,625
4,767,972	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A49	6.00%		06/25/2037	4,684,578
2,018,507	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A8	1.48%	#	06/25/2037	1,726,315
910,584	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A9	33.11%	#I/F	06/25/2037	1,289,828
1,462,550	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8-1A13	1.35%	#	07/25/2037	1,290,254
1,462,550	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8-1A14	33.89%	#I/F	07/25/2037	2,161,829
23,766,444	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8-1A16	6.00%		07/25/2037	23,548,941
15,858,982	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8-1A2	6.00%		07/25/2037	15,713,846
2,242,000	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8-1A20	6.00%		07/25/2037	2,221,482
20,030,793	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8-1A22	6.00%		07/25/2037	19,847,487
6,971,479	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8-1A3	6.00%		07/25/2037	6,907,680
8,579,093	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8-2A9	6.00%		07/25/2037	8,718,469
51,018,528	Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR9-A1	6.00%	#	12/28/2037	49,403,384
23,995,770	WinWater Mortgage Loan Trust, Series 2015-4-A5	3.50%	# ^	06/20/2045	24,469,298
154,943,427	WinWater Mortgage Loan Trust, Series 2015-5-A3	3.50%	# ^	08/20/2045	156,371,850
26,073,467	WinWater Mortgage Loan Trust, Series 2016-1-1A5	3.50%	# ^	01/20/2046	26,346,430
Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $12,292,386,620)					12,220,359,500

US Government and Agency Obligations - 4.8%
59,900,000	Tennessee Valley Authority	4.25%		09/15/2065	63,381,166
518,485,000	United States Treasury Inflation Indexed Bonds	0.13%		04/15/2020	526,385,156
1,325,000,000	United States Treasury Notes	1.63%		11/15/2022	1,294,489,225
700,000,000	United States Treasury Notes	2.00%		02/15/2023	696,404,100
Total US Government and Agency Obligations (Cost $2,595,457,408)					2,580,659,647
US Government / Agency Mortgage Backed Obligations - 51.9%
74,375,000	Federal Home Loan Mortgage Corporation	1.00%		10/11/2018	73,944,889
120,000,000	Federal Home Loan Mortgage Corporation	0.63%	#	10/26/2018	119,970,960
10,537,588	Federal Home Loan Mortgage Corporation, Pool C03490	4.50%		08/01/2040	11,338,951
61,569,339	Federal Home Loan Mortgage Corporation, Pool C91388	3.50%		02/01/2032	64,278,432
32,235,911	Federal Home Loan Mortgage Corporation, Pool C91403	3.50%		03/01/2032	33,654,410
31,212,077	Federal Home Loan Mortgage Corporation, Pool C91413	3.50%		12/01/2031	32,585,255
15,724,056	Federal Home Loan Mortgage Corporation, Pool C91417	3.50%		01/01/2032	16,414,973
65,614,668	Federal Home Loan Mortgage Corporation, Pool C91447	3.50%		05/01/2032	68,421,023
72,646,921	Federal Home Loan Mortgage Corporation, Pool C91594	3.00%		01/01/2033	74,242,980
21,608,977	Federal Home Loan Mortgage Corporation, Pool C91596	3.00%		02/01/2033	22,082,946
11,215,160	Federal Home Loan Mortgage Corporation, Pool D98901	3.50%		01/01/2032	11,707,787
29,598,829	Federal Home Loan Mortgage Corporation, Pool D98923	3.50%		01/01/2032	30,876,990
27,958,443	Federal Home Loan Mortgage Corporation, Pool D99724	3.00%		11/01/2032	28,572,682
26,498,174	Federal Home Loan Mortgage Corporation, Pool G01840	5.00%		07/01/2035	29,126,818
5,473,781	Federal Home Loan Mortgage Corporation, Pool G04817	5.00%		09/01/2038	5,958,126
13,890,605	Federal Home Loan Mortgage Corporation, Pool G06172	5.50%		12/01/2038	15,411,368
19,469,183	Federal Home Loan Mortgage Corporation, Pool G06954	6.00%		05/01/2040	21,992,628
27,636,449	Federal Home Loan Mortgage Corporation, Pool G07011	6.00%		05/01/2040	31,222,367
25,320,079	Federal Home Loan Mortgage Corporation, Pool G07801	4.00%		10/01/2044	26,727,994
49,258,429	Federal Home Loan Mortgage Corporation, Pool G07862	4.00%		01/01/2044	52,005,674
56,004,473	Federal Home Loan Mortgage Corporation, Pool G07905	4.00%		01/01/2042	59,019,861
86,663,879	Federal Home Loan Mortgage Corporation, Pool G08534	3.00%		06/01/2043	86,351,051
27,969,004	Federal Home Loan Mortgage Corporation, Pool G08537	3.00%		07/01/2043	27,844,923
68,125,963	Federal Home Loan Mortgage Corporation, Pool G08614	3.00%		11/01/2044	67,566,784
78,867,640	Federal Home Loan Mortgage Corporation, Pool G08619	3.00%		12/01/2044	78,212,132
106,267,790	Federal Home Loan Mortgage Corporation, Pool G08622	3.00%		01/01/2045	105,379,046
202,809,831	Federal Home Loan Mortgage Corporation, Pool G08626	3.00%		02/01/2045	201,113,679
109,156,700	Federal Home Loan Mortgage Corporation, Pool G08631	3.00%		03/01/2045	108,243,802
280,430,633	Federal Home Loan Mortgage Corporation, Pool G08635	3.00%		04/01/2045	278,085,330
82,580,020	Federal Home Loan Mortgage Corporation, Pool G08640	3.00%		05/01/2045	81,889,377
426,647,008	Federal Home Loan Mortgage Corporation, Pool G08648	3.00%		06/01/2045	423,078,810
82,639,592	Federal Home Loan Mortgage Corporation, Pool G08653	3.00%		07/01/2045	81,948,434
45,428,135	Federal Home Loan Mortgage Corporation, Pool G08658	3.00%		08/01/2045	45,048,187
54,734,315	Federal Home Loan Mortgage Corporation, Pool G08670	3.00%		10/01/2045	54,276,517
639,681,450	Federal Home Loan Mortgage Corporation, Pool G08675	3.00%		11/01/2045	634,331,154
278,707,841	Federal Home Loan Mortgage Corporation, Pool G08680	3.00%		12/01/2045	276,376,720
192,002,098	Federal Home Loan Mortgage Corporation, Pool G08686	3.00%		01/01/2046	190,395,557
252,802,510	Federal Home Loan Mortgage Corporation, Pool G08692	3.00%		02/01/2046	250,687,175
508,094,687	Federal Home Loan Mortgage Corporation, Pool G08697	3.00%		03/01/2046	503,843,184
691,806,771	Federal Home Loan Mortgage Corporation, Pool G08705	3.00%		05/01/2046	686,018,008
179,479,539	Federal Home Loan Mortgage Corporation, Pool G08721	3.00%		09/01/2046	177,977,683
72,721,261	Federal Home Loan Mortgage Corporation, Pool G60251	3.50%		10/01/2045	74,685,599
257,714,844	Federal Home Loan Mortgage Corporation, Pool G60393	3.50%		01/01/2046	264,595,156
116,691,547	Federal Home Loan Mortgage Corporation, Pool J22834	2.50%		03/01/2028	118,100,612
75,052,221	Federal Home Loan Mortgage Corporation, Pool Q13637	3.00%		11/01/2042	74,843,884
75,638,893	Federal Home Loan Mortgage Corporation, Pool Q13638	3.00%		11/01/2042	75,428,401
125,843,100	Federal Home Loan Mortgage Corporation, Pool Q16672	3.00%		03/01/2043	125,492,883
8,091,983	Federal Home Loan Mortgage Corporation, Pool Q23595	4.00%		12/01/2043	8,571,571
11,058,943	Federal Home Loan Mortgage Corporation, Pool Q24052	4.00%		01/01/2044	11,714,379
9,100,399	Federal Home Loan Mortgage Corporation, Pool Q24172	4.00%		01/01/2044	9,639,532
7,895,176	Federal Home Loan Mortgage Corporation, Pool Q24979	4.00%		02/01/2044	8,362,959
60,769,732	Federal Home Loan Mortgage Corporation, Pool Q31596	3.50%		02/01/2045	62,241,926
21,996,219	Federal Home Loan Mortgage Corporation, Pool Q32861	3.50%		04/01/2045	22,555,647
60,189,362	Federal Home Loan Mortgage Corporation, Pool Q32921	3.50%		04/01/2045	61,648,224
34,692,753	Federal Home Loan Mortgage Corporation, Pool Q39502	3.50%		03/01/2046	35,618,972
7,819,486	Federal Home Loan Mortgage Corporation, Pool T60392	4.00%		10/01/2041	8,131,530
7,743,555	Federal Home Loan Mortgage Corporation, Pool T60681	4.00%		05/01/2042	8,052,683
24,270,535	Federal Home Loan Mortgage Corporation, Pool T60782	3.50%		07/01/2042	24,708,691
42,555,633	Federal Home Loan Mortgage Corporation, Pool T60853	3.50%		09/01/2042	43,323,813
33,306,758	Federal Home Loan Mortgage Corporation, Pool T60854	3.50%		09/01/2042	33,906,785
3,917,918	Federal Home Loan Mortgage Corporation, Pool T65110	3.50%		10/01/2042	3,988,489
8,870,470	Federal Home Loan Mortgage Corporation, Pool T69016	5.00%		06/01/2041	9,408,479
31,040,296	Federal Home Loan Mortgage Corporation, Pool T69050	3.50%		05/01/2046	31,603,248
684,235	Federal Home Loan Mortgage Corporation, Pool U60299	4.00%		11/01/2040	724,706
171,828,422	Federal Home Loan Mortgage Corporation, Pool V81821	3.00%		08/01/2045	170,770,907
46,106,217	Federal Home Loan Mortgage Corporation, Pool V82117	3.00%		12/01/2045	45,822,432
53,178,243	Federal Home Loan Mortgage Corporation, Pool V82209	3.50%		02/01/2046	54,598,009
16,406,010	Federal Home Loan Mortgage Corporation, Pool V82248	3.50%		03/01/2046	16,849,289
129,519,059	Federal Home Loan Mortgage Corporation, Pool V82851	3.00%		01/01/2047	128,435,325
73,556,727	Federal Home Loan Mortgage Corporation, Series 2015-SC02-1A	3.00%		09/25/2045	71,274,534
49,890,831	Federal Home Loan Mortgage Corporation, Series 2016-SC01-1A	3.00%		07/25/2046	48,806,179

1,900,034	Federal Home Loan Mortgage Corporation, Series 2519-ZD	5.50%		11/15/2032	2,079,875
1,139,032	Federal Home Loan Mortgage Corporation, Series 2596-ZL	5.00%		04/15/2033	1,244,575
56,034,234	Federal Home Loan Mortgage Corporation, Series 267-30	3.00%		08/15/2042	55,255,687
622,192	Federal Home Loan Mortgage Corporation, Series 2684-ZN	4.00%		10/15/2033	652,829
106,971,113	Federal Home Loan Mortgage Corporation, Series 269-30	3.00%		08/15/2042	105,569,085
46,059,738	Federal Home Loan Mortgage Corporation, Series 274-30	3.00%		08/15/2042	45,453,525
4,119,629	Federal Home Loan Mortgage Corporation, Series 2750-ZT	5.00%		02/15/2034	4,517,632
131,655,092	Federal Home Loan Mortgage Corporation, Series 280-30	3.00%		09/15/2042	130,011,181
16,793,904	Federal Home Loan Mortgage Corporation, Series 2819-MS	5.56%	#I/F I/O	06/15/2040	2,650,177
10,351,048	Federal Home Loan Mortgage Corporation, Series 2825-PZ	5.50%		07/15/2034	11,374,471
31,968,151	Federal Home Loan Mortgage Corporation, Series 284-300	3.00%		10/15/2042	31,508,555
6,498,615	Federal Home Loan Mortgage Corporation, Series 2898-JZ	5.00%		12/15/2034	7,166,872
14,012,629	Federal Home Loan Mortgage Corporation, Series 2899-AZ	5.00%		12/15/2034	15,383,612
10,579,895	Federal Home Loan Mortgage Corporation, Series 2909-Z	5.00%		12/15/2034	11,601,693
18,739,827	Federal Home Loan Mortgage Corporation, Series 2932-Z	5.00%		02/15/2035	20,548,640
1,781,851	Federal Home Loan Mortgage Corporation, Series 2990-JL	5.74%	#I/F I/O	03/15/2035	201,833
6,382,063	Federal Home Loan Mortgage Corporation, Series 3002-SN	5.59%	#I/F I/O	07/15/2035	1,015,140
4,369,135	Federal Home Loan Mortgage Corporation, Series 3030-SL	5.19%	#I/F I/O	09/15/2035	657,744
1,313,481	Federal Home Loan Mortgage Corporation, Series 3045-DI	5.82%	#I/F I/O	10/15/2035	211,649
10,421,698	Federal Home Loan Mortgage Corporation, Series 3116-Z	5.50%		02/15/2036	11,703,350
1,941,598	Federal Home Loan Mortgage Corporation, Series 3117-ZN	4.50%		02/15/2036	2,051,564
5,529,455	Federal Home Loan Mortgage Corporation, Series 3174-PZ	5.00%		01/15/2036	6,045,150
1,284,310	Federal Home Loan Mortgage Corporation, Series 3187-JZ	5.00%		07/15/2036	1,412,055
3,451,699	Federal Home Loan Mortgage Corporation, Series 3188-ZK	5.00%		07/15/2036	3,781,860
5,325,554	Federal Home Loan Mortgage Corporation, Series 3203-SE	5.59%	#I/F I/O	08/15/2036	890,868
8,116,535	Federal Home Loan Mortgage Corporation, Series 3203-Z	5.00%		07/15/2036	8,877,265
12,860,707	Federal Home Loan Mortgage Corporation, Series 3203-ZC	5.00%		07/15/2036	14,066,089
6,406,539	Federal Home Loan Mortgage Corporation, Series 3261-SA	5.52%	#I/F I/O	01/15/2037	1,175,224
2,254,192	Federal Home Loan Mortgage Corporation, Series 3267-BA	5.80%		11/15/2036	2,363,447
7,980,052	Federal Home Loan Mortgage Corporation, Series 3275-SC	5.17%	#I/F I/O	02/15/2037	1,023,537
4,078,878	Federal Home Loan Mortgage Corporation, Series 3315-HZ	6.00%		05/15/2037	4,253,186
10,055,927	Federal Home Loan Mortgage Corporation, Series 3326-GS	5.74%	#I/F I/O	06/15/2037	1,095,548
1,349,721	Federal Home Loan Mortgage Corporation, Series 3351-ZC	5.50%		07/15/2037	1,508,437
14,093,670	Federal Home Loan Mortgage Corporation, Series 3355-BI	5.14%	#I/F I/O	08/15/2037	2,125,833
802,940	Federal Home Loan Mortgage Corporation, Series 3369-Z	6.00%		09/15/2037	868,241
2,984,685	Federal Home Loan Mortgage Corporation, Series 3405-ZG	5.50%		01/15/2038	3,254,014
5,420,222	Federal Home Loan Mortgage Corporation, Series 3417-SI	5.27%	#I/F I/O	02/15/2038	770,726
6,605,025	Federal Home Loan Mortgage Corporation, Series 3423-GS	4.74%	#I/F I/O	03/15/2038	752,812
1,084,615	Federal Home Loan Mortgage Corporation, Series 3423-SG	4.74%	#I/F I/O	03/15/2038	113,754
1,156,949	Federal Home Loan Mortgage Corporation, Series 3451-S	5.12%	#I/F I/O	02/15/2037	124,666
1,503,951	Federal Home Loan Mortgage Corporation, Series 3455-SC	5.15%	#I/F I/O	06/15/2038	183,973
980,294	Federal Home Loan Mortgage Corporation, Series 3473-SM	5.16%	#I/F I/O	07/15/2038	126,000
7,173,121	Federal Home Loan Mortgage Corporation, Series 3484-SE	4.94%	#I/F I/O	08/15/2038	1,066,327
6,842,488	Federal Home Loan Mortgage Corporation, Series 3519-SD	4.64%	#I/F I/O	02/15/2038	1,017,364
2,471,059	Federal Home Loan Mortgage Corporation, Series 3524-LB	3.97%	#	06/15/2038	2,379,526
212,676	Federal Home Loan Mortgage Corporation, Series 3530-GZ	4.50%		05/15/2039	210,471
9,454,339	Federal Home Loan Mortgage Corporation, Series 3541-EI	5.84%	#I/F I/O	06/15/2039	1,504,015
2,303,732	Federal Home Loan Mortgage Corporation, Series 3545-SA	5.24%	#I/F I/O	06/15/2039	291,267
958,347	Federal Home Loan Mortgage Corporation, Series 3549-SA	4.89%	#I/F I/O	07/15/2039	112,379
10,660,315	Federal Home Loan Mortgage Corporation, Series 3577-LS	6.29%	#I/F I/O	08/15/2035	1,867,122
2,412,128	Federal Home Loan Mortgage Corporation, Series 3582-SA	5.09%	#I/F I/O	10/15/2049	310,650
3,217,719	Federal Home Loan Mortgage Corporation, Series 3583-GB	4.50%		10/15/2039	3,445,337
23,067,303	Federal Home Loan Mortgage Corporation, Series 3606-CS	5.44%	#I/F I/O	12/15/2039	4,196,228
6,178,339	Federal Home Loan Mortgage Corporation, Series 3616-SG	5.44%	#I/F I/O	03/15/2032	1,021,514
8,976,003	Federal Home Loan Mortgage Corporation, Series 3626-AZ	5.50%		08/15/2036	9,747,907
1,037,586	Federal Home Loan Mortgage Corporation, Series 3631-SE	5.49%	#I/F I/O	05/15/2039	21,863
12,530,517	Federal Home Loan Mortgage Corporation, Series 3641-Z	5.50%		02/15/2036	13,829,397
12,604,287	Federal Home Loan Mortgage Corporation, Series 3654-ZB	5.50%		11/15/2037	13,623,255
28,707,678	Federal Home Loan Mortgage Corporation, Series 3666-VZ	5.50%		08/15/2036	31,352,930
3,096,506	Federal Home Loan Mortgage Corporation, Series 3667-SB	5.54%	#I/F I/O	05/15/2040	454,418
11,199,837	Federal Home Loan Mortgage Corporation, Series 3702-SG	5.14%	#I/F I/O	08/15/2032	1,827,801
3,208,291	Federal Home Loan Mortgage Corporation, Series 3704-EI	5.00%	I/O	12/15/2036	820,694
3,741,293	Federal Home Loan Mortgage Corporation, Series 3712-SG	21.08%	#I/F	08/15/2040	5,430,466
7,357,920	Federal Home Loan Mortgage Corporation, Series 3724-CM	5.50%		06/15/2037	8,188,775
76,408,546	Federal Home Loan Mortgage Corporation, Series 3725-CS	5.09%	#I/F I/O	05/15/2040	9,188,273
23,679,338	Federal Home Loan Mortgage Corporation, Series 3726-SA	5.14%	#I/F I/O	09/15/2040	3,625,896
71,544,427	Federal Home Loan Mortgage Corporation, Series 3738-BP	4.00%		12/15/2038	74,686,944
2,564,253	Federal Home Loan Mortgage Corporation, Series 3741-SC	8.18%	#I/F	10/15/2040	2,804,405
19,609,735	Federal Home Loan Mortgage Corporation, Series 3752-BS	8.43%	#I/F	11/15/2040	19,814,690
16,391,410	Federal Home Loan Mortgage Corporation, Series 3768-ZX	5.00%		12/15/2040	18,346,322
8,630,307	Federal Home Loan Mortgage Corporation, Series 3771-AL	4.00%		12/15/2030	9,034,892
18,761,630	Federal Home Loan Mortgage Corporation, Series 3779-BY	3.50%		12/15/2030	19,880,821
28,082,726	Federal Home Loan Mortgage Corporation, Series 3779-DZ	4.50%		12/15/2040	29,304,232
24,250,000	Federal Home Loan Mortgage Corporation, Series 3779-LB	4.00%		12/15/2030	25,695,591
3,500,000	Federal Home Loan Mortgage Corporation, Series 3779-YA	3.50%		12/15/2030	3,625,183
15,000,000	Federal Home Loan Mortgage Corporation, Series 3783-AC	4.00%		01/15/2031	16,246,359
9,362,730	Federal Home Loan Mortgage Corporation, Series 3786-SG	7.68%	#I/F	01/15/2041	9,710,563
11,731,674	Federal Home Loan Mortgage Corporation, Series 3788-AY	3.50%		01/15/2031	12,222,371
6,633,781	Federal Home Loan Mortgage Corporation, Series 3790-Z	4.00%		01/15/2041	6,943,225
12,792,276	Federal Home Loan Mortgage Corporation, Series 3795-VZ	4.00%		01/15/2041	13,479,523

504,765	Federal Home Loan Mortgage Corporation, Series 3798-SD	7.78%	#I/F	12/15/2040	513,627
20,412,356	Federal Home Loan Mortgage Corporation, Series 3800-VZ	4.50%		02/15/2041	22,581,726
10,849,942	Federal Home Loan Mortgage Corporation, Series 3803-ZM	4.00%		02/15/2041	11,097,451
59,390,463	Federal Home Loan Mortgage Corporation, Series 3806-CZ	5.50%		07/15/2034	66,331,213
18,000,000	Federal Home Loan Mortgage Corporation, Series 3808-DB	3.50%		02/15/2031	18,653,011
15,277,557	Federal Home Loan Mortgage Corporation, Series 3812-EY	3.50%		02/15/2031	15,881,253
7,583,566	Federal Home Loan Mortgage Corporation, Series 3818-CZ	4.50%		03/15/2041	8,190,251
14,402,539	Federal Home Loan Mortgage Corporation, Series 3819-ZU	5.50%		07/15/2034	15,808,814
35,500,000	Federal Home Loan Mortgage Corporation, Series 3824-EY	3.50%		03/15/2031	37,656,284
3,350,433	Federal Home Loan Mortgage Corporation, Series 3828-SW	10.46%	#I/F	02/15/2041	4,157,498
16,519,645	Federal Home Loan Mortgage Corporation, Series 3829-VZ	4.00%		03/15/2041	17,532,591
6,717,101	Federal Home Loan Mortgage Corporation, Series 3843-PZ	5.00%		04/15/2041	7,735,411
42,940,221	Federal Home Loan Mortgage Corporation, Series 3863-ZA	5.50%		08/15/2034	46,952,057
10,229,000	Federal Home Loan Mortgage Corporation, Series 3870-PB	4.50%		06/15/2041	10,959,512
66,309,659	Federal Home Loan Mortgage Corporation, Series 3871-LZ	5.50%		06/15/2041	75,690,930
20,455,890	Federal Home Loan Mortgage Corporation, Series 3872-BA	4.00%		06/15/2041	21,075,339
15,331,342	Federal Home Loan Mortgage Corporation, Series 3877-EY	4.50%		06/15/2041	16,402,032
8,766,133	Federal Home Loan Mortgage Corporation, Series 3877-GY	4.50%		06/15/2041	9,268,793
42,229,669	Federal Home Loan Mortgage Corporation, Series 3877-ZU	4.50%		06/15/2041	43,737,040
32,583,743	Federal Home Loan Mortgage Corporation, Series 3888-ZG	4.00%		07/15/2041	34,520,390
20,637,541	Federal Home Loan Mortgage Corporation, Series 3888-ZU	4.50%		06/15/2041	22,621,037
9,033,502	Federal Home Loan Mortgage Corporation, Series 3900-SB	5.06%	#I/F I/O	07/15/2041	1,148,593
44,262,192	Federal Home Loan Mortgage Corporation, Series 3901-VZ	4.00%		07/15/2041	47,153,908
23,782,700	Federal Home Loan Mortgage Corporation, Series 3910-GZ	5.00%		08/15/2041	27,291,995
9,103,965	Federal Home Loan Mortgage Corporation, Series 3910-ZE	5.00%		10/15/2034	9,946,189
12,330,000	Federal Home Loan Mortgage Corporation, Series 3919-KL	4.50%		09/15/2041	13,100,921
30,038,329	Federal Home Loan Mortgage Corporation, Series 3919-ZJ	4.00%		09/15/2041	31,527,569
4,322,957	Federal Home Loan Mortgage Corporation, Series 3942-JZ	4.00%		10/15/2041	4,477,723
12,414,827	Federal Home Loan Mortgage Corporation, Series 3944-AZ	4.00%		10/15/2041	12,647,260
4,205,115	Federal Home Loan Mortgage Corporation, Series 3946-SM	11.96%	#I/F	10/15/2041	5,164,370
7,338,742	Federal Home Loan Mortgage Corporation, Series 3957-DZ	3.50%		11/15/2041	7,431,083
10,000,000	Federal Home Loan Mortgage Corporation, Series 3964-VM	4.00%		11/15/2034	10,554,934
41,298,045	Federal Home Loan Mortgage Corporation, Series 3969-AB	4.00%		10/15/2033	42,777,452
11,979,001	Federal Home Loan Mortgage Corporation, Series 3982-AZ	3.50%		01/15/2042	12,588,887
60,187,294	Federal Home Loan Mortgage Corporation, Series 3990-ZA	3.50%		01/15/2042	60,349,318
18,375,999	Federal Home Loan Mortgage Corporation, Series 3999-EZ	4.00%		02/15/2042	19,536,627
51,452,797	Federal Home Loan Mortgage Corporation, Series 3999-ZB	4.00%		02/15/2042	53,808,393
29,173,648	Federal Home Loan Mortgage Corporation, Series 4016-KZ	4.00%		03/15/2042	30,880,537
18,283,197	Federal Home Loan Mortgage Corporation, Series 4050-BC	2.00%		05/15/2041	18,137,855
72,532,055	Federal Home Loan Mortgage Corporation, Series 4057-ZA	4.00%		06/15/2042	76,278,220
72,266,988	Federal Home Loan Mortgage Corporation, Series 4084-TZ	4.00%		07/15/2042	76,391,178
9,910,726	Federal Home Loan Mortgage Corporation, Series 4097-TG	2.00%		05/15/2039	9,884,937
40,429,720	Federal Home Loan Mortgage Corporation, Series 4097-ZA	3.50%		08/15/2042	40,800,894
97,063,000	Federal Home Loan Mortgage Corporation, Series 4109-GE	4.50%		10/15/2041	102,951,482
12,231,366	Federal Home Loan Mortgage Corporation, Series 4109-KD	3.00%		05/15/2032	12,364,422
5,151,058	Federal Home Loan Mortgage Corporation, Series 4121-AV	3.00%		12/15/2035	5,094,155
59,534,530	Federal Home Loan Mortgage Corporation, Series 4160-HP	2.50%		01/15/2033	60,088,117
28,752,441	Federal Home Loan Mortgage Corporation, Series 4162-ZJ	3.00%		02/15/2033	28,052,935
6,054,743	Federal Home Loan Mortgage Corporation, Series 4165-ZT	3.00%		02/15/2043	5,605,250
41,465,298	Federal Home Loan Mortgage Corporation, Series 4174-Z	3.50%		03/15/2043	41,985,290
103,595,166	Federal Home Loan Mortgage Corporation, Series 4179-AZ	4.00%		01/15/2041	108,598,937
30,421,151	Federal Home Loan Mortgage Corporation, Series 4183-ZB	3.00%		03/15/2043	27,878,372
18,931,234	Federal Home Loan Mortgage Corporation, Series 4186-ZJ	3.00%		03/15/2033	18,017,069
13,000,000	Federal Home Loan Mortgage Corporation, Series 4189-ML	3.00%		04/15/2038	12,657,986
177,393,975	Federal Home Loan Mortgage Corporation, Series 4212-US	4.46%	#I/F	06/15/2043	150,457,533
12,588,156	Federal Home Loan Mortgage Corporation, Series 4215-KC	2.25%		03/15/2038	12,690,639
77,422,868	Federal Home Loan Mortgage Corporation, Series 4223-US	4.48%	#I/F	07/15/2043	68,105,854
23,153,710	Federal Home Loan Mortgage Corporation, Series 4223-ZV	4.00%		07/15/2043	24,464,032
28,511,854	Federal Home Loan Mortgage Corporation, Series 4229-TZ	3.00%		06/15/2043	27,093,147
28,942,138	Federal Home Loan Mortgage Corporation, Series 4229-ZA	4.00%		07/15/2043	30,732,990
22,200,427	Federal Home Loan Mortgage Corporation, Series 4249-CS	4.06%	#I/F	09/15/2043	20,457,203
21,198,026	Federal Home Loan Mortgage Corporation, Series 4250-BZ	3.00%		09/15/2033	20,387,918
21,401,105	Federal Home Loan Mortgage Corporation, Series 4267-BZ	4.00%		10/15/2040	22,515,781
81,319,276	Federal Home Loan Mortgage Corporation, Series 4323-GA	3.00%		06/15/2040	83,657,352
17,857,182	Federal Home Loan Mortgage Corporation, Series 4355-ZX	4.00%		05/15/2044	19,060,969
33,895,687	Federal Home Loan Mortgage Corporation, Series 4360-KA	3.00%		05/15/2040	34,394,916
55,492,263	Federal Home Loan Mortgage Corporation, Series 4375-CG	3.00%		04/15/2039	56,840,947
14,586,449	Federal Home Loan Mortgage Corporation, Series 4376-GZ	3.00%		08/15/2044	13,521,817
46,373,849	Federal Home Loan Mortgage Corporation, Series 4377-LZ	3.00%		08/15/2044	42,455,644
56,391,390	Federal Home Loan Mortgage Corporation, Series 4377-UZ	3.00%		08/15/2044	51,766,969
7,757,472	Federal Home Loan Mortgage Corporation, Series 4379-KA	3.00%		08/15/2044	7,926,795
26,681,449	Federal Home Loan Mortgage Corporation, Series 4384-A	3.00%		12/15/2040	27,035,336
25,348,716	Federal Home Loan Mortgage Corporation, Series 4384-ZY	3.00%		09/15/2044	23,052,173
1,865,878	Federal Home Loan Mortgage Corporation, Series 4386-US	6.76%	#I/F	09/15/2044	1,829,903
230,299,284	Federal Home Loan Mortgage Corporation, Series 4390-NY	3.00%		06/15/2040	234,896,196
128,471,766	Federal Home Loan Mortgage Corporation, Series 4390-NZ	3.00%		09/15/2044	118,802,248
60,236,996	Federal Home Loan Mortgage Corporation, Series 4391-MA	3.00%		07/15/2040	61,431,857
76,186,296	Federal Home Loan Mortgage Corporation, Series 4408-PB	3.00%		04/15/2044	76,040,026
6,106,063	Federal Home Loan Mortgage Corporation, Series 4419-TB	3.00%		02/15/2040	6,141,177
109,260,683	Federal Home Loan Mortgage Corporation, Series 4427-CE	3.00%		02/15/2034	112,000,362

67,647,390	Federal Home Loan Mortgage Corporation, Series 4427-MA	3.00%		02/15/2034	69,267,274
41,525,665	Federal Home Loan Mortgage Corporation, Series 4427-PS	4.69%	#I/F I/O	07/15/2044	6,345,346
55,837,329	Federal Home Loan Mortgage Corporation, Series 4429-HA	3.00%		04/15/2034	56,865,557
24,481,463	Federal Home Loan Mortgage Corporation, Series 4434-LZ	3.00%		02/15/2045	22,352,408
14,063,633	Federal Home Loan Mortgage Corporation, Series 4438-B	3.00%		10/15/2043	14,297,680
9,153,938	Federal Home Loan Mortgage Corporation, Series 4441-VZ	3.00%		02/15/2045	8,361,401
62,373,457	Federal Home Loan Mortgage Corporation, Series 4444-CH	3.00%		01/15/2041	63,814,191
26,610,286	Federal Home Loan Mortgage Corporation, Series 4444-CZ	3.00%		02/15/2045	23,952,559
59,544,506	Federal Home Loan Mortgage Corporation, Series 4447-A	3.00%		06/15/2041	60,683,056
24,912,288	Federal Home Loan Mortgage Corporation, Series 4447-YZ	4.00%		08/15/2043	26,424,882
7,963,178	Federal Home Loan Mortgage Corporation, Series 4450-JZ	3.00%		03/15/2045	7,231,346
6,925,055	Federal Home Loan Mortgage Corporation, Series 4461-LZ	3.00%		03/15/2045	6,285,705
8,167,851	Federal Home Loan Mortgage Corporation, Series 4462-ZA	3.00%		04/15/2045	7,610,681
47,659,917	Federal Home Loan Mortgage Corporation, Series 4463-ZC	3.00%		04/15/2045	44,036,967
26,477,732	Federal Home Loan Mortgage Corporation, Series 4467-ZA	3.00%		04/15/2045	23,853,770
181,096,662	Federal Home Loan Mortgage Corporation, Series 4471-BA	3.00%		12/15/2041	182,446,846
157,473,592	Federal Home Loan Mortgage Corporation, Series 4471-BC	3.00%		12/15/2041	160,548,768
140,192,234	Federal Home Loan Mortgage Corporation, Series 4471-GA	3.00%		02/15/2044	141,119,297
63,809,287	Federal Home Loan Mortgage Corporation, Series 4481-B	3.00%		12/15/2042	64,046,913
252,135,287	Federal Home Loan Mortgage Corporation, Series 4483-CA	3.00%		06/15/2044	254,744,761
145,975,745	Federal Home Loan Mortgage Corporation, Series 4483-PA	2.50%		06/15/2045	146,005,641
15,807,503	Federal Home Loan Mortgage Corporation, Series 4484-ZL	3.00%		06/15/2045	14,757,648
8,479,826	Federal Home Loan Mortgage Corporation, Series 4492-GZ	3.50%		07/15/2045	8,259,298
43,100,244	Federal Home Loan Mortgage Corporation, Series 4498-PD	2.50%		08/15/2042	43,009,471
36,552,231	Federal Home Loan Mortgage Corporation, Series 4499-AB	3.00%		06/15/2042	36,771,215
63,189,002	Federal Home Loan Mortgage Corporation, Series 4504-CA	3.00%		04/15/2044	64,198,256
36,991,124	Federal Home Loan Mortgage Corporation, Series 4511-QA	3.00%		01/15/2041	37,421,767
30,795,405	Federal Home Loan Mortgage Corporation, Series 4511-QC	3.00%		12/15/2040	31,245,640
74,522,660	Federal Home Loan Mortgage Corporation, Series 4527-CA	3.00%		02/15/2044	75,420,546
175,492,787	Federal Home Loan Mortgage Corporation, Series 4527-GA	3.00%		02/15/2044	178,467,354
169,327,213	Federal Home Loan Mortgage Corporation, Series 4533-AB	3.00%		06/15/2044	168,664,975
149,770,469	Federal Home Loan Mortgage Corporation, Series 4543-HG	2.70%		04/15/2044	148,823,470
236,053,308	Federal Home Loan Mortgage Corporation, Series 4573-CA	3.00%		11/15/2044	233,914,169
77,174,781	Federal Home Loan Mortgage Corporation, Series 4573-DA	3.00%		03/15/2045	76,409,446
170,130,748	Federal Home Loan Mortgage Corporation, Series 4582-HA	3.00%		09/15/2045	172,383,245
86,127,140	Federal Home Loan Mortgage Corporation, Series 4588-DA	3.00%		02/15/2044	86,704,278
83,766,033	Federal Home Loan Mortgage Corporation, Series 4629-KA	3.00%		03/15/2045	84,728,220
89,654,817	Federal Home Loan Mortgage Corporation, Series R003-ZA	5.50%		10/15/2035	101,544,481
267,591,486	Federal Home Loan Mortgage Corporation Pass-Thru, Pool Z40117-Z4	3.00%		04/01/2045	265,477,406
6,583,000	Federal Home Loan Mortgage Corporation Pass-Thru, Series K054-A2	2.75%		01/25/2026	6,535,460
39,064,833	Federal National Mortgage Association, Pool AL9220	3.00%		06/01/2045	38,970,177
85,090,878	Federal National Mortgage Association, Pool AS7473	3.00%		07/01/2046	84,100,244
11,646,037	Federal National Mortgage Association, Pool AS7610	2.50%		07/01/2046	11,047,225
187,709,543	Federal National Mortgage Association, Pool AS7661	3.00%		08/01/2046	185,524,204
108,146,542	Federal National Mortgage Association, Pool AS8111	3.00%		10/01/2041	107,895,537
72,676,268	Federal National Mortgage Association, Pool AS8306	3.00%		11/01/2041	72,507,588
376,978,583	Federal National Mortgage Association, Pool AS8356	3.00%		11/01/2046	372,589,878
44,665,088	Federal National Mortgage Association, Pool AS8522	3.00%		12/01/2046	44,339,718
22,792,999	Federal National Mortgage Association, Pool AZ0576	3.50%		04/01/2042	23,467,861
26,720,604	Federal National Mortgage Association, Pool BC9081	3.00%		12/01/2046	26,525,954
163,623,012	Federal National Mortgage Association, Pool MA2621	3.50%		05/01/2046	166,854,951
126,038,710	Federal National Mortgage Association, Pool MA2649	3.00%		06/01/2046	124,572,439
45,147,963	Federal National Mortgage Association, Pool MA2673	3.00%		07/01/2046	44,622,331
136,184,659	Federal National Mortgage Association, Pool MA2711	3.00%		08/01/2046	134,599,122
77,151,025	Federal National Mortgage Association, Pool MA2737	3.00%		09/01/2046	76,588,989
12,679,089	Federal National Mortgage Association, Pool MA2743	3.00%		09/01/2046	12,531,472
1,114,858	Federal National Mortgage Association, Series 2002-70-QZ	5.50%		11/25/2032	1,217,874
1,738,849	Federal National Mortgage Association, Series 2002-75-ZG	5.50%		11/25/2032	1,946,859
794,104	Federal National Mortgage Association, Series 2003-117-KS	6.12%	#I/F I/O	08/25/2033	20,753
22,830,849	Federal National Mortgage Association, Series 2003-129-ZT	5.50%		01/25/2034	26,025,172
4,435,973	Federal National Mortgage Association, Series 2003-29-ZL	5.00%		04/25/2033	4,857,864
2,201,100	Federal National Mortgage Association, Series 2003-64-ZG	5.50%		07/25/2033	2,387,064
18,746,854	Federal National Mortgage Association, Series 2003-84-PZ	5.00%		09/25/2033	20,465,476
15,280,566	Federal National Mortgage Association, Series 2003-W17-1A7	5.75%		08/25/2033	17,144,572
5,047,433	Federal National Mortgage Association, Series 2004-46-PJ	5.02%	#I/F I/O	03/25/2034	605,277
4,146,174	Federal National Mortgage Association, Series 2004-51-XP	6.72%	#I/F I/O	07/25/2034	920,508
5,000,000	Federal National Mortgage Association, Series 2004-W10-A6	5.75%		08/25/2034	5,625,905
1,394,579	Federal National Mortgage Association, Series 2004-W4-A5	5.50%		06/25/2034	1,451,557
336,748	Federal National Mortgage Association, Series 2005-107-EG	4.50%		01/25/2026	358,098
1,057,165	Federal National Mortgage Association, Series 2005-37-ZK	4.50%		05/25/2035	1,115,606
10,020,671	Federal National Mortgage Association, Series 2005-87-SE	5.07%	#I/F I/O	10/25/2035	1,550,623
8,149,341	Federal National Mortgage Association, Series 2005-87-SG	5.72%	#I/F I/O	10/25/2035	1,296,990
6,603,396	Federal National Mortgage Association, Series 2006-101-SA	5.60%	#I/F I/O	10/25/2036	1,104,629
2,754,490	Federal National Mortgage Association, Series 2006-123-LI	5.34%	#I/F I/O	01/25/2037	489,621
1,960,223	Federal National Mortgage Association, Series 2006-16-HZ	5.50%		03/25/2036	2,090,948
11,574,956	Federal National Mortgage Association, Series 2006-56-SM	5.77%	#I/F I/O	07/25/2036	1,842,074
17,534,591	Federal National Mortgage Association, Series 2006-60-YI	5.59%	#I/F I/O	07/25/2036	4,021,641
1,653,695	Federal National Mortgage Association, Series 2006-93-SN	5.62%	#I/F I/O	10/25/2036	248,719
13,719,988	Federal National Mortgage Association, Series 2007-109-VZ	5.00%		10/25/2035	15,140,124
1,886,739	Federal National Mortgage Association, Series 2007-116-BI	5.27%	#I/F I/O	05/25/2037	286,704

10,608,550	Federal National Mortgage Association, Series 2007-14-PS	5.83%	#I/F I/O	03/25/2037	2,001,854
5,090,421	Federal National Mortgage Association, Series 2007-30-OI	5.46%	#I/F I/O	04/25/2037	887,841
1,180,662	Federal National Mortgage Association, Series 2007-30-SI	5.13%	#I/F I/O	04/25/2037	154,568
5,591,131	Federal National Mortgage Association, Series 2007-32-SG	5.12%	#I/F I/O	04/25/2037	943,612
4,551,915	Federal National Mortgage Association, Series 2007-57-SX	5.64%	#I/F I/O	10/25/2036	824,046
6,854,429	Federal National Mortgage Association, Series 2007-60-VZ	6.00%		07/25/2037	7,762,091
3,008,975	Federal National Mortgage Association, Series 2007-71-GZ	6.00%		07/25/2047	3,302,241
5,494,776	Federal National Mortgage Association, Series 2007-75-ID	4.89%	#I/F I/O	08/25/2037	926,913
1,537,642	Federal National Mortgage Association, Series 2007-9-SD	5.67%	#I/F I/O	03/25/2037	183,548
1,107,131	Federal National Mortgage Association, Series 2008-27-B	5.50%		04/25/2038	1,173,310
6,361,165	Federal National Mortgage Association, Series 2008-29-ZA	4.50%		04/25/2038	6,821,579
12,368,724	Federal National Mortgage Association, Series 2008-48-BE	5.00%		06/25/2034	13,497,101
2,172,559	Federal National Mortgage Association, Series 2008-48-SD	5.02%	#I/F I/O	06/25/2037	304,085
2,153,577	Federal National Mortgage Association, Series 2008-53-LI	5.17%	#I/F I/O	07/25/2038	263,876
2,048,099	Federal National Mortgage Association, Series 2008-57-SE	5.02%	#I/F I/O	02/25/2037	266,480
1,514,842	Federal National Mortgage Association, Series 2008-5-MS	5.27%	#I/F I/O	02/25/2038	211,836
1,912,806	Federal National Mortgage Association, Series 2008-61-SC	5.02%	#I/F I/O	07/25/2038	235,237
2,458,394	Federal National Mortgage Association, Series 2008-62-SC	5.02%	#I/F I/O	07/25/2038	316,875
3,450,823	Federal National Mortgage Association, Series 2008-65-SA	5.02%	#I/F I/O	08/25/2038	521,577
3,547,125	Federal National Mortgage Association, Series 2008-81-LP	5.50%		09/25/2038	3,833,546
10,629,795	Federal National Mortgage Association, Series 2009-106-EZ	4.50%		01/25/2040	11,131,751
2,894,104	Federal National Mortgage Association, Series 2009-111-SE	5.27%	#I/F I/O	01/25/2040	424,571
877,509	Federal National Mortgage Association, Series 2009-16-MZ	5.00%		03/25/2029	959,883
5,965,467	Federal National Mortgage Association, Series 2009-42-SI	5.02%	#I/F I/O	06/25/2039	829,422
3,083,538	Federal National Mortgage Association, Series 2009-42-SX	5.02%	#I/F I/O	06/25/2039	362,065
2,508,499	Federal National Mortgage Association, Series 2009-47-SA	5.12%	#I/F I/O	07/25/2039	281,787
1,205,688	Federal National Mortgage Association, Series 2009-48-WS	4.97%	#I/F I/O	07/25/2039	128,503
8,276,114	Federal National Mortgage Association, Series 2009-49-S	5.77%	#I/F I/O	07/25/2039	1,546,489
1,191,515	Federal National Mortgage Association, Series 2009-51-BZ	4.50%		07/25/2039	1,250,222
2,529,731	Federal National Mortgage Association, Series 2009-54-EZ	5.00%		07/25/2039	2,716,140
2,491,818	Federal National Mortgage Association, Series 2009-70-SA	4.82%	#I/F I/O	09/25/2039	255,410
8,451,649	Federal National Mortgage Association, Series 2009-80-PM	4.50%		10/25/2039	9,062,004
4,322,497	Federal National Mortgage Association, Series 2009-83-Z	4.50%		10/25/2039	4,524,516
18,054,151	Federal National Mortgage Association, Series 2009-85-ES	6.25%	#I/F I/O	01/25/2036	3,449,130
25,208,473	Federal National Mortgage Association, Series 2009-85-JS	5.77%	#I/F I/O	10/25/2039	4,483,768
3,408,431	Federal National Mortgage Association, Series 2009-90-IB	4.74%	#I/F I/O	04/25/2037	432,667
2,316,096	Federal National Mortgage Association, Series 2009-94-BC	5.00%		11/25/2039	2,477,159
21,670,672	Federal National Mortgage Association, Series 2010-101-SA	3.50%	#I/F I/O	09/25/2040	2,350,217
10,871,231	Federal National Mortgage Association, Series 2010-101-ZC	4.50%		09/25/2040	11,576,863
32,343,863	Federal National Mortgage Association, Series 2010-101-ZH	4.50%		07/25/2040	34,134,296
7,595,078	Federal National Mortgage Association, Series 2010-10-SA	5.37%	#I/F I/O	02/25/2040	1,284,266
3,482,574	Federal National Mortgage Association, Series 2010-10-ZA	4.50%		02/25/2040	3,591,183
1,820,669	Federal National Mortgage Association, Series 2010-111-S	4.97%	#I/F I/O	10/25/2050	224,135
6,437,628	Federal National Mortgage Association, Series 2010-116-Z	4.00%		10/25/2040	6,799,072
2,934,323	Federal National Mortgage Association, Series 2010-117-SA	3.52%	#I/F I/O	10/25/2040	237,511
5,524,947	Federal National Mortgage Association, Series 2010-120-KD	4.00%		10/25/2040	5,856,093
38,592,561	Federal National Mortgage Association, Series 2010-121-SD	3.52%	#I/F I/O	10/25/2040	3,354,373
242,685	Federal National Mortgage Association, Series 2010-126-SU	46.37%	#I/F	11/25/2040	784,636
178,693	Federal National Mortgage Association, Series 2010-126-SX	12.65%	#I/F	11/25/2040	273,801
8,764,639	Federal National Mortgage Association, Series 2010-128-HZ	4.00%		11/25/2040	9,076,567
6,870,028	Federal National Mortgage Association, Series 2010-132-Z	4.50%		11/25/2040	7,210,184
88,008	Federal National Mortgage Association, Series 2010-137-VS	12.65%	#I/F	12/25/2040	121,434
17,357,299	Federal National Mortgage Association, Series 2010-142-AZ	4.00%		12/25/2040	17,867,482
19,926,373	Federal National Mortgage Association, Series 2010-148-SA	5.67%	#I/F I/O	01/25/2026	2,463,223
34,654,276	Federal National Mortgage Association, Series 2010-150-ZA	4.00%		01/25/2041	36,321,985
14,532,496	Federal National Mortgage Association, Series 2010-16-SA	4.47%	#I/F I/O	03/25/2040	2,118,972
3,905,315	Federal National Mortgage Association, Series 2010-21-DZ	5.00%		03/25/2040	4,294,904
2,334,273	Federal National Mortgage Association, Series 2010-21-KS	3.97%	#I/F I/O	03/25/2040	163,670
1,059,215	Federal National Mortgage Association, Series 2010-2-GS	5.47%	#I/F I/O	12/25/2049	113,959
3,285,869	Federal National Mortgage Association, Series 2010-2-MS	5.27%	#I/F I/O	02/25/2050	469,390
2,993,292	Federal National Mortgage Association, Series 2010-31-SA	4.02%	#I/F I/O	04/25/2040	284,395
7,570,065	Federal National Mortgage Association, Series 2010-31-VZ	4.00%		04/25/2040	7,767,977
6,451,527	Federal National Mortgage Association, Series 2010-34-PS	3.95%	#I/F I/O	04/25/2040	689,191
1,200,446	Federal National Mortgage Association, Series 2010-35-ES	5.47%	#I/F I/O	04/25/2040	156,165
1,801,265	Federal National Mortgage Association, Series 2010-35-SV	5.47%	#I/F I/O	04/25/2040	237,265
2,069,512	Federal National Mortgage Association, Series 2010-46-MS	3.97%	#I/F I/O	05/25/2040	197,832
15,800,224	Federal National Mortgage Association, Series 2010-49-ZW	4.50%		05/25/2040	16,500,074
3,924,886	Federal National Mortgage Association, Series 2010-4-SK	5.25%	#I/F I/O	02/25/2040	591,481
1,468,109	Federal National Mortgage Association, Series 2010-58-ES	9.95%	#I/F	06/25/2040	1,657,048
10,351,523	Federal National Mortgage Association, Series 2010-59-MS	4.79%	#I/F I/O	06/25/2040	1,747,716
14,742,875	Federal National Mortgage Association, Series 2010-59-PS	5.47%	#I/F I/O	03/25/2039	1,342,530
10,762,656	Federal National Mortgage Association, Series 2010-59-SC	4.02%	#I/F I/O	01/25/2040	1,276,442
1,653,202	Federal National Mortgage Association, Series 2010-60-VZ	5.00%		10/25/2039	1,731,168
987,323	Federal National Mortgage Association, Series 2010-61-EL	4.50%		06/25/2040	1,054,360
11,735,481	Federal National Mortgage Association, Series 2010-64-EZ	5.00%		06/25/2040	12,865,378
35,587,840	Federal National Mortgage Association, Series 2010-76-ZK	4.50%		07/25/2040	37,859,875
9,276,617	Federal National Mortgage Association, Series 2010-79-CZ	4.00%		07/25/2040	9,499,890
33,805,647	Federal National Mortgage Association, Series 2010-79-VZ	4.50%		07/25/2040	36,293,337
6,216,614	Federal National Mortgage Association, Series 2010-84-ZC	4.50%		08/25/2040	6,622,971
12,433,202	Federal National Mortgage Association, Series 2010-84-ZD	4.50%		08/25/2040	13,245,914

15,181,696	Federal National Mortgage Association, Series 2010-84-ZG	4.50%		08/25/2040	16,417,750
1,846,071	Federal National Mortgage Association, Series 2010-90-SA	4.87%	#I/F I/O	08/25/2040	225,508
2,725,271	Federal National Mortgage Association, Series 2010-94-Z	4.50%		08/25/2040	2,853,932
8,668,587	Federal National Mortgage Association, Series 2010-99-SG	21.08%	#I/F	09/25/2040	15,041,924
3,485,783	Federal National Mortgage Association, Series 2010-9-DS	4.32%	#I/F I/O	02/25/2040	365,089
34,647,700	Federal National Mortgage Association, Series 2011-106-LZ	3.50%		10/25/2041	35,474,574
520,021	Federal National Mortgage Association, Series 2011-110-LS	8.53%	#I/F	11/25/2041	644,649
11,578,862	Federal National Mortgage Association, Series 2011-111-CZ	4.00%		11/25/2041	11,978,349
8,714,426	Federal National Mortgage Association, Series 2011-111-EZ	5.00%		11/25/2041	9,473,156
7,557,874	Federal National Mortgage Association, Series 2011-111-VZ	4.00%		11/25/2041	7,759,402
30,000,000	Federal National Mortgage Association, Series 2011-131-PB	4.50%		12/25/2041	33,162,492
29,500,000	Federal National Mortgage Association, Series 2011-16-AL	3.50%		03/25/2031	31,138,799
38,800,000	Federal National Mortgage Association, Series 2011-17-NY	3.50%		03/25/2031	40,327,118
1,852,847	Federal National Mortgage Association, Series 2011-17-SA	5.49%	#I/F I/O	03/25/2041	252,432
11,000,000	Federal National Mortgage Association, Series 2011-25-KY	3.00%		04/25/2026	11,266,277
4,744,126	Federal National Mortgage Association, Series 2011-27-BS	7.43%	#I/F	04/25/2041	4,948,388
56,000,000	Federal National Mortgage Association, Series 2011-29-AL	3.50%		04/25/2031	57,750,353
17,735,053	Federal National Mortgage Association, Series 2011-2-GZ	4.00%		02/25/2041	18,693,356
828,639	Federal National Mortgage Association, Series 2011-2-VD	4.00%		07/25/2027	828,059
48,730,703	Federal National Mortgage Association, Series 2011-32-X	4.00%		04/25/2041	50,271,519
8,680,472	Federal National Mortgage Association, Series 2011-36-VZ	4.50%		05/25/2041	9,147,145
22,811,413	Federal National Mortgage Association, Series 2011-37-Z	4.50%		05/25/2041	24,660,579
8,432,891	Federal National Mortgage Association, Series 2011-38-BZ	4.00%		05/25/2041	8,604,836
8,748,233	Federal National Mortgage Association, Series 2011-39-CB	3.00%		05/25/2026	8,907,522
23,210,843	Federal National Mortgage Association, Series 2011-39-ZD	4.00%		02/25/2041	24,698,834
5,926,002	Federal National Mortgage Association, Series 2011-40-LZ	4.50%		05/25/2041	6,229,635
11,962,452	Federal National Mortgage Association, Series 2011-42-MZ	4.50%		05/25/2041	12,754,283
18,964,873	Federal National Mortgage Association, Series 2011-45-ZA	4.00%		05/25/2031	19,876,180
21,728,333	Federal National Mortgage Association, Series 2011-45-ZB	4.50%		05/25/2041	23,727,448
4,344,841	Federal National Mortgage Association, Series 2011-48-SC	7.24%	#I/F	06/25/2041	4,423,237
15,902,442	Federal National Mortgage Association, Series 2011-58-SA	5.57%	#I/F I/O	07/25/2041	2,917,375
2,583,611	Federal National Mortgage Association, Series 2011-59-MA	4.50%		07/25/2041	2,765,995
13,969,748	Federal National Mortgage Association, Series 2011-60-EL	3.00%		07/25/2026	14,377,274
26,072,258	Federal National Mortgage Association, Series 2011-64-DB	4.00%		07/25/2041	27,681,579
10,266,179	Federal National Mortgage Association, Series 2011-74-KL	5.00%		06/25/2040	11,079,761
25,452,506	Federal National Mortgage Association, Series 2011-77-Z	3.50%		08/25/2041	27,454,697
21,787,531	Federal National Mortgage Association, Series 2011-8-AV	4.00%		01/25/2030	22,061,653
25,604,532	Federal National Mortgage Association, Series 2011-99-CZ	4.50%		10/25/2041	28,471,556
118,420,085	Federal National Mortgage Association, Series 2011-99-DZ	5.00%		10/25/2041	131,330,100
12,090,989	Federal National Mortgage Association, Series 2012-104-Z	3.50%		09/25/2042	11,920,025
11,284,029	Federal National Mortgage Association, Series 2012-111-LB	3.50%		05/25/2041	11,529,292
39,366,865	Federal National Mortgage Association, Series 2012-111-MJ	4.00%		04/25/2042	41,259,443
23,585,710	Federal National Mortgage Association, Series 2012-114-DC	2.00%		08/25/2039	23,495,266
105,151,084	Federal National Mortgage Association, Series 2012-122-AD	2.00%		02/25/2040	104,564,551
81,965,394	Federal National Mortgage Association, Series 2012-122-DB	3.00%		11/25/2042	81,702,760
92,513,761	Federal National Mortgage Association, Series 2012-125-LA	3.00%		11/25/2042	91,764,502
7,701,751	Federal National Mortgage Association, Series 2012-133-PB	6.50%		04/25/2042	8,702,154
51,692,162	Federal National Mortgage Association, Series 2012-144-PT	4.35%	#	11/25/2049	56,352,980
10,413,066	Federal National Mortgage Association, Series 2012-14-BZ	4.00%		03/25/2042	10,948,270
23,797,931	Federal National Mortgage Association, Series 2012-15-PZ	4.00%		03/25/2042	24,835,412
17,916,246	Federal National Mortgage Association, Series 2012-20-ZT	3.50%		03/25/2042	18,069,668
54,944,847	Federal National Mortgage Association, Series 2012-30-DZ	4.00%		04/25/2042	58,212,307
45,176,874	Federal National Mortgage Association, Series 2012-31-Z	4.00%		04/25/2042	47,647,462
11,745,277	Federal National Mortgage Association, Series 2012-63-EB	2.00%		08/25/2040	11,763,485
32,457,467	Federal National Mortgage Association, Series 2012-74-Z	4.00%		07/25/2042	33,303,731
9,509,515	Federal National Mortgage Association, Series 2012-80-EA	2.00%		04/25/2042	9,050,171
23,787,831	Federal National Mortgage Association, Series 2012-86-ZC	3.50%		08/25/2042	24,071,577
33,142,681	Federal National Mortgage Association, Series 2012-96-VZ	3.50%		09/25/2042	32,457,622
44,885,166	Federal National Mortgage Association, Series 2012-98-BG	4.50%		08/25/2040	47,774,775
73,915,845	Federal National Mortgage Association, Series 2012-99-QE	3.00%		09/25/2042	74,157,225
24,737,308	Federal National Mortgage Association, Series 2013-130-ZE	3.00%		01/25/2044	23,006,678
22,226,320	Federal National Mortgage Association, Series 2013-133-ZT	3.00%		01/25/2039	20,548,437
11,836,944	Federal National Mortgage Association, Series 2013-36-Z	3.00%		04/25/2043	11,118,539
21,003,301	Federal National Mortgage Association, Series 2013-41-ZH	3.00%		05/25/2033	20,778,681
19,292,416	Federal National Mortgage Association, Series 2013-51-HS	4.22%	#I/F	04/25/2043	17,946,737
6,687,392	Federal National Mortgage Association, Series 2013-53-AB	1.50%		03/25/2028	6,418,548
7,059,931	Federal National Mortgage Association, Series 2013-58-SC	4.53%	#I/F	06/25/2043	6,083,757
111,562,918	Federal National Mortgage Association, Series 2013-81-ZQ	3.00%		08/25/2043	100,393,395
32,392,416	Federal National Mortgage Association, Series 2013-82-SH	5.07%	#I/F I/O	12/25/2042	5,389,016
25,448,946	Federal National Mortgage Association, Series 2013-8-Z	3.00%		02/25/2043	24,195,980
22,275,599	Federal National Mortgage Association, Series 2014-12-GZ	3.50%		03/25/2044	22,232,654
24,069,131	Federal National Mortgage Association, Series 2014-21-GZ	3.00%		04/25/2044	21,740,308
28,584,226	Federal National Mortgage Association, Series 2014-37-ZY	2.50%		07/25/2044	24,474,644
45,607,249	Federal National Mortgage Association, Series 2014-39-ZA	3.00%		07/25/2044	43,956,927
12,463,471	Federal National Mortgage Association, Series 2014-46-NZ	3.00%		06/25/2043	12,031,525
62,516,308	Federal National Mortgage Association, Series 2014-55-MA	3.00%		10/25/2039	63,867,142
4,733,015	Federal National Mortgage Association, Series 2014-56-AD	3.00%		01/25/2040	4,760,970
54,661,933	Federal National Mortgage Association, Series 2014-60-EZ	3.00%		10/25/2044	49,018,498
38,585,091	Federal National Mortgage Association, Series 2014-61-ZV	3.00%		10/25/2044	34,485,382
32,538,816	Federal National Mortgage Association, Series 2014-64-NZ	3.00%		10/25/2044	29,364,218

126,482,459	Federal National Mortgage Association, Series 2014-65-CD	3.00%		06/25/2040	129,972,110
11,457,512	Federal National Mortgage Association, Series 2014-67-DZ	3.00%		10/25/2044	10,444,173
122,028,448	Federal National Mortgage Association, Series 2014-68-MA	3.00%		11/25/2040	124,177,149
36,627,834	Federal National Mortgage Association, Series 2014-68-MZ	3.00%		11/25/2044	32,591,351
25,975,094	Federal National Mortgage Association, Series 2014-6-Z	2.50%		02/25/2044	22,192,234
53,099,713	Federal National Mortgage Association, Series 2014-73-CQ	3.00%		06/25/2040	54,499,496
20,676,796	Federal National Mortgage Association, Series 2014-77-VZ	3.00%		11/25/2044	18,333,449
29,629,764	Federal National Mortgage Association, Series 2014-82-YA	3.00%		04/25/2041	30,135,631
26,554,435	Federal National Mortgage Association, Series 2014-84-KZ	3.00%		12/25/2044	24,134,867
139,783,975	Federal National Mortgage Association, Series 2014-95-NA	3.00%		04/25/2041	141,927,450
196,565,816	Federal National Mortgage Association, Series 2014-M11-1A	3.12%	#	08/25/2024	198,357,494
95,296,741	Federal National Mortgage Association, Series 2015-09-HA	3.00%		01/25/2045	97,295,571
45,382,000	Federal National Mortgage Association, Series 2015-11-A	3.00%		05/25/2034	46,732,596
118,693,714	Federal National Mortgage Association, Series 2015-21-G	3.00%		02/25/2042	122,562,666
22,828,916	Federal National Mortgage Association, Series 2015-42-CA	3.00%		03/25/2044	23,063,495
72,801,343	Federal National Mortgage Association, Series 2015-49-A	3.00%		03/25/2044	73,573,670
17,349,080	Federal National Mortgage Association, Series 2015-63-KD	3.00%		07/25/2041	17,755,683
67,942,835	Federal National Mortgage Association, Series 2015-88-AC	3.00%		04/25/2043	69,161,131
201,807,031	Federal National Mortgage Association, Series 2015-88-BA	3.00%		04/25/2044	206,764,925
28,976,242	Federal National Mortgage Association, Series 2015-94-MA	3.00%		01/25/2046	29,397,246
63,166,856	Federal National Mortgage Association, Series 2016-02-JA	2.50%		02/25/2046	63,188,560
135,342,790	Federal National Mortgage Association, Series 2016-32-LA	3.00%		10/25/2044	133,336,996
30,212,874	Federal National Mortgage Association, Series 2016-71-ZQ	3.00%		10/25/2046	25,816,454
127,977,850	Federal National Mortgage Association, Series 2016-72-PA	3.00%		07/25/2046	129,518,627
100,374,734	Federal National Mortgage Association, Series 2016-74-PA	3.00%		12/25/2044	101,131,861
49,076,829	Federal National Mortgage Association, Series 2016-79-EP	3.00%		01/25/2044	49,356,390
127,343,961	Federal National Mortgage Association, Series 2016-81-PA	3.00%		02/25/2044	127,740,179
67,051,618	Federal National Mortgage Association, Series 2016-94-PA	3.00%		03/25/2044	67,969,810
65,028,285	Federal National Mortgage Association, Series 2017-13-ML	3.00%		08/25/2041	65,950,757
35,142,812	Federal National Mortgage Association, Series 2017-2-HA	3.00%		09/25/2041	35,863,507
24,329,227	Federal National Mortgage Association, Series 2017-4-CH	3.00%		06/25/2042	24,821,432
12,697,595	Federal National Mortgage Association, Series 400-S4	4.47%	#I/F I/O	11/25/2039	1,776,449
126,478,391	Federal National Mortgage Association, Series 412-A3	3.00%		08/25/2042	124,769,787
13,231,758	Federal National Mortgage Association Pass-Thru, Pool 555743	5.00%		09/01/2033	14,518,943
14,439,933	Federal National Mortgage Association Pass-Thru, Pool 735141	5.50%		01/01/2035	16,175,250
5,365,283	Federal National Mortgage Association Pass-Thru, Pool 735230	5.50%		02/01/2035	6,009,336
10,030,653	Federal National Mortgage Association Pass-Thru, Pool 735382	5.00%		04/01/2035	10,980,615
16,364,134	Federal National Mortgage Association Pass-Thru, Pool 735402	5.00%		04/01/2035	17,911,692
11,482,800	Federal National Mortgage Association Pass-Thru, Pool 735484	5.00%		05/01/2035	12,569,551
4,418,545	Federal National Mortgage Association Pass-Thru, Pool 735667	5.00%		07/01/2035	4,841,552
3,714,144	Federal National Mortgage Association Pass-Thru, Pool 735893	5.00%		10/01/2035	4,065,498
9,282,500	Federal National Mortgage Association Pass-Thru, Pool 745275	5.00%		02/01/2036	10,160,600
502,050	Federal National Mortgage Association Pass-Thru, Pool 745571	4.00%		01/01/2019	519,120
402,917	Federal National Mortgage Association Pass-Thru, Pool 888695	5.00%		08/01/2037	440,005
1,845,458	Federal National Mortgage Association Pass-Thru, Pool 888968	5.00%		08/01/2035	2,017,370
5,438,174	Federal National Mortgage Association Pass-Thru, Pool 889509	6.00%		05/01/2038	6,149,264
9,831,879	Federal National Mortgage Association Pass-Thru, Pool 889662	6.00%		06/01/2038	11,131,047
16,520,961	Federal National Mortgage Association Pass-Thru, Pool 890549	4.00%		11/01/2043	17,479,514
18,467,025	Federal National Mortgage Association Pass-Thru, Pool 890565	3.00%		11/01/2043	18,424,198
1,247,534	Federal National Mortgage Association Pass-Thru, Pool 929321	5.50%		03/01/2038	1,386,834
1,133,628	Federal National Mortgage Association Pass-Thru, Pool 931104	5.00%		05/01/2039	1,237,559
631,918	Federal National Mortgage Association Pass-Thru, Pool 961410	6.00%		01/01/2038	713,835
310,128	Federal National Mortgage Association Pass-Thru, Pool 975116	5.00%		05/01/2038	338,675
3,591,937	Federal National Mortgage Association Pass-Thru, Pool 982036	6.00%		05/01/2038	4,057,569
3,067,278	Federal National Mortgage Association Pass-Thru, Pool 985190	6.00%		08/01/2038	3,464,897
2,221,772	Federal National Mortgage Association Pass-Thru, Pool 986864	6.50%		08/01/2038	2,534,490
1,790,301	Federal National Mortgage Association Pass-Thru, Pool 987316	6.50%		09/01/2038	1,990,924
9,223,776	Federal National Mortgage Association Pass-Thru, Pool 995070	5.50%		08/01/2037	10,326,166
33,763,528	Federal National Mortgage Association Pass-Thru, Pool 995112	5.50%		07/01/2036	37,817,493
17,581,341	Federal National Mortgage Association Pass-Thru, Pool 995203	5.00%		07/01/2035	19,261,526
1,409,618	Federal National Mortgage Association Pass-Thru, Pool 995581	6.00%		01/01/2039	1,592,350
30,300,982	Federal National Mortgage Association Pass-Thru, Pool 995849	5.00%		08/01/2036	33,179,480
24,925,872	Federal National Mortgage Association Pass-Thru, Pool AB2123	4.00%		01/01/2031	26,390,857
650,910	Federal National Mortgage Association Pass-Thru, Pool AB2370	4.50%		09/01/2035	682,044
2,551,382	Federal National Mortgage Association Pass-Thru, Pool AB3713	4.00%		10/01/2031	2,695,934
13,084,555	Federal National Mortgage Association Pass-Thru, Pool AB3796	3.50%		11/01/2031	13,670,614
5,241,357	Federal National Mortgage Association Pass-Thru, Pool AB3850	4.00%		11/01/2041	5,453,075
8,732,770	Federal National Mortgage Association Pass-Thru, Pool AB3923	4.00%		11/01/2041	9,092,185
41,392,727	Federal National Mortgage Association Pass-Thru, Pool AB4167	3.50%		01/01/2032	43,247,670
41,173,170	Federal National Mortgage Association Pass-Thru, Pool AB4261	3.50%		01/01/2032	43,016,817
6,922,868	Federal National Mortgage Association Pass-Thru, Pool AB5084	3.50%		05/01/2032	7,233,116
15,735,490	Federal National Mortgage Association Pass-Thru, Pool AB5156	3.50%		05/01/2032	16,438,647
25,833,917	Federal National Mortgage Association Pass-Thru, Pool AB5212	3.50%		05/01/2032	26,989,352
9,396,440	Federal National Mortgage Association Pass-Thru, Pool AB5243	4.00%		05/01/2042	9,783,395
37,623,043	Federal National Mortgage Association Pass-Thru, Pool AB5911	3.00%		08/01/2032	38,501,804
10,762,253	Federal National Mortgage Association Pass-Thru, Pool AB6280	3.00%		09/01/2042	10,707,471
16,346,999	Federal National Mortgage Association Pass-Thru, Pool AB6349	3.00%		10/01/2032	16,728,817
46,921,950	Federal National Mortgage Association Pass-Thru, Pool AB6750	3.00%		10/01/2032	48,017,896
22,886,209	Federal National Mortgage Association Pass-Thru, Pool AB6751	3.00%		10/01/2032	23,420,420
134,585,600	Federal National Mortgage Association Pass-Thru, Pool AB6854	3.00%		11/01/2042	134,273,255

96,738,953	Federal National Mortgage Association Pass-Thru, Pool AB7077	3.00%	11/01/2042	96,514,518
79,331,188	Federal National Mortgage Association Pass-Thru, Pool AB7344	3.00%	12/01/2032	81,184,218
36,818,077	Federal National Mortgage Association Pass-Thru, Pool AB7776	3.00%	02/01/2043	36,630,618
45,713,348	Federal National Mortgage Association Pass-Thru, Pool AB7877	3.00%	02/01/2043	45,479,401
19,168,415	Federal National Mortgage Association Pass-Thru, Pool AB8418	3.00%	02/01/2033	19,614,615
28,811,619	Federal National Mortgage Association Pass-Thru, Pool AB8520	3.00%	02/01/2033	29,484,656
33,246,515	Federal National Mortgage Association Pass-Thru, Pool AB8703	3.00%	03/01/2038	33,138,510
17,041,596	Federal National Mortgage Association Pass-Thru, Pool AB8858	3.00%	04/01/2033	17,439,704
28,421,630	Federal National Mortgage Association Pass-Thru, Pool AB9020	3.00%	04/01/2038	28,329,297
26,857,791	Federal National Mortgage Association Pass-Thru, Pool AB9197	3.00%	05/01/2033	27,485,270
78,153,534	Federal National Mortgage Association Pass-Thru, Pool AB9406	3.00%	05/01/2033	79,976,963
16,502,317	Federal National Mortgage Association Pass-Thru, Pool AB9409	3.00%	05/01/2033	16,887,290
836,944	Federal National Mortgage Association Pass-Thru, Pool AC1032	5.00%	06/01/2040	858,159
30,564,407	Federal National Mortgage Association Pass-Thru, Pool AD0189	5.50%	02/01/2039	34,188,068
15,284,506	Federal National Mortgage Association Pass-Thru, Pool AD0500	5.50%	09/01/2036	17,125,130
1,200,289	Federal National Mortgage Association Pass-Thru, Pool AD2177	4.50%	06/01/2030	1,290,917
1,478,822	Federal National Mortgage Association Pass-Thru, Pool AD6438	5.00%	06/01/2040	1,617,550
1,103,634	Federal National Mortgage Association Pass-Thru, Pool AD7859	5.00%	06/01/2040	1,207,521
11,504,065	Federal National Mortgage Association Pass-Thru, Pool AH0607	4.00%	12/01/2040	12,133,142
1,302,364	Federal National Mortgage Association Pass-Thru, Pool AH1140	4.50%	12/01/2040	1,363,276
10,753,444	Federal National Mortgage Association Pass-Thru, Pool AH4437	4.00%	01/01/2041	11,199,309
2,447,812	Federal National Mortgage Association Pass-Thru, Pool AH7309	4.00%	02/01/2031	2,591,622
12,501,252	Federal National Mortgage Association Pass-Thru, Pool AH9323	4.00%	04/01/2026	13,164,745
522,690	Federal National Mortgage Association Pass-Thru, Pool AI8889	4.00%	08/01/2041	544,443
5,731,456	Federal National Mortgage Association Pass-Thru, Pool AI9831	4.00%	09/01/2041	5,958,561
1,447,924	Federal National Mortgage Association Pass-Thru, Pool AJ1265	4.00%	09/01/2041	1,508,149
3,238,266	Federal National Mortgage Association Pass-Thru, Pool AJ1399	4.00%	09/01/2041	3,372,169
8,957,698	Federal National Mortgage Association Pass-Thru, Pool AJ1467	4.00%	10/01/2041	9,312,658
4,865,787	Federal National Mortgage Association Pass-Thru, Pool AJ3392	4.00%	10/01/2041	5,066,058
1,942,536	Federal National Mortgage Association Pass-Thru, Pool AJ3854	4.00%	10/01/2041	2,021,847
32,282,250	Federal National Mortgage Association Pass-Thru, Pool AJ4118	4.00%	11/01/2041	33,621,148
8,195,416	Federal National Mortgage Association Pass-Thru, Pool AJ4131	4.00%	10/01/2041	8,535,493
1,259,134	Federal National Mortgage Association Pass-Thru, Pool AJ5172	4.00%	11/01/2041	1,311,515
41,759,033	Federal National Mortgage Association Pass-Thru, Pool AJ5322	4.00%	11/01/2041	43,993,853
20,127,850	Federal National Mortgage Association Pass-Thru, Pool AJ7677	3.50%	12/01/2041	20,525,178
3,033,786	Federal National Mortgage Association Pass-Thru, Pool AJ8334	4.00%	12/01/2041	3,157,411
42,035,995	Federal National Mortgage Association Pass-Thru, Pool AK0713	3.50%	01/01/2032	43,908,961
11,238,374	Federal National Mortgage Association Pass-Thru, Pool AK4039	4.00%	02/01/2042	11,704,350
8,230,636	Federal National Mortgage Association Pass-Thru, Pool AK4763	4.00%	02/01/2042	8,572,798
8,523,275	Federal National Mortgage Association Pass-Thru, Pool AK9438	4.00%	03/01/2042	8,874,090
10,361,586	Federal National Mortgage Association Pass-Thru, Pool AK9439	4.00%	03/01/2042	10,788,029
1,644,389	Federal National Mortgage Association Pass-Thru, Pool AK9446	4.50%	03/01/2042	1,721,707
8,876,917	Federal National Mortgage Association Pass-Thru, Pool AL1485	6.00%	01/01/2040	10,037,344
5,504,286	Federal National Mortgage Association Pass-Thru, Pool AL1548	6.00%	07/01/2039	6,227,359
9,320,768	Federal National Mortgage Association Pass-Thru, Pool AL1554	6.00%	01/01/2040	10,540,140
18,683,168	Federal National Mortgage Association Pass-Thru, Pool AL1690	6.00%	05/01/2041	21,105,117
25,559,166	Federal National Mortgage Association Pass-Thru, Pool AL1744	6.00%	10/01/2040	28,895,767
7,264,508	Federal National Mortgage Association Pass-Thru, Pool AL1745	6.00%	03/01/2040	8,206,225
9,132,928	Federal National Mortgage Association Pass-Thru, Pool AL1793	6.00%	01/01/2041	10,324,135
94,288,928	Federal National Mortgage Association Pass-Thru, Pool AL3038	3.00%	01/01/2033	96,490,754
147,965,009	Federal National Mortgage Association Pass-Thru, Pool AL3699	3.00%	06/01/2043	147,209,302
74,411,822	Federal National Mortgage Association Pass-Thru, Pool AL3883	3.00%	07/01/2043	74,032,263
5,474,117	Federal National Mortgage Association Pass-Thru, Pool AL4292	4.50%	04/01/2026	5,793,520
13,163,223	Federal National Mortgage Association Pass-Thru, Pool AL4312	4.00%	10/01/2043	13,935,434
27,375,155	Federal National Mortgage Association Pass-Thru, Pool AL6075	3.50%	09/01/2053	27,621,105
38,002,000	Federal National Mortgage Association Pass-Thru, Pool AL6076	3.00%	06/01/2053	37,124,072
110,215,604	Federal National Mortgage Association Pass-Thru, Pool AL6141	4.00%	04/01/2042	116,101,837
74,276,766	Federal National Mortgage Association Pass-Thru, Pool AL6325	3.00%	10/01/2044	74,085,253
43,021,384	Federal National Mortgage Association Pass-Thru, Pool AL6486	4.50%	02/01/2045	46,156,339
98,321,275	Federal National Mortgage Association Pass-Thru, Pool AL6538	4.50%	06/01/2044	105,882,761
65,822,013	Federal National Mortgage Association Pass-Thru, Pool AL8304	3.50%	03/01/2046	67,513,769
37,275,180	Federal National Mortgage Association Pass-Thru, Pool AO2980	4.00%	05/01/2042	38,809,397
79,162,845	Federal National Mortgage Association Pass-Thru, Pool AP4787	3.50%	09/01/2042	80,726,492
72,601,507	Federal National Mortgage Association Pass-Thru, Pool AP4789	3.50%	09/01/2042	74,034,735
19,508,331	Federal National Mortgage Association Pass-Thru, Pool AQ5541	3.00%	12/01/2042	19,463,055
23,880,120	Federal National Mortgage Association Pass-Thru, Pool AR9856	3.00%	04/01/2043	23,824,781
38,223,220	Federal National Mortgage Association Pass-Thru, Pool AS1927	4.50%	03/01/2044	40,994,520
39,258,914	Federal National Mortgage Association Pass-Thru, Pool AS2038	4.50%	03/01/2044	42,113,163
31,706,367	Federal National Mortgage Association Pass-Thru, Pool AS2517	4.50%	05/01/2044	33,997,630
17,175,053	Federal National Mortgage Association Pass-Thru, Pool AS2551	4.50%	06/01/2044	18,431,558
15,302,598	Federal National Mortgage Association Pass-Thru, Pool AS2765	4.50%	07/01/2044	16,414,942
45,750,794	Federal National Mortgage Association Pass-Thru, Pool AS3201	3.00%	08/01/2034	46,437,188
20,389,909	Federal National Mortgage Association Pass-Thru, Pool AS3456	3.00%	10/01/2034	20,695,910
44,275,392	Federal National Mortgage Association Pass-Thru, Pool AS3666	3.00%	10/01/2034	44,939,693
180,100,373	Federal National Mortgage Association Pass-Thru, Pool AS3961	3.00%	12/01/2044	179,152,265
54,045,357	Federal National Mortgage Association Pass-Thru, Pool AS4154	3.00%	12/01/2044	53,721,700
36,281,915	Federal National Mortgage Association Pass-Thru, Pool AS4212	3.00%	01/01/2035	36,826,008
56,515,959	Federal National Mortgage Association Pass-Thru, Pool AS4281	3.00%	01/01/2035	57,363,687
33,888,357	Federal National Mortgage Association Pass-Thru, Pool AS4345	3.50%	01/01/2045	34,768,353
41,279,740	Federal National Mortgage Association Pass-Thru, Pool AS4360	3.00%	01/01/2035	41,899,222

331,624,424	Federal National Mortgage Association Pass-Thru, Pool AS4625	3.00%		03/01/2045	329,595,877
139,799,918	Federal National Mortgage Association Pass-Thru, Pool AS4645	3.00%		03/01/2045	138,944,573
50,591,777	Federal National Mortgage Association Pass-Thru, Pool AS4779	3.00%		04/01/2035	51,350,884
49,877,088	Federal National Mortgage Association Pass-Thru, Pool AS4780	3.00%		04/01/2035	50,625,680
65,866,807	Federal National Mortgage Association Pass-Thru, Pool AS4840	3.00%		04/01/2035	66,855,227
31,708,411	Federal National Mortgage Association Pass-Thru, Pool AS4881	3.00%		05/01/2035	32,184,396
34,218,403	Federal National Mortgage Association Pass-Thru, Pool AS4882	3.00%		05/01/2035	34,731,998
62,256,293	Federal National Mortgage Association Pass-Thru, Pool AX9696	3.00%		07/01/2045	61,532,286
90,057,826	Federal National Mortgage Association Pass-Thru, Pool AY3974	3.00%		03/01/2045	89,507,356
31,316,660	Federal National Mortgage Association Pass-Thru, Pool AY4295	3.00%		02/01/2045	30,953,648
14,802,663	Federal National Mortgage Association Pass-Thru, Pool AY4296	3.00%		01/01/2045	14,630,863
15,103,644	Federal National Mortgage Association Pass-Thru, Pool AY5471	3.00%		03/01/2045	14,928,475
3,365,174	Federal National Mortgage Association Pass-Thru, Pool MA0264	4.50%		12/01/2029	3,617,578
46,714	Federal National Mortgage Association Pass-Thru, Pool MA0315	4.50%		01/01/2025	46,997
12,659,876	Federal National Mortgage Association Pass-Thru, Pool MA0353	4.50%		03/01/2030	13,612,783
2,765,953	Federal National Mortgage Association Pass-Thru, Pool MA0406	4.50%		05/01/2030	2,974,038
182,751	Federal National Mortgage Association Pass-Thru, Pool MA0445	5.00%		06/01/2040	195,463
626,109	Federal National Mortgage Association Pass-Thru, Pool MA0459	4.00%		07/01/2020	647,398
524,046	Federal National Mortgage Association Pass-Thru, Pool MA0468	5.00%		07/01/2040	560,515
2,061,542	Federal National Mortgage Association Pass-Thru, Pool MA0502	4.00%		08/01/2020	2,131,636
940,247	Federal National Mortgage Association Pass-Thru, Pool MA0517	4.00%		09/01/2020	972,216
3,881,318	Federal National Mortgage Association Pass-Thru, Pool MA0534	4.00%		10/01/2030	4,108,651
5,862,025	Federal National Mortgage Association Pass-Thru, Pool MA0536	4.00%		10/01/2020	6,061,339
7,161,446	Federal National Mortgage Association Pass-Thru, Pool MA0580	4.00%		11/01/2020	7,404,940
833,416	Federal National Mortgage Association Pass-Thru, Pool MA0587	4.00%		12/01/2030	882,325
20,720,846	Federal National Mortgage Association Pass-Thru, Pool MA0616	4.00%		01/01/2031	21,935,631
7,802,435	Federal National Mortgage Association Pass-Thru, Pool MA0896	4.00%		11/01/2041	8,126,120
152,998,620	Federal National Mortgage Association Pass-Thru, Pool MA0919	3.50%		12/01/2031	159,843,041
64,715,844	Federal National Mortgage Association Pass-Thru, Pool MA0949	3.50%		01/01/2032	67,615,800
78,625,581	Federal National Mortgage Association Pass-Thru, Pool MA0976	3.50%		02/01/2032	82,148,491
38,493,751	Federal National Mortgage Association Pass-Thru, Pool MA1010	3.50%		03/01/2032	40,218,133
11,235,531	Federal National Mortgage Association Pass-Thru, Pool MA1039	3.50%		04/01/2042	11,457,331
53,099,277	Federal National Mortgage Association Pass-Thru, Pool MA1059	3.50%		05/01/2032	55,474,649
7,185,216	Federal National Mortgage Association Pass-Thru, Pool MA1068	3.50%		05/01/2042	7,326,930
113,798,663	Federal National Mortgage Association Pass-Thru, Pool MA1084	3.50%		06/01/2032	118,885,297
16,338,787	Federal National Mortgage Association Pass-Thru, Pool MA1093	3.50%		06/01/2042	16,661,349
14,524,626	Federal National Mortgage Association Pass-Thru, Pool MA1094	4.00%		06/01/2042	15,123,627
67,266,589	Federal National Mortgage Association Pass-Thru, Pool MA1107	3.50%		07/01/2032	70,279,184
149,998,645	Federal National Mortgage Association Pass-Thru, Pool MA1117	3.50%		07/01/2042	152,959,910
177,193,721	Federal National Mortgage Association Pass-Thru, Pool MA1136	3.50%		08/01/2042	180,691,881
45,506,171	Federal National Mortgage Association Pass-Thru, Pool MA1138	3.50%		08/01/2032	47,541,645
48,814,830	Federal National Mortgage Association Pass-Thru, Pool MA1179	3.50%		09/01/2042	49,778,678
9,020,308	Federal National Mortgage Association Pass-Thru, Pool MA1201	3.50%		10/01/2032	9,423,607
107,769,777	Federal National Mortgage Association Pass-Thru, Pool MA1209	3.50%		10/01/2042	109,903,888
284,322,481	Federal National Mortgage Association Pass-Thru, Pool MA1237	3.00%		11/01/2032	290,955,776
6,777,443	Federal National Mortgage Association Pass-Thru, Pool MA1242	3.50%		11/01/2042	6,911,250
219,920,493	Federal National Mortgage Association Pass-Thru, Pool MA1275	3.00%		12/01/2032	225,051,128
30,394,733	Federal National Mortgage Association Pass-Thru, Pool MA1338	3.00%		02/01/2033	31,104,211
119,741,508	Federal National Mortgage Association Pass-Thru, Pool MA1366	3.00%		03/01/2033	122,536,068
73,531,662	Federal National Mortgage Association Pass-Thru, Pool MA1401	3.00%		04/01/2033	75,247,522
130,288,462	Federal National Mortgage Association Pass-Thru, Pool MA1459	3.00%		06/01/2033	133,327,287
16,480,883	Federal National Mortgage Association Pass-Thru, Pool MA1490	3.00%		07/01/2033	16,865,487
97,882,486	Federal National Mortgage Association Pass-Thru, Pool MA2018	3.50%		09/01/2034	101,803,776
37,403,235	Federal National Mortgage Association Pass-Thru, Pool MA2114	3.50%		12/01/2044	38,141,923
30,751,181	Federal National Mortgage Association Pass-Thru, Pool MA2151	3.50%		01/01/2045	31,358,495
59,215,267	Federal National Mortgage Association Pass-Thru, Pool MA2164	3.50%		02/01/2035	61,569,883
117,824,245	Federal National Mortgage Association Pass-Thru, Pool MA2166	3.50%		02/01/2045	120,151,208
112,205,076	Federal National Mortgage Association Pass-Thru, Pool MA2248	3.00%		04/01/2045	110,902,090
115,338,041	Federal National Mortgage Association Pass-Thru, Pool MA2270	3.00%		05/01/2045	113,998,069
24,285,884	Federal National Mortgage Association Pass-Thru, Pool MA2621	3.50%		04/01/2046	24,910,141
49,887,630	Federal National Mortgage Association Pass-Thru, Pool MA2643	3.00%		06/01/2036	50,637,208
171,890,370	Federal National Mortgage Association Pass-Thru, Pool MA2650	3.50%		06/01/2046	175,285,597
10,824,347	Federal National Mortgage Association Pass-Thru, Pool MA3894	4.00%		09/01/2031	11,459,817
6,707,404	Government National Mortgage Association, Pool MA251JM	3.50%		01/20/2045	6,913,597
14,700,000	Government National Mortgage Association, Series 2003-67-SP	6.12%	#I/F I/O	08/20/2033	3,393,063
7,709,733	Government National Mortgage Association, Series 2003-86-ZK	5.00%		10/20/2033	8,344,786
3,696,834	Government National Mortgage Association, Series 2004-49-Z	6.00%		06/20/2034	4,163,677
2,015,604	Government National Mortgage Association, Series 2004-80-PH	5.00%		07/20/2034	2,084,209
7,891,244	Government National Mortgage Association, Series 2004-83-CS	5.10%	#I/F I/O	10/20/2034	1,231,489
2,042,144	Government National Mortgage Association, Series 2005-21-Z	5.00%		03/20/2035	2,245,529
21,872,628	Government National Mortgage Association, Series 2005-39-ZB	5.00%		07/20/2034	23,896,168
908,946	Government National Mortgage Association, Series 2006-24-CX	32.79%	#I/F	05/20/2036	2,016,096
10,485,527	Government National Mortgage Association, Series 2007-26-SJ	3.71%	#I/F I/O	04/20/2037	1,055,534
6,639,471	Government National Mortgage Association, Series 2008-2-SM	5.57%	#I/F I/O	01/16/2038	1,252,306
10,941,595	Government National Mortgage Association, Series 2008-42-AI	6.76%	#I/F I/O	05/16/2038	2,928,119
4,846,135	Government National Mortgage Association, Series 2008-43-SH	5.36%	#I/F I/O	05/20/2038	824,533
5,610,607	Government National Mortgage Association, Series 2008-51-SC	5.27%	#I/F I/O	06/20/2038	840,390
3,685,702	Government National Mortgage Association, Series 2008-51-SE	5.32%	#I/F I/O	06/16/2038	628,290
2,072,936	Government National Mortgage Association, Series 2008-82-SM	5.07%	#I/F I/O	09/20/2038	305,978
3,778,577	Government National Mortgage Association, Series 2008-83-SD	5.63%	#I/F I/O	11/16/2036	665,169

15,398,656	Government National Mortgage Association, Series 2009-106-VZ	4.50%		11/20/2039		16,553,626
7,499,006	Government National Mortgage Association, Series 2009-10-NS	5.72%	#I/F I/O	02/16/2039		1,368,975
3,163,024	Government National Mortgage Association, Series 2009-24-SN	5.12%	#I/F I/O	09/20/2038		341,080
8,507,001	Government National Mortgage Association, Series 2009-32-ZE	4.50%		05/16/2039		9,091,788
47,695,661	Government National Mortgage Association, Series 2009-35-DZ	4.50%		05/20/2039		51,392,313
6,936	Government National Mortgage Association, Series 2009-41-ZQ	4.50%		06/16/2039		7,764
4,800,351	Government National Mortgage Association, Series 2009-48-Z	5.00%		06/16/2039		5,230,455
1,254,087	Government National Mortgage Association, Series 2009-50-KP	4.50%		06/20/2039		1,327,619
4,550,048	Government National Mortgage Association, Series 2009-69-TS	5.27%	#I/F I/O	04/16/2039		600,829
7,313,735	Government National Mortgage Association, Series 2009-75-GZ	4.50%		09/20/2039		7,788,068
5,876,911	Government National Mortgage Association, Series 2009-87-IG	5.76%	#I/F I/O	03/20/2037		886,053
42,634,228	Government National Mortgage Association, Series 2010-106-PS	5.07%	#I/F I/O	03/20/2040		5,464,736
11,022,153	Government National Mortgage Association, Series 2010-1-SA	4.82%	#I/F I/O	01/16/2040		1,301,378
3,526,897	Government National Mortgage Association, Series 2010-25-ZB	4.50%		02/16/2040		3,812,362
99,258,732	Government National Mortgage Association, Series 2010-26-QS	5.27%	#I/F I/O	02/20/2040		16,899,196
8,448,043	Government National Mortgage Association, Series 2010-42-AY	5.00%		11/20/2039		9,330,944
8,469,504	Government National Mortgage Association, Series 2010-42-ES	4.70%	#I/F I/O	04/20/2040		1,218,339
2,659,104	Government National Mortgage Association, Series 2010-61-AS	5.57%	#I/F I/O	09/20/2039		383,913
25,846,519	Government National Mortgage Association, Series 2010-62-SB	4.77%	#I/F I/O	05/20/2040		3,896,673
9,645,471	Government National Mortgage Association, Series 2010-62-ZG	5.50%		05/16/2040		10,972,905
7,833,334	Government National Mortgage Association, Series 2011-18-SN	7.54%	#I/F	12/20/2040		8,496,647
8,333,334	Government National Mortgage Association, Series 2011-18-YS	7.54%	#I/F	12/20/2040		9,039,048
6,227,483	Government National Mortgage Association, Series 2011-51-UZ	4.50%		04/20/2041		6,640,693
4,046,666	Government National Mortgage Association, Series 2011-69-OC	0.00%	P/O	05/20/2041		3,537,270
36,771,197	Government National Mortgage Association, Series 2011-69-SB	4.37%	#I/F I/O	05/20/2041		4,925,373
27,117,462	Government National Mortgage Association, Series 2011-71-ZA	4.50%		02/20/2041		28,916,193
13,554,736	Government National Mortgage Association, Series 2011-72-AS	4.40%	#I/F I/O	05/20/2041		1,833,937
10,325,295	Government National Mortgage Association, Series 2011-72-SK	5.17%	#I/F I/O	05/20/2041		1,818,705
7,175,195	Government National Mortgage Association, Series 2012-105-SE	5.22%	#I/F I/O	01/20/2041		593,678
15,864,170	Government National Mortgage Association, Series 2012-52-PN	2.00%		12/20/2039		16,052,817
36,023,679	Government National Mortgage Association, Series 2013-116-LS	5.17%	#I/F I/O	08/20/2043		5,914,605
34,699,562	Government National Mortgage Association, Series 2013-136-CS	5.27%	#I/F I/O	09/16/2043		5,860,999
18,437,356	Government National Mortgage Association, Series 2013-182-WZ	2.50%		12/20/2043		17,090,974
56,834,108	Government National Mortgage Association, Series 2013-182-ZW	2.50%		12/20/2043		52,683,814
25,459,068	Government National Mortgage Association, Series 2013-186-SG	5.32%	#I/F I/O	02/16/2043		3,640,430
24,246,256	Government National Mortgage Association, Series 2013-26-MS	5.27%	#I/F I/O	02/20/2043		4,210,707
48,167,151	Government National Mortgage Association, Series 2013-34-PL	3.00%		03/20/2042		48,523,944
47,663,060	Government National Mortgage Association, Series 2014-163-PS	4.62%	#I/F I/O	11/20/2044		6,946,171
49,826,612	Government National Mortgage Association, Series 2014-167-SA	4.62%	#I/F I/O	11/20/2044		7,076,351
71,949,806	Government National Mortgage Association, Series 2014-21-SE	4.57%	#I/F I/O	02/20/2044		11,267,030
41,656,739	Government National Mortgage Association, Series 2014-39-SK	5.22%	#I/F I/O	03/20/2044		6,622,418
34,902,564	Government National Mortgage Association, Series 2014-59-DS	5.32%	#I/F I/O	04/16/2044		5,749,608
9,070,053	Government National Mortgage Association, Series 2016-99-TL	2.00%		04/16/2044		7,745,423
Total US Government / Agency Mortgage Backed Obligations (Cost $28,181,099,214)						28,225,673,666
Short Term Investments - 7.1%
344,040,144	BlackRock Liquidity Funds FedFund - Institutional Shares	0.60%	◆			344,040,144
100,000,000	Federal Home Loan Bank Discount Notes	0.00%		04/19/2017		99,969,801
100,000,000	Federal Home Loan Bank Discount Notes	0.00%		04/21/2017		99,966,000
100,000,000	Federal Home Loan Bank Discount Notes	0.00%		04/24/2017		99,960,300
175,000,000	Federal Home Loan Bank Discount Notes	0.00%		04/28/2017		174,917,400
100,000,000	Federal Home Loan Bank Discount Notes	0.00%		05/08/2017		99,930,000
100,000,000	Federal Home Loan Bank Discount Notes	0.00%		05/09/2017		99,928,000
100,000,000	Federal Home Loan Bank Discount Notes	0.00%		05/22/2017		99,902,000
200,000,000	Federal Home Loan Bank Discount Notes	0.00%		05/24/2017		199,796,000
100,000,000	Federal Home Loan Bank Discount Notes	0.00%		05/25/2017		99,896,000
150,000,000	Federal Home Loan Banks	0.88%		05/24/2017		150,022,050
100,000,000	Federal Home Loan Banks	0.69%		07/26/2017		99,938,400
100,000,000	Federal Home Loan Banks	0.70%		09/01/2017		99,892,900
100,000,000	Federal Home Loan Banks	0.63%		11/01/2017		99,788,800
100,000,000	Federal Home Loan Mortgage Corporation	1.00%		06/29/2017		100,035,600
100,000,000	Federal Home Loan Mortgage Corporation	1.00%		07/28/2017		100,039,000
100,000,000	Federal Home Loan Mortgage Corporation Discount Notes	0.00%		04/21/2017		99,966,000
344,040,144	Fidelity Institutional Money Market Government Portfolio - Class I	0.56%	◆			344,040,144
344,040,144	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class	0.60%	◆			344,040,144
250,000,000	United States Treasury Bills	0.00%		04/27/2017		249,881,000
250,000,000	United States Treasury Bills	0.00%		05/25/2017		249,746,250
250,000,000	United States Treasury Bills	0.00%		06/15/2017		249,637,000
250,000,000	United States Treasury Bills	0.00%		07/20/2017		249,430,000
Total Short Term Investments (Cost $3,855,462,191)						3,854,762,933
Total Investments - 100.1% (Cost $54,606,740,980)						54,403,051,268
Liabilities in Excess of Other Assets - (0.1)%						(49,057,204	)
NET ASSETS - 100.0%					$	54,353,994,064
	^   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, 2017, the value of these securities amounted to $10,450,424,022 or 19.2% of net assets.

   µ Illiquid security. At March 31, 2017 the value of these securities amounted to $773,843,305 or 1.4% of net assets.

   # Variable rate security. Rate disclosed as of March 31, 2017.

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, 2017

SECURITY TYPE BREAKDOWN as a % of Net Assets:

US Government / Agency Mortgage Backed Obligations	51.9%
Non-Agency Residential Collateralized Mortgage Obligations	22.5%
Short Term Investments	7.1%
Non-Agency Commercial Mortgage Backed Obligations	6.9%
US Government and Agency Obligations	4.8%
Collateralized Loan Obligations	4.1%
Asset Backed Obligations	2.8%
Other Assets and Liabilities	(0.1)%
	100.0%

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of DoubleLine Funds Trust

In our opinion, the accompanying statement of assets and liabilities, including the summary schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of DoubleLine Total Return Bond Fund (one of the funds constituting DoubleLine Funds Trust, hereafter referred to as the “Fund”) as of March 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights, and schedule of investments (hereafter referred to as “financial statements”) are the responsibility of the Fund’s 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 as of March 31, 2017 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

May 23, 2017

  PricewaterhouseCoopers LLP, 601 South Figueroa, Los Angeles, CA 90017

  T: (213) 356 6000, F: (813) 637 4444, www.pwc.com/us

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                                                5/31/2017

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                                                      5/31/2017

By (Signature and Title)               /s/ Susan Nichols

Susan Nichols, Treasurer and

Principal Financial and Accounting Officer

Date                                                            5/31/2017