# EDGAR Filing Document

**Accession Number:** 0001480207
**File Stem:** 0001133228-25-013273
**Filing Date:** 2025-12
**Character Count:** 1666892
**Document Hash:** c64998763df6cbacf7a4fe3ccf7305f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013273.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001133228-25-013273

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DoubleLine Funds Trust
- **CENTRAL INDEX KEY:** 0001480207

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22378
- **FILM NUMBER:** 251551931

**BUSINESS ADDRESS:**
- **STREET 1:** 2002 N. TAMPA ST.,
- **STREET 2:** SUITE 200
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33602
- **BUSINESS PHONE:** (813) 791-7333

**MAIL ADDRESS:**
- **STREET 1:** 2002 N. TAMPA ST.,
- **STREET 2:** SUITE 200
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33602

## Series and Classes Contracts Data

### DoubleLine Total Return Bond Fund (Series ID: S000028163)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000086126 | Class I      | DBLTX           |
| C000086127 | Class N      | DLTNX           |
| C000213584 | Class R6     | DDTRX           |

### DoubleLine Core Fixed Income Fund (Series ID: S000028164)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000086128 | Class I      | DBLFX           |
| C000086129 | Class N      | DLFNX           |
| C000213585 | Class R6     | DDCFX           |

### DoubleLine Emerging Markets Fixed Income Fund (Series ID: S000028165)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000086130 | Class I      | DBLEX           |
| C000086131 | Class N      | DLENX           |

### DoubleLine Low Duration Bond Fund (Series ID: S000034129)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105189 | Class I      | DBLSX           |
| C000105190 | Class N      | DLSNX           |
| C000213586 | Class R6     | DDLDX           |

### DoubleLine Floating Rate Fund (Series ID: S000039682)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000122989 | Class I      | DBFRX           |
| C000122990 | Class N      | DLFRX           |

### DoubleLine Shiller Enhanced CAPE (Series ID: S000042768)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000132287 | Class I      | DSEEX           |
| C000132288 | Class N      | DSENX           |
| C000213587 | Class R6     | DDCPX           |

### DoubleLine Flexible Income Fund (Series ID: S000044832)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000139216 | Class I      | DFLEX           |
| C000139217 | Class N      | DLINX           |
| C000213588 | Class R6     | DFFLX           |

### DoubleLine Low Duration Emerging Markets Fixed Income Fund (Series ID: S000044833)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000139218 | Class I      | DBLLX           |
| C000139219 | Class N      | DELNX           |

### DoubleLine Long Duration Total Return Bond Fund (Series ID: S000047461)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000148998 | Class N      | DLLDX           |
| C000148999 | Class I      | DBLDX           |

### DoubleLine Strategic Commodity Fund (Series ID: S000048870)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000153759 | Class I      | DBCMX           |
| C000153760 | Class N      | DLCMX           |

### DoubleLine Global Bond Fund (Series ID: S000051748)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000162858 | Class I      | DBLGX           |
| C000162859 | Class N      | DLGBX           |

### DoubleLine Infrastructure Income Fund (Series ID: S000053014)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000166676 | Class I      | BILDX           |
| C000166677 | Class N      | BILTX           |

### DoubleLine Shiller Enhanced International CAPE (Series ID: S000055534)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000174823 | Class I      | DSEUX           |
| C000174824 | Class N      | DLEUX           |

### DoubleLine Emerging Markets Local Currency Bond Fund (Series ID: S000065632)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000212343 | Class I      | DBELX           |
| C000212344 | Class N      | DLELX           |

### DoubleLine Income Fund (Series ID: S000066303)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000214092 | Class I      | DBLIX           |
| C000214093 | Class N      | DBLNX           |

?xml version='1.0' encoding='ASCII'? 2025-08-04191610_DoubleLineTotalReturnBondFund_ClassI_TSRSemiAnnual

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 **<u>811-22378</u>**

**<u>DoubleLine Funds Trust</u>**

(Exact name of Registrant as specified in charter)

**<u>2002 North Tampa Street, Suite 200</u>**

**<u>Tampa, FL 33602</u>**

(Address of principal executive offices) (Zip code)

**<u>Ronald R. Redell</u>**

**<u>President and Principal Executive Officer</u>**

**<u>DoubleLine Funds Trust</u>**

**<u>2002 North Tampa Street, Suite 200</u>**

**<u>Tampa, FL 33602</u>**

(Name and address of agent for service)

**<u>(813) 791-7333</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>March 31</u>**

Date of reporting period: **<u>September 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | |
|:---|:---|
| **DoubleLine Total Return Bond Fund**  | ![image](img171522_202510061949690.jpg) |
| Class I \| DBLTX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Total Return Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $25 | 0.49% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $30457575497 |
| **Number of Holdings** | 3017 |
| **Total Advisory Fees Paid** | $59905363 |
| **Portfolio Turnover** | 9% |
| **Effective Duration** | 5.48 years |
| **Weighted Average Life** | 5.67 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 12.2 |
|  Agency  | 41.4 |
|  AAA  | 12.9 |
|  AA  | 2.2 |
|  A  | 5.0 |
|  BBB  | 4.7 |
|  BB  | 0.7 |
|  B and Below  | 6.8 |
|  Not Rated  | 9.7 |
|  Other  | 4.4 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  US Government and Agency Mortgage Backed Obligations  | 49.1 |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 24.0 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 7.7 |
|  Asset Backed Obligations  | 5.8 |
|  Collateralized Loan Obligations  | 4.4 |
|  US Government and Agency Obligations  | 4.3 |
|  Money Market Funds  | 4.2 |
|  Futures Contracts  | 0.1 |
|  Cash & Other  | 0.4 |

---

---

| | | |
|:---|:---|:---|
| DoubleLine Total Return Bond Fund | PAGE 1 | TSR-SAR-258620103 |

---

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

---

| | | |
|:---|:---|:---|
| DoubleLine Total Return Bond Fund | PAGE 2 | TSR-SAR-258620103 |

---

------

---

| | |
|:---|:---|
| **DoubleLine Total Return Bond Fund**  | ![image](img171522_202510061949690.jpg) |
| Class N \| DLTNX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Total Return Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class N | $38 | 0.74% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $30457575497 |
| **Number of Holdings** | 3017 |
| **Total Advisory Fees Paid** | $59905363 |
| **Portfolio Turnover** | 9% |
| **Effective Duration** | 5.48 years |
| **Weighted Average Life** | 5.67 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 12.2 |
|  Agency  | 41.4 |
|  AAA  | 12.9 |
|  AA  | 2.2 |
|  A  | 5.0 |
|  BBB  | 4.7 |
|  BB  | 0.7 |
|  B and Below  | 6.8 |
|  Not Rated  | 9.7 |
|  Other  | 4.4 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  US Government and Agency Mortgage Backed Obligations  | 49.1 |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 24.0 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 7.7 |
|  Asset Backed Obligations  | 5.8 |
|  Collateralized Loan Obligations  | 4.4 |
|  US Government and Agency Obligations  | 4.3 |
|  Money Market Funds  | 4.2 |
|  Futures Contracts  | 0.1 |
|  Cash & Other  | 0.4 |

---

---

| | | |
|:---|:---|:---|
| DoubleLine Total Return Bond Fund | PAGE 1 | TSR-SAR-258620202 |

---

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

---

| | | |
|:---|:---|:---|
| DoubleLine Total Return Bond Fund | PAGE 2 | TSR-SAR-258620202 |

---

------

---

| | |
|:---|:---|
| **DoubleLine Total Return Bond Fund**  | ![image](img171522_202510061949690.jpg) |
| Class R6 \| DDTRX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Total Return Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class R6 | $22 | 0.43% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $30457575497 |
| **Number of Holdings** | 3017 |
| **Total Advisory Fees Paid** | $59905363 |
| **Portfolio Turnover** | 9% |
| **Effective Duration** | 5.48 years |
| **Weighted Average Life** | 5.67 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 12.2 |
|  Agency  | 41.4 |
|  AAA  | 12.9 |
|  AA  | 2.2 |
|  A  | 5.0 |
|  BBB  | 4.7 |
|  BB  | 0.7 |
|  B and Below  | 6.8 |
|  Not Rated  | 9.7 |
|  Other  | 4.4 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  US Government and Agency Mortgage Backed Obligations  | 49.1 |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 24.0 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 7.7 |
|  Asset Backed Obligations  | 5.8 |
|  Collateralized Loan Obligations  | 4.4 |
|  US Government and Agency Obligations  | 4.3 |
|  Money Market Funds  | 4.2 |
|  Futures Contracts  | 0.1 |
|  Cash & Other  | 0.4 |

---

---

| | | |
|:---|:---|:---|
| DoubleLine Total Return Bond Fund | PAGE 1 | TSR-SAR-258620566 |

---

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

---

| | | |
|:---|:---|:---|
| DoubleLine Total Return Bond Fund | PAGE 2 | TSR-SAR-258620566 |

---

------

---

| | |
|:---|:---|
| **DoubleLine Core Fixed Income Fund**  | ![image](img171522_202510061949690.jpg) |
| Class I \| DBLFX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Core Fixed Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $23 | 0.46% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $6683225186 |
| **Number of Holdings** | 1625 |
| **Total Advisory Fees Paid** | $11787837 |
| **Portfolio Turnover** | 21% |
| **Effective Duration** | 5.51 years |
| **Weighted Average Life** | 6.30 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 25.1 |
|  Agency  | 20.2 |
|  AAA  | 6.3 |
|  AA  | 3.7 |
|  A  | 8.3 |
|  BBB  | 17.5 |
|  BB  | 5.1 |
|  B and Below  | 7.7 |
|  Not Rated  | 3.0 |
|  Other  | 3.1 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  US Government and Agency Mortgage Backed Obligations  | 22.3 |
|  US Government and Agency Obligations  | 19.6 |
|  US Corporate Bonds  | 15.3 |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 10.4 |
|  Affiliated Mutual Funds  | 7.9 |
|  Foreign Corporate Bonds  | 5.4 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 4.9 |
|  Money Market Funds  | 3.2 |
|  Asset Backed Obligations  | 3.1 |
|  Cash & Other  | 7.9 |

---

DoubleLine Core Fixed Income Fund PAGE 1 TSR-SAR-258620301

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Core Fixed Income Fund PAGE 2 TSR-SAR-258620301

------

---

| | |
|:---|:---|
| **DoubleLine Core Fixed Income Fund**  | ![image](img171522_202510061949690.jpg) |
| Class N \| DLFNX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Core Fixed Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class N | $36 | 0.71% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $6683225186 |
| **Number of Holdings** | 1625 |
| **Total Advisory Fees Paid** | $11787837 |
| **Portfolio Turnover** | 21% |
| **Effective Duration** | 5.51 years |
| **Weighted Average Life** | 6.30 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 25.1 |
|  Agency  | 20.2 |
|  AAA  | 6.3 |
|  AA  | 3.7 |
|  A  | 8.3 |
|  BBB  | 17.5 |
|  BB  | 5.1 |
|  B and Below  | 7.7 |
|  Not Rated  | 3.0 |
|  Other  | 3.1 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  US Government and Agency Mortgage Backed Obligations  | 22.3 |
|  US Government and Agency Obligations  | 19.6 |
|  US Corporate Bonds  | 15.3 |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 10.4 |
|  Affiliated Mutual Funds  | 7.9 |
|  Foreign Corporate Bonds  | 5.4 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 4.9 |
|  Money Market Funds  | 3.2 |
|  Asset Backed Obligations  | 3.1 |
|  Cash & Other  | 7.9 |

---

DoubleLine Core Fixed Income Fund PAGE 1 TSR-SAR-258620400

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Core Fixed Income Fund PAGE 2 TSR-SAR-258620400

------

---

| | |
|:---|:---|
| **DoubleLine Core Fixed Income Fund**  | ![image](img171522_202510061949690.jpg) |
| Class R6 \| DDCFX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Core Fixed Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class R6 | $20 | 0.40% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $6683225186 |
| **Number of Holdings** | 1625 |
| **Total Advisory Fees Paid** | $11787837 |
| **Portfolio Turnover** | 21% |
| **Effective Duration** | 5.51 years |
| **Weighted Average Life** | 6.30 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 25.1 |
|  Agency  | 20.2 |
|  AAA  | 6.3 |
|  AA  | 3.7 |
|  A  | 8.3 |
|  BBB  | 17.5 |
|  BB  | 5.1 |
|  B and Below  | 7.7 |
|  Not Rated  | 3.0 |
|  Other  | 3.1 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  US Government and Agency Mortgage Backed Obligations  | 22.3 |
|  US Government and Agency Obligations  | 19.6 |
|  US Corporate Bonds  | 15.3 |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 10.4 |
|  Affiliated Mutual Funds  | 7.9 |
|  Foreign Corporate Bonds  | 5.4 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 4.9 |
|  Money Market Funds  | 3.2 |
|  Asset Backed Obligations  | 3.1 |
|  Cash & Other  | 7.9 |

---

DoubleLine Core Fixed Income Fund PAGE 1 TSR-SAR-258620558

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Core Fixed Income Fund PAGE 2 TSR-SAR-258620558

------

---

| | |
|:---|:---|
| **DoubleLine Emerging Markets Fixed Income Fund**  | ![image](img171522_202510061949690.jpg) |
| Class I \| DBLEX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Emerging Markets Fixed Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $48 | 0.94% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $422328370 |
| **Number of Holdings** | 156 |
| **Total Advisory Fees Paid** | $1511627 |
| **Portfolio Turnover** | 23% |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  AA  | 0.6 |
|  A  | 6.3 |
|  BBB  | 44.6 |
|  BB  | 36.2 |
|  B and Below  | 7.8 |
|  Not Rated  | 0.5 |
|  Other  | 4.0 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Net** **Assets)** |
|  Banco do Brasil SA/Cayman, 8.75%, 10/15/2025  | 2.2 |
|  Chile Electricity PEC SpA, 0.00%, 01/25/2028  | 2.1 |
|  Banco Industrial SA/Guatemala, 4.88%, 01/29/2031  | 2.0 |
|  Mexico Government International Bond, 4.40%, 02/12/2052  | 2.0 |
|  MV24 Capital BV, 6.75%, 06/01/2034  | 1.9 |
|  Prumo Participacoes e Investimentos S/A, 7.50%, 12/31/2031  | 1.9 |
|  Ecopetrol SA, 5.88%, 11/02/2051  | 1.8 |
|  Cosan Overseas Ltd., 8.25%, 12/29/2049  | 1.7 |
|  Cemex SAB de CV, 5.13%, 06/08/2026  | 1.7 |
|  JSW Hydro Energy Ltd., 4.13%, 05/18/2031  | 1.6 |

---

DoubleLine Emerging Markets Fixed Income Fund PAGE 1 TSR-SAR-258620509

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Emerging Markets Fixed Income Fund PAGE 2 TSR-SAR-258620509

------

---

| | |
|:---|:---|
| **DoubleLine Emerging Markets Fixed Income Fund**  | ![image](img171522_202510061949690.jpg) |
| Class N \| DLENX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Emerging Markets Fixed Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class N | $61 | 1.19% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $422328370 |
| **Number of Holdings** | 156 |
| **Total Advisory Fees Paid** | $1511627 |
| **Portfolio Turnover** | 23% |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  AA  | 0.6 |
|  A  | 6.3 |
|  BBB  | 44.6 |
|  BB  | 36.2 |
|  B and Below  | 7.8 |
|  Not Rated  | 0.5 |
|  Other  | 4.0 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Net** **Assets)** |
|  Banco do Brasil SA/Cayman, 8.75%, 10/15/2025  | 2.2 |
|  Chile Electricity PEC SpA, 0.00%, 01/25/2028  | 2.1 |
|  Banco Industrial SA/Guatemala, 4.88%, 01/29/2031  | 2.0 |
|  Mexico Government International Bond, 4.40%, 02/12/2052  | 2.0 |
|  MV24 Capital BV, 6.75%, 06/01/2034  | 1.9 |
|  Prumo Participacoes e Investimentos S/A, 7.50%, 12/31/2031  | 1.9 |
|  Ecopetrol SA, 5.88%, 11/02/2051  | 1.8 |
|  Cosan Overseas Ltd., 8.25%, 12/29/2049  | 1.7 |
|  Cemex SAB de CV, 5.13%, 06/08/2026  | 1.7 |
|  JSW Hydro Energy Ltd., 4.13%, 05/18/2031  | 1.6 |

---

DoubleLine Emerging Markets Fixed Income Fund PAGE 1 TSR-SAR-258620608

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Emerging Markets Fixed Income Fund PAGE 2 TSR-SAR-258620608

------

---

| | |
|:---|:---|
| **DoubleLine Low Duration Bond Fund**  | ![image](img171522_202510061949690.jpg) |
| Class I \| DBLSX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Low Duration Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $22 | 0.44% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $6319810181 |
| **Number of Holdings** | 815 |
| **Total Advisory Fees Paid** | $10877513 |
| **Portfolio Turnover** | 20% |
| **Effective Duration** | 1.54 years |
| **Weighted Average Life** | 2.53 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 24.8 |
|  Agency  | 4.7 |
|  AAA  | 36.5 |
|  AA  | 5.5 |
|  A  | 8.4 |
|  BBB  | 12.3 |
|  BB  | 1.8 |
|  B and Below  | 0.3 |
|  Not Rated  | 1.9 |
|  Other  | 3.8 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  US Government and Agency Obligations  | 24.4 |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 14.3 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 13.7 |
|  US Corporate Bonds  | 11.1 |
|  Collateralized Loan Obligations  | 11.0 |
|  Asset Backed Obligations  | 7.5 |
|  Foreign Corporate Bonds  | 6.6 |
|  US Government and Agency Mortgage Backed Obligations  | 5.0 |
|  Money Market Funds  | 4.2 |
|  Cash & Other  | 2.2 |

---

DoubleLine Low Duration Bond Fund PAGE 1 TSR-SAR-258620863

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Low Duration Bond Fund PAGE 2 TSR-SAR-258620863

------

---

| | |
|:---|:---|
| **DoubleLine Low Duration Bond Fund**  | ![image](img171522_202510061949690.jpg) |
| Class N \| DLSNX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Low Duration Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class N | $35 | 0.69% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $6319810181 |
| **Number of Holdings** | 815 |
| **Total Advisory Fees Paid** | $10877513 |
| **Portfolio Turnover** | 20% |
| **Effective Duration** | 1.54 years |
| **Weighted Average Life** | 2.53 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 24.8 |
|  Agency  | 4.7 |
|  AAA  | 36.5 |
|  AA  | 5.5 |
|  A  | 8.4 |
|  BBB  | 12.3 |
|  BB  | 1.8 |
|  B and Below  | 0.3 |
|  Not Rated  | 1.9 |
|  Other  | 3.8 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  US Government and Agency Obligations  | 24.4 |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 14.3 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 13.7 |
|  US Corporate Bonds  | 11.1 |
|  Collateralized Loan Obligations  | 11.0 |
|  Asset Backed Obligations  | 7.5 |
|  Foreign Corporate Bonds  | 6.6 |
|  US Government and Agency Mortgage Backed Obligations  | 5.0 |
|  Money Market Funds  | 4.2 |
|  Cash & Other  | 2.2 |

---

DoubleLine Low Duration Bond Fund PAGE 1 TSR-SAR-258620855

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Low Duration Bond Fund PAGE 2 TSR-SAR-258620855

------

---

| | |
|:---|:---|
| **DoubleLine Low Duration Bond Fund**  | ![image](img171522_202510061949690.jpg) |
| Class R6 \| DDLDX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Low Duration Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class R6 | $19 | 0.38% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $6319810181 |
| **Number of Holdings** | 815 |
| **Total Advisory Fees Paid** | $10877513 |
| **Portfolio Turnover** | 20% |
| **Effective Duration** | 1.54 years |
| **Weighted Average Life** | 2.53 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 24.8 |
|  Agency  | 4.7 |
|  AAA  | 36.5 |
|  AA  | 5.5 |
|  A  | 8.4 |
|  BBB  | 12.3 |
|  BB  | 1.8 |
|  B and Below  | 0.3 |
|  Not Rated  | 1.9 |
|  Other  | 3.8 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  US Government and Agency Obligations  | 24.4 |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 14.3 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 13.7 |
|  US Corporate Bonds  | 11.1 |
|  Collateralized Loan Obligations  | 11.0 |
|  Asset Backed Obligations  | 7.5 |
|  Foreign Corporate Bonds  | 6.6 |
|  US Government and Agency Mortgage Backed Obligations  | 5.0 |
|  Money Market Funds  | 4.2 |
|  Cash & Other  | 2.2 |

---

DoubleLine Low Duration Bond Fund PAGE 1 TSR-SAR-258620541

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Low Duration Bond Fund PAGE 2 TSR-SAR-258620541

------

---

| | |
|:---|:---|
| **DoubleLine Floating Rate Fund**  | ![image](img171522_202510061949690.jpg) |
| Class I \| DBFRX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Floating Rate Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $40 | 0.78% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $112336678 |
| **Number of Holdings** | 346 |
| **Total Advisory Fees Paid** | $232548 |
| **Portfolio Turnover** | 44% |
| **Effective Duration** | 0.28 years |
| **Weighted Average Life** | 4.51 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  BBB  | 6.7 |
|  BB  | 28.6 |
|  B and Below  | 55.3 |
|  Not Rated  | 1.4 |
|  Other  | 8.0 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  Bank Loans  | 86.7 |
|  Money Market Funds  | 9.9 |
|  US Corporate Bonds  | 4.7 |
|  Foreign Corporate Bonds  | 0.5 |
|  Cash & Other  | -1.8 |

---

DoubleLine Floating Rate Fund PAGE 1 TSR-SAR-258620848

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Floating Rate Fund PAGE 2 TSR-SAR-258620848

------

---

| | |
|:---|:---|
| **DoubleLine Floating Rate Fund**  | ![image](img171522_202510061949690.jpg) |
| Class N \| DLFRX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Floating Rate Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class N | $53 | 1.03% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $112336678 |
| **Number of Holdings** | 346 |
| **Total Advisory Fees Paid** | $232548 |
| **Portfolio Turnover** | 44% |
| **Effective Duration** | 0.28 years |
| **Weighted Average Life** | 4.51 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  BBB  | 6.7 |
|  BB  | 28.6 |
|  B and Below  | 55.3 |
|  Not Rated  | 1.4 |
|  Other  | 8.0 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  Bank Loans  | 86.7 |
|  Money Market Funds  | 9.9 |
|  US Corporate Bonds  | 4.7 |
|  Foreign Corporate Bonds  | 0.5 |
|  Cash & Other  | -1.8 |

---

DoubleLine Floating Rate Fund PAGE 1 TSR-SAR-258620830

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Floating Rate Fund PAGE 2 TSR-SAR-258620830

------

---

| | |
|:---|:---|
| **DoubleLine Shiller Enhanced CAPE<sup>®</sup>**  | ![image](img171522_202510061949690.jpg) |
| Class I \| DSEEX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Shiller Enhanced CAPE<sup>®</sup> for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $28 | 0.54% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $3478589463 |
| **Number of Holdings** | 805 |
| **Total Advisory Fees Paid** | $8029645 |
| **Portfolio Turnover** | 17% |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of** **Net** **Assets)** |
|  Government  | 32.7 |
|  Agency  | 4.3 |
|  AAA  | 29.6 |
|  AA  | 5.8 |
|  A  | 6.8 |
|  BBB  | 11.8 |
|  BB  | 1.7 |
|  B and Below  | 3.3 |
|  Not Rated  | 2.9 |
|  Other  | 1.1 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of** **Net** **Assets)** |
|  US Government and Agency Obligations  | 31.4 |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 12.7 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 11.2 |
|  Collateralized Loan Obligations  | 10.9 |
|  US Corporate Bonds  | 10.7 |
|  Asset Backed Obligations  | 7.6 |
|  US Government and Agency Mortgage Backed Obligations  | 4.5 |
|  Foreign Corporate Bonds  | 3.9 |
|  Total Return Swaps  | 3.4 |
|  Cash & Other  | 3.7 |

---

---

| | |
|:---|:---|
| **CAPE Sector Breakdown** **\*** | **(% of** **Net** **Assets)** |
|  Communication Services  | 26.1 |
|  Real Estate  | 25.0 |
|  Materials  | 24.5 |
|  Consumer Staples  | 24.4 |

---

\* The Fund gained exposure to these allocations through the use of swap contracts

DoubleLine Shiller Enhanced CAPE<sup>®</sup> PAGE 1 TSR-SAR-258620822

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Shiller Enhanced CAPE<sup>®</sup> PAGE 2 TSR-SAR-258620822

------

---

| | |
|:---|:---|
| **DoubleLine Shiller Enhanced CAPE<sup>®</sup>**  | ![image](img171522_202510061949690.jpg) |
| Class N \| DSENX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Shiller Enhanced CAPE<sup>®</sup> for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class N | $41 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $3478589463 |
| **Number of Holdings** | 805 |
| **Total Advisory Fees Paid** | $8029645 |
| **Portfolio Turnover** | 17% |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of** **Net** **Assets)** |
|  Government  | 32.7 |
|  Agency  | 4.3 |
|  AAA  | 29.6 |
|  AA  | 5.8 |
|  A  | 6.8 |
|  BBB  | 11.8 |
|  BB  | 1.7 |
|  B and Below  | 3.3 |
|  Not Rated  | 2.9 |
|  Other  | 1.1 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of** **Net** **Assets)** |
|  US Government and Agency Obligations  | 31.4 |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 12.7 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 11.2 |
|  Collateralized Loan Obligations  | 10.9 |
|  US Corporate Bonds  | 10.7 |
|  Asset Backed Obligations  | 7.6 |
|  US Government and Agency Mortgage Backed Obligations  | 4.5 |
|  Foreign Corporate Bonds  | 3.9 |
|  Total Return Swaps  | 3.4 |
|  Cash & Other  | 3.7 |

---

---

| | |
|:---|:---|
| **CAPE Sector Breakdown** **\*** | **(% of** **Net** **Assets)** |
|  Communication Services  | 26.1 |
|  Real Estate  | 25.0 |
|  Materials  | 24.5 |
|  Consumer Staples  | 24.4 |

---

\* The Fund gained exposure to these allocations through the use of swap contracts

DoubleLine Shiller Enhanced CAPE<sup>®</sup> PAGE 1 TSR-SAR-258620814

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Shiller Enhanced CAPE<sup>®</sup> PAGE 2 TSR-SAR-258620814

------

---

| | |
|:---|:---|
| **DoubleLine Shiller Enhanced CAPE<sup>®</sup>**  | ![image](img171522_202510061949690.jpg) |
| Class R6 \| DDCPX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Shiller Enhanced CAPE<sup>®</sup> for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class R6 | $26 | 0.49% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $3478589463 |
| **Number of Holdings** | 805 |
| **Total Advisory Fees Paid** | $8029645 |
| **Portfolio Turnover** | 17% |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of** **Net** **Assets)** |
|  Government  | 32.7 |
|  Agency  | 4.3 |
|  AAA  | 29.6 |
|  AA  | 5.8 |
|  A  | 6.8 |
|  BBB  | 11.8 |
|  BB  | 1.7 |
|  B and Below  | 3.3 |
|  Not Rated  | 2.9 |
|  Other  | 1.1 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of** **Net** **Assets)** |
|  US Government and Agency Obligations  | 31.4 |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 12.7 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 11.2 |
|  Collateralized Loan Obligations  | 10.9 |
|  US Corporate Bonds  | 10.7 |
|  Asset Backed Obligations  | 7.6 |
|  US Government and Agency Mortgage Backed Obligations  | 4.5 |
|  Foreign Corporate Bonds  | 3.9 |
|  Total Return Swaps  | 3.4 |
|  Cash & Other  | 3.7 |

---

---

| | |
|:---|:---|
| **CAPE Sector Breakdown** **\*** | **(% of** **Net** **Assets)** |
|  Communication Services  | 26.1 |
|  Real Estate  | 25.0 |
|  Materials  | 24.5 |
|  Consumer Staples  | 24.4 |

---

\* The Fund gained exposure to these allocations through the use of swap contracts

DoubleLine Shiller Enhanced CAPE<sup>®</sup> PAGE 1 TSR-SAR-258620525

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Shiller Enhanced CAPE<sup>®</sup> PAGE 2 TSR-SAR-258620525

------

---

| | |
|:---|:---|
| **DoubleLine Flexible Income Fund**  | ![image](img171522_202510061949690.jpg) |
| Class I \| DFLEX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Flexible Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $37 | 0.73% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $1360660256 |
| **Number of Holdings** | 1223 |
| **Total Advisory Fees Paid** | $3870312 |
| **Portfolio Turnover** | 27% |
| **Effective Duration** | 1.76 years |
| **Weighted Average Life** | 4.03 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 14.7 |
|  Agency  | 10.7 |
|  AAA  | 10.0 |
|  AA  | 3.1 |
|  A  | 6.6 |
|  BBB  | 24.3 |
|  BB  | 11.6 |
|  B and Below  | 11.9 |
|  Not Rated  | 4.3 |
|  Other  | 2.8 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 17.0 |
|  Collateralized Loan Obligations  | 13.6 |
|  US Government and Agency Mortgage Backed Obligations  | 13.5 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 10.7 |
|  Bank Loans  | 10.6 |
|  U.S. Treasury Bills  | 8.9 |
|  Asset Backed Obligations  | 6.3 |
|  Foreign Corporate Bonds  | 4.4 |
|  US Corporate Bonds  | 4.1 |
|  Cash & Other  | 10.9 |

---

DoubleLine Flexible Income Fund PAGE 1 TSR-SAR-258620798

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Flexible Income Fund PAGE 2 TSR-SAR-258620798

------

---

| | |
|:---|:---|
| **DoubleLine Flexible Income Fund**  | ![image](img171522_202510061949690.jpg) |
| Class N \| DLINX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Flexible Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class N | $50 | 0.98% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $1360660256 |
| **Number of Holdings** | 1223 |
| **Total Advisory Fees Paid** | $3870312 |
| **Portfolio Turnover** | 27% |
| **Effective Duration** | 1.76 years |
| **Weighted Average Life** | 4.03 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 14.7 |
|  Agency  | 10.7 |
|  AAA  | 10.0 |
|  AA  | 3.1 |
|  A  | 6.6 |
|  BBB  | 24.3 |
|  BB  | 11.6 |
|  B and Below  | 11.9 |
|  Not Rated  | 4.3 |
|  Other  | 2.8 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 17.0 |
|  Collateralized Loan Obligations  | 13.6 |
|  US Government and Agency Mortgage Backed Obligations  | 13.5 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 10.7 |
|  Bank Loans  | 10.6 |
|  U.S. Treasury Bills  | 8.9 |
|  Asset Backed Obligations  | 6.3 |
|  Foreign Corporate Bonds  | 4.4 |
|  US Corporate Bonds  | 4.1 |
|  Cash & Other  | 10.9 |

---

DoubleLine Flexible Income Fund PAGE 1 TSR-SAR-258620780

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Flexible Income Fund PAGE 2 TSR-SAR-258620780

------

---

| | |
|:---|:---|
| **DoubleLine Flexible Income Fund**  | ![image](img171522_202510061949690.jpg) |
| Class R6 \| DFFLX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Flexible Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class R6 | $35 | 0.68% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $1360660256 |
| **Number of Holdings** | 1223 |
| **Total Advisory Fees Paid** | $3870312 |
| **Portfolio Turnover** | 27% |
| **Effective Duration** | 1.76 years |
| **Weighted Average Life** | 4.03 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 14.7 |
|  Agency  | 10.7 |
|  AAA  | 10.0 |
|  AA  | 3.1 |
|  A  | 6.6 |
|  BBB  | 24.3 |
|  BB  | 11.6 |
|  B and Below  | 11.9 |
|  Not Rated  | 4.3 |
|  Other  | 2.8 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 17.0 |
|  Collateralized Loan Obligations  | 13.6 |
|  US Government and Agency Mortgage Backed Obligations  | 13.5 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 10.7 |
|  Bank Loans  | 10.6 |
|  U.S. Treasury Bills  | 8.9 |
|  Asset Backed Obligations  | 6.3 |
|  Foreign Corporate Bonds  | 4.4 |
|  US Corporate Bonds  | 4.1 |
|  Cash & Other  | 10.9 |

---

DoubleLine Flexible Income Fund PAGE 1 TSR-SAR-258620533

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Flexible Income Fund PAGE 2 TSR-SAR-258620533

------

---

| | |
|:---|:---|
| **DoubleLine Low Duration Emerging Markets Fixed** **Income Fund**  | ![image](img171522_202510061949690.jpg) |
| Class I \| DBLLX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Low Duration Emerging Markets Fixed Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $30 | 0.59% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $128225425 |
| **Number of Holdings** | 90 |
| **Total Advisory Fees Paid** | $218234 |
| **Portfolio Turnover** | 25% |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  AA  | 0.4 |
|  A  | 11.7 |
|  BBB  | 51.5 |
|  BB  | 32.4 |
|  B and Below  | 1.8 |
|  Not Rated  | 0.2 |
|  Other  | 2.0 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Net** **Assets)** |
|  Chile Electricity PEC SpA, 0.00%, 01/25/2028  | 3.1 |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX, 5.88%, 09/13/2034  | 2.7 |
|  DBS Group Holdings Ltd., 1.82%, 03/10/2031  | 2.5 |
|  Banco de Bogota SA, 6.25%, 05/12/2026  | 2.5 |
|  Pertamina Persero PT, 1.40%, 02/09/2026  | 2.5 |
|  AL Candelaria Spain SA, 7.50%, 12/15/2028  | 2.4 |
|  Mexico Generadora de Energia S de RL, 5.50%, 12/06/2032  | 2.3 |
|  Guatemala Government Bond, 4.50%, 05/03/2026  | 2.3 |
|  Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/2026  | 2.2 |
|  Bioceanico Sovereign Certificate Ltd., 06/05/2034  | 2.0 |

---

DoubleLine Low Duration Emerging Markets Fixed Income Fund PAGE 1 TSR-SAR-258620772

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Low Duration Emerging Markets Fixed Income Fund PAGE 2 TSR-SAR-258620772

------

---

| | |
|:---|:---|
| **DoubleLine Low Duration Emerging Markets Fixed** **Income Fund**  | ![image](img171522_202510061949690.jpg) |
| Class N \| DELNX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Low Duration Emerging Markets Fixed Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class N | $43 | 0.84% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $128225425 |
| **Number of Holdings** | 90 |
| **Total Advisory Fees Paid** | $218234 |
| **Portfolio Turnover** | 25% |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  AA  | 0.4 |
|  A  | 11.7 |
|  BBB  | 51.5 |
|  BB  | 32.4 |
|  B and Below  | 1.8 |
|  Not Rated  | 0.2 |
|  Other  | 2.0 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Net** **Assets)** |
|  Chile Electricity PEC SpA, 0.00%, 01/25/2028  | 3.1 |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX, 5.88%, 09/13/2034  | 2.7 |
|  DBS Group Holdings Ltd., 1.82%, 03/10/2031  | 2.5 |
|  Banco de Bogota SA, 6.25%, 05/12/2026  | 2.5 |
|  Pertamina Persero PT, 1.40%, 02/09/2026  | 2.5 |
|  AL Candelaria Spain SA, 7.50%, 12/15/2028  | 2.4 |
|  Mexico Generadora de Energia S de RL, 5.50%, 12/06/2032  | 2.3 |
|  Guatemala Government Bond, 4.50%, 05/03/2026  | 2.3 |
|  Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/2026  | 2.2 |
|  Bioceanico Sovereign Certificate Ltd., 06/05/2034  | 2.0 |

---

DoubleLine Low Duration Emerging Markets Fixed Income Fund PAGE 1 TSR-SAR-258620764

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Low Duration Emerging Markets Fixed Income Fund PAGE 2 TSR-SAR-258620764

------

---

| | |
|:---|:---|
| **DoubleLine Long Duration Total Return Bond Fund**  | ![image](img171522_202510061949690.jpg) |
| Class I \| DBLDX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Long Duration Total Return Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $25 | 0.50% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $54466630 |
| **Number of Holdings** | 60 |
| **Total Advisory Fees Paid** | $22182 |
| **Portfolio Turnover** | 36% |
| **Effective Duration** | 13.79 years |
| **Weighted Average Life** | 9.82 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 23.3 |
|  Agency  | 69.8 |
|  Other  | 6.9 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  US Government and Agency Mortgage Backed Obligations  | 92.4 |
|  Money Market Funds  | 11.1 |
|  Futures Contracts  | 0.6 |
|  Cash & Other  | -4.1 |

---

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | | |
|:---|:---|:---|
| DoubleLine Long Duration Total Return Bond Fund | PAGE 1 | TSR-SAR-258620749 |

---

------

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

---

| | | |
|:---|:---|:---|
| DoubleLine Long Duration Total Return Bond Fund | PAGE 2 | TSR-SAR-258620749 |

---

------

---

| | |
|:---|:---|
| **DoubleLine Long Duration Total Return Bond Fund**  | ![image](img171522_202510061949690.jpg) |
| Class N \| DLLDX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Long Duration Total Return Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class N | $38 | 0.75% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $54466630 |
| **Number of Holdings** | 60 |
| **Total Advisory Fees Paid** | $22182 |
| **Portfolio Turnover** | 36% |
| **Effective Duration** | 13.79 years |
| **Weighted Average Life** | 9.82 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 23.3 |
|  Agency  | 69.8 |
|  Other  | 6.9 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  US Government and Agency Mortgage Backed Obligations  | 92.4 |
|  Money Market Funds  | 11.1 |
|  Futures Contracts  | 0.6 |
|  Cash & Other  | -4.1 |

---

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | | |
|:---|:---|:---|
| DoubleLine Long Duration Total Return Bond Fund | PAGE 1 | TSR-SAR-258620731 |

---

------

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

---

| | | |
|:---|:---|:---|
| DoubleLine Long Duration Total Return Bond Fund | PAGE 2 | TSR-SAR-258620731 |

---

------

---

| | |
|:---|:---|
| **DoubleLine Strategic Commodity Fund**  | ![image](img171522_202510061949690.jpg) |
| Class I \| DBCMX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Strategic Commodity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $56 | 1.10% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $73497511 |
| **Number of Holdings** | 12 |
| **Total Advisory Fees Paid** | $301628 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Morgan Stanley BFMCI** **Breakdown** | **(% of Net** **Assets)** |
|  Energy  | 31.7 |
|  Grains  | 18.9 |
|  Livestock  | 6.1 |
|  Metals  | 35.0 |
|  Softs  | 8.3 |

---

---

| | |
|:---|:---|
| **Portfolio Sector Allocation** **Breakdown** **\*** | **(% of** **Net** **Assets)** |
|  Morgan Stanley BFMCI  | 79.8 |
|  Tactical Commodity Exposure  | 20.2 |

---

\* The Fund gained exposure to these allocations through the use of swap contracts

---

| | |
|:---|:---|
| **Tactical Commodity** **Exposure Breakdown** **\*** | **(% of** **Net** **Assets)** |
|  Long Commodity Allocation  | 48.7 |
|  Short Commodity Allocation  | 51.3 |

---

\* The Fund gained exposure to these allocations through the use of swap contracts.

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

DoubleLine Strategic Commodity Fund PAGE 1 TSR-SAR-258620715

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Strategic Commodity Fund PAGE 2 TSR-SAR-258620715

------

---

| | |
|:---|:---|
| **DoubleLine Strategic Commodity Fund**  | ![image](img171522_202510061949690.jpg) |
| Class N \| DLCMX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Strategic Commodity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class N | $68 | 1.35% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $73497511 |
| **Number of Holdings** | 12 |
| **Total Advisory Fees Paid** | $301628 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Morgan Stanley BFMCI** **Breakdown** | **(% of Net** **Assets)** |
|  Energy  | 31.7 |
|  Grains  | 18.9 |
|  Livestock  | 6.1 |
|  Metals  | 35.0 |
|  Softs  | 8.3 |

---

---

| | |
|:---|:---|
| **Portfolio Sector Allocation** **Breakdown** **\*** | **(% of** **Net** **Assets)** |
|  Morgan Stanley BFMCI  | 79.8 |
|  Tactical Commodity Exposure  | 20.2 |

---

\* The Fund gained exposure to these allocations through the use of swap contracts

---

| | |
|:---|:---|
| **Tactical Commodity** **Exposure Breakdown** **\*** | **(% of** **Net** **Assets)** |
|  Long Commodity Allocation  | 48.7 |
|  Short Commodity Allocation  | 51.3 |

---

\* The Fund gained exposure to these allocations through the use of swap contracts.

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

DoubleLine Strategic Commodity Fund PAGE 1 TSR-SAR-258620723

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Strategic Commodity Fund PAGE 2 TSR-SAR-258620723

------

---

| | |
|:---|:---|
| **DoubleLine Global Bond Fund**  | ![image](img171522_202510061949690.jpg) |
| Class I \| DBLGX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Global Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $32 | 0.61% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $246943254 |
| **Number of Holdings** | 59 |
| **Total Advisory Fees Paid** | $485962 |
| **Portfolio Turnover** | 20% |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 36.7 |
|  AAA  | 14.9 |
|  AA  | 17.3 |
|  A  | 15.6 |
|  BBB  | 8.9 |
|  BB  | 4.8 |
|  Other  | 1.8 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Net** **Assets)** |
|  United States Treasury Note/Bond, 0.88%, 11/15/2030  | 4.9 |
|  United States Treasury Note/Bond, 0.63%, 08/15/2030  | 4.8 |
|  United States Treasury Note/Bond, 0.75%, 01/31/2028  | 4.2 |
|  United States Treasury Note/Bond, 0.63%, 05/15/2030  | 3.8 |
|  Republic of South Africa Government Bond, 8.88%, 02/28/2035  | 3.6 |
|  United States Treasury Note/Bond, 0.63%, 12/31/2027  | 3.3 |
|  Spain Government Bond, 0.50%, 04/30/2030  | 3.1 |
|  Bundesrepublik Deutschland Bundesanleihe, 0.00%, 08/15/2030  | 3.1 |
|  United Kingdom Gilt, 4.38%, 03/07/2030  | 2.8 |
|  United States Treasury Note/Bond, 1.13%, 05/15/2040  | 2.8 |

---

DoubleLine Global Bond Fund PAGE 1 TSR-SAR-258620699

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Global Bond Fund PAGE 2 TSR-SAR-258620699

------

---

| | |
|:---|:---|
| **DoubleLine Global Bond Fund**  | ![image](img171522_202510061949690.jpg) |
| Class N \| DLGBX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Global Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class N | $45 | 0.87% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $246943254 |
| **Number of Holdings** | 59 |
| **Total Advisory Fees Paid** | $485962 |
| **Portfolio Turnover** | 20% |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 36.7 |
|  AAA  | 14.9 |
|  AA  | 17.3 |
|  A  | 15.6 |
|  BBB  | 8.9 |
|  BB  | 4.8 |
|  Other  | 1.8 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Net** **Assets)** |
|  United States Treasury Note/Bond, 0.88%, 11/15/2030  | 4.9 |
|  United States Treasury Note/Bond, 0.63%, 08/15/2030  | 4.8 |
|  United States Treasury Note/Bond, 0.75%, 01/31/2028  | 4.2 |
|  United States Treasury Note/Bond, 0.63%, 05/15/2030  | 3.8 |
|  Republic of South Africa Government Bond, 8.88%, 02/28/2035  | 3.6 |
|  United States Treasury Note/Bond, 0.63%, 12/31/2027  | 3.3 |
|  Spain Government Bond, 0.50%, 04/30/2030  | 3.1 |
|  Bundesrepublik Deutschland Bundesanleihe, 0.00%, 08/15/2030  | 3.1 |
|  United Kingdom Gilt, 4.38%, 03/07/2030  | 2.8 |
|  United States Treasury Note/Bond, 1.13%, 05/15/2040  | 2.8 |

---

DoubleLine Global Bond Fund PAGE 1 TSR-SAR-258620681

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Global Bond Fund PAGE 2 TSR-SAR-258620681

------

---

| | |
|:---|:---|
| **DoubleLine Infrastructure Income Fund**  | ![image](img171522_202510061949690.jpg) |
| Class I \| BILDX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Infrastructure Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $31 | 0.61% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $352656402 |
| **Number of Holdings** | 98 |
| **Total Advisory Fees Paid** | $868188 |
| **Portfolio Turnover** | 22% |
| **Effective Duration** | 4.89 years |
| **Weighted Average Life** | 7.43 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 1.2 |
|  AAA  | 0.2 |
|  AA  | 3.8 |
|  A  | 25.8 |
|  BBB  | 59.7 |
|  BB  | 6.1 |
|  Other  | 3.2 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  Asset Backed Obligations  | 48.3 |
|  US Corporate Bonds  | 42.7 |
|  Foreign Corporate Bonds  | 3.9 |
|  Money Market Funds  | 2.9 |
|  US Government and Agency Obligations  | 1.1 |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations  | 0.8 |
|  Cash & Other  | 0.3 |

---

DoubleLine Infrastructure Income Fund PAGE 1 TSR-SAR-258620673

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Infrastructure Income Fund PAGE 2 TSR-SAR-258620673

------

---

| | |
|:---|:---|
| **DoubleLine Infrastructure Income Fund**  | ![image](img171522_202510061949690.jpg) |
| Class N \| BILTX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Infrastructure Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class N | $44 | 0.86% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $352656402 |
| **Number of Holdings** | 98 |
| **Total Advisory Fees Paid** | $868188 |
| **Portfolio Turnover** | 22% |
| **Effective Duration** | 4.89 years |
| **Weighted Average Life** | 7.43 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 1.2 |
|  AAA  | 0.2 |
|  AA  | 3.8 |
|  A  | 25.8 |
|  BBB  | 59.7 |
|  BB  | 6.1 |
|  Other  | 3.2 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  Asset Backed Obligations  | 48.3 |
|  US Corporate Bonds  | 42.7 |
|  Foreign Corporate Bonds  | 3.9 |
|  Money Market Funds  | 2.9 |
|  US Government and Agency Obligations  | 1.1 |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations  | 0.8 |
|  Cash & Other  | 0.3 |

---

DoubleLine Infrastructure Income Fund PAGE 1 TSR-SAR-258620665

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Infrastructure Income Fund PAGE 2 TSR-SAR-258620665

------

---

| | |
|:---|:---|
| **DoubleLine Shiller Enhanced International CAPE<sup>®</sup>**  | ![image](img171522_202510061949690.jpg) |
| Class I \| DSEUX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Shiller Enhanced International CAPE<sup>®</sup> for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $34 | 0.64% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $33623551 |
| **Number of Holdings** | 281 |
| **Total Advisory Fees Paid** | $0 |
| **Portfolio Turnover** | 21% |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of** **Net** **Assets)** |
|  Government  | 25.6 |
|  Agency  | 4.5 |
|  AAA  | 29.7 |
|  AA  | 5.0 |
|  A  | 8.6 |
|  BBB  | 11.6 |
|  BB  | 1.2 |
|  B and Below  | 6.7 |
|  Not Rated  | 2.7 |
|  Other  | 4.4 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of** **Net** **Assets)** |
|  US Government and Agency Obligations  | 23.5 |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 13.8 |
|  US Corporate Bonds  | 13.6 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 12.6 |
|  Collateralized Loan Obligations  | 10.6 |
|  Asset Backed Obligations  | 6.5 |
|  Money Market Funds  | 5.5 |
|  Forwards  | 5.4 |
|  US Government and Agency Mortgage Backed Obligations  | 4.1 |
|  Cash & Other  | 4.4 |

---

---

| | |
|:---|:---|
| **CAPE Sector Breakdown** **\*** | **(% of** **Net** **Assets)** |
|  Information Technology  | 27.2 |
|  Consumer Discretionary  | 25.1 |
|  Materials  | 24.5 |
|  Consumer Staples  | 23.2 |

---

\* The Fund gained exposure to these allocations through the use of swap contracts

DoubleLine Shiller Enhanced International CAPE<sup>®</sup> PAGE 1 TSR-SAR-258620632

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Shiller Enhanced International CAPE<sup>®</sup> PAGE 2 TSR-SAR-258620632

------

---

| | |
|:---|:---|
| **DoubleLine Shiller Enhanced International CAPE<sup>®</sup>**  | ![image](img171522_202510061949690.jpg) |
| Class N \| DLEUX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Shiller Enhanced International CAPE<sup>®</sup> for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class N | $47 | 0.89% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $33623551 |
| **Number of Holdings** | 281 |
| **Total Advisory Fees Paid** | $0 |
| **Portfolio Turnover** | 21% |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of** **Net** **Assets)** |
|  Government  | 25.6 |
|  Agency  | 4.5 |
|  AAA  | 29.7 |
|  AA  | 5.0 |
|  A  | 8.6 |
|  BBB  | 11.6 |
|  BB  | 1.2 |
|  B and Below  | 6.7 |
|  Not Rated  | 2.7 |
|  Other  | 4.4 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of** **Net** **Assets)** |
|  US Government and Agency Obligations  | 23.5 |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 13.8 |
|  US Corporate Bonds  | 13.6 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 12.6 |
|  Collateralized Loan Obligations  | 10.6 |
|  Asset Backed Obligations  | 6.5 |
|  Money Market Funds  | 5.5 |
|  Forwards  | 5.4 |
|  US Government and Agency Mortgage Backed Obligations  | 4.1 |
|  Cash & Other  | 4.4 |

---

---

| | |
|:---|:---|
| **CAPE Sector Breakdown** **\*** | **(% of** **Net** **Assets)** |
|  Information Technology  | 27.2 |
|  Consumer Discretionary  | 25.1 |
|  Materials  | 24.5 |
|  Consumer Staples  | 23.2 |

---

\* The Fund gained exposure to these allocations through the use of swap contracts

DoubleLine Shiller Enhanced International CAPE<sup>®</sup> PAGE 1 TSR-SAR-258620624

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Shiller Enhanced International CAPE<sup>®</sup> PAGE 2 TSR-SAR-258620624

------

---

| | |
|:---|:---|
| **DoubleLine Emerging Markets Local Currency Bond** **Fund**  | ![image](img171522_202510061949690.jpg) |
| Class I \| DBELX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Emerging Markets Local Currency Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $48 | 0.90% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $225833354 |
| **Number of Holdings** | 53 |
| **Total Advisory Fees Paid** | $370272 |
| **Portfolio Turnover** | 20% |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  AAA  | 13.2 |
|  AA  | 4.5 |
|  A  | 13.2 |
|  BBB  | 40.7 |
|  BB  | 24.2 |
|  Other  | 4.2 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Currency Exposure Breakdown** | **(% of Net** **Assets)** |
|  Mexican Peso  | 13.2 |
|  South African Rand  | 12.9 |
|  Brazilian Real  | 11.1 |
|  Indonesian Rupiah  | 10.4 |
|  Hungarian Forint  | 8.0 |
|  Indian Rupee  | 7.0 |
|  Malaysian Ringgit  | 4.6 |
|  Thai Baht  | 4.5 |
|  Czech Republic Koruna  | 4.4 |
|  Peruvian Sol  | 4.4 |
|  Polish Zloty  | 4.4 |
|  United States Dollar  | 4.4 |
|  Singapore Dollar  | 3.8 |
|  Colombian Peso  | 2.9 |
|  Romanian Leu  | 2.1 |
|  Chilean Peso  | 1.5 |
|  Chinese Yuan Renminbi  | 0.3 |
|  Israeli Shekel  | 0.1 |

---

DoubleLine Emerging Markets Local Currency Bond Fund PAGE 1 TSR-SAR-258620582

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Emerging Markets Local Currency Bond Fund PAGE 2 TSR-SAR-258620582

------

---

| | |
|:---|:---|
| **DoubleLine Emerging Markets Local Currency Bond** **Fund**  | ![image](img171522_202510061949690.jpg) |
| Class N \| DLELX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

This semi-annual shareholder report contains important information about the DoubleLine Emerging Markets Local Currency Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class N | $61 | 1.15% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $225833354 |
| **Number of Holdings** | 53 |
| **Total Advisory Fees Paid** | $370272 |
| **Portfolio Turnover** | 20% |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  AAA  | 13.2 |
|  AA  | 4.5 |
|  A  | 13.2 |
|  BBB  | 40.7 |
|  BB  | 24.2 |
|  Other  | 4.2 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Currency Exposure Breakdown** | **(% of Net** **Assets)** |
|  Mexican Peso  | 13.2 |
|  South African Rand  | 12.9 |
|  Brazilian Real  | 11.1 |
|  Indonesian Rupiah  | 10.4 |
|  Hungarian Forint  | 8.0 |
|  Indian Rupee  | 7.0 |
|  Malaysian Ringgit  | 4.6 |
|  Thai Baht  | 4.5 |
|  Czech Republic Koruna  | 4.4 |
|  Peruvian Sol  | 4.4 |
|  Polish Zloty  | 4.4 |
|  United States Dollar  | 4.4 |
|  Singapore Dollar  | 3.8 |
|  Colombian Peso  | 2.9 |
|  Romanian Leu  | 2.1 |
|  Chilean Peso  | 1.5 |
|  Chinese Yuan Renminbi  | 0.3 |
|  Israeli Shekel  | 0.1 |

---

DoubleLine Emerging Markets Local Currency Bond Fund PAGE 1 TSR-SAR-258620574

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Emerging Markets Local Currency Bond Fund PAGE 2 TSR-SAR-258620574

------

---

| | |
|:---|:---|
| **DoubleLine Securitized Credit Fund** **\***  | ![image](img171522_202510061949690.jpg) |
| Class I \| DBLIX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

\* Formerly, DoubleLine Income Fund

This semi-annual shareholder report contains important information about the DoubleLine Securitized Credit Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at

https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $33 | 0.65% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $125825175 |
| **Number of Holdings** | 231 |
| **Total Advisory Fees Paid** | $177509 |
| **Portfolio Turnover** | 34% |
| **Effective Duration** | 1.51 years |
| **Weighted Average Life** | 4.55 years |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 10.4 |
|  Agency  | 13.3 |
|  AAA  | 17.3 |
|  AA  | 4.1 |
|  A  | 7.3 |
|  BBB  | 27.3 |
|  BB  | 5.6 |
|  B and Below  | 3.3 |
|  Not Rated  | 6.3 |
|  Other  | 5.1 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  US Government and Agency Mortgage Backed Obligations  | 23.6 |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 22.5 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 19.8 |
|  Collateralized Loan Obligations  | 15.1 |
|  Asset Backed Obligations  | 13.3 |
|  Money Market Funds  | 6.5 |
|  Cash & Other  | -0.8 |

---

DoubleLine Securitized Credit Fund PAGE 1 TSR-SAR-258620517

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Securitized Credit Fund PAGE 2 TSR-SAR-258620517

------

---

| | |
|:---|:---|
| **DoubleLine Securitized Credit Fund** **\***  | ![image](img171522_202510061949690.jpg) |
| Class N \| DBLNX  | ![image](img171522_202510061949690.jpg) |
| Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171522_202510061949690.jpg) |

---

\* Formerly, DoubleLine Income Fund

This semi-annual shareholder report contains important information about the DoubleLine Securitized Credit Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at

https://doubleline.com/fund-documents/. You can also request this information by contacting us at 1 (877) 354-6311.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class N | $46 | 0.90% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $125825175 |
| **Number of Holdings** | 231 |
| **Total Advisory Fees Paid** | $177509 |
| **Portfolio Turnover** | 34% |
| **Effective Duration** | 1.51 years |
| **Weighted Average Life** | 4.55 years |

---

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  Government  | 10.4 |
|  Agency  | 13.3 |
|  AAA  | 17.3 |
|  AA  | 4.1 |
|  A  | 7.3 |
|  BBB  | 27.3 |
|  BB  | 5.6 |
|  B and Below  | 3.3 |
|  Not Rated  | 6.3 |
|  Other  | 5.1 |

---

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody's Ratings if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

---

| | |
|:---|:---|
| **Sector Breakdown** | **(% of Net** **Assets)** |
|  US Government and Agency Mortgage Backed Obligations  | 23.6 |
|  Non-Agency Residential Collateralized Mortgage Obligations  | 22.5 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 19.8 |
|  Collateralized Loan Obligations  | 15.1 |
|  Asset Backed Obligations  | 13.3 |
|  Money Market Funds  | 6.5 |
|  Cash & Other  | -0.8 |

---

DoubleLine Securitized Credit Fund PAGE 1 TSR-SAR-258620491

------

**Changes in Accountants**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the DoubleLine Funds Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

---

| | |
|:---|:---|
| ![image](img163291_202410071315499.jpg) |  |
| ![image](img163291_202410071315499.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents/.  |
| ![image](img163291_202410071315499.jpg) |  |

---

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine Securitized Credit Fund PAGE 2 TSR-SAR-258620491

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

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

**<u>Item 6. Investments.</u>**

Schedule of Investments is included within the financial statements filed under Item 7 of this Form N-CSR.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![](logo_doubleline.jpg)<br>| **Semi-Annual Financial Statements and Other Information**<br>**September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Class** <br>**Shares**  | **Class** <br>**Shares**  | **Class** <br>**Shares**  |
| **DoubleLine Total Return Bond Fund**  | DBLTX  | DLTNX  | DDTRX  |
| **DoubleLine Core Fixed Income Fund**  | DBLFX  | DLFNX  | DDCFX  |
| **DoubleLine Emerging Markets Fixed Income Fund**  | DBLEX  | DLENX  | —  |
| **DoubleLine Low Duration Bond Fund**  | DBLSX  | DLSNX  | DDLDX  |
| **DoubleLine Floating Rate Fund**  | DBFRX  | DLFRX  | —  |
| **DoubleLine Shiller Enhanced CAPE®**  | DSEEX  | DSENX  | DDCPX  |
| **DoubleLine Flexible Income Fund**  | DFLEX  | DLINX  | DFFLX  |
| &nbsp;&nbsp;&nbsp;&nbsp; **DoubleLine Low Duration Emerging Markets** <br>**Fixed Income Fund**  | DBLLX  | DELNX  | —  |
| **DoubleLine Long Duration Total Return Bond Fund**  | DBLDX  | DLLDX  | —  |
| **DoubleLine Strategic Commodity Fund**  | DBCMX  | DLCMX  | —  |
| **DoubleLine Global Bond Fund**  | DBLGX  | DLGBX  | —  |
| **DoubleLine Infrastructure Income Fund**  | BILDX  | BILTX  | —  |
| **DoubleLine Shiller Enhanced International CAPE®**  | DSEUX  | DLEUX  | —  |
| **DoubleLine Emerging Markets Local Currency Bond Fund**  | DBELX  | DLELX  | —  |
| **DoubleLine Securitized Credit Fund\***  | DBLIX  | DBLNX  |  |

---

\* On September 30, 2025, the DoubleLine Income Fund was renamed to the DoubleLine Securitized Credit Fund.

![](dl372819_colorbar.jpg)

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

**fundinfo@doubleline.com \|\| www.doubleline.com** 

------

**Table of Contents**<br>

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#soi) | [4](#soi) |
| [Statements of Assets and Liabilities](#sal) | [160](#sal) |
| [Statements of Operations](#sop) | [163](#sop) |
| [Statements of Changes in Net Assets](#scna) | [166](#scna) |
| [Financial Highlights](#fihi) | [174](#fihi) |
| [Notes to Financial Statements](#notes) | [179](#notes) |
| [Form N-CSR – Items 8-11](#form) | [207](#form) |

---

---

| | |
|:---|:---|
| **Semi-Annual Report**  | September 30, 2025<sub>3</sub> |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **Schedule of Investments DoubleLine Total Return Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<br>September 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **ASSET BACKED OBLIGATIONS - 5.8%** | **ASSET BACKED OBLIGATIONS - 5.8%** | **ASSET BACKED OBLIGATIONS - 5.8%** | **ASSET BACKED OBLIGATIONS - 5.8%** | **ASSET BACKED OBLIGATIONS - 5.8%** |
|  | **Aligned Data Centers Issuer LLC** | **Aligned Data Centers Issuer LLC** | **Aligned Data Centers Issuer LLC** | **Aligned Data Centers Issuer LLC** |
| 12950000 | Series 2021-1A-A2 | 1.94%<sup>(a)</sup> | 08/15/2046 | 12643142 |
| 11550000 | Series 2021-1A-B | 2.48%<sup>(a)</sup> | 08/15/2046 | 11260044 |
|  | **ALTDE Trust** | **ALTDE Trust** | **ALTDE Trust** | **ALTDE Trust** |
| 24818659 | Series 2025-1A-A | 5.90%<sup>(a)</sup> | 08/15/2050 | 25500527 |
|  | **American Credit Acceptance Receivables Trust** | **American Credit Acceptance Receivables Trust** | **American Credit Acceptance Receivables Trust** | **American Credit Acceptance Receivables Trust** |
| 2800000 | Series 2024-4-C | 4.91%<sup>(a)</sup> | 08/12/2031 | 2814660 |
|  | **Apollo Aviation Securitization Equity Trust** | **Apollo Aviation Securitization Equity Trust** | **Apollo Aviation Securitization Equity Trust** | **Apollo Aviation Securitization Equity Trust** |
| 4841974 | Series 2020-1A-A | 3.35%<sup>(a)</sup> | 01/16/2040 | 4756319 |
| 6164399 | Series 2024-1A-A1 | 6.26%<sup>(a)</sup> | 05/16/2049 | 6409632 |
| 30972329 | Series 2024-1A-B | 6.90%<sup>(a)</sup> | 05/16/2049 | 32172662 |
| 50540706 | Series 2024-2A-A | 5.93%<sup>(a)</sup> | 09/16/2049 | 51984351 |
| 8233267 | Series 2024-2A-B | 6.61%<sup>(a)</sup> | 09/16/2049 | 8592113 |
| 20691255 | Series 2025-1A-A | 5.94%<sup>(a)</sup> | 02/16/2050 | 21368211 |
| 10065164 | Series 2025-2A-A | 5.52%<sup>(a)</sup> | 02/16/2050 | 10272607 |
|  | **Avant Credit Card Master Trust** | **Avant Credit Card Master Trust** | **Avant Credit Card Master Trust** | **Avant Credit Card Master Trust** |
| 15500000 | Series 2025-1A-B | 5.08%<sup>(a)</sup> | 04/15/2031 | 15474777 |
| 13500000 | Series 2025-1A-D | 5.72%<sup>(a)</sup> | 04/15/2031 | 13480760 |
|  | **Blue Stream Communications LLC** | **Blue Stream Communications LLC** | **Blue Stream Communications LLC** | **Blue Stream Communications LLC** |
| 21500000 | Series 2024-1A-A2 | 5.41%<sup>(a)</sup> | 11/20/2054 | 21775548 |
|  | **Bridgecrest Lending Auto Securitization Trust** | **Bridgecrest Lending Auto Securitization Trust** | **Bridgecrest Lending Auto Securitization Trust** | **Bridgecrest Lending Auto Securitization Trust** |
| 19700000 | Series 2024-4-C | 4.83% | 08/15/2030 | 19773778 |
| 5500000 | Series 2025-2-C | 5.17% | 03/17/2031 | 5562808 |
|  | **CAI International, Inc.** | **CAI International, Inc.** | **CAI International, Inc.** | **CAI International, Inc.** |
| 9972950 | Series 2020-1A-A | 2.22%<sup>(a)</sup> | 09/25/2045 | 9519865 |
|  | **Cajun Global LLC** | **Cajun Global LLC** | **Cajun Global LLC** | **Cajun Global LLC** |
| 9625000 | Series 2021-1-A2 | 3.93%<sup>(a)</sup> | 11/20/2051 | 9501395 |
|  | **Carbon Level Mitigation Trust** | **Carbon Level Mitigation Trust** | **Carbon Level Mitigation Trust** | **Carbon Level Mitigation Trust** |
| 17382559 | Series 2021-3-CERT | 1.70%<sup>(a)(b)</sup> | 09/08/2051 | 10194680 |
| 26410749 | Series 2022-3-CERT | 0.23%<sup>(a)</sup> | 11/21/2052 | 14834152 |
|  | **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** |
| 10770000 | Series 2024-P3-B | 4.53% | 11/11/2030 | 10816347 |
|  | **Castlelake Aircraft Securitization Trust** | **Castlelake Aircraft Securitization Trust** | **Castlelake Aircraft Securitization Trust** | **Castlelake Aircraft Securitization Trust** |
| 1088747 | Series 2017-1R-A | 2.74%<sup>(a)</sup> | 08/15/2041 | 1072615 |
| 14074724 | Series 2025-1A-A | 5.78%<sup>(a)</sup> | 02/15/2050 | 14353066 |
|  | **Cloud Capital Holdco LP** | **Cloud Capital Holdco LP** | **Cloud Capital Holdco LP** | **Cloud Capital Holdco LP** |
| 27250000 | Series 2024-2A-A2 | 5.92%<sup>(a)</sup> | 11/22/2049 | 27843810 |
|  | **Coinstar Funding LLC** | **Coinstar Funding LLC** | **Coinstar Funding LLC** | **Coinstar Funding LLC** |
| 11739413 | Series 2017-1A-A2 | 5.22%<sup>(a)</sup> | 04/25/2047 | 10916946 |
|  | **Cologix Data Centers US Issuer LLC** | **Cologix Data Centers US Issuer LLC** | **Cologix Data Centers US Issuer LLC** | **Cologix Data Centers US Issuer LLC** |
| 8725000 | Series 2021-1A-A2 | 3.30%<sup>(a)</sup> | 12/26/2051 | 8519460 |
|  | **Commonbond Student Loan Trust** | **Commonbond Student Loan Trust** | **Commonbond Student Loan Trust** | **Commonbond Student Loan Trust** |
| 1044423 | Series 2016-A-A1 | 3.32%<sup>(a)</sup> | 05/25/2040 | 1017577 |
|  | **Compass Datacenters LLC** | **Compass Datacenters LLC** | **Compass Datacenters LLC** | **Compass Datacenters LLC** |
| 10680000 | Series 2024-1A-A1 | 5.25%<sup>(a)</sup> | 02/25/2049 | 10763120 |
| 16250000 | Series 2025-1A-A3 | 5.85%<sup>(a)</sup> | 02/25/2050 | 16430342 |
|  | **Container Leasing International LLC** | **Container Leasing International LLC** | **Container Leasing International LLC** | **Container Leasing International LLC** |
| 3709896 | Series 2020-1A-A | 2.08%<sup>(a)</sup> | 09/18/2045 | 3476423 |
| 9063625 | Series 2025-1A-A | 5.35%<sup>(a)</sup> | 06/20/2050 | 9212245 |
| 5652583 | Series 2025-1A-B | 5.59%<sup>(a)</sup> | 06/20/2050 | 5762518 |
|  | **Cyrusone Holdco LLC** | **Cyrusone Holdco LLC** | **Cyrusone Holdco LLC** | **Cyrusone Holdco LLC** |
| 18200000 | Series 2023-1A-A2 | 4.30%<sup>(a)</sup> | 04/20/2048 | 17883842 |
| 7650000 | Series 2025-1A-A2 | 5.91%<sup>(a)</sup> | 02/20/2050 | 7821625 |
|  | **DataBank Issuer** | **DataBank Issuer** | **DataBank Issuer** | **DataBank Issuer** |
| 39300000 | Series 2021-1A-A2 | 2.06%<sup>(a)</sup> | 02/27/2051 | 38828903 |
| 31000000 | Series 2021-2A-A2 | 2.40%<sup>(a)</sup> | 10/25/2051 | 30120545 |
| 3350000 | Series 2021-2A-B | 2.79%<sup>(a)</sup> | 10/25/2051 | 3264929 |
|  | **DataBank Issuer II LLC** | **DataBank Issuer II LLC** | **DataBank Issuer II LLC** | **DataBank Issuer II LLC** |
| 5045000 | Series 2025-1A-B | 5.67%<sup>(a)</sup> | 09/27/2055 | 5067410 |
|  | **DB Master Finance Parent LLC** | **DB Master Finance Parent LLC** | **DB Master Finance Parent LLC** | **DB Master Finance Parent LLC** |
| 27671875 | Series 2021-1A-A23 | 2.79%<sup>(a)</sup> | 11/20/2051 | 24634247 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
|  | **Diamond Issuer** | **Diamond Issuer** | **Diamond Issuer** |
| 6000000 | Series 2021-1A-B<br> 2.70%<sup>(a)</sup> | 11/20/2051 | 5667570 |
|  | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** |
| 6300000 | Series 2023-1A-B<br> 5.75%<sup>(a)</sup> | 09/15/2048 | 6323512 |
|  | **Diversified Energy Co. PLC** | **Diversified Energy Co. PLC** | **Diversified Energy Co. PLC** |
| 10460121 | Series 2024-1A-A1<br> 7.08%<sup>(a)</sup> | 05/30/2044 | 10661719 |
|  | **Dividend Solar Loans LLC** | **Dividend Solar Loans LLC** | **Dividend Solar Loans LLC** |
| 12141586 | Series 2019-1-A<br> 3.67%<sup>(a)</sup> | 08/22/2039 | 11292017 |
|  | **ECAF Ltd.** | **ECAF Ltd.** | **ECAF Ltd.** |
| 13038995 | Series 2015-1A-A2<br> 4.95%<sup>(a)</sup> | 06/15/2040 | 11731236 |
|  | **EDI ABS Guarantor 1 LLC** | **EDI ABS Guarantor 1 LLC** | **EDI ABS Guarantor 1 LLC** |
| 2610000 | Series 2025-1A-B<br> 4.55%<sup>(a)</sup> | 07/25/2055 | 2503579 |
|  | **Falcon Aerospace Ltd.** | **Falcon Aerospace Ltd.** | **Falcon Aerospace Ltd.** |
| 130692 | Series 2017-1-A<br> 4.58%<sup>(a)</sup> | 02/15/2042 | 131262 |
|  | **FWEA** | **FWEA** | **FWEA** |
| 18846528 | Series 2024-1-A-A<br> 7.15%<sup>(c)</sup> | 08/25/2044 | 19347846 |
|  | **GAIA Aviation Ltd.** | **GAIA Aviation Ltd.** | **GAIA Aviation Ltd.** |
| 8190912 | Series 2019-1-A<br> 3.97%<sup>(a)(d)</sup> | 12/15/2044 | 8039708 |
|  | **Gilead Aviation LLC** | **Gilead Aviation LLC** | **Gilead Aviation LLC** |
| 15689661 | Series 2025-1A-B<br> 6.52%<sup>(a)</sup> | 03/15/2050 | 16310407 |
|  | **Global Sea Containers Two SRL** | **Global Sea Containers Two SRL** | **Global Sea Containers Two SRL** |
| 14973992 | Series 2020-1A-A<br> 2.17%<sup>(a)</sup> | 10/17/2040 | 14364736 |
|  | **GoodLeap Home Improvement Solutions Trust** | **GoodLeap Home Improvement Solutions Trust** | **GoodLeap Home Improvement Solutions Trust** |
| 14297162 | Series 2024-1A-A<br> 5.35%<sup>(a)</sup> | 10/20/2046 | 14498364 |
| 12418568 | Series 2025-2A-A<br> 5.32%<sup>(a)</sup> | 06/20/2049 | 12569639 |
|  | **GreenSky LLC** | **GreenSky LLC** | **GreenSky LLC** |
| 10000000 | Series 2024-2-A3<br> 5.15%<sup>(a)</sup> | 10/27/2059 | 10144328 |
|  | **Helios Issuer LLC** | **Helios Issuer LLC** | **Helios Issuer LLC** |
| 5697172 | Series 2018-1A-A<br> 4.87%<sup>(a)</sup> | 07/20/2048 | 5480095 |
| 4934141 | Series 2019-AA-A<br> 3.75%<sup>(a)</sup> | 06/20/2046 | 4587662 |
| 13841060 | Series 2020-2A-A<br> 2.73%<sup>(a)</sup> | 11/01/2055 | 11656434 |
| 5580790 | Series 2021-C-B<br> 2.33%<sup>(a)</sup> | 10/20/2048 | 3813701 |
|  | **HERO Funding Trust** | **HERO Funding Trust** | **HERO Funding Trust** |
| 1418247 | Series 2016-3A-A2<br> 3.91%<sup>(a)</sup> | 09/20/2042 | 1353589 |
| 3890032 | Series 2016-4A-A2<br> 4.29%<sup>(a)</sup> | 09/20/2047 | 3753887 |
|  | **Horizon Aircraft Finance Ltd.** | **Horizon Aircraft Finance Ltd.** | **Horizon Aircraft Finance Ltd.** |
| 5165713 | Series 2019-1-A<br> 3.72%<sup>(a)</sup> | 07/15/2039 | 5070912 |
| 24177500 | Series 2024-1-A<br> 5.38%<sup>(a)</sup> | 09/15/2049 | 24569611 |
|  | **ITE Rail Fund Levered LP** | **ITE Rail Fund Levered LP** | **ITE Rail Fund Levered LP** |
| 11190998 | Series 2024-1A-A<br> 4.99%<sup>(a)</sup> | 09/28/2054 | 11208521 |
|  | **Jack in the Box, Inc.** | **Jack in the Box, Inc.** | **Jack in the Box, Inc.** |
| 36290000 | Series 2019-1A-A23<br> 4.97%<sup>(a)</sup> | 08/25/2049 | 35125076 |
|  | **Jersey Mike's Funding** | **Jersey Mike's Funding** | **Jersey Mike's Funding** |
| 4531000 | Series 2019-1A-A2<br> 4.43%<sup>(a)</sup> | 02/15/2050 | 4528187 |
| 13930000 | Series 2024-1A-A2<br> 5.64%<sup>(a)</sup> | 02/15/2055 | 14218917 |
|  | **Jimmy Johns LLC** | **Jimmy Johns LLC** | **Jimmy Johns LLC** |
| 19952000 | Series 2017-1A-A2II<br> 4.85%<sup>(a)</sup> | 07/30/2047 | 19886396 |
|  | **JOL Air Ltd.** | **JOL Air Ltd.** | **JOL Air Ltd.** |
| 6537156 | Series 2019-1-A<br> 3.97%<sup>(a)</sup> | 04/15/2044 | 6475772 |
|  | **Labrador Aviation Finance Ltd.** | **Labrador Aviation Finance Ltd.** | **Labrador Aviation Finance Ltd.** |
| 34944719 | Series 2016-1A-A1<br> 4.30%<sup>(a)</sup> | 01/15/2042 | 33305881 |
|  | **Landmark Infrastructure Partners LP** | **Landmark Infrastructure Partners LP** | **Landmark Infrastructure Partners LP** |
| 8650000 | Series 2025-1A-A<br> 5.52%<sup>(a)</sup> | 09/15/2055 | 8704227 |
|  | **Loanpal Solar Loan Ltd.** | **Loanpal Solar Loan Ltd.** | **Loanpal Solar Loan Ltd.** |
| 1221922 | Series 2021-1GS-B<br> 2.84%<sup>(a)</sup> | 01/20/2048 | 952491 |
|  | **Luminace Issuer LLC** | **Luminace Issuer LLC** | **Luminace Issuer LLC** |
| 13816058 | Series 2024-1-A<br> 5.87%<sup>(a)</sup> | 10/30/2031 | 13823878 |
|  | **Lunar Aircraft Ltd.** | **Lunar Aircraft Ltd.** | **Lunar Aircraft Ltd.** |
| 7663618 | Series 2020-1A-A<br> 3.38%<sup>(a)</sup> | 02/15/2045 | 7543345 |

---

---

| | | |
|:---|:---|:---|
| **4**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Lunar Structured Aircraft Portfolio Notes** | **Lunar Structured Aircraft Portfolio Notes** | **Lunar Structured Aircraft Portfolio Notes** | **Lunar Structured Aircraft Portfolio Notes** |
| 888111 | Series 2021-1-B | 3.43%<sup>(a)</sup> | 10/15/2046 | 845768 |
|  | **Mariner Finance Issuance Trust** | **Mariner Finance Issuance Trust** | **Mariner Finance Issuance Trust** | **Mariner Finance Issuance Trust** |
| 35000000 | Series 2024-BA-A | 4.91%<sup>(a)</sup> | 11/20/2038 | 35566485 |
| 6750000 | Series 2025-AA-C | 5.69%<sup>(a)</sup> | 05/20/2038 | 6885192 |
|  | **Marlette Funding Trust** | **Marlette Funding Trust** | **Marlette Funding Trust** | **Marlette Funding Trust** |
| 7633551 | Series 2024-1A-B | 6.07%<sup>(a)</sup> | 07/17/2034 | 7685089 |
|  | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** |
| 8932104 | Series 2017-2A-A | 3.82%<sup>(a)</sup> | 06/22/2043 | 8418891 |
| 5541614 | Series 2018-1A-A | 4.01%<sup>(a)</sup> | 06/22/2043 | 5213294 |
| 7128457 | Series 2018-2GS-A | 4.20%<sup>(a)</sup> | 02/22/2044 | 6682033 |
| 1158195 | Series 2019-1A-A | 4.37%<sup>(a)</sup> | 12/21/2043 | 1093717 |
|  | **Navient Student Loan Trust** | **Navient Student Loan Trust** | **Navient Student Loan Trust** | **Navient Student Loan Trust** |
| 8991756 | Series 2017-A-B | 3.91%<sup>(a)</sup> | 12/16/2058 | 8944703 |
| 11000000 | Series 2018-BA-B | 4.13%<sup>(a)</sup> | 12/15/2059 | 10776501 |
|  | **Navigator Aircraft ABS Ltd.** | **Navigator Aircraft ABS Ltd.** | **Navigator Aircraft ABS Ltd.** | **Navigator Aircraft ABS Ltd.** |
| 9094188 | Series 2021-1-B | 3.57%<sup>(a)(d)</sup> | 11/15/2046 | 8694972 |
| 29500000 | Series 2025-1-B | 5.89%<sup>(a)</sup> | 10/15/2050 | 29610182 |
|  | **NBC Funding LLC** | **NBC Funding LLC** | **NBC Funding LLC** | **NBC Funding LLC** |
| 16566750 | Series 2024-1A-A2 | 6.75%<sup>(a)</sup> | 07/30/2054 | 16966501 |
| 11100000 | Series 2025-1A-A2 | 6.21%<sup>(a)</sup> | 07/30/2055 | 11380566 |
|  | **Neighborly Issuer** | **Neighborly Issuer** | **Neighborly Issuer** | **Neighborly Issuer** |
| 14123125 | Series 2021-1A-A2 | 3.58%<sup>(a)</sup> | 04/30/2051 | 13398774 |
|  | **NP Railcar Holdings LLC** | **NP Railcar Holdings LLC** | **NP Railcar Holdings LLC** | **NP Railcar Holdings LLC** |
| 2556432 | Series 2021-1A-A1 | 2.23%<sup>(a)</sup> | 03/19/2051 | 2147499 |
|  | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** |
| 1722102 | Series 2024-1-A | 6.66%<sup>(a)</sup> | 07/15/2031 | 1733589 |
| 2509005 | Series 2024-8-B | 5.46%<sup>(a)</sup> | 01/15/2032 | 2519719 |
| 8650000 | Series 2025-5-B | 5.44%<sup>(a)</sup> | 03/15/2033 | 8724526 |
|  | **Pioneer Aircraft Finance Ltd.** | **Pioneer Aircraft Finance Ltd.** | **Pioneer Aircraft Finance Ltd.** | **Pioneer Aircraft Finance Ltd.** |
| 21420207 | Series 2019-1-A | 3.97%<sup>(a)</sup> | 06/15/2044 | 21218836 |
|  | **Primrose Holdings, Inc.** | **Primrose Holdings, Inc.** | **Primrose Holdings, Inc.** | **Primrose Holdings, Inc.** |
| 5775000 | Series 2025-1A-A2 | 6.46%<sup>(a)</sup> | 07/30/2055 | 5970218 |
|  | **Project Silver** | **Project Silver** | **Project Silver** | **Project Silver** |
| 22436113 | Series 2019-1-A | 3.97%<sup>(a)</sup> | 07/15/2044 | 21971910 |
|  | **Raptor Aircraft Finance** | **Raptor Aircraft Finance** | **Raptor Aircraft Finance** | **Raptor Aircraft Finance** |
| 11614662 | Series 2019-1-A | 4.21%<sup>(a)</sup> | 08/23/2044 | 10636846 |
|  | **Renew** | **Renew** | **Renew** | **Renew** |
| 5563988 | Series 2017-2A-A | 3.22%<sup>(a)</sup> | 09/22/2053 | 5096563 |
|  | **Research-Driven Pagaya Motor Asset Trust** | **Research-Driven Pagaya Motor Asset Trust** | **Research-Driven Pagaya Motor Asset Trust** | **Research-Driven Pagaya Motor Asset Trust** |
| 10124938 | Series 2021-2A-A | 2.65%<sup>(a)</sup> | 03/25/2030 | 10026654 |
| 7750000 | Series 2025-1A-B | 5.49%<sup>(a)</sup> | 06/27/2033 | 7796630 |
| 8495000 | Series 2025-3A-A2 | 5.15%<sup>(a)</sup> | 02/27/2034 | 8569421 |
|  | **Sapphire Aviation Finance Ltd.** | **Sapphire Aviation Finance Ltd.** | **Sapphire Aviation Finance Ltd.** | **Sapphire Aviation Finance Ltd.** |
| 24855206 | Series 2020-1A-A | 3.23%<sup>(a)</sup> | 03/15/2040 | 23992879 |
| 5034567 | Series 2020-1A-B | 4.34%<sup>(a)</sup> | 03/15/2040 | 4763939 |
|  | **SEB Funding LLC** | **SEB Funding LLC** | **SEB Funding LLC** | **SEB Funding LLC** |
| 17705625 | Series 2021-1A-A2 | 4.97%<sup>(a)</sup> | 01/30/2052 | 17524635 |
|  | **ServiceMaster Funding LLC** | **ServiceMaster Funding LLC** | **ServiceMaster Funding LLC** | **ServiceMaster Funding LLC** |
| 3901677 | Series 2020-1-A2II | 3.34%<sup>(a)</sup> | 01/30/2051 | 3466079 |
|  | **SFS Auto Receivables Securitization Trust** | **SFS Auto Receivables Securitization Trust** | **SFS Auto Receivables Securitization Trust** | **SFS Auto Receivables Securitization Trust** |
| 11300000 | Series 2024-3A-A4 | 4.60%<sup>(a)</sup> | 11/20/2031 | 11441362 |
|  | **Shenton Aircraft Investment Ltd.** | **Shenton Aircraft Investment Ltd.** | **Shenton Aircraft Investment Ltd.** | **Shenton Aircraft Investment Ltd.** |
| 14275008 | Series 2015-1A-A | 4.75%<sup>(a)</sup> | 10/15/2042 | 14035559 |
|  | **Sierra Timeshare Conduit Receivables Funding LLC** | **Sierra Timeshare Conduit Receivables Funding LLC** | **Sierra Timeshare Conduit Receivables Funding LLC** | **Sierra Timeshare Conduit Receivables Funding LLC** |
| 697209 | Series 2021-2A-C | 1.95%<sup>(a)</sup> | 09/20/2038 | 687897 |
| 836651 | Series 2021-2A-D | 3.23%<sup>(a)</sup> | 09/20/2038 | 827529 |
|  | **SLM Student Loan Trust** | **SLM Student Loan Trust** | **SLM Student Loan Trust** | **SLM Student Loan Trust** |
| 3279514 | Series 2006-A-A5 (3 mo. Term SOFR + 0.55%, 0.00% Floor) | 4.59% | 06/15/2039 | 3150669 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2500503 | Series 2006-B-A5 (3 mo. Term SOFR + 0.53%, 0.00% Floor) | 4.57% | 12/15/2039 | 2441487 |
|  | **SOFI Alternative Trust** | **SOFI Alternative Trust** | **SOFI Alternative Trust** | **SOFI Alternative Trust** |
| 995757 | Series 2021-1-PT2 | 9.72%<sup>(a)(b)</sup> | 05/25/2030 | 982306 |
| 2105857 | Series 2021-2-A | 1.25%<sup>(a)</sup> | 08/15/2030 | 2094392 |
| 500000 | Series 2021-2-R1 | 0.00%<sup>(a)(c)(e)</sup> | 08/15/2030 | 2333512 |
| 4004906 | Series 2021-3-A | 1.50%<sup>(a)</sup> | 11/15/2030 | 3969739 |
| 950000 | Series 2021-3-R1 | 0.00%<sup>(a)(c)(e)</sup> | 11/15/2030 | 4455506 |
|  | **SoFi Consumer Loan Program Trust** | **SoFi Consumer Loan Program Trust** | **SoFi Consumer Loan Program Trust** | **SoFi Consumer Loan Program Trust** |
| 3452000 | Series 2025-1-C | 5.42%<sup>(a)</sup> | 02/27/2034 | 3506541 |
| 14350000 | Series 2025-2-C | 5.22%<sup>(a)</sup> | 06/25/2034 | 14523566 |
| 5000000 | Series 2025-2-D | 5.62%<sup>(a)</sup> | 06/25/2034 | 5081556 |
| 35000000 | Series 2025-3-A | 4.47%<sup>(a)</sup> | 08/15/2034 | 35081144 |
|  | **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** |
| 12618544 | Series 2018-A-B | 3.61%<sup>(a)</sup> | 02/25/2042 | 12277633 |
| 18000000 | Series 2018-B-BFX | 3.83%<sup>(a)</sup> | 08/25/2047 | 17459273 |
|  | **Sprite/KY** | **Sprite/KY** | **Sprite/KY** | **Sprite/KY** |
| 9045544 | Series 2021-1-A | 3.75%<sup>(a)</sup> | 11/15/2046 | 8855669 |
|  | **Start/Bermuda** | **Start/Bermuda** | **Start/Bermuda** | **Start/Bermuda** |
| 9114876 | Series 2018-1-A | 4.09%<sup>(a)</sup> | 05/15/2043 | 9135639 |
|  | **Stonepeak ABS** | **Stonepeak ABS** | **Stonepeak ABS** | **Stonepeak ABS** |
| 1648604 | Series 2021-1A-A | 2.68%<sup>(a)</sup> | 02/28/2033 | 1595854 |
| 3257738 | Series 2021-1A-B | 3.82%<sup>(a)</sup> | 02/28/2033 | 3168391 |
|  | **Subway Funding LLC** | **Subway Funding LLC** | **Subway Funding LLC** | **Subway Funding LLC** |
| 19701125 | Series 2024-1A-A23 | 6.51%<sup>(a)</sup> | 07/30/2054 | 20611851 |
| 6213050 | Series 2024-3A-A23 | 5.91%<sup>(a)</sup> | 07/30/2054 | 6211566 |
|  | **Sunbird Engine Finance** | **Sunbird Engine Finance** | **Sunbird Engine Finance** | **Sunbird Engine Finance** |
| 22619014 | Series 2020-1A-A | 3.67%<sup>(a)</sup> | 02/15/2045 | 22254486 |
|  | **Switch Ltd.** | **Switch Ltd.** | **Switch Ltd.** | **Switch Ltd.** |
| 24230000 | Series 2024-2A-A2 | 5.44%<sup>(a)</sup> | 06/25/2054 | 24367820 |
| 8500000 | Series 2024-2A-B | 6.20%<sup>(a)</sup> | 06/25/2054 | 8611337 |
| 3775000 | Series 2025-1A-B | 6.49%<sup>(a)</sup> | 03/25/2055 | 3858084 |
|  | **Taco Bell Corp.** | **Taco Bell Corp.** | **Taco Bell Corp.** | **Taco Bell Corp.** |
| 7417875 | Series 2021-1A-A23 | 2.54%<sup>(a)</sup> | 08/25/2051 | 6503469 |
|  | **TAL Advantage LLC** | **TAL Advantage LLC** | **TAL Advantage LLC** | **TAL Advantage LLC** |
| 9500000 | Series 2020-1A-A | 2.05%<sup>(a)</sup> | 09/20/2045 | 9038330 |
| 2018750 | Series 2020-1A-B | 3.29%<sup>(a)</sup> | 09/20/2045 | 1932388 |
|  | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** |
| 10010000 | Series 2024-1A-A3 | 5.29%<sup>(a)</sup> | 06/20/2050 | 10183671 |
|  | **Textainer Ltd.** | **Textainer Ltd.** | **Textainer Ltd.** | **Textainer Ltd.** |
| 5680454 | Series 2020-1A-A | 2.73%<sup>(a)</sup> | 08/21/2045 | 5470420 |
| 1797455 | Series 2020-2A-B | 3.34%<sup>(a)</sup> | 09/20/2045 | 1697913 |
|  | **Upgrade Master Pass-Thru Trust** | **Upgrade Master Pass-Thru Trust** | **Upgrade Master Pass-Thru Trust** | **Upgrade Master Pass-Thru Trust** |
| 274310 | Series 2021-PT1-A | 13.27%<sup>(a)(b)</sup> | 04/15/2027 | 264601 |
| 364778 | Series 2021-PT3-A | 17.04%<sup>(a)(b)</sup> | 07/15/2027 | 347719 |
| 216465 | Series 2021-PT4-A | 28.34%<sup>(a)(b)</sup> | 08/15/2027 | 208697 |
| 520501 | Series 2021-PT5-A | 19.25%<sup>(a)(b)</sup> | 10/15/2027 | 487644 |
| 4885192 | Series 2025-ST1-A | 5.44%<sup>(a)</sup> | 04/15/2032 | 4915546 |
| 10006077 | Series 2025-ST3-A | 5.98%<sup>(a)</sup> | 06/15/2032 | 10122485 |
|  | **Upstart Securitization Trust** | **Upstart Securitization Trust** | **Upstart Securitization Trust** | **Upstart Securitization Trust** |
| 909047 | Series 2021-3-C | 3.28%<sup>(a)</sup> | 07/20/2031 | 904066 |
| 7132221 | Series 2024-1-A | 5.33%<sup>(a)</sup> | 11/20/2034 | 7162671 |
| 17394000 | Series 2025-2-B | 5.62%<sup>(a)</sup> | 06/20/2035 | 17549081 |
|  | **Vantage Data Centers Holding LLC** | **Vantage Data Centers Holding LLC** | **Vantage Data Centers Holding LLC** | **Vantage Data Centers Holding LLC** |
| 32425000 | Series 2020-2A-A2 | 1.99%<sup>(a)</sup> | 09/15/2045 | 30730249 |
|  | **Vault DI Issuer LLC** | **Vault DI Issuer LLC** | **Vault DI Issuer LLC** | **Vault DI Issuer LLC** |
| 54400000 | Series 2021-1A-A2 | 2.80%<sup>(a)</sup> | 07/15/2046 | 53283396 |
|  | **Vivant Solar Financing V Parent LLC** | **Vivant Solar Financing V Parent LLC** | **Vivant Solar Financing V Parent LLC** | **Vivant Solar Financing V Parent LLC** |
| 15437935 | Series 2018-1A-A | 4.73%<sup>(a)</sup> | 04/30/2048 | 14804407 |
|  | **Walker Parent, Inc.** | **Walker Parent, Inc.** | **Walker Parent, Inc.** | **Walker Parent, Inc.** |
| 18000000 | Series 2024-1A-A2 | 6.58%<sup>(a)</sup> | 11/20/2054 | 18273017 |
|  | **Waterfall Commercial Mortgage Trust** | **Waterfall Commercial Mortgage Trust** | **Waterfall Commercial Mortgage Trust** | **Waterfall Commercial Mortgage Trust** |
| 2226798 | Series 2015-SBC5-A | 4.10%<sup>(a)(b)</sup> | 01/14/2026 | 2201524 |

---

---

| | | |
|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025<sub>5</sub> |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
|  | **Wendy's SPV Guarantor LLC** | **Wendy's SPV Guarantor LLC** | **Wendy's SPV Guarantor LLC** |
| 18530550 | Series 2019-1A-A2II<br> 4.08%<sup>(a)</sup> | 06/15/2049 | 18108346 |
|  | **Westlake Automobile Receivables Trust** | **Westlake Automobile Receivables Trust** | **Westlake Automobile Receivables Trust** |
| 15000000 | Series 2024-3A-C<br> 4.92%<sup>(a)</sup> | 11/15/2029 | 15115810 |
|  | **Willis Lease Finance Corp.** | **Willis Lease Finance Corp.** | **Willis Lease Finance Corp.** |
| 38214272 | Series 2020-A-A<br> 3.23%<sup>(a)</sup> | 03/15/2045 | 36832711 |
|  | **Wingstop, Inc.** | **Wingstop, Inc.** | **Wingstop, Inc.** |
| 10342500 | Series 2020-1A-A2<br> 2.84%<sup>(a)</sup> | 12/05/2050 | 9996128 |
|  | **Total Asset Backed Obligations** <br>**(Cost $1,789,643,525)** |  | **1762819774** |
|  **COLLATERALIZED LOAN OBLIGATIONS - 4.4%** | **COLLATERALIZED LOAN OBLIGATIONS - 4.4%** | **COLLATERALIZED LOAN OBLIGATIONS - 4.4%** | **COLLATERALIZED LOAN OBLIGATIONS - 4.4%** |
|  | **Allegro CLO Ltd.** | **Allegro CLO Ltd.** | **Allegro CLO Ltd.** |
| 5000000 | Series 2022-1A-A1R (3 mo. Term SOFR + 1.18%, 1.18% Floor)<br> 5.51%<sup>(a)</sup> | 04/20/2038 | 5009962 |
| 30000000 | Series 2024-2A-A1 (3 mo. Term SOFR + 1.50%, 1.50% Floor)<br> 5.82%<sup>(a)</sup> | 07/24/2037 | 30176907 |
|  | **Anthelion CLO** | **Anthelion CLO** | **Anthelion CLO** |
| 34000000 | Series 2025-1A-A1 (3 mo. Term SOFR + 1.50%, 1.50% Floor)<br> 5.82%<sup>(a)</sup> | 07/20/2036 | 34153636 |
|  | **Apidos CLO** | **Apidos CLO** | **Apidos CLO** |
| 10450000 | Series 2024-1A-A1R (3 mo. Term SOFR + 1.25%, 1.25% Floor)<br> 5.38%<sup>(a)</sup> | 10/25/2038 | 10479184 |
| 15000000 | Series 2024-48A-A1 (3 mo. Term SOFR + 1.44%, 1.44% Floor)<br> 5.76%<sup>(a)</sup> | 07/25/2037 | 15079482 |
|  | **Bain Capital Credit CLO** | **Bain Capital Credit CLO** | **Bain Capital Credit CLO** |
| 20000000 | Series 2022-6A-A1R (3 mo. Term SOFR + 1.37%, 1.37% Floor)<br> 5.70%<sup>(a)</sup> | 01/22/2038 | 20080890 |
| 15000000 | Series 2024-6A-A1 (3 mo. Term SOFR + 1.33%, 1.33% Floor)<br> 5.66%<sup>(a)</sup> | 01/21/2038 | 15052773 |
|  | **Battalion CLO Ltd.** | **Battalion CLO Ltd.** | **Battalion CLO Ltd.** |
| 1000000 | Series 2021-19A-B (3 mo. Term SOFR + 1.86%, 1.60% Floor)<br> 6.18%<sup>(a)</sup> | 04/15/2034 | 1001830 |
|  | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** |
| 14500000 | Series 2015-6BR-A1R (3 mo. Term SOFR + 1.18%, 1.18% Floor)<br> 5.51%<sup>(a)</sup> | 04/20/2038 | 14529162 |
|  | **Birch Grove CLO** | **Birch Grove CLO** | **Birch Grove CLO** |
| 13500000 | Series 2023-5A-A1R (3 mo. Term SOFR + 1.41%, 1.41% Floor)<br> 5.74%<sup>(a)</sup> | 10/20/2037 | 13556576 |
|  | **BlueMountain CLO Ltd.** | **BlueMountain CLO Ltd.** | **BlueMountain CLO Ltd.** |
| 5000000 | Series 2018-2A-B (3 mo. Term SOFR + 1.96%, 1.70% Floor)<br> 6.17%<sup>(a)</sup> | 08/15/2031 | 5010550 |
|  | **Bridge Street CLO Ltd.** | **Bridge Street CLO Ltd.** | **Bridge Street CLO Ltd.** |
| 166500000 | Series 2020-1A-A1R (3 mo. Term SOFR + 1.55%, 1.55% Floor)<br> 5.88%<sup>(a)</sup> | 07/20/2037 | 167399616 |
| 39500000 | Series 2024-1A-A (3 mo. Term SOFR + 1.60%, 1.60% Floor)<br> 5.93%<sup>(a)</sup> | 04/20/2037 | 39672449 |
| 10000000 | Series 2025-1A-A1 (3 mo. Term SOFR + 1.22%, 1.22% Floor)<br> 5.55%<sup>(a)</sup> | 04/20/2038 | 10017386 |
|  | **Canyon Capital CLO Ltd.** | **Canyon Capital CLO Ltd.** | **Canyon Capital CLO Ltd.** |
| 2500000 | Series 2021-2A-B1 (3 mo. Term SOFR + 2.01%, 2.01% Floor)<br> 6.33%<sup>(a)</sup> | 04/15/2034 | 2508400 |
|  | **Capital Four US CLO Ltd.** | **Capital Four US CLO Ltd.** | **Capital Four US CLO Ltd.** |
| 16500000 | Series 2021-1A-A (3 mo. Term SOFR + 1.47%, 1.21% Floor)<br> 5.80%<sup>(a)</sup> | 01/18/2035 | 16536927 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
| 18000000 | Series 2022-1A-BR (3 mo. Term SOFR + 2.65%, 2.65% Floor)<br> 6.98%<sup>(a)</sup> | 01/20/2037 | 18086765 |
|  | **Carlyle Global Market Strategies** | **Carlyle Global Market Strategies** | **Carlyle Global Market Strategies** |
| 28080000 | Series 2017-2A-AR2 (3 mo. Term SOFR + 1.49%, 1.49% Floor)<br> 5.82%<sup>(a)</sup> | 07/20/2037 | 28243830 |
| 48000000 | Series 2021-7A-A1R (3 mo. Term SOFR + 1.20%, 1.20% Floor)<br> 5.52%<sup>(a)</sup> | 04/15/2038 | 48072341 |
|  | **CarVal CLO** | **CarVal CLO** | **CarVal CLO** |
| 6000000 | Series 2024-1A-B (3 mo. Term SOFR + 2.10%, 2.10% Floor)<br> 6.43%<sup>(a)</sup> | 04/20/2037 | 6028080 |
|  | **CBAM Ltd.** | **CBAM Ltd.** | **CBAM Ltd.** |
| 18000000 | Series 2017-1A-AR2 (3 mo. Term SOFR + 1.39%, 1.39% Floor)<br> 5.72%<sup>(a)</sup> | 01/20/2038 | 18080172 |
| 11000000 | Series 2017-2A-BR (3 mo. Term SOFR + 2.11%, 1.85% Floor)<br> 6.43%<sup>(a)</sup> | 07/17/2034 | 11022329 |
|  | **Cedar Funding Ltd.** | **Cedar Funding Ltd.** | **Cedar Funding Ltd.** |
| 39100000 | Series 2018-9A-AR (3 mo. Term SOFR + 1.42%, 1.42% Floor)<br> 5.75%<sup>(a)</sup> | 07/20/2037 | 39239466 |
| 2000000 | Series 2022-15A-B (3 mo. Term SOFR + 1.80%, 1.80% Floor)<br> 6.13%<sup>(a)</sup> | 04/20/2035 | 2006440 |
|  | **CIFC Funding Ltd.** | **CIFC Funding Ltd.** | **CIFC Funding Ltd.** |
| 11500000 | Series 2022-3A-B (3 mo. Term SOFR + 2.00%, 2.00% Floor)<br> 6.33%<sup>(a)</sup> | 04/21/2035 | 11541517 |
|  | **Crown City CLO** | **Crown City CLO** | **Crown City CLO** |
| 10000000 | Series 2020-1A-A1RR (3 mo. Term SOFR + 1.37%, 1.37% Floor)<br> 5.53%<sup>(a)</sup> | 07/20/2038 | 10039970 |
| 2750000 | Series 2021-1A-A2 (3 mo. Term SOFR + 1.98%, 1.72% Floor)<br> 6.31%<sup>(a)</sup> | 07/20/2034 | 2754592 |
| 17500000 | Series 2023-5A-A1R (3 mo. Term SOFR + 1.60%, 1.60% Floor)<br> 5.93%<sup>(a)</sup> | 04/20/2037 | 17575024 |
| 90000000 | Series 2024-6A-A1 (3 mo. Term SOFR + 1.50%, 1.50% Floor)<br> 5.82%<sup>(a)</sup> | 07/15/2037 | 90509481 |
|  | **Empower CLO Ltd.** | **Empower CLO Ltd.** | **Empower CLO Ltd.** |
| 20500000 | Series 2022-1A-A1R (3 mo. Term SOFR + 1.39%, 1.39% Floor)<br> 5.72%<sup>(a)</sup> | 10/20/2037 | 20581856 |
| 9000000 | Series 2023-3A-B (3 mo. Term SOFR + 2.55%, 2.55% Floor)<br> 6.88%<sup>(a)</sup> | 01/20/2037 | 9028622 |
| 19000000 | Series 2024-2A-A1 (3 mo. Term SOFR + 1.52%, 1.52% Floor)<br> 5.84%<sup>(a)</sup> | 07/15/2037 | 19131142 |
|  | **Franklin Park Place CLO LLC** | **Franklin Park Place CLO LLC** | **Franklin Park Place CLO LLC** |
| 22632000 | Series 2022-1A-AR (3 mo. Term SOFR + 1.25%, 1.25% Floor)<br> 5.57%<sup>(a)</sup> | 04/14/2038 | 22686376 |
|  | **Generate CLO Ltd.** | **Generate CLO Ltd.** | **Generate CLO Ltd.** |
| 5800000 | Series 3A-B2R (3 mo. Term SOFR + 2.60%, 2.60% Floor)<br> 6.93%<sup>(a)</sup> | 10/20/2036 | 5816474 |
|  | **Halcyon Loan Advisors Funding Ltd.** | **Halcyon Loan Advisors Funding Ltd.** | **Halcyon Loan Advisors Funding Ltd.** |
| 1989863 | Series 2014-2A-D (3 mo. Term SOFR + 5.26%, 0.00% Floor)<br> 9.58%<sup>(a)</sup> | 04/30/2026 | 318378 |
|  | **Halsey Point CLO Ltd.** | **Halsey Point CLO Ltd.** | **Halsey Point CLO Ltd.** |
| 10000000 | Series 2020-2A-AR (3 mo. Term SOFR + 1.52%, 1.52% Floor)<br> 5.85%<sup>(a)</sup> | 07/20/2037 | 10069792 |
|  | **Harvest US CLO** | **Harvest US CLO** | **Harvest US CLO** |
| 20000000 | Series 2023-1A-B (3 mo. Term SOFR + 2.60%, 2.60% Floor)<br> 6.92%<sup>(a)</sup> | 01/15/2037 | 20062602 |

---

---

| | | |
|:---|:---|:---|
| **6**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
|  | **Jackson Financial, Inc.** | **Jackson Financial, Inc.** | **Jackson Financial, Inc.** |
| 9500000 | Series 2022-6RA-BR (3 mo. Term SOFR + 2.75%, 2.75% Floor)<br> 7.08%<sup>(a)</sup> | 01/20/2037 | 9548073 |
|  | **Jamestown CLO Ltd.** | **Jamestown CLO Ltd.** | **Jamestown CLO Ltd.** |
| 6000000 | Series 2018-11A-A2 (3 mo. Term SOFR + 1.96%, 0.00% Floor)<br> 6.28%<sup>(a)</sup> | 07/14/2031 | 6015240 |
|  | **Katayma CLO Ltd.** | **Katayma CLO Ltd.** | **Katayma CLO Ltd.** |
| 25000000 | Series 2024-2A-A1 (3 mo. Term SOFR + 1.65%, 1.65% Floor)<br> 5.98%<sup>(a)</sup> | 04/20/2037 | 25094777 |
|  | **LCM LP** | **LCM LP** | **LCM LP** |
| 3554387 | Series 17A-A2RR (3 mo. Term SOFR + 1.41%, 1.15% Floor)<br> 5.73%<sup>(a)</sup> | 10/15/2031 | 3559839 |
|  | **Marble Point CLO** | **Marble Point CLO** | **Marble Point CLO** |
| 5000000 | Series 2020-1A-AR (3 mo. Term SOFR + 1.44%, 1.44% Floor)<br> 5.77%<sup>(a)</sup> | 07/20/2037 | 5024942 |
| 50000000 | Series 2021-4A-A1 (3 mo. Term SOFR + 1.47%, 1.21% Floor)<br> 5.80%<sup>(a)</sup> | 01/22/2035 | 50095850 |
| 20000000 | Series 2022-2A-A1R (3 mo. Term SOFR + 1.93%, 1.93% Floor)<br> 6.26%<sup>(a)</sup> | 10/20/2036 | 20043296 |
| 11400000 | Series 2022-2A-BR (3 mo. Term SOFR + 2.85%, 2.85% Floor)<br> 7.18%<sup>(a)</sup> | 10/20/2036 | 11415274 |
|  | **Menlo CLO Ltd.** | **Menlo CLO Ltd.** | **Menlo CLO Ltd.** |
| 10000000 | Series 2024-1A-A1 (3 mo. Term SOFR + 1.42%, 1.42% Floor)<br> 5.75%<sup>(a)</sup> | 01/20/2038 | 10051393 |
|  | **Nassau Global Credit LLC** | **Nassau Global Credit LLC** | **Nassau Global Credit LLC** |
| 4791079 | Series 2018-IA-A (3 mo. Term SOFR + 1.41%, 0.00% Floor)<br> 5.73%<sup>(a)</sup> | 07/15/2031 | 4794589 |
|  | **OCP CLO Ltd.** | **OCP CLO Ltd.** | **OCP CLO Ltd.** |
| 23500000 | Series 2017-13A-AR2 (3 mo. Term SOFR + 1.34%, 1.34% Floor)<br> 5.67%<sup>(a)</sup> | 11/26/2037 | 23582224 |
| 5000000 | Series 2020-18A-A1R2 (3 mo. Term SOFR + 1.37%, 1.37% Floor)<br> 5.70%<sup>(a)</sup> | 07/20/2037 | 5018412 |
|  | **Octagon Credit Investors LLC** | **Octagon Credit Investors LLC** | **Octagon Credit Investors LLC** |
| 10000000 | Series 2025-1A-A1 (3 mo. Term SOFR + 1.20%, 1.20% Floor)<br> 5.53%<sup>(a)</sup> | 01/22/2038 | 10014846 |
|  | **Park Blue CLO Ltd.** | **Park Blue CLO Ltd.** | **Park Blue CLO Ltd.** |
| 7400000 | Series 2023-4A-B (3 mo. Term SOFR + 2.70%, 2.70% Floor)<br> 7.02%<sup>(a)</sup> | 01/25/2037 | 7439295 |
| 21000000 | Series 2025-7A-A1 (3 mo. Term SOFR + 1.22%, 1.22% Floor)<br> 5.47%<sup>(a)</sup> | 04/25/2038 | 21036410 |
|  | **Peace Park CLO Ltd.** | **Peace Park CLO Ltd.** | **Peace Park CLO Ltd.** |
| 10000000 | Series 2021-1A-AR (3 mo. Term SOFR + 1.25%, 1.25% Floor)<br> 5.41%<sup>(a)</sup> | 10/20/2038 | 10033540 |
|  | **Rockford Tower CLO Ltd.** | **Rockford Tower CLO Ltd.** | **Rockford Tower CLO Ltd.** |
| 2525000 | Series 2018-2A-B (3 mo. Term SOFR + 2.06%, 1.80% Floor)<br> 6.39%<sup>(a)</sup> | 10/20/2031 | 2529343 |
| 15000000 | Series 2022-3A-AR (3 mo. Term SOFR + 1.44%, 1.44% Floor)<br> 5.77%<sup>(a)</sup> | 07/20/2037 | 15076938 |
| 10000000 | Series 2024-1A-A1 (3 mo. Term SOFR + 1.61%, 1.61% Floor)<br> 5.94%<sup>(a)</sup> | 04/20/2037 | 10039410 |
|  | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
| 10927268 | Series 2013-3RA-A (3 mo. Term SOFR + 1.41%, 1.15% Floor)<br> 5.74%<sup>(a)</sup> | 04/18/2031 | 10962993 |
| 18000000 | Series 2018-2A-C (3 mo. Term SOFR + 2.21%, 0.00% Floor)<br> 6.53%<sup>(a)</sup> | 07/26/2031 | 18045031 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
| 15534325 | Series 2018-3A-A1AR (3 mo. Term SOFR + 1.30%, 1.30% Floor)<br> 5.61%<sup>(a)</sup> | 10/26/2031 | 15565729 |
| 25250000 | Series 2020-2A-AR (3 mo. Term SOFR + 1.44%, 1.18% Floor)<br> 5.76%<sup>(a)</sup> | 10/25/2034 | 25306812 |
| 15150000 | Series 2021-1A-A (3 mo. Term SOFR + 1.33%, 1.33% Floor)<br> 5.65%<sup>(a)</sup> | 04/25/2034 | 15169604 |
| 10000000 | Series 2024-3A-A1 (3 mo. Term SOFR + 1.60%, 1.60% Floor)<br> 5.80%<sup>(a)</sup> | 02/20/2037 | 10034951 |
| 20000000 | Series 2024-4A-A1 (3 mo. Term SOFR + 1.54%, 1.54% Floor)<br> 5.87%<sup>(a)</sup> | 07/20/2037 | 20104312 |
| 11750000 | Series 2024-5A-A1 (3 mo. Term SOFR + 1.39%, 1.39% Floor)<br> 5.72%<sup>(a)</sup> | 10/20/2037 | 11796793 |
|  | **Steele Creek CLO Ltd.** | **Steele Creek CLO Ltd.** | **Steele Creek CLO Ltd.** |
| 5111695 | Series 2016-1A-AR (3 mo. Term SOFR + 1.38%, 1.12% Floor)<br> 5.42%<sup>(a)</sup> | 06/15/2031 | 5125332 |
|  | **Trestles LLC** | **Trestles LLC** | **Trestles LLC** |
| 25000000 | Series 2023-6A-A1R (3 mo. Term SOFR + 1.18%, 1.18% Floor)<br> 5.50%<sup>(a)</sup> | 04/25/2038 | 25049667 |
|  | **Trimaran CAVU LLC** | **Trimaran CAVU LLC** | **Trimaran CAVU LLC** |
| 20000000 | Series 2021-3A-A (3 mo. Term SOFR + 1.47%, 1.21% Floor)<br> 5.80%<sup>(a)</sup> | 01/18/2035 | 20039420 |
|  | **Unity-Peace Park CLO Ltd.** | **Unity-Peace Park CLO Ltd.** | **Unity-Peace Park CLO Ltd.** |
| 15000000 | Series 2022-1A-B (3 mo. Term SOFR + 2.00%, 2.00% Floor)<br> 6.33%<sup>(a)</sup> | 04/20/2035 | 15053699 |
|  | **Vibrant Clo X Ltd.** | **Vibrant Clo X Ltd.** | **Vibrant Clo X Ltd.** |
| 60500000 | Series 2018-10RA-A1 (3 mo. Term SOFR + 1.70%, 1.70% Floor)<br> 6.03%<sup>(a)</sup> | 04/20/2036 | 60780309 |
|  | **Warwick Capital CLO Ltd.** | **Warwick Capital CLO Ltd.** | **Warwick Capital CLO Ltd.** |
| 18500000 | Series 2024-3A-A1 (3 mo. Term SOFR + 1.65%, 1.65% Floor)<br> 5.98%<sup>(a)</sup> | 04/20/2037 | 18570121 |
| 10000000 | Series 2024-4A-A1 (3 mo. Term SOFR + 1.40%, 1.40% Floor)<br> 5.73%<sup>(a)</sup> | 07/20/2037 | 10043304 |
|  | **Wind River CLO Ltd.** | **Wind River CLO Ltd.** | **Wind River CLO Ltd.** |
| 4000000 | Series 2013-2A-CR (3 mo. Term SOFR + 2.26%, 0.00% Floor)<br> 6.59%<sup>(a)</sup> | 10/18/2030 | 4000200 |
|  | **Total Collateralized Loan Obligations** <br>**(Cost $1,342,782,643)** |  | **1347222947** |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 7.7%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 7.7%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 7.7%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 7.7%** |
|  | **1211 Avenue of the Americas Trust** | **1211 Avenue of the Americas Trust** | **1211 Avenue of the Americas Trust** |
| 3110000 | Series 2015-1211-A1A2<br> 3.90%<sup>(a)</sup> | 08/10/2035 | 3004066 |
|  | **1345 Trust** | **1345 Trust** | **1345 Trust** |
| 10540000 | Series 2025-AOA-A (1 mo. Term SOFR + 1.60%, 1.60% Floor)<br> 5.75%<sup>(a)</sup> | 06/15/2042 | 10582959 |
|  | **280 Park Avenue Mortgage Trust** | **280 Park Avenue Mortgage Trust** | **280 Park Avenue Mortgage Trust** |
| 24890000 | Series 2017-280P-A (1 mo. Term SOFR + 1.18%, 1.13% Floor)<br> 5.40%<sup>(a)</sup> | 09/15/2034 | 24714615 |
|  | **ACREC Trust** | **ACREC Trust** | **ACREC Trust** |
| 4624709 | Series 2021-FL1-A (1 mo. Term SOFR + 1.26%, 1.15% Floor)<br> 5.40%<sup>(a)</sup> | 10/16/2036 | 4640937 |
| 16090000 | Series 2025-FL3-A (1 mo. Term SOFR + 1.31%, 1.31% Floor)<br> 5.45%<sup>(a)</sup> | 08/18/2042 | 16146235 |
|  | **ACRES Commercial Realty Ltd.** | **ACRES Commercial Realty Ltd.** | **ACRES Commercial Realty Ltd.** |
| 25570000 | Series 2025-FL3-A (1 mo. Term SOFR + 1.62%, 1.62% Floor)<br> 5.75%<sup>(a)</sup> | 08/18/2040 | 25729787 |

---

---

| | | |
|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025<sub>7</sub> |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** |
| 21947000 | Series 2021-MF3-XB | 0.60%<sup>(a)(b)(f)</sup> | 10/15/2054 | 595420 |
|  | **Arbor Realty Trust, Inc.** | **Arbor Realty Trust, Inc.** | **Arbor Realty Trust, Inc.** | **Arbor Realty Trust, Inc.** |
| 124067658 | Series 2020-MF1-XA | 1.05%<sup>(a)(b)(f)</sup> | 05/15/2053 | 4219392 |
| 6656085 | Series 2021-FL4-A (1 mo. Term SOFR + 1.46%, 1.46% Floor) | 5.61%<sup>(a)</sup> | 11/15/2036 | 6679455 |
| 8952206 | Series 2022-FL1-A (30 day avg SOFR US + 1.45%, 1.45% Floor) | 5.82%<sup>(a)</sup> | 01/15/2037 | 8965930 |
| 13200000 | Series 2025-FL1-A (1 mo. Term SOFR + 1.35%, 1.35% Floor) | 5.49%<sup>(a)</sup> | 01/20/2043 | 13240181 |
|  | **ARDN Mortgage Trust** | **ARDN Mortgage Trust** | **ARDN Mortgage Trust** | **ARDN Mortgage Trust** |
| 19240000 | Series 2025-ARCP-A (1 mo. Term SOFR + 1.75%, 1.75% Floor) | 5.90%<sup>(a)</sup> | 06/15/2035 | 19270957 |
|  | **AREIT Ltd.** | **AREIT Ltd.** | **AREIT Ltd.** | **AREIT Ltd.** |
| 6565003 | Series 2024-CRE9-A (1 mo. Term SOFR + 1.69%, 1.69% Floor) | 5.84%<sup>(a)</sup> | 05/17/2041 | 6589083 |
|  | **AREIT Trust** | **AREIT Trust** | **AREIT Trust** | **AREIT Trust** |
| 26120000 | Series 2025-CRE10-A (1 mo. Term SOFR + 1.39%, 1.39% Floor) | 5.53%<sup>(a)</sup> | 12/17/2029 | 26258567 |
|  | **Ares Commercial Real Estate Corp.** | **Ares Commercial Real Estate Corp.** | **Ares Commercial Real Estate Corp.** | **Ares Commercial Real Estate Corp.** |
| 602432 | Series 2021-FL4-B (1 mo. Term SOFR + 2.01%, 1.40% Floor) | 6.15%<sup>(a)</sup> | 12/18/2037 | 598452 |
|  | **Banc of America Merrill Lynch Commercial Mortgage, Inc.** | **Banc of America Merrill Lynch Commercial Mortgage, Inc.** | **Banc of America Merrill Lynch Commercial Mortgage, Inc.** | **Banc of America Merrill Lynch Commercial Mortgage, Inc.** |
| 1683348 | Series 2015-UBS7-XA | 0.68%<sup>(b)(f)</sup> | 09/15/2048 | 25 |
| 2121000 | Series 2016-UB10-C | 4.98%<sup>(b)</sup> | 07/15/2049 | 2059364 |
|  | **BANK** | **BANK** | **BANK** | **BANK** |
| 3554000 | Series 2017-BNK4-C | 4.37%<sup>(b)</sup> | 05/15/2050 | 3165025 |
| 30925143 | Series 2017-BNK4-XA | 1.49%<sup>(b)(f)</sup> | 05/15/2050 | 477531 |
| 4916000 | Series 2017-BNK5-B | 3.90%<sup>(b)</sup> | 06/15/2060 | 4762775 |
| 64705553 | Series 2017-BNK5-XA | 1.08%<sup>(b)(f)</sup> | 06/15/2060 | 867831 |
| 139175502 | Series 2018-BN10-XA | 0.83%<sup>(b)(f)</sup> | 02/15/2061 | 1894373 |
| 31334000 | Series 2018-BN10-XD | 1.86%<sup>(a)(b)(f)</sup> | 02/15/2061 | 1136863 |
| 2290000 | Series 2019-BN16-B | 4.44%<sup>(b)</sup> | 02/15/2052 | 2197328 |
| 85288817 | Series 2019-BN16-XA | 1.09%<sup>(b)(f)</sup> | 02/15/2052 | 2189108 |
| 13119665 | Series 2019-BN16-XD | 1.97%<sup>(a)(b)(f)</sup> | 02/15/2052 | 702788 |
| 11541000 | Series 2019-BN17-XD | 1.74%<sup>(a)(b)(f)</sup> | 04/15/2052 | 553192 |
| 43097000 | Series 2019-BN19-AS | 3.45% | 08/15/2061 | 39607944 |
| 17013666 | Series 2019-BN19-XD | 1.16%<sup>(a)(b)(f)</sup> | 08/15/2061 | 587114 |
| 1099000 | Series 2019-BN20-AS | 3.24%<sup>(b)</sup> | 09/15/2062 | 1011615 |
| 5000000 | Series 2019-BN21-C | 3.52%<sup>(b)</sup> | 10/17/2052 | 4348042 |
| 18082333 | Series 2019-BN22-XD | 1.07%<sup>(a)(b)(f)</sup> | 11/15/2062 | 638838 |
| 26932000 | Series 2019-BN24-XD | 1.13%<sup>(a)(b)(f)</sup> | 11/15/2062 | 1033077 |
| 4270000 | Series 2020-BN27-A5 | 2.14% | 04/15/2063 | 3793172 |
| 62007000 | Series 2020-BN30-XB | 0.83%<sup>(b)(f)</sup> | 12/15/2053 | 1961480 |
| 44484810 | Series 2021-BN32-XA | 0.87%<sup>(b)(f)</sup> | 04/15/2054 | 1317382 |
| 112743000 | Series 2021-BN35-XB | 0.70%<sup>(b)(f)</sup> | 06/15/2064 | 3522407 |
| 10388000 | Series 2021-BN38-XD | 0.83%<sup>(a)(b)(f)</sup> | 12/15/2064 | 397296 |
| 7663000 | Series 2022-BNK40-XD | 1.00%<sup>(a)(b)(f)</sup> | 03/15/2064 | 370928 |
| 120192936 | Series 2025-BNK50-XA | 0.54%<sup>(b)(f)</sup> | 05/15/2068 | 3437085 |
|  | **BANK5 Trust** | **BANK5 Trust** | **BANK5 Trust** | **BANK5 Trust** |
| 1167713 | Series 2023-5YR4-A3 | 6.50% | 12/15/2056 | 1232451 |
| 2467000 | Series 2024-5YR10-AS | 5.64% | 10/15/2057 | 2528320 |
| 8169000 | Series 2024-5YR10-B | 6.14%<sup>(b)</sup> | 10/15/2057 | 8419145 |
| 1667000 | Series 2024-5YR10-C | 5.74%<sup>(b)</sup> | 10/15/2057 | 1656188 |
| 5976000 | Series 2024-5YR6-A3 | 6.23% | 05/15/2057 | 6315712 |
| 122638735 | Series 2024-5YR6-XA | 0.97%<sup>(a)(b)(f)</sup> | 05/15/2057 | 3026417 |
| 84965527 | Series 2024-5YR8-XA | 1.13%<sup>(b)(f)</sup> | 08/15/2057 | 2548380 |
| 9640000 | Series 2025-5YR15-AS | 5.76%<sup>(b)</sup> | 07/15/2058 | 10007350 |
| 4104000 | Series 2025-5YR16-AS | 5.75%<sup>(b)</sup> | 08/15/2063 | 4237636 |
| 20000000 | Series 2025-5YR17-A3 | 5.23% | 11/15/2058 | 20649214 |
| 3535000 | Series 2025-5YR17-AS | 5.63%<sup>(b)</sup> | 11/15/2058 | 3649653 |
|  | **BBCMS Trust** | **BBCMS Trust** | **BBCMS Trust** | **BBCMS Trust** |
| 45454000 | Series 2018-CBM-A (1 mo. Term SOFR + 1.30%, 1.25% Floor) | 5.45%<sup>(a)</sup> | 07/15/2037 | 44420553 |
| 9807000 | Series 2018-CBM-E (1 mo. Term SOFR + 3.85%, 3.55% Floor) | 8.00%<sup>(a)</sup> | 07/15/2037 | 7569606 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 11799000 | Series 2020-C6-F5TB | 3.81%<sup>(a)(b)</sup> | 02/15/2053 | 9183948 |
| 12497250 | Series 2020-C6-F5TC | 3.81%<sup>(a)(b)</sup> | 02/15/2053 | 9449527 |
| 88257388 | Series 2020-C6-XA | 1.13%<sup>(b)(f)</sup> | 02/15/2053 | 3137674 |
| 7424000 | Series 2020-C6-XD | 1.28%<sup>(a)(b)(f)</sup> | 02/15/2053 | 344800 |
| 1437000 | Series 2020-C7-AS | 2.44% | 04/15/2053 | 1257821 |
| 1619000 | Series 2021-C11-ASB | 2.11% | 09/15/2054 | 1523556 |
| 34040000 | Series 2021-C11-XB | 1.07%<sup>(b)(f)</sup> | 09/15/2054 | 1730025 |
| 132558853 | Series 2021-C9-XA | 1.69%<sup>(b)(f)</sup> | 02/15/2054 | 8577061 |
| 68467000 | Series 2021-C9-XB | 1.11%<sup>(b)(f)</sup> | 02/15/2054 | 3153720 |
| 12893000 | Series 2024-5C29-A3 | 5.21% | 09/15/2057 | 13245229 |
| 129979704 | Series 2024-5C31-XA | 1.28%<sup>(b)(f)</sup> | 12/15/2057 | 5096036 |
| 7263000 | Series 2025-5C37-A3 | 5.02% | 09/15/2058 | 7431637 |
| 98463067 | Series 2025-C32-XA | 1.36%<sup>(b)(f)</sup> | 02/15/2062 | 8284289 |
|  | **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** |
| 6000000 | Series 2024-FL13-A (1 mo. Term SOFR + 1.58%, 1.58% Floor) | 5.71%<sup>(a)</sup> | 09/19/2039 | 6034662 |
|  | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** |
| 34481736 | Series 2018-B7-XA | 0.56%<sup>(b)(f)</sup> | 05/15/2053 | 333959 |
| 26862320 | Series 2018-B8-XA | 0.78%<sup>(b)(f)</sup> | 01/15/2052 | 410811 |
| 12985000 | Series 2019-B10-XD | 2.04%<sup>(a)(b)(f)</sup> | 03/15/2062 | 760543 |
| 13924000 | Series 2019-B11-XD | 1.61%<sup>(a)(b)(f)</sup> | 05/15/2052 | 648154 |
| 13870000 | Series 2019-B12-XD | 1.28%<sup>(a)(b)(f)</sup> | 08/15/2052 | 503211 |
| 14907500 | Series 2019-B14-XD | 1.40%<sup>(a)(b)(f)</sup> | 12/15/2062 | 719855 |
| 24552000 | Series 2019-B15-XD | 1.08%<sup>(a)(b)(f)</sup> | 12/15/2072 | 871306 |
| 73212471 | Series 2019-B9-XA | 1.17%<sup>(b)(f)</sup> | 03/15/2052 | 1973171 |
| 72527716 | Series 2020-B16-XA | 0.91%<sup>(b)(f)</sup> | 02/15/2053 | 2188604 |
| 65937523 | Series 2020-B17-XA | 1.49%<sup>(b)(f)</sup> | 03/15/2053 | 2760659 |
| 12580000 | Series 2020-B17-XD | 1.50%<sup>(a)(b)(f)</sup> | 03/15/2053 | 651392 |
| 74145339 | Series 2020-B18-XA | 1.85%<sup>(b)(f)</sup> | 07/15/2053 | 3875421 |
| 204334445 | Series 2020-B19-XA | 1.78%<sup>(b)(f)</sup> | 09/15/2053 | 10112736 |
| 70184442 | Series 2020-B22-XA | 1.61%<sup>(b)(f)</sup> | 01/15/2054 | 4394732 |
| 275367278 | Series 2020-IG1-XA | 0.61%<sup>(b)(f)</sup> | 09/15/2043 | 4576329 |
| 230716044 | Series 2021-B24-XA | 1.25%<sup>(b)(f)</sup> | 03/15/2054 | 9250998 |
| 118193031 | Series 2021-B28-XA | 1.35%<sup>(b)(f)</sup> | 08/15/2054 | 6030977 |
| 59609000 | Series 2021-B28-XB | 1.07%<sup>(b)(f)</sup> | 08/15/2054 | 2973202 |
| 66420000 | Series 2021-B29-XB | 0.81%<sup>(b)(f)</sup> | 09/15/2054 | 2356004 |
| 361130164 | Series 2021-B30-XA | 0.91%<sup>(b)(f)</sup> | 11/15/2054 | 13901886 |
| 15995000 | Series 2021-B31-XD | 1.26%<sup>(a)(b)(f)</sup> | 12/15/2054 | 1001725 |
| 13067000 | Series 2022-B32-XD | 1.64%<sup>(a)(b)(f)</sup> | 01/15/2055 | 966306 |
| 10959500 | Series 2022-B33-XD | 1.73%<sup>(a)(b)(f)</sup> | 03/15/2055 | 921195 |
| 7270000 | Series 2022-B34-XD | 1.96%<sup>(a)(b)(f)</sup> | 04/15/2055 | 725429 |
| 1909000 | Series 2023-V3-AS | 7.10%<sup>(b)</sup> | 07/15/2056 | 2020134 |
| 37520000 | Series 2024-V10-A3 | 5.28% | 09/15/2057 | 38649585 |
| 168345000 | Series 2024-V11-XA | 0.77%<sup>(b)(f)</sup> | 11/15/2057 | 3584217 |
| 76878020 | Series 2024-V12-XA | 1.07%<sup>(b)(f)</sup> | 12/15/2057 | 2436718 |
| 6966000 | Series 2024-V8-A2 | 5.71% | 07/15/2057 | 7256813 |
| 2279000 | Series 2024-V8-A3 | 6.19%<sup>(b)</sup> | 07/15/2057 | 2409248 |
| 136059805 | Series 2024-V8-XA | 0.99%<sup>(a)(b)(f)</sup> | 07/15/2057 | 3522507 |
| 21999000 | Series 2024-V9-A3 | 5.60% | 08/15/2057 | 22865926 |
| 13946000 | Series 2025-B41-XA | 1.21%<sup>(b)(f)</sup> | 07/15/2068 | 1073687 |
| 4078000 | Series 2025-V15-AS | 6.17% | 06/15/2058 | 4292386 |
| 9210000 | Series 2025-V16-A3 | 5.44%<sup>(b)</sup> | 08/15/2058 | 9584042 |
| 13175000 | Series 2025-V16-AS | 5.86%<sup>(b)</sup> | 08/15/2058 | 13731246 |
| 8860000 | Series 2025-V17-A3 | 5.07% | 09/15/2058 | 9084770 |
| 922000 | Series 2025-V17-AM | 5.42%<sup>(b)</sup> | 09/15/2058 | 945309 |
|  | **BFLD Trust** | **BFLD Trust** | **BFLD Trust** | **BFLD Trust** |
| 4860000 | Series 2025-EWEST-C (1 mo. Term SOFR + 2.10%, 2.10% Floor) | 6.25%<sup>(a)</sup> | 06/15/2042 | 4889870 |
| 5420000 | Series 2025-FPM-A | 5.01%<sup>(a)(b)</sup> | 10/10/2030 | 5466816 |
|  | **BMO Mortgage Trust** | **BMO Mortgage Trust** | **BMO Mortgage Trust** | **BMO Mortgage Trust** |
| 4656000 | Series 2024-5C3-A3 | 5.74% | 02/15/2057 | 4833101 |
| 17591000 | Series 2024-5C4-A3 | 6.53%<sup>(b)</sup> | 05/15/2057 | 18745649 |
| 20804000 | Series 2024-5C6-A3 | 5.32% | 09/15/2057 | 21445373 |
| 20482000 | Series 2024-5C7-AS | 5.89%<sup>(b)</sup> | 11/15/2057 | 21140492 |
| 111911076 | Series 2024-5C7-XA | 1.14%<sup>(a)(b)(f)</sup> | 11/15/2057 | 3804171 |
| 113576601 | Series 2024-5C8-XA | 1.24%<sup>(b)(f)</sup> | 12/15/2057 | 4275455 |
| 1608000 | Series 2025-5C10-AS | 5.95%<sup>(b)</sup> | 05/15/2058 | 1674078 |
| 7371000 | Series 2025-5C11-AS | 5.94% | 07/15/2058 | 7681764 |
| 2944000 | Series 2025-5C12-AS | 5.56% | 10/15/2058 | 3031130 |
| 1794000 | Series 2025-5C9-A3 | 5.78%<sup>(b)</sup> | 04/15/2058 | 1883579 |
| 154249926 | Series 2025-C11-XA | 1.32%<sup>(b)(f)</sup> | 02/15/2058 | 12371153 |
|  | **Bombardier Capital Mortgage Securitization Corp.** | **Bombardier Capital Mortgage Securitization Corp.** | **Bombardier Capital Mortgage Securitization Corp.** | **Bombardier Capital Mortgage Securitization Corp.** |
| 4386000 | Series 2025-5C6-AS | 5.58%<sup>(b)</sup> | 10/15/2058 | 4518231 |
| 56849600 | Series 2025-5C6-XA | 1.58%<sup>(b)(f)</sup> | 10/15/2058 | 3315514 |

---

---

| | | |
|:---|:---|:---|
| **8**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
|  | **BPR Trust** | **BPR Trust** | **BPR Trust** |
| 10166000 | Series 2021-TY-A (1 mo. Term SOFR + 1.16%, 1.05% Floor)<br> 5.32%<sup>(a)</sup> | 09/15/2038 | 10162550 |
|  | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** |
| 15000000 | Series 2023-FL10-C (1 mo. Term SOFR + 3.97%, 3.97% Floor)<br> 8.12%<sup>(a)</sup> | 09/15/2035 | 15093270 |
|  | **BSTN Commercial Mortgage Trust** | **BSTN Commercial Mortgage Trust** | **BSTN Commercial Mortgage Trust** |
| 21020000 | Series 2025-HUB-A<br> 5.06%<sup>(a)(b)</sup> | 04/13/2041 | 21046275 |
|  | **BX Trust** | **BX Trust** | **BX Trust** |
| 53165000 | Series 2019-OC11-E<br> 4.08%<sup>(a)(b)</sup> | 12/09/2041 | 49092550 |
| 326679000 | Series 2019-OC11-XB<br> 0.32%<sup>(a)(b)(f)</sup> | 12/09/2041 | 2771185 |
| 3884093 | Series 2021-21M-A (1 mo. Term SOFR + 0.84%, 0.73% Floor)<br> 4.99%<sup>(a)</sup> | 10/15/2036 | 3881380 |
| 1069000 | Series 2021-ARIA-C (1 mo. Term SOFR + 1.76%, 1.65% Floor)<br> 5.91%<sup>(a)</sup> | 10/15/2036 | 1069145 |
| 4599000 | Series 2021-MFM1-D (1 mo. Term SOFR + 1.61%, 1.50% Floor)<br> 5.76%<sup>(a)</sup> | 01/15/2034 | 4599533 |
| 4641000 | Series 2021-MFM1-E (1 mo. Term SOFR + 2.36%, 2.25% Floor)<br> 6.51%<sup>(a)</sup> | 01/15/2034 | 4641777 |
| 2746474 | Series 2021-RISE-B (1 mo. Term SOFR + 1.36%, 1.25% Floor)<br> 5.51%<sup>(a)</sup> | 11/15/2036 | 2744140 |
| 3302701 | Series 2021-RISE-D (1 mo. Term SOFR + 1.86%, 1.75% Floor)<br> 6.01%<sup>(a)</sup> | 11/15/2036 | 3302347 |
| 1939344 | Series 2021-SOAR-C (1 mo. Term SOFR + 1.21%, 1.10% Floor)<br> 5.37%<sup>(a)</sup> | 06/15/2038 | 1938566 |
| 12240000 | Series 2021-VIEW-A (1 mo. Term SOFR + 1.39%, 1.28% Floor)<br> 5.54%<sup>(a)</sup> | 06/15/2036 | 12216803 |
| 3450000 | Series 2021-VIEW-F (1 mo. Term SOFR + 4.04%, 3.93% Floor)<br> 8.19%<sup>(a)</sup> | 06/15/2036 | 3383307 |
| 5109600 | Series 2021-VOLT-E (1 mo. Term SOFR + 2.11%, 2.00% Floor)<br> 6.26%<sup>(a)</sup> | 09/15/2036 | 5102917 |
| 2601810 | Series 2021-XL2-A (1 mo. Term SOFR + 0.80%, 0.69% Floor)<br> 4.95%<sup>(a)</sup> | 10/15/2038 | 2601279 |
| 3633000 | Series 2021-XL2-C (1 mo. Term SOFR + 1.31%, 1.20% Floor)<br> 5.46%<sup>(a)</sup> | 10/15/2038 | 3630865 |
| 2555000 | Series 2021-XL2-D (1 mo. Term SOFR + 1.51%, 1.40% Floor)<br> 5.66%<sup>(a)</sup> | 10/15/2038 | 2553738 |
| 3514700 | Series 2021-XL2-E (1 mo. Term SOFR + 1.96%, 1.85% Floor)<br> 6.11%<sup>(a)</sup> | 10/15/2038 | 3513700 |
| 2724400 | Series 2021-XL2-F (1 mo. Term SOFR + 2.36%, 2.24% Floor)<br> 6.51%<sup>(a)</sup> | 10/15/2038 | 2724092 |
| 5320000 | Series 2022-LBA6-C (1 mo. Term SOFR + 1.60%, 1.60% Floor)<br> 5.75%<sup>(a)</sup> | 01/15/2039 | 5321324 |
| 17820000 | Series 2022-LBA6-E (1 mo. Term SOFR + 2.70%, 2.70% Floor)<br> 6.85%<sup>(a)</sup> | 01/15/2039 | 17823152 |
| 22627838 | Series 2024-AIRC-A (1 mo. Term SOFR + 1.69%, 1.69% Floor)<br> 5.84%<sup>(a)</sup> | 08/15/2039 | 22702687 |
| 11518584 | Series 2025-BCAT-A (1 mo. Term SOFR + 1.38%, 1.38% Floor)<br> 5.53%<sup>(a)</sup> | 08/15/2042 | 11545937 |
| 1121193 | Series 2025-BCAT-D (1 mo. Term SOFR + 2.65%, 2.65% Floor)<br> 6.80%<sup>(a)</sup> | 08/15/2042 | 1126584 |
|  | **BXP Trust** | **BXP Trust** | **BXP Trust** |
| 9818000 | Series 2017-GM-B<br> 3.54%<sup>(a)(b)</sup> | 06/13/2039 | 9565301 |
|  | **Cantor Commercial Real Estate Lending LP** | **Cantor Commercial Real Estate Lending LP** | **Cantor Commercial Real Estate Lending LP** |
| 10105250 | Series 2019-CF2-XD<br> 1.56%<sup>(a)(b)(f)</sup> | 11/15/2052 | 497339 |
| 11514000 | Series 2019-CF3-XD<br> 1.21%<sup>(a)(b)(f)</sup> | 01/15/2053 | 467474 |
|  | **CENT Trust** | **CENT Trust** | **CENT Trust** |
| 35800000 | Series 2025-CITY-A<br> 5.09%<sup>(a)(b)</sup> | 07/10/2040 | 36243462 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Century Plaza Towers** | **Century Plaza Towers** | **Century Plaza Towers** | **Century Plaza Towers** |
| 5000000 | Series 2019-CPT-A | 2.87%<sup>(a)</sup> | 11/13/2039 | 4607410 |
|  | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** |
| 7155000 | Series 2016-C4-C | 5.02%<sup>(b)</sup> | 05/10/2058 | 7078732 |
| 49221962 | Series 2016-C4-XA | 1.69%<sup>(b)(f)</sup> | 05/10/2058 | 168132 |
|  | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** |
| 2183382 | Series 2015-GC27-D | 4.54%<sup>(a)(b)</sup> | 02/10/2048 | 2111394 |
| 10000000 | Series 2015-GC33-C | 4.54%<sup>(b)</sup> | 09/10/2058 | 8575000 |
| 3499525 | Series 2015-GC33-XA | 0.60%<sup>(b)(f)</sup> | 09/10/2058 | 26 |
| 86592706 | Series 2016-C1-XA | 1.98%<sup>(b)(f)</sup> | 05/10/2049 | 317492 |
| 141420885 | Series 2016-GC36-XA | 1.34%<sup>(b)(f)</sup> | 02/10/2049 | 4370 |
| 28120458 | Series 2016-GC37-XA | 1.76%<sup>(b)(f)</sup> | 04/10/2049 | 10568 |
| 78753290 | Series 2016-P3-XA | 1.81%<sup>(b)(f)</sup> | 04/15/2049 | 268139 |
| 51709663 | Series 2016-P4-XA | 2.04%<sup>(b)(f)</sup> | 07/10/2049 | 313629 |
| 79992424 | Series 2016-P5-XA | 1.51%<sup>(b)(f)</sup> | 10/10/2049 | 456613 |
| 212766228 | Series 2017-B1-XA | 0.85%<sup>(b)(f)</sup> | 08/15/2050 | 2125109 |
| 36314449 | Series 2017-P7-XA | 1.23%<sup>(b)(f)</sup> | 04/14/2050 | 397709 |
| 15766000 | Series 2019-C7-XD | 1.30%<sup>(a)(b)(f)</sup> | 12/15/2072 | 709423 |
| 13007000 | Series 2019-GC41-XD | 0.97%<sup>(a)(b)(f)</sup> | 08/10/2056 | 362876 |
| 11280000 | Series 2019-GC43-XD | 0.72%<sup>(a)(b)(f)</sup> | 11/10/2052 | 264622 |
| 3625000 | Series 2020-420K-D | 3.42%<sup>(a)(b)</sup> | 11/10/2042 | 3242612 |
| 7800000 | Series 2020-420K-E | 3.42%<sup>(a)(b)</sup> | 11/10/2042 | 6719601 |
| 17387000 | Series 2020-555-E | 3.62%<sup>(a)(b)</sup> | 12/10/2041 | 15321231 |
| 2853000 | Series 2020-GC46-B | 3.15%<sup>(b)</sup> | 02/15/2053 | 2518466 |
| 21133200 | Series 2020-GC46-XD | 1.17%<sup>(a)(b)(f)</sup> | 02/15/2053 | 890363 |
| 16920000 | Series 2022-GC48-XD | 2.54%<sup>(a)(b)(f)</sup> | 06/15/2055 | 2373952 |
|  | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** |
| 5161000 | Series 2016-C1-B | 4.20%<sup>(b)</sup> | 05/10/2049 | 4858596 |
| 97137348 | Series 2016-C1-XA | 1.55%<sup>(b)(f)</sup> | 05/10/2049 | 17728 |
| 67040687 | Series 2017-CD4-XA | 1.37%<sup>(b)(f)</sup> | 05/10/2050 | 859247 |
| 5723000 | Series 2017-CD6-B | 3.91%<sup>(b)</sup> | 11/13/2050 | 5467032 |
| 5175000 | Series 2017-CD6-C | 4.44%<sup>(b)</sup> | 11/13/2050 | 4836627 |
| 36960087 | Series 2017-CD6-XA | 1.06%<sup>(b)(f)</sup> | 11/13/2050 | 473492 |
| 47362549 | Series 2020-C9-XA | 1.70%<sup>(b)(f)</sup> | 09/15/2053 | 2153390 |
|  | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** |
| 13118101 | Series 2013-CR12-XA | 0.66%<sup>(b)(f)</sup> | 10/10/2046 | 243 |
| 165104 | Series 2013-CR13-C | 5.11%<sup>(b)</sup> | 11/10/2046 | 162812 |
| 4345000 | Series 2014-CR16-C | 4.89%<sup>(b)</sup> | 04/10/2047 | 4133453 |
| 10505568 | Series 2014-CR20-C | 4.83%<sup>(b)</sup> | 11/10/2047 | 10137479 |
| 656524 | Series 2014-UBS3-XA | 0.77%<sup>(b)(f)</sup> | 06/10/2047 | 14 |
| 7613505 | Series 2015-CR26-XA | 0.87%<sup>(b)(f)</sup> | 10/10/2048 | 89 |
| 17822000 | Series 2015-DC1-C | 4.43%<sup>(b)</sup> | 02/10/2048 | 15883412 |
| 26085651 | Series 2015-DC1-XA | 0.71%<sup>(b)(f)</sup> | 02/10/2048 | 399 |
| 1180000 | Series 2016-DC2-B | 4.84%<sup>(b)</sup> | 02/10/2049 | 1172673 |
| 1403000 | Series 2016-DC2-C | 4.84%<sup>(b)</sup> | 02/10/2049 | 1392310 |
| 15800000 | Series 2018-COR3-XD | 1.75%<sup>(a)(b)(f)</sup> | 05/10/2051 | 606426 |
| 18570000 | Series 2018-HCLV-A (1 mo. Term SOFR + 1.30%, 1.00% Floor) | 5.45%<sup>(a)</sup> | 09/15/2033 | 17125679 |
|  | **Computershare Corporate Trust** | **Computershare Corporate Trust** | **Computershare Corporate Trust** | **Computershare Corporate Trust** |
| 3158983 | Series 2015-C27-C | 3.89% | 02/15/2048 | 2800359 |
| 9701000 | Series 2015-C31-C | 4.78%<sup>(b)</sup> | 11/15/2048 | 9541521 |
| 32726372 | Series 2015-C31-XA | 1.02%<sup>(b)(f)</sup> | 11/15/2048 | 713 |
| 3000000 | Series 2015-LC22-C | 4.84%<sup>(b)</sup> | 09/15/2058 | 2825914 |
| 8438000 | Series 2015-NXS2-C | 4.11%<sup>(b)</sup> | 07/15/2058 | 7803082 |
| 34140308 | Series 2015-P2-XA | 0.97%<sup>(b)(f)</sup> | 12/15/2048 | 9232 |
| 10085000 | Series 2016-C32-C | 4.85%<sup>(b)</sup> | 01/15/2059 | 9618532 |
| 4250000 | Series 2016-C34-B | 4.09% | 06/15/2049 | 4124516 |
| 5890000 | Series 2016-LC24-C | 4.57%<sup>(b)</sup> | 10/15/2049 | 5420429 |
| 1490200 | Series 2016-NXS5-A6 | 3.64% | 01/15/2059 | 1483547 |
| 94165223 | Series 2016-NXS6-XA | 1.68%<sup>(b)(f)</sup> | 11/15/2049 | 474103 |
| 176292512 | Series 2017-C39-XA | 1.22%<sup>(b)(f)</sup> | 09/15/2050 | 2806965 |
| 1904000 | Series 2017-C42-C | 4.30%<sup>(b)</sup> | 12/15/2050 | 1721912 |
| 43973330 | Series 2017-C42-XA | 0.98%<sup>(b)(f)</sup> | 12/15/2050 | 700117 |
| 1758000 | Series 2017-RC1-C | 4.59% | 01/15/2060 | 1677726 |
| 131582918 | Series 2018-C43-XA | 0.72%<sup>(b)(f)</sup> | 03/15/2051 | 1636628 |
| 4335668 | Series 2019-C49-XD | 2.30%<sup>(a)(b)(f)</sup> | 03/15/2052 | 273196 |
| 58158721 | Series 2019-C50-XA | 1.57%<sup>(b)(f)</sup> | 05/15/2052 | 2174921 |
| 3193000 | Series 2019-C51-B | 3.84%<sup>(b)</sup> | 06/15/2052 | 2795552 |
| 42246006 | Series 2019-C51-XA | 1.41%<sup>(b)(f)</sup> | 06/15/2052 | 1635503 |
| 24972000 | Series 2019-C52-AS | 3.14% | 08/15/2052 | 23131206 |
| 68160441 | Series 2019-C52-XA | 1.71%<sup>(b)(f)</sup> | 08/15/2052 | 3207242 |
| 5000000 | Series 2019-C53-C | 3.58%<sup>(b)</sup> | 10/15/2052 | 4511661 |
| 8777333 | Series 2019-C53-XD | 1.61%<sup>(a)(b)(f)</sup> | 10/15/2052 | 454618 |
| 129002973 | Series 2019-C54-XA | 0.96%<sup>(b)(f)</sup> | 12/15/2052 | 3814166 |
| 6363333 | Series 2019-C54-XD | 1.51%<sup>(a)(b)(f)</sup> | 12/15/2052 | 322634 |

---

---

| | | |
|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025<sub>9</sub> |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 28088000 | Series 2020-C55-AS | 2.94% | 02/15/2053 | 25873152 |
| 52886315 | Series 2020-C55-XB | 0.92%<sup>(b)(f)</sup> | 02/15/2053 | 1654141 |
| 131700415 | Series 2020-C56-XA | 1.38%<sup>(b)(f)</sup> | 06/15/2053 | 6010254 |
| 162053728 | Series 2021-C61-XA | 1.47%<sup>(b)(f)</sup> | 11/15/2054 | 8691638 |
| 9132000 | Series 2021-C61-XD | 1.53%<sup>(a)(b)(f)</sup> | 11/15/2054 | 653213 |
| 12450000 | Series 2025-5C5-AS | 5.92% | 07/15/2058 | 12965105 |
|  | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
| 147561481 | Series 2014-USA-X1 | 0.69%<sup>(a)(b)(f)</sup> | 09/15/2037 | 2774 |
| 3799000 | Series 2017-CALI-E | 3.90%<sup>(a)(b)</sup> | 11/10/2032 | 620681 |
| 6050000 | Series 2017-CALI-F | 3.90%<sup>(a)(b)</sup> | 11/10/2032 | 605393 |
| 5216575 | Series 2021-B33-A1 | 3.05%<sup>(a)</sup> | 10/10/2043 | 4980118 |
| 18815500 | Series 2021-B33-A2 | 3.17%<sup>(a)</sup> | 10/10/2043 | 16914485 |
| 106475593 | Series 2021-B33-X | 0.62%<sup>(a)(b)(f)</sup> | 10/10/2043 | 2394849 |
|  | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** |
| 9205000 | Series 2015-C3-B | 3.96%<sup>(b)</sup> | 08/15/2048 | 8644666 |
| 2299000 | Series 2015-C4-C | 4.93%<sup>(b)</sup> | 11/15/2048 | 2292504 |
| 19980428 | Series 2015-C4-XA | 0.95%<sup>(b)(f)</sup> | 11/15/2048 | 306 |
| 9425000 | Series 2016-C5-C | 4.74%<sup>(b)</sup> | 11/15/2048 | 9359881 |
| 30248371 | Series 2016-C6-XA | 2.01%<sup>(b)(f)</sup> | 01/15/2049 | 26546 |
| 11020000 | Series 2016-C7-B | 4.46%<sup>(b)</sup> | 11/15/2049 | 10485022 |
| 126315374 | Series 2017-C8-XA | 1.20%<sup>(b)(f)</sup> | 06/15/2050 | 1541212 |
| 4399000 | Series 2017-CX10-B | 3.89%<sup>(b)</sup> | 11/15/2050 | 4062199 |
| 65681548 | Series 2017-CX10-XA | 0.98%<sup>(b)(f)</sup> | 11/15/2050 | 763883 |
| 1886000 | Series 2018-C14-C | 5.04%<sup>(b)</sup> | 11/15/2051 | 1719148 |
| 15894000 | Series 2019-C16-B | 3.88% | 06/15/2052 | 15144620 |
| 23387150 | Series 2019-C17-XA | 1.46%<sup>(b)(f)</sup> | 09/15/2052 | 904124 |
| 7924000 | Series 2019-C18-B | 3.59% | 12/15/2052 | 7310230 |
| 215740214 | Series 2019-C18-XA | 1.12%<sup>(b)(f)</sup> | 12/15/2052 | 6850421 |
| 193101971 | Series 2020-C19-XA | 1.21%<sup>(b)(f)</sup> | 03/15/2053 | 6995795 |
| 81465000 | Series 2020-C19-XB | 0.15%<sup>(b)(f)</sup> | 03/15/2053 | 297649 |
|  | **DOLP Trust** | **DOLP Trust** | **DOLP Trust** | **DOLP Trust** |
| 11475000 | Series 2021-NYC-F | 3.70%<sup>(a)(b)</sup> | 05/10/2041 | 8818433 |
|  | **DTP Commercial Mortgage Trust** | **DTP Commercial Mortgage Trust** | **DTP Commercial Mortgage Trust** | **DTP Commercial Mortgage Trust** |
| 2210000 | Series 2023-STE2-B | 5.98%<sup>(a)(b)</sup> | 01/15/2041 | 2238733 |
|  | **ELP Commercial Mortgage Trust** | **ELP Commercial Mortgage Trust** | **ELP Commercial Mortgage Trust** | **ELP Commercial Mortgage Trust** |
| 4958683 | Series 2021-ELP-E (1 mo. Term SOFR + 2.23%, 2.12% Floor) | 6.38%<sup>(a)</sup> | 11/15/2038 | 4958608 |
|  | **Extended Stay America Trust** | **Extended Stay America Trust** | **Extended Stay America Trust** | **Extended Stay America Trust** |
| 7290121 | Series 2021-ESH-A (1 mo. Term SOFR + 1.19%, 1.08% Floor) | 5.34%<sup>(a)</sup> | 07/15/2038 | 7295789 |
|  | **Franklin BSP Realty Trust, Inc.** | **Franklin BSP Realty Trust, Inc.** | **Franklin BSP Realty Trust, Inc.** | **Franklin BSP Realty Trust, Inc.** |
| 7926350 | Series 2022-FL8-A (30 day avg SOFR US + 1.50%, 1.50% Floor) | 5.87%<sup>(a)</sup> | 02/15/2037 | 7959498 |
|  | **FS Rialto** | **FS Rialto** | **FS Rialto** | **FS Rialto** |
| 26100000 | Series 2025-FL10-A (1 mo. Term SOFR + 1.39%, 1.39% Floor) | 5.52%<sup>(a)</sup> | 08/19/2042 | 26133826 |
|  | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** |
| 10755183 | Series 2021-FL4-A (1 mo. Term SOFR + 1.46%, 1.35% Floor) | 5.60%<sup>(a)</sup> | 12/15/2036 | 10785201 |
|  | **Great Wolf Trust** | **Great Wolf Trust** | **Great Wolf Trust** | **Great Wolf Trust** |
| 15000000 | Series 2024-WLF2-A (1 mo. Term SOFR + 1.69%) | 5.84%<sup>(a)</sup> | 05/15/2041 | 15047959 |
|  | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** |
| 500235 | Series 2021-FL3-A (1 mo. Term SOFR + 1.13%, 1.02% Floor) | 5.28%<sup>(a)</sup> | 07/15/2039 | 501750 |
| 6250000 | Series 2021-FL3-B (1 mo. Term SOFR + 1.76%, 1.65% Floor) | 5.91%<sup>(a)</sup> | 07/15/2039 | 6225000 |
|  | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** |
| 3000000 | Series 2013-GC13-B | 4.00%<sup>(a)(b)</sup> | 07/10/2046 | 2919750 |
| 4000000 | Series 2013-GC13-C | 4.00%<sup>(a)(b)</sup> | 07/10/2046 | 3712625 |
| 43033308 | Series 2015-GC34-XA | 1.13%<sup>(b)(f)</sup> | 10/10/2048 | 1106 |
| 9439002 | Series 2015-GS1-XA | 0.64%<sup>(b)(f)</sup> | 11/10/2048 | 125 |
| 35785009 | Series 2016-GS2-XA | 1.86%<sup>(b)(f)</sup> | 05/10/2049 | 45207 |
| 234455658 | Series 2016-GS3-XA | 1.28%<sup>(b)(f)</sup> | 10/10/2049 | 1191574 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
| 43116335 | Series 2016-GS4-XA<br> 0.62%<sup>(b)(f)</sup> | 11/10/2049 | 121860 |
| 170213400 | Series 2017-GS7-XA<br> 1.17%<sup>(b)(f)</sup> | 08/10/2050 | 2405575 |
| 98700000 | Series 2017-GS7-XB<br> 0.44%<sup>(b)(f)</sup> | 08/10/2050 | 552296 |
| 3443000 | Series 2018-GS10-WLSA<br> 5.07%<sup>(a)(b)</sup> | 03/10/2033 | 845866 |
| 6834000 | Series 2018-GS10-WLSB<br> 5.07%<sup>(a)(b)</sup> | 03/10/2033 | 703779 |
| 9287000 | Series 2018-GS10-WLSC<br> 5.07%<sup>(a)(b)</sup> | 03/10/2033 | 906662 |
| 8990000 | Series 2018-GS10-WLSD<br> 5.07%<sup>(a)(b)</sup> | 03/10/2033 | 830469 |
| 11236750 | Series 2018-GS10-WLSE<br> 5.07%<sup>(a)(b)</sup> | 03/10/2033 | 949528 |
| 188399066 | Series 2018-GS9-XA<br> 0.55%<sup>(b)(f)</sup> | 03/10/2051 | 1545249 |
| 15571000 | Series 2018-TWR-A (1 mo. Term SOFR + 1.20%, 0.90% Floor)<br> 5.35%<sup>(a)</sup> | 07/15/2031 | 12094774 |
| 3897000 | Series 2018-TWR-D (1 mo. Term SOFR + 1.90%, 1.60% Floor)<br> 6.05%<sup>(a)</sup> | 07/15/2031 | 550354 |
| 11950000 | Series 2018-TWR-E (1 mo. Term SOFR + 2.40%, 2.10% Floor)<br> 6.55%<sup>(a)</sup> | 07/15/2031 | 1248476 |
| 11242000 | Series 2018-TWR-F (1 mo. Term SOFR + 3.10%, 2.80% Floor)<br> 7.25%<sup>(a)</sup> | 07/15/2031 | 1056467 |
| 4648000 | Series 2018-TWR-G (1 mo. Term SOFR + 4.22%, 3.93% Floor)<br> 8.37%<sup>(a)</sup> | 07/15/2031 | 387992 |
| 51614723 | Series 2019-GC38-XA<br> 1.17%<sup>(b)(f)</sup> | 02/10/2052 | 1472341 |
| 13026359 | Series 2019-GC39-XA<br> 1.24%<sup>(b)(f)</sup> | 05/10/2052 | 436113 |
| 21600000 | Series 2019-GSA1-XD<br> 1.13%<sup>(a)(b)(f)</sup> | 11/10/2052 | 806630 |
| 168948194 | Series 2020-GC45-XA<br> 0.73%<sup>(b)(f)</sup> | 02/13/2053 | 3605118 |
| 25009000 | Series 2020-GC45-XD<br> 0.76%<sup>(a)(b)(f)</sup> | 02/13/2053 | 621934 |
| 52685956 | Series 2020-GSA2-XA<br> 1.77%<sup>(a)(b)(f)</sup> | 12/12/2053 | 3399962 |
|  | **Hilton USA Trust** | **Hilton USA Trust** | **Hilton USA Trust** |
| 1650000 | Series 2016-HHV-C<br> 4.33%<sup>(a)(b)</sup> | 11/05/2038 | 1634868 |
| 5692000 | Series 2016-SFP-A<br> 2.83%<sup>(a)</sup> | 11/05/2035 | 4772688 |
|  | **Hudson Yards Mortgage Trust** | **Hudson Yards Mortgage Trust** | **Hudson Yards Mortgage Trust** |
| 8450000 | Series 2025-SPRL-A<br> 5.65%<sup>(a)(b)</sup> | 01/13/2040 | 8740349 |
|  | **ILPT Trust** | **ILPT Trust** | **ILPT Trust** |
| 1846000 | Series 2025-LPF2-A<br> 5.47%<sup>(a)(b)</sup> | 07/13/2042 | 1881632 |
|  | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** |
| 282627 | Series 2007-CB20-X1<br> 0.00%<sup>(a)(b)(f)</sup> | 02/12/2051 |  |
| 28492916 | Series 2015-JP1-XA<br> 0.98%<sup>(b)(f)</sup> | 01/15/2049 | 16355 |
| 1725000 | Series 2017-JP5-C<br> 3.89%<sup>(b)</sup> | 03/15/2050 | 1546492 |
| 9343000 | Series 2018-MINN-E (1 mo. Term SOFR + 2.80%, 3.50% Floor)<br> 6.95%<sup>(a)</sup> | 11/15/2035 | 6742581 |
| 18869000 | Series 2019-COR4-XD<br> 2.18%<sup>(a)(b)(f)</sup> | 03/10/2052 | 1114399 |
| 81712592 | Series 2019-COR5-XA<br> 1.59%<sup>(b)(f)</sup> | 06/13/2052 | 3131284 |
| 8500000 | Series 2019-COR5-XD<br> 1.91%<sup>(a)(b)(f)</sup> | 06/13/2052 | 453983 |
| 29530000 | Series 2020-NNN-EFX<br> 3.97%<sup>(a)</sup> | 01/16/2037 | 9301950 |
|  | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** |
| 30688008 | Series 2014-C25-XA<br> 0.61%<sup>(b)(f)</sup> | 11/15/2047 | 368 |
| 8236400 | Series 2015-C27-C<br> 4.45%<sup>(b)</sup> | 02/15/2048 | 5436024 |
| 10425000 | Series 2015-C27-D<br> 3.95%<sup>(a)(b)</sup> | 02/15/2048 | 2627100 |
| 1859802 | Series 2015-C28-C<br> 4.43%<sup>(b)</sup> | 10/15/2048 | 1837288 |
| 15982335 | Series 2015-C30-XA<br> 0.12%<sup>(b)(f)</sup> | 07/15/2048 | 160 |
| 30128497 | Series 2015-C32-XA<br> 1.21%<sup>(b)(f)</sup> | 11/15/2048 | 807 |
| 7394000 | Series 2016-C1-C<br> 4.85%<sup>(b)</sup> | 03/17/2049 | 7231406 |
| 14174926 | Series 2016-C1-XA<br> 1.28%<sup>(b)(f)</sup> | 03/17/2049 | 16141 |
|  | **JPMDB Commercial Mortgage Securities Trust** | **JPMDB Commercial Mortgage Securities Trust** | **JPMDB Commercial Mortgage Securities Trust** |
| 100185928 | Series 2016-C2-XA<br> 1.62%<sup>(b)(f)</sup> | 06/15/2049 | 283346 |
| 127647224 | Series 2017-C5-XA<br> 0.99%<sup>(b)(f)</sup> | 03/15/2050 | 926464 |
| 159725030 | Series 2017-C7-XA<br> 0.97%<sup>(b)(f)</sup> | 10/15/2050 | 2093372 |
| 13604000 | Series 2019-COR6-AS<br> 3.41%<sup>(b)</sup> | 11/13/2052 | 12070667 |
| 248585674 | Series 2020-COR7-XA<br> 1.77%<sup>(b)(f)</sup> | 05/13/2053 | 11997117 |
|  | **KREF** | **KREF** | **KREF** |
| 24516595 | Series 2021-FL2-A (1 mo. Term SOFR + 1.18%, 1.07% Floor)<br> 5.33%<sup>(a)</sup> | 02/15/2039 | 24581981 |
|  | **LoanCore** | **LoanCore** | **LoanCore** |
| 7556024 | &nbsp;&nbsp;&nbsp; Series 2022-CRE7-A <br>(30 day avg SOFR US + 1.55%, 1.55% Floor)<br> 5.93%<sup>(a)</sup> | 01/17/2037 | 7583127 |
| 26610000 | Series 2025-CRE8-A (1 mo. Term SOFR + 1.39%, 1.39% Floor)<br> 5.53%<sup>(a)</sup> | 08/17/2042 | 26706860 |

---

---

| | | |
|:---|:---|:---|
| **10**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **LSTAR Commercial Mortgage Trust** | **LSTAR Commercial Mortgage Trust** | **LSTAR Commercial Mortgage Trust** | **LSTAR Commercial Mortgage Trust** |
| 14790172 | Series 2017-5-X | 1.00%<sup>(a)(b)(f)</sup> | 03/10/2050 | 114353 |
|  | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** |
| 10800000 | Series 2021-FL1-B (1 mo. Term SOFR + 1.86%, 1.86% Floor) | 6.01%<sup>(a)</sup> | 06/15/2039 | 10800108 |
|  | **M360 LLC** | **M360 LLC** | **M360 LLC** | **M360 LLC** |
| 1468286 | Series 2021-CRE3-A (1 mo. Term SOFR + 1.61%, 1.50% Floor) | 5.75%<sup>(a)</sup> | 11/22/2038 | 1470494 |
| 7162000 | Series 2021-CRE3-B (1 mo. Term SOFR + 2.36%, 2.25% Floor) | 6.50%<sup>(a)</sup> | 11/22/2038 | 7183164 |
|  | **Madison Avenue Trust** | **Madison Avenue Trust** | **Madison Avenue Trust** | **Madison Avenue Trust** |
| 23260000 | Series 2025-11MD-C | 5.63%<sup>(a)(b)</sup> | 10/15/2042 | 23394389 |
|  | **Manhattan West** | **Manhattan West** | **Manhattan West** | **Manhattan West** |
| 5731000 | Series 2020-1MW-C | 2.41%<sup>(a)(b)</sup> | 09/10/2039 | 5450794 |
|  | **Merit** | **Merit** | **Merit** | **Merit** |
| 388888 | Series 2021-STOR-E (1 mo. Term SOFR + 1.86%, 1.75% Floor) | 6.02%<sup>(a)</sup> | 07/15/2038 | 389194 |
|  | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** |
| 5227676 | Series 2021-FL5-AS (1 mo. Term SOFR + 1.31%, 1.31% Floor) | 5.46%<sup>(a)</sup> | 07/15/2036 | 5244902 |
| 8409594 | Series 2022-FL8-A (1 mo. Term SOFR + 1.35%, 1.35% Floor) | 5.48%<sup>(a)</sup> | 02/19/2037 | 8422158 |
| 7101540 | Series 2022-FL9-A (1 mo. Term SOFR + 2.15%, 2.15% Floor) | 6.28%<sup>(a)</sup> | 06/19/2037 | 7119216 |
| 10660000 | Series 2024-FL15-A (1 mo. Term SOFR + 1.69%, 1.69% Floor) | 5.82%<sup>(a)</sup> | 08/18/2041 | 10729173 |
| 26120000 | Series 2025-FL17-A (1 mo. Term SOFR + 1.32%, 1.32% Floor) | 5.46%<sup>(a)</sup> | 02/18/2040 | 26177542 |
|  | **MFT Trust** | **MFT Trust** | **MFT Trust** | **MFT Trust** |
| 9417000 | Series 2020-ABC-A | 3.36%<sup>(a)</sup> | 02/10/2042 | 7729248 |
| 4317000 | Series 2020-ABC-B | 3.59%<sup>(a)(b)</sup> | 02/10/2042 | 3426948 |
|  | **MHC Commercial Mortgage Trust** | **MHC Commercial Mortgage Trust** | **MHC Commercial Mortgage Trust** | **MHC Commercial Mortgage Trust** |
| 520719 | Series 2021-MHC-A (1 mo. Term SOFR + 0.92%, 0.80% Floor) | 5.07%<sup>(a)</sup> | 04/15/2038 | 520898 |
|  | **Morgan Stanley ABS Capital I, Inc.** | **Morgan Stanley ABS Capital I, Inc.** | **Morgan Stanley ABS Capital I, Inc.** | **Morgan Stanley ABS Capital I, Inc.** |
| 16320729 | Series 2024-NSTB-A | 3.90%<sup>(a)(b)</sup> | 09/24/2057 | 16074864 |
|  | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** |
| 9861910 | Series 2012-CKSV-CK | 4.30%<sup>(a)(b)</sup> | 10/15/2030 | 6344167 |
| 7390146 | Series 2013-C11-AS | 4.21%<sup>(b)</sup> | 08/15/2046 | 7048352 |
| 3407388 | Series 2013-C9-B | 3.71%<sup>(b)</sup> | 05/15/2046 | 3302930 |
| 2144761 | Series 2014-C19-C | 4.00% | 12/15/2047 | 2079024 |
| 10286000 | Series 2015-C27-C | 4.62%<sup>(b)</sup> | 12/15/2047 | 9962646 |
| 104993411 | Series 2016-C28-XA | 1.28%<sup>(b)(f)</sup> | 01/15/2049 | 93875 |
| 6032000 | Series 2016-C31-C | 4.39%<sup>(b)</sup> | 11/15/2049 | 5385232 |
| 36384841 | Series 2017-C33-XA | 1.39%<sup>(b)(f)</sup> | 05/15/2050 | 548152 |
|  | **Morgan Stanley Capital I Trust** | **Morgan Stanley Capital I Trust** | **Morgan Stanley Capital I Trust** | **Morgan Stanley Capital I Trust** |
| 7137000 | Series 2015-UBS8-B | 4.32%<sup>(b)</sup> | 12/15/2048 | 6877721 |
| 13202707 | Series 2015-UBS8-XA | 0.84%<sup>(b)(f)</sup> | 12/15/2048 | 5290 |
|  | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** |
| 496817 | Series 2006-HQ10-X1 | 0.93%<sup>(a)(b)(f)</sup> | 11/12/2041 | 12 |
| 125985226 | Series 2017-H1-XA | 1.45%<sup>(b)(f)</sup> | 06/15/2050 | 1875517 |
| 4661000 | Series 2017-HR2-C | 4.46%<sup>(b)</sup> | 12/15/2050 | 4458459 |
| 9386700 | Series 2019-H6-XD | 1.72%<sup>(a)(b)(f)</sup> | 06/15/2052 | 466059 |
| 5305000 | Series 2019-H7-AS | 3.52% | 07/15/2052 | 5033230 |
| 71540134 | Series 2019-L2-XA | 1.16%<sup>(b)(f)</sup> | 03/15/2052 | 2007895 |
| 3845000 | Series 2019-L3-AS | 3.49% | 11/15/2052 | 3624013 |
| 144980275 | Series 2019-L3-XA | 0.71%<sup>(b)(f)</sup> | 11/15/2052 | 3077061 |
| 15090000 | Series 2019-L3-XD | 1.25%<sup>(a)(b)(f)</sup> | 11/15/2052 | 632849 |
| 3355000 | Series 2019-NUGS-D (1 mo. Term SOFR + 1.91%, 3.30% Floor) | 6.07%<sup>(a)</sup> | 12/15/2036 | 232599 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 6002000 | Series 2019-PLND-E (1 mo. Term SOFR + 2.26%, 2.15% Floor) | 6.42%<sup>(a)</sup> | 05/15/2036 | 526225 |
| 2200000 | Series 2020-HR8-B | 2.70% | 07/15/2053 | 1896548 |
| 24004000 | Series 2020-L4-B | 3.08% | 02/15/2053 | 21774136 |
| 283396696 | Series 2020-L4-XA | 1.19%<sup>(b)(f)</sup> | 02/15/2053 | 11094697 |
| 13625665 | Series 2020-L4-XD | 1.29%<sup>(a)(b)(f)</sup> | 02/15/2053 | 615204 |
| 10779000 | Series 2021-L6-C | 3.55%<sup>(b)</sup> | 06/15/2054 | 9035767 |
|  | **MRCD Mortgage Trust** | **MRCD Mortgage Trust** | **MRCD Mortgage Trust** | **MRCD Mortgage Trust** |
| 7794000 | Series 2019-PARK-F | 2.72%<sup>(a)</sup> | 12/15/2036 | 4870471 |
| 16270000 | Series 2019-PARK-G | 2.72%<sup>(a)</sup> | 12/15/2036 | 8907825 |
|  | **Multifamily Tax-Exempt Mortgage-backed Securities M-TEMS** | **Multifamily Tax-Exempt Mortgage-backed Securities M-TEMS** | **Multifamily Tax-Exempt Mortgage-backed Securities M-TEMS** | **Multifamily Tax-Exempt Mortgage-backed Securities M-TEMS** |
| 61372823 | Series 2021-2 | 0.83%<sup>(b)</sup> | 03/25/2035 | 2450003 |
|  | **Natixis Commercial Mortgage Securities Trust** | **Natixis Commercial Mortgage Securities Trust** | **Natixis Commercial Mortgage Securities Trust** | **Natixis Commercial Mortgage Securities Trust** |
| 13188800 | Series 2020-2PAC-D | 3.75%<sup>(a)</sup> | 12/15/2038 | 11666508 |
|  | **NJ** | **NJ** | **NJ** | **NJ** |
| 14239000 | Series 2025-WBRK-A | 5.87%<sup>(a)(b)</sup> | 03/05/2035 | 14798399 |
|  | **NYC Commercial Mortgage Trust** | **NYC Commercial Mortgage Trust** | **NYC Commercial Mortgage Trust** | **NYC Commercial Mortgage Trust** |
| 6770000 | Series 2025-3BP-A (1 mo. Term SOFR + 1.21%, 1.21% Floor) | 5.36%<sup>(a)</sup> | 02/15/2042 | 6756038 |
|  | **NYT Mortgage Trust** | **NYT Mortgage Trust** | **NYT Mortgage Trust** | **NYT Mortgage Trust** |
| 16882000 | Series 2019-NYT-D (1 mo. Term SOFR + 2.30%, 2.00% Floor) | 6.45%<sup>(a)</sup> | 12/15/2035 | 16175159 |
|  | **ROCK Trust** | **ROCK Trust** | **ROCK Trust** | **ROCK Trust** |
| 46015000 | Series 2024-CNTR-A | 5.39%<sup>(a)</sup> | 11/13/2041 | 47449292 |
|  | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** |
| 11621000 | Series 2021-555-A (1 mo. Term SOFR + 1.26%, 1.15% Floor) | 5.41%<sup>(a)</sup> | 05/15/2038 | 11546836 |
| 2240000 | Series 2021-555-B (1 mo. Term SOFR + 1.61%, 1.50% Floor) | 5.76%<sup>(a)</sup> | 05/15/2038 | 2222034 |
|  | **SLG Office Trust** | **SLG Office Trust** | **SLG Office Trust** | **SLG Office Trust** |
| 37079000 | Series 2021-OVA-F | 2.85%<sup>(a)</sup> | 07/15/2041 | 30210749 |
|  | **SMR Mortgage Trust** | **SMR Mortgage Trust** | **SMR Mortgage Trust** | **SMR Mortgage Trust** |
| 4131535 | Series 2022-IND-G (1 mo. Term SOFR + 7.50%, 7.50% Floor) | 11.65%<sup>(a)</sup> | 02/15/2039 | 3752215 |
|  | **SREIT Trust** | **SREIT Trust** | **SREIT Trust** | **SREIT Trust** |
| 3014796 | Series 2021-MFP-A (1 mo. Term SOFR + 0.85%, 0.73% Floor) | 5.00%<sup>(a)</sup> | 11/15/2038 | 3012745 |
| 4445860 | Series 2021-MFP-E (1 mo. Term SOFR + 2.14%, 2.03% Floor) | 6.29%<sup>(a)</sup> | 11/15/2038 | 4444336 |
| 16175000 | Series 2021-MFP2-A (1 mo. Term SOFR + 0.94%, 0.82% Floor) | 5.09%<sup>(a)</sup> | 11/15/2036 | 16169263 |
| 3610000 | Series 2021-MFP2-C (1 mo. Term SOFR + 1.49%, 1.37% Floor) | 5.64%<sup>(a)</sup> | 11/15/2036 | 3608150 |
|  | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** |
| 17732013 | Series 2021-FL2-A (1 mo. Term SOFR + 1.31%, 1.20% Floor) | 5.45%<sup>(a)</sup> | 04/18/2038 | 17759391 |
|  | **STDIO Commercial Mortgage Trust** | **STDIO Commercial Mortgage Trust** | **STDIO Commercial Mortgage Trust** | **STDIO Commercial Mortgage Trust** |
| 14002000 | Series 2025-RLGH-A | 5.72%<sup>(a)(b)</sup> | 09/15/2038 | 14032984 |
|  | **TCO Commercial Mortgage Trust** | **TCO Commercial Mortgage Trust** | **TCO Commercial Mortgage Trust** | **TCO Commercial Mortgage Trust** |
| 2490000 | Series 2024-DPM-C (1 mo. Term SOFR + 1.99%, 1.99% Floor) | 6.14%<sup>(a)</sup> | 12/15/2039 | 2500718 |
|  | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** |
| 2855884 | Series 2021-FL4-A (1 mo. Term SOFR + 1.31%, 1.20% Floor) | 5.46%<sup>(a)</sup> | 03/15/2038 | 2865923 |
| 20590187 | Series 2022-FL5-A (1 mo. Term SOFR + 1.65%, 1.65% Floor) | 5.79%<sup>(a)</sup> | 02/15/2039 | 20662109 |

---

---

| | | |
|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025<sub>11</sub> |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 26180000 | Series 2025-FL6-A (1 mo. Term SOFR + 1.54%, 1.54% Floor) | 5.67%<sup>(a)</sup> | 09/18/2042 | 26278044 |
|  | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** |
| 8000000 | Series 2017-C1-C | 4.44% | 06/15/2050 | 7407205 |
| 69693451 | Series 2017-C1-XA | 1.62%<sup>(b)(f)</sup> | 06/15/2050 | 1117409 |
| 1124000 | Series 2017-C2-C | 4.30%<sup>(b)</sup> | 08/15/2050 | 1062518 |
| 6857000 | Series 2017-C3-B | 4.09%<sup>(b)</sup> | 08/15/2050 | 6557450 |
| 9740591 | Series 2017-C3-XA | 1.22%<sup>(b)(f)</sup> | 08/15/2050 | 128406 |
| 3561000 | Series 2017-C4-B | 4.24%<sup>(b)</sup> | 10/15/2050 | 3401391 |
| 544000 | Series 2017-C7-A4 | 3.68% | 12/15/2050 | 537452 |
| 1020000 | Series 2018-C11-B | 4.71%<sup>(b)</sup> | 06/15/2051 | 957790 |
| 2854000 | Series 2018-C13-B | 4.79%<sup>(b)</sup> | 10/15/2051 | 2716970 |
| 37276989 | Series 2018-C9-XA | 1.07%<sup>(b)(f)</sup> | 03/15/2051 | 676451 |
| 8350000 | Series 2019-C17-AS | 3.20% | 10/15/2052 | 7741980 |
| 12767000 | Series 2019-C17-XD | 1.89%<sup>(a)(b)(f)</sup> | 10/15/2052 | 788440 |
| 14858000 | Series 2019-C18-AS | 3.38%<sup>(b)</sup> | 12/15/2052 | 13738621 |
| 9705000 | Series 2019-C18-B | 3.68%<sup>(b)</sup> | 12/15/2052 | 8649849 |
| 11574000 | Series 2019-C18-XD | 1.55%<sup>(a)(b)(f)</sup> | 12/15/2052 | 602670 |
|  | **UBS-Barclays Commercial Mortgage Trust** | **UBS-Barclays Commercial Mortgage Trust** | **UBS-Barclays Commercial Mortgage Trust** | **UBS-Barclays Commercial Mortgage Trust** |
| 6117000 | Series 2019-C3-XD | 1.93%<sup>(a)(b)(f)</sup> | 05/15/2052 | 345618 |
| 163267076 | Series 2019-C4-XA | 1.66%<sup>(b)(f)</sup> | 08/15/2052 | 7283687 |
| 13091000 | Series 2019-C4-XD | 1.27%<sup>(a)(b)(f)</sup> | 08/15/2052 | 506921 |
| 64649569 | Series 2019-C5-XA | 0.98%<sup>(b)(f)</sup> | 11/15/2052 | 1653245 |
| 14866000 | Series 2019-C5-XD | 1.45%<sup>(a)(b)(f)</sup> | 11/15/2052 | 695916 |
|  | **VEGAS Trust** | **VEGAS Trust** | **VEGAS Trust** | **VEGAS Trust** |
| 28313000 | Series 2024-TI-A | 5.52%<sup>(a)</sup> | 11/10/2039 | 28750784 |
|  | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
| 6516000 | Series 2024-5C1-A3 | 5.93% | 07/15/2057 | 6834510 |
| 118294267 | Series 2024-5C1-XA | 1.26%<sup>(b)(f)</sup> | 07/15/2057 | 4035704 |
| 3930000 | Series 2025-5C4-A3 | 5.67% | 05/15/2058 | 4121657 |
| 69337379 | Series 2025-5C4-XA | 1.35%<sup>(b)(f)</sup> | 05/15/2058 | 3163664 |
| 15140000 | Series 2025-AGLN-A (1 mo. Term SOFR + 1.64%, 1.64% Floor) | 5.79%<sup>(a)</sup> | 07/15/2037 | 15198643 |
| 64404843 | Series 2025-C64-XA | 1.24%<sup>(b)(f)</sup> | 02/15/2058 | 4742715 |
|  | **WF-RBS Commercial Mortgage Trust** | **WF-RBS Commercial Mortgage Trust** | **WF-RBS Commercial Mortgage Trust** | **WF-RBS Commercial Mortgage Trust** |
| 7263725 | Series 2014-C21-B | 4.21%<sup>(b)</sup> | 08/15/2047 | 7095978 |
|  | **WHARF Trust** | **WHARF Trust** | **WHARF Trust** | **WHARF Trust** |
| 2650000 | Series 2025-DC-A | 5.53%<sup>(a)(b)</sup> | 07/15/2040 | 2720869 |
|  | **Total Non-Agency Commercial Mortgage Backed Obligations** <br>**(Cost $3,007,156,776)** | **Total Non-Agency Commercial Mortgage Backed Obligations** <br>**(Cost $3,007,156,776)** |  | **2336356299** |
|  **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 24.0%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 24.0%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 24.0%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 24.0%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 24.0%** |
|  | **Accredited Mortgage Loan Trust** | **Accredited Mortgage Loan Trust** | **Accredited Mortgage Loan Trust** | **Accredited Mortgage Loan Trust** |
| 12875000 | Series 2006-1-M2 (1 mo. Term SOFR + 0.45%, 0.34% Floor) | 1.50% | 04/25/2036 | 10215031 |
|  | **ACE Securities Corp.** | **ACE Securities Corp.** | **ACE Securities Corp.** | **ACE Securities Corp.** |
| 1468031 | Series 2007-ASP1-A2C (1 mo. Term SOFR + 0.63%, 0.52% Floor) | 4.79% | 03/25/2037 | 598413 |
| 9193668 | Series 2007-HE1-A2B (1 mo. Term SOFR + 0.35%, 0.24% Floor) | 4.51% | 01/25/2037 | 5570969 |
| 2142341 | Series 2007-HE1-A2C (1 mo. Term SOFR + 0.45%, 0.34% Floor) | 4.61% | 01/25/2037 | 1298137 |
| 2008445 | Series 2007-HE1-A2D (1 mo. Term SOFR + 0.61%, 0.50% Floor) | 4.77% | 01/25/2037 | 1216959 |
| 67941034 | Series 2007-WM1-A1A (1 mo. Term SOFR + 0.39%, 0.28% Floor) | 4.55% | 11/25/2036 | 19590818 |
| 3720293 | Series 2007-WM1-A2A (1 mo. Term SOFR + 0.25%, 0.14% Floor) | 4.41% | 11/25/2036 | 1531211 |
| 4021925 | Series 2007-WM1-A2D (1 mo. Term SOFR + 0.55%, 0.44% Floor) | 4.71% | 11/25/2036 | 1654471 |
| 2535886 | Series 2007-WM2-A2C (1 mo. Term SOFR + 0.67%, 0.56% Floor) | 4.83% | 02/25/2037 | 1049336 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2223112 | Series 2007-WM2-A2D (1 mo. Term SOFR + 0.85%, 0.74% Floor) | 5.01% | 02/25/2037 | 919856 |
|  | **Adamas Trust, Inc.** | **Adamas Trust, Inc.** | **Adamas Trust, Inc.** | **Adamas Trust, Inc.** |
| 170439 | Series 2005-2-A (1 mo. Term SOFR + 0.77%, 0.66% Floor, 10.50% Cap) | 4.93% | 08/25/2035 | 157300 |
|  | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** |
| 2400620 | Series 2004-4-CB1 (1 mo. Term SOFR + 1.26%, 1.15% Floor, 10.00% Cap) | 5.42% | 03/25/2035 | 2083915 |
| 16472248 | Series 2005-11-4A1 | 5.05%<sup>(b)</sup> | 02/25/2036 | 8331627 |
| 1090283 | Series 2005-4-2A1 | 6.53%<sup>(b)</sup> | 08/25/2035 | 1022119 |
| 90853 | Series 2005-7-3A1 | 4.89%<sup>(b)</sup> | 10/25/2035 | 87572 |
| 3340628 | Series 2005-8-3A21 | 4.78%<sup>(b)</sup> | 11/25/2035 | 2331161 |
| 9803220 | Series 2006-2-5A1 | 4.50%<sup>(b)</sup> | 05/25/2036 | 1646737 |
| 4126530 | Series 2007-1-3A1 | 4.94%<sup>(b)</sup> | 03/25/2037 | 3846324 |
| 754675 | Series 2007-3-1A1 | 5.08%<sup>(a)(b)</sup> | 11/25/2037 | 742998 |
|  | **Aegis Asset Backed Securities Trust** | **Aegis Asset Backed Securities Trust** | **Aegis Asset Backed Securities Trust** | **Aegis Asset Backed Securities Trust** |
| 800034 | Series 2004-1-M2 (1 mo. Term SOFR + 2.14%, 2.03% Floor) | 6.30% | 04/25/2034 | 825991 |
| 617792 | Series 2004-2-M2 (1 mo. Term SOFR + 2.06%, 1.95% Floor) | 6.22% | 06/25/2034 | 602661 |
| 2696022 | Series 2004-6-M2 (1 mo. Term SOFR + 1.11%, 1.00% Floor, 15.00% Cap) | 5.27% | 03/25/2035 | 2578867 |
| 8223843 | Series 2006-1-A2 (1 mo. Term SOFR + 0.45%, 0.34% Floor, 12.00% Cap) | 4.61% | 01/25/2037 | 6233369 |
|  | **AlphaFlow Transitional Mortgage Trust** | **AlphaFlow Transitional Mortgage Trust** | **AlphaFlow Transitional Mortgage Trust** | **AlphaFlow Transitional Mortgage Trust** |
| 3329864 | Series 2021-WL1-A1 | 3.28%<sup>(a)(d)</sup> | 01/25/2026 | 3173756 |
|  | **American Home Mortgage Assets LLC** | **American Home Mortgage Assets LLC** | **American Home Mortgage Assets LLC** | **American Home Mortgage Assets LLC** |
| 2480184 | Series 2006-2-2A1 (1 mo. Term SOFR + 0.49%, 0.38% Floor) | 4.65% | 09/25/2046 | 2367010 |
|  | **American Home Mortgage Investment Trust** | **American Home Mortgage Investment Trust** | **American Home Mortgage Investment Trust** | **American Home Mortgage Investment Trust** |
| 2492287 | Series 2005-4-3A1 (1 mo. Term SOFR + 0.71%, 0.60% Floor, 11.00% Cap) | 4.87% | 11/25/2045 | 1740419 |
| 11344931 | Series 2005-4-5A (6 mo. Term SOFR + 2.18%, 1.75% Floor, 11.00% Cap) | 6.19% | 11/25/2045 | 4238096 |
| 2146383 | Series 2006-2-3A4 | 7.10%<sup>(d)</sup> | 06/25/2036 | 295275 |
| 7248123 | Series 2007-A-13A1 | 6.60%<sup>(a)(d)</sup> | 01/25/2037 | 1055729 |
|  | **Ameriquest Mortgage Securities, Inc.** | **Ameriquest Mortgage Securities, Inc.** | **Ameriquest Mortgage Securities, Inc.** | **Ameriquest Mortgage Securities, Inc.** |
| 1060355 | Series 2004-FR1-M1 | 3.70%<sup>(d)</sup> | 05/25/2034 | 1055207 |
|  | **Amortizing Residential Collateral Trust** | **Amortizing Residential Collateral Trust** | **Amortizing Residential Collateral Trust** | **Amortizing Residential Collateral Trust** |
| 4323614 | Series 2002-BC7-M1 (1 mo. Term SOFR + 1.31%, 1.20% Floor) | 5.47% | 10/25/2032 | 3316056 |
|  | **AMSR Trust** | **AMSR Trust** | **AMSR Trust** | **AMSR Trust** |
| 10000000 | Series 2020-SFR5-F | 2.69%<sup>(a)</sup> | 11/17/2037 | 9954864 |
| 6500000 | Series 2021-SFR3-E1 | 2.33%<sup>(a)</sup> | 10/17/2038 | 6298445 |
| 11000000 | Series 2021-SFR3-E2 | 2.43%<sup>(a)</sup> | 10/17/2038 | 10659110 |
| 18500000 | Series 2021-SFR3-F | 3.23%<sup>(a)</sup> | 10/17/2038 | 18052430 |
| 6500000 | Series 2021-SFR4-D | 2.77%<sup>(a)</sup> | 12/17/2038 | 6340909 |
| 10500000 | Series 2021-SFR4-E1 | 2.97%<sup>(a)</sup> | 12/17/2038 | 10216674 |
|  | **Angel Oak Mortgage Trust LLC** | **Angel Oak Mortgage Trust LLC** | **Angel Oak Mortgage Trust LLC** | **Angel Oak Mortgage Trust LLC** |
| 9121000 | Series 2021-7-M1 | 3.26%<sup>(a)(b)</sup> | 10/25/2066 | 6649735 |
| 2902240 | Series 2025-7-A3 | 5.92%<sup>(a)(b)</sup> | 06/25/2070 | 2924693 |
| 5007000 | Series 2025-7-M1 | 6.35%<sup>(a)</sup> | 06/25/2070 | 5079148 |
|  | **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** | **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** | **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** | **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** |
| 9652851 | Series 2004-W11-M6 (1 mo. Term SOFR + 1.99%, 1.88% Floor) | 6.15% | 11/25/2034 | 8338762 |

---

---

| | | |
|:---|:---|:---|
| **12**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 96478042 | Series 2006-M3-A1 (1 mo. Term SOFR + 0.29%, 0.18% Floor) | 4.45% | 10/25/2036 | 53320027 |
| 10783682 | Series 2006-W5-A1A (1 mo. Term SOFR + 0.41%, 0.30% Floor) | 4.57% | 06/25/2036 | 7191171 |
|  | **Asset Backed Funding Certificates** | **Asset Backed Funding Certificates** | **Asset Backed Funding Certificates** | **Asset Backed Funding Certificates** |
| 77522749 | Series 2007-WMC1-A1A (1 mo. Term SOFR + 1.36%, 1.25% Floor) | 5.52% | 06/25/2037 | 55366305 |
|  | **Asset Backed Securities Corp. Home Equity** | **Asset Backed Securities Corp. Home Equity** | **Asset Backed Securities Corp. Home Equity** | **Asset Backed Securities Corp. Home Equity** |
| 1123622 | Series 2004-HE3-M2 (1 mo. Term SOFR + 1.79%, 1.68% Floor) | 5.95% | 06/25/2034 | 1104062 |
| 16423841 | Series 2006-HE7-A1 (1 mo. Term SOFR + 0.38%, 0.27% Floor) | 3.58% | 11/25/2036 | 14884168 |
|  | **Banc of America Alternative Loan Trust** | **Banc of America Alternative Loan Trust** | **Banc of America Alternative Loan Trust** | **Banc of America Alternative Loan Trust** |
| 393041 | Series 2005-10-4A1 | 5.75% | 11/25/2035 | 365291 |
| 1506919 | Series 2005-11-2CB1 | 6.00% | 12/25/2035 | 1445272 |
| 1018621 | Series 2006-2-1CB1 | 6.00% | 03/25/2036 | 948504 |
| 1314114 | Series 2006-2-3CB1 | 6.50% | 03/25/2036 | 1209589 |
| 379681 | Series 2006-5-CB14 (1 mo. Term SOFR + 1.21%, 6.00% Floor, 6.00% Cap) | 6.00% | 06/25/2046 | 332858 |
| 890132 | Series 2006-6-CB3 | 6.00% | 07/25/2046 | 779999 |
| 7625175 | Series 2006-7-A4 | 6.50%<sup>(d)</sup> | 10/25/2036 | 2025073 |
| 1195761 | Series 2006-8-1A1 (-1 x 1 mo. Term SOFR + 6.39%, 0.00% Floor, 6.50% Cap) | 2.23%<sup>(f)(g)</sup> | 11/25/2036 | 133647 |
| 426162 | Series 2006-8-1A2 (1 mo. Term SOFR + 0.56%, 0.45% Floor, 7.00% Cap) | 4.72% | 11/25/2036 | 335082 |
| 1908142 | Series 2006-9-1CB1 | 6.00% | 01/25/2037 | 1718718 |
| 325793 | Series 2007-2-2A1 | 6.00% | 06/25/2037 | 279349 |
|  | **Banc of America Funding Corp.** | **Banc of America Funding Corp.** | **Banc of America Funding Corp.** | **Banc of America Funding Corp.** |
| 2150408 | Series 2006-2-3A1 | 6.00% | 03/25/2036 | 1868258 |
| 57737 | Series 2006-2-4A1 (-3 x 1 mo. Term SOFR + 22.46%, 0.00% Floor, 22.80% Cap) | 9.98%<sup>(g)</sup> | 03/25/2036 | 57419 |
| 74332 | Series 2006-2-6A2 | 5.50% | 03/25/2036 | 74474 |
| 242120 | Series 2006-3-1A1 | 6.00% | 03/25/2036 | 208282 |
| 123492 | Series 2006-3-6A1 | 6.37%<sup>(b)</sup> | 03/25/2036 | 126627 |
| 1080572 | Series 2006-6-1A7 | 6.25% | 08/25/2036 | 940633 |
| 408552 | Series 2006-7-T2A5 | 6.54%<sup>(d)</sup> | 10/25/2036 | 371189 |
| 1926214 | Series 2006-7-T2A8 | 6.41%<sup>(d)</sup> | 10/25/2036 | 1750069 |
| 479836 | &nbsp;&nbsp;&nbsp; Series 2006-8T2-A8 <br>(30 day avg SOFR US) | 6.60%<sup>(d)</sup> | 10/25/2036 | 427665 |
| 216696 | Series 2006-B-7A1 | 4.46%<sup>(b)</sup> | 03/20/2036 | 190061 |
| 3684512 | Series 2006-D-6A1 | 4.02%<sup>(b)</sup> | 05/20/2036 | 3128912 |
| 77234 | Series 2006-H-3A1 | 4.07%<sup>(b)</sup> | 09/20/2046 | 63541 |
| 42830445 | Series 2006-H-5A1 (1 mo. Term SOFR + 0.47%, 0.36% Floor, 10.50% Cap) | 4.61% | 10/20/2036 | 12999584 |
| 396883 | Series 2007-1-TA10 | 6.34%<sup>(d)</sup> | 01/25/2037 | 372452 |
| 546070 | Series 2007-3-TA1B | 5.83%<sup>(b)</sup> | 04/25/2037 | 476186 |
| 1063534 | Series 2007-5-1A1 | 5.50% | 07/25/2037 | 872511 |
| 548853 | Series 2009-R14A-3A (-2 x 1 mo. Term SOFR + 16.30%, 5.50% Floor, 16.57% Cap) | 6.20%<sup>(a)(g)</sup> | 06/26/2035 | 516259 |
| 794088 | Series 2009-R15A-4A2 | 5.75%<sup>(a)(b)</sup> | 12/26/2036 | 708622 |
| 482702 | Series 2010-R1-3A (-2 x 1 mo. Term SOFR + 14.10%, 6.00% Floor, 14.28% Cap) | 7.41%<sup>(a)(g)</sup> | 07/26/2036 | 480598 |
| 4866169 | Series 2014-R6-3A2 | 4.71%<sup>(a)(b)</sup> | 10/26/2036 | 4408419 |
| 10336590 | Series 2014-R8-A2 (1 mo. Term SOFR + 0.35%, 0.24% Floor) | 4.51%<sup>(a)</sup> | 06/26/2036 | 8622362 |
| 16765315 | Series 2015-R2-4A2 (1 mo. Term SOFR + 0.28%, 0.17% Floor) | 2.96%<sup>(a)</sup> | 09/29/2036 | 14185105 |
|  | **Banc of America Mortgage Securities, Inc.** | **Banc of America Mortgage Securities, Inc.** | **Banc of America Mortgage Securities, Inc.** | **Banc of America Mortgage Securities, Inc.** |
| 760205 | Series 2006-1-A9 | 6.00% | 05/25/2036 | 647990 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 132917 | Series 2007-1-2A5 | 5.75% | 01/25/2037 | 116653 |
| 2964006 | Series 2007-3-2A8 | 7.00% | 09/25/2037 | 2548898 |
|  | **BankUnited Trust** | **BankUnited Trust** | **BankUnited Trust** | **BankUnited Trust** |
| 4706829 | Series 2005-1-2A1 | 4.46%<sup>(b)</sup> | 09/25/2045 | 4268037 |
|  | **Barclays PLC** | **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
| 6202542 | Series 2010-RR6-7A10 | 5.25%<sup>(a)(b)</sup> | 02/26/2037 | 2316687 |
|  | **Bayview Commercial Asset Trust** | **Bayview Commercial Asset Trust** | **Bayview Commercial Asset Trust** | **Bayview Commercial Asset Trust** |
| 531923 | Series 2007-3-A2 (1 mo. Term SOFR + 0.55%, 0.00% Floor) | 4.71%<sup>(a)</sup> | 07/25/2037 | 502580 |
|  | **Bayview Financial Acquisition Trust** | **Bayview Financial Acquisition Trust** | **Bayview Financial Acquisition Trust** | **Bayview Financial Acquisition Trust** |
| 1874356 | Series 2006-C-2A4 (1 mo. Term SOFR + 0.53%, 0.00% Floor) | 4.70% | 11/28/2036 | 1765207 |
|  | **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** |
| 17230389 | Series 2007-AA2-11A (1 mo. Term SOFR + 0.49%, 0.38% Floor) | 4.65%<sup>(a)</sup> | 05/25/2047 | 18221374 |
| 1926313 | Series 2007-AA2-2A7 | 6.00% | 04/25/2037 | 843535 |
| 2085524 | Series 2007-AA2-2A8 | 5.75% | 04/25/2037 | 875575 |
| 10159968 | Series 2008-RR3-A1B | 6.70%<sup>(a)(b)</sup> | 10/25/2036 | 3089346 |
| 1454018 | Series 2009-RR13-18A2 | 5.75%<sup>(a)(b)</sup> | 07/26/2037 | 684796 |
| 2488985 | Series 2009-RR4-4A2 | 5.75%<sup>(a)(b)</sup> | 02/26/2036 | 1053986 |
|  | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
| 196738 | Series 2005-12-13A1 | 4.60%<sup>(b)</sup> | 02/25/2036 | 174052 |
| 1752749 | Series 2006-4-4A1 | 4.77%<sup>(b)</sup> | 10/25/2046 | 1512404 |
| 2196594 | Series 2007-1-2A1 | 5.72%<sup>(b)</sup> | 02/25/2047 | 1896894 |
| 653855 | Series 2007-1-3A1 | 4.54%<sup>(b)</sup> | 02/25/2047 | 636470 |
| 7771057 | Series 2007-2-2A1 (12 mo. Term SOFR + 2.59%, 1.88% Floor, 11.15% Cap) | 6.37% | 12/25/2046 | 6552854 |
|  | **Bear Stearns Alt-A Trust** | **Bear Stearns Alt-A Trust** | **Bear Stearns Alt-A Trust** | **Bear Stearns Alt-A Trust** |
| 146292 | Series 2004-11-2A3 | 5.34%<sup>(b)</sup> | 11/25/2034 | 148155 |
| 8880875 | Series 2006-3-21A1 | 4.46%<sup>(b)</sup> | 05/25/2036 | 6285091 |
| 3390703 | Series 2006-5-1A1 (1 mo. Term SOFR + 0.45%, 0.34% Floor, 11.50% Cap) | 4.61% | 08/25/2036 | 3068014 |
| 5527822 | Series 2006-6-2A1 (1 mo. Term SOFR) | 4.17% | 11/25/2036 | 2494508 |
| 2763971 | Series 2006-8-2A1 | 4.65%<sup>(b)</sup> | 08/25/2046 | 1880032 |
| 4268713 | Series 2007-1-1A1 (1 mo. Term SOFR + 0.43%, 0.32% Floor, 11.50% Cap) | 4.59% | 01/25/2047 | 3706859 |
|  | **Bear Stearns Asset Backed Securities Trust** | **Bear Stearns Asset Backed Securities Trust** | **Bear Stearns Asset Backed Securities Trust** | **Bear Stearns Asset Backed Securities Trust** |
| 2099625 | Series 2004-AC4-A2 | 5.50%<sup>(d)</sup> | 08/25/2034 | 2108564 |
| 4701666 | Series 2005-AC2-1A | 5.75%<sup>(d)</sup> | 04/25/2035 | 4032837 |
| 1526793 | Series 2005-AC2-2A1 | 5.75%<sup>(d)</sup> | 04/25/2035 | 1470037 |
| 18162074 | Series 2005-AC6-22A | 5.11%<sup>(b)</sup> | 09/25/2035 | 14765123 |
| 4460156 | Series 2005-AC7-A4 | 6.00%<sup>(d)</sup> | 10/25/2035 | 2702206 |
| 5744081 | Series 2006-AC1-1A1 | 6.25%<sup>(d)</sup> | 02/25/2036 | 2599570 |
| 517591 | Series 2006-AC5-A1 | 6.75%<sup>(d)</sup> | 12/25/2036 | 525899 |
| 17896200 | Series 2007-HE4-2A (1 mo. Term SOFR + 0.33%, 0.22% Floor) | 4.49% | 05/25/2037 | 16651076 |
| 10695011 | Series 2007-HE6-2A (1 mo. Term SOFR + 1.16%, 1.05% Floor) | 5.32% | 08/25/2037 | 9720990 |
| 918955 | Series 2007-SD1-1A2A | 6.00% | 10/25/2036 | 291154 |
| 1328295 | Series 2007-SD1-1A3A | 6.50% | 10/25/2036 | 458414 |
| 1179243 | Series 2007-SD1-23A1 | 5.51%<sup>(b)</sup> | 10/25/2036 | 558594 |
|  | **Bear Stearns Mortgage Funding Trust** | **Bear Stearns Mortgage Funding Trust** | **Bear Stearns Mortgage Funding Trust** | **Bear Stearns Mortgage Funding Trust** |
| 5437089 | Series 2006-AR3-2A1 (1 mo. Term SOFR + 0.51%, 0.40% Floor, 10.50% Cap) | 4.67% | 11/25/2036 | 5028656 |
| 2271805 | Series 2006-AR4-A2 (1 mo. Term SOFR + 0.47%, 0.36% Floor, 10.50% Cap) | 4.63% | 12/25/2037 | 2218602 |
| 5177184 | Series 2007-AR3-22A1 (1 mo. Term SOFR + 0.43%, 0.32% Floor, 10.50% Cap) | 4.59% | 04/25/2037 | 5078305 |

---

---

| | | |
|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025<sub>13</sub> |

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------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **BNC Mortgage Loan Trust** | **BNC Mortgage Loan Trust** | **BNC Mortgage Loan Trust** | **BNC Mortgage Loan Trust** |
| 3088408 | Series 2006-2-A4 (1 mo. Term SOFR + 0.43%, 0.32% Floor) | 4.59% | 11/25/2036 | 3030837 |
| 3209323 | Series 2007-1-A4 (1 mo. Term SOFR + 0.27%, 0.16% Floor) | 4.43% | 03/25/2037 | 3148411 |
| 4673201 | Series 2007-4-A4 (1 mo. Term SOFR + 1.61%, 1.50% Floor) | 5.77% | 11/25/2037 | 4032284 |
|  | **BNP Paribas Mortgage Securities LLC** | **BNP Paribas Mortgage Securities LLC** | **BNP Paribas Mortgage Securities LLC** | **BNP Paribas Mortgage Securities LLC** |
| 23502859 | Series 2009-1-B1 | 6.00%<sup>(a)</sup> | 08/27/2037 | 10545957 |
|  | **CAFL Issuer LLC** | **CAFL Issuer LLC** | **CAFL Issuer LLC** | **CAFL Issuer LLC** |
| 16678928 | Series 2021-RTL1-A1 | 4.24%<sup>(a)(d)</sup> | 03/28/2029 | 16678928 |
| 2122319 | Series 2021-RTL1-A2 | 5.10%<sup>(a)(d)</sup> | 03/28/2029 | 2122319 |
|  | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** |
| 3603730 | Series 2006-FRE2-A2 (1 mo. Term SOFR + 0.23%, 0.12% Floor, 12.50% Cap) | 4.39% | 10/25/2036 | 2771077 |
| 17376735 | Series 2006-FRE2-A3 (1 mo. Term SOFR + 0.27%, 0.16% Floor, 12.50% Cap) | 4.43% | 10/25/2036 | 13366529 |
| 5348427 | Series 2006-FRE2-A4 (1 mo. Term SOFR + 0.36%, 0.25% Floor, 12.50% Cap) | 4.52% | 10/25/2036 | 4114699 |
| 2696130 | Series 2006-NC3-A3 (1 mo. Term SOFR + 0.41%, 0.30% Floor, 12.50% Cap) | 4.57% | 08/25/2036 | 2611757 |
| 19515875 | Series 2006-NC4-A3 (1 mo. Term SOFR + 0.27%, 0.16% Floor, 12.50% Cap) | 4.43% | 10/25/2036 | 19086447 |
| 19885930 | Series 2006-NC5-A3 (1 mo. Term SOFR + 0.26%, 0.15% Floor, 14.50% Cap) | 4.42% | 01/25/2037 | 17992581 |
| 7717786 | Series 2007-RFC1-A3 (1 mo. Term SOFR + 0.25%, 0.14% Floor, 14.50% Cap) | 4.41% | 12/25/2036 | 7587551 |
|  | **Cascade MH Asset Trust** | **Cascade MH Asset Trust** | **Cascade MH Asset Trust** | **Cascade MH Asset Trust** |
| 13020952 | Series 2019-MH1-A | 4.00%<sup>(a)(b)</sup> | 11/25/2044 | 12522980 |
|  | **Centex Home Equity** | **Centex Home Equity** | **Centex Home Equity** | **Centex Home Equity** |
| 2750000 | Series 2004-A-AF5 | 5.43%<sup>(d)</sup> | 01/25/2034 | 2759281 |
|  | **Chase Mortgage Finance Corp.** | **Chase Mortgage Finance Corp.** | **Chase Mortgage Finance Corp.** | **Chase Mortgage Finance Corp.** |
| 2038507 | Series 2005-A1-2A4 | 4.84%<sup>(b)</sup> | 12/25/2035 | 1938266 |
| 7061134 | Series 2006-S1-A5 | 6.50% | 05/25/2036 | 3074864 |
| 6456199 | Series 2006-S2-1A9 | 6.25% | 10/25/2036 | 2343365 |
| 4616929 | Series 2006-S3-1A2 | 6.00% | 11/25/2036 | 1933897 |
| 13205288 | Series 2006-S4-A8 | 6.00% | 12/25/2036 | 5295220 |
| 3920263 | Series 2007-S1-A7 | 6.00% | 02/25/2037 | 1505964 |
| 2246306 | Series 2007-S3-1A5 | 6.00% | 05/25/2037 | 935653 |
| 1038563 | Series 2007-S3-2A1 | 5.50% | 05/25/2037 | 10 |
| 2191584 | Series 2007-S5-1A18 | 6.00% | 07/25/2037 | 951445 |
|  | **Chaseflex Trust** | **Chaseflex Trust** | **Chaseflex Trust** | **Chaseflex Trust** |
| 787090 | Series 2005-1-3A1 | 6.00% | 02/25/2035 | 666779 |
| 66076 | Series 2006-1-A5 | 6.16%<sup>(b)</sup> | 06/25/2036 | 63354 |
| 1801010 | Series 2006-2-A2B (1 mo. Term SOFR + 0.31%, 0.20% Floor, 11.50% Cap) | 4.04% | 09/25/2036 | 1518107 |
| 3141683 | Series 2007-1-1A1 | 6.50% | 02/25/2037 | 1041644 |
| 4225164 | Series 2007-M1-2F4 | 4.26%<sup>(d)</sup> | 08/25/2037 | 3600555 |
| 4394546 | Series 2007-M1-2F5 | 4.26%<sup>(d)</sup> | 08/25/2037 | 3744543 |
|  | **Citigroup Financial Products, Inc.** | **Citigroup Financial Products, Inc.** | **Citigroup Financial Products, Inc.** | **Citigroup Financial Products, Inc.** |
| 1329081 | Series 2007-AMC3-A2D (1 mo. Term SOFR + 0.46%, 0.35% Floor) | 4.62% | 03/25/2037 | 1166490 |
|  | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** |
| 331470 | Series 2005-9-21A1 | 5.50% | 11/25/2035 | 310761 |
| 647342 | Series 2006-4-2A1A | 6.00% | 12/25/2035 | 645319 |
| 3870231 | Series 2006-AR3-1A1A | 5.65%<sup>(b)</sup> | 06/25/2036 | 3665014 |
| 1982508 | Series 2006-FX1-A6 | 7.35%<sup>(d)</sup> | 10/25/2036 | 1152595 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 8051784 | Series 2006-WF1-A2D | 6.42%<sup>(d)</sup> | 03/25/2036 | 3801967 |
| 8388120 | &nbsp;&nbsp;&nbsp; Series 2006-WF2-A2D <br>(30 day avg SOFR US) | 6.66%<sup>(d)</sup> | 05/25/2036 | 3013463 |
| 1368449 | Series 2007-10-1A1A | 5.16%<sup>(b)</sup> | 04/25/2037 | 1306489 |
| 508233 | Series 2007-12-2A1 | 6.50%<sup>(a)(b)</sup> | 10/25/2036 | 254556 |
| 13730450 | Series 2007-9-1A1 | 5.75%<sup>(a)</sup> | 04/25/2047 | 7455184 |
| 563072 | Series 2007-9-2A2 (1 mo. Term SOFR) | 6.50%<sup>(a)</sup> | 05/25/2037 | 506141 |
| 32451058 | Series 2007-AMC2-A1 (1 mo. Term SOFR + 0.39%, 0.28% Floor) | 4.55%<sup>(a)</sup> | 01/25/2037 | 30402364 |
| 1578136 | Series 2007-AR8-1A1A | 3.69%<sup>(b)</sup> | 08/25/2047 | 1379331 |
| 3245987 | Series 2007-OPX1-A2 (1 mo. Term SOFR + 0.51%, 0.40% Floor) | 4.67% | 01/25/2037 | 1354877 |
| 3195115 | Series 2007-OPX1-A3A | 7.47%<sup>(d)</sup> | 01/25/2037 | 1350408 |
| 7043182 | Series 2007-OPX1-A5A | 7.26%<sup>(d)</sup> | 01/25/2037 | 2977969 |
| 2471815 | Series 2010-7-9A4 | 6.00%<sup>(a)(b)</sup> | 10/25/2037 | 2219388 |
| 10948805 | Series 2010-8-7A4 | 6.00%<sup>(a)(b)</sup> | 06/25/2037 | 10381565 |
| 2161883 | Series 2014-8-3A2 | 6.00%<sup>(a)(b)</sup> | 03/25/2037 | 1933992 |
| 91469042 | Series 2019-A-PT1 | 3.92%<sup>(a)</sup> | 10/25/2058 | 76360460 |
| 141408587 | Series 2019-D-PT1 | 3.56%<sup>(a)(b)</sup> | 04/25/2064 | 118562050 |
| 168139319 | Series 2020-RP1-A1 | 1.50%<sup>(a)(b)</sup> | 08/25/2064 | 151167975 |
| 26293400 | Series 2020-RP1-M1 | 2.00%<sup>(a)(b)</sup> | 08/25/2064 | 20504800 |
| 22116950 | Series 2020-RP1-M2 | 2.50%<sup>(a)(b)</sup> | 08/25/2064 | 17145681 |
| 18676200 | Series 2020-RP1-M3 | 2.75%<sup>(a)(b)</sup> | 08/25/2064 | 14004362 |
| 48661791 | Series 2020-RP1-PT5 | 6.53%<sup>(a)(b)</sup> | 08/25/2064 | 40086465 |
| 9018816 | Series 2021-JL1-A | 2.75%<sup>(a)(b)</sup> | 02/27/2062 | 8779660 |
| 218997630 | Series 2021-RP2-A1 | 1.75%<sup>(a)(b)</sup> | 03/25/2065 | 198769542 |
| 34186100 | Series 2021-RP2-M1 | 3.25%<sup>(a)(b)</sup> | 03/25/2065 | 29658510 |
| 28635750 | Series 2021-RP2-M2 | 3.40%<sup>(a)(b)</sup> | 03/25/2065 | 23985158 |
| 26589300 | Series 2021-RP2-M3 | 3.40%<sup>(a)(b)</sup> | 03/25/2065 | 21262828 |
| 78005148 | Series 2021-RP2-PT1 | 5.54%<sup>(a)(b)</sup> | 03/25/2065 | 66248446 |
|  | **Citimortgage Alternative Loan Trust** | **Citimortgage Alternative Loan Trust** | **Citimortgage Alternative Loan Trust** | **Citimortgage Alternative Loan Trust** |
| 1219319 | Series 2006-A1-1A5 | 5.50% | 04/25/2036 | 1124425 |
| 1465410 | Series 2006-A2-A2 | 6.00% | 05/25/2036 | 1395493 |
| 1396753 | Series 2006-A3-1A13 | 6.00% | 07/25/2036 | 1236428 |
| 1157775 | Series 2006-A4-1A8 | 6.00% | 09/25/2036 | 1077267 |
| 1181969 | Series 2006-A5-3A3Pool 2006-A5 | 6.00% | 10/25/2036 | 1067967 |
| 3489068 | Series 2006-A6-1A2 (1 mo. Term SOFR + 0.61%, 6.00% Floor, 6.00% Cap) | 6.00% | 11/25/2036 | 3221789 |
| 1780674 | Series 2007-A1-1A5 | 6.00% | 01/25/2037 | 1611752 |
| 868197 | Series 2007-A1-1A7 | 6.00% | 01/25/2037 | 785835 |
| 2354241 | Series 2007-A1-1A8 (1 mo. Term SOFR + 0.71%, 0.60% Floor, 6.00% Cap) | 4.87% | 01/25/2037 | 1956422 |
| 2221488 | Series 2007-A1-1A9 (-1 x 1 mo. Term SOFR + 5.29%, 0.00% Floor, 5.40% Cap) | 1.13%<sup>(f)(g)</sup> | 01/25/2037 | 173071 |
| 1743433 | Series 2007-A3-1A1 | 6.00%<sup>(h)</sup> | 03/25/2037 | 1544861 |
| 4012197 | Series 2007-A3-1A3 (-1 x 1 mo. Term SOFR + 5.29%, 0.00% Floor, 5.40% Cap) | 1.13%<sup>(f)(g)</sup> | 03/25/2037 | 312005 |
| 1572294 | Series 2007-A3-1A4 | 5.75% | 03/25/2037 | 1382715 |
| 2868273 | Series 2007-A4-1A3 (1 mo. Term SOFR + 0.44%, 0.33% Floor, 7.00% Cap) | 4.60% | 04/25/2037 | 2343366 |
| 2868273 | Series 2007-A4-1A4 (-1 x 1 mo. Term SOFR + 6.56%, 0.00% Floor, 6.67% Cap) | 2.40%<sup>(f)(g)</sup> | 04/25/2037 | 337683 |
| 3037682 | Series 2007-A4-1A5 | 5.75% | 04/25/2037 | 2696267 |
| 395862 | Series 2007-A5-1A11 | 6.00% | 05/25/2037 | 367000 |
| 5219158 | Series 2007-A5-1A8 | 6.00% | 05/25/2037 | 4838636 |
| 174457 | Series 2007-A8-A1 | 6.00% | 10/25/2037 | 161962 |
|  | **CitiMortgage, Inc.** | **CitiMortgage, Inc.** | **CitiMortgage, Inc.** | **CitiMortgage, Inc.** |
| 1463805 | Series 2005-1-1A4 | 5.50% | 02/25/2035 | 1436995 |
|  | **Colony American Finance Ltd.** | **Colony American Finance Ltd.** | **Colony American Finance Ltd.** | **Colony American Finance Ltd.** |
| 9000000 | Series 2020-3-D | 2.95%<sup>(a)(b)</sup> | 08/15/2053 | 7865624 |
|  | **COLT Funding LLC** | **COLT Funding LLC** | **COLT Funding LLC** | **COLT Funding LLC** |
| 14812000 | Series 2021-5-M1 | 3.26%<sup>(a)(b)</sup> | 11/26/2066 | 11594422 |
| 4294000 | Series 2021-HX1-B1 | 3.11%<sup>(a)(b)</sup> | 10/25/2066 | 3267357 |

---

---

| | | |
|:---|:---|:---|
| **14**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 4130000 | Series 2021-HX1-B2 | 3.86%<sup>(a)(b)</sup> | 10/25/2066 | 3268999 |
| 6000000 | Series 2021-HX1-M1 | 2.36%<sup>(a)(b)</sup> | 10/25/2066 | 4440045 |
| 9113843 | Series 2022-4-A1 | 4.30%<sup>(a)(b)</sup> | 03/25/2067 | 9088520 |
| 2969765 | Series 2025-6-A3 | 5.89%<sup>(a)(d)</sup> | 08/25/2070 | 2991073 |
| 3000000 | Series 2025-6-M1 | 6.27%<sup>(a)(b)</sup> | 08/25/2070 | 3033803 |
|  | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
| 21319552 | Series 2004-36CB-1A1 | 6.00% | 02/25/2035 | 15125843 |
| 4237308 | Series 2005-13CB-A1 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 5.50% Cap) | 4.77% | 05/25/2035 | 3433056 |
| 1935433 | Series 2005-13CB-A3 | 5.50% | 05/25/2035 | 1674381 |
| 1998802 | Series 2005-20CB-2A1 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 5.50% Cap) | 4.77% | 07/25/2035 | 1159231 |
| 4080888 | &nbsp;&nbsp;&nbsp; Series 2005-20CB-2A2 <br>(-1 x 1 mo. Term SOFR + 4.89%, 0.00% Floor, 5.00% Cap) | 0.73%<sup>(f)(g)</sup> | 07/25/2035 | 276419 |
| 1176379 | &nbsp;&nbsp;&nbsp; Series 2005-26CB-A11 <br>(-2 x 1 mo. Term SOFR + 12.84%, 0.00% Floor, 13.05% Cap) | 5.31%<sup>(g)</sup> | 07/25/2035 | 812502 |
| 1610992 | Series 2005-28CB-1A2 (1 mo. Term SOFR + 0.86%, 0.75% Floor, 5.50% Cap) | 5.02% | 08/25/2035 | 1294651 |
| 894833 | Series 2005-28CB-3A6 | 6.00% | 08/25/2035 | 339490 |
| 4780094 | Series 2005-32T1-A9 | 5.50% | 08/25/2035 | 2565130 |
| 1758919 | Series 2005-46CB-A14 | 5.50% | 10/25/2035 | 1203023 |
| 891102 | Series 2005-46CB-A20 | 5.50% | 10/25/2035 | 609474 |
| 3351981 | Series 2005-48T1-A2 | 5.50% | 11/25/2035 | 1853032 |
| 1203359 | Series 2005-54CB-3A4 | 5.50% | 11/25/2035 | 642397 |
| 26440068 | Series 2005-55CB-1A1 | 5.50% | 11/25/2035 | 17378277 |
| 9953855 | Series 2005-57CB-1A1 | 5.50% | 12/25/2035 | 7175149 |
| 292610 | Series 2005-60T1-A7 (-7 x 1 mo. Term SOFR + 35.09%, 0.00% Floor, 35.93% Cap) | 4.60%<sup>(g)</sup> | 12/25/2035 | 178537 |
| 259684 | Series 2005-64CB-1A14 | 5.50% | 12/25/2035 | 231436 |
| 3768983 | Series 2005-64CB-1A4 | 5.50% | 12/25/2035 | 3359010 |
| 781847 | Series 2005-73CB-1A5 (1 mo. Term SOFR + 0.91%, 0.80% Floor, 5.50% Cap) | 5.07% | 01/25/2036 | 726137 |
| 1966966 | &nbsp;&nbsp;&nbsp; Series 2005-73CB-1A6 <br>(-1 x 1 mo. Term SOFR + 4.59%, 0.00% Floor, 4.70% Cap) | 0.43%<sup>(f)(g)</sup> | 01/25/2036 | 84146 |
| 27361077 | Series 2005-77T1-1A1 | 6.00% | 02/25/2036 | 12015557 |
| 395970 | Series 2005-79CB-A5 | 5.50% | 01/25/2036 | 215487 |
| 16682887 | Series 2005-80CB-4A1 | 6.00% | 02/25/2036 | 7467984 |
| 18392602 | Series 2005-85CB-1A1 | 6.00% | 02/25/2036 | 7008635 |
| 1009296 | &nbsp;&nbsp;&nbsp; Series 2005-85CB-2A6 <br>(-4 x 1 mo. Term SOFR + 21.21%, 0.00% Floor, 21.63% Cap) | 5.97%<sup>(g)</sup> | 02/25/2036 | 792754 |
| 791352 | Series 2005-86CB-A5 | 5.50% | 02/25/2036 | 447453 |
| 2817754 | Series 2005-J1-5A3 | 5.50% | 02/25/2035 | 2759458 |
| 12031 | Series 2005-J1-7A1 | 5.50% | 12/25/2025 | 10217 |
| 1006676 | Series 2005-J10-1A11 | 5.50% | 10/25/2035 | 645370 |
| 229096 | Series 2005-J10-1A13 (1 mo. Term SOFR + 0.81%, 0.70% Floor, 5.50% Cap) | 4.97% | 10/25/2035 | 132504 |
| 107319 | Series 2005-J10-1A15 | 5.50% | 10/25/2035 | 68801 |
| 346747 | Series 2005-J11-1A3 | 5.50% | 11/25/2035 | 188049 |
| 317726 | Series 2005-J13-2A5 (1 mo. Term SOFR + 0.59%, 0.48% Floor, 5.50% Cap) | 4.75% | 11/25/2035 | 196235 |
| 635453 | Series 2005-J13-2A6 (-1 x 1 mo. Term SOFR + 4.91%, 0.00% Floor, 5.02% Cap) | 0.75%<sup>(f)(g)</sup> | 11/25/2035 | 42417 |
| 375852 | Series 2005-J2-1A5 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 5.50% Cap) | 4.77% | 04/25/2035 | 290753 |
| 1156468 | Series 2005-J2-1A6 (-1 x 1 mo. Term SOFR + 4.89%, 0.00% Floor, 5.00% Cap) | 0.73%<sup>(f)(g)</sup> | 04/25/2035 | 69318 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2416525 | Series 2005-J3-2A8 (1 mo. Term SOFR + 0.41%, 0.30% Floor, 5.50% Cap) | 4.57% | 05/25/2035 | 1823245 |
| 2416525 | Series 2005-J3-2A9 (-1 x 1 mo. Term SOFR + 5.09%, 0.00% Floor, 5.20% Cap) | 0.93%<sup>(f)</sup> | 05/25/2035 | 164100 |
| 2455109 | Series 2006-12CB-A3 (1 mo. Term SOFR + 5.75%, 5.75% Floor) | 5.75% | 05/25/2036 | 1169502 |
| 3025859 | Series 2006-12CB-A8 | 6.00% | 05/25/2036 | 1497992 |
| 26891830 | Series 2006-15CB-A1 | 6.50% | 06/25/2036 | 12363328 |
| 2477376 | Series 2006-16CB-A7 | 6.00% | 06/25/2036 | 1291149 |
| 660490 | Series 2006-18CB-A12 (1 mo. Term SOFR + 0.71%, 0.60% Floor, 6.00% Cap) | 4.87% | 07/25/2036 | 260696 |
| 660490 | &nbsp;&nbsp;&nbsp; Series 2006-18CB-A13 <br>(-1 x 1 mo. Term SOFR + 5.39%, 0.00% Floor, 5.50% Cap) | 1.23%<sup>(f)</sup> | 07/25/2036 | 70119 |
| 3199372 | Series 2006-19CB-A12 (1 mo. Term SOFR + 0.51%, 0.40% Floor, 6.00% Cap) | 4.67% | 08/25/2036 | 1372214 |
| 4338540 | &nbsp;&nbsp;&nbsp; Series 2006-19CB-A13 <br>(-1 x 1 mo. Term SOFR + 5.49%, 0.00% Floor, 5.60% Cap) | 1.33%<sup>(f)(g)</sup> | 08/25/2036 | 524671 |
| 667807 | Series 2006-19CB-A15Pool 2006-1 | 6.00% | 08/25/2036 | 375290 |
| 4105318 | Series 2006-23CB-2A3 | 6.50% | 08/25/2036 | 1174404 |
| 1190837 | Series 2006-24CB-A11 | 5.75% | 08/25/2036 | 581945 |
| 3485434 | &nbsp;&nbsp;&nbsp; Series 2006-24CB-A14 <br>(-1 x 1 mo. Term SOFR + 7.04%, 0.00% Floor, 7.15% Cap) | 2.88%<sup>(f)(g)</sup> | 08/25/2036 | 667558 |
| 2794864 | Series 2006-24CB-A22 | 6.00% | 08/25/2036 | 1414320 |
| 2999729 | Series 2006-24CB-A5 (1 mo. Term SOFR + 0.71%, 0.06% Floor, 6.00% Cap) | 4.87% | 08/25/2036 | 1228085 |
| 1393751 | Series 2006-26CB-A17 | 6.25% | 09/25/2036 | 651312 |
| 1788999 | Series 2006-26CB-A9 | 6.50% | 09/25/2036 | 867069 |
| 2381720 | Series 2006-29T1-1A2 | 6.25% | 10/25/2036 | 1282521 |
| 355369 | &nbsp;&nbsp;&nbsp; Series 2006-29T1-2A12 (-7 x 1 mo. Term SOFR + <br>45.41%, 0.00% Floor, 46.15% Cap) | 18.38%<sup>(g)</sup> | 10/25/2036 | 508331 |
| 217671 | &nbsp;&nbsp;&nbsp; Series 2006-29T1-2A23 (-4 x 1 mo. Term SOFR + <br>32.87%, 0.00% Floor, 33.37% Cap) | 14.85%<sup>(g)</sup> | 10/25/2036 | 258881 |
| 1848528 | Series 2006-2CB-A9 | 6.00% | 03/25/2036 | 827288 |
| 2238018 | Series 2006-30T1-1A2 | 6.25% | 11/25/2036 | 1639147 |
| 1921734 | Series 2006-32CB-A1 (1 mo. Term SOFR + 0.78%, 0.67% Floor, 6.00% Cap) | 4.94% | 11/25/2036 | 872730 |
| 3205452 | Series 2006-32CB-A2 (-1 x 1 mo. Term SOFR + 5.22%, 0.00% Floor, 5.33% Cap) | 1.06%<sup>(f)(g)</sup> | 11/25/2036 | 329296 |
| 7329938 | Series 2006-36T2-2A1 | 6.25% | 12/25/2036 | 2999620 |
| 591656 | Series 2006-36T2-2A4 | 6.25% | 12/25/2036 | 242123 |
| 670306 | Series 2006-39CB-1A10 | 6.00% | 01/25/2037 | 553121 |
| 13057598 | &nbsp;&nbsp;&nbsp; Series 2006-39CB-2A2 <br>(-1 x 1 mo. Term SOFR + 6.44%, 0.00% Floor, 6.55% Cap) | 2.28%<sup>(f)(g)</sup> | 01/25/2037 | 722550 |
| 4446728 | Series 2006-39CB-2A4 (1 mo. Term SOFR + 0.56%, 0.45% Floor, 7.00% Cap) | 4.72% | 01/25/2037 | 490491 |
| 1052601 | Series 2006-40T1-1A11 | 6.00% | 01/25/2037 | 640656 |
| 1791629 | &nbsp;&nbsp;&nbsp; Series 2006-40T1-1A4 <br>(-1 x 1 mo. Term SOFR + 5.34%, 0.00% Floor, 5.45% Cap) | 1.18%<sup>(f)(g)</sup> | 01/25/2037 | 185942 |
| 2647968 | Series 2006-41CB-1A10 | 6.00% | 01/25/2037 | 1310229 |
| 6476060 | &nbsp;&nbsp;&nbsp; Series 2006-41CB-1A15 (-1 x 1 mo. Term SOFR + <br>5.29%, 0.00% Floor, 5.40% Cap) | 1.13%<sup>(f)(g)</sup> | 01/25/2037 | 713730 |

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| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **15**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 6476060 | Series 2006-41CB-1A2 (1 mo. Term SOFR + 0.71%, 0.60% Floor, 6.00% Cap) | 4.87% | 01/25/2037 | 2446074 |
| 2788368 | Series 2006-41CB-1A9 | 6.00% | 01/25/2037 | 1379699 |
| 3401430 | Series 2006-42-1A1 (1 mo. Term SOFR + 0.71%, 0.60% Floor, 6.00% Cap) | 4.87% | 01/25/2047 | 1418057 |
| 3401430 | Series 2006-42-1A2 (-1 x 1 mo. Term SOFR + 5.29%, 0.00% Floor, 5.40% Cap) | 1.13%<sup>(f)(g)</sup> | 01/25/2047 | 421453 |
| 2265175 | Series 2006-42-1A3 | 6.00% | 01/25/2047 | 1238464 |
| 2557803 | Series 2006-43CB-1A12 | 5.75% | 02/25/2037 | 1235795 |
| 8849662 | Series 2006-43CB-1A6 | 6.00% | 02/25/2037 | 4437909 |
| 9707593 | Series 2006-45T1-1A1 (1 mo. Term SOFR + 0.61%, 6.00% Floor, 6.00% Cap) | 6.00% | 02/25/2037 | 3524383 |
| 3131482 | Series 2006-45T1-1A4 (1 mo. Term SOFR + 0.71%, 0.60% Floor, 6.00% Cap) | 4.87% | 02/25/2037 | 863897 |
| 3131482 | &nbsp;&nbsp;&nbsp; Series 2006-45T1-1A5 <br>(-1 x 1 mo. Term SOFR + 5.29%, 0.00% Floor, 5.40% Cap) | 1.13%<sup>(f)(g)</sup> | 02/25/2037 | 242776 |
| 1348742 | Series 2006-45T1-2A2 | 6.00% | 02/25/2037 | 726995 |
| 5161922 | Series 2006-4CB-1A1 | 6.00% | 04/25/2036 | 2380925 |
| 518403 | Series 2006-6CB-1A4Pool 0066CB | 5.50% | 05/25/2036 | 425681 |
| 3997073 | Series 2006-7CB-1A14 | 6.00% | 05/25/2036 | 2031956 |
| 6970174 | Series 2006-7CB-1A16 | 6.00% | 05/25/2036 | 3543365 |
| 2135661 | Series 2006-7CB-1A6 | 6.00% | 05/25/2036 | 1099695 |
| 2163022 | Series 2006-7CB-1A9 | 6.00% | 05/25/2036 | 1099596 |
| 798728 | Series 2006-9T1-A11 | 6.00% | 05/25/2036 | 311687 |
| 1630468 | Series 2006-J1-1A10 | 5.50% | 02/25/2036 | 1097794 |
| 3308157 | Series 2006-J1-1A3 | 5.50% | 02/25/2036 | 2227382 |
| 754785 | Series 2006-J4-2A2 | 6.00% | 07/25/2036 | 426097 |
| 1036105 | Series 2006-J7-1A1 | 6.25% | 11/25/2036 | 474691 |
| 24202337 | Series 2006-OA21-A1 (1 mo. Term SOFR + 0.30%, 0.19% Floor) | 4.44% | 03/20/2047 | 21019265 |
| 2030595 | &nbsp;&nbsp;&nbsp; Series 2006-OA7-1A2 <br>(12 Month US Treasury Average + 0.94%, 0.94% Floor) | 5.09% | 06/25/2046 | 2003639 |
| 581405 | &nbsp;&nbsp;&nbsp; Series 2007-11T1-A24 <br>(-6 x 1 mo. Term SOFR + 39.21%, 0.00% Floor, 39.90% Cap) | 14.27%<sup>(g)</sup> | 05/25/2037 | 523005 |
| 9072133 | Series 2007-12T1-A11 | 6.00% | 06/25/2037 | 4000220 |
| 8004360 | Series 2007-15CB-A1 | 6.00% | 07/25/2037 | 6646299 |
| 4775245 | Series 2007-15CB-A2 | 5.75% | 07/25/2037 | 2710774 |
| 5728565 | Series 2007-15CB-A5 | 5.75% | 07/25/2037 | 3251947 |
| 7109526 | Series 2007-16CB-2A1 (1 mo. Term SOFR + 0.56%, 0.45% Floor, 7.00% Cap) | 4.72% | 08/25/2037 | 2240156 |
| 2058741 | &nbsp;&nbsp;&nbsp; Series 2007-16CB-2A2 <br>(-8 x 1 mo. Term SOFR + 53.63%, 0.00% Floor, 54.58% Cap) | 18.98%<sup>(g)</sup> | 08/25/2037 | 2658543 |
| 2295977 | Series 2007-16CB-4A7 | 6.00% | 08/25/2037 | 1673325 |
| 4617217 | &nbsp;&nbsp;&nbsp; Series 2007-17CB-1A10 (-5 x 1 mo. Term SOFR + <br>29.37%, 0.00% Floor, 29.90% Cap) | 10.25%<sup>(g)</sup> | 08/25/2037 | 3983613 |
| 667187 | Series 2007-18CB-2A25 | 6.00% | 08/25/2037 | 392211 |
| 580134 | Series 2007-19-1A10 (-6 x 1 mo. Term SOFR + 38.31%, 0.00% Floor, 39.00% Cap) | 13.37%<sup>(g)</sup> | 08/25/2037 | 639105 |
| 10397704 | Series 2007-19-1A34 | 6.00% | 08/25/2037 | 4805757 |
| 8526723 | Series 2007-19-1A4 | 6.00% | 08/25/2037 | 3941000 |
| 26890368 | Series 2007-19-2A1 | 6.50% | 08/25/2037 | 11269573 |
| 2626233 | &nbsp;&nbsp;&nbsp; Series 2007-21CB-2A2 <br>(-4 x 1 mo. Term SOFR + 27.94%, 0.00% Floor, 28.40% Cap) | 11.31%<sup>(g)</sup> | 09/25/2037 | 2090610 |
| 17435563 | Series 2007-22-2A16 | 6.50% | 09/25/2037 | 6126839 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 6533251 | Series 2007-23CB-A3 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 7.00% Cap) | 4.77% | 09/25/2037 | 2299064 |
| 9272038 | Series 2007-23CB-A4 (-1 x 1 mo. Term SOFR + 6.39%, 0.00% Floor, 6.50% Cap) | 2.23%<sup>(f)(g)</sup> | 09/25/2037 | 1461918 |
| 935695 | Series 2007-24-A2 (-6 x 1 mo. Term SOFR + 41.01%, 0.00% Floor, 41.70% Cap) | 16.07%<sup>(g)</sup> | 10/25/2037 | 781649 |
| 1870994 | Series 2007-24-A3 (-1 x 1 mo. Term SOFR + 6.84%, 0.00% Floor, 6.95% Cap) | 2.68%<sup>(f)(g)</sup> | 10/25/2037 | 258846 |
| 3069369 | Series 2007-24-A4 (1 mo. Term SOFR + 0.81%, 0.70% Floor, 7.00% Cap) | 4.97% | 10/25/2037 | 662049 |
| 4059503 | Series 2007-24-A6 (1 mo. Term SOFR + 1.11%, 1.00% Floor, 7.00% Cap) | 5.27% | 10/25/2037 | 937530 |
| 2967984 | Series 2007-2CB-1A4 (1 mo. Term SOFR + 1.11%, 5.75% Floor, 100.00% Cap) | 5.75% | 03/25/2037 | 1516737 |
| 3360492 | &nbsp;&nbsp;&nbsp; Series 2007-5CB-1A18 <br>(-1 x 1 mo. Term SOFR + 5.54%, 0.00% Floor, 5.65% Cap) | 1.38%<sup>(f)(g)</sup> | 04/25/2037 | 411577 |
| 3360492 | Series 2007-5CB-1A23 (1 mo. Term SOFR + 0.66%, 0.55% Floor, 6.00% Cap) | 4.82% | 04/25/2037 | 1313587 |
| 13384771 | Series 2007-5CB-1A31 | 5.50% | 04/25/2037 | 6073894 |
| 5708768 | Series 2007-5CB-2A1 | 6.00% | 04/25/2037 | 2558571 |
| 4454808 | Series 2007-6-A1 | 5.75% | 04/25/2047 | 2286382 |
| 4884732 | Series 2007-6-A4 | 5.75% | 04/25/2047 | 2507036 |
| 1303772 | Series 2007-7T2-A8 | 6.00% | 04/25/2037 | 534093 |
| 221057 | Series 2007-8CB-A12 (-6 x 1 mo. Term SOFR + 39.51%, 0.00% Floor, 40.20% Cap) | 14.57%<sup>(g)</sup> | 05/25/2037 | 283583 |
| 235975 | Series 2007-8CB-A8 (-6 x 1 mo. Term SOFR + 39.39%, 0.00% Floor, 40.08% Cap) | 14.45%<sup>(g)</sup> | 05/25/2037 | 300769 |
| 385643 | Series 2007-9T1-1A4 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 6.00% Cap) | 4.77% | 05/25/2037 | 133884 |
| 385643 | Series 2007-9T1-1A5 (-1 x 1 mo. Term SOFR + 5.39%, 0.00% Floor, 5.50% Cap) | 1.23%<sup>(f)(g)</sup> | 05/25/2037 | 37183 |
| 1408943 | Series 2007-9T1-2A1 | 6.00% | 05/25/2037 | 585871 |
| 15096209 | Series 2007-HY2-1A | 4.98%<sup>(b)</sup> | 03/25/2047 | 14372344 |
| 11329311 | Series 2007-HY4-4A1 | 4.33%<sup>(b)</sup> | 06/25/2037 | 10871090 |
|  | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** |
| 17544000 | Series 2005-11-MF1 | 5.35%<sup>(b)</sup> | 02/25/2036 | 15274838 |
| 16220969 | Series 2006-25-1A (1 mo. Term SOFR + 0.39%, 0.28% Floor) | 4.55% | 06/25/2047 | 15373636 |
| 4588741 | Series 2006-26-1A (1 mo. Term SOFR + 0.39%, 0.28% Floor) | 4.55% | 06/25/2037 | 4332030 |
| 20543763 | Series 2007-4-A5 | 4.37%<sup>(d)</sup> | 04/25/2047 | 15946983 |
| 8113373 | Series 2007-BC1-1A (1 mo. Term SOFR + 0.39%, 0.28% Floor) | 4.55% | 05/25/2037 | 7749668 |
|  | **Countrywide Home Loan Mortgage Pass Through Trust** | **Countrywide Home Loan Mortgage Pass Through Trust** | **Countrywide Home Loan Mortgage Pass Through Trust** | **Countrywide Home Loan Mortgage Pass Through Trust** |
| 324836 | Series 2003-60-4A1 | 6.77%<sup>(b)</sup> | 02/25/2034 | 324445 |
| 472500 | Series 2004-R2-1AF1 (1 mo. Term SOFR + 0.53%, 0.42% Floor, 9.50% Cap) | 4.81%<sup>(a)</sup> | 11/25/2034 | 450549 |
| 459742 | Series 2004-R2-1AS | 1.62%<sup>(a)(b)(f)</sup> | 11/25/2034 | 24043 |
| 11329220 | Series 2005-17-2A1 | 5.50% | 09/25/2035 | 4919886 |
| 2095086 | Series 2005-18-A1 | 5.50% | 10/25/2035 | 1029185 |
| 1748730 | Series 2005-20-A5 | 5.50% | 10/25/2035 | 1035290 |
| 1280017 | Series 2005-20-A8 | 5.25% | 10/25/2035 | 753853 |
| 5471811 | Series 2005-23-A1 | 5.50% | 11/25/2035 | 2936839 |

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| | | |
|:---|:---|:---|
| **16**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1264584 | Series 2005-24-A8 | 5.50% | 11/25/2035 | 644002 |
| 1837795 | Series 2005-26-1A12 | 5.50% | 11/25/2035 | 1088542 |
| 428027 | Series 2005-27-2A1 | 5.50% | 12/25/2035 | 162819 |
| 724080 | Series 2005-28-A7 | 5.25% | 11/01/2035 | 369537 |
| 5310082 | Series 2005-HYB1-4A1 | 4.95%<sup>(b)</sup> | 03/25/2035 | 5018183 |
| 30753 | Series 2005-HYB8-1A1 | 5.36%<sup>(b)</sup> | 12/20/2035 | 30662 |
| 5486139 | Series 2005-HYB8-4A1 | 4.64%<sup>(b)</sup> | 12/20/2035 | 4894523 |
| 492051 | Series 2005-J3-2A4 | 4.50% | 09/25/2035 | 433138 |
| 573664 | Series 2005-J4-A5 | 5.50% | 11/25/2035 | 472901 |
| 147707 | Series 2005-R1-1AF1 (1 mo. Term SOFR + 0.47%, 0.36% Floor, 9.50% Cap) | 4.63%<sup>(a)</sup> | 03/25/2035 | 143081 |
| 147161 | Series 2005-R1-1AS | 1.73%<sup>(a)(b)(f)</sup> | 03/25/2035 | 7320 |
| 6227434 | Series 2006-1-A2 | 6.00% | 03/25/2036 | 3098443 |
| 4174649 | Series 2006-14-A5 | 6.25% | 09/25/2036 | 1626787 |
| 2977841 | Series 2006-16-2A1 | 6.50% | 11/25/2036 | 864547 |
| 1232455 | Series 2006-20-1A21 | 6.00% | 02/25/2037 | 549278 |
| 13486882 | Series 2006-8-1A3 | 6.00% | 05/25/2036 | 7877507 |
| 160773 | Series 2006-J3-A4 | 5.50% | 05/25/2036 | 164137 |
| 3806582 | Series 2007-10-A7 | 6.00% | 07/25/2037 | 1652146 |
| 13079446 | Series 2007-11-A1 | 6.00% | 08/25/2037 | 5561413 |
| 6266430 | Series 2007-12-A9 | 5.75% | 08/25/2037 | 3103911 |
| 2775090 | Series 2007-13-A1 | 6.00% | 08/25/2037 | 1242295 |
| 4547138 | Series 2007-13-A10 | 6.00% | 08/25/2037 | 2035568 |
| 3087636 | Series 2007-15-1A1 | 6.25% | 09/25/2037 | 1831426 |
| 431272 | Series 2007-15-1A16 | 6.25% | 09/25/2037 | 255808 |
| 1242421 | Series 2007-15-1A2 | 6.25% | 09/25/2037 | 736639 |
| 1517233 | Series 2007-15-1A29 | 6.25% | 09/25/2037 | 899904 |
| 2349816 | Series 2007-17-1A2 | 6.00% | 10/25/2037 | 1605611 |
| 317549 | Series 2007-18-1A1 | 6.00% | 11/25/2037 | 135991 |
| 1299301 | Series 2007-2-A2 | 6.00% | 03/25/2037 | 545102 |
| 34103515 | Series 2007-21-1A1 | 6.25% | 02/25/2038 | 14702394 |
| 3505620 | Series 2007-3-A1 | 6.00% | 04/25/2037 | 1589902 |
| 1350138 | Series 2007-3-A12 | 6.00% | 04/25/2037 | 612327 |
| 3101803 | Series 2007-4-1A39 | 6.00% | 05/25/2037 | 1265954 |
| 1056604 | Series 2007-5-A2 | 5.75% | 05/25/2037 | 490372 |
| 4100465 | Series 2007-7-A1 | 6.00% | 06/25/2037 | 1951567 |
| 1842804 | Series 2007-7-A11 | 5.50% | 06/25/2037 | 806173 |
| 1229179 | Series 2007-7-A2 | 5.75% | 06/25/2037 | 561372 |
| 4280763 | Series 2007-8-1A4 | 6.00% | 01/25/2038 | 1772264 |
| 2246529 | Series 2007-8-1A5 | 5.44% | 01/25/2038 | 863844 |
| 3641137 | Series 2007-8-1A8 | 6.00% | 01/25/2038 | 1507454 |
| 5215966 | Series 2007-8-1A9 (1 mo. Term SOFR + 6.00%, 4.00% Floor, 6.00% Cap) | 6.00% | 01/25/2038 | 2142479 |
| 5128026 | Series 2007-9-A1 | 5.75% | 07/25/2037 | 2398225 |
| 674888 | Series 2007-9-A11 | 5.75% | 07/25/2037 | 315625 |
| 2773120 | Series 2007-HY1-1A1 | 4.68%<sup>(b)</sup> | 04/25/2037 | 2598698 |
| 7422504 | Series 2007-HYB1-2A1 | 4.08%<sup>(b)</sup> | 03/25/2037 | 6321348 |
| 390670 | Series 2007-J3-A1 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 6.00% Cap) | 4.77% | 07/25/2037 | 124477 |
| 1953348 | Series 2007-J3-A2 (-1 x 1 mo. Term SOFR + 5.39%, 0.00% Floor, 5.50% Cap) | 1.23%<sup>(f)(g)</sup> | 07/25/2037 | 178540 |
|  | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** |
| 1605627 | Series 2005-10-5A4 | 5.50% | 11/25/2035 | 1144207 |
| 338034 | Series 2005-10-5A5 | 5.50% | 11/25/2035 | 240929 |
|  | **Credit Suisse Management LLC** | **Credit Suisse Management LLC** | **Credit Suisse Management LLC** | **Credit Suisse Management LLC** |
| 3466608 | Series 2005-11-2A1 | 6.00% | 12/25/2035 | 2293013 |
| 4592828 | Series 2005-12-5A1 | 5.25% | 01/25/2036 | 4010267 |
| 9680346 | &nbsp;&nbsp;&nbsp; Series 2005-12-7A1 <br>(1 mo. Term SOFR) | 7.00% | 01/25/2036 | 1584812 |
| 2301691 | Series 2005-8-3A10 | 5.50% | 09/25/2035 | 1793128 |
| 3360747 | Series 2005-8-7A1 | 7.00% | 09/25/2035 | 1338702 |
|  | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
| 720377 | Series 2005-1R-2A5 | 5.75%<sup>(a)</sup> | 12/26/2035 | 491274 |
| 11358075 | Series 2006-1-2A1 | 6.00% | 02/25/2036 | 3023573 |
| 2225306 | Series 2006-2-5A1 (1 mo. Term SOFR + 0.81%, 0.70% Floor, 6.00% Cap) | 4.97% | 03/25/2036 | 676841 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 12438440 | Series 2006-2-5A2 (-1 x 1 mo. Term SOFR + 5.19%, 0.00% Floor, 5.30% Cap) | 1.03%<sup>(f)(g)</sup> | 03/25/2036 | 988346 |
| 2590910 | Series 2006-2-5A3 | 6.25% | 03/25/2036 | 1003928 |
| 7012038 | Series 2006-2-5A4 | 6.00% | 03/25/2036 | 2610352 |
| 751742 | Series 2006-3-4A3 | 5.50% | 04/25/2036 | 466705 |
| 454447 | Series 2006-3-4A4 | 5.50% | 04/25/2036 | 282135 |
| 2370019 | Series 2006-4-1A8 (1 mo. Term SOFR + 1.11%, 6.00% Floor, 6.00% Cap) | 6.00% | 05/25/2036 | 1224969 |
| 20338667 | Series 2006-4-4A1 | 7.00%<sup>(b)</sup> | 05/25/2036 | 5180553 |
| 7094686 | Series 2006-4-6A1 | 6.00% | 05/25/2036 | 2469290 |
| 6595597 | Series 2006-6-1A4 | 6.00% | 07/25/2036 | 2989597 |
| 10035754 | Series 2006-6-3A1 | 7.00% | 07/25/2036 | 2151671 |
| 109972 | Series 2006-7-3A11 | 6.00% | 08/25/2036 | 37907 |
| 1409707 | Series 2006-7-7A5 | 6.00% | 08/25/2036 | 1066880 |
| 1539362 | Series 2006-9-2A1 | 5.50% | 11/25/2036 | 1451672 |
| 6988813 | Series 2006-9-3A1 | 6.00% | 11/25/2036 | 6149504 |
| 2894663 | Series 2006-9-4A1 | 6.00% | 11/25/2036 | 1605911 |
| 1353268 | Series 2006-9-6A14 | 6.00% | 11/25/2036 | 958637 |
| 219855 | &nbsp;&nbsp;&nbsp; Series 2006-9-6A15 <br>(-6 x 1 mo. Term SOFR + 39.21%, 0.00% Floor, 39.90% Cap) | 13.28%<sup>(g)</sup> | 11/25/2036 | 261886 |
| 8028003 | Series 2007-1-1A4 (30 day avg SOFR US) | 6.13% | 02/25/2037 | 1894926 |
| 5498577 | Series 2007-1-3A1 | 6.00% | 02/25/2026 | 641151 |
| 19800 | Series 2007-2-2A1 | 5.00% | 03/25/2037 | 15070 |
| 18638270 | Series 2007-5-3A19 | 6.00% | 08/25/2037 | 14573353 |
| 8195857 | Series 2007-5-3A9 | 6.00% | 08/25/2037 | 6408821 |
| 1965229 | Series 2008-2R-1A1 | 6.00%<sup>(a)</sup> | 07/25/2037 | 1696763 |
| 8270846 | Series 2009-11R-4A1 | 7.00%<sup>(a)(b)</sup> | 09/26/2037 | 2125679 |
| 5752001 | Series 2009-12R-5A1 | 6.00%<sup>(a)</sup> | 06/27/2036 | 2857296 |
| 1176447 | Series 2010-13R-1A2 | 5.50%<sup>(a)(b)</sup> | 12/26/2035 | 1033412 |
| 11973367 | Series 2010-17R-6A1 | 4.00%<sup>(a)(b)</sup> | 06/26/2037 | 11699858 |
| 4872777 | Series 2010-4R-3A17 | 6.00%<sup>(a)(b)</sup> | 06/26/2037 | 4466193 |
| 2405809 | Series 2010-4R-8A17 | 6.00%<sup>(a)(b)</sup> | 06/26/2037 | 2205068 |
| 8084300 | Series 2010-7R-1A17 | 6.00%<sup>(a)(b)</sup> | 01/26/2037 | 4246848 |
| 6380951 | Series 2012-10R-4A2 | 4.65%<sup>(a)(b)</sup> | 08/26/2046 | 4347792 |
| 7349034 | Series 2013-9R-A1 | 3.00%<sup>(a)(b)</sup> | 05/27/2043 | 6641489 |
| 61080444 | Series 2017-RPL2-PT | 0.00%<sup>(a)(b)</sup> | 02/25/2056 | 46865272 |
| 153171826 | Series 2019-RPL6-PT1 | 4.15%<sup>(a)(b)</sup> | 11/25/2058 | 132354703 |
| 4227000 | Series 2020-AFC1-B1 | 3.45%<sup>(a)(b)</sup> | 02/25/2050 | 3376693 |
| 154219705 | Series 2020-RPL1-PT1 | 3.29%<sup>(a)(b)</sup> | 10/25/2069 | 126500317 |
| 7469850 | Series 2021-NQM1-B1 | 2.83%<sup>(a)(b)</sup> | 05/25/2065 | 5751159 |
| 6225825 | Series 2021-NQM5-M1 | 2.17%<sup>(a)(b)</sup> | 05/25/2066 | 4062588 |
| 3180040 | Series 2021-NQM6-B1 | 3.29%<sup>(a)(b)</sup> | 07/25/2066 | 2347508 |
| 7445317 | Series 2021-NQM6-M1 | 2.58%<sup>(a)(b)</sup> | 07/25/2066 | 5428360 |
| 23199610 | Series 2021-RPL9-A1 | 3.87%<sup>(a)(b)</sup> | 02/25/2061 | 23104102 |
|  | **Credit-Based Asset Servicing and Securitization LLC** | **Credit-Based Asset Servicing and Securitization LLC** | **Credit-Based Asset Servicing and Securitization LLC** | **Credit-Based Asset Servicing and Securitization LLC** |
| 6704199 | Series 2006-CB4-AV3 (1 mo. Term SOFR + 0.41%, 0.30% Floor) | 2.87% | 05/25/2036 | 4598702 |
|  | **CSAB Mortgage Backed Trust** | **CSAB Mortgage Backed Trust** | **CSAB Mortgage Backed Trust** | **CSAB Mortgage Backed Trust** |
| 3772829 | Series 2006-3-A4B | 6.61%<sup>(d)</sup> | 11/25/2036 | 498263 |
| 2134875 | Series 2006-4-A6A | 6.18%<sup>(d)</sup> | 12/25/2036 | 326225 |
| 7664055 | Series 2007-1-1A1A | 5.90%<sup>(b)</sup> | 05/25/2037 | 1653134 |
|  | **CSMCM Trust** | **CSMCM Trust** | **CSMCM Trust** | **CSMCM Trust** |
| 6492665 | Series 2019-RPL6-CERT | 0.00%<sup>(a)(b)</sup> | 11/25/2058 | 5196026 |
| 8062589 | Series 2020-RPL1-CERT | 3.23%<sup>(a)(b)</sup> | 01/25/2046 | 6285715 |
|  | **DB US Financial Markets Holding Corp.** | **DB US Financial Markets Holding Corp.** | **DB US Financial Markets Holding Corp.** | **DB US Financial Markets Holding Corp.** |
| 3247151 | Series 2014-RS1-3A2 (1 mo. Term SOFR + 0.51%, 0.40% Floor, 7.00% Cap) | 4.84%<sup>(a)</sup> | 10/27/2036 | 2491736 |
|  | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** |
| 6302205 | Series 2005-4-A5 | 5.50%<sup>(b)</sup> | 09/25/2035 | 5731500 |
| 131931 | Series 2005-5-1A6 (-7 x 1 mo. Term SOFR + 35.09%, 0.00% Floor, 35.93% Cap) | 3.40%<sup>(g)</sup> | 11/25/2035 | 245523 |
| 444490 | Series 2005-5-2A1 (1 mo. Term SOFR + 0.31%, 0.20% Floor, 5.50% Cap) | 4.47% | 11/25/2035 | 169477 |

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| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **17**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1341520 | Series 2005-5-2A2 (-1 x 1 mo. Term SOFR + 5.19%, 0.00% Floor, 5.30% Cap) | 1.03%<sup>(f)(g)</sup> | 11/25/2035 | 77127 |
| 4098320 | Series 2005-6-2A1 | 5.50% | 12/25/2035 | 3476364 |
| 2386981 | Series 2006-AB1-A1C | 5.67%<sup>(b)</sup> | 02/25/2036 | 2191188 |
| 324890 | Series 2006-AB2-A2 (1 mo. Term SOFR) | 4.68% | 06/25/2036 | 300396 |
| 572918 | &nbsp;&nbsp;&nbsp; Series 2006-AB4-A1A <br>(30 day avg SOFR US) | 6.01% | 10/25/2036 | 501791 |
| 8000327 | Series 2006-AB4-A2 | 5.65%<sup>(b)</sup> | 10/25/2036 | 7009113 |
| 569927 | Series 2006-AB4-A3 | 5.90%<sup>(b)</sup> | 10/25/2036 | 499214 |
| 828529 | Series 2006-AB4-A3A1 | 5.90%<sup>(b)</sup> | 10/25/2036 | 724892 |
| 1632286 | Series 2006-AB4-A6A1 | 6.37%<sup>(d)</sup> | 10/25/2036 | 1426732 |
| 10897888 | Series 2007-2-2A1 (1 mo. Term SOFR + 0.41%, 0.30% Floor) | 4.57% | 09/25/2047 | 9427859 |
| 13567759 | Series 2007-OA3-A2 (1 mo. Term SOFR + 0.61%, 0.50% Floor) | 4.77% | 07/25/2047 | 11824288 |
|  | **Deutsche Mortgage Securities, Inc.** | **Deutsche Mortgage Securities, Inc.** | **Deutsche Mortgage Securities, Inc.** | **Deutsche Mortgage Securities, Inc.** |
| 3467233 | Series 2006-PR1-3A1 | 6.15%<sup>(a)(g)</sup> | 04/15/2036 | 3201465 |
| 505800 | Series 2006-PR1-4AI1 | 6.14%<sup>(a)(g)</sup> | 04/15/2036 | 485431 |
| 824904 | Series 2006-PR1-4AI2 | 6.46%<sup>(a)(g)</sup> | 04/15/2036 | 803298 |
| 220621 | Series 2006-PR1-5AI1 | 6.56%<sup>(a)(g)</sup> | 04/15/2036 | 222286 |
| 1943899 | Series 2006-PR1-5AI3 | 6.60%<sup>(a)(g)</sup> | 04/15/2036 | 1866150 |
| 32205347 | Series 2006-PR1-5AI4 | 6.15%<sup>(a)(g)</sup> | 04/15/2036 | 30821377 |
|  | **Equifirst Loan Securitization Trust** | **Equifirst Loan Securitization Trust** | **Equifirst Loan Securitization Trust** | **Equifirst Loan Securitization Trust** |
| 7478457 | Series 2007-1-A2B (1 mo. Term SOFR + 0.49%, 0.38% Floor) | 4.65% | 04/25/2037 | 6971819 |
|  | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** |
| 16000000 | &nbsp;&nbsp;&nbsp; Series 2025-R04-1M2 <br>(30 day avg SOFR US + 1.50%, 0.00% Floor) | 5.86%<sup>(a)</sup> | 05/25/2045 | 16091886 |
|  | **FBR Securitization Trust** | **FBR Securitization Trust** | **FBR Securitization Trust** | **FBR Securitization Trust** |
| 22750000 | Series 2005-2-M4 (1 mo. Term SOFR + 1.04%, 0.93% Floor, 14.00% Cap) | 5.20% | 09/25/2035 | 20516726 |
| 5500000 | Series 2005-5-M3 (1 mo. Term SOFR + 0.85%, 0.74% Floor, 14.00% Cap) | 5.01% | 11/25/2035 | 5263953 |
|  | **Fieldstone Mortgage Investment Corp.** | **Fieldstone Mortgage Investment Corp.** | **Fieldstone Mortgage Investment Corp.** | **Fieldstone Mortgage Investment Corp.** |
| 2716226 | Series 2007-1-2A2 (1 mo. Term SOFR + 0.38%, 0.27% Floor, 12.25% Cap) | 4.98% | 04/25/2047 | 2081027 |
|  | **Figure line of credit trust** | **Figure line of credit trust** | **Figure line of credit trust** | **Figure line of credit trust** |
| 10910519 | Series 2020-1-A | 4.04%<sup>(a)(b)</sup> | 09/25/2049 | 10640812 |
|  | **First Franklin Mortgage Loan Asset Backed Certificates** | **First Franklin Mortgage Loan Asset Backed Certificates** | **First Franklin Mortgage Loan Asset Backed Certificates** | **First Franklin Mortgage Loan Asset Backed Certificates** |
| 7487702 | Series 2006-FF8-M1 (1 mo. Term SOFR + 0.49%, 0.38% Floor) | 4.65% | 07/25/2036 | 6492667 |
| 4000000 | Series 2006-FF9-2A4 (1 mo. Term SOFR + 0.61%, 0.50% Floor) | 4.77% | 06/25/2036 | 3726199 |
| 16296353 | Series 2007-FF2-A1 (1 mo. Term SOFR + 0.39%, 0.28% Floor) | 4.55% | 03/25/2037 | 8524740 |
| 19559192 | Series 2007-FF2-A2C (1 mo. Term SOFR + 0.41%, 0.30% Floor) | 4.57% | 03/25/2037 | 9350684 |
|  | **First Horizon Alternative Mortgage Securities** | **First Horizon Alternative Mortgage Securities** | **First Horizon Alternative Mortgage Securities** | **First Horizon Alternative Mortgage Securities** |
| 2502247 | Series 2005-AA4-1A1 | 5.00%<sup>(b)</sup> | 05/25/2035 | 1081428 |
| 3155911 | Series 2005-FA8-1A4 | 5.50% | 11/25/2035 | 1424762 |
| 231709 | Series 2005-FA8-2A1 | 5.00% | 02/25/2037 | 227208 |
| 830707 | Series 2006-AA3-A1 | 5.12%<sup>(b)</sup> | 06/25/2036 | 658541 |
| 1776890 | Series 2006-FA1-1A12 | 6.00% | 04/25/2036 | 715429 |
| 5962572 | Series 2006-FA1-1A3 | 5.75% | 04/25/2036 | 2302363 |
| 1170256 | Series 2006-FA2-1A5 | 6.00% | 05/25/2036 | 438563 |
| 1860509 | Series 2006-FA8-1A5 | 6.00% | 02/25/2037 | 669797 |
| 2505764 | Series 2006-RE1-A1 | 5.50%<sup>(b)</sup> | 05/25/2035 | 1579041 |
| 10085368 | Series 2007-FA3-A3 | 6.00% | 06/25/2037 | 3082732 |
| 518944 | Series 2007-FA3-A4 | 6.00% | 06/25/2037 | 158622 |
| 578845 | Series 2007-FA4-1A13 | 6.25% | 08/25/2037 | 196631 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1786937 | Series 2007-FA4-1A4 | 6.25% | 08/25/2037 | 607015 |
| 1015982 | Series 2007-FA4-1A5 | 6.25% | 08/25/2037 | 345125 |
|  | **First Horizon Asset Securities, Inc.** | **First Horizon Asset Securities, Inc.** | **First Horizon Asset Securities, Inc.** | **First Horizon Asset Securities, Inc.** |
| 863883 | Series 2006-1-1A2 | 6.00% | 05/25/2036 | 329645 |
| 1532553 | Series 2007-4-1A1 | 6.00% | 08/25/2037 | 555144 |
|  | **FirstKey Homes Trust** | **FirstKey Homes Trust** | **FirstKey Homes Trust** | **FirstKey Homes Trust** |
| 18000000 | Series 2020-SFR2-D | 1.97%<sup>(a)</sup> | 10/19/2037 | 17913627 |
| 26225000 | Series 2020-SFR2-E | 2.67%<sup>(a)</sup> | 10/19/2037 | 26108346 |
| 16350000 | Series 2021-SFR1-E1 | 2.39%<sup>(a)</sup> | 08/17/2038 | 15966704 |
| 11500000 | Series 2021-SFR1-E2 | 2.49%<sup>(a)</sup> | 08/17/2038 | 11230456 |
| 8000000 | Series 2021-SFR2-D | 2.06%<sup>(a)</sup> | 09/17/2038 | 7753653 |
| 8000000 | Series 2021-SFR2-E1 | 2.26%<sup>(a)</sup> | 09/17/2038 | 7765130 |
| 8000000 | Series 2021-SFR2-E2 | 2.36%<sup>(a)</sup> | 09/17/2038 | 7753986 |
| 34891000 | Series 2021-SFR3-B | 2.44%<sup>(a)</sup> | 12/17/2038 | 33980785 |
| 29584000 | Series 2021-SFR3-C | 2.54%<sup>(a)</sup> | 12/17/2038 | 28796450 |
| 22626000 | Series 2021-SFR3-D | 2.79%<sup>(a)</sup> | 12/17/2038 | 22060121 |
| 45314000 | Series 2021-SFR3-E1 | 2.99%<sup>(a)</sup> | 12/17/2038 | 44112517 |
| 25293000 | Series 2021-SFR3-E2 | 3.08%<sup>(a)</sup> | 12/17/2038 | 24608741 |
| 10174000 | Series 2021-SFR3-F1 | 3.58%<sup>(a)</sup> | 12/17/2038 | 9899930 |
|  | **Freddie Mac Structured Agency Credit Risk Debt Notes** | **Freddie Mac Structured Agency Credit Risk Debt Notes** | **Freddie Mac Structured Agency Credit Risk Debt Notes** | **Freddie Mac Structured Agency Credit Risk Debt Notes** |
| 75600000 | Series 2022-DNA3-M1B (30 day avg SOFR US + 2.90%, 0.00% Floor) | 7.26%<sup>(a)</sup> | 04/25/2042 | 77818119 |
| 1418019 | &nbsp;&nbsp;&nbsp; Series 2024-DNA3-M1 <br>(30 day avg SOFR US + 1.00%, 0.00% Floor) | 5.36%<sup>(a)</sup> | 10/25/2044 | 1417911 |
| 22372174 | &nbsp;&nbsp;&nbsp; Series 2024-HQA2-M1 <br>(30 day avg SOFR US + 1.20%, 0.00% Floor) | 5.56%<sup>(a)</sup> | 08/25/2044 | 22393888 |
| 23000000 | &nbsp;&nbsp;&nbsp; Series 2024-HQA2-M2 <br>(30 day avg SOFR US + 1.80%, 0.00% Floor) | 6.16%<sup>(a)</sup> | 08/25/2044 | 23142126 |
| 17175975 | &nbsp;&nbsp;&nbsp; Series 2025-DNA1-A1 <br>(30 day avg SOFR US + 0.95%, 0.00% Floor) | 5.31%<sup>(a)</sup> | 01/25/2045 | 17195672 |
| 28557559 | &nbsp;&nbsp;&nbsp; Series 2025-DNA1-M1 <br>(30 day avg SOFR US + 1.05%, 0.00% Floor) | 5.41%<sup>(a)</sup> | 01/25/2045 | 28557679 |
| 13833000 | &nbsp;&nbsp;&nbsp; Series 2025-DNA1-M2 <br>(30 day avg SOFR US + 1.35%, 0.00% Floor) | 5.71%<sup>(a)</sup> | 01/25/2045 | 13798781 |
|  | **Freedom Mortgage Parent LLC** | **Freedom Mortgage Parent LLC** | **Freedom Mortgage Parent LLC** | **Freedom Mortgage Parent LLC** |
| 62350000 | Series 2020-GT1-A | 4.45%<sup>(a)(b)</sup> | 01/25/2026 | 61844260 |
| 72500000 | Series 2021-GT1-A | 3.62%<sup>(a)(b)</sup> | 07/25/2026 | 69710447 |
| 64820000 | Series 2021-GT2-A | 3.85%<sup>(a)(b)</sup> | 10/25/2026 | 62492956 |
|  | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** |
| 101772711 | Series 2006-D-1A1 (1 mo. Term SOFR + 0.39%, 0.28% Floor) | 4.55% | 11/25/2036 | 60294123 |
|  | **FRTKL** | **FRTKL** | **FRTKL** | **FRTKL** |
| 7750000 | Series 2021-SFR1-E1 | 2.37%<sup>(a)</sup> | 09/17/2038 | 7529679 |
| 6650000 | Series 2021-SFR1-E2 | 2.52%<sup>(a)</sup> | 09/17/2038 | 6455229 |
|  | **GCAT** | **GCAT** | **GCAT** | **GCAT** |
| 2751000 | Series 2019-NQM3-M1 | 3.45%<sup>(a)(b)</sup> | 11/25/2059 | 2596234 |
| 7096000 | Series 2021-NQM2-M1 | 2.54%<sup>(a)(b)</sup> | 05/25/2066 | 5225514 |
| 8405000 | Series 2021-NQM6-B1 | 4.42%<sup>(a)(b)</sup> | 08/25/2066 | 6904780 |
| 4807064 | Series 2025-NQM3-A3 | 5.96%<sup>(a)(d)</sup> | 05/25/2070 | 4850621 |
| 5000000 | Series 2025-NQM3-M1 | 6.33%<sup>(a)(b)</sup> | 05/25/2070 | 5062429 |
|  | **GE-WMC Mortgage Securities LLC** | **GE-WMC Mortgage Securities LLC** | **GE-WMC Mortgage Securities LLC** | **GE-WMC Mortgage Securities LLC** |
| 30137794 | Series 2006-1-A2B (1 mo. Term SOFR + 0.41%, 0.30% Floor) | 4.57% | 08/25/2036 | 12794871 |
|  | **GMAC Mortgage Corp. Loan Trust** | **GMAC Mortgage Corp. Loan Trust** | **GMAC Mortgage Corp. Loan Trust** | **GMAC Mortgage Corp. Loan Trust** |
| 1451574 | Series 2005-AR5-3A1 | 4.64%<sup>(b)</sup> | 09/19/2035 | 1181823 |
|  | **Greenpoint Mortgage Funding Trust** | **Greenpoint Mortgage Funding Trust** | **Greenpoint Mortgage Funding Trust** | **Greenpoint Mortgage Funding Trust** |
| 20221557 | Series 2005-AR3-2A1 (1 mo. Term SOFR + 0.63%, 0.52% Floor, 10.50% Cap) | 4.79% | 08/25/2045 | 7204075 |
| 13819454 | Series 2007-AR2-1A3 (1 mo. Term SOFR + 0.59%, 0.48% Floor) | 4.75% | 04/25/2047 | 12087631 |
|  | **GS Mortgage Securities Corp.** | **GS Mortgage Securities Corp.** | **GS Mortgage Securities Corp.** | **GS Mortgage Securities Corp.** |
| 875226 | Series 2008-2R-1A1 | 4.74%<sup>(a)(b)</sup> | 09/25/2036 | 263442 |

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| | | |
|:---|:---|:---|
| **18**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 15230007 | Series 2014-3R-2B (1 mo. Term SOFR + 0.29%, 0.18% Floor) | 4.10%<sup>(a)</sup> | 09/26/2036 | 8536728 |
|  | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** |
| 80022518 | Series 2020-RPL2-A1 | 1.75%<sup>(a)(b)</sup> | 05/25/2060 | 73670851 |
| 12540000 | Series 2020-RPL2-M1 | 2.25%<sup>(a)(b)</sup> | 05/25/2060 | 10251713 |
| 10237000 | Series 2020-RPL2-M2 | 2.75%<sup>(a)(b)</sup> | 05/25/2060 | 8333086 |
| 9341000 | Series 2020-RPL2-M3 | 3.00%<sup>(a)(b)</sup> | 05/25/2060 | 7438276 |
| 31705733 | Series 2020-RPL2-PT4 | 5.97%<sup>(a)(h)</sup> | 05/25/2060 | 27948191 |
| 14886371 | Series 2025-NQM2-A1 | 5.65%<sup>(a)(b)</sup> | 06/25/2065 | 15016297 |
| 5723902 | Series 2025-NQM2-A3 | 5.90%<sup>(a)(b)</sup> | 06/25/2065 | 5763857 |
|  | **GSAA Trust** | **GSAA Trust** | **GSAA Trust** | **GSAA Trust** |
| 94564 | Series 2005-12-AF3 | 5.07%<sup>(b)</sup> | 09/25/2035 | 62780 |
| 7432506 | Series 2006-10-AF3 | 5.98%<sup>(b)</sup> | 06/25/2036 | 1660066 |
| 5319572 | Series 2006-10-AF4 | 6.80%<sup>(d)</sup> | 06/25/2036 | 1184663 |
| 10060120 | Series 2006-15-AF4 | 6.46%<sup>(d)</sup> | 09/25/2036 | 2526619 |
| 1572038 | Series 2006-18-AF3A | 5.77%<sup>(b)</sup> | 11/25/2036 | 430156 |
| 3720474 | Series 2006-18-AF6 | 6.18%<sup>(d)</sup> | 11/25/2036 | 838285 |
| 6903767 | Series 2006-19-A1 (1 mo. Term SOFR + 0.29%, 0.18% Floor) | 4.45% | 12/25/2036 | 1784430 |
| 2475137 | Series 2007-10-A2A | 6.50% | 11/25/2037 | 891412 |
| 5751438 | Series 2007-7-A5 (1 mo. Term SOFR + 0.67%, 0.56% Floor) | 4.83% | 07/25/2037 | 3087930 |
|  | **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** |
| 13823093 | Series 2006-HE6-A3 (1 mo. Term SOFR + 0.41%, 0.30% Floor) | 4.57% | 08/25/2036 | 11881261 |
| 5819954 | Series 2007-H1-A2B (1 mo. Term SOFR + 0.51%, 0.40% Floor) | 4.67% | 01/25/2047 | 2960632 |
|  | **GSMPS Mortgage Loan Trust** | **GSMPS Mortgage Loan Trust** | **GSMPS Mortgage Loan Trust** | **GSMPS Mortgage Loan Trust** |
| 5232902 | Series 2005-RP2-1AF (1 mo. Term SOFR + 0.46%, 0.35% Floor) | 4.62%<sup>(a)</sup> | 03/25/2035 | 4930713 |
| 5232902 | Series 2005-RP2-1AS | 0.00%<sup>(a)(b)(f)</sup> | 03/25/2035 | 92617 |
| 3468605 | Series 2005-RP3-1AF (1 mo. Term SOFR + 0.46%, 0.35% Floor, 9.50% Cap) | 4.62%<sup>(a)</sup> | 09/25/2035 | 2985003 |
| 3468605 | Series 2005-RP3-1AS | 0.00%<sup>(a)(b)(f)</sup> | 09/25/2035 | 61727 |
| 12780536 | Series 2006-RP1-1AF1 (1 mo. Term SOFR + 0.46%, 0.35% Floor, 9.15% Cap) | 4.62%<sup>(a)</sup> | 01/25/2036 | 10344384 |
| 12780536 | Series 2006-RP1-1AS | 0.00%<sup>(a)(b)(f)</sup> | 01/25/2036 | 210338 |
|  | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
| 634605 | Series 2005-1F-1A2 | 5.50% | 02/25/2035 | 613679 |
| 639568 | Series 2005-1F-3A3 | 6.00% | 01/25/2035 | 620674 |
| 147744 | Series 2005-6F-3A5 | 6.00% | 07/25/2035 | 144278 |
| 1569342 | Series 2005-6F-3A9 (-1 x 1 mo. Term SOFR + 6.79%, 0.00% Floor, 6.90% Cap) | 2.63%<sup>(f)(g)</sup> | 07/25/2035 | 186940 |
| 13231 | Series 2005-6F-4A1 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 6.00% Cap) | 4.77% | 07/25/2035 | 12917 |
| 82066 | Series 2005-7F-3A1 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 6.00% Cap) | 4.77% | 09/25/2035 | 82218 |
| 6913502 | Series 2005-8F-3A5 | 6.00% | 11/25/2035 | 2380763 |
| 1631088 | Series 2005-8F-4A1 | 6.00% | 11/25/2035 | 604615 |
| 30071 | Series 2006-1F-1A2 | 5.50% | 02/25/2036 | 190736 |
| 267867 | Series 2006-2F-2A3 | 5.75% | 02/25/2036 | 234967 |
| 1493694 | Series 2006-2F-3A3 | 6.00% | 02/25/2036 | 638847 |
| 1793923 | Series 2006-2F-3A6 | 6.00% | 02/25/2036 | 767255 |
| 15997849 | Series 2006-5F-3A1 | 6.50% | 06/25/2036 | 5289798 |
| 4015909 | Series 2006-6F-2A3 | 6.00% | 07/25/2036 | 2216397 |
| 9329615 | Series 2006-9F-4A1 | 6.50% | 10/25/2036 | 3192963 |
| 28008092 | Series 2006-OA1-3A1 (Enterprise 11th District COFI Replacement Index + 1.50%, 1.50% Floor) | 4.45% | 08/25/2046 | 4472492 |
| 59095 | Series 2007-1F-2A2 | 5.50% | 01/25/2037 | 284783 |
| 222597 | Series 2007-4F-1A1 | 5.00% | 07/25/2037 | 536971 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 10981209 | Series 2007-4F-3A11 | 6.00% | 07/25/2037 | 6960761 |
| 37754062 | Series 2007-OA1-1A1 (1 mo. Term SOFR + 0.34%, 0.23% Floor) | 4.50% | 05/25/2037 | 17733000 |
|  | **Harborview Mortgage Loan Trust** | **Harborview Mortgage Loan Trust** | **Harborview Mortgage Loan Trust** | **Harborview Mortgage Loan Trust** |
| 5126398 | Series 2005-2-1A (1 mo. Term SOFR + 0.63%, 0.52% Floor) | 4.77% | 05/19/2035 | 1415889 |
| 21023913 | Series 2005-8-1A1A (1 mo. Term SOFR + 0.73%, 0.62% Floor, 11.00% Cap) | 4.87% | 09/19/2035 | 9863611 |
| 38779351 | Series 2005-8-2A1A (12 Month US Treasury Average + 1.55%, 1.55% Floor) | 5.70% | 09/19/2035 | 15537920 |
| 2948918 | Series 2006-10-2A1A (1 mo. Term SOFR + 0.47%, 0.36% Floor) | 4.83% | 11/19/2036 | 2604075 |
| 3235180 | Series 2006-11-A1A (1 mo. Term SOFR + 0.45%, 0.34% Floor) | 4.59% | 12/19/2036 | 2904649 |
| 25261562 | Series 2006-14-1A1A (1 mo. Term SOFR + 0.47%, 0.36% Floor) | 4.61% | 01/25/2047 | 23254260 |
| 4959602 | Series 2006-4-1A2A (1 mo. Term SOFR + 0.49%, 0.38% Floor) | 4.63% | 05/19/2046 | 2461133 |
| 49730010 | Series 2006-8-1A1 (1 mo. Term SOFR + 0.51%, 0.00% Floor) | 4.45% | 07/21/2036 | 23532390 |
| 5118770 | Series 2006-BU1-1A1A (1 mo. Term SOFR + 0.53%, 0.42% Floor, 10.50% Cap) | 4.67% | 02/19/2046 | 4708224 |
| 11237304 | Series 2007-7-1A1 (1 mo. Term SOFR + 2.11%, 0.00% Floor, 10.50% Cap) | 6.27% | 10/25/2037 | 9099673 |
|  | **Home Equity Asset Trust** | **Home Equity Asset Trust** | **Home Equity Asset Trust** | **Home Equity Asset Trust** |
| 211254 | Series 2003-3-M1 (1 mo. Term SOFR + 1.40%, 1.29% Floor) | 5.56% | 08/25/2033 | 208221 |
|  | **Home Partners of America Trust** | **Home Partners of America Trust** | **Home Partners of America Trust** | **Home Partners of America Trust** |
| 3658824 | Series 2019-2-C | 3.02%<sup>(a)</sup> | 10/19/2039 | 3555082 |
| 3892366 | Series 2019-2-D | 3.12%<sup>(a)</sup> | 10/19/2039 | 3778623 |
| 7326807 | Series 2019-2-E | 3.32%<sup>(a)</sup> | 10/19/2039 | 7093445 |
|  | **Homebanc Mortgage Trust** | **Homebanc Mortgage Trust** | **Homebanc Mortgage Trust** | **Homebanc Mortgage Trust** |
| 264085 | Series 2005-1-M2 (1 mo. Term SOFR + 0.85%, 0.74% Floor, 11.50% Cap) | 5.01% | 03/25/2035 | 247673 |
| 10350000 | Series 2005-3-M5 (1 mo. Term SOFR + 1.96%, 1.85% Floor, 11.50% Cap) | 6.12% | 07/25/2035 | 9770280 |
|  | **Homeward Opportunities Fund I Trust** | **Homeward Opportunities Fund I Trust** | **Homeward Opportunities Fund I Trust** | **Homeward Opportunities Fund I Trust** |
| 28994000 | Series 2020-2-B2 | 6.43%<sup>(a)(b)</sup> | 05/25/2065 | 30304807 |
|  | **HSBC Asset Loan Obligation** | **HSBC Asset Loan Obligation** | **HSBC Asset Loan Obligation** | **HSBC Asset Loan Obligation** |
| 17921277 | Series 2007-2-3A6 | 6.00% | 09/25/2037 | 5593734 |
| 13005618 | Series 2007-WF1-A3 | 6.23%<sup>(d)</sup> | 12/25/2036 | 4018032 |
|  | **HSI Asset Securitization Corp.** | **HSI Asset Securitization Corp.** | **HSI Asset Securitization Corp.** | **HSI Asset Securitization Corp.** |
| 26511290 | Series 2006-HE1-1A1 (1 mo. Term SOFR + 0.39%, 0.28% Floor) | 4.55% | 10/25/2036 | 7123046 |
| 12155450 | Series 2007-NC1-A2 (1 mo. Term SOFR + 0.39%, 0.28% Floor) | 4.55% | 04/25/2037 | 7951909 |
| 52697771 | Series 2007-NC1-A3 (1 mo. Term SOFR + 0.47%, 0.36% Floor) | 4.63% | 04/25/2037 | 34745448 |
|  | **Impac CMB Trust** | **Impac CMB Trust** | **Impac CMB Trust** | **Impac CMB Trust** |
| 5312 | Series 2002-9F-A1 | 5.22%<sup>(d)</sup> | 12/25/2032 | 5296 |
|  | **Impac Secured Assets CMN Owner Trust** | **Impac Secured Assets CMN Owner Trust** | **Impac Secured Assets CMN Owner Trust** | **Impac Secured Assets CMN Owner Trust** |
| 8028320 | Series 2007-3-A1B (1 mo. Term SOFR + 0.59%, 0.48% Floor, 11.50% Cap) | 4.75% | 09/25/2037 | 7008612 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **19**<br>|

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------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Imperial Fund Mortgage Trust** | **Imperial Fund Mortgage Trust** | **Imperial Fund Mortgage Trust** | **Imperial Fund Mortgage Trust** |
| 20482173 | Series 2021-NQM4-A1 | 2.09%<sup>(a)(b)</sup> | 01/25/2057 | 18237622 |
| 10603626 | Series 2021-NQM4-A2 | 2.30%<sup>(a)(b)</sup> | 01/25/2057 | 9429245 |
| 8081232 | Series 2021-NQM4-A3 | 2.45%<sup>(a)(b)</sup> | 01/25/2057 | 7205338 |
|  | **Indymac IMJA Mortgage Loan Trust** | **Indymac IMJA Mortgage Loan Trust** | **Indymac IMJA Mortgage Loan Trust** | **Indymac IMJA Mortgage Loan Trust** |
| 3098782 | Series 2007-A1-A1 | 6.00% | 08/25/2037 | 1127032 |
| 2268550 | Series 2007-A1-A7 | 6.00% | 08/25/2037 | 825075 |
| 6921640 | Series 2007-A2-1A1 | 6.00% | 10/25/2037 | 2884138 |
| 10763501 | Series 2007-A2-2A3 | 6.50% | 10/25/2037 | 5013956 |
| 18348130 | Series 2007-A2-3A1 | 7.00% | 10/25/2037 | 4106000 |
| 15503252 | Series 2007-A3-A1 | 6.25% | 11/25/2037 | 6086854 |
| 12758969 | Series 2007-A4-A1 | 6.25%<sup>(a)(b)</sup> | 02/25/2038 | 3653575 |
|  | **Indymac IMSC Mortgage Loan Trust** | **Indymac IMSC Mortgage Loan Trust** | **Indymac IMSC Mortgage Loan Trust** | **Indymac IMSC Mortgage Loan Trust** |
| 28767645 | Series 2007-F1-2A1 | 6.50% | 06/25/2037 | 6667241 |
| 250595 | Series 2007-F2-1A2 | 6.00% | 07/25/2037 | 173663 |
| 25380021 | Series 2007-F2-2A1 | 6.50% | 07/25/2037 | 7675160 |
| 2583806 | Series 2007-HOA1-A11 (1 mo. Term SOFR + 0.47%, 0.36% Floor) | 4.63% | 07/25/2047 | 1692944 |
|  | **Indymac INDA Mortgage Loan Trust** | **Indymac INDA Mortgage Loan Trust** | **Indymac INDA Mortgage Loan Trust** | **Indymac INDA Mortgage Loan Trust** |
| 664081 | Series 2006-AR2-1A1 | 4.29%<sup>(b)</sup> | 09/25/2036 | 414030 |
| 467520 | Series 2006-AR2-4A1 | 4.30%<sup>(b)</sup> | 09/25/2036 | 436103 |
| 6485479 | Series 2006-AR3-1A1 | 4.03%<sup>(b)</sup> | 12/25/2036 | 4958517 |
| 2302105 | Series 2007-AR1-3A1 | 3.05%<sup>(b)</sup> | 03/25/2037 | 2014551 |
| 1605512 | Series 2007-AR3-3A1 | 3.67%<sup>(b)</sup> | 07/25/2037 | 1410976 |
|  | **Indymac Index Mortgage Loan Trust** | **Indymac Index Mortgage Loan Trust** | **Indymac Index Mortgage Loan Trust** | **Indymac Index Mortgage Loan Trust** |
| 4604111 | Series 2005-AR15-A1 | 4.05%<sup>(b)</sup> | 09/25/2035 | 3780804 |
| 1949183 | Series 2006-AR7-3A1 | 3.76%<sup>(b)</sup> | 05/25/2036 | 1717373 |
| 1591415 | Series 2007-AR13-2A1 | 5.35%<sup>(b)</sup> | 07/25/2037 | 1388263 |
| 3952540 | Series 2007-AR21-8A1 | 4.54%<sup>(b)</sup> | 09/25/2037 | 3834268 |
|  | **Indymac Residential Asset Backed Trust** | **Indymac Residential Asset Backed Trust** | **Indymac Residential Asset Backed Trust** | **Indymac Residential Asset Backed Trust** |
| 11185446 | Series 2006-B-2A4 (1 mo. Term SOFR + 0.67%, 0.56% Floor) | 4.83% | 06/25/2036 | 10319793 |
| 8528139 | Series 2006-D-2A4 (1 mo. Term SOFR + 0.35%, 0.24% Floor) | 4.51% | 11/25/2036 | 7045970 |
| 7299317 | Series 2007-B-1A1 (1 mo. Term SOFR + 0.49%, 0.38% Floor) | 4.65%<sup>(f)</sup> | 07/25/2037 | 2883230 |
| 7299317 | Series 2007-B-1A2 (1 mo. Term SOFR + 0.49%, 0.38% Floor) | 4.65% | 07/25/2037 | 2883230 |
|  | **Invitation Homes Trust** | **Invitation Homes Trust** | **Invitation Homes Trust** | **Invitation Homes Trust** |
| 33442000 | Series 2024-SFR1-C | 4.25%<sup>(a)</sup> | 09/17/2041 | 32548242 |
|  | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** |
| 4417850 | Series 2005-S1-2A11 | 6.00% | 12/25/2035 | 2919390 |
| 1416269 | Series 2005-S1-2A9 | 6.00% | 12/25/2035 | 935894 |
| 2485560 | Series 2006-A2-1A1 (1 mo. Term SOFR + 0.47%, 0.36% Floor, 11.50% Cap) | 4.63% | 05/25/2036 | 2076647 |
| 1966095 | Series 2006-S1-1A8 | 5.75% | 03/25/2036 | 913437 |
|  | **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** |
| 2179200 | Series 2005-WMC1-M4 (1 mo. Term SOFR + 1.01%, 0.90% Floor) | 5.17% | 09/25/2035 | 1979544 |
| 4967148 | Series 2006-CH2-AF3 | 5.46%<sup>(d)</sup> | 09/25/2029 | 2987054 |
| 8196343 | Series 2006-HE3-A1 (1 mo. Term SOFR + 0.39%, 0.28% Floor) | 3.93% | 11/25/2036 | 7739690 |
| 21340722 | Series 2006-RM1-A3 (1 mo. Term SOFR + 0.35%, 0.24% Floor) | 4.51% | 08/25/2036 | 9445397 |
| 19724046 | Series 2006-RM1-A4 (1 mo. Term SOFR + 0.47%, 0.36% Floor) | 4.63% | 08/25/2036 | 8743494 |
| 2765957 | Series 2006-WF1-A5 | 6.91%<sup>(d)</sup> | 07/25/2036 | 731009 |
| 3787360 | Series 2006-WMC4-A1A (1 mo. Term SOFR + 0.37%, 0.26% Floor) | 4.53% | 12/25/2036 | 2402148 |
| 35550679 | Series 2006-WMC4-A1B (1 mo. Term SOFR + 0.57%, 0.46% Floor) | 4.73% | 12/25/2036 | 4276942 |
| 9690000 | Series 2007-CH3-M2 (1 mo. Term SOFR + 0.43%, 0.32% Floor) | 4.59% | 03/25/2037 | 8949547 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
| 48261 | Series 2005-A6-5A1 | 6.18%<sup>(b)</sup> | 08/25/2035 | 49056 |
| 2792608 | Series 2005-S1-1A2 | 6.50% | 01/25/2035 | 2919690 |
| 316232 | Series 2005-S2-2A13 | 5.50% | 09/25/2035 | 233743 |
| 895770 | Series 2006-S2-3A3 | 6.00% | 07/25/2036 | 252433 |
| 3260223 | Series 2006-S2-3A5 | 6.25% | 07/25/2036 | 956287 |
| 1785900 | Series 2006-S3-1A2 | 6.00% | 08/25/2036 | 528459 |
| 7073753 | Series 2006-S3-1A21 (1 mo. Term SOFR + 0.49%, 0.38% Floor, 7.50% Cap) | 4.65% | 08/25/2036 | 1479036 |
| 7073753 | Series 2006-S3-1A22 (-1 x 1 mo. Term SOFR + 7.01%, 0.00% Floor, 7.12% Cap) | 2.85% | 08/25/2036 | 965129 |
| 832183 | Series 2006-S3-1A9 | 6.00% | 08/25/2036 | 246248 |
| 5641226 | Series 2006-S4-A3 | 6.00% | 01/25/2037 | 2020708 |
| 2349526 | Series 2006-S4-A5 | 6.00% | 01/25/2037 | 844929 |
| 5557129 | Series 2006-S4-A8 (1 mo. Term SOFR + 0.49%, 0.38% Floor, 7.00% Cap) | 4.65% | 01/25/2037 | 1465327 |
| 5557129 | Series 2006-S4-A9 (-1 x 1 mo. Term SOFR + 6.51%, 0.00% Floor, 6.62% Cap) | 2.35%<sup>(f)(g)</sup> | 01/25/2037 | 805857 |
| 544332 | Series 2007-A2-2A1 | 5.46%<sup>(b)</sup> | 04/25/2037 | 408089 |
| 1877869 | Series 2007-A3-3A2M | 5.02%<sup>(b)</sup> | 05/25/2037 | 1666141 |
| 6097981 | Series 2007-S1-2A6 | 6.00% | 03/25/2037 | 2209489 |
| 1715896 | Series 2007-S3-1A1 | 5.50% | 08/25/2037 | 669281 |
| 3806903 | Series 2007-S3-1A35 | 6.00% | 08/25/2037 | 1619770 |
| 1689078 | Series 2007-S3-1A64 | 7.50% | 08/25/2037 | 525759 |
| 640608 | Series 2007-S3-1A9 | 6.00% | 08/25/2037 | 272174 |
| 3510146 | Series 2007-S3-1A96 | 6.00% | 08/25/2037 | 1491976 |
| 4001325 | Series 2007-S3-1A97 | 6.00% | 08/25/2037 | 1700829 |
| 20437107 | Series 2024-NQM1-A1 | 5.59%<sup>(a)(d)</sup> | 02/25/2064 | 20611988 |
|  | **JP Morgan Reremic** | **JP Morgan Reremic** | **JP Morgan Reremic** | **JP Morgan Reremic** |
| 4531562 | Series 2009-4-3A2 | 6.00%<sup>(a)(b)</sup> | 02/26/2037 | 2007241 |
| 16313692 | Series 2009-7-7A1 | 7.00%<sup>(a)(b)</sup> | 09/27/2037 | 7056625 |
| 7594439 | Series 2010-1-1A4 (1 mo. Term SOFR) | 6.00%<sup>(a)</sup> | 02/26/2037 | 3237662 |
| 5112559 | Series 2010-1-2A11 | 7.00%<sup>(a)(b)</sup> | 01/26/2037 | 2194222 |
|  | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** |
| 102340124 | Series 2019-RPL3-PT1 | 0.00%<sup>(a)</sup> | 06/25/2058 | 91357821 |
| 25776584 | Series 2021-GS4-A2 | 7.55%<sup>(a)(d)</sup> | 11/25/2060 | 25816143 |
|  | **Lehman Brothers Holdings, Inc.** | **Lehman Brothers Holdings, Inc.** | **Lehman Brothers Holdings, Inc.** | **Lehman Brothers Holdings, Inc.** |
| 17149328 | Series 2007-1-1A1 (1 mo. Term SOFR + 0.32%, 0.21% Floor) | 4.48%<sup>(a)</sup> | 06/25/2037 | 12685605 |
| 5251542 | Series 2007-1-2A4 (1 mo. Term SOFR + 0.41%, 0.30% Floor) | 4.57%<sup>(a)</sup> | 06/25/2037 | 3499828 |
|  | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** |
| 1375090 | Series 2005-2-3A5 | 5.50% | 12/25/2035 | 702508 |
| 933600 | Series 2005-2-5A5 | 5.75% | 12/25/2035 | 571263 |
| 1468490 | Series 2005-3-2A1 | 6.00% | 01/25/2036 | 1248007 |
| 124930 | Series 2005-3-2A3 | 5.50% | 01/25/2036 | 101572 |
| 671145 | Series 2005-3-2A7 | 6.00% | 01/25/2036 | 570333 |
| 898709 | Series 2006-1-1A1 (1 mo. Term SOFR + 0.86%, 0.75% Floor, 5.50% Cap) | 5.02% | 02/25/2036 | 368493 |
| 2696126 | Series 2006-1-1A2 (-1 x 1 mo. Term SOFR + 4.64%, 0.00% Floor, 4.75% Cap) | 0.48%<sup>(f)(g)</sup> | 02/25/2036 | 161563 |
| 1893358 | Series 2006-1-3A1 (1 mo. Term SOFR + 0.86%, 0.75% Floor, 5.50% Cap) | 5.02% | 02/25/2036 | 1220675 |
| 1893358 | Series 2006-1-3A2 (-1 x 1 mo. Term SOFR + 4.64%, 0.00% Floor, 4.75% Cap) | 0.48%<sup>(f)(g)</sup> | 02/25/2036 | 100544 |
| 1219875 | Series 2006-1-3A4 | 5.50% | 02/25/2036 | 872472 |
| 1366378 | Series 2006-4-1A3 (-1 x 1 mo. Term SOFR + 5.29%, 0.00% Floor, 5.40% Cap) | 1.13%<sup>(f)(g)</sup> | 08/25/2036 | 116424 |
| 868440 | Series 2006-4-1A4 | 6.00% | 08/25/2036 | 656063 |

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| | | |
|:---|:---|:---|
| **20**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 5464577 | Series 2006-5-2A1 (1 mo. Term SOFR + 0.46%, 0.35% Floor, 7.50% Cap) | 4.62% | 09/25/2036 | 684409 |
| 11382655 | Series 2006-5-2A2Pool 2006-5 (-1 x 1 mo. Term SOFR + 7.04%, 0.00% Floor, 7.15% Cap) | 2.88%<sup>(f)(g)</sup> | 09/25/2036 | 1030372 |
| 5407045 | Series 2006-6-3A9 | 5.50% | 10/25/2036 | 3487131 |
| 2765717 | Series 2006-7-2A2 (1 mo. Term SOFR + 0.56%, 0.45% Floor, 7.00% Cap) | 4.72% | 11/25/2036 | 613491 |
| 10232518 | Series 2006-7-2A5 | 2.28%<sup>(f)(g)</sup> | 11/25/2036 | 1182132 |
| 1597510 | Series 2006-9-1A19 (-5 x 1 mo. Term SOFR + 30.16%, 0.00% Floor, 30.68% Cap) | 11.03%<sup>(g)</sup> | 01/25/2037 | 1426169 |
| 1730033 | Series 2006-9-1A5 (1 mo. Term SOFR + 0.71%, 0.60% Floor, 5.75% Cap) | 4.87% | 01/25/2037 | 872357 |
| 5177197 | Series 2006-9-1A6 (-1 x 1 mo. Term SOFR + 5.04%, 0.00% Floor, 5.15% Cap) | 0.88%<sup>(f)(g)</sup> | 01/25/2037 | 387104 |
| 3416823 | Series 2006-9-2A1 (1 mo. Term SOFR + 0.49%, 0.38% Floor, 7.00% Cap) | 4.65% | 01/25/2037 | 666340 |
| 6173398 | Series 2006-9-2A2 (-1 x 1 mo. Term SOFR + 6.51%, 0.00% Floor, 6.62% Cap) | 2.35%<sup>(f)(g)</sup> | 01/25/2037 | 502533 |
| 1355075 | Series 2007-2-1A1 | 5.75% | 02/25/2037 | 889276 |
| 2226131 | Series 2007-4-2A11 (1 mo. Term SOFR + 0.44%, 0.33% Floor, 7.00% Cap) | 4.60% | 05/25/2037 | 663198 |
| 10853329 | Series 2007-4-2A8 (-1 x 1 mo. Term SOFR + 6.56%, 0.00% Floor, 6.67% Cap) | 2.40%<sup>(f)(g)</sup> | 05/25/2037 | 957398 |
| 744066 | Series 2007-4-2A9 (1 mo. Term SOFR + 0.44%, 0.33% Floor, 7.00% Cap) | 4.60% | 05/25/2037 | 197696 |
| 499315 | Series 2007-5-4A3 (-6 x 1 mo. Term SOFR + 39.39%, 0.00% Floor, 40.08% Cap) | 14.45%<sup>(g)</sup> | 08/25/2036 | 586650 |
| 590881 | Series 2007-5-7A3 | 7.50% | 10/25/2036 | 172372 |
| 17835 | Series 2007-6-1A8 | 6.00% | 07/25/2037 | 15805 |
| 3149072 | Series 2008-2-1A6 | 6.00% | 03/25/2038 | 776768 |
|  | **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** |
| 3924871 | Series 2005-2-2A3B | 5.94%<sup>(d)</sup> | 08/25/2035 | 3607419 |
| 6180651 | &nbsp;&nbsp;&nbsp; Series 2005-9N-2A1 <br>(12 Month US Treasury Average + 1.06%, 1.06% Floor) | 5.21% | 02/25/2036 | 5462284 |
| 4402448 | Series 2006-3-A3 (1 mo. Term SOFR + 0.71%, 0.60% Floor) | 4.87% | 03/25/2036 | 4482183 |
| 5787434 | Series 2006-5-1A1A (1 mo. Term SOFR + 0.53%, 0.42% Floor) | 4.69% | 04/25/2036 | 5054318 |
| 12534 | Series 2006-5-2A4A | 6.39%<sup>(d)</sup> | 04/25/2036 | 17727 |
| 7162851 | Series 2006-GP3-1A1 (1 mo. Term SOFR + 0.51%, 0.40% Floor) | 4.67% | 06/25/2046 | 6697457 |
| 3421184 | Series 2007-1-2A1 | 7.00%<sup>(b)</sup> | 02/25/2037 | 3531978 |
| 8047142 | Series 2007-12N-1A3A (1 mo. Term SOFR + 0.51%, 0.40% Floor) | 4.67% | 07/25/2047 | 7913864 |
| 8011339 | Series 2007-15N-4A1 (1 mo. Term SOFR + 1.01%, 0.90% Floor) | 5.17% | 08/25/2047 | 7242997 |
|  | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** |
| 12723650 | Series 2006-2-2A4 (1 mo. Term SOFR + 0.69%, 0.58% Floor) | 4.85% | 03/25/2046 | 4520611 |
| 45056800 | Series 2006-3-2A3 (1 mo. Term SOFR + 0.47%, 0.36% Floor) | 4.63% | 05/25/2046 | 13372142 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 4593019 | Series 2006-3-2A4 (1 mo. Term SOFR + 0.65%, 0.54% Floor) | 4.81% | 05/25/2046 | 1363466 |
| 14476507 | Series 2006-5-2A4 (1 mo. Term SOFR + 0.59%, 0.48% Floor) | 4.75% | 06/25/2036 | 6886758 |
| 22661929 | Series 2006-6-1A (1 mo. Term SOFR + 0.40%, 0.29% Floor) | 4.56% | 07/25/2036 | 15731798 |
| 11644073 | Series 2006-WL1-M2 (1 mo. Term SOFR + 0.79%, 0.68% Floor) | 4.95% | 01/25/2046 | 11524215 |
|  | **Luminent Mortgage Trust** | **Luminent Mortgage Trust** | **Luminent Mortgage Trust** | **Luminent Mortgage Trust** |
| 1111757 | Series 2005-1-A1 (1 mo. Term SOFR + 0.63%, 0.52% Floor, 11.50% Cap) | 4.79% | 11/25/2035 | 1076965 |
|  | **Master Resecuritization Trust** | **Master Resecuritization Trust** | **Master Resecuritization Trust** | **Master Resecuritization Trust** |
| 11383719 | Series 2008-1-A1 | 6.00%<sup>(a)(b)</sup> | 09/27/2037 | 7225505 |
| 5559891 | Series 2008-4-A1 | 6.00%<sup>(a)(b)</sup> | 06/27/2036 | 4570748 |
|  | **Mastr Adjustable Rate Mortgages Trust** | **Mastr Adjustable Rate Mortgages Trust** | **Mastr Adjustable Rate Mortgages Trust** | **Mastr Adjustable Rate Mortgages Trust** |
| 1924062 | Series 2005-2-2A1 | 4.27%<sup>(b)</sup> | 03/25/2035 | 1733090 |
| 666106 | Series 2005-6-5A1 | 3.42%<sup>(b)</sup> | 07/25/2035 | 596487 |
| 4610114 | Series 2007-1-2A1 | 5.01%<sup>(b)</sup> | 11/25/2036 | 2350490 |
|  | **MASTR Alternative Loans Trust** | **MASTR Alternative Loans Trust** | **MASTR Alternative Loans Trust** | **MASTR Alternative Loans Trust** |
| 6640958 | Series 2004-9-M2 | 6.26%<sup>(d)</sup> | 08/25/2034 | 5729510 |
| 1111612 | Series 2005-2-3A1 | 6.00% | 03/25/2035 | 867883 |
| 33051 | Series 2005-5-2A3 | 5.50% | 07/25/2040 | 32170 |
| 6380818 | Series 2005-5-3A1 | 5.75% | 08/25/2035 | 2835476 |
| 1363151 | Series 2005-6-1A5 | 5.50% | 12/25/2035 | 875543 |
| 1002141 | Series 2006-3-1A2 | 6.25% | 07/25/2036 | 481410 |
| 589411 | Series 2007-1-1A5 | 5.75% | 10/25/2036 | 576057 |
| 3688643 | Series 2007-1-2A7 | 6.00% | 10/25/2036 | 1003710 |
|  | **Mastr Asset Backed Securities Trust** | **Mastr Asset Backed Securities Trust** | **Mastr Asset Backed Securities Trust** | **Mastr Asset Backed Securities Trust** |
| 1378492 | Series 2003-OPT1-M3 (1 mo. Term SOFR + 4.24%, 4.13% Floor) | 8.40% | 12/25/2032 | 1337518 |
| 5415804 | Series 2006-AM2-A3 (1 mo. Term SOFR + 0.45%, 0.34% Floor) | 4.61% | 06/25/2036 | 5041493 |
| 5434535 | Series 2007-HE1-A3 (1 mo. Term SOFR + 0.53%, 0.42% Floor) | 4.69% | 05/25/2037 | 5284116 |
| 12471548 | Series 2007-WMC1-A1 (1 mo. Term SOFR + 0.40%, 0.29% Floor) | 4.56% | 01/25/2037 | 3246390 |
|  | **MASTR Asset Securitization Trust** | **MASTR Asset Securitization Trust** | **MASTR Asset Securitization Trust** | **MASTR Asset Securitization Trust** |
| 1284848 | Series 2006-1-1A4 | 5.75% | 05/25/2036 | 740047 |
| 979726 | Series 2006-2-1A11 (1 mo. Term SOFR + 6.00%, 6.00% Floor) | 6.00% | 06/25/2036 | 545599 |
| 2322136 | Series 2007-1-1A3 | 6.25% | 11/25/2037 | 863143 |
|  | **Mastr Seasoned Securities Trust** | **Mastr Seasoned Securities Trust** | **Mastr Seasoned Securities Trust** | **Mastr Seasoned Securities Trust** |
| 997433 | Series 2005-2-1A4 | 6.00% | 10/25/2032 | 1012416 |
| 388490 | Series 2005-2-2A1 (1 mo. Term SOFR + 0.51%, 0.40% Floor, 7.50% Cap) | 4.67% | 10/25/2032 | 353381 |
|  | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** |
| 18723504 | Series 2007-A3-A2A (1 mo. Term SOFR + 0.33%, 0.22% Floor) | 4.49% | 04/25/2037 | 6618315 |
| 9601770 | Series 2007-A3-A2B (1 mo. Term SOFR + 0.53%, 0.42% Floor) | 4.69% | 04/25/2037 | 3393711 |
| 13308166 | Series 2007-A3-A2C (1 mo. Term SOFR + 0.75%, 0.64% Floor) | 4.91% | 04/25/2037 | 4707130 |
| 12734469 | Series 2007-F1-2A4 (1 mo. Term SOFR + 0.43%, 0.32% Floor, 7.00% Cap) | 4.59% | 03/25/2037 | 2985927 |
| 12734469 | Series 2007-F1-2A5 (-1 x 1 mo. Term SOFR + 6.57%, 0.00% Floor, 6.68% Cap) | 2.41%<sup>(f)(g)</sup> | 03/25/2037 | 1641264 |
| 26822797 | Series 2007-OAR5-1A1 | 3.46%<sup>(b)</sup> | 10/25/2047 | 6698978 |

---

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| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **21**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Merrill Lynch First Franklin Mortgage Loan Trust** | **Merrill Lynch First Franklin Mortgage Loan Trust** | **Merrill Lynch First Franklin Mortgage Loan Trust** | **Merrill Lynch First Franklin Mortgage Loan Trust** |
| 1834562 | Series 2007-H1-1A2 (1 mo. Term SOFR + 3.61%, 3.50% Floor) | 7.77% | 10/25/2037 | 1772687 |
|  | **Merrill Lynch Mortgage Investors, Inc.** | **Merrill Lynch Mortgage Investors, Inc.** | **Merrill Lynch Mortgage Investors, Inc.** | **Merrill Lynch Mortgage Investors, Inc.** |
| 14524166 | Series 2005-AR1-M2 (1 mo. Term SOFR + 1.12%, 1.01% Floor) | 5.28% | 06/25/2036 | 11948633 |
| 7445959 | Series 2006-AR1-A2C (1 mo. Term SOFR + 0.43%, 0.32% Floor) | 4.59%<sup>(a)</sup> | 03/25/2037 | 1950431 |
| 619597 | Series 2006-F1-1A2 | 6.00% | 04/25/2036 | 216523 |
| 20729061 | Series 2006-FM1-A1 (1 mo. Term SOFR + 0.41%, 0.30% Floor) | 4.03% | 04/25/2037 | 12483428 |
| 9972149 | Series 2006-HE3-A4 (1 mo. Term SOFR + 0.61%, 0.50% Floor) | 4.77% | 06/25/2037 | 2622855 |
| 7169043 | Series 2006-HE4-A2B (1 mo. Term SOFR + 0.31%, 0.20% Floor) | 4.47% | 07/25/2037 | 1492824 |
| 69673654 | Series 2007-HE2-A1 (1 mo. Term SOFR + 0.61%, 0.50% Floor) | 4.77% | 02/25/2037 | 32437566 |
| 7779622 | Series 2007-HE3-A1 (1 mo. Term SOFR + 0.25%, 0.14% Floor) | 4.41% | 04/25/2047 | 3047626 |
| 6637201 | Series 2007-HE3-A3 (1 mo. Term SOFR + 0.49%, 0.38% Floor) | 4.65% | 04/25/2047 | 2600098 |
| 2780054 | Series 2007-HE3-A4 (1 mo. Term SOFR + 0.65%, 0.54% Floor) | 4.81% | 04/25/2047 | 1089075 |
| 43144331 | Series 2007-MLN1-A1 (1 mo. Term SOFR + 0.61%, 0.50% Floor) | 4.77% | 03/25/2037 | 33622597 |
|  | **Morgan Stanley ABS Capital I, Inc.** | **Morgan Stanley ABS Capital I, Inc.** | **Morgan Stanley ABS Capital I, Inc.** | **Morgan Stanley ABS Capital I, Inc.** |
| 15894782 | Series 2006-HE7-A2C (1 mo. Term SOFR + 0.43%, 0.32% Floor) | 4.59% | 09/25/2036 | 6856864 |
| 21091863 | Series 2006-HE7-A2D (1 mo. Term SOFR + 0.57%, 0.46% Floor) | 4.73%<sup>(g)</sup> | 09/25/2036 | 9093198 |
| 13160131 | Series 2006-NC2-M1 (1 mo. Term SOFR + 0.65%, 0.54% Floor) | 4.81% | 02/25/2036 | 12782961 |
| 5519276 | Series 2007-HE4-A1 (1 mo. Term SOFR + 0.24%, 0.13% Floor) | 4.40%<sup>(a)</sup> | 02/25/2037 | 2436620 |
|  | **Morgan Stanley Home Equity Loan Trust** | **Morgan Stanley Home Equity Loan Trust** | **Morgan Stanley Home Equity Loan Trust** | **Morgan Stanley Home Equity Loan Trust** |
| 23065025 | Series 2007-1-A4 (1 mo. Term SOFR + 0.33%, 0.22% Floor) | 4.49% | 12/25/2036 | 11086490 |
|  | **Morgan Stanley IXIS Real Estate Capital Trust** | **Morgan Stanley IXIS Real Estate Capital Trust** | **Morgan Stanley IXIS Real Estate Capital Trust** | **Morgan Stanley IXIS Real Estate Capital Trust** |
| 4821891 | Series 2006-2-AFPT (1 mo. Term SOFR + 0.18%, 0.07% Floor) | 4.34% | 11/25/2036 | 1551420 |
|  | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
| 552513 | Series 2005-10-1A1 (1 mo. Term SOFR + 0.81%, 0.70% Floor, 5.75% Cap) | 4.97% | 12/25/2035 | 325895 |
| 1384323 | Series 2005-10-1A6 | 5.75% | 12/25/2035 | 896430 |
| 1550820 | Series 2005-10-2A1 | 5.23%<sup>(b)</sup> | 12/25/2035 | 1485198 |
| 4427461 | Series 2006-11-1A6 (1 mo. Term SOFR) | 6.73%<sup>(d)</sup> | 08/25/2036 | 738955 |
| 6629343 | Series 2006-11-2A1 | 6.00% | 08/25/2036 | 2675604 |
| 6392334 | Series 2006-16AX-2A2 (1 mo. Term SOFR + 0.45%, 0.34% Floor) | 4.61% | 11/25/2036 | 1771548 |
| 4890636 | Series 2006-17XS-A3A | 6.15%<sup>(d)</sup> | 10/25/2046 | 1372747 |
| 1707248 | Series 2006-17XS-A6 | 6.08%<sup>(d)</sup> | 10/25/2046 | 396825 |
| 956301 | Series 2006-2-2A3 | 5.75% | 02/25/2036 | 901070 |
| 12264041 | Series 2006-7-3A | 5.10%<sup>(b)</sup> | 06/25/2036 | 6491196 |
| 1387931 | Series 2006-7-4A4 | 6.00% | 06/25/2036 | 614143 |
| 1405040 | Series 2006-7-4A7 | 6.00% | 06/25/2036 | 621715 |
| 2840191 | Series 2007-13-6A1 | 6.00% | 10/25/2037 | 1461678 |
| 2903054 | Series 2007-14AR-2A3 | 3.42%<sup>(b)</sup> | 10/25/2037 | 1644631 |
| 2762755 | Series 2007-1XS-2A3 | 6.42%<sup>(d)</sup> | 09/25/2046 | 575449 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1812044 | Series 2007-1XS-2A4A | 6.58%<sup>(d)</sup> | 09/25/2046 | 467529 |
| 214494 | Series 2007-3XS-1A2A | 6.12%<sup>(d)</sup> | 01/25/2047 | 203380 |
| 4870373 | Series 2007-3XS-2A3S | 6.36%<sup>(d)</sup> | 01/25/2047 | 1715708 |
| 2848709 | Series 2007-3XS-2A4S | 6.46%<sup>(d)</sup> | 01/25/2047 | 985427 |
|  | **Morgan Stanley Reremic Trust** | **Morgan Stanley Reremic Trust** | **Morgan Stanley Reremic Trust** | **Morgan Stanley Reremic Trust** |
| 2665792 | Series 2010-R5-4B | 2.86%<sup>(a)(d)</sup> | 06/26/2036 | 2836447 |
| 4845856 | Series 2010-R5-5B | 2.93%<sup>(a)(d)</sup> | 01/26/2037 | 4805128 |
| 8881354 | Series 2010-R9-3C | 6.00%<sup>(a)(b)</sup> | 11/26/2036 | 6922470 |
| 6453272 | Series 2012-R4-1B (1 mo. Term SOFR + 0.11%, 0.00% Floor) | 2.99%<sup>(a)</sup> | 08/26/2036 | 4970156 |
| 5129665 | Series 2013-R2-1B | 3.93%<sup>(a)(b)</sup> | 10/26/2036 | 4623199 |
| 5084708 | Series 2014-R7-B2 | 4.16%<sup>(a)(b)</sup> | 01/26/2051 | 4874831 |
|  | **Morgan Stanley Residential Mortgage Loan Trust** | **Morgan Stanley Residential Mortgage Loan Trust** | **Morgan Stanley Residential Mortgage Loan Trust** | **Morgan Stanley Residential Mortgage Loan Trust** |
| 6278553 | Series 2025-NQM4-A3 | 5.94%<sup>(a)(d)</sup> | 06/25/2070 | 6320790 |
| 6559000 | Series 2025-NQM4-M1 | 6.33%<sup>(a)(b)</sup> | 06/25/2070 | 6650366 |
|  | **New Century Alternative Mortgage Loan Trust** | **New Century Alternative Mortgage Loan Trust** | **New Century Alternative Mortgage Loan Trust** | **New Century Alternative Mortgage Loan Trust** |
| 9234350 | Series 2006-ALT1-AF3 | 6.17%<sup>(b)</sup> | 07/25/2036 | 1804271 |
| 11736112 | Series 2006-ALT2-AF5 | 4.50%<sup>(d)</sup> | 10/25/2036 | 2116249 |
|  | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** |
| 17829000 | Series 2005-4-M5 (1 mo. Term SOFR + 1.13%, 1.02% Floor, 12.50% Cap) | 5.29% | 09/25/2035 | 17354672 |
| 12500000 | Series 2006-1-A2C (1 mo. Term SOFR + 0.67%, 0.56% Floor, 12.50% Cap) | 4.83% | 05/25/2036 | 11816301 |
|  | **Nomura Asset Acceptance Corp.** | **Nomura Asset Acceptance Corp.** | **Nomura Asset Acceptance Corp.** | **Nomura Asset Acceptance Corp.** |
| 13567 | Series 2005-AP1-2A5 | 5.36%<sup>(d)</sup> | 02/25/2035 | 13430 |
| 12420212 | Series 2006-AF1-1A2 | 6.16%<sup>(b)</sup> | 05/25/2036 | 2235620 |
| 2524009 | Series 2006-AF1-1A3Pool 06-AF1 | 6.41%<sup>(b)</sup> | 05/25/2036 | 453801 |
| 13644101 | Series 2006-AP1-A2 | 5.52%<sup>(b)</sup> | 01/25/2036 | 3881453 |
| 2306140 | Series 2006-AP1-A3 | 5.65%<sup>(b)</sup> | 01/25/2036 | 655789 |
| 1065500 | Series 2006-WF1-A2 | 5.76%<sup>(b)</sup> | 06/25/2036 | 275746 |
|  | **Nomura Home Equity Loan, Inc.** | **Nomura Home Equity Loan, Inc.** | **Nomura Home Equity Loan, Inc.** | **Nomura Home Equity Loan, Inc.** |
| 14392328 | Series 2006-AF1-A2 | 6.30%<sup>(d)</sup> | 10/25/2036 | 2508882 |
| 2405631 | Series 2007-1-1A1 | 6.56%<sup>(d)</sup> | 02/25/2037 | 634270 |
| 11990222 | Series 2007-1-1A3 (30 day avg SOFR US) | 6.49%<sup>(d)</sup> | 02/25/2037 | 3161985 |
|  | **Nomura Resecuritization Trust** | **Nomura Resecuritization Trust** | **Nomura Resecuritization Trust** | **Nomura Resecuritization Trust** |
| 2695431 | Series 2014-1R-6A7 | 6.02%<sup>(a)(b)</sup> | 08/26/2036 | 2344107 |
| 3545319 | Series 2014-2R-4A9 | 3.88%<sup>(a)(d)</sup> | 07/26/2036 | 2858828 |
| 7896933 | Series 2015-4R-5A2 (1 mo. Term SOFR + 0.54%, 0.43% Floor) | 1.42%<sup>(a)(i)</sup> | 03/26/2036 | 5988745 |
|  | **Novastar Home Equity Loan** | **Novastar Home Equity Loan** | **Novastar Home Equity Loan** | **Novastar Home Equity Loan** |
| 14600000 | Series 2005-3-M4 (1 mo. Term SOFR + 1.00%, 0.89% Floor, 11.00% Cap) | 5.16% | 01/25/2036 | 12649863 |
| 7055332 | Series 2006-3-A2C (1 mo. Term SOFR + 0.43%, 0.32% Floor, 11.00% Cap) | 4.59% | 10/25/2036 | 3262462 |
|  | **NRZ Excess Spread-Collateralized Notes** | **NRZ Excess Spread-Collateralized Notes** | **NRZ Excess Spread-Collateralized Notes** | **NRZ Excess Spread-Collateralized Notes** |
| 23652094 | Series 2020-PLS1-A | 3.84%<sup>(a)</sup> | 12/25/2025 | 23570549 |
| 21115358 | Series 2021-FHT1-A | 3.10%<sup>(a)</sup> | 07/25/2026 | 20786389 |
|  | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** |
| 9694000 | Series 2021-NQM3-M1 | 2.33%<sup>(a)(b)</sup> | 07/25/2061 | 6089244 |
| 3849850 | Series 2024-NQM12-A1 | 5.48%<sup>(a)(d)</sup> | 07/25/2064 | 3877901 |
|  | **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** |
| 611260 | Series 2004-3-M3 (1 mo. Term SOFR + 1.09%, 0.98% Floor) | 5.25% | 11/25/2034 | 652890 |
| 5028012 | Series 2007-1-2A3 (1 mo. Term SOFR + 0.39%, 0.28% Floor) | 4.55% | 01/25/2037 | 2954719 |
| 44981220 | Series 2007-6-1A1 (1 mo. Term SOFR + 0.30%, 0.19% Floor) | 4.46% | 07/25/2037 | 40279063 |

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| | | |
|:---|:---|:---|
| **22**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **People's Choice Home Loan Securities Trust** | **People's Choice Home Loan Securities Trust** | **People's Choice Home Loan Securities Trust** | **People's Choice Home Loan Securities Trust** |
| 10080000 | Series 2005-1-M5 (1 mo. Term SOFR + 1.61%, 1.50% Floor, 15.00% Cap) | 5.77% | 01/25/2035 | 7842956 |
|  | **PHH Alternative Mortgage Trust** | **PHH Alternative Mortgage Trust** | **PHH Alternative Mortgage Trust** | **PHH Alternative Mortgage Trust** |
| 2288990 | Series 2007-1-1A1 (1 mo. Term SOFR + 0.43%, 0.32% Floor, 10.10% Cap) | 4.59% | 02/25/2037 | 1690584 |
| 5300815 | Series 2007-2-2A1 | 6.00% | 05/25/2037 | 4656173 |
| 2473446 | Series 2007-2-2A2 | 6.00% | 05/25/2037 | 2172646 |
| 156635 | Series 2007-2-3A1 | 6.00% | 05/25/2037 | 146104 |
|  | **PR Mortgage Loan Trust** | **PR Mortgage Loan Trust** | **PR Mortgage Loan Trust** | **PR Mortgage Loan Trust** |
| 89702397 | Series 2014-1-APT | 5.83%<sup>(a)(b)</sup> | 10/25/2049 | 87480701 |
|  | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** |
| 10459559 | Series 2021-RN2-A1 | 5.74%<sup>(a)(d)</sup> | 07/25/2051 | 10458603 |
| 22835691 | Series 2021-RN4-A1 | 5.49%<sup>(a)(b)</sup> | 10/25/2051 | 22854073 |
| 18480845 | Series 2024-NPL6-A1 | 5.93%<sup>(a)(d)</sup> | 10/25/2054 | 18535190 |
| 21954784 | Series 2024-NPL7-A1 | 5.93%<sup>(a)(d)</sup> | 10/25/2054 | 21994077 |
| 54928669 | Series 2024-NPL9-A1 | 5.85%<sup>(a)(d)</sup> | 12/25/2054 | 55057290 |
| 63325973 | Series 2025-NPL2-A1 | 5.84%<sup>(a)(d)</sup> | 03/25/2055 | 63636257 |
| 42156292 | Series 2025-NPL7-A1 | 5.66%<sup>(a)(d)</sup> | 07/25/2055 | 42313088 |
|  | **Prime Mortgage Trust** | **Prime Mortgage Trust** | **Prime Mortgage Trust** | **Prime Mortgage Trust** |
| 3493674 | Series 2006-DR1-2A1Pool DR12A1 | 5.50%<sup>(a)</sup> | 05/25/2035 | 3289346 |
| 2105820 | Series 2006-DR1-2A2 | 6.00%<sup>(a)</sup> | 05/25/2035 | 1804761 |
|  | **Progress Residential Trust** | **Progress Residential Trust** | **Progress Residential Trust** | **Progress Residential Trust** |
| 48592256 | Series 2021-SFR10-E1 | 3.57%<sup>(a)</sup> | 12/17/2040 | 46528533 |
| 20165551 | Series 2021-SFR10-E2 | 3.67%<sup>(a)</sup> | 12/17/2040 | 19311580 |
| 10923007 | Series 2021-SFR10-F | 4.61%<sup>(a)</sup> | 12/17/2040 | 10699439 |
| 7000000 | Series 2021-SFR5-E1 | 2.21%<sup>(a)</sup> | 07/17/2038 | 6842878 |
| 25000000 | Series 2021-SFR8-E1 | 2.38%<sup>(a)</sup> | 10/17/2038 | 24437585 |
| 23900000 | Series 2021-SFR8-E2 | 2.53%<sup>(a)</sup> | 10/17/2038 | 23342346 |
| 19900000 | Series 2021-SFR8-F | 3.18%<sup>(a)</sup> | 10/17/2038 | 19488836 |
| 13000000 | Series 2025-SFR3-D | 3.39%<sup>(a)</sup> | 07/17/2042 | 11794075 |
| 22350000 | Series 2025-SFR4-A | 4.30%<sup>(a)</sup> | 08/17/2042 | 22127354 |
| 16500000 | Series 2025-SFR4-B | 4.70%<sup>(a)</sup> | 08/17/2042 | 16405226 |
| 14300000 | Series 2025-SFR5-B | 4.00%<sup>(a)</sup> | 10/17/2042 | 13779280 |
|  | **PRPM LLC** | **PRPM LLC** | **PRPM LLC** | **PRPM LLC** |
| 24320807 | Series 2024-6-A1 | 5.70%<sup>(a)(d)</sup> | 11/25/2029 | 24352336 |
| 26074720 | Series 2024-7-A1 | 5.87%<sup>(a)(d)</sup> | 11/25/2029 | 26102675 |
| 90074172 | Series 2024-8-A1 | 5.90%<sup>(a)(d)</sup> | 12/25/2029 | 90075325 |
| 19853306 | Series 2024-NQM4-A1 | 5.67%<sup>(a)(d)</sup> | 12/26/2069 | 20024434 |
| 28881860 | Series 2025-3-A1 | 6.26%<sup>(a)(d)</sup> | 05/25/2030 | 28968924 |
| 43825148 | Series 2025-4-A1 | 6.18%<sup>(a)(d)</sup> | 06/25/2030 | 43961015 |
| 71871492 | Series 2025-5-A1 | 5.73%<sup>(a)(d)</sup> | 07/25/2030 | 71992825 |
| 34288792 | Series 2025-6-A1 | 5.77%<sup>(a)(d)</sup> | 08/25/2028 | 34726660 |
|  | **Racers** | **Racers** | **Racers** | **Racers** |
| 13085000 | Series 2006-2-M2 (1 mo. Term SOFR + 0.40%, 0.29% Floor) | 4.56% | 09/25/2036 | 10746892 |
|  | **RALI Trust** | **RALI Trust** | **RALI Trust** | **RALI Trust** |
| 13469306 | Series 2005-QA11-4A1 | 5.56%<sup>(b)</sup> | 10/25/2035 | 9784687 |
| 6493570 | Series 2005-QA13-2A1 | 5.26%<sup>(b)</sup> | 12/25/2035 | 5722098 |
| 4981075 | Series 2005-QA3-CB1 | 4.11%<sup>(b)</sup> | 03/25/2035 | 1914744 |
| 146486 | &nbsp;&nbsp;&nbsp; Series 2005-QS12-A11 (-11 x 1 mo. Term SOFR + <br>49.89%, 0.00% Floor, 51.15% Cap) | 4.15%<sup>(g)</sup> | 08/25/2035 | 145068 |
| 543175 | Series 2005-QS13-1A6 | 5.50% | 09/25/2035 | 433384 |
| 1204817 | Series 2005-QS13-2A1 (1 mo. Term SOFR + 0.81%, 0.70% Floor, 5.75% Cap) | 4.97% | 09/25/2035 | 962093 |
| 4939749 | &nbsp;&nbsp;&nbsp; Series 2005-QS13-2A2 <br>(-1 x 1 mo. Term SOFR + 4.94%, 0.00% Floor, 5.05% Cap) | 0.78%<sup>(f)(g)</sup> | 09/25/2035 | 255181 |
| 4888341 | Series 2005-QS14-2A1 | 6.00% | 09/25/2035 | 1469434 |
| 1105613 | Series 2005-QS15-2A | 6.00% | 10/25/2035 | 960911 |
| 1111845 | Series 2005-QS15-3A | 6.00% | 10/25/2035 | 985503 |
| 1040749 | Series 2005-QS16-A1 (1 mo. Term SOFR + 0.81%, 0.70% Floor, 5.50% Cap) | 4.97% | 11/25/2035 | 861813 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1040569 | Series 2005-QS16-A2 (-1 x 1 mo. Term SOFR + 4.69%, 0.00% Floor, 4.80% Cap) | 0.53%<sup>(f)(g)</sup> | 11/25/2035 | 42043 |
| 580169 | Series 2005-QS17-A1 | 6.00% | 12/25/2035 | 504627 |
| 600323 | Series 2005-QS17-A10 | 6.00% | 12/25/2035 | 522157 |
| 1681452 | Series 2005-QS17-A11 | 6.00% | 12/25/2035 | 1462516 |
| 1195123 | Series 2005-QS17-A2 (1 mo. Term SOFR + 0.96%, 0.85% Floor, 6.00% Cap) | 5.12%<sup>(g)</sup> | 12/25/2035 | 1004638 |
| 1195123 | Series 2005-QS17-A4 (-1 x 1 mo. Term SOFR + 5.04%, 0.00% Floor, 5.15% Cap) | 0.88%<sup>(f)(g)</sup> | 12/25/2035 | 63883 |
| 961633 | Series 2005-QS17-A6 | 6.00% | 12/25/2035 | 836422 |
| 407425 | Series 2005-QS5-A3 | 5.70% | 04/25/2035 | 418181 |
| 485735 | Series 2006-QS1-A6 (-8 x 1 mo. Term SOFR + 41.98%, 0.00% Floor, 42.86% Cap) | 10.10%<sup>(g)</sup> | 01/25/2036 | 483201 |
| 1551403 | Series 2006-QS10-A1 | 6.00% | 08/25/2036 | 1347338 |
| 477072 | Series 2006-QS10-A4 | 5.75% | 08/25/2036 | 408987 |
| 3316603 | Series 2006-QS11-1A1 | 6.50% | 08/25/2036 | 2723090 |
| 1001566 | Series 2006-QS12-1A1 | 6.50% | 09/25/2036 | 414321 |
| 1443687 | Series 2006-QS12-2A18 | 5.75% | 09/25/2036 | 1154373 |
| 2234656 | Series 2006-QS14-A18 (1 mo. Term SOFR) | 6.25% | 11/25/2036 | 1852560 |
| 1019686 | Series 2006-QS15-A1 | 6.50% | 10/25/2036 | 891656 |
| 429620 | Series 2006-QS16-A10 | 6.00% | 11/25/2036 | 342976 |
| 1527661 | Series 2006-QS16-A11 | 6.00% | 11/25/2036 | 1219794 |
| 1217690 | Series 2006-QS16-A7 | 6.00% | 11/25/2036 | 972111 |
| 481892 | Series 2006-QS16-A8 | 6.00% | 11/25/2036 | 384706 |
| 190694 | Series 2006-QS16-A9 | 6.00% | 11/25/2036 | 152235 |
| 889935 | Series 2006-QS17-A4 | 6.00% | 12/25/2036 | 746365 |
| 4944096 | Series 2006-QS17-A5 | 6.00% | 12/25/2036 | 4146483 |
| 3260080 | Series 2006-QS3-1A11 | 6.00% | 03/25/2036 | 2947560 |
| 843847 | Series 2006-QS4-A8 (-790 x 1 mo. Term SOFR + 5,052.56%, 0.10% Floor, 8.00% Cap) | 8.00%<sup>(g)</sup> | 04/25/2036 | 714801 |
| 3337604 | Series 2006-QS4-A9 | 6.00% | 04/25/2036 | 2730173 |
| 1930318 | Series 2006-QS5-A3 | 6.00% | 05/25/2036 | 1622625 |
| 5753075 | Series 2006-QS5-A4 | 6.00% | 05/25/2036 | 4836034 |
| 1030385 | Series 2006-QS6-1A16 | 6.00% | 06/25/2036 | 844569 |
| 1494865 | Series 2006-QS6-1A2 | 6.00% | 06/25/2036 | 1225286 |
| 2810330 | Series 2006-QS8-A1 | 6.00% | 08/25/2036 | 2376472 |
| 4873522 | Series 2006-QS8-A5 (-1 x 1 mo. Term SOFR + 5.44%, 0.00% Floor, 5.55% Cap) | 1.28%<sup>(f)(g)</sup> | 08/25/2036 | 371436 |
| 1714780 | Series 2006-QS9-1A6 (-1 x 1 mo. Term SOFR + 5.19%, 0.00% Floor, 5.30% Cap) | 1.03%<sup>(f)(g)</sup> | 07/25/2036 | 108653 |
| 17655690 | Series 2007-QA5-1A1 | 6.28%<sup>(b)</sup> | 09/25/2037 | 10809347 |
| 23978405 | Series 2007-QH5-AII (1 mo. Term SOFR + 0.57%, 0.46% Floor) | 4.73% | 06/25/2037 | 10699267 |
| 8896203 | Series 2007-QH7-2A1 (1 mo. Term SOFR + 0.71%, 0.60% Floor) | 4.87% | 08/25/2037 | 8332865 |
| 6294257 | Series 2007-QS1-1A2 (-1 x 1 mo. Term SOFR + 5.34%, 0.00% Floor, 5.45% Cap) | 1.18%<sup>(f)(g)</sup> | 01/25/2037 | 514242 |
| 633584 | Series 2007-QS1-1A4 | 6.00% | 01/25/2037 | 506763 |
| 1536219 | Series 2007-QS1-2A10 | 6.00% | 01/25/2037 | 1176916 |
| 18211571 | Series 2007-QS10-A1 | 6.50% | 09/25/2037 | 15228303 |
| 1995935 | Series 2007-QS11-A1 | 7.00% | 10/25/2037 | 1600623 |
| 1999938 | Series 2007-QS2-A6 | 6.25% | 01/25/2037 | 1677135 |
| 10709522 | Series 2007-QS3-A1 | 6.50% | 02/25/2037 | 9062975 |
| 1707700 | Series 2007-QS3-A4 | 6.25% | 02/25/2037 | 1422990 |
| 2509016 | Series 2007-QS4-3A3 | 6.00% | 03/25/2037 | 2169701 |
| 1109462 | Series 2007-QS5-A1 | 5.50% | 03/25/2037 | 917497 |
| 457698 | Series 2007-QS5-A5 (1 mo. Term SOFR + 0.41%, 0.30% Floor, 7.00% Cap) | 4.57%<sup>(f)</sup> | 03/25/2037 | 349194 |
| 1520121 | Series 2007-QS5-A8 (-1 x 1 mo. Term SOFR + 6.59%, 0.00% Floor, 6.70% Cap) | 2.43%<sup>(f)(g)</sup> | 03/25/2037 | 203898 |
| 1269677 | Series 2007-QS6-A102 | 5.75% | 04/25/2037 | 1049316 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **23**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 408238 | Series 2007-QS6-A13 (-8 x 1 mo. Term SOFR + 54.05%, 0.00% Floor, 55.00% Cap) | 19.40%<sup>(g)</sup> | 04/25/2037 | 540926 |
| 1818078 | Series 2007-QS6-A45 | 5.75% | 04/25/2037 | 1502537 |
| 2897455 | Series 2007-QS6-A6 | 6.25% | 04/25/2037 | 2469421 |
| 200118 | Series 2007-QS6-A77 (-8 x 1 mo. Term SOFR + 54.88%, 0.00% Floor, 55.83% Cap) | 20.23%<sup>(g)</sup> | 04/25/2037 | 271760 |
| 5224986 | Series 2007-QS7-2A1 | 6.75% | 06/25/2037 | 1919311 |
| 10572997 | Series 2007-QS9-A33 | 6.50% | 07/25/2037 | 8739749 |
|  | **RAMP Trust** | **RAMP Trust** | **RAMP Trust** | **RAMP Trust** |
| 1302866 | Series 2004-RS7-A3 | 5.57%<sup>(b)</sup> | 07/25/2034 | 1171434 |
| 4014372 | Series 2006-RS2-A3A (1 mo. Term SOFR + 0.41%, 0.30% Floor, 14.00% Cap) | 4.87% | 03/25/2036 | 3978210 |
| 10924530 | Series 2006-RS3-A4 (1 mo. Term SOFR + 0.41%, 0.30% Floor, 14.00% Cap) | 4.87% | 05/25/2036 | 9310610 |
| 11460727 | Series 2006-RS6-A4 (1 mo. Term SOFR + 0.65%, 0.54% Floor) | 4.81% | 11/25/2036 | 9434101 |
|  | **RASC Trust** | **RASC Trust** | **RASC Trust** | **RASC Trust** |
| 3860296 | Series 2005-KS4-M5 (1 mo. Term SOFR + 1.31%, 1.20% Floor) | 6.07% | 05/25/2035 | 4059090 |
| 3124191 | Series 2007-EMX1-A13 (1 mo. Term SOFR + 0.51%, 0.40% Floor, 14.00% Cap) | 4.67% | 01/25/2037 | 3231880 |
|  | **RBSGC Mortgage Pass Through Certificates** | **RBSGC Mortgage Pass Through Certificates** | **RBSGC Mortgage Pass Through Certificates** | **RBSGC Mortgage Pass Through Certificates** |
| 9854274 | Series 2008-B-A1 | 6.00%<sup>(a)</sup> | 06/25/2037 | 8641239 |
|  | **RBSSP Resecuritization Trust** | **RBSSP Resecuritization Trust** | **RBSSP Resecuritization Trust** | **RBSSP Resecuritization Trust** |
| 11436666 | Series 2009-12-20A2 | 4.36%<sup>(a)(b)</sup> | 12/25/2035 | 10182604 |
| 2893607 | Series 2010-4-7A2 | 6.00%<sup>(a)</sup> | 07/26/2037 | 1364599 |
|  | **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** |
| 5355470 | Series 2006-1-AF6 | 5.75%<sup>(d)</sup> | 05/25/2036 | 2432906 |
|  | **Renaissance NIM Trust** | **Renaissance NIM Trust** | **Renaissance NIM Trust** | **Renaissance NIM Trust** |
| 2062139 | Series 2006-2-AF5 | 6.25%<sup>(d)</sup> | 08/25/2036 | 781694 |
| 17385181 | Series 2006-3-AF3 | 5.59%<sup>(d)</sup> | 11/25/2036 | 5549505 |
| 18049871 | Series 2006-3-AF4 | 5.81%<sup>(d)</sup> | 11/25/2036 | 5995160 |
| 2933947 | Series 2006-3-AF5 | 6.12%<sup>(d)</sup> | 11/25/2036 | 1026540 |
| 10257172 | Series 2006-4-AF4 | 5.47%<sup>(d)</sup> | 01/25/2037 | 3181775 |
| 20198460 | Series 2006-4-AF5 | 5.69%<sup>(d)</sup> | 01/25/2037 | 6510941 |
| 8192822 | Series 2007-1-AF1 | 5.74%<sup>(d)</sup> | 04/25/2037 | 2149078 |
| 5779950 | Series 2007-1-AF1Z | 5.35%<sup>(d)</sup> | 04/25/2037 | 1431114 |
| 3486895 | Series 2007-1-AF2 | 5.51%<sup>(d)</sup> | 04/25/2037 | 877659 |
| 5072268 | Series 2007-1-AF3 (1 mo. Term SOFR) | 5.61%<sup>(d)</sup> | 04/25/2037 | 1300061 |
| 2781357 | Series 2007-1-AF4 | 5.76%<sup>(d)</sup> | 04/25/2037 | 732030 |
| 8232817 | Series 2007-1-AF5 | 5.91%<sup>(d)</sup> | 04/25/2037 | 2223315 |
| 17696892 | Series 2007-2-AF2Pool 2007-2 (1 mo. Term SOFR) | 5.68%<sup>(d)</sup> | 06/25/2037 | 4327062 |
| 22755581 | Series 2007-2-AF5 (1 mo. Term SOFR) | 6.20%<sup>(d)</sup> | 06/25/2037 | 6196138 |
|  | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** |
| 4382572 | Series 2005-A11-2A4 | 6.00% | 10/25/2035 | 1848192 |
| 1041934 | Series 2005-A12-A7 (-1 x 1 mo. Term SOFR + 4.89%, 0.00% Floor, 5.00% Cap) | 0.73%<sup>(f)(g)</sup> | 11/25/2035 | 93092 |
| 1392991 | Series 2005-A12-A8 (1 mo. Term SOFR + 0.66%, 0.55% Floor, 5.50% Cap) | 4.82% | 11/25/2035 | 663562 |
| 1336566 | Series 2005-A15-1A7 | 6.00% | 02/25/2036 | 1322554 |
| 6926501 | Series 2005-A15-5A3 | 5.75% | 02/25/2036 | 2288468 |
| 7150654 | Series 2005-A16-A1 | 5.00% | 02/25/2036 | 2405678 |
| 2586082 | Series 2005-A8CB-A11 | 6.00% | 07/25/2035 | 1452453 |
| 2622009 | Series 2005-A8CB-A2 (-1 x 1 mo. Term SOFR + 4.89%, 0.00% Floor, 5.00% Cap) | 0.73%<sup>(f)(g)</sup> | 07/25/2035 | 172090 |
| 641971 | Series 2006-A1-1A3 | 6.00% | 04/25/2036 | 272919 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 10140639 | Series 2006-A1-3A2 | 6.00% | 04/25/2036 | 4464560 |
| 4934414 | Series 2006-A10-A5 | 6.50% | 09/25/2036 | 1467872 |
| 7068226 | Series 2006-A12-A1 | 6.25% | 11/25/2036 | 2512237 |
| 7195944 | Series 2006-A13-A1 | 6.25% | 12/25/2036 | 2345705 |
| 14049586 | Series 2006-A14C-2A6 (1 mo. Term SOFR + 0.56%, 0.45% Floor, 7.00% Cap) | 4.72% | 12/25/2036 | 2798687 |
| 31005328 | &nbsp;&nbsp;&nbsp; Series 2006-A14C-2A7 <br>(-1 x 1 mo. Term SOFR + 6.44%, 0.00% Floor, 6.55% Cap) | 2.28%<sup>(f)(g)</sup> | 12/25/2036 | 3776632 |
| 5475565 | Series 2006-A2-A11 | 6.00% | 01/25/2046 | 1978597 |
| 3796900 | Series 2006-A2-A4 | 6.00% | 01/25/2046 | 1369961 |
| 3155593 | Series 2006-A2-A9 | 6.00% | 01/25/2046 | 1138571 |
| 2250431 | Series 2006-A8-1A1 | 6.00% | 08/25/2036 | 1504366 |
| 4461870 | Series 2006-R1-A1 (-4 x 1 mo. Term SOFR + 27.94%, 0.00% Floor, 28.40% Cap) | 11.31%<sup>(g)</sup> | 01/25/2046 | 4136467 |
| 19272010 | Series 2007-A2-1A2 | 6.00% | 04/25/2037 | 9613607 |
| 696203 | Series 2007-A3-1A2 (-8 x 1 mo. Term SOFR + 45.51%, 0.00% Floor, 46.38% Cap) | 13.63%<sup>(g)</sup> | 04/25/2037 | 798480 |
| 22939906 | Series 2007-A5-1A4 (-1 x 1 mo. Term SOFR + 5.99%, 0.00% Floor, 6.10% Cap) | 1.83%<sup>(f)(g)</sup> | 05/25/2037 | 1389367 |
| 5891166 | Series 2007-A5-1A6 (1 mo. Term SOFR + 0.51%, 0.40% Floor, 6.50% Cap) | 4.67% | 05/25/2037 | 708538 |
| 3977102 | Series 2007-A5-2A3 | 6.00% | 05/25/2037 | 1990160 |
| 1742961 | Series 2007-A5-2A5 | 6.00% | 05/25/2037 | 872186 |
| 7407592 | Series 2007-A6-1A2 | 6.00% | 06/25/2037 | 3658514 |
| 7757610 | Series 2007-A7-A1 | 6.00% | 07/25/2037 | 2824524 |
| 34122954 | Series 2007-A7-A2 | 6.00% | 07/25/2037 | 12424072 |
| 15119161 | Series 2007-A7-A6 | 6.00% | 07/25/2037 | 5504844 |
|  | **RESIDENTIAL MORTGAGE LOAN TRUST** | **RESIDENTIAL MORTGAGE LOAN TRUST** | **RESIDENTIAL MORTGAGE LOAN TRUST** | **RESIDENTIAL MORTGAGE LOAN TRUST** |
| 6300000 | Series 2020-2-M1 | 3.57%<sup>(a)(b)</sup> | 05/25/2060 | 6050965 |
|  | **RFMSI Trust** | **RFMSI Trust** | **RFMSI Trust** | **RFMSI Trust** |
| 3064193 | Series 2006-S10-1A1 | 6.00% | 10/25/2036 | 2494710 |
| 916805 | Series 2006-S5-A12 | 6.00% | 06/25/2036 | 786660 |
| 62768 | Series 2006-S5-A15 | 6.00% | 06/25/2036 | 53858 |
| 1909184 | Series 2006-S9-A1 | 6.25% | 09/25/2036 | 1562581 |
| 2130217 | Series 2007-S1-A7 | 6.00% | 01/25/2037 | 1750546 |
| 1275130 | Series 2007-S2-A1 | 6.00% | 02/25/2037 | 982246 |
| 1436575 | Series 2007-S2-A4 | 6.00% | 02/25/2037 | 1106609 |
| 2681920 | Series 2007-S2-A5 | 6.00% | 02/25/2037 | 2065912 |
| 1324356 | Series 2007-S3-1A4 | 6.00% | 03/25/2037 | 963291 |
| 1133837 | Series 2007-S4-A1 | 6.00% | 04/25/2037 | 874821 |
| 634982 | Series 2007-S4-A2 | 6.00% | 04/25/2037 | 489923 |
| 8887842 | Series 2007-S5-A1 | 6.00% | 05/25/2037 | 7453903 |
| 2575732 | Series 2007-S5-A8 | 6.00% | 05/25/2037 | 2160663 |
| 1041877 | Series 2007-S6-2A4 | 6.00% | 06/25/2037 | 811488 |
| 7154961 | Series 2007-S7-A20 | 6.00% | 07/25/2037 | 5823127 |
| 3773448 | Series 2007-S8-1A1 | 6.00% | 09/25/2037 | 2597240 |
| 2303140 | Series 2007-SA2-2A1 | 5.70%<sup>(b)</sup> | 04/25/2037 | 2011052 |
|  | **Rithm Capital Corp.** | **Rithm Capital Corp.** | **Rithm Capital Corp.** | **Rithm Capital Corp.** |
| 62504400 | Series 2020-RPL1-M1 | 3.25%<sup>(a)(b)</sup> | 11/25/2059 | 55579588 |
| 16345550 | Series 2020-RPL1-M2 | 3.50%<sup>(a)(b)</sup> | 11/25/2059 | 14316245 |
|  | **Santander US Capital Markets LLC** | **Santander US Capital Markets LLC** | **Santander US Capital Markets LLC** | **Santander US Capital Markets LLC** |
| 2893930 | Series 2025-NQM3-A3 | 6.06%<sup>(a)(d)</sup> | 05/25/2065 | 2918598 |
| 3000000 | Series 2025-NQM3-M1 | 6.33%<sup>(a)(b)</sup> | 05/25/2065 | 3023473 |
|  | **Securitized Asset Backed Receivables LLC** | **Securitized Asset Backed Receivables LLC** | **Securitized Asset Backed Receivables LLC** | **Securitized Asset Backed Receivables LLC** |
| 3284754 | Series 2006-NC3-A2B (1 mo. Term SOFR + 0.41%, 0.30% Floor) | 4.57% | 09/25/2036 | 1093728 |
| 4858454 | Series 2007-BR3-A2A (1 mo. Term SOFR + 0.25%, 0.14% Floor) | 4.41% | 04/25/2037 | 3281850 |
| 4748379 | Series 2007-BR3-A2B (1 mo. Term SOFR + 0.55%, 0.44% Floor) | 4.71% | 04/25/2037 | 3207299 |
| 13136891 | Series 2007-BR4-A2B (1 mo. Term SOFR + 0.51%, 0.40% Floor) | 4.67% | 05/25/2037 | 8046095 |

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| | | |
|:---|:---|:---|
| **24**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Securitized Mortgage Asset Loan Trust** | **Securitized Mortgage Asset Loan Trust** | **Securitized Mortgage Asset Loan Trust** | **Securitized Mortgage Asset Loan Trust** |
| 165482424 | Series 2015-1-PC | 3.11%<sup>(a)(b)</sup> | 02/25/2054 | 143712599 |
|  | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** |
| 30902 | Series 2003-4-2A1 (1 mo. Term SOFR + 0.81%, 0.70% Floor, 11.50% Cap) | 4.95% | 07/20/2033 | 30858 |
|  | **SG Mortgage Securities Trust** | **SG Mortgage Securities Trust** | **SG Mortgage Securities Trust** | **SG Mortgage Securities Trust** |
| 1680532 | Series 2006-FRE1-A1A (1 mo. Term SOFR + 0.45%, 0.34% Floor) | 4.61% | 02/25/2036 | 1649602 |
| 2280733 | Series 2006-FRE1-A2C (1 mo. Term SOFR + 0.65%, 0.54% Floor) | 4.81% | 02/25/2036 | 1126991 |
|  | **Soundview Home Equity Loan Trust** | **Soundview Home Equity Loan Trust** | **Soundview Home Equity Loan Trust** | **Soundview Home Equity Loan Trust** |
| 11320608 | Series 2007-NS1-M1 (1 mo. Term SOFR + 0.64%, 0.53% Floor) | 4.80% | 01/25/2037 | 11210384 |
| 2941435 | Series 2007-OPT1-2A2 (1 mo. Term SOFR + 0.26%, 0.15% Floor) | 4.42% | 06/25/2037 | 1963701 |
| 5171252 | Series 2007-OPT3-1A1 (1 mo. Term SOFR + 0.28%, 0.17% Floor) | 4.44% | 08/25/2037 | 4489880 |
| 16885359 | Series 2007-OPT4-1A1 (1 mo. Term SOFR + 1.11%, 1.00% Floor) | 5.27% | 09/25/2037 | 12411798 |
| 40714414 | Series 2007-WM1W-2A1 (1 mo. Term SOFR + 0.29%, 0.18% Floor) | 3.80% | 02/25/2037 | 34365933 |
|  | **Specialty Underwriting & Residential Finance** | **Specialty Underwriting & Residential Finance** | **Specialty Underwriting & Residential Finance** | **Specialty Underwriting & Residential Finance** |
| 3538380 | Series 2006-BC2-A2B | 3.69%<sup>(d)</sup> | 02/25/2037 | 1147942 |
| 11897733 | Series 2007-AB1-A2C (1 mo. Term SOFR + 0.61%, 0.50% Floor) | 4.77% | 03/25/2037 | 6133894 |
|  | **Spruce Hill Mortgage Loan Trust** | **Spruce Hill Mortgage Loan Trust** | **Spruce Hill Mortgage Loan Trust** | **Spruce Hill Mortgage Loan Trust** |
| 5607223 | Series 2020-SH1-M1 | 3.22%<sup>(a)(b)</sup> | 01/28/2050 | 5555362 |
|  | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** |
| 6329000 | Series 2021-1-B2 | 4.52%<sup>(a)(b)</sup> | 05/25/2065 | 5059382 |
| 5000000 | Series 2021-2-B1 | 2.75%<sup>(a)(b)</sup> | 05/25/2065 | 4182522 |
| 7110000 | Series 2021-2-B2 | 3.00%<sup>(a)(b)</sup> | 05/25/2065 | 5179410 |
| 9103000 | Series 2021-5-M1 | 3.25%<sup>(a)(b)</sup> | 09/25/2066 | 6700121 |
|  | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** |
| 945721 | Series 2005-22-4A1 | 5.42%<sup>(b)</sup> | 12/25/2035 | 879131 |
| 7235571 | Series 2006-1-8A1 | 4.79%<sup>(b)</sup> | 02/25/2036 | 3758901 |
| 1945164 | Series 2006-12-2A1 | 4.45%<sup>(b)</sup> | 01/25/2037 | 1404275 |
| 783326 | Series 2006-8-4A4 | 4.77%<sup>(b)</sup> | 09/25/2036 | 700103 |
| 5367207 | Series 2007-7-1A1 (1 mo. Term SOFR + 0.71%, 0.60% Floor) | 4.87% | 08/25/2037 | 5358865 |
|  | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** |
| 61651188 | Series 2006-3-A1 (1 mo. Term SOFR + 0.43%, 0.32% Floor) | 4.59% | 06/25/2036 | 38775015 |
| 7315696 | Series 2006-4-A1 (1 mo. Term SOFR + 0.46%, 0.35% Floor) | 4.62% | 07/25/2036 | 4243111 |
| 20800000 | Series 2006-4-A5 (1 mo. Term SOFR + 0.73%, 0.62% Floor) | 4.89% | 07/25/2036 | 7633167 |
|  | **Structured Asset Mortgage Investments, Inc.** | **Structured Asset Mortgage Investments, Inc.** | **Structured Asset Mortgage Investments, Inc.** | **Structured Asset Mortgage Investments, Inc.** |
| 7270769 | Series 2006-AR3-12A2 (1 mo. Term SOFR + 0.51%, 0.40% Floor, 10.50% Cap) | 4.67% | 05/25/2036 | 6002917 |
|  | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** |
| 253971 | Series 2003-24A-1A3 | 5.42%<sup>(b)</sup> | 07/25/2033 | 254302 |
| 8320088 | Series 2005-5-3A1 | 6.00% | 04/25/2035 | 4150323 |
| 58263335 | Series 2006-BC4-A1 (1 mo. Term SOFR + 0.43%, 0.32% Floor) | 4.59% | 12/25/2036 | 32949029 |
| 6670358 | Series 2006-BC4-A4 (1 mo. Term SOFR + 0.45%, 0.34% Floor) | 4.61% | 12/25/2036 | 6528498 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 37468458 | Series 2007-4-1A3 (-1 x 1 mo. Term SOFR + 6.14%, 0.00% Floor, 6.25% Cap) | 1.98%<sup>(a)(f)(g)</sup> | 03/28/2045 | 2357180 |
| 20127500 | Series 2007-BC4-M1 (1 mo. Term SOFR + 0.61%, 0.50% Floor) | 4.77% | 11/25/2037 | 16418050 |
| 11632736 | Series 2007-MN1A-A4 (1 mo. Term SOFR + 0.59%, 0.48% Floor) | 4.75%<sup>(a)</sup> | 01/25/2037 | 7297676 |
| 12993972 | Series 2007-RF1-1A (1 mo. Term SOFR + 0.30%, 0.19% Floor) | 4.46%<sup>(a)</sup> | 03/25/2037 | 10751224 |
|  | **Suntrust Adjustable Rate Mortgage Loan Trust** | **Suntrust Adjustable Rate Mortgage Loan Trust** | **Suntrust Adjustable Rate Mortgage Loan Trust** | **Suntrust Adjustable Rate Mortgage Loan Trust** |
| 3354262 | Series 2007-2-1A1 | 6.42%<sup>(b)</sup> | 04/25/2037 | 1251233 |
| 993610 | Series 2007-3-1A1 | 6.57%<sup>(b)</sup> | 06/25/2037 | 462351 |
|  | **Suntrust Alternative Loan Trust** | **Suntrust Alternative Loan Trust** | **Suntrust Alternative Loan Trust** | **Suntrust Alternative Loan Trust** |
| 155461 | Series 2005-1F-2A3 | 5.75% | 12/25/2035 | 143910 |
| 454056 | Series 2006-1F-1A3 | 6.00% | 04/25/2036 | 152038 |
|  | **Terwin Mortgage Trust** | **Terwin Mortgage Trust** | **Terwin Mortgage Trust** | **Terwin Mortgage Trust** |
| 10126838 | Series 2006-7-2A3 (1 mo. Term SOFR + 0.65%, 0.54% Floor) | 4.81%<sup>(a)</sup> | 08/25/2037 | 4392599 |
|  | **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** |
| 73312 | Series 2003-6-A2 (1 mo. Term SOFR + 1.11%, 1.00% Floor, 11.50% Cap) | 5.27% | 12/25/2033 | 71361 |
| 2029518 | Series 2004-4-5A | 2.57%<sup>(b)</sup> | 12/25/2044 | 1772420 |
| 4049032 | Series 2007-1-A1 (12 mo. Term SOFR + 2.02%, 0.11% Floor, 10.75% Cap) | 5.63% | 03/25/2037 | 3416218 |
| 1052566 | Series 2007-1-A2A (12 mo. Term SOFR + 2.02%, 0.11% Floor, 10.75% Cap) | 5.63% | 03/25/2037 | 761568 |
|  | **Tricon American Homes Trust** | **Tricon American Homes Trust** | **Tricon American Homes Trust** | **Tricon American Homes Trust** |
| 5000000 | Series 2019-SFR1-E | 3.40%<sup>(a)</sup> | 03/17/2038 | 4953052 |
| 8900000 | Series 2020-SFR1-D | 2.55%<sup>(a)</sup> | 07/17/2038 | 8734248 |
| 1600000 | Series 2020-SFR1-E | 3.54%<sup>(a)</sup> | 07/17/2038 | 1578970 |
|  | **Tricon Residential Trust** | **Tricon Residential Trust** | **Tricon Residential Trust** | **Tricon Residential Trust** |
| 16000000 | Series 2021-SFR1-B | 2.24%<sup>(a)</sup> | 07/17/2038 | 15698213 |
| 13250000 | Series 2021-SFR1-C | 2.34%<sup>(a)</sup> | 07/17/2038 | 13002947 |
| 5250000 | Series 2021-SFR1-D | 2.59%<sup>(a)</sup> | 07/17/2038 | 5155944 |
| 10000000 | Series 2021-SFR1-E2 | 2.89%<sup>(a)</sup> | 07/17/2038 | 9820762 |
| 11300000 | Series 2021-SFR1-F | 3.69%<sup>(a)</sup> | 07/17/2038 | 11148031 |
| 77764000 | Series 2025-SFR2-A | 5.20%<sup>(a)</sup> | 08/17/2044 | 78984568 |
| 14527000 | Series 2025-SFR2-B | 5.42%<sup>(a)</sup> | 08/17/2044 | 14779729 |
| 21500000 | Series 2025-SFR2-C | 5.67%<sup>(a)</sup> | 08/17/2044 | 21877630 |
| 15500000 | Series 2025-SFR2-D | 6.07%<sup>(a)</sup> | 08/17/2044 | 15820365 |
|  | **VCAT Asset Securitization LLC** | **VCAT Asset Securitization LLC** | **VCAT Asset Securitization LLC** | **VCAT Asset Securitization LLC** |
| 58950224 | Series 2025-NPL1-A1 | 5.88%<sup>(a)(d)</sup> | 01/25/2055 | 59120614 |
| 32748349 | Series 2025-NPL2-A1 | 5.98%<sup>(a)(d)</sup> | 01/25/2055 | 32828311 |
|  | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** |
| 1126056 | Series 2017-2-AFX | 3.07%<sup>(a)(b)</sup> | 11/25/2047 | 1114937 |
| 5203402 | Series 2018-2-A | 4.05%<sup>(a)(b)</sup> | 10/26/2048 | 5100295 |
| 15106976 | Series 2019-1-A | 3.76%<sup>(a)(b)</sup> | 03/25/2049 | 14577029 |
| 1927527 | Series 2019-1-M4 | 4.61%<sup>(a)(b)</sup> | 03/25/2049 | 1766253 |
| 5035996 | Series 2019-2-A | 3.13%<sup>(a)(b)</sup> | 07/25/2049 | 4877527 |
| 1906740 | Series 2019-2-M1 | 3.26%<sup>(a)(b)</sup> | 07/25/2049 | 1759805 |
| 1527367 | Series 2020-1-M4 | 3.54%<sup>(a)(b)</sup> | 02/25/2050 | 1195441 |
| 43445587 | Series 2024-6-A | 5.81%<sup>(a)(b)</sup> | 12/25/2054 | 43795315 |
| 24727552 | Series 2025-1-A | 6.03%<sup>(a)(b)</sup> | 02/25/2055 | 25069153 |
|  | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** |
| 7637221 | Series 2021-CF1-A1 | 5.99%<sup>(a)(d)</sup> | 08/25/2051 | 7647562 |
| 8367692 | Series 2021-CF2-A1 | 5.49%<sup>(a)(d)</sup> | 11/27/2051 | 8370764 |
| 1412815 | Series 2021-NPL6-A1 | 6.24%<sup>(a)(d)</sup> | 04/25/2051 | 1413635 |
| 772120 | Series 2021-NPL9-A1 | 5.99%<sup>(a)(d)</sup> | 05/25/2051 | 772461 |
|  | **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** |
| 6100000 | Series 2021-3-M1 | 2.40%<sup>(a)(b)</sup> | 06/25/2066 | 4641594 |
| 4588000 | Series 2021-4-B1 | 3.05%<sup>(a)(b)</sup> | 07/25/2066 | 3268150 |
| 2300000 | Series 2021-4-B2 | 3.81%<sup>(a)(b)</sup> | 07/25/2066 | 1687823 |
| 2500000 | Series 2021-4-M1 | 2.20%<sup>(a)(b)</sup> | 07/25/2066 | 1759439 |

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| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **25**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 6651000 | Series 2021-5-B1 | 3.04%<sup>(a)(b)</sup> | 09/25/2066 | 4913964 |
| 9255000 | Series 2021-5-M1 | 2.33%<sup>(a)(b)</sup> | 09/25/2066 | 6957474 |
|  | **Voyager OPTONE Delaware Trust** | **Voyager OPTONE Delaware Trust** | **Voyager OPTONE Delaware Trust** | **Voyager OPTONE Delaware Trust** |
| 5515111 | Series 2009-1-SAC3 | 16.41%<sup>(a)(b)</sup> | 02/25/2038 | 4264566 |
|  | **WAMU Asset-Backed Certificates** | **WAMU Asset-Backed Certificates** | **WAMU Asset-Backed Certificates** | **WAMU Asset-Backed Certificates** |
| 7087060 | Series 2007-HE1-2A2 (1 mo. Term SOFR + 0.33%, 0.33% Floor) | 4.49% | 01/25/2037 | 3230283 |
| 12494176 | Series 2007-HE4-1A (1 mo. Term SOFR + 0.28%, 0.28% Floor) | 4.44% | 07/25/2047 | 9439946 |
|  | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** |
| 4477345 | Series 2005-AR19-B1 (1 mo. Term SOFR + 1.16%, 1.05% Floor, 10.50% Cap) | 5.32% | 12/25/2045 | 3948612 |
| 4733901 | Series 2006-AR10-1A1 | 4.50%<sup>(b)</sup> | 09/25/2036 | 4154255 |
| 4661483 | &nbsp;&nbsp;&nbsp; Series 2006-AR15-1A <br>(12 Month US Treasury Average + 0.84%, 0.84% Floor) | 4.99% | 11/25/2046 | 4000586 |
| 2894246 | &nbsp;&nbsp;&nbsp; Series 2006-AR5-A12B <br>(12 Month US Treasury Average + 0.98%, 0.98% Floor) | 5.13% | 06/25/2046 | 2676174 |
| 403138 | Series 2006-AR6-2A3 | 4.44%<sup>(b)</sup> | 08/25/2036 | 363491 |
| 3743112 | Series 2007-HY3-4A1 | 4.99%<sup>(b)</sup> | 03/25/2037 | 3461213 |
| 6386686 | Series 2007-HY5-1A1 | 4.15%<sup>(b)</sup> | 05/25/2037 | 5701833 |
|  | **Washington Mutual Alternative Mortgage Pass-Through Certificates** | **Washington Mutual Alternative Mortgage Pass-Through Certificates** | **Washington Mutual Alternative Mortgage Pass-Through Certificates** | **Washington Mutual Alternative Mortgage Pass-Through Certificates** |
| 3258587 | Series 2005-1-2A | 6.00% | 03/25/2035 | 2851615 |
| 764452 | Series 2005-4-5A1 | 5.50% | 06/25/2035 | 665785 |
| 314436 | Series 2005-5-CB12 (-11 x 1 mo. Term SOFR + 49.34%, 0.00% Floor, 50.60% Cap) | 3.60%<sup>(g)</sup> | 07/25/2035 | 331844 |
| 1018221 | Series 2005-5-CB6 (1 mo. Term SOFR + 0.71%, 0.60% Floor, 7.50% Cap) | 4.87% | 07/25/2035 | 895996 |
| 252778 | Series 2005-6-2A7 | 5.50% | 08/25/2035 | 224965 |
| 2839175 | Series 2005-7-2CB6 (1 mo. Term SOFR + 1.56%, 1.45% Floor, 6.00% Cap) | 5.72% | 08/25/2035 | 2768571 |
| 258107 | Series 2005-7-2CB7 (-11 x 1 mo. Term SOFR + 48.79%, 0.00% Floor, 50.05% Cap) | 3.05%<sup>(g)</sup> | 08/25/2035 | 250493 |
| 1972511 | Series 2005-7-3CB | 6.50% | 08/25/2035 | 1692792 |
| 4195879 | Series 2005-8-1A2 | 5.50% | 10/25/2035 | 3639882 |
| 4434316 | Series 2005-9-2A2 | 5.50% | 11/25/2035 | 4126695 |
| 926763 | Series 2005-9-CX | 5.50%<sup>(f)</sup> | 11/25/2035 | 155764 |
| 3788650 | Series 2006-1-2CB1 | 7.00% | 02/25/2036 | 2846668 |
| 1301751 | Series 2006-1-3A1 | 5.75% | 02/25/2036 | 1236284 |
| 656408 | Series 2006-1-3A2 | 5.75% | 02/25/2036 | 620944 |
| 558310 | Series 2006-1-3A7 | 5.75% | 02/25/2036 | 528502 |
| 1754255 | Series 2006-3-3CB4 | 6.00% | 04/25/2036 | 1542443 |
| 973022 | Series 2006-5-1A8 | 5.75% | 07/25/2036 | 776252 |
| 2186999 | Series 2006-5-2CB1 | 6.00% | 07/25/2036 | 1569144 |
| 3972510 | Series 2006-5-2CB6 | 6.00% | 07/25/2036 | 2850225 |
| 12524079 | Series 2006-5-3A3 | 6.72%<sup>(d)</sup> | 07/25/2036 | 2641398 |
| 5219089 | Series 2006-5-3A5 (1 mo. Term SOFR) | 6.95%<sup>(d)</sup> | 07/25/2036 | 1099777 |
| 7261907 | Series 2006-8-A4 | 4.12%<sup>(d)</sup> | 10/25/2036 | 2435542 |
| 2746178 | Series 2006-9-A7 | 4.19%<sup>(d)</sup> | 10/25/2036 | 836026 |
| 3421044 | Series 2006-AR10-A1 (1 mo. Term SOFR + 0.31%, 0.20% Floor) | 4.47% | 12/25/2036 | 1687594 |
| 4653171 | &nbsp;&nbsp;&nbsp; Series 2006-AR4-2A <br>(12 Month US Treasury Average + 0.95%, 0.95% Floor) | 5.10% | 06/25/2046 | 3509049 |
| 4357933 | &nbsp;&nbsp;&nbsp; Series 2006-AR5-4A <br>(12 Month US Treasury Average + 0.99%, 0.99% Floor) | 5.14% | 06/25/2046 | 3599099 |
| 6265613 | Series 2007-2-1A6 | 6.00% | 04/25/2037 | 5196631 |
| 2574944 | Series 2007-3-A3 | 6.00% | 04/25/2037 | 2286627 |
| 2043677 | Series 2007-4-1A1 | 5.50% | 06/25/2037 | 1998223 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 138816 | Series 2007-5-A11 (-6 x 1 mo. Term SOFR + 38.79%, 0.00% Floor, 39.48% Cap) | 13.85%<sup>(g)</sup> | 06/25/2037 | 159538 |
| 3470403 | Series 2007-5-A6 | 6.00% | 06/25/2037 | 3204956 |
| 4866596 | Series 2007-OC1-A2 (1 mo. Term SOFR + 0.35%, 0.24% Floor) | 4.51% | 01/25/2047 | 4375451 |
|  | **Washington Mutual Asset-Backed Certificates** | **Washington Mutual Asset-Backed Certificates** | **Washington Mutual Asset-Backed Certificates** | **Washington Mutual Asset-Backed Certificates** |
| 1020116 | Series 2006-HE2-A4 (1 mo. Term SOFR + 0.59%, 0.48% Floor) | 4.75% | 05/25/2036 | 801349 |
| 18726540 | Series 2007-HE2-2A2 (1 mo. Term SOFR + 0.55%, 0.44% Floor) | 4.71% | 02/25/2037 | 5885390 |
|  | **Wells Fargo Alternative Loan Trust** | **Wells Fargo Alternative Loan Trust** | **Wells Fargo Alternative Loan Trust** | **Wells Fargo Alternative Loan Trust** |
| 400099 | Series 2007-PA1-A10 | 6.00% | 03/25/2037 | 369541 |
| 1756747 | Series 2007-PA1-A3 | 6.00% | 03/25/2037 | 1622571 |
| 1514700 | Series 2007-PA1-A5 | 6.00% | 03/25/2037 | 1399011 |
| 2482518 | Series 2007-PA1-A6 | 6.00% | 03/25/2037 | 2292909 |
| 9797554 | Series 2007-PA2-1A1 | 6.00% | 06/25/2037 | 8971741 |
| 1392835 | Series 2007-PA2-3A1 (1 mo. Term SOFR + 0.46%, 0.35% Floor, 7.00% Cap) | 4.62% | 06/25/2037 | 1009138 |
| 2051861 | Series 2007-PA2-3A2 (-1 x 1 mo. Term SOFR + 6.54%, 0.00% Floor, 6.65% Cap) | 2.38%<sup>(f)(g)</sup> | 06/25/2037 | 232041 |
| 3533056 | Series 2007-PA3-2A1 | 6.00% | 07/25/2037 | 3209132 |
| 1403706 | Series 2007-PA3-2A4 | 6.00% | 07/25/2037 | 1275009 |
| 2467575 | Series 2007-PA3-3A1 | 6.25% | 07/25/2037 | 2158000 |
| 18484509 | Series 2007-PA5-1A1 | 6.25% | 11/25/2037 | 16689349 |
| 3364354 | Series 2007-PA6-A1 | 6.09%<sup>(b)</sup> | 12/28/2037 | 3069544 |
|  | **Wells Fargo Mortgage Backed Securities Trust** | **Wells Fargo Mortgage Backed Securities Trust** | **Wells Fargo Mortgage Backed Securities Trust** | **Wells Fargo Mortgage Backed Securities Trust** |
| 986379 | Series 2006-AR12-1A1 | 6.77%<sup>(b)</sup> | 09/25/2036 | 901844 |
| 484846 | Series 2006-AR13-A2 | 6.47%<sup>(b)</sup> | 09/25/2036 | 475648 |
| 537949 | Series 2006-AR4-2A1 | 6.09%<sup>(b)</sup> | 04/25/2036 | 533689 |
| 870047 | Series 2007-7-A1 | 6.00% | 06/25/2037 | 824819 |
| 60510 | Series 2007-7-A32 | 5.75% | 06/25/2037 | 56808 |
| 1959281 | Series 2007-7-A34 | 6.00% | 06/25/2037 | 1857432 |
| 530669 | Series 2007-7-A36 | 6.00% | 06/25/2037 | 503064 |
| 180472 | Series 2007-7-A43 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 7.00% Cap) | 4.77% | 06/25/2037 | 161799 |
| 493046 | Series 2007-7-A49 | 6.00% | 06/25/2037 | 467416 |
| 208730 | Series 2007-7-A8 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 7.00% Cap) | 4.77% | 06/25/2037 | 187133 |
| 94162 | Series 2007-7-A9 (-6 x 1 mo. Term SOFR + 38.31%, 0.00% Floor, 39.00% Cap) | 13.37%<sup>(g)</sup> | 06/25/2037 | 109496 |
| 7911017 | Series 2007-AR9-A1 | 6.39%<sup>(b)</sup> | 12/28/2037 | 7161996 |
|  | **Total Non-Agency Residential Collateralized Mortgage Obligations** <br>**(Cost $9,076,902,520)** | **Total Non-Agency Residential Collateralized Mortgage Obligations** <br>**(Cost $9,076,902,520)** |  | **7294362551** |
|  **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 49.1%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 49.1%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 49.1%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 49.1%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 49.1%** |
|  | **Fannie Mae Whole Loan** | **Fannie Mae Whole Loan** | **Fannie Mae Whole Loan** | **Fannie Mae Whole Loan** |
| 3937432 | Series 2003-W17-1A7 | 5.75% | 08/25/2033 | 3996170 |
| 1107342 | Series 2004-W10-A6 | 5.75% | 08/25/2034 | 1142515 |
|  | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** |
| 1582168 | Pool C03490 | 4.50% | 08/01/2040 | 1587773 |
| 8771097 | Pool C91388 | 3.50% | 02/01/2032 | 8634252 |
| 4589918 | Pool C91403 | 3.50% | 03/01/2032 | 4517480 |
| 4578416 | Pool C91413 | 3.50% | 12/01/2031 | 4508609 |
| 2389176 | Pool C91417 | 3.50% | 01/01/2032 | 2351895 |
| 9641814 | Pool C91447 | 3.50% | 05/01/2032 | 9486221 |
| 3869921 | Pool C91596 | 3.00% | 02/01/2033 | 3756570 |
| 1698425 | Pool D98901 | 3.50% | 01/01/2032 | 1671951 |
| 3656445 | Pool D98923 | 3.50% | 01/01/2032 | 3599456 |
| 4890733 | Pool D99724 | 3.00% | 11/01/2032 | 4748300 |
| 4616377 | Pool G01840 | 5.00% | 07/01/2035 | 4729633 |
| 1051495 | Pool G04817 | 5.00% | 09/01/2038 | 1079968 |
| 4293816 | Pool G07801 | 4.00% | 10/01/2044 | 4154208 |

---

---

| | | |
|:---|:---|:---|
| **26**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 9313873 | Pool G07862 | 4.00% | 01/01/2044 | 9057132 |
| 10392218 | Pool G07905 | 4.00% | 01/01/2042 | 10129490 |
| 20734334 | Pool G08534 | 3.00% | 06/01/2043 | 19093329 |
| 6664007 | Pool G08537 | 3.00% | 07/01/2043 | 6135894 |
| 11989772 | Pool G08614 | 3.00% | 11/01/2044 | 10981129 |
| 14426330 | Pool G08619 | 3.00% | 12/01/2044 | 13202268 |
| 18604063 | Pool G08622 | 3.00% | 01/01/2045 | 16957263 |
| 15239236 | Pool G08653 | 3.00% | 07/01/2045 | 13868961 |
| 8861324 | Pool G08658 | 3.00% | 08/01/2045 | 8058113 |
| 10111506 | Pool G08670 | 3.00% | 10/01/2045 | 9178229 |
| 118413300 | Pool G08675 | 3.00% | 11/01/2045 | 107508650 |
| 49198151 | Pool G08680 | 3.00% | 12/01/2045 | 44636840 |
| 20451639 | Pool G08686 | 3.00% | 01/01/2046 | 18560152 |
| 45759168 | Pool G08692 | 3.00% | 02/01/2046 | 41517492 |
| 14537473 | Pool G08705 | 3.00% | 05/01/2046 | 13174842 |
| 16796040 | Pool G08715 | 3.00% | 08/01/2046 | 15211236 |
| 869097 | Pool G08800 | 3.50% | 02/01/2048 | 809040 |
| 6670513 | Pool G16072 | 3.00% | 02/01/2032 | 6512103 |
| 20282165 | Pool G60251 | 3.50% | 10/01/2045 | 19101782 |
| 50781707 | Pool G60393 | 3.50% | 01/01/2046 | 47826672 |
| 3590362 | Pool J22834 | 2.50% | 03/01/2028 | 3534936 |
| 18054231 | Pool Q13637 | 3.00% | 11/01/2042 | 16642222 |
| 18256353 | Pool Q13638 | 3.00% | 11/01/2042 | 16824691 |
| 30768727 | Pool Q16672 | 3.00% | 03/01/2043 | 28346467 |
| 2086152 | Pool Q23595 | 4.00% | 12/01/2043 | 2031664 |
| 2049590 | Pool Q24052 | 4.00% | 01/01/2044 | 1987364 |
| 1741062 | Pool Q24172 | 4.00% | 01/01/2044 | 1694507 |
| 2065812 | Pool Q24979 | 4.00% | 02/01/2044 | 2005437 |
| 8003336 | Pool Q31596 | 3.50% | 02/01/2045 | 7537581 |
| 3631948 | Pool Q32861 | 3.50% | 04/01/2045 | 3420573 |
| 8727168 | Pool Q32921 | 3.50% | 04/01/2045 | 8219229 |
| 9490954 | Pool Q39502 | 3.50% | 03/01/2046 | 8926887 |
| 20045206 | Pool Q44073 | 3.00% | 09/01/2046 | 18149522 |
| 9061581 | Pool QE2022 | 3.00% | 05/01/2052 | 8046290 |
| 14248418 | Pool QU7965 | 2.00% | 09/01/2051 | 11276687 |
| 12830794 | Pool QU7970 | 2.00% | 09/01/2051 | 10154608 |
| 13910335 | Pool RA2853 | 2.50% | 06/01/2050 | 11852523 |
| 18190637 | Pool RA4218 | 2.50% | 12/01/2050 | 15559370 |
| 13993781 | Pool RA4968 | 2.50% | 04/01/2046 | 12135912 |
| 50838035 | Pool RA5267 | 3.00% | 05/01/2051 | 45070089 |
| 7526576 | Pool RA7554 | 4.00% | 06/01/2052 | 7118785 |
| 79803223 | Pool RA7939 | 5.00% | 09/01/2052 | 79720579 |
| 64097308 | Pool RB5089 | 1.50% | 12/01/2040 | 53716398 |
| 6777361 | Pool RB5106 | 2.50% | 03/01/2041 | 6108581 |
| 73724698 | Pool RB5110 | 1.50% | 05/01/2041 | 62368613 |
| 15478288 | Pool RJ1071 | 6.00% | 03/01/2054 | 16048861 |
| 27448088 | Pool SD0699 | 2.00% | 11/01/2050 | 22748083 |
| 39064982 | Pool SD0715 | 2.00% | 09/01/2051 | 32457823 |
| 56134129 | Pool SD2120 | 3.00% | 10/01/2051 | 49994883 |
| 32487433 | Pool SD2386 | 3.50% | 06/01/2052 | 29932832 |
| 51874408 | Pool SD2692 | 4.50% | 04/01/2053 | 50716238 |
| 19858533 | Pool SD2759 | 5.50% | 05/01/2053 | 20265727 |
| 24834886 | Pool SD2839 | 3.00% | 08/01/2052 | 22078275 |
| 14908226 | Pool SD2971 | 2.50% | 03/01/2052 | 12788289 |
| 27251158 | Pool SD3011 | 3.00% | 05/01/2052 | 24211786 |
| 12161239 | Pool SD3033 | 5.50% | 05/01/2053 | 12549684 |
| 58688617 | Pool SD3093 | 2.50% | 03/01/2052 | 50134501 |
| 47056459 | Pool SD3454 | 5.50% | 08/01/2053 | 47922732 |
| 17929821 | Pool SD3530 | 6.00% | 08/01/2053 | 18530389 |
| 21358496 | Pool SD3912 | 5.50% | 09/01/2053 | 21796677 |
| 35836470 | Pool SD4701 | 6.00% | 02/01/2054 | 37082677 |
| 25310969 | Pool SD4794 | 6.50% | 01/01/2054 | 26923487 |
| 39376462 | Pool SD4887 | 6.00% | 02/01/2054 | 40798424 |
| 22384430 | Pool SD4888 | 6.00% | 02/01/2054 | 23164583 |
| 45077934 | Pool SD4965 | 5.50% | 02/01/2054 | 46138516 |
| 14274846 | Pool SD5141 | 6.00% | 04/01/2054 | 14708744 |
| 15435130 | Pool SD5366 | 6.00% | 04/01/2054 | 15975522 |
| 29865091 | Pool SD5603 | 5.50% | 06/01/2054 | 30567788 |
| 10249586 | Pool SD5617 | 6.00% | 06/01/2054 | 10642938 |
| 48697581 | Pool SD5814 | 6.00% | 07/01/2054 | 50471195 |
| 28201153 | Pool SD5964 | 5.50% | 11/01/2053 | 28833281 |
| 21354305 | Pool SD5968 | 6.00% | 07/01/2054 | 22111936 |
| 167241786 | Pool SD7534 | 2.50% | 02/01/2051 | 144435547 |
| 13933803 | Pool SD7535 | 2.50% | 02/01/2051 | 12002102 |
| 20419240 | Pool SD7564 | 5.00% | 06/01/2053 | 20561106 |
| 18614781 | Pool SD7565 | 5.50% | 09/01/2053 | 19072339 |
| 53362326 | Pool SD7568 | 5.50% | 02/01/2054 | 54630961 |
| 79915890 | Pool SD7569 | 6.00% | 04/01/2054 | 83048486 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 72543548 | Pool SD8152 | 3.00% | 06/01/2051 | 64147394 |
| 2703711 | Pool SD8168 | 3.00% | 09/01/2051 | 2388539 |
| 7318318 | Pool SD8169 | 3.50% | 09/01/2051 | 6716280 |
| 22314867 | Pool SD8372 | 5.50% | 11/01/2053 | 22583081 |
| 37757535 | Pool SE9043 | 2.00% | 09/01/2051 | 29882517 |
| 24348835 | Pool SL0312 | 6.00% | 01/01/2055 | 25448523 |
| 36283487 | Pool SL1124 | 6.00% | 04/01/2055 | 37310392 |
| 73541606 | Pool SL1142 | 5.50% | 04/01/2055 | 75272098 |
| 27292277 | Pool SL1712 | 6.00% | 12/01/2054 | 28016406 |
| 901238 | Pool T60392 | 4.00% | 10/01/2041 | 860890 |
| 1230903 | Pool T60681 | 4.00% | 05/01/2042 | 1180418 |
| 5046017 | Pool T60782 | 3.50% | 07/01/2042 | 4700047 |
| 5740479 | Pool T60853 | 3.50% | 09/01/2042 | 5346918 |
| 5463723 | Pool T60854 | 3.50% | 09/01/2042 | 5089143 |
| 941472 | Pool T65110 | 3.50% | 10/01/2042 | 879270 |
| 5671344 | Pool T65492 | 3.00% | 06/01/2048 | 5005184 |
| 513741 | Pool T69016 | 5.00% | 06/01/2041 | 509820 |
| 8959246 | Pool T69050 | 3.50% | 05/01/2046 | 8349878 |
| 124782 | Pool U60299 | 4.00% | 11/01/2040 | 121432 |
| 123587637 | Pool U69911 | 4.00% | 04/01/2045 | 120268324 |
| 38525608 | Pool U69913 | 3.50% | 06/01/2043 | 36358052 |
| 1087437 | Pool U99125 | 3.00% | 01/01/2043 | 1001500 |
| 41972976 | Pool V81821 | 3.00% | 08/01/2045 | 38290029 |
| 12399397 | Pool V82117 | 3.00% | 12/01/2045 | 11257540 |
| 6012205 | Pool V82248 | 3.50% | 03/01/2046 | 5579190 |
| 10500000 | Pool WN1221 | 4.80% | 12/01/2029 | 10690164 |
| 19180000 | Pool WN1240 | 4.40% | 12/01/2029 | 19220913 |
| 40000000 | Pool WN2184 | 2.50% | 04/01/2032 | 35872190 |
| 23230000 | Pool WN2311 | 4.80% | 01/01/2030 | 23649178 |
| 44782197 | Pool WN2358 | 4.30% | 01/01/2030 | 44861070 |
| 21490189 | Pool WN2396 | 4.79% | 03/01/2030 | 21875442 |
| 15225000 | Pool WN2423 | 4.19% | 06/01/2030 | 15153969 |
| 13881000 | Pool WN2579 | 4.85% | 03/01/2029 | 14071261 |
| 67217475 | Pool Z40117 | 3.00% | 04/01/2045 | 61737650 |
| 58809449 | Pool Z40206 | 3.50% | 02/01/2047 | 55061415 |
| 74097195 | Pool Z40256 | 3.00% | 12/01/2046 | 67914356 |
| 18254162 | Pool Z40264 | 4.00% | 11/01/2040 | 17920493 |
| 105217531 | Pool Z40265 | 3.50% | 08/01/2047 | 98165120 |
| 10943940 | Pool ZS4706 | 3.00% | 03/01/2047 | 9896817 |
| 5626215 | Pool ZS4750 | 3.00% | 01/01/2048 | 5072119 |
| 10001556 | Pool ZS4778 | 4.00% | 07/01/2048 | 9615956 |
| 8268499 | Pool ZS4790 | 4.00% | 09/01/2048 | 7946283 |
| 12460892 | Pool ZT1827 | 3.00% | 07/01/2047 | 11269240 |
| 245180 | Series 2519-ZD | 5.50% | 11/15/2032 | 252001 |
| 131853 | Series 2596-ZL | 5.00% | 04/15/2033 | 133905 |
| 9709482 | Series 267-30 | 3.00% | 08/15/2042 | 8944216 |
| 102939 | Series 2684-ZN | 4.00% | 10/15/2033 | 100428 |
| 6819975 | Series 274-30 | 3.00% | 08/15/2042 | 6233406 |
| 580528 | Series 2750-ZT | 5.00% | 02/15/2034 | 590963 |
| 27231436 | Series 280-30 | 3.00% | 09/15/2042 | 25155826 |
| 1878849 | Series 2825-PZ | 5.50% | 07/15/2034 | 1940866 |
| 4953388 | Series 284-300 | 3.00% | 10/15/2042 | 4621140 |
| 1071965 | Series 2898-JZ | 5.00% | 12/15/2034 | 1091393 |
| 2821423 | Series 2899-AZ | 5.00% | 12/15/2034 | 2891615 |
| 1355025 | Series 2909-Z | 5.00% | 12/15/2034 | 1389443 |
| 3152931 | Series 2932-Z | 5.00% | 02/15/2035 | 3240489 |
| 1130554 | Series 3002-SN (-1 x 30 day avg SOFR US + 6.39%, 0.00% Floor, 6.50% Cap) | 2.01%<sup>(f)(g)</sup> | 07/15/2035 | 90728 |
| 730198 | Series 3030-SL (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap) | 1.61%<sup>(f)(g)</sup> | 09/15/2035 | 60056 |
| 254893 | Series 3045-DI (-1 x 30 day avg SOFR US + 6.62%, 0.00% Floor, 6.73% Cap) | 2.24%<sup>(f)(g)</sup> | 10/15/2035 | 23483 |
| 1984826 | Series 3116-Z | 5.50% | 02/15/2036 | 2050112 |
| 285103 | Series 3117-ZN | 4.50% | 02/15/2036 | 285470 |
| 976024 | Series 3174-PZ | 5.00% | 01/15/2036 | 996693 |
| 240350 | Series 3187-JZ | 5.00% | 07/15/2036 | 247664 |
| 704033 | Series 3188-ZK | 5.00% | 07/15/2036 | 723402 |
| 1074930 | Series 3203-SE (-1 x 30 day avg SOFR US + 6.39%, 0.00% Floor, 6.50% Cap) | 2.01%<sup>(f)(g)</sup> | 08/15/2036 | 104991 |
| 1428314 | Series 3203-Z | 5.00% | 07/15/2036 | 1458018 |
| 4134115 | Series 326-300Pool S0-7094 | 3.00% | 03/15/2044 | 3805677 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **27**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1505058 | Series 3261-SA (-1 x 30 day avg SOFR US + 6.32%, 0.00% Floor, 6.43% Cap) | 1.94%<sup>(f)(g)</sup> | 01/15/2037 | 149538 |
| 1214361 | Series 3275-SC (-1 x 30 day avg SOFR US + 5.97%, 0.00% Floor, 6.08% Cap) | 1.59%<sup>(f)(g)</sup> | 02/15/2037 | 104504 |
| 295838 | Series 3315-HZ | 6.00% | 05/15/2037 | 312265 |
| 1000270 | Series 3326-GS (-1 x 30 day avg SOFR US + 6.54%, 0.00% Floor, 6.65% Cap) | 2.16%<sup>(f)(g)</sup> | 06/15/2037 | 91070 |
| 264609 | Series 3351-ZC | 5.50% | 07/15/2037 | 274290 |
| 3408643 | Series 3355-BI (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap) | 1.56%<sup>(f)(g)</sup> | 08/15/2037 | 323504 |
| 174079 | Series 3369-Z | 6.00% | 09/15/2037 | 183728 |
| 477225 | Series 3405-ZG | 5.50% | 01/15/2038 | 495631 |
| 132268 | Series 3417-SI (-1 x 30 day avg SOFR US + 6.07%, 0.00% Floor, 6.18% Cap) | 1.69%<sup>(f)(g)</sup> | 02/15/2038 | 10522 |
| 583913 | Series 3423-GS (-1 x 30 day avg SOFR US + 5.54%, 0.00% Floor, 5.65% Cap) | 1.16%<sup>(f)(g)</sup> | 03/15/2038 | 42732 |
| 95885 | Series 3423-SG (-1 x 30 day avg SOFR US + 5.54%, 0.00% Floor, 5.65% Cap) | 1.16%<sup>(f)(g)</sup> | 03/15/2038 | 6894 |
| 138963 | Series 3451-S (-1 x 30 day avg SOFR US + 5.92%, 0.00% Floor, 6.03% Cap) | 1.54%<sup>(f)(g)</sup> | 02/15/2037 | 9309 |
| 127559 | Series 3455-SC (-1 x 30 day avg SOFR US + 5.95%, 0.00% Floor, 6.06% Cap) | 1.57%<sup>(f)(g)</sup> | 06/15/2038 | 9823 |
| 59959 | Series 3473-SM (-1 x 30 day avg SOFR US + 5.96%, 0.00% Floor, 6.07% Cap) | 1.58%<sup>(f)(g)</sup> | 07/15/2038 | 4795 |
| 1175783 | Series 3484-SE (-1 x 30 day avg SOFR US + 5.74%, 0.00% Floor, 5.85% Cap) | 1.36%<sup>(f)(g)</sup> | 08/15/2038 | 88240 |
| 1662359 | Series 3519-SD (-1 x 30 day avg SOFR US + 5.44%, 0.00% Floor, 5.55% Cap) | 1.06%<sup>(f)(g)</sup> | 02/15/2038 | 129509 |
| 510002 | Series 3524-LB | 3.31%<sup>(b)</sup> | 06/15/2038 | 492801 |
| 60139 | Series 3530-GZ | 4.50%<sup>(i)</sup> | 05/15/2039 | 58988 |
| 1483668 | Series 3541-EI (-1 x 30 day avg SOFR US + 6.64%, 0.00% Floor, 6.75% Cap) | 2.26%<sup>(f)(g)</sup> | 06/15/2039 | 167532 |
| 107879 | Series 3545-SA (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap) | 1.66%<sup>(f)(g)</sup> | 06/15/2039 | 9122 |
| 44877 | Series 3549-SA (-1 x 30 day avg SOFR US + 5.69%, 0.00% Floor, 5.80% Cap) | 1.31%<sup>(f)(g)</sup> | 07/15/2039 | 3817 |
| 28383638 | &nbsp;&nbsp;&nbsp; Series 357-200Pool <br>S0-7745 | 2.00% | 09/15/2047 | 24621658 |
| 1831077 | Series 3577-LS (-1 x 30 day avg SOFR US + 7.09%, 0.00% Floor, 7.20% Cap) | 2.71%<sup>(f)(g)</sup> | 08/15/2035 | 217107 |
| 628647 | Series 3582-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.51%<sup>(f)(g)</sup> | 10/15/2049 | 52672 |
| 576664 | Series 3583-GB | 4.50% | 10/15/2039 | 580910 |
| 755236 | Series 3616-SG (-1 x 30 day avg SOFR US + 6.24%, 0.00% Floor, 6.35% Cap) | 1.86%<sup>(f)(g)</sup> | 03/15/2032 | 31198 |
| 1719896 | Series 3626-AZ | 5.50% | 08/15/2036 | 1782982 |
| 2166532 | Series 3654-ZB | 5.50% | 11/15/2037 | 2243739 |
| 253001 | Series 3667-SBPool 3667 (-1 x 30 day avg SOFR US + 6.34%, 0.00% Floor, 6.45% Cap) | 1.96%<sup>(f)(g)</sup> | 05/15/2040 | 21194 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 29106942 | Series 367-C28 | 3.00%<sup>(f)</sup> | 07/15/2050 | 4890884 |
| 1688505 | Series 3702-SG (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap) | 1.56%<sup>(f)(g)</sup> | 08/15/2032 | 101948 |
| 1227727 | Series 3704-EI | 5.00%<sup>(f)</sup> | 12/15/2036 | 130916 |
| 963023 | Series 3712-SG (-5 x 30 day avg SOFR US + 24.43%, 0.00% Floor, 25.00% Cap) | 2.65%<sup>(g)</sup> | 08/15/2040 | 1091520 |
| 1434386 | Series 3724-CM | 5.50% | 06/15/2037 | 1505878 |
| 4661668 | Series 3726-SA (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap) | 1.56%<sup>(f)(g)</sup> | 09/15/2040 | 459886 |
| 186682 | Series 3741-SC (-2 x 30 day avg SOFR US + 9.77%, 0.00% Floor, 10.00% Cap) | 1.03%<sup>(g)</sup> | 10/15/2040 | 146373 |
| 4674509 | Series 3752-BS (-2 x 30 day avg SOFR US + 9.77%, 0.00% Floor, 10.00% Cap) | 1.06%<sup>(g)</sup> | 11/15/2040 | 3912904 |
| 1109694 | Series 3771-AL | 4.00% | 12/15/2030 | 1111049 |
| 2632869 | Series 3779-BY | 3.50% | 12/15/2030 | 2600970 |
| 3134544 | Series 3779-LB | 4.00% | 12/15/2030 | 3120038 |
| 712337 | Series 3779-YA | 3.50% | 12/15/2030 | 703706 |
| 2593874 | Series 3783-AC | 4.00% | 01/15/2031 | 2597050 |
| 2984617 | Series 3786-SG (-2 x 30 day avg SOFR US + 9.27%, 0.00% Floor, 9.50% Cap) | 0.53%<sup>(g)</sup> | 01/15/2041 | 2367264 |
| 2222464 | Series 3788-AY | 3.50% | 01/15/2031 | 2187341 |
| 435152 | Series 3790-Z | 4.00% | 01/15/2041 | 421614 |
| 1065930 | Series 3803-ZM | 4.00% | 02/15/2041 | 1032789 |
| 10340851 | Series 3806-CZ | 5.50% | 07/15/2034 | 10672622 |
| 2644710 | Series 3812-EY | 3.50% | 02/15/2031 | 2602663 |
| 1208882 | Series 3818-CZ | 4.50% | 03/15/2041 | 1198797 |
| 3350433 | Series 3828-SW (-3 x 30 day avg SOFR US + 12.86%, 0.00% Floor, 13.20% Cap) | 0.00%<sup>(g)</sup> | 02/15/2041 | 2836634 |
| 5778047 | Series 3843-PZ | 5.00% | 04/15/2041 | 5904092 |
| 82558283 | Series 386-C19 | 2.50%<sup>(f)</sup> | 03/15/2052 | 14284250 |
| 152488970 | Series 386-C4 | 2.50%<sup>(f)</sup> | 08/15/2051 | 25243628 |
| 96133648 | Series 386-C6 | 2.50%<sup>(f)</sup> | 12/15/2050 | 15695636 |
| 2799467 | Series 3870-PB | 4.50% | 06/15/2041 | 2821342 |
| 3793564 | Series 3872-BA | 4.00% | 06/15/2041 | 3748448 |
| 1925965 | Series 3877-EY | 4.50% | 06/15/2041 | 1922486 |
| 787005 | Series 3877-GY | 4.50% | 06/15/2041 | 785177 |
| 1665195 | Series 3900-SB (-1 x 30 day avg SOFR US + 5.86%, 0.00% Floor, 5.97% Cap) | 1.48%<sup>(f)(g)</sup> | 07/15/2041 | 146631 |
| 1518904 | Series 3910-ZE | 5.00% | 10/15/2034 | 1547963 |
| 2729577 | Series 3919-KL | 4.50% | 09/15/2041 | 2746649 |
| 8920997 | Series 3919-ZJ | 4.00% | 09/15/2041 | 8721612 |
| 540112 | Series 3942-JZ | 4.00% | 10/15/2041 | 522815 |
| 3338628 | Series 3944-AZ | 4.00% | 10/15/2041 | 3232850 |
| 1454946 | Series 3946-SM (-3 x 30 day avg SOFR US + 14.36%, 0.00% Floor, 14.70% Cap) | 1.24%<sup>(g)</sup> | 10/15/2041 | 1237138 |
| 6672782 | Series 3969-AB | 4.00% | 10/15/2033 | 6629791 |
| 1403903 | Series 3982-AZ | 3.50% | 01/15/2042 | 1319666 |
| 2068150 | Series 3999-EZ | 4.00% | 02/15/2042 | 2006939 |
| 76700 | Series 4050-ND | 2.50% | 09/15/2041 | 76213 |
| 2663356 | Series 4121-AV | 3.00% | 12/15/2035 | 2625423 |
| 10166986 | Series 4183-ZB | 3.00%<sup>(i)</sup> | 03/15/2043 | 8346597 |
| 3621338 | Series 4186-ZJ | 3.00%<sup>(i)</sup> | 03/15/2033 | 3429183 |
| 40143373 | Series 4212-US (-1 x 30 day avg SOFR US + 5.26%, 0.00% Floor, 5.40% Cap) | 0.04%<sup>(g)</sup> | 06/15/2043 | 28092136 |
| 19309604 | Series 4223-US (-1 x 30 day avg SOFR US + 5.29%, 0.00% Floor, 5.43% Cap) | 0.04%<sup>(g)</sup> | 07/15/2043 | 12873867 |
| 8852526 | Series 4249-CS (-1 x 30 day avg SOFR US + 4.56%, 0.00% Floor, 4.65% Cap) | 1.30%<sup>(g)</sup> | 09/15/2043 | 6867729 |
| 7129852 | Series 4341-ZA | 3.00% | 05/15/2044 | 6562474 |
| 1083039 | Series 4379-KA | 3.00% | 08/15/2044 | 1032728 |

---

---

| | | |
|:---|:---|:---|
| **28**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 32576785 | Series 4384-ZY | 3.00%<sup>(i)</sup> | 09/15/2044 | 29844733 |
| 14687910 | Series 4390-CZ | 3.50%<sup>(i)</sup> | 09/15/2054 | 12668531 |
| 5099762 | Series 4427-PS (-1 x 30 day avg SOFR US + 5.49%, 0.00% Floor, 5.60% Cap) | 1.11%<sup>(f)(g)</sup> | 07/15/2044 | 315621 |
| 636150 | Series 4438-B | 3.00% | 10/15/2043 | 621510 |
| 11809048 | Series 4441-VZ | 3.00%<sup>(i)</sup> | 02/15/2045 | 10458794 |
| 3759294 | Series 4471-BA | 3.00% | 12/15/2041 | 3732687 |
| 3268915 | Series 4471-BC | 3.00% | 12/15/2041 | 3245779 |
| 4046536 | Series 4500-GO | 0.00%<sup>(j)</sup> | 08/15/2045 | 3272163 |
| 7456389 | Series 4504-CA | 3.00% | 04/15/2044 | 7254281 |
| 24512115 | Series 4543-HG | 2.70% | 04/15/2044 | 23661297 |
| 12175999 | Series 4632-MH | 4.00% | 11/15/2056 | 11451711 |
| 4719786 | Series 4744-JA | 3.00% | 09/15/2047 | 4356910 |
| 4177772 | Series 4744-KA | 3.00% | 08/15/2046 | 4038479 |
| 9599129 | Series 4746-ZN | 3.50% | 12/15/2047 | 8928900 |
| 21534000 | Series 4759-NL | 3.00% | 02/15/2048 | 19240108 |
| 7043882 | Series 4776-YP | 3.50% | 02/15/2048 | 6423838 |
| 23064871 | Series 4778-DZ | 4.00% | 04/15/2048 | 22038789 |
| 4844928 | Series 4791-IO | 3.00%<sup>(f)</sup> | 05/15/2048 | 691928 |
| 24117859 | Series 4791-JT | 3.00% | 05/15/2048 | 21788479 |
| 3882613 | Series 4791-LI | 3.00%<sup>(f)</sup> | 05/15/2048 | 586122 |
| 3882613 | Series 4791-LO | 0.00%<sup>(j)</sup> | 05/15/2048 | 2980648 |
| 15628801 | Series 4791-PO | 0.00%<sup>(j)</sup> | 05/15/2048 | 12446446 |
| 10177876 | Series 4792-A | 3.00% | 05/15/2048 | 9194495 |
| 6685775 | Series 4793-C | 3.00% | 06/15/2048 | 6052876 |
| 6321518 | Series 4795-AO | 0.00%<sup>(j)</sup> | 05/15/2048 | 4855456 |
| 5442644 | Series 4801-OG | 0.00%<sup>(j)</sup> | 06/15/2048 | 4397613 |
| 19860917 | Series 4857-J | 3.40% | 01/15/2049 | 18808352 |
| 8569656 | Series 4901-BD | 3.00% | 07/25/2049 | 8141105 |
| 16941995 | Series 4924-ST (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.53%<sup>(f)(g)</sup> | 08/25/2048 | 1747536 |
| 9658663 | Series 5004-LS (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap) | 1.68%<sup>(f)(g)</sup> | 07/25/2050 | 1439905 |
| 34310507 | Series 5007-IP | 3.00%<sup>(f)</sup> | 07/25/2050 | 5870408 |
| 14937823 | Series 5010-KI | 3.00%<sup>(f)</sup> | 09/25/2050 | 2264629 |
| 11183439 | Series 5023-YI | 3.00%<sup>(f)</sup> | 10/25/2050 | 2064708 |
| 52082390 | Series 5040-GI | 2.00%<sup>(f)</sup> | 11/25/2050 | 6525976 |
| 28439783 | Series 5050-BN | 3.00% | 11/25/2050 | 25196083 |
| 27744203 | Series 5053-AI | 3.00%<sup>(f)</sup> | 11/25/2050 | 4995793 |
| 9248067 | Series 5053-PI | 3.00%<sup>(f)</sup> | 11/25/2050 | 1665264 |
| 19623360 | Series 5059-HI | 3.00%<sup>(f)</sup> | 09/25/2050 | 3220466 |
| 22296193 | Series 5059-ID | 3.00%<sup>(f)</sup> | 01/25/2051 | 3471936 |
| 10739422 | Series 5060-LT | 2.00% | 05/25/2050 | 8966225 |
| 5414675 | Series 5062-PA | 1.25% | 01/25/2051 | 4089333 |
| 13933682 | Series 5071-FP (30 day avg SOFR US + 0.70%, 0.70% Floor, 4.00% Cap) | 4.00% | 02/25/2051 | 11316972 |
| 26085811 | Series 5077-CI | 3.50%<sup>(f)</sup> | 02/25/2051 | 4783034 |
| 11305370 | Series 5081-MI | 2.50%<sup>(f)</sup> | 03/25/2051 | 1824762 |
| 35605610 | Series 5083-IH | 2.50%<sup>(f)</sup> | 03/25/2051 | 5766763 |
| 10428278 | Series 5086-IB | 3.00%<sup>(f)</sup> | 03/25/2051 | 1853903 |
| 13032098 | Series 5086-IK | 3.00%<sup>(f)</sup> | 03/25/2051 | 2251129 |
| 6805314 | Series 5112-SC (-1 x 30 day avg SOFR US + 2.50%, 0.00% Floor, 2.50% Cap) | 0.00%<sup>(f)(g)</sup> | 06/25/2051 | 19707 |
| 14609017 | Series 5117-D | 2.00% | 06/25/2051 | 13097736 |
| 16026472 | Series 5118-PI | 3.00%<sup>(f)</sup> | 03/25/2051 | 2587969 |
| 94580873 | Series 5129-GI | 3.00%<sup>(f)</sup> | 08/25/2050 | 17161293 |
| 60457647 | Series 5130-IO | 3.50%<sup>(f)</sup> | 08/25/2051 | 12921220 |
| 29138619 | Series 5140-AI | 3.50%<sup>(f)</sup> | 09/25/2051 | 5504442 |
| 10015656 | Series 5140-B | 2.00% | 05/25/2040 | 9030706 |
| 30899030 | Series 5140-HI | 2.00%<sup>(f)</sup> | 08/25/2046 | 2838651 |
| 22919306 | Series 5142-IP | 3.00%<sup>(f)</sup> | 09/25/2051 | 4066162 |
| 33867266 | Series 5145-SB (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap) | 0.00%<sup>(f)(g)</sup> | 09/25/2051 | 100714 |
| 14453721 | Series 5149-CI | 3.00%<sup>(f)</sup> | 12/25/2043 | 2000354 |
| 19634317 | Series 5150-AB | 2.00% | 04/25/2049 | 16380496 |
| 37089365 | Series 5157-EI | 3.00%<sup>(f)</sup> | 10/25/2051 | 5114486 |
| 12706062 | Series 5157-P | 1.50% | 10/25/2051 | 10504341 |
| 8406131 | Series 5159-CD | 1.50% | 07/25/2041 | 7501263 |
| 15633706 | Series 5159-DI | 3.00%<sup>(f)</sup> | 04/25/2048 | 2524603 |
| 27367496 | Series 5159-UI | 3.50%<sup>(f)</sup> | 08/25/2050 | 5120335 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 39871060 | Series 5160-S (-1 x 30 day avg SOFR US + 3.74%, 0.00% Floor, 3.74% Cap) | 0.00%<sup>(f)(g)</sup> | 08/25/2050 | 1116892 |
| 19638847 | Series 5160-ZY | 3.00%<sup>(i)</sup> | 10/25/2050 | 14274948 |
| 26635885 | Series 5171-GI | 3.00%<sup>(f)</sup> | 12/25/2051 | 4418853 |
| 27123376 | Series 5176-D | 2.50% | 01/25/2051 | 23473785 |
| 22768211 | Series 5181-IL | 3.00%<sup>(f)</sup> | 01/25/2052 | 3719984 |
| 13602072 | Series 5187-LA | 2.50% | 10/25/2049 | 12144647 |
| 18529973 | Series 5196-PE | 2.00% | 02/25/2052 | 16405482 |
| 20359957 | Series 5202-DB | 3.00% | 05/25/2048 | 18654894 |
| 16875169 | Series 5202-HA | 2.50% | 09/25/2048 | 15197167 |
| 55605153 | Series 5209-IO | 3.00%<sup>(f)</sup> | 10/25/2051 | 9583720 |
| 22970411 | Series 5236-YI | 2.50%<sup>(f)</sup> | 06/25/2049 | 2734752 |
| 64592816 | Series 5279-IO | 3.00%<sup>(f)</sup> | 03/25/2051 | 10482820 |
| 71985917 | Series 5321-PO | 0.00%<sup>(j)</sup> | 08/25/2050 | 51697521 |
| 12371346 | Series 5326-KO | 0.00%<sup>(j)</sup> | 09/25/2050 | 8877247 |
| 33553204 | Series 5326-MO | 0.00%<sup>(j)</sup> | 09/25/2050 | 23345326 |
| 15397913 | Series 5326-OP | 0.00%<sup>(j)</sup> | 09/25/2050 | 11053983 |
| 26934088 | Series 5326-UO | 0.00%<sup>(j)</sup> | 10/25/2050 | 18078211 |
| 23453588 | Series 5334-PO | 0.00%<sup>(j)</sup> | 12/25/2050 | 17453881 |
| 11867354 | Series 5352-LO | 0.00%<sup>(j)</sup> | 10/15/2046 | 9129540 |
| 17914325 | Series 5365-PO | 0.00%<sup>(j)</sup> | 02/25/2037 | 14795441 |
| 18563520 | Series 5377-IO | 2.50%<sup>(f)</sup> | 12/25/2051 | 2406077 |
| 17349740 | Series 5400-FB (30 day avg SOFR US + 1.10%, 1.10% Floor, 7.00% Cap) | 5.46% | 04/25/2054 | 17398319 |
| 28861220 | Series 5430-FD (30 day avg SOFR US + 1.10%, 1.10% Floor, 7.00% Cap) | 5.46% | 07/25/2054 | 28942034 |
| 24092366 | Series 5439-FJ (30 day avg SOFR US + 1.10%, 1.10% Floor, 7.00% Cap) | 5.46% | 08/25/2054 | 24158193 |
| 40804523 | Series 5452-DF (30 day avg SOFR US + 1.25%, 1.25% Floor, 6.50% Cap) | 5.61% | 09/25/2054 | 40955695 |
| 34539109 | Series 5469-F (30 day avg SOFR US + 1.10%, 1.10% Floor, 6.50% Cap) | 5.46% | 09/25/2054 | 34530571 |
| 43644241 | Series 5470-FH (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 11/25/2054 | 43751056 |
| 33994722 | Series 5471-FM (30 day avg SOFR US + 1.40%, 1.40% Floor, 6.50% Cap) | 5.76% | 11/25/2054 | 34250984 |
| 39243202 | Series 5473-FP (30 day avg SOFR US + 1.30%, 1.30% Floor, 6.50% Cap) | 5.66% | 11/25/2054 | 39440442 |
| 37704310 | Series 5478-FB (30 day avg SOFR US + 1.35%, 1.35% Floor, 6.50% Cap) | 5.71% | 02/25/2054 | 37941199 |
| 63964389 | Series 5478-FE (30 day avg SOFR US + 1.45%, 1.45% Floor, 6.50% Cap) | 5.81% | 02/25/2054 | 64526822 |
| 23119659 | Series 5479-FB (30 day avg SOFR US + 1.40%, 1.40% Floor, 6.50% Cap) | 5.76% | 12/25/2054 | 23293930 |
| 29730487 | Series 5481-FC (30 day avg SOFR US + 1.50%, 1.50% Floor, 6.50% Cap) | 5.86% | 12/25/2054 | 29933588 |
| 20285206 | Series 5515-FB (30 day avg SOFR US + 1.40%, 1.40% Floor, 6.50% Cap) | 5.76% | 03/25/2055 | 20450222 |
| 42351894 | Series 5515-FM (30 day avg SOFR US + 1.35%, 1.35% Floor, 6.50% Cap) | 5.71% | 03/25/2055 | 42631815 |
| 19181361 | Series 5527-FC (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 09/25/2054 | 19221638 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **29**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 27435264 | Series 5527-FD (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 09/25/2054 | 27492872 |
| 21583613 | Series 5536-FD (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 05/25/2054 | 21636868 |
| 27066011 | Series 5543-FC (30 day avg SOFR US + 1.50%, 1.50% Floor, 6.50% Cap) | 5.86% | 06/25/2055 | 27365399 |
| 37946534 | Series 5543-FG (30 day avg SOFR US + 1.50%, 1.50% Floor, 6.50% Cap) | 5.86% | 06/25/2055 | 38368416 |
| 40089804 | Series 5543-FM (30 day avg SOFR US + 1.50%, 1.50% Floor, 6.50% Cap) | 5.86% | 06/25/2055 | 40535467 |
|  | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** |
| 56794609 | Pool 310233 | 3.50% | 03/01/2044 | 53534239 |
| 13714406 | Pool 387898 | 3.71% | 08/01/2030 | 13371691 |
| 2159816 | Pool 555743 | 5.00% | 09/01/2033 | 2188215 |
| 1670994 | Pool 735382 | 5.00% | 04/01/2035 | 1709979 |
| 2829246 | Pool 735402 | 5.00% | 04/01/2035 | 2895254 |
| 1880846 | Pool 735484 | 5.00% | 05/01/2035 | 1924732 |
| 775079 | Pool 735667 | 5.00% | 07/01/2035 | 786517 |
| 655040 | Pool 735893 | 5.00% | 10/01/2035 | 670873 |
| 1618057 | Pool 745275 | 5.00% | 02/01/2036 | 1657838 |
| 69662 | Pool 888695 | 5.00% | 08/01/2037 | 71463 |
| 368949 | Pool 888968 | 5.00% | 08/01/2035 | 377557 |
| 3290342 | Pool 890549 | 4.00% | 11/01/2043 | 3200895 |
| 4236092 | Pool 890565 | 3.00% | 11/01/2043 | 3899256 |
| 247763 | Pool 931104 | 5.00% | 05/01/2039 | 252302 |
| 50270 | Pool 975116 | 5.00% | 05/01/2038 | 51570 |
| 672094 | Pool 986864 | 6.50% | 08/01/2038 | 712205 |
| 435407 | Pool 987316 | 6.50% | 09/01/2038 | 460320 |
| 3018895 | Pool 995203 | 5.00% | 07/01/2035 | 3063432 |
| 5124596 | Pool 995849 | 5.00% | 08/01/2036 | 5193096 |
| 3536132 | Pool AB2123 | 4.00% | 01/01/2031 | 3522577 |
| 195295 | Pool AB3713 | 4.00% | 10/01/2031 | 193463 |
| 1976134 | Pool AB3796 | 3.50% | 11/01/2031 | 1943888 |
| 640242 | Pool AB3850 | 4.00% | 11/01/2041 | 612421 |
| 498004 | Pool AB3923 | 4.00% | 11/01/2041 | 475124 |
| 7217159 | Pool AB4167 | 3.50% | 01/01/2032 | 7095521 |
| 5854306 | Pool AB4261 | 3.50% | 01/01/2032 | 5755634 |
| 1122627 | Pool AB5084 | 3.50% | 05/01/2032 | 1103502 |
| 2713313 | Pool AB5156 | 3.50% | 05/01/2032 | 2665174 |
| 3773603 | Pool AB5212 | 3.50% | 05/01/2032 | 3708623 |
| 2481240 | Pool AB5243 | 4.00% | 05/01/2042 | 2367252 |
| 5437958 | Pool AB5911 | 3.00% | 08/01/2032 | 5285790 |
| 2436816 | Pool AB6280 | 3.00% | 09/01/2042 | 2241536 |
| 2883331 | Pool AB6349 | 3.00% | 10/01/2032 | 2797790 |
| 7790492 | Pool AB6750 | 3.00% | 10/01/2032 | 7557430 |
| 4342945 | Pool AB6751 | 3.00% | 10/01/2032 | 4210932 |
| 25819582 | Pool AB6854 | 3.00% | 11/01/2042 | 23763598 |
| 20277376 | Pool AB7077 | 3.00% | 11/01/2042 | 18666953 |
| 8084283 | Pool AB7776 | 3.00% | 02/01/2043 | 7436387 |
| 9312620 | Pool AB7877 | 3.00% | 02/01/2043 | 8566284 |
| 3541128 | Pool AB8418 | 3.00% | 02/01/2033 | 3428893 |
| 5873880 | Pool AB8520 | 3.00% | 02/01/2033 | 5685266 |
| 7665101 | Pool AB8703 | 3.00% | 03/01/2038 | 7233314 |
| 2701000 | Pool AB8858 | 3.00% | 04/01/2033 | 2617557 |
| 6683654 | Pool AB9020 | 3.00% | 04/01/2038 | 6307146 |
| 4527987 | Pool AB9197 | 3.00% | 05/01/2033 | 4372931 |
| 2611073 | Pool AB9409 | 3.00% | 05/01/2033 | 2525050 |
| 70927 | Pool AD2177 | 4.50% | 06/01/2030 | 71026 |
| 240410 | Pool AD6438 | 5.00% | 06/01/2040 | 246337 |
| 138294 | Pool AD7859 | 5.00% | 06/01/2040 | 141704 |
| 2071321 | Pool AH0607 | 4.00% | 12/01/2040 | 2020810 |
| 105238 | Pool AH1140 | 4.50% | 12/01/2040 | 103287 |
| 1535815 | Pool AH4437 | 4.00% | 01/01/2041 | 1469090 |
| 352240 | Pool AH7309 | 4.00% | 02/01/2031 | 350379 |
| 85481 | Pool AH9323 | 4.00% | 04/01/2026 | 85168 |
| 725713 | Pool AJ1265 | 4.00% | 09/01/2041 | 701792 |
| 50158 | Pool AJ1399 | 4.00% | 09/01/2041 | 47853 |
| 1370976 | Pool AJ1467 | 4.00% | 10/01/2041 | 1311403 |
| 1306907 | Pool AJ3392 | 4.00% | 10/01/2041 | 1250134 |
| 1004220 | Pool AJ3854 | 4.00% | 10/01/2041 | 958085 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 4376426 | Pool AJ4118 | 4.00% | 11/01/2041 | 4186289 |
| 1204585 | Pool AJ4131 | 4.00% | 10/01/2041 | 1149254 |
| 1651078 | Pool AJ7677 | 3.50% | 12/01/2041 | 1540107 |
| 912405 | Pool AJ8334 | 4.00% | 12/01/2041 | 870487 |
| 5336054 | Pool AK0713 | 3.50% | 01/01/2032 | 5248998 |
| 1100282 | Pool AK4039 | 4.00% | 02/01/2042 | 1049730 |
| 2250855 | Pool AK4763 | 4.00% | 02/01/2042 | 2153055 |
| 1022883 | Pool AK9438 | 4.00% | 03/01/2042 | 975900 |
| 1561157 | Pool AK9439 | 4.00% | 03/01/2042 | 1489459 |
| 425556 | Pool AK9446 | 4.50% | 03/01/2042 | 423179 |
| 20519686 | Pool AL3883 | 3.00% | 07/01/2043 | 18875294 |
| 33523 | Pool AL4292 | 4.50% | 04/01/2026 | 33486 |
| 3298190 | Pool AL4312 | 4.00% | 10/01/2043 | 3205796 |
| 8169710 | Pool AL6075 | 3.50% | 09/01/2053 | 7411177 |
| 14642651 | Pool AL6076 | 3.00% | 06/01/2053 | 12913794 |
| 18847574 | Pool AL6141 | 4.00% | 04/01/2042 | 18346993 |
| 18356346 | Pool AL6325 | 3.00% | 10/01/2044 | 16877412 |
| 5655952 | Pool AL6486 | 4.50% | 02/01/2045 | 5616811 |
| 16696663 | Pool AL6538 | 4.50% | 06/01/2044 | 16720318 |
| 18039754 | Pool AL8304 | 3.50% | 03/01/2046 | 16969387 |
| 8700077 | Pool AL9220 | 3.00% | 06/01/2045 | 8002006 |
| 9383025 | Pool AL9445 | 3.00% | 07/01/2031 | 9191578 |
| 23338184 | Pool AM8510 | 3.15% | 05/01/2035 | 21066730 |
| 25418390 | Pool AM8950 | 3.14% | 06/01/2040 | 23098525 |
| 4051716 | Pool AN5480 | 3.43% | 06/01/2037 | 3801307 |
| 217500000 | Pool AN6680 | 3.37% | 11/01/2047 | 176327291 |
| 9891938 | Pool AN7452 | 3.12% | 11/01/2032 | 9223652 |
| 20259435 | Pool AN8121 | 3.16% | 01/01/2035 | 18427945 |
| 3663688 | Pool AN9452 | 3.75% | 06/01/2030 | 3528415 |
| 3319274 | Pool AO2980 | 4.00% | 05/01/2042 | 3166815 |
| 11312934 | Pool AP4787 | 3.50% | 09/01/2042 | 10524470 |
| 9235421 | Pool AP4789 | 3.50% | 09/01/2042 | 8591699 |
| 4876774 | Pool AQ5541 | 3.00% | 12/01/2042 | 4486391 |
| 4942129 | Pool AR9856 | 3.00% | 04/01/2043 | 4548103 |
| 4730814 | Pool AS1927 | 4.50% | 03/01/2044 | 4701978 |
| 5683019 | Pool AS2038 | 4.50% | 03/01/2044 | 5655401 |
| 3137965 | Pool AS2517 | 4.50% | 05/01/2044 | 3116252 |
| 1439172 | Pool AS2551 | 4.50% | 06/01/2044 | 1430677 |
| 1670049 | Pool AS2765 | 4.50% | 07/01/2044 | 1658815 |
| 6825959 | Pool AS3201 | 3.00% | 08/01/2034 | 6542560 |
| 3145780 | Pool AS3456 | 3.00% | 10/01/2034 | 3007605 |
| 6400400 | Pool AS3666 | 3.00% | 10/01/2034 | 6102095 |
| 23757786 | Pool AS3961 | 3.00% | 12/01/2044 | 21698455 |
| 9764722 | Pool AS4154 | 3.00% | 12/01/2044 | 8897179 |
| 5259722 | Pool AS4212 | 3.00% | 01/01/2035 | 5014838 |
| 7908666 | Pool AS4281 | 3.00% | 01/01/2035 | 7533534 |
| 7104325 | Pool AS4345 | 3.50% | 01/01/2045 | 6690180 |
| 7975876 | Pool AS4360 | 3.00% | 01/01/2035 | 7596791 |
| 8317701 | Pool AS4779 | 3.00% | 04/01/2035 | 7911267 |
| 6923315 | Pool AS4780 | 3.00% | 04/01/2035 | 6588755 |
| 8743466 | Pool AS4840 | 3.00% | 04/01/2035 | 8321033 |
| 5889538 | Pool AS4881 | 3.00% | 05/01/2035 | 5601908 |
| 11752399 | Pool AS7473 | 3.00% | 07/01/2046 | 10388301 |
| 23129009 | Pool AS7661 | 3.00% | 08/01/2046 | 20444231 |
| 15717976 | Pool AS8056 | 3.00% | 10/01/2046 | 14214262 |
| 21757207 | Pool AS8111 | 3.00% | 10/01/2041 | 20002948 |
| 13571380 | Pool AS8269 | 3.00% | 11/01/2046 | 12273036 |
| 12187092 | Pool AS8306 | 3.00% | 11/01/2041 | 11223338 |
| 13986030 | Pool AS8356 | 3.00% | 11/01/2046 | 12362595 |
| 11503703 | Pool AX9696 | 3.00% | 07/01/2045 | 10168488 |
| 13031669 | Pool AY3974 | 3.00% | 03/01/2045 | 11845470 |
| 5493670 | Pool AY4295 | 3.00% | 02/01/2045 | 4890014 |
| 392012 | Pool AY4296 | 3.00% | 01/01/2045 | 346499 |
| 2569331 | Pool AY5471 | 3.00% | 03/01/2045 | 2271058 |
| 4433993 | Pool AZ0576 | 3.50% | 04/01/2042 | 4138744 |
| 7027100 | Pool BC0785 | 3.50% | 04/01/2046 | 6581090 |
| 13179176 | Pool BC9003 | 3.00% | 11/01/2046 | 11918370 |
| 63476764 | Pool BF0314 | 3.00% | 01/01/2053 | 57423374 |
| 55079064 | Pool BF0353 | 3.00% | 05/01/2053 | 49825871 |
| 27669652 | Pool BF0391 | 3.00% | 09/01/2053 | 25030806 |
| 19396571 | Pool BK8257 | 1.50% | 12/01/2050 | 14564118 |
| 15234965 | Pool BK8267 | 2.50% | 12/01/2050 | 13101914 |
| 9000000 | Pool BL0357 | 3.89% | 10/01/2038 | 8161184 |
| 43362892 | Pool BL0870 | 4.28% | 12/01/2048 | 38575678 |
| 4891612 | Pool BL2303 | 3.36% | 05/01/2031 | 4691595 |
| 8860000 | Pool BL4038 | 2.98% | 09/01/2034 | 7974239 |
| 8190000 | Pool BL5840 | 2.73% | 02/01/2035 | 6966062 |
| 6194164 | Pool BL6639 | 2.66% | 05/01/2050 | 4851509 |
| 16081639 | Pool BL6689 | 2.19% | 05/01/2032 | 14241156 |

---

---

| | | |
|:---|:---|:---|
| **30**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 36378754 | Pool BL7110 | 1.76% | 07/01/2035 | 29331569 |
| 3568101 | Pool BL7331 | 2.23% | 07/01/2040 | 2588639 |
| 20400000 | Pool BL7424 | 1.65% | 08/01/2035 | 16116775 |
| 40000000 | Pool BL8165 | 1.35% | 09/01/2032 | 33440028 |
| 31335916 | Pool BL8269 | 1.51% | 09/01/2035 | 24714750 |
| 17000000 | Pool BL8977 | 1.20% | 11/01/2030 | 14719602 |
| 10413140 | Pool BL9284 | 2.23% | 12/01/2050 | 7496420 |
| 53000000 | Pool BL9576 | 2.24% | 12/01/2050 | 36469783 |
| 15382524 | Pool BM5299 | 3.00% | 12/01/2046 | 13911527 |
| 23898444 | Pool BM5633 | 3.00% | 07/01/2047 | 21612850 |
| 3573243 | Pool BM5834 | 3.00% | 04/01/2048 | 3158588 |
| 42350438 | Pool BM6779 | 2.00% | 08/01/2051 | 33517894 |
| 156006573 | Pool BM6831 | 1.92%<sup>(b)</sup> | 10/01/2033 | 130701112 |
| 76639762 | Pool BM6857 | 1.83%<sup>(b)</sup> | 12/01/2031 | 67040365 |
| 14464846 | Pool BM6925 (30 day avg SOFR US + 2.22%, 2.22% Floor, 7.29% Cap) | 2.29% | 04/01/2052 | 13219066 |
| 19498386 | Pool BM7154 (30 day avg SOFR US + 2.29%, 2.29% Floor, 9.72% Cap) | 4.72% | 03/01/2053 | 19541017 |
| 24201130 | Pool BM7164 (30 day avg SOFR US + 2.27%, 2.27% Floor, 9.54% Cap) | 4.54% | 03/01/2053 | 24155419 |
| 7824748 | Pool BQ6432 | 2.00% | 08/01/2051 | 6183159 |
| 14917977 | Pool BQ6564 | 2.00% | 09/01/2051 | 11788178 |
| 26351003 | Pool BR2290 (30 day avg SOFR US + 2.12%, 2.12% Floor, 7.01% Cap) | 2.01% | 08/01/2051 | 23987143 |
| 5592000 | Pool BS2500 | 1.81% | 06/01/2030 | 5036272 |
| 3000000 | Pool BS2580 | 2.15% | 08/01/2033 | 2552748 |
| 9975000 | Pool BS2834 | 2.24% | 08/01/2041 | 7034946 |
| 34043000 | Pool BS3101 | 1.91% | 09/01/2033 | 28646478 |
| 2592604 | Pool BS3163 | 1.75% | 08/01/2030 | 2322756 |
| 19880000 | Pool BS3192 | 2.03% | 09/01/2036 | 15498924 |
| 16125000 | Pool BS3314 | 1.83% | 10/01/2033 | 13525193 |
| 25042000 | Pool BS3426 | 1.76% | 11/01/2031 | 21571675 |
| 12048000 | Pool BS3431 | 1.83% | 11/01/2033 | 10038663 |
| 6536000 | Pool BS3434 | 1.83% | 11/01/2033 | 5445942 |
| 32694000 | Pool BS3442 | 2.12% | 10/01/2036 | 25685997 |
| 7339000 | Pool BS3955 | 2.30% | 12/01/2036 | 5864322 |
| 48972000 | Pool BS4111 | 1.98% | 01/01/2032 | 43084929 |
| 46000000 | Pool BS4125 | 2.32% | 12/01/2031 | 41264751 |
| 20366154 | Pool BS4177 | 1.94% | 12/01/2031 | 17992634 |
| 12500000 | Pool BS4213 | 2.46% | 12/01/2036 | 10375814 |
| 18199000 | Pool BS4225 | 2.36% | 01/01/2037 | 14744710 |
| 19738776 | Pool BS4273 | 1.93% | 12/01/2031 | 17397638 |
| 33675000 | Pool BS4276 | 2.03% | 01/01/2032 | 29799502 |
| 51025000 | Pool BS4306 | 1.92% | 01/01/2032 | 44122941 |
| 26742164 | Pool BS4319 | 2.35% | 01/01/2039 | 21126663 |
| 30761000 | Pool BS4333 | 1.89% | 01/01/2032 | 26787038 |
| 12000000 | Pool BS4334 | 2.01% | 01/01/2034 | 9971833 |
| 17599332 | Pool BS4359 | 1.99% | 01/01/2032 | 15598774 |
| 53950000 | Pool BS4453 | 1.96% | 01/01/2032 | 47177733 |
| 51688000 | Pool BS4524 | 2.02% | 01/01/2032 | 45118149 |
| 41850000 | Pool BS4736 | 2.00% | 02/01/2032 | 36284376 |
| 24500000 | Pool BS4737 | 2.00% | 02/01/2032 | 21241750 |
| 20155000 | Pool BS4951 | 2.63% | 04/01/2032 | 18128448 |
| 10900431 | Pool BS5636 | 3.72% | 06/01/2032 | 10502210 |
| 6651063 | Pool BS5685 | 4.20% | 05/01/2052 | 5953799 |
| 8665000 | Pool BS6102 | 4.10% | 08/01/2032 | 8511960 |
| 4200000 | Pool BS6131 | 3.89% | 07/01/2032 | 4056654 |
| 3600000 | Pool BS6419 | 3.89% | 09/01/2032 | 3497140 |
| 24762678 | Pool BS6649 | 3.89% | 10/01/2032 | 23950636 |
| 159468000 | Pool BS6912 | 4.33% | 12/01/2032 | 157388724 |
| 4131000 | Pool BS7305 | 5.22% | 01/01/2032 | 4307012 |
| 7863000 | Pool BS7410 | 5.48% | 01/01/2033 | 8226413 |
| 3250044 | Pool BS7503 | 4.87% | 04/01/2031 | 3341891 |
| 10467000 | Pool BS8014 | 4.84% | 03/01/2033 | 10691514 |
| 8333000 | Pool BS8657 | 5.10% | 06/01/2030 | 8591169 |
| 5521461 | Pool BS8987 | 5.15% | 07/01/2040 | 5660164 |
| 18222664 | Pool BS9321 | 5.27% | 08/01/2040 | 18869008 |
| 1510557 | Pool BT6556 | 2.00% | 07/01/2051 | 1193626 |
| 9708224 | Pool BV8021 | 4.50% | 08/01/2052 | 9469876 |
| 16101891 | Pool BV8479 | 3.00% | 04/01/2052 | 14302629 |
| 31636350 | Pool BV9869 | 3.00% | 05/01/2052 | 27847102 |
| 10550000 | Pool BZ0079 | 5.21% | 01/01/2034 | 11085721 |
| 27755000 | Pool BZ0115 | 5.27% | 12/01/2033 | 29253154 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 14016000 | Pool BZ0452 | 5.36% | 02/01/2054 | 13996824 |
| 138103000 | Pool BZ1178 | 5.81% | 06/01/2031 | 143778290 |
| 49221000 | Pool BZ2148 | 4.40% | 10/01/2029 | 49377934 |
| 21450000 | Pool BZ2151 | 4.40% | 10/01/2029 | 21518390 |
| 16000000 | Pool BZ3061 | 5.26% | 02/01/2030 | 16448273 |
| 6489981 | Pool CA0862 | 3.50% | 09/01/2047 | 6055862 |
| 3571507 | Pool CA3898 | 3.00% | 07/01/2034 | 3471774 |
| 3665456 | Pool CA4413 | 3.00% | 10/01/2049 | 3235415 |
| 32176384 | Pool CA7235 | 2.50% | 10/01/2050 | 27565713 |
| 10442483 | Pool CA7671 | 2.50% | 11/01/2040 | 9464722 |
| 17955296 | Pool CA7789 | 2.50% | 11/01/2040 | 16147522 |
| 13788767 | Pool CB0189 | 3.00% | 04/01/2051 | 12279881 |
| 13160276 | Pool CB1055 (30 day avg SOFR US + 2.22%, 2.22% Floor, 6.86% Cap) | 1.86% | 07/01/2051 | 11944111 |
| 2820313 | Pool CB1648 | 2.00% | 09/01/2051 | 2232136 |
| 61033291 | Pool CB3116 | 3.00% | 03/01/2052 | 54328042 |
| 55640780 | Pool CB3166 | 3.00% | 03/01/2052 | 49464733 |
| 11864657 | Pool CB3332 | 3.50% | 04/01/2052 | 10954225 |
| 82045760 | Pool CB4291 | 5.00% | 08/01/2052 | 81956565 |
| 40625239 | Pool CB4347 | 5.00% | 08/01/2052 | 41073619 |
| 46102039 | Pool CB4391 | 4.50% | 08/01/2052 | 44983035 |
| 58764625 | Pool CB5221 | 5.00% | 12/01/2052 | 58694678 |
| 34574670 | Pool CB7272 | 6.00% | 10/01/2053 | 35747903 |
| 21993359 | Pool CB7335 | 5.50% | 10/01/2053 | 22469497 |
| 16191472 | Pool CB7433 | 5.50% | 11/01/2053 | 16554918 |
| 26926767 | Pool CB7781 | 5.50% | 01/01/2054 | 27250416 |
| 41024119 | Pool CB7996 | 6.00% | 02/01/2054 | 42506682 |
| 38121510 | Pool CB8138 | 5.50% | 03/01/2054 | 38907520 |
| 37190209 | Pool CB8680 | 5.50% | 06/01/2054 | 37938646 |
| 49255309 | Pool CB8692 | 5.50% | 06/01/2054 | 50414276 |
| 68732531 | Pool CB8845 | 5.50% | 07/01/2054 | 70349783 |
| 64709053 | Pool CB8851 | 6.00% | 07/01/2054 | 66944717 |
| 51361948 | Pool CB8986 | 5.50% | 08/01/2054 | 52514946 |
| 49397004 | Pool CB9138 | 5.50% | 09/01/2054 | 50505908 |
| 25542872 | Pool CB9139 | 5.50% | 09/01/2054 | 26041777 |
| 96703034 | Pool CB9147 | 5.50% | 09/01/2054 | 98978479 |
| 47161934 | Pool CB9321 | 5.50% | 10/01/2054 | 48220660 |
| 19885085 | Pool CB9331 | 5.50% | 10/01/2054 | 20352994 |
| 21667288 | Pool FA0475 | 5.50% | 12/01/2054 | 22043219 |
| 39423941 | Pool FM1000 | 3.00% | 04/01/2047 | 35653798 |
| 20509748 | Pool FM4347 | 2.50% | 09/01/2050 | 17528690 |
| 37455826 | Pool FM4752 | 2.50% | 11/01/2050 | 32236633 |
| 40741394 | Pool FM4792 | 2.50% | 11/01/2050 | 34911958 |
| 22779062 | Pool FM4913 | 2.50% | 11/01/2050 | 19524340 |
| 29703913 | Pool FM5150 | 2.00% | 12/01/2050 | 24320413 |
| 4261852 | Pool FM6864 | 1.50% | 04/01/2041 | 3542826 |
| 54397319 | Pool FM7557 | 3.50% | 03/01/2050 | 50516088 |
| 24199015 | Pool FM8158 | 2.50% | 07/01/2051 | 20930278 |
| 55087723 | Pool FM8215 | 2.50% | 03/01/2051 | 47348689 |
| 39944583 | Pool FM8304 | 4.00% | 07/01/2049 | 38377069 |
| 53322603 | Pool FM8435 | 2.50% | 09/01/2051 | 45898974 |
| 95863851 | Pool FM8533 | 2.50% | 03/01/2051 | 82573395 |
| 60084971 | Pool FM8769 | 2.50% | 09/01/2051 | 51684481 |
| 31886581 | Pool FM8780 | 2.50% | 09/01/2051 | 27312584 |
| 9176605 | Pool FM9422 | 2.00% | 01/01/2051 | 7477998 |
| 26066117 | Pool FM9490 | 2.00% | 11/01/2051 | 21427503 |
| 33306501 | Pool FP0043 | 2.00% | 10/01/2050 | 27123828 |
| 28750884 | Pool FP0088 | 2.00% | 10/01/2051 | 23365939 |
| 10231585 | Pool FP0107 | 3.50% | 06/01/2047 | 9681419 |
| 30189281 | Pool FS0009 | 3.50% | 11/01/2051 | 27712502 |
| 11941854 | Pool FS0400 | 3.00% | 01/01/2052 | 10687235 |
| 45808965 | Pool FS1472 | 3.50% | 11/01/2050 | 42329172 |
| 76498624 | Pool FS2320 | 2.50% | 04/01/2051 | 64911071 |
| 14757099 | Pool FS2588 | 4.50% | 08/01/2052 | 14398902 |
| 14120411 | Pool FS2837 | 4.00% | 09/01/2052 | 13353162 |
| 13304594 | Pool FS5618 | 5.50% | 08/01/2053 | 13701678 |
| 44270590 | Pool FS5987 | 2.50% | 04/01/2051 | 38133272 |
| 32852643 | Pool FS6232 | 2.00% | 03/01/2052 | 26945365 |
| 15689772 | Pool FS6422 | 6.00% | 11/01/2053 | 16400658 |
| 58959893 | Pool FS6582 | 6.00% | 12/01/2053 | 61071520 |
| 21290240 | Pool FS6843 | 6.00% | 01/01/2054 | 22061720 |
| 45013796 | Pool FS7114 | 5.50% | 02/01/2054 | 46072848 |
| 17328728 | Pool FS7252 | 5.00% | 11/01/2053 | 17261651 |
| 30172300 | Pool FS8152 | 6.00% | 06/01/2054 | 31168172 |
| 25586677 | Pool FS8643 | 6.00% | 07/01/2054 | 26518969 |
| 26151021 | Pool FS8999 | 6.00% | 08/01/2054 | 27154672 |
| 13799433 | Pool FS9026 | 5.50% | 09/01/2053 | 14117049 |
| 56751293 | Pool FS9234 | 4.00% | 04/01/2045 | 55237007 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **31**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 19796661 | Pool FS9671 | 5.50% | 11/01/2054 | 20262480 |
| 362519 | Pool MA0264 | 4.50% | 12/01/2029 | 364720 |
| 1308987 | Pool MA0353 | 4.50% | 03/01/2030 | 1317192 |
| 267928 | Pool MA0406 | 4.50% | 05/01/2030 | 269683 |
| 32508 | Pool MA0445 | 5.00% | 06/01/2040 | 32130 |
| 64055 | Pool MA0468 | 5.00% | 07/01/2040 | 63309 |
| 427596 | Pool MA0534 | 4.00% | 10/01/2030 | 425829 |
| 99498 | Pool MA0587 | 4.00% | 12/01/2030 | 99053 |
| 2639066 | Pool MA0616 | 4.00% | 01/01/2031 | 2626931 |
| 934651 | Pool MA0896 | 4.00% | 11/01/2041 | 891721 |
| 9252095 | Pool MA0949 | 3.50% | 01/01/2032 | 9099428 |
| 5544289 | Pool MA1010 | 3.50% | 03/01/2032 | 5451811 |
| 1455701 | Pool MA1039 | 3.50% | 04/01/2042 | 1357872 |
| 7516718 | Pool MA1059 | 3.50% | 05/01/2032 | 7388625 |
| 969019 | Pool MA1068 | 3.50% | 05/01/2042 | 901493 |
| 2650327 | Pool MA1093 | 3.50% | 06/01/2042 | 2465611 |
| 1772544 | Pool MA1094 | 4.00% | 06/01/2042 | 1691120 |
| 10409356 | Pool MA1107 | 3.50% | 07/01/2032 | 10226371 |
| 23923906 | Pool MA1117 | 3.50% | 07/01/2042 | 22256366 |
| 24089705 | Pool MA1136 | 3.50% | 08/01/2042 | 22410783 |
| 7230807 | Pool MA1138 | 3.50% | 08/01/2032 | 7129318 |
| 7073897 | Pool MA1179 | 3.50% | 09/01/2042 | 6580864 |
| 1417933 | Pool MA1201 | 3.50% | 10/01/2032 | 1392271 |
| 12164269 | Pool MA1209 | 3.50% | 10/01/2042 | 11316370 |
| 9561709 | Pool MA1237 | 3.00% | 11/01/2032 | 9241146 |
| 1133283 | Pool MA1242 | 3.50% | 11/01/2042 | 1054290 |
| 5467413 | Pool MA1338 | 3.00% | 02/01/2033 | 5277723 |
| 2981089 | Pool MA1490 | 3.00% | 07/01/2033 | 2881823 |
| 4219061 | Pool MA2114 | 3.50% | 12/01/2044 | 3914262 |
| 3046590 | Pool MA2151 | 3.50% | 01/01/2045 | 2826490 |
| 9412007 | Pool MA2164 | 3.50% | 02/01/2035 | 9162049 |
| 8973313 | Pool MA2166 | 3.50% | 02/01/2045 | 8325008 |
| 8964962 | Pool MA2248 | 3.00% | 04/01/2045 | 7979893 |
| 11678597 | Pool MA2621 | 3.50% | 05/01/2046 | 10792288 |
| 13490529 | Pool MA2649 | 3.00% | 06/01/2046 | 11924532 |
| 12735950 | Pool MA2650 | 3.50% | 06/01/2046 | 11769498 |
| 4214805 | Pool MA2673 | 3.00% | 07/01/2046 | 3725545 |
| 15336726 | Pool MA2711 | 3.00% | 08/01/2046 | 13556480 |
| 1474668 | Pool MA2743 | 3.00% | 09/01/2046 | 1303483 |
| 34153855 | Pool MA2806 | 3.00% | 11/01/2046 | 30886451 |
| 11010421 | Pool MA2833 | 3.00% | 12/01/2046 | 9957070 |
| 13965004 | Pool MA2895 | 3.00% | 02/01/2047 | 12628881 |
| 8055104 | Pool MA3614 | 3.50% | 03/01/2049 | 7457472 |
| 1296742 | Pool MA3894 | 4.00% | 09/01/2031 | 1290427 |
| 31485609 | Pool MA4100 | 2.00% | 08/01/2050 | 25585821 |
| 69019580 | Pool MA4191 | 2.00% | 11/01/2050 | 54454418 |
| 81751879 | Pool MA4306 | 2.50% | 04/01/2051 | 69434139 |
| 17762675 | Pool MA5480 | 5.50% | 09/01/2044 | 18253964 |
| 51461936 | Pool MA5503 | 5.50% | 10/01/2044 | 52864184 |
| 180675 | Series 2002-70-QZ | 5.50% | 11/25/2032 | 185410 |
| 268563 | Series 2002-75-ZG | 5.50% | 11/25/2032 | 275195 |
| 693990 | Series 2003-29-ZL | 5.00% | 04/25/2033 | 706322 |
| 323238 | Series 2003-64-ZG | 5.50% | 07/25/2033 | 332448 |
| 2704557 | Series 2003-84-PZ | 5.00% | 09/25/2033 | 2762153 |
| 88274 | Series 2004-46-PJ (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.53%<sup>(f)(g)</sup> | 03/25/2034 | 359 |
| 811361 | Series 2004-51-XP (-1 x 30 day avg SOFR US + 7.59%, 0.00% Floor, 7.70% Cap) | 3.23%<sup>(f)(g)</sup> | 07/25/2034 | 94226 |
| 0 | Series 2005-107-EG | 4.50% | 01/25/2026 |  |
| 154958 | Series 2005-37-ZK | 4.50% | 05/25/2035 | 152674 |
| 1360380 | Series 2005-87-SG (-1 x 30 day avg SOFR US + 6.59%, 0.00% Floor, 6.70% Cap) | 2.23%<sup>(f)(g)</sup> | 10/25/2035 | 117460 |
| 1239087 | Series 2006-101-SA (-1 x 30 day avg SOFR US + 6.47%, 0.00% Floor, 6.58% Cap) | 2.11%<sup>(f)(g)</sup> | 10/25/2036 | 156303 |
| 522110 | Series 2006-123-LI (-1 x 30 day avg SOFR US + 6.21%, 0.00% Floor, 6.32% Cap) | 1.85%<sup>(f)(g)</sup> | 01/25/2037 | 62723 |
| 221740 | Series 2006-16-HZ | 5.50% | 03/25/2036 | 229044 |
| 1858438 | Series 2006-56-SM (-1 x 30 day avg SOFR US + 6.64%, 0.00% Floor, 6.75% Cap) | 2.28%<sup>(f)(g)</sup> | 07/25/2036 | 168879 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 219930 | Series 2006-93-SN (-1 x 30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap) | 2.13%<sup>(f)(g)</sup> | 10/25/2036 | 16330 |
| 2606054 | Series 2007-109-VZ | 5.00% | 10/25/2035 | 2650199 |
| 331983 | Series 2007-116-BI (-1 x 30 day avg SOFR US + 6.14%, 0.00% Floor, 6.25% Cap) | 1.78%<sup>(f)(g)</sup> | 05/25/2037 | 27830 |
| 2047626 | Series 2007-14-PS (-1 x 30 day avg SOFR US + 6.70%, 0.00% Floor, 6.81% Cap) | 2.34%<sup>(f)(g)</sup> | 03/25/2037 | 257223 |
| 1020294 | Series 2007-30-OI (-1 x 30 day avg SOFR US + 6.33%, 0.00% Floor, 6.44% Cap) | 1.97%<sup>(f)(g)</sup> | 04/25/2037 | 124066 |
| 108371 | Series 2007-30-SI (-1 x 30 day avg SOFR US + 6.00%, 0.00% Floor, 6.11% Cap) | 1.64%<sup>(f)(g)</sup> | 04/25/2037 | 8465 |
| 886172 | Series 2007-32-SG (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap) | 1.63%<sup>(f)(g)</sup> | 04/25/2037 | 78537 |
| 821834 | Series 2007-57-SX (-1 x 30 day avg SOFR US + 6.51%, 0.00% Floor, 6.62% Cap) | 2.15%<sup>(f)(g)</sup> | 10/25/2036 | 89275 |
| 1482983 | Series 2007-60-VZ | 6.00% | 07/25/2037 | 1558075 |
| 667539 | Series 2007-71-GZ | 6.00% | 07/25/2047 | 709235 |
| 1055808 | Series 2007-75-ID (-1 x 30 day avg SOFR US + 5.76%, 0.00% Floor, 5.87% Cap) | 1.40%<sup>(f)(g)</sup> | 08/25/2037 | 120387 |
| 158873 | Series 2007-9-SD (-1 x 30 day avg SOFR US + 6.54%, 0.00% Floor, 6.65% Cap) | 2.18%<sup>(f)(g)</sup> | 03/25/2037 | 10583 |
| 1065229 | Series 2008-29-ZA | 4.50% | 04/25/2038 | 1065126 |
| 2126369 | Series 2008-48-BE | 5.00% | 06/25/2034 | 2169427 |
| 218760 | Series 2008-48-SD (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.53%<sup>(f)(g)</sup> | 06/25/2037 | 18104 |
| 281933 | Series 2008-5-MS (-1 x 30 day avg SOFR US + 6.14%, 0.00% Floor, 6.25% Cap) | 1.78%<sup>(f)(g)</sup> | 02/25/2038 | 20766 |
| 93340 | Series 2008-53-LI (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap) | 1.68%<sup>(f)(g)</sup> | 07/25/2038 | 7565 |
| 219558 | Series 2008-57-SE (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.53%<sup>(f)(g)</sup> | 02/25/2037 | 17333 |
| 203813 | Series 2008-61-SC (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.53%<sup>(f)(g)</sup> | 07/25/2038 | 9546 |
| 177195 | Series 2008-62-SC (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.53%<sup>(f)(g)</sup> | 07/25/2038 | 11516 |
| 592643 | Series 2008-65-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.53%<sup>(f)(g)</sup> | 08/25/2038 | 58837 |
| 140910 | Series 2008-81-LP | 5.50% | 09/25/2038 | 146336 |
| 1355440 | Series 2009-106-EZ | 4.50% | 01/25/2040 | 1352329 |
| 208334 | Series 2009-111-SE (-1 x 30 day avg SOFR US + 6.14%, 0.00% Floor, 6.25% Cap) | 1.78%<sup>(f)(g)</sup> | 01/25/2040 | 22964 |
| 84076 | Series 2009-16-MZ | 5.00% | 03/25/2029 | 83923 |
| 494512 | Series 2009-42-SI (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.53%<sup>(f)(g)</sup> | 06/25/2039 | 44014 |
| 491561 | Series 2009-42-SX (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.53%<sup>(f)(g)</sup> | 06/25/2039 | 43781 |

---

---

| | | |
|:---|:---|:---|
| **32**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 198829 | Series 2009-47-SA (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap) | 1.63%<sup>(f)(g)</sup> | 07/25/2039 | 11079 |
| 152416 | Series 2009-48-WS (-1 x 30 day avg SOFR US + 5.84%, 0.00% Floor, 5.95% Cap) | 1.48%<sup>(f)(g)</sup> | 07/25/2039 | 13825 |
| 1456869 | Series 2009-49-S (-1 x 30 day avg SOFR US + 6.64%, 0.00% Floor, 6.75% Cap) | 2.28%<sup>(f)(g)</sup> | 07/25/2039 | 152585 |
| 193607 | Series 2009-51-BZ | 4.50% | 07/25/2039 | 193319 |
| 297743 | Series 2009-54-EZ | 5.00% | 07/25/2039 | 301532 |
| 197142 | Series 2009-70-SA (-1 x 30 day avg SOFR US + 5.69%, 0.00% Floor, 5.80% Cap) | 1.33%<sup>(f)(g)</sup> | 09/25/2039 | 19234 |
| 1070275 | Series 2009-80-PM | 4.50% | 10/25/2039 | 1067176 |
| 994894 | Series 2009-83-Z | 4.50% | 10/25/2039 | 992191 |
| 3391950 | Series 2009-85-ES (-1 x 30 day avg SOFR US + 7.12%, 0.00% Floor, 7.23% Cap) | 2.76%<sup>(f)(g)</sup> | 01/25/2036 | 341244 |
| 6120483 | Series 2009-85-JS (-1 x 30 day avg SOFR US + 6.64%, 0.00% Floor, 6.75% Cap) | 2.28%<sup>(f)(g)</sup> | 10/25/2039 | 676916 |
| 363766 | Series 2009-90-IB (-1 x 30 day avg SOFR US + 5.61%, 0.00% Floor, 5.72% Cap) | 1.25%<sup>(f)(g)</sup> | 04/25/2037 | 24076 |
| 147801 | Series 2009-94-BC | 5.00% | 11/25/2039 | 150496 |
| 1529207 | Series 2010-10-SA (-1 x 30 day avg SOFR US + 6.24%, 0.00% Floor, 6.35% Cap) | 1.88%<sup>(f)(g)</sup> | 02/25/2040 | 164845 |
| 536716 | Series 2010-10-ZA | 4.50% | 02/25/2040 | 535021 |
| 4356682 | Series 2010-101-SA (-1 x 30 day avg SOFR US + 4.37%, 0.00% Floor, 4.48% Cap) | 0.01%<sup>(f)(g)</sup> | 09/25/2040 | 174683 |
| 2468123 | Series 2010-101-ZC | 4.50% | 09/25/2040 | 2457913 |
| 676287 | Series 2010-111-S (-1 x 30 day avg SOFR US + 5.84%, 0.00% Floor, 5.95% Cap) | 1.48%<sup>(f)(g)</sup> | 10/25/2050 | 63270 |
| 851809 | Series 2010-116-Z | 4.00% | 10/25/2040 | 825550 |
| 177750 | Series 2010-117-SA (-1 x 30 day avg SOFR US + 4.39%, 0.00% Floor, 4.50% Cap) | 0.03%<sup>(f)(g)</sup> | 10/25/2040 | 7715 |
| 627974 | Series 2010-120-KD | 4.00% | 10/25/2040 | 607136 |
| 5071904 | Series 2010-121-SD (-1 x 30 day avg SOFR US + 4.39%, 0.00% Floor, 4.50% Cap) | 0.03%<sup>(f)(g)</sup> | 10/25/2040 | 198600 |
| 242685 | Series 2010-126-SU (-11 x 30 day avg SOFR US + 53.74%, 0.00% Floor, 55.00% Cap) | 5.83%<sup>(g)</sup> | 11/25/2040 | 297075 |
| 178693 | Series 2010-126-SX (-3 x 30 day avg SOFR US + 14.66%, 0.00% Floor, 15.00% Cap) | 1.59%<sup>(g)</sup> | 11/25/2040 | 167205 |
| 931352 | Series 2010-128-HZ | 4.00% | 11/25/2040 | 902095 |
| 517459 | Series 2010-132-Z | 4.50% | 11/25/2040 | 514658 |
| 76150 | Series 2010-137-VS (-3 x 30 day avg SOFR US + 14.66%, 0.00% Floor, 15.00% Cap) | 1.59%<sup>(g)</sup> | 12/25/2040 | 77033 |
| 3798164 | Series 2010-142-AZ | 4.00% | 12/25/2040 | 3690479 |
| 342 | Series 2010-148-SA (-1 x 30 day avg SOFR US + 6.54%, 0.00% Floor, 6.65% Cap) | 2.18%<sup>(f)(g)</sup> | 01/25/2026 | 1 |
| 2521959 | Series 2010-16-SA (-1 x 30 day avg SOFR US + 5.34%, 0.00% Floor, 5.45% Cap) | 0.98%<sup>(f)(g)</sup> | 03/25/2040 | 253627 |
| 676605 | Series 2010-2-MS (-1 x 30 day avg SOFR US + 6.14%, 0.00% Floor, 6.25% Cap) | 1.78%<sup>(f)(g)</sup> | 02/25/2050 | 85318 |
| 964385 | Series 2010-21-DZ | 5.00% | 03/25/2040 | 981708 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 471029 | Series 2010-21-KS (-1 x 30 day avg SOFR US + 4.84%, 0.00% Floor, 4.95% Cap) | 0.48%<sup>(f)(g)</sup> | 03/25/2040 | 22965 |
| 474478 | Series 2010-31-SA (-1 x 30 day avg SOFR US + 4.89%, 0.00% Floor, 5.00% Cap) | 0.53%<sup>(f)(g)</sup> | 04/25/2040 | 26782 |
| 527246 | Series 2010-34-PS (-1 x 30 day avg SOFR US + 4.82%, 0.00% Floor, 4.93% Cap) | 0.46%<sup>(f)(g)</sup> | 04/25/2040 | 26639 |
| 127501 | Series 2010-35-ES (-1 x 30 day avg SOFR US + 6.34%, 0.00% Floor, 6.45% Cap) | 1.98%<sup>(f)(g)</sup> | 04/25/2040 | 4557 |
| 61827 | Series 2010-35-SV (-1 x 30 day avg SOFR US + 6.34%, 0.00% Floor, 6.45% Cap) | 1.98%<sup>(f)(g)</sup> | 04/25/2040 | 1101 |
| 546530 | Series 2010-4-SK (-1 x 30 day avg SOFR US + 6.12%, 0.00% Floor, 6.23% Cap) | 1.76%<sup>(f)(g)</sup> | 02/25/2040 | 47464 |
| 486895 | Series 2010-46-MS (-1 x 30 day avg SOFR US + 4.84%, 0.00% Floor, 4.95% Cap) | 0.48%<sup>(f)(g)</sup> | 05/25/2040 | 26619 |
| 2767138 | Series 2010-49-ZW | 4.50% | 05/25/2040 | 2761225 |
| 269423 | Series 2010-58-ES (-3 x 30 day avg SOFR US + 12.18%, 0.00% Floor, 12.47% Cap) | 0.98%<sup>(g)</sup> | 06/25/2040 | 267313 |
| 1772013 | Series 2010-59-MS (-1 x 30 day avg SOFR US + 5.66%, 0.00% Floor, 5.77% Cap) | 1.30%<sup>(f)(g)</sup> | 06/25/2040 | 167386 |
| 2105699 | Series 2010-59-SC (-1 x 30 day avg SOFR US + 4.89%, 0.00% Floor, 5.00% Cap) | 0.53%<sup>(f)(g)</sup> | 01/25/2040 | 103840 |
| 133872 | Series 2010-60-VZ | 5.00% | 10/25/2039 | 136695 |
| 150671 | Series 2010-61-EL | 4.50% | 06/25/2040 | 151523 |
| 2026768 | Series 2010-64-EZ | 5.00% | 06/25/2040 | 2065965 |
| 1407497 | Series 2010-79-CZ | 4.00% | 07/25/2040 | 1364086 |
| 776780 | Series 2010-84-ZC | 4.50% | 08/25/2040 | 774268 |
| 1553556 | Series 2010-84-ZD | 4.50% | 08/25/2040 | 1548533 |
| 2071114 | Series 2010-84-ZG | 4.50% | 08/25/2040 | 2063411 |
| 325968 | Series 2010-9-DS (-1 x 30 day avg SOFR US + 5.19%, 0.50% Floor, 5.30% Cap) | 0.83%<sup>(f)(g)</sup> | 02/25/2040 | 20092 |
| 143530 | Series 2010-90-SA (-1 x 30 day avg SOFR US + 5.74%, 0.00% Floor, 5.85% Cap) | 1.38%<sup>(f)(g)</sup> | 08/25/2040 | 11067 |
| 605350 | Series 2010-94-Z | 4.50% | 08/25/2040 | 601152 |
| 2655564 | Series 2010-99-SG (-5 x 30 day avg SOFR US + 24.43%, 0.00% Floor, 25.00% Cap) | 2.65%<sup>(g)</sup> | 09/25/2040 | 3028582 |
| 520021 | Series 2011-110-LS (-2 x 30 day avg SOFR US + 9.87%, 0.00% Floor, 10.10% Cap) | 1.16%<sup>(g)</sup> | 11/25/2041 | 435936 |
| 1386369 | Series 2011-111-CZ | 4.00% | 11/25/2041 | 1341830 |
| 2897411 | Series 2011-111-EZ | 5.00% | 11/25/2041 | 2949341 |
| 791346 | Series 2011-111-VZ | 4.00% | 11/25/2041 | 765491 |
| 157045 | Series 2011-17-SA (-1 x 30 day avg SOFR US + 6.36%, 0.00% Floor, 6.47% Cap) | 2.00%<sup>(f)(g)</sup> | 03/25/2041 | 12352 |
| 2609532 | Series 2011-2-GZ | 4.00% | 02/25/2041 | 2543092 |
| 92453 | Series 2011-25-KY | 3.00% | 04/25/2026 | 92013 |
| 1079715 | Series 2011-27-BS (-2 x 30 day avg SOFR US + 8.77%, 0.00% Floor, 9.00% Cap) | 0.06%<sup>(g)</sup> | 04/25/2041 | 957952 |
| 1092389 | Series 2011-36-VZ | 4.50% | 05/25/2041 | 1087285 |
| 2527087 | Series 2011-37-Z | 4.50% | 05/25/2041 | 2520299 |
| 3748374 | Series 2011-38-BZ | 4.00% | 05/25/2041 | 3708776 |
| 108614 | Series 2011-39-CB | 3.00% | 05/25/2026 | 108058 |
| 3072807 | Series 2011-39-ZD | 4.00% | 02/25/2041 | 2974374 |
| 1019629 | Series 2011-40-LZ | 4.50% | 05/25/2041 | 1014739 |
| 1207050 | Series 2011-42-MZ | 4.50% | 05/25/2041 | 1193472 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **33**<br>|

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------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2179454 | Series 2011-45-ZB | 4.50% | 05/25/2041 | 2169561 |
| 7426830 | Series 2011-51-FJ (30 day avg SOFR US + 0.56%, 0.45% Floor, 7.00% Cap) | 4.92% | 06/25/2041 | 7365254 |
| 518271 | Series 2011-59-MA | 4.50% | 07/25/2041 | 519914 |
| 150591 | Series 2011-60-EL | 3.00% | 07/25/2026 | 149902 |
| 4599411 | Series 2011-64-DB | 4.00% | 07/25/2041 | 4518780 |
| 2654338 | Series 2011-77-Z | 3.50% | 08/25/2041 | 2514359 |
| 1507781 | Series 2012-111-LB | 3.50% | 05/25/2041 | 1450359 |
| 13092469 | Series 2012-111-MJ | 4.00% | 04/25/2042 | 12557724 |
| 12590993 | Series 2012-122-DB | 3.00% | 11/25/2042 | 11634548 |
| 3056365 | Series 2012-14-BZ | 4.00% | 03/25/2042 | 2973747 |
| 7490763 | Series 2012-20-ZT | 3.50% | 03/25/2042 | 7139338 |
| 6209611 | Series 2012-70-FY (30 day avg SOFR US + 0.56%, 0.45% Floor, 7.00% Cap) | 4.92% | 07/25/2042 | 6146372 |
| 34889 | Series 2012-80-EA | 2.00% | 04/25/2042 | 34589 |
| 14719212 | Series 2012-86-ZC | 3.50% | 08/25/2042 | 13952977 |
| 10690020 | Series 2012-99-QE | 3.00% | 09/25/2042 | 9883829 |
| 17741637 | Series 2013-130-ZE | 3.00% | 01/25/2044 | 16074454 |
| 22977674 | Series 2013-133-ZT | 3.00% | 01/25/2039 | 21798361 |
| 994109 | Series 2013-58-SC (-2 x 30 day avg SOFR US + 5.83%, 0.00% Floor, 6.00% Cap) | 0.00%<sup>(g)</sup> | 06/25/2043 | 572053 |
| 1887763 | Series 2013-81-ZQ | 3.00%<sup>(i)</sup> | 08/25/2043 | 1330761 |
| 4635698 | Series 2013-82-SH (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap) | 1.58%<sup>(f)(g)</sup> | 12/25/2042 | 356589 |
| 115963 | Series 2014-46-NZ | 3.00%<sup>(i)</sup> | 06/25/2043 | 83155 |
| 38833641 | Series 2014-64-NZ | 3.00% | 10/25/2044 | 35088800 |
| 13925824 | Series 2014-67-DZ | 3.00% | 10/25/2044 | 12766572 |
| 26674123 | Series 2014-77-VZ | 3.00%<sup>(i)</sup> | 11/25/2044 | 24445545 |
| 34256576 | Series 2014-84-KZ | 3.00%<sup>(i)</sup> | 12/25/2044 | 31396611 |
| 2631940 | Series 2015-11-A | 3.00% | 05/25/2034 | 2595479 |
| 15588849 | Series 2015-49-A | 3.00% | 03/25/2044 | 14994075 |
| 9979770 | Series 2015-52-GZ | 3.00% | 07/25/2045 | 9067588 |
| 29343535 | Series 2015-88-BA | 3.00% | 04/25/2044 | 28367495 |
| 2162689 | Series 2015-94-MA | 3.00% | 01/25/2046 | 1945999 |
| 5719328 | Series 2016-2-JA | 2.50% | 02/25/2046 | 5511701 |
| 642835 | Series 2016-79-EP | 3.00% | 01/25/2044 | 637390 |
| 6859537 | Series 2016-95-AG | 2.50% | 06/25/2037 | 6485949 |
| 11009943 | Series 2017-57-BC | 3.00% | 08/25/2057 | 9716593 |
| 8196066 | Series 2018-21-IO | 3.00%<sup>(f)</sup> | 04/25/2048 | 1408627 |
| 13537148 | Series 2018-21-PO | 0.00%<sup>(j)</sup> | 04/25/2048 | 10328991 |
| 34416467 | Series 2018-27-AO | 0.00%<sup>(j)</sup> | 05/25/2048 | 26498050 |
| 7930205 | Series 2018-65-DA | 3.00% | 09/25/2048 | 7178978 |
| 24187847 | Series 2018-7-CD | 3.00% | 02/25/2048 | 22140373 |
| 18215474 | Series 2018-85-PO | 0.00%<sup>(j)</sup> | 12/25/2048 | 14005556 |
| 12425859 | Series 2019-69-DS (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.53%<sup>(f)(g)</sup> | 12/25/2049 | 1477336 |
| 36512509 | Series 2019-78-ZB | 3.00% | 01/25/2050 | 32021664 |
| 204474339 | Series 2019-M16-X | 1.29%<sup>(b)(f)</sup> | 07/25/2031 | 7920109 |
| 456012965 | Series 2019-M18-X | 0.83%<sup>(b)(f)</sup> | 08/25/2029 | 8993214 |
| 192561410 | Series 2019-M24-2XA | 1.28%<sup>(b)(f)</sup> | 03/25/2031 | 8646701 |
| 252434209 | Series 2019-M24-XA | 1.36%<sup>(b)(f)</sup> | 03/25/2029 | 8158850 |
| 152319311 | Series 2019-M7-X | 0.44%<sup>(b)(f)</sup> | 04/25/2029 | 1491724 |
| 27830655 | Series 2020-47-GL | 2.00% | 05/25/2046 | 25048563 |
| 7725264 | Series 2020-53-CG | 2.00% | 08/25/2050 | 6554758 |
| 42256676 | Series 2020-54-AB | 1.00% | 08/25/2050 | 33127265 |
| 9375066 | Series 2020-54-AS (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap) | 1.68%<sup>(f)(g)</sup> | 08/25/2050 | 1231231 |
| 11134231 | Series 2020-59-QZ | 3.00% | 08/25/2040 | 10152292 |
| 16069151 | Series 2020-61-AI | 3.00%<sup>(f)</sup> | 09/25/2050 | 2263618 |
| 7588895 | Series 2020-61-DC | 1.50% | 09/25/2060 | 5792309 |
| 28762575 | Series 2020-61-DI | 3.00%<sup>(f)</sup> | 09/25/2060 | 5653163 |
| 20849757 | Series 2020-96-BI | 3.00%<sup>(f)</sup> | 01/25/2051 | 3728944 |
| 20137139 | Series 2020-97-EI | 2.00%<sup>(f)</sup> | 01/25/2051 | 2661155 |
| 23154295 | Series 2020-99-IQ | 3.00%<sup>(f)</sup> | 01/25/2051 | 4065230 |
| 343975171 | Series 2020-M10-X2 | 1.84%<sup>(b)(f)</sup> | 12/25/2030 | 18766116 |
| 150857946 | Series 2020-M10-X8 | 0.77%<sup>(b)(f)</sup> | 12/25/2027 | 1229869 |
| 72925624 | Series 2020-M13-X2 | 1.33%<sup>(b)(f)</sup> | 09/25/2030 | 2503376 |
| 443664189 | Series 2020-M15-X1 | 1.56%<sup>(b)(f)</sup> | 09/25/2031 | 26783120 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 99533539 | Series 2020-M27-X1 | 0.91%<sup>(b)(f)</sup> | 03/25/2031 | 2517681 |
| 155858380 | Series 2020-M54-X | 1.58%<sup>(b)(f)</sup> | 12/25/2033 | 8399130 |
| 52534836 | Series 2020-M7-X2 | 1.33%<sup>(b)(f)</sup> | 03/25/2031 | 2143800 |
| 9866145 | Series 2021-1-PA | 1.00% | 11/25/2050 | 7612920 |
| 14347413 | Series 2021-13-AK | 2.00% | 01/25/2049 | 12694898 |
| 10953273 | Series 2021-21-DK | 2.00% | 07/25/2043 | 9641450 |
| 5638961 | Series 2021-28-KF (30 day avg SOFR US + 0.75%, 0.75% Floor, 4.00% Cap) | 4.00% | 05/25/2051 | 4471780 |
| 20376228 | Series 2021-28-LB | 2.00% | 04/25/2051 | 16997322 |
| 36900315 | Series 2021-3-KI | 2.50%<sup>(f)</sup> | 02/25/2051 | 5606948 |
| 17743816 | Series 2021-3-QI | 2.50%<sup>(f)</sup> | 02/25/2051 | 2990461 |
| 21848336 | Series 2021-40-BA | 3.00% | 01/25/2051 | 19525008 |
| 32926533 | Series 2021-43-EI | 3.00%<sup>(f)</sup> | 07/25/2051 | 5218895 |
| 64780716 | Series 2021-43-LI | 3.00%<sup>(f)</sup> | 07/25/2051 | 11693638 |
| 21042222 | Series 2021-52-JI | 2.50%<sup>(f)</sup> | 07/25/2051 | 2031166 |
| 25400348 | Series 2021-56-NI | 2.50%<sup>(f)</sup> | 09/25/2051 | 2620435 |
| 25007365 | Series 2021-58-SA (-1 x 30 day avg SOFR US + 2.65%, 0.00% Floor, 2.65% Cap) | 0.00%<sup>(f)(g)</sup> | 09/25/2051 | 84770 |
| 17342304 | Series 2021-63-G | 2.00% | 06/25/2049 | 14415847 |
| 78436563 | Series 2021-70-S (-1 x 30 day avg SOFR US + 3.75%, 0.00% Floor, 3.75% Cap) | 0.00%<sup>(f)(g)</sup> | 10/25/2049 | 2688696 |
| 19044212 | Series 2021-73-JA | 2.50% | 05/25/2049 | 17003071 |
| 16732389 | Series 2021-85-C | 2.50% | 03/25/2049 | 14958403 |
| 20078867 | Series 2021-85-CJ | 2.50% | 03/25/2049 | 17950083 |
| 20078867 | Series 2021-85-CK | 2.50% | 03/25/2049 | 17950083 |
| 23297828 | Series 2021-85-DI | 3.00%<sup>(f)</sup> | 12/25/2051 | 4037418 |
| 43334715 | Series 2021-86-MA | 2.50% | 11/25/2047 | 39430669 |
| 21843145 | Series 2021-88-LB | 2.50% | 03/25/2050 | 19237561 |
| 27846867 | Series 2021-9-CA | 2.00% | 03/25/2051 | 23487924 |
| 20958947 | Series 2021-92-M | 2.50% | 01/25/2049 | 18693910 |
| 11067582 | Series 2021-M12-2A1 | 2.20%<sup>(b)</sup> | 05/25/2033 | 10204986 |
| 881229208 | Series 2021-M14-X | 1.05%<sup>(b)(f)</sup> | 10/25/2031 | 18836627 |
| 171718121 | Series 2021-M3-X2 | 0.98%<sup>(b)(f)</sup> | 08/25/2033 | 4573712 |
| 15682441 | Series 2021-M5-A1 | 1.51%<sup>(b)</sup> | 01/25/2033 | 14826716 |
| 120108578 | Series 2022-3-AB | 2.00% | 11/25/2047 | 107675671 |
| 2186730 | Series 2022-3-EV | 2.00% | 08/25/2033 | 1982279 |
| 59800908 | Series 2022-3-NZ | 2.00%<sup>(i)</sup> | 02/25/2052 | 36065455 |
| 13106160 | Series 2022-4-LG | 3.00% | 02/25/2052 | 12128402 |
| 26188906 | Series 2022-6-M | 2.50% | 06/25/2050 | 23344903 |
| 13859737 | Series 2022-86-IO | 2.50%<sup>(f)</sup> | 05/25/2050 | 2023449 |
| 696686667 | Series 2022-M2-X | 0.47%<sup>(b)(f)</sup> | 01/25/2032 | 12862369 |
| 13724367 | Series 2022-M4-A1X | 2.54%<sup>(b)</sup> | 05/25/2030 | 13109286 |
| 101665924 | Series 2023-2-IO | 3.00%<sup>(f)</sup> | 12/25/2051 | 16814182 |
| 17086139 | Series 2023-29-DO | 0.00%<sup>(j)</sup> | 11/25/2050 | 11991773 |
| 82894344 | Series 2023-39-IO | 3.00%<sup>(f)</sup> | 10/25/2052 | 14103975 |
| 64872178 | Series 2023-51-BI | 3.50%<sup>(f)</sup> | 04/25/2053 | 12695070 |
| 3585670 | Series 2023-M1S-A1X | 4.65%<sup>(b)</sup> | 07/25/2033 | 3627672 |
| 22028817 | Series 2024-64-FJ (30 day avg SOFR US + 1.25%, 1.25% Floor, 6.50% Cap) | 5.61% | 09/25/2054 | 22115394 |
| 24657995 | Series 2024-69-FA (30 day avg SOFR US + 1.25%, 1.25% Floor, 6.50% Cap) | 5.61% | 10/25/2054 | 24699075 |
| 47529259 | Series 2024-81-FE (30 day avg SOFR US + 1.15%, 1.15% Floor, 6.50% Cap) | 5.51% | 07/25/2054 | 47577872 |
| 62543765 | Series 2024-82-FY (30 day avg SOFR US + 1.30%, 1.30% Floor, 6.50% Cap) | 5.66% | 11/25/2054 | 62869018 |
| 54674707 | Series 2024-9-BI | 3.00%<sup>(f)</sup> | 03/25/2051 | 9237100 |
| 61006121 | Series 2024-90-FA (30 day avg SOFR US + 1.50%, 1.50% Floor, 6.50% Cap) | 5.86% | 12/25/2054 | 61619055 |
| 15678382 | Series 2024-93-FL (30 day avg SOFR US + 1.45%, 1.45% Floor, 6.50% Cap) | 5.81% | 12/25/2054 | 15818866 |
| 45417428 | Series 2025-13-FB (30 day avg SOFR US + 1.30%, 1.30% Floor, 6.50% Cap) | 5.66% | 03/25/2055 | 45647567 |

---

---

| | | |
|:---|:---|:---|
| **34**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 62374265 | Series 2025-29-MF (30 day avg SOFR US + 1.50%, 1.50% Floor, 6.50% Cap) | 5.86% | 05/25/2055 | 62811596 |
| 46594100 | Series 2025-31-FN (30 day avg SOFR US + 1.65%, 1.65% Floor, 6.50% Cap) | 6.01% | 06/25/2054 | 47308145 |
| 46498310 | Series 2025-37-DF (30 day avg SOFR US + 1.65%, 1.65% Floor, 6.50% Cap) | 6.01% | 08/25/2054 | 47215863 |
| 55840395 | Series 2025-42-FE (30 day avg SOFR US + 1.55%, 1.55% Floor, 6.50% Cap) | 5.91% | 06/25/2055 | 56553728 |
| 2203531 | Series 400-S4 (-1 x 30 day avg SOFR US + 5.34%, 0.00% Floor, 5.45% Cap) | 0.98%<sup>(f)(g)</sup> | 11/25/2039 | 223841 |
| 22564818 | Series 412-A3 | 3.00% | 08/25/2042 | 20289643 |
| 35902358 | Series 426-C51 | 2.50%<sup>(f)</sup> | 09/25/2050 | 5514684 |
| 49625514 | Series 427-C69 | 3.00%<sup>(f)</sup> | 03/25/2047 | 7614690 |
| 79003532 | Series 427-C71 | 3.00%<sup>(f)</sup> | 10/25/2049 | 13082114 |
| 28743035 | Series 428-C17 | 3.00%<sup>(f)</sup> | 04/25/2050 | 4306065 |
| 25283132 | Series 432-C11 | 3.00%<sup>(f)</sup> | 08/25/2052 | 4260404 |
| 101672217 | Series 434-C33 | 2.50%<sup>(f)</sup> | 12/25/2052 | 15642927 |
|  | **Freddie Mac Seasoned Credit Risk Transfer Trust** | **Freddie Mac Seasoned Credit Risk Transfer Trust** | **Freddie Mac Seasoned Credit Risk Transfer Trust** | **Freddie Mac Seasoned Credit Risk Transfer Trust** |
| 14697526 | Series 2018-3-HA | 3.00% | 08/25/2057 | 13799633 |
| 14344631 | Series 2020-2-MT | 2.00% | 11/25/2059 | 11558140 |
|  | **Freddie Mac Whole Loan Securities Trust** | **Freddie Mac Whole Loan Securities Trust** | **Freddie Mac Whole Loan Securities Trust** | **Freddie Mac Whole Loan Securities Trust** |
| 6756698 | Series 2015-SC02-1A | 3.00% | 09/25/2045 | 5934090 |
| 4122708 | Series 2016-SC01-1A | 3.00% | 07/25/2046 | 3577571 |
|  | **Ginnie Mae II Pool** | **Ginnie Mae II Pool** | **Ginnie Mae II Pool** | **Ginnie Mae II Pool** |
| 22393278 | Pool 785310 | 2.50% | 02/20/2051 | 19212274 |
| 36476940 | Pool 785346 | 2.00% | 03/20/2051 | 29788497 |
| 10781945 | Pool 785350 | 2.00% | 01/20/2051 | 8707619 |
| 20886639 | Pool 785374 | 2.50% | 03/20/2051 | 18076213 |
| 74671075 | Pool 785401 | 2.50% | 10/20/2050 | 63763217 |
| 104940653 | Pool 785412 | 2.50% | 03/20/2051 | 90032820 |
| 23993370 | Pool 785595 | 2.50% | 03/20/2051 | 20690403 |
| 45386722 | Pool 785609 | 2.50% | 08/20/2051 | 39084980 |
| 11623748 | Pool 785638 | 2.50% | 08/20/2051 | 10078481 |
| 26662535 | Pool 785639 | 2.50% | 08/20/2051 | 22924347 |
| 10575519 | Pool 785680 | 2.50% | 10/20/2051 | 9092738 |
| 46429426 | Pool 785717 | 3.00% | 11/20/2051 | 41208422 |
| 7839152 | Pool CB2017 | 2.50% | 03/20/2051 | 6749911 |
| 7783379 | Pool CB4182 | 2.50% | 03/20/2051 | 6701774 |
| 1790731 | Pool CB5487 | 2.50% | 03/20/2051 | 1515841 |
| 6947536 | Pool CB9135 | 2.50% | 04/20/2051 | 6033620 |
| 7039279 | Pool CH0426 | 2.50% | 02/20/2052 | 5980398 |
| 5903147 | Pool CI0294 | 2.50% | 01/20/2052 | 4913023 |
| 24198607 | Pool CI6428 | 2.50% | 01/20/2052 | 20558700 |
| 475038 | Pool MA2511 | 3.50% | 01/20/2045 | 430428 |
| 14389839 | Pool MA5076 | 3.00% | 03/20/2048 | 13007891 |
| 9044660 | Pool MA7255 | 2.50% | 03/20/2051 | 7798978 |
|  | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** |
| 20611475 | Pool 786510 | 3.00% | 02/20/2052 | 18126917 |
| 3015234 | Series 2003-67-SP (-1 x 1 mo. Term SOFR + 6.99%, 0.00% Floor, 7.10% Cap) | 2.85%<sup>(f)(g)</sup> | 08/20/2033 | 19993 |
| 1266562 | Series 2003-86-ZK | 5.00% | 10/20/2033 | 1263320 |
| 820238 | Series 2004-49-Z | 6.00% | 06/20/2034 | 830590 |
| 1481450 | Series 2004-83-CS (-1 x 1 mo. Term SOFR + 5.97%, 0.00% Floor, 6.08% Cap) | 1.83%<sup>(f)(g)</sup> | 10/20/2034 | 74140 |
| 381713 | Series 2005-21-ZPool 2005-2 | 5.00% | 03/20/2035 | 383769 |
| 278753 | Series 2006-24-CX (-7 x 1 mo. Term SOFR + 39.13%, 0.00% Floor, 39.97% Cap) | 8.80%<sup>(g)</sup> | 05/20/2036 | 361483 |
| 1271216 | Series 2007-26-SJ (-1 x 1 mo. Term SOFR + 4.58%, 0.00% Floor, 4.69% Cap) | 0.44%<sup>(f)(g)</sup> | 04/20/2037 | 8491 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1584640 | Series 2008-2-SM (-1 x 1 mo. Term SOFR + 6.39%, 0.00% Floor, 6.50% Cap) | 2.24%<sup>(f)(g)</sup> | 01/16/2038 | 140102 |
| 2900355 | Series 2008-42-AI (-1 x 1 mo. Term SOFR + 7.58%, 0.00% Floor, 7.69% Cap) | 3.43%<sup>(f)(g)</sup> | 05/16/2038 | 347168 |
| 1057381 | Series 2008-43-SH (-1 x 1 mo. Term SOFR + 6.22%, 0.00% Floor, 6.34% Cap) | 2.09%<sup>(f)(g)</sup> | 05/20/2038 | 25269 |
| 1250675 | Series 2008-51-SC (-1 x 1 mo. Term SOFR + 6.14%, 0.00% Floor, 6.25% Cap) | 2.00%<sup>(f)(g)</sup> | 06/20/2038 | 89770 |
| 1050855 | Series 2008-51-SE (-1 x 1 mo. Term SOFR + 6.14%, 0.00% Floor, 6.25% Cap) | 1.99%<sup>(f)(g)</sup> | 06/16/2038 | 78957 |
| 344230 | Series 2008-82-SM (-1 x 1 mo. Term SOFR + 5.94%, 0.00% Floor, 6.05% Cap) | 1.80%<sup>(f)(g)</sup> | 09/20/2038 | 6505 |
| 482626 | Series 2008-83-SD (-1 x 1 mo. Term SOFR + 6.45%, 0.00% Floor, 6.56% Cap) | 2.30%<sup>(f)(g)</sup> | 11/16/2036 | 10034 |
| 2127022 | Series 2009-10-NS (-1 x 1 mo. Term SOFR + 6.54%, 0.00% Floor, 6.65% Cap) | 2.39%<sup>(f)(g)</sup> | 02/16/2039 | 202408 |
| 2523218 | Series 2009-106-VZ | 4.50% | 11/20/2039 | 2512750 |
| 349004 | Series 2009-24-SN (-1 x 1 mo. Term SOFR + 5.99%, 0.00% Floor, 6.10% Cap) | 1.85%<sup>(f)(g)</sup> | 09/20/2038 | 9580 |
| 1471442 | Series 2009-32-ZE | 4.50% | 05/16/2039 | 1467727 |
| 10161 | Series 2009-41-ZQ | 4.50%<sup>(i)</sup> | 06/16/2039 | 10197 |
| 1088440 | Series 2009-48-Z | 5.00% | 06/16/2039 | 1090328 |
| 24455 | Series 2009-50-KP | 4.50% | 06/20/2039 | 24401 |
| 411383 | Series 2009-69-TS (-1 x 1 mo. Term SOFR + 6.09%, 0.00% Floor, 6.20% Cap) | 1.94%<sup>(f)(g)</sup> | 04/16/2039 | 13049 |
| 1144799 | Series 2009-75-GZ | 4.50% | 09/20/2039 | 1151145 |
| 2357798 | Series 2010-1-SA (-1 x 1 mo. Term SOFR + 5.64%, 0.00% Floor, 5.75% Cap) | 1.49%<sup>(f)(g)</sup> | 01/16/2040 | 196349 |
| 3116716 | Series 2010-106-PS (-1 x 1 mo. Term SOFR + 5.94%, 0.00% Floor, 6.05% Cap) | 1.80%<sup>(f)(g)</sup> | 03/20/2040 | 82641 |
| 2072427 | Series 2010-25-ZB | 4.50% | 02/16/2040 | 2074913 |
| 17113471 | Series 2010-26-QS (-1 x 1 mo. Term SOFR + 6.14%, 0.00% Floor, 6.25% Cap) | 2.00%<sup>(f)(g)</sup> | 02/20/2040 | 1926801 |
| 1440623 | Series 2010-42-AY | 5.00% | 11/20/2039 | 1479155 |
| 3414478 | Series 2010-42-ES (-1 x 1 mo. Term SOFR + 5.57%, 0.00% Floor, 5.68% Cap) | 1.43%<sup>(f)(g)</sup> | 04/20/2040 | 337297 |
| 347050 | Series 2010-61-AS (-1 x 1 mo. Term SOFR + 6.44%, 0.00% Floor, 6.55% Cap) | 2.30%<sup>(f)(g)</sup> | 09/20/2039 | 21059 |
| 4450953 | Series 2010-62-SB (-1 x 1 mo. Term SOFR + 5.64%, 0.00% Floor, 5.75% Cap) | 1.50%<sup>(f)(g)</sup> | 05/20/2040 | 411486 |
| 2200305 | Series 2011-18-SN (-2 x 1 mo. Term SOFR + 9.27%, 0.00% Floor, 9.50% Cap) | 1.00%<sup>(g)</sup> | 12/20/2040 | 2008001 |
| 2203581 | Series 2011-18-YS (-2 x 1 mo. Term SOFR + 9.27%, 0.00% Floor, 9.50% Cap) | 1.00%<sup>(g)</sup> | 12/20/2040 | 1995241 |
| 653146 | Series 2011-69-OC | 0.00%<sup>(j)</sup> | 05/20/2041 | 525694 |
| 6295475 | Series 2011-69-SB (-1 x 1 mo. Term SOFR + 5.24%, 0.00% Floor, 5.35% Cap) | 1.10%<sup>(f)(g)</sup> | 05/20/2041 | 512472 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **35**<br>|

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------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2369346 | Series 2011-72-AS (-1 x 1 mo. Term SOFR + 5.27%, 0.00% Floor, 5.38% Cap) | 1.13%<sup>(f)(g)</sup> | 05/20/2041 | 213135 |
| 1728045 | Series 2011-72-SK (-1 x 1 mo. Term SOFR + 6.04%, 0.00% Floor, 6.15% Cap) | 1.90%<sup>(f)(g)</sup> | 05/20/2041 | 167354 |
| 6322491 | Series 2013-116-LS (-1 x 1 mo. Term SOFR + 6.04%, 0.00% Floor, 6.15% Cap) | 1.90%<sup>(f)(g)</sup> | 08/20/2043 | 710828 |
| 8368878 | Series 2013-136-CS (-1 x 1 mo. Term SOFR + 6.09%, 0.00% Floor, 6.20% Cap) | 1.94%<sup>(f)(g)</sup> | 09/16/2043 | 881815 |
| 14749674 | Series 2013-182-WZ | 2.50% | 12/20/2043 | 13302129 |
| 2688529 | Series 2013-186-SG (-1 x 1 mo. Term SOFR + 6.14%, 0.00% Floor, 6.25% Cap) | 1.99%<sup>(f)(g)</sup> | 02/16/2043 | 190149 |
| 4307567 | Series 2013-26-MS (-1 x 1 mo. Term SOFR + 6.14%, 0.00% Floor, 6.25% Cap) | 2.00%<sup>(f)(g)</sup> | 02/20/2043 | 506206 |
| 1094481 | Series 2013-34-PL | 3.00% | 03/20/2042 | 1084975 |
| 7522962 | Series 2014-163-PS (-1 x 1 mo. Term SOFR + 5.49%, 0.00% Floor, 5.60% Cap) | 1.35%<sup>(f)(g)</sup> | 11/20/2044 | 735370 |
| 7946774 | Series 2014-167-SA (-1 x 1 mo. Term SOFR + 5.49%, 0.00% Floor, 5.60% Cap) | 1.35%<sup>(f)(g)</sup> | 11/20/2044 | 816957 |
| 13738655 | Series 2014-21-SE (-1 x 1 mo. Term SOFR + 5.44%, 0.00% Floor, 5.55% Cap) | 1.30%<sup>(f)(g)</sup> | 02/20/2044 | 1431590 |
| 8054233 | Series 2014-39-SK (-1 x 1 mo. Term SOFR + 6.09%, 0.00% Floor, 6.20% Cap) | 1.95%<sup>(f)(g)</sup> | 03/20/2044 | 1039020 |
| 8455413 | Series 2014-59-DS (-1 x 1 mo. Term SOFR + 6.14%, 0.00% Floor, 6.25% Cap) | 1.99%<sup>(f)(g)</sup> | 04/16/2044 | 798978 |
| 8444173 | Series 2016-108-SM (-1 x 1 mo. Term SOFR + 5.99%, 0.00% Floor, 6.10% Cap) | 1.85%<sup>(f)(g)</sup> | 08/20/2046 | 1274509 |
| 12693209 | Series 2018-40-AZ | 3.00%<sup>(i)</sup> | 10/20/2047 | 10711727 |
| 9235994 | Series 2019-153-GF (1 mo. Term SOFR + 0.56%, 0.45% Floor, 6.50% Cap) | 4.70% | 12/20/2049 | 9005524 |
| 15876584 | Series 2020-104-AI | 3.00%<sup>(f)</sup> | 07/20/2050 | 2653536 |
| 10131207 | Series 2020-104-EI | 3.00%<sup>(f)</sup> | 07/20/2050 | 1731697 |
| 8998426 | Series 2020-112-LS (-1 x 30 day avg SOFR US + 6.20%, 0.00% Floor, 6.20% Cap) | 1.81%<sup>(f)(g)</sup> | 08/20/2050 | 1288552 |
| 36188772 | Series 2020-115-IG | 2.50%<sup>(f)</sup> | 08/20/2050 | 5330179 |
| 17267157 | Series 2020-138-IC | 3.50%<sup>(f)</sup> | 08/20/2050 | 3096307 |
| 125691263 | Series 2020-140-ES (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(f)(g)</sup> | 09/20/2050 | 18613179 |
| 32548793 | Series 2020-140-SG (-1 x 1 mo. Term SOFR + 6.24%, 0.00% Floor, 6.35% Cap) | 2.10%<sup>(f)(g)</sup> | 09/20/2050 | 4832789 |
| 40403091 | Series 2020-146-CI | 2.50%<sup>(f)</sup> | 10/20/2050 | 5526945 |
| 22884862 | Series 2020-146-KI | 2.50%<sup>(f)</sup> | 10/20/2050 | 3406675 |
| 49795813 | Series 2020-148-AI | 2.50%<sup>(f)</sup> | 10/20/2050 | 7332199 |
| 144506027 | Series 2020-151-MI | 2.50%<sup>(f)</sup> | 10/20/2050 | 21026393 |
| 88696484 | Series 2020-153-EI | 2.50%<sup>(f)</sup> | 10/20/2050 | 12544894 |
| 37297689 | Series 2020-160-IA | 2.50%<sup>(f)</sup> | 10/20/2050 | 5235503 |
| 9633065 | Series 2020-160-IM | 2.50%<sup>(f)</sup> | 10/20/2050 | 1410299 |
| 31939142 | Series 2020-162-QS (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(f)(g)</sup> | 10/20/2050 | 4830929 |
| 44475963 | Series 2020-166-SM (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(f)(g)</sup> | 11/20/2050 | 6591431 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 61903266 | Series 2020-167-BI | 2.50%<sup>(f)</sup> | 11/20/2050 | 9001676 |
| 46702077 | Series 2020-167-DI | 2.50%<sup>(f)</sup> | 11/20/2050 | 6868166 |
| 29204452 | Series 2020-167-IA | 2.50%<sup>(f)</sup> | 11/20/2050 | 4407393 |
| 70454566 | Series 2020-167-JI | 2.50%<sup>(f)</sup> | 11/20/2050 | 10758990 |
| 13407816 | Series 2020-167-NS (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(f)(g)</sup> | 11/20/2050 | 2004824 |
| 25107171 | Series 2020-167-YK | 1.20% | 11/20/2050 | 19269006 |
| 110928405 | Series 2020-173-MI | 2.50%<sup>(f)</sup> | 11/20/2050 | 16092683 |
| 34958292 | Series 2020-175-MI | 2.50%<sup>(f)</sup> | 11/20/2050 | 5018710 |
| 33438100 | Series 2020-175-SC (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(f)(g)</sup> | 11/20/2050 | 5066374 |
| 25045708 | Series 2020-181-AI | 2.50%<sup>(f)</sup> | 12/20/2050 | 3571105 |
| 41917530 | Series 2020-181-BI | 2.50%<sup>(f)</sup> | 12/20/2050 | 6096963 |
| 26505353 | Series 2020-181-SA (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(f)(g)</sup> | 12/20/2050 | 3838585 |
| 25382732 | Series 2020-181-YM | 1.17% | 12/20/2050 | 19437350 |
| 56652024 | Series 2020-185-AI | 2.50%<sup>(f)</sup> | 12/20/2050 | 8179040 |
| 42482457 | Series 2020-185-KI | 2.50%<sup>(f)</sup> | 12/20/2050 | 6211343 |
| 36151142 | Series 2020-185-MI | 2.50%<sup>(f)</sup> | 12/20/2050 | 5282531 |
| 40599450 | Series 2020-187-AI | 2.50%<sup>(f)</sup> | 12/20/2050 | 5951372 |
| 84377893 | Series 2020-188-BI | 2.50%<sup>(f)</sup> | 12/20/2050 | 13075122 |
| 4796586 | Series 2020-188-DI | 2.50%<sup>(f)</sup> | 12/20/2050 | 705916 |
| 22973419 | Series 2020-188-GI | 2.00%<sup>(f)</sup> | 12/20/2050 | 2628630 |
| 33580117 | Series 2020-188-IQ | 3.00%<sup>(f)</sup> | 10/20/2050 | 5281481 |
| 79719705 | Series 2020-188-KI | 2.50%<sup>(f)</sup> | 12/20/2050 | 11495733 |
| 32121796 | Series 2020-188-NS (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(f)(g)</sup> | 12/20/2050 | 4793558 |
| 4670095 | Series 2020-4-H | 2.50% | 10/20/2049 | 4125080 |
| 7703979 | Series 2020-79-KG | 1.30% | 06/20/2050 | 6112635 |
| 15202589 | Series 2020-98-SA (-1 x 1 mo. Term SOFR + 6.04%, 0.00% Floor, 6.15% Cap) | 1.90%<sup>(f)(g)</sup> | 07/20/2050 | 2153489 |
| 71320013 | Series 2021-1-EI | 2.00%<sup>(f)</sup> | 01/20/2051 | 8799235 |
| 30510165 | Series 2021-1-IA | 2.50%<sup>(f)</sup> | 01/20/2051 | 4304695 |
| 64279034 | Series 2021-10-IO | 0.99%<sup>(b)(f)</sup> | 05/16/2063 | 4773085 |
| 113816729 | Series 2021-100-IO | 0.97%<sup>(b)(f)</sup> | 06/16/2063 | 7821634 |
| 56714280 | Series 2021-107-QI | 2.50%<sup>(f)</sup> | 06/20/2051 | 8468117 |
| 126544969 | Series 2021-110-IO | 0.88%<sup>(b)(f)</sup> | 11/16/2063 | 8560008 |
| 21268310 | Series 2021-114-SB (-1 x 1 mo. Term SOFR + 2.49%, 0.00% Floor, 2.60% Cap) | 0.00%<sup>(f)(g)</sup> | 06/20/2051 | 49770 |
| 39151117 | Series 2021-116-IA | 2.50%<sup>(f)</sup> | 06/20/2051 | 5637322 |
| 38684972 | Series 2021-116-XI | 3.50%<sup>(f)</sup> | 03/20/2051 | 7163745 |
| 18269555 | Series 2021-117-IJ | 3.50%<sup>(f)</sup> | 06/20/2051 | 2931838 |
| 14112283 | Series 2021-117-SH (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(f)(g)</sup> | 07/20/2051 | 1650516 |
| 230674040 | Series 2021-12-IO | 0.96%<sup>(b)(f)</sup> | 03/16/2063 | 16024787 |
| 47041747 | Series 2021-121-TI | 3.00%<sup>(f)</sup> | 07/20/2051 | 6184583 |
| 98691438 | Series 2021-122-SA (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap) | 0.00%<sup>(f)(g)</sup> | 07/20/2051 | 535855 |
| 21561733 | Series 2021-125-IO | 3.00%<sup>(f)</sup> | 06/20/2051 | 3322350 |
| 53817924 | Series 2021-135-GI | 3.00%<sup>(f)</sup> | 08/20/2051 | 8850966 |
| 66689304 | Series 2021-135-SK (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(f)(g)</sup> | 08/20/2051 | 7308034 |
| 54835420 | Series 2021-136-EI | 3.00%<sup>(f)</sup> | 08/20/2051 | 9424421 |
| 34372209 | Series 2021-138-IL | 3.00%<sup>(f)</sup> | 08/20/2051 | 5806769 |
| 35284589 | Series 2021-138-KI | 3.00%<sup>(f)</sup> | 08/20/2051 | 6215359 |
| 51278261 | Series 2021-138-PS (-1 x 30 day avg SOFR US + 3.75%, 0.00% Floor, 3.75% Cap) | 0.00%<sup>(f)(g)</sup> | 08/20/2051 | 1121158 |
| 13026534 | Series 2021-139-BI | 3.50%<sup>(f)</sup> | 08/20/2051 | 2195531 |
| 41490365 | Series 2021-140-IJ | 3.00%<sup>(f)</sup> | 08/20/2051 | 7087496 |
| 27732744 | Series 2021-142-IO | 3.00%<sup>(f)</sup> | 08/20/2051 | 4898232 |
| 103858327 | Series 2021-142-XI | 3.00%<sup>(f)</sup> | 08/20/2051 | 18574646 |
| 108454999 | Series 2021-143-IO | 0.97%<sup>(b)(f)</sup> | 10/16/2063 | 7529857 |
| 81313572 | Series 2021-144-IO | 0.82%<sup>(b)(f)</sup> | 04/16/2063 | 4994824 |

---

---

| | | |
|:---|:---|:---|
| **36**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 200599663 | Series 2021-15-BI | 2.50%<sup>(f)</sup> | 01/20/2051 | 29461029 |
| 83610115 | Series 2021-150-IO | 1.04%<sup>(b)(f)</sup> | 11/16/2063 | 6351108 |
| 64555995 | Series 2021-151-IO | 0.91%<sup>(b)(f)</sup> | 04/16/2063 | 4491735 |
| 77949181 | Series 2021-154-TI | 3.00%<sup>(f)</sup> | 09/20/2051 | 9484989 |
| 24689179 | Series 2021-155-IE | 3.00%<sup>(f)</sup> | 09/20/2051 | 4389237 |
| 68400798 | Series 2021-155-KI | 4.00%<sup>(f)</sup> | 09/20/2051 | 12852592 |
| 33751032 | Series 2021-155-S (-1 x 30 day avg SOFR US + 3.20%, 0.00% Floor, 3.20% Cap) | 0.00%<sup>(f)(g)</sup> | 09/20/2051 | 533175 |
| 34346113 | Series 2021-155-SG (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(f)(g)</sup> | 09/20/2051 | 4997215 |
| 22492746 | Series 2021-157-IO | 0.88%<sup>(b)(f)</sup> | 09/16/2063 | 1408698 |
| 40452099 | Series 2021-158-IO | 3.00%<sup>(f)</sup> | 09/20/2051 | 6918175 |
| 56338015 | Series 2021-158-IV | 2.50%<sup>(f)</sup> | 09/20/2051 | 8217125 |
| 21404277 | Series 2021-160-IA | 3.00%<sup>(f)</sup> | 09/20/2051 | 3665326 |
| 68483234 | Series 2021-160-SQ (-1 x 30 day avg SOFR US + 2.65%, 0.00% Floor, 3.00% Cap) | 0.00%<sup>(f)(g)</sup> | 09/20/2051 | 434848 |
| 30616937 | Series 2021-160-WI | 2.50%<sup>(f)</sup> | 09/20/2051 | 4130779 |
| 35708310 | Series 2021-160-XI | 3.00%<sup>(f)</sup> | 09/20/2051 | 6144497 |
| 37913511 | Series 2021-161-KI | 3.50%<sup>(f)</sup> | 09/20/2051 | 7329679 |
| 69382725 | Series 2021-161-UI | 3.00%<sup>(f)</sup> | 09/20/2051 | 11936833 |
| 36787490 | Series 2021-161-VI | 3.00%<sup>(f)</sup> | 09/20/2051 | 4636026 |
| 24966538 | Series 2021-162-DI | 3.00%<sup>(f)</sup> | 09/20/2051 | 4411492 |
| 20784873 | Series 2021-165-GI | 2.50%<sup>(f)</sup> | 09/20/2051 | 3040954 |
| 14411284 | Series 2021-170-IO | 0.99%<sup>(b)(f)</sup> | 05/16/2063 | 1064955 |
| 34879678 | Series 2021-175-IM | 3.00%<sup>(f)</sup> | 10/20/2051 | 5649580 |
| 14092619 | Series 2021-175-IN | 2.50%<sup>(f)</sup> | 07/20/2051 | 2116587 |
| 45841535 | Series 2021-175-IU | 2.50%<sup>(f)</sup> | 09/20/2051 | 6399373 |
| 38172596 | Series 2021-176-TI | 4.00%<sup>(f)</sup> | 10/20/2051 | 7227771 |
| 101640003 | Series 2021-177-IA | 2.50%<sup>(f)</sup> | 10/20/2051 | 14859016 |
| 55968985 | Series 2021-180-IO | 0.92%<sup>(b)(f)</sup> | 11/16/2063 | 3909003 |
| 67241161 | Series 2021-184-IO | 0.89%<sup>(b)(f)</sup> | 12/16/2061 | 4548481 |
| 23816137 | Series 2021-188-IA | 3.00%<sup>(f)</sup> | 10/20/2051 | 4024399 |
| 43117787 | Series 2021-188-IN | 2.50%<sup>(f)</sup> | 10/20/2051 | 6432876 |
| 29863167 | Series 2021-188-IT | 2.50%<sup>(f)</sup> | 10/20/2051 | 4439372 |
| 20162280 | Series 2021-188-IW | 3.00%<sup>(f)</sup> | 10/20/2051 | 3812453 |
| 150036323 | Series 2021-189-IO | 0.88%<sup>(b)(f)</sup> | 06/16/2061 | 9519280 |
| 20690819 | Series 2021-191-BI | 2.50%<sup>(f)</sup> | 10/20/2051 | 3043038 |
| 40892155 | Series 2021-191-CI | 2.50%<sup>(f)</sup> | 10/20/2051 | 6061272 |
| 25533047 | Series 2021-192-AI | 3.00%<sup>(f)</sup> | 10/20/2051 | 4618448 |
| 51034337 | Series 2021-193-I | 3.00%<sup>(f)</sup> | 06/20/2051 | 8656567 |
| 3800911 | Series 2021-193-SW (-1 x 30 day avg SOFR US + 2.55%, 0.00% Floor, 2.55% Cap) | 0.00%<sup>(f)(g)</sup> | 11/20/2051 | 20404 |
| 61671843 | Series 2021-196-IO | 2.50%<sup>(f)</sup> | 11/20/2051 | 8890292 |
| 60294879 | Series 2021-2-IO | 0.88%<sup>(b)(f)</sup> | 06/16/2063 | 3865595 |
| 29060522 | Series 2021-20-IO | 1.14%<sup>(b)(f)</sup> | 08/16/2062 | 2340055 |
| 83287515 | Series 2021-200-IO | 0.89%<sup>(b)(f)</sup> | 11/16/2063 | 5664192 |
| 160444368 | Series 2021-204-IO | 0.88%<sup>(b)(f)</sup> | 01/16/2064 | 11168549 |
| 22701299 | Series 2021-205-DI | 2.50%<sup>(f)</sup> | 11/20/2051 | 3381645 |
| 174459941 | Series 2021-208-IO | 0.76%<sup>(b)(f)</sup> | 06/16/2064 | 9486399 |
| 176657431 | Series 2021-210-IO | 0.98%<sup>(b)(f)</sup> | 05/16/2062 | 12614860 |
| 50551098 | Series 2021-211-IO | 0.97%<sup>(b)(f)</sup> | 01/16/2063 | 3520166 |
| 28878653 | Series 2021-213-IH | 3.00%<sup>(f)</sup> | 12/20/2051 | 4999317 |
| 134522357 | Series 2021-217-IO | 0.79%<sup>(b)(f)</sup> | 09/16/2063 | 8021958 |
| 286124833 | Series 2021-219-IO | 0.76%<sup>(b)(f)</sup> | 02/16/2064 | 16865371 |
| 255213759 | Series 2021-22-IO | 0.97%<sup>(b)(f)</sup> | 05/16/2063 | 17893113 |
| 8276502 | Series 2021-226-TI | 2.50%<sup>(f)</sup> | 12/20/2051 | 1212454 |
| 63594336 | Series 2021-24-XI | 2.00%<sup>(f)</sup> | 02/20/2051 | 7418769 |
| 29437152 | Series 2021-24-YD | 1.20% | 02/20/2051 | 23167400 |
| 10091981 | Series 2021-25-EI | 2.50%<sup>(f)</sup> | 02/20/2051 | 1547270 |
| 18461953 | Series 2021-30-IB | 2.50%<sup>(f)</sup> | 02/20/2051 | 2728655 |
| 22649877 | Series 2021-30-WI | 2.50%<sup>(f)</sup> | 02/20/2051 | 3274658 |
| 25453502 | Series 2021-35-IO | 1.03%<sup>(b)(f)</sup> | 12/16/2062 | 1849538 |
| 73959650 | Series 2021-35-IX | 1.20%<sup>(b)(f)</sup> | 12/16/2062 | 6240538 |
| 31688659 | Series 2021-40-IO | 0.82%<sup>(b)(f)</sup> | 02/16/2063 | 1953400 |
| 562059237 | Series 2021-45-IO | 0.81%<sup>(b)(f)</sup> | 04/16/2063 | 34601491 |
| 28445200 | Series 2021-49-NI | 2.50%<sup>(f)</sup> | 03/20/2051 | 4249864 |
| 39561330 | Series 2021-49-QI | 2.50%<sup>(f)</sup> | 03/20/2049 | 5092406 |
| 27759104 | Series 2021-52-IO | 0.72%<sup>(b)(f)</sup> | 04/16/2063 | 1434094 |
| 62868760 | Series 2021-57-JI | 3.00%<sup>(f)</sup> | 03/20/2051 | 10721267 |
| 6990216 | Series 2021-58-HP | 3.00% | 08/20/2050 | 6277350 |
| 87122111 | Series 2021-58-IE | 3.00%<sup>(f)</sup> | 07/20/2050 | 14862405 |
| 199093765 | Series 2021-60-IO | 0.83%<sup>(b)(f)</sup> | 05/16/2063 | 12224636 |
| 67831037 | Series 2021-64-IG | 3.00%<sup>(f)</sup> | 04/20/2051 | 11576798 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 223341966 | Series 2021-65-IO | 0.87%<sup>(b)(f)</sup> | 08/16/2063 | 14651434 |
| 34225467 | Series 2021-7-IP | 3.50%<sup>(f)</sup> | 07/20/2050 | 5978265 |
| 79969706 | Series 2021-7-KI | 2.50%<sup>(f)</sup> | 01/20/2051 | 11766135 |
| 50991063 | Series 2021-7-MI | 2.50%<sup>(f)</sup> | 01/20/2051 | 7579352 |
| 318395142 | Series 2021-70-IO | 0.70%<sup>(b)(f)</sup> | 04/16/2063 | 16850617 |
| 152875768 | Series 2021-71-IO | 0.86%<sup>(b)(f)</sup> | 10/16/2062 | 9790287 |
| 152924133 | Series 2021-72-IO | 0.56%<sup>(b)(f)</sup> | 01/16/2061 | 6476276 |
| 89867812 | Series 2021-74-CI | 3.00%<sup>(f)</sup> | 12/20/2050 | 15117608 |
| 87057161 | Series 2021-77-SJ (-1 x 1 mo. Term SOFR + 3.64%, 0.00% Floor, 3.75% Cap) | 0.00%<sup>(f)(g)</sup> | 05/20/2051 | 2510328 |
| 9968237 | Series 2021-78-IC | 4.00%<sup>(f)</sup> | 05/20/2051 | 1825268 |
| 57395744 | Series 2021-80-IO | 0.90%<sup>(b)(f)</sup> | 12/16/2062 | 3954550 |
| 301886868 | Series 2021-85-IO | 0.69%<sup>(b)(f)</sup> | 03/16/2063 | 15561332 |
| 40287420 | Series 2021-87-ET | 2.00% | 05/20/2051 | 33616314 |
| 52826346 | Series 2021-9-AI | 2.00%<sup>(f)</sup> | 01/20/2051 | 6329135 |
| 98338380 | Series 2021-9-MI | 2.50%<sup>(f)</sup> | 01/20/2051 | 14471623 |
| 31353590 | Series 2021-94-IO | 0.83%<sup>(b)(f)</sup> | 02/16/2063 | 1880836 |
| 38404972 | Series 2021-96-TS (-1 x 30 day avg SOFR US + 3.25%, 0.00% Floor, 3.25% Cap) | 0.00%<sup>(f)(g)</sup> | 06/20/2051 | 610750 |
| 35615857 | Series 2021-97-NI | 2.50%<sup>(f)</sup> | 08/20/2049 | 4191349 |
| 29582473 | Series 2021-97-SH (-1 x 1 mo. Term SOFR + 3.64%, 0.00% Floor, 3.75% Cap) | 0.00%<sup>(f)(g)</sup> | 06/20/2051 | 698362 |
| 95392982 | Series 2021-98-IG | 3.00%<sup>(f)</sup> | 06/20/2051 | 16352704 |
| 21950744 | Series 2021-98-MI | 2.50%<sup>(f)</sup> | 06/20/2051 | 3241113 |
| 23544666 | Series 2021-98-SB (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(f)(g)</sup> | 06/20/2051 | 2956087 |
| 59337987 | Series 2021-98-ST (-1 x 30 day avg SOFR US + 2.73%, 0.00% Floor, 2.73% Cap) | 0.00%<sup>(f)(g)</sup> | 03/20/2051 | 282241 |
| 7472286 | Series 2021-98-SW (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(f)(g)</sup> | 06/20/2051 | 802218 |
| 40131798 | Series 2021-99-IO | 0.58%<sup>(b)(f)</sup> | 05/16/2061 | 1695958 |
| 197547682 | Series 2022-102-IO | 0.48%<sup>(b)(f)</sup> | 06/16/2064 | 7370939 |
| 57265632 | Series 2022-137-DI | 2.50%<sup>(f)</sup> | 02/20/2051 | 8250380 |
| 58981214 | Series 2022-137-EI | 2.50%<sup>(f)</sup> | 06/20/2051 | 8695011 |
| 75721980 | Series 2022-137-IO | 3.00%<sup>(f)</sup> | 01/20/2052 | 10171961 |
| 110380692 | Series 2022-14-IO | 0.65%<sup>(b)(f)</sup> | 12/01/2061 | 4850172 |
| 85520308 | Series 2022-141-IO | 0.78%<sup>(b)(f)</sup> | 06/16/2064 | 5487924 |
| 94268289 | Series 2022-158-IO | 0.88%<sup>(b)(f)</sup> | 08/16/2064 | 6785479 |
| 27610770 | Series 2022-160-ZD | 3.00%<sup>(i)</sup> | 11/20/2047 | 24288645 |
| 59976367 | Series 2022-167-IO | 0.82%<sup>(b)(f)</sup> | 08/16/2065 | 3654618 |
| 129708769 | Series 2022-169-IO | 0.90%<sup>(b)(f)</sup> | 01/16/2062 | 9297045 |
| 11592400 | Series 2022-183-B | 5.00% | 04/20/2047 | 11636514 |
| 74891062 | Series 2022-188-IO | 2.50%<sup>(f)</sup> | 02/20/2051 | 10591873 |
| 78289477 | Series 2022-202-IO | 0.72%<sup>(b)(f)</sup> | 10/16/2063 | 4647702 |
| 71832978 | Series 2022-207-EI | 3.50%<sup>(f)</sup> | 02/20/2052 | 13604290 |
| 75924264 | Series 2022-207-IO | 3.00%<sup>(f)</sup> | 08/20/2051 | 12608538 |
| 72279869 | Series 2022-21-IO | 0.78%<sup>(b)(f)</sup> | 10/16/2063 | 3994012 |
| 48645231 | Series 2022-218-IO | 3.50%<sup>(f)</sup> | 01/20/2052 | 9444681 |
| 11203722 | Series 2022-23-BA | 3.00% | 05/20/2049 | 10435010 |
| 141198876 | Series 2022-27-IO | 0.75%<sup>(b)(f)</sup> | 03/16/2064 | 7205407 |
| 88278401 | Series 2022-35-IO | 0.55%<sup>(b)(f)</sup> | 10/16/2063 | 3829853 |
| 136415257 | Series 2022-38-IO | 0.72%<sup>(b)(f)</sup> | 04/16/2064 | 6757684 |
| 401342621 | Series 2022-39-IO | 0.62%<sup>(b)(f)</sup> | 01/16/2064 | 19543218 |
| 118068400 | Series 2022-42-IO | 0.67%<sup>(b)(f)</sup> | 12/16/2063 | 5614719 |
| 22562879 | Series 2022-44-TY | 2.00% | 12/20/2051 | 18516060 |
| 57593159 | Series 2022-48-IO | 0.71%<sup>(b)(f)</sup> | 01/16/2064 | 3258748 |
| 64134912 | Series 2022-49-IO | 0.76%<sup>(b)(f)</sup> | 03/16/2064 | 3287677 |
| 119659547 | Series 2022-54-IO | 0.59%<sup>(b)(f)</sup> | 10/16/2063 | 5131612 |
| 29938507 | Series 2022-56-HI | 2.50%<sup>(f)</sup> | 01/20/2052 | 4668811 |
| 76490526 | Series 2022-62-IO | 0.62%<sup>(b)(f)</sup> | 06/16/2064 | 3824970 |
| 162765044 | Series 2022-71-IO | 0.53%<sup>(b)(f)</sup> | 06/16/2064 | 6408581 |
| 267031536 | Series 2022-72-DI | 0.58%<sup>(b)(f)</sup> | 06/16/2064 | 11305661 |
| 93860981 | Series 2022-73-IO | 0.56%<sup>(b)(f)</sup> | 07/16/2064 | 4371087 |
| 5944000 | Series 2022-78-HW | 2.50% | 04/20/2052 | 4760220 |
| 243187154 | Series 2022-79-IO | 0.70%<sup>(b)(f)</sup> | 08/16/2064 | 13766533 |
| 185661213 | Series 2022-8-IO | 0.86%<sup>(b)(f)</sup> | 09/16/2063 | 10805204 |
| 114625995 | Series 2022-83-IO | 2.50%<sup>(f)</sup> | 11/20/2051 | 16293959 |
| 118694185 | Series 2022-86-IO | 0.53%<sup>(b)(f)</sup> | 10/16/2063 | 4784147 |
| 52956169 | Series 2022-9-EI | 3.00%<sup>(f)</sup> | 01/20/2052 | 7948239 |
| 94318089 | Series 2022-91-IO | 0.43%<sup>(b)(f)</sup> | 07/16/2064 | 3636547 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **37**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Total Return Bond Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 435334269 | Series 2023-108-IO | 0.68%<sup>(b)(f)</sup> | 08/16/2059 | 15462725 |
| 50202904 | Series 2023-118-IO | 0.65%<sup>(b)(f)</sup> | 05/16/2065 | 2474115 |
| 42570564 | Series 2023-121-IB | 0.87%<sup>(b)(f)</sup> | 03/16/2064 | 2813884 |
| 10429398 | Series 2023-140-AS (-2 x 30 day avg SOFR US + 13.00%, 0.00% Floor, 13.00% Cap) | 4.22%<sup>(g)</sup> | 09/20/2053 | 10748133 |
| 48235082 | Series 2023-16-IO | 0.90%<sup>(b)(f)</sup> | 07/16/2063 | 3076578 |
| 23178926 | Series 2023-164-BV | 3.00% | 01/20/2052 | 20580707 |
| 415046790 | Series 2023-179-IO | 0.61%<sup>(b)(f)</sup> | 09/16/2063 | 17535063 |
| 11568788 | Series 2023-187-ZP | 3.00%<sup>(i)</sup> | 11/20/2051 | 6796472 |
| 182729741 | Series 2023-19-IO | 2.50%<sup>(f)</sup> | 02/20/2051 | 26778221 |
| 25539423 | Series 2023-196-DZ | 4.50%<sup>(i)</sup> | 12/20/2053 | 23259143 |
| 27733207 | Series 2023-24-IH | 3.50%<sup>(f)</sup> | 07/20/2051 | 5295259 |
| 71074475 | Series 2023-50-IO | 0.87%<sup>(b)(f)</sup> | 06/16/2064 | 4473541 |
| 29028359 | Series 2023-58-IO | 2.50%<sup>(f)</sup> | 10/20/2050 | 4231963 |
| 31377964 | Series 2023-60-PT | 4.00% | 10/20/2049 | 29842706 |
| 41926474 | Series 2023-75-AI | 3.50%<sup>(f)</sup> | 07/20/2050 | 7243855 |
| 54218846 | Series 2023-77-IO | 0.70%<sup>(b)(f)</sup> | 04/16/2065 | 2957367 |
| 11814180 | Series 2023-88-IO | 0.92%<sup>(b)(f)</sup> | 03/16/2065 | 801284 |
| 12392057 | Series 2024-1-CZ | 3.00%<sup>(i)</sup> | 01/20/2050 | 9328376 |
| 15472954 | &nbsp;&nbsp;&nbsp; Series 2024-111-FM <br>(30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.59% | 07/20/2054 | 15514075 |
| 28081409 | Series 2024-143-IO | 3.50%<sup>(f)</sup> | 02/20/2048 | 4423864 |
| 98966682 | Series 2024-150-IO | 0.97%<sup>(b)(f)</sup> | 09/16/2066 | 7600542 |
| 195295137 | Series 2024-161-IO | 0.74%<sup>(b)(f)</sup> | 06/16/2064 | 10804059 |
| 27503143 | Series 2024-19-EZ | 5.00%<sup>(i)</sup> | 12/20/2063 | 26944380 |
| 24151839 | Series 2024-20-LB | 2.50% | 11/20/2051 | 16545954 |
| 20959312 | Series 2024-20-LI | 2.50%<sup>(f)</sup> | 11/20/2051 | 3169840 |
| 45493766 | Series 2024-24-BI | 3.00%<sup>(f)</sup> | 12/20/2051 | 7746060 |
| 13522040 | Series 2024-40-FE (30 day avg SOFR US + 1.00%, 1.00% Floor, 7.00% Cap) | 5.39% | 03/20/2054 | 13532343 |
| 76560705 | Series 2024-47-IO | 0.74%<sup>(b)(f)</sup> | 10/16/2065 | 4739468 |
| 49570444 | Series 2024-67-AI | 0.74%<sup>(b)(f)</sup> | 10/16/2065 | 3023485 |
| 24583771 | Series 2024-78-FH (30 day avg SOFR US + 1.25%, 1.25% Floor, 6.50% Cap) | 5.64% | 05/20/2054 | 24676633 |
| 81897572 | Series 2024-86-IA | 0.85%<sup>(b)(f)</sup> | 08/16/2065 | 5314735 |
| 216500871 | Series 2025-21-IO | 0.95%<sup>(b)(f)</sup> | 04/16/2065 | 14675338 |
| 20335422 | Series 2025-92-ZA | 5.00%<sup>(i)</sup> | 05/16/2067 | 19331928 |
|  | **Total US Government and Agency Mortgage Backed Obligations** <br>**(Cost $15,835,234,460)** | **Total US Government and Agency Mortgage Backed Obligations** <br>**(Cost $15,835,234,460)** |  | **14967528946** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **US GOVERNMENT AND AGENCY OBLIGATIONS - 4.3%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 4.3%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 4.3%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 4.3%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 4.3%** |
| 91294461 | United States Treasury Inflation Indexed Bonds | 0.38% | 07/15/2027 | 90691718 |
| 118247252 | United States Treasury Inflation Indexed Bonds | 1.63% | 10/15/2027 | 120167851 |
| 91780973 | United States Treasury Inflation Indexed Bonds | 0.50% | 01/15/2028 | 90735611 |
| 300205000 | United States Treasury Note/Bond | 1.13% | 05/15/2040 | 191304463 |
| 192386000 | United States Treasury Note/Bond | 1.13% | 08/15/2040 | 121398571 |
| 335238000 | United States Treasury Note/Bond | 1.38% | 11/15/2040 | 218854104 |
| 320590000 | United States Treasury Note/Bond | 1.88% | 02/15/2041 | 225508767 |
| 148600000 | United States Treasury Note/Bond | 1.75% | 08/15/2041 | 100870957 |
| 19400000 | United States Treasury Note/Bond | 2.00% | 11/15/2041 | 13631152 |
| 186150000 | United States Treasury Note/Bond | 2.50% | 02/15/2045 | 133395381 |
|  | **Total US Government and Agency Obligations** <br>**(Cost $1,301,457,493)** | **Total US Government and Agency Obligations** <br>**(Cost $1,301,457,493)** |  | **1306558575** |

---

---

| | | |
|:---|:---|:---|
| Shares | Security Description | Value $ |
|  **SHORT TERM INVESTMENTS - 4.2%** | **SHORT TERM INVESTMENTS - 4.2%** | **SHORT TERM INVESTMENTS - 4.2%** |
| 429482612 | First American Government Obligations Fund - U<br> 4.07%<sup>(k)</sup> | 429482612 |
| 429482613 | JPMorgan US Government Money Market Fund - IM<br> 4.09%<sup>(k)</sup> | 429482613 |
| 429482612 | MSILF Government Portfolio - Institutional<br> 4.05%<sup>(k)</sup> | 429482612 |
|  | **Total Short Term Investments** <br>**(Cost $1,288,447,837)** | **1288447837** |
|  | **Total Investments - 99.5%<sup>(l)</sup>**<br>**(Cost $33,641,625,254)** | **30303296929** |
|  | **Other Assets in Excess of Liabilities - 0.5%** | **154278568** |
|  | **NET ASSETS - 100.0%** | **$30457575497** |

---

---

| | |
|:---|:---|
|  **SECURITY TYPE BREAKDOWN as a % of Net Assets:**  |  |
|  US Government and Agency Mortgage Backed Obligations | 49.1% |
|  Non-Agency Residential Collateralized Mortgage Obligations | 24.0% |
|  Non-Agency Commercial Mortgage Backed Obligations | 7.7% |
|  Asset Backed Obligations | 5.8% |
|  Collateralized Loan Obligations | 4.4% |
|  US Government and Agency Obligations | 4.3% |
|  Short Term Investments | 4.2% |
|  Other Assets and Liabilities | 0.5% |
|  Net Assets | 100.0% |

---

(a) **Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of September 30, 2025, the value of these securities total $8,760,117,317 or 28.8% of the Fund's net assets.**

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

(c) **Value determined using significant unobservable inputs.**

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

(e) **Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid.**

(f) **Interest only security**

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

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

---

| | | |
|:---|:---|:---|
| **38**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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

(j) **Principal only security**

(k) **Seven-day yield as of period end.**

(l) **99.5% of the total investments are based in the United States.**

**COFI**

**Cost of Funds Index**

**SOFR Secured Overnight Financing Rate**

**Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Long/Short** | **Contract** <br>**Quantity** | **Expiration**<br>**Date** | **Notional**<br>**Amount<sup>(1)</sup>** | **Unrealized** <br>**Appreciation (Depreciation)/Value** |
| U.S. Treasury Long Bonds | Long | 13950 | 12/19/2025 | $1592754078 | $33728735 |
| U.S. Treasury Ultra Bonds | Long | 5675 | 12/19/2025 | 666716918 | 14637769 |
| U.S. Treasury 2 Year Notes | Long | 66500 | 12/31/2025 | 13855794461 | 2701666 |
| U.S. Treasury 5 Year Notes | Long | 11300 | 12/31/2025 | 1231983538 | 1923499 |
| 10 Year U.S. Ultra Treasury Notes | Short | (18600) | 12/19/2025 | (2120213936) | (20239189) |
|  |  |  |  |  | $32752480 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **39**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **Schedule of Investments DoubleLine Core Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<br>September 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **ASSET BACKED OBLIGATIONS - 3.1%** | **ASSET BACKED OBLIGATIONS - 3.1%** | **ASSET BACKED OBLIGATIONS - 3.1%** | **ASSET BACKED OBLIGATIONS - 3.1%** | **ASSET BACKED OBLIGATIONS - 3.1%** |
|  | **Aaset Trust** | **Aaset Trust** | **Aaset Trust** | **Aaset Trust** |
| 2328391 | Series 2021-2A-B | 3.54%<sup>(a)</sup> | 01/15/2047 | 2210314 |
|  | **Affirm, Inc.** | **Affirm, Inc.** | **Affirm, Inc.** | **Affirm, Inc.** |
| 4000000 | Series 2025-1A-D | 5.62%<sup>(a)</sup> | 02/15/2033 | 4031986 |
|  | **Apollo Aviation Securitization Equity Trust** | **Apollo Aviation Securitization Equity Trust** | **Apollo Aviation Securitization Equity Trust** | **Apollo Aviation Securitization Equity Trust** |
| 7080736 | Series 2024-1A-B | 6.90%<sup>(a)</sup> | 05/16/2049 | 7355150 |
|  | **AutoNation Finance Trust** | **AutoNation Finance Trust** | **AutoNation Finance Trust** | **AutoNation Finance Trust** |
| 4450000 | Series 2025-1A-D | 5.63%<sup>(a)</sup> | 09/10/2032 | 4549951 |
|  | **Avant Credit Card Master Trust** | **Avant Credit Card Master Trust** | **Avant Credit Card Master Trust** | **Avant Credit Card Master Trust** |
| 3000000 | Series 2025-1A-C | 5.28%<sup>(a)</sup> | 04/15/2031 | 2995500 |
|  | **Carbon Level Mitigation Trust** | **Carbon Level Mitigation Trust** | **Carbon Level Mitigation Trust** | **Carbon Level Mitigation Trust** |
| 17950485 | Series 2021-5-CERT | 0.61%<sup>(a)</sup> | 10/13/2051 | 10749792 |
|  | **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** |
| 5450000 | Series 2024-P3-A4 | 4.31% | 09/10/2030 | 5479963 |
|  | **Castlelake Aircraft Securitization Trust** | **Castlelake Aircraft Securitization Trust** | **Castlelake Aircraft Securitization Trust** | **Castlelake Aircraft Securitization Trust** |
| 994529 | Series 2021-1A-A | 3.47%<sup>(a)</sup> | 01/15/2046 | 984918 |
|  | **Compass Datacenters LLC** | **Compass Datacenters LLC** | **Compass Datacenters LLC** | **Compass Datacenters LLC** |
| 1450000 | Series 2024-2A-B2 | 6.00%<sup>(a)</sup> | 08/25/2049 | 1459274 |
|  | **Container Leasing International LLC** | **Container Leasing International LLC** | **Container Leasing International LLC** | **Container Leasing International LLC** |
| 3898333 | Series 2025-1A-A | 5.35%<sup>(a)</sup> | 06/20/2050 | 3962256 |
| 1949167 | Series 2025-1A-B | 5.59%<sup>(a)</sup> | 06/20/2050 | 1987075 |
|  | **Cyrusone Holdco LLC** | **Cyrusone Holdco LLC** | **Cyrusone Holdco LLC** | **Cyrusone Holdco LLC** |
| 2000000 | Series 2025-1A-A2 | 5.91%<sup>(a)</sup> | 02/20/2050 | 2044869 |
|  | **Diamond Infrastructure Funding LLC** | **Diamond Infrastructure Funding LLC** | **Diamond Infrastructure Funding LLC** | **Diamond Infrastructure Funding LLC** |
| 3000000 | Series 2021-1A-C | 3.48%<sup>(a)</sup> | 04/15/2049 | 2886476 |
|  | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** |
| 6500000 | Series 2023-1A-A2A | 5.00%<sup>(a)</sup> | 09/15/2048 | 6512448 |
|  | **Domino's SPV Guarantor LLC** | **Domino's SPV Guarantor LLC** | **Domino's SPV Guarantor LLC** | **Domino's SPV Guarantor LLC** |
| 4425000 | Series 2025-1A-A2II | 5.22%<sup>(a)</sup> | 07/25/2055 | 4474494 |
|  | **European Wax Center, Inc.** | **European Wax Center, Inc.** | **European Wax Center, Inc.** | **European Wax Center, Inc.** |
| 2757375 | Series 2022-1A-A2 | 5.50%<sup>(a)</sup> | 03/15/2052 | 2724926 |
|  | **Exeter Automobile Receivables Trust** | **Exeter Automobile Receivables Trust** | **Exeter Automobile Receivables Trust** | **Exeter Automobile Receivables Trust** |
| 7358568 | Series 2021-1A-E | 2.21%<sup>(a)</sup> | 02/15/2028 | 7351745 |
|  | **ExteNet LLC** | **ExteNet LLC** | **ExteNet LLC** | **ExteNet LLC** |
| 3350000 | Series 2025-1A-B | 5.70%<sup>(a)</sup> | 07/25/2054 | 3373148 |
|  | **FWEA** | **FWEA** | **FWEA** | **FWEA** |
| 5489280 | Series 2024-1-A-A | 7.15%<sup>(b)</sup> | 08/25/2044 | 5635295 |
|  | **GreenSky LLC** | **GreenSky LLC** | **GreenSky LLC** | **GreenSky LLC** |
| 1850000 | Series 2024-2-C | 5.55%<sup>(a)</sup> | 10/27/2059 | 1869965 |
|  | **Helios Issuer LLC** | **Helios Issuer LLC** | **Helios Issuer LLC** | **Helios Issuer LLC** |
| 1899057 | Series 2018-1A-A | 4.87%<sup>(a)</sup> | 07/20/2048 | 1826698 |
|  | **HERO Funding Trust** | **HERO Funding Trust** | **HERO Funding Trust** | **HERO Funding Trust** |
| 912070 | Series 2016-1A-A | 4.05%<sup>(a)</sup> | 09/20/2041 | 883288 |
|  | **Horizon Aircraft Finance Ltd.** | **Horizon Aircraft Finance Ltd.** | **Horizon Aircraft Finance Ltd.** | **Horizon Aircraft Finance Ltd.** |
| 1091996 | Series 2019-2-A | 3.43%<sup>(a)</sup> | 11/15/2039 | 1055279 |
| 4275000 | Series 2024-1-A | 5.38%<sup>(a)</sup> | 09/15/2049 | 4344332 |
|  | **Hyundai Auto Receivables Trust** | **Hyundai Auto Receivables Trust** | **Hyundai Auto Receivables Trust** | **Hyundai Auto Receivables Trust** |
| 5200000 | Series 2024-C-C | 4.86% | 02/17/2032 | 5275294 |
|  | **ITE Rail Fund Levered LP** | **ITE Rail Fund Levered LP** | **ITE Rail Fund Levered LP** | **ITE Rail Fund Levered LP** |
| 11683325 | Series 2021-1A-A | 2.25%<sup>(a)</sup> | 02/28/2051 | 11069598 |
|  | **MACH 1 Cayman Ltd.** | **MACH 1 Cayman Ltd.** | **MACH 1 Cayman Ltd.** | **MACH 1 Cayman Ltd.** |
| 2859289 | Series 2019-1-A | 3.47%<sup>(a)</sup> | 10/15/2039 | 2829647 |
|  | **Marlette Funding Trust** | **Marlette Funding Trust** | **Marlette Funding Trust** | **Marlette Funding Trust** |
| 1450000 | Series 2025-1A-C | 5.26%<sup>(a)</sup> | 07/16/2035 | 1460005 |
|  | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** |
| 694148 | Series 2018-1A-A | 4.01%<sup>(a)</sup> | 06/22/2043 | 653022 |
| 895124 | Series 2019-2A-B | 3.28%<sup>(a)</sup> | 09/20/2040 | 799880 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
|  | **Navient Student Loan Trust** | **Navient Student Loan Trust** | **Navient Student Loan Trust** |
| 2646425 | Series 2018-A-B<br> 3.68%<sup>(a)</sup> | 02/18/2042 | 2611108 |
|  | **NP Railcar Holdings LLC** | **NP Railcar Holdings LLC** | **NP Railcar Holdings LLC** |
| 1642429 | Series 2016-1A-A1<br> 4.16%<sup>(a)</sup> | 04/20/2046 | 1638640 |
| 4982952 | Series 2019-1A-A2<br> 3.24%<sup>(a)</sup> | 09/20/2049 | 4879964 |
|  | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** |
| 254188 | Series 2021-2-NOTE<br> 3.00%<sup>(a)</sup> | 01/25/2029 | 253183 |
|  | **Primrose Holdings, Inc.** | **Primrose Holdings, Inc.** | **Primrose Holdings, Inc.** |
| 2000000 | Series 2025-1A-A2<br> 6.46%<sup>(a)</sup> | 07/30/2055 | 2067608 |
|  | **QTS Issuer ABS II LLC** | **QTS Issuer ABS II LLC** | **QTS Issuer ABS II LLC** |
| 5450000 | Series 2025-1A-B<br> 5.78%<sup>(a)</sup> | 10/05/2055 | 5429573 |
|  | **Research-Driven Pagaya Motor Asset Trust** | **Research-Driven Pagaya Motor Asset Trust** | **Research-Driven Pagaya Motor Asset Trust** |
| 1476242 | Series 2025-1A-A<br> 5.04%<sup>(a)</sup> | 06/27/2033 | 1484618 |
| 5000000 | Series 2025-3A-A2<br> 5.15%<sup>(a)</sup> | 02/27/2034 | 5043803 |
|  | **Sapphire Aviation Finance Ltd.** | **Sapphire Aviation Finance Ltd.** | **Sapphire Aviation Finance Ltd.** |
| 2214820 | Series 2020-1A-A<br> 3.23%<sup>(a)</sup> | 03/15/2040 | 2137979 |
|  | **Scalelogix Abs Us Issuer LLC** | **Scalelogix Abs Us Issuer LLC** | **Scalelogix Abs Us Issuer LLC** |
| 5730000 | Series 2025-1A-B<br> 6.16%<sup>(a)</sup> | 07/25/2055 | 5724176 |
|  | **SEB Funding LLC** | **SEB Funding LLC** | **SEB Funding LLC** |
| 4987500 | Series 2021-1A-A2<br> 4.97%<sup>(a)</sup> | 01/30/2052 | 4936517 |
|  | **SERVPRO Master Issuer LLC** | **SERVPRO Master Issuer LLC** | **SERVPRO Master Issuer LLC** |
| 942500 | Series 2019-1A-A2<br> 3.88%<sup>(a)</sup> | 10/25/2049 | 933918 |
|  | **Shenton Aircraft Investment Ltd.** | **Shenton Aircraft Investment Ltd.** | **Shenton Aircraft Investment Ltd.** |
| 792249 | Series 2015-1A-A<br> 4.75%<sup>(a)</sup> | 10/15/2042 | 778960 |
|  | **SOFI Alternative Trust** | **SOFI Alternative Trust** | **SOFI Alternative Trust** |
| 419379 | Series 2021-1-PT1<br> 9.72%<sup>(a)(c)</sup> | 05/25/2030 | 413714 |
| 309685 | Series 2021-2-A<br> 1.25%<sup>(a)</sup> | 08/15/2030 | 307999 |
| 75000 | Series 2021-2-R1<br> 0.00%<sup>(a)(b)(d)</sup> | 08/15/2030 | 350027 |
|  | **Start Ltd./Bermuda** | **Start Ltd./Bermuda** | **Start Ltd./Bermuda** |
| 1316388 | Series 2019-1-A<br> 4.09%<sup>(a)</sup> | 03/15/2044 | 1313918 |
|  | **Start/Bermuda** | **Start/Bermuda** | **Start/Bermuda** |
| 1424199 | Series 2018-1-A<br> 4.09%<sup>(a)</sup> | 05/15/2043 | 1427444 |
|  | **Subway Funding LLC** | **Subway Funding LLC** | **Subway Funding LLC** |
| 4466250 | Series 2024-1A-A23<br> 6.51%<sup>(a)</sup> | 07/30/2054 | 4672712 |
| 4962500 | Series 2024-3A-A23<br> 5.91%<sup>(a)</sup> | 07/30/2054 | 4961314 |
|  | **Sunrun, Inc.** | **Sunrun, Inc.** | **Sunrun, Inc.** |
| 4083346 | Series 2019-2-A<br> 3.61%<sup>(a)</sup> | 02/01/2055 | 3909256 |
| 9302844 | Series 2020-1A-A<br> 2.21%<sup>(a)</sup> | 07/31/2051 | 8603126 |
|  | **Switch Ltd.** | **Switch Ltd.** | **Switch Ltd.** |
| 5290000 | Series 2024-2A-A2<br> 5.44%<sup>(a)</sup> | 06/25/2054 | 5320089 |
|  | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** |
| 3600000 | Series 2024-1A-B<br> 5.82%<sup>(a)</sup> | 06/21/2050 | 3645986 |
|  | **Upgrade Master Pass-Thru Trust** | **Upgrade Master Pass-Thru Trust** | **Upgrade Master Pass-Thru Trust** |
| 91194 | Series 2021-PT3-A<br> 17.04%<sup>(a)(c)</sup> | 07/15/2027 | 86930 |
| 377518 | Series 2021-PT4-A<br> 28.34%<sup>(a)(c)</sup> | 08/15/2027 | 363971 |
|  | **Upstart Securitization Trust** | **Upstart Securitization Trust** | **Upstart Securitization Trust** |
| 513594 | Series 2021-2-C<br> 3.61%<sup>(a)</sup> | 06/20/2031 | 512758 |
| 727237 | Series 2021-3-C<br> 3.28%<sup>(a)</sup> | 07/20/2031 | 723253 |
| 5176548 | Series 2021-4-C<br> 3.19%<sup>(a)</sup> | 09/20/2031 | 5130857 |
| 1617052 | Series 2023-3-A<br> 6.90%<sup>(a)</sup> | 10/20/2033 | 1626041 |
|  | **USASF Receivables LLC** | **USASF Receivables LLC** | **USASF Receivables LLC** |
| 1193573 | Series 2021-1A-C<br> 2.20%<sup>(a)</sup> | 05/15/2026 | 1021245 |
|  | **Vantage Data Centers Holding LLC** | **Vantage Data Centers Holding LLC** | **Vantage Data Centers Holding LLC** |
| 1075000 | Series 2020-2A-A2<br> 1.99%<sup>(a)</sup> | 09/15/2045 | 1018813 |
|  | **WAVE USA** | **WAVE USA** | **WAVE USA** |
| 6446105 | Series 2019-1-A<br> 3.60%<sup>(a)</sup> | 09/15/2044 | 6291953 |
|  | **Willis Lease Finance Corp.** | **Willis Lease Finance Corp.** | **Willis Lease Finance Corp.** |
| 4461284 | Series 2025-A-A<br> 5.58%<sup>(a)</sup> | 06/15/2050 | 4572745 |
|  | **Total Asset Backed Obligations** <br>**(Cost $212,368,884)** |  | **207030786** |

---

---

| | | |
|:---|:---|:---|
| **40**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **BANK LOANS - 2.3%** | **BANK LOANS - 2.3%** | **BANK LOANS - 2.3%** | **BANK LOANS - 2.3%** | **BANK LOANS - 2.3%** |
|  | **1261229 BC Ltd.** | **1261229 BC Ltd.** | **1261229 BC Ltd.** | **1261229 BC Ltd.** |
| 384038 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.25%, 0.00% Floor) | 10.41% | 10/08/2030 | 379356 |
|  | **AAdvantage Loyalty IP Ltd.** | **AAdvantage Loyalty IP Ltd.** | **AAdvantage Loyalty IP Ltd.** | **AAdvantage Loyalty IP Ltd.** |
| 852613 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.58% | 04/20/2028 | 852319 |
| 598500 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.58% | 05/28/2032 | 601867 |
|  | **ABG Intermediate Holdings 2 LLC** | **ABG Intermediate Holdings 2 LLC** | **ABG Intermediate Holdings 2 LLC** | **ABG Intermediate Holdings 2 LLC** |
| 94050 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 12/21/2028 | 93984 |
|  | **Acrisure LLC** | **Acrisure LLC** | **Acrisure LLC** | **Acrisure LLC** |
| 1232637 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 11/06/2030 | 1232064 |
| 408975 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.41% | 06/21/2032 | 409317 |
|  | **Acuris Finance US, Inc.** | **Acuris Finance US, Inc.** | **Acuris Finance US, Inc.** | **Acuris Finance US, Inc.** |
| 646750 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor) | 7.75% | 02/16/2028 | 647759 |
|  | **ADMI Corp.** | **ADMI Corp.** | **ADMI Corp.** | **ADMI Corp.** |
| 985554 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.86%, 0.50% Floor) | 8.03% | 12/23/2027 | 936030 |
|  | **AI Aqua Merger Sub, Inc.** | **AI Aqua Merger Sub, Inc.** | **AI Aqua Merger Sub, Inc.** | **AI Aqua Merger Sub, Inc.** |
| 1619696 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.28% | 07/31/2028 | 1624725 |
|  | **Alera Group, Inc.** | **Alera Group, Inc.** | **Alera Group, Inc.** | **Alera Group, Inc.** |
| 600000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.41% | 05/28/2032 | 602913 |
| 235000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.50%, 0.50% Floor) | 9.66% | 05/31/2033 | 242307 |
|  | **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** |
| 960000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.35%, 0.00% Floor) | 7.51% | 08/20/2032 | 964694 |
|  | **Allspring Buyer LLC** | **Allspring Buyer LLC** | **Allspring Buyer LLC** | **Allspring Buyer LLC** |
| 1551729 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.81% | 11/01/2030 | 1556291 |
|  | **Alpha Generation LLC** | **Alpha Generation LLC** | **Alpha Generation LLC** | **Alpha Generation LLC** |
| 1358837 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 09/30/2031 | 1358667 |
|  | **Alterra Mountain Co.** | **Alterra Mountain Co.** | **Alterra Mountain Co.** | **Alterra Mountain Co.** |
| 75000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 05/31/2030 | 75235 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Altice France SA** | **Altice France SA** | **Altice France SA** | **Altice France SA** |
| 986034 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.50%, 0.00% Floor) | 9.82% | 08/31/2028 | 956453 |
|  | **Amentum Holdings, Inc.** | **Amentum Holdings, Inc.** | **Amentum Holdings, Inc.** | **Amentum Holdings, Inc.** |
| 832000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 09/29/2031 | 832911 |
|  | **American Axle & Manufacturing, Inc.** | **American Axle & Manufacturing, Inc.** | **American Axle & Manufacturing, Inc.** | **American Axle & Manufacturing, Inc.** |
| 470000 | Senior Secured Term Loan | 7.57%<sup>(e)</sup> | 09/20/2032 | 468237 |
|  | **AmWINS Group, Inc.** | **AmWINS Group, Inc.** | **AmWINS Group, Inc.** | **AmWINS Group, Inc.** |
| 838663 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.75% Floor) | 6.25% | 01/30/2032 | 839203 |
|  | **APi Group DE, Inc.** | **APi Group DE, Inc.** | **APi Group DE, Inc.** | **APi Group DE, Inc.** |
| 295000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 01/03/2029 | 295123 |
|  | **Apple Bidco LLC** | **Apple Bidco LLC** | **Apple Bidco LLC** | **Apple Bidco LLC** |
| 1615930 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 09/23/2031 | 1617586 |
|  | **Applied Systems, Inc.** | **Applied Systems, Inc.** | **Applied Systems, Inc.** | **Applied Systems, Inc.** |
| 330000 | Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.80% | 02/23/2032 | 338662 |
|  | **Apro LLC** | **Apro LLC** | **Apro LLC** | **Apro LLC** |
| 981260 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor) | 7.94% | 07/09/2031 | 981996 |
|  | **Ardonagh Group Finco Pty Ltd.** | **Ardonagh Group Finco Pty Ltd.** | **Ardonagh Group Finco Pty Ltd.** | **Ardonagh Group Finco Pty Ltd.** |
| 333247 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.95% | 02/18/2031 | 332276 |
| 443178 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.95% | 02/18/2031 | 441886 |
| 41905 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.75%, 0.00% Floor) | 7.05% | 02/18/2031 | 41783 |
|  | **Arsenal AIC Parent LLC** | **Arsenal AIC Parent LLC** | **Arsenal AIC Parent LLC** | **Arsenal AIC Parent LLC** |
| 121777 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 08/19/2030 | 121929 |
|  | **Ascend Learning LLC** | **Ascend Learning LLC** | **Ascend Learning LLC** | **Ascend Learning LLC** |
| 204578 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.16% | 12/11/2028 | 204588 |
| 1347903 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.16% | 12/11/2028 | 1347970 |
|  | **Aspire Bakeries Holdings LLC** | **Aspire Bakeries Holdings LLC** | **Aspire Bakeries Holdings LLC** | **Aspire Bakeries Holdings LLC** |
| 689779 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.66% | 12/23/2030 | 694735 |
|  | **Astra Acquisition Corp.** | **Astra Acquisition Corp.** | **Astra Acquisition Corp.** | **Astra Acquisition Corp.** |
| 699785 | Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 9.99%, 0.75% Floor) | 13.19%<sup>(f)</sup> | 10/25/2029 | 2796 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **41**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Core Fixed Income Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Asurion LLC** | **Asurion LLC** | **Asurion LLC** | **Asurion LLC** |
| 295000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.36%, 0.00% Floor) | 9.53% | 02/03/2028 | 287994 |
| 539080 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.35%, 0.00% Floor) | 8.51% | 08/21/2028 | 541401 |
| 485000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.36%, 0.00% Floor) | 9.53% | 01/22/2029 | 465365 |
| 994992 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor) | 8.41% | 09/19/2030 | 992813 |
| 239400 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%) | 8.57% | 09/19/2030 | 238179 |
|  | **Aveanna Healthcare LLC** | **Aveanna Healthcare LLC** | **Aveanna Healthcare LLC** | **Aveanna Healthcare LLC** |
| 635000 | Senior Secured Term Loan (3 mo. Term SOFR + 3.75%) | 7.93% | 09/17/2032 | 635644 |
|  | **Bally's Corp.** | **Bally's Corp.** | **Bally's Corp.** | **Bally's Corp.** |
| 715487 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.51%, 0.50% Floor) | 7.84% | 10/02/2028 | 696706 |
|  | **Bausch + Lomb Corp.** | **Bausch + Lomb Corp.** | **Bausch + Lomb Corp.** | **Bausch + Lomb Corp.** |
| 548800 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.17% | 09/29/2028 | 549486 |
| 1381538 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor) | 8.41% | 01/15/2031 | 1384128 |
|  | **BCP Renaissance Parent LLC** | **BCP Renaissance Parent LLC** | **BCP Renaissance Parent LLC** | **BCP Renaissance Parent LLC** |
| 978122 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.50% | 10/31/2028 | 980772 |
|  | **BCPE Empire Holdings, Inc.** | **BCPE Empire Holdings, Inc.** | **BCPE Empire Holdings, Inc.** | **BCPE Empire Holdings, Inc.** |
| 1618975 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.41% | 12/26/2030 | 1617898 |
|  | **Boots Group Finco LP** | **Boots Group Finco LP** | **Boots Group Finco LP** | **Boots Group Finco LP** |
| 470000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.70% | 08/30/2032 | 471859 |
|  | **Boxer Parent Co., Inc.** | **Boxer Parent Co., Inc.** | **Boxer Parent Co., Inc.** | **Boxer Parent Co., Inc.** |
| 1669430 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.20% | 07/30/2031 | 1668646 |
| 321046 | Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 5.75%, 0.00% Floor) | 9.95% | 07/30/2032 | 313522 |
|  | **Brand Industrial Services, Inc.** | **Brand Industrial Services, Inc.** | **Brand Industrial Services, Inc.** | **Brand Industrial Services, Inc.** |
| 368746 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.50%, 0.50% Floor) | 8.80% | 08/01/2030 | 335190 |
|  | **Brown Group Holding LLC** | **Brown Group Holding LLC** | **Brown Group Holding LLC** | **Brown Group Holding LLC** |
| 507107 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.66% | 07/01/2031 | 507992 |
| 182893 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.66% | 07/01/2031 | 183212 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 64822 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 6.91% | 07/01/2031 | 65012 |
| 87742 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 6.95% | 07/01/2031 | 88000 |
| 135978 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 7.06% | 07/01/2031 | 136377 |
|  | **Burlington Coat Factory Warehouse Corp.** | **Burlington Coat Factory Warehouse Corp.** | **Burlington Coat Factory Warehouse Corp.** | **Burlington Coat Factory Warehouse Corp.** |
| 174121 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 09/19/2031 | 174556 |
|  | **Caesars Entertainment, Inc.** | **Caesars Entertainment, Inc.** | **Caesars Entertainment, Inc.** | **Caesars Entertainment, Inc.** |
| 840732 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.50% Floor) | 6.41% | 02/06/2031 | 839858 |
|  | **Camelot US Acquisition LLC** | **Camelot US Acquisition LLC** | **Camelot US Acquisition LLC** | **Camelot US Acquisition LLC** |
| 19940 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 01/31/2031 | 19840 |
| 940379 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 01/31/2031 | 935677 |
| 218087 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 01/31/2031 | 216996 |
| 560000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.41% | 01/31/2031 | 560087 |
|  | **Castle US Holding Corp.** | **Castle US Holding Corp.** | **Castle US Holding Corp.** | **Castle US Holding Corp.** |
| 298263 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.36%, 0.00% Floor) | 8.72% | 05/31/2030 | 139687 |
|  | **Cengage Learning, Inc.** | **Cengage Learning, Inc.** | **Cengage Learning, Inc.** | **Cengage Learning, Inc.** |
| 362730 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 1.00% Floor) | 7.67% | 03/24/2031 | 362238 |
| 619360 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 1.00% Floor) | 7.70% | 03/24/2031 | 618521 |
|  | **Central Parent LLC** | **Central Parent LLC** | **Central Parent LLC** | **Central Parent LLC** |
| 182369 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.25% | 07/06/2029 | 158213 |
|  | **Chariot Buyer LLC** | **Chariot Buyer LLC** | **Chariot Buyer LLC** | **Chariot Buyer LLC** |
| 948103 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 09/08/2032 | 950179 |
|  | **Clarios Global LP** | **Clarios Global LP** | **Clarios Global LP** | **Clarios Global LP** |
| 1524629 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.82% | 05/06/2030 | 1527251 |
| 40000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 01/28/2032 | 40075 |
|  | **Clear Channel Outdoor Holdings, Inc.** | **Clear Channel Outdoor Holdings, Inc.** | **Clear Channel Outdoor Holdings, Inc.** | **Clear Channel Outdoor Holdings, Inc.** |
| 403588 | Senior Secured Term Loan (1 mo. Term SOFR + 4.00%) | 8.43% | 08/23/2028 | 404799 |

---

---

| | | |
|:---|:---|:---|
| **42**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Clearwater Analytics LLC** | **Clearwater Analytics LLC** | **Clearwater Analytics LLC** | **Clearwater Analytics LLC** |
| 465000 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.46% | 04/21/2032 | 466744 |
|  | **Cloud Software Group, Inc.** | **Cloud Software Group, Inc.** | **Cloud Software Group, Inc.** | **Cloud Software Group, Inc.** |
| 651225 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.25% | 03/24/2031 | 654422 |
|  | **Clydesdale Acquisition Holdings, Inc.** | **Clydesdale Acquisition Holdings, Inc.** | **Clydesdale Acquisition Holdings, Inc.** | **Clydesdale Acquisition Holdings, Inc.** |
| 666440 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.18%, 0.50% Floor) | 7.49% | 04/13/2029 | 666294 |
|  | **CNT Holdings I Corp.** | **CNT Holdings I Corp.** | **CNT Holdings I Corp.** | **CNT Holdings I Corp.** |
| 172384 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.75% Floor) | 6.56% | 11/08/2032 | 172476 |
|  | **Colossus Acquireco LLC** | **Colossus Acquireco LLC** | **Colossus Acquireco LLC** | **Colossus Acquireco LLC** |
| 1670000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 07/30/2032 | 1661650 |
|  | **CommScope LLC** | **CommScope LLC** | **CommScope LLC** | **CommScope LLC** |
| 1581318 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 2.00% Floor) | 9.39% | 12/17/2029 | 1602705 |
| 0 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 2.00% Floor) | 9.39% | 12/17/2029 | 1 |
|  | **Compass Power Generation LLC** | **Compass Power Generation LLC** | **Compass Power Generation LLC** | **Compass Power Generation LLC** |
| 1433384 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.57% | 04/16/2029 | 1445030 |
|  | **Construction Partners, Inc.** | **Construction Partners, Inc.** | **Construction Partners, Inc.** | **Construction Partners, Inc.** |
| 823775 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 11/03/2031 | 826835 |
|  | **CoreLogic, Inc.** | **CoreLogic, Inc.** | **CoreLogic, Inc.** | **CoreLogic, Inc.** |
| 520737 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.61%, 0.50% Floor) | 7.78% | 06/02/2028 | 521714 |
|  | **Cornerstone Building Brands, Inc.** | **Cornerstone Building Brands, Inc.** | **Cornerstone Building Brands, Inc.** | **Cornerstone Building Brands, Inc.** |
| 445973 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.35%, 0.50% Floor) | 7.50% | 04/12/2028 | 424687 |
| 123750 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.50% Floor) | 8.65% | 05/15/2031 | 113309 |
|  | **Cornerstone OnDemand, Inc.** | **Cornerstone OnDemand, Inc.** | **Cornerstone OnDemand, Inc.** | **Cornerstone OnDemand, Inc.** |
| 280757 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.01%, 0.50% Floor) | 8.03% | 10/16/2028 | 271151 |
|  | **Corpay Technologies Operating Co. LLC** | **Corpay Technologies Operating Co. LLC** | **Corpay Technologies Operating Co. LLC** | **Corpay Technologies Operating Co. LLC** |
| 198500 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 04/28/2028 | 198408 |
|  | **Cotiviti, Inc.** | **Cotiviti, Inc.** | **Cotiviti, Inc.** | **Cotiviti, Inc.** |
| 542368 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 7.03% | 05/01/2031 | 533779 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1125088 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 7.03% | 03/29/2032 | 1106805 |
|  | **CPI Holdco B LLC** | **CPI Holdco B LLC** | **CPI Holdco B LLC** | **CPI Holdco B LLC** |
| 960101 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 05/19/2031 | 960100 |
|  | **CPPIB OVM Member US LLC** | **CPPIB OVM Member US LLC** | **CPPIB OVM Member US LLC** | **CPPIB OVM Member US LLC** |
| 485350 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.50% | 08/20/2031 | 487056 |
|  | **Creative Artists Agency LLC** | **Creative Artists Agency LLC** | **Creative Artists Agency LLC** | **Creative Artists Agency LLC** |
| 104525 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 10/01/2031 | 104801 |
|  | **Crosby US Acquisition Corp.** | **Crosby US Acquisition Corp.** | **Crosby US Acquisition Corp.** | **Crosby US Acquisition Corp.** |
| 413219 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.50% Floor) | 7.66% | 08/16/2029 | 415416 |
|  | **Crown Finance US, Inc.** | **Crown Finance US, Inc.** | **Crown Finance US, Inc.** | **Crown Finance US, Inc.** |
| 998684 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.78% | 12/02/2031 | 997875 |
|  | **CSC Holdings LLC** | **CSC Holdings LLC** | **CSC Holdings LLC** | **CSC Holdings LLC** |
| 616387 | Senior Secured First Lien Term Loan (Prime Rate + 1.50%, 0.00% Floor) | 8.75% | 04/15/2027 | 597896 |
| 394092 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.65% | 01/18/2028 | 392537 |
|  | **Cube A&D Buyer, Inc.** | **Cube A&D Buyer, Inc.** | **Cube A&D Buyer, Inc.** | **Cube A&D Buyer, Inc.** |
| 905450 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.58% | 10/20/2031 | 910543 |
|  | **Curium Bidco Sarl** | **Curium Bidco Sarl** | **Curium Bidco Sarl** | **Curium Bidco Sarl** |
| 61218 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.00% | 08/07/2031 | 61320 |
| 204540 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.00% | 08/07/2031 | 204880 |
| 137777 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.00% | 08/07/2031 | 138006 |
|  | **Cyborg Oldco DC Holdings, Inc.** | **Cyborg Oldco DC Holdings, Inc.** | **Cyborg Oldco DC Holdings, Inc.** | **Cyborg Oldco DC Holdings, Inc.** |
| 358331 | Senior Secured Term Loan (1 mo. Term SOFR + 3.00%) | 8.35%<sup>(b)(f)</sup> | 05/01/2026 |  |
|  | **Deep Blue Operating I LLC** | **Deep Blue Operating I LLC** | **Deep Blue Operating I LLC** | **Deep Blue Operating I LLC** |
| 545000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.75%) | 6.89% | 09/17/2032 | 546362 |
|  | **Dexko Global, Inc.** | **Dexko Global, Inc.** | **Dexko Global, Inc.** | **Dexko Global, Inc.** |
| 535290 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.01%, 0.50% Floor) | 8.18% | 10/04/2028 | 528661 |
|  | **DG Investment Intermediate Holdings 2, Inc.** | **DG Investment Intermediate Holdings 2, Inc.** | **DG Investment Intermediate Holdings 2, Inc.** | **DG Investment Intermediate Holdings 2, Inc.** |
| 1456831 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.00% Floor) | 7.91% | 07/12/2032 | 1463510 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **43**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Core Fixed Income Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 130000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.50%, 0.00% Floor) | 9.66% | 07/29/2033 | 129675 |
|  | **Directv Financing LLC** | **Directv Financing LLC** | **Directv Financing LLC** | **Directv Financing LLC** |
| 60091 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.26%, 0.75% Floor) | 9.57% | 08/02/2027 | 60208 |
| 323418 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.51%, 0.75% Floor) | 9.82% | 08/02/2029 | 324378 |
|  | **Dynasty Acquisition Co., Inc.** | **Dynasty Acquisition Co., Inc.** | **Dynasty Acquisition Co., Inc.** | **Dynasty Acquisition Co., Inc.** |
| 185972 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 10/31/2031 | 186254 |
| 488928 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 10/31/2031 | 489668 |
|  | **EAB Global, Inc.** | **EAB Global, Inc.** | **EAB Global, Inc.** | **EAB Global, Inc.** |
| 580896 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.16% | 08/16/2030 | 567462 |
|  | **Eagle Parent Corp.** | **Eagle Parent Corp.** | **Eagle Parent Corp.** | **Eagle Parent Corp.** |
| 89123 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.25% | 04/02/2029 | 89179 |
| 89123 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.25% | 04/02/2029 | 89179 |
| 924565 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.25% | 04/02/2029 | 925142 |
|  | **Ecovyst Catalyst Technologies LLC** | **Ecovyst Catalyst Technologies LLC** | **Ecovyst Catalyst Technologies LLC** | **Ecovyst Catalyst Technologies LLC** |
| 647884 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.31% | 06/12/2031 | 648189 |
| 249898 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.31% | 06/12/2031 | 250015 |
|  | **Edelman Financial Engines Center LLC** | **Edelman Financial Engines Center LLC** | **Edelman Financial Engines Center LLC** | **Edelman Financial Engines Center LLC** |
| 791015 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 04/07/2028 | 792463 |
| 465000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.00% Floor) | 9.41% | 10/06/2028 | 466597 |
|  | **EG America LLC** | **EG America LLC** | **EG America LLC** | **EG America LLC** |
| 622668 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.70% | 02/07/2028 | 627058 |
|  | **Eisner Advisory Group LLC** | **Eisner Advisory Group LLC** | **Eisner Advisory Group LLC** | **Eisner Advisory Group LLC** |
| 909596 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.50% Floor) | 8.16% | 02/28/2031 | 916209 |
|  | **Element Materials Technology Group US Holdings, Inc.** | **Element Materials Technology Group US Holdings, Inc.** | **Element Materials Technology Group US Holdings, Inc.** | **Element Materials Technology Group US Holdings, Inc.** |
| 1142441 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.68%, 0.50% Floor) | 7.68% | 06/25/2029 | 1151546 |
|  | **Ellucian Holdings, Inc.** | **Ellucian Holdings, Inc.** | **Ellucian Holdings, Inc.** | **Ellucian Holdings, Inc.** |
| 55000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor) | 8.91% | 11/22/2032 | 56421 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Emrld Borrower LP** | **Emrld Borrower LP** | **Emrld Borrower LP** | **Emrld Borrower LP** |
| 811815 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.12% | 08/04/2031 | 809177 |
|  | **Enviri Corp.** | **Enviri Corp.** | **Enviri Corp.** | **Enviri Corp.** |
| 821621 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.36%, 0.50% Floor) | 6.53% | 03/10/2028 | 821966 |
|  | **Fertitta Entertainment LLC/NV** | **Fertitta Entertainment LLC/NV** | **Fertitta Entertainment LLC/NV** | **Fertitta Entertainment LLC/NV** |
| 998679 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.41% | 01/29/2029 | 998370 |
|  | **Finastra USA, Inc.** | **Finastra USA, Inc.** | **Finastra USA, Inc.** | **Finastra USA, Inc.** |
| 290000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.04% | 09/15/2032 | 289120 |
|  | **FinThrive Software Intermediate Holdings, Inc.** | **FinThrive Software Intermediate Holdings, Inc.** | **FinThrive Software Intermediate Holdings, Inc.** | **FinThrive Software Intermediate Holdings, Inc.** |
| 63367 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.00% | 12/18/2028 | 61644 |
| 106410 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.11%, 0.50% Floor) | 8.25% | 12/18/2028 | 91845 |
|  | **First Eagle Holdings, Inc.** | **First Eagle Holdings, Inc.** | **First Eagle Holdings, Inc.** | **First Eagle Holdings, Inc.** |
| 281875 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.71% | 08/16/2032 | 279510 |
|  | **Flutter Financing BV** | **Flutter Financing BV** | **Flutter Financing BV** | **Flutter Financing BV** |
| 463838 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.50% Floor) | 6.00% | 06/04/2032 | 464065 |
|  | **Focus Financial Partners LLC** | **Focus Financial Partners LLC** | **Focus Financial Partners LLC** | **Focus Financial Partners LLC** |
| 1636188 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 09/15/2031 | 1638429 |
|  | **Fortrea Holdings, Inc.** | **Fortrea Holdings, Inc.** | **Fortrea Holdings, Inc.** | **Fortrea Holdings, Inc.** |
| 59794 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.50% Floor) | 8.06% | 07/01/2030 | 55572 |
|  | **Freeport LNG Investments LLLP** | **Freeport LNG Investments LLLP** | **Freeport LNG Investments LLLP** | **Freeport LNG Investments LLLP** |
| 771155 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.58% | 12/21/2028 | 772466 |
|  | **Froneri US, Inc.** | **Froneri US, Inc.** | **Froneri US, Inc.** | **Froneri US, Inc.** |
| 1650000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.50%) | 6.72% | 07/16/2032 | 1648490 |
|  | **Gainwell Acquisition Corp.** | **Gainwell Acquisition Corp.** | **Gainwell Acquisition Corp.** | **Gainwell Acquisition Corp.** |
| 1354276 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.10%, 0.75% Floor) | 8.10% | 10/01/2027 | 1335316 |
|  | **Garda World Security Corp.** | **Garda World Security Corp.** | **Garda World Security Corp.** | **Garda World Security Corp.** |
| 971763 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.17% | 02/01/2029 | 974193 |
|  | **GBT US III LLC** | **GBT US III LLC** | **GBT US III LLC** | **GBT US III LLC** |
| 550838 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.81% | 07/28/2031 | 552683 |

---

---

| | | |
|:---|:---|:---|
| **44**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Gen Digital, Inc.** | **Gen Digital, Inc.** | **Gen Digital, Inc.** | **Gen Digital, Inc.** |
| 1017450 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 04/16/2032 | 1014398 |
|  | **GFL ES US LLC** | **GFL ES US LLC** | **GFL ES US LLC** | **GFL ES US LLC** |
| 1275000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.67% | 03/03/2032 | 1276275 |
|  | **GIP Pilot Acquisition Partners LP** | **GIP Pilot Acquisition Partners LP** | **GIP Pilot Acquisition Partners LP** | **GIP Pilot Acquisition Partners LP** |
| 452982 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.29% | 10/04/2030 | 453265 |
|  | **Gogo Intermediate Holdings LLC** | **Gogo Intermediate Holdings LLC** | **Gogo Intermediate Holdings LLC** | **Gogo Intermediate Holdings LLC** |
| 503734 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.86%, 0.75% Floor) | 8.03% | 04/28/2028 | 500860 |
|  | **Golden State Foods LLC** | **Golden State Foods LLC** | **Golden State Foods LLC** | **Golden State Foods LLC** |
| 734264 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.00% | 12/04/2031 | 736992 |
|  | **Graham Packaging Co., Inc.** | **Graham Packaging Co., Inc.** | **Graham Packaging Co., Inc.** | **Graham Packaging Co., Inc.** |
| 980000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 08/04/2027 | 981103 |
|  | **Grant Thornton Advisors LLC** | **Grant Thornton Advisors LLC** | **Grant Thornton Advisors LLC** | **Grant Thornton Advisors LLC** |
| 896659 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 05/30/2031 | 892359 |
| 293082 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 05/30/2031 | 292994 |
|  | **Great Outdoors Group LLC** | **Great Outdoors Group LLC** | **Great Outdoors Group LLC** | **Great Outdoors Group LLC** |
| 452578 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.75% Floor) | 7.41% | 01/23/2032 | 452917 |
|  | **Green Infrastructure Partners, Inc.** | **Green Infrastructure Partners, Inc.** | **Green Infrastructure Partners, Inc.** | **Green Infrastructure Partners, Inc.** |
| 1390000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.75% | 09/24/2032 | 1393044 |
|  | **Hamilton Projects Acquiror LLC** | **Hamilton Projects Acquiror LLC** | **Hamilton Projects Acquiror LLC** | **Hamilton Projects Acquiror LLC** |
| 390862 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 05/30/2031 | 392572 |
|  | **Herc Holdings, Inc.** | **Herc Holdings, Inc.** | **Herc Holdings, Inc.** | **Herc Holdings, Inc.** |
| 220000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.25% | 06/02/2032 | 221347 |
|  | **Hexion Holdings Corp.** | **Hexion Holdings Corp.** | **Hexion Holdings Corp.** | **Hexion Holdings Corp.** |
| 844690 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.50% Floor) | 8.14% | 03/15/2029 | 844542 |
|  | **Hightower Holding LLC** | **Hightower Holding LLC** | **Hightower Holding LLC** | **Hightower Holding LLC** |
| 1683830 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.75% Floor) | 7.07% | 02/03/2032 | 1684891 |
|  | **HomeServe USA Holding Corp.** | **HomeServe USA Holding Corp.** | **HomeServe USA Holding Corp.** | **HomeServe USA Holding Corp.** |
| 462950 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.14% | 10/21/2030 | 462420 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Hunter Douglas, Inc.** | **Hunter Douglas, Inc.** | **Hunter Douglas, Inc.** | **Hunter Douglas, Inc.** |
| 592487 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.25% | 01/20/2032 | 594021 |
|  | **Husky Injection Molding Systems Ltd.** | **Husky Injection Molding Systems Ltd.** | **Husky Injection Molding Systems Ltd.** | **Husky Injection Molding Systems Ltd.** |
| 405188 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 3.75%, 0.00% Floor) | 7.92% | 02/15/2029 | 406762 |
| 405188 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 3.75%, 0.00% Floor) | 8.05% | 02/15/2029 | 406762 |
|  | **iHeartCommunications, Inc.** | **iHeartCommunications, Inc.** | **iHeartCommunications, Inc.** | **iHeartCommunications, Inc.** |
| 248125 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.89%, 0.00% Floor) | 10.05% | 05/01/2029 | 217420 |
|  | **INEOS US Finance LLC** | **INEOS US Finance LLC** | **INEOS US Finance LLC** | **INEOS US Finance LLC** |
| 1013640 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.41% | 02/19/2030 | 921145 |
|  | **INEOS US Petrochem LLC** | **INEOS US Petrochem LLC** | **INEOS US Petrochem LLC** | **INEOS US Petrochem LLC** |
| 252685 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.35%, 0.00% Floor) | 8.67% | 03/29/2029 | 229521 |
| 560763 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor) | 8.41% | 10/07/2031 | 485528 |
|  | **ION Platform Finance US, Inc.** | **ION Platform Finance US, Inc.** | **ION Platform Finance US, Inc.** | **ION Platform Finance US, Inc.** |
| 1035000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.75%) | 7.89% | 09/30/2032 | 1025450 |
|  | **ION Trading Technologies Sarl** | **ION Trading Technologies Sarl** | **ION Trading Technologies Sarl** | **ION Trading Technologies Sarl** |
| 338673 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.80% | 04/03/2028 | 339044 |
|  | **Iron Mountain, Inc.** | **Iron Mountain, Inc.** | **Iron Mountain, Inc.** | **Iron Mountain, Inc.** |
| 1261789 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 01/31/2031 | 1264155 |
|  | **Kaman Corp.** | **Kaman Corp.** | **Kaman Corp.** | **Kaman Corp.** |
| 69990 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.54% | 02/26/2032 | 69846 |
| 69821 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.54% | 02/26/2032 | 69677 |
| 95954 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.54% | 02/26/2032 | 95756 |
| 84403 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.54% | 02/26/2032 | 84230 |
| 287861 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.70% | 02/26/2032 | 287269 |
| 209462 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.70% | 02/26/2032 | 209032 |
| 253210 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.70% | 02/26/2032 | 252690 |
| 209969 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.70% | 02/26/2032 | 209538 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **45**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Core Fixed Income Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 11296 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.83% | 02/26/2032 | 11272 |
|  | **Kenan Advantage Group, Inc.** | **Kenan Advantage Group, Inc.** | **Kenan Advantage Group, Inc.** | **Kenan Advantage Group, Inc.** |
| 841738 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.41% | 01/25/2029 | 832529 |
|  | **Lavender US HoldCo 1, Inc.** | **Lavender US HoldCo 1, Inc.** | **Lavender US HoldCo 1, Inc.** | **Lavender US HoldCo 1, Inc.** |
| 425000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.25%) | 7.41% | 09/27/2032 | 425797 |
|  | **LBM Acquisition LLC** | **LBM Acquisition LLC** | **LBM Acquisition LLC** | **LBM Acquisition LLC** |
| 984589 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.85%, 0.75% Floor) | 7.99% | 06/06/2031 | 962711 |
|  | **LC Ahab US Bidco LLC** | **LC Ahab US Bidco LLC** | **LC Ahab US Bidco LLC** | **LC Ahab US Bidco LLC** |
| 1248529 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 05/01/2031 | 1249702 |
|  | **Life Time, Inc.** | **Life Time, Inc.** | **Life Time, Inc.** | **Life Time, Inc.** |
| 577100 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.25% | 11/05/2031 | 577311 |
|  | **LifePoint Health, Inc.** | **LifePoint Health, Inc.** | **LifePoint Health, Inc.** | **LifePoint Health, Inc.** |
| 1034958 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor) | 8.07% | 05/19/2031 | 1034368 |
|  | **Lightning Power LLC** | **Lightning Power LLC** | **Lightning Power LLC** | **Lightning Power LLC** |
| 747450 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.25% | 08/18/2031 | 747779 |
|  | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** |
| 1311248 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.46%, 2.00% Floor) | 6.63% | 04/16/2029 | 1304876 |
|  | **Madison IAQ LLC** | **Madison IAQ LLC** | **Madison IAQ LLC** | **Madison IAQ LLC** |
| 1423631 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.70% | 06/21/2028 | 1426464 |
| 413963 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.45% | 05/06/2032 | 416457 |
|  | **Madison Safety & Flow LLC** | **Madison Safety & Flow LLC** | **Madison Safety & Flow LLC** | **Madison Safety & Flow LLC** |
| 396900 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 09/26/2031 | 397852 |
|  | **McAfee Corp.** | **McAfee Corp.** | **McAfee Corp.** | **McAfee Corp.** |
| 661540 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.22% | 03/01/2029 | 633838 |
|  | **Meade Pipeline Co. LLC** | **Meade Pipeline Co. LLC** | **Meade Pipeline Co. LLC** | **Meade Pipeline Co. LLC** |
| 525000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%) | 6.00% | 09/22/2032 | 525328 |
|  | **MH Sub I LLC** | **MH Sub I LLC** | **MH Sub I LLC** | **MH Sub I LLC** |
| 1078856 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.41% | 12/31/2031 | 995245 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Michaels Cos., Inc.** | **Michaels Cos., Inc.** | **Michaels Cos., Inc.** | **Michaels Cos., Inc.** |
| 431756 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.51%, 0.75% Floor) | 8.51% | 04/17/2028 | 408866 |
|  | **Mister Car Wash Holdings, Inc.** | **Mister Car Wash Holdings, Inc.** | **Mister Car Wash Holdings, Inc.** | **Mister Car Wash Holdings, Inc.** |
| 197164 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 03/27/2031 | 197798 |
|  | **Mitchell International, Inc.** | **Mitchell International, Inc.** | **Mitchell International, Inc.** | **Mitchell International, Inc.** |
| 981930 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.41% | 06/17/2031 | 982141 |
| 165000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.00% Floor) | 9.41% | 06/17/2032 | 163886 |
|  | **MITER Brands Acquisition Holdco, Inc.** | **MITER Brands Acquisition Holdco, Inc.** | **MITER Brands Acquisition Holdco, Inc.** | **MITER Brands Acquisition Holdco, Inc.** |
| 651704 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 7.07% | 03/28/2031 | 654917 |
|  | **Motion Finco Sarl** | **Motion Finco Sarl** | **Motion Finco Sarl** | **Motion Finco Sarl** |
| 261682 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.50% | 11/30/2029 | 235710 |
|  | **MX Holdings US, Inc.** | **MX Holdings US, Inc.** | **MX Holdings US, Inc.** | **MX Holdings US, Inc.** |
| 249375 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 03/17/2032 | 249998 |
|  | **Natgasoline LLC** | **Natgasoline LLC** | **Natgasoline LLC** | **Natgasoline LLC** |
| 321124 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.50%, 0.00% Floor) | 9.50% | 03/29/2030 | 325807 |
|  | **NEP Group, Inc.** | **NEP Group, Inc.** | **NEP Group, Inc.** | **NEP Group, Inc.** |
| 832985 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.36% + 1.50% PIK, 0.00% Floor) | 7.71% | 08/19/2026 | 830557 |
| 48507 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.36% + 1.50% PIK, 0.00% Floor) | 7.71% | 08/19/2026 | 48366 |
|  | **Newfold Digital Holdings Group, Inc.** | **Newfold Digital Holdings Group, Inc.** | **Newfold Digital Holdings Group, Inc.** | **Newfold Digital Holdings Group, Inc.** |
| 344772 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.93%, 0.75% Floor) | 7.84% | 02/10/2028 | 181609 |
|  | **Nexstar Media, Inc.** | **Nexstar Media, Inc.** | **Nexstar Media, Inc.** | **Nexstar Media, Inc.** |
| 680000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%) | 6.82% | 06/28/2032 | 679939 |
|  | **NGL Energy Operating LLC** | **NGL Energy Operating LLC** | **NGL Energy Operating LLC** | **NGL Energy Operating LLC** |
| 590000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 7.82% | 02/03/2031 | 591475 |
|  | **NRG Energy, Inc.** | **NRG Energy, Inc.** | **NRG Energy, Inc.** | **NRG Energy, Inc.** |
| 952582 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 1.75%, 0.00% Floor) | 6.06% | 04/16/2031 | 953745 |
|  | **OneDigital Borrower LLC** | **OneDigital Borrower LLC** | **OneDigital Borrower LLC** | **OneDigital Borrower LLC** |
| 973222 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.32% | 07/02/2031 | 974458 |
| 166276 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.50% Floor) | 9.41% | 07/02/2032 | 168042 |

---

---

| | | |
|:---|:---|:---|
| **46**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Ontario Gaming GTA LP** | **Ontario Gaming GTA LP** | **Ontario Gaming GTA LP** | **Ontario Gaming GTA LP** |
| 656418 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.24% | 08/01/2030 | 642059 |
|  | **Opal US LLC** | **Opal US LLC** | **Opal US LLC** | **Opal US LLC** |
| 1365000 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.25% | 04/23/2032 | 1370290 |
|  | **Ovg Business Services LLC** | **Ovg Business Services LLC** | **Ovg Business Services LLC** | **Ovg Business Services LLC** |
| 726332 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 06/25/2031 | 726786 |
|  | **Par Petroleum LLC** | **Par Petroleum LLC** | **Par Petroleum LLC** | **Par Petroleum LLC** |
| 268131 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.50% Floor) | 8.03% | 02/28/2030 | 268160 |
|  | **PetSmart LLC** | **PetSmart LLC** | **PetSmart LLC** | **PetSmart LLC** |
| 480000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.14% | 08/18/2032 | 473402 |
|  | **Pinnacle Buyer LLC** | **Pinnacle Buyer LLC** | **Pinnacle Buyer LLC** | **Pinnacle Buyer LLC** |
| 209677 | Senior Secured Term Loan (1 mo. Term SOFR + 2.50%) | 6.75% | 09/13/2032 | 210201 |
|  | **Polaris Newco LLC** | **Polaris Newco LLC** | **Polaris Newco LLC** | **Polaris Newco LLC** |
| 670646 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.11%, 0.50% Floor) | 8.57% | 06/05/2028 | 647780 |
|  | **Pregis TopCo LLC** | **Pregis TopCo LLC** | **Pregis TopCo LLC** | **Pregis TopCo LLC** |
| 493587 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.16% | 02/01/2029 | 497545 |
|  | **Pretium PKG Holdings, Inc.** | **Pretium PKG Holdings, Inc.** | **Pretium PKG Holdings, Inc.** | **Pretium PKG Holdings, Inc.** |
| 275000 | Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 7.01%, 0.50% Floor) | 11.24% | 10/01/2029 | 29906 |
|  | **Pretzel Parent T/L B** | **Pretzel Parent T/L B** | **Pretzel Parent T/L B** | **Pretzel Parent T/L B** |
| 254200 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.82% | 10/01/2031 | 254439 |
|  | **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** |
| 832907 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 6.00% | 03/08/2032 | 826336 |
|  | **Project Aurora US Finco, Inc.** | **Project Aurora US Finco, Inc.** | **Project Aurora US Finco, Inc.** | **Project Aurora US Finco, Inc.** |
| 310000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.75%) | 6.89% | 09/27/2032 | 310969 |
|  | **Proofpoint, Inc.** | **Proofpoint, Inc.** | **Proofpoint, Inc.** | **Proofpoint, Inc.** |
| 75000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%) | 7.32% | 08/31/2028 | 75388 |
|  | **Qnity Electronics, Inc.** | **Qnity Electronics, Inc.** | **Qnity Electronics, Inc.** | **Qnity Electronics, Inc.** |
| 1200000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.00%) | 6.25% | 08/12/2032 | 1201500 |
|  | **Quikrete Holdings, Inc.** | **Quikrete Holdings, Inc.** | **Quikrete Holdings, Inc.** | **Quikrete Holdings, Inc.** |
| 636963 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 03/19/2029 | 638074 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 172385 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 04/14/2031 | 172527 |
| 840775 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 02/10/2032 | 841204 |
|  | **Radiology Partners, Inc.** | **Radiology Partners, Inc.** | **Radiology Partners, Inc.** | **Radiology Partners, Inc.** |
| 955000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.50% | 06/30/2032 | 954503 |
|  | **RealPage, Inc.** | **RealPage, Inc.** | **RealPage, Inc.** | **RealPage, Inc.** |
| 461395 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.11%, 0.50% Floor) | 7.26% | 04/24/2028 | 460782 |
| 338300 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.50% Floor) | 7.75% | 04/24/2028 | 339802 |
|  | **Resideo Funding, Inc.** | **Resideo Funding, Inc.** | **Resideo Funding, Inc.** | **Resideo Funding, Inc.** |
| 805000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.04% | 08/13/2032 | 806260 |
|  | **Sabre GLBL, Inc.** | **Sabre GLBL, Inc.** | **Sabre GLBL, Inc.** | **Sabre GLBL, Inc.** |
| 128886 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.61%, 0.50% Floor) | 7.78% | 12/17/2027 | 122711 |
| 252482 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.61%, 0.50% Floor) | 7.78% | 12/17/2027 | 240384 |
| 163623 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.10%, 0.00% Floor) | 10.26% | 11/15/2029 | 155442 |
| 214721 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.00%) | 10.42% | 11/15/2029 | 203180 |
|  | **Savor Acquisition, Inc.** | **Savor Acquisition, Inc.** | **Savor Acquisition, Inc.** | **Savor Acquisition, Inc.** |
| 638056 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.32% | 02/19/2032 | 642593 |
|  | **Sedgwick Claims Management Services, Inc.** | **Sedgwick Claims Management Services, Inc.** | **Sedgwick Claims Management Services, Inc.** | **Sedgwick Claims Management Services, Inc.** |
| 1113771 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 07/31/2031 | 1113598 |
|  | **Sgh2 LLC** | **Sgh2 LLC** | **Sgh2 LLC** | **Sgh2 LLC** |
| 485000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.51% | 08/18/2032 | 486212 |
|  | **Signia Aerospace LLC** | **Signia Aerospace LLC** | **Signia Aerospace LLC** | **Signia Aerospace LLC** |
| 519521 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 6.91% | 12/11/2031 | 521145 |
| 634971 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 6.91% | 12/11/2031 | 636955 |
| 22561 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 7.06% | 12/11/2031 | 22632 |
|  | **Six Flags Entertainment Corp.** | **Six Flags Entertainment Corp.** | **Six Flags Entertainment Corp.** | **Six Flags Entertainment Corp.** |
| 644453 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 05/01/2031 | 641231 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **47**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Core Fixed Income Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Southern Veterinary Partners LLC** | **Southern Veterinary Partners LLC** | **Southern Veterinary Partners LLC** | **Southern Veterinary Partners LLC** |
| 210000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.82% | 12/04/2031 | 209848 |
|  | **Staples, Inc.** | **Staples, Inc.** | **Staples, Inc.** | **Staples, Inc.** |
| 436049 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.75%, 0.50% Floor) | 10.05% | 09/10/2029 | 414611 |
|  | **Starwood Property Mortgage LLC** | **Starwood Property Mortgage LLC** | **Starwood Property Mortgage LLC** | **Starwood Property Mortgage LLC** |
| 371397 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 01/02/2030 | 372095 |
| 350000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.50% Floor) | 6.41% | 09/24/2032 | 350985 |
|  | **Stonepeak Bayou Holdings LP** | **Stonepeak Bayou Holdings LP** | **Stonepeak Bayou Holdings LP** | **Stonepeak Bayou Holdings LP** |
| 360000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.75%) | 7.14% | 09/24/2032 | 360000 |
|  | **StubHub Holdco Sub LLC** | **StubHub Holdco Sub LLC** | **StubHub Holdco Sub LLC** | **StubHub Holdco Sub LLC** |
| 756791 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor) | 8.91% | 03/15/2030 | 752061 |
|  | **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** |
| 528675 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.80% | 06/30/2028 | 528345 |
|  | **Tecta America Corp.** | **Tecta America Corp.** | **Tecta America Corp.** | **Tecta America Corp.** |
| 827925 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 02/18/2032 | 832065 |
|  | **Tiger Acquisition LLC** | **Tiger Acquisition LLC** | **Tiger Acquisition LLC** | **Tiger Acquisition LLC** |
| 816814 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.64% | 08/23/2032 | 815209 |
|  | **TKO Worldwide Holdings LLC** | **TKO Worldwide Holdings LLC** | **TKO Worldwide Holdings LLC** | **TKO Worldwide Holdings LLC** |
| 249375 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.04% | 11/21/2031 | 250033 |
|  | **Townsquare Media, Inc.** | **Townsquare Media, Inc.** | **Townsquare Media, Inc.** | **Townsquare Media, Inc.** |
| 232044 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.00%, 0.00% Floor) | 9.19% | 02/19/2030 | 206229 |
|  | **Trans Union LLC** | **Trans Union LLC** | **Trans Union LLC** | **Trans Union LLC** |
| 419688 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 06/24/2031 | 419820 |
|  | **TransDigm, Inc.** | **TransDigm, Inc.** | **TransDigm, Inc.** | **TransDigm, Inc.** |
| 930600 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.50% | 01/20/2032 | 931196 |
| 970000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.50% | 08/13/2032 | 970048 |
|  | **Trident TPI Holdings, Inc.** | **Trident TPI Holdings, Inc.** | **Trident TPI Holdings, Inc.** | **Trident TPI Holdings, Inc.** |
| 336385 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.50% Floor) | 7.75% | 09/18/2028 | 330954 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **TRQ Sales LLC** | **TRQ Sales LLC** | **TRQ Sales LLC** | **TRQ Sales LLC** |
| 215000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.25%) | 7.61% | 08/13/2032 | 215404 |
|  | **Trucordia Insurance Holdings LLC** | **Trucordia Insurance Holdings LLC** | **Trucordia Insurance Holdings LLC** | **Trucordia Insurance Holdings LLC** |
| 745000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%) | 7.57% | 06/17/2032 | 747794 |
|  | **UKG, Inc.** | **UKG, Inc.** | **UKG, Inc.** | **UKG, Inc.** |
| 1615000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.81% | 02/10/2031 | 1615218 |
|  | **United Natural Foods, Inc.** | **United Natural Foods, Inc.** | **United Natural Foods, Inc.** | **United Natural Foods, Inc.** |
| 356920 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor) | 9.07% | 05/01/2031 | 359449 |
|  | **United Talent Agency LLC** | **United Talent Agency LLC** | **United Talent Agency LLC** | **United Talent Agency LLC** |
| 341550 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.65% | 06/10/2032 | 344112 |
|  | **Univision Communications, Inc.** | **Univision Communications, Inc.** | **Univision Communications, Inc.** | **Univision Communications, Inc.** |
| 738846 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.55% | 06/25/2029 | 740578 |
|  | **Veritiv Operating Co.** | **Veritiv Operating Co.** | **Veritiv Operating Co.** | **Veritiv Operating Co.** |
| 317694 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.00% | 11/29/2030 | 314936 |
|  | **Vestis Corp.** | **Vestis Corp.** | **Vestis Corp.** | **Vestis Corp.** |
| 636719 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.45% | 02/24/2031 | 601699 |
|  | **Victory Capital Holdings, Inc.** | **Victory Capital Holdings, Inc.** | **Victory Capital Holdings, Inc.** | **Victory Capital Holdings, Inc.** |
| 175000 | Senior Secured Term Loan (3 mo. Term SOFR + 2.00%) | 6.01% | 09/23/2032 | 174891 |
|  | **Victra Holdings LLC** | **Victra Holdings LLC** | **Victra Holdings LLC** | **Victra Holdings LLC** |
| 899292 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.00% Floor) | 7.75% | 03/29/2029 | 902246 |
|  | **Virgin Media Bristol LLC** | **Virgin Media Bristol LLC** | **Virgin Media Bristol LLC** | **Virgin Media Bristol LLC** |
| 783482 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 3.28%, 0.00% Floor) | 7.37% | 03/31/2031 | 773689 |
|  | **Virtus Investment Partners, Inc.** | **Virtus Investment Partners, Inc.** | **Virtus Investment Partners, Inc.** | **Virtus Investment Partners, Inc.** |
| 295000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.25%) | 6.39% | 09/27/2032 | 295369 |
|  | **Voyager Parent LLC** | **Voyager Parent LLC** | **Voyager Parent LLC** | **Voyager Parent LLC** |
| 834004 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor) | 8.75% | 07/01/2032 | 836719 |
| 135996 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor) | 8.75% | 07/01/2032 | 136438 |
|  | **VT Topco, Inc.** | **VT Topco, Inc.** | **VT Topco, Inc.** | **VT Topco, Inc.** |
| 332154 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.16% | 08/09/2030 | 322502 |

---

---

| | | |
|:---|:---|:---|
| **48**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Wand NewCo 3, Inc.** | **Wand NewCo 3, Inc.** | **Wand NewCo 3, Inc.** | **Wand NewCo 3, Inc.** |
| 976315 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 01/30/2031 | 974133 |
|  | **WaterBridge Midstream Operating LLC** | **WaterBridge Midstream Operating LLC** | **WaterBridge Midstream Operating LLC** | **WaterBridge Midstream Operating LLC** |
| 494541 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.01%, 0.00% Floor) | 9.03% | 06/27/2029 | 495809 |
|  | **Whatabrands LLC** | **Whatabrands LLC** | **Whatabrands LLC** | **Whatabrands LLC** |
| 1671579 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.66% | 08/03/2028 | 1674772 |
|  | **White Cap Supply Holdings LLC** | **White Cap Supply Holdings LLC** | **White Cap Supply Holdings LLC** | **White Cap Supply Holdings LLC** |
| 978910 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.42% | 10/29/2029 | 980217 |
|  | **WhiteWater Matterhorn Holdings LLC** | **WhiteWater Matterhorn Holdings LLC** | **WhiteWater Matterhorn Holdings LLC** | **WhiteWater Matterhorn Holdings LLC** |
| 185000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.31% | 06/16/2032 | 185116 |
|  | **X Corp.** | **X Corp.** | **X Corp.** | **X Corp.** |
| 835000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 6.50%) | 10.96% | 10/29/2029 | 820271 |
|  | **Zayo Group Holdings, Inc.** | **Zayo Group Holdings, Inc.** | **Zayo Group Holdings, Inc.** | **Zayo Group Holdings, Inc.** |
| 276031 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.11%, 0.00% Floor) | 7.43% | 03/09/2027 | 272863 |
| 477850 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.18%, 0.50% Floor) | 8.49% | 03/09/2027 | 479427 |
|  | **Zelis Payments Buyer, Inc.** | **Zelis Payments Buyer, Inc.** | **Zelis Payments Buyer, Inc.** | **Zelis Payments Buyer, Inc.** |
| 823775 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.41% | 11/26/2031 | 824805 |
|  | **Ziggo Financing Partnership** | **Ziggo Financing Partnership** | **Ziggo Financing Partnership** | **Ziggo Financing Partnership** |
| 1025000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%) | 6.98% | 04/28/2028 | 1023539 |
|  | **Total Bank Loans** <br>**(Cost $156,789,678)** | **Total Bank Loans** <br>**(Cost $156,789,678)** |  | **155587456** |
|  **COLLATERALIZED LOAN OBLIGATIONS - 2.7%** | **COLLATERALIZED LOAN OBLIGATIONS - 2.7%** | **COLLATERALIZED LOAN OBLIGATIONS - 2.7%** | **COLLATERALIZED LOAN OBLIGATIONS - 2.7%** | **COLLATERALIZED LOAN OBLIGATIONS - 2.7%** |
|  | **Anthelion CLO** | **Anthelion CLO** | **Anthelion CLO** | **Anthelion CLO** |
| 1000000 | Series 2025-1A-A1 (3 mo. Term SOFR + 1.50%, 1.50% Floor) | 5.82%<sup>(a)</sup> | 07/20/2036 | 1004519 |
|  | **Bain Capital Credit CLO** | **Bain Capital Credit CLO** | **Bain Capital Credit CLO** | **Bain Capital Credit CLO** |
| 500000 | Series 2024-4A-D1 (3 mo. Term SOFR + 3.10%, 3.10% Floor) | 7.42%<sup>(a)</sup> | 10/23/2037 | 506092 |
| 5000000 | Series 2024-6A-A1 (3 mo. Term SOFR + 1.33%, 1.33% Floor) | 5.66%<sup>(a)</sup> | 01/21/2038 | 5017591 |
|  | **Battalion CLO Ltd.** | **Battalion CLO Ltd.** | **Battalion CLO Ltd.** | **Battalion CLO Ltd.** |
| 3000000 | Series 2022-23A-A1R (3 mo. Term SOFR + 1.42%, 1.42% Floor) | 5.74%<sup>(a)</sup> | 10/15/2037 | 3012777 |
|  | **Birch Grove CLO** | **Birch Grove CLO** | **Birch Grove CLO** | **Birch Grove CLO** |
| 10000000 | Series 2023-5A-A1R (3 mo. Term SOFR + 1.41%, 1.41% Floor) | 5.74%<sup>(a)</sup> | 10/20/2037 | 10041908 |
|  | **BlueMountain CLO Ltd.** | **BlueMountain CLO Ltd.** | **BlueMountain CLO Ltd.** | **BlueMountain CLO Ltd.** |
| 2000000 | Series 2016-3A-DR (3 mo. Term SOFR + 3.36%, 3.10% Floor) | 7.57%<sup>(a)</sup> | 11/15/2030 | 2008519 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
| 2400000 | Series 2017-2A-C (3 mo. Term SOFR + 3.26%, 0.00% Floor)<br> 7.59%<sup>(a)</sup> | 10/20/2030 | 2406902 |
| 2500000 | Series 2018-23A-D1R (3 mo. Term SOFR + 3.85%, 3.85% Floor)<br> 8.18%<sup>(a)</sup> | 07/20/2037 | 2544223 |
|  | **Canyon Capital CLO Ltd.** | **Canyon Capital CLO Ltd.** | **Canyon Capital CLO Ltd.** |
| 2500000 | Series 2012-1RA-D (3 mo. Term SOFR + 3.26%, 0.00% Floor)<br> 7.58%<sup>(a)</sup> | 07/15/2030 | 2508036 |
| 2750000 | Series 2014-1A-CR (3 mo. Term SOFR + 3.01%, 2.75% Floor)<br> 7.32%<sup>(a)</sup> | 01/30/2031 | 2767186 |
|  | **Canyon CLO** | **Canyon CLO** | **Canyon CLO** |
| 1000000 | Series 2021-3A-DR (3 mo. Term SOFR + 2.85%, 2.85% Floor)<br> 7.17%<sup>(a)</sup> | 07/15/2034 | 1010895 |
|  | **Carlyle Global Market Strategies** | **Carlyle Global Market Strategies** | **Carlyle Global Market Strategies** |
| 5000000 | Series 2021-8A-A1R (3 mo. Term SOFR + 1.27%, 1.27% Floor)<br> 5.25%<sup>(a)</sup> | 10/15/2038 | 5017500 |
| 1000000 | Series 2022-5A-D1R (3 mo. Term SOFR + 3.15%, 3.15% Floor)<br> 7.47%<sup>(a)</sup> | 10/15/2037 | 1012949 |
|  | **Cathedral Lake CLO Ltd.** | **Cathedral Lake CLO Ltd.** | **Cathedral Lake CLO Ltd.** |
| 6000000 | Series 2021-8A-C (3 mo. Term SOFR + 2.88%, 2.62% Floor)<br> 7.21%<sup>(a)</sup> | 01/20/2035 | 6012481 |
| 5000000 | Series 2021-8A-D1 (3 mo. Term SOFR + 3.68%, 3.42% Floor)<br> 8.01%<sup>(a)</sup> | 01/20/2035 | 5024429 |
|  | **Crown City CLO** | **Crown City CLO** | **Crown City CLO** |
| 5000000 | Series 2020-1A-A1RR (3 mo. Term SOFR + 1.37%, 1.37% Floor)<br> 5.53%<sup>(a)</sup> | 07/20/2038 | 5019985 |
|  | **Empower CLO Ltd.** | **Empower CLO Ltd.** | **Empower CLO Ltd.** |
| 2000000 | Series 2023-2A-AR (3 mo. Term SOFR + 1.32%, 1.32% Floor)<br> 5.61%<sup>(a)</sup> | 10/15/2038 | 2008252 |
|  | **Generate CLO Ltd.** | **Generate CLO Ltd.** | **Generate CLO Ltd.** |
| 2500000 | Series 2023-12A-AR (3 mo. Term SOFR + 1.33%, 1.33% Floor)<br> 5.61%<sup>(a)</sup> | 07/20/2038 | 2506580 |
| 2000000 | Series 2023-13A-A1 (3 mo. Term SOFR + 1.80%, 1.80% Floor)<br> 6.13%<sup>(a)</sup> | 01/20/2037 | 2005577 |
|  | **Jamestown CLO Ltd.** | **Jamestown CLO Ltd.** | **Jamestown CLO Ltd.** |
| 2000000 | Series 2019-1A-ARR (3 mo. Term SOFR + 1.37%, 1.37% Floor)<br> 5.60%<sup>(a)</sup> | 03/20/2038 | 2008984 |
|  | **Katayma CLO Ltd.** | **Katayma CLO Ltd.** | **Katayma CLO Ltd.** |
| 2190000 | Series 2023-1A-A1 (3 mo. Term SOFR + 2.00%, 2.00% Floor)<br> 6.33%<sup>(a)</sup> | 10/20/2036 | 2197867 |
|  | **LCM LP** | **LCM LP** | **LCM LP** |
| 2000000 | Series 25A-D (3 mo. Term SOFR + 3.71%, 0.00% Floor)<br> 8.04%<sup>(a)</sup> | 07/20/2030 | 2009492 |
| 3250000 | Series 28A-D (3 mo. Term SOFR + 3.21%, 2.95% Floor)<br> 7.54%<sup>(a)</sup> | 10/20/2030 | 3254961 |
| 4000000 | Series 30A-DR (3 mo. Term SOFR + 3.26%, 3.00% Floor)<br> 7.59%<sup>(a)</sup> | 04/20/2031 | 4009352 |
|  | **LCM XIII LP** | **LCM XIII LP** | **LCM XIII LP** |
| 4000000 | Series 14A-DR (3 mo. Term SOFR + 3.01%, 0.00% Floor)<br> 7.34%<sup>(a)</sup> | 07/20/2031 | 4082295 |
|  | **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** |
| 1000000 | Series 2023-63A-A1R (3 mo. Term SOFR + 1.40%, 1.40% Floor)<br> 5.73%<sup>(a)</sup> | 07/21/2038 | 1004866 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **49**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Core Fixed Income Fund (Cont.)**<br>

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
|  | **Marble Point CLO** | **Marble Point CLO** | **Marble Point CLO** |
| 7500000 | Series 2020-3A-AR2 (3 mo. Term SOFR + 1.30%, 1.30% Floor)<br> 5.44%<sup>(a)</sup> | 10/19/2038 | 7526397 |
| 1500000 | Series 2022-2A-BR (3 mo. Term SOFR + 2.85%, 2.85% Floor)<br> 7.18%<sup>(a)</sup> | 10/20/2036 | 1502010 |
|  | **Menlo CLO Ltd.** | **Menlo CLO Ltd.** | **Menlo CLO Ltd.** |
| 3000000 | Series 2024-1A-A1 (3 mo. Term SOFR + 1.42%, 1.42% Floor)<br> 5.75%<sup>(a)</sup> | 01/20/2038 | 3015418 |
|  | **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** |
| 2000000 | Series 2013-1A-DR (3 mo. Term SOFR + 3.26%, 3.00% Floor)<br> 7.58%<sup>(a)</sup> | 07/17/2030 | 2004711 |
| 10000000 | Series 2016-1A-DR (3 mo. Term SOFR + 3.21%, 0.00% Floor)<br> 7.53%<sup>(a)</sup> | 07/15/2030 | 10091149 |
| 3500000 | Series 2019-1A-DR (3 mo. Term SOFR + 3.61%, 3.35% Floor)<br> 7.94%<sup>(a)</sup> | 01/20/2035 | 3509962 |
|  | **Octagon Investment Partners XXII LLC** | **Octagon Investment Partners XXII LLC** | **Octagon Investment Partners XXII LLC** |
| 2500000 | Series 2014-1A-ERR (3 mo. Term SOFR + 5.71%, 5.71% Floor)<br> 10.04%<sup>(a)</sup> | 01/22/2030 | 2423477 |
|  | **OFSI Fund Ltd.** | **OFSI Fund Ltd.** | **OFSI Fund Ltd.** |
| 1000000 | Series 2022-11A-BR (3 mo. Term SOFR + 2.80%, 2.80% Floor)<br> 7.13%<sup>(a)</sup> | 10/18/2035 | 1001050 |
|  | **Park Blue CLO Ltd.** | **Park Blue CLO Ltd.** | **Park Blue CLO Ltd.** |
| 5000000 | Series 2022-1A-A1R (3 mo. Term SOFR + 1.42%, 1.42% Floor)<br> 5.75%<sup>(a)</sup> | 10/20/2037 | 5022099 |
|  | **Peace Park CLO Ltd.** | **Peace Park CLO Ltd.** | **Peace Park CLO Ltd.** |
| 5000000 | Series 2021-1A-AR (3 mo. Term SOFR + 1.25%, 1.25% Floor)<br> 5.41%<sup>(a)</sup> | 10/20/2038 | 5016770 |
|  | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
| 1000000 | Series 2018-2A-C (3 mo. Term SOFR + 2.21%, 0.00% Floor)<br> 6.53%<sup>(a)</sup> | 07/26/2031 | 1002502 |
| 7000000 | Series 2019-2A-DR (3 mo. Term SOFR + 3.56%, 3.30% Floor)<br> 7.88%<sup>(a)</sup> | 07/15/2034 | 6861960 |
| 7000000 | Series 2019-3A-DR (3 mo. Term SOFR + 3.76%, 3.76% Floor)<br> 8.08%<sup>(a)</sup> | 10/25/2034 | 6668288 |
| 2000000 | Series 2020-1A-DR (3 mo. Term SOFR + 3.61%, 3.61% Floor)<br> 7.94%<sup>(a)</sup> | 07/20/2034 | 2001107 |
| 4000000 | Series 2020-3A-D (3 mo. Term SOFR + 3.91%, 3.65% Floor)<br> 8.23%<sup>(a)</sup> | 01/25/2032 | 3976395 |
| 1250000 | Series 2021-3A-D (3 mo. Term SOFR + 3.51%, 3.25% Floor)<br> 7.83%<sup>(a)</sup> | 10/25/2034 | 1223966 |
| 1000000 | Series 2021-4A-D (3 mo. Term SOFR + 3.66%, 3.66% Floor)<br> 7.98%<sup>(a)</sup> | 10/25/2034 | 979729 |
|  | **Storm King Park CLO Ltd.** | **Storm King Park CLO Ltd.** | **Storm King Park CLO Ltd.** |
| 1000000 | Series 2022-1A-AR (3 mo. Term SOFR + 1.36%, 1.36% Floor)<br> 5.68%<sup>(a)</sup> | 10/15/2037 | 1003669 |
|  | **Symphony CLO Ltd.** | **Symphony CLO Ltd.** | **Symphony CLO Ltd.** |
| 3000000 | Series 2015-16A-DR (3 mo. Term SOFR + 3.31%, 3.05% Floor)<br> 7.63%<sup>(a)</sup> | 10/15/2031 | 3013113 |
|  | **Trestles LLC** | **Trestles LLC** | **Trestles LLC** |
| 10000000 | Series 2025-8A-A1 (3 mo. Term SOFR + 1.33%, 1.33% Floor)<br> 5.63%<sup>(a)</sup> | 06/11/2035 | 10020200 |
|  | **Trimaran CAVU LLC** | **Trimaran CAVU LLC** | **Trimaran CAVU LLC** |
| 5000000 | Series 2021-3A-D (3 mo. Term SOFR + 4.04%, 3.78% Floor)<br> 8.37%<sup>(a)</sup> | 01/18/2035 | 5020219 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Upland CLO** | **Upland CLO** | **Upland CLO** | **Upland CLO** |
| 1000000 | Series 2016-1A-CR (3 mo. Term SOFR + 3.16%, 0.00% Floor) | 7.49%<sup>(a)</sup> | 04/20/2031 | 998682 |
|  | **Voya CLO Ltd.** | **Voya CLO Ltd.** | **Voya CLO Ltd.** | **Voya CLO Ltd.** |
| 4000000 | Series 2018-2A-D (3 mo. Term SOFR + 3.01%, 2.75% Floor) | 7.33%<sup>(a)</sup> | 07/15/2031 | 4024911 |
|  | **Wind River CLO Ltd.** | **Wind River CLO Ltd.** | **Wind River CLO Ltd.** | **Wind River CLO Ltd.** |
| 1000000 | Series 2014-2A-ER (3 mo. Term SOFR + 6.01%, 5.75% Floor) | 10.33%<sup>(a)</sup> | 01/15/2031 | 927792 |
| 3000000 | Series 2014-3A-DR2 (3 mo. Term SOFR + 3.66%, 3.40% Floor) | 7.99%<sup>(a)</sup> | 10/22/2031 | 3010648 |
| 3000000 | Series 2017-1A-DR (3 mo. Term SOFR + 3.98%, 3.72% Floor) | 8.31%<sup>(a)</sup> | 04/18/2036 | 3008146 |
| 4000000 | Series 2018-1A-D (3 mo. Term SOFR + 3.16%, 0.00% Floor) | 7.48%<sup>(a)</sup> | 07/15/2030 | 4022872 |
| 2000000 | Series 2021-1A-D1R (3 mo. Term SOFR + 3.95%, 3.95% Floor) | 8.28%<sup>(a)</sup> | 07/20/2037 | 2024763 |
|  | **Total Collateralized Loan Obligations** <br>**(Cost $180,536,784)** | **Total Collateralized Loan Obligations** <br>**(Cost $180,536,784)** |  | **180906223** |
|  **FOREIGN CORPORATE BONDS - 5.4%** | **FOREIGN CORPORATE BONDS - 5.4%** | **FOREIGN CORPORATE BONDS - 5.4%** | **FOREIGN CORPORATE BONDS - 5.4%** | **FOREIGN CORPORATE BONDS - 5.4%** |
| 2210487 | Acu Petroleo Luxembourg Sarl | 7.50% | 01/13/2032 | 2245241 |
| 1900000 | Adani Electricity Mumbai Ltd. | 3.95% | 02/12/2030 | 1792786 |
| 1300000 | Adani Electricity Mumbai Ltd. | 3.87% | 07/22/2031 | 1194539 |
| 1200000 | Adani International Container Terminal Pvt Ltd. | 3.00%<sup>(a)</sup> | 02/16/2031 | 1104947 |
| 2720000 | Adani International Container Terminal Pvt Ltd. | 3.00% | 02/16/2031 | 2504548 |
| 700000 | Adani Ports & Special Economic Zone Ltd. | 4.20% | 08/04/2027 | 692613 |
| 1800000 | Adani Ports & Special Economic Zone Ltd. | 4.38% | 07/03/2029 | 1759695 |
| 1200000 | Adani Ports & Special Economic Zone Ltd. | 3.10% | 02/02/2031 | 1069355 |
| 1252500 | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharash | 4.63% | 10/15/2039 | 1067565 |
| 1800000 | Adani Transmission Step-One Ltd. | 4.00% | 08/03/2026 | 1784538 |
| 2008550 | Adani Transmission Step-One Ltd. | 4.25% | 05/21/2036 | 1825755 |
| 3270000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 5.10% | 01/19/2029 | 3349413 |
| 4598000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (5 yr. CMT Rate + 2.72%) | 6.95% | 03/10/2055 | 4815222 |
| 2600000 | AES Espana BV | 5.70%<sup>(a)</sup> | 05/04/2028 | 2536729 |
| 1000000 | Agrosuper SA | 4.60% | 01/20/2032 | 969001 |
| 812497 | AL Candelaria Spain SA | 7.50% | 12/15/2028 | 826719 |
| 3200000 | AL Candelaria Spain SA | 5.75%<sup>(a)</sup> | 06/15/2033 | 2910624 |
| 1650000 | AL Candelaria Spain SA | 5.75% | 06/15/2033 | 1500790 |
| 800000 | Altice Financing SA | 5.00%<sup>(a)</sup> | 01/15/2028 | 622680 |
| 1660000 | Altice France SA | 5.50%<sup>(a)</sup> | 10/15/2029 | 1444094 |
| 2400000 | AngloGold Ashanti Holdings PLC | 3.38% | 11/01/2028 | 2322918 |
| 2584000 | ArcelorMittal SA | 6.00% | 06/17/2034 | 2760797 |
| 1305000 | Ardonagh Finco Ltd. | 7.75%<sup>(a)</sup> | 02/15/2031 | 1366555 |
| 1500000 | Aris Mining Corp. | 8.00%<sup>(a)</sup> | 10/31/2029 | 1560698 |
| 3750000 | Ashtead Capital, Inc. | 5.55%<sup>(a)</sup> | 05/30/2033 | 3870326 |
| 4164000 | Aspen Insurance Holdings Ltd. | 5.75% | 07/01/2030 | 4361894 |
| 4349000 | Avolon Holdings Funding Ltd. | 5.75%<sup>(a)</sup> | 03/01/2029 | 4504822 |
| 5211000 | Avolon Holdings Funding Ltd. | 5.75%<sup>(a)</sup> | 11/15/2029 | 5416426 |
| 2500000 | Banco Continental SAECA | 2.75% | 12/10/2025 | 2492124 |

---

---

| | | |
|:---|:---|:---|
| **50**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1400000 | Banco Davivienda SA (10 yr. CMT Rate + 5.10%) | 6.65%<sup>(a)(g)</sup> | 04/22/2031 | 1302615 |
| 1500000 | Banco Davivienda SA (5 yr. CMT Rate + 4.59%) | 8.13%<sup>(a)</sup> | 07/02/2035 | 1558563 |
| 2000000 | Banco de Bogota SA | 6.25% | 05/12/2026 | 2025796 |
| 3600000 | Banco de Credito del Peru SA (5 yr. CMT Rate + 2.45%) | 3.25% | 09/30/2031 | 3542695 |
| 600000 | Banco do Estado do Rio Grande do Sul SA (5 yr. CMT Rate + 4.93%) | 5.38% | 01/28/2031 | 599659 |
| 200000 | Banco GNB Sudameris SA (5 yr. CMT Rate + 6.66%) | 7.50% | 04/16/2031 | 199618 |
| 2937000 | Banco Industrial SA/Guatemala (5 yr. CMT Rate + 4.44%) | 4.88% | 01/29/2031 | 2932595 |
| 1400000 | Banco Internacional del Peru SAA Interbank (5 yr. CMT Rate + 2.07%) | 6.40%<sup>(a)</sup> | 04/30/2035 | 1446550 |
| 2200000 | Banco Mercantil del Norte SA/Grand Cayman (10 yr. CMT Rate + 5.35%) | 7.63%<sup>(g)</sup> | 01/10/2028 | 2258665 |
| 200000 | Banco Mercantil del Norte SA/Grand Cayman (10 yr. CMT Rate + 5.47%) | 7.50%<sup>(a)(g)</sup> | 06/27/2029 | 204596 |
| 1800000 | Banco Mercantil del Norte SA/Grand Cayman (5 yr. CMT Rate + 4.07%) | 8.38%<sup>(a)(g)</sup> | 05/20/2031 | 1897560 |
| 4875000 | Barclays PLC (SOFR + 1.83%) | 5.86% | 08/11/2046 | 5011707 |
| 4780000 | BAT Capital Corp. | 5.63% | 08/15/2035 | 4969642 |
| 4331000 | BAT Capital Corp. | 4.54% | 08/15/2047 | 3634181 |
| 1200000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX (5 yr. CMT Rate + 4.31%) | 5.88% | 09/13/2034 | 1203373 |
| 2400000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX (5 yr. CMT Rate + 4.21%) | 8.13% | 01/08/2039 | 2618390 |
| 2894000 | Bell Telephone Co. of Canada or Bell Canada (5 yr. CMT Rate + 2.39%) | 6.88% | 09/15/2055 | 3006229 |
| 1200000 | Belron UK Finance PLC | 5.75%<sup>(a)</sup> | 10/15/2029 | 1216727 |
| 3073000 | BPRL International Singapore Pte Ltd. | 4.38% | 01/18/2027 | 3072454 |
| 1400000 | Braskem Idesa SAPI | 6.99% | 02/20/2032 | 832185 |
| 1000000 | Braskem Netherlands Finance BV | 4.50% | 01/31/2030 | 377610 |
| 4070000 | Brookfield Asset Management Ltd. | 6.08% | 09/15/2055 | 4226149 |
| 596947 | Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy | 7.88%<sup>(a)</sup> | 02/15/2039 | 646036 |
| 4485000 | CaixaBank SA (SOFR + 2.26%) | 6.04%<sup>(a)</sup> | 06/15/2035 | 4768536 |
| 2800000 | Canacol Energy Ltd. | 5.75% | 11/24/2028 | 969500 |
| 4895000 | Canadian Imperial Bank of Commerce (SOFR + 1.11%) | 5.25% | 01/13/2031 | 5056588 |
| 2100000 | CAP SA | 3.90%<sup>(a)</sup> | 04/27/2031 | 1727726 |
| 3500000 | CAP SA | 3.90% | 04/27/2031 | 2879543 |
| 5151000 | CCL Industries, Inc. | 3.05%<sup>(a)</sup> | 06/01/2030 | 4844793 |
| 3100000 | Cemex SAB de CV (5 yr. CMT Rate + 4.53%) | 5.13%<sup>(g)</sup> | 06/08/2026 | 3089350 |
| 500000 | Cemex SAB de CV (5 yr. CMT Rate + 3.52%) | 7.20%<sup>(a)(g)</sup> | 06/10/2030 | 523375 |
| 1000000 | Cencosud SA | 4.38% | 07/17/2027 | 1001853 |
| 4546945 | Chile Electricity PEC SpA | 0.00%<sup>(a)</sup> | 01/25/2028 | 4109301 |
| 500000 | Cosan Luxembourg SA | 5.50% | 09/20/2029 | 493870 |
| 3731000 | Cosan Overseas Ltd. | 8.25%<sup>(g)</sup> | 12/29/2049 | 3747975 |
| 5038000 | Credit Agricole SA (SOFR + 1.36%) | 4.82%<sup>(a)</sup> | 09/25/2033 | 5008681 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2200000 | CSN Resources SA | 5.88% | 04/08/2032 | 1872106 |
| 4700000 | DBS Group Holdings Ltd. (5 yr. CMT Rate + 1.10%) | 1.82% | 03/10/2031 | 4646040 |
| 3810000 | Diageo Investment Corp. | 5.13% | 08/15/2030 | 3949283 |
| 618361 | Digicel Group Holdings Ltd. | 0.00%<sup>(a)(b)</sup> | 12/31/2030 | 28007 |
| 1782268 | Digicel Group Holdings Ltd. | 0.00%<sup>(a)(b)</sup> | 12/31/2030 | 11502 |
| 4604000 | Element Fleet Management Corp. | 6.32%<sup>(a)</sup> | 12/04/2028 | 4878173 |
| 4720000 | Element Fleet Management Corp. | 5.04%<sup>(a)</sup> | 03/25/2030 | 4817086 |
| 1117080 | Empresa Electrica Cochrane SpA | 5.50% | 05/14/2027 | 1106970 |
| 1200000 | Empresas Publicas de Medellin ESP | 4.38% | 02/15/2031 | 1120432 |
| 2345000 | Enel Finance International NV | 4.13%<sup>(a)</sup> | 09/30/2028 | 2339294 |
| 1977000 | Enel Finance International NV | 5.13%<sup>(a)</sup> | 06/26/2029 | 2025911 |
| 400000 | EQUATE Petrochemical Co. KSC | 4.25% | 11/03/2026 | 399290 |
| 348674 | Fermaca Enterprises S de RL de CV | 6.38% | 03/30/2038 | 353926 |
| 724050 | Fideicomiso PA Pacifico Tres | 8.25% | 01/15/2035 | 764959 |
| 1600000 | Freeport Indonesia PT | 4.76% | 04/14/2027 | 1611328 |
| 1031000 | Frigorifico Concepcion SA | 7.70% | 07/21/2028 | 766394 |
| 1175000 | Froneri Lux FinCo SARL | 6.00%<sup>(a)</sup> | 08/01/2032 | 1177831 |
| 353296 | Galaxy Pipeline Assets Bidco Ltd. | 2.94% | 09/30/2040 | 300625 |
| 1295000 | Garda World Security Corp. | 4.63%<sup>(a)</sup> | 02/15/2027 | 1286340 |
| 1125000 | Garda World Security Corp. | 8.25%<sup>(a)</sup> | 08/01/2032 | 1167191 |
| 700000 | GCC SAB de CV | 3.61% | 04/20/2032 | 643692 |
| 1290000 | GGAM Finance Ltd. | 6.88%<sup>(a)</sup> | 04/15/2029 | 1340969 |
| 2075000 | Global Aircraft Leasing Co. Ltd. | 8.75%<sup>(a)</sup> | 09/01/2027 | 2146355 |
| 564960 | GNL Quintero SA | 4.63% | 07/31/2029 | 566193 |
| 2100000 | Gold Fields Orogen Holdings BVI Ltd. | 6.13% | 05/15/2029 | 2202527 |
| 700000 | Gran Tierra Energy, Inc. | 9.50%<sup>(a)</sup> | 10/15/2029 | 593022 |
| 1460000 | Grifols SA | 4.75%<sup>(a)</sup> | 10/15/2028 | 1419532 |
| 1870000 | Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC | 9.00%<sup>(a)</sup> | 02/15/2029 | 1956845 |
| 2700000 | InRetail Consumer | 3.25% | 03/22/2028 | 2627758 |
| 2400000 | InRetail Shopping Malls | 5.75% | 04/03/2028 | 2409917 |
| 2100000 | Intercorp Financial Services, Inc. | 4.13% | 10/19/2027 | 2090021 |
| 200000 | Intercorp Peru Ltd. | 3.88% | 08/15/2029 | 194196 |
| 133163 | Interoceanica IV Finance Ltd. Series 2007 | 0.00%<sup>(b)</sup> | 11/30/2025 | 131165 |
| 1192690 | Invepar Holdings | 0.00%<sup>(b)(f)</sup> | 12/30/2028 |  |
| 500000 | Inversiones CMPC SA (5 yr. CMT Rate + 2.83%) | 6.70%<sup>(a)</sup> | 12/09/2057 | 512000 |
| 600000 | Itau Unibanco Holding SA/Cayman Island (5 yr. CMT Rate + 3.45%) | 3.88% | 04/15/2031 | 594660 |
| 3822000 | JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl | 3.75% | 12/01/2031 | 3618481 |
| 3337000 | JSW Hydro Energy Ltd. | 4.13% | 05/18/2031 | 3163776 |
| 923000 | JSW Hydro Energy Ltd. | 4.13%<sup>(a)</sup> | 05/18/2031 | 875087 |
| 2600000 | JSW Infrastructure Ltd. | 4.95% | 01/21/2029 | 2612902 |
| 1791784 | Lima Metro Line 2 Finance Ltd. | 4.35% | 04/05/2036 | 1735316 |
| 5817000 | Lloyds Banking Group PLC (1 yr. CMT Rate + 1.60%) | 6.07% | 06/13/2036 | 6109085 |
| 2512000 | Macquarie Airfinance Holdings Ltd. | 5.20%<sup>(a)</sup> | 03/27/2028 | 2555540 |
| 2330000 | Macquarie Airfinance Holdings Ltd. | 6.40%<sup>(a)</sup> | 03/26/2029 | 2454648 |
| 619000 | Macquarie Airfinance Holdings Ltd. | 5.15%<sup>(a)</sup> | 03/17/2030 | 627902 |
| 492000 | Macquarie Airfinance Holdings Ltd. | 6.50%<sup>(a)</sup> | 03/26/2031 | 527792 |
| 955000 | Mattamy Group Corp. | 4.63%<sup>(a)</sup> | 03/01/2030 | 922618 |
| 500000 | Medco Laurel Tree Pte Ltd. | 6.95% | 11/12/2028 | 501866 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **51**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Core Fixed Income Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1325000 | Merlin Entertainments Group US Holdings, Inc. | 7.38%<sup>(a)</sup> | 02/15/2031 | 1142935 |
| 2550000 | Mexarrend SAPI de CV | 10.25%<sup>(a)(f)</sup> | 07/24/2026 | 19125 |
| 1316616 | Mexico Generadora de Energia S de RL | 5.50% | 12/06/2032 | 1345474 |
| 1170000 | Millicom International Cellular SA | 5.13% | 01/15/2028 | 1166926 |
| 1980000 | Millicom International Cellular SA | 6.25% | 03/25/2029 | 1999721 |
| 400000 | Minerva Luxembourg SA | 5.88% | 01/19/2028 | 400504 |
| 1100000 | Minerva Luxembourg SA | 8.88%<sup>(a)</sup> | 09/13/2033 | 1208673 |
| 800000 | Minerva Luxembourg SA | 8.88% | 09/13/2033 | 879035 |
| 2200000 | Minsur SA | 4.50% | 10/28/2031 | 2110762 |
| 1931162 | Mong Duong Finance Holdings BV | 5.13% | 05/07/2029 | 1912436 |
| 1500000 | Movida Europe SA | 7.85% | 04/11/2029 | 1434450 |
| 800000 | Movida Europe SA | 7.85%<sup>(a)</sup> | 04/11/2029 | 765040 |
| 3954528 | MV24 Capital BV | 6.75% | 06/01/2034 | 3928657 |
| 5640000 | Nationwide Building Society (SOFR + 1.65%) | 5.54%<sup>(a)</sup> | 07/14/2036 | 5802219 |
| 5786000 | NatWest Group PLC (1 yr. CMT Rate + 1.05%) | 5.12% | 05/23/2031 | 5935114 |
| 600000 | Nexa Resources SA | 6.50% | 01/18/2028 | 616821 |
| 480000 | Nissan Motor Co. Ltd. | 4.35%<sup>(a)</sup> | 09/17/2027 | 471305 |
| 510000 | Nissan Motor Co. Ltd. | 4.81%<sup>(a)</sup> | 09/17/2030 | 480769 |
| 475000 | Nissan Motor Co. Ltd. | 7.75%<sup>(a)</sup> | 07/17/2032 | 503029 |
| 3932000 | NXP BV / NXP Funding LLC / NXP USA, Inc. | 4.85% | 08/19/2032 | 3939317 |
| 1200000 | ONGC Videsh Vankorneft Pte Ltd. | 3.75% | 07/27/2026 | 1194007 |
| 1265000 | Ontario Gaming GTA LP/OTG Co.-Issuer, Inc. | 8.00%<sup>(a)</sup> | 08/01/2030 | 1257940 |
| 3200000 | Oversea-Chinese Banking Corp. Ltd. (5 yr. CMT Rate + 1.58%) | 4.60% | 06/15/2032 | 3212511 |
| 600000 | Periama Holdings | 5.95% | 04/19/2026 | 602350 |
| 1725230 | Peru LNG Srl | 5.38% | 03/22/2030 | 1656891 |
| 4528778 | Prumo Participacoes e Investimentos S/A | 7.50% | 12/31/2031 | 4624438 |
| 1200000 | Raizen Fuels Finance SA | 5.70% | 01/17/2035 | 1106220 |
| 1000000 | Reliance Industries Ltd. | 3.67% | 11/30/2027 | 989237 |
| 9281000 | Renesas Electronics Corp. | 2.17%<sup>(a)</sup> | 11/25/2026 | 9047364 |
| 2876000 | Rio Tinto Finance USA PLC | 5.75% | 03/14/2055 | 2961959 |
| 4080999 | Rutas 2 & 7 Finance Ltd. | 0.00% | 09/30/2036 | 3114516 |
| 800000 | Saavi Energia Sarl | 8.88%<sup>(a)</sup> | 02/10/2035 | 861960 |
| 900000 | SAN Miguel Industrias Pet SA / NG PET R&P Latin America SA | 3.75% | 08/02/2028 | 861287 |
| 400000 | Sasol Financing USA LLC | 4.38% | 09/18/2026 | 398228 |
| 200000 | Scotiabank Peru SAA (1 yr. CMT Rate + 2.31%) | 6.10%<sup>(a)</sup> | 10/01/2035 | 208388 |
| 1205000 | Seaspan Corp. | 5.50%<sup>(a)</sup> | 08/01/2029 | 1162964 |
| 1100000 | Simpar Europe SA | 5.20% | 01/26/2031 | 917620 |
| 13344000 | SK Hynix, Inc. | 4.25%<sup>(a)</sup> | 09/11/2028 | 13341901 |
| 4751000 | Smurfit Kappa Treasury ULC | 5.20% | 01/15/2030 | 4895498 |
| 5116000 | Societe Generale SA (SOFR + 1.73%) | 5.44%<sup>(a)</sup> | 10/03/2036 | 5107739 |
| 2847000 | Suzano Netherlands BV | 5.50% | 01/15/2036 | 2851626 |
| 239000 | Telefonica Celular del Paraguay SA | 5.88% | 04/15/2027 | 238281 |
| 4849000 | TELUS Corp. (5 yr. CMT Rate + 2.71%) | 7.00% | 10/15/2055 | 5118420 |
| 1267917 | Tierra Mojada Luxembourg II Sarl | 5.75% | 12/01/2040 | 1249374 |
| 1000000 | TK Elevator US Newco, Inc. | 5.25%<sup>(a)</sup> | 07/15/2027 | 997229 |
| 500000 | Transelec SA | 3.88% | 01/12/2029 | 490465 |
| 1847000 | Triton Container International Ltd. / TAL International Container Corp. | 3.25% | 03/15/2032 | 1650339 |
| 785000 | Trivium Packaging Finance BV | 8.25%<sup>(a)</sup> | 07/15/2030 | 838065 |
| 5049000 | UBS Group AG (SOFR + 1.34%) | 5.01%<sup>(a)</sup> | 03/23/2037 | 5026684 |
| 487000 | Ultrapar International SA | 5.25% | 10/06/2026 | 486143 |
| 62116 | Unigel Luxembourg SA (13.50% Cash or 15.00% PIK) | 13.50% | 12/31/2027 | 47829 |
| 44227 | Unigel Luxembourg SA (13.50% Cash or 15.00% PIK) | 13.50%<sup>(a)</sup> | 12/31/2027 | 34055 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 50179 | Unigel Luxembourg SA (11.00% Cash or 12.00% PIK) | 11.00%<sup>(a)</sup> | 12/31/2028 | 9283 |
| 215781 | Unigel Luxembourg SA (11.00% Cash or 12.00% PIK) | 11.00% | 12/31/2028 | 39919 |
| 262805 | Unigel Netherlands Holding Corp. BV (15.00% Cash or 15.00% PIK) | 15.00% | 12/31/2044 | 7884 |
| 2400000 | United Overseas Bank Ltd. (5 yr. CMT Rate + 1.52%) | 1.75% | 03/16/2031 | 2371163 |
| 3400000 | United Overseas Bank Ltd. (5 yr. CMT Rate + 1.23%) | 2.00% | 10/14/2031 | 3317141 |
| 1875000 | Vale Overseas Ltd. | 6.40% | 06/28/2054 | 1929229 |
| 1105000 | Vallourec SACA | 7.50%<sup>(a)</sup> | 04/15/2032 | 1178720 |
| 1600000 | Vamos Europe SA | 9.20%<sup>(a)</sup> | 01/26/2031 | 1587600 |
| 4771000 | Videotron Ltd. | 5.70%<sup>(a)</sup> | 01/15/2035 | 4864537 |
| 450000 | Wipro IT Services LLC | 1.50% | 06/23/2026 | 440926 |
| 800000 | Yinson Bergenia Production BV | 8.50%<sup>(a)</sup> | 01/31/2045 | 859597 |
| 400000 | Ziggo BV | 4.88%<sup>(a)</sup> | 01/15/2030 | 377893 |
|  | **Total Foreign Corporate Bonds** <br>**(Cost $365,215,170)** | **Total Foreign Corporate Bonds** <br>**(Cost $365,215,170)** |  | **361032385** |
|  **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 1.1%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 1.1%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 1.1%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 1.1%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 1.1%** |
| 5400000 | Banco do Brasil SA/Cayman (10 yr. CMT Rate + 4.40%) | 8.75%<sup>(g)</sup> | 10/15/2025 | 5418495 |
| 200000 | Banco Nacional de Comercio Exterior SNC/Cayman Islands | 5.88%<sup>(a)</sup> | 05/07/2030 | 207642 |
| 700000 | Banco Nacional de Comercio Exterior SNC/Cayman Islands (5 yr. CMT Rate + 2.00%) | 2.72% | 08/11/2031 | 684810 |
| 1800000 | Bank Negara Indonesia Persero Tbk PT | 3.75% | 03/30/2026 | 1787698 |
| 2996719 | Bioceanico Sovereign Certificate Ltd. | 0.00% | 06/05/2034 | 2458058 |
| 1800000 | Chile Electricity Lux Mpc II Sarl | 5.67%<sup>(a)</sup> | 10/20/2035 | 1858496 |
| 358000 | Chile Electricity Lux MPC Sarl | 6.01% | 01/20/2033 | 376625 |
| 10700000 | Colombia Government International Bond | 4.13% | 05/15/2051 | 6982285 |
| 400000 | Comision Federal de Electricidad | 3.35% | 02/09/2031 | 360722 |
| 1300000 | Comision Federal de Electricidad | 6.45%<sup>(a)</sup> | 01/24/2035 | 1326636 |
| 1550000 | Dominican Republic International Bond | 5.50% | 02/22/2029 | 1585262 |
| 1250000 | Dominican Republic International Bond | 4.50% | 01/30/2030 | 1227625 |
| 9000000 | Ecopetrol SA | 5.88% | 11/02/2051 | 6673518 |
| 1584812 | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | 7.25% | 01/31/2041 | 1694798 |
| 1584812 | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | 7.25%<sup>(a)</sup> | 01/31/2041 | 1694798 |
| 1000000 | Guatemala Government Bond | 4.50% | 05/03/2026 | 997500 |
| 700000 | Guatemala Government Bond | 4.38% | 06/05/2027 | 696500 |
| 800000 | Guatemala Government Bond | 4.88% | 02/13/2028 | 803340 |
| 1800000 | Guatemala Government Bond | 5.25% | 08/10/2029 | 1819350 |
| 1400000 | Guatemala Government Bond | 5.38% | 04/24/2032 | 1411902 |
| 4283246 | Lima Metro Line 2 Finance Ltd. | 5.88% | 07/05/2034 | 4424383 |
| 2800000 | Mexico Government International Bond | 4.40% | 02/12/2052 | 2098040 |
| 7000000 | Mexico Government International Bond | 6.34% | 05/04/2053 | 6823250 |
| 2600000 | Morocco Government International Bond | 2.38% | 12/15/2027 | 2494127 |

---

---

| | | |
|:---|:---|:---|
| **52**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 300000 | Morocco Government International Bond | 5.95% | 03/08/2028 | 311392 |
| 1600000 | Morocco Government International Bond | 3.00% | 12/15/2032 | 1417296 |
| 600000 | Morocco Government International Bond | 4.00% | 12/15/2050 | 441656 |
| 600000 | OCP SA | 4.50% | 10/22/2025 | 600522 |
| 3300000 | OCP SA | 6.75% | 05/02/2034 | 3591160 |
| 943000 | Paraguay Government International Bond | 4.70% | 03/27/2027 | 952364 |
| 2900000 | Pertamina Persero PT | 1.40% | 02/09/2026 | 2866605 |
| 2800000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 4.13% | 05/15/2027 | 2791905 |
| 1800000 | Petrobras Global Finance BV | 5.13% | 09/10/2030 | 1781262 |
| 600000 | Petroleos Mexicanos | 6.75% | 09/21/2047 | 495559 |
|  | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $75,461,766)** | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $75,461,766)** |  | **71155581** |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 4.9%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 4.9%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 4.9%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 4.9%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 4.9%** |
|  | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** |
| 22775500 | Series 2021-MF2-XB | 0.86%<sup>(a)(c)(h)</sup> | 06/15/2054 | 897211 |
|  | **AREIT Ltd.** | **AREIT Ltd.** | **AREIT Ltd.** | **AREIT Ltd.** |
| 4000000 | Series 2024-CRE9-B (1 mo. Term SOFR + 2.54%, 2.54% Floor) | 6.69%<sup>(a)</sup> | 05/17/2041 | 4006472 |
|  | **AREIT Trust** | **AREIT Trust** | **AREIT Trust** | **AREIT Trust** |
| 5650000 | Series 2025-CRE10-A (1 mo. Term SOFR + 1.39%, 1.39% Floor) | 5.53%<sup>(a)</sup> | 12/17/2029 | 5679973 |
|  | **Banc of America Re-Remic Trust** | **Banc of America Re-Remic Trust** | **Banc of America Re-Remic Trust** | **Banc of America Re-Remic Trust** |
| 2638666 | Series 2016-ISQ-C | 3.73%<sup>(a)(c)</sup> | 08/14/2034 | 968104 |
|  | **BANK** | **BANK** | **BANK** | **BANK** |
| 4004334 | Series 2017-BNK8-XA | 0.84%<sup>(c)(h)</sup> | 11/15/2050 | 43771 |
| 1005000 | Series 2020-BN28-AS | 2.14% | 03/15/2063 | 884118 |
| 1910000 | Series 2021-BN32-A4 | 2.35% | 04/15/2054 | 1744379 |
| 4009000 | Series 2021-BN35-A5 | 2.29% | 06/15/2064 | 3547769 |
| 3109000 | Series 2021-BN37-C | 3.21%<sup>(c)</sup> | 11/15/2064 | 2560272 |
| 5600000 | Series 2022-BNK39-AS | 3.18% | 02/15/2055 | 5050093 |
| 2682000 | Series 2022-BNK39-E | 2.50%<sup>(a)</sup> | 02/15/2055 | 1783792 |
| 163468704 | Series 2025-BNK50-XA | 0.54%<sup>(c)(h)</sup> | 05/15/2068 | 4674616 |
|  | **BANK5 Trust** | **BANK5 Trust** | **BANK5 Trust** | **BANK5 Trust** |
| 5608000 | Series 2024-5YR10-AS | 5.64% | 10/15/2057 | 5747393 |
| 4810000 | Series 2024-5YR6-A3 | 6.23% | 05/15/2057 | 5083430 |
| 5478000 | Series 2024-5YR9-A3 | 5.61% | 08/15/2057 | 5705365 |
| 3280000 | Series 2025-5YR15-AS | 5.76% | 07/15/2058 | 3404990 |
|  | **BBCMS Trust** | **BBCMS Trust** | **BBCMS Trust** | **BBCMS Trust** |
| 4526000 | Series 2021-C12-A5 | 2.69% | 11/15/2054 | 4042819 |
| 5364000 | Series 2022-C14-A5 | 2.95%<sup>(c)</sup> | 02/15/2055 | 4853140 |
| 5785000 | Series 2022-C16-A5 | 4.60%<sup>(c)</sup> | 06/15/2055 | 5740631 |
| 5500000 | Series 2024-5C29-A3 | 5.21% | 09/15/2057 | 5650257 |
| 3260000 | Series 2025-5C34-A3 | 5.66% | 05/15/2058 | 3419770 |
| 3714000 | Series 2025-5C36-A3 | 5.52% | 08/15/2058 | 3880084 |
| 2500000 | Series 2025-5C37-A3 | 5.02% | 09/15/2058 | 2558046 |
| 2862000 | Series 2025-5C37-AS | 5.38%<sup>(c)</sup> | 09/15/2058 | 2930637 |
|  | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** |
| 4549000 | Series 2020-B19-AS | 2.15% | 09/15/2053 | 3783333 |
| 87527274 | Series 2021-B28-XA | 1.35%<sup>(c)(h)</sup> | 08/15/2054 | 4466210 |
| 5650000 | Series 2022-B32-AS | 3.53%<sup>(c)</sup> | 01/15/2055 | 4975372 |
| 1315000 | Series 2023-B38-A2 | 5.63% | 04/15/2056 | 1347463 |
| 5600000 | Series 2024-V10-A3 | 5.28% | 09/15/2057 | 5768595 |
| 4793000 | Series 2024-V11-A3 | 5.91%<sup>(c)</sup> | 11/15/2057 | 5047654 |
| 5000000 | Series 2024-V8-A2 | 5.71% | 07/15/2057 | 5208737 |
| 4791000 | Series 2024-V8-A3 | 6.19%<sup>(c)</sup> | 07/15/2057 | 5064813 |
| 5443000 | Series 2024-V9-A3 | 5.60% | 08/15/2057 | 5657495 |
| 3338000 | Series 2025-V15-AS | 6.17% | 06/15/2058 | 3513483 |
| 4917000 | Series 2025-V17-A3 | 5.07% | 09/15/2058 | 5041740 |
|  | **BMO Mortgage Trust** | **BMO Mortgage Trust** | **BMO Mortgage Trust** | **BMO Mortgage Trust** |
| 1602000 | Series 2023-C6-ASB | 6.21% | 09/15/2056 | 1723846 |
| 653000 | Series 2024-5C3-AS | 6.29%<sup>(c)</sup> | 02/15/2057 | 681138 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 5539000 | Series 2024-5C6-A3 | 5.32% | 09/15/2057 | 5709763 |
| 3729000 | Series 2024-5C7-AS | 5.89%<sup>(c)</sup> | 11/15/2057 | 3848887 |
| 4874000 | Series 2025-5C11-AS | 5.94% | 07/15/2058 | 5079490 |
|  | **Bombardier Capital Mortgage Securitization Corp.** | **Bombardier Capital Mortgage Securitization Corp.** | **Bombardier Capital Mortgage Securitization Corp.** | **Bombardier Capital Mortgage Securitization Corp.** |
| 4000000 | Series 2025-5C6-AS | 5.58%<sup>(c)</sup> | 10/15/2058 | 4120594 |
| 1843000 | Series 2025-5C6-C | 5.83%<sup>(c)</sup> | 10/15/2058 | 1845084 |
|  | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** |
| 5580000 | Series 2023-FL10-B (1 mo. Term SOFR + 3.27%, 3.27% Floor) | 7.42%<sup>(a)</sup> | 09/15/2035 | 5606762 |
|  | **BX Trust** | **BX Trust** | **BX Trust** | **BX Trust** |
| 3530000 | Series 2019-OC11-E | 4.08%<sup>(a)(c)</sup> | 12/09/2041 | 3259601 |
|  | **CENT Trust** | **CENT Trust** | **CENT Trust** | **CENT Trust** |
| 3233000 | Series 2025-CITY-A | 5.09%<sup>(a)(c)</sup> | 07/10/2040 | 3273048 |
|  | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** |
| 2045764 | Series 2016-C6-A2 | 2.95% | 11/10/2049 | 2025749 |
| 3267000 | Series 2017-C8-B | 4.20%<sup>(c)</sup> | 06/15/2050 | 3148102 |
|  | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** |
| 31615199 | Series 2016-P3-XA | 1.81%<sup>(c)(h)</sup> | 04/15/2049 | 107643 |
| 38243622 | Series 2016-P4-XA | 2.04%<sup>(c)(h)</sup> | 07/10/2049 | 231955 |
| 62335177 | Series 2016-P5-XA | 1.51%<sup>(c)(h)</sup> | 10/10/2049 | 355822 |
| 4534000 | Series 2019-GC41-B | 3.20% | 08/10/2056 | 4012551 |
| 4594000 | Series 2022-GC48-A5 | 4.74%<sup>(c)</sup> | 05/15/2054 | 4585604 |
|  | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** |
| 48107631 | Series 2016-C1-XA | 1.55%<sup>(c)(h)</sup> | 05/10/2049 | 8780 |
|  | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** |
| 1067474 | Series 2014-CR16-B | 4.58% | 04/10/2047 | 1046725 |
| 5117961 | Series 2015-CR26-XA | 0.87%<sup>(c)(h)</sup> | 10/10/2048 | 60 |
| 4310000 | Series 2015-LC21-C | 4.44%<sup>(c)</sup> | 07/10/2048 | 4164703 |
| 29129876 | Series 2016-DC2-XA | 1.03%<sup>(c)(h)</sup> | 02/10/2049 | 641 |
|  | **Computershare Corporate Trust** | **Computershare Corporate Trust** | **Computershare Corporate Trust** | **Computershare Corporate Trust** |
| 4891000 | Series 2015-C31-C | 4.78%<sup>(c)</sup> | 11/15/2048 | 4810595 |
| 20534016 | Series 2015-P2-XA | 0.97%<sup>(c)(h)</sup> | 12/15/2048 | 5552 |
| 55263819 | Series 2016-NXS6-XA | 1.68%<sup>(c)(h)</sup> | 11/15/2049 | 278242 |
| 2638000 | Series 2018-C45-C | 4.73% | 06/15/2051 | 2516430 |
| 3546000 | Series 2018-C48-C | 5.30%<sup>(c)</sup> | 01/15/2052 | 3307475 |
| 18789727 | Series 2019-C49-XA | 1.41%<sup>(c)(h)</sup> | 03/15/2052 | 588921 |
| 5500000 | Series 2019-C50-C | 4.35% | 05/15/2052 | 5012425 |
| 2705000 | Series 2020-C55-B | 3.14% | 02/15/2053 | 2464214 |
| 990109 | Series 2020-C58-A3 | 1.81% | 07/15/2053 | 894091 |
| 5510000 | Series 2020-C58-B | 2.70% | 07/15/2053 | 4702746 |
| 116364284 | Series 2021-C59-XA | 1.62%<sup>(c)(h)</sup> | 04/15/2054 | 6857010 |
| 4853000 | Series 2025-5C5-AS | 5.92% | 07/15/2058 | 5053788 |
|  | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
| 6380000 | Series 2021-B33-B | 3.77%<sup>(a)(c)</sup> | 10/10/2043 | 5702217 |
|  | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** |
| 30303741 | Series 2016-C6-XA | 2.01%<sup>(c)(h)</sup> | 01/15/2049 | 26595 |
| 5500000 | Series 2019-C16-B | 3.88% | 06/15/2052 | 5240683 |
| 61560345 | Series 2020-C19-XA | 1.21%<sup>(c)(h)</sup> | 03/15/2053 | 2230239 |
|  | **DOLP Trust** | **DOLP Trust** | **DOLP Trust** | **DOLP Trust** |
| 4070000 | Series 2021-NYC-D | 3.70%<sup>(a)(c)</sup> | 05/10/2041 | 3517765 |
|  | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** |
| 156250 | Series 2011-GC5-XA | 0.11%<sup>(a)(c)(h)</sup> | 08/10/2044 | 115 |
| 3031000 | Series 2014-GC26-D | 4.55%<sup>(a)(c)</sup> | 11/10/2047 | 1788411 |
| 13515567 | Series 2015-GS1-XA | 0.64%<sup>(c)(h)</sup> | 11/10/2048 | 178 |
| 1825000 | Series 2016-GS2-C | 4.84%<sup>(c)</sup> | 05/10/2049 | 1768833 |
| 39659676 | Series 2016-GS2-XA | 1.86%<sup>(c)(h)</sup> | 05/10/2049 | 50102 |
| 2588000 | Series 2018-RIVR-C (1 mo. Term SOFR + 1.55%, 1.50% Floor) | 5.70%<sup>(a)</sup> | 07/15/2035 | 120653 |
| 1070000 | Series 2019-GC42-A3 | 2.75% | 09/10/2052 | 1011016 |
|  | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** |
| 28170658 | Series 2015-JP1-XA | 0.98%<sup>(c)(h)</sup> | 01/15/2049 | 16170 |
|  | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** |
| 8086682 | Series 2014-C25-XA | 0.61%<sup>(c)(h)</sup> | 11/15/2047 | 97 |
| 7860000 | Series 2015-C27-D | 3.95%<sup>(a)(c)</sup> | 02/15/2048 | 1980720 |
| 6175167 | Series 2015-C30-XA | 0.12%<sup>(c)(h)</sup> | 07/15/2048 | 62 |
| 2058562 | Series 2015-C31-XA | 0.60%<sup>(c)(h)</sup> | 08/15/2048 | 24 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **53**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Core Fixed Income Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **JPMDB Commercial Mortgage Securities Trust** | **JPMDB Commercial Mortgage Securities Trust** | **JPMDB Commercial Mortgage Securities Trust** | **JPMDB Commercial Mortgage Securities Trust** |
| 7675000 | Series 2016-C2-AS | 3.48% | 06/15/2049 | 7210923 |
| 42642744 | Series 2016-C2-XA | 1.62%<sup>(c)(h)</sup> | 06/15/2049 | 120602 |
|  | **LoanCore** | **LoanCore** | **LoanCore** | **LoanCore** |
| 5000000 | Series 2021-CRE5-C (1 mo. Term SOFR + 2.46%, 2.46% Floor) | 6.61%<sup>(a)</sup> | 07/15/2036 | 4983575 |
| 5650000 | Series 2025-CRE8-A (1 mo. Term SOFR + 1.39%, 1.39% Floor) | 5.53%<sup>(a)</sup> | 08/17/2042 | 5670566 |
|  | **LSTAR Commercial Mortgage Trust** | **LSTAR Commercial Mortgage Trust** | **LSTAR Commercial Mortgage Trust** | **LSTAR Commercial Mortgage Trust** |
| 5425000 | Series 2016-4-C | 4.78%<sup>(a)(c)</sup> | 03/10/2049 | 5299723 |
|  | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** |
| 910000 | Series 2024-FL15-A (1 mo. Term SOFR + 1.69%, 1.69% Floor) | 5.82%<sup>(a)</sup> | 08/18/2041 | 915905 |
| 5650000 | Series 2025-FL17-A (1 mo. Term SOFR + 1.32%, 1.32% Floor) | 5.46%<sup>(a)</sup> | 02/18/2040 | 5662447 |
|  | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** |
| 37737132 | Series 2016-C30-XA | 1.38%<sup>(c)(h)</sup> | 09/15/2049 | 217713 |
| 6364000 | Series 2017-C33-B | 4.11% | 05/15/2050 | 6123092 |
|  | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** |
| 22342426 | Series 2016-UB11-XA | 1.56%<sup>(c)(h)</sup> | 08/15/2049 | 143065 |
|  | **NJ Trust** | **NJ Trust** | **NJ Trust** | **NJ Trust** |
| 2300000 | Series 2023-GSP-A | 6.70%<sup>(a)(c)</sup> | 01/06/2029 | 2416288 |
|  | **Ready Capital Corp.** | **Ready Capital Corp.** | **Ready Capital Corp.** | **Ready Capital Corp.** |
| 4750000 | Series 2021-FL7-C (1 mo. Term SOFR + 2.31%, 2.20% Floor) | 6.47%<sup>(a)</sup> | 11/25/2036 | 4764972 |
|  | **SG Commercial Mortgage Securities LLC** | **SG Commercial Mortgage Securities LLC** | **SG Commercial Mortgage Securities LLC** | **SG Commercial Mortgage Securities LLC** |
| 1789000 | Series 2016-C5-B | 3.93% | 10/10/2048 | 1715883 |
| 37086671 | Series 2016-C5-XA | 1.98%<sup>(c)(h)</sup> | 10/10/2048 | 225784 |
|  | **SLG Office Trust** | **SLG Office Trust** | **SLG Office Trust** | **SLG Office Trust** |
| 4110000 | Series 2021-OVA-E | 2.85%<sup>(a)</sup> | 07/15/2041 | 3494469 |
|  | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** |
| 2491000 | Series 2017-C6-B | 4.15%<sup>(c)</sup> | 12/15/2050 | 2305503 |
| 1450000 | Series 2017-C7-B | 4.29%<sup>(c)</sup> | 12/15/2050 | 1402609 |
| 6958000 | Series 2017-C7-C | 4.73%<sup>(c)</sup> | 12/15/2050 | 6647401 |
| 2896000 | Series 2018-C12-C | 5.18%<sup>(c)</sup> | 08/15/2051 | 2633010 |
|  | **UBS-Barclays Commercial Mortgage Trust** | **UBS-Barclays Commercial Mortgage Trust** | **UBS-Barclays Commercial Mortgage Trust** | **UBS-Barclays Commercial Mortgage Trust** |
| 1503790 | Series 2013-C5-B | 3.65%<sup>(a)(c)</sup> | 03/10/2046 | 1455559 |
| 5800000 | Series 2013-C5-C | 3.84%<sup>(a)(c)</sup> | 03/10/2046 | 5348722 |
|  | **VEGAS Trust** | **VEGAS Trust** | **VEGAS Trust** | **VEGAS Trust** |
| 1875000 | Series 2024-TI-A | 5.52%<sup>(a)</sup> | 11/10/2039 | 1903992 |
|  | **Wachovia Bank Commercial Mortgage Trust** | **Wachovia Bank Commercial Mortgage Trust** | **Wachovia Bank Commercial Mortgage Trust** | **Wachovia Bank Commercial Mortgage Trust** |
| 4532 | Series 2006-C29-IO | 0.49%<sup>(c)(h)</sup> | 11/15/2048 | 8 |
|  | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
| 3241000 | Series 2024-5C1-A3 | 5.93% | 07/15/2057 | 3399424 |
| 4784000 | Series 2025-5C4-A3 | 5.67% | 05/15/2058 | 5017305 |
|  | **WF-RBS Commercial Mortgage Trust** | **WF-RBS Commercial Mortgage Trust** | **WF-RBS Commercial Mortgage Trust** | **WF-RBS Commercial Mortgage Trust** |
| 4493176 | Series 2014-C22-XA | 0.38%<sup>(c)(h)</sup> | 09/15/2057 | 736 |
|  | **Total Non-Agency Commercial Mortgage Backed Obligations** <br>**(Cost $419,618,444)** | **Total Non-Agency Commercial Mortgage Backed Obligations** <br>**(Cost $419,618,444)** |  | **328593220** |
|  **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 10.4%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 10.4%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 10.4%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 10.4%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 10.4%** |
|  | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** |
| 16969 | Series 2007-3-1A1 | 5.08%<sup>(a)(c)</sup> | 11/25/2037 | 16707 |
|  | **AlphaFlow Transitional Mortgage Trust** | **AlphaFlow Transitional Mortgage Trust** | **AlphaFlow Transitional Mortgage Trust** | **AlphaFlow Transitional Mortgage Trust** |
| 832466 | Series 2021-WL1-A1 | 3.28%<sup>(a)(i)</sup> | 01/25/2026 | 793439 |
|  | **AMSR Trust** | **AMSR Trust** | **AMSR Trust** | **AMSR Trust** |
| 10000000 | Series 2021-SFR1-F | 3.60%<sup>(a)</sup> | 06/17/2038 | 9506445 |
| 3000000 | Series 2021-SFR2-E1 | 2.48%<sup>(a)</sup> | 08/17/2038 | 2929390 |
| 2500000 | Series 2021-SFR2-E2 | 2.58%<sup>(a)</sup> | 08/17/2038 | 2441171 |
| 4500000 | Series 2021-SFR2-F1 | 3.28%<sup>(a)</sup> | 08/17/2038 | 4412390 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2000000 | Series 2021-SFR2-F2 | 3.67%<sup>(a)</sup> | 08/17/2038 | 1964313 |
| 8900000 | Series 2023-SFR2-A | 3.95%<sup>(a)</sup> | 06/17/2040 | 8798040 |
| 15700000 | Series 2025-SFR2-B | 4.28%<sup>(a)</sup> | 11/17/2030 | 15382923 |
|  | **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** | **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** | **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** | **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** |
| 10520593 | Series 2006-M1-A2C (1 mo. Term SOFR + 0.41%, 0.30% Floor) | 4.57% | 07/25/2036 | 2864274 |
| 13396564 | Series 2006-M1-A2D (1 mo. Term SOFR + 0.59%, 0.48% Floor) | 4.75% | 07/25/2036 | 3646932 |
|  | **Banc of America Funding Corp.** | **Banc of America Funding Corp.** | **Banc of America Funding Corp.** | **Banc of America Funding Corp.** |
| 129340 | Series 2005-G-A3 | 2.26%<sup>(c)</sup> | 10/20/2035 | 89103 |
| 48647 | Series 2006-2-6A2 | 5.50% | 03/25/2036 | 48740 |
| 70664 | Series 2006-6-1A2 | 6.25% | 08/25/2036 | 61513 |
|  | **Bear Stearns Asset Backed Securities Trust** | **Bear Stearns Asset Backed Securities Trust** | **Bear Stearns Asset Backed Securities Trust** | **Bear Stearns Asset Backed Securities Trust** |
| 257089 | Series 2007-SD1-1A3A | 6.50% | 10/25/2036 | 88725 |
|  | **CAFL Issuer LLC** | **CAFL Issuer LLC** | **CAFL Issuer LLC** | **CAFL Issuer LLC** |
| 1514753 | Series 2021-RTL1-A1 | 4.24%<sup>(a)(i)</sup> | 03/28/2029 | 1514753 |
|  | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** |
| 4765220 | Series 2006-NC5-A3 (1 mo. Term SOFR + 0.26%, 0.15% Floor, 14.50% Cap) | 4.42% | 01/25/2037 | 4311521 |
|  | **Chase Mortgage Finance Corp.** | **Chase Mortgage Finance Corp.** | **Chase Mortgage Finance Corp.** | **Chase Mortgage Finance Corp.** |
| 768473 | Series 2007-S3-2A1 | 5.50% | 05/25/2037 | 8 |
|  | **CIM Trust** | **CIM Trust** | **CIM Trust** | **CIM Trust** |
| 6953000 | Series 2020-R2-M2 | 3.00%<sup>(a)(c)</sup> | 10/25/2059 | 5718747 |
|  | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** |
| 3665528 | Series 2007-OPX1-A1A (1 mo. Term SOFR + 0.25%, 0.14% Floor) | 4.41% | 01/25/2037 | 1615514 |
| 21666488 | Series 2019-A-PT1 | 3.92%<sup>(a)</sup> | 10/25/2058 | 18087682 |
| 36346906 | Series 2021-RP2-A1 | 1.75%<sup>(a)(c)</sup> | 03/25/2065 | 32989663 |
| 5674000 | Series 2021-RP2-M1 | 3.25%<sup>(a)(c)</sup> | 03/25/2065 | 4922538 |
| 4752000 | Series 2021-RP2-M2 | 3.40%<sup>(a)(c)</sup> | 03/25/2065 | 3980251 |
| 4413000 | Series 2021-RP2-M3 | 3.40%<sup>(a)(c)</sup> | 03/25/2065 | 3528971 |
| 12946625 | Series 2021-RP2-PT1 | 5.54%<sup>(a)(c)</sup> | 03/25/2065 | 10995348 |
|  | **Citimortgage Alternative Loan Trust** | **Citimortgage Alternative Loan Trust** | **Citimortgage Alternative Loan Trust** | **Citimortgage Alternative Loan Trust** |
| 47992 | Series 2006-A2-A2 | 6.00% | 05/25/2036 | 45702 |
| 26831 | Series 2006-A5-3A3Pool 2006-A5 | 6.00% | 10/25/2036 | 24243 |
| 194901 | Series 2007-A1-1A7 | 6.00% | 01/25/2037 | 176412 |
| 5887857 | Series 2007-A2-1A5 | 6.00% | 02/25/2037 | 5278779 |
| 2718315 | Series 2007-A5-1A10 | 5.75% | 05/25/2037 | 2449334 |
|  | **CitiMortgage, Inc.** | **CitiMortgage, Inc.** | **CitiMortgage, Inc.** | **CitiMortgage, Inc.** |
| 17685 | Series 2005-1-1A4 | 5.50% | 02/25/2035 | 17361 |
|  | **Colony American Finance Ltd.** | **Colony American Finance Ltd.** | **Colony American Finance Ltd.** | **Colony American Finance Ltd.** |
| 1000000 | Series 2020-4-E | 3.38%<sup>(a)</sup> | 12/15/2052 | 887168 |
|  | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
| 55009 | Series 2005-20CB-1A1 | 5.50% | 07/25/2035 | 43778 |
| 117607 | Series 2005-28CB-3A6 | 6.00% | 08/25/2035 | 44619 |
| 11220280 | Series 2005-37T1-A5 (1 mo. Term SOFR + 0.56%, 0.45% Floor, 5.50% Cap) | 4.72% | 09/25/2035 | 6723752 |
| 387009 | Series 2005-46CB-A22 | 5.25% | 10/25/2035 | 259528 |
| 6277133 | Series 2005-49CB-A2 | 5.50% | 11/25/2035 | 3963697 |
| 57274 | Series 2005-J10-1A13 (1 mo. Term SOFR + 0.81%, 0.70% Floor, 5.50% Cap) | 4.97% | 10/25/2035 | 33126 |
| 244854 | Series 2006-26CB-A9 | 6.50% | 09/25/2036 | 118673 |
| 5755139 | Series 2006-42-1A8 | 6.00% | 01/25/2047 | 3146569 |
| 925667 | Series 2007-12T1-A1 | 6.00% | 06/25/2037 | 408159 |
| 5861257 | Series 2007-12T1-A3 | 6.00% | 06/25/2037 | 2584433 |
| 992027 | Series 2007-16CB-2A1 (1 mo. Term SOFR + 0.56%, 0.45% Floor, 7.00% Cap) | 4.72% | 08/25/2037 | 312580 |
| 287266 | Series 2007-16CB-2A2 (-8 x 1 mo. Term SOFR + 53.63%, 0.00% Floor, 54.58% Cap) | 18.98%<sup>(j)</sup> | 08/25/2037 | 370960 |

---

---

| | | |
|:---|:---|:---|
| **54**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 52468 | Series 2007-17CB-1A10 (-5 x 1 mo. Term SOFR + 29.37%, 0.00% Floor, 29.90% Cap) | 10.25%<sup>(j)</sup> | 08/25/2037 | 45268 |
| 232707 | Series 2007-18CB-2A17 | 6.00% | 08/25/2037 | 136798 |
| 1279169 | Series 2007-23CB-A3 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 7.00% Cap) | 4.77% | 09/25/2037 | 450142 |
| 1256566 | Series 2007-23CB-A4 (-1 x 1 mo. Term SOFR + 6.39%, 0.00% Floor, 6.50% Cap) | 2.23%<sup>(h)(j)</sup> | 09/25/2037 | 198122 |
| 5428662 | Series 2007-8CB-A1 | 5.50% | 05/25/2037 | 2676079 |
| 4036542 | Series 2007-OA8-2A1 (1 mo. Term SOFR + 0.47%, 0.36% Floor) | 4.63% | 06/25/2047 | 3237184 |
|  | **Countrywide Home Loan Mortgage Pass Through Trust** | **Countrywide Home Loan Mortgage Pass Through Trust** | **Countrywide Home Loan Mortgage Pass Through Trust** | **Countrywide Home Loan Mortgage Pass Through Trust** |
| 136950 | Series 2005-28-A7 | 5.25% | 11/01/2035 | 69893 |
| 403294 | Series 2007-10-A5 | 6.00% | 07/25/2037 | 175039 |
| 141298 | Series 2007-15-1A16 | 6.25% | 09/25/2037 | 83811 |
| 421792 | Series 2007-3-A17 | 6.00% | 04/25/2037 | 191295 |
|  | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** |
| 45899 | Series 2005-10-5A5 | 5.50% | 11/25/2035 | 32714 |
|  | **Credit Suisse Management LLC** | **Credit Suisse Management LLC** | **Credit Suisse Management LLC** | **Credit Suisse Management LLC** |
| 472141 | Series 2005-8-1A3 | 5.25% | 09/25/2035 | 366189 |
|  | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
| 2364895 | Series 2006-4-6A1 | 6.00% | 05/25/2036 | 823097 |
| 19564 | Series 2006-4-7A1 | 5.50% | 05/25/2056 | 11407 |
| 62272 | Series 2007-1-3A1 | 6.00% | 02/25/2026 | 7261 |
| 7793 | Series 2007-2-2A1 | 5.00% | 03/25/2037 | 5932 |
| 3010628 | Series 2009-3R-19A2 | 6.00%<sup>(a)</sup> | 01/27/2038 | 1299141 |
| 500285 | Series 2010-4R-3A17 | 6.00%<sup>(a)(c)</sup> | 06/26/2037 | 458541 |
| 26637255 | Series 2020-RPL1-PT1 | 3.29%<sup>(a)(c)</sup> | 10/25/2069 | 21849486 |
| 9035400 | Series 2020-RPL4-M1 | 2.50%<sup>(a)</sup> | 01/25/2060 | 7172621 |
|  | **Credit-Based Asset Servicing and Securitization LLC** | **Credit-Based Asset Servicing and Securitization LLC** | **Credit-Based Asset Servicing and Securitization LLC** | **Credit-Based Asset Servicing and Securitization LLC** |
| 5414113 | Series 2007-RP1-A (1 mo. Term SOFR + 0.42%, 0.31% Floor) | 4.58%<sup>(a)</sup> | 05/25/2046 | 4757467 |
|  | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** |
| 3854612 | Series 2005-6-2A1 | 5.50% | 12/25/2035 | 3269641 |
| 3087048 | Series 2005-AR2-2A1 | 4.87%<sup>(c)</sup> | 10/25/2035 | 2040229 |
|  | **Deutsche Mortgage Securities, Inc.** | **Deutsche Mortgage Securities, Inc.** | **Deutsche Mortgage Securities, Inc.** | **Deutsche Mortgage Securities, Inc.** |
| 320342 | Series 2006-PR1-3A1 | 6.15%<sup>(a)(j)</sup> | 04/15/2036 | 295788 |
| 14364 | Series 2006-PR1-4AI2 | 6.46%<sup>(a)(j)</sup> | 04/15/2036 | 13988 |
| 524883 | Series 2006-PR1-5AI4 | 6.15%<sup>(a)(j)</sup> | 04/15/2036 | 502327 |
|  | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** |
| 15681000 | Series 2025-INV4-M1 | 6.00%<sup>(a)(c)</sup> | 10/25/2070 | 15802434 |
|  | **First Franklin Mortgage Loan Asset Backed Certificates** | **First Franklin Mortgage Loan Asset Backed Certificates** | **First Franklin Mortgage Loan Asset Backed Certificates** | **First Franklin Mortgage Loan Asset Backed Certificates** |
| 15984000 | Series 2006-FF15-A6 (1 mo. Term SOFR + 0.42%, 0.31% Floor) | 4.58% | 11/25/2036 | 13841476 |
| 9761068 | Series 2007-FF2-A1 (1 mo. Term SOFR + 0.39%, 0.28% Floor) | 4.55% | 03/25/2037 | 5106085 |
|  | **First Horizon Alternative Mortgage Securities** | **First Horizon Alternative Mortgage Securities** | **First Horizon Alternative Mortgage Securities** | **First Horizon Alternative Mortgage Securities** |
| 190752 | Series 2006-FA2-1A5 | 6.00% | 05/25/2036 | 71486 |
| 32106 | Series 2006-RE1-A1 | 5.50%<sup>(c)</sup> | 05/25/2035 | 20232 |
|  | **Freedom Mortgage Parent LLC** | **Freedom Mortgage Parent LLC** | **Freedom Mortgage Parent LLC** | **Freedom Mortgage Parent LLC** |
| 16440000 | Series 2021-GT2-A | 3.85%<sup>(a)(c)</sup> | 10/25/2026 | 15849802 |
|  | **GCAT** | **GCAT** | **GCAT** | **GCAT** |
| 6944000 | Series 2021-NQM6-M1 | 3.41%<sup>(a)(c)</sup> | 08/25/2066 | 5504656 |
|  | **GMAC Mortgage Corp. Loan Trust** | **GMAC Mortgage Corp. Loan Trust** | **GMAC Mortgage Corp. Loan Trust** | **GMAC Mortgage Corp. Loan Trust** |
| 1019091 | Series 2006-J1-A6 | 5.75% | 04/25/2036 | 873970 |
|  | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** |
| 7546000 | Series 2020-NQM1-M1 | 3.29%<sup>(a)(c)</sup> | 09/27/2060 | 7201342 |
| 6432383 | Series 2025-NQM2-A1 | 5.65%<sup>(a)(c)</sup> | 06/25/2065 | 6488523 |
| 2756735 | Series 2025-NQM2-A3 | 5.90%<sup>(a)(c)</sup> | 06/25/2065 | 2775979 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **GSAA Trust** | **GSAA Trust** | **GSAA Trust** | **GSAA Trust** |
| 2522 | Series 2005-7-AF5 | 5.11%<sup>(i)</sup> | 05/25/2035 | 2498 |
| 929629 | Series 2007-10-A2A | 6.50% | 11/25/2037 | 334803 |
|  | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
| 1114425 | Series 2006-3F-4A1 | 6.00% | 03/25/2036 | 713266 |
| 22702102 | Series 2006-OA1-1A1 (1 mo. Term SOFR + 0.55%, 0.44% Floor) | 4.71% | 08/25/2046 | 4710949 |
| 24524 | Series 2007-1F-2A2 | 5.50% | 01/25/2037 | 118185 |
|  | **Home Partners of America Trust** | **Home Partners of America Trust** | **Home Partners of America Trust** | **Home Partners of America Trust** |
| 2433542 | Series 2021-1-D | 2.48%<sup>(a)</sup> | 09/17/2041 | 2174798 |
| 1118605 | Series 2021-1-E | 2.58%<sup>(a)</sup> | 09/17/2041 | 979666 |
| 1258843 | Series 2021-1-F | 3.33%<sup>(a)</sup> | 09/17/2041 | 1088647 |
|  | **Homeward Opportunities Fund I Trust** | **Homeward Opportunities Fund I Trust** | **Homeward Opportunities Fund I Trust** | **Homeward Opportunities Fund I Trust** |
| 5250000 | Series 2020-2-M1 | 3.90%<sup>(a)(c)</sup> | 05/25/2065 | 5103015 |
|  | **HSI Asset Securitization Corp.** | **HSI Asset Securitization Corp.** | **HSI Asset Securitization Corp.** | **HSI Asset Securitization Corp.** |
| 21209032 | Series 2006-HE1-1A1 (1 mo. Term SOFR + 0.39%, 0.28% Floor) | 4.55% | 10/25/2036 | 5698436 |
| 8587079 | Series 2007-NC1-A3 (1 mo. Term SOFR + 0.47%, 0.36% Floor) | 4.63% | 04/25/2037 | 5661756 |
|  | **Impac Secured Assets CMN Owner Trust** | **Impac Secured Assets CMN Owner Trust** | **Impac Secured Assets CMN Owner Trust** | **Impac Secured Assets CMN Owner Trust** |
| 19691163 | Series 2006-5-1A1C (1 mo. Term SOFR + 0.65%, 0.54% Floor, 11.50% Cap) | 4.81% | 02/25/2037 | 18171952 |
|  | **Imperial Fund Mortgage Trust** | **Imperial Fund Mortgage Trust** | **Imperial Fund Mortgage Trust** | **Imperial Fund Mortgage Trust** |
| 2728000 | Series 2021-NQM4-M1 | 3.45%<sup>(a)(c)</sup> | 01/25/2057 | 2189377 |
|  | **Indymac IMSC Mortgage Loan Trust** | **Indymac IMSC Mortgage Loan Trust** | **Indymac IMSC Mortgage Loan Trust** | **Indymac IMSC Mortgage Loan Trust** |
| 1254445 | Series 2007-HOA1-A11 (1 mo. Term SOFR + 0.47%, 0.36% Floor) | 4.63% | 07/25/2047 | 821929 |
| 1247464 | Series 2007-HOA1-A24 (1 mo. Term SOFR + 0.73%, 0.62% Floor) | 4.89% | 07/25/2047 | 821520 |
|  | **Invitation Homes Trust** | **Invitation Homes Trust** | **Invitation Homes Trust** | **Invitation Homes Trust** |
| 13127000 | Series 2024-SFR1-D | 4.25%<sup>(a)</sup> | 09/17/2041 | 12643666 |
|  | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** |
| 1676791 | Series 2005-A2-1M1 (1 mo. Term SOFR + 0.80%, 0.69% Floor, 11.50% Cap) | 4.96% | 01/25/2036 | 1646021 |
| 1545306 | Series 2006-S3-A4 | 6.81%<sup>(i)</sup> | 08/25/2036 | 1521456 |
| 17283 | Series 2006-S3-A6 | 6.62%<sup>(i)</sup> | 08/25/2036 | 17245 |
| 18390 | Series 2006-S4-A6 | 6.21%<sup>(i)</sup> | 12/25/2036 | 19113 |
|  | **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** |
| 12591085 | Series 2006-WMC2-A5 (1 mo. Term SOFR + 0.61%, 0.50% Floor) | 4.77% | 07/25/2036 | 5841086 |
| 14350074 | Series 2006-WMC3-A4 (1 mo. Term SOFR + 0.41%, 0.30% Floor) | 4.57% | 08/25/2036 | 10781349 |
| 12096151 | Series 2006-WMC4-A5 (1 mo. Term SOFR + 0.53%, 0.42% Floor) | 4.69% | 12/25/2036 | 6362975 |
|  | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
| 156193 | Series 2007-S3-1A7 | 6.00% | 08/25/2037 | 66361 |
|  | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** |
| 19445369 | Series 2019-RPL3-PT1 | 0.00%<sup>(a)</sup> | 06/25/2058 | 17358651 |
| 7627563 | Series 2021-GS3-A2 | 7.25%<sup>(a)(i)</sup> | 07/25/2061 | 7623134 |
|  | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** |
| 368346 | Series 2006-3-1A5 | 6.00% | 07/25/2036 | 183304 |
| 24159 | Series 2006-9-1A19 (-5 x 1 mo. Term SOFR + 30.16%, 0.00% Floor, 30.68% Cap) | 11.03%<sup>(j)</sup> | 01/25/2037 | 21568 |
| 85246 | Series 2007-2-1A1 | 5.75% | 02/25/2037 | 55943 |
|  | **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** |
| 2742163 | Series 2005-9N-1A1 (1 mo. Term SOFR + 0.38%, 0.27% Floor) | 4.54% | 02/25/2036 | 2584125 |

---

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| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **55**<br>|

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------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Core Fixed Income Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2206457 | Series 2007-1-1A2 (1 mo. Term SOFR + 0.43%, 0.32% Floor) | 4.59% | 02/25/2037 | 2137474 |
| 8477211 | Series 2007-15N-3A1 (1 mo. Term SOFR + 0.36%, 0.25% Floor) | 4.52% | 08/25/2047 | 7134424 |
| 7563516 | Series 2007-3-2A3 (1 mo. Term SOFR + 0.59%, 0.48% Floor) | 4.75% | 03/25/2037 | 7081899 |
|  | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** |
| 32817496 | Series 2006-2-2A3 (1 mo. Term SOFR + 0.49%, 0.38% Floor) | 4.65% | 03/25/2046 | 11658977 |
| 12641582 | Series 2006-3-2A3 (1 mo. Term SOFR + 0.47%, 0.36% Floor) | 4.63% | 05/25/2046 | 3751821 |
| 14861112 | Series 2006-6-2A3 (1 mo. Term SOFR + 0.41%, 0.30% Floor) | 4.57% | 07/25/2036 | 5872822 |
|  | **MASTR Alternative Loans Trust** | **MASTR Alternative Loans Trust** | **MASTR Alternative Loans Trust** | **MASTR Alternative Loans Trust** |
| 73761 | Series 2005-2-3A1 | 6.00% | 03/25/2035 | 57588 |
| 4429054 | Series 2006-1-A5 | 6.00% | 02/25/2036 | 1852774 |
| 32221 | Series 2007-1-2A7 | 6.00% | 10/25/2036 | 8768 |
|  | **Mastr Asset Backed Securities Trust** | **Mastr Asset Backed Securities Trust** | **Mastr Asset Backed Securities Trust** | **Mastr Asset Backed Securities Trust** |
| 10094090 | Series 2005-NC2-A3 (1 mo. Term SOFR + 0.61%, 0.50% Floor) | 4.77% | 11/25/2035 | 5720629 |
|  | **MASTR Asset Securitization Trust** | **MASTR Asset Securitization Trust** | **MASTR Asset Securitization Trust** | **MASTR Asset Securitization Trust** |
| 687527 | Series 2006-2-1A11 (1 mo. Term SOFR + 6.00%, 6.00% Floor) | 6.00% | 06/25/2036 | 382876 |
|  | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** |
| 1615554 | Series 2007-F1-2A8 | 6.00% | 03/25/2037 | 517472 |
|  | **Merrill Lynch Mortgage Investors, Inc.** | **Merrill Lynch Mortgage Investors, Inc.** | **Merrill Lynch Mortgage Investors, Inc.** | **Merrill Lynch Mortgage Investors, Inc.** |
| 4690092 | Series 2007-MLN1-A1 (1 mo. Term SOFR + 0.61%, 0.50% Floor) | 4.77% | 03/25/2037 | 3655012 |
|  | **Morgan Stanley ABS Capital I, Inc.** | **Morgan Stanley ABS Capital I, Inc.** | **Morgan Stanley ABS Capital I, Inc.** | **Morgan Stanley ABS Capital I, Inc.** |
| 7042091 | Series 2006-HE5-A2C (1 mo. Term SOFR + 0.39%, 0.28% Floor) | 4.55% | 08/25/2036 | 3538628 |
|  | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
| 19538 | Series 2004-1-1A1 | 5.00% | 11/25/2033 | 14028 |
| 359204 | Series 2005-7-7A4 | 5.50% | 11/25/2035 | 329369 |
| 1308164 | Series 2006-7-3A | 5.10%<sup>(c)</sup> | 06/25/2036 | 692394 |
| 23666662 | Series 2007-2AX-2A2 (1 mo. Term SOFR + 0.43%, 0.32% Floor) | 4.59% | 12/25/2036 | 8072725 |
| 7397449 | Series 2007-7AX-2A1 (1 mo. Term SOFR + 0.35%, 0.24% Floor) | 4.51% | 04/25/2037 | 1943773 |
|  | **MortgageIT Trust** | **MortgageIT Trust** | **MortgageIT Trust** | **MortgageIT Trust** |
| 12895790 | Series 2007-1-2A11 (1 mo. Term SOFR + 0.55%, 0.44% Floor) | 4.71% | 06/25/2047 | 11160351 |
|  | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** |
| 6000000 | Series 2005-B-M2 (1 mo. Term SOFR + 0.85%, 0.74% Floor) | 5.01% | 10/25/2035 | 5279201 |
|  | **Nomura Asset Acceptance Corp.** | **Nomura Asset Acceptance Corp.** | **Nomura Asset Acceptance Corp.** | **Nomura Asset Acceptance Corp.** |
| 157197 | Series 2006-AP1-A2 | 5.52%<sup>(c)</sup> | 01/25/2036 | 44719 |
|  | **Nomura Home Equity Loan, Inc.** | **Nomura Home Equity Loan, Inc.** | **Nomura Home Equity Loan, Inc.** | **Nomura Home Equity Loan, Inc.** |
| 486204 | Series 2006-AF1-A2 | 6.30%<sup>(i)</sup> | 10/25/2036 | 84755 |
| 801877 | Series 2007-1-1A1 | 6.56%<sup>(i)</sup> | 02/25/2037 | 211423 |
|  | **NRZ Excess Spread-Collateralized Notes** | **NRZ Excess Spread-Collateralized Notes** | **NRZ Excess Spread-Collateralized Notes** | **NRZ Excess Spread-Collateralized Notes** |
| 1870666 | Series 2020-PLS1-A | 3.84%<sup>(a)</sup> | 12/25/2025 | 1864216 |
|  | **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** |
| 24627 | Series 2004-3-M3 (1 mo. Term SOFR + 1.09%, 0.98% Floor) | 5.25% | 11/25/2034 | 26304 |
| 14773775 | Series 2007-6-1A1 (1 mo. Term SOFR + 0.30%, 0.19% Floor) | 4.46% | 07/25/2037 | 13229383 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **PR Mortgage Loan Trust** | **PR Mortgage Loan Trust** | **PR Mortgage Loan Trust** | **PR Mortgage Loan Trust** |
| 4073100 | Series 2014-1-APT | 5.83%<sup>(a)(c)</sup> | 10/25/2049 | 3972220 |
|  | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** |
| 3107983 | Series 2021-RN2-A1 | 5.74%<sup>(a)(i)</sup> | 07/25/2051 | 3107699 |
| 16229156 | Series 2024-NPL6-A1 | 5.93%<sup>(a)(i)</sup> | 10/25/2054 | 16276879 |
| 2934313 | Series 2025-NPL7-A1 | 5.66%<sup>(a)(i)</sup> | 07/25/2055 | 2945227 |
|  | **Progress Residential Trust** | **Progress Residential Trust** | **Progress Residential Trust** | **Progress Residential Trust** |
| 3404000 | Series 2021-SFR6-E2 | 2.53%<sup>(a)</sup> | 07/17/2038 | 3332999 |
| 4666000 | Series 2021-SFR6-F | 3.42%<sup>(a)</sup> | 07/17/2038 | 4592560 |
| 5100000 | Series 2021-SFR8-F | 3.18%<sup>(a)</sup> | 10/17/2038 | 4994626 |
| 2400000 | Series 2025-SFR5-D | 4.00%<sup>(a)</sup> | 10/17/2042 | 2256636 |
|  | **PRPM LLC** | **PRPM LLC** | **PRPM LLC** | **PRPM LLC** |
| 3882627 | Series 2025-4-A1 | 6.18%<sup>(a)(i)</sup> | 06/25/2030 | 3894664 |
|  | **RALI Trust** | **RALI Trust** | **RALI Trust** | **RALI Trust** |
| 94748 | Series 2005-QS14-3A3 | 6.00% | 09/25/2035 | 83632 |
| 126098 | Series 2006-QS10-A4 | 5.75% | 08/25/2036 | 108102 |
| 1375983 | Series 2006-QS10-A9 | 6.50% | 08/25/2036 | 1225756 |
| 1487300 | Series 2006-QS4-A10 | 6.00% | 04/25/2036 | 1216617 |
| 290687 | Series 2006-QS6-1A15 | 6.00% | 06/25/2036 | 238265 |
| 1509 | Series 2006-QS6-2A1 | 6.00% | 12/25/2025 |  |
| 19023452 | Series 2007-QH5-AII (1 mo. Term SOFR + 0.57%, 0.46% Floor) | 4.73% | 06/25/2037 | 8488346 |
| 508244 | Series 2007-QS3-A4 | 6.25% | 02/25/2037 | 423509 |
| 1776974 | Series 2007-QS9-A33 | 6.50% | 07/25/2037 | 1468865 |
|  | **RAMP Trust** | **RAMP Trust** | **RAMP Trust** | **RAMP Trust** |
| 11500000 | Series 2006-NC1-M2 (1 mo. Term SOFR + 0.51%, 0.40% Floor, 14.00% Cap) | 4.87% | 01/25/2036 | 10069774 |
|  | **RBSGC Mortgage Pass Through Certificates** | **RBSGC Mortgage Pass Through Certificates** | **RBSGC Mortgage Pass Through Certificates** | **RBSGC Mortgage Pass Through Certificates** |
| 6045295 | Series 2005-A-3A | 6.00% | 04/25/2035 | 2118070 |
|  | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** |
| 153563 | Series 2005-A10-A3 | 5.50% | 09/25/2035 | 66157 |
| 219129 | Series 2005-A11-2A4 | 6.00% | 10/25/2035 | 92410 |
| 1611826 | Series 2006-A6-1A1 | 6.50% | 07/25/2036 | 408782 |
| 109718 | Series 2006-R1-A1 (-4 x 1 mo. Term SOFR + 27.94%, 0.00% Floor, 28.40% Cap) | 11.31%<sup>(j)</sup> | 01/25/2046 | 101716 |
|  | **RESIDENTIAL MORTGAGE LOAN TRUST** | **RESIDENTIAL MORTGAGE LOAN TRUST** | **RESIDENTIAL MORTGAGE LOAN TRUST** | **RESIDENTIAL MORTGAGE LOAN TRUST** |
| 5154000 | Series 2020-1-M1 | 3.24%<sup>(a)(c)</sup> | 01/26/2060 | 5022846 |
|  | **RFMSI Trust** | **RFMSI Trust** | **RFMSI Trust** | **RFMSI Trust** |
| 32666 | Series 2006-S10-1A2 | 6.00% | 10/25/2036 | 26595 |
| 359144 | Series 2007-S2-A4 | 6.00% | 02/25/2037 | 276652 |
| 264871 | Series 2007-S3-1A4 | 6.00% | 03/25/2037 | 192658 |
|  | **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** |
| 7695758 | Series 2005-2-M4 (1 mo. Term SOFR + 1.06%, 0.95% Floor, 11.50% Cap) | 5.22% | 10/25/2035 | 5503473 |
|  | **Securitized Asset Backed Receivables LLC** | **Securitized Asset Backed Receivables LLC** | **Securitized Asset Backed Receivables LLC** | **Securitized Asset Backed Receivables LLC** |
| 13576027 | Series 2007-BR3-A1 (1 mo. Term SOFR + 0.43%, 0.32% Floor, 100.00% Cap) | 4.59%<sup>(a)</sup> | 04/25/2037 | 9315391 |
| 16887097 | Series 2007-BR3-A2A (1 mo. Term SOFR + 0.25%, 0.14% Floor) | 4.41% | 04/25/2037 | 11407113 |
| 11978806 | Series 2007-BR3-A2B (1 mo. Term SOFR + 0.55%, 0.44% Floor) | 4.71% | 04/25/2037 | 8091099 |
| 2154786 | Series 2007-BR3-A2C (1 mo. Term SOFR + 0.67%, 0.56% Floor) | 4.83% | 04/25/2037 | 1455417 |
| 19004259 | Series 2007-HE1-A2C (1 mo. Term SOFR + 0.43%, 0.32% Floor) | 4.59% | 12/25/2036 | 4062402 |
|  | **Securitized Mortgage Asset Loan Trust** | **Securitized Mortgage Asset Loan Trust** | **Securitized Mortgage Asset Loan Trust** | **Securitized Mortgage Asset Loan Trust** |
| 20753433 | Series 2015-1-PC | 3.11%<sup>(a)(c)</sup> | 02/25/2054 | 18023242 |
|  | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** |
| 2839314 | Series 2007-3-2AA1 | 4.35%<sup>(c)</sup> | 07/20/2037 | 2236511 |

---

---

| | | |
|:---|:---|:---|
| **56**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Soundview Home Equity Loan Trust** | **Soundview Home Equity Loan Trust** | **Soundview Home Equity Loan Trust** | **Soundview Home Equity Loan Trust** |
| 5970877 | Series 2007-OPT4-1A1 (1 mo. Term SOFR + 1.11%, 1.00% Floor) | 5.27% | 09/25/2037 | 4388969 |
|  | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** |
| 5910000 | Series 2020-1-B1 | 3.73%<sup>(a)(c)</sup> | 02/25/2050 | 5162891 |
|  | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** |
| 9764167 | Series 2006-BNC3-A1 (1 mo. Term SOFR + 0.29%, 0.18% Floor) | 4.45% | 09/25/2036 | 6035060 |
|  | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** |
| 599054 | Series 2005-RF1-A (1 mo. Term SOFR + 0.46%, 0.35% Floor) | 4.62%<sup>(a)</sup> | 03/25/2035 | 541391 |
| 599054 | Series 2005-RF1-AIO | 0.00%<sup>(a)(c)(h)</sup> | 03/25/2035 | 3624 |
|  | **Tricon Residential Trust** | **Tricon Residential Trust** | **Tricon Residential Trust** | **Tricon Residential Trust** |
| 7239000 | Series 2025-SFR2-A | 5.20%<sup>(a)</sup> | 08/17/2044 | 7352622 |
|  | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** |
| 920215 | Series 2018-1-M1 | 3.91%<sup>(a)</sup> | 04/25/2048 | 886496 |
| 503741 | Series 2018-1-M2 | 4.26%<sup>(a)</sup> | 04/25/2048 | 477870 |
| 310595 | Series 2018-1-M3 | 4.41%<sup>(a)</sup> | 04/25/2048 | 290318 |
| 1168122 | Series 2019-1-M1 | 3.94%<sup>(a)(c)</sup> | 03/25/2049 | 1104159 |
| 599769 | Series 2019-1-M2 | 4.01%<sup>(a)(c)</sup> | 03/25/2049 | 561230 |
| 523752 | Series 2019-1-M3 | 4.12%<sup>(a)(c)</sup> | 03/25/2049 | 484376 |
|  | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** |
| 1527444 | Series 2021-CF1-A1 | 5.99%<sup>(a)(i)</sup> | 08/25/2051 | 1529512 |
| 1164306 | Series 2021-CF2-A1 | 5.49%<sup>(a)(i)</sup> | 11/27/2051 | 1164733 |
| 217719 | Series 2021-NPL6-A1 | 6.24%<sup>(a)(i)</sup> | 04/25/2051 | 217845 |
|  | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** |
| 3761007 | Series 2006-AR13-1A (12 Month US Treasury Average + 0.88%, 0.88% Floor) | 5.03% | 10/25/2046 | 3295891 |
| 1206289 | Series 2006-AR19-2A (12 Month US Treasury Average + 1.25%, 1.25% Floor) | 5.40% | 01/25/2047 | 1120584 |
| 3712373 | Series 2007-HY7-2A1 | 3.90%<sup>(c)</sup> | 07/25/2037 | 3334412 |
|  | **Washington Mutual Alternative Mortgage Pass-Through Certificates** | **Washington Mutual Alternative Mortgage Pass-Through Certificates** | **Washington Mutual Alternative Mortgage Pass-Through Certificates** | **Washington Mutual Alternative Mortgage Pass-Through Certificates** |
| 64697 | Series 2005-1-2A | 6.00% | 03/25/2035 | 56617 |
| 334765 | Series 2006-1-3A1 | 5.75% | 02/25/2036 | 317929 |
| 906948 | Series 2006-2-4CB | 6.00% | 03/25/2036 | 898990 |
| 6738719 | Series 2006-8-A5 | 4.12%<sup>(i)</sup> | 10/25/2036 | 2259388 |
| 2994747 | Series 2006-8-A6 | 4.12%<sup>(i)</sup> | 10/25/2036 | 1004958 |
| 6119083 | Series 2007-2-1A2 | 6.00% | 04/25/2037 | 5076749 |
| 4291552 | Series 2007-2-1A3 | 6.00% | 04/25/2037 | 3560523 |
| 545292 | Series 2007-3-A6 | 6.00% | 04/25/2037 | 489409 |
| 44676 | Series 2007-5-A11 (-6 x 1 mo. Term SOFR + 38.79%, 0.00% Floor, 39.48% Cap) | 13.85%<sup>(j)</sup> | 06/25/2037 | 51345 |
| 5666839 | Series 2007-5-A3 | 7.00% | 06/25/2037 | 4681832 |
|  | **Wells Fargo Alternative Loan Trust** | **Wells Fargo Alternative Loan Trust** | **Wells Fargo Alternative Loan Trust** | **Wells Fargo Alternative Loan Trust** |
| 273515 | Series 2007-PA5-1A1 | 6.25% | 11/25/2037 | 246952 |
|  | **Wells Fargo Mortgage Backed Securities Trust** | **Wells Fargo Mortgage Backed Securities Trust** | **Wells Fargo Mortgage Backed Securities Trust** | **Wells Fargo Mortgage Backed Securities Trust** |
| 5334 | Series 2005-AR14-A6 | 6.46%<sup>(c)</sup> | 08/25/2035 | 5259 |
| 366228 | Series 2006-7-2A1 | 6.00% | 06/25/2036 | 332798 |
| 14233 | Series 2007-7-A1 | 6.00% | 06/25/2037 | 13494 |
|  | **Total Non-Agency Residential Collateralized Mortgage Obligations** <br>**(Cost $842,355,247)** | **Total Non-Agency Residential Collateralized Mortgage Obligations** <br>**(Cost $842,355,247)** |  | **696989154** |
|  **US CORPORATE BONDS - 15.3%** | **US CORPORATE BONDS - 15.3%** | **US CORPORATE BONDS - 15.3%** | **US CORPORATE BONDS - 15.3%** | **US CORPORATE BONDS - 15.3%** |
| 1015000 | 1261229 BC Ltd. | 10.00%<sup>(a)</sup> | 04/15/2032 | 1041230 |
| 5660000 | 200 Park Funding Trust | 5.74%<sup>(a)</sup> | 02/15/2055 | 5739018 |
| 780000 | AAR Escrow Issuer LLC | 6.75%<sup>(a)</sup> | 03/15/2029 | 803509 |
| 5098000 | AbbVie, Inc. | 4.70% | 05/14/2045 | 4679336 |
| 2821000 | AbbVie, Inc. | 5.50% | 03/15/2064 | 2821759 |
| 1015000 | Academy Ltd. | 6.00%<sup>(a)</sup> | 11/15/2027 | 1017603 |
| 405000 | Acrisure LLC / Acrisure Finance, Inc. | 6.00%<sup>(a)</sup> | 08/01/2029 | 399568 |
| 965000 | Acrisure LLC / Acrisure Finance, Inc. | 6.75%<sup>(a)</sup> | 07/01/2032 | 994436 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1650000 | Acuris Finance US, Inc. / Acuris Finance SARL | 5.00%<sup>(a)</sup> | 05/01/2028 | 1608603 |
| 620000 | Acushnet Co. | 7.38%<sup>(a)</sup> | 10/15/2028 | 643628 |
| 335000 | Advance Auto Parts, Inc. | 7.38%<sup>(a)</sup> | 08/01/2033 | 345722 |
| 1240000 | Advanced Drainage Systems, Inc. | 6.38%<sup>(a)</sup> | 06/15/2030 | 1263171 |
| 2821000 | AEP Texas, Inc. | 5.45% | 05/15/2029 | 2928244 |
| 770000 | Aethon United BR LP / Aethon United Finance Corp. | 7.50%<sup>(a)</sup> | 10/01/2029 | 803604 |
| 4958000 | Agilent Technologies, Inc. | 4.75% | 09/09/2034 | 4944614 |
| 4557000 | Aircastle Ltd. / Aircastle Ireland DAC | 5.25%<sup>(a)</sup> | 03/15/2030 | 4650862 |
| 2081000 | Alliant Energy Corp. (5 yr. CMT Rate + 2.08%) | 5.75% | 04/01/2056 | 2085716 |
| 1145000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer | 6.75%<sup>(a)</sup> | 10/15/2027 | 1148371 |
| 735000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer | 6.50%<sup>(a)</sup> | 10/01/2031 | 752407 |
| 1660000 | Allied Universal Holdco LLC | 7.88%<sup>(a)</sup> | 02/15/2031 | 1741955 |
| 615000 | Allied Universal Holdco LLC / Allied Universal Finance Corp. | 6.00%<sup>(a)</sup> | 06/01/2029 | 605135 |
| 355000 | AMC Entertainment Holdings, Inc. | 7.50%<sup>(a)</sup> | 02/15/2029 | 307355 |
| 470000 | Amentum Holdings, Inc. | 7.25%<sup>(a)</sup> | 08/01/2032 | 488406 |
| 660000 | American Airlines, Inc. | 8.50%<sup>(a)</sup> | 05/15/2029 | 688893 |
| 600000 | American Axle & Manufacturing, Inc. | 5.00% | 10/01/2029 | 570543 |
| 510000 | American Axle & Manufacturing, Inc. | 6.38%<sup>(a)</sup> | 10/15/2032 | 509458 |
| 230000 | American Axle & Manufacturing, Inc. | 7.75%<sup>(a)</sup> | 10/15/2033 | 231937 |
| 10321000 | American Express Co. (SOFR + 1.44%) | 5.02% | 04/25/2031 | 10615217 |
| 6927000 | American Homes 4 Rent LP | 5.50% | 02/01/2034 | 7153624 |
| 1942000 | American International Group, Inc. | 5.45% | 05/07/2035 | 2024269 |
| 2002000 | American National Group, Inc. | 5.75% | 10/01/2029 | 2072209 |
| 6471000 | American National Group, Inc. | 6.00% | 07/15/2035 | 6611091 |
| 2366000 | American Tower Corp. | 5.55% | 07/15/2033 | 2478242 |
| 1737000 | American Tower Corp. | 3.70% | 10/15/2049 | 1304285 |
| 6866000 | Amgen, Inc. | 5.75% | 03/02/2063 | 6854937 |
| 2132000 | Amrize Finance US LLC | 4.95%<sup>(a)</sup> | 04/07/2030 | 2180076 |
| 580000 | Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp. | 7.00%<sup>(a)</sup> | 04/15/2030 | 587428 |
| 190000 | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. | 5.25%<sup>(a)</sup> | 04/15/2030 | 177527 |
| 1135000 | APH / APH2 / APH3 | 7.88%<sup>(a)</sup> | 11/01/2029 | 1185451 |
| 2402000 | AppLovin Corp. | 5.38% | 12/01/2031 | 2485705 |
| 1235000 | Archrock Partners LP / Archrock Partners Finance Corp. | 6.63%<sup>(a)</sup> | 09/01/2032 | 1267761 |
| 10004000 | Arizona Public Service Co. | 5.90% | 08/15/2055 | 10254954 |
| 4768000 | Arrow Electronics, Inc. | 5.15% | 08/21/2029 | 4882811 |
| 375000 | Arsenal AIC Parent LLC | 8.00%<sup>(a)</sup> | 10/01/2030 | 397517 |
| 140000 | Artera Services LLC | 8.50%<sup>(a)</sup> | 02/15/2031 | 123826 |
| 2839000 | Arthur J Gallagher & Co. | 4.85% | 12/15/2029 | 2899304 |
| 685000 | Ashton Woods USA LLC / Ashton Woods Finance Co. | 4.63%<sup>(a)</sup> | 04/01/2030 | 649123 |
| 13914000 | AT&T, Inc. | 3.50% | 09/15/2053 | 9631774 |
| 1015000 | AthenaHealth Group, Inc. | 6.50%<sup>(a)</sup> | 02/15/2030 | 1007563 |
| 3931000 | Athene Global Funding | 5.35%<sup>(a)</sup> | 07/09/2027 | 4005892 |
| 2500000 | Athene Global Funding | 4.72%<sup>(a)</sup> | 10/08/2029 | 2521793 |
| 2747000 | Athene Global Funding | 5.03%<sup>(a)</sup> | 07/17/2030 | 2792325 |
| 3699000 | Athene Holding Ltd. (5 yr. CMT Rate + 2.61%) | 6.63% | 10/15/2054 | 3737858 |
| 3931000 | Atlassian Corp. | 5.25% | 05/15/2029 | 4042726 |
| 4612000 | AutoZone, Inc. | 5.13% | 06/15/2030 | 4762199 |
| 2311000 | Avery Dennison Corp. | 5.75% | 03/15/2033 | 2444579 |
| 3567000 | Aviation Capital Group LLC | 5.38%<sup>(a)</sup> | 07/15/2029 | 3655343 |
| 240000 | Avient Corp. | 6.25%<sup>(a)</sup> | 11/01/2031 | 243906 |
| 695000 | Azorra Finance Ltd. | 7.75%<sup>(a)</sup> | 04/15/2030 | 733516 |
| 910000 | Azorra Finance Ltd. | 7.25%<sup>(a)</sup> | 01/15/2031 | 949850 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **57**<br>|

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------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Core Fixed Income Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2506000 | Bank of America Corp. (5 yr. CMT Rate + 2.68%) | 6.63%<sup>(g)</sup> | 05/01/2030 | 2610285 |
| 3974000 | Bank of America Corp. (SOFR + 1.21%) | 2.57% | 10/20/2032 | 3563104 |
| 3822000 | Bank of America Corp. (SOFR + 1.65%) | 5.47% | 01/23/2035 | 3993314 |
| 4186000 | Bank of America Corp. (SOFR + 1.70%) | 5.74% | 02/12/2036 | 4350726 |
| 4277000 | Bank of New York Mellon Corp. (SOFR + 1.23%) | 5.06% | 07/22/2032 | 4421275 |
| 1500000 | Bausch + Lomb Corp. | 8.38%<sup>(a)</sup> | 10/01/2028 | 1565156 |
| 230000 | Bausch Health Americas, Inc. | 8.50%<sup>(a)</sup> | 01/31/2027 | 227918 |
| 665000 | Bausch Health Cos., Inc. | 4.88%<sup>(a)</sup> | 06/01/2028 | 595757 |
| 465000 | Bausch Health Cos., Inc. | 5.25%<sup>(a)</sup> | 01/30/2030 | 328253 |
| 93000 | Bausch Health Cos., Inc. | 14.00%<sup>(a)</sup> | 10/15/2030 | 93320 |
| 330000 | Beach Acquisition Bidco LLC (10.00% Cash or 10.75% PIK) | 10.00%<sup>(a)</sup> | 07/15/2033 | 356783 |
| 4647000 | Biogen, Inc. | 5.05% | 01/15/2031 | 4779485 |
| 4526000 | Black Hills Corp. | 6.00% | 01/15/2035 | 4822234 |
| 5268000 | Block Financial LLC | 5.38% | 09/15/2032 | 5312593 |
| 12173000 | Broadcom, Inc. | 3.50%<sup>(a)</sup> | 02/15/2041 | 10023159 |
| 2025000 | Brown & Brown, Inc. | 6.25% | 06/23/2055 | 2132526 |
| 1730000 | Buckeye Partners LP | 6.88%<sup>(a)</sup> | 07/01/2029 | 1794204 |
| 1595000 | Builders FirstSource, Inc. | 6.38%<sup>(a)</sup> | 03/01/2034 | 1645013 |
| 615000 | Builders FirstSource, Inc. | 6.75%<sup>(a)</sup> | 05/15/2035 | 642910 |
| 5875000 | Bunge Ltd. Finance Corp. | 4.65% | 09/17/2034 | 5763188 |
| 3421000 | Burlington Northern Santa Fe LLC | 5.20% | 04/15/2054 | 3286619 |
| 405000 | CACI International, Inc. | 6.38%<sup>(a)</sup> | 06/15/2033 | 418284 |
| 1715000 | Caesars Entertainment, Inc. | 6.00%<sup>(a)</sup> | 10/15/2032 | 1690278 |
| 2421000 | Campbell's Co. | 5.40% | 03/21/2034 | 2481451 |
| 4792000 | Cardinal Health, Inc. | 4.60% | 03/15/2043 | 4201116 |
| 674000 | Cardinal Health, Inc. | 4.50% | 11/15/2044 | 579319 |
| 2004000 | Carlisle Cos., Inc. | 5.55% | 09/15/2040 | 2029934 |
| 1677000 | Carnival Corp. | 5.13%<sup>(a)</sup> | 05/01/2029 | 1677000 |
| 575000 | Carnival Corp. | 5.75%<sup>(a)</sup> | 08/01/2032 | 585884 |
| 1656000 | Carnival Corp. | 6.13%<sup>(a)</sup> | 02/15/2033 | 1698503 |
| 204000 | Castle US Holding Corp. | 10.00%<sup>(a)</sup> | 06/30/2031 | 35700 |
| 1345000 | CCO Holdings LLC / CCO Holdings Capital Corp. | 5.13%<sup>(a)</sup> | 05/01/2027 | 1337037 |
| 1660000 | CCO Holdings LLC / CCO Holdings Capital Corp. | 4.75%<sup>(a)</sup> | 03/01/2030 | 1594176 |
| 1200000 | CCO Holdings LLC / CCO Holdings Capital Corp. | 4.75%<sup>(a)</sup> | 02/01/2032 | 1110740 |
| 565000 | Celanese US Holdings LLC | 6.50% | 04/15/2030 | 569161 |
| 565000 | Celanese US Holdings LLC | 6.75% | 04/15/2033 | 562969 |
| 5108000 | Cheniere Energy Partners LP | 4.00% | 03/01/2031 | 4927659 |
| 4853000 | Cheniere Energy, Inc. | 4.63% | 10/15/2028 | 4839171 |
| 455000 | Chord Energy Corp. | 6.00%<sup>(a)</sup> | 10/01/2030 | 452116 |
| 1125000 | Chord Energy Corp. | 6.75%<sup>(a)</sup> | 03/15/2033 | 1140540 |
| 830000 | CHS/Community Health Systems, Inc. | 6.00%<sup>(a)</sup> | 01/15/2029 | 806403 |
| 455000 | CHS/Community Health Systems, Inc. | 6.88%<sup>(a)</sup> | 04/15/2029 | 362143 |
| 525000 | CHS/Community Health Systems, Inc. | 4.75%<sup>(a)</sup> | 02/15/2031 | 454365 |
| 1984000 | Citigroup, Inc. (SOFR + 1.28%) | 3.07% | 02/24/2028 | 1953892 |
| 2499000 | Citigroup, Inc. (5 yr. CMT Rate + 2.89%) | 6.88%<sup>(g)</sup> | 08/15/2030 | 2578086 |
| 4143000 | Citigroup, Inc. (SOFR + 1.46%) | 4.95% | 05/07/2031 | 4222967 |
| 2923000 | Citigroup, Inc. (SOFR + 1.17%) | 4.50% | 09/11/2031 | 2925254 |
| 2366000 | Citigroup, Inc. (SOFR + 2.66%) | 6.17% | 05/25/2034 | 2518309 |
| 505000 | Civitas Resources, Inc. | 8.38%<sup>(a)</sup> | 07/01/2028 | 524088 |
| 1245000 | Clarios Global LP / Clarios US Finance Co. | 6.75%<sup>(a)</sup> | 05/15/2028 | 1273463 |
| 1685000 | Clarios Global LP / Clarios US Finance Co. | 6.75%<sup>(a)</sup> | 02/15/2030 | 1741961 |
| 1330000 | Clarios Global LP / Clarios US Finance Co. | 6.75%<sup>(a)</sup> | 09/15/2032 | 1360304 |
| 565000 | Clarivate Science Holdings Corp. | 4.88%<sup>(a)</sup> | 07/01/2029 | 534458 |
| 495000 | Clear Channel Outdoor Holdings, Inc. | 7.50%<sup>(a)</sup> | 06/01/2029 | 481307 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 810000 | Clear Channel Outdoor Holdings, Inc. | 7.13%<sup>(a)</sup> | 02/15/2031 | 837858 |
| 655000 | Clearway Energy Operating LLC | 4.75%<sup>(a)</sup> | 03/15/2028 | 647608 |
| 825000 | Cleveland-Cliffs, Inc. | 6.88%<sup>(a)</sup> | 11/01/2029 | 841435 |
| 780000 | Cloud Software Group, Inc. | 6.50%<sup>(a)</sup> | 03/31/2029 | 787894 |
| 515000 | Cloud Software Group, Inc. | 9.00%<sup>(a)</sup> | 09/30/2029 | 534746 |
| 415000 | Cloud Software Group, Inc. | 6.63%<sup>(a)</sup> | 08/15/2033 | 422880 |
| 665000 | Clydesdale Acquisition Holdings, Inc. | 6.75%<sup>(a)</sup> | 04/15/2032 | 682686 |
| 2413000 | CMS Energy Corp. (5 yr. CMT Rate + 1.96%) | 6.50% | 06/01/2055 | 2500783 |
| 1185000 | CNX Midstream Partners LP | 4.75%<sup>(a)</sup> | 04/15/2030 | 1137269 |
| 800000 | CNX Resources Corp. | 6.00%<sup>(a)</sup> | 01/15/2029 | 800908 |
| 2910000 | Colonial Enterprises, Inc. | 5.63%<sup>(a)</sup> | 11/15/2035 | 2934097 |
| 4715000 | Commonwealth Edison Co. | 5.95% | 06/01/2055 | 5018421 |
| 256000 | CommScope LLC | 4.75%<sup>(a)</sup> | 09/01/2029 | 254676 |
| 450000 | CommScope LLC | 9.50%<sup>(a)</sup> | 12/15/2031 | 466077 |
| 400000 | CommScope Technologies LLC | 5.00%<sup>(a)</sup> | 03/15/2027 | 397201 |
| 1035000 | Consolidated Communications, Inc. | 5.00%<sup>(a)</sup> | 10/01/2028 | 1047937 |
| 2833000 | Consumers Energy Co. | 4.50% | 01/15/2031 | 2863851 |
| 690000 | CoreWeave, Inc. | 9.25%<sup>(a)</sup> | 06/01/2030 | 713463 |
| 153000 | Cornerstone Building Brands, Inc. | 6.13%<sup>(a)</sup> | 01/15/2029 | 125113 |
| 620000 | Cornerstone Building Brands, Inc. | 9.50%<sup>(a)</sup> | 08/15/2029 | 603012 |
| 640000 | Cougar JV Subsidiary LLC | 8.00%<sup>(a)</sup> | 05/15/2032 | 681368 |
| 1300000 | CQP Holdco LP / BIP-V Chinook Holdco LLC | 5.50%<sup>(a)</sup> | 06/15/2031 | 1288767 |
| 5650000 | CRH SMW Finance DAC | 5.13% | 01/09/2030 | 5818283 |
| 1390000 | CSC Holdings LLC | 6.50%<sup>(a)</sup> | 02/01/2029 | 1028552 |
| 12096000 | CSX Corp. | 3.80% | 11/01/2046 | 9623524 |
| 410000 | Dana, Inc. | 5.38% | 11/15/2027 | 409760 |
| 965000 | Dana, Inc. | 5.63% | 06/15/2028 | 964405 |
| 795000 | Dcli Bidco LLC | 7.75%<sup>(a)</sup> | 11/15/2029 | 827374 |
| 597000 | Dealer Tire LLC / DT Issuer LLC | 8.00%<sup>(a)</sup> | 02/01/2028 | 590960 |
| 2221000 | Dell, Inc. | 6.50% | 04/15/2038 | 2411171 |
| 410000 | Diebold Nixdorf, Inc. | 7.75%<sup>(a)</sup> | 03/31/2030 | 433519 |
| 705000 | Directv Financing LLC | 8.88%<sup>(a)</sup> | 02/01/2030 | 697225 |
| 453000 | Directv Financing LLC / Directv Financing Co.-Obligor, Inc. | 5.88%<sup>(a)</sup> | 08/15/2027 | 452834 |
| 1245000 | DISH DBS Corp. | 5.75%<sup>(a)</sup> | 12/01/2028 | 1194565 |
| 830000 | DISH DBS Corp. | 5.13% | 06/01/2029 | 710492 |
| 480000 | Dornoch Debt Merger Sub, Inc. | 6.63%<sup>(a)</sup> | 10/15/2029 | 413419 |
| 2566000 | DT Midstream, Inc. | 4.13%<sup>(a)</sup> | 06/15/2029 | 2504225 |
| 7346000 | DTE Energy Co. | 5.85% | 06/01/2034 | 7809608 |
| 6222000 | Duke Energy Corp. | 3.95% | 08/15/2047 | 4856318 |
| 1656000 | Duke Energy Corp. | 5.00% | 08/15/2052 | 1492821 |
| 3512000 | Duke Energy Corp. | 5.80% | 06/15/2054 | 3552354 |
| 5077000 | Eastern Energy Gas Holdings LLC | 5.65% | 10/15/2054 | 5008507 |
| 1090000 | EchoStar Corp. | 10.75% | 11/30/2029 | 1200035 |
| 1365000 | Elevance Health, Inc. | 4.55% | 05/15/2052 | 1145986 |
| 1245000 | Ellucian Holdings, Inc. | 6.50%<sup>(a)</sup> | 12/01/2029 | 1267930 |
| 276000 | Embarq LLC | 8.00% | 06/01/2036 | 138171 |
| 1310000 | EMRLD Borrower LP / Emerald Co.-Issuer, Inc. | 6.63%<sup>(a)</sup> | 12/15/2030 | 1348251 |
| 2439000 | Entergy Arkansas LLC | 5.75% | 06/01/2054 | 2504711 |
| 4683000 | Entergy Corp. (5 yr. CMT Rate + 2.67%) | 7.13% | 12/01/2054 | 4901715 |
| 4823000 | Enterprise Products Operating LLC | 5.55% | 02/16/2055 | 4770718 |
| 2711000 | Essential Properties LP | 5.40% | 12/01/2035 | 2722786 |
| 4940000 | Evergy Kansas Central, Inc. | 5.70% | 03/15/2053 | 5011130 |
| 1438000 | Expand Energy Corp. | 6.75%<sup>(a)</sup> | 04/15/2029 | 1453131 |
| 2471000 | Expand Energy Corp. | 4.75% | 02/01/2032 | 2429493 |
| 4945000 | Expedia Group, Inc. | 3.80% | 02/15/2028 | 4903142 |
| 4782000 | Extra Space Storage LP | 5.40% | 02/01/2034 | 4923969 |
| 490000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. | 6.75%<sup>(a)</sup> | 01/15/2030 | 460163 |
| 6064000 | First Industrial LP | 5.25% | 01/15/2031 | 6223468 |
| 4550000 | Fiserv, Inc. | 5.45% | 03/15/2034 | 4704595 |
| 2060000 | Florida Gas Transmission Co. LLC | 5.75%<sup>(a)</sup> | 07/15/2035 | 2137751 |

---

---

| | | |
|:---|:---|:---|
| **58**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 4877000 | Flowers Foods, Inc. | 5.75% | 03/15/2035 | 4970976 |
| 460000 | Freedom Mortgage Holdings LLC | 8.38%<sup>(a)</sup> | 04/01/2032 | 482531 |
| 580000 | FTAI Aviation Investors LLC | 5.88%<sup>(a)</sup> | 04/15/2033 | 584166 |
| 480000 | Full House Resorts, Inc. | 8.25%<sup>(a)</sup> | 02/15/2028 | 445924 |
| 825000 | Gates Corp./DE | 6.88%<sup>(a)</sup> | 07/01/2029 | 857093 |
| 2839000 | GATX Corp. | 5.50% | 06/15/2035 | 2931677 |
| 2100000 | GATX Corp. | 5.20% | 03/15/2044 | 2005909 |
| 4852000 | GE HealthCare Technologies, Inc. | 4.80% | 01/15/2031 | 4933321 |
| 2003000 | General Electric Co. | 4.90% | 01/29/2036 | 2031710 |
| 1190000 | Genesee & Wyoming, Inc. | 6.25%<sup>(a)</sup> | 04/15/2032 | 1210697 |
| 835000 | Genting New York LLC / GENNY Capital, Inc. | 7.25%<sup>(a)</sup> | 10/01/2029 | 863099 |
| 3807000 | Genuine Parts Co. | 4.95% | 08/15/2029 | 3875670 |
| 2554000 | Gilead Sciences, Inc. | 5.55% | 10/15/2053 | 2579882 |
| 4877000 | Global Payments, Inc. | 4.95% | 08/15/2027 | 4937960 |
| 735000 | Goat Holdco LLC | 6.75%<sup>(a)</sup> | 02/01/2032 | 754033 |
| 2301000 | Goldman Sachs Group, Inc. (5 yr. CMT Rate + 2.46%) | 6.85%<sup>(g)</sup> | 02/10/2030 | 2392943 |
| 4622000 | Goldman Sachs Group, Inc. (SOFR + 1.55%) | 5.33% | 07/23/2035 | 4759757 |
| 585000 | Goodyear Tire & Rubber Co. | 5.25% | 07/15/2031 | 550006 |
| 350000 | GrafTech Finance, Inc. | 4.63%<sup>(a)</sup> | 12/23/2029 | 246861 |
| 565000 | Gray Media, Inc. | 9.63%<sup>(a)</sup> | 07/15/2032 | 577720 |
| 570000 | Gray Media, Inc. | 7.25%<sup>(a)</sup> | 08/15/2033 | 565199 |
| 2005000 | Griffon Corp. | 5.75% | 03/01/2028 | 2007358 |
| 695000 | Group 1 Automotive, Inc. | 4.00%<sup>(a)</sup> | 08/15/2028 | 675986 |
| 820000 | Group 1 Automotive, Inc. | 6.38%<sup>(a)</sup> | 01/15/2030 | 840425 |
| 4152000 | Guardian Life Global Funding | 4.80%<sup>(a)</sup> | 04/28/2030 | 4247380 |
| 1225000 | Gulfport Energy Operating Corp. | 6.75%<sup>(a)</sup> | 09/01/2029 | 1258618 |
| 2944000 | Gulfstream Natural Gas System LLC | 5.60%<sup>(a)</sup> | 07/23/2035 | 3018087 |
| 1205000 | Harvest Midstream I LP | 7.50%<sup>(a)</sup> | 05/15/2032 | 1234908 |
| 1180000 | Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl | 4.63%<sup>(a)</sup> | 05/01/2028 | 1145176 |
| 625000 | Herc Holdings, Inc. | 7.00%<sup>(a)</sup> | 06/15/2030 | 649713 |
| 2493000 | Hess Midstream Operations LP | 5.88%<sup>(a)</sup> | 03/01/2028 | 2542873 |
| 2566000 | Hess Midstream Operations LP | 5.50%<sup>(a)</sup> | 10/15/2030 | 2586477 |
| 9845000 | Hewlett Packard Enterprise Co. | 5.00% | 10/15/2034 | 9772068 |
| 2821000 | Hexcel Corp. | 5.88% | 02/26/2035 | 2951773 |
| 975000 | Hightower Holding LLC | 6.75%<sup>(a)</sup> | 04/15/2029 | 962751 |
| 485000 | Hilcorp Energy I LP / Hilcorp Finance Co. | 7.25%<sup>(a)</sup> | 02/15/2035 | 474311 |
| 2384000 | Huntington Bancshares, Inc. (SOFR + 1.87%) | 5.71% | 02/02/2035 | 2485606 |
| 9420000 | Hyundai Capital America | 5.30%<sup>(a)</sup> | 01/08/2029 | 9651187 |
| 590000 | Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 5.25% | 05/15/2027 | 580401 |
| 1190000 | Illuminate Buyer LLC / Illuminate Holdings IV, Inc. | 9.00%<sup>(a)</sup> | 07/01/2028 | 1194832 |
| 1435000 | Installed Building Products, Inc. | 5.75%<sup>(a)</sup> | 02/01/2028 | 1433887 |
| 2514000 | Interstate Power and Light Co. | 5.60% | 10/01/2055 | 2476540 |
| 4131000 | Intuit, Inc. | 5.50% | 09/15/2053 | 4164055 |
| 600000 | Inversion Escrow Issuer LLC | 6.75%<sup>(a)</sup> | 08/01/2032 | 591443 |
| 690000 | ION Platform Finance US, Inc. | 7.88%<sup>(a)</sup> | 09/30/2032 | 687845 |
| 3294000 | IQVIA, Inc. | 6.25% | 02/01/2029 | 3470361 |
| 780000 | IQVIA, Inc. | 6.25%<sup>(a)</sup> | 06/01/2032 | 802925 |
| 1030000 | Iron Mountain, Inc. | 7.00%<sup>(a)</sup> | 02/15/2029 | 1062235 |
| 240000 | Iron Mountain, Inc. | 6.25%<sup>(a)</sup> | 01/15/2033 | 244984 |
| 3367000 | Jacobs Engineering Group, Inc. | 5.90% | 03/01/2033 | 3562050 |
| 365000 | JetBlue Airways Corp. / JetBlue Loyalty LP | 9.88%<sup>(a)</sup> | 09/20/2031 | 370521 |
| 4168000 | JPMorgan Chase & Co. (SOFR + 1.01%) | 5.14% | 01/24/2031 | 4305616 |
| 4667000 | JPMorgan Chase & Co. (SOFR + 1.44%) | 5.10% | 04/22/2031 | 4822546 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 9246000 | JPMorgan Chase & Co. (SOFR + 1.46%) | 5.29% | 07/22/2035 | 9553314 |
| 3138000 | JPMorgan Chase & Co. (SOFR + 1.64%) | 5.58% | 07/23/2036 | 3255383 |
| 525000 | K Hovnanian Enterprises, Inc. | 8.00%<sup>(a)</sup> | 04/01/2031 | 538686 |
| 2021000 | Kentucky Utilities Co. | 5.85% | 08/15/2055 | 2078903 |
| 4690000 | Keurig Dr Pepper, Inc. | 5.20% | 03/15/2031 | 4795756 |
| 2170000 | Kinder Morgan Energy Partners LP | 6.95% | 01/15/2038 | 2444587 |
| 2421000 | Kinetik Holdings LP | 5.88%<sup>(a)</sup> | 06/15/2030 | 2436896 |
| 1285000 | Kodiak Gas Services LLC | 7.25%<sup>(a)</sup> | 02/15/2029 | 1334325 |
| 345000 | Kodiak Gas Services LLC | 6.50%<sup>(a)</sup> | 10/01/2033 | 351486 |
| 345000 | Kodiak Gas Services LLC | 6.75%<sup>(a)</sup> | 10/01/2035 | 354447 |
| 5076000 | Kroger Co. | 5.65% | 09/15/2064 | 4955117 |
| 9062000 | Kyndryl Holdings, Inc. | 4.10% | 10/15/2041 | 7356629 |
| 11749000 | Laboratory Corp. of America Holdings | 4.80% | 10/01/2034 | 11663163 |
| 1180000 | Lamar Media Corp. | 5.38%<sup>(a)</sup> | 11/01/2033 | 1172795 |
| 250000 | LBM Acquisition LLC | 6.25%<sup>(a)</sup> | 01/15/2029 | 231646 |
| 350000 | LBM Acquisition LLC | 9.50%<sup>(a)</sup> | 06/15/2031 | 368224 |
| 530000 | Level 3 Financing, Inc. | 3.75%<sup>(a)</sup> | 07/15/2029 | 454437 |
| 890000 | Level 3 Financing, Inc. | 4.50%<sup>(a)</sup> | 04/01/2030 | 817688 |
| 1155000 | Level 3 Financing, Inc. | 6.88%<sup>(a)</sup> | 06/30/2033 | 1178117 |
| 590000 | LFS Topco LLC | 8.75%<sup>(a)</sup> | 07/15/2030 | 593186 |
| 1335000 | Life Time, Inc. | 6.00%<sup>(a)</sup> | 11/15/2031 | 1357220 |
| 740000 | LifePoint Health, Inc. | 10.00%<sup>(a)</sup> | 06/01/2032 | 777895 |
| 625000 | Light & Wonder International, Inc. | 7.25%<sup>(a)</sup> | 11/15/2029 | 641904 |
| 755000 | Light & Wonder International, Inc. | 6.25%<sup>(a)</sup> | 10/01/2033 | 756789 |
| 520000 | Lindblad Expeditions LLC | 7.00%<sup>(a)</sup> | 09/15/2030 | 530356 |
| 4789000 | Lineage OP LP | 5.25%<sup>(a)</sup> | 07/15/2030 | 4856647 |
| 4837000 | Lockheed Martin Corp. | 5.00% | 08/15/2035 | 4915734 |
| 2839000 | Lowe's Cos., Inc. | 5.63% | 04/15/2053 | 2825213 |
| 1235000 | M/I Homes, Inc. | 4.95% | 02/01/2028 | 1227363 |
| 1435000 | Madison IAQ LLC | 5.88%<sup>(a)</sup> | 06/30/2029 | 1418885 |
| 4944000 | Marriott International, Inc./MD | 4.50% | 10/15/2031 | 4924193 |
| 4771000 | Marriott International, Inc./MD | 5.30% | 05/15/2034 | 4902465 |
| 5041000 | Mars, Inc. | 5.70%<sup>(a)</sup> | 05/01/2055 | 5109894 |
| 9062000 | Marvell Technology, Inc. | 5.95% | 09/15/2033 | 9727386 |
| 4804000 | MasTec, Inc. | 5.90% | 06/15/2029 | 5032088 |
| 1040000 | Matador Resources Co. | 6.50%<sup>(a)</sup> | 04/15/2032 | 1050680 |
| 1330000 | Match Group Holdings II LLC | 5.00%<sup>(a)</sup> | 12/15/2027 | 1327335 |
| 275000 | Mativ Holdings, Inc. | 8.00%<sup>(a)</sup> | 10/01/2029 | 272610 |
| 255000 | McAfee Corp. | 7.38%<sup>(a)</sup> | 02/15/2030 | 236833 |
| 5476000 | McDonald's Corp. | 4.45% | 03/01/2047 | 4758754 |
| 685000 | McGraw-Hill Education, Inc. | 5.75%<sup>(a)</sup> | 08/01/2028 | 685180 |
| 250000 | McGraw-Hill Education, Inc. | 7.38%<sup>(a)</sup> | 09/01/2031 | 259953 |
| 1365000 | Medline Borrower LP | 5.25%<sup>(a)</sup> | 10/01/2029 | 1354207 |
| 765000 | Medline Borrower LP/Medline Co.-Issuer, Inc. | 6.25%<sup>(a)</sup> | 04/01/2029 | 785391 |
| 6118000 | Merck & Co., Inc. | 5.70% | 09/15/2055 | 6318070 |
| 5394000 | Meta Platforms, Inc. | 4.45% | 08/15/2052 | 4635312 |
| 4168000 | MetLife, Inc. (5 yr. CMT Rate + 2.08%) | 6.35% | 03/15/2055 | 4432234 |
| 505000 | Michaels Cos., Inc. | 5.25%<sup>(a)</sup> | 05/01/2028 | 467332 |
| 1238000 | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp. | 4.88%<sup>(a)</sup> | 05/01/2029 | 1204290 |
| 1300000 | Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC | 6.75%<sup>(a)</sup> | 04/01/2032 | 1336241 |
| 5256000 | Molex Electronic Technologies LLC | 5.25%<sup>(a)</sup> | 04/30/2032 | 5351249 |
| 2421000 | Morgan Stanley (5 yr. CMT Rate + 2.43%) | 5.95% | 01/19/2038 | 2539121 |
| 4669000 | Morgan Stanley (5 yr. CMT Rate + 1.80%) | 5.94% | 02/07/2039 | 4890036 |
| 3946000 | Motorola Solutions, Inc. | 5.20% | 08/15/2032 | 4068642 |
| 590000 | Nabors Industries, Inc. | 9.13%<sup>(a)</sup> | 01/31/2030 | 614048 |
| 655000 | Nassau Cos. of New York | 7.88%<sup>(a)</sup> | 07/15/2030 | 669515 |
| 2020000 | National Fuel Gas Co. | 5.95% | 03/15/2035 | 2108552 |
| 335000 | Navient Corp. | 5.00% | 03/15/2027 | 333759 |
| 350000 | Navient Corp. | 7.88% | 06/15/2032 | 368728 |
| 330000 | NCL Corp. Ltd. | 5.88%<sup>(a)</sup> | 01/15/2031 | 330225 |
| 330000 | NCL Corp. Ltd. | 6.25%<sup>(a)</sup> | 09/15/2033 | 331914 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **59**<br>|

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------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Core Fixed Income Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2332000 | NetApp, Inc. | 5.50% | 03/17/2032 | 2427626 |
| 3549000 | Netflix, Inc. | 5.40% | 08/15/2054 | 3576983 |
| 715000 | Newell Brands, Inc. | 6.38% | 05/15/2030 | 710206 |
| 4612000 | Newmont Corp. / Newcrest Finance Pty Ltd. | 5.35% | 03/15/2034 | 4812892 |
| 345000 | NGL Energy Operating LLC / NGL Energy Finance Corp. | 8.13%<sup>(a)</sup> | 02/15/2029 | 353988 |
| 5605000 | NGPL PipeCo LLC | 3.25%<sup>(a)</sup> | 07/15/2031 | 5079681 |
| 2440000 | Niagara Mohawk Power Corp. | 4.65%<sup>(a)</sup> | 10/03/2030 | 2452664 |
| 4802000 | NiSource, Inc. | 5.35% | 04/01/2034 | 4947432 |
| 2384000 | NiSource, Inc. (5 yr. CMT Rate + 2.45%) | 6.95% | 11/30/2054 | 2486831 |
| 4149000 | NiSource, Inc. | 5.85% | 04/01/2055 | 4212424 |
| 600000 | Nissan Motor Acceptance Co. LLC | 5.63%<sup>(a)</sup> | 09/29/2028 | 600762 |
| 2995000 | Northrop Grumman Corp. | 4.03% | 10/15/2047 | 2442958 |
| 4976000 | Northrop Grumman Corp. | 5.20% | 06/01/2054 | 4741864 |
| 1000000 | Novelis Corp. | 4.75%<sup>(a)</sup> | 01/30/2030 | 965493 |
| 490000 | Novelis Corp. | 6.88%<sup>(a)</sup> | 01/30/2030 | 508524 |
| 745000 | NRG Energy, Inc. | 6.00%<sup>(a)</sup> | 02/01/2033 | 757163 |
| 265000 | NRG Energy, Inc. | 5.75%<sup>(a)</sup> | 01/15/2034 | 264895 |
| 480000 | Olin Corp. | 6.63%<sup>(a)</sup> | 04/01/2033 | 483076 |
| 710000 | Olympus Water US Holding Corp. | 7.25%<sup>(a)</sup> | 02/15/2033 | 711183 |
| 2512000 | Omega Healthcare Investors, Inc. | 4.75% | 01/15/2028 | 2534875 |
| 2876000 | Omega Healthcare Investors, Inc. | 3.25% | 04/15/2033 | 2539017 |
| 565000 | OneMain Finance Corp. | 7.50% | 05/15/2031 | 591127 |
| 410000 | OneMain Finance Corp. | 7.13% | 09/15/2032 | 424058 |
| 845000 | OneMain Finance Corp. | 6.50% | 03/15/2033 | 847391 |
| 3971000 | Oracle Corp. | 5.88% | 09/26/2045 | 3984077 |
| 2475000 | O'Reilly Automotive, Inc. | 5.00% | 08/19/2034 | 2499080 |
| 1220000 | Outfront Media Capital LLC / Outfront Media Capital Corp. | 7.38%<sup>(a)</sup> | 02/15/2031 | 1287952 |
| 2275000 | Owens Corning | 5.70% | 06/15/2034 | 2398252 |
| 1035000 | Panther Escrow Issuer LLC | 7.13%<sup>(a)</sup> | 06/01/2031 | 1077247 |
| 1755000 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | 7.00%<sup>(a)</sup> | 02/01/2030 | 1810623 |
| 9243000 | Paychex, Inc. | 5.35% | 04/15/2032 | 9593720 |
| 270000 | PBF Holding Co. LLC / PBF Finance Corp. | 6.00% | 02/15/2028 | 268566 |
| 470000 | Penn Entertainment, Inc. | 4.13%<sup>(a)</sup> | 07/01/2029 | 440875 |
| 690000 | PennyMac Financial Services, Inc. | 4.25%<sup>(a)</sup> | 02/15/2029 | 668379 |
| 775000 | PennyMac Financial Services, Inc. | 7.88%<sup>(a)</sup> | 12/15/2029 | 823044 |
| 420000 | PennyMac Financial Services, Inc. | 6.88%<sup>(a)</sup> | 05/15/2032 | 435532 |
| 4895000 | Penske Truck Leasing Co. Lp / PTL Finance Corp. | 5.25%<sup>(a)</sup> | 02/01/2030 | 5051269 |
| 3041000 | Permian Resources Operating LLC | 6.25%<sup>(a)</sup> | 02/01/2033 | 3099904 |
| 560000 | PetSmart LLC / PetSmart Finance Corp. | 7.50%<sup>(a)</sup> | 09/15/2032 | 562232 |
| 595000 | PetSmart LLC / PetSmart Finance Corp. | 10.00%<sup>(a)</sup> | 09/15/2033 | 601937 |
| 4643000 | Philip Morris International, Inc. | 5.38% | 02/15/2033 | 4850216 |
| 4295000 | Philip Morris International, Inc. | 5.25% | 02/13/2034 | 4436695 |
| 3694000 | Phillips Edison Grocery Center Operating Partnership I LP | 5.75% | 07/15/2034 | 3846307 |
| 655000 | Pike Corp. | 8.63%<sup>(a)</sup> | 01/31/2031 | 703468 |
| 1631000 | PNC Financial Services Group, Inc. (SOFR + 1.42%) | 5.37% | 07/21/2036 | 1679048 |
| 980000 | Post Holdings, Inc. | 6.38%<sup>(a)</sup> | 03/01/2033 | 991573 |
| 375000 | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | 5.63%<sup>(a)</sup> | 09/01/2029 | 202969 |
| 545000 | Prime Security Services Borrower LLC / Prime Finance, Inc. | 6.25%<sup>(a)</sup> | 01/15/2028 | 545305 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 785000 | Primo Water Holdings, Inc. / Triton Water Holdings, Inc. | 6.25%<sup>(a)</sup> | 04/01/2029 | 785494 |
| 3094000 | Prudential Financial, Inc. | 5.20% | 03/14/2035 | 3182648 |
| 1626000 | PSEG Power LLC | 5.20%<sup>(a)</sup> | 05/15/2030 | 1669081 |
| 455000 | Qnity Electronics, Inc. | 6.25%<sup>(a)</sup> | 08/15/2033 | 465208 |
| 2839000 | Qorvo, Inc. | 3.38%<sup>(a)</sup> | 04/01/2031 | 2610950 |
| 4145000 | Quanta Services, Inc. | 5.25% | 08/09/2034 | 4252435 |
| 4771000 | Quest Diagnostics, Inc. | 5.00% | 12/15/2034 | 4831224 |
| 1115000 | Quikrete Holdings, Inc. | 6.75%<sup>(a)</sup> | 03/01/2033 | 1160100 |
| 425000 | QXO Building Products, Inc. | 6.75%<sup>(a)</sup> | 04/30/2032 | 441106 |
| 210000 | Radiate Holdco LLC / Radiate Finance, Inc. | 4.50%<sup>(a)</sup> | 09/15/2026 | 191625 |
| 362936 | Radiology Partners, Inc. (9.78% Cash or 9.78% PIK) | 9.78%<sup>(a)</sup> | 02/15/2030 | 355382 |
| 1065000 | Radiology Partners, Inc. | 8.50%<sup>(a)</sup> | 07/15/2032 | 1103432 |
| 1911000 | Regal Rexnord Corp. | 6.05% | 02/15/2026 | 1920508 |
| 2803000 | Regal Rexnord Corp. | 6.05% | 04/15/2028 | 2900589 |
| 4734000 | Rentokil Terminix Funding LLC | 5.00%<sup>(a)</sup> | 04/28/2030 | 4825665 |
| 4715000 | Republic Services, Inc. | 5.15% | 03/15/2035 | 4871224 |
| 960000 | RHP Hotel Properties LP / RHP Finance Corp. | 6.50%<sup>(a)</sup> | 06/15/2033 | 989342 |
| 1930000 | Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp. | 6.63%<sup>(a)</sup> | 02/01/2033 | 1957076 |
| 615000 | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp. | 6.25%<sup>(a)</sup> | 10/15/2030 | 620868 |
| 575000 | Rocket Cos., Inc. | 6.13%<sup>(a)</sup> | 08/01/2030 | 590557 |
| 575000 | Rocket Cos., Inc. | 6.38%<sup>(a)</sup> | 08/01/2033 | 594184 |
| 2075000 | Rollins, Inc. | 5.25% | 02/24/2035 | 2113004 |
| 1474000 | Roper Technologies, Inc. | 4.25% | 09/15/2028 | 1481257 |
| 4618000 | Royal Caribbean Cruises Ltd. | 5.38%<sup>(a)</sup> | 07/15/2027 | 4659450 |
| 2120000 | Royal Caribbean Cruises Ltd. | 5.38% | 01/15/2036 | 2133183 |
| 3008000 | Royalty Pharma PLC | 5.95% | 09/25/2055 | 3022975 |
| 2366000 | Sabra Health Care LP | 3.20% | 12/01/2031 | 2149859 |
| 156000 | Sabre GLBL, Inc. | 8.63%<sup>(a)</sup> | 06/01/2027 | 158335 |
| 520000 | Sabre GLBL, Inc. | 10.75%<sup>(a)</sup> | 11/15/2029 | 504477 |
| 3149000 | Santander Holdings USA, Inc. (SOFR + 1.61%) | 5.47% | 03/20/2029 | 3210366 |
| 1270000 | Sealed Air Corp./Sealed Air Corp. US | 7.25%<sup>(a)</sup> | 02/15/2031 | 1334221 |
| 965000 | Select Medical Corp. | 6.25%<sup>(a)</sup> | 12/01/2032 | 966302 |
| 780000 | Service Properties Trust | 0.00%<sup>(a)</sup> | 09/30/2027 | 688568 |
| 260000 | Service Properties Trust | 5.50% | 12/15/2027 | 255428 |
| 550000 | Service Properties Trust | 8.88% | 06/15/2032 | 553572 |
| 1100000 | Sirius XM Radio LLC | 5.50%<sup>(a)</sup> | 07/01/2029 | 1101133 |
| 585000 | Six Flags Entertainment Corp. | 7.25%<sup>(a)</sup> | 05/15/2031 | 585615 |
| 720000 | SM Energy Co. | 7.00%<sup>(a)</sup> | 08/01/2032 | 721081 |
| 1170000 | Solstice Advanced Materials, Inc. | 5.63%<sup>(a)</sup> | 09/30/2033 | 1174597 |
| 2512000 | Sonoco Products Co. | 4.60% | 09/01/2029 | 2528141 |
| 3330000 | Southern Co. (5 yr. CMT Rate + 2.07%) | 6.38% | 03/15/2055 | 3550869 |
| 1261000 | Southern Natural Gas Co. LLC | 5.45%<sup>(a)</sup> | 08/01/2035 | 1287136 |
| 2764000 | Southern Power Co. | 4.90% | 10/01/2035 | 2727414 |
| 625000 | Standard Building Solutions, Inc. | 6.50%<sup>(a)</sup> | 08/15/2032 | 641904 |
| 795000 | Staples, Inc. | 10.75%<sup>(a)</sup> | 09/01/2029 | 790047 |
| 360000 | Star Leasing Co. LLC | 7.63%<sup>(a)</sup> | 02/15/2030 | 350173 |
| 1015000 | Starwood Property Trust, Inc. | 5.25%<sup>(a)</sup> | 10/15/2028 | 1015928 |
| 850000 | Starwood Property Trust, Inc. | 7.25%<sup>(a)</sup> | 04/01/2029 | 893601 |
| 405000 | Starwood Property Trust, Inc. | 6.00%<sup>(a)</sup> | 04/15/2030 | 411484 |
| 170000 | Starz Capital Holdings LLC | 5.50%<sup>(a)</sup> | 04/15/2029 | 139555 |
| 625000 | Station Casinos LLC | 6.63%<sup>(a)</sup> | 03/15/2032 | 642474 |
| 685000 | Suburban Propane Partners LP/Suburban Energy Finance Corp. | 5.00%<sup>(a)</sup> | 06/01/2031 | 652213 |
| 5701000 | Sun Communities Operating LP | 2.70% | 07/15/2031 | 5160837 |
| 1130000 | SunCoke Energy, Inc. | 4.88%<sup>(a)</sup> | 06/30/2029 | 1057195 |
| 635000 | Sunoco LP / Sunoco Finance Corp. | 6.00% | 04/15/2027 | 635209 |

---

---

| | | |
|:---|:---|:---|
| **60**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 210000 | SWF Holdings I Corp. | 6.50%<sup>(a)</sup> | 10/01/2029 | 81900 |
| 4890000 | Takeda US Financing, Inc. | 5.90% | 07/07/2055 | 5041534 |
| 1205000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 7.38%<sup>(a)</sup> | 02/15/2029 | 1241859 |
| 340000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 6.75%<sup>(a)</sup> | 03/15/2034 | 336800 |
| 1074000 | Targa Resources Corp. | 5.50% | 02/15/2035 | 1093523 |
| 950000 | Tenet Healthcare Corp. | 6.25% | 02/01/2027 | 950484 |
| 1320000 | Tenet Healthcare Corp. | 6.13% | 06/15/2030 | 1338489 |
| 5405000 | T-Mobile USA, Inc. | 3.40% | 10/15/2052 | 3706344 |
| 3112000 | T-Mobile USA, Inc. | 5.25% | 06/15/2055 | 2899343 |
| 3003000 | T-Mobile USA, Inc. | 5.88% | 11/15/2055 | 3069623 |
| 9216000 | Trans-Allegheny Interstate Line Co. | 5.00%<sup>(a)</sup> | 01/15/2031 | 9458391 |
| 1245000 | TransDigm, Inc. | 6.88%<sup>(a)</sup> | 12/15/2030 | 1291102 |
| 1140000 | TransDigm, Inc. | 6.38%<sup>(a)</sup> | 05/31/2033 | 1155667 |
| 85000 | TransDigm, Inc. | 6.25%<sup>(a)</sup> | 01/31/2034 | 87479 |
| 120000 | TransDigm, Inc. | 6.75%<sup>(a)</sup> | 01/31/2034 | 124161 |
| 351000 | Transocean International Ltd. | 8.00%<sup>(a)</sup> | 02/01/2027 | 350780 |
| 445500 | Transocean Poseidon Ltd. | 6.88%<sup>(a)</sup> | 02/01/2027 | 446395 |
| 1987000 | Travelers Cos., Inc. | 5.70% | 07/24/2055 | 2059919 |
| 655000 | Trident TPI Holdings, Inc. | 12.75%<sup>(a)</sup> | 12/31/2028 | 699212 |
| 90000 | Tronox, Inc. | 9.13%<sup>(a)</sup> | 09/30/2030 | 88231 |
| 2075000 | Truist Financial Corp. (SOFR + 2.45%) | 7.16% | 10/30/2029 | 2247958 |
| 4700000 | Truist Financial Corp. (SOFR + 1.57%) | 5.15% | 08/05/2032 | 4838339 |
| 5415000 | Uber Technologies, Inc. | 4.50%<sup>(a)</sup> | 08/15/2029 | 5409792 |
| 4859000 | Uber Technologies, Inc. | 4.80% | 09/15/2034 | 4871473 |
| 655000 | UKG, Inc. | 6.88%<sup>(a)</sup> | 02/01/2031 | 676346 |
| 1255000 | United Airlines, Inc. | 4.63%<sup>(a)</sup> | 04/15/2029 | 1236732 |
| 2060000 | United Natural Foods, Inc. | 6.75%<sup>(a)</sup> | 10/15/2028 | 2066223 |
| 491000 | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC | 10.50%<sup>(a)</sup> | 02/15/2028 | 517428 |
| 480000 | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC | 8.63%<sup>(a)</sup> | 06/15/2032 | 458869 |
| 1160000 | Univision Communications, Inc. | 8.50%<sup>(a)</sup> | 07/31/2031 | 1198828 |
| 445000 | Upbound Group, Inc. | 6.38%<sup>(a)</sup> | 02/15/2029 | 439800 |
| 1725000 | US Foods, Inc. | 5.75%<sup>(a)</sup> | 04/15/2033 | 1738346 |
| 500000 | Vail Resorts, Inc. | 6.50%<sup>(a)</sup> | 05/15/2032 | 517323 |
| 940000 | Venture Global LNG, Inc. | 8.13%<sup>(a)</sup> | 06/01/2028 | 973624 |
| 720000 | Venture Global LNG, Inc. | 8.38%<sup>(a)</sup> | 06/01/2031 | 756486 |
| 330000 | Venture Global LNG, Inc. | 9.88%<sup>(a)</sup> | 02/01/2032 | 359485 |
| 215000 | Venture Global Plaquemines LNG LLC | 7.50%<sup>(a)</sup> | 05/01/2033 | 237711 |
| 670000 | Venture Global Plaquemines LNG LLC | 6.50%<sup>(a)</sup> | 01/15/2034 | 705699 |
| 1682000 | Veralto Corp. | 5.35% | 09/18/2028 | 1736600 |
| 2424000 | Veralto Corp. | 5.45% | 09/18/2033 | 2536415 |
| 6078000 | VeriSign, Inc. | 5.25% | 06/01/2032 | 6246412 |
| 4710000 | Verisk Analytics, Inc. | 5.25% | 06/05/2034 | 4859148 |
| 2480000 | Vertiv Group Corp. | 4.13%<sup>(a)</sup> | 11/15/2028 | 2424707 |
| 4976000 | VICI Properties LP / VICI Note Co., Inc. | 4.63%<sup>(a)</sup> | 12/01/2029 | 4928854 |
| 1630000 | Victra Holdings LLC / Victra Finance Corp. | 8.75%<sup>(a)</sup> | 09/15/2029 | 1711301 |
| 1415000 | Viking Cruises Ltd. | 5.88%<sup>(a)</sup> | 09/15/2027 | 1416477 |
| 2265000 | Viking Cruises Ltd. | 5.88%<sup>(a)</sup> | 10/15/2033 | 2269421 |
| 1739000 | Viper Energy Partners LLC | 4.90% | 08/01/2030 | 1753341 |
| 1729000 | Virginia Electric and Power Co. | 5.55% | 08/15/2054 | 1718625 |
| 530000 | Vital Energy, Inc. | 7.88%<sup>(a)</sup> | 04/15/2032 | 514854 |
| 27360 | Vortex Opco LLC (3 mo. Term SOFR + 6.25%, 0.50% Floor) | 10.23%<sup>(a)</sup> | 04/30/2030 | 26266 |
| 590000 | Voyager Parent LLC | 9.25%<sup>(a)</sup> | 07/01/2032 | 624314 |
| 485000 | VT Topco, Inc. | 8.50%<sup>(a)</sup> | 08/15/2030 | 493786 |
| 760000 | Walker & Dunlop, Inc. | 6.63%<sup>(a)</sup> | 04/01/2033 | 777842 |
| 790000 | Wand NewCo 3, Inc. | 7.63%<sup>(a)</sup> | 01/30/2032 | 832976 |
| 980000 | Warnermedia Holdings, Inc. | 4.05% | 03/15/2029 | 946518 |
| 415000 | Warnermedia Holdings, Inc. | 4.28% | 03/15/2032 | 380762 |
| 715000 | Warnermedia Holdings, Inc. | 5.05% | 03/15/2042 | 571246 |
| 3959000 | Waste Connections, Inc. | 5.25% | 09/01/2035 | 4081169 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1255000 | Watco Cos. LLC / Watco Finance Corp. | 7.13%<sup>(a)</sup> | 08/01/2032 | 1300073 |
| 615000 | Wayfair LLC | 7.25%<sup>(a)</sup> | 10/31/2029 | 635627 |
| 990000 | WBI Operating LLC | 6.50%<sup>(a)</sup> | 10/15/2033 | 988762 |
| 335000 | Weatherford International Ltd. | 8.63%<sup>(a)</sup> | 04/30/2030 | 342690 |
| 1190000 | Weatherford International Ltd. | 6.75%<sup>(a)</sup> | 10/15/2033 | 1191571 |
| 9693000 | Wells Fargo & Co. (SOFR + 1.50%) | 5.15% | 04/23/2031 | 9999189 |
| 7049000 | Wells Fargo & Co. (SOFR + 2.06%) | 6.49% | 10/23/2034 | 7834579 |
| 2097000 | Wells Fargo & Co. (SOFR + 1.34%) | 4.89% | 09/15/2036 | 2093626 |
| 440000 | WESCO Distribution, Inc. | 6.38%<sup>(a)</sup> | 03/15/2033 | 456429 |
| 4684000 | Westinghouse Air Brake Technologies Corp. | 4.90% | 05/29/2030 | 4789870 |
| 580000 | Whirlpool Corp. | 6.50% | 06/15/2033 | 579342 |
| 535000 | Windstream Services LLC | 7.50%<sup>(a)</sup> | 10/15/2033 | 535190 |
| 790000 | Windstream Services LLC / Windstream Escrow Finance Corp. | 8.25%<sup>(a)</sup> | 10/01/2031 | 818955 |
| 4550000 | Workday, Inc. | 3.70% | 04/01/2029 | 4483434 |
| 2639000 | Workday, Inc. | 3.80% | 04/01/2032 | 2521040 |
| 625000 | WR Grace Holdings LLC | 5.63%<sup>(a)</sup> | 08/15/2029 | 581430 |
| 1215000 | Wyndham Hotels & Resorts, Inc. | 4.38%<sup>(a)</sup> | 08/15/2028 | 1186930 |
| 3250000 | XHR LP | 6.63%<sup>(a)</sup> | 05/15/2030 | 3343350 |
| 1510000 | XPO, Inc. | 7.13%<sup>(a)</sup> | 06/01/2031 | 1581690 |
| 4741000 | Zimmer Biomet Holdings, Inc. | 5.20% | 09/15/2034 | 4856188 |
| 4863000 | Zoetis, Inc. | 4.15% | 08/17/2028 | 4880473 |
| 1965000 | Zoetis, Inc. | 4.70% | 02/01/2043 | 1818974 |
|  | **Total US Corporate Bonds** <br>**(Cost $1,012,951,610)** | **Total US Corporate Bonds** <br>**(Cost $1,012,951,610)** |  | **1023051663** |
|  **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 22.3%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 22.3%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 22.3%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 22.3%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 22.3%** |
|  | **Fannie Mae Whole Loan** | **Fannie Mae Whole Loan** | **Fannie Mae Whole Loan** | **Fannie Mae Whole Loan** |
| 100960 | Series 2003-W17-1A7 | 5.75% | 08/25/2033 | 102466 |
|  | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** |
| 172830 | Pool G01840 | 5.00% | 07/01/2035 | 177070 |
| 104161 | Pool G04817 | 5.00% | 09/01/2038 | 106981 |
| 4384215 | Pool G08537 | 3.00% | 07/01/2043 | 4036773 |
| 2437774 | Pool G08622 | 3.00% | 01/01/2045 | 2221986 |
| 2327829 | Pool G08686 | 3.00% | 01/01/2046 | 2112538 |
| 8666528 | Pool G08701 | 3.00% | 04/01/2046 | 7855992 |
| 576027 | Pool G08737 | 3.00% | 12/01/2046 | 521554 |
| 5051295 | Pool G61645 | 4.00% | 10/01/2048 | 4858791 |
| 694751 | Pool N70081 | 5.50% | 07/01/2038 | 708534 |
| 4199260 | Pool Q33789 | 3.50% | 06/01/2045 | 3962766 |
| 8156515 | Pool QX1615 | 5.50% | 12/01/2054 | 8346539 |
| 7104078 | Pool RA3722 | 2.50% | 10/01/2050 | 6098827 |
| 35261357 | Pool RA9843 | 5.50% | 09/01/2053 | 35908736 |
| 25724850 | Pool RJ4841 | 5.50% | 09/01/2055 | 26324190 |
| 6612372 | Pool SD0699 | 2.00% | 11/01/2050 | 5480119 |
| 10968996 | Pool SD2759 | 5.50% | 05/01/2053 | 11193913 |
| 21822659 | Pool SD2912 | 5.00% | 05/01/2053 | 21862104 |
| 36737991 | Pool SD2969 | 2.50% | 05/01/2052 | 31586405 |
| 25522159 | Pool SD3721 | 5.00% | 07/01/2053 | 25564980 |
| 17462138 | Pool SD3892 | 5.50% | 09/01/2053 | 17771702 |
| 22278620 | Pool SD4301 | 6.00% | 11/01/2053 | 23288450 |
| 9427400 | Pool SD4400 | 2.00% | 02/01/2051 | 7722980 |
| 4989096 | Pool SD4658 | 5.00% | 06/01/2053 | 5026973 |
| 13975994 | Pool SD4882 | 6.00% | 02/01/2054 | 14608601 |
| 17916806 | Pool SD4888 | 6.00% | 02/01/2054 | 18541251 |
| 13567867 | Pool SD5598 | 5.50% | 05/01/2054 | 13855667 |
| 28747724 | Pool SD5726 | 3.00% | 07/01/2052 | 25557485 |
| 6204519 | Pool SD5964 | 5.50% | 11/01/2053 | 6343593 |
| 50912126 | Pool SD7538 | 2.00% | 04/01/2051 | 42187736 |
| 46645637 | Pool SD7553 | 3.00% | 03/01/2052 | 41725198 |
| 16460912 | Pool SD7562 | 5.50% | 04/01/2053 | 16871355 |
| 21838759 | Pool SD7564 | 5.00% | 06/01/2053 | 21990488 |
| 17088236 | Pool SD7565 | 5.50% | 09/01/2053 | 17508271 |
| 8190943 | Pool SD7567 | 5.50% | 02/01/2054 | 8385190 |
| 12836973 | Pool SD7568 | 5.50% | 02/01/2054 | 13142159 |
| 15223160 | Pool SD8276 | 5.00% | 12/01/2052 | 15178363 |
| 13492817 | Pool SD8299 | 5.00% | 02/01/2053 | 13451721 |
| 34721152 | Pool SL0312 | 6.00% | 01/01/2055 | 36289295 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **61**<br>|

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------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Core Fixed Income Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 15622745 | Pool SL1712 | 6.00% | 12/01/2054 | 16037253 |
| 681942 | Pool T60854 | 3.50% | 09/01/2042 | 635190 |
| 128375 | Pool U60299 | 4.00% | 11/01/2040 | 124929 |
| 26369467 | Pool WS4034 | 3.75% | 01/01/2034 | 25044488 |
| 9345669 | Pool ZT1827 | 3.00% | 07/01/2047 | 8451930 |
| 22216 | Series 2692-SC (-2 x 30 day avg SOFR US + 13.06%, 0.00% Floor, 13.29% Cap) | 4.31%<sup>(j)</sup> | 07/15/2033 | 23671 |
| 497599 | Series 2722-PS (-1 x 30 day avg SOFR US + 9.76%, 0.00% Floor, 9.89% Cap) | 4.90%<sup>(j)</sup> | 12/15/2033 | 522963 |
| 20018 | Series 2750-ZT | 5.00% | 02/15/2034 | 20378 |
| 51389 | Series 3002-SN (-1 x 30 day avg SOFR US + 6.39%, 0.00% Floor, 6.50% Cap) | 2.01%<sup>(h)(j)</sup> | 07/15/2035 | 4124 |
| 25043 | Series 3045-DI (-1 x 30 day avg SOFR US + 6.62%, 0.00% Floor, 6.73% Cap) | 2.24%<sup>(h)(j)</sup> | 10/15/2035 | 2307 |
| 89317 | Series 3116-Z | 5.50% | 02/15/2036 | 92255 |
| 6134 | Series 3117-ZN | 4.50% | 02/15/2036 | 6142 |
| 24783 | Series 3275-SC (-1 x 30 day avg SOFR US + 5.97%, 0.00% Floor, 6.08% Cap) | 1.59%<sup>(h)(j)</sup> | 02/15/2037 | 2133 |
| 75770 | Series 3382-SB (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.51%<sup>(h)(j)</sup> | 11/15/2037 | 5459 |
| 76732 | Series 3384-S (-1 x 30 day avg SOFR US + 6.28%, 0.00% Floor, 6.39% Cap) | 1.90%<sup>(h)(j)</sup> | 11/15/2037 | 6153 |
| 28438 | Series 3417-SX (-1 x 30 day avg SOFR US + 6.07%, 0.00% Floor, 6.18% Cap) | 1.69%<sup>(h)(j)</sup> | 02/15/2038 | 2262 |
| 9834 | Series 3423-GS (-1 x 30 day avg SOFR US + 5.54%, 0.00% Floor, 5.65% Cap) | 1.16%<sup>(h)(j)</sup> | 03/15/2038 | 720 |
| 9834 | Series 3423-SG (-1 x 30 day avg SOFR US + 5.54%, 0.00% Floor, 5.65% Cap) | 1.16%<sup>(h)(j)</sup> | 03/15/2038 | 707 |
| 42032 | Series 3524-LB | 3.31%<sup>(c)</sup> | 06/15/2038 | 40614 |
| 27452 | Series 3562-WS (-1 x 30 day avg SOFR US + 4.84%, 0.00% Floor, 4.95% Cap) | 0.46%<sup>(h)(j)</sup> | 08/15/2039 | 1547 |
| 81997 | Series 3582-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.51%<sup>(h)(j)</sup> | 10/15/2049 | 6870 |
| 46121 | Series 3616-SG (-1 x 30 day avg SOFR US + 6.24%, 0.00% Floor, 6.35% Cap) | 1.86%<sup>(h)(j)</sup> | 03/15/2032 | 1905 |
| 309581 | Series 3626-AZ | 5.50% | 08/15/2036 | 320937 |
| 139676 | Series 3666-SC (-1 x 30 day avg SOFR US + 5.66%, 0.00% Floor, 5.77% Cap) | 1.28%<sup>(h)(j)</sup> | 05/15/2040 | 10671 |
| 284935 | Series 3779-YA | 3.50% | 12/15/2030 | 281483 |
| 162797 | Series 3786-SG (-2 x 30 day avg SOFR US + 9.27%, 0.00% Floor, 9.50% Cap) | 0.53%<sup>(j)</sup> | 01/15/2041 | 129123 |
| 101340 | Series 3792-SE (-2 x 30 day avg SOFR US + 9.63%, 0.00% Floor, 9.86% Cap) | 0.89%<sup>(j)</sup> | 01/15/2041 | 67409 |
| 272128 | Series 3806-CZ | 5.50% | 07/15/2034 | 280858 |
| 439594 | Series 3818-CZ | 4.50% | 03/15/2041 | 435926 |
| 251282 | Series 3828-SW (-3 x 30 day avg SOFR US + 12.86%, 0.00% Floor, 13.20% Cap) | 0.00%<sup>(j)</sup> | 02/15/2041 | 212748 |
| 1699379 | Series 3889-VZ | 4.00% | 07/15/2041 | 1647894 |
| 667617 | Series 3972-AZ | 3.50% | 12/15/2041 | 629618 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1878878 | Series 4291-MS (-1 x 30 day avg SOFR US + 5.79%, 0.00% Floor, 5.90% Cap) | 1.41%<sup>(h)(j)</sup> | 01/15/2054 | 197365 |
| 586514 | Series 4471-BA | 3.00% | 12/15/2041 | 582362 |
| 11925884 | Series 5470-FH (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 11/25/2054 | 11955071 |
| 10789174 | Series 5478-FB (30 day avg SOFR US + 1.35%, 1.35% Floor, 6.50% Cap) | 5.71% | 02/25/2054 | 10856960 |
| 17803130 | Series 5524-AF (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 04/25/2055 | 17728578 |
| 30113371 | Series 5524-FB (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 04/25/2055 | 30080831 |
| 13718089 | Series 5527-FD (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 09/25/2054 | 13746894 |
| 7278521 | Series 5570-FA (30 day avg SOFR US + 1.40%, 1.40% Floor, 6.50% Cap) | 5.76% | 05/25/2055 | 7337796 |
|  | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** |
| 31669 | Pool 555743 | 5.00% | 09/01/2033 | 32085 |
| 27850 | Pool 735382 | 5.00% | 04/01/2035 | 28500 |
| 237622 | Pool 735383 | 5.00% | 04/01/2035 | 243165 |
| 117885 | Pool 735402 | 5.00% | 04/01/2035 | 120636 |
| 160059 | Pool 735484 | 5.00% | 05/01/2035 | 163793 |
| 41294 | Pool 931104 | 5.00% | 05/01/2039 | 42050 |
| 193741 | Pool 995203 | 5.00% | 07/01/2035 | 196599 |
| 146105 | Pool AB2123 | 4.00% | 01/01/2031 | 145545 |
| 2003 | Pool AD2177 | 4.50% | 06/01/2030 | 2006 |
| 211344 | Pool AH7309 | 4.00% | 02/01/2031 | 210227 |
| 3347995 | Pool AL9238 | 3.00% | 10/01/2041 | 3095719 |
| 564308 | Pool AL9445 | 3.00% | 07/01/2031 | 552794 |
| 6349351 | Pool AS7661 | 3.00% | 08/01/2046 | 5612329 |
| 3122252 | Pool AS7724 | 2.50% | 08/01/2046 | 2712126 |
| 6464084 | Pool BD8013 | 2.50% | 09/01/2046 | 5615027 |
| 17450500 | Pool BL2643 | 3.39% | 07/01/2034 | 16142118 |
| 4659761 | Pool BL9284 | 2.23% | 12/01/2050 | 3354562 |
| 1598952 | Pool BM4094 | 3.00% | 03/01/2043 | 1473546 |
| 39953052 | Pool BR2217 | 2.50% | 08/01/2051 | 34329606 |
| 36599790 | Pool BS4941 | 2.46% | 04/01/2032 | 32873866 |
| 7045000 | Pool BZ3117 | 5.06% | 03/01/2035 | 7293269 |
| 17105000 | Pool BZ3231 | 5.02% | 03/01/2035 | 17657135 |
| 20425593 | Pool BZ4011 | 4.48% | 06/01/2030 | 20570006 |
| 5208970 | Pool BZ4013 | 4.48% | 06/01/2030 | 5245799 |
| 32997593 | Pool CB7272 | 6.00% | 10/01/2053 | 34117310 |
| 13564026 | Pool CB7335 | 5.50% | 10/01/2053 | 13857676 |
| 8221402 | Pool CB8122 | 5.00% | 03/01/2054 | 8289522 |
| 20923921 | Pool CB8138 | 5.50% | 03/01/2054 | 21355342 |
| 25316257 | Pool CB8692 | 5.50% | 06/01/2054 | 25911943 |
| 9533887 | Pool FA0517 | 5.50% | 02/01/2055 | 9671313 |
| 20465816 | Pool FA1144 | 6.00% | 06/01/2054 | 21120751 |
| 8389234 | Pool FA1622 | 2.50% | 06/01/2052 | 7124187 |
| 8926652 | Pool FM1000 | 3.00% | 04/01/2047 | 8072989 |
| 14488512 | Pool FM4575 | 2.50% | 10/01/2050 | 12482971 |
| 9076016 | Pool FM6061 | 2.00% | 02/01/2051 | 7451519 |
| 5931650 | Pool FM8664 | 3.00% | 10/01/2046 | 5366291 |
| 33160255 | Pool FS1472 | 3.50% | 11/01/2050 | 30641298 |
| 8787963 | Pool FS3708 | 5.00% | 01/01/2053 | 8777503 |
| 26918094 | Pool FS5417 | 2.50% | 04/01/2052 | 23004927 |
| 27630789 | Pool FS5875 | 2.50% | 04/01/2052 | 23604008 |
| 7916178 | Pool FS6084 | 6.00% | 10/01/2053 | 8177371 |
| 2047064 | Pool FS6309 | 6.00% | 12/01/2053 | 2139817 |
| 5888793 | Pool FS6476 | 2.50% | 11/01/2051 | 5051428 |
| 3621145 | Pool FS7708 | 3.50% | 04/01/2052 | 3340113 |
| 4087252 | Pool FS8999 | 6.00% | 08/01/2054 | 4244117 |
| 6252746 | Pool FS9728 | 3.00% | 03/01/2052 | 5594566 |
| 87005 | Pool MA0264 | 4.50% | 12/01/2029 | 87533 |
| 59465 | Pool MA0353 | 4.50% | 03/01/2030 | 59837 |
| 4100 | Pool MA0468 | 5.00% | 07/01/2040 | 4052 |
| 1742448 | Pool MA2151 | 3.50% | 01/01/2045 | 1616565 |
| 896496 | Pool MA2248 | 3.00% | 04/01/2045 | 797989 |

---

---

| | | |
|:---|:---|:---|
| **62**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1459465 | Pool MA2621 | 3.50% | 05/01/2046 | 1348703 |
| 3279699 | Pool MA2649 | 3.00% | 06/01/2046 | 2898988 |
| 1333502 | Pool MA2711 | 3.00% | 08/01/2046 | 1178713 |
| 8558676 | Pool MA2806 | 3.00% | 11/01/2046 | 7739891 |
| 8005258 | Pool MA4399 | 2.50% | 08/01/2051 | 6795263 |
| 11302522 | Pool MA4709 | 5.00% | 07/01/2052 | 11271010 |
| 13308024 | Pool MA5086 | 5.00% | 07/01/2043 | 13518293 |
| 569855 | Series 2005-20-QH | 5.00% | 03/25/2035 | 583337 |
| 103325 | Series 2006-101-SA (-1 x 30 day avg SOFR US + 6.47%, 0.00% Floor, 6.58% Cap) | 2.11%<sup>(h)(j)</sup> | 10/25/2036 | 13034 |
| 39682 | Series 2006-56-SM (-1 x 30 day avg SOFR US + 6.64%, 0.00% Floor, 6.75% Cap) | 2.28%<sup>(h)(j)</sup> | 07/25/2036 | 3606 |
| 35751 | Series 2007-116-BI (-1 x 30 day avg SOFR US + 6.14%, 0.00% Floor, 6.25% Cap) | 1.78%<sup>(h)(j)</sup> | 05/25/2037 | 2997 |
| 449827 | Series 2007-30-FS (-5 x 30 day avg SOFR US + 29.30%, 0.00% Floor, 29.83% Cap) | 9.12%<sup>(j)</sup> | 04/25/2037 | 540267 |
| 174908 | Series 2007-30-OI (-1 x 30 day avg SOFR US + 6.33%, 0.00% Floor, 6.44% Cap) | 1.97%<sup>(h)(j)</sup> | 04/25/2037 | 21268 |
| 25891 | Series 2008-29-ZA | 4.50% | 04/25/2038 | 25888 |
| 11813 | Series 2008-62-SC (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.53%<sup>(h)(j)</sup> | 07/25/2038 | 768 |
| 120606 | Series 2009-111-EZ | 5.00% | 01/25/2040 | 123153 |
| 3676 | Series 2009-111-SE (-1 x 30 day avg SOFR US + 6.14%, 0.00% Floor, 6.25% Cap) | 1.78%<sup>(h)(j)</sup> | 01/25/2040 | 405 |
| 9672 | Series 2009-16-MZ | 5.00% | 03/25/2029 | 9655 |
| 17931 | Series 2009-48-WS (-1 x 30 day avg SOFR US + 5.84%, 0.00% Floor, 5.95% Cap) | 1.48%<sup>(h)(j)</sup> | 07/25/2039 | 1627 |
| 34526 | Series 2009-62-PS (-1 x 30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap) | 1.63%<sup>(h)(j)</sup> | 08/25/2039 | 1016 |
| 307304 | Series 2009-77-ZA | 4.50% | 10/25/2039 | 307321 |
| 88435 | Series 2009-83-Z | 4.50% | 10/25/2039 | 88195 |
| 51001 | Series 2010-121-SD (-1 x 30 day avg SOFR US + 4.39%, 0.00% Floor, 4.50% Cap) | 0.03%<sup>(h)(j)</sup> | 10/25/2040 | 1997 |
| 25383 | Series 2010-137-VS (-3 x 30 day avg SOFR US + 14.66%, 0.00% Floor, 15.00% Cap) | 1.59%<sup>(j)</sup> | 12/25/2040 | 25678 |
| 13955 | Series 2010-31-SA (-1 x 30 day avg SOFR US + 4.89%, 0.00% Floor, 5.00% Cap) | 0.53%<sup>(h)(j)</sup> | 04/25/2040 | 788 |
| 10205 | Series 2010-34-PS (-1 x 30 day avg SOFR US + 4.82%, 0.00% Floor, 4.93% Cap) | 0.46%<sup>(h)(j)</sup> | 04/25/2040 | 516 |
| 57960 | Series 2010-35-SP (-1 x 30 day avg SOFR US + 6.24%, 0.00% Floor, 6.35% Cap) | 1.88%<sup>(h)(j)</sup> | 04/25/2050 | 7359 |
| 2848 | Series 2010-35-SV (-1 x 30 day avg SOFR US + 6.34%, 0.00% Floor, 6.45% Cap) | 1.98%<sup>(h)(j)</sup> | 04/25/2040 | 51 |
| 402852 | Series 2010-37-MY | 4.50% | 04/25/2040 | 401228 |
| 70661 | Series 2010-59-SC (-1 x 30 day avg SOFR US + 4.89%, 0.00% Floor, 5.00% Cap) | 0.53%<sup>(h)(j)</sup> | 01/25/2040 | 3485 |
| 119682 | Series 2010-60-VZ | 5.00% | 10/25/2039 | 122205 |
| 55852 | Series 2010-64-EZ | 5.00% | 06/25/2040 | 56932 |
| 108613 | Series 2010-7-PE | 5.00% | 02/25/2040 | 111389 |
| 27435 | Series 2010-90-GS (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.53%<sup>(h)(j)</sup> | 08/25/2040 | 2257 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 17704 | Series 2010-99-SG (-5 x 30 day avg SOFR US + 24.43%, 0.00% Floor, 25.00% Cap) | 2.65%<sup>(j)</sup> | 09/25/2040 | 20191 |
| 948319 | Series 2011-141-PZ | 4.00% | 01/25/2042 | 918372 |
| 12892 | Series 2011-25-KY | 3.00% | 04/25/2026 | 12831 |
| 359454 | Series 2011-59-MA | 4.50% | 07/25/2041 | 360594 |
| 548064 | Series 2017-86-MA | 3.00% | 04/25/2046 | 530874 |
| 8196066 | Series 2018-21-IO | 3.00%<sup>(h)</sup> | 04/25/2048 | 1408627 |
| 12895137 | Series 2018-21-PO | 0.00%<sup>(k)</sup> | 04/25/2048 | 9839130 |
| 6987972 | Series 2018-35-IO | 3.00%<sup>(h)</sup> | 05/25/2048 | 1191301 |
| 26807646 | Series 2018-35-PO | 0.00%<sup>(k)</sup> | 05/25/2048 | 19630046 |
| 16327962 | Series 2021-48-NS (-1 x 30 day avg SOFR US + 3.65%, 0.00% Floor, 3.65% Cap) | 0.00%<sup>(h)(j)</sup> | 08/25/2051 | 350592 |
| 13270000 | Series 2022-M2-A2 | 2.40% | 11/25/2031 | 12015746 |
| 13139109 | Series 2024-100-FD (30 day avg SOFR US + 1.45%, 1.45% Floor, 6.50% Cap) | 5.81% | 06/25/2054 | 13203097 |
| 13517295 | Series 2024-96-FC (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 12/25/2054 | 13521284 |
| 21593915 | Series 2025-28-FM (30 day avg SOFR US + 1.25%, 1.25% Floor, 6.50% Cap) | 5.61% | 04/25/2055 | 21671080 |
| 5800965 | Series 2025-31-FA (30 day avg SOFR US + 1.30%, 1.30% Floor, 6.50% Cap) | 5.66% | 06/25/2054 | 5830835 |
| 20872615 | Series 2025-42-FA (30 day avg SOFR US + 1.50%, 1.50% Floor, 6.50% Cap) | 5.86% | 06/25/2055 | 21001971 |
| 75120 | Series 400-S4 (-1 x 30 day avg SOFR US + 5.34%, 0.00% Floor, 5.45% Cap) | 0.98%<sup>(h)(j)</sup> | 11/25/2039 | 7631 |
|  | **Ginnie Mae I Pool** | **Ginnie Mae I Pool** | **Ginnie Mae I Pool** | **Ginnie Mae I Pool** |
| 23557826 | Pool 779384 | 3.50% | 06/15/2042 | 22064894 |
|  | **Ginnie Mae II Pool** | **Ginnie Mae II Pool** | **Ginnie Mae II Pool** | **Ginnie Mae II Pool** |
| 8903182 | Pool 784415 | 3.50% | 04/20/2047 | 8255585 |
| 22838243 | Pool 785713 | 2.50% | 10/20/2051 | 19636139 |
| 10700580 | Pool 785764 | 2.50% | 11/20/2051 | 9196008 |
| 27745191 | Pool 786009 | 3.00% | 02/20/2052 | 24581864 |
| 8800400 | Pool 786227 | 3.00% | 04/20/2052 | 7794022 |
| 3682563 | Pool 786540 | 3.50% | 02/20/2050 | 3412455 |
| 9410233 | Pool 786718 | 3.50% | 07/20/2051 | 8680935 |
| 23416537 | Pool MA5076 | 3.00% | 03/20/2048 | 21167696 |
| 25815401 | Pool MA5191 | 3.50% | 05/20/2048 | 23978048 |
|  | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** |
| 55766 | Series 2003-67-SP (-1 x 1 mo. Term SOFR + 6.99%, 0.00% Floor, 7.10% Cap) | 2.85%<sup>(h)(j)</sup> | 08/20/2033 | 370 |
| 34423 | Series 2008-82-SM (-1 x 1 mo. Term SOFR + 5.94%, 0.00% Floor, 6.05% Cap) | 1.80%<sup>(h)(j)</sup> | 09/20/2038 | 650 |
| 468186 | Series 2009-32-ZE | 4.50% | 05/16/2039 | 467004 |
| 500850 | Series 2009-75-GZ | 4.50% | 09/20/2039 | 503626 |
| 660537 | Series 2009-75-HZ | 5.00% | 09/20/2039 | 677790 |
| 1704396 | Series 2010-113-SM (-1 x 1 mo. Term SOFR + 5.94%, 0.00% Floor, 6.05% Cap) | 1.80%<sup>(h)(j)</sup> | 09/20/2040 | 232575 |
| 71641 | Series 2010-25-ZB | 4.50% | 02/16/2040 | 71727 |
| 1006932 | Series 2011-45-GZ | 4.50% | 03/20/2041 | 1012094 |
| 1352340 | Series 2013-117-MS (-1 x 1 mo. Term SOFR + 6.04%, 0.00% Floor, 6.15% Cap) | 1.90%<sup>(h)(j)</sup> | 02/20/2043 | 61194 |
| 1603771 | Series 2013-122-SB (-1 x 1 mo. Term SOFR + 5.99%, 0.00% Floor, 6.10% Cap) | 1.84%<sup>(h)(j)</sup> | 08/16/2043 | 190506 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **63**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Core Fixed Income Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2298270 | Series 2014-102-TS (-1 x 1 mo. Term SOFR + 5.49%, 0.00% Floor, 5.60% Cap) | 1.35%<sup>(h)(j)</sup> | 07/20/2044 | 229819 |
| 1975549 | Series 2014-118-PS (-1 x 1 mo. Term SOFR + 6.09%, 0.00% Floor, 6.20% Cap) | 1.95%<sup>(h)(j)</sup> | 08/20/2044 | 283214 |
| 1728605 | Series 2014-118-SA (-1 x 1 mo. Term SOFR + 6.09%, 0.00% Floor, 6.20% Cap) | 1.95%<sup>(h)(j)</sup> | 08/20/2044 | 247812 |
| 5064119 | Series 2017-52-FH (1 mo. Term SOFR + 0.46%, 0.35% Floor, 6.50% Cap) | 4.60% | 04/20/2047 | 4930881 |
| 12830301 | Series 2020-61-IA | 3.00%<sup>(h)</sup> | 05/20/2050 | 2128591 |
| 9638037 | Series 2021-117-ID | 3.50%<sup>(h)</sup> | 06/20/2051 | 1629505 |
| 18504968 | Series 2021-155-UI | 4.50%<sup>(h)</sup> | 09/20/2051 | 3455594 |
| 16556822 | Series 2021-214-IG | 2.50%<sup>(h)</sup> | 12/20/2051 | 2451815 |
|  | **Total US Government and Agency Mortgage Backed Obligations** <br>**(Cost $1,525,846,580)** | **Total US Government and Agency Mortgage Backed Obligations** <br>**(Cost $1,525,846,580)** |  | **1491753610** |
|  **US GOVERNMENT AND AGENCY OBLIGATIONS - 19.6%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 19.6%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 19.6%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 19.6%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 19.6%** |
| 19584795 | United States Treasury Inflation Indexed Bonds | 0.38% | 07/15/2027 | 19455492 |
| 25365960 | United States Treasury Inflation Indexed Bonds | 1.63% | 10/15/2027 | 25777960 |
| 19684190 | United States Treasury Inflation Indexed Bonds | 0.50% | 01/15/2028 | 19459992 |
| 340000000 | United States Treasury Note/Bond | 0.75% | 03/31/2026 | 334855242 |
| 101700000 | United States Treasury Note/Bond | 0.75% | 01/31/2028 | 95244434 |
| 131750000 | United States Treasury Note/Bond | 0.63% | 05/15/2030 | 114553023 |
| 107850000 | United States Treasury Note/Bond | 0.63% | 08/15/2030 | 93001667 |
| 289650000 | United States Treasury Note/Bond | 0.88% | 11/15/2030 | 251192173 |
| 355220000 | United States Treasury Note/Bond | 1.13% | 08/15/2040 | 224149369 |
| 140150000 | United States Treasury Note/Bond | 1.88% | 02/15/2041 | 98584029 |
| 47900000 | United States Treasury Note/Bond | 1.75% | 08/15/2041 | 32514931 |
|  | **Total US Government and Agency Obligations** <br>**(Cost $1,289,547,901)** | **Total US Government and Agency Obligations** <br>**(Cost $1,289,547,901)** |  | **1308788312** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares | Security Description | Rate | Maturity | Value $ |
|  **COMMON STOCKS - 0.0%<sup>(l)</sup>** | **COMMON STOCKS - 0.0%<sup>(l)</sup>** | **COMMON STOCKS - 0.0%<sup>(l)</sup>** | **COMMON STOCKS - 0.0%<sup>(l)</sup>** | **COMMON STOCKS - 0.0%<sup>(l)</sup>** |
| 711 | Stichting Administratiekantoor ADR<sup>(b)(m)</sup> |  |  |  |
| 261 | Stichting Administratiekantoor Unigel Creditors<sup>(b)(m)</sup> |  |  |  |
|  | **Total Common Stocks** <br>**(Cost $—)** | **Total Common Stocks** <br>**(Cost $—)** |  | **—** |
|  **ESCROW NOTES - 0.0%<sup>(l)</sup>** | **ESCROW NOTES - 0.0%<sup>(l)</sup>** | **ESCROW NOTES - 0.0%<sup>(l)</sup>** | **ESCROW NOTES - 0.0%<sup>(l)</sup>** | **ESCROW NOTES - 0.0%<sup>(l)</sup>** |
| 5400000 | Credito Real SAB de CV SOFOM ER<sup>(m)</sup> |  |  | 47250 |
| 690000 | Parkland Corp.<sup>(b)(m)</sup> |  |  | 345 |
|  | **Total Escrow Notes** <br>**(Cost $5,275,601)** | **Total Escrow Notes** <br>**(Cost $5,275,601)** |  | **47595** |
|  **AFFILIATED MUTUAL FUNDS - 7.9%** | **AFFILIATED MUTUAL FUNDS - 7.9%** | **AFFILIATED MUTUAL FUNDS - 7.9%** | **AFFILIATED MUTUAL FUNDS - 7.9%** | **AFFILIATED MUTUAL FUNDS - 7.9%** |
| 7041262 | DoubleLine Emerging Markets Local Currency Bond Fund - Class I |  |  | 66469511 |
| 18461416 | DoubleLine Global Bond Fund - Class I |  |  | 163198922 |
| 27534253 | DoubleLine Infrastructure Income Fund - Class I |  |  | 263502798 |
| 5000000 | DoubleLine Long Duration Total Return Bond Fund - Class I |  |  | 31650000 |
|  | **Total Affiliated Mutual Funds** <br>**(Cost $563,262,155)** | **Total Affiliated Mutual Funds** <br>**(Cost $563,262,155)** |  | **524821231** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $/Shares  | Security Description | Rate | Maturity | Value $ |
|  **SHORT TERM INVESTMENTS - 5.1%** | **SHORT TERM INVESTMENTS - 5.1%** | **SHORT TERM INVESTMENTS - 5.1%** | **SHORT TERM INVESTMENTS - 5.1%** | **SHORT TERM INVESTMENTS - 5.1%** |
| 72252084 | First American Government Obligations Fund - U | 4.07%<sup>(n)</sup> |  | 72252084 |
| 72252084 | JPMorgan US Government Money Market Fund - IM | 4.09%<sup>(n)</sup> |  | 72252084 |
| 72252084 | MSILF Government Portfolio - Institutional | 4.05%<sup>(n)</sup> |  | 72252084 |
| 125000000 | United States Treasury Bill | 0.00% | 10/30/2025 | 124592836 |
|  | **Total Short Term Investments** <br>**(Cost $341,329,257)** | **Total Short Term Investments** <br>**(Cost $341,329,257)** |  | **341349088** |
|  | **Total Investments - 100.1%** <br>**(Cost $6,990,559,077)** | **Total Investments - 100.1%** <br>**(Cost $6,990,559,077)** | **Total Investments - 100.1%** <br>**(Cost $6,990,559,077)** | **6691106304** |
|  | **Other Liabilities in Excess of Assets - (0.1)%** |  |  | **(7881118)** |
|  | **NET ASSETS - 100.0%** |  |  | **$6683225186** |

---

---

| | |
|:---|:---|
|  **SECURITY TYPE BREAKDOWN as a % of Net Assets:**  |  |
|  US Government and Agency Mortgage Backed Obligations | 22.3% |
|  US Government and Agency Obligations | 19.6% |
|  US Corporate Bonds | 15.3% |
|  Non-Agency Residential Collateralized Mortgage Obligations | 10.4% |
|  Affiliated Mutual Funds | 7.9% |
|  Foreign Corporate Bonds | 5.4% |
|  Short Term Investments | 5.1% |
|  Non-Agency Commercial Mortgage Backed Obligations | 4.9% |
|  Asset Backed Obligations | 3.1% |
|  Collateralized Loan Obligations | 2.7% |
|  Bank Loans | 2.3% |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 1.1% |
|  Escrow Notes | 0.0%<sup>(l)</sup> |
|  Common Stocks | 0.0%<sup>(l)</sup> |
|  Other Assets and Liabilities | (0.1)% |
|  Net Assets | 100.0% |

---

---

| | | |
|:---|:---|:---|
| **64**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | |
|:---|:---|
|  **INVESTMENT BREAKDOWN as a % of Net Assets:**  |  |
|  US Government and Agency Mortgage Backed Obligations | 22.3% |
|  US Government and Agency Obligations | 19.6% |
|  Non-Agency Residential Collateralized Mortgage Obligations | 10.4% |
|  Affiliated Mutual Funds | 7.9% |
|  Short Term Investments | 5.1% |
|  Non-Agency Commercial Mortgage Backed Obligations | 4.9% |
|  Banking | 3.1% |
|  Asset Backed Obligations | 3.1% |
|  Collateralized Loan Obligations | 2.7% |
|  Technology | 2.3% |
|  Energy | 1.9% |
|  Utilities | 1.9% |
|  Transportation | 1.2% |
|  Insurance | 1.0% |
|  Finance | 0.9% |
|  Healthcare | 0.9% |
|  Real Estate | 0.8% |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 0.7% |
|  Pharmaceuticals | 0.7% |
|  Telecommunications | 0.7% |
|  Commercial Services | 0.7% |
|  Media | 0.7% |
|  Food Products | 0.6% |
|  Retailers (other than Food/Drug) | 0.6% |
|  Hotels/Motels/Inns and Casinos | 0.6% |
|  Construction | 0.5% |
|  Mining | 0.5% |
|  Aerospace & Defense | 0.4% |
|  Industrial Equipment | 0.4% |
|  Diversified Manufacturing | 0.4% |
|  Automotive | 0.4% |
|  Electronics/Electric | 0.3% |
|  Leisure | 0.3% |
|  Beverage and Tobacco | 0.3% |
|  Containers and Glass Products | 0.3% |
|  Chemicals/Plastics | 0.2% |
|  Consumer Products | 0.2% |
|  Building and Development (including Steel/Metals) | 0.1% |
|  Environmental Control | 0.1% |
|  Pulp & Paper | 0.1% |
|  Business Equipment and Services | 0.1% |
|  Food Service | 0.1% |
|  Food/Drug Retailers | 0.1% |
|  Chemical Products | 0.0%<sup>(l)</sup> |
|  IT Services | 0.0%<sup>(l)</sup> |
|  Financials | 0.0%<sup>(l)</sup> |
|  Escrow Notes | 0.0%<sup>(l)</sup> |
|  Other Assets and Liabilities | (0.1)% |
|  Net Assets | 100.0% |

---

(a) **Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of September 30, 2025, the value of these securities total $1,298,831,729 or 19.4% of the Fund's net assets.**

(b) **Value determined using significant unobservable inputs.**

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

(d) **Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid.**

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

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

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

(h) **Interest only security**

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

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

(k) **Principal only security**

(l) **Represents less than 0.05% of net assets.**

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **65**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Core Fixed Income Fund (Cont.)**<br>

(m) **Non-income producing security.**

(n) **Seven-day yield as of period end.**

**CMT**

**Constant Maturity Treasury Rate**

**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.**

**SOFR Secured Overnight Financing Rate**

**Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Long/Short** | **Contract** <br>**Quantity** | **Expiration**<br>**Date** | **Notional**<br>**Amount<sup>(1)</sup>** | **Unrealized** <br>**Appreciation (Depreciation)/Value** |
| U.S. Treasury Long Bonds | Long | 2100 | 12/19/2025 | $240356161 | $4490713 |
| U.S. Treasury 5 Year Notes | Long | 100 | 12/31/2025 | 10921306 | (1774) |
| U.S. Treasury 2 Year Notes | Long | 17300 | 12/31/2025 | 3605943722 | (650744) |
| U.S. Treasury Ultra Bonds | Short | (460) | 12/19/2025 | (54231841) | (996909) |
| 10 Year U.S. Ultra Treasury Notes | Short | (2650) | 12/19/2025 | (302384104) | (2572928) |
|  |  |  |  |  | $268358 |

---

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

A summary of the DoubleLine Core Fixed Income Fund's investments in affiliated mutual funds for the period ended September 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value at March 31, 2025** | **Gross Purchases** | **Gross Sales** | **Net Realized Gain (Loss) for the Period Ended September 30, 2025** | **Change in Unrealized for the Period Ended September 30, 2025** | **Value at September 30, 2025** | **Shares Held at September 30, 2025** | **Dividend Income Earned for the Period Ended September 30, 2025** |
|  DoubleLine Infrastructure Income Fund (Class I) | $285348391 | $— | $(26000000) | $(2315451) | $6469858 | $263502798 | 27534253 | $— |
|  DoubleLine Global Bond Fund (Class I) | 109127025 | 48900000 |  |  | 5171897 | 163198922 | 18461416 |  |
|  DoubleLine Long Duration Total Return Bond Fund (Class I) | 32000000 |  |  |  | (350000) | 31650000 | 5000000 |  |
|  DoubleLine Emerging Markets Local Currency Bond Fund (Class I) |  |  |  |  | 66469511 | 66469511 | 7041262 |  |
|  | $426475416 | $48900000 | $(26000000) | $(2315451) | $77761266 | $524821231 | 58036931 | $— |

---

---

| | | |
|:---|:---|:---|
| **66**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **Schedule of Investments DoubleLine Emerging Markets Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) <br>September 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **FOREIGN CORPORATE BONDS - 67. 2%** | **FOREIGN CORPORATE BONDS - 67. 2%** | **FOREIGN CORPORATE BONDS - 67. 2%** | **FOREIGN CORPORATE BONDS - 67. 2%** | **FOREIGN CORPORATE BONDS - 67. 2%** |
|  **BRAZIL - 12.1%** | **BRAZIL - 12.1%** | **BRAZIL - 12.1%** | **BRAZIL - 12.1%** | **BRAZIL - 12.1%** |
| 3325457 | Acu Petroleo Luxembourg Sarl | 7.50% | 01/13/2032 | 3377740 |
| 600000 | &nbsp;&nbsp;&nbsp; Banco do Estado do Rio Grande do Sul SA <br>(5 yr. CMT Rate + 4.93%) | 5.38% | 01/28/2031 | 599659 |
| 800000 | Braskem Netherlands Finance BV | 4.50% | 01/31/2030 | 302088 |
| 2500000 | Cosan Luxembourg SA | 5.50% | 09/20/2029 | 2469351 |
| 7300000 | Cosan Overseas Ltd. | 8.25%<sup>(a)</sup> | 12/29/2049 | 7333213 |
| 3350000 | CSN Resources SA | 5.88% | 04/08/2032 | 2850706 |
| 153658 | Guara Norte Sarl | 5.20% | 06/15/2034 | 150624 |
| 1929352 | Invepar Holdings | 0.00%<sup>(b)(c)</sup> | 12/30/2028 |  |
| 200000 | Itau Unibanco Holding SA/Cayman Island (5 yr. CMT Rate + 3.45%) | 3.88% | 04/15/2031 | 198220 |
| 1600000 | Minerva Luxembourg SA | 8.88% | 09/13/2033 | 1758070 |
| 1100000 | Minerva Luxembourg SA | 8.88%<sup>(d)</sup> | 09/13/2033 | 1208673 |
| 1400000 | Movida Europe SA | 7.85% | 04/11/2029 | 1338820 |
| 2000000 | Movida Europe SA | 7.85%<sup>(d)</sup> | 04/11/2029 | 1912599 |
| 8055520 | MV24 Capital BV | 6.75% | 06/01/2034 | 8002820 |
| 1300000 | NBM US Holdings, Inc. | 6.63% | 08/06/2029 | 1318802 |
| 7699935 | Prumo Participacoes e Investimentos S/A | 7.50% | 12/31/2031 | 7862580 |
| 4700000 | Raizen Fuels Finance SA | 5.70% | 01/17/2035 | 4332695 |
| 1784000 | Simpar Europe SA | 5.20% | 01/26/2031 | 1488213 |
| 131998 | Unigel Luxembourg SA (13.50% Cash or 15.00% PIK) | 13.50% | 12/31/2027 | 101638 |
| 93986 | Unigel Luxembourg SA (13.50% Cash or 15.00% PIK) | 13.50%<sup>(d)</sup> | 12/31/2027 | 72369 |
| 458536 | Unigel Luxembourg SA (11.00% Cash or 12.00% PIK) | 11.00% | 12/31/2028 | 84829 |
| 106634 | Unigel Luxembourg SA (11.00% Cash or 12.00% PIK) | 11.00%<sup>(d)</sup> | 12/31/2028 | 19727 |
| 558462 | Unigel Netherlands Holding Corp. BV (15.00% Cash or 15.00% PIK) | 15.00% | 12/31/2044 | 16754 |
| 2800000 | Vamos Europe SA | 9.20%<sup>(d)</sup> | 01/26/2031 | 2778300 |
| 1400000 | Yinson Bergenia Production BV | 8.50%<sup>(d)</sup> | 01/31/2045 | 1504295 |
|  |  |  |  | 51082785 |
|  **CHILE - 5.6%** | **CHILE - 5.6%** | **CHILE - 5.6%** | **CHILE - 5.6%** | **CHILE - 5.6%** |
| 2900000 | CAP SA | 3.90%<sup>(d)</sup> | 04/27/2031 | 2385907 |
| 6210000 | CAP SA | 3.90% | 04/27/2031 | 5109132 |
| 2900000 | Cencosud SA | 4.38% | 07/17/2027 | 2905374 |
| 9821401 | Chile Electricity PEC SpA | 0.00%<sup>(d)</sup> | 01/25/2028 | 8876091 |
| 1841750 | Empresa Electrica Angamos SA | 4.88% | 05/25/2029 | 1676886 |
| 930900 | Empresa Electrica Cochrane SpA | 5.50% | 05/14/2027 | 922475 |
| 847440 | GNL Quintero SA | 4.63% | 07/31/2029 | 849289 |
| 900000 | &nbsp;&nbsp;&nbsp; Inversiones CMPC SA <br>(5 yr. CMT Rate + 2.83%) | 6.70%<sup>(d)</sup> | 12/09/2057 | 921600 |
|  |  |  |  | 23646754 |
|  **COLOMBIA - 7.1%** | **COLOMBIA - 7.1%** | **COLOMBIA - 7.1%** | **COLOMBIA - 7.1%** | **COLOMBIA - 7.1%** |
| 1267495 | AL Candelaria Spain SA | 7.50% | 12/15/2028 | 1289682 |
| 7100000 | AL Candelaria Spain SA | 5.75% | 06/15/2033 | 6457947 |
| 3800000 | AL Candelaria Spain SA | 5.75%<sup>(d)</sup> | 06/15/2033 | 3456366 |
| 3000000 | Aris Mining Corp. | 8.00%<sup>(d)</sup> | 10/31/2029 | 3121395 |
| 2400000 | Banco Davivienda SA (10 yr. CMT Rate + 5.10%) | 6.65%<sup>(a)(d)</sup> | 04/22/2031 | 2233054 |
| 2500000 | &nbsp;&nbsp;&nbsp; Banco Davivienda SA <br>(5 yr. CMT Rate + 4.59%) | 8.13%<sup>(d)</sup> | 07/02/2035 | 2597606 |
| 3300000 | Banco de Bogota SA | 6.25% | 05/12/2026 | 3342563 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 300000 | Banco GNB Sudameris SA (5 yr. CMT Rate + 6.66%) | 7.50% | 04/16/2031 | 299427 |
| 900000 | Bancolombia SA (5 yr. CMT Rate + 4.32%) | 8.63% | 12/24/2034 | 972697 |
| 5213000 | Canacol Energy Ltd. | 5.75% | 11/24/2028 | 1805001 |
| 1998000 | Empresas Publicas de Medellin ESP | 4.38% | 02/15/2031 | 1865519 |
| 1126300 | Fideicomiso PA Pacifico Tres | 8.25% | 01/15/2035 | 1189936 |
| 1100000 | Gran Tierra Energy, Inc. | 9.50%<sup>(d)</sup> | 10/15/2029 | 931891 |
| 400000 | Termocandelaria Power SA | 7.75%<sup>(d)</sup> | 09/17/2031 | 420163 |
|  |  |  |  | 29983247 |
|  **DOMINICAN REPUBLIC - 0.9%** | **DOMINICAN REPUBLIC - 0.9%** | **DOMINICAN REPUBLIC - 0.9%** | **DOMINICAN REPUBLIC - 0.9%** | **DOMINICAN REPUBLIC - 0.9%** |
| 3800000 | AES Espana BV | 5.70%<sup>(d)</sup> | 05/04/2028 | 3707527 |
|  **GUATEMALA - 3.4%** | **GUATEMALA - 3.4%** | **GUATEMALA - 3.4%** | **GUATEMALA - 3.4%** | **GUATEMALA - 3.4%** |
| 8500000 | Banco Industrial SA/Guatemala (5 yr. CMT Rate + 4.44%) | 4.88% | 01/29/2031 | 8487250 |
| 2763000 | Millicom International Cellular SA | 5.13% | 01/15/2028 | 2755740 |
| 2970000 | Millicom International Cellular SA | 6.25% | 03/25/2029 | 2999581 |
| 200000 | Millicom International Cellular SA | 4.50% | 04/27/2031 | 189432 |
|  |  |  |  | 14432003 |
|  **INDIA - 9.3%** | **INDIA - 9.3%** | **INDIA - 9.3%** | **INDIA - 9.3%** | **INDIA - 9.3%** |
| 2100000 | Adani Electricity Mumbai Ltd. | 3.95% | 02/12/2030 | 1981501 |
| 3700000 | Adani Electricity Mumbai Ltd. | 3.87% | 07/22/2031 | 3399843 |
| 2448000 | Adani International Container Terminal Pvt Ltd. | 3.00%<sup>(d)</sup> | 02/16/2031 | 2254093 |
| 4226625 | Adani International Container Terminal Pvt Ltd. | 3.00% | 02/16/2031 | 3891832 |
| 400000 | Adani Ports & Special Economic Zone Ltd. | 4.00% | 07/30/2027 | 393303 |
| 800000 | Adani Ports & Special Economic Zone Ltd. | 4.20% | 08/04/2027 | 791558 |
| 1200000 | Adani Ports & Special Economic Zone Ltd. | 4.38% | 07/03/2029 | 1173130 |
| 3600000 | Adani Ports & Special Economic Zone Ltd. | 3.10% | 02/02/2031 | 3208065 |
| 2171000 | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharash | 4.63% | 10/15/2039 | 1850446 |
| 3600000 | Adani Transmission Step-One Ltd. | 4.00% | 08/03/2026 | 3569075 |
| 2675750 | Adani Transmission Step-One Ltd. | 4.25% | 05/21/2036 | 2432233 |
| 7242000 | JSW Hydro Energy Ltd. | 4.13% | 05/18/2031 | 6866068 |
| 4200000 | JSW Infrastructure Ltd. | 4.95% | 01/21/2029 | 4220841 |
| 1100000 | Periama Holdings | 5.95% | 04/19/2026 | 1104309 |
| 1500000 | Reliance Industries Ltd. | 3.67% | 11/30/2027 | 1483855 |
| 800000 | Wipro IT Services LLC | 1.50% | 06/23/2026 | 783869 |
|  |  |  |  | 39404021 |
|  **INDONESIA - 2.1%** | **INDONESIA - 2.1%** | **INDONESIA - 2.1%** | **INDONESIA - 2.1%** | **INDONESIA - 2.1%** |
| 4000000 | Freeport Indonesia PT | 4.76% | 04/14/2027 | 4028320 |
| 4800000 | Medco Laurel Tree Pte Ltd. | 6.95% | 11/12/2028 | 4817916 |
|  |  |  |  | 8846236 |
|  **JAMAICA - 0.0%<sup>(e)</sup>** | **JAMAICA - 0.0%<sup>(e)</sup>** | **JAMAICA - 0.0%<sup>(e)</sup>** | **JAMAICA - 0.0%<sup>(e)</sup>** | **JAMAICA - 0.0%<sup>(e)</sup>** |
| 1096188 | Digicel Group Holdings Ltd. | 0.00%<sup>(c)(d)</sup> | 12/31/2030 | 49649 |
| 3176259 | Digicel Group Holdings Ltd. | 0.00%<sup>(c)(d)</sup> | 12/31/2030 | 20498 |
|  |  |  |  | 70147 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **67**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **KUWAIT - 0.2%** | **KUWAIT - 0.2%** | **KUWAIT - 0.2%** | **KUWAIT - 0.2%** | **KUWAIT - 0.2%** |
| 900000 | EQUATE Petrochemical Co. KSC | 4.25% | 11/03/2026 | 898402 |
|  **MEXICO - 7.3%** | **MEXICO - 7.3%** | **MEXICO - 7.3%** | **MEXICO - 7.3%** | **MEXICO - 7.3%** |
| 1700000 | Banco Mercantil del Norte SA/Grand Cayman (10 yr. CMT Rate + 5.35%) | 7.63%<sup>(a)</sup> | 01/10/2028 | 1745332 |
| 1500000 | Banco Mercantil del Norte SA/Grand Cayman (10 yr. CMT Rate + 5.47%) | 7.50%<sup>(a)(d)</sup> | 06/27/2029 | 1534472 |
| 3200000 | Banco Mercantil del Norte SA/Grand Cayman (5 yr. CMT Rate + 4.07%) | 8.38%<sup>(a)(d)</sup> | 05/20/2031 | 3373440 |
| 3300000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX (5 yr. CMT Rate + 4.21%) | 8.13% | 01/08/2039 | 3600287 |
| 2450000 | Braskem Idesa SAPI | 6.99% | 02/20/2032 | 1456324 |
| 1094402 | Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy | 7.88%<sup>(d)</sup> | 02/15/2039 | 1184399 |
| 7300000 | Cemex SAB de CV (5 yr. CMT Rate + 4.53%) | 5.13%<sup>(a)</sup> | 06/08/2026 | 7274922 |
| 300000 | Cemex SAB de CV (5 yr. CMT Rate + 3.52%) | 7.20%<sup>(a)(d)</sup> | 06/10/2030 | 314025 |
| 1061200 | Cometa Energia SAB de CV | 6.38% | 04/24/2035 | 1109933 |
| 557878 | Fermaca Enterprises S de RL de CV | 6.38% | 03/30/2038 | 566282 |
| 1400000 | GCC SAB de CV | 3.61% | 04/20/2032 | 1287384 |
| 4600000 | Mexarrend SAPI de CV | 10.25%<sup>(b)(d)</sup> | 07/24/2026 | 34500 |
| 2462072 | Mexico Generadora de Energia S de RL | 5.50% | 12/06/2032 | 2516036 |
| 1300000 | Saavi Energia Sarl | 8.88%<sup>(d)</sup> | 02/10/2035 | 1400685 |
| 3296586 | Tierra Mojada Luxembourg II Sarl | 5.75% | 12/01/2040 | 3248373 |
|  |  |  |  | 30646394 |
|  **PARAGUAY - 2.6%** | **PARAGUAY - 2.6%** | **PARAGUAY - 2.6%** | **PARAGUAY - 2.6%** | **PARAGUAY - 2.6%** |
| 4600000 | Banco Continental SAECA | 2.75% | 12/10/2025 | 4585509 |
| 2024000 | Frigorifico Concepcion SA | 7.70% | 07/21/2028 | 1504541 |
| 6013332 | Rutas 2 & 7 Finance Ltd. | 0.00% | 09/30/2036 | 4589225 |
| 80000 | Telefonica Celular del Paraguay SA | 5.88% | 04/15/2027 | 79759 |
|  |  |  |  | 10759034 |
|  **PERU - 8.4%** | **PERU - 8.4%** | **PERU - 8.4%** | **PERU - 8.4%** | **PERU - 8.4%** |
| 6029000 | Banco de Credito del Peru SA (5 yr. CMT Rate + 2.45%) | 3.25% | 09/30/2031 | 5933030 |
| 2300000 | Banco Internacional del Peru SAA Interbank (5 yr. CMT Rate + 2.07%) | 6.40%<sup>(d)</sup> | 04/30/2035 | 2376475 |
| 5080000 | InRetail Consumer | 3.25% | 03/22/2028 | 4944078 |
| 4148000 | InRetail Shopping Malls | 5.75% | 04/03/2028 | 4165140 |
| 4100000 | Intercorp Financial Services, Inc. | 4.13% | 10/19/2027 | 4080518 |
| 5672166 | Lima Metro Line 2 Finance Ltd. | 4.35% | 04/05/2036 | 5493407 |
| 3700000 | Minsur SA | 4.50% | 10/28/2031 | 3549918 |
| 1200000 | Nexa Resources SA | 6.50% | 01/18/2028 | 1233642 |
| 3046906 | Peru LNG Srl | 5.38% | 03/22/2030 | 2926215 |
| 300000 | SAN Miguel Industrias Pet SA / NG PET R&P Latin America SA | 3.75% | 08/02/2028 | 287095 |
| 300000 | Scotiabank Peru SAA (1 yr. CMT Rate + 2.31%) | 6.10%<sup>(d)</sup> | 10/01/2035 | 312582 |
|  |  |  |  | 35302100 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **SINGAPORE - 5.1%** | **SINGAPORE - 5.1%** | **SINGAPORE - 5.1%** | **SINGAPORE - 5.1%** | **SINGAPORE - 5.1%** |
| 6804000 | DBS Group Holdings Ltd. (5 yr. CMT Rate + 1.10%) | 1.82% | 03/10/2031 | 6725884 |
| 4900000 | Oversea-Chinese Banking Corp. Ltd. (5 yr. CMT Rate + 1.58%) | 4.60% | 06/15/2032 | 4919158 |
| 5200000 | United Overseas Bank Ltd. (5 yr. CMT Rate + 1.52%) | 1.75% | 03/16/2031 | 5137519 |
| 5000000 | United Overseas Bank Ltd. (5 yr. CMT Rate + 1.23%) | 2.00% | 10/14/2031 | 4878148 |
|  |  |  |  | 21660709 |
|  **SOUTH AFRICA - 1. 8%** | **SOUTH AFRICA - 1. 8%** | **SOUTH AFRICA - 1. 8%** | **SOUTH AFRICA - 1. 8%** | **SOUTH AFRICA - 1. 8%** |
| 3800000 | AngloGold Ashanti Holdings PLC | 3.38% | 11/01/2028 | 3677954 |
| 3500000 | Gold Fields Orogen Holdings BVI Ltd. | 6.13% | 05/15/2029 | 3670877 |
|  |  |  |  | 7348831 |
|  **UNITED ARAB EMIRATES - 0.6%** | **UNITED ARAB EMIRATES - 0.6%** | **UNITED ARAB EMIRATES - 0.6%** | **UNITED ARAB EMIRATES - 0.6%** | **UNITED ARAB EMIRATES - 0.6%** |
| 2945692 | Galaxy Pipeline Assets Bidco Ltd. | 2.94% | 09/30/2040 | 2506534 |
|  **VIETNAM - 0.7%** | **VIETNAM - 0.7%** | **VIETNAM - 0.7%** | **VIETNAM - 0.7%** | **VIETNAM - 0.7%** |
| 3116963 | Mong Duong Finance Holdings BV | 5.13% | 05/07/2029 | 3086738 |
|  | **Total Foreign Corporate Bonds** <br>**(Cost $296,776,614)** | **Total Foreign Corporate Bonds** <br>**(Cost $296,776,614)** |  | **283381462** |
|  **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 28.8%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 28.8%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 28.8%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 28.8%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 28.8%** |
|  **BRAZIL - 2.7%** | **BRAZIL - 2.7%** | **BRAZIL - 2.7%** | **BRAZIL - 2.7%** | **BRAZIL - 2.7%** |
| 9200000 | Banco do Brasil SA/Cayman (10 yr. CMT Rate + 4.40%) | 8.75%<sup>(a)</sup> | 10/15/2025 | 9231510 |
| 2300000 | Petrobras Global Finance BV | 5.13% | 09/10/2030 | 2276057 |
|  |  |  |  | 11507567 |
|  **CHILE - 0.8%** | **CHILE - 0.8%** | **CHILE - 0.8%** | **CHILE - 0.8%** |  |
| 1800000 | Chile Electricity Lux Mpc II Sarl | 5.67%<sup>(d)</sup> | 10/20/2035 | 1858496 |
| 1432000 | Chile Electricity Lux MPC Sarl | 6.01% | 01/20/2033 | 1506500 |
|  |  |  |  | 3364996 |
|  **COLOMBIA - 4.0%** | **COLOMBIA - 4.0%** | **COLOMBIA - 4.0%** | **COLOMBIA - 4.0%** |  |
| 2900000 | Colombia Government International Bond | 5.00% | 06/15/2045 | 2183700 |
| 3000000 | Colombia Government International Bond | 4.13% | 05/15/2051 | 1957650 |
| 5000000 | Ecopetrol SA | 4.63% | 11/02/2031 | 4487757 |
| 800000 | Ecopetrol SA | 5.88% | 05/28/2045 | 612450 |
| 10300000 | Ecopetrol SA | 5.88% | 11/02/2051 | 7637471 |
|  |  |  |  | 16879028 |
|  **DOMINICAN REPUBLIC - 1.8%** | **DOMINICAN REPUBLIC - 1.8%** | **DOMINICAN REPUBLIC - 1.8%** | **DOMINICAN REPUBLIC - 1.8%** |  |
| 3100000 | Dominican Republic International Bond | 5.95% | 01/25/2027 | 3159675 |
| 3000000 | Dominican Republic International Bond | 5.50% | 02/22/2029 | 3068250 |
| 1300000 | Dominican Republic International Bond | 4.50% | 01/30/2030 | 1276730 |
|  |  |  |  | 7504655 |

---

---

| | | |
|:---|:---|:---|
| **68**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Emerging Markets Fixed Income Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **GUATEMALA - 2.3%** | **GUATEMALA - 2.3%** | **GUATEMALA - 2.3%** | **GUATEMALA - 2.3%** |  |
| 1200000 | Guatemala Government Bond | 4.50% | 05/03/2026 | 1197000 |
| 2700000 | Guatemala Government Bond | 4.38% | 06/05/2027 | 2686500 |
| 1600000 | Guatemala Government Bond | 4.88% | 02/13/2028 | 1606680 |
| 1800000 | Guatemala Government Bond | 5.25% | 08/10/2029 | 1819350 |
| 2400000 | Guatemala Government Bond | 5.38% | 04/24/2032 | 2420403 |
|  |  |  |  | 9729933 |
|  **INDIA - 1.7%** | **INDIA - 1.7%** | **INDIA - 1.7%** | **INDIA - 1.7%** |  |
| 5190000 | BPRL International Singapore Pte Ltd. | 4.38% | 01/18/2027 | 5189078 |
| 1964000 | ONGC Videsh Vankorneft Pte Ltd. | 3.75% | 07/27/2026 | 1954192 |
|  |  |  |  | 7143270 |
|  **INDONESIA - 3.4%** | **INDONESIA - 3.4%** | **INDONESIA - 3.4%** | **INDONESIA - 3.4%** |  |
| 4400000 | Bank Negara Indonesia Persero Tbk PT | 3.75% | 03/30/2026 | 4369929 |
| 5200000 | Pertamina Persero PT | 1.40% | 02/09/2026 | 5140120 |
| 5000000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 4.13% | 05/15/2027 | 4985544 |
|  |  |  |  | 14495593 |
|  **MEXICO - 6.5%** | **MEXICO - 6.5%** | **MEXICO - 6.5%** | **MEXICO - 6.5%** |  |
| 200000 | Banco Nacional de Comercio Exterior SNC/Cayman Islands | 5.88%<sup>(d)</sup> | 05/07/2030 | 207642 |
| 3100000 | Comision Federal de Electricidad | 3.35% | 02/09/2031 | 2795599 |
| 200000 | Comision Federal de Electricidad | 6.45%<sup>(d)</sup> | 01/24/2035 | 204098 |
| 1386710 | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | 7.25% | 01/31/2041 | 1482948 |
| 3169624 | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | 7.25%<sup>(d)</sup> | 01/31/2041 | 3389595 |
| 11000000 | Mexico Government International Bond | 4.40% | 02/12/2052 | 8242300 |
| 7000000 | Mexico Government International Bond | 6.34% | 05/04/2053 | 6823250 |
| 5400000 | Petroleos Mexicanos | 6.75% | 09/21/2047 | 4460027 |
|  |  |  |  | 27605459 |
|  **MOROCCO - 3.2%** | **MOROCCO - 3.2%** | **MOROCCO - 3.2%** | **MOROCCO - 3.2%** |  |
| 1800000 | Morocco Government International Bond | 2.38% | 12/15/2027 | 1726703 |
| 700000 | Morocco Government International Bond | 5.95% | 03/08/2028 | 726581 |
| 3000000 | Morocco Government International Bond | 3.00% | 12/15/2032 | 2657429 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1300000 | Morocco Government International Bond | 4.00% | 12/15/2050 | 956922 |
| 1100000 | OCP SA | 4.50% | 10/22/2025 | 1100957 |
| 5800000 | OCP SA | 6.75% | 05/02/2034 | 6311736 |
|  |  |  |  | 13480328 |
|  **PARAGUAY - 1.8%** | **PARAGUAY - 1.8%** | **PARAGUAY - 1.8%** | **PARAGUAY - 1.8%** |  |
| 6104427 | Bioceanico Sovereign Certificate Ltd. | 0.00% | 06/05/2034 | 5007156 |
| 2343000 | Paraguay Government International Bond | 4.70% | 03/27/2027 | 2366266 |
|  |  |  |  | 7373422 |
|  **PERU - 0.6%** | **PERU - 0.6%** | **PERU - 0.6%** | **PERU - 0.6%** |  |
| 2388756 | Lima Metro Line 2 Finance Ltd. | 5.88% | 07/05/2034 | 2467468 |
|  | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $126,147,601)** | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $126,147,601)** |  | **121551719** |

---

---

| | | |
|:---|:---|:---|
| Shares | Security Description | Value $ |
|  **COMMON STOCKS - 0.0%<sup>(e)</sup>** | **COMMON STOCKS - 0.0%<sup>(e)</sup>** | **COMMON STOCKS - 0.0%<sup>(e)</sup>** |
|  **BRAZIL - 0.0%<sup>(e)</sup>** | **BRAZIL - 0.0%<sup>(e)</sup>** | **BRAZIL - 0.0%<sup>(e)</sup>** |
| 1512 | &nbsp;&nbsp;&nbsp; Stichting Administratiekantoor <br>ADR<sup>(c)(f)</sup> |  |
| 556 | &nbsp;&nbsp;&nbsp; Stichting Administratiekantoor <br>Unigel Creditors<sup>(c)(f)</sup> |  |
|  | **Total Common Stocks** <br>**(Cost $—)** | **—** |
|  **ESCROW NOTES - 0.0%<sup>(e)</sup>** | **ESCROW NOTES - 0.0%<sup>(e)</sup>** | **ESCROW NOTES - 0.0%<sup>(e)</sup>** |
|  **MEXICO - 0.0%<sup>(e)</sup>** | **MEXICO - 0.0%<sup>(e)</sup>** | **MEXICO - 0.0%<sup>(e)</sup>** |
| 5200000 | Credito Real SAB de CV SOFOM ER<sup>(f)</sup> | 45500 |
|  | **Total Escrow Notes** <br>**(Cost $5,127,763)** | **45500** |
|  **SHORT TERM INVESTMENTS - 3. 7%** | **SHORT TERM INVESTMENTS - 3. 7%** | **SHORT TERM INVESTMENTS - 3. 7%** |
| 5303885 | &nbsp;&nbsp;&nbsp; First American Government <br>Obligations Fund - U<br> 4.07%<sup>(g)</sup> | 5303885 |
| 5303885 | JPMorgan US Government Money Market Fund - IM<br> 4.09%<sup>(g)</sup> | 5303885 |
| 5303885 | MSILF Government Portfolio - Institutional<br> 4.05%<sup>(g)</sup> | 5303885 |
|  | **Total Short Term Investments** <br>**(Cost $15,911,655)** | **15911655** |
|  | **Total Investments - 99.7%** <br>**(Cost $443,963,633)** | **420890336** |
|  | **Other Assets in Excess of Liabilities - 0.3%** | **1438034** |
|  | **NET ASSETS - 100.0%** | **$422328370** |

---

---

| | |
|:---|:---|
|  **SECURITY TYPE BREAKDOWN as a % of Net Assets:**  |  |
|  Foreign Corporate Bonds | 67.2% |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 28.8% |
|  Short Term Investments | 3.7% |
|  Escrow Notes | 0.0%<sup>(e)</sup> |
|  Common Stocks | 0.0%<sup>(e)</sup> |
|  Other Assets and Liabilities | 0.3% |
|  Net Assets | 100.0% |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **69**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | |
|:---|:---|
|  **INVESTMENT BREAKDOWN as a % of Net Assets:**  |  |
|  Banking | 18.4% |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 17.9% |
|  Transportation | 16.6% |
|  Utilities | 13.1% |
|  Energy | 10.5% |
|  Mining | 6.3% |
|  Consumer Products | 4.4% |
|  Short Term Investments | 3.7% |
|  Building and Development (including Steel/Metals) | 3.0% |
|  Retailers (other than Food/Drug) | 2.9% |
|  Telecommunications | 1.4% |
|  Chemical Products | 0.8% |
|  Food Products | 0.3% |
|  Pulp & Paper | 0.2% |
|  Technology | 0.2% |
|  Escrow Notes | 0.0%<sup>(e)</sup> |
|  Finance | 0.0%<sup>(e)</sup> |
|  Other Assets and Liabilities | 0.3% |
|  Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  **COUNTRY BREAKDOWN as a % of Net Assets:**  |  |
|  Brazil | 14.8% |
|  Mexico | 13.8% |
|  Colombia | 11.1% |
|  India | 11.0% |
|  Peru | 9.0% |
|  Chile | 6.4% |
|  Guatemala | 5.7% |
|  Indonesia | 5.5% |
|  Singapore | 5.1% |
|  Paraguay | 4.4% |
|  United States | 3.7% |
|  Morocco | 3.2% |
|  Dominican Republic | 2.7% |
|  South Africa | 1.8% |
|  Vietnam | 0.7% |
|  United Arab Emirates | 0.6% |
|  Kuwait | 0.2% |
|  Jamaica | 0.0%<sup>(e)</sup> |
|  Other Assets and Liabilities | 0.3% |
|  Net Assets | 100.0% |

---

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

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

(c) **Value determined using significant unobservable inputs.**

(d) **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. As of September 30, 2025, the value of these securities total $54,662,212 or 12.9% of the Fund's net assets.**

(e) **Represents less than 0.05% of net assets.**

(f) **Non-income producing security.**

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

**CMT**

**Constant Maturity Treasury Rate**

**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.**

---

| | | |
|:---|:---|:---|
| **70**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **Schedule of Investments DoubleLine Low Duration Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<br>September 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **ASSET BACKED OBLIGATIONS - 7.5%** | **ASSET BACKED OBLIGATIONS - 7.5%** | **ASSET BACKED OBLIGATIONS - 7.5%** | **ASSET BACKED OBLIGATIONS - 7.5%** | **ASSET BACKED OBLIGATIONS - 7.5%** |
|  | **ACHV Trust** | **ACHV Trust** | **ACHV Trust** | **ACHV Trust** |
| 3331191 | Series 2024-2PL-A | 5.07%<sup>(a)</sup> | 10/27/2031 | 3352623 |
|  | **Affirm, Inc.** | **Affirm, Inc.** | **Affirm, Inc.** | **Affirm, Inc.** |
| 5300000 | Series 2024-A-A | 5.61%<sup>(a)</sup> | 02/15/2029 | 5324857 |
| 1201620 | Series 2024-X2-A | 5.22%<sup>(a)</sup> | 12/17/2029 | 1202764 |
| 20000000 | Series 2025-1A-A | 4.99%<sup>(a)</sup> | 02/15/2033 | 20171042 |
| 7305564 | Series 2025-X1-A | 5.08%<sup>(a)</sup> | 04/15/2030 | 7321485 |
|  | **Aligned Data Centers Issuer LLC** | **Aligned Data Centers Issuer LLC** | **Aligned Data Centers Issuer LLC** | **Aligned Data Centers Issuer LLC** |
| 3100000 | Series 2022-1A-A2 | 6.35%<sup>(a)</sup> | 10/15/2047 | 3101008 |
|  | **American Credit Acceptance Receivables Trust** | **American Credit Acceptance Receivables Trust** | **American Credit Acceptance Receivables Trust** | **American Credit Acceptance Receivables Trust** |
| 1113609 | Series 2024-3-A | 5.76%<sup>(a)</sup> | 11/12/2027 | 1114645 |
| 6000000 | Series 2024-4-B | 4.80%<sup>(a)</sup> | 11/13/2028 | 6009034 |
|  | **Aqua Finance Trust** | **Aqua Finance Trust** | **Aqua Finance Trust** | **Aqua Finance Trust** |
| 935323 | Series 2020-AA-A | 1.90%<sup>(a)</sup> | 07/17/2046 | 885526 |
|  | **Arivo Acceptance Auto Loan Receivables Trust** | **Arivo Acceptance Auto Loan Receivables Trust** | **Arivo Acceptance Auto Loan Receivables Trust** | **Arivo Acceptance Auto Loan Receivables Trust** |
| 201950 | Series 2022-1A-A | 3.93%<sup>(a)</sup> | 05/15/2028 | 201926 |
|  | **Avant Credit Card Master Trust** | **Avant Credit Card Master Trust** | **Avant Credit Card Master Trust** | **Avant Credit Card Master Trust** |
| 5100000 | Series 2025-1A-A | 4.89%<sup>(a)</sup> | 04/15/2031 | 5092544 |
|  | **AVANT Loans Funding Trust** | **AVANT Loans Funding Trust** | **AVANT Loans Funding Trust** | **AVANT Loans Funding Trust** |
| 10000000 | Series 2024-REV1-A | 5.92%<sup>(a)</sup> | 10/15/2033 | 10132482 |
| 20000000 | Series 2025-REV1-A | 5.12%<sup>(a)</sup> | 05/15/2034 | 20122316 |
|  | **CAI International, Inc.** | **CAI International, Inc.** | **CAI International, Inc.** | **CAI International, Inc.** |
| 6154375 | Series 2020-1A-A | 2.22%<sup>(a)</sup> | 09/25/2045 | 5874773 |
|  | **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** |
| 8000000 | Series 2024-P3-A4 | 4.31% | 09/10/2030 | 8043982 |
|  | **Cologix Data Centers US Issuer LLC** | **Cologix Data Centers US Issuer LLC** | **Cologix Data Centers US Issuer LLC** | **Cologix Data Centers US Issuer LLC** |
| 3910000 | Series 2021-1A-A2 | 3.30%<sup>(a)</sup> | 12/26/2051 | 3817890 |
|  | **Commonbond Student Loan Trust** | **Commonbond Student Loan Trust** | **Commonbond Student Loan Trust** | **Commonbond Student Loan Trust** |
| 738708 | Series 2017-BGS-A1 | 2.68%<sup>(a)</sup> | 09/25/2042 | 695289 |
| 686398 | Series 2020-AGS-A | 1.98%<sup>(a)</sup> | 08/25/2050 | 617960 |
|  | **Compass Datacenters LLC** | **Compass Datacenters LLC** | **Compass Datacenters LLC** | **Compass Datacenters LLC** |
| 17648000 | Series 2024-1A-A1 | 5.25%<sup>(a)</sup> | 02/25/2049 | 17785351 |
|  | **DataBank Issuer** | **DataBank Issuer** | **DataBank Issuer** | **DataBank Issuer** |
| 3394000 | Series 2021-1A-A2 | 2.06%<sup>(a)</sup> | 02/27/2051 | 3353315 |
| 10000000 | Series 2023-1A-A2 | 5.12%<sup>(a)</sup> | 02/25/2053 | 9990440 |
|  | **Domino's SPV Guarantor LLC** | **Domino's SPV Guarantor LLC** | **Domino's SPV Guarantor LLC** | **Domino's SPV Guarantor LLC** |
| 1488000 | Series 2019-1A-A2 | 3.67%<sup>(a)</sup> | 10/25/2049 | 1434364 |
|  | **DT Auto Owner Trust** | **DT Auto Owner Trust** | **DT Auto Owner Trust** | **DT Auto Owner Trust** |
| 2000000 | Series 2022-1A-E | 5.53%<sup>(a)</sup> | 03/15/2029 | 2000302 |
|  | **Exeter Automobile Receivables Trust** | **Exeter Automobile Receivables Trust** | **Exeter Automobile Receivables Trust** | **Exeter Automobile Receivables Trust** |
| 3081445 | Series 2021-4A-D | 1.96% | 01/17/2028 | 3059569 |
|  | **FCCU Auto Receivables Trust** | **FCCU Auto Receivables Trust** | **FCCU Auto Receivables Trust** | **FCCU Auto Receivables Trust** |
| 3372697 | Series 2025-1A-A2 | 4.87%<sup>(a)</sup> | 01/16/2029 | 3384432 |
|  | **Global Sea Containers Two SRL** | **Global Sea Containers Two SRL** | **Global Sea Containers Two SRL** | **Global Sea Containers Two SRL** |
| 2244976 | Series 2020-1A-A | 2.17%<sup>(a)</sup> | 10/17/2040 | 2153634 |
|  | **GLS Auto Receivables Trust** | **GLS Auto Receivables Trust** | **GLS Auto Receivables Trust** | **GLS Auto Receivables Trust** |
| 19650000 | Series 2025-1A-C | 5.07%<sup>(a)</sup> | 11/15/2030 | 19919028 |
|  | **GLS Auto Select Receivables Trust** | **GLS Auto Select Receivables Trust** | **GLS Auto Select Receivables Trust** | **GLS Auto Select Receivables Trust** |
| 2627035 | Series 2024-3A-A2 | 5.59%<sup>(a)</sup> | 10/15/2029 | 2660467 |
| 6784150 | Series 2024-4A-A2 | 4.43%<sup>(a)</sup> | 12/17/2029 | 6803844 |
|  | **GM Financial Leasing Trust** | **GM Financial Leasing Trust** | **GM Financial Leasing Trust** | **GM Financial Leasing Trust** |
| 6750000 | Series 2025-2-C | 5.04% | 10/22/2029 | 6829339 |
|  | **GreenSky LLC** | **GreenSky LLC** | **GreenSky LLC** | **GreenSky LLC** |
| 2436766 | Series 2024-2-A4 | 5.15%<sup>(a)</sup> | 10/27/2059 | 2467037 |
|  | **Hilton Grand Vacations, Inc.** | **Hilton Grand Vacations, Inc.** | **Hilton Grand Vacations, Inc.** | **Hilton Grand Vacations, Inc.** |
| 214624 | Series 2020-AA-A | 2.74%<sup>(a)</sup> | 02/25/2039 | 211227 |
|  | **Lendbuzz Securitization Trust** | **Lendbuzz Securitization Trust** | **Lendbuzz Securitization Trust** | **Lendbuzz Securitization Trust** |
| 3085069 | Series 2023-1A-A2 | 6.92%<sup>(a)</sup> | 08/15/2028 | 3128618 |
| 1418124 | Series 2023-2A-A2 | 7.09%<sup>(a)</sup> | 10/16/2028 | 1441564 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 4745001 | Series 2024-2A-A2 | 5.99%<sup>(a)</sup> | 05/15/2029 | 4776360 |
| 7951111 | Series 2025-1A-A2 | 5.10%<sup>(a)</sup> | 10/15/2030 | 7962891 |
|  | **Loanpal Solar Loan Ltd.** | **Loanpal Solar Loan Ltd.** | **Loanpal Solar Loan Ltd.** | **Loanpal Solar Loan Ltd.** |
| 6914621 | Series 2020-3GS-A | 2.47%<sup>(a)</sup> | 12/20/2047 | 5859916 |
|  | **Mariner Finance Issuance Trust** | **Mariner Finance Issuance Trust** | **Mariner Finance Issuance Trust** | **Mariner Finance Issuance Trust** |
| 1660000 | Series 2021-AA-B | 2.33%<sup>(a)</sup> | 03/20/2036 | 1602139 |
| 4150000 | Series 2024-BA-A | 4.91%<sup>(a)</sup> | 11/20/2038 | 4217169 |
| 13000000 | Series 2025-AA-A | 4.98%<sup>(a)</sup> | 05/20/2038 | 13154653 |
|  | **Marlette Funding Trust** | **Marlette Funding Trust** | **Marlette Funding Trust** | **Marlette Funding Trust** |
| 5124558 | Series 2025-1A-A | 4.75%<sup>(a)</sup> | 07/16/2035 | 5133635 |
| 4125000 | Series 2025-1A-B | 4.95%<sup>(a)</sup> | 07/16/2035 | 4145102 |
|  | **Navient Student Loan Trust** | **Navient Student Loan Trust** | **Navient Student Loan Trust** | **Navient Student Loan Trust** |
| 1720654 | Series 2020-FA-A | 1.22%<sup>(a)</sup> | 07/15/2069 | 1624531 |
| 980281 | Series 2020-GA-A | 1.17%<sup>(a)</sup> | 09/16/2069 | 920772 |
| 8225435 | Series 2022-A-A | 2.23%<sup>(a)</sup> | 07/15/2070 | 7517831 |
|  | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** |
| 44385 | Series 2021-HG1-A | 1.22%<sup>(a)</sup> | 01/16/2029 | 44316 |
| 629453 | Series 2024-11-B | 5.64%<sup>(a)</sup> | 07/15/2032 | 634154 |
| 7161605 | Series 2024-11-C | 5.87%<sup>(a)</sup> | 07/15/2032 | 7209126 |
| 1172726 | Series 2024-5-C | 7.27%<sup>(a)</sup> | 10/15/2031 | 1184794 |
| 7737693 | Series 2025-1-A2 | 5.16%<sup>(a)</sup> | 07/15/2032 | 7811065 |
| 6249344 | Series 2025-2-B | 5.33%<sup>(a)</sup> | 10/15/2032 | 6283279 |
| 7999160 | Series 2025-2-C | 5.64%<sup>(a)</sup> | 10/15/2032 | 8052260 |
| 10408562 | Series 2025-3-A1 | 5.03%<sup>(a)</sup> | 05/16/2032 | 10415912 |
| 5750000 | Series 2025-5-A2 | 5.11%<sup>(a)</sup> | 03/15/2033 | 5793134 |
|  | **Prosper Marketplace Issuance Trust** | **Prosper Marketplace Issuance Trust** | **Prosper Marketplace Issuance Trust** | **Prosper Marketplace Issuance Trust** |
| 66489 | Series 2024-1A-A | 6.12%<sup>(a)</sup> | 08/15/2029 | 66518 |
|  | **Reach Financial LLC** | **Reach Financial LLC** | **Reach Financial LLC** | **Reach Financial LLC** |
| 1791536 | Series 2025-2A-A | 4.93%<sup>(a)</sup> | 08/18/2032 | 1799139 |
|  | **Research-Driven Pagaya Motor Asset Trust** | **Research-Driven Pagaya Motor Asset Trust** | **Research-Driven Pagaya Motor Asset Trust** | **Research-Driven Pagaya Motor Asset Trust** |
| 19064614 | Series 2025-1A-A | 5.04%<sup>(a)</sup> | 06/27/2033 | 19172777 |
|  | **Santander Consumer USA Holdings, Inc.** | **Santander Consumer USA Holdings, Inc.** | **Santander Consumer USA Holdings, Inc.** | **Santander Consumer USA Holdings, Inc.** |
| 4250000 | Series 2024-5-C | 4.78% | 01/15/2031 | 4277709 |
|  | **SCCU Auto Receivables Trust** | **SCCU Auto Receivables Trust** | **SCCU Auto Receivables Trust** | **SCCU Auto Receivables Trust** |
| 3215217 | Series 2024-1A-A2 | 5.45%<sup>(a)</sup> | 12/15/2027 | 3220633 |
|  | **Sierra Timeshare Conduit Receivables Funding LLC** | **Sierra Timeshare Conduit Receivables Funding LLC** | **Sierra Timeshare Conduit Receivables Funding LLC** | **Sierra Timeshare Conduit Receivables Funding LLC** |
| 557767 | Series 2021-2A-C | 1.95%<sup>(a)</sup> | 09/20/2038 | 550318 |
|  | **Slam Ltd.** | **Slam Ltd.** | **Slam Ltd.** | **Slam Ltd.** |
| 9367394 | Series 2024-1A-A | 5.34%<sup>(a)</sup> | 09/15/2049 | 9488524 |
|  | **SLM Student Loan Trust** | **SLM Student Loan Trust** | **SLM Student Loan Trust** | **SLM Student Loan Trust** |
| 3622438 | Series 2006-A-A5 (3 mo. Term SOFR + 0.55%, 0.00% Floor) | 4.59% | 06/15/2039 | 3480120 |
| 2152822 | Series 2006-B-A5 (3 mo. Term SOFR + 0.53%, 0.00% Floor) | 4.57% | 12/15/2039 | 2102012 |
|  | **SOFI Alternative Trust** | **SOFI Alternative Trust** | **SOFI Alternative Trust** | **SOFI Alternative Trust** |
| 891970 | Series 2021-1-PT1 | 9.72%<sup>(a)(b)</sup> | 05/25/2030 | 879921 |
| 870989 | Series 2021-2-A | 1.25%<sup>(a)</sup> | 08/15/2030 | 866247 |
| 2594846 | Series 2021-3-A | 1.50%<sup>(a)</sup> | 11/15/2030 | 2572060 |
|  | **SoFi Consumer Loan Program Trust** | **SoFi Consumer Loan Program Trust** | **SoFi Consumer Loan Program Trust** | **SoFi Consumer Loan Program Trust** |
| 9472863 | Series 2025-1-A | 4.80%<sup>(a)</sup> | 02/27/2034 | 9522875 |
| 12000000 | Series 2025-2-B | 4.97%<sup>(a)</sup> | 06/25/2034 | 12136518 |
| 4275000 | Series 2025-3-A | 4.47%<sup>(a)</sup> | 08/15/2034 | 4284911 |
|  | **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** |
| 399691 | Series 2018-D-A2FX | 3.60%<sup>(a)</sup> | 02/25/2048 | 396889 |
| 2599802 | Series 2020-C-AFX | 1.95%<sup>(a)</sup> | 02/15/2046 | 2442414 |
|  | **TAL Advantage LLC** | **TAL Advantage LLC** | **TAL Advantage LLC** | **TAL Advantage LLC** |
| 2375000 | Series 2020-1A-A | 2.05%<sup>(a)</sup> | 09/20/2045 | 2259583 |
|  | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** |
| 17831640 | Series 2024-1A-A2 | 5.08%<sup>(a)</sup> | 06/21/2050 | 17974343 |
|  | **Textainer Ltd.** | **Textainer Ltd.** | **Textainer Ltd.** | **Textainer Ltd.** |
| 673333 | Series 2021-3A-A | 1.94%<sup>(a)</sup> | 08/20/2046 | 606172 |
|  | **Toyota Lease Owner Trust** | **Toyota Lease Owner Trust** | **Toyota Lease Owner Trust** | **Toyota Lease Owner Trust** |
| 17150000 | Series 2024-B-A4 | 4.25%<sup>(a)</sup> | 01/22/2029 | 17225333 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **71**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
|  | **UPCL** | **UPCL** | **UPCL** |
| 6628979 | Series 2023-1-A-A<br> 7.65%<sup>(c)</sup> | 04/22/2030 | 6707863 |
|  | **Upgrade Master Pass-Thru Trust** | **Upgrade Master Pass-Thru Trust** | **Upgrade Master Pass-Thru Trust** |
| 182389 | Series 2021-PT3-A<br> 17.04%<sup>(a)(b)</sup> | 07/15/2027 | 173859 |
| 10423717 | Series 2025-ST2-A<br> 6.11%<sup>(a)</sup> | 06/15/2032 | 10550871 |
| 7719000 | Series 2025-ST6-A<br> 4.61%<sup>(a)</sup> | 10/15/2032 | 7728045 |
|  | **Upgrade Receivables Trust** | **Upgrade Receivables Trust** | **Upgrade Receivables Trust** |
| 2531040 | Series 2024-1A-A<br> 5.37%<sup>(a)</sup> | 02/18/2031 | 2532978 |
|  | **Upstart Pass-Through Trust Series** | **Upstart Pass-Through Trust Series** | **Upstart Pass-Through Trust Series** |
| 58388 | Series 2021-ST5-A<br> 2.00%<sup>(a)</sup> | 07/20/2027 | 58288 |
|  | **Upstart Securitization Trust** | **Upstart Securitization Trust** | **Upstart Securitization Trust** |
| 1447262 | Series 2023-3-A<br> 6.90%<sup>(a)</sup> | 10/20/2033 | 1455307 |
| 5480872 | Series 2024-1-A<br> 5.33%<sup>(a)</sup> | 11/20/2034 | 5504272 |
| 10998622 | Series 2025-1-A<br> 5.45%<sup>(a)</sup> | 04/20/2035 | 11092744 |
| 7000000 | Series 2025-2-A2<br> 5.22%<sup>(a)</sup> | 06/20/2035 | 7041754 |
| 6250000 | Series 2025-3-A2<br> 4.60%<sup>(a)</sup> | 09/20/2035 | 6256839 |
|  | **Wendy's SPV Guarantor LLC** | **Wendy's SPV Guarantor LLC** | **Wendy's SPV Guarantor LLC** |
| 4634335 | Series 2018-1A-A2II<br> 3.88%<sup>(a)</sup> | 03/15/2048 | 4571936 |
|  | **Westgate Resorts LLC** | **Westgate Resorts LLC** | **Westgate Resorts LLC** |
| 1467552 | Series 2022-1A-C<br> 2.49%<sup>(a)</sup> | 08/20/2036 | 1449837 |
|  | **Total Asset Backed Obligations** <br>**(Cost $472,331,320)** |  | **474497325** |
|  **COLLATERALIZED LOAN OBLIGATIONS - 11.0%** | **COLLATERALIZED LOAN OBLIGATIONS - 11.0%** | **COLLATERALIZED LOAN OBLIGATIONS - 11.0%** | **COLLATERALIZED LOAN OBLIGATIONS - 11.0%** |
|  | **Allegro CLO Ltd.** | **Allegro CLO Ltd.** | **Allegro CLO Ltd.** |
| 7000000 | Series 2022-1A-A1R (3 mo. Term SOFR + 1.18%, 1.18% Floor)<br> 5.51%<sup>(a)</sup> | 04/20/2038 | 7013947 |
|  | **Bain Capital Credit CLO** | **Bain Capital Credit CLO** | **Bain Capital Credit CLO** |
| 20000000 | Series 2022-6A-A1R (3 mo. Term SOFR + 1.37%, 1.37% Floor)<br> 5.70%<sup>(a)</sup> | 01/22/2038 | 20080890 |
| 10000000 | Series 2024-6A-A1 (3 mo. Term SOFR + 1.33%, 1.33% Floor)<br> 5.66%<sup>(a)</sup> | 01/21/2038 | 10035182 |
|  | **Battalion CLO Ltd.** | **Battalion CLO Ltd.** | **Battalion CLO Ltd.** |
| 22000000 | Series 2021-20A-AR (3 mo. Term SOFR + 1.22%, 1.22% Floor)<br> 5.54%<sup>(a)</sup> | 04/15/2038 | 22032384 |
|  | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** |
| 15000000 | Series 2024-37A-A (3 mo. Term SOFR + 1.35%, 1.35% Floor)<br> 5.67%<sup>(a)</sup> | 01/25/2038 | 15053700 |
|  | **BlueMountain CLO Ltd.** | **BlueMountain CLO Ltd.** | **BlueMountain CLO Ltd.** |
| 22000000 | Series 2021-31A-A1 (3 mo. Term SOFR + 1.41%, 1.15% Floor)<br> 5.74%<sup>(a)</sup> | 04/19/2034 | 22044392 |
|  | **Bridge Street CLO Ltd.** | **Bridge Street CLO Ltd.** | **Bridge Street CLO Ltd.** |
| 24000000 | Series 2021-1A-A1A (3 mo. Term SOFR + 1.49%, 1.23% Floor)<br> 5.82%<sup>(a)</sup> | 07/20/2034 | 24051048 |
| 6000000 | Series 2025-1A-A1 (3 mo. Term SOFR + 1.22%, 1.22% Floor)<br> 5.55%<sup>(a)</sup> | 04/20/2038 | 6010432 |
|  | **Capital Four US CLO Ltd.** | **Capital Four US CLO Ltd.** | **Capital Four US CLO Ltd.** |
| 15000000 | Series 2021-1A-A (3 mo. Term SOFR + 1.47%, 1.21% Floor)<br> 5.80%<sup>(a)</sup> | 01/18/2035 | 15033570 |
|  | **Carlyle Global Market Strategies** | **Carlyle Global Market Strategies** | **Carlyle Global Market Strategies** |
| 15000000 | Series 2022-2A-A1R (3 mo. Term SOFR + 1.36%, 1.36% Floor)<br> 5.69%<sup>(a)</sup> | 01/20/2038 | 15061081 |
| 10000000 | Series 2023-3A-A1R (3 mo. Term SOFR + 1.23%, 1.23% Floor)<br> 0.00%<sup>(a)</sup> | 10/15/2038 | 10000000 |
|  | **CBAM Ltd.** | **CBAM Ltd.** | **CBAM Ltd.** |
| 10000000 | Series 2017-1A-AR2 (3 mo. Term SOFR + 1.39%, 1.39% Floor)<br> 5.72%<sup>(a)</sup> | 01/20/2038 | 10044540 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
| 10000000 | Series 2017-2A-AR (3 mo. Term SOFR + 1.45%, 1.19% Floor)<br> 5.77%<sup>(a)</sup> | 07/17/2034 | 10023651 |
|  | **Cedar Funding Ltd.** | **Cedar Funding Ltd.** | **Cedar Funding Ltd.** |
| 20000000 | Series 2018-9A-AR (3 mo. Term SOFR + 1.42%, 1.42% Floor)<br> 5.75%<sup>(a)</sup> | 07/20/2037 | 20071338 |
|  | **CIFC Funding Ltd.** | **CIFC Funding Ltd.** | **CIFC Funding Ltd.** |
| 10000000 | Series 2021-5A-A1R (3 mo. Term SOFR + 1.26%, 1.26% Floor)<br> 5.58%<sup>(a)</sup> | 01/15/2038 | 10034475 |
|  | **Clover CLO** | **Clover CLO** | **Clover CLO** |
| 20000000 | Series 2018-1A-A1RR (3 mo. Term SOFR + 1.53%, 1.53% Floor)<br> 5.86%<sup>(a)</sup> | 04/20/2037 | 20090420 |
|  | **Crown City CLO** | **Crown City CLO** | **Crown City CLO** |
| 18000000 | Series 2021-1A-A1A (3 mo. Term SOFR + 1.43%, 1.17% Floor)<br> 5.76%<sup>(a)</sup> | 07/20/2034 | 18035159 |
|  | **Eldridge CLO Ltd.** | **Eldridge CLO Ltd.** | **Eldridge CLO Ltd.** |
| 15000000 | Series 2025-1A-A1 (3 mo. Term SOFR + 1.33%, 1.33% Floor)<br> 0.00%<sup>(a)</sup> | 10/20/2038 | 15000000 |
|  | **Generate CLO Ltd.** | **Generate CLO Ltd.** | **Generate CLO Ltd.** |
| 46500000 | Series 9A-AR (3 mo. Term SOFR + 1.35%, 1.35% Floor)<br> 5.68%<sup>(a)</sup> | 01/20/2038 | 46659667 |
|  | **Greenacre Park CLO LLC** | **Greenacre Park CLO LLC** | **Greenacre Park CLO LLC** |
| 5240000 | Series 2021-2A-AR (3 mo. Term SOFR + 1.37%, 1.37% Floor)<br> 5.67%<sup>(a)</sup> | 07/20/2037 | 5263580 |
|  | **Halsey Point CLO Ltd.** | **Halsey Point CLO Ltd.** | **Halsey Point CLO Ltd.** |
| 52000000 | Series 2021-5A-A1A (3 mo. Term SOFR + 1.47%, 1.21% Floor)<br> 5.78%<sup>(a)</sup> | 01/30/2035 | 52114660 |
|  | **Jackson Financial, Inc.** | **Jackson Financial, Inc.** | **Jackson Financial, Inc.** |
| 20000000 | Series 2021-5A-A (3 mo. Term SOFR + 1.46%, 1.20% Floor)<br> 5.79%<sup>(a)</sup> | 10/18/2034 | 20037720 |
|  | **Katayma CLO Ltd.** | **Katayma CLO Ltd.** | **Katayma CLO Ltd.** |
| 22500000 | Series 2024-2A-A1 (3 mo. Term SOFR + 1.65%, 1.65% Floor)<br> 5.98%<sup>(a)</sup> | 04/20/2037 | 22585300 |
|  | **MP CLO Ltd.** | **MP CLO Ltd.** | **MP CLO Ltd.** |
| 15000000 | Series 2015-2A-ARR (3 mo. Term SOFR + 1.46%, 1.20% Floor)<br> 5.78%<sup>(a)</sup> | 04/28/2034 | 15034780 |
|  | **Ocean Trails CLO** | **Ocean Trails CLO** | **Ocean Trails CLO** |
| 7305738 | Series 2014-5A-ARR (3 mo. Term SOFR + 1.54%, 1.28% Floor)<br> 5.86%<sup>(a)</sup> | 10/13/2031 | 7319992 |
|  | **OCP CLO Ltd.** | **OCP CLO Ltd.** | **OCP CLO Ltd.** |
| 3000000 | Series 2020-20A-A1R (3 mo. Term SOFR + 1.53%, 1.53% Floor)<br> 5.86%<sup>(a)</sup> | 04/18/2037 | 3015069 |
| 28000000 | Series 2024-32A-A1 (3 mo. Term SOFR + 1.52%, 1.52% Floor)<br> 5.84%<sup>(a)</sup> | 04/23/2037 | 28154000 |
|  | **Octagon Credit Investors LLC** | **Octagon Credit Investors LLC** | **Octagon Credit Investors LLC** |
| 10000000 | Series 2025-1A-A1 (3 mo. Term SOFR + 1.20%, 1.20% Floor)<br> 5.53%<sup>(a)</sup> | 01/22/2038 | 10014846 |
|  | **OHA Credit Funding** | **OHA Credit Funding** | **OHA Credit Funding** |
| 9000000 | Series 2020-7A-A1R2 (3 mo. Term SOFR + 1.28%, 1.28% Floor)<br> 5.54%<sup>(a)</sup> | 07/19/2038 | 9027000 |
|  | **Regatta Funding Ltd.** | **Regatta Funding Ltd.** | **Regatta Funding Ltd.** |
| 11000000 | Series 2024-1A-A1 (3 mo. Term SOFR + 1.53%, 1.53% Floor)<br> 5.84%<sup>(a)</sup> | 04/26/2037 | 11057409 |

---

---

| | | |
|:---|:---|:---|
| **72**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Low Duration Bond Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Romark LLC** | **Romark LLC** | **Romark LLC** | **Romark LLC** |
| 6012372 | Series 2018-1A-A1 (3 mo. Term SOFR + 1.29%, 0.00% Floor) | 5.62%<sup>(a)</sup> | 04/20/2031 | 6023769 |
|  | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
| 7854805 | Series 2014-2RA-A (3 mo. Term SOFR + 1.51%, 1.25% Floor) | 5.84%<sup>(a)</sup> | 10/20/2031 | 7871636 |
| 25000000 | Series 2020-1A-AR (3 mo. Term SOFR + 1.43%, 1.43% Floor) | 5.76%<sup>(a)</sup> | 07/20/2034 | 25049645 |
|  | **Steele Creek CLO Ltd.** | **Steele Creek CLO Ltd.** | **Steele Creek CLO Ltd.** | **Steele Creek CLO Ltd.** |
| 26336953 | Series 2019-2A-ARR (3 mo. Term SOFR + 1.00%, 1.00% Floor) | 5.32%<sup>(a)</sup> | 07/15/2032 | 26350196 |
|  | **Storm King Park CLO Ltd.** | **Storm King Park CLO Ltd.** | **Storm King Park CLO Ltd.** | **Storm King Park CLO Ltd.** |
| 9000000 | Series 2022-1A-AR (3 mo. Term SOFR + 1.36%, 1.36% Floor) | 5.68%<sup>(a)</sup> | 10/15/2037 | 9033016 |
|  | **Texas Debt Capital CLO Ltd.** | **Texas Debt Capital CLO Ltd.** | **Texas Debt Capital CLO Ltd.** | **Texas Debt Capital CLO Ltd.** |
| 10500000 | Series 2023-1A-A1R (3 mo. Term SOFR + 1.30%, 1.30% Floor) | 5.62%<sup>(a)</sup> | 07/20/2038 | 10537067 |
|  | **Tralee CLO Ltd.** | **Tralee CLO Ltd.** | **Tralee CLO Ltd.** | **Tralee CLO Ltd.** |
| 2598196 | Series 2019-6A-A1RR (3 mo. Term SOFR + 1.22%, 1.22% Floor) | 5.54%<sup>(a)</sup> | 10/25/2032 | 2602178 |
|  | **TRESTLES CLO LLC** | **TRESTLES CLO LLC** | **TRESTLES CLO LLC** | **TRESTLES CLO LLC** |
| 20000000 | Series 2021-4A-A (3 mo. Term SOFR + 1.43%, 1.17% Floor) | 5.76%<sup>(a)</sup> | 07/21/2034 | 20043320 |
|  | **Trestles LLC** | **Trestles LLC** | **Trestles LLC** | **Trestles LLC** |
| 10000000 | Series 2023-6A-A1R (3 mo. Term SOFR + 1.18%, 1.18% Floor) | 5.50%<sup>(a)</sup> | 04/25/2038 | 10019867 |
|  | **Trimaran CAVU LLC** | **Trimaran CAVU LLC** | **Trimaran CAVU LLC** | **Trimaran CAVU LLC** |
| 10000000 | Series 2021-3A-A (3 mo. Term SOFR + 1.47%, 1.21% Floor) | 5.80%<sup>(a)</sup> | 01/18/2035 | 10019710 |
|  | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** |
| 10000000 | Series 2021-13A-A1R (3 mo. Term SOFR + 1.40%, 1.40% Floor) | 5.72%<sup>(a)</sup> | 01/15/2038 | 10047154 |
| 20000000 | Series 2024-4RA-A1A (3 mo. Term SOFR + 1.43%, 1.43% Floor) | 5.76%<sup>(a)</sup> | 10/20/2037 | 20087684 |
|  | **Warwick Capital CLO Ltd.** | **Warwick Capital CLO Ltd.** | **Warwick Capital CLO Ltd.** | **Warwick Capital CLO Ltd.** |
| 10000000 | Series 2024-4A-A1 (3 mo. Term SOFR + 1.40%, 1.40% Floor) | 5.73%<sup>(a)</sup> | 07/20/2037 | 10043304 |
|  | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** |
| 7077084 | Series 2020-1A-A1AR (3 mo. Term SOFR + 1.20%, 1.20% Floor) | 5.52%<sup>(a)</sup> | 04/15/2033 | 7077437 |
| 5000000 | Series 2022-1A-A1RN (3 mo. Term SOFR + 1.42%, 1.42% Floor) | 5.74%<sup>(a)</sup> | 07/15/2037 | 5018179 |
|  | **Wellington Management Clo 3 Ltd.** | **Wellington Management Clo 3 Ltd.** | **Wellington Management Clo 3 Ltd.** | **Wellington Management Clo 3 Ltd.** |
| 4000000 | Series 2025-4A-A (3 mo. Term SOFR + 1.15%, 1.15% Floor) | 5.43%<sup>(a)</sup> | 04/18/2038 | 4005052 |
|  | **Wind River CLO Ltd.** | **Wind River CLO Ltd.** | **Wind River CLO Ltd.** | **Wind River CLO Ltd.** |
| 14500000 | Series 2021-4A-AR (3 mo. Term SOFR + 1.23%, 1.23% Floor) | 5.56%<sup>(a)</sup> | 01/20/2035 | 14541063 |
|  | **Total Collateralized Loan Obligations** <br>**(Cost $696,593,926)** | **Total Collateralized Loan Obligations** <br>**(Cost $696,593,926)** |  | **698370509** |
|  **FOREIGN CORPORATE BONDS - 6.6%** | **FOREIGN CORPORATE BONDS - 6.6%** | **FOREIGN CORPORATE BONDS - 6.6%** | **FOREIGN CORPORATE BONDS - 6.6%** | **FOREIGN CORPORATE BONDS - 6.6%** |
| 1683000 | Adani International Container Terminal Pvt Ltd. | 3.00% | 02/16/2031 | 1549689 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 5400000 | Adani Ports & Special Economic Zone Ltd. | 4.00% | 07/30/2027 | 5309584 |
| 4300000 | &nbsp;&nbsp;&nbsp; Adani Transmission <br>Step-One Ltd. | 4.00% | 08/03/2026 | 4263062 |
| 5781000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 6.45% | 04/15/2027 | 5964894 |
| 2487000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 5.75% | 06/06/2028 | 2577482 |
| 1465000 | Aker BP ASA | 5.60%<sup>(a)</sup> | 06/13/2028 | 1511545 |
| 5362477 | AL Candelaria Spain SA | 7.50% | 12/15/2028 | 5456347 |
| 4100000 | AngloGold Ashanti Holdings PLC | 3.38% | 11/01/2028 | 3968318 |
| 3300000 | Antofagasta PLC | 2.38% | 10/14/2030 | 2993397 |
| 4584000 | Ashtead Capital, Inc. | 4.25%<sup>(a)</sup> | 11/01/2029 | 4522883 |
| 4182000 | Avolon Holdings Funding Ltd. | 6.38%<sup>(a)</sup> | 05/04/2028 | 4363515 |
| 4750000 | Avolon Holdings Funding Ltd. | 5.38%<sup>(a)</sup> | 05/30/2030 | 4874446 |
| 9131000 | BAE Systems PLC | 3.40%<sup>(a)</sup> | 04/15/2030 | 8804017 |
| 2850000 | Banco Continental SAECA | 2.75%<sup>(a)</sup> | 12/10/2025 | 2841022 |
| 6350000 | Banco Continental SAECA | 2.75% | 12/10/2025 | 6329996 |
| 8300000 | Banco de Bogota SA | 6.25% | 05/12/2026 | 8407053 |
| 1800000 | Banco de Credito del Peru SA (5 yr. CMT Rate + 2.45%) | 3.25% | 09/30/2031 | 1771348 |
| 7900000 | Banco de Credito del Peru SA (5 yr. CMT Rate + 2.45%) | 3.25%<sup>(a)</sup> | 09/30/2031 | 7774248 |
| 6250000 | Banco Industrial SA/Guatemala (5 yr. CMT Rate + 4.44%) | 4.88% | 01/29/2031 | 6240625 |
| 5650000 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (5 yr. CMT Rate + 3.00%) | 7.53% | 10/01/2028 | 6079473 |
| 1890000 | Bank of Ireland Group PLC (SOFR + 1.62%) | 5.60%<sup>(a)</sup> | 03/20/2030 | 1960789 |
| 5938000 | Bank of Montreal (SOFR + 1.25%) | 4.64% | 09/10/2030 | 6022432 |
| 7411000 | Banque Federative du Credit Mutuel SA | 4.59%<sup>(a)</sup> | 10/16/2028 | 7481298 |
| 257000 | BAT Capital Corp. | 4.91% | 04/02/2030 | 262083 |
| 3569000 | BAT International Finance PLC | 1.67% | 03/25/2026 | 3526337 |
| 4189000 | BAT International Finance PLC | 5.93% | 02/02/2029 | 4401421 |
| 9400000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX (5 yr. CMT Rate + 4.31%) | 5.88% | 09/13/2034 | 9426423 |
| 5828000 | BPCE SA (SOFR + 1.68%) | 5.88%<sup>(a)</sup> | 01/14/2031 | 6088454 |
| 3200000 | BRF GmbH | 4.35% | 09/29/2026 | 3177510 |
| 5322000 | CaixaBank SA (SOFR + 2.70%) | 6.21%<sup>(a)</sup> | 01/18/2029 | 5536204 |
| 4333000 | Canadian Imperial Bank of Commerce (SOFR + 1.11%) | 5.25% | 01/13/2031 | 4476036 |
| 10279000 | Canadian Pacific Railway Co. | 4.80% | 03/30/2030 | 10530548 |
| 5300000 | Cemex SAB de CV (5 yr. CMT Rate + 4.53%) | 5.13%<sup>(d)</sup> | 06/08/2026 | 5281792 |
| 4500000 | Cemex SAB de CV | 5.45% | 11/19/2029 | 4555926 |
| 4400000 | Cencosud SA | 4.38% | 07/17/2027 | 4408153 |
| 10730790 | Chile Electricity PEC SpA | 0.00%<sup>(a)</sup> | 01/25/2028 | 9697951 |
| 833800 | Cometa Energia SAB de CV | 6.38% | 04/24/2035 | 872091 |
| 7500000 | Cosan Luxembourg SA | 5.50% | 09/20/2029 | 7408052 |
| 5836000 | Credit Agricole SA (SOFR + 1.13%) | 5.23%<sup>(a)</sup> | 01/09/2029 | 5949110 |
| 3910000 | Daimler Truck Finance North America LLC | 4.30%<sup>(a)</sup> | 08/12/2027 | 3920841 |
| 9700000 | DBS Group Holdings Ltd. (5 yr. CMT Rate + 1.10%) | 1.82% | 03/10/2031 | 9588635 |
| 1715000 | Diageo Investment Corp. | 5.13% | 08/15/2030 | 1777695 |
| 597011 | Digicel Group Holdings Ltd. | 0.00%<sup>(a)(c)</sup> | 12/31/2030 | 27040 |
| 191724 | Digicel Group Holdings Ltd. | 0.00%<sup>(a)(c)</sup> | 12/31/2030 | 1237 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **73**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 5889000 | Element Fleet Management Corp. | 6.32%<sup>(a)</sup> | 12/04/2028 | 6239696 |
| 4876000 | Element Fleet Management Corp. | 5.04%<sup>(a)</sup> | 03/25/2030 | 4976295 |
| 1320500 | Empresa Electrica Angamos SA | 4.88% | 05/25/2029 | 1202295 |
| 1722165 | Empresa Electrica Cochrane SpA | 5.50% | 05/14/2027 | 1706579 |
| 2306000 | Enbridge, Inc. | 6.00% | 11/15/2028 | 2426726 |
| 4643000 | Enel Finance International NV | 5.13%<sup>(a)</sup> | 06/26/2029 | 4757868 |
| 4508000 | Enel Finance International NV | 4.38%<sup>(a)</sup> | 09/30/2030 | 4478851 |
| 7658823 | Fenix Power Peru SA | 4.32% | 09/20/2027 | 7610040 |
| 5700000 | Freeport Indonesia PT | 4.76% | 04/14/2027 | 5740356 |
| 1350000 | Freeport Indonesia PT | 4.76%<sup>(a)</sup> | 04/14/2027 | 1359558 |
| 4550000 | Freeport-McMoRan, Inc. | 5.00% | 09/01/2027 | 4550819 |
| 638620 | Galaxy Pipeline Assets Bidco Ltd. | 1.75% | 09/30/2027 | 623390 |
| 978866 | Galaxy Pipeline Assets Bidco Ltd. | 2.16% | 03/31/2034 | 891063 |
| 6534233 | GNL Quintero SA | 4.63% | 07/31/2029 | 6548491 |
| 2200000 | Gold Fields Orogen Holdings BVI Ltd. | 6.13% | 05/15/2029 | 2307409 |
| 918000 | Grupo de Inversiones Suramericana SA | 5.50% | 04/29/2026 | 920451 |
| 6684123 | Guara Norte Sarl | 5.20% | 06/15/2034 | 6552131 |
| 300000 | HSBC Holdings PLC (SOFR + 3.03%) | 7.34% | 11/03/2026 | 300718 |
| 320000 | HSBC Holdings PLC (SOFR + 1.04%) | 5.34% | 11/19/2028 | 321579 |
| 5576000 | Imperial Brands Finance PLC | 4.50%<sup>(a)</sup> | 06/30/2028 | 5613386 |
| 2900000 | InRetail Consumer | 3.25% | 03/22/2028 | 2822407 |
| 6617000 | InRetail Shopping Malls | 5.75% | 04/03/2028 | 6644341 |
| 2668000 | Intercorp Financial Services, Inc. | 4.13% | 10/19/2027 | 2655322 |
| 121178 | Interoceanica IV Finance Ltd. Series 2007 | 0.00%<sup>(c)</sup> | 11/30/2025 | 119361 |
| 3600000 | Ita**ú** Unibanco Holding SA/Cayman Island (5 yr. CMT Rate + 3.45%)  | 3.88% | 04/15/2031 | 3567957 |
| 3940500 | JSW Hydro Energy Ltd. | 4.13% | 05/18/2031 | 3735949 |
| 3200000 | JSW Infrastructure Ltd. | 4.95% | 01/21/2029 | 3215879 |
| 1480170 | Lima Metro Line 2 Finance Ltd. | 4.35% | 04/05/2036 | 1433522 |
| 6700478 | Mexico Generadora de Energia S de RL | 5.50% | 12/06/2032 | 6847339 |
| 5130000 | Millicom International Cellular SA | 5.13% | 01/15/2028 | 5116520 |
| 2391300 | Millicom International Cellular SA | 6.25% | 03/25/2029 | 2415118 |
| 4300000 | Minerva Luxembourg SA | 5.88% | 01/19/2028 | 4305418 |
| 1185801 | Mong Duong Finance Holdings BV | 5.13% | 05/07/2029 | 1174303 |
| 6005024 | MV24 Capital BV | 6.75% | 06/01/2034 | 5965739 |
| 460000 | Nationwide Building Society (SOFR + 1.91%) | 6.56%<sup>(a)</sup> | 10/18/2027 | 470538 |
| 6200000 | NatWest Group PLC (1 yr. CMT Rate + 1.22%) | 4.96% | 08/15/2030 | 6316610 |
| 2600000 | NBM US Holdings, Inc. | 7.00% | 05/14/2026 | 2597861 |
| 2300000 | NBM US Holdings, Inc. | 6.63% | 08/06/2029 | 2333264 |
| 547000 | Nexa Resources SA | 6.50% | 01/18/2028 | 562335 |
| 4849000 | Nutrien Ltd. | 4.90% | 03/27/2028 | 4935885 |
| 3296000 | NXP BV / NXP Funding LLC / NXP USA, Inc. | 4.30% | 08/19/2028 | 3301472 |
| 6100000 | Oversea-Chinese Banking Corp. Ltd. (5 yr. CMT Rate + 1.58%) | 4.60% | 06/15/2032 | 6123849 |
| 3904002 | Prumo Participacoes e Investimentos S/A | 7.50% | 12/31/2031 | 3986466 |
| 2150000 | Raizen Fuels Finance SA | 5.30% | 01/20/2027 | 2143112 |
| 1907000 | Reliance Industries Ltd. | 3.67% | 11/30/2027 | 1886474 |
| 6170000 | Rio Tinto Finance USA PLC | 4.88% | 03/14/2030 | 6324342 |
| 2606000 | Royal Bank of Canada (SOFR + 0.53%) | 4.86% | 01/20/2026 | 2608977 |
| 9508000 | Royal Bank of Canada (SOFR + 0.86%) | 5.19% | 10/18/2028 | 9540201 |
| 11877000 | SK Hynix, Inc. | 4.25%<sup>(a)</sup> | 09/11/2028 | 11875131 |
| 1814000 | Telefonica Celular del Paraguay SA | 5.88% | 04/15/2027 | 1808540 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1570000 | UBS Group AG (1 yr. CMT Rate + 1.60%) | 6.33%<sup>(a)</sup> | 12/22/2027 | 1609584 |
| 3950000 | Ultrapar International SA | 5.25% | 10/06/2026 | 3943045 |
| 200000 | Ultrapar International SA | 5.25% | 06/06/2029 | 200672 |
| 7600000 | United Overseas Bank Ltd. (5 yr. CMT Rate + 1.52%) | 1.75% | 03/16/2031 | 7508682 |
| 1800000 | United Overseas Bank Ltd. (5 yr. CMT Rate + 1.23%) | 2.00% | 10/14/2031 | 1756133 |
| 5100000 | Wipro IT Services LLC | 1.50% | 06/23/2026 | 4997166 |
|  | **Total Foreign Corporate Bonds** <br>**(Cost $410,516,205)** | **Total Foreign Corporate Bonds** <br>**(Cost $410,516,205)** |  | **417958217** |
|  **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 2.0%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 2.0%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 2.0%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 2.0%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 2.0%** |
| 450000 | Banco Nacional de Comercio Exterior SNC/Cayman Islands | 5.88%<sup>(a)</sup> | 05/07/2030 | 467194 |
| 5486000 | Banco Nacional de Comercio Exterior SNC/Cayman Islands (5 yr. CMT Rate + 2.00%) | 2.72% | 08/11/2031 | 5366954 |
| 7576000 | Bank Negara Indonesia Persero Tbk PT | 3.75% | 03/30/2026 | 7524224 |
| 8563956 | Bioceanico Sovereign Certificate Ltd. | 0.00% | 06/05/2034 | 7024585 |
| 4000000 | BPRL International Singapore Pte Ltd. | 4.38% | 01/18/2027 | 3999290 |
| 2500000 | Brazilian Government International Bond | 4.50% | 05/30/2029 | 2486000 |
| 2242870 | Chile Electricity Lux MPC Sarl | 6.01% | 01/20/2033 | 2359557 |
| 3900000 | Comision Federal de Electricidad | 4.69% | 05/15/2029 | 3845500 |
| 4900000 | Comision Federal de Electricidad | 5.70%<sup>(a)</sup> | 01/24/2030 | 4977175 |
| 3000000 | Corp. Nacional del Cobre de Chile | 3.00% | 09/30/2029 | 2842772 |
| 1900000 | Dominican Republic International Bond | 5.95% | 01/25/2027 | 1936575 |
| 7300000 | Dominican Republic International Bond | 5.50% | 02/22/2029 | 7466075 |
| 6000000 | Guatemala Government Bond | 4.50% | 05/03/2026 | 5985000 |
| 3200000 | Guatemala Government Bond | 5.25% | 08/10/2029 | 3234400 |
| 4751805 | Lima Metro Line 2 Finance Ltd. | 5.88% | 07/05/2034 | 4908382 |
| 3300000 | Mexico Government International Bond | 5.00% | 05/07/2029 | 3365472 |
| 3300000 | Morocco Government International Bond | 2.38% | 12/15/2027 | 3165623 |
| 2800000 | OCP SA | 6.10% | 04/30/2030 | 2936606 |
| 1000000 | Oleoducto Central SA | 4.00% | 07/14/2027 | 983970 |
| 6600000 | ONGC Videsh Vankorneft Pte Ltd. | 3.75% | 07/27/2026 | 6567038 |
| 1136000 | Paraguay Government International Bond | 5.00% | 04/15/2026 | 1140851 |
| 4358000 | Paraguay Government International Bond | 4.70% | 03/27/2027 | 4401275 |
| 2100000 | Paraguay Government International Bond | 4.95% | 04/28/2031 | 2127342 |
| 9600000 | Pertamina Persero PT | 1.40% | 02/09/2026 | 9489452 |
| 7600000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 4.13% | 05/15/2027 | 7578027 |
| 3000000 | Peruvian Government International Bond | 2.84% | 06/20/2030 | 2818500 |
| 1800000 | Petrobras Global Finance BV | 7.38% | 01/17/2027 | 1866096 |
| 5500000 | Petrobras Global Finance BV | 6.00% | 01/27/2028 | 5612399 |
| 400000 | Petrobras Global Finance BV | 5.13% | 09/10/2030 | 395836 |
| 6900000 | TNB Global Ventures Capital Bhd | 3.24% | 10/19/2026 | 6823930 |
|  | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $121,182,936)** | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $121,182,936)** |  | **123696100** |

---

---

| | | |
|:---|:---|:---|
| **74**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Low Duration Bond Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 13.7%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 13.7%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 13.7%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 13.7%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 13.7%** |
|  | **1211 Avenue of the Americas Trust** | **1211 Avenue of the Americas Trust** | **1211 Avenue of the Americas Trust** | **1211 Avenue of the Americas Trust** |
| 1360000 | Series 2015-1211-A1A2 | 3.90%<sup>(a)</sup> | 08/10/2035 | 1313675 |
|  | **280 Park Avenue Mortgage Trust** | **280 Park Avenue Mortgage Trust** | **280 Park Avenue Mortgage Trust** | **280 Park Avenue Mortgage Trust** |
| 9530000 | Series 2017-280P-A (1 mo. Term SOFR + 1.18%, 1.13% Floor) | 5.40%<sup>(a)</sup> | 09/15/2034 | 9462848 |
|  | **ACREC Trust** | **ACREC Trust** | **ACREC Trust** | **ACREC Trust** |
| 5419591 | Series 2021-FL1-A (1 mo. Term SOFR + 1.26%, 1.15% Floor) | 5.40%<sup>(a)</sup> | 10/16/2036 | 5438608 |
| 9630000 | Series 2025-FL3-A (1 mo. Term SOFR + 1.31%, 1.31% Floor) | 5.45%<sup>(a)</sup> | 08/18/2042 | 9663657 |
|  | **ACRES Commercial Realty Ltd.** | **ACRES Commercial Realty Ltd.** | **ACRES Commercial Realty Ltd.** | **ACRES Commercial Realty Ltd.** |
| 11260000 | Series 2025-FL3-A (1 mo. Term SOFR + 1.62%, 1.62% Floor) | 5.75%<sup>(a)</sup> | 08/18/2040 | 11330364 |
|  | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** |
| 14340000 | Series 2021-MF2-A2 | 2.02%<sup>(a)</sup> | 06/15/2054 | 14057965 |
| 63640 | Series 2021-MF3-A1 | 1.07%<sup>(a)</sup> | 10/15/2054 | 62540 |
|  | **Arbor Realty Trust, Inc.** | **Arbor Realty Trust, Inc.** | **Arbor Realty Trust, Inc.** | **Arbor Realty Trust, Inc.** |
| 10897357 | Series 2021-FL4-A (1 mo. Term SOFR + 1.46%, 1.46% Floor) | 5.61%<sup>(a)</sup> | 11/15/2036 | 10935618 |
| 8903976 | Series 2022-FL1-A (30 day avg SOFR US + 1.45%, 1.45% Floor) | 5.82%<sup>(a)</sup> | 01/15/2037 | 8917626 |
| 13000000 | Series 2025-FL1-A (1 mo. Term SOFR + 1.35%, 1.35% Floor) | 5.49%<sup>(a)</sup> | 01/20/2043 | 13039572 |
|  | **AREIT Trust** | **AREIT Trust** | **AREIT Trust** | **AREIT Trust** |
| 4368536 | Series 2022-CRE6-A (30 day avg SOFR US + 1.25%, 1.25% Floor) | 5.64%<sup>(a)</sup> | 01/20/2037 | 4386067 |
| 14630000 | Series 2025-CRE10-A (1 mo. Term SOFR + 1.39%, 1.39% Floor) | 5.53%<sup>(a)</sup> | 12/17/2029 | 14707612 |
|  | **Banc of America Merrill Lynch Commercial Mortgage, Inc.** | **Banc of America Merrill Lynch Commercial Mortgage, Inc.** | **Banc of America Merrill Lynch Commercial Mortgage, Inc.** | **Banc of America Merrill Lynch Commercial Mortgage, Inc.** |
| 28437360 | Series 2016-UB10-XA | 1.87%<sup>(b)(e)</sup> | 07/15/2049 | 32692 |
|  | **BANK** | **BANK** | **BANK** | **BANK** |
| 64738503 | Series 2017-BNK5-XA | 1.08%<sup>(b)(e)</sup> | 06/15/2060 | 868273 |
| 77167236 | Series 2017-BNK6-XA | 0.90%<sup>(b)(e)</sup> | 07/15/2060 | 785894 |
| 20853543 | Series 2019-BN20-XA | 0.92%<sup>(b)(e)</sup> | 09/15/2062 | 570784 |
| 183468194 | Series 2020-BN26-XA | 1.31%<sup>(b)(e)</sup> | 03/15/2063 | 7227344 |
| 3021000 | Series 2021-BN34-ASB | 2.19% | 06/15/2063 | 2846378 |
| 1392104 | Series 2024-BNK48-A1 | 4.33% | 10/15/2057 | 1391222 |
|  | **BANK5 Trust** | **BANK5 Trust** | **BANK5 Trust** | **BANK5 Trust** |
| 2742714 | Series 2023-5YR2-A1 | 6.20% | 07/15/2056 | 2799920 |
| 5222247 | Series 2023-5YR4-A3 | 6.50% | 12/15/2056 | 5511770 |
| 4871806 | Series 2024-5YR5-A3 | 5.70% | 02/15/2029 | 5056821 |
| 2650334 | Series 2024-5YR8-A1 | 5.19% | 08/15/2057 | 2695065 |
| 5000000 | Series 2024-5YR8-A3 | 5.88% | 08/15/2057 | 5251141 |
| 2778908 | Series 2025-5YR14-A1 | 4.82% | 04/15/2058 | 2800796 |
|  | **BBCMS Trust** | **BBCMS Trust** | **BBCMS Trust** | **BBCMS Trust** |
| 70661096 | Series 2017-C1-XA | 1.61%<sup>(b)(e)</sup> | 02/15/2050 | 902455 |
| 111629898 | Series 2020-C6-XA | 1.13%<sup>(b)(e)</sup> | 02/15/2053 | 3968599 |
| 59000000 | Series 2020-C6-XB | 0.76%<sup>(b)(e)</sup> | 02/15/2053 | 1629480 |
| 231788 | Series 2023-C19-A1 | 5.70% | 04/15/2056 | 234166 |
| 559175 | Series 2024-5C31-A1 | 4.88% | 12/15/2057 | 564697 |
| 2418399 | Series 2025-5C33-A1 | 4.97% | 03/15/2058 | 2452003 |
|  | **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** |
| 14000000 | Series 2024-FL13-A (1 mo. Term SOFR + 1.58%, 1.58% Floor) | 5.71%<sup>(a)</sup> | 09/19/2039 | 14080878 |
| 13400000 | Series 2025-FL15-A (1 mo. Term SOFR + 1.40%, 1.40% Floor) | 5.53%<sup>(a)</sup> | 03/19/2043 | 13450438 |
|  | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** |
| 80945028 | Series 2018-B1-XA | 0.67%<sup>(b)(e)</sup> | 01/15/2051 | 765489 |
| 168967465 | Series 2020-B16-XA | 0.91%<sup>(b)(e)</sup> | 02/15/2053 | 5098779 |
| 2741000 | Series 2020-B22-A2 | 1.16% | 01/15/2054 | 2688782 |
| 35720000 | Series 2020-IG1-XB | 0.24%<sup>(b)(e)</sup> | 09/15/2043 | 218213 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 101068 | Series 2022-B32-A1 | 1.81% | 01/15/2055 | 99249 |
| 1486110 | Series 2023-B39-A1 | 6.04% | 07/15/2056 | 1509345 |
| 740211 | Series 2023-V2-A1 | 5.85% | 05/15/2055 | 744835 |
| 13806000 | Series 2024-V5-A3 | 5.81% | 01/10/2057 | 14392943 |
| 918276 | Series 2024-V8-A1 | 5.51% | 07/15/2057 | 935820 |
|  | **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** |
| 12121476 | Series 2021-FL4-A (1 mo. Term SOFR + 1.16%, 1.05% Floor) | 5.31%<sup>(a)</sup> | 05/15/2038 | 12104203 |
|  | **BMO Mortgage Trust** | **BMO Mortgage Trust** | **BMO Mortgage Trust** | **BMO Mortgage Trust** |
| 1138529 | Series 2023-C4-A1 | 5.29% | 02/15/2056 | 1144363 |
| 1589913 | Series 2023-C5-A1 | 5.74% | 06/15/2056 | 1611280 |
| 780510 | Series 2024-5C4-A1 | 6.02% | 05/15/2057 | 801076 |
| 830181 | Series 2024-5C6-A1 | 4.59% | 09/15/2057 | 832912 |
| 2769573 | Series 2025-C11-A1 | 4.97% | 02/15/2058 | 2813493 |
|  | **BPR Trust** | **BPR Trust** | **BPR Trust** | **BPR Trust** |
| 9000000 | Series 2021-TY-A (1 mo. Term SOFR + 1.16%, 1.05% Floor) | 5.32%<sup>(a)</sup> | 09/15/2038 | 8996945 |
|  | **BrightSpire Capital, Inc.** | **BrightSpire Capital, Inc.** | **BrightSpire Capital, Inc.** | **BrightSpire Capital, Inc.** |
| 7273691 | Series 2021-FL1-A (1 mo. Term SOFR + 1.26%, 1.15% Floor) | 5.40%<sup>(a)</sup> | 08/19/2038 | 7266170 |
| 6000000 | Series 2021-FL1-AS (1 mo. Term SOFR + 1.71%, 1.60% Floor) | 5.85%<sup>(a)</sup> | 08/19/2038 | 5982348 |
| 11380000 | Series 2024-FL2-A (1 mo. Term SOFR + 1.95%, 1.95% Floor) | 6.08%<sup>(a)</sup> | 08/19/2037 | 11421014 |
|  | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** |
| 10243623 | Series 2023-FL10-A (1 mo. Term SOFR + 2.26%, 2.26% Floor) | 6.41%<sup>(a)</sup> | 09/15/2035 | 10265135 |
| 5000000 | Series 2023-FL10-AS (1 mo. Term SOFR + 2.86%, 2.86% Floor) | 7.01%<sup>(a)</sup> | 09/15/2035 | 5029720 |
|  | **BX Trust** | **BX Trust** | **BX Trust** | **BX Trust** |
| 1722925 | Series 2021-21M-A (1 mo. Term SOFR + 0.84%, 0.73% Floor) | 4.99%<sup>(a)</sup> | 10/15/2036 | 1721721 |
| 1110169 | Series 2021-ACNT-A (1 mo. Term SOFR + 0.96%, 0.85% Floor) | 5.11%<sup>(a)</sup> | 11/15/2038 | 1109784 |
| 7303000 | Series 2021-ARIA-B (1 mo. Term SOFR + 1.41%, 1.30% Floor) | 5.56%<sup>(a)</sup> | 10/15/2036 | 7301136 |
| 957511 | Series 2021-BXMF-A (1 mo. Term SOFR + 0.75%, 0.64% Floor) | 4.90%<sup>(a)</sup> | 10/15/2026 | 956531 |
| 1281112 | Series 2021-LBA-BV (1 mo. Term SOFR + 1.16%, 1.05% Floor) | 5.32%<sup>(a)</sup> | 02/15/2036 | 1280210 |
| 4415000 | Series 2021-LGCY-B (1 mo. Term SOFR + 0.97%, 0.86% Floor) | 5.12%<sup>(a)</sup> | 10/15/2036 | 4399923 |
| 357088 | Series 2021-MFM1-A (1 mo. Term SOFR + 0.81%, 0.70% Floor) | 4.96%<sup>(a)</sup> | 01/15/2034 | 357001 |
| 8786585 | Series 2021-MFM1-B (1 mo. Term SOFR + 1.06%, 0.95% Floor) | 5.21%<sup>(a)</sup> | 01/15/2034 | 8784580 |
| 1819000 | Series 2021-PAC-A (1 mo. Term SOFR + 0.80%, 0.69% Floor) | 4.95%<sup>(a)</sup> | 10/15/2036 | 1814942 |
| 9108421 | Series 2021-RISE-A (1 mo. Term SOFR + 0.86%, 0.75% Floor) | 5.01%<sup>(a)</sup> | 11/15/2036 | 9099463 |
| 955644 | Series 2021-SOAR-A (1 mo. Term SOFR + 0.78%, 0.67% Floor) | 4.94%<sup>(a)</sup> | 06/15/2038 | 955195 |
| 8532000 | Series 2021-VIEW-A (1 mo. Term SOFR + 1.39%, 1.28% Floor) | 5.54%<sup>(a)</sup> | 06/15/2036 | 8515830 |
| 2126578 | Series 2021-VOLT-A (1 mo. Term SOFR + 0.81%, 0.70% Floor) | 4.96%<sup>(a)</sup> | 09/15/2036 | 2120531 |
| 5855096 | Series 2021-XL2-A (1 mo. Term SOFR + 0.80%, 0.69% Floor) | 4.95%<sup>(a)</sup> | 10/15/2038 | 5853901 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **75**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 3357550 | Series 2021-XL2-B (1 mo. Term SOFR + 1.11%, 1.00% Floor) | 5.26%<sup>(a)</sup> | 10/15/2038 | 3356285 |
| 3101000 | Series 2021-XL2-C (1 mo. Term SOFR + 1.31%, 1.20% Floor) | 5.46%<sup>(a)</sup> | 10/15/2038 | 3099178 |
| 707000 | Series 2022-FOX2-B (1 mo. Term SOFR + 1.37%, 1.37% Floor) | 5.52%<sup>(a)</sup> | 04/15/2039 | 706525 |
| 5909000 | Series 2022-LBA6-A (1 mo. Term SOFR + 1.00%, 1.00% Floor) | 5.15%<sup>(a)</sup> | 01/15/2039 | 5908597 |
| 1585886 | Series 2022-LP2-A (1 mo. Term SOFR + 1.01%, 1.01% Floor) | 5.16%<sup>(a)</sup> | 02/15/2039 | 1585336 |
| 6420508 | Series 2025-BCAT-A (1 mo. Term SOFR + 1.38%, 1.38% Floor) | 5.53%<sup>(a)</sup> | 08/15/2042 | 6435755 |
| 10080684 | Series 2025-ROIC-C (1 mo. Term SOFR + 1.54%, 1.54% Floor) | 5.69%<sup>(a)</sup> | 03/15/2030 | 10071195 |
|  | **BXMT Ltd.** | **BXMT Ltd.** | **BXMT Ltd.** | **BXMT Ltd.** |
| 260600 | Series 2020-FL2-A (1 mo. Term SOFR + 1.26%, 1.26% Floor) | 5.41%<sup>(a)</sup> | 02/15/2038 | 260337 |
|  | **Cantor Commercial Real Estate Lending LP** | **Cantor Commercial Real Estate Lending LP** | **Cantor Commercial Real Estate Lending LP** | **Cantor Commercial Real Estate Lending LP** |
| 4030128 | Series 2019-CF1-A2 | 3.62% | 05/15/2052 | 3932373 |
|  | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** |
| 42452000 | Series 2017-C8-XB | 1.05%<sup>(b)(e)</sup> | 06/15/2050 | 532424 |
|  | **CFK Trust** | **CFK Trust** | **CFK Trust** | **CFK Trust** |
| 116365000 | Series 2020-MF2-X | 0.89%<sup>(a)(b)(e)</sup> | 03/15/2039 | 934818 |
|  | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** |
| 1296157 | Series 2016-C2-A4 | 2.83% | 08/10/2049 | 1277989 |
| 22347602 | Series 2016-GC36-XA | 1.34%<sup>(b)(e)</sup> | 02/10/2049 | 691 |
| 5454861 | Series 2016-P3-A3 | 3.06% | 04/15/2049 | 5428480 |
| 45083127 | Series 2016-P3-XA | 1.81%<sup>(b)(e)</sup> | 04/15/2049 | 153499 |
| 6290275 | Series 2017-P7-A3 | 3.44% | 04/14/2050 | 6227318 |
|  | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** |
| 1007315 | Series 2016-C3-A4 | 2.63% | 08/10/2049 | 997216 |
| 700000 | Series 2016-C3-A5 | 2.89% | 08/10/2049 | 691679 |
| 19540283 | Series 2017-CD4-XA | 1.37%<sup>(b)(e)</sup> | 05/10/2050 | 250444 |
| 1545428 | Series 2020-C9-ASB | 1.88% | 08/15/2053 | 1466613 |
|  | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** |
| 7429149 | Series 2013-CR12-XA | 0.66%<sup>(b)(e)</sup> | 10/10/2046 | 137 |
| 988643 | Series 2016-COR1-A3 | 2.83% | 10/10/2049 | 976449 |
| 500000 | Series 2016-COR1-A4 | 3.09% | 10/10/2049 | 492403 |
| 8000000 | Series 2018-HCLV-A (1 mo. Term SOFR + 1.30%, 1.00% Floor) | 5.45%<sup>(a)</sup> | 09/15/2033 | 7377783 |
|  | **Commercial Mortgage Trust** | **Commercial Mortgage Trust** | **Commercial Mortgage Trust** | **Commercial Mortgage Trust** |
| 63605 | Series 2021-PF1-A1 | 1.12% | 11/15/2054 | 62446 |
|  | **Computershare Corporate Trust** | **Computershare Corporate Trust** | **Computershare Corporate Trust** | **Computershare Corporate Trust** |
| 4899004 | Series 2019-C50-A4 | 3.47% | 05/15/2052 | 4787615 |
| 153344025 | Series 2019-C51-XA | 1.41%<sup>(b)(e)</sup> | 06/15/2052 | 5936530 |
| 4667887 | Series 2020-C57-ASB | 1.91% | 08/15/2053 | 4461735 |
| 11005301 | Series 2021-C60-A2 | 2.04% | 08/15/2054 | 10762269 |
| 1462931 | Series 2021-SAVE-A (1 mo. Term SOFR + 1.36%, 1.15% Floor) | 5.52%<sup>(a)</sup> | 02/15/2040 | 1461221 |
| 773862 | Series 2024-C63-A1 | 4.89% | 08/15/2057 | 782488 |
| 96505 | Series 2025-5C5-A1 | 4.72% | 07/15/2058 | 97566 |
|  | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** |
| 85380567 | Series 2017-C8-XA | 1.20%<sup>(b)(e)</sup> | 06/15/2050 | 1041754 |
| 2913343 | Series 2017-CX9-A4 | 3.18% | 09/15/2050 | 2857200 |
| 9709735 | Series 2017-CX9-XA | 0.72%<sup>(b)(e)</sup> | 09/15/2050 | 59442 |
|  | **Del Amo Fashion Center Trust** | **Del Amo Fashion Center Trust** | **Del Amo Fashion Center Trust** | **Del Amo Fashion Center Trust** |
| 6850000 | Series 2017-AMO-A | 3.76%<sup>(a)(b)</sup> | 06/05/2035 | 6627515 |
|  | **EQUS Mortgage Trust** | **EQUS Mortgage Trust** | **EQUS Mortgage Trust** | **EQUS Mortgage Trust** |
| 10565761 | Series 2021-EQAZ-A (1 mo. Term SOFR + 1.02%, 0.76% Floor) | 5.17%<sup>(a)</sup> | 10/15/2038 | 10555586 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Extended Stay America Trust** | **Extended Stay America Trust** | **Extended Stay America Trust** | **Extended Stay America Trust** |
| 8921860 | Series 2021-ESH-A (1 mo. Term SOFR + 1.19%, 1.08% Floor) | 5.34%<sup>(a)</sup> | 07/15/2038 | 8928797 |
|  | **Franklin BSP Realty Trust, Inc.** | **Franklin BSP Realty Trust, Inc.** | **Franklin BSP Realty Trust, Inc.** | **Franklin BSP Realty Trust, Inc.** |
| 2757181 | Series 2021-FL7-A (1 mo. Term SOFR + 1.43%, 1.43% Floor) | 5.58%<sup>(a)</sup> | 12/15/2038 | 2766975 |
| 5706972 | Series 2022-FL8-A (30 day avg SOFR US + 1.50%, 1.50% Floor) | 5.87%<sup>(a)</sup> | 02/15/2037 | 5730839 |
|  | **FS Rialto** | **FS Rialto** | **FS Rialto** | **FS Rialto** |
| 9696643 | Series 2021-FL2-A (1 mo. Term SOFR + 1.33%, 1.33% Floor) | 5.48%<sup>(a)</sup> | 05/16/2038 | 9705525 |
| 11690000 | Series 2025-FL10-A (1 mo. Term SOFR + 1.39%, 1.39% Floor) | 5.52%<sup>(a)</sup> | 08/19/2042 | 11705150 |
|  | **FS RIALTO** | **FS RIALTO** | **FS RIALTO** | **FS RIALTO** |
| 4967585 | Series 2021-FL3-A (1 mo. Term SOFR + 1.36%, 1.36% Floor) | 5.51%<sup>(a)</sup> | 11/16/2036 | 4979119 |
|  | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** |
| 3424698 | Series 2021-FL3-A (1 mo. Term SOFR + 1.61%, 1.36% Floor) | 5.75%<sup>(a)</sup> | 07/16/2035 | 3431801 |
| 1070000 | Series 2021-FL3-AS (1 mo. Term SOFR + 1.96%, 1.71% Floor) | 6.10%<sup>(a)</sup> | 07/16/2035 | 1072124 |
| 10861800 | Series 2021-FL4-A (1 mo. Term SOFR + 1.46%, 1.35% Floor) | 5.60%<sup>(a)</sup> | 12/15/2036 | 10892115 |
|  | **Great Wolf Trust** | **Great Wolf Trust** | **Great Wolf Trust** | **Great Wolf Trust** |
| 4500000 | Series 2024-WLF2-A (1 mo. Term SOFR + 1.69%) | 5.84%<sup>(a)</sup> | 05/15/2041 | 4514388 |
| 8950000 | Series 2024-WOLF-A (1 mo. Term SOFR + 1.54%, 1.54% Floor) | 5.69%<sup>(a)</sup> | 03/15/2039 | 8977281 |
|  | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** |
| 1443096 | Series 2021-FL3-A (1 mo. Term SOFR + 1.13%, 1.02% Floor) | 5.28%<sup>(a)</sup> | 07/15/2039 | 1447466 |
|  | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** |
| 1187502 | Series 2013-GC13-AS | 4.00%<sup>(a)(b)</sup> | 07/10/2046 | 1173138 |
| 102868697 | Series 2017-GS6-XA | 1.14%<sup>(b)(e)</sup> | 05/10/2050 | 1372649 |
| 119100396 | Series 2017-GS7-XA | 1.17%<sup>(b)(e)</sup> | 08/10/2050 | 1683210 |
| 132402566 | Series 2017-GS8-XA | 1.07%<sup>(b)(e)</sup> | 11/10/2050 | 1842130 |
| 2615000 | Series 2018-TWR-A (1 mo. Term SOFR + 1.20%, 0.90% Floor) | 5.35%<sup>(a)</sup> | 07/15/2031 | 2031201 |
| 50586853 | Series 2019-GC42-XA | 0.93%<sup>(b)(e)</sup> | 09/10/2052 | 1290926 |
| 8517597 | Series 2020-GC45-AAB | 2.84% | 02/13/2053 | 8272336 |
| 6700000 | Series 2021-DM-A (1 mo. Term SOFR + 1.00%, 0.89% Floor) | 5.15%<sup>(a)</sup> | 11/15/2036 | 6697745 |
| 9296000 | Series 2021-IP-A (1 mo. Term SOFR + 1.06%, 0.95% Floor) | 5.22%<sup>(a)</sup> | 10/15/2036 | 9258803 |
| 6015000 | Series 2021-STAR-A (1 mo. Term SOFR + 1.06%, 0.95% Floor) | 5.22%<sup>(a)</sup> | 12/15/2036 | 5987514 |
| 6615000 | Series 2023-SHIP-A | 4.47%<sup>(a)(b)</sup> | 09/10/2038 | 6601663 |
|  | **Hilton USA Trust** | **Hilton USA Trust** | **Hilton USA Trust** | **Hilton USA Trust** |
| 2300000 | Series 2016-HHV-A | 3.72%<sup>(a)</sup> | 11/05/2038 | 2277263 |
|  | **INCREF LLC** | **INCREF LLC** | **INCREF LLC** | **INCREF LLC** |
| 13858000 | Series 2025-FL1-A (1 mo. Term SOFR + 1.73%, 1.73% Floor) | 5.86%<sup>(a)</sup> | 10/19/2042 | 13935688 |
|  | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** |
| 54035243 | Series 2016-JP4-XA | 0.70%<sup>(b)(e)</sup> | 12/15/2049 | 208679 |
| 1141000 | Series 2019-COR5-A3 | 3.12% | 06/13/2052 | 1097524 |
| 22961814 | Series 2019-COR5-XA | 1.59%<sup>(b)(e)</sup> | 06/13/2052 | 879913 |
| 1318468 | Series 2019-UES-A | 3.81%<sup>(a)</sup> | 05/05/2032 | 1302855 |

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| | | |
|:---|:---|:---|
| **76**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Low Duration Bond Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2710415 | Series 2021-MHC-A (1 mo. Term SOFR + 1.16%, 0.80% Floor) | 5.32%<sup>(a)</sup> | 04/15/2038 | 2710752 |
| 2250000 | Series 2021-MHC-B (1 mo. Term SOFR + 1.41%, 1.05% Floor) | 5.57%<sup>(a)</sup> | 04/15/2038 | 2250483 |
|  | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** |
| 308378 | Series 2015-C27-A4 | 3.18% | 02/15/2048 | 301638 |
| 28343504 | Series 2015-C32-XA | 1.21%<sup>(b)(e)</sup> | 11/15/2048 | 760 |
| 8970000 | Series 2015-C33-AS | 4.02% | 12/15/2048 | 8922352 |
| 425336 | Series 2016-C1-A5 | 3.58% | 03/17/2049 | 423737 |
|  | **KREF** | **KREF** | **KREF** | **KREF** |
| 10446011 | Series 2021-FL2-A (1 mo. Term SOFR + 1.18%, 1.07% Floor) | 5.33%<sup>(a)</sup> | 02/15/2039 | 10473870 |
| 5550000 | Series 2021-FL2-AS (1 mo. Term SOFR + 1.41%, 1.30% Floor) | 5.56%<sup>(a)</sup> | 02/15/2039 | 5534083 |
| 11380000 | Series 2021-FL2-B (1 mo. Term SOFR + 1.76%, 1.65% Floor) | 5.91%<sup>(a)</sup> | 02/15/2039 | 11330816 |
| 9205155 | Series 2022-FL3-A (1 mo. Term SOFR + 1.45%, 1.45% Floor) | 5.58%<sup>(a)</sup> | 02/17/2039 | 9219552 |
|  | **Ladder Capital Commercial Mortgage Securities LLC** | **Ladder Capital Commercial Mortgage Securities LLC** | **Ladder Capital Commercial Mortgage Securities LLC** | **Ladder Capital Commercial Mortgage Securities LLC** |
| 714153 | Series 2017-LC26-A3 | 3.29%<sup>(a)</sup> | 07/12/2050 | 701844 |
|  | **LoanCore** | **LoanCore** | **LoanCore** | **LoanCore** |
| 695234 | Series 2021-CRE5-A (1 mo. Term SOFR + 1.41%, 1.41% Floor) | 5.56%<sup>(a)</sup> | 07/15/2036 | 696334 |
| 5190378 | Series 2021-CRE6-A (1 mo. Term SOFR + 1.41%, 1.30% Floor) | 5.56%<sup>(a)</sup> | 11/15/2038 | 5210974 |
| 6613861 | Series 2022-CRE7-A (30 day avg SOFR US + 1.55%, 1.55% Floor) | 5.93%<sup>(a)</sup> | 01/17/2037 | 6637585 |
| 14630000 | Series 2025-CRE8-A (1 mo. Term SOFR + 1.39%, 1.39% Floor) | 5.53%<sup>(a)</sup> | 08/17/2042 | 14683253 |
|  | **LSTAR Commercial Mortgage Trust** | **LSTAR Commercial Mortgage Trust** | **LSTAR Commercial Mortgage Trust** | **LSTAR Commercial Mortgage Trust** |
| 46507885 | Series 2017-5-X | 1.00%<sup>(a)(b)(e)</sup> | 03/10/2050 | 359585 |
|  | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** |
| 5286213 | Series 2021-FL1-A (1 mo. Term SOFR + 1.28%, 1.28% Floor) | 5.43%<sup>(a)</sup> | 06/15/2039 | 5298598 |
| 7590000 | Series 2021-FL1-B (1 mo. Term SOFR + 1.86%, 1.86% Floor) | 6.01%<sup>(a)</sup> | 06/15/2039 | 7590076 |
|  | **Merit 2020** | **Merit 2020** | **Merit 2020** | **Merit 2020** |
| 293845 | Series 2022-MHIL-A (1 mo. Term SOFR + 0.81%, 0.82% Floor) | 4.96%<sup>(a)</sup> | 01/15/2039 | 293923 |
|  | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** |
| 5406986 | Series 2021-FL5-AS (1 mo. Term SOFR + 1.31%, 1.31% Floor) | 5.46%<sup>(a)</sup> | 07/15/2036 | 5424802 |
| 839498 | Series 2021-FL6-A (1 mo. Term SOFR + 1.21%, 1.10% Floor) | 5.35%<sup>(a)</sup> | 07/16/2036 | 840601 |
| 1406566 | Series 2021-FL7-A (1 mo. Term SOFR + 1.19%, 1.08% Floor) | 5.33%<sup>(a)</sup> | 10/16/2036 | 1408042 |
| 9103000 | Series 2021-FL7-AS (1 mo. Term SOFR + 1.56%, 1.45% Floor) | 5.70%<sup>(a)</sup> | 10/16/2036 | 9121679 |
| 2000000 | Series 2022-FL10-AS (1 mo. Term SOFR + 3.19%, 3.19% Floor) | 7.32%<sup>(a)</sup> | 09/17/2037 | 2004268 |
| 6821115 | Series 2022-FL8-A (1 mo. Term SOFR + 1.35%, 1.35% Floor) | 5.48%<sup>(a)</sup> | 02/19/2037 | 6831306 |
| 10469945 | Series 2022-FL9-A (1 mo. Term SOFR + 2.15%, 2.15% Floor) | 6.28%<sup>(a)</sup> | 06/19/2037 | 10496004 |
| 8290000 | Series 2024-FL15-A (1 mo. Term SOFR + 1.69%, 1.69% Floor) | 5.82%<sup>(a)</sup> | 08/18/2041 | 8343794 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 14630000 | Series 2025-FL17-A (1 mo. Term SOFR + 1.32%, 1.32% Floor) | 5.46%<sup>(a)</sup> | 02/18/2040 | 14662230 |
|  | **MHC Commercial Mortgage Trust** | **MHC Commercial Mortgage Trust** | **MHC Commercial Mortgage Trust** | **MHC Commercial Mortgage Trust** |
| 2706749 | Series 2021-MHC-A (1 mo. Term SOFR + 0.92%, 0.80% Floor) | 5.07%<sup>(a)</sup> | 04/15/2038 | 2707682 |
| 1800000 | Series 2021-MHC-B (1 mo. Term SOFR + 1.22%, 1.10% Floor) | 5.37%<sup>(a)</sup> | 04/15/2038 | 1802453 |
|  | **Morgan Stanley ABS Capital I, Inc.** | **Morgan Stanley ABS Capital I, Inc.** | **Morgan Stanley ABS Capital I, Inc.** | **Morgan Stanley ABS Capital I, Inc.** |
| 6660294 | Series 2024-NSTB-A | 3.90%<sup>(a)(b)</sup> | 09/24/2057 | 6559959 |
|  | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** |
| 10860804 | Series 2012-CKSV-A2 | 3.28%<sup>(a)</sup> | 10/15/2030 | 10384965 |
| 319795 | Series 2025-C35-A1 | 4.61% | 08/15/2058 | 321055 |
|  | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** |
| 35487 | Series 2006-HQ10-X1 | 0.93%<sup>(a)(b)(e)</sup> | 11/12/2041 | 1 |
| 53915512 | Series 2017-H1-XA | 1.45%<sup>(b)(e)</sup> | 06/15/2050 | 802629 |
| 7895000 | Series 2019-PLND-D (1 mo. Term SOFR + 1.86%, 1.75% Floor) | 6.02%<sup>(a)</sup> | 05/15/2036 | 775092 |
| 12023267 | Series 2021-L6-A2 | 2.13%<sup>(b)</sup> | 06/15/2054 | 11559376 |
|  | **MTN Commercial Mortgage Trust** | **MTN Commercial Mortgage Trust** | **MTN Commercial Mortgage Trust** | **MTN Commercial Mortgage Trust** |
| 1250000 | Series 2022-LPFL-A (1 mo. Term SOFR + 1.40%, 1.40% Floor) | 5.56%<sup>(a)</sup> | 03/15/2039 | 1250226 |
|  | **Ready Capital Corp.** | **Ready Capital Corp.** | **Ready Capital Corp.** | **Ready Capital Corp.** |
| 1720435 | Series 2021-FL7-A (1 mo. Term SOFR + 1.31%, 1.20% Floor) | 5.47%<sup>(a)</sup> | 11/25/2036 | 1726506 |
| 4900000 | Series 2023-FL12-AS (1 mo. Term SOFR + 3.20%, 3.20% Floor) | 7.36%<sup>(a)</sup> | 05/25/2038 | 4936838 |
|  | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** |
| 8333000 | Series 2021-555-A (1 mo. Term SOFR + 1.26%, 1.15% Floor) | 5.41%<sup>(a)</sup> | 05/15/2038 | 8279820 |
|  | **SREIT Trust** | **SREIT Trust** | **SREIT Trust** | **SREIT Trust** |
| 8462233 | Series 2021-MFP-A (1 mo. Term SOFR + 0.85%, 0.73% Floor) | 5.00%<sup>(a)</sup> | 11/15/2038 | 8456476 |
| 7480000 | Series 2021-MFP2-B (1 mo. Term SOFR + 1.29%, 1.17% Floor) | 5.44%<sup>(a)</sup> | 11/15/2036 | 7475768 |
|  | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** |
| 5953811 | Series 2021-FL2-A (1 mo. Term SOFR + 1.31%, 1.20% Floor) | 5.45%<sup>(a)</sup> | 04/18/2038 | 5963004 |
| 7761344 | Series 2022-FL3-A (30 day avg SOFR US + 1.35%, 1.35% Floor) | 5.72%<sup>(a)</sup> | 11/15/2038 | 7788462 |
|  | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** |
| 3172383 | Series 2021-FL4-A (1 mo. Term SOFR + 1.31%, 1.20% Floor) | 5.46%<sup>(a)</sup> | 03/15/2038 | 3183534 |
| 6802566 | Series 2022-FL5-A (1 mo. Term SOFR + 1.65%, 1.65% Floor) | 5.79%<sup>(a)</sup> | 02/15/2039 | 6826328 |
| 12289000 | Series 2022-FL5-AS (1 mo. Term SOFR + 2.15%, 2.15% Floor) | 6.29%<sup>(a)</sup> | 02/15/2039 | 12321775 |
| 10080000 | Series 2025-FL6-A (1 mo. Term SOFR + 1.54%, 1.54% Floor) | 5.67%<sup>(a)</sup> | 09/18/2042 | 10117750 |
|  | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** |
| 44277374 | Series 2017-C1-XA | 1.62%<sup>(b)(e)</sup> | 06/15/2050 | 709908 |
| 46169 | Series 2017-C2-ASB | 3.26% | 08/15/2050 | 45839 |
| 80914488 | Series 2017-C3-XA | 1.22%<sup>(b)(e)</sup> | 08/15/2050 | 1066663 |
| 25504 | Series 2018-C11-A3 | 4.31% | 06/15/2051 | 25428 |
| 1113954 | Series 2018-C11-ASB | 4.12% | 06/15/2051 | 1110128 |
| 391905 | Series 2018-C13-A3 | 4.07% | 10/15/2051 | 389034 |
| 92034508 | Series 2018-C8-XA | 0.96%<sup>(b)(e)</sup> | 02/15/2051 | 1479280 |
|  | **VEGAS Trust** | **VEGAS Trust** | **VEGAS Trust** | **VEGAS Trust** |
| 4758000 | Series 2024-TI-A | 5.52%<sup>(a)</sup> | 11/10/2039 | 4831570 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **77**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
| 1891223 | Series 2024-5C1-A1 | 5.23% | 07/15/2057 | 1919741 |
| 2373488 | Series 2024-5C2-A1 | 5.05% | 11/15/2057 | 2403289 |
| 5024460 | Series 2025-5C3-A1 | 5.19% | 01/15/2058 | 5101789 |
|  | **Total Non-Agency Commercial Mortgage Backed Obligations** <br>**(Cost $979,832,602)** | **Total Non-Agency Commercial Mortgage Backed Obligations** <br>**(Cost $979,832,602)** |  | **863246847** |
|  **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 14.3%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 14.3%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 14.3%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 14.3%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 14.3%** |
|  | **Angel Oak Mortgage Trust LLC** | **Angel Oak Mortgage Trust LLC** | **Angel Oak Mortgage Trust LLC** | **Angel Oak Mortgage Trust LLC** |
| 12632822 | Series 2021-7-A1 | 1.98%<sup>(a)(b)</sup> | 10/25/2066 | 11045700 |
| 3869654 | Series 2025-7-A1 | 5.51%<sup>(a)(b)</sup> | 06/25/2070 | 3905726 |
|  | **Arroyo Mortgage Trust** | **Arroyo Mortgage Trust** | **Arroyo Mortgage Trust** | **Arroyo Mortgage Trust** |
| 3285704 | Series 2019-3-A2 | 3.21%<sup>(a)(b)</sup> | 10/25/2048 | 3163715 |
| 1775756 | Series 2019-3-A3 | 3.42%<sup>(a)(b)</sup> | 10/25/2048 | 1710688 |
|  | **Banc of America Mortgage Securities, Inc.** | **Banc of America Mortgage Securities, Inc.** | **Banc of America Mortgage Securities, Inc.** | **Banc of America Mortgage Securities, Inc.** |
| 205094 | Series 2005-E-2A1 | 5.33%<sup>(b)</sup> | 06/25/2035 | 187867 |
|  | **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
| 5724850 | Series 2025-NQM5-A3 | 5.47%<sup>(a)(f)</sup> | 08/25/2065 | 5741601 |
|  | **Barclays Mortgage Loan Trust** | **Barclays Mortgage Loan Trust** | **Barclays Mortgage Loan Trust** | **Barclays Mortgage Loan Trust** |
| 1147770 | Series 2025-NQM3-A1 | 5.64%<sup>(a)(f)</sup> | 05/25/2065 | 1158993 |
| 1339756 | Series 2025-NQM3-A3 | 5.95%<sup>(a)(f)</sup> | 05/25/2065 | 1349931 |
|  | **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** |
| 391140 | Series 2011-RR1-8A3 | 6.00%<sup>(a)(b)</sup> | 09/30/2056 | 276910 |
|  | **Bear Stearns Asset Backed Securities Trust** | **Bear Stearns Asset Backed Securities Trust** | **Bear Stearns Asset Backed Securities Trust** | **Bear Stearns Asset Backed Securities Trust** |
| 154817 | Series 2004-AC2-2A | 5.00% | 05/25/2034 | 128505 |
|  | **BRAVO Residential Funding Trust** | **BRAVO Residential Funding Trust** | **BRAVO Residential Funding Trust** | **BRAVO Residential Funding Trust** |
| 1822424 | Series 2020-RPL1-A1 | 2.50%<sup>(a)(b)</sup> | 05/26/2059 | 1794202 |
| 5764699 | Series 2022-RPL1-A1 | 2.75%<sup>(a)(b)</sup> | 09/25/2061 | 5299826 |
|  | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** |
| 1327881 | Series 2006-NC3-A3 (1 mo. Term SOFR + 0.41%, 0.30% Floor, 12.50% Cap) | 4.57% | 08/25/2036 | 1286326 |
|  | **Chase Funding Mortgage Loan Asset-Backed Certificates** | **Chase Funding Mortgage Loan Asset-Backed Certificates** | **Chase Funding Mortgage Loan Asset-Backed Certificates** | **Chase Funding Mortgage Loan Asset-Backed Certificates** |
| 999041 | Series 2004-2-1A5 | 6.20%<sup>(f)</sup> | 02/26/2035 | 996286 |
|  | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** |
| 188911 | Series 2006-AR1-2A1 (1 yr. CMT Rate + 2.40%, 2.40% Floor, 9.87% Cap) | 6.30% | 03/25/2036 | 190893 |
| 1290368 | Series 2020-EXP1-A1A | 1.80%<sup>(a)(b)</sup> | 05/25/2060 | 1213777 |
|  | **COLT Funding LLC** | **COLT Funding LLC** | **COLT Funding LLC** | **COLT Funding LLC** |
| 3714198 | Series 2021-1R-A1 | 0.86%<sup>(a)(b)</sup> | 05/25/2065 | 3381657 |
| 3914643 | Series 2021-5-A1 | 1.73%<sup>(a)(b)</sup> | 11/26/2066 | 3541126 |
| 12036063 | Series 2021-RPL1-A1 | 1.67%<sup>(a)(b)</sup> | 09/25/2061 | 11097079 |
| 2232553 | Series 2023-2-A1 | 6.60%<sup>(a)(f)</sup> | 07/25/2068 | 2251896 |
|  | **Countrywide Home Loan Mortgage Pass Through Trust** | **Countrywide Home Loan Mortgage Pass Through Trust** | **Countrywide Home Loan Mortgage Pass Through Trust** | **Countrywide Home Loan Mortgage Pass Through Trust** |
| 169400 | Series 2004-HYB9-1A1 | 5.39%<sup>(b)</sup> | 02/20/2035 | 170689 |
| 2984185 | Series 2005-3-1A2 (1 mo. Term SOFR + 0.69%, 0.58% Floor) | 4.85% | 04/25/2035 | 2858828 |
|  | **Credit Suisse Management LLC** | **Credit Suisse Management LLC** | **Credit Suisse Management LLC** | **Credit Suisse Management LLC** |
| 26475 | Series 2005-11-5A1 | 5.25% | 06/25/2026 | 10348 |
|  | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
| 1266734 | Series 2021-NQM1-A2 | 0.99%<sup>(a)(b)</sup> | 05/25/2065 | 1157285 |
| 2111223 | Series 2021-NQM1-A3 | 1.20%<sup>(a)(b)</sup> | 05/25/2065 | 1937806 |
| 6356740 | Series 2021-NQM5-A3 | 1.35%<sup>(a)(b)</sup> | 05/25/2066 | 5390762 |
| 4088609 | Series 2021-RPL4-A1 | 4.14%<sup>(a)(b)</sup> | 12/27/2060 | 4075092 |
| 15021762 | Series 2022-NQM1-A1 | 2.27%<sup>(a)(b)</sup> | 11/25/2066 | 13778475 |
| 2431616 | Series 2022-NQM5-A1 | 5.17%<sup>(a)(b)</sup> | 05/25/2067 | 2433151 |
| 7291786 | Series 2022-RPL4-A1 | 3.90%<sup>(a)(b)</sup> | 04/25/2062 | 7037986 |
|  | **Cross Mortgage Trust** | **Cross Mortgage Trust** | **Cross Mortgage Trust** | **Cross Mortgage Trust** |
| 2804224 | Series 2024-H1-A1 | 6.09%<sup>(a)(f)</sup> | 12/25/2068 | 2833035 |
| 11897463 | Series 2024-H5-A1 | 5.85%<sup>(a)(f)</sup> | 08/26/2069 | 12032176 |
| 6678306 | Series 2025-H3-A1 | 5.88%<sup>(a)(b)</sup> | 04/25/2070 | 6773639 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** |
| 105472 | Series 2020-1-A1 | 2.01%<sup>(a)(b)</sup> | 05/25/2065 | 105031 |
|  | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** |
| 3697649 | &nbsp;&nbsp;&nbsp; Series 2023-R08-1M1 <br>(30 day avg SOFR US + 1.50%, 0.00% Floor) | 5.86%<sup>(a)</sup> | 10/25/2043 | 3702456 |
| 7908564 | &nbsp;&nbsp;&nbsp; Series 2024-R01-1M1 <br>(30 day avg SOFR US + 1.05%, 0.00% Floor) | 5.41%<sup>(a)</sup> | 01/25/2044 | 7911510 |
| 8057705 | &nbsp;&nbsp;&nbsp; Series 2024-R02-1M1 <br>(30 day avg SOFR US + 1.10%, 0.00% Floor) | 5.46%<sup>(a)</sup> | 02/25/2044 | 8055512 |
| 2135424 | &nbsp;&nbsp;&nbsp; Series 2025-R04-1A1 <br>(30 day avg SOFR US + 1.00%, 0.00% Floor) | 5.36%<sup>(a)</sup> | 05/25/2045 | 2138846 |
|  | **First Horizon Asset Securities, Inc.** | **First Horizon Asset Securities, Inc.** | **First Horizon Asset Securities, Inc.** | **First Horizon Asset Securities, Inc.** |
| 1609068 | Series 2007-AR2-1A1 | 6.66%<sup>(b)</sup> | 08/25/2037 | 351868 |
|  | **FirstKey Homes Trust** | **FirstKey Homes Trust** | **FirstKey Homes Trust** | **FirstKey Homes Trust** |
| 6377957 | Series 2020-SFR2-A | 1.27%<sup>(a)</sup> | 10/19/2037 | 6348307 |
|  | **Freddie Mac Structured Agency Credit Risk Debt Notes** | **Freddie Mac Structured Agency Credit Risk Debt Notes** | **Freddie Mac Structured Agency Credit Risk Debt Notes** | **Freddie Mac Structured Agency Credit Risk Debt Notes** |
| 794791 | Series 2022-DNA2-M1A (30 day avg SOFR US + 1.30%, 0.00% Floor) | 5.66%<sup>(a)</sup> | 02/25/2042 | 794916 |
| 13851414 | &nbsp;&nbsp;&nbsp; Series 2024-DNA1-M1 <br>(30 day avg SOFR US + 1.35%, 0.00% Floor) | 5.71%<sup>(a)</sup> | 02/25/2044 | 13878171 |
| 6233938 | &nbsp;&nbsp;&nbsp; Series 2024-DNA2-M1 <br>(30 day avg SOFR US + 1.20%, 0.00% Floor) | 5.56%<sup>(a)</sup> | 05/25/2044 | 6237584 |
| 9926132 | &nbsp;&nbsp;&nbsp; Series 2024-DNA3-M1 <br>(30 day avg SOFR US + 1.00%, 0.00% Floor) | 5.36%<sup>(a)</sup> | 10/25/2044 | 9925378 |
| 14701714 | &nbsp;&nbsp;&nbsp; Series 2024-HQA2-M1 <br>(30 day avg SOFR US + 1.20%, 0.00% Floor) | 5.56%<sup>(a)</sup> | 08/25/2044 | 14715983 |
| 18372079 | &nbsp;&nbsp;&nbsp; Series 2025-DNA1-M1 <br>(30 day avg SOFR US + 1.05%, 0.00% Floor) | 5.41%<sup>(a)</sup> | 01/25/2045 | 18372156 |
| 22400000 | &nbsp;&nbsp;&nbsp; Series 2025-HQA1-A1 <br>(30 day avg SOFR US + 0.95%, 0.00% Floor) | 5.31%<sup>(a)</sup> | 02/25/2045 | 22418352 |
|  | **GCAT** | **GCAT** | **GCAT** | **GCAT** |
| 4369192 | Series 2022-NQM4-A1 | 5.27%<sup>(a)(f)</sup> | 08/25/2067 | 4367317 |
| 10263391 | Series 2025-NQM1-A1 | 5.37%<sup>(a)(f)</sup> | 11/25/2069 | 10330489 |
|  | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** |
| 8690221 | Series 2025-NQM3-A3 | 5.49%<sup>(a)(f)</sup> | 11/25/2065 | 8705914 |
| 6338000 | Series 2025-NQM4-A3 | 5.46%<sup>(a)(f)</sup> | 10/25/2065 | 6354561 |
|  | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
| 2391760 | Series 2005-9F-2A2 | 6.00% | 01/25/2036 | 1047308 |
|  | **HOMES Trust** | **HOMES Trust** | **HOMES Trust** | **HOMES Trust** |
| 10209836 | Series 2023-NQM2-A1 | 6.46%<sup>(a)(f)</sup> | 02/25/2068 | 10272904 |
| 16401926 | Series 2025-NQM2-A1 | 5.43%<sup>(a)(f)</sup> | 02/25/2070 | 16505643 |
| 9531261 | Series 2025-NQM3-A1 | 5.63%<sup>(a)(f)</sup> | 02/25/2070 | 9621540 |
|  | **Homeward Opportunities Fund I Trust** | **Homeward Opportunities Fund I Trust** | **Homeward Opportunities Fund I Trust** | **Homeward Opportunities Fund I Trust** |
| 10010977 | Series 2022-1-A1 | 5.08%<sup>(a)(f)</sup> | 07/25/2067 | 10002434 |
|  | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** |
| 12260 | Series 2006-S4-A6 | 6.21%<sup>(f)</sup> | 12/25/2036 | 12742 |
|  | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
| 4496164 | Series 2024-NQM1-A1 | 5.59%<sup>(a)(f)</sup> | 02/25/2064 | 4534637 |
| 7354079 | Series 2025-NQM1-A1 | 5.59%<sup>(a)(f)</sup> | 06/25/2065 | 7421731 |
| 8673073 | Series 2025-NQM2-A1 | 5.57%<sup>(a)(b)</sup> | 09/25/2065 | 8752914 |
| 9059507 | Series 2025-NQM2-A2 | 5.77%<sup>(a)(f)</sup> | 09/25/2065 | 9135059 |
| 12136520 | Series 2025-NQM2-A3 | 5.92%<sup>(a)(f)</sup> | 09/25/2065 | 12227583 |
| 7523000 | Series 2025-VIS3-A3 | 5.57%<sup>(a)(f)</sup> | 02/25/2066 | 7544553 |
|  | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** |
| 797164 | Series 2021-GS1-A1 | 5.89%<sup>(a)(f)</sup> | 10/25/2066 | 797815 |
| 8252454 | Series 2021-GS2-A1 | 5.75%<sup>(a)(f)</sup> | 04/25/2061 | 8252209 |
| 15192186 | Series 2021-GS3-A1 | 5.75%<sup>(a)(f)</sup> | 07/25/2061 | 15202296 |
| 18874285 | Series 2021-GS4-A1 | 5.65%<sup>(a)(f)</sup> | 11/25/2060 | 18899231 |
|  | **Mastr Adjustable Rate Mortgages Trust** | **Mastr Adjustable Rate Mortgages Trust** | **Mastr Adjustable Rate Mortgages Trust** | **Mastr Adjustable Rate Mortgages Trust** |
| 1729688 | Series 2006-2-2A1 | 6.95%<sup>(b)</sup> | 04/25/2036 | 800862 |

---

---

| | | |
|:---|:---|:---|
| **78**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Low Duration Bond Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **MFRA Trust** | **MFRA Trust** | **MFRA Trust** | **MFRA Trust** |
| 7721201 | Series 2021-NQM2-A1 | 1.03%<sup>(a)(b)</sup> | 11/25/2064 | 6845061 |
| 1002267 | Series 2021-NQM2-A2 | 1.32%<sup>(a)(b)</sup> | 11/25/2064 | 894238 |
|  | **MLCC Mortgage Investors, Inc.** | **MLCC Mortgage Investors, Inc.** | **MLCC Mortgage Investors, Inc.** | **MLCC Mortgage Investors, Inc.** |
| 145625 | Series 2005-3-2A | 5.43%<sup>(b)</sup> | 11/25/2035 | 142054 |
|  | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
| 7105 | Series 2004-1-1A1 | 5.00% | 11/25/2033 | 5101 |
|  | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** |
| 5917732 | Series 2024-NQM1-A1 | 6.13%<sup>(a)(f)</sup> | 03/25/2064 | 5980076 |
|  | **OBX Trust** | **OBX Trust** | **OBX Trust** | **OBX Trust** |
| 8242668 | Series 2024-NQM5-A1 | 5.99%<sup>(a)(f)</sup> | 01/25/2064 | 8330520 |
|  | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** |
| 830034 | Series 2018-1-A2 (1 mo. Term SOFR + 0.76%, 0.00% Floor) | 4.92%<sup>(a)</sup> | 06/25/2057 | 814441 |
| 8394069 | Series 2022-NQM1-A1 | 2.31%<sup>(a)(b)</sup> | 11/25/2061 | 7620750 |
| 2156041 | Series 2022-NQM7-A1 | 5.11%<sup>(a)(f)</sup> | 08/25/2062 | 2155110 |
| 6096496 | Series 2023-NQM5-A1A | 6.57%<sup>(a)(f)</sup> | 06/25/2063 | 6145518 |
| 17714992 | Series 2024-NQM10-A1 | 6.18%<sup>(a)(f)</sup> | 05/25/2064 | 17956478 |
| 14591450 | Series 2024-NQM11-A1 | 5.88%<sup>(a)(f)</sup> | 06/25/2064 | 14753141 |
| 10009611 | Series 2024-NQM12-A1 | 5.48%<sup>(a)(f)</sup> | 07/25/2064 | 10082543 |
| 11121747 | Series 2024-NQM13-A1 | 5.12%<sup>(a)</sup> | 06/25/2064 | 11148962 |
| 12496802 | Series 2024-NQM16-A1 | 5.53%<sup>(a)(f)</sup> | 10/25/2064 | 12597526 |
| 20384441 | Series 2024-NQM18-A1 | 5.41%<sup>(a)(b)</sup> | 10/25/2064 | 20519365 |
| 4810728 | Series 2024-NQM18-A2 | 5.66%<sup>(a)(f)</sup> | 10/25/2064 | 4847369 |
| 7358176 | Series 2024-NQM4-A1 | 6.07%<sup>(a)(f)</sup> | 01/25/2064 | 7440505 |
| 19970953 | Series 2025-NQM14-A3 | 5.62%<sup>(a)(f)</sup> | 07/25/2065 | 20191716 |
| 13663771 | Series 2025-NQM7-A1 | 5.56%<sup>(a)(f)</sup> | 05/25/2055 | 13804746 |
| 16483390 | Series 2025-NQM8-A1 | 5.47%<sup>(a)(f)</sup> | 03/25/2065 | 16636470 |
|  | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** |
| 3415366 | Series 2021-RN2-A1 | 5.74%<sup>(a)(f)</sup> | 07/25/2051 | 3415054 |
| 13348943 | Series 2021-RN3-A1 | 5.84%<sup>(a)(f)</sup> | 09/25/2051 | 13363846 |
| 18875104 | Series 2025-NPL2-A1 | 5.84%<sup>(a)(f)</sup> | 03/25/2055 | 18967588 |
|  | **PRPM LLC** | **PRPM LLC** | **PRPM LLC** | **PRPM LLC** |
| 12618627 | Series 2024-NQM4-A1 | 5.67%<sup>(a)(f)</sup> | 12/26/2069 | 12727394 |
| 39868351 | Series 2025-NQM2-A1 | 5.69%<sup>(a)(f)</sup> | 04/25/2070 | 40262393 |
|  | **Securitized Asset Backed Receivables LLC** | **Securitized Asset Backed Receivables LLC** | **Securitized Asset Backed Receivables LLC** | **Securitized Asset Backed Receivables LLC** |
| 3242393 | Series 2006-NC1-A3 (1 mo. Term SOFR + 0.65%, 0.54% Floor) | 4.81% | 03/25/2036 | 2998639 |
|  | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** |
| 281227 | Series 2020-3-A1 | 1.49%<sup>(a)(b)</sup> | 04/25/2065 | 274563 |
| 20543100 | Series 2021-5-A1 | 1.92%<sup>(a)(b)</sup> | 09/25/2066 | 17770100 |
|  | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** |
| 30015 | Series 2003-24A-1A3 | 5.42%<sup>(b)</sup> | 07/25/2033 | 30054 |
|  | **Terwin Mortgage Trust** | **Terwin Mortgage Trust** | **Terwin Mortgage Trust** | **Terwin Mortgage Trust** |
| 318707 | Series 2003-4HE-M1 (1 mo. Term SOFR + 1.24%, 1.13% Floor) | 5.40% | 09/25/2034 | 358133 |
|  | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** |
| 1332549 | Series 2019-2-A | 3.13%<sup>(a)(b)</sup> | 07/25/2049 | 1290617 |
| 4135218 | Series 2021-1-M1 | 1.79%<sup>(a)(b)</sup> | 05/25/2051 | 3462360 |
| 15291360 | Series 2021-2-A | 1.52%<sup>(a)(b)</sup> | 08/25/2051 | 13184974 |
| 3617664 | Series 2021-2-M1 | 1.82%<sup>(a)(b)</sup> | 08/25/2051 | 2985891 |
| 12215635 | Series 2024-5-A | 5.49%<sup>(a)(b)</sup> | 10/25/2054 | 12289674 |
| 17800000 | Series 2025-4-A | 5.19%<sup>(a)(b)</sup> | 09/25/2055 | 17756468 |
|  | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** |
| 616751 | Series 2021-NP10-A1 | 5.99%<sup>(a)(f)</sup> | 05/25/2051 | 616943 |
| 5664138 | Series 2021-NP11-A1 | 5.87%<sup>(a)(f)</sup> | 08/25/2051 | 5666760 |
| 304037 | Series 2021-NPL6-A1 | 6.24%<sup>(a)(f)</sup> | 04/25/2051 | 304214 |
| 1420632 | Series 2021-NPL9-A1 | 5.99%<sup>(a)(f)</sup> | 05/25/2051 | 1421260 |
|  | **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** |
| 6627997 | Series 2021-4-A3 | 1.35%<sup>(a)(b)</sup> | 07/25/2066 | 5681074 |
| 6096293 | Series 2021-7-A1 | 1.83%<sup>(a)(f)</sup> | 10/25/2066 | 5581382 |
| 11449922 | Series 2023-4-A1 | 5.81%<sup>(a)(f)</sup> | 05/25/2068 | 11491817 |
| 12987787 | Series 2024-3-A1 | 6.34%<sup>(a)(f)</sup> | 04/25/2069 | 13178349 |
| 3641444 | Series 2024-6-A1 | 5.80%<sup>(a)(f)</sup> | 07/25/2069 | 3679665 |
| 22302142 | Series 2024-9-A1 | 5.44%<sup>(a)(b)</sup> | 11/25/2069 | 22468251 |
| 5798566 | Series 2024-9-A2 | 5.69%<sup>(a)(f)</sup> | 11/25/2069 | 5840475 |
| 4517273 | Series 2025-1-A1 | 5.62%<sup>(a)(b)</sup> | 01/25/2070 | 4562104 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 38015748 | Series 2025-4-A1 | 5.45%<sup>(a)(f)</sup> | 05/25/2070 | 38346169 |
| 18330052 | Series 2025-5-A1 | 5.43%<sup>(a)(f)</sup> | 06/25/2070 | 18482023 |
| 11830923 | Series 2025-6-A1 | 5.42%<sup>(a)(f)</sup> | 07/25/2070 | 11931228 |
|  | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** |
| 88925 | Series 2002-AR16-A | 6.70%<sup>(b)</sup> | 12/25/2032 | 86592 |
|  | **Wells Fargo Mortgage Backed Securities Trust** | **Wells Fargo Mortgage Backed Securities Trust** | **Wells Fargo Mortgage Backed Securities Trust** | **Wells Fargo Mortgage Backed Securities Trust** |
| 168261 | Series 2007-7-A36 | 6.00% | 06/25/2037 | 159508 |
|  | **Total Non-Agency Residential Collateralized Mortgage Obligations** <br>**(Cost $920,251,269)** | **Total Non-Agency Residential Collateralized Mortgage Obligations** <br>**(Cost $920,251,269)** |  | **905505040** |
|  **US CORPORATE BONDS - 11.1%** | **US CORPORATE BONDS - 11.1%** | **US CORPORATE BONDS - 11.1%** | **US CORPORATE BONDS - 11.1%** | **US CORPORATE BONDS - 11.1%** |
| 3526000 | AbbVie, Inc. | 4.88% | 03/15/2030 | 3630741 |
| 566000 | Agilent Technologies, Inc. | 4.20% | 09/09/2027 | 566794 |
| 4055000 | Aircastle Ltd. / Aircastle Ireland DAC | 5.25%<sup>(a)</sup> | 03/15/2030 | 4138523 |
| 1582000 | Altria Group, Inc. | 6.20% | 11/01/2028 | 1672069 |
| 2612000 | Altria Group, Inc. | 4.50% | 08/06/2030 | 2623165 |
| 9479000 | American Electric Power Co., Inc. | 5.20% | 01/15/2029 | 9777577 |
| 7102000 | American Express Co. (SOFR + 1.26%) | 4.73% | 04/25/2029 | 7216452 |
| 3076000 | American Homes 4 Rent LP | 4.25% | 02/15/2028 | 3069228 |
| 2357000 | American International Group, Inc. | 4.85% | 05/07/2030 | 2412727 |
| 2540000 | American National Group, Inc. | 5.75% | 10/01/2029 | 2629077 |
| 15421000 | American Tower Corp. | 4.90% | 03/15/2030 | 15732183 |
| 4991000 | Amrize Finance US LLC | 4.70%<sup>(a)</sup> | 04/07/2028 | 5051392 |
| 5557000 | AppLovin Corp. | 5.13% | 12/01/2029 | 5686239 |
| 6314000 | Arrow Electronics, Inc. | 5.15% | 08/21/2029 | 6466037 |
| 7528000 | Athene Global Funding (SOFR + 0.85%) | 5.16%<sup>(a)</sup> | 05/08/2026 | 7549736 |
| 3167000 | Athene Global Funding | 4.72%<sup>(a)</sup> | 10/08/2029 | 3194607 |
| 5026000 | Athene Global Funding | 5.03%<sup>(a)</sup> | 07/17/2030 | 5108928 |
| 4679000 | Atlassian Corp. | 5.25% | 05/15/2029 | 4811985 |
| 1046000 | Avery Dennison Corp. | 4.88% | 12/06/2028 | 1064094 |
| 1233000 | Aviation Capital Group LLC | 6.25%<sup>(a)</sup> | 04/15/2028 | 1286235 |
| 10455000 | Aviation Capital Group LLC | 4.80%<sup>(a)</sup> | 10/24/2030 | 10449895 |
| 3407000 | Bank of America Corp. (3 mo. Term SOFR + 1.32%) | 3.56% | 04/23/2027 | 3393964 |
| 9537000 | Bank of America Corp. (SOFR + 0.83%) | 4.98% | 01/24/2029 | 9715002 |
| 4345000 | Biogen, Inc. | 5.05% | 01/15/2031 | 4468875 |
| 3624000 | Black Hills Corp. | 4.55% | 01/31/2031 | 3626173 |
| 2881000 | Boardwalk Pipelines LP | 4.45% | 07/15/2027 | 2887677 |
| 2678000 | Broadcom, Inc. | 3.15% | 11/15/2025 | 2673988 |
| 2599000 | Broadcom, Inc. | 5.05% | 07/12/2029 | 2677777 |
| 2723000 | Broadcom, Inc. | 4.35% | 02/15/2030 | 2737278 |
| 2814000 | Broadcom, Inc. | 4.20% | 10/15/2030 | 2809914 |
| 1378000 | Brown & Brown, Inc. | 4.70% | 06/23/2028 | 1391899 |
| 1607000 | Brown & Brown, Inc. | 4.50% | 03/15/2029 | 1611748 |
| 4885000 | Bunge Ltd. Finance Corp. | 4.20% | 09/17/2029 | 4870594 |
| 2456000 | Campbell's Co. | 5.20% | 03/19/2027 | 2495287 |
| 4642000 | Cardinal Health, Inc. | 5.13% | 02/15/2029 | 4776385 |
| 2935000 | CenterPoint Energy, Inc. | 5.40% | 06/01/2029 | 3038195 |
| 2572000 | Charles Schwab Corp. (SOFR + 1.05%) | 5.33% | 03/03/2027 | 2595658 |
| 4428000 | Cheniere Energy Partners LP | 4.50% | 10/01/2029 | 4415079 |
| 6077000 | Cheniere Energy, Inc. | 4.63% | 10/15/2028 | 6059683 |
| 8670000 | Citibank NA | 4.58% | 05/29/2027 | 8750900 |
| 5099000 | Citigroup, Inc. (SOFR + 0.87%) | 4.79% | 03/04/2029 | 5165615 |
| 10897000 | Citigroup, Inc. (SOFR + 1.34%) | 4.54% | 09/19/2030 | 10951488 |
| 1576000 | CNA Financial Corp. | 3.90% | 05/01/2029 | 1556779 |
| 6658000 | Corebridge Global Funding | 5.75%<sup>(a)</sup> | 07/02/2026 | 6738967 |
| 638000 | Coterra Energy, Inc. | 3.90% | 05/15/2027 | 634116 |
| 410000 | Coterra Energy, Inc. | 4.38% | 03/15/2029 | 409307 |
| 5512000 | CRH SMW Finance DAC | 5.13% | 01/09/2030 | 5676172 |
| 3134000 | CubeSmart LP | 4.38% | 02/15/2029 | 3137785 |
| 2837000 | Darden Restaurants, Inc. | 4.35% | 10/15/2027 | 2849102 |
| 1705000 | DCP Midstream Operating LP | 5.13% | 05/15/2029 | 1744158 |
| 9873000 | Dell International LLC / EMC Corp. | 4.35% | 02/01/2030 | 9844476 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **79**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 8912000 | Delta Air Lines, Inc. | 4.95% | 07/10/2028 | 9022536 |
| 1509000 | Devon Energy Corp. | 5.25% | 10/15/2027 | 1509131 |
| 5139000 | Dominion Energy, Inc. | 5.00% | 06/15/2030 | 5271866 |
| 5505000 | DTE Energy Co. | 5.20% | 04/01/2030 | 5674771 |
| 5837000 | Edwards Lifesciences Corp. | 4.30% | 06/15/2028 | 5858854 |
| 6038000 | Energy Transfer LP | 6.05% | 12/01/2026 | 6152433 |
| 4569000 | Energy Transfer LP | 6.10% | 12/01/2028 | 4811639 |
| 5796000 | Equifax, Inc. | 4.80% | 09/15/2029 | 5892762 |
| 2242000 | Essential Utilities, Inc. | 4.80% | 08/15/2027 | 2268093 |
| 257000 | Essential Utilities, Inc. | 3.57% | 05/01/2029 | 250274 |
| 8746000 | Evergy Kansas Central, Inc. | 4.70% | 03/13/2028 | 8858089 |
| 3076000 | Exelon Corp. | 5.15% | 03/15/2029 | 3165493 |
| 9136000 | Extra Space Storage LP | 5.50% | 07/01/2030 | 9529791 |
| 1846000 | FirstEnergy Transmission LLC | 4.55% | 01/15/2030 | 1859096 |
| 7407000 | Fiserv, Inc. | 4.75% | 03/15/2030 | 7517856 |
| 3305000 | Foundry JV Holdco LLC | 5.90%<sup>(a)</sup> | 01/25/2030 | 3487105 |
| 4784000 | GATX Corp. | 4.70% | 04/01/2029 | 4846560 |
| 303000 | GATX Corp. | 4.00% | 06/30/2030 | 298147 |
| 5897000 | GE HealthCare Technologies, Inc. | 4.80% | 08/14/2029 | 6017055 |
| 4234000 | Genuine Parts Co. | 4.95% | 08/15/2029 | 4310372 |
| 2523000 | Global Payments, Inc. | 5.30% | 08/15/2029 | 2580966 |
| 4192000 | Goldman Sachs Bank USA/New York NY (SOFR + 0.77%) | 5.02% | 03/18/2027 | 4202030 |
| 7695000 | Hewlett Packard Enterprise Co. | 4.05% | 09/15/2027 | 7683181 |
| 6298000 | Hewlett Packard Enterprise Co. | 4.55% | 10/15/2029 | 6333893 |
| 300000 | HSBC USA, Inc. (SOFR + 0.96%) | 5.24% | 03/04/2027 | 301820 |
| 5675000 | Hyundai Capital America | 4.55%<sup>(a)</sup> | 09/26/2029 | 5688769 |
| 3220000 | Icon Investments Six DAC | 5.81% | 05/08/2027 | 3286989 |
| 3902000 | Illumina, Inc. | 4.65% | 09/09/2026 | 3921212 |
| 11900000 | Jackson National Life Global Funding | 4.60%<sup>(a)</sup> | 10/01/2029 | 12009454 |
| 5156000 | JPMorgan Chase & Co. (SOFR + 0.92%) | 5.25% | 04/22/2028 | 5186228 |
| 9565000 | JPMorgan Chase & Co. (SOFR + 0.80%) | 4.92% | 01/24/2029 | 9738918 |
| 4683000 | Kinder Morgan, Inc. | 5.00% | 02/01/2029 | 4790027 |
| 3904000 | Kyndryl Holdings, Inc. | 2.05% | 10/15/2026 | 3814229 |
| 6266000 | Laboratory Corp. of America Holdings | 4.35% | 04/01/2030 | 6269370 |
| 3051000 | LPL Holdings, Inc. | 4.63%<sup>(a)</sup> | 11/15/2027 | 3045919 |
| 2496000 | M&T Bank Corp. (SOFR + 0.93%) | 4.83% | 01/16/2029 | 2527427 |
| 250000 | Manufacturers & Traders Trust Co. | 4.65% | 01/27/2026 | 250215 |
| 5804000 | Marriott International, Inc./MD | 4.80% | 03/15/2030 | 5913765 |
| 10269000 | Mars, Inc. | 4.80%<sup>(a)</sup> | 03/01/2030 | 10465583 |
| 4537000 | Marvell Technology, Inc. | 5.75% | 02/15/2029 | 4734798 |
| 3544000 | Marvell Technology, Inc. | 4.75% | 07/15/2030 | 3591385 |
| 9032000 | MasTec, Inc. | 4.50%<sup>(a)</sup> | 08/15/2028 | 9014996 |
| 6553000 | Merck Sharp & Dohme Corp. | 5.95% | 12/01/2028 | 6951426 |
| 4744000 | Meritage Homes Corp. | 5.13% | 06/06/2027 | 4786849 |
| 906000 | Meritage Homes Corp. | 3.88%<sup>(a)</sup> | 04/15/2029 | 882320 |
| 1029000 | Microchip Technology, Inc. | 5.05% | 03/15/2029 | 1052084 |
| 6587000 | Molex Electronic Technologies LLC | 4.75%<sup>(a)</sup> | 04/30/2028 | 6654543 |
| 4699000 | MPLX LP | 4.80% | 02/15/2029 | 4768027 |
| 4331000 | National Fuel Gas Co. | 5.50% | 03/15/2030 | 4479255 |
| 3329000 | National Rural Utilities Cooperative Finance Corp. | 4.75% | 02/07/2028 | 3378954 |
| 4581000 | National Rural Utilities Cooperative Finance Corp. | 4.15% | 08/25/2028 | 4594919 |
| 5493000 | National Securities Clearing Corp. | 4.70%<sup>(a)</sup> | 05/20/2030 | 5615571 |
| 611000 | New York Life Global Funding (SOFR + 0.48%) | 4.76%<sup>(a)</sup> | 06/09/2026 | 612090 |
| 775000 | New York Life Global Funding | 4.70%<sup>(a)</sup> | 01/29/2029 | 790007 |
| 9977000 | NextEra Energy Capital Holdings, Inc. | 4.69% | 09/01/2027 | 10087423 |
| 5815000 | NGPL PipeCo LLC | 4.88%<sup>(a)</sup> | 08/15/2027 | 5830262 |
| 8988000 | Niagara Mohawk Power Corp. | 4.65%<sup>(a)</sup> | 10/03/2030 | 9034651 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2540000 | NiSource, Inc. | 5.25% | 03/30/2028 | 2607591 |
| 2027000 | NiSource, Inc. | 5.20% | 07/01/2029 | 2091621 |
| 4818000 | Northrop Grumman Corp. | 4.65% | 07/15/2030 | 4902931 |
| 2628000 | Omega Healthcare Investors, Inc. | 4.75% | 01/15/2028 | 2651931 |
| 4159000 | ONEOK, Inc. | 5.38% | 06/01/2029 | 4284765 |
| 4734000 | ONEOK, Inc. | 4.40% | 10/15/2029 | 4732693 |
| 2585000 | Oracle Corp. | 4.45% | 09/26/2030 | 2584327 |
| 2865000 | O'Reilly Automotive, Inc. | 5.75% | 11/20/2026 | 2915311 |
| 553000 | Pacific Life Global Funding II (SOFR + 0.62%) | 4.90%<sup>(a)</sup> | 06/04/2026 | 554569 |
| 2562000 | Paychex, Inc. | 5.10% | 04/15/2030 | 2637387 |
| 3074000 | PayPal Holdings, Inc. | 4.45% | 03/06/2028 | 3108135 |
| 9237000 | Penske Truck Leasing Co. LP / PTL Finance Corp. | 5.25%<sup>(a)</sup> | 02/01/2030 | 9531884 |
| 1203000 | Pinnacle West Capital Corp. | 4.90% | 05/15/2028 | 1222772 |
| 4420000 | Public Service Enterprise Group, Inc. | 5.85% | 11/15/2027 | 4577468 |
| 5007000 | Public Service Enterprise Group, Inc. | 5.88% | 10/15/2028 | 5249090 |
| 5885000 | Quanta Services, Inc. | 4.75% | 08/09/2027 | 5954860 |
| 4320000 | Quanta Services, Inc. | 4.50% | 01/15/2031 | 4319468 |
| 6173000 | Quest Diagnostics, Inc. | 4.20% | 06/30/2029 | 6184779 |
| 4317000 | Rentokil Terminix Funding LLC | 5.00%<sup>(a)</sup> | 04/28/2030 | 4400590 |
| 8744000 | Republic Services, Inc. | 4.75% | 07/15/2030 | 8962891 |
| 1348000 | Roper Technologies, Inc. | 4.25% | 09/15/2028 | 1354637 |
| 340000 | Ryder System, Inc. | 5.25% | 06/01/2028 | 349383 |
| 1355000 | Ryder System, Inc. | 4.95% | 09/01/2029 | 1388105 |
| 5624000 | Santander Holdings USA, Inc. (SOFR + 1.61%) | 5.47% | 03/20/2029 | 5733598 |
| 2513000 | Sherwin-Williams Co. | 4.55% | 03/01/2028 | 2538225 |
| 4451000 | Sherwin-Williams Co. | 4.30% | 08/15/2028 | 4474594 |
| 1783000 | Solventum Corp. | 5.45% | 02/25/2027 | 1812690 |
| 3100000 | Sonoco Products Co. | 4.45% | 09/01/2026 | 3105310 |
| 1482000 | Southern Co. Gas Capital Corp. | 4.05% | 09/15/2028 | 1480919 |
| 3593000 | Southern Power Co. | 4.25% | 10/01/2030 | 3573118 |
| 2382000 | Sun Communities Operating LP | 2.30% | 11/01/2028 | 2252919 |
| 4764000 | Sysco Corp. | 5.10% | 09/23/2030 | 4914310 |
| 7541000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 6.88% | 01/15/2029 | 7682267 |
| 7670000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 5.50% | 03/01/2030 | 7803644 |
| 7901000 | Truist Financial Corp. (SOFR + 2.45%) | 7.16% | 10/30/2029 | 8559575 |
| 2378000 | Uber Technologies, Inc. | 4.15% | 01/15/2031 | 2357769 |
| 3041000 | Veralto Corp. | 5.50% | 09/18/2026 | 3078884 |
| 2622000 | Veralto Corp. | 5.35% | 09/18/2028 | 2707115 |
| 2405000 | Verisk Analytics, Inc. | 4.50% | 08/15/2030 | 2413265 |
| 6098000 | VICI Properties LP / VICI Note Co., Inc. | 4.25%<sup>(a)</sup> | 12/01/2026 | 6076697 |
| 9228000 | Wells Fargo & Co. (SOFR + 1.07%) | 5.40% | 04/22/2028 | 9289027 |
| 4493000 | Wells Fargo & Co. (SOFR + 1.79%) | 6.30% | 10/23/2029 | 4759810 |
| 832000 | Western Midstream Operating LP | 6.35% | 01/15/2029 | 875604 |
| 5544000 | Western Midstream Operating LP | 4.05% | 02/01/2030 | 5413342 |
| 5804000 | Williams Cos., Inc. | 4.80% | 11/15/2029 | 5912575 |
| 3768000 | Zimmer Biomet Holdings, Inc. | 4.70% | 02/19/2027 | 3796410 |
| 5529000 | Zimmer Biomet Holdings, Inc. | 5.05% | 02/19/2030 | 5687550 |
|  | **Total US Corporate Bonds** <br>**(Cost $691,243,053)** | **Total US Corporate Bonds** <br>**(Cost $691,243,053)** |  | **702179608** |
|  **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 5.0%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 5.0%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 5.0%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 5.0%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 5.0%** |
|  | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** |
| 347231 | Pool 840632 (1 yr. RFUCCT + 1.62%, 1.62% Floor, 7.62% Cap) | 6.61% | 05/01/2045 | 359386 |
| 83370 | Pool N70081 | 5.50% | 07/01/2038 | 85024 |
| 7083487 | Pool RA8419 | 6.00% | 01/01/2053 | 7311023 |
| 7415575 | Pool SD5219 | 6.00% | 04/01/2054 | 7662068 |
| 3721685 | Pool SD6509 | 6.00% | 08/01/2054 | 3812250 |

---

---

| | | |
|:---|:---|:---|
| **80**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Low Duration Bond Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 3445333 | Pool SD6815 | 6.00% | 04/01/2054 | 3531315 |
| 5918141 | Pool SD8342 | 5.50% | 07/01/2053 | 5985175 |
| 9740595 | Pool SL0223 | 5.50% | 02/01/2055 | 9909972 |
| 5887326 | Pool SL0536 | 5.50% | 02/01/2055 | 5984237 |
| 4874491 | Pool SL1712 | 6.00% | 12/01/2054 | 5003823 |
| 3189459 | Series 276-F5 (30 day avg SOFR US + 0.61%, 0.50% Floor, 6.50% Cap) | 4.99% | 09/15/2042 | 3150494 |
| 2097823 | Series 339-F5 (30 day avg SOFR US + 0.56%, 0.45% Floor, 6.50% Cap) | 4.94% | 11/15/2044 | 2063400 |
| 8848 | Series 3872-BA | 4.00% | 06/15/2041 | 8742 |
| 3816782 | Series 4068-UF (30 day avg SOFR US + 0.61%, 0.50% Floor, 6.50% Cap) | 4.99% | 06/15/2042 | 3802780 |
| 67301 | Series 4203-NB | 2.00% | 10/15/2040 | 66961 |
| 2286051 | Series 4878-FA (30 day avg SOFR US + 0.51%, 0.40% Floor, 6.50% Cap) | 4.89% | 05/15/2049 | 2255123 |
| 1734444 | Series 4939-CF (30 day avg SOFR US + 0.61%, 0.50% Floor, 6.50% Cap) | 4.97% | 12/25/2049 | 1700570 |
| 3248439 | Series 4987-BF (30 day avg SOFR US + 0.51%, 0.40% Floor, 6.50% Cap) | 4.87% | 06/25/2050 | 3188139 |
| 8789723 | Series 4990-FN (30 day avg SOFR US + 0.46%, 0.35% Floor, 6.50% Cap) | 4.82% | 05/25/2050 | 8480344 |
| 7879766 | Series 5475-FG (30 day avg SOFR US + 1.15%, 1.15% Floor, 6.50% Cap) | 5.51% | 11/25/2054 | 7891874 |
| 4180805 | Series 5478-FB (30 day avg SOFR US + 1.35%, 1.35% Floor, 6.50% Cap) | 5.71% | 02/25/2054 | 4207072 |
| 7375047 | Series 5480-FD (30 day avg SOFR US + 1.35%, 1.35% Floor, 6.50% Cap) | 5.71% | 03/25/2054 | 7409539 |
| 8557432 | Series 5524-AF (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 04/25/2055 | 8521597 |
| 10200633 | Series 5536-FD (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 05/25/2054 | 10225802 |
|  | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** |
| 16480 | Pool AB3850 | 4.00% | 11/01/2041 | 15764 |
| 712973 | Pool AL2987 (1 yr. RFUCCT + 1.62%, 1.62% Floor, 7.31% Cap) | 6.66% | 11/01/2042 | 738955 |
| 31298 | Pool AL4292 | 4.50% | 04/01/2026 | 31264 |
| 518237 | Pool BM3520 (1 yr. RFUCCT + 1.56%, 1.56% Floor, 6.97% Cap) | 6.29% | 05/01/2045 | 538903 |
| 9693248 | Pool CB9973 | 5.50% | 02/01/2055 | 9874543 |
| 9607205 | Pool CB9999 | 6.00% | 02/01/2055 | 10004497 |
| 11870815 | Pool FA1444 | 5.50% | 04/01/2055 | 12002036 |
| 7260265 | Pool FS6084 | 6.00% | 10/01/2053 | 7499816 |
| 9399012 | Pool FS7622 | 5.50% | 04/01/2054 | 9571472 |
| 4355273 | Pool MA4901 | 5.00% | 01/01/2043 | 4415901 |
| 2731226 | Pool MA4988 | 5.00% | 04/01/2043 | 2764936 |
| 3390902 | Pool MA5112 | 5.00% | 08/01/2043 | 3397240 |
| 4411437 | Pool MA5540 | 5.50% | 11/01/2044 | 4526202 |
| 1816385 | Series 2010-68-FJ (30 day avg SOFR US + 0.56%, 0.45% Floor, 7.00% Cap) | 4.92% | 07/25/2040 | 1808528 |
| 817750 | Series 2011-134-FT (30 day avg SOFR US + 0.61%, 0.50% Floor, 6.50% Cap) | 4.97% | 12/25/2041 | 810364 |
| 31156 | Series 2011-64-DB | 4.00% | 07/25/2041 | 30610 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1391749 | Series 2016-62-FB (30 day avg SOFR US + 0.51%, 0.40% Floor, 6.50% Cap) | 4.87% | 09/25/2046 | 1381146 |
| 3405177 | Series 2016-84-FT (30 day avg SOFR US + 0.61%, 0.50% Floor, 6.50% Cap) | 4.97% | 11/25/2046 | 3336154 |
| 1422042 | &nbsp;&nbsp;&nbsp; Series 2017-112-FC <br>(30 day avg SOFR US + 0.46%, 0.35% Floor, 6.50% Cap) | 4.82% | 01/25/2048 | 1380868 |
| 6692276 | Series 2018-72-FB (30 day avg SOFR US + 0.46%, 0.35% Floor, 6.50% Cap) | 4.82% | 10/25/2058 | 6427819 |
| 2343258 | Series 2018-85-FE (30 day avg SOFR US + 0.41%, 0.30% Floor, 6.50% Cap) | 4.77% | 12/25/2048 | 2312929 |
| 4161350 | Series 2019-49-FB (30 day avg SOFR US + 0.59%, 0.48% Floor, 6.50% Cap) | 4.95% | 09/25/2049 | 4052354 |
| 5716247 | Series 2019-57-LF (30 day avg SOFR US + 0.61%, 0.50% Floor, 6.50% Cap) | 4.97% | 10/25/2049 | 5554514 |
| 629748 | Series 2019-M21-3A1 | 2.10% | 06/25/2034 | 622167 |
| 3965237 | Series 2020-34-F (30 day avg SOFR US + 0.56%, 0.45% Floor, 6.50% Cap) | 4.92% | 06/25/2050 | 3850283 |
| 9977463 | Series 2020-M49-1A1 | 1.30%<sup>(b)</sup> | 11/25/2030 | 9324956 |
| 13156762 | Series 2021-M7-A1 | 1.78%<sup>(b)</sup> | 03/25/2031 | 12590455 |
| 6639250 | Series 2024-82-FH (30 day avg SOFR US + 1.15%, 1.15% Floor, 6.50% Cap) | 5.51% | 11/25/2054 | 6647628 |
| 5703011 | Series 2024-93-FL (30 day avg SOFR US + 1.45%, 1.45% Floor, 6.50% Cap) | 5.81% | 12/25/2054 | 5754113 |
| 6613651 | Series 2024-95-FA (30 day avg SOFR US + 1.50%, 1.50% Floor, 6.50% Cap) | 5.86% | 12/25/2054 | 6653002 |
| 8263168 | Series 2024-95-FC (30 day avg SOFR US + 1.40%, 1.40% Floor, 6.50% Cap) | 5.76% | 12/25/2054 | 8329958 |
| 15138395 | Series 2025-15-FQ (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 04/25/2055 | 15164284 |
| 8585361 | Series 2025-26-FK (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 06/25/2054 | 8604607 |
| 9188900 | Series 2025-28-FM (30 day avg SOFR US + 1.25%, 1.25% Floor, 6.50% Cap) | 5.61% | 04/25/2055 | 9221736 |
| 6220611 | Series 2025-33-FE (30 day avg SOFR US + 1.45%, 1.45% Floor, 6.50% Cap) | 5.81% | 08/25/2054 | 6280163 |
|  | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** |
| 3168300 | Series 2012-68-FA (1 mo. Term SOFR + 0.61%, 0.50% Floor, 6.00% Cap) | 4.75% | 05/20/2042 | 3128863 |
| 2436873 | Series 2013-116-WU | 3.00% | 12/20/2042 | 2405061 |
| 3060163 | Series 2016-16-DF (1 mo. Term SOFR + 0.41%, 0.30% Floor, 6.50% Cap) | 4.56% | 02/16/2046 | 3032062 |
| 3923581 | Series 2022-183-B | 5.00% | 04/20/2047 | 3938512 |
| 3441267 | Series 2024-25-AF (30 day avg SOFR US + 0.51%, 0.51% Floor, 6.50% Cap) | 4.87% | 02/20/2049 | 3235862 |
|  | **Total US Government and Agency Mortgage Backed Obligations** <br>**(Cost $313,261,445)** | **Total US Government and Agency Mortgage Backed Obligations** <br>**(Cost $313,261,445)** |  | **313877237** |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **81**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **US GOVERNMENT AND AGENCY OBLIGATIONS - 24.4%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 24.4%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 24.4%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 24.4%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 24.4%** |
| 16820055 | United States Treasury Inflation Indexed Bonds | 2.38% | 01/15/2027 | 17123306 |
| 24599225 | United States Treasury Inflation Indexed Bonds | 0.13% | 04/15/2027 | 24263696 |
| 12432156 | United States Treasury Inflation Indexed Bonds | 1.63% | 10/15/2027 | 12634082 |
| 40000000 | United States Treasury Note/Bond | 0.38% | 01/31/2026 | 39527141 |
| 111200000 | United States Treasury Note/Bond | 0.75% | 03/31/2026 | 109517362 |
| 118700000 | United States Treasury Note/Bond | 0.75% | 05/31/2026 | 116326621 |
| 106500000 | United States Treasury Note/Bond | 0.63% | 07/31/2026 | 103781064 |
| 123500000 | United States Treasury Note/Bond | 0.88% | 09/30/2026 | 120099079 |
| 356250000 | United States Treasury Note/Bond | 0.63% | 03/31/2027 | 340671020 |
| 273600000 | United States Treasury Note/Bond | 0.50% | 06/30/2027 | 259209280 |
| 200000000 | United States Treasury Note/Bond | 0.75% | 01/31/2028 | 187304688 |
| 245000000 | United States Treasury Note/Bond | 0.88% | 11/15/2030 | 212470507 |
|  | **Total US Government and Agency Obligations** <br>**(Cost $1,537,308,185)** | **Total US Government and Agency Obligations** <br>**(Cost $1,537,308,185)** |  | **1542927846** |

---

---

| | | |
|:---|:---|:---|
| Shares | Security Description | Value $ |
|  **SHORT TERM INVESTMENTS - 4.2%** | **SHORT TERM INVESTMENTS - 4.2%** | **SHORT TERM INVESTMENTS - 4.2%** |
| 87876730 | First American Government Obligations Fund - U<br> 4.06%<sup>(g)</sup> | 87876730 |
| 87876729 | JPMorgan US Government Money Market Fund - IM<br> 4.08%<sup>(g)</sup> | 87876729 |
| 87876730 | MSILF Government Portfolio - Institutional<br> 4.05%<sup>(g)</sup> | 87876730 |
|  | **Total Short Term Investments** <br>**(Cost $263,630,189)** | **263630189** |
|  | **Total Investments - 99.8%** <br>**(Cost $6,406,151,130)** | **6305888918** |
|  | **Other Assets in Excess of Liabilities - 0.2%** | **13921263** |
|  | **NET ASSETS - 100.0%** | **$6319810181** |

---

---

| | |
|:---|:---|
|  **SECURITY TYPE BREAKDOWN as a % of Net Assets:**  |  |
|  US Government and Agency Obligations | 24.4% |
|  Non-Agency Residential Collateralized Mortgage Obligations | 14.3% |
|  Non-Agency Commercial Mortgage Backed Obligations | 13.7% |
|  US Corporate Bonds | 11.1% |
|  Collateralized Loan Obligations | 11.0% |
|  Asset Backed Obligations | 7.5% |
|  Foreign Corporate Bonds | 6.6% |
|  US Government and Agency Mortgage Backed Obligations | 5.0% |
|  Short Term Investments | 4.2% |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 2.0% |
|  Other Assets and Liabilities | 0.2% |
|  Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  **INVESTMENT BREAKDOWN as a % of Net Assets:**  |  |
|  US Government and Agency Obligations | 24.4% |
|  Non-Agency Residential Collateralized Mortgage Obligations | 14.3% |
|  Non-Agency Commercial Mortgage Backed Obligations | 13.7% |
|  Collateralized Loan Obligations | 11.0% |
|  Asset Backed Obligations | 7.5% |
|  US Government and Agency Mortgage Backed Obligations | 5.0% |
|  Short Term Investments | 4.2% |
|  Banking | 3.8% |
|  Utilities | 2.3% |
|  Energy | 2.1% |
|  Technology | 1.9% |
|  Transportation | 1.2% |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 1.2% |
|  Finance | 0.8% |
|  Healthcare | 0.7% |
|  Insurance | 0.7% |
|  Food Products | 0.5% |
|  Mining | 0.4% |
|  Telecommunications | 0.4% |
|  Aerospace & Defense | 0.4% |
|  Retailers (other than Food/Drug) | 0.3% |
|  Construction | 0.3% |
|  Real Estate | 0.3% |
|  Industrial Equipment | 0.3% |
|  Consumer Products | 0.3% |
|  Beverage and Tobacco | 0.3% |
|  Pharmaceuticals | 0.2% |

---

---

| | | |
|:---|:---|:---|
| **82**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Low Duration Bond Fund (Cont.)**<br>

---

| | |
|:---|:---|
|  Hotels/Motels/Inns and Casinos | 0.2% |
|  Chemicals/Plastics | 0.2% |
|  Building and Development (including Steel/Metals) | 0.2% |
|  Automotive | 0.2% |
|  Environmental Control | 0.1% |
|  Commercial Services | 0.1% |
|  Diversified Manufacturing | 0.1% |
|  Media | 0.1% |
|  Containers and Glass Products | 0.1% |
|  Food Service | 0.0%<sup>(h)</sup> |
|  Other Assets and Liabilities | 0.2% |
|  Net Assets | 100.0% |

---

(a) **Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of September 30, 2025, the value of these securities total $2,966,936,841 or 46.9% of the Fund's net assets.**

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

(c) **Value determined using significant unobservable inputs.**

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

(e) **Interest only security**

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

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

(h) **Represents less than 0.05% of net assets.**

**CMT**

**Constant Maturity Treasury Rate**

**RFUCCT Refinitiv USD IBOR Consumer Cash Fallbacks**

**SOFR**

**Secured Overnight Financing Rate**

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **83**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **Schedule of Investments DoubleLine Floating Rate Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<br>September 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **BANK LOANS - 86. 7%** | **BANK LOANS - 86. 7%** | **BANK LOANS - 86. 7%** | **BANK LOANS - 86. 7%** | **BANK LOANS - 86. 7%** |
|  **AEROSPACE & DEFENSE - 3. 1%** | **AEROSPACE & DEFENSE - 3. 1%** | **AEROSPACE & DEFENSE - 3. 1%** | **AEROSPACE & DEFENSE - 3. 1%** | **AEROSPACE & DEFENSE - 3. 1%** |
|  | **AAdvantage Loyalty IP Ltd.** | **AAdvantage Loyalty IP Ltd.** | **AAdvantage Loyalty IP Ltd.** | **AAdvantage Loyalty IP Ltd.** |
| 518700 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.58% | 05/28/2032 | 521618 |
|  | **Kaman Corp.** | **Kaman Corp.** | **Kaman Corp.** | **Kaman Corp.** |
| 31059 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.54% | 02/26/2032 | 30995 |
| 42684 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.54% | 02/26/2032 | 42596 |
| 31134 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.54% | 02/26/2032 | 31070 |
| 37546 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.54% | 02/26/2032 | 37469 |
| 93177 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.70% | 02/26/2032 | 92986 |
| 128052 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.70% | 02/26/2032 | 127789 |
| 112638 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.70% | 02/26/2032 | 112407 |
| 93403 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.70% | 02/26/2032 | 93211 |
| 53732 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.83% | 02/26/2032 | 5014 |
|  | **Signia Aerospace LLC** | **Signia Aerospace LLC** | **Signia Aerospace LLC** | **Signia Aerospace LLC** |
| 435262 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 6.91% | 12/11/2031 | 436622 |
| 356124 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 6.91% | 12/11/2031 | 357236 |
| 15465 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 7.06% | 12/11/2031 | 15514 |
|  | **TransDigm, Inc.** | **TransDigm, Inc.** | **TransDigm, Inc.** | **TransDigm, Inc.** |
| 1555000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.50% | 08/13/2032 | 1555078 |
|  |  |  |  | 3459605 |
|  **AUTOMOTIVE - 1.9%** | **AUTOMOTIVE - 1.9%** | **AUTOMOTIVE - 1.9%** | **AUTOMOTIVE - 1.9%** |  |
|  | **American Axle & Manufacturing, Inc.** | **American Axle & Manufacturing, Inc.** | **American Axle & Manufacturing, Inc.** | **American Axle & Manufacturing, Inc.** |
| 295000 | Senior Secured Term Loan | 7.57%<sup>(a)</sup> | 09/20/2032 | 293894 |
|  | **Clarios Global LP** | **Clarios Global LP** | **Clarios Global LP** | **Clarios Global LP** |
| 999919 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.82% | 05/06/2030 | 1001639 |
| 335000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 01/28/2032 | 335628 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Dexko Global, Inc.** | **Dexko Global, Inc.** | **Dexko Global, Inc.** | **Dexko Global, Inc.** |
| 449763 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.50% Floor) | 8.18% | 10/04/2028 | 444192 |
|  |  |  |  | 2075353 |
|  **BUILDING AND DEVELOPMENT (INCLUDING STEEL/METALS) - 1.4%** | **BUILDING AND DEVELOPMENT (INCLUDING STEEL/METALS) - 1.4%** | **BUILDING AND DEVELOPMENT (INCLUDING STEEL/METALS) - 1.4%** | **BUILDING AND DEVELOPMENT (INCLUDING STEEL/METALS) - 1.4%** |  |
|  | **Cornerstone Building Brands, Inc.** | **Cornerstone Building Brands, Inc.** | **Cornerstone Building Brands, Inc.** | **Cornerstone Building Brands, Inc.** |
| 381524 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.50% | 04/12/2028 | 363314 |
| 64350 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.50% Floor) | 8.65% | 05/15/2031 | 58920 |
|  | **LBM Acquisition LLC** | **LBM Acquisition LLC** | **LBM Acquisition LLC** | **LBM Acquisition LLC** |
| 617623 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.75% Floor) | 7.99% | 06/06/2031 | 603900 |
|  | **Resideo Funding, Inc.** | **Resideo Funding, Inc.** | **Resideo Funding, Inc.** | **Resideo Funding, Inc.** |
| 515000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.04% | 08/13/2032 | 515806 |
|  |  |  |  | 1541940 |
|  **BUSINESS EQUIPMENT AND SERVICES - 4.6%** | **BUSINESS EQUIPMENT AND SERVICES - 4.6%** | **BUSINESS EQUIPMENT AND SERVICES - 4.6%** | **BUSINESS EQUIPMENT AND SERVICES - 4.6%** |  |
|  | **Camelot US Acquisition LLC** | **Camelot US Acquisition LLC** | **Camelot US Acquisition LLC** | **Camelot US Acquisition LLC** |
| 658223 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 01/31/2031 | 654932 |
| 152651 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 01/31/2031 | 151888 |
| 13957 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 01/31/2031 | 13887 |
| 475000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.41% | 01/31/2031 | 475074 |
|  | **CoreLogic, Inc.** | **CoreLogic, Inc.** | **CoreLogic, Inc.** | **CoreLogic, Inc.** |
| 319069 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.50% Floor) | 7.78% | 06/02/2028 | 319668 |
|  | **EAB Global, Inc.** | **EAB Global, Inc.** | **EAB Global, Inc.** | **EAB Global, Inc.** |
| 365509 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.16% | 08/16/2030 | 357056 |
|  | **Eisner Advisory Group LLC** | **Eisner Advisory Group LLC** | **Eisner Advisory Group LLC** | **Eisner Advisory Group LLC** |
| 639184 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.50% Floor) | 8.16% | 02/28/2031 | 643830 |
|  | **Element Materials Technology Group US Holdings, Inc.** | **Element Materials Technology Group US Holdings, Inc.** | **Element Materials Technology Group US Holdings, Inc.** | **Element Materials Technology Group US Holdings, Inc.** |
| 637950 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.68%, 0.50% Floor) | 7.68% | 06/25/2029 | 643035 |
|  | **Grant Thornton Advisors LLC** | **Grant Thornton Advisors LLC** | **Grant Thornton Advisors LLC** | **Grant Thornton Advisors LLC** |
| 644004 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 05/30/2031 | 640916 |

---

---

| | | |
|:---|:---|:---|
| **84**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 258309 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 05/30/2031 | 258232 |
|  | **Ovg Business Services LLC** | **Ovg Business Services LLC** | **Ovg Business Services LLC** | **Ovg Business Services LLC** |
| 482563 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 06/25/2031 | 482864 |
|  | **Trans Union LLC** | **Trans Union LLC** | **Trans Union LLC** | **Trans Union LLC** |
| 316000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 06/24/2031 | 316100 |
|  | **VT Topco, Inc.** | **VT Topco, Inc.** | **VT Topco, Inc.** | **VT Topco, Inc.** |
| 219423 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.16% | 08/09/2030 | 213047 |
|  |  |  |  | 5170529 |
|  **CHEMICALS/PLASTICS - 2.3%** | **CHEMICALS/PLASTICS - 2.3%** | **CHEMICALS/PLASTICS - 2.3%** | **CHEMICALS/PLASTICS - 2.3%** |  |
|  | **Hexion Holdings Corp.** | **Hexion Holdings Corp.** | **Hexion Holdings Corp.** | **Hexion Holdings Corp.** |
| 712742 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.50% Floor) | 8.14% | 03/15/2029 | 712618 |
|  | **INEOS US Finance LLC** | **INEOS US Finance LLC** | **INEOS US Finance LLC** | **INEOS US Finance LLC** |
| 644009 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.41% | 02/19/2030 | 585243 |
|  | **INEOS US Petrochem LLC** | **INEOS US Petrochem LLC** | **INEOS US Petrochem LLC** | **INEOS US Petrochem LLC** |
| 245417 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor) | 8.67% | 03/29/2029 | 222920 |
| 397000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor) | 8.41% | 10/07/2031 | 343736 |
|  | **Qnity Electronics, Inc.** | **Qnity Electronics, Inc.** | **Qnity Electronics, Inc.** | **Qnity Electronics, Inc.** |
| 765000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.00%) | 6.25% | 08/12/2032 | 765956 |
|  |  |  |  | 2630473 |
|  **COMMERCIAL SERVICES - 6.3%** | **COMMERCIAL SERVICES - 6.3%** | **COMMERCIAL SERVICES - 6.3%** | **COMMERCIAL SERVICES - 6.3%** |  |
|  | **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** |
| 615000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.51% | 08/20/2032 | 618007 |
|  | **Ascend Learning LLC** | **Ascend Learning LLC** | **Ascend Learning LLC** | **Ascend Learning LLC** |
| 105156 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.16% | 12/11/2028 | 105161 |
| 692839 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.16% | 12/11/2028 | 692874 |
|  | **Cengage Learning, Inc.** | **Cengage Learning, Inc.** | **Cengage Learning, Inc.** | **Cengage Learning, Inc.** |
| 230651 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 1.00% Floor) | 7.67% | 03/24/2031 | 230338 |
| 393836 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 1.00% Floor) | 7.70% | 03/24/2031 | 393302 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Enviri Corp.** | **Enviri Corp.** | **Enviri Corp.** | **Enviri Corp.** |
| 407870 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.50% Floor) | 6.53% | 03/10/2028 | 408042 |
|  | **Garda World Security Corp.** | **Garda World Security Corp.** | **Garda World Security Corp.** | **Garda World Security Corp.** |
| 674885 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.17% | 02/01/2029 | 676573 |
|  | **GFL ES US LLC** | **GFL ES US LLC** | **GFL ES US LLC** | **GFL ES US LLC** |
| 875000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.67% | 03/03/2032 | 875875 |
|  | **Green Infrastructure Partners, Inc.** | **Green Infrastructure Partners, Inc.** | **Green Infrastructure Partners, Inc.** | **Green Infrastructure Partners, Inc.** |
| 875000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.75% | 09/24/2032 | 876916 |
|  | **Mister Car Wash Holdings, Inc.** | **Mister Car Wash Holdings, Inc.** | **Mister Car Wash Holdings, Inc.** | **Mister Car Wash Holdings, Inc.** |
| 138911 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 03/27/2031 | 139357 |
|  | **Pinnacle Buyer LLC** | **Pinnacle Buyer LLC** | **Pinnacle Buyer LLC** | **Pinnacle Buyer LLC** |
| 125806 | Senior Secured Term Loan (1 mo. Term SOFR + 2.50%) | 6.75% | 09/13/2032 | 126121 |
|  | **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** |
| 578546 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 6.00% | 03/08/2032 | 573982 |
|  | **Project Aurora US Finco, Inc.** | **Project Aurora US Finco, Inc.** | **Project Aurora US Finco, Inc.** | **Project Aurora US Finco, Inc.** |
| 195000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.75%) | 6.89% | 09/27/2032 | 195609 |
|  | **Vestis Corp.** | **Vestis Corp.** | **Vestis Corp.** | **Vestis Corp.** |
| 539438 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.45% | 02/24/2031 | 509769 |
|  | **Wand NewCo 3, Inc.** | **Wand NewCo 3, Inc.** | **Wand NewCo 3, Inc.** | **Wand NewCo 3, Inc.** |
| 620190 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 01/30/2031 | 618804 |
|  |  |  |  | 7040730 |
|  **CONSTRUCTION - 2.9%** | **CONSTRUCTION - 2.9%** | **CONSTRUCTION - 2.9%** | **CONSTRUCTION - 2.9%** |  |
|  | **Amentum Holdings, Inc.** | **Amentum Holdings, Inc.** | **Amentum Holdings, Inc.** | **Amentum Holdings, Inc.** |
| 612000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 09/29/2031 | 612670 |
|  | **APi Group DE, Inc.** | **APi Group DE, Inc.** | **APi Group DE, Inc.** | **APi Group DE, Inc.** |
| 200000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 01/03/2029 | 200083 |
|  | **Brand Industrial Services, Inc.** | **Brand Industrial Services, Inc.** | **Brand Industrial Services, Inc.** | **Brand Industrial Services, Inc.** |
| 229002 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.50%, 0.50% Floor) | 8.80% | 08/01/2030 | 208163 |
|  | **Construction Partners, Inc.** | **Construction Partners, Inc.** | **Construction Partners, Inc.** | **Construction Partners, Inc.** |
| 595500 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 11/03/2031 | 597712 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **85**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Floating Rate Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Quikrete Holdings, Inc.** | **Quikrete Holdings, Inc.** | **Quikrete Holdings, Inc.** | **Quikrete Holdings, Inc.** |
| 390020 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 03/19/2029 | 390701 |
| 123132 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 04/14/2031 | 123234 |
| 577100 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 02/10/2032 | 577394 |
|  | **Tecta America Corp.** | **Tecta America Corp.** | **Tecta America Corp.** | **Tecta America Corp.** |
| 568575 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 02/18/2032 | 571418 |
|  |  |  |  | 3281375 |
|  **CONSUMER PRODUCTS - 0.7%** | **CONSUMER PRODUCTS - 0.7%** | **CONSUMER PRODUCTS - 0.7%** | **CONSUMER PRODUCTS - 0.7%** |  |
|  | **Hunter Douglas, Inc.** | **Hunter Douglas, Inc.** | **Hunter Douglas, Inc.** | **Hunter Douglas, Inc.** |
| 498992 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.25% | 01/20/2032 | 500284 |
|  | **Madison Safety & Flow LLC** | **Madison Safety & Flow LLC** | **Madison Safety & Flow LLC** | **Madison Safety & Flow LLC** |
| 281126 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 09/26/2031 | 281801 |
|  |  |  |  | 782085 |
|  **CONTAINERS AND GLASS PRODUCTS - 1.5%** | **CONTAINERS AND GLASS PRODUCTS - 1.5%** | **CONTAINERS AND GLASS PRODUCTS - 1.5%** | **CONTAINERS AND GLASS PRODUCTS - 1.5%** |  |
|  | **Clydesdale Acquisition Holdings, Inc.** | **Clydesdale Acquisition Holdings, Inc.** | **Clydesdale Acquisition Holdings, Inc.** | **Clydesdale Acquisition Holdings, Inc.** |
| 556032 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.18%, 0.50% Floor) | 7.49% | 04/13/2029 | 555910 |
|  | **Graham Packaging Co., Inc.** | **Graham Packaging Co., Inc.** | **Graham Packaging Co., Inc.** | **Graham Packaging Co., Inc.** |
| 625000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 08/04/2027 | 625703 |
|  | **Pregis TopCo LLC** | **Pregis TopCo LLC** | **Pregis TopCo LLC** | **Pregis TopCo LLC** |
| 306899 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.16% | 02/01/2029 | 309360 |
|  | **Pretium PKG Holdings, Inc.** | **Pretium PKG Holdings, Inc.** | **Pretium PKG Holdings, Inc.** | **Pretium PKG Holdings, Inc.** |
| 155000 | Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 6.75%, 0.50% Floor) | 11.24% | 10/01/2029 | 16856 |
|  | **Trident TPI Holdings, Inc.** | **Trident TPI Holdings, Inc.** | **Trident TPI Holdings, Inc.** | **Trident TPI Holdings, Inc.** |
| 213526 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.50% Floor) | 7.75% | 09/18/2028 | 210079 |
|  |  |  |  | 1717908 |
|  **ELECTRONICS/ELECTRIC - 12.3%** | **ELECTRONICS/ELECTRIC - 12.3%** | **ELECTRONICS/ELECTRIC - 12.3%** | **ELECTRONICS/ELECTRIC - 12.3%** |  |
|  | **Applied Systems, Inc.** | **Applied Systems, Inc.** | **Applied Systems, Inc.** | **Applied Systems, Inc.** |
| 235000 | Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.80% | 02/23/2032 | 241169 |
|  | **Astra Acquisition Corp.** | **Astra Acquisition Corp.** | **Astra Acquisition Corp.** | **Astra Acquisition Corp.** |
| 404876 | Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 9.88%, 0.75% Floor) | 13.19%<sup>(b)</sup> | 10/25/2029 | 1617 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Asurion LLC** | **Asurion LLC** | **Asurion LLC** | **Asurion LLC** |
| 135000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.00% Floor) | 9.53% | 02/03/2028 | 131794 |
| 396124 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor) | 8.51% | 08/21/2028 | 397830 |
| 500000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.00% Floor) | 9.53% | 01/22/2029 | 479758 |
| 415698 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor) | 8.41% | 09/19/2030 | 414788 |
| 184538 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%) | 8.57% | 09/19/2030 | 183596 |
|  | **Boxer Parent Co., Inc.** | **Boxer Parent Co., Inc.** | **Boxer Parent Co., Inc.** | **Boxer Parent Co., Inc.** |
| 950225 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.20% | 07/30/2031 | 949778 |
| 202032 | Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 5.75%, 0.00% Floor) | 9.95% | 07/30/2032 | 197297 |
|  | **Castle US Holding Corp.** | **Castle US Holding Corp.** | **Castle US Holding Corp.** | **Castle US Holding Corp.** |
| 216696 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor) | 8.72% | 05/31/2030 | 101486 |
|  | **Central Parent LLC** | **Central Parent LLC** | **Central Parent LLC** | **Central Parent LLC** |
| 118248 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.25% | 07/06/2029 | 102585 |
|  | **Chariot Buyer LLC** | **Chariot Buyer LLC** | **Chariot Buyer LLC** | **Chariot Buyer LLC** |
| 501727 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 09/08/2032 | 502826 |
|  | **Clearwater Analytics LLC** | **Clearwater Analytics LLC** | **Clearwater Analytics LLC** | **Clearwater Analytics LLC** |
| 390000 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.46% | 04/21/2032 | 391463 |
|  | **Cloud Software Group, Inc.** | **Cloud Software Group, Inc.** | **Cloud Software Group, Inc.** | **Cloud Software Group, Inc.** |
| 417892 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.25% | 03/24/2031 | 419944 |
|  | **Cornerstone OnDemand, Inc.** | **Cornerstone OnDemand, Inc.** | **Cornerstone OnDemand, Inc.** | **Cornerstone OnDemand, Inc.** |
| 236453 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.50% Floor) | 8.03% | 10/16/2028 | 228363 |
|  | **Cyborg Oldco DC Holdings, Inc.** | **Cyborg Oldco DC Holdings, Inc.** | **Cyborg Oldco DC Holdings, Inc.** | **Cyborg Oldco DC Holdings, Inc.** |
| 230203 | Senior Secured Term Loan (1 mo. Term SOFR + 3.00%) | 8.35%<sup>(b)(c)</sup> | 05/01/2026 |  |
|  | **DG Investment Intermediate Holdings 2, Inc.** | **DG Investment Intermediate Holdings 2, Inc.** | **DG Investment Intermediate Holdings 2, Inc.** | **DG Investment Intermediate Holdings 2, Inc.** |
| 980000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.00% Floor) | 7.91% | 07/12/2032 | 984493 |
| 90000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.50%, 0.00% Floor) | 9.66% | 07/29/2033 | 89775 |
|  | **Ellucian Holdings, Inc.** | **Ellucian Holdings, Inc.** | **Ellucian Holdings, Inc.** | **Ellucian Holdings, Inc.** |
| 40000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor) | 8.91% | 11/22/2032 | 41033 |

---

---

| | | |
|:---|:---|:---|
| **86**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Finastra USA, Inc.** | **Finastra USA, Inc.** | **Finastra USA, Inc.** | **Finastra USA, Inc.** |
| 200000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.04% | 09/15/2032 | 199393 |
|  | **Gainwell Acquisition Corp.** | **Gainwell Acquisition Corp.** | **Gainwell Acquisition Corp.** | **Gainwell Acquisition Corp.** |
| 924138 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.00%, 0.75% Floor) | 8.10% | 10/01/2027 | 911200 |
|  | **ION Platform Finance US, Inc.** | **ION Platform Finance US, Inc.** | **ION Platform Finance US, Inc.** | **ION Platform Finance US, Inc.** |
| 670000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.75%) | 7.89% | 09/30/2032 | 663900 |
|  | **ION Trading Technologies Sarl** | **ION Trading Technologies Sarl** | **ION Trading Technologies Sarl** | **ION Trading Technologies Sarl** |
| 256592 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.80% | 04/03/2028 | 256873 |
|  | **McAfee Corp.** | **McAfee Corp.** | **McAfee Corp.** | **McAfee Corp.** |
| 429059 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.22% | 03/01/2029 | 411092 |
|  | **MH Sub I LLC** | **MH Sub I LLC** | **MH Sub I LLC** | **MH Sub I LLC** |
| 690353 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.41% | 12/31/2031 | 636851 |
|  | **Mitchell International, Inc.** | **Mitchell International, Inc.** | **Mitchell International, Inc.** | **Mitchell International, Inc.** |
| 713570 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.41% | 06/17/2031 | 713724 |
| 115000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.00% Floor) | 9.41% | 06/17/2032 | 114224 |
|  | **Newfold Digital Holdings Group, Inc.** | **Newfold Digital Holdings Group, Inc.** | **Newfold Digital Holdings Group, Inc.** | **Newfold Digital Holdings Group, Inc.** |
| 240200 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.75% Floor) | 7.84% | 02/10/2028 | 126526 |
|  | **Polaris Newco LLC** | **Polaris Newco LLC** | **Polaris Newco LLC** | **Polaris Newco LLC** |
| 430294 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.00%, 0.50% Floor) | 8.57% | 06/05/2028 | 415623 |
|  | **Proofpoint, Inc.** | **Proofpoint, Inc.** | **Proofpoint, Inc.** | **Proofpoint, Inc.** |
| 518835 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.16% | 08/31/2028 | 521518 |
|  | **RealPage, Inc.** | **RealPage, Inc.** | **RealPage, Inc.** | **RealPage, Inc.** |
| 317519 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.26% | 04/24/2028 | 317097 |
| 228850 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.50% Floor) | 7.75% | 04/24/2028 | 229866 |
|  | **Sabre GLBL, Inc.** | **Sabre GLBL, Inc.** | **Sabre GLBL, Inc.** | **Sabre GLBL, Inc.** |
| 89492 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.50% Floor) | 7.78% | 12/17/2027 | 85204 |
| 177624 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.50% Floor) | 7.78% | 12/17/2027 | 169113 |
| 119527 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.00%, 0.00% Floor) | 10.26% | 11/15/2029 | 113550 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 165898 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.00%) | 10.42% | 11/15/2029 | 156981 |
|  | **UKG, Inc.** | **UKG, Inc.** | **UKG, Inc.** | **UKG, Inc.** |
| 1035000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.81% | 02/10/2031 | 1035140 |
|  | **WEC US Holdings, Inc.** | **WEC US Holdings, Inc.** | **WEC US Holdings, Inc.** | **WEC US Holdings, Inc.** |
| 891000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.53% | 01/27/2031 | 892296 |
|  |  |  |  | 13829766 |
|  **ENERGY - 5.5%** | **ENERGY - 5.5%** | **ENERGY - 5.5%** | **ENERGY - 5.5%** |  |
|  | **BCP Renaissance Parent LLC** | **BCP Renaissance Parent LLC** | **BCP Renaissance Parent LLC** | **BCP Renaissance Parent LLC** |
| 514344 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.50% | 10/31/2028 | 515738 |
|  | **Colossus Acquireco LLC** | **Colossus Acquireco LLC** | **Colossus Acquireco LLC** | **Colossus Acquireco LLC** |
| 1255000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 07/30/2032 | 1248725 |
|  | **Compass Power Generation LLC** | **Compass Power Generation LLC** | **Compass Power Generation LLC** | **Compass Power Generation LLC** |
| 841004 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.57% | 04/16/2029 | 847838 |
|  | **CPPIB OVM Member US LLC** | **CPPIB OVM Member US LLC** | **CPPIB OVM Member US LLC** | **CPPIB OVM Member US LLC** |
| 351625 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.50% | 08/20/2031 | 352861 |
|  | **Deep Blue Operating I LLC** | **Deep Blue Operating I LLC** | **Deep Blue Operating I LLC** | **Deep Blue Operating I LLC** |
| 340000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.75%) | 6.89% | 09/17/2032 | 340850 |
|  | **Delek US Holdings, Inc.** | **Delek US Holdings, Inc.** | **Delek US Holdings, Inc.** | **Delek US Holdings, Inc.** |
| 308428 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.50% Floor) | 7.76% | 11/19/2029 | 308331 |
|  | **Freeport LNG Investments LLLP** | **Freeport LNG Investments LLLP** | **Freeport LNG Investments LLLP** | **Freeport LNG Investments LLLP** |
| 648274 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.58% | 12/21/2028 | 649376 |
|  | **GIP Pilot Acquisition Partners LP** | **GIP Pilot Acquisition Partners LP** | **GIP Pilot Acquisition Partners LP** | **GIP Pilot Acquisition Partners LP** |
| 340954 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.29% | 10/04/2030 | 341168 |
|  | **Hamilton Projects Acquiror LLC** | **Hamilton Projects Acquiror LLC** | **Hamilton Projects Acquiror LLC** | **Hamilton Projects Acquiror LLC** |
| 291031 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 05/30/2031 | 292305 |
|  | **Meade Pipeline Co. LLC** | **Meade Pipeline Co. LLC** | **Meade Pipeline Co. LLC** | **Meade Pipeline Co. LLC** |
| 330000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%) | 6.00% | 09/22/2032 | 330206 |
|  | **Natgasoline LLC** | **Natgasoline LLC** | **Natgasoline LLC** | **Natgasoline LLC** |
| 241938 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.50%, 0.00% Floor) | 9.50% | 03/29/2030 | 245466 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **87**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Floating Rate Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **NGL Energy Operating LLC** | **NGL Energy Operating LLC** | **NGL Energy Operating LLC** | **NGL Energy Operating LLC** |
| 360000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 7.82% | 02/03/2031 | 360900 |
|  | **Par Petroleum LLC** | **Par Petroleum LLC** | **Par Petroleum LLC** | **Par Petroleum LLC** |
| 234006 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.50% Floor) | 8.03% | 02/28/2030 | 234030 |
|  | **WhiteWater Matterhorn Holdings LLC** | **WhiteWater Matterhorn Holdings LLC** | **WhiteWater Matterhorn Holdings LLC** | **WhiteWater Matterhorn Holdings LLC** |
| 160000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.31% | 06/16/2032 | 160100 |
|  |  |  |  | 6227894 |
|  **FINANCE - 2.9%** | **FINANCE - 2.9%** | **FINANCE - 2.9%** | **FINANCE - 2.9%** |  |
|  | **Allspring Buyer LLC** | **Allspring Buyer LLC** | **Allspring Buyer LLC** | **Allspring Buyer LLC** |
| 89723 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.81% | 11/01/2030 | 89987 |
|  | **Corpay Technologies Operating Co. LLC** | **Corpay Technologies Operating Co. LLC** | **Corpay Technologies Operating Co. LLC** | **Corpay Technologies Operating Co. LLC** |
| 124063 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 04/28/2028 | 124005 |
|  | **Edelman Financial Engines Center LLC** | **Edelman Financial Engines Center LLC** | **Edelman Financial Engines Center LLC** | **Edelman Financial Engines Center LLC** |
| 338296 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 04/07/2028 | 338915 |
| 335000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.00% Floor) | 9.41% | 10/06/2028 | 336151 |
|  | **First Eagle Holdings, Inc.** | **First Eagle Holdings, Inc.** | **First Eagle Holdings, Inc.** | **First Eagle Holdings, Inc.** |
| 179375 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.71% | 08/16/2032 | 177870 |
|  | **Focus Financial Partners LLC** | **Focus Financial Partners LLC** | **Focus Financial Partners LLC** | **Focus Financial Partners LLC** |
| 1199858 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 09/15/2031 | 1201502 |
|  | **Hightower Holding LLC** | **Hightower Holding LLC** | **Hightower Holding LLC** | **Hightower Holding LLC** |
| 713213 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.75% Floor) | 7.07% | 02/03/2032 | 713662 |
|  | **Victory Capital Holdings, Inc.** | **Victory Capital Holdings, Inc.** | **Victory Capital Holdings, Inc.** | **Victory Capital Holdings, Inc.** |
| 115000 | Senior Secured Term Loan (3 mo. Term SOFR + 2.00%) | 6.01% | 09/23/2032 | 114928 |
|  | **Virtus Investment Partners, Inc.** | **Virtus Investment Partners, Inc.** | **Virtus Investment Partners, Inc.** | **Virtus Investment Partners, Inc.** |
| 180000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.25%) | 6.39% | 09/27/2032 | 180225 |
|  |  |  |  | 3277245 |
|  **FINANCIALS - 0.6%** | **FINANCIALS - 0.6%** | **FINANCIALS - 0.6%** | **FINANCIALS - 0.6%** |  |
|  | **CPI Holdco B LLC** | **CPI Holdco B LLC** | **CPI Holdco B LLC** | **CPI Holdco B LLC** |
| 681517 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 05/19/2031 | 681517 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **FOOD PRODUCTS - 2. 2%** | **FOOD PRODUCTS - 2. 2%** | **FOOD PRODUCTS - 2. 2%** | **FOOD PRODUCTS - 2. 2%** |  |
|  | **Aspire Bakeries Holdings LLC** | **Aspire Bakeries Holdings LLC** | **Aspire Bakeries Holdings LLC** | **Aspire Bakeries Holdings LLC** |
| 491281 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.66% | 12/23/2030 | 494811 |
|  | **Froneri US, Inc.** | **Froneri US, Inc.** | **Froneri US, Inc.** | **Froneri US, Inc.** |
| 1065000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.50%) | 6.72% | 07/16/2032 | 1064026 |
|  | **Golden State Foods LLC** | **Golden State Foods LLC** | **Golden State Foods LLC** | **Golden State Foods LLC** |
| 500960 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.00% | 12/04/2031 | 502821 |
|  | **Savor Acquisition, Inc.** | **Savor Acquisition, Inc.** | **Savor Acquisition, Inc.** | **Savor Acquisition, Inc.** |
| 432967 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.32% | 02/19/2032 | 436045 |
|  |  |  |  | 2497703 |
|  **HEALTHCARE - 6.9%** | **HEALTHCARE - 6.9%** | **HEALTHCARE - 6.9%** | **HEALTHCARE - 6.9%** |  |
|  | **ADMI Corp.** | **ADMI Corp.** | **ADMI Corp.** | **ADMI Corp.** |
| 518342 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.50% Floor) | 8.03% | 12/23/2027 | 492295 |
|  | **AthenaHealth Group, Inc.** | **AthenaHealth Group, Inc.** | **AthenaHealth Group, Inc.** | **AthenaHealth Group, Inc.** |
| 628421 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.50% Floor) | 6.91% | 02/15/2029 | 627962 |
|  | **Aveanna Healthcare LLC** | **Aveanna Healthcare LLC** | **Aveanna Healthcare LLC** | **Aveanna Healthcare LLC** |
| 400000 | Senior Secured Term Loan (3 mo. Term SOFR + 3.75%) | 7.93% | 09/17/2032 | 400406 |
|  | **Bausch + Lomb Corp.** | **Bausch + Lomb Corp.** | **Bausch + Lomb Corp.** | **Bausch + Lomb Corp.** |
| 274400 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.17% | 09/29/2028 | 274743 |
| 1033525 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor) | 8.41% | 01/15/2031 | 1035463 |
|  | **CNT Holdings I Corp.** | **CNT Holdings I Corp.** | **CNT Holdings I Corp.** | **CNT Holdings I Corp.** |
| 123131 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.75% Floor) | 6.56% | 11/08/2032 | 123197 |
|  | **Cotiviti, Inc.** | **Cotiviti, Inc.** | **Cotiviti, Inc.** | **Cotiviti, Inc.** |
| 569657 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 7.03% | 05/01/2031 | 560636 |
| 353538 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 7.03% | 03/29/2032 | 347793 |
|  | **FinThrive Software Intermediate Holdings, Inc.** | **FinThrive Software Intermediate Holdings, Inc.** | **FinThrive Software Intermediate Holdings, Inc.** | **FinThrive Software Intermediate Holdings, Inc.** |
| 44702 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.00% | 12/18/2028 | 43487 |
| 75066 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.50% Floor) | 8.25% | 12/18/2028 | 64792 |
|  | **Fortrea Holdings, Inc.** | **Fortrea Holdings, Inc.** | **Fortrea Holdings, Inc.** | **Fortrea Holdings, Inc.** |
| 44463 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.50% Floor) | 8.06% | 07/01/2030 | 41323 |

---

---

| | | |
|:---|:---|:---|
| **88**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Lavender US HoldCo 1, Inc.** | **Lavender US HoldCo 1, Inc.** | **Lavender US HoldCo 1, Inc.** | **Lavender US HoldCo 1, Inc.** |
| 275000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.25%) | 7.41% | 09/27/2032 | 275516 |
|  | **LifePoint Health, Inc.** | **LifePoint Health, Inc.** | **LifePoint Health, Inc.** | **LifePoint Health, Inc.** |
| 858875 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor) | 8.07% | 05/19/2031 | 858385 |
|  | **Phoenix Newco, Inc.** | **Phoenix Newco, Inc.** | **Phoenix Newco, Inc.** | **Phoenix Newco, Inc.** |
| 518693 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.66% | 11/15/2028 | 519720 |
|  | **Radiology Partners, Inc.** | **Radiology Partners, Inc.** | **Radiology Partners, Inc.** | **Radiology Partners, Inc.** |
| 655000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.50% | 06/30/2032 | 654659 |
|  | **Sound Inpatient Physicians Holdings LLC** | **Sound Inpatient Physicians Holdings LLC** | **Sound Inpatient Physicians Holdings LLC** | **Sound Inpatient Physicians Holdings LLC** |
| 300000 | Senior Secured Term Loan (3 mo. Term SOFR + 6.75%, 0.00% Floor) | 10.96%<sup>(c)</sup> | 06/29/2026 | 246686 |
|  | **Southern Veterinary Partners LLC** | **Southern Veterinary Partners LLC** | **Southern Veterinary Partners LLC** | **Southern Veterinary Partners LLC** |
| 145000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.82% | 12/04/2031 | 144895 |
|  | **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** |
| 369075 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.80% | 06/30/2028 | 368844 |
|  | **Zelis Payments Buyer, Inc.** | **Zelis Payments Buyer, Inc.** | **Zelis Payments Buyer, Inc.** | **Zelis Payments Buyer, Inc.** |
| 680074 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.41% | 11/26/2031 | 680924 |
|  |  |  |  | 7761726 |
|  **HOTELS/MOTELS/INNS AND CASINOS - 6.1%** | **HOTELS/MOTELS/INNS AND CASINOS - 6.1%** | **HOTELS/MOTELS/INNS AND CASINOS - 6.1%** | **HOTELS/MOTELS/INNS AND CASINOS - 6.1%** |  |
|  | **Alterra Mountain Co.** | **Alterra Mountain Co.** | **Alterra Mountain Co.** | **Alterra Mountain Co.** |
| 50000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 05/31/2030 | 50157 |
|  | **Bally's Corp.** | **Bally's Corp.** | **Bally's Corp.** | **Bally's Corp.** |
| 603603 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.84% | 10/02/2028 | 587759 |
|  | **Caesars Entertainment, Inc.** | **Caesars Entertainment, Inc.** | **Caesars Entertainment, Inc.** | **Caesars Entertainment, Inc.** |
| 1212346 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.50% Floor) | 6.41% | 02/06/2031 | 1211085 |
|  | **Fertitta Entertainment LLC/NV** | **Fertitta Entertainment LLC/NV** | **Fertitta Entertainment LLC/NV** | **Fertitta Entertainment LLC/NV** |
| 631888 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.41% | 01/29/2029 | 631692 |
|  | **Flutter Financing BV** | **Flutter Financing BV** | **Flutter Financing BV** | **Flutter Financing BV** |
| 354113 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.50% Floor) | 6.00% | 06/04/2032 | 354286 |
|  | **GBT US III LLC** | **GBT US III LLC** | **GBT US III LLC** | **GBT US III LLC** |
| 401963 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.81% | 07/28/2031 | 403309 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **LC Ahab US Bidco LLC** | **LC Ahab US Bidco LLC** | **LC Ahab US Bidco LLC** | **LC Ahab US Bidco LLC** |
| 620662 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 05/01/2031 | 621246 |
|  | **Motion Finco Sarl** | **Motion Finco Sarl** | **Motion Finco Sarl** | **Motion Finco Sarl** |
| 172888 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.50% | 11/30/2029 | 155728 |
|  | **Ontario Gaming GTA LP** | **Ontario Gaming GTA LP** | **Ontario Gaming GTA LP** | **Ontario Gaming GTA LP** |
| 468038 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.24% | 08/01/2030 | 457800 |
|  | **Sgh2 LLC** | **Sgh2 LLC** | **Sgh2 LLC** | **Sgh2 LLC** |
| 310000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.51% | 08/18/2032 | 310775 |
|  | **Six Flags Entertainment Corp.** | **Six Flags Entertainment Corp.** | **Six Flags Entertainment Corp.** | **Six Flags Entertainment Corp.** |
| 408688 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 05/01/2031 | 406645 |
|  | **TRQ Sales LLC** | **TRQ Sales LLC** | **TRQ Sales LLC** | **TRQ Sales LLC** |
| 140000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.25%) | 7.61% | 08/13/2032 | 140263 |
|  | **Voyager Parent LLC** | **Voyager Parent LLC** | **Voyager Parent LLC** | **Voyager Parent LLC** |
| 87626 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor) | 8.75% | 07/01/2032 | 87911 |
| 537374 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor) | 8.75% | 07/01/2032 | 539123 |
|  | **Whatabrands LLC** | **Whatabrands LLC** | **Whatabrands LLC** | **Whatabrands LLC** |
| 934565 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.66% | 08/03/2028 | 936350 |
|  |  |  |  | 6894129 |
|  **INDUSTRIAL EQUIPMENT - 4.8%** | **INDUSTRIAL EQUIPMENT - 4.8%** | **INDUSTRIAL EQUIPMENT - 4.8%** | **INDUSTRIAL EQUIPMENT - 4.8%** |  |
|  | **AI Aqua Merger Sub, Inc.** | **AI Aqua Merger Sub, Inc.** | **AI Aqua Merger Sub, Inc.** | **AI Aqua Merger Sub, Inc.** |
| 623434 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.28% | 07/31/2028 | 625369 |
|  | **BCPE Empire Holdings, Inc.** | **BCPE Empire Holdings, Inc.** | **BCPE Empire Holdings, Inc.** | **BCPE Empire Holdings, Inc.** |
| 621728 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.41% | 12/26/2030 | 621315 |
|  | **Crosby US Acquisition Corp.** | **Crosby US Acquisition Corp.** | **Crosby US Acquisition Corp.** | **Crosby US Acquisition Corp.** |
| 293189 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.50% Floor) | 7.66% | 08/16/2029 | 294747 |
|  | **Cube A&D Buyer, Inc.** | **Cube A&D Buyer, Inc.** | **Cube A&D Buyer, Inc.** | **Cube A&D Buyer, Inc.** |
| 666650 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.58% | 10/20/2031 | 670400 |
|  | **Eagle Parent Corp.** | **Eagle Parent Corp.** | **Eagle Parent Corp.** | **Eagle Parent Corp.** |
| 72591 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.25% | 04/02/2029 | 72637 |
| 753062 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.25% | 04/02/2029 | 753533 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **89**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Floating Rate Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 72591 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.25% | 04/02/2029 | 72636 |
|  | **Emrld Borrower LP** | **Emrld Borrower LP** | **Emrld Borrower LP** | **Emrld Borrower LP** |
| 456851 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.12% | 08/04/2031 | 455367 |
|  | **Husky Injection Molding Systems Ltd.** | **Husky Injection Molding Systems Ltd.** | **Husky Injection Molding Systems Ltd.** | **Husky Injection Molding Systems Ltd.** |
| 254719 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 3.75%, 0.00% Floor) | 7.92% | 02/15/2029 | 255708 |
| 254719 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 3.75%, 0.00% Floor) | 8.05% | 02/15/2029 | 255708 |
|  | **Madison IAQ LLC** | **Madison IAQ LLC** | **Madison IAQ LLC** | **Madison IAQ LLC** |
| 344138 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.45% | 05/06/2032 | 346211 |
|  | **Veritiv Operating Co.** | **Veritiv Operating Co.** | **Veritiv Operating Co.** | **Veritiv Operating Co.** |
| 208296 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.00% | 11/29/2030 | 206488 |
|  | **White Cap Supply Holdings LLC** | **White Cap Supply Holdings LLC** | **White Cap Supply Holdings LLC** | **White Cap Supply Holdings LLC** |
| 745097 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.42% | 10/29/2029 | 746092 |
|  |  |  |  | 5376211 |
|  **INSURANCE - 2.5%** | **INSURANCE - 2.5%** | **INSURANCE - 2.5%** | **INSURANCE - 2.5%** |  |
|  | **Acrisure LLC** | **Acrisure LLC** | **Acrisure LLC** | **Acrisure LLC** |
| 134663 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.41% | 06/21/2032 | 134775 |
|  | **Alera Group, Inc.** | **Alera Group, Inc.** | **Alera Group, Inc.** | **Alera Group, Inc.** |
| 520000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.41% | 05/28/2032 | 522525 |
| 195000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.50%, 0.50% Floor) | 9.66% | 05/31/2033 | 201063 |
|  | **Ardonagh Group Finco Pty Ltd.** | **Ardonagh Group Finco Pty Ltd.** | **Ardonagh Group Finco Pty Ltd.** | **Ardonagh Group Finco Pty Ltd.** |
| 230961 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.95% | 02/18/2031 | 230288 |
| 307150 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.95% | 02/18/2031 | 306254 |
| 29043 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.75%, 0.00% Floor) | 7.05% | 02/18/2031 | 28958 |
|  | **OneDigital Borrower LLC** | **OneDigital Borrower LLC** | **OneDigital Borrower LLC** | **OneDigital Borrower LLC** |
| 667955 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.32% | 07/02/2031 | 668804 |
| 138308 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.50% Floor) | 9.41% | 07/02/2032 | 139778 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Trucordia Insurance Holdings LLC** | **Trucordia Insurance Holdings LLC** | **Trucordia Insurance Holdings LLC** | **Trucordia Insurance Holdings LLC** |
| 560000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%) | 7.57% | 06/17/2032 | 562100 |
|  |  |  |  | 2794545 |
|  **IT SERVICES - 0.7%** | **IT SERVICES - 0.7%** | **IT SERVICES - 0.7%** | **IT SERVICES - 0.7%** |  |
|  | **Iron Mountain, Inc.** | **Iron Mountain, Inc.** | **Iron Mountain, Inc.** | **Iron Mountain, Inc.** |
| 807944 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 01/31/2031 | 809459 |
|  **MEDIA - 5.0%** | **MEDIA - 5.0%** | **MEDIA - 5.0%** | **MEDIA - 5.0%** |  |
|  | **ABG Intermediate Holdings 2 LLC** | **ABG Intermediate Holdings 2 LLC** | **ABG Intermediate Holdings 2 LLC** | **ABG Intermediate Holdings 2 LLC** |
| 69300 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 12/21/2028 | 69251 |
|  | **Acuris Finance US, Inc.** | **Acuris Finance US, Inc.** | **Acuris Finance US, Inc.** | **Acuris Finance US, Inc.** |
| 539559 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor) | 7.75% | 02/16/2028 | 540400 |
|  | **Clear Channel Outdoor Holdings, Inc.** | **Clear Channel Outdoor Holdings, Inc.** | **Clear Channel Outdoor Holdings, Inc.** | **Clear Channel Outdoor Holdings, Inc.** |
| 255000 | Senior Secured Term Loan (1 mo. Term SOFR + 4.00%) | 8.43% | 08/23/2028 | 255765 |
|  | **Crown Finance US, Inc.** | **Crown Finance US, Inc.** | **Crown Finance US, Inc.** | **Crown Finance US, Inc.** |
| 695219 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.78% | 12/02/2031 | 694656 |
|  | **CSC Holdings LLC** | **CSC Holdings LLC** | **CSC Holdings LLC** | **CSC Holdings LLC** |
| 526876 | Senior Secured First Lien Term Loan (Prime Rate + 1.50%, 0.00% Floor) | 8.75% | 04/15/2027 | 511069 |
| 304220 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.65% | 01/18/2028 | 303020 |
|  | **Directv Financing LLC** | **Directv Financing LLC** | **Directv Financing LLC** | **Directv Financing LLC** |
| 44768 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.00%, 0.75% Floor) | 9.57% | 08/02/2027 | 44855 |
| 223141 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.25%, 0.75% Floor) | 9.82% | 08/02/2029 | 223804 |
|  | **iHeartCommunications, Inc.** | **iHeartCommunications, Inc.** | **iHeartCommunications, Inc.** | **iHeartCommunications, Inc.** |
| 173688 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.78%, 0.00% Floor) | 10.05% | 05/01/2029 | 152194 |
|  | **NEP Group, Inc.** | **NEP Group, Inc.** | **NEP Group, Inc.** | **NEP Group, Inc.** |
| 613011 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.36% + 1.50% PIK, 0.00% Floor) | 7.71% | 08/19/2026 | 611224 |
| 48614 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.36% + 1.50% PIK, 0.00% Floor) | 7.71% | 08/19/2026 | 48473 |
|  | **Nexstar Media, Inc.** | **Nexstar Media, Inc.** | **Nexstar Media, Inc.** | **Nexstar Media, Inc.** |
| 415000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%) | 6.82% | 06/28/2032 | 414963 |
|  | **Pretzel Parent T/L B** | **Pretzel Parent T/L B** | **Pretzel Parent T/L B** | **Pretzel Parent T/L B** |
| 179400 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.82% | 10/01/2031 | 179569 |

---

---

| | | |
|:---|:---|:---|
| **90**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **TKO Worldwide Holdings LLC** | **TKO Worldwide Holdings LLC** | **TKO Worldwide Holdings LLC** | **TKO Worldwide Holdings LLC** |
| 149625 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.04% | 11/21/2031 | 150020 |
|  | **Townsquare Media, Inc.** | **Townsquare Media, Inc.** | **Townsquare Media, Inc.** | **Townsquare Media, Inc.** |
| 157988 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.00%, 0.00% Floor) | 9.19% | 02/19/2030 | 140411 |
|  | **United Talent Agency LLC** | **United Talent Agency LLC** | **United Talent Agency LLC** | **United Talent Agency LLC** |
| 247500 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.65% | 06/10/2032 | 249356 |
|  | **Univision Communications, Inc.** | **Univision Communications, Inc.** | **Univision Communications, Inc.** | **Univision Communications, Inc.** |
| 504285 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.55% | 06/25/2029 | 505467 |
|  | **X Corp.** | **X Corp.** | **X Corp.** | **X Corp.** |
| 525000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 6.50%) | 10.96% | 10/29/2029 | 515739 |
|  |  |  |  | 5610236 |
|  **MINING - 0.1%** | **MINING - 0.1%** | **MINING - 0.1%** | **MINING - 0.1%** |  |
|  | **Arsenal AIC Parent LLC** | **Arsenal AIC Parent LLC** | **Arsenal AIC Parent LLC** | **Arsenal AIC Parent LLC** |
| 89879 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 08/19/2030 | 89991 |
|  **PHARMACEUTICALS - 0.8%** | **PHARMACEUTICALS - 0.8%** | **PHARMACEUTICALS - 0.8%** | **PHARMACEUTICALS - 0.8%** |  |
|  | **1261229 BC Ltd.** | **1261229 BC Ltd.** | **1261229 BC Ltd.** | **1261229 BC Ltd.** |
| 319200 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.25%, 0.00% Floor) | 10.41% | 10/08/2030 | 315309 |
|  | **Opal US LLC** | **Opal US LLC** | **Opal US LLC** | **Opal US LLC** |
| 605000 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.25% | 04/23/2032 | 607344 |
|  |  |  |  | 922653 |
|  **REAL ESTATE - 0.2%** | **REAL ESTATE - 0.2%** | **REAL ESTATE - 0.2%** | **REAL ESTATE - 0.2%** |  |
|  | **Starwood Property Mortgage LLC** | **Starwood Property Mortgage LLC** | **Starwood Property Mortgage LLC** | **Starwood Property Mortgage LLC** |
| 225000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.50% Floor) | 6.41% | 09/24/2032 | 225633 |
|  **RETAILERS (OTHER THAN FOOD/DRUG) - 3.9%** | **RETAILERS (OTHER THAN FOOD/DRUG) - 3.9%** | **RETAILERS (OTHER THAN FOOD/DRUG) - 3.9%** | **RETAILERS (OTHER THAN FOOD/DRUG) - 3.9%** |  |
|  | **Apro LLC** | **Apro LLC** | **Apro LLC** | **Apro LLC** |
| 668524 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor) | 7.94% | 07/09/2031 | 669025 |
|  | **Boots Group Finco LP** | **Boots Group Finco LP** | **Boots Group Finco LP** | **Boots Group Finco LP** |
| 330000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.70% | 08/30/2032 | 331305 |
|  | **Burlington Coat Factory Warehouse Corp.** | **Burlington Coat Factory Warehouse Corp.** | **Burlington Coat Factory Warehouse Corp.** | **Burlington Coat Factory Warehouse Corp.** |
| 134322 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 09/19/2031 | 134658 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **EG America LLC** | **EG America LLC** | **EG America LLC** | **EG America LLC** |
| 432280 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.70% | 02/07/2028 | 435327 |
|  | **Great Outdoors Group LLC** | **Great Outdoors Group LLC** | **Great Outdoors Group LLC** | **Great Outdoors Group LLC** |
| 339391 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.75% Floor) | 7.41% | 01/23/2032 | 339646 |
|  | **HomeServe USA Holding Corp.** | **HomeServe USA Holding Corp.** | **HomeServe USA Holding Corp.** | **HomeServe USA Holding Corp.** |
| 329975 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.14% | 10/21/2030 | 329597 |
|  | **Michaels Cos., Inc.** | **Michaels Cos., Inc.** | **Michaels Cos., Inc.** | **Michaels Cos., Inc.** |
| 293494 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.75% Floor) | 8.51% | 04/17/2028 | 277934 |
|  | **PetSmart LLC** | **PetSmart LLC** | **PetSmart LLC** | **PetSmart LLC** |
| 310000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.14% | 08/18/2032 | 305739 |
|  | **Staples, Inc.** | **Staples, Inc.** | **Staples, Inc.** | **Staples, Inc.** |
| 282337 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.75%, 0.50% Floor) | 10.05% | 09/10/2029 | 268456 |
|  | **StubHub Holdco Sub LLC** | **StubHub Holdco Sub LLC** | **StubHub Holdco Sub LLC** | **StubHub Holdco Sub LLC** |
| 468819 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor) | 8.91% | 03/15/2030 | 465889 |
|  | **United Natural Foods, Inc.** | **United Natural Foods, Inc.** | **United Natural Foods, Inc.** | **United Natural Foods, Inc.** |
| 257136 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor) | 9.07% | 05/01/2031 | 258958 |
|  | **Victra Holdings LLC** | **Victra Holdings LLC** | **Victra Holdings LLC** | **Victra Holdings LLC** |
| 563425 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.00% Floor) | 7.75% | 03/29/2029 | 565276 |
|  |  |  |  | 4381810 |
|  **TECHNOLOGY - 1.4%** | **TECHNOLOGY - 1.4%** | **TECHNOLOGY - 1.4%** | **TECHNOLOGY - 1.4%** |  |
|  | **CommScope LLC** | **CommScope LLC** | **CommScope LLC** | **CommScope LLC** |
| 1014263 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 2.00% Floor) | 9.39% | 12/17/2029 | 1027981 |
| 0 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 2.00% Floor) | 9.39% | 12/17/2029 |  |
|  | **Tiger Acquisition LLC** | **Tiger Acquisition LLC** | **Tiger Acquisition LLC** | **Tiger Acquisition LLC** |
| 513438 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.64% | 08/23/2032 | 512429 |
|  |  |  |  | 1540410 |
|  **TELECOMMUNICATIONS - 3.3%** | **TELECOMMUNICATIONS - 3.3%** | **TELECOMMUNICATIONS - 3.3%** | **TELECOMMUNICATIONS - 3.3%** |  |
|  | **Altice France SA** | **Altice France SA** | **Altice France SA** | **Altice France SA** |
| 657871 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.50%, 0.00% Floor) | 9.82% | 08/31/2028 | 638134 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **91**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Floating Rate Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Gogo Intermediate Holdings LLC** | **Gogo Intermediate Holdings LLC** | **Gogo Intermediate Holdings LLC** | **Gogo Intermediate Holdings LLC** |
| 382134 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.75% Floor) | 8.03% | 04/28/2028 | 379954 |
|  | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** |
| 829429 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.35%, 2.00% Floor) | 6.63% | 04/16/2029 | 825398 |
|  | **Virgin Media Bristol LLC** | **Virgin Media Bristol LLC** | **Virgin Media Bristol LLC** | **Virgin Media Bristol LLC** |
| 659848 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 3.18%, 0.00% Floor) | 7.37% | 03/31/2031 | 651600 |
|  | **Zayo Group Holdings, Inc.** | **Zayo Group Holdings, Inc.** | **Zayo Group Holdings, Inc.** | **Zayo Group Holdings, Inc.** |
| 292001 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.43% | 03/09/2027 | 288649 |
| 263638 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.18%, 0.50% Floor) | 8.49% | 03/09/2027 | 264507 |
|  | **Ziggo Financing Partnership** | **Ziggo Financing Partnership** | **Ziggo Financing Partnership** | **Ziggo Financing Partnership** |
| 640000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%) | 6.98% | 04/28/2028 | 639088 |
|  |  |  |  | 3687330 |
|  **TRANSPORTATION - 1.0%** | **TRANSPORTATION - 1.0%** | **TRANSPORTATION - 1.0%** | **TRANSPORTATION - 1.0%** |  |
|  | **Brown Group Holding LLC** | **Brown Group Holding LLC** | **Brown Group Holding LLC** | **Brown Group Holding LLC** |
| 404215 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.66% | 07/01/2031 | 404921 |
| 145785 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.66% | 07/01/2031 | 146039 |
| 16764 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 6.91% | 07/01/2031 | 16813 |
| 22692 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 6.95% | 07/01/2031 | 22758 |
| 35167 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 7.06% | 07/01/2031 | 35270 |
|  | **Kenan Advantage Group, Inc.** | **Kenan Advantage Group, Inc.** | **Kenan Advantage Group, Inc.** | **Kenan Advantage Group, Inc.** |
| 535670 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.41% | 01/25/2029 | 529810 |
|  |  |  |  | 1155611 |
|  **UTILITIES - 1.8%** | **UTILITIES - 1.8%** | **UTILITIES - 1.8%** | **UTILITIES - 1.8%** |  |
|  | **Alpha Generation LLC** | **Alpha Generation LLC** | **Alpha Generation LLC** | **Alpha Generation LLC** |
| 766131 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 09/30/2031 | 766035 |
|  | **NRG Energy, Inc.** | **NRG Energy, Inc.** | **NRG Energy, Inc.** | **NRG Energy, Inc.** |
| 653342 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 1.75%, 0.00% Floor) | 6.06% | 04/16/2031 | 654139 |
|  | **Stonepeak Bayou Holdings LP** | **Stonepeak Bayou Holdings LP** | **Stonepeak Bayou Holdings LP** | **Stonepeak Bayou Holdings LP** |
| 220000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.75%) | 7.14% | 09/24/2032 | 220000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **WaterBridge Midstream Operating LLC** | **WaterBridge Midstream Operating LLC** | **WaterBridge Midstream Operating LLC** | **WaterBridge Midstream Operating LLC** |
| 323869 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.75%, 0.00% Floor) | 9.03% | 06/27/2029 | 324700 |
|  |  |  |  | 1964874 |
|  | **Total Bank Loans** <br>**(Cost $98,214,393)** | **Total Bank Loans** <br>**(Cost $98,214,393)** |  | **97428741** |
|  **FOREIGN CORPORATE BONDS - 0.5%** | **FOREIGN CORPORATE BONDS - 0.5%** | **FOREIGN CORPORATE BONDS - 0.5%** | **FOREIGN CORPORATE BONDS - 0.5%** | **FOREIGN CORPORATE BONDS - 0.5%** |
| 85000 | Garda World Security Corp. | 8.25%<sup>(d)</sup> | 08/01/2032 | 88188 |
| 200000 | Global Aircraft Leasing Co. Ltd. | 8.75%<sup>(d)</sup> | 09/01/2027 | 206877 |
| 150000 | Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC | 9.00%<sup>(d)</sup> | 02/15/2029 | 156966 |
| 40000 | Seaspan Corp. | 5.50%<sup>(d)</sup> | 08/01/2029 | 38605 |
|  | **Total Foreign Corporate Bonds** <br>**(Cost $481,851)** | **Total Foreign Corporate Bonds** <br>**(Cost $481,851)** |  | **490636** |
|  **US CORPORATE BONDS - 4.7%** | **US CORPORATE BONDS - 4.7%** | **US CORPORATE BONDS - 4.7%** | **US CORPORATE BONDS - 4.7%** | **US CORPORATE BONDS - 4.7%** |
| 245000 | Allied Universal Holdco LLC | 7.88%<sup>(d)</sup> | 02/15/2031 | 257096 |
| 20000 | American Axle & Manufacturing, Inc. | 6.38%<sup>(d)</sup> | 10/15/2032 | 19979 |
| 10000 | American Axle & Manufacturing, Inc. | 7.75%<sup>(d)</sup> | 10/15/2033 | 10084 |
| 20000 | APH / APH2 / APH3 | 7.88%<sup>(d)</sup> | 11/01/2029 | 20889 |
| 330000 | AthenaHealth Group, Inc. | 6.50%<sup>(d)</sup> | 02/15/2030 | 327582 |
| 55000 | Azorra Finance Ltd. | 7.25%<sup>(d)</sup> | 01/15/2031 | 57408 |
| 120000 | Builders FirstSource, Inc. | 6.38%<sup>(d)</sup> | 03/01/2034 | 123763 |
| 65000 | Caesars Entertainment, Inc. | 6.00%<sup>(d)</sup> | 10/15/2032 | 64063 |
| 25000 | Carnival Corp. | 5.75%<sup>(d)</sup> | 08/01/2032 | 25473 |
| 50000 | CCO Holdings LLC / CCO Holdings Capital Corp. | 4.75%<sup>(d)</sup> | 03/01/2030 | 48017 |
| 10000 | Celanese US Holdings LLC | 6.50% | 04/15/2030 | 10074 |
| 10000 | Celanese US Holdings LLC | 6.75% | 04/15/2033 | 9964 |
| 20000 | Chord Energy Corp. | 6.00%<sup>(d)</sup> | 10/01/2030 | 19873 |
| 45000 | Chord Energy Corp. | 6.75%<sup>(d)</sup> | 03/15/2033 | 45622 |
| 55000 | Clarios Global LP / Clarios US Finance Co. | 6.75%<sup>(d)</sup> | 09/15/2032 | 56253 |
| 20000 | Clear Channel Outdoor Holdings, Inc. | 7.50%<sup>(d)</sup> | 06/01/2029 | 19447 |
| 35000 | Clear Channel Outdoor Holdings, Inc. | 7.13%<sup>(d)</sup> | 02/15/2031 | 36204 |
| 20000 | Cloud Software Group, Inc. | 6.63%<sup>(d)</sup> | 08/15/2033 | 20380 |
| 120000 | Clydesdale Acquisition Holdings, Inc. | 6.75%<sup>(d)</sup> | 04/15/2032 | 123191 |
| 15000 | CoreWeave, Inc. | 9.25%<sup>(d)</sup> | 06/01/2030 | 15510 |
| 25000 | Cornerstone Building Brands, Inc. | 9.50%<sup>(d)</sup> | 08/15/2029 | 24315 |
| 35000 | Dcli Bidco LLC | 7.75%<sup>(d)</sup> | 11/15/2029 | 36425 |
| 25000 | Dealer Tire LLC / DT Issuer LLC | 8.00%<sup>(d)</sup> | 02/01/2028 | 24747 |
| 30000 | Directv Financing LLC | 8.88%<sup>(d)</sup> | 02/01/2030 | 29669 |
| 25000 | DISH DBS Corp. | 5.75%<sup>(d)</sup> | 12/01/2028 | 23987 |
| 15000 | DISH DBS Corp. | 5.13% | 06/01/2029 | 12840 |
| 65000 | Dornoch Debt Merger Sub, Inc. | 6.63%<sup>(d)</sup> | 10/15/2029 | 55984 |
| 50000 | EchoStar Corp. | 10.75% | 11/30/2029 | 55048 |
| 15000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. | 6.75%<sup>(d)</sup> | 01/15/2030 | 14087 |
| 10000 | Freedom Mortgage Holdings LLC | 8.38%<sup>(d)</sup> | 04/01/2032 | 10490 |
| 155000 | Genesee & Wyoming, Inc. | 6.25%<sup>(d)</sup> | 04/15/2032 | 157696 |
| 25000 | Gray Media, Inc. | 9.63%<sup>(d)</sup> | 07/15/2032 | 25563 |
| 25000 | Gray Media, Inc. | 7.25%<sup>(d)</sup> | 08/15/2033 | 24789 |
| 15000 | Kodiak Gas Services LLC | 6.50%<sup>(d)</sup> | 10/01/2033 | 15282 |
| 15000 | Kodiak Gas Services LLC | 6.75%<sup>(d)</sup> | 10/01/2035 | 15411 |
| 30000 | Lamar Media Corp. | 5.38%<sup>(d)</sup> | 11/01/2033 | 29817 |
| 60000 | Level 3 Financing, Inc. | 6.88%<sup>(d)</sup> | 06/30/2033 | 61201 |
| 100000 | LifePoint Health, Inc. | 10.00%<sup>(d)</sup> | 06/01/2032 | 105121 |
| 35000 | Light & Wonder International, Inc. | 6.25%<sup>(d)</sup> | 10/01/2033 | 35083 |
| 265000 | Madison IAQ LLC | 5.88%<sup>(d)</sup> | 06/30/2029 | 262024 |
| 125000 | Medline Borrower LP | 5.25%<sup>(d)</sup> | 10/01/2029 | 124012 |

---

---

| | | |
|:---|:---|:---|
| **92**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 15000 | Michaels Cos., Inc. | 5.25%<sup>(d)</sup> | 05/01/2028 | 13881 |
| 20000 | Nabors Industries, Inc. | 9.13%<sup>(d)</sup> | 01/31/2030 | 20815 |
| 10000 | NCL Corp. Ltd. | 5.88%<sup>(d)</sup> | 01/15/2031 | 10007 |
| 10000 | NCL Corp. Ltd. | 6.25%<sup>(d)</sup> | 09/15/2033 | 10058 |
| 15000 | Newell Brands, Inc. | 6.38% | 05/15/2030 | 14899 |
| 30000 | Nissan Motor Acceptance Co. LLC | 6.13%<sup>(d)</sup> | 09/30/2030 | 30029 |
| 120000 | Novelis Corp. | 6.88%<sup>(d)</sup> | 01/30/2030 | 124536 |
| 30000 | OneMain Finance Corp. | 7.50% | 05/15/2031 | 31387 |
| 65000 | OneMain Finance Corp. | 6.50% | 03/15/2033 | 65184 |
| 150000 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | 7.00%<sup>(d)</sup> | 02/01/2030 | 154754 |
| 25000 | Qnity Electronics, Inc. | 6.25%<sup>(d)</sup> | 08/15/2033 | 25561 |
| 120000 | Quikrete Holdings, Inc. | 6.75%<sup>(d)</sup> | 03/01/2033 | 124854 |
| 50000 | Radiology Partners, Inc. | 8.50%<sup>(d)</sup> | 07/15/2032 | 51804 |
| 155000 | Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp. | 6.63%<sup>(d)</sup> | 02/01/2033 | 157175 |
| 15000 | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp. | 6.25%<sup>(d)</sup> | 10/15/2030 | 15143 |
| 60000 | Rockies Express Pipeline LLC | 6.75%<sup>(d)</sup> | 03/15/2033 | 62704 |
| 30000 | Sabre GLBL, Inc. | 10.75%<sup>(d)</sup> | 11/15/2029 | 29104 |
| 30000 | Six Flags Entertainment Corp. | 7.25%<sup>(d)</sup> | 05/15/2031 | 30031 |
| 250000 | SM Energy Co. | 7.00%<sup>(d)</sup> | 08/01/2032 | 250375 |
| 5000 | Solstice Advanced Materials, Inc. | 5.63%<sup>(d)</sup> | 09/30/2033 | 5020 |
| 50000 | Staples, Inc. | 10.75%<sup>(d)</sup> | 09/01/2029 | 49688 |
| 20000 | Star Leasing Co. LLC | 7.63%<sup>(d)</sup> | 02/15/2030 | 19454 |
| 45000 | Starwood Property Trust, Inc. | 5.25%<sup>(d)</sup> | 10/15/2028 | 45041 |
| 65000 | Sunoco LP | 6.25%<sup>(d)</sup> | 07/01/2033 | 66207 |
| 15000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 6.75%<sup>(d)</sup> | 03/15/2034 | 14859 |
| 5000 | TransDigm, Inc. | 6.25%<sup>(d)</sup> | 01/31/2034 | 5146 |
| 5000 | TransDigm, Inc. | 6.75%<sup>(d)</sup> | 01/31/2034 | 5173 |
| 35000 | Trident TPI Holdings, Inc. | 12.75%<sup>(d)</sup> | 12/31/2028 | 37363 |
| 200000 | United Natural Foods, Inc. | 6.75%<sup>(d)</sup> | 10/15/2028 | 200604 |
| 50000 | Univision Communications, Inc. | 7.38%<sup>(d)</sup> | 06/30/2030 | 50281 |
| 155000 | US Foods, Inc. | 5.75%<sup>(d)</sup> | 04/15/2033 | 156199 |
| 45000 | Venture Global LNG, Inc. | 8.38%<sup>(d)</sup> | 06/01/2031 | 47280 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 25000 | Venture Global Plaquemines LNG LLC | 7.50%<sup>(d)</sup> | 05/01/2033 | 27641 |
| 35000 | Venture Global Plaquemines LNG LLC | 6.50%<sup>(d)</sup> | 01/15/2034 | 36865 |
| 115000 | Victra Holdings LLC / Victra Finance Corp. | 8.75%<sup>(d)</sup> | 09/15/2029 | 120736 |
| 50000 | Viking Cruises Ltd. | 5.88%<sup>(d)</sup> | 10/15/2033 | 50098 |
| 30000 | VT Topco, Inc. | 8.50%<sup>(d)</sup> | 08/15/2030 | 30544 |
| 20000 | Warnermedia Holdings, Inc. | 4.05% | 03/15/2029 | 19317 |
| 10000 | Warnermedia Holdings, Inc. | 4.28% | 03/15/2032 | 9175 |
| 15000 | Warnermedia Holdings, Inc. | 5.05% | 03/15/2042 | 11984 |
| 85000 | Watco Cos. LLC / Watco Finance Corp. | 7.13%<sup>(d)</sup> | 08/01/2032 | 88053 |
| 20000 | Wayfair LLC | 7.25%<sup>(d)</sup> | 10/31/2029 | 20671 |
| 50000 | WBI Operating LLC | 6.50%<sup>(d)</sup> | 10/15/2033 | 49937 |
| 55000 | Weatherford International Ltd. | 6.75%<sup>(d)</sup> | 10/15/2033 | 55073 |
| 10000 | Windstream Services LLC | 7.50%<sup>(d)</sup> | 10/15/2033 | 10003 |
| 130000 | WR Grace Holdings LLC | 5.63%<sup>(d)</sup> | 08/15/2029 | 120937 |
| 265000 | XHR LP | 4.88%<sup>(d)</sup> | 06/01/2029 | 259757 |
|  | **Total US Corporate Bonds** <br>**(Cost $5,183,230)** | **Total US Corporate Bonds** <br>**(Cost $5,183,230)** |  | **5289870** |

---

---

| | | |
|:---|:---|:---|
| Shares | Security Description | Value $ |
|  **SHORT TERM INVESTMENTS - 9.9%** | **SHORT TERM INVESTMENTS - 9.9%** | **SHORT TERM INVESTMENTS - 9.9%** |
| 3705089 | First American Government Obligations Fund - U<br> 4.07%<sup>(e)</sup> | 3705089 |
| 3705089 | JPMorgan US Government Money Market Fund - IM<br> 4.09%<sup>(e)</sup> | 3705089 |
| 3705090 | MSILF Government Portfolio - Institutional<br> 4.05%<sup>(e)</sup> | 3705090 |
|  | **Total Short Term Investments** <br>**(Cost $11,115,268)** | **11115268** |
|  | **Total Investments - 101.8%** <br>**(Cost $114,994,742)** | **114324515** |
|  | **Other Liabilities in Excess of Assets - (1.8)%** | **(1987837)** |
|  | **NET ASSETS - 100.0%** | **$112336678** |

---

---

| | |
|:---|:---|
|  **SECURITY TYPE BREAKDOWN as a % of Net Assets:**  |  |
|  Bank Loans | 86.7% |
|  Short Term Investments | 9.9% |
|  US Corporate Bonds | 4.7% |
|  Foreign Corporate Bonds | 0.5% |
|  Other Assets and Liabilities | (1.8)% |
|  Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  **INVESTMENT BREAKDOWN as a % of Net Assets:**  |  |
|  Electronics/Electric | 12.3% |
|  Short Term Investments | 9.9% |
|  Healthcare | 6.9% |
|  Commercial Services | 6.6% |
|  Hotels/Motels/Inns and Casinos | 6.4% |
|  Energy | 6.2% |
|  Media | 5.5% |
|  Industrial Equipment | 4.8% |
|  Business Equipment and Services | 4.6% |
|  Retailers (other than Food/Drug) | 4.0% |
|  Telecommunications | 3.4% |
|  Finance | 3.3% |
|  Construction | 3.2% |
|  Aerospace & Defense | 3.1% |
|  Food Products | 2.6% |
|  Insurance | 2.5% |
|  Chemicals/Plastics | 2.5% |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **93**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Floating Rate Fund (Cont.)**<br>

---

| | |
|:---|:---|
|  Automotive | 2.0% |
|  Utilities | 1.8% |
|  Technology | 1.7% |
|  Containers and Glass Products | 1.7% |
|  Building and Development (including Steel/Metals) | 1.4% |
|  Transportation | 1.3% |
|  Pharmaceuticals | 0.8% |
|  IT Services | 0.7% |
|  Consumer Products | 0.7% |
|  Real Estate | 0.6% |
|  Financials | 0.6% |
|  Diversified Manufacturing | 0.4% |
|  Mining | 0.2% |
|  Leisure | 0.1% |
|  Food Service | 0.0%<sup>(f)</sup> |
|  Other Assets and Liabilities | (1.8)% |
|  Net Assets | 100.0% |

---

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

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

(c) **Value determined using significant unobservable inputs.**

(d) **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. As of September 30, 2025, the value of these securities total $5,540,634 or 4.9% of the Fund's net assets.**

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

(f) **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.**

**SOFR Secured Overnight Financing Rate**

---

| | | |
|:---|:---|:---|
| **94**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **Schedule of Investments DoubleLine Shiller Enhanced CAPE<sup>®</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<br>September 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **ASSET BACKED OBLIGATIONS - 7.6%** | **ASSET BACKED OBLIGATIONS - 7.6%** | **ASSET BACKED OBLIGATIONS - 7.6%** | **ASSET BACKED OBLIGATIONS - 7.6%** | **ASSET BACKED OBLIGATIONS - 7.6%** |
|  | **ACHV Trust** | **ACHV Trust** | **ACHV Trust** | **ACHV Trust** |
| 1919309 | Series 2024-2PL-B | 5.43%<sup>(a)</sup> | 10/27/2031 | 1937818 |
| 2538018 | Series 2024-3AL-A | 5.01%<sup>(a)</sup> | 12/26/2031 | 2562487 |
|  | **Affirm, Inc.** | **Affirm, Inc.** | **Affirm, Inc.** | **Affirm, Inc.** |
| 3750000 | Series 2024-A-A | 5.61%<sup>(a)</sup> | 02/15/2029 | 3767587 |
| 5100000 | Series 2024-B-B | 4.88%<sup>(a)</sup> | 09/15/2029 | 5117290 |
| 4500000 | Series 2025-1A-B | 5.13%<sup>(a)</sup> | 02/15/2033 | 4535329 |
| 4500000 | Series 2025-1A-C | 5.28%<sup>(a)</sup> | 02/15/2033 | 4531714 |
| 4156614 | Series 2025-X1-A | 5.08%<sup>(a)</sup> | 04/15/2030 | 4165672 |
|  | **Aligned Data Centers Issuer LLC** | **Aligned Data Centers Issuer LLC** | **Aligned Data Centers Issuer LLC** | **Aligned Data Centers Issuer LLC** |
| 6000000 | Series 2021-1A-A2 | 1.94%<sup>(a)</sup> | 08/15/2046 | 5857826 |
|  | **Avant Credit Card Master Trust** | **Avant Credit Card Master Trust** | **Avant Credit Card Master Trust** | **Avant Credit Card Master Trust** |
| 8500000 | Series 2025-1A-A | 4.89%<sup>(a)</sup> | 04/15/2031 | 8487574 |
|  | **AVANT Loans Funding Trust** | **AVANT Loans Funding Trust** | **AVANT Loans Funding Trust** | **AVANT Loans Funding Trust** |
| 7250000 | Series 2024-REV1-A | 5.92%<sup>(a)</sup> | 10/15/2033 | 7346049 |
| 9500000 | Series 2025-REV1-A | 5.12%<sup>(a)</sup> | 05/15/2034 | 9558100 |
| 4000000 | Series 2025-REV1-B | 5.42%<sup>(a)</sup> | 05/15/2034 | 4038530 |
|  | **CAI International, Inc.** | **CAI International, Inc.** | **CAI International, Inc.** | **CAI International, Inc.** |
| 4150625 | Series 2020-1A-A | 2.22%<sup>(a)</sup> | 09/25/2045 | 3962056 |
|  | **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** |
| 25009 | Series 2024-P1-A2 | 5.50%<sup>(a)</sup> | 08/10/2027 | 25016 |
| 8000000 | Series 2024-P3-A4 | 4.31% | 09/10/2030 | 8043982 |
|  | **Castlelake Aircraft Securitization Trust** | **Castlelake Aircraft Securitization Trust** | **Castlelake Aircraft Securitization Trust** | **Castlelake Aircraft Securitization Trust** |
| 1507231 | Series 2019-1A-A | 3.97%<sup>(a)</sup> | 04/15/2039 | 1500298 |
|  | **College Avenue Student Loans LLC** | **College Avenue Student Loans LLC** | **College Avenue Student Loans LLC** | **College Avenue Student Loans LLC** |
| 482934 | Series 2017-A-B | 4.50%<sup>(a)</sup> | 11/26/2046 | 471574 |
|  | **Compass Datacenters LLC** | **Compass Datacenters LLC** | **Compass Datacenters LLC** | **Compass Datacenters LLC** |
| 5425000 | Series 2024-1A-A1 | 5.25%<sup>(a)</sup> | 02/25/2049 | 5467222 |
|  | **DataBank Issuer** | **DataBank Issuer** | **DataBank Issuer** | **DataBank Issuer** |
| 4000000 | Series 2021-1A-A2 | 2.06%<sup>(a)</sup> | 02/27/2051 | 3952051 |
|  | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** |
| 5000000 | Series 2023-1A-A2A | 5.00%<sup>(a)</sup> | 09/15/2048 | 5009576 |
|  | **Dividend Solar Loans LLC** | **Dividend Solar Loans LLC** | **Dividend Solar Loans LLC** | **Dividend Solar Loans LLC** |
| 1871981 | Series 2018-2-B | 4.25%<sup>(a)</sup> | 12/20/2038 | 1724238 |
|  | **Exeter Automobile Receivables Trust** | **Exeter Automobile Receivables Trust** | **Exeter Automobile Receivables Trust** | **Exeter Automobile Receivables Trust** |
| 8657139 | Series 2021-1A-E | 2.21%<sup>(a)</sup> | 02/15/2028 | 8649111 |
| 5111749 | Series 2024-5A-A3 | 4.45% | 03/15/2028 | 5114033 |
|  | **Global Sea Containers Two SRL** | **Global Sea Containers Two SRL** | **Global Sea Containers Two SRL** | **Global Sea Containers Two SRL** |
| 2244976 | Series 2020-1A-A | 2.17%<sup>(a)</sup> | 10/17/2040 | 2153634 |
|  | **GreenSky LLC** | **GreenSky LLC** | **GreenSky LLC** | **GreenSky LLC** |
| 6200000 | Series 2024-2-B | 5.26%<sup>(a)</sup> | 10/27/2059 | 6265290 |
| 2289248 | Series 2025-1A-A4 | 5.22%<sup>(a)</sup> | 03/25/2060 | 2321467 |
| 2097172 | Series 2025-2A-A4 | 4.89%<sup>(a)</sup> | 06/25/2060 | 2111716 |
|  | **HERO Funding Trust** | **HERO Funding Trust** | **HERO Funding Trust** | **HERO Funding Trust** |
| 547242 | Series 2016-1A-A | 4.05%<sup>(a)</sup> | 09/20/2041 | 529973 |
|  | **Horizon Aircraft Finance Ltd.** | **Horizon Aircraft Finance Ltd.** | **Horizon Aircraft Finance Ltd.** | **Horizon Aircraft Finance Ltd.** |
| 10373965 | Series 2019-2-A | 3.43%<sup>(a)</sup> | 11/15/2039 | 10025151 |
|  | **Jack in the Box, Inc.** | **Jack in the Box, Inc.** | **Jack in the Box, Inc.** | **Jack in the Box, Inc.** |
| 4311825 | Series 2019-1A-A2II | 4.48%<sup>(a)</sup> | 08/25/2049 | 4276320 |
|  | **Jimmy Johns LLC** | **Jimmy Johns LLC** | **Jimmy Johns LLC** | **Jimmy Johns LLC** |
| 11049000 | Series 2017-1A-A2II | 4.85%<sup>(a)</sup> | 07/30/2047 | 11012670 |
|  | **Laurel Road Prime Student Loan Trust** | **Laurel Road Prime Student Loan Trust** | **Laurel Road Prime Student Loan Trust** | **Laurel Road Prime Student Loan Trust** |
| 228713 | Series 2017-B-CFX | 3.61%<sup>(a)</sup> | 08/25/2042 | 227996 |
|  | **Lendbuzz Securitization Trust** | **Lendbuzz Securitization Trust** | **Lendbuzz Securitization Trust** | **Lendbuzz Securitization Trust** |
| 1017078 | Series 2022-1A-A | 4.22%<sup>(a)</sup> | 05/17/2027 | 1015735 |
| 2157567 | Series 2024-3A-A2 | 4.97%<sup>(a)</sup> | 10/15/2029 | 2159996 |
|  | **Loanpal Solar Loan Ltd.** | **Loanpal Solar Loan Ltd.** | **Loanpal Solar Loan Ltd.** | **Loanpal Solar Loan Ltd.** |
| 5650079 | Series 2020-3GS-A | 2.47%<sup>(a)</sup> | 12/20/2047 | 4788258 |
| 3509674 | Series 2021-1GS-A | 2.29%<sup>(a)</sup> | 01/20/2048 | 2947915 |
|  | **Mariner Finance Issuance Trust** | **Mariner Finance Issuance Trust** | **Mariner Finance Issuance Trust** | **Mariner Finance Issuance Trust** |
| 1500000 | Series 2025-AA-B | 5.33%<sup>(a)</sup> | 05/20/2038 | 1522746 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** |
| 436471 | Series 2017-1A-A | 4.45%<sup>(a)</sup> | 06/20/2042 | 423303 |
| 3834894 | Series 2020-2A-B | 2.21%<sup>(a)</sup> | 08/20/2046 | 3167821 |
|  | **Navient Student Loan Trust** | **Navient Student Loan Trust** | **Navient Student Loan Trust** | **Navient Student Loan Trust** |
| 1984819 | Series 2018-A-B | 3.68%<sup>(a)</sup> | 02/18/2042 | 1958331 |
| 5287779 | Series 2022-A-A | 2.23%<sup>(a)</sup> | 07/15/2070 | 4832891 |
|  | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** |
| 170977 | Series 2021-2-NOTE | 3.00%<sup>(a)</sup> | 01/25/2029 | 170301 |
| 2521331 | Series 2021-5-C | 3.93%<sup>(a)</sup> | 08/15/2029 | 2489752 |
| 4437617 | Series 2024-10-B | 5.75%<sup>(a)</sup> | 06/15/2032 | 4470698 |
| 4999573 | Series 2025-1-B | 5.63%<sup>(a)</sup> | 07/15/2032 | 5057507 |
|  | **Reach Financial LLC** | **Reach Financial LLC** | **Reach Financial LLC** | **Reach Financial LLC** |
| 2824633 | Series 2025-1A-A | 4.96%<sup>(a)</sup> | 08/16/2032 | 2833102 |
|  | **Research-Driven Pagaya Motor Asset Trust** | **Research-Driven Pagaya Motor Asset Trust** | **Research-Driven Pagaya Motor Asset Trust** | **Research-Driven Pagaya Motor Asset Trust** |
| 12147364 | Series 2025-1A-A | 5.04%<sup>(a)</sup> | 06/27/2033 | 12216282 |
|  | **Sapphire Aviation Finance Ltd.** | **Sapphire Aviation Finance Ltd.** | **Sapphire Aviation Finance Ltd.** | **Sapphire Aviation Finance Ltd.** |
| 11074101 | Series 2020-1A-A | 3.23%<sup>(a)</sup> | 03/15/2040 | 10689897 |
|  | **Sierra Timeshare Conduit Receivables Funding LLC** | **Sierra Timeshare Conduit Receivables Funding LLC** | **Sierra Timeshare Conduit Receivables Funding LLC** | **Sierra Timeshare Conduit Receivables Funding LLC** |
| 557767 | Series 2021-2A-C | 1.95%<sup>(a)</sup> | 09/20/2038 | 550318 |
|  | **Slam Ltd.** | **Slam Ltd.** | **Slam Ltd.** | **Slam Ltd.** |
| 6018551 | Series 2024-1A-A | 5.34%<sup>(a)</sup> | 09/15/2049 | 6096377 |
|  | **SOFI Alternative Trust** | **SOFI Alternative Trust** | **SOFI Alternative Trust** | **SOFI Alternative Trust** |
| 943603 | Series 2021-1-PT1 | 9.72%<sup>(a)(b)</sup> | 05/25/2030 | 930857 |
| 661951 | Series 2021-2-A | 1.25%<sup>(a)</sup> | 08/15/2030 | 658348 |
| 1910674 | Series 2021-3-A | 1.50%<sup>(a)</sup> | 11/15/2030 | 1893896 |
|  | **SoFi Consumer Loan Program Trust** | **SoFi Consumer Loan Program Trust** | **SoFi Consumer Loan Program Trust** | **SoFi Consumer Loan Program Trust** |
| 9700000 | Series 2025-1-B | 5.12%<sup>(a)</sup> | 02/27/2034 | 9817576 |
|  | **Start/Bermuda** | **Start/Bermuda** | **Start/Bermuda** | **Start/Bermuda** |
| 1424199 | Series 2018-1-A | 4.09%<sup>(a)</sup> | 05/15/2043 | 1427444 |
|  | **TAL Advantage LLC** | **TAL Advantage LLC** | **TAL Advantage LLC** | **TAL Advantage LLC** |
| 2185000 | Series 2020-1A-A | 2.05%<sup>(a)</sup> | 09/20/2045 | 2078816 |
|  | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** |
| 10438033 | Series 2024-1A-A2 | 5.08%<sup>(a)</sup> | 06/21/2050 | 10521567 |
|  | **Thunderbolt Aircraft Lease** | **Thunderbolt Aircraft Lease** | **Thunderbolt Aircraft Lease** | **Thunderbolt Aircraft Lease** |
| 3859569 | Series 2018-A-A | 5.96%<sup>(a)(c)</sup> | 09/15/2038 | 3867037 |
|  | **TIF Funding LLC** | **TIF Funding LLC** | **TIF Funding LLC** | **TIF Funding LLC** |
| 2399833 | Series 2021-1A-A | 1.65%<sup>(a)</sup> | 02/20/2046 | 2192733 |
|  | **Upgrade Master Pass-Thru Trust** | **Upgrade Master Pass-Thru Trust** | **Upgrade Master Pass-Thru Trust** | **Upgrade Master Pass-Thru Trust** |
| 227986 | Series 2021-PT3-A | 17.04%<sup>(a)(b)</sup> | 07/15/2027 | 217324 |
| 3474572 | Series 2025-ST2-A | 6.11%<sup>(a)</sup> | 06/15/2032 | 3516957 |
| 2320412 | Series 2025-ST4-A | 5.50%<sup>(a)</sup> | 08/16/2032 | 2331403 |
|  | **Upstart Securitization Trust** | **Upstart Securitization Trust** | **Upstart Securitization Trust** | **Upstart Securitization Trust** |
| 5500000 | Series 2025-3-A2 | 4.60%<sup>(a)</sup> | 09/20/2035 | 5506018 |
|  | **Westlake Automobile Receivables Trust** | **Westlake Automobile Receivables Trust** | **Westlake Automobile Receivables Trust** | **Westlake Automobile Receivables Trust** |
| 1000000 | Series 2025-2A-D | 5.08%<sup>(a)</sup> | 05/15/2031 | 1008988 |
|  | **Willis Lease Finance Corp.** | **Willis Lease Finance Corp.** | **Willis Lease Finance Corp.** | **Willis Lease Finance Corp.** |
| 5382292 | Series 2020-A-A | 3.23%<sup>(a)</sup> | 03/15/2045 | 5187706 |
|  | **Total Asset Backed Obligations** <br>**(Cost $265,469,340)** | **Total Asset Backed Obligations** <br>**(Cost $265,469,340)** |  | **263297250** |
|  **BANK LOANS - 2.0%** | **BANK LOANS - 2.0%** | **BANK LOANS - 2.0%** | **BANK LOANS - 2.0%** | **BANK LOANS - 2.0%** |
|  | **1011778 BC ULC** | **1011778 BC ULC** | **1011778 BC ULC** | **1011778 BC ULC** |
| 3704079 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 09/23/2030 | 3696356 |
|  | **APi Group DE, Inc.** | **APi Group DE, Inc.** | **APi Group DE, Inc.** | **APi Group DE, Inc.** |
| 2947114 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 01/03/2029 | 2948337 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **95**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Aramark Services, Inc.** | **Aramark Services, Inc.** | **Aramark Services, Inc.** | **Aramark Services, Inc.** |
| 816486 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 06/24/2030 | 819376 |
| 315176 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.20% | 06/24/2030 | 316291 |
|  | **Burlington Coat Factory Warehouse Corp.** | **Burlington Coat Factory Warehouse Corp.** | **Burlington Coat Factory Warehouse Corp.** | **Burlington Coat Factory Warehouse Corp.** |
| 2514488 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 09/19/2031 | 2520774 |
|  | **Calpine Corp.** | **Calpine Corp.** | **Calpine Corp.** | **Calpine Corp.** |
| 2480886 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 01/31/2031 | 2481158 |
|  | **Colossus Acquireco LLC** | **Colossus Acquireco LLC** | **Colossus Acquireco LLC** | **Colossus Acquireco LLC** |
| 2155000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 07/30/2032 | 2144225 |
|  | **CommScope LLC** | **CommScope LLC** | **CommScope LLC** | **CommScope LLC** |
| 3285000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 2.00% Floor) | 9.39% | 12/17/2029 | 3329430 |
|  | **Corpay Technologies Operating Co. LLC** | **Corpay Technologies Operating Co. LLC** | **Corpay Technologies Operating Co. LLC** | **Corpay Technologies Operating Co. LLC** |
| 2736048 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 04/28/2028 | 2734776 |
|  | **CPI Holdco B LLC** | **CPI Holdco B LLC** | **CPI Holdco B LLC** | **CPI Holdco B LLC** |
| 292050 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 05/19/2031 | 292050 |
|  | **Cyborg Oldco DC Holdings, Inc.** | **Cyborg Oldco DC Holdings, Inc.** | **Cyborg Oldco DC Holdings, Inc.** | **Cyborg Oldco DC Holdings, Inc.** |
| 320815 | Senior Secured Term Loan (1 mo. Term SOFR + 3.00%) | 8.35%<sup>(d)(e)</sup> | 05/01/2026 |  |
|  | **Delta 2 Lux Sarl** | **Delta 2 Lux Sarl** | **Delta 2 Lux Sarl** | **Delta 2 Lux Sarl** |
| 800000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.00%, 0.50% Floor) | 6.30% | 09/19/2031 | 801628 |
| 400000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.00%) | 7.20% | 09/19/2031 | 400814 |
|  | **Dynasty Acquisition Co., Inc.** | **Dynasty Acquisition Co., Inc.** | **Dynasty Acquisition Co., Inc.** | **Dynasty Acquisition Co., Inc.** |
| 690251 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 10/31/2031 | 691296 |
| 262549 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 10/31/2031 | 262947 |
|  | **Energizer Holdings, Inc.** | **Energizer Holdings, Inc.** | **Energizer Holdings, Inc.** | **Energizer Holdings, Inc.** |
| 2737393 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.14% | 03/19/2032 | 2746509 |
|  | **Flutter Financing BV** | **Flutter Financing BV** | **Flutter Financing BV** | **Flutter Financing BV** |
| 2127105 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 1.75%, 0.50% Floor) | 5.75% | 11/29/2030 | 2123914 |
|  | **Froneri US, Inc.** | **Froneri US, Inc.** | **Froneri US, Inc.** | **Froneri US, Inc.** |
| 440309 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.20% | 09/30/2031 | 437649 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 848271 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.20% | 09/30/2031 | 843148 |
| 1655655 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.20% | 09/30/2031 | 1645655 |
|  | **Gen Digital, Inc.** | **Gen Digital, Inc.** | **Gen Digital, Inc.** | **Gen Digital, Inc.** |
| 1226925 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 04/16/2032 | 1223244 |
|  | **Go Daddy Operating Co. LLC** | **Go Daddy Operating Co. LLC** | **Go Daddy Operating Co. LLC** | **Go Daddy Operating Co. LLC** |
| 3688392 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 11/13/2029 | 3687913 |
|  | **Iron Mountain, Inc.** | **Iron Mountain, Inc.** | **Iron Mountain, Inc.** | **Iron Mountain, Inc.** |
| 2143514 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 01/31/2031 | 2147533 |
|  | **NRG Energy, Inc.** | **NRG Energy, Inc.** | **NRG Energy, Inc.** | **NRG Energy, Inc.** |
| 3687311 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 1.75%, 0.00% Floor) | 6.06% | 04/16/2031 | 3691809 |
|  | **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** |
| 4269273 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 6.00% | 03/08/2032 | 4235589 |
|  | **Resideo Funding, Inc.** | **Resideo Funding, Inc.** | **Resideo Funding, Inc.** | **Resideo Funding, Inc.** |
| 1015000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.04% | 08/13/2032 | 1016588 |
|  | **Reynolds Consumer Products LLC** | **Reynolds Consumer Products LLC** | **Reynolds Consumer Products LLC** | **Reynolds Consumer Products LLC** |
| 2078764 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 03/04/2032 | 2086819 |
|  | **Six Flags Entertainment Corp.** | **Six Flags Entertainment Corp.** | **Six Flags Entertainment Corp.** | **Six Flags Entertainment Corp.** |
| 1570125 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 05/01/2031 | 1562274 |
|  | **Solstice Advanced Materials, Inc.** | **Solstice Advanced Materials, Inc.** | **Solstice Advanced Materials, Inc.** | **Solstice Advanced Materials, Inc.** |
| 905000 | Senior Secured Term Loan (1 mo. Term SOFR + 1.75%) | 5.93% | 09/16/2032 | 907267 |
|  | **Somnigroup International, Inc.** | **Somnigroup International, Inc.** | **Somnigroup International, Inc.** | **Somnigroup International, Inc.** |
| 2144224 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.37% | 10/24/2031 | 2159855 |
|  | **Standard Industries, Inc./NY** | **Standard Industries, Inc./NY** | **Standard Industries, Inc./NY** | **Standard Industries, Inc./NY** |
| 1490892 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.50% Floor) | 5.89% | 09/22/2028 | 1495417 |
|  | **Trans Union LLC** | **Trans Union LLC** | **Trans Union LLC** | **Trans Union LLC** |
| 2972538 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.50% Floor) | 5.91% | 06/24/2031 | 2973637 |
| 717216 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 06/24/2031 | 717442 |

---

---

| | | |
|:---|:---|:---|
| **96**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Shiller Enhanced CAPE<sup>®</sup> (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Vertiv Group Corp.** | **Vertiv Group Corp.** | **Vertiv Group Corp.** | **Vertiv Group Corp.** |
| 1770563 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 6.03% | 08/12/2032 | 1774688 |
|  | **Vestis Corp.** | **Vestis Corp.** | **Vestis Corp.** | **Vestis Corp.** |
| 939313 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.45% | 02/24/2031 | 887650 |
|  | **Vistra Operations Co. LLC** | **Vistra Operations Co. LLC** | **Vistra Operations Co. LLC** | **Vistra Operations Co. LLC** |
| 2136528 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 12/20/2030 | 2141945 |
|  | **Walker & Dunlop, Inc.** | **Walker & Dunlop, Inc.** | **Walker & Dunlop, Inc.** | **Walker & Dunlop, Inc.** |
| 348250 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.14% | 03/15/2032 | 348685 |
|  | **WMG Acquisition Corp.** | **WMG Acquisition Corp.** | **WMG Acquisition Corp.** | **WMG Acquisition Corp.** |
| 2160000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.95% | 01/24/2031 | 2166761 |
|  | **Wyndham Hotels & Resorts, Inc.** | **Wyndham Hotels & Resorts, Inc.** | **Wyndham Hotels & Resorts, Inc.** | **Wyndham Hotels & Resorts, Inc.** |
| 2132870 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 05/28/2030 | 2142394 |
|  | **Total Bank Loans** <br>**(Cost $68,754,959)** | **Total Bank Loans** <br>**(Cost $68,754,959)** |  | **68603843** |
|  **COLLATERALIZED LOAN OBLIGATIONS - 10.9%** | **COLLATERALIZED LOAN OBLIGATIONS - 10.9%** | **COLLATERALIZED LOAN OBLIGATIONS - 10.9%** | **COLLATERALIZED LOAN OBLIGATIONS - 10.9%** | **COLLATERALIZED LOAN OBLIGATIONS - 10.9%** |
|  | **Allegro CLO Ltd.** | **Allegro CLO Ltd.** | **Allegro CLO Ltd.** | **Allegro CLO Ltd.** |
| 5000000 | Series 2022-1A-A1R (3 mo. Term SOFR + 1.18%, 1.18% Floor) | 5.51%<sup>(a)</sup> | 04/20/2038 | 5009962 |
| 10000000 | Series 2024-2A-A1 (3 mo. Term SOFR + 1.50%, 1.50% Floor) | 5.82%<sup>(a)</sup> | 07/24/2037 | 10058969 |
|  | **Atlas Senior Loan Fund Ltd.** | **Atlas Senior Loan Fund Ltd.** | **Atlas Senior Loan Fund Ltd.** | **Atlas Senior Loan Fund Ltd.** |
| 2000000 | Series 2018-11A-B (3 mo. Term SOFR + 1.91%, 0.00% Floor) | 6.23%<sup>(a)</sup> | 07/26/2031 | 2003760 |
|  | **Battalion CLO Ltd.** | **Battalion CLO Ltd.** | **Battalion CLO Ltd.** | **Battalion CLO Ltd.** |
| 10000000 | Series 2021-20A-AR (3 mo. Term SOFR + 1.22%, 1.22% Floor) | 5.54%<sup>(a)</sup> | 04/15/2038 | 10014720 |
| 10000000 | Series 2022-23A-A1R (3 mo. Term SOFR + 1.42%, 1.42% Floor) | 5.74%<sup>(a)</sup> | 10/15/2037 | 10042591 |
|  | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** |
| 6500000 | Series 2024-37A-A (3 mo. Term SOFR + 1.35%, 1.35% Floor) | 5.67%<sup>(a)</sup> | 01/25/2038 | 6523270 |
|  | **Bridge Street CLO Ltd.** | **Bridge Street CLO Ltd.** | **Bridge Street CLO Ltd.** | **Bridge Street CLO Ltd.** |
| 6000000 | Series 2020-1A-A1R (3 mo. Term SOFR + 1.55%, 1.55% Floor) | 5.88%<sup>(a)</sup> | 07/20/2037 | 6032419 |
| 10500000 | Series 2021-1A-A1A (3 mo. Term SOFR + 1.49%, 1.23% Floor) | 5.82%<sup>(a)</sup> | 07/20/2034 | 10522333 |
|  | **Carlyle Global Market Strategies** | **Carlyle Global Market Strategies** | **Carlyle Global Market Strategies** | **Carlyle Global Market Strategies** |
| 10000000 | Series 2022-2A-A1R (3 mo. Term SOFR + 1.36%, 1.36% Floor) | 5.69%<sup>(a)</sup> | 01/20/2038 | 10040721 |
| 5000000 | Series 2023-3A-A1R (3 mo. Term SOFR + 1.23%, 1.23% Floor) | 0.00%<sup>(a)</sup> | 10/15/2038 | 5000000 |
|  | **CarVal CLO** | **CarVal CLO** | **CarVal CLO** | **CarVal CLO** |
| 4000000 | Series 2024-2A-A (3 mo. Term SOFR + 1.46%, 1.46% Floor) | 5.79%<sup>(a)</sup> | 07/20/2037 | 4020672 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
|  | **CBAM Ltd.** | **CBAM Ltd.** | **CBAM Ltd.** |
| 10000000 | Series 2017-1A-AR2 (3 mo. Term SOFR + 1.39%, 1.39% Floor)<br> 5.72%<sup>(a)</sup> | 01/20/2038 | 10044540 |
| 4500000 | Series 2017-2A-AR (3 mo. Term SOFR + 1.45%, 1.19% Floor)<br> 5.77%<sup>(a)</sup> | 07/17/2034 | 4510643 |
| 3000000 | Series 2020-13A-A (3 mo. Term SOFR + 1.69%, 1.43% Floor)<br> 6.02%<sup>(a)</sup> | 01/20/2034 | 3008452 |
|  | **Cedar Funding Ltd.** | **Cedar Funding Ltd.** | **Cedar Funding Ltd.** |
| 10000000 | Series 2018-9A-AR (3 mo. Term SOFR + 1.42%, 1.42% Floor)<br> 5.75%<sup>(a)</sup> | 07/20/2037 | 10035669 |
|  | **CFIP CLO Ltd.** | **CFIP CLO Ltd.** | **CFIP CLO Ltd.** |
| 10350000 | Series 2017-1A-AR (3 mo. Term SOFR + 1.49%, 1.23% Floor)<br> 5.82%<sup>(a)</sup> | 10/18/2034 | 10377076 |
|  | **Eldridge CLO Ltd.** | **Eldridge CLO Ltd.** | **Eldridge CLO Ltd.** |
| 7500000 | Series 2025-1A-A1 (3 mo. Term SOFR + 1.33%, 1.33% Floor)<br> 0.00%<sup>(a)</sup> | 10/20/2038 | 7500000 |
|  | **Halcyon Loan Advisors Funding Ltd.** | **Halcyon Loan Advisors Funding Ltd.** | **Halcyon Loan Advisors Funding Ltd.** |
| 13423 | Series 2013-2A-D (3 mo. Term SOFR + 4.06%, 0.00% Floor)<br> 8.36%<sup>(a)</sup> | 08/01/2026 | 13426 |
|  | **LCM LP** | **LCM LP** | **LCM LP** |
| 2369591 | Series 17A-A2RR (3 mo. Term SOFR + 1.41%, 1.15% Floor)<br> 5.73%<sup>(a)</sup> | 10/15/2031 | 2373226 |
|  | **Magnetite CLO Ltd.** | **Magnetite CLO Ltd.** | **Magnetite CLO Ltd.** |
| 20000000 | Series 2024-42A-A1 (3 mo. Term SOFR + 1.31%, 1.31% Floor)<br> 5.63%<sup>(a)</sup> | 01/25/2038 | 20088490 |
|  | **Marble Point CLO** | **Marble Point CLO** | **Marble Point CLO** |
| 29500000 | Series 2020-1A-AR (3 mo. Term SOFR + 1.44%, 1.44% Floor)<br> 5.77%<sup>(a)</sup> | 07/20/2037 | 29647161 |
| 23000000 | Series 2021-3A-A1 (3 mo. Term SOFR + 1.50%, 1.24% Floor)<br> 5.82%<sup>(a)</sup> | 10/17/2034 | 23051819 |
|  | **MP CLO Ltd.** | **MP CLO Ltd.** | **MP CLO Ltd.** |
| 10000000 | Series 2015-2A-ARR (3 mo. Term SOFR + 1.46%, 1.20% Floor)<br> 5.78%<sup>(a)</sup> | 04/28/2034 | 10023187 |
|  | **Nassau Global Credit LLC** | **Nassau Global Credit LLC** | **Nassau Global Credit LLC** |
| 3609279 | Series 2018-IA-A (3 mo. Term SOFR + 1.41%, 0.00% Floor)<br> 5.73%<sup>(a)</sup> | 07/15/2031 | 3611924 |
|  | **OCP CLO Ltd.** | **OCP CLO Ltd.** | **OCP CLO Ltd.** |
| 20000000 | Series 2017-14A-A1R (3 mo. Term SOFR + 1.37%, 1.37% Floor)<br> 5.70%<sup>(a)</sup> | 07/20/2037 | 20073606 |
| 9000000 | Series 2020-18A-A1R2 (3 mo. Term SOFR + 1.37%, 1.37% Floor)<br> 5.70%<sup>(a)</sup> | 07/20/2037 | 9033142 |
|  | **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** |
| 27500000 | Series 2019-4A-A1RR (3 mo. Term SOFR + 1.40%, 1.40% Floor)<br> 5.63%<sup>(a)</sup> | 08/12/2037 | 27606719 |
|  | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
| 25000000 | Series 2019-2A-AR (3 mo. Term SOFR + 1.43%, 1.17% Floor)<br> 5.75%<sup>(a)</sup> | 07/15/2034 | 25050000 |
| 20000000 | Series 2020-1A-AR (3 mo. Term SOFR + 1.43%, 1.43% Floor)<br> 5.76%<sup>(a)</sup> | 07/20/2034 | 20039716 |
| 5000000 | Series 2021-1A-A (3 mo. Term SOFR + 1.33%, 1.33% Floor)<br> 5.65%<sup>(a)</sup> | 04/25/2034 | 5006470 |
| 10000000 | Series 2024-5A-A1 (3 mo. Term SOFR + 1.39%, 1.39% Floor)<br> 5.72%<sup>(a)</sup> | 10/20/2037 | 10039824 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **97**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Trestles LLC** | **Trestles LLC** | **Trestles LLC** | **Trestles LLC** |
| 5000000 | Series 2023-6A-A1R (3 mo. Term SOFR + 1.18%, 1.18% Floor) | 5.50%<sup>(a)</sup> | 04/25/2038 | 5009933 |
|  | **Trimaran CAVU LLC** | **Trimaran CAVU LLC** | **Trimaran CAVU LLC** | **Trimaran CAVU LLC** |
| 20000000 | Series 2021-3A-A (3 mo. Term SOFR + 1.47%, 1.21% Floor) | 5.80%<sup>(a)</sup> | 01/18/2035 | 20039420 |
|  | **Warwick Capital CLO Ltd.** | **Warwick Capital CLO Ltd.** | **Warwick Capital CLO Ltd.** | **Warwick Capital CLO Ltd.** |
| 5000000 | Series 2023-1A-AR (3 mo. Term SOFR + 1.28%, 1.28% Floor) | 5.25%<sup>(a)</sup> | 10/20/2038 | 5000000 |
|  | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** |
| 10000000 | Series 2022-1A-A1RN (3 mo. Term SOFR + 1.42%, 1.42% Floor) | 5.74%<sup>(a)</sup> | 07/15/2037 | 10036358 |
|  | **Wellington Management Clo 3 Ltd.** | **Wellington Management Clo 3 Ltd.** | **Wellington Management Clo 3 Ltd.** | **Wellington Management Clo 3 Ltd.** |
| 10000000 | Series 2025-4A-A (3 mo. Term SOFR + 1.15%, 1.15% Floor) | 5.43%<sup>(a)</sup> | 04/18/2038 | 10012630 |
|  | **Total Collateralized Loan Obligations** <br>**(Cost $379,357,504)** | **Total Collateralized Loan Obligations** <br>**(Cost $379,357,504)** |  | **380502848** |
|  **FOREIGN CORPORATE BONDS - 3.9%** | **FOREIGN CORPORATE BONDS - 3.9%** | **FOREIGN CORPORATE BONDS - 3.9%** | **FOREIGN CORPORATE BONDS - 3.9%** | **FOREIGN CORPORATE BONDS - 3.9%** |
| 382500 | Adani International Container Terminal Pvt Ltd. | 3.00% | 02/16/2031 | 352202 |
| 1000000 | Adani Ports & Special Economic Zone Ltd. | 4.00% | 07/30/2027 | 983256 |
| 600000 | Adani Transmission Step-One Ltd. | 4.00% | 08/03/2026 | 594846 |
| 3085000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 6.45% | 04/15/2027 | 3183134 |
| 1374000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 5.75% | 06/06/2028 | 1423989 |
| 835000 | Aker BP ASA | 5.60%<sup>(a)</sup> | 06/13/2028 | 861529 |
| 1137495 | AL Candelaria Spain SA | 7.50% | 12/15/2028 | 1157407 |
| 200000 | AngloGold Ashanti Holdings PLC | 3.38% | 11/01/2028 | 193577 |
| 600000 | Antofagasta PLC | 2.38% | 10/14/2030 | 544254 |
| 2508000 | Ashtead Capital, Inc. | 4.25%<sup>(a)</sup> | 11/01/2029 | 2474562 |
| 2217000 | Avolon Holdings Funding Ltd. | 6.38%<sup>(a)</sup> | 05/04/2028 | 2313226 |
| 2518000 | Avolon Holdings Funding Ltd. | 5.38%<sup>(a)</sup> | 05/30/2030 | 2583970 |
| 4872000 | BAE Systems PLC | 3.40%<sup>(a)</sup> | 04/15/2030 | 4697533 |
| 1700000 | Banco Continental SAECA | 2.75%<sup>(a)</sup> | 12/10/2025 | 1694645 |
| 1600000 | Banco de Bogota SA | 6.25% | 05/12/2026 | 1620637 |
| 200000 | Banco de Credito del Peru SA (5 yr. CMT Rate + 2.45%) | 3.25% | 09/30/2031 | 196816 |
| 1500000 | Banco de Credito del Peru SA (5 yr. CMT Rate + 2.45%) | 3.25%<sup>(a)</sup> | 09/30/2031 | 1476123 |
| 1500000 | Banco Industrial SA/Guatemala (5 yr. CMT Rate + 4.44%) | 4.88% | 01/29/2031 | 1497750 |
| 400000 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (5 yr. CMT Rate + 3.00%) | 7.53% | 10/01/2028 | 430405 |
| 1130000 | Bank of Ireland Group PLC (SOFR + 1.62%) | 5.60%<sup>(a)</sup> | 03/20/2030 | 1172323 |
| 3147000 | Bank of Montreal (SOFR + 1.25%) | 4.64% | 09/10/2030 | 3191747 |
| 4057000 | Banque Federative du Credit Mutuel SA | 4.59%<sup>(a)</sup> | 10/16/2028 | 4095483 |
| 139000 | BAT Capital Corp. | 4.91% | 04/02/2030 | 141749 |
| 1892000 | BAT International Finance PLC | 1.67% | 03/25/2026 | 1869384 |
| 2221000 | BAT International Finance PLC | 5.93% | 02/02/2029 | 2333625 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1800000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX (5 yr. CMT Rate + 4.31%) | 5.88% | 09/13/2034 | 1805060 |
| 3110000 | BPCE SA (SOFR + 1.68%) | 5.88%<sup>(a)</sup> | 01/14/2031 | 3248986 |
| 600000 | BRF GmbH | 4.35% | 09/29/2026 | 595783 |
| 2840000 | CaixaBank SA (SOFR + 2.70%) | 6.21%<sup>(a)</sup> | 01/18/2029 | 2954306 |
| 2297000 | Canadian Imperial Bank of Commerce (SOFR + 1.11%) | 5.25% | 01/13/2031 | 2372826 |
| 5448000 | Canadian Pacific Railway Co. | 4.80% | 03/30/2030 | 5581324 |
| 1400000 | Cemex SAB de CV (5 yr. CMT Rate + 4.53%) | 5.13%<sup>(f)</sup> | 06/08/2026 | 1395190 |
| 300000 | Cencosud SA | 4.38% | 07/17/2027 | 300556 |
| 2364411 | Chile Electricity PEC SpA | 0.00%<sup>(a)</sup> | 01/25/2028 | 2136837 |
| 151600 | Cometa Energia SAB de CV | 6.38% | 04/24/2035 | 158562 |
| 1200000 | Cosan Luxembourg SA | 5.50% | 09/20/2029 | 1185289 |
| 3114000 | Credit Agricole SA (SOFR + 1.13%) | 5.23%<sup>(a)</sup> | 01/09/2029 | 3174354 |
| 2137000 | Daimler Truck Finance North America LLC | 4.30%<sup>(a)</sup> | 08/12/2027 | 2142925 |
| 1600000 | DBS Group Holdings Ltd. (5 yr. CMT Rate + 1.10%) | 1.82% | 03/10/2031 | 1581631 |
| 1011000 | Diageo Investment Corp. | 5.13% | 08/15/2030 | 1047959 |
| 255680 | Digicel Group Holdings Ltd. | 0.00%<sup>(a)(e)</sup> | 12/31/2030 | 11580 |
| 198552 | Digicel Group Holdings Ltd. | 0.00%<sup>(a)(e)</sup> | 12/31/2030 | 1282 |
| 3121000 | Element Fleet Management Corp. | 6.32%<sup>(a)</sup> | 12/04/2028 | 3306859 |
| 2585000 | Element Fleet Management Corp. | 5.04%<sup>(a)</sup> | 03/25/2030 | 2638171 |
| 454878 | Empresa Electrica Angamos SA | 4.88% | 05/25/2029 | 414159 |
| 1055020 | Empresa Electrica Cochrane SpA | 5.50% | 05/14/2027 | 1045472 |
| 1223000 | Enbridge, Inc. | 6.00% | 11/15/2028 | 1287028 |
| 2478000 | Enel Finance International NV | 5.13%<sup>(a)</sup> | 06/26/2029 | 2539306 |
| 2415000 | Enel Finance International NV | 4.38%<sup>(a)</sup> | 09/30/2030 | 2399385 |
| 218824 | Fenix Power Peru SA | 4.32% | 09/20/2027 | 217430 |
| 950000 | Freeport Indonesia PT | 4.76%<sup>(a)</sup> | 04/14/2027 | 956726 |
| 1300000 | Freeport-McMoRan, Inc. | 4.13% | 03/01/2028 | 1292716 |
| 139838 | Galaxy Pipeline Assets Bidco Ltd. | 2.16% | 03/31/2034 | 127295 |
| 564960 | GNL Quintero SA | 4.63% | 07/31/2029 | 566193 |
| 500000 | Gold Fields Orogen Holdings BVI Ltd. | 6.13% | 05/15/2029 | 524411 |
| 254000 | Grupo de Inversiones Suramericana SA | 5.50% | 04/29/2026 | 254678 |
| 998777 | Guara Norte Sarl | 5.20% | 06/15/2034 | 979054 |
| 200000 | &nbsp;&nbsp;&nbsp; HSBC Holdings PLC <br>(SOFR + 3.03%) | 7.34% | 11/03/2026 | 200478 |
| 200000 | &nbsp;&nbsp;&nbsp; HSBC Holdings PLC <br>(SOFR + 1.04%) | 5.34% | 11/19/2028 | 200987 |
| 3068000 | Imperial Brands Finance PLC | 4.50%<sup>(a)</sup> | 06/30/2028 | 3088570 |
| 600000 | InRetail Consumer | 3.25% | 03/22/2028 | 583946 |
| 1100000 | InRetail Shopping Malls | 5.75% | 04/03/2028 | 1104545 |
| 750000 | Intercorp Financial Services, Inc. | 4.13% | 10/19/2027 | 746436 |
| 57070 | Interoceanica IV Finance Ltd. Series 2007 | 0.00%<sup>(e)</sup> | 11/30/2025 | 56214 |
| 35034 | Invepar Holdings | 0.00%<sup>(d)(e)</sup> | 12/30/2028 |  |
| 200000 | Ita**ú** Unibanco Holding SA/Cayman Island (5 yr. CMT Rate + 3.45%)  | 3.88% | 04/15/2031 | 198220 |
| 923000 | JSW Hydro Energy Ltd. | 4.13% | 05/18/2031 | 875087 |
| 700000 | JSW Infrastructure Ltd. | 4.95% | 01/21/2029 | 703473 |
| 233711 | Lima Metro Line 2 Finance Ltd. | 4.35% | 04/05/2036 | 226345 |
| 1700629 | Mexico Generadora de Energia S de RL | 5.50% | 12/06/2032 | 1737903 |
| 1890000 | Millicom International Cellular SA | 5.13% | 01/15/2028 | 1885034 |
| 900000 | Minerva Luxembourg SA | 5.88% | 01/19/2028 | 901134 |

---

---

| | | |
|:---|:---|:---|
| **98**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Shiller Enhanced CAPE<sup>®</sup> (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 508200 | Mong Duong Finance Holdings BV | 5.13% | 05/07/2029 | 503272 |
| 1391408 | MV24 Capital BV | 6.75% | 06/01/2034 | 1382305 |
| 261000 | Nationwide Building Society (SOFR + 1.91%) | 6.56%<sup>(a)</sup> | 10/18/2027 | 266979 |
| 3424000 | NatWest Group PLC (1 yr. CMT Rate + 1.22%) | 4.96% | 08/15/2030 | 3488399 |
| 1000000 | NBM US Holdings, Inc. | 7.00% | 05/14/2026 | 999177 |
| 800000 | NBM US Holdings, Inc. | 6.63% | 08/06/2029 | 811570 |
| 2570000 | Nutrien Ltd. | 4.90% | 03/27/2028 | 2616050 |
| 1747000 | NXP BV / NXP Funding LLC / NXP USA, Inc. | 4.30% | 08/19/2028 | 1749900 |
| 1100000 | Oversea-Chinese Banking Corp. Ltd. (5 yr. CMT Rate + 1.58%) | 4.60% | 06/15/2032 | 1104301 |
| 1215779 | Prumo Participacoes e Investimentos S/A | 7.50% | 12/31/2031 | 1241460 |
| 500000 | Reliance Industries Ltd. | 3.67% | 11/30/2027 | 494618 |
| 3270000 | Rio Tinto Finance USA PLC | 4.88% | 03/14/2030 | 3351799 |
| 1391000 | Royal Bank of Canada (SOFR + 0.53%) | 4.86% | 01/20/2026 | 1392589 |
| 5039000 | Royal Bank of Canada (SOFR + 0.86%) | 5.19% | 10/18/2028 | 5056066 |
| 6311000 | SK Hynix, Inc. | 4.25%<sup>(a)</sup> | 09/11/2028 | 6310007 |
| 571000 | Telefonica Celular del Paraguay SA | 5.88% | 04/15/2027 | 569281 |
| 910000 | UBS Group AG (1 yr. CMT Rate + 1.60%) | 6.33%<sup>(a)</sup> | 12/22/2027 | 932943 |
| 600000 | Ultrapar International SA | 5.25% | 10/06/2026 | 598944 |
| 200000 | Ultrapar International SA | 5.25% | 06/06/2029 | 200672 |
| 1500000 | United Overseas Bank Ltd. (5 yr. CMT Rate + 1.52%) | 1.75% | 03/16/2031 | 1481977 |
| 500000 | Wipro IT Services LLC | 1.50% | 06/23/2026 | 489918 |
|  | **Total Foreign Corporate Bonds** <br>**(Cost $134,650,970)** | **Total Foreign Corporate Bonds** <br>**(Cost $134,650,970)** |  | **136878104** |
|  **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 0.6%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 0.6%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 0.6%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 0.6%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 0.6%** |
| 1300000 | Banco Nacional de Comercio Exterior SNC/Cayman Islands (5 yr. CMT Rate + 2.00%) | 2.72% | 08/11/2031 | 1271790 |
| 1600000 | Bank Negara Indonesia Persero Tbk PT | 3.75% | 03/30/2026 | 1589065 |
| 1553854 | Bioceanico Sovereign Certificate Ltd. | 0.00% | 06/05/2034 | 1274549 |
| 700000 | BPRL International Singapore Pte Ltd. | 4.38% | 01/18/2027 | 699876 |
| 805500 | Chile Electricity Lux MPC Sarl | 6.01% | 01/20/2033 | 847407 |
| 200000 | Comision Federal de Electricidad | 4.69% | 05/15/2029 | 197205 |
| 1300000 | Comision Federal de Electricidad | 5.70%<sup>(a)</sup> | 01/24/2030 | 1320475 |
| 1200000 | Dominican Republic International Bond | 5.50% | 02/22/2029 | 1227300 |
| 600000 | Guatemala Government Bond | 4.50% | 05/03/2026 | 598500 |
| 1200000 | Guatemala Government Bond | 5.25% | 08/10/2029 | 1212900 |
| 1285324 | Lima Metro Line 2 Finance Ltd. | 5.88% | 07/05/2034 | 1327677 |
| 200000 | Mexico Government International Bond | 5.00% | 05/07/2029 | 203968 |
| 600000 | Morocco Government International Bond | 2.38% | 12/15/2027 | 575568 |
| 600000 | OCP SA | 6.10% | 04/30/2030 | 629273 |
| 1000000 | ONGC Videsh Vankorneft Pte Ltd. | 3.75% | 07/27/2026 | 995006 |
| 600000 | Paraguay Government International Bond | 5.00% | 04/15/2026 | 602562 |
| 143000 | Paraguay Government International Bond | 4.70% | 03/27/2027 | 144420 |
| 1646000 | Pertamina Persero PT | 1.40% | 02/09/2026 | 1627045 |
| 700000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 4.13% | 05/15/2027 | 697976 |
| 950000 | Petrobras Global Finance BV | 6.00% | 01/27/2028 | 969414 |
| 50000 | Petrobras Global Finance BV | 5.13% | 09/10/2030 | 49479 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1200000 | TNB Global Ventures Capital Bhd | 3.24% | 10/19/2026 | 1186771 |
|  | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $18,768,786)** | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $18,768,786)** |  | **19248226** |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 11.2%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 11.2%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 11.2%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 11.2%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 11.2%** |
|  | **280 Park Avenue Mortgage Trust** | **280 Park Avenue Mortgage Trust** | **280 Park Avenue Mortgage Trust** | **280 Park Avenue Mortgage Trust** |
| 4830000 | Series 2017-280P-A (1 mo. Term SOFR + 1.18%, 1.13% Floor) | 5.40%<sup>(a)</sup> | 09/15/2034 | 4795966 |
|  | **ACREC Trust** | **ACREC Trust** | **ACREC Trust** | **ACREC Trust** |
| 4800000 | Series 2025-FL3-A (1 mo. Term SOFR + 1.31%, 1.31% Floor) | 5.45%<sup>(a)</sup> | 08/18/2042 | 4816776 |
|  | **ACRES Commercial Realty Ltd.** | **ACRES Commercial Realty Ltd.** | **ACRES Commercial Realty Ltd.** | **ACRES Commercial Realty Ltd.** |
| 6380000 | Series 2025-FL3-A (1 mo. Term SOFR + 1.62%, 1.62% Floor) | 5.75%<sup>(a)</sup> | 08/18/2040 | 6419869 |
|  | **Alen Mortgage Trust** | **Alen Mortgage Trust** | **Alen Mortgage Trust** | **Alen Mortgage Trust** |
| 2000000 | Series 2021-ACEN-B (1 mo. Term SOFR + 1.76%, 1.65% Floor) | 5.92%<sup>(a)</sup> | 04/15/2034 | 1885563 |
|  | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** |
| 111577928 | Series 2021-MF2-XA | 1.21%<sup>(a)(b)(g)</sup> | 06/15/2054 | 5252732 |
|  | **Arbor Realty Trust, Inc.** | **Arbor Realty Trust, Inc.** | **Arbor Realty Trust, Inc.** | **Arbor Realty Trust, Inc.** |
| 40902000 | Series 2020-MF1-XD | 0.59%<sup>(a)(b)(g)</sup> | 05/15/2053 | 885565 |
| 895323 | Series 2021-FL4-A (1 mo. Term SOFR + 1.46%, 1.46% Floor) | 5.61%<sup>(a)</sup> | 11/15/2036 | 898466 |
| 4946654 | Series 2022-FL1-A (30 day avg SOFR US + 1.45%, 1.45% Floor) | 5.82%<sup>(a)</sup> | 01/15/2037 | 4954237 |
| 4200000 | Series 2025-FL1-A (1 mo. Term SOFR + 1.35%, 1.35% Floor) | 5.49%<sup>(a)</sup> | 01/20/2043 | 4212785 |
|  | **AREIT Trust** | **AREIT Trust** | **AREIT Trust** | **AREIT Trust** |
| 1685642 | Series 2022-CRE6-A (30 day avg SOFR US + 1.25%, 1.25% Floor) | 5.64%<sup>(a)</sup> | 01/20/2037 | 1692407 |
| 7220000 | Series 2025-CRE10-A (1 mo. Term SOFR + 1.39%, 1.39% Floor) | 5.53%<sup>(a)</sup> | 12/17/2029 | 7258302 |
|  | **BANK5 Trust** | **BANK5 Trust** | **BANK5 Trust** | **BANK5 Trust** |
| 6433000 | Series 2023-5YR2-A3 | 6.66%<sup>(b)</sup> | 07/15/2056 | 6788618 |
| 5022000 | Series 2024-5YR10-AS | 5.64% | 10/15/2057 | 5146827 |
| 21131069 | Series 2025-5YR14-XA | 1.20%<sup>(b)(g)</sup> | 04/15/2058 | 841198 |
|  | **BBCMS Trust** | **BBCMS Trust** | **BBCMS Trust** | **BBCMS Trust** |
| 11001000 | Series 2019-BWAY-E (1 mo. Term SOFR + 2.96%, 2.85% Floor) | 7.11%<sup>(a)</sup> | 11/15/2034 | 115510 |
| 29456500 | Series 2021-C10-XB | 1.13%<sup>(b)(g)</sup> | 07/15/2054 | 1470813 |
| 21205000 | Series 2021-C10-XD | 1.80%<sup>(a)(b)(g)</sup> | 07/15/2054 | 1660710 |
| 53053049 | Series 2025-5C34-XA | 1.39%<sup>(b)(g)</sup> | 05/15/2058 | 2534360 |
| 55544703 | Series 2025-C32-XA | 1.36%<sup>(b)(g)</sup> | 02/15/2062 | 4673309 |
|  | **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** |
| 4585952 | Series 2021-FL10-A (1 mo. Term SOFR + 1.46%, 1.46% Floor) | 5.60%<sup>(a)</sup> | 12/16/2036 | 4602654 |
| 668930 | Series 2021-FL9-A (1 mo. Term SOFR + 1.18%, 1.07% Floor) | 5.32%<sup>(a)</sup> | 11/16/2038 | 669579 |
| 1397651 | Series 2022-FL11-ATS (1 mo. Term SOFR + 1.80%, 1.80% Floor) | 5.93%<sup>(a)</sup> | 03/19/2039 | 1399604 |
| 7500000 | Series 2024-FL13-A (1 mo. Term SOFR + 1.58%, 1.58% Floor) | 5.71%<sup>(a)</sup> | 09/19/2039 | 7543327 |
| 4150000 | Series 2025-FL15-A (1 mo. Term SOFR + 1.40%, 1.40% Floor) | 5.53%<sup>(a)</sup> | 03/19/2043 | 4165621 |
|  | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** |
| 157277074 | Series 2020-IG1-XA | 0.61%<sup>(b)(g)</sup> | 09/15/2043 | 2613788 |
| 147424604 | Series 2025-V14-XA | 0.98%<sup>(b)(g)</sup> | 04/15/2057 | 4519080 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **99**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 64317000 | Series 2025-V17-XA | 1.51%<sup>(b)(g)</sup> | 09/15/2058 | 4173279 |
|  | **BFLD Trust** | **BFLD Trust** | **BFLD Trust** | **BFLD Trust** |
| 3012000 | Series 2024-VICT-A (1 mo. Term SOFR + 1.89%, 1.89% Floor) | 6.04%<sup>(a)</sup> | 07/15/2041 | 3026048 |
|  | **BMO Mortgage Trust** | **BMO Mortgage Trust** | **BMO Mortgage Trust** | **BMO Mortgage Trust** |
| 93254460 | Series 2024-5C5-XA | 1.39%<sup>(b)(g)</sup> | 02/15/2057 | 3582939 |
| 42103000 | Series 2025-5C12-XA | 1.66%<sup>(b)(g)</sup> | 10/15/2058 | 2655495 |
| 38791335 | Series 2025-5C9-XA | 0.92%<sup>(b)(g)</sup> | 04/15/2058 | 1099226 |
| 44296510 | Series 2025-C11-XA | 1.32%<sup>(b)(g)</sup> | 02/15/2058 | 3552669 |
|  | **BrightSpire Capital, Inc.** | **BrightSpire Capital, Inc.** | **BrightSpire Capital, Inc.** | **BrightSpire Capital, Inc.** |
| 4098525 | Series 2021-FL1-A (1 mo. Term SOFR + 1.26%, 1.15% Floor) | 5.40%<sup>(a)</sup> | 08/19/2038 | 4094287 |
| 13968000 | Series 2021-FL1-AS (1 mo. Term SOFR + 1.71%, 1.60% Floor) | 5.85%<sup>(a)</sup> | 08/19/2038 | 13926906 |
| 6702000 | Series 2024-FL2-A (1 mo. Term SOFR + 1.95%, 1.95% Floor) | 6.08%<sup>(a)</sup> | 08/19/2037 | 6726154 |
|  | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** |
| 7450000 | Series 2023-FL10-AS (1 mo. Term SOFR + 2.86%, 2.86% Floor) | 7.01%<sup>(a)</sup> | 09/15/2035 | 7494283 |
|  | **BX Trust** | **BX Trust** | **BX Trust** | **BX Trust** |
| 2301475 | Series 2021-ACNT-B (1 mo. Term SOFR + 1.36%, 1.25% Floor) | 5.51%<sup>(a)</sup> | 11/15/2038 | 2301308 |
| 4835282 | Series 2021-RISE-B (1 mo. Term SOFR + 1.36%, 1.25% Floor) | 5.51%<sup>(a)</sup> | 11/15/2036 | 4831173 |
| 2095310 | Series 2021-XL2-A (1 mo. Term SOFR + 0.80%, 0.69% Floor) | 4.95%<sup>(a)</sup> | 10/15/2038 | 2094882 |
| 2026500 | Series 2021-XL2-D (1 mo. Term SOFR + 1.51%, 1.40% Floor) | 5.66%<sup>(a)</sup> | 10/15/2038 | 2025499 |
| 3028180 | Series 2025-BCAT-A (1 mo. Term SOFR + 1.38%, 1.38% Floor) | 5.53%<sup>(a)</sup> | 08/15/2042 | 3035371 |
| 2251220 | Series 2025-ROIC-C (1 mo. Term SOFR + 1.54%, 1.54% Floor) | 5.69%<sup>(a)</sup> | 03/15/2030 | 2249101 |
|  | **CEDR Commercial Mortgage Trust** | **CEDR Commercial Mortgage Trust** | **CEDR Commercial Mortgage Trust** | **CEDR Commercial Mortgage Trust** |
| 3790000 | Series 2022-SNAI-A (1 mo. Term SOFR + 0.99%, 0.99% Floor) | 5.14%<sup>(a)</sup> | 02/15/2039 | 3736643 |
|  | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** |
| 12445026 | Series 2016-C4-XA | 1.69%<sup>(b)(g)</sup> | 05/10/2058 | 42510 |
| 2475000 | Series 2016-C7-A3 | 3.84% | 12/10/2054 | 2449012 |
| 16201000 | Series 2017-C8-XB | 1.05%<sup>(b)(g)</sup> | 06/15/2050 | 203190 |
|  | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** |
| 12858128 | Series 2016-GC36-XA | 1.34%<sup>(b)(g)</sup> | 02/10/2049 | 397 |
| 3096000 | Series 2016-P3-A4 | 3.33% | 04/15/2049 | 3071076 |
| 9937008 | Series 2016-P3-XA | 1.81%<sup>(b)(g)</sup> | 04/15/2049 | 33833 |
| 2519000 | Series 2016-P4-B | 3.38% | 07/10/2049 | 2390310 |
| 11708908 | Series 2016-P4-XA | 2.04%<sup>(b)(g)</sup> | 07/10/2049 | 71017 |
| 10605998 | Series 2017-P7-XA | 1.23%<sup>(b)(g)</sup> | 04/14/2050 | 116155 |
|  | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** |
| 15210922 | Series 2016-C1-XA | 1.55%<sup>(b)(g)</sup> | 05/10/2049 | 2776 |
| 40505514 | Series 2017-CD3-XA | 1.08%<sup>(b)(g)</sup> | 02/10/2050 | 362289 |
| 50193631 | Series 2017-CD4-XA | 1.37%<sup>(b)(g)</sup> | 05/10/2050 | 643322 |
|  | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** |
| 1721713 | Series 2013-CR12-XA | 0.66%<sup>(b)(g)</sup> | 10/10/2046 | 32 |
| 1218812 | Series 2015-CR27-XA | 0.69%<sup>(b)(g)</sup> | 10/10/2048 | 7 |
| 791393 | Series 2015-DC1-XA | 0.71%<sup>(b)(g)</sup> | 02/10/2048 | 12 |
| 204280 | Series 2015-LC21-B | 4.44%<sup>(b)</sup> | 07/10/2048 | 202799 |
| 8676737 | Series 2016-DC2-XA | 1.03%<sup>(b)(g)</sup> | 02/10/2049 | 191 |
| 11396000 | Series 2018-HCLV-D (1 mo. Term SOFR + 2.47%, 2.18% Floor) | 6.62%<sup>(a)</sup> | 09/15/2033 | 3589740 |
|  | **Computershare Corporate Trust** | **Computershare Corporate Trust** | **Computershare Corporate Trust** | **Computershare Corporate Trust** |
| 1573627 | Series 2015-NXS2-XA | 0.05%<sup>(b)(g)</sup> | 07/15/2058 | 16 |
| 8622849 | Series 2016-C33-XA | 1.70%<sup>(b)(g)</sup> | 03/15/2059 | 13251 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 19849446 | Series 2016-NXS6-XA | 1.68%<sup>(b)(g)</sup> | 11/15/2049 | 99938 |
| 63456118 | Series 2017-C38-XA | 1.05%<sup>(b)(g)</sup> | 07/15/2050 | 673898 |
| 19820043 | Series 2019-C52-XA | 1.71%<sup>(b)(g)</sup> | 08/15/2052 | 932618 |
| 61513503 | Series 2021-C59-XA | 1.62%<sup>(b)(g)</sup> | 04/15/2054 | 3624812 |
| 5250000 | Series 2022-ONL-A | 3.86%<sup>(a)</sup> | 12/15/2039 | 5062705 |
|  | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
| 9873828 | Series 2014-USA-X1 | 0.69%<sup>(a)(b)(g)</sup> | 09/15/2037 | 186 |
|  | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** |
| 1619661 | Series 2015-C1-XA | 0.17%<sup>(b)(g)</sup> | 04/15/2050 | 2 |
| 2458834 | Series 2016-C6-XA | 2.01%<sup>(b)(g)</sup> | 01/15/2049 | 2158 |
| 121469912 | Series 2021-C20-XA | 1.11%<sup>(b)(g)</sup> | 03/15/2054 | 4853124 |
|  | **ELP Commercial Mortgage Trust** | **ELP Commercial Mortgage Trust** | **ELP Commercial Mortgage Trust** | **ELP Commercial Mortgage Trust** |
| 2897854 | Series 2021-ELP-C (1 mo. Term SOFR + 1.43%, 1.32% Floor) | 5.59%<sup>(a)</sup> | 11/15/2038 | 2895445 |
|  | **Franklin BSP Realty Trust, Inc.** | **Franklin BSP Realty Trust, Inc.** | **Franklin BSP Realty Trust, Inc.** | **Franklin BSP Realty Trust, Inc.** |
| 2902914 | Series 2022-FL8-A (30 day avg SOFR US + 1.50%, 1.50% Floor) | 5.87%<sup>(a)</sup> | 02/15/2037 | 2915054 |
|  | **FS Rialto** | **FS Rialto** | **FS Rialto** | **FS Rialto** |
| 4555057 | Series 2021-FL2-A (1 mo. Term SOFR + 1.33%, 1.33% Floor) | 5.48%<sup>(a)</sup> | 05/16/2038 | 4559229 |
| 5740000 | Series 2025-FL10-A (1 mo. Term SOFR + 1.39%, 1.39% Floor) | 5.52%<sup>(a)</sup> | 08/19/2042 | 5747439 |
| 4575211 | Series 2021-FL3-A (1 mo. Term SOFR + 1.36%, 1.36% Floor) | 5.51%<sup>(a)</sup> | 11/16/2036 | 4585834 |
|  | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** |
| 919172 | Series 2021-FL3-A (1 mo. Term SOFR + 1.61%, 1.36% Floor) | 5.75%<sup>(a)</sup> | 07/16/2035 | 921078 |
| 3423431 | Series 2021-FL4-A (1 mo. Term SOFR + 1.46%, 1.35% Floor) | 5.60%<sup>(a)</sup> | 12/15/2036 | 3432986 |
|  | **Great Wolf Trust** | **Great Wolf Trust** | **Great Wolf Trust** | **Great Wolf Trust** |
| 4250000 | Series 2024-WOLF-A (1 mo. Term SOFR + 1.54%, 1.54% Floor) | 5.69%<sup>(a)</sup> | 03/15/2039 | 4262955 |
|  | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** |
| 215588 | Series 2021-FL3-A (1 mo. Term SOFR + 1.13%, 1.02% Floor) | 5.28%<sup>(a)</sup> | 07/15/2039 | 216241 |
| 10700000 | Series 2021-FL3-C (1 mo. Term SOFR + 2.11%, 2.00% Floor) | 6.26%<sup>(a)</sup> | 07/15/2039 | 10648822 |
|  | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** |
| 248430 | Series 2014-GC24-XA | 0.39%<sup>(b)(g)</sup> | 09/10/2047 | 3 |
| 1250190 | Series 2015-GS1-XA | 0.64%<sup>(b)(g)</sup> | 11/10/2048 | 16 |
| 12684801 | Series 2016-GS2-XA | 1.86%<sup>(b)(g)</sup> | 05/10/2049 | 16025 |
| 22411301 | Series 2016-GS3-XA | 1.28%<sup>(b)(g)</sup> | 10/10/2049 | 113901 |
| 2314000 | Series 2018-GS10-WLSD | 5.07%<sup>(a)(b)</sup> | 03/10/2033 | 213760 |
| 2893000 | Series 2018-GS10-WLSE | 5.07%<sup>(a)(b)</sup> | 03/10/2033 | 244464 |
| 5000000 | Series 2018-TWR-E (1 mo. Term SOFR + 2.40%, 2.10% Floor) | 6.55%<sup>(a)</sup> | 07/15/2031 | 522375 |
| 5000000 | Series 2018-TWR-F (1 mo. Term SOFR + 3.10%, 2.80% Floor) | 7.25%<sup>(a)</sup> | 07/15/2031 | 469875 |
| 5000000 | Series 2018-TWR-G (1 mo. Term SOFR + 4.22%, 3.93% Floor) | 8.37%<sup>(a)</sup> | 07/15/2031 | 417375 |
|  | **GSCG Trust** | **GSCG Trust** | **GSCG Trust** | **GSCG Trust** |
| 14505000 | Series 2019-600C-E | 4.12%<sup>(a)(b)</sup> | 09/06/2034 | 610885 |
|  | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** |
| 8127601 | Series 2015-JP1-XA | 0.98%<sup>(b)(g)</sup> | 01/15/2049 | 4665 |
| 29885385 | Series 2016-JP4-XA | 0.70%<sup>(b)(g)</sup> | 12/15/2049 | 115414 |
| 336000 | Series 2018-WPT-CFX | 4.95%<sup>(a)</sup> | 07/05/2033 | 233520 |
| 3553631 | Series 2019-COR4-ASB | 3.94% | 03/10/2052 | 3538824 |
| 5775000 | Series 2019-UES-G | 4.60%<sup>(a)(b)</sup> | 05/05/2032 | 5318862 |
| 1815000 | Series 2021-MHC-B (1 mo. Term SOFR + 1.41%, 1.05% Floor) | 5.57%<sup>(a)</sup> | 04/15/2038 | 1815390 |

---

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| | | |
|:---|:---|:---|
| **100**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Shiller Enhanced CAPE<sup>®</sup> (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 6153490 | Series 2022-NLP-A (1 mo. Term SOFR + 0.85%, 0.60% Floor) | 5.00%<sup>(a)</sup> | 04/15/2037 | 6069073 |
|  | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** |
| 3218164 | Series 2014-C25-XA | 0.61%<sup>(b)(g)</sup> | 11/15/2047 | 39 |
| 2845285 | Series 2015-C30-XA | 0.12%<sup>(b)(g)</sup> | 07/15/2048 | 28 |
| 518965 | Series 2015-C31-XA | 0.60%<sup>(b)(g)</sup> | 08/15/2048 | 6 |
| 7774471 | Series 2015-C32-XA | 1.21%<sup>(b)(g)</sup> | 11/15/2048 | 208 |
| 5380000 | Series 2015-C33-AS | 4.02% | 12/15/2048 | 5351422 |
|  | **KREF** | **KREF** | **KREF** | **KREF** |
| 1331416 | Series 2021-FL2-A (1 mo. Term SOFR + 1.18%, 1.07% Floor) | 5.33%<sup>(a)</sup> | 02/15/2039 | 1334967 |
| 7942000 | Series 2021-FL2-B (1 mo. Term SOFR + 1.76%, 1.65% Floor) | 5.91%<sup>(a)</sup> | 02/15/2039 | 7907675 |
| 4745397 | Series 2022-FL3-A (1 mo. Term SOFR + 1.45%, 1.45% Floor) | 5.58%<sup>(a)</sup> | 02/17/2039 | 4752819 |
|  | **LoanCore** | **LoanCore** | **LoanCore** | **LoanCore** |
| 580211 | Series 2021-CRE5-A (1 mo. Term SOFR + 1.41%, 1.41% Floor) | 5.56%<sup>(a)</sup> | 07/15/2036 | 581129 |
| 2593250 | Series 2021-CRE6-A (1 mo. Term SOFR + 1.41%, 1.30% Floor) | 5.56%<sup>(a)</sup> | 11/15/2038 | 2603540 |
| 4483074 | Series 2022-CRE7-A (30 day avg SOFR US + 1.55%, 1.55% Floor) | 5.93%<sup>(a)</sup> | 01/17/2037 | 4499155 |
| 7220000 | Series 2025-CRE8-A (1 mo. Term SOFR + 1.39%, 1.39% Floor) | 5.53%<sup>(a)</sup> | 08/17/2042 | 7246281 |
|  | **LSTAR Commercial Mortgage Trust** | **LSTAR Commercial Mortgage Trust** | **LSTAR Commercial Mortgage Trust** | **LSTAR Commercial Mortgage Trust** |
| 2421694 | Series 2016-4-XA | 1.61%<sup>(a)(b)(g)</sup> | 03/10/2049 | 919 |
| 58255354 | Series 2017-5-X | 1.00%<sup>(a)(b)(g)</sup> | 03/10/2050 | 450413 |
|  | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** |
| 3592380 | Series 2021-FL1-A (1 mo. Term SOFR + 1.28%, 1.28% Floor) | 5.43%<sup>(a)</sup> | 06/15/2039 | 3600797 |
|  | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** |
| 89758 | Series 2021-FL6-A (1 mo. Term SOFR + 1.21%, 1.10% Floor) | 5.35%<sup>(a)</sup> | 07/16/2036 | 89876 |
| 2796010 | Series 2022-FL8-A (1 mo. Term SOFR + 1.35%, 1.35% Floor) | 5.48%<sup>(a)</sup> | 02/19/2037 | 2800188 |
| 12550000 | Series 2022-FL8-AS (1 mo. Term SOFR + 1.75%, 1.75% Floor) | 5.88%<sup>(a)</sup> | 02/19/2037 | 12564081 |
| 5861453 | Series 2022-FL9-A (1 mo. Term SOFR + 2.15%, 2.15% Floor) | 6.28%<sup>(a)</sup> | 06/19/2037 | 5876042 |
| 7200000 | Series 2024-FL15-A (1 mo. Term SOFR + 1.69%, 1.69% Floor) | 5.82%<sup>(a)</sup> | 08/18/2041 | 7246721 |
| 7220000 | Series 2025-FL17-A (1 mo. Term SOFR + 1.32%, 1.32% Floor) | 5.46%<sup>(a)</sup> | 02/18/2040 | 7235906 |
|  | **Morgan Stanley ABS Capital I, Inc.** | **Morgan Stanley ABS Capital I, Inc.** | **Morgan Stanley ABS Capital I, Inc.** | **Morgan Stanley ABS Capital I, Inc.** |
| 3618126 | Series 2024-NSTB-A | 3.90%<sup>(a)(b)</sup> | 09/24/2057 | 3563620 |
|  | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** |
| 9169042 | Series 2012-CKSV-CK | 4.30%<sup>(a)(b)</sup> | 10/15/2030 | 5898445 |
| 13004090 | Series 2016-C28-XA-XA | 1.28%<sup>(b)(g)</sup> | 01/15/2049 | 11627 |
| 22958545 | Series 2025-5C1-XA | 1.38%<sup>(b)(g)</sup> | 03/15/2058 | 1039372 |
|  | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** |
| 711000 | Series 2019-NUGS-F (1 mo. Term SOFR + 2.96%, 4.34% Floor) | 7.11%<sup>(a)</sup> | 12/15/2036 | 5340 |
| 13327000 | Series 2019-PLND-E (1 mo. Term SOFR + 2.26%, 2.15% Floor) | 6.42%<sup>(a)</sup> | 05/15/2036 | 1168445 |
| 1331000 | Series 2019-PLND-F (1 mo. Term SOFR + 2.91%, 2.80% Floor) | 7.07%<sup>(a)</sup> | 05/15/2036 | 102720 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **MTN Commercial Mortgage Trust** | **MTN Commercial Mortgage Trust** | **MTN Commercial Mortgage Trust** | **MTN Commercial Mortgage Trust** |
| 1200000 | Series 2022-LPFL-A (1 mo. Term SOFR + 1.40%, 1.40% Floor) | 5.56%<sup>(a)</sup> | 03/15/2039 | 1200217 |
|  | **NYC Commercial Mortgage Trust** | **NYC Commercial Mortgage Trust** | **NYC Commercial Mortgage Trust** | **NYC Commercial Mortgage Trust** |
| 4990000 | Series 2025-3BP-A (1 mo. Term SOFR + 1.21%, 1.21% Floor) | 5.36%<sup>(a)</sup> | 02/15/2042 | 4979709 |
|  | **Ready Capital Corp.** | **Ready Capital Corp.** | **Ready Capital Corp.** | **Ready Capital Corp.** |
| 3310117 | Series 2021-FL7-A (1 mo. Term SOFR + 1.31%, 1.20% Floor) | 5.47%<sup>(a)</sup> | 11/25/2036 | 3321798 |
|  | **ROCK Trust** | **ROCK Trust** | **ROCK Trust** | **ROCK Trust** |
| 3730000 | Series 2024-CNTR-A | 5.39%<sup>(a)</sup> | 11/13/2041 | 3846264 |
|  | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** |
| 2540000 | Series 2021-555-A (1 mo. Term SOFR + 1.26%, 1.15% Floor) | 5.41%<sup>(a)</sup> | 05/15/2038 | 2523790 |
|  | **SLG Office Trust** | **SLG Office Trust** | **SLG Office Trust** | **SLG Office Trust** |
| 168062650 | Series 2021-OVA-X | 0.26%<sup>(a)(b)(g)</sup> | 07/15/2041 | 1991559 |
|  | **SREIT Trust** | **SREIT Trust** | **SREIT Trust** | **SREIT Trust** |
| 3240000 | Series 2021-MFP2-A (1 mo. Term SOFR + 0.94%, 0.82% Floor) | 5.09%<sup>(a)</sup> | 11/15/2036 | 3238851 |
|  | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** |
| 2866069 | Series 2021-FL2-A (1 mo. Term SOFR + 1.31%, 1.20% Floor) | 5.45%<sup>(a)</sup> | 04/18/2038 | 2870495 |
|  | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** |
| 9474712 | Series 2022-FL5-A (1 mo. Term SOFR + 1.65%, 1.65% Floor) | 5.79%<sup>(a)</sup> | 02/15/2039 | 9507807 |
| 5000000 | Series 2022-FL5-AS (1 mo. Term SOFR + 2.15%, 2.15% Floor) | 6.29%<sup>(a)</sup> | 02/15/2039 | 5013335 |
| 5110000 | Series 2025-FL6-A (1 mo. Term SOFR + 1.54%, 1.54% Floor) | 5.67%<sup>(a)</sup> | 09/18/2042 | 5129137 |
|  | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** |
| 62468166 | Series 2018-C13-XA | 0.94%<sup>(b)(g)</sup> | 10/15/2051 | 1133291 |
|  | **VEGAS Trust** | **VEGAS Trust** | **VEGAS Trust** | **VEGAS Trust** |
| 2508000 | Series 2024-TI-A | 5.52%<sup>(a)</sup> | 11/10/2039 | 2546779 |
|  | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
| 1503972 | Series 2025-C64-A1 | 5.02% | 02/15/2058 | 1520340 |
| 48468406 | Series 2025-C64-XA | 1.24%<sup>(b)(g)</sup> | 02/15/2058 | 3569170 |
|  | **Total Non-Agency Commercial Mortgage Backed Obligations** <br>**(Cost $512,085,248)** | **Total Non-Agency Commercial Mortgage Backed Obligations** <br>**(Cost $512,085,248)** |  | **389078138** |
|  **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7%** |
|  | **ACE Securities Corp.** | **ACE Securities Corp.** | **ACE Securities Corp.** | **ACE Securities Corp.** |
| 4209006 | Series 2006-CW1-A2D (1 mo. Term SOFR + 0.63%, 0.52% Floor) | 4.79% | 07/25/2036 | 3496160 |
| 6723050 | Series 2007-WM1-A2B (1 mo. Term SOFR + 0.35%, 0.24% Floor) | 4.51% | 11/25/2036 | 2767326 |
|  | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** |
| 4256076 | Series 2006-1-6A1 (1 mo. Term SOFR + 0.37%, 0.26% Floor) | 4.53% | 03/25/2036 | 2517605 |
|  | **AJAX Mortgage Loan Trust** | **AJAX Mortgage Loan Trust** | **AJAX Mortgage Loan Trust** | **AJAX Mortgage Loan Trust** |
| 2557449 | Series 2021-C-A | 6.12%<sup>(a)(c)</sup> | 01/25/2061 | 2558803 |
|  | **American Home Mortgage Investment Trust** | **American Home Mortgage Investment Trust** | **American Home Mortgage Investment Trust** | **American Home Mortgage Investment Trust** |
| 1806465 | Series 2004-2-M1 (1 mo. Term SOFR + 1.01%, 0.90% Floor, 11.00% Cap) | 5.17% | 02/25/2044 | 1718420 |

---

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| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **101**<br>|

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------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Angel Oak Mortgage Trust LLC** | **Angel Oak Mortgage Trust LLC** | **Angel Oak Mortgage Trust LLC** | **Angel Oak Mortgage Trust LLC** |
| 1682054 | Series 2020-2-A1A | 2.53%<sup>(a)(b)</sup> | 01/26/2065 | 1602324 |
| 319890 | Series 2020-6-A3 | 1.78%<sup>(a)(b)</sup> | 05/25/2065 | 295644 |
| 6031888 | Series 2021-7-A1 | 1.98%<sup>(a)(b)</sup> | 10/25/2066 | 5274073 |
|  | **Arroyo Mortgage Trust** | **Arroyo Mortgage Trust** | **Arroyo Mortgage Trust** | **Arroyo Mortgage Trust** |
| 570905 | Series 2019-1-A1 | 3.81%<sup>(a)(b)</sup> | 01/25/2049 | 557954 |
| 330851 | Series 2019-2-A2 | 3.50%<sup>(a)(b)</sup> | 04/25/2049 | 322133 |
| 2591217 | Series 2019-3-A3 | 3.42%<sup>(a)(b)</sup> | 10/25/2048 | 2496268 |
|  | **Banc of America Funding Corp.** | **Banc of America Funding Corp.** | **Banc of America Funding Corp.** | **Banc of America Funding Corp.** |
| 848121 | Series 2006-7-T2A1-T2A1 | 5.88%<sup>(b)</sup> | 10/25/2036 | 770928 |
| 8481027 | Series 2015-R2-4A2 (1 mo. Term SOFR + 0.28%, 0.17% Floor) | 2.96%<sup>(a)</sup> | 09/29/2036 | 7175783 |
| 1654621 | Series 2015-R2-9A2 | 4.34%<sup>(a)(c)</sup> | 03/27/2036 | 1547213 |
|  | **Banc of America Mortgage Securities, Inc.** | **Banc of America Mortgage Securities, Inc.** | **Banc of America Mortgage Securities, Inc.** | **Banc of America Mortgage Securities, Inc.** |
| 824710 | Series 2005-I-2A5 | 4.68%<sup>(b)</sup> | 10/25/2035 | 779702 |
| 1824170 | Series 2007-3-1A1 | 6.00% | 09/25/2037 | 1508060 |
|  | **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** |
| 6611571 | Series 2009-RR4-7A2 | 6.00%<sup>(a)(b)</sup> | 03/26/2037 | 2167554 |
| 1149757 | Series 2012-RR1-3A4 | 5.50%<sup>(a)(b)</sup> | 10/26/2035 | 749169 |
|  | **BRAVO Residential Funding Trust** | **BRAVO Residential Funding Trust** | **BRAVO Residential Funding Trust** | **BRAVO Residential Funding Trust** |
| 990245 | Series 2021-NQM2-A3 | 1.44%<sup>(a)(b)</sup> | 03/25/2060 | 968496 |
| 6987514 | Series 2022-RPL1-A1 | 2.75%<sup>(a)(b)</sup> | 09/25/2061 | 6424031 |
| 2823092 | Series 2025-NQM6-A2 | 5.49%<sup>(a)(c)</sup> | 06/25/2065 | 2835660 |
|  | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** |
| 1064095 | Series 2020-EXP1-A1A | 1.80%<sup>(a)(b)</sup> | 05/25/2060 | 1000935 |
|  | **Citimortgage Alternative Loan Trust** | **Citimortgage Alternative Loan Trust** | **Citimortgage Alternative Loan Trust** | **Citimortgage Alternative Loan Trust** |
| 494239 | Series 2007-A5-1A10 | 5.75% | 05/25/2037 | 445334 |
|  | **COLT Funding LLC** | **COLT Funding LLC** | **COLT Funding LLC** | **COLT Funding LLC** |
| 26395 | Series 2020-3-A3 | 2.38%<sup>(a)(b)</sup> | 04/27/2065 | 26115 |
| 2031983 | Series 2021-1R-A1 | 0.86%<sup>(a)(b)</sup> | 05/25/2065 | 1850055 |
| 3697163 | Series 2021-5-A1 | 1.73%<sup>(a)(b)</sup> | 11/26/2066 | 3344397 |
| 4839389 | Series 2022-2-A1 | 2.99%<sup>(a)(c)</sup> | 02/25/2067 | 4640869 |
|  | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
| 243063 | Series 2005-23CB-A15 | 5.50% | 07/25/2035 | 197452 |
| 856068 | Series 2005-28CB-1A6-1A6 | 5.50% | 08/25/2035 | 734042 |
| 3576514 | Series 2005-49CB-A6 | 5.50% | 11/25/2035 | 2258391 |
| 1313993 | Series 2005-61-1A2 (1 mo. Term SOFR + 0.85%, 0.74% Floor) | 5.01% | 12/25/2035 | 1208743 |
| 6527549 | Series 2005-62-1A1 (1 mo. Term SOFR + 0.71%, 0.60% Floor) | 4.87% | 12/25/2035 | 4998815 |
| 7133283 | Series 2006-16CB-A5 | 6.00% | 06/25/2036 | 3717695 |
| 1391786 | Series 2006-32CB-A21 | 5.50% | 11/25/2036 | 731566 |
| 2255846 | Series 2006-34-A6 | 6.25% | 11/25/2046 | 994519 |
| 5651474 | Series 2006-36T2-1A3 | 5.75% | 12/25/2036 | 2104262 |
| 1300424 | Series 2006-J4-2A9 | 6.00% | 07/25/2036 | 734126 |
| 1444847 | Series 2006-J6-A5 | 6.00% | 09/25/2036 | 654529 |
| 1324981 | Series 2006-OA12-A1B (1 mo. Term SOFR + 0.30%, 0.19% Floor) | 4.44% | 09/20/2046 | 1367673 |
| 3160358 | Series 2006-OA21-A1 (1 mo. Term SOFR + 0.30%, 0.19% Floor) | 4.44% | 03/20/2047 | 2744710 |
| 10759376 | Series 2007-12T1-A11 | 6.00% | 06/25/2037 | 4744184 |
| 9652930 | Series 2007-12T1-A5 | 6.00% | 06/25/2037 | 4256314 |
| 272012 | Series 2007-15CB-A7 | 6.00% | 07/25/2037 | 159674 |
| 3992449 | Series 2007-8CB-A1 | 5.50% | 05/25/2037 | 1968092 |
| 10563292 | Series 2007-9T1-1A6 | 6.00% | 05/25/2037 | 4843375 |
|  | **Countrywide Home Loan Mortgage Pass Through Trust** | **Countrywide Home Loan Mortgage Pass Through Trust** | **Countrywide Home Loan Mortgage Pass Through Trust** | **Countrywide Home Loan Mortgage Pass Through Trust** |
| 630019 | Series 2005-10-A2 | 5.50% | 05/25/2035 | 523470 |
| 8989898 | Series 2006-20-1A18 (1 mo. Term SOFR + 0.76%, 0.65% Floor, 6.00% Cap) | 4.92% | 02/25/2037 | 3206232 |
| 1550322 | Series 2006-21-A10 | 5.75% | 02/25/2037 | 645401 |
| 520758 | Series 2007-14-A15 | 6.50% | 09/25/2037 | 276868 |
|  | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** |
| 2447 | Series 2004-8-6A1 | 4.50% | 11/25/2034 | 1707 |
| 429723 | Series 2005-9-5A9 | 5.50% | 10/25/2035 | 211745 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Credit Suisse Management LLC** | **Credit Suisse Management LLC** | **Credit Suisse Management LLC** | **Credit Suisse Management LLC** |
| 948606 | Series 2005-11-2A1 | 6.00% | 12/25/2035 | 627462 |
| 45015 | Series 2005-11-8A5 | 6.00% | 12/25/2035 | 32621 |
|  | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
| 8451868 | &nbsp;&nbsp;&nbsp; Series 2009-8R-8A2 <br>(1 mo. Term SOFR) | 6.00%<sup>(a)(b)</sup> | 03/26/2037 | 2770881 |
| 98776 | Series 2011-12R-3A5 | 5.06%<sup>(a)(b)</sup> | 07/27/2036 | 98931 |
| 15021762 | Series 2022-NQM1-A1 | 2.27%<sup>(a)(b)</sup> | 11/25/2066 | 13778475 |
|  | **Cross Mortgage Trust** | **Cross Mortgage Trust** | **Cross Mortgage Trust** | **Cross Mortgage Trust** |
| 9270751 | Series 2024-H5-A1 | 5.85%<sup>(a)(c)</sup> | 08/26/2069 | 9375721 |
|  | **DB US Financial Markets Holding Corp.** | **DB US Financial Markets Holding Corp.** | **DB US Financial Markets Holding Corp.** | **DB US Financial Markets Holding Corp.** |
| 275196 | Series 2014-RS1-1A2 | 6.50%<sup>(a)(b)</sup> | 07/27/2037 | 233748 |
|  | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** |
| 319174 | Series 2006-AB4-A1A (30 day avg SOFR US) | 6.01%<sup>(b)</sup> | 10/25/2036 | 279549 |
| 6261057 | Series 2006-AR4-A1 (1 mo. Term SOFR + 0.37%, 0.26% Floor) | 4.53% | 12/25/2036 | 2149964 |
| 4154600 | Series 2006-AR4-A2 (1 mo. Term SOFR + 0.49%, 0.38% Floor, 10.50% Cap) | 4.65% | 12/25/2036 | 1314361 |
| 176959 | &nbsp;&nbsp;&nbsp; Series 2007-OA2-A1 <br>(12 Month US Treasury Average + 0.77%, 0.77% Floor) | 4.92% | 04/25/2047 | 160376 |
|  | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** |
| 2899807 | &nbsp;&nbsp;&nbsp; Series 2024-R01-1M1 <br>(30 day avg SOFR US + 1.05%, 0.00% Floor) | 5.41%<sup>(a)</sup> | 01/25/2044 | 2900887 |
|  | **Freddie Mac Structured Agency Credit Risk Debt Notes** | **Freddie Mac Structured Agency Credit Risk Debt Notes** | **Freddie Mac Structured Agency Credit Risk Debt Notes** | **Freddie Mac Structured Agency Credit Risk Debt Notes** |
| 5905836 | &nbsp;&nbsp;&nbsp; Series 2024-DNA2-M1 <br>(30 day avg SOFR US + 1.20%, 0.00% Floor) | 5.56%<sup>(a)</sup> | 05/25/2044 | 5909290 |
| 6392050 | &nbsp;&nbsp;&nbsp; Series 2024-HQA2-M1 <br>(30 day avg SOFR US + 1.20%, 0.00% Floor) | 5.56%<sup>(a)</sup> | 08/25/2044 | 6398254 |
| 2939533 | &nbsp;&nbsp;&nbsp; Series 2025-DNA1-M1 <br>(30 day avg SOFR US + 1.05%, 0.00% Floor) | 5.41%<sup>(a)</sup> | 01/25/2045 | 2939545 |
| 17220000 | &nbsp;&nbsp;&nbsp; Series 2025-HQA1-A1 <br>(30 day avg SOFR US + 0.95%, 0.00% Floor) | 5.31%<sup>(a)</sup> | 02/25/2045 | 17234108 |
|  | **GCAT** | **GCAT** | **GCAT** | **GCAT** |
| 2072052 | Series 2020-NQM2-A1 | 2.56%<sup>(a)(c)</sup> | 04/25/2065 | 1997797 |
| 5707462 | Series 2021-NQM4-A3 | 1.56%<sup>(a)(b)</sup> | 08/25/2066 | 4855813 |
| 21798353 | Series 2025-NQM1-A1 | 5.37%<sup>(a)(c)</sup> | 11/25/2069 | 21940862 |
|  | **GSAA Trust** | **GSAA Trust** | **GSAA Trust** | **GSAA Trust** |
| 4896301 | Series 2006-19-A3A (1 mo. Term SOFR + 0.59%, 0.48% Floor) | 4.75% | 12/25/2036 | 1664339 |
|  | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
| 318223 | Series 2006-2F-3A4 | 6.00% | 02/25/2036 | 136103 |
|  | **Harborview Mortgage Loan Trust** | **Harborview Mortgage Loan Trust** | **Harborview Mortgage Loan Trust** | **Harborview Mortgage Loan Trust** |
| 1884206 | Series 2006-1-2A1A (1 mo. Term SOFR + 0.59%, 0.48% Floor) | 4.73% | 03/19/2036 | 1745344 |
|  | **Impac Secured Assets CMN Owner Trust** | **Impac Secured Assets CMN Owner Trust** | **Impac Secured Assets CMN Owner Trust** | **Impac Secured Assets CMN Owner Trust** |
| 605882 | Series 2006-5-1A1C (1 mo. Term SOFR + 0.65%, 0.54% Floor, 11.50% Cap) | 4.81% | 02/25/2037 | 559137 |
|  | **Indymac Index Mortgage Loan Trust** | **Indymac Index Mortgage Loan Trust** | **Indymac Index Mortgage Loan Trust** | **Indymac Index Mortgage Loan Trust** |
| 535605 | Series 2006-AR5-2A1 | 3.72%<sup>(b)</sup> | 05/25/2036 | 518070 |
|  | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** |
| 32244037 | Series 2005-S1-1A4 | 6.00% | 12/25/2035 | 9621663 |
| 2600934 | Series 2007-S1-A2 (1 mo. Term SOFR + 0.79%, 0.68% Floor, 11.50% Cap) | 4.95% | 04/25/2047 | 2513178 |

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| | | |
|:---|:---|:---|
| **102**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Shiller Enhanced CAPE<sup>®</sup> (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** |
| 10410309 | Series 2006-WMC2-A5 (1 mo. Term SOFR + 0.61%, 0.50% Floor) | 4.77% | 07/25/2036 | 4829410 |
|  | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
| 4136669 | Series 2025-NQM1-A2 | 5.76%<sup>(a)(c)</sup> | 06/25/2065 | 4169252 |
| 4320521 | Series 2025-NQM1-A3 | 5.97%<sup>(a)(c)</sup> | 06/25/2065 | 4357797 |
| 5782049 | Series 2025-NQM2-A1 | 5.57%<sup>(a)(b)</sup> | 09/25/2065 | 5835276 |
|  | **JP Morgan Reremic** | **JP Morgan Reremic** | **JP Morgan Reremic** | **JP Morgan Reremic** |
| 5513631 | Series 2014-4-1C (3 mo. Term SOFR) | 0.00%<sup>(a)(b)</sup> | 01/26/2036 | 1492677 |
|  | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** |
| 2268852 | Series 2021-GS1-A1 | 5.89%<sup>(a)(c)</sup> | 10/25/2066 | 2270705 |
|  | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** |
| 180963 | Series 2006-1-1A3 | 5.50% | 02/25/2036 | 82111 |
|  | **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** |
| 8307352 | Series 2007-15N-3A1 (1 mo. Term SOFR + 0.36%, 0.25% Floor) | 4.52% | 08/25/2047 | 6991471 |
|  | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** |
| 15327103 | Series 2006-11-2A2 (1 mo. Term SOFR + 0.31%, 0.20% Floor) | 4.47% | 12/25/2036 | 5253588 |
| 9258016 | Series 2006-2-2A3 (1 mo. Term SOFR + 0.49%, 0.38% Floor) | 4.65% | 03/25/2046 | 3289069 |
|  | **Mastr Adjustable Rate Mortgages Trust** | **Mastr Adjustable Rate Mortgages Trust** | **Mastr Adjustable Rate Mortgages Trust** | **Mastr Adjustable Rate Mortgages Trust** |
| 67831 | Series 2006-2-2A1 | 6.95%<sup>(b)</sup> | 04/25/2036 | 31406 |
| 1003975 | &nbsp;&nbsp;&nbsp; Series 2006-OA2-4A1A <br>(12 Month US Treasury Average + 0.85%, 0.85% Floor) | 5.00% | 12/25/2046 | 957223 |
|  | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** |
| 330579 | Series 2007-F1-2A6 | 6.00% | 03/25/2037 | 105886 |
|  | **Merrill Lynch Mortgage Investors, Inc.** | **Merrill Lynch Mortgage Investors, Inc.** | **Merrill Lynch Mortgage Investors, Inc.** | **Merrill Lynch Mortgage Investors, Inc.** |
| 1160302 | Series 2006-AF1-AF2C | 6.25% | 08/25/2036 | 435011 |
| 33659930 | Series 2006-RM2-A1A (1 mo. Term SOFR + 0.48%, 0.37% Floor) | 4.64% | 05/25/2037 | 9404554 |
| 4206355 | Series 2007-HE2-A2A (1 mo. Term SOFR + 0.35%, 0.24% Floor) | 4.51% | 02/25/2037 | 1185861 |
| 6504271 | Series 2007-HE2-A2B (1 mo. Term SOFR + 0.53%, 0.42% Floor) | 4.69% | 02/25/2037 | 1833615 |
|  | **MFRA Trust** | **MFRA Trust** | **MFRA Trust** | **MFRA Trust** |
| 3611679 | Series 2021-NQM2-A3 | 1.47%<sup>(a)(b)</sup> | 11/25/2064 | 3228989 |
|  | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
| 214851 | Series 2006-2-7A1 | 5.44%<sup>(b)</sup> | 02/25/2036 | 119223 |
|  | **Morgan Stanley Residential Mortgage Loan Trust** | **Morgan Stanley Residential Mortgage Loan Trust** | **Morgan Stanley Residential Mortgage Loan Trust** | **Morgan Stanley Residential Mortgage Loan Trust** |
| 7700000 | Series 2025-NQM7-A3 | 5.34%<sup>(a)(c)</sup> | 09/25/2070 | 7712062 |
|  | **Nomura Resecuritization Trust** | **Nomura Resecuritization Trust** | **Nomura Resecuritization Trust** | **Nomura Resecuritization Trust** |
| 3064934 | Series 2015-8R-4A4 | 4.08%<sup>(a)(b)</sup> | 11/25/2047 | 2656087 |
|  | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** |
| 342865 | Series 2020-EXP2-A3 | 2.50%<sup>(a)(b)</sup> | 05/25/2060 | 287681 |
| 2630035 | Series 2021-NQM2-A3 | 1.56%<sup>(a)(b)</sup> | 05/25/2061 | 2221994 |
| 5190226 | Series 2022-NQM1-A1 | 2.31%<sup>(a)(b)</sup> | 11/25/2061 | 4712067 |
| 7085997 | Series 2024-NQM10-A1 | 6.18%<sup>(a)(c)</sup> | 05/25/2064 | 7182591 |
| 6673048 | Series 2024-NQM13-A1 | 5.12%<sup>(a)</sup> | 06/25/2064 | 6689377 |
| 12496802 | Series 2024-NQM16-A1 | 5.53%<sup>(a)(c)</sup> | 10/25/2064 | 12597526 |
| 7338399 | Series 2024-NQM18-A1 | 5.41%<sup>(a)(b)</sup> | 10/25/2064 | 7386972 |
| 4099131 | Series 2025-NQM7-A1 | 5.56%<sup>(a)(c)</sup> | 05/25/2055 | 4141424 |
|  | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** |
| 3415366 | Series 2021-RN2-A1 | 5.74%<sup>(a)(c)</sup> | 07/25/2051 | 3415054 |
|  | **PRPM LLC** | **PRPM LLC** | **PRPM LLC** | **PRPM LLC** |
| 25154148 | Series 2025-NQM2-A1 | 5.69%<sup>(a)(c)</sup> | 04/25/2070 | 25402761 |
|  | **RALI Trust** | **RALI Trust** | **RALI Trust** | **RALI Trust** |
| 417306 | Series 2006-QS12-2A3 | 6.00% | 09/25/2036 | 339037 |
| 998383 | Series 2007-QS4-3A4 | 6.00% | 03/25/2037 | 863363 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1243232 | Series 2007-QS4-3A9 | 6.00% | 03/25/2037 | 1075070 |
| 935501 | Series 2007-QS8-A3 (1 mo. Term SOFR + 0.71%, 0.60% Floor, 6.00% Cap) | 4.87% | 06/25/2037 | 693311 |
| 585780 | Series 2007-QS9-A33 | 6.50% | 07/25/2037 | 484211 |
|  | **RASC Trust** | **RASC Trust** | **RASC Trust** | **RASC Trust** |
| 3525866 | Series 2004-KS7-A2A (1 mo. Term SOFR + 0.69%, 0.58% Floor) | 4.85% | 08/25/2034 | 3462513 |
|  | **RBSSP Resecuritization Trust** | **RBSSP Resecuritization Trust** | **RBSSP Resecuritization Trust** | **RBSSP Resecuritization Trust** |
| 431899 | Series 2009-2-3A2 (1 mo. Term SOFR + 0.61%, 0.50% Floor) | 4.94%<sup>(a)</sup> | 04/26/2035 | 404506 |
|  | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** |
| 690313 | Series 2006-A2-A11 | 6.00% | 01/25/2046 | 249445 |
| 2103574 | Series 2006-A6-1A4 | 6.00% | 07/25/2036 | 492814 |
|  | **RESIDENTIAL MORTGAGE LOAN TRUST** | **RESIDENTIAL MORTGAGE LOAN TRUST** | **RESIDENTIAL MORTGAGE LOAN TRUST** | **RESIDENTIAL MORTGAGE LOAN TRUST** |
| 2885121 | Series 2019-2-M1 | 3.86%<sup>(a)(b)</sup> | 05/25/2059 | 2872039 |
|  | **RFMSI Trust** | **RFMSI Trust** | **RFMSI Trust** | **RFMSI Trust** |
| 3276658 | Series 2007-S1-A1 (1 mo. Term SOFR + 0.71%, 0.60% Floor, 6.00% Cap) | 4.87% | 01/25/2037 | 2457183 |
|  | **Securitized Asset Backed Receivables LLC** | **Securitized Asset Backed Receivables LLC** | **Securitized Asset Backed Receivables LLC** | **Securitized Asset Backed Receivables LLC** |
| 5534547 | Series 2006-WM3-A1 (1 mo. Term SOFR + 0.21%, 0.10% Floor) | 4.37% | 10/25/2036 | 1849778 |
|  | **Soundview Home Equity Loan Trust** | **Soundview Home Equity Loan Trust** | **Soundview Home Equity Loan Trust** | **Soundview Home Equity Loan Trust** |
| 442416 | Series 2007-OPT3-2A3 (1 mo. Term SOFR + 0.29%, 0.18% Floor) | 4.45% | 08/25/2037 | 439723 |
|  | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** |
| 7385958 | Series 2020-2-M1E | 3.00%<sup>(a)</sup> | 04/25/2060 | 7261023 |
|  | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** |
| 901236 | Series 2005-22-4A1 | 5.42%<sup>(b)</sup> | 12/25/2035 | 837779 |
|  | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** |
| 2085358 | Series 2020-1-M2 | 2.98%<sup>(a)(b)</sup> | 02/25/2050 | 1677191 |
| 2124803 | Series 2021-1-M2 | 2.26%<sup>(a)(b)</sup> | 05/25/2051 | 1729673 |
| 1583688 | Series 2021-2-M2 | 2.20%<sup>(a)(b)</sup> | 08/25/2051 | 1314008 |
| 4050333 | Series 2024-3-A | 6.65%<sup>(a)(b)</sup> | 06/25/2054 | 4122304 |
| 8958132 | Series 2024-5-A | 5.49%<sup>(a)(b)</sup> | 10/25/2054 | 9012427 |
|  | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** |
| 318852 | Series 2021-NP10-A1 | 5.99%<sup>(a)(c)</sup> | 05/25/2051 | 318951 |
| 1888046 | Series 2021-NP11-A1 | 5.87%<sup>(a)(c)</sup> | 08/25/2051 | 1888920 |
| 152019 | Series 2021-NPL6-A1 | 6.24%<sup>(a)(c)</sup> | 04/25/2051 | 152107 |
|  | **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** |
| 12140159 | Series 2021-7-A1 | 1.83%<sup>(a)(c)</sup> | 10/25/2066 | 11114764 |
| 822392 | Series 2021-R1-A3 | 1.26%<sup>(a)(b)</sup> | 10/25/2063 | 794534 |
| 4947728 | Series 2024-3-A1 | 6.34%<sup>(a)(c)</sup> | 04/25/2069 | 5020323 |
| 6753177 | Series 2025-5-A1 | 5.43%<sup>(a)(c)</sup> | 06/25/2070 | 6809166 |
|  | **WAMU Asset-Backed Certificates** | **WAMU Asset-Backed Certificates** | **WAMU Asset-Backed Certificates** | **WAMU Asset-Backed Certificates** |
| 1479816 | Series 2007-HE4-2A3 (1 mo. Term SOFR + 0.28%, 0.28% Floor) | 4.44% | 07/25/2047 | 855831 |
|  | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** |
| 1737858 | Series 2005-AR4-A5 | 4.35%<sup>(b)</sup> | 04/25/2035 | 1687770 |
| 8551332 | Series 2006-AR18-1A1 | 3.71%<sup>(b)</sup> | 01/25/2037 | 7431402 |
|  | **Washington Mutual Alternative Mortgage Pass-Through Certificates** | **Washington Mutual Alternative Mortgage Pass-Through Certificates** | **Washington Mutual Alternative Mortgage Pass-Through Certificates** | **Washington Mutual Alternative Mortgage Pass-Through Certificates** |
| 758109 | Series 2005-8-2CB3 (1 mo. Term SOFR + 0.52%, 0.41% Floor, 5.50% Cap) | 4.68% | 10/25/2035 | 721870 |
|  | **Washington Mutual Asset-Backed Certificates** | **Washington Mutual Asset-Backed Certificates** | **Washington Mutual Asset-Backed Certificates** | **Washington Mutual Asset-Backed Certificates** |
| 5900503 | Series 2006-HE5-2A2 (1 mo. Term SOFR + 0.47%, 0.36% Floor) | 3.85% | 10/25/2036 | 2075301 |
| 2166947 | Series 2006-HE5-2A3 (1 mo. Term SOFR + 0.57%, 0.46% Floor) | 3.85% | 10/25/2036 | 763253 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **103**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Wells Fargo Alternative Loan Trust** | **Wells Fargo Alternative Loan Trust** | **Wells Fargo Alternative Loan Trust** | **Wells Fargo Alternative Loan Trust** |
| 414717 | Series 2007-PA5-1A1 | 6.25% | 11/25/2037 | 374441 |
|  | **Wells Fargo Mortgage Backed Securities Trust** | **Wells Fargo Mortgage Backed Securities Trust** | **Wells Fargo Mortgage Backed Securities Trust** | **Wells Fargo Mortgage Backed Securities Trust** |
| 974548 | Series 2007-15-A1 | 6.00% | 11/25/2037 | 953423 |
| 4506486 | Series 2007-AR6-A2 | 6.24%<sup>(b)</sup> | 10/25/2037 | 4433194 |
|  | **Total Non-Agency Residential Collateralized Mortgage Obligations** <br>**(Cost $530,867,298)** | **Total Non-Agency Residential Collateralized Mortgage Obligations** <br>**(Cost $530,867,298)** |  | **442192443** |
|  **US CORPORATE BONDS - 10.7%** | **US CORPORATE BONDS - 10.7%** | **US CORPORATE BONDS - 10.7%** | **US CORPORATE BONDS - 10.7%** | **US CORPORATE BONDS - 10.7%** |
| 1869000 | AbbVie, Inc. | 4.88% | 03/15/2030 | 1924519 |
| 306000 | Agilent Technologies, Inc. | 4.20% | 09/09/2027 | 306429 |
| 2239000 | Aircastle Ltd. / Aircastle Ireland DAC | 5.25%<sup>(a)</sup> | 03/15/2030 | 2285118 |
| 854000 | Altria Group, Inc. | 6.20% | 11/01/2028 | 902621 |
| 1397000 | Altria Group, Inc. | 4.50% | 08/06/2030 | 1402972 |
| 5024000 | American Electric Power Co., Inc. | 5.20% | 01/15/2029 | 5182250 |
| 3764000 | American Express Co. (SOFR + 1.26%) | 4.73% | 04/25/2029 | 3824659 |
| 1631000 | American Homes 4 Rent LP | 4.25% | 02/15/2028 | 1627409 |
| 1250000 | American International Group, Inc. | 4.85% | 05/07/2030 | 1279554 |
| 1317000 | American National Group, Inc. | 5.75% | 10/01/2029 | 1363187 |
| 8173000 | American Tower Corp. | 4.90% | 03/15/2030 | 8337924 |
| 2646000 | Amrize Finance US LLC | 4.70%<sup>(a)</sup> | 04/07/2028 | 2678017 |
| 2945000 | AppLovin Corp. | 5.13% | 12/01/2029 | 3013492 |
| 3347000 | Arrow Electronics, Inc. | 5.15% | 08/21/2029 | 3427594 |
| 4017000 | Athene Global Funding (SOFR + 0.85%) | 5.16%<sup>(a)</sup> | 05/08/2026 | 4028599 |
| 1679000 | Athene Global Funding | 4.72%<sup>(a)</sup> | 10/08/2029 | 1693636 |
| 2664000 | Athene Global Funding | 5.03%<sup>(a)</sup> | 07/17/2030 | 2707956 |
| 2480000 | Atlassian Corp. | 5.25% | 05/15/2029 | 2550486 |
| 565000 | Avery Dennison Corp. | 4.88% | 12/06/2028 | 574773 |
| 665000 | Aviation Capital Group LLC | 6.25%<sup>(a)</sup> | 04/15/2028 | 693711 |
| 5541000 | Aviation Capital Group LLC | 4.80%<sup>(a)</sup> | 10/24/2030 | 5538294 |
| 1806000 | Bank of America Corp. (3 mo. Term SOFR + 1.32%) | 3.56% | 04/23/2027 | 1799090 |
| 5055000 | Bank of America Corp. (SOFR + 0.83%) | 4.98% | 01/24/2029 | 5149349 |
| 2303000 | Biogen, Inc. | 5.05% | 01/15/2031 | 2368658 |
| 1938000 | Black Hills Corp. | 4.55% | 01/31/2031 | 1939162 |
| 1527000 | Boardwalk Pipelines LP | 4.45% | 07/15/2027 | 1530539 |
| 1420000 | Broadcom, Inc. | 3.15% | 11/15/2025 | 1417873 |
| 1378000 | Broadcom, Inc. | 5.05% | 07/12/2029 | 1419768 |
| 1441000 | Broadcom, Inc. | 4.35% | 02/15/2030 | 1448556 |
| 1513000 | Broadcom, Inc. | 4.20% | 10/15/2030 | 1510803 |
| 744000 | Brown & Brown, Inc. | 4.70% | 06/23/2028 | 751504 |
| 867000 | Brown & Brown, Inc. | 4.50% | 03/15/2029 | 869561 |
| 2589000 | Bunge Ltd. Finance Corp. | 4.20% | 09/17/2029 | 2581365 |
| 1302000 | Campbell's Co. | 5.20% | 03/19/2027 | 1322827 |
| 2461000 | Cardinal Health, Inc. | 5.13% | 02/15/2029 | 2532246 |
| 1556000 | CenterPoint Energy, Inc. | 5.40% | 06/01/2029 | 1610710 |
| 1373000 | Charles Schwab Corp. (SOFR + 1.05%) | 5.33% | 03/03/2027 | 1385629 |
| 2347000 | Cheniere Energy Partners LP | 4.50% | 10/01/2029 | 2340152 |
| 3221000 | Cheniere Energy, Inc. | 4.63% | 10/15/2028 | 3211821 |
| 4816000 | Citibank NA | 4.58% | 05/29/2027 | 4860938 |
| 2703000 | Citigroup, Inc. (SOFR + 0.87%) | 4.79% | 03/04/2029 | 2738313 |
| 5775000 | Citigroup, Inc. (SOFR + 1.34%) | 4.54% | 09/19/2030 | 5803877 |
| 850000 | CNA Financial Corp. | 3.90% | 05/01/2029 | 839633 |
| 3529000 | Corebridge Global Funding | 5.75%<sup>(a)</sup> | 07/02/2026 | 3571915 |
| 344000 | Coterra Energy, Inc. | 3.90% | 05/15/2027 | 341906 |
| 222000 | Coterra Energy, Inc. | 4.38% | 03/15/2029 | 221625 |
| 3044000 | CRH SMW Finance DAC | 5.13% | 01/09/2030 | 3134664 |
| 1661000 | CubeSmart LP | 4.38% | 02/15/2029 | 1663006 |
| 1502000 | Darden Restaurants, Inc. | 4.35% | 10/15/2027 | 1508407 |
| 751000 | DCP Midstream Operating LP | 5.13% | 05/15/2029 | 768248 |
| 5233000 | Dell International LLC / EMC Corp. | 4.35% | 02/01/2030 | 5217881 |
| 4724000 | Delta Air Lines, Inc. | 4.95% | 07/10/2028 | 4782592 |
| 814000 | Devon Energy Corp. | 5.25% | 10/15/2027 | 814071 |
| 2724000 | Dominion Energy, Inc. | 5.00% | 06/15/2030 | 2794428 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2918000 | DTE Energy Co. | 5.20% | 04/01/2030 | 3007989 |
| 3094000 | Edwards Lifesciences Corp. | 4.30% | 06/15/2028 | 3105584 |
| 3200000 | Energy Transfer LP | 6.05% | 12/01/2026 | 3260647 |
| 2422000 | Energy Transfer LP | 6.10% | 12/01/2028 | 2550621 |
| 3072000 | Equifax, Inc. | 4.80% | 09/15/2029 | 3123286 |
| 1163000 | Essential Utilities, Inc. | 4.80% | 08/15/2027 | 1176535 |
| 139000 | Essential Utilities, Inc. | 3.57% | 05/01/2029 | 135362 |
| 4636000 | Evergy Kansas Central, Inc. | 4.70% | 03/13/2028 | 4695415 |
| 1631000 | Exelon Corp. | 5.15% | 03/15/2029 | 1678452 |
| 4842000 | Extra Space Storage LP | 5.50% | 07/01/2030 | 5050706 |
| 995000 | FirstEnergy Transmission LLC | 4.55% | 01/15/2030 | 1002059 |
| 3926000 | Fiserv, Inc. | 4.75% | 03/15/2030 | 3984758 |
| 1862000 | Foundry JV Holdco LLC | 5.90%<sup>(a)</sup> | 01/25/2030 | 1964596 |
| 2536000 | GATX Corp. | 4.70% | 04/01/2029 | 2569164 |
| 164000 | GATX Corp. | 4.00% | 06/30/2030 | 161373 |
| 3126000 | GE HealthCare Technologies, Inc. | 4.80% | 08/14/2029 | 3189641 |
| 2244000 | Genuine Parts Co. | 4.95% | 08/15/2029 | 2284477 |
| 1275000 | Global Payments, Inc. | 5.30% | 08/15/2029 | 1304293 |
| 2237000 | Goldman Sachs Bank USA/New York NY (SOFR + 0.77%) | 5.02% | 03/18/2027 | 2242353 |
| 4075000 | Hewlett Packard Enterprise Co. | 4.05% | 09/15/2027 | 4068741 |
| 3338000 | Hewlett Packard Enterprise Co. | 4.55% | 10/15/2029 | 3357024 |
| 200000 | HSBC USA, Inc. (SOFR + 0.96%) | 5.24% | 03/04/2027 | 201213 |
| 3008000 | Hyundai Capital America | 4.55%<sup>(a)</sup> | 09/26/2029 | 3015298 |
| 1913000 | Icon Investments Six DAC | 5.81% | 05/08/2027 | 1952798 |
| 2068000 | Illumina, Inc. | 4.65% | 09/09/2026 | 2078182 |
| 6350000 | Jackson National Life Global Funding | 4.60%<sup>(a)</sup> | 10/01/2029 | 6408406 |
| 2751000 | JPMorgan Chase & Co. (SOFR + 0.92%) | 5.25% | 04/22/2028 | 2767128 |
| 5070000 | JPMorgan Chase & Co. (SOFR + 0.80%) | 4.92% | 01/24/2029 | 5162186 |
| 2482000 | Kinder Morgan, Inc. | 5.00% | 02/01/2029 | 2538724 |
| 2069000 | Kyndryl Holdings, Inc. | 2.05% | 10/15/2026 | 2021424 |
| 3321000 | Laboratory Corp. of America Holdings | 4.35% | 04/01/2030 | 3322786 |
| 1632000 | LPL Holdings, Inc. | 4.63%<sup>(a)</sup> | 11/15/2027 | 1629282 |
| 1323000 | M&T Bank Corp. (SOFR + 0.93%) | 4.83% | 01/16/2029 | 1339658 |
| 250000 | Manufacturers & Traders Trust Co. | 4.65% | 01/27/2026 | 250215 |
| 3076000 | Marriott International, Inc./MD | 4.80% | 03/15/2030 | 3134173 |
| 5443000 | Mars, Inc. | 4.80%<sup>(a)</sup> | 03/01/2030 | 5547197 |
| 2405000 | Marvell Technology, Inc. | 5.75% | 02/15/2029 | 2509850 |
| 1879000 | Marvell Technology, Inc. | 4.75% | 07/15/2030 | 1904123 |
| 4787000 | MasTec, Inc. | 4.50%<sup>(a)</sup> | 08/15/2028 | 4777988 |
| 3473000 | Merck Sharp & Dohme Corp. | 5.95% | 12/01/2028 | 3684161 |
| 2515000 | Meritage Homes Corp. | 5.13% | 06/06/2027 | 2537716 |
| 333000 | Meritage Homes Corp. | 3.88%<sup>(a)</sup> | 04/15/2029 | 324297 |
| 555000 | Microchip Technology, Inc. | 5.05% | 03/15/2029 | 567451 |
| 3491000 | Molex Electronic Technologies LLC | 4.75%<sup>(a)</sup> | 04/30/2028 | 3526797 |
| 2491000 | MPLX LP | 4.80% | 02/15/2029 | 2527592 |
| 2296000 | National Fuel Gas Co. | 5.50% | 03/15/2030 | 2374595 |
| 1765000 | National Rural Utilities Cooperative Finance Corp. | 4.75% | 02/07/2028 | 1791485 |
| 2428000 | National Rural Utilities Cooperative Finance Corp. | 4.15% | 08/25/2028 | 2435377 |
| 3116000 | National Securities Clearing Corp. | 4.70%<sup>(a)</sup> | 05/20/2030 | 3185531 |
| 339000 | New York Life Global Funding (SOFR + 0.48%) | 4.76%<sup>(a)</sup> | 06/09/2026 | 339605 |
| 418000 | New York Life Global Funding | 4.70%<sup>(a)</sup> | 01/29/2029 | 426094 |
| 5288000 | NextEra Energy Capital Holdings, Inc. | 4.69% | 09/01/2027 | 5346526 |
| 3082000 | NGPL PipeCo LLC | 4.88%<sup>(a)</sup> | 08/15/2027 | 3090089 |
| 4764000 | Niagara Mohawk Power Corp. | 4.65%<sup>(a)</sup> | 10/03/2030 | 4788727 |
| 1347000 | NiSource, Inc. | 5.25% | 03/30/2028 | 1382845 |
| 1093000 | NiSource, Inc. | 5.20% | 07/01/2029 | 1127845 |
| 2571000 | Northrop Grumman Corp. | 4.65% | 07/15/2030 | 2616321 |

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| | | |
|:---|:---|:---|
| **104**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Shiller Enhanced CAPE<sup>®</sup> (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1393000 | Omega Healthcare Investors, Inc. | 4.75% | 01/15/2028 | 1405685 |
| 2219000 | ONEOK, Inc. | 5.38% | 06/01/2029 | 2286101 |
| 2526000 | ONEOK, Inc. | 4.40% | 10/15/2029 | 2525303 |
| 1385000 | Oracle Corp. | 4.45% | 09/26/2030 | 1384639 |
| 1519000 | O'Reilly Automotive, Inc. | 5.75% | 11/20/2026 | 1545674 |
| 314000 | Pacific Life Global Funding II (SOFR + 0.62%) | 4.90%<sup>(a)</sup> | 06/04/2026 | 314891 |
| 1358000 | Paychex, Inc. | 5.10% | 04/15/2030 | 1397959 |
| 1630000 | PayPal Holdings, Inc. | 4.45% | 03/06/2028 | 1648100 |
| 4896000 | Penske Truck Leasing Co. LP / PTL Finance Corp. | 5.25%<sup>(a)</sup> | 02/01/2030 | 5052301 |
| 649000 | Pinnacle West Capital Corp. | 4.90% | 05/15/2028 | 659667 |
| 2343000 | Public Service Enterprise Group, Inc. | 5.85% | 11/15/2027 | 2426472 |
| 2654000 | Public Service Enterprise Group, Inc. | 5.88% | 10/15/2028 | 2782322 |
| 3119000 | Quanta Services, Inc. | 4.75% | 08/09/2027 | 3156025 |
| 2290000 | Quanta Services, Inc. | 4.50% | 01/15/2031 | 2289718 |
| 3272000 | Quest Diagnostics, Inc. | 4.20% | 06/30/2029 | 3278243 |
| 2304000 | Rentokil Terminix Funding LLC | 5.00%<sup>(a)</sup> | 04/28/2030 | 2348612 |
| 4634000 | Republic Services, Inc. | 4.75% | 07/15/2030 | 4750004 |
| 716000 | Roper Technologies, Inc. | 4.25% | 09/15/2028 | 719525 |
| 184000 | Ryder System, Inc. | 5.25% | 06/01/2028 | 189078 |
| 731000 | Ryder System, Inc. | 4.95% | 09/01/2029 | 748859 |
| 2981000 | Santander Holdings USA, Inc. (SOFR + 1.61%) | 5.47% | 03/20/2029 | 3039092 |
| 1302000 | Sherwin-Williams Co. | 4.55% | 03/01/2028 | 1315069 |
| 2378000 | Sherwin-Williams Co. | 4.30% | 08/15/2028 | 2390606 |
| 961000 | Solventum Corp. | 5.45% | 02/25/2027 | 977003 |
| 1635000 | Sonoco Products Co. | 4.45% | 09/01/2026 | 1637801 |
| 789000 | Southern Co. Gas Capital Corp. | 4.05% | 09/15/2028 | 788424 |
| 1941000 | Southern Power Co. | 4.25% | 10/01/2030 | 1930260 |
| 1263000 | Sun Communities Operating LP | 2.30% | 11/01/2028 | 1194558 |
| 2525000 | Sysco Corp. | 5.10% | 09/23/2030 | 2604667 |
| 3997000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 6.88% | 01/15/2029 | 4071877 |
| 4065000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 5.50% | 03/01/2030 | 4135829 |
| 4188000 | Truist Financial Corp. (SOFR + 2.45%) | 7.16% | 10/30/2029 | 4537084 |
| 1259000 | Uber Technologies, Inc. | 4.15% | 01/15/2031 | 1248289 |
| 1612000 | Veralto Corp. | 5.50% | 09/18/2026 | 1632082 |
| 1390000 | Veralto Corp. | 5.35% | 09/18/2028 | 1435122 |
| 1281000 | Verisk Analytics, Inc. | 4.50% | 08/15/2030 | 1285402 |
| 3232000 | VICI Properties LP / VICI Note Co., Inc. | 4.25%<sup>(a)</sup> | 12/01/2026 | 3220709 |
| 4891000 | Wells Fargo & Co. (SOFR + 1.07%) | 5.40% | 04/22/2028 | 4923345 |
| 2382000 | Wells Fargo & Co. (SOFR + 1.79%) | 6.30% | 10/23/2029 | 2523451 |
| 391000 | Western Midstream Operating LP | 6.35% | 01/15/2029 | 411492 |
| 2939000 | Western Midstream Operating LP | 4.05% | 02/01/2030 | 2869735 |
| 3076000 | Williams Cos., Inc. | 4.80% | 11/15/2029 | 3133542 |
| 1997000 | Zimmer Biomet Holdings, Inc. | 4.70% | 02/19/2027 | 2012057 |
| 2931000 | Zimmer Biomet Holdings, Inc. | 5.05% | 02/19/2030 | 3015050 |
|  | **Total US Corporate Bonds** <br>**(Cost $367,360,877)** | **Total US Corporate Bonds** <br>**(Cost $367,360,877)** |  | **373382802** |
|  **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 4.5%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 4.5%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 4.5%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 4.5%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 4.5%** |
|  | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** |
| 4077542 | Pool SD5219 | 6.00% | 04/01/2054 | 4213079 |
| 2909909 | Pool SD6815 | 6.00% | 04/01/2054 | 2982529 |
| 5119587 | Pool SL0223 | 5.50% | 02/01/2055 | 5208611 |
| 4747844 | Pool SL0536 | 5.50% | 02/01/2055 | 4825998 |
| 2924695 | Pool SL1712 | 6.00% | 12/01/2054 | 3002294 |
| 1831551 | Series 3072-FB (30 day avg SOFR US + 0.66%, 0.55% Floor, 7.00% Cap) | 5.04% | 11/15/2035 | 1827310 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 189350 | Series 3417-SM (-1 x 30 day avg SOFR US + 6.17%, 0.00% Floor, 6.28% Cap) | 1.79%<sup>(g)(h)</sup> | 02/15/2038 | 19922 |
| 1558231 | Series 4917-FE (30 day avg SOFR US + 0.56%, 0.45% Floor, 6.50% Cap) | 4.92% | 10/25/2049 | 1521125 |
| 5320324 | Series 4990-FN (30 day avg SOFR US + 0.46%, 0.35% Floor, 6.50% Cap) | 4.82% | 05/25/2050 | 5133061 |
| 4277472 | Series 5473-DF (30 day avg SOFR US + 1.15%, 1.15% Floor, 6.50% Cap) | 5.51% | 11/25/2054 | 4296703 |
| 4140574 | Series 5475-FG (30 day avg SOFR US + 1.15%, 1.15% Floor, 6.50% Cap) | 5.51% | 11/25/2054 | 4146937 |
| 3877396 | Series 5480-FD (30 day avg SOFR US + 1.35%, 1.35% Floor, 6.50% Cap) | 5.71% | 03/25/2054 | 3895530 |
| 4588436 | Series 5524-AF (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 04/25/2055 | 4569221 |
| 4529941 | Series 5525-FA (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 04/25/2055 | 4539883 |
| 5401699 | Series 5536-FD (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 05/25/2054 | 5415027 |
|  | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** |
| 713314 | Pool AL2987 (1 yr. RFUCCT + 1.62%, 1.62% Floor, 7.31% Cap) | 6.66% | 11/01/2042 | 739308 |
| 446756 | Pool BM3520 (1 yr. RFUCCT + 1.56%, 1.56% Floor, 6.97% Cap) | 6.29% | 05/01/2045 | 464571 |
| 5095416 | Pool CB9973 | 5.50% | 02/01/2055 | 5190717 |
| 4803602 | Pool CB9999 | 6.00% | 02/01/2055 | 5002249 |
| 6317849 | Pool FA1444 | 5.50% | 04/01/2055 | 6387687 |
| 3982116 | Pool FS6084 | 6.00% | 10/01/2053 | 4113505 |
| 4936687 | Pool FS7622 | 5.50% | 04/01/2054 | 5027269 |
| 111422 | Pool MA1200 | 3.00% | 10/01/2032 | 107728 |
| 3538563 | Pool MA5086 | 5.00% | 07/01/2043 | 3594473 |
| 3579286 | Pool MA5112 | 5.00% | 08/01/2043 | 3585976 |
| 1727185 | Series 2014-10-KF (30 day avg SOFR US + 0.56%, 0.45% Floor, 6.50% Cap) | 4.92% | 03/25/2044 | 1707858 |
| 1435688 | Series 2016-8-FA (30 day avg SOFR US + 0.56%, 0.45% Floor, 6.50% Cap) | 4.92% | 03/25/2046 | 1412429 |
| 5148726 | Series 2019-25-SB (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap) | 1.58%<sup>(g)(h)</sup> | 06/25/2049 | 584124 |
| 2507858 | Series 2019-49-FB (30 day avg SOFR US + 0.59%, 0.48% Floor, 6.50% Cap) | 4.95% | 09/25/2049 | 2442170 |
| 3320065 | Series 2020-34-F (30 day avg SOFR US + 0.56%, 0.45% Floor, 6.50% Cap) | 4.92% | 06/25/2050 | 3223814 |
| 10912850 | Series 2020-M49-1A1 | 1.30%<sup>(b)</sup> | 11/25/2030 | 10199171 |
| 2608029 | Series 2023-M4-A1 | 3.89%<sup>(b)</sup> | 09/25/2032 | 2591373 |
| 3500040 | Series 2024-82-FH (30 day avg SOFR US + 1.15%, 1.15% Floor, 6.50% Cap) | 5.51% | 11/25/2054 | 3504456 |
| 1778604 | Series 2024-90-FA (30 day avg SOFR US + 1.50%, 1.50% Floor, 6.50% Cap) | 5.86% | 12/25/2054 | 1796474 |
| 2900501 | Series 2024-93-FL (30 day avg SOFR US + 1.45%, 1.45% Floor, 6.50% Cap) | 5.81% | 12/25/2054 | 2926490 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **105**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 4478682 | Series 2024-95-FC (30 day avg SOFR US + 1.40%, 1.40% Floor, 6.50% Cap) | 5.76% | 12/25/2054 | 4514882 |
| 4844140 | Series 2025-15-FQ (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 04/25/2055 | 4852424 |
| 4591102 | Series 2025-26-FK (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 06/25/2054 | 4601394 |
| 4870117 | Series 2025-28-FM (30 day avg SOFR US + 1.25%, 1.25% Floor, 6.50% Cap) | 5.61% | 04/25/2055 | 4887520 |
| 3795021 | Series 2025-42-FA (30 day avg SOFR US + 1.50%, 1.50% Floor, 6.50% Cap) | 5.86% | 06/25/2055 | 3818540 |
|  | **FREMF Mortgage Trust** | **FREMF Mortgage Trust** | **FREMF Mortgage Trust** | **FREMF Mortgage Trust** |
| 2433468 | Series 2016-KF18-B (30 day avg SOFR US + 5.61%, 5.50% Floor) | 9.97%<sup>(a)</sup> | 05/25/2026 | 2424949 |
| 124762277 | Series 2017-K67-X2B | 0.10%<sup>(a)(g)</sup> | 09/25/2049 | 207293 |
| 2481119 | Series 2017-KF30-B (30 day avg SOFR US + 3.36%, 3.25% Floor) | 7.72%<sup>(a)</sup> | 03/25/2027 | 2461971 |
| 878676 | Series 2019-KF69-B (30 day avg SOFR US + 2.41%, 2.30% Floor) | 6.77%<sup>(a)</sup> | 08/25/2029 | 846028 |
|  | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** |
| 1704200 | Series 2016-121-JF (1 mo. Term SOFR + 0.51%, 0.40% Floor, 6.50% Cap) | 4.65% | 09/20/2046 | 1664690 |
| 2318480 | Series 2022-183-B | 5.00% | 04/20/2047 | 2327303 |
| 2390997 | Series 2024-25-AF (30 day avg SOFR US + 0.51%, 0.51% Floor, 6.50% Cap) | 4.87% | 02/20/2049 | 2248282 |
| 2151743 | Series 2025-100-FD (30 day avg SOFR US + 1.35%, 1.35% Floor, 6.50% Cap) | 5.74% | 05/20/2055 | 2167512 |
|  | **Total US Government and Agency Mortgage Backed Obligations** <br>**(Cost $157,894,227)** | **Total US Government and Agency Mortgage Backed Obligations** <br>**(Cost $157,894,227)** |  | **157221860** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **US GOVERNMENT AND AGENCY OBLIGATIONS - 31.4%**  | **US GOVERNMENT AND AGENCY OBLIGATIONS - 31.4%**  | **US GOVERNMENT AND AGENCY OBLIGATIONS - 31.4%**  | **US GOVERNMENT AND AGENCY OBLIGATIONS - 31.4%**  | **US GOVERNMENT AND AGENCY OBLIGATIONS - 31.4%**  |
| 10412415 | United States Treasury Inflation Indexed Bonds | 2.38% | 01/15/2027 | 10600142 |
| 15217195 | United States Treasury Inflation Indexed Bonds | 0.13% | 04/15/2027 | 15009636 |
| 7742834 | United States Treasury Inflation Indexed Bonds | 1.63% | 10/15/2027 | 7868595 |
| 101450000 | United States Treasury Note/Bond | 0.38% | 12/31/2025 | 100541921 |
| 80500000 | United States Treasury Note/Bond | 0.38% | 01/31/2026 | 79548372 |
| 136700000 | United States Treasury Note/Bond | 0.75% | 03/31/2026 | 134631505 |
| 86800000 | United States Treasury Note/Bond | 0.75% | 05/31/2026 | 85064454 |
| 80400000 | United States Treasury Note/Bond | 0.63% | 07/31/2026 | 78347394 |
| 93100000 | United States Treasury Note/Bond | 0.88% | 09/30/2026 | 90536229 |
| 96350000 | United States Treasury Note/Bond | 0.63% | 03/31/2027 | 92136569 |
| 4900000 | United States Treasury Note/Bond | 0.50% | 06/30/2027 | 4642271 |
| 210000000 | United States Treasury Note/Bond | 0.75% | 01/31/2028 | 196669922 |
| 225000000 | United States Treasury Note/Bond | 0.88% | 11/15/2030 | 195125976 |
|  | **Total US Government and Agency Obligations** <br>**(Cost $1,087,416,500)** | **Total US Government and Agency Obligations** <br>**(Cost $1,087,416,500)** |  | **1090722986** |

---

---

| | | |
|:---|:---|:---|
| Shares | Security Description | Value $ |
|  **SHORT TERM INVESTMENTS - 1.7%**  | **SHORT TERM INVESTMENTS - 1.7%**  | **SHORT TERM INVESTMENTS - 1.7%**  |
| 19472153 | First American Government Obligations Fund - U<br> 4.07%<sup>(i)</sup> | 19472153 |
| 19472153 | JPMorgan US Government Money Market Fund - IM<br> 4.09%<sup>(i)</sup> | 19472153 |
| 19472153 | MSILF Government Portfolio - Institutional<br> 4.05%<sup>(i)</sup> | 19472153 |
|  | **Total Short Term Investments** <br>**(Cost $58,416,459)** | **58416459** |
|  | **Total Investments - 97.2%** <br>**(Cost $3,581,042,168)** | **3379544959** |
|  | **Other Assets in Excess of Liabilities - 2.8%** | **99044504** |
|  | **NET ASSETS - 100.0%** | **$3478589463** |

---

---

| | |
|:---|:---|
|  **SECURITY TYPE BREAKDOWN as a % of Net Assets:**  |  |
|  US Government and Agency Obligations | 31.4% |
|  Non-Agency Residential Collateralized Mortgage Obligations | 12.7% |
|  Non-Agency Commercial Mortgage Backed Obligations | 11.2% |
|  Collateralized Loan Obligations | 10.9% |
|  US Corporate Bonds | 10.7% |
|  Asset Backed Obligations | 7.6% |
|  US Government and Agency Mortgage Backed Obligations | 4.5% |
|  Foreign Corporate Bonds | 3.9% |
|  Bank Loans | 2.0% |
|  Short Term Investments | 1.7% |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 0.6% |
|  Other Assets and Liabilities | 2.8% |
|  Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  **INVESTMENT BREAKDOWN as a % of Net Assets:**  |  |
|  US Government and Agency Obligations | 31.4% |
|  Non-Agency Residential Collateralized Mortgage Obligations | 12.7% |
|  Non-Agency Commercial Mortgage Backed Obligations | 11.2% |
|  Collateralized Loan Obligations | 10.9% |
|  Asset Backed Obligations | 7.6% |
|  US Government and Agency Mortgage Backed Obligations | 4.5% |
|  Banking | 2.8% |
|  Utilities | 1.9% |

---

---

| | | |
|:---|:---|:---|
| **106**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Shiller Enhanced CAPE<sup>®</sup> (Cont.)**<br>

---

| | |
|:---|:---|
|  Technology | 1.7% |
|  Energy | 1.7% |
|  Short Term Investments | 1.7% |
|  Finance | 0.9% |
|  Healthcare | 0.8% |
|  Transportation | 0.7% |
|  Insurance | 0.7% |
|  Food Products | 0.5% |
|  Hotels/Motels/Inns and Casinos | 0.5% |
|  Construction | 0.4% |
|  Aerospace & Defense | 0.4% |
|  Industrial Equipment | 0.4% |
|  Real Estate | 0.3% |
|  Telecommunications | 0.3% |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 0.3% |
|  Commercial Services | 0.3% |
|  Beverage and Tobacco | 0.3% |
|  Consumer Products | 0.3% |
|  Retailers (other than Food/Drug) | 0.2% |
|  Pharmaceuticals | 0.2% |
|  Chemicals/Plastics | 0.2% |
|  Mining | 0.2% |
|  Media | 0.2% |
|  Automotive | 0.2% |
|  Electronics/Electric | 0.2% |
|  Environmental Control | 0.1% |
|  Containers and Glass Products | 0.1% |
|  Building and Development (including Steel/Metals) | 0.1% |
|  Business Equipment and Services | 0.1% |
|  Diversified Manufacturing | 0.1% |
|  IT Services | 0.1% |
|  Food Service | 0.0%<sup>(j)</sup> |
|  Financials | 0.0%<sup>(j)</sup> |
|  Other Assets and Liabilities | 2.8% |
|  Net Assets | 100.0% |

---

(a) **Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of September 30, 2025, the value of these securities total $1,374,286,532 or 39.5% of the Fund's net assets.**

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

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

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

(e) **Value determined using significant unobservable inputs.**

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

(g) **Interest only security**

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

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

(j) **Represents less than 0.05% of net assets.**

**CMT**

**Constant Maturity Treasury Rate**

**RFUCCT Refinitiv USD IBOR Consumer Cash Fallbacks**

**SOFR**

**Secured Overnight Financing Rate**

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **107**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

**Swap Agreements**

**Excess Return Swaps**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Long/Short** | **Financing Rate** | **Payment Frequency** | **Termination Date** | **Notional Amount** | **Value** | **Upfront Premiums Paid/ (Received)** | **Unrealized Appreciation (Depreciation)** |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Bank of America Securities, Inc. | Long | 0.38% | Termination | 05/06/2026 | $80000000 | $13610104 | $— | $13610104 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | BNP Paribas Securities Corp. | Long | 0.39% | Termination | 01/15/2026 | 110000000 | 6514198 |  | 6514198 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Canadian Imperial Bank Of Commerce | Long | 0.40% | Termination | 01/21/2026 | 100000000 | 5914738 |  | 5914738 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Barclays Capital, Inc. | Long | 0.40% | Termination | 10/10/2025 | 85000000 | 5420523 |  | 5420523 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | BNP Paribas Securities Corp. | Long | 0.39% | Termination | 11/06/2025 | 80000000 | 5334610 |  | 5334610 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Canadian Imperial Bank Of Commerce | Long | 0.40% | Termination | 10/03/2025 | 85000000 | 5272836 |  | 5272836 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | BNP Paribas Securities Corp. | Long | 0.39% | Termination | 10/16/2025 | 79000000 | 5117255 |  | 5117255 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Canadian Imperial Bank Of Commerce | Long | 0.40% | Termination | 05/20/2026 | 75000000 | 4924562 |  | 4924562 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Bank of America Securities, Inc. | Long | 0.38% | Termination | 05/27/2026 | 50000000 | 4901082 |  | 4901082 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Morgan Stanley | Long | 0.36% | Termination | 02/04/2026 | 70000000 | 4892758 |  | 4892758 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Canadian Imperial Bank Of Commerce | Long | 0.40% | Termination | 04/29/2026 | 90000000 | 4415804 |  | 4415804 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Bank of America Securities, Inc. | Long | 0.38% | Termination | 10/29/2025 | 75000000 | 4326765 |  | 4326765 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | BNP Paribas Securities Corp. | Long | 0.39% | Termination | 12/24/2025 | 85000000 | 3824504 |  | 3824504 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | BNP Paribas Securities Corp. | Long | 0.39% | Termination | 05/14/2026 | 60000000 | 3695908 |  | 3695908 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Morgan Stanley | Long | 0.36% | Termination | 01/09/2026 | 60000000 | 3630899 |  | 3630899 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Barclays Capital, Inc. | Long | 0.40% | Termination | 06/26/2026 | 85000000 | 3432486 |  | 3432486 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Canadian Imperial Bank Of Commerce | Long | 0.40% | Termination | 06/03/2026 | 92000000 | 3382131 |  | 3382131 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Canadian Imperial Bank Of Commerce | Long | 0.40% | Termination | 04/10/2026 | 50000000 | 3121220 |  | 3121220 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Barclays Capital, Inc. | Long | 0.40% | Termination | 10/24/2025 | 60000000 | 3007423 |  | 3007423 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Canadian Imperial Bank Of Commerce | Long | 0.40% | Termination | 06/12/2026 | 69000000 | 2894956 |  | 2894956 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Bank of America Securities, Inc. | Long | 0.38% | Termination | 04/22/2026 | 55000000 | 2423686 |  | 2423686 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | BNP Paribas Securities Corp. | Long | 0.39% | Termination | 02/12/2026 | 73000000 | 2178290 |  | 2178290 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Bank of America Securities, Inc. | Long | 0.38% | Termination | 07/08/2026 | 92000000 | 2006696 |  | 2006696 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Morgan Stanley | Long | 0.36% | Termination | 03/04/2026 | 80000000 | 1816004 |  | 1816004 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Morgan Stanley | Long | 0.36% | Termination | 04/03/2026 | 70000000 | 1724974 |  | 1724974 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | BNP Paribas Securities Corp. | Long | 0.39% | Termination | 06/18/2026 | 55000000 | 1522037 |  | 1522037 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Bank of America Securities, Inc. | Long | 0.38% | Termination | 08/12/2026 | 70000000 | 1510944 |  | 1510944 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | BNP Paribas Securities Corp. | Long | 0.39% | Termination | 08/06/2026 | 65000000 | 1365116 |  | 1365116 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | BNP Paribas Securities Corp. | Long | 0.39% | Termination | 02/19/2026 | 70000000 | 1129408 |  | 1129408 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Bank of America Securities, Inc. | Long | 0.38% | Termination | 12/03/2025 | 93000000 | 1083414 |  | 1083414 |

---

---

| | | |
|:---|:---|:---|
| **108**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Shiller Enhanced CAPE<sup>®</sup> (Cont.)**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Long/Short** | **Financing Rate** | **Payment Frequency** | **Termination Date** | **Notional Amount** | **Value** | **Upfront Premiums Paid/ (Received)** | **Unrealized Appreciation (Depreciation)** |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Canadian Imperial Bank Of Commerce | Long | 0.40% | Termination | 11/14/2025 | 45000000 | 932437 | $— | 932437 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Barclays Capital, Inc. | Long | 0.40% | Termination | 10/09/2026 | 70000000 | 914622 |  | 914622 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Barclays Capital, Inc. | Long | 0.40% | Termination | 07/17/2026 | 72000000 | 790583 |  | 790583 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Barclays Capital, Inc. | Long | 0.40% | Termination | 07/24/2026 | 46000000 | 717679 |  | 717679 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Bank of America Securities, Inc. | Long | 0.38% | Termination | 03/18/2026 | 95000000 | 659239 |  | 659239 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Bank of America Securities, Inc. | Long | 0.38% | Termination | 08/28/2026 | 75000000 | 434506 |  | 434506 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Canadian Imperial Bank Of Commerce | Long | 0.40% | Termination | 03/11/2026 | 93000000 | 358319 |  | 358319 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | BNP Paribas Securities Corp. | Long | 0.39% | Termination | 10/01/2026 | 53000000 | 185841 |  | 185841 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | BNP Paribas Securities Corp. | Long | 0.39% | Termination | 09/03/2026 | 105000000 | 153867 |  | 153867 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Canadian Imperial Bank Of Commerce | Long | 0.40% | Termination | 07/31/2026 | 105000000 | 31179 |  | 31179 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Barclays Capital, Inc. | Long | 0.40% | Termination | 09/11/2026 | 90000000 | 29735 |  | 29735 |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Bank of America Securities, Inc. | Long | 0.38% | Termination | 01/28/2026 | 100000000 | (48592) |  | (48592) |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Canadian Imperial Bank Of Commerce | Long | 0.40% | Termination | 12/12/2025 | 89000000 | (690442) |  | (690442) |
|  Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index <sup>(1)</sup> | Bank of America Securities, Inc. | Long | 0.38% | Termination | 12/31/2025 | 90000000 | (820960) |  | (820960) |
|  |  |  |  |  |  |  | $118043344 | $— | $118043344 |

---

(1) **Shiller Barclays CAPE<sup>®</sup> US Sector II ER USD Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE<sup>®</sup> Ratio (the "Relative CAPE<sup>®</sup> Indicator") and that possess relatively strong price momentum over the prior twelve months. Each U.S. equity sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of September 30, 2025, is available on the Barclays Capital, Inc. website at https://indices.cib.barclays/IM/12/en/indices/details.app;ticker=BXIICS2E.**

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **109**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **Schedule of Investments DoubleLine Flexible Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<br>September 30, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
|  **ASSET BACKED OBLIGATIONS - 6.3%** | **ASSET BACKED OBLIGATIONS - 6.3%** | **ASSET BACKED OBLIGATIONS - 6.3%** | **ASSET BACKED OBLIGATIONS - 6.3%** |
|  | **Affirm, Inc.** | **Affirm, Inc.** | **Affirm, Inc.** |
| 2250000 | Series 2024-X2-D<br> 6.08%<sup>(a)</sup> | 12/17/2029 | 2273280 |
|  | **Apollo Aviation Securitization Equity Trust** | **Apollo Aviation Securitization Equity Trust** | **Apollo Aviation Securitization Equity Trust** |
| 885452 | Series 2022-1A-A<br> 6.00%<sup>(a)</sup> | 05/16/2047 | 903139 |
| 1767230 | Series 2024-1A-B<br> 6.90%<sup>(a)</sup> | 05/16/2049 | 1835719 |
| 2324993 | Series 2024-2A-B<br> 6.61%<sup>(a)</sup> | 09/16/2049 | 2426328 |
| 2870565 | Series 2025-1A-B<br> 6.58%<sup>(a)</sup> | 02/16/2050 | 2947123 |
|  | **Blue Stream Communications LLC** | **Blue Stream Communications LLC** | **Blue Stream Communications LLC** |
| 1000000 | Series 2024-1A-B<br> 6.04%<sup>(a)</sup> | 11/20/2054 | 1018246 |
| 1000000 | Series 2024-1A-C<br> 8.71%<sup>(a)</sup> | 11/20/2054 | 1059196 |
|  | **Business Jet Securities LLC** | **Business Jet Securities LLC** | **Business Jet Securities LLC** |
| 1504744 | Series 2024-2A-C<br> 7.97%<sup>(a)</sup> | 09/15/2039 | 1519080 |
|  | **CAI International, Inc.** | **CAI International, Inc.** | **CAI International, Inc.** |
| 572500 | Series 2020-1A-B<br> 3.50%<sup>(a)</sup> | 09/25/2045 | 548360 |
|  | **Castlelake Aircraft Securitization Trust** | **Castlelake Aircraft Securitization Trust** | **Castlelake Aircraft Securitization Trust** |
| 2468915 | Series 2018-1-B<br> 5.30%<sup>(a)</sup> | 06/15/2043 | 2389515 |
| 1908437 | Series 2025-1A-A<br> 5.78%<sup>(a)</sup> | 02/15/2050 | 1946178 |
|  | **Cloud Capital Holdco LP** | **Cloud Capital Holdco LP** | **Cloud Capital Holdco LP** |
| 1850000 | Series 2024-2A-A2<br> 5.92%<sup>(a)</sup> | 11/22/2049 | 1890314 |
|  | **Cologix Data Centers US Issuer LLC** | **Cologix Data Centers US Issuer LLC** | **Cologix Data Centers US Issuer LLC** |
| 2250000 | Series 2021-1A-A2<br> 3.30%<sup>(a)</sup> | 12/26/2051 | 2196995 |
|  | **Compass Datacenters LLC** | **Compass Datacenters LLC** | **Compass Datacenters LLC** |
| 1500000 | Series 2024-1A-B<br> 7.00%<sup>(a)</sup> | 02/25/2049 | 1541600 |
| 500000 | Series 2024-2A-B2<br> 6.00%<sup>(a)</sup> | 08/25/2049 | 503198 |
| 2500000 | Series 2025-1A-A3<br> 5.85%<sup>(a)</sup> | 02/25/2050 | 2527745 |
|  | **DataBank Issuer II LLC** | **DataBank Issuer II LLC** | **DataBank Issuer II LLC** |
| 3000000 | Series 2025-1A-B<br> 5.67%<sup>(a)</sup> | 09/27/2055 | 3013326 |
|  | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** |
| 2000000 | Series 2023-1A-B<br> 5.75%<sup>(a)</sup> | 09/15/2048 | 2007464 |
|  | **Dividend Solar Loans LLC** | **Dividend Solar Loans LLC** | **Dividend Solar Loans LLC** |
| 801470 | Series 2018-1-B<br> 4.29%<sup>(a)</sup> | 07/20/2038 | 741185 |
| 550533 | Series 2018-2-B<br> 4.25%<sup>(a)</sup> | 12/20/2038 | 507083 |
|  | **European Wax Center, Inc.** | **European Wax Center, Inc.** | **European Wax Center, Inc.** |
| 1935000 | Series 2022-1A-A2<br> 5.50%<sup>(a)</sup> | 03/15/2052 | 1912229 |
|  | **ExteNet LLC** | **ExteNet LLC** | **ExteNet LLC** |
| 1500000 | Series 2024-1A-C<br> 9.05%<sup>(a)</sup> | 07/25/2054 | 1553671 |
|  | **GreenSky LLC** | **GreenSky LLC** | **GreenSky LLC** |
| 600000 | Series 2024-2-D<br> 6.43%<sup>(a)</sup> | 10/27/2059 | 613329 |
|  | **Jersey Mike's Funding** | **Jersey Mike's Funding** | **Jersey Mike's Funding** |
| 1841193 | Series 2019-1A-A2<br> 4.43%<sup>(a)</sup> | 02/15/2050 | 1840049 |
|  | **JOL Air Ltd.** | **JOL Air Ltd.** | **JOL Air Ltd.** |
| 665590 | Series 2019-1-B<br> 4.95%<sup>(a)</sup> | 04/15/2044 | 663504 |
|  | **Loanpal Solar Loan Ltd.** | **Loanpal Solar Loan Ltd.** | **Loanpal Solar Loan Ltd.** |
| 884260 | Series 2021-1GS-C<br> 3.50%<sup>(a)</sup> | 01/20/2048 | 602700 |
|  | **Luminace Issuer LLC** | **Luminace Issuer LLC** | **Luminace Issuer LLC** |
| 719586 | Series 2024-1-A<br> 5.87%<sup>(a)</sup> | 10/30/2031 | 719994 |
|  | **Lunar Structured Aircraft Portfolio Notes** | **Lunar Structured Aircraft Portfolio Notes** | **Lunar Structured Aircraft Portfolio Notes** |
| 1792726 | Series 2021-1-C<br> 5.68%<sup>(a)</sup> | 10/15/2046 | 1753241 |
|  | **MAPS Ltd.** | **MAPS Ltd.** | **MAPS Ltd.** |
| 10779 | Series 2021-1A-C<br> 5.44%<sup>(a)</sup> | 06/15/2046 | 10647 |
|  | **Mariner Finance Issuance Trust** | **Mariner Finance Issuance Trust** | **Mariner Finance Issuance Trust** |
| 2250000 | Series 2024-BA-A<br> 4.91%<sup>(a)</sup> | 11/20/2038 | 2286417 |
|  | **Marlette Funding Trust** | **Marlette Funding Trust** | **Marlette Funding Trust** |
| 577574 | Series 2022-1A-D<br> 3.39%<sup>(a)</sup> | 04/15/2032 | 569874 |
| 759378 | Series 2022-3A-C<br> 6.89%<sup>(a)</sup> | 11/15/2032 | 761289 |
|  | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** |
| 2170388 | Series 2025-1A-A<br> 6.12%<sup>(a)</sup> | 08/22/2050 | 2154974 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** |
| 1015777 | Series 2021-3-C | 3.27%<sup>(a)</sup> | 05/15/2029 | 1000719 |
| 504330 | Series 2024-1-A | 6.66%<sup>(a)</sup> | 07/15/2031 | 507694 |
| 2500000 | Series 2025-5-C | 5.64%<sup>(a)</sup> | 03/15/2033 | 2524612 |
|  | **QTS Issuer ABS I LLC** | **QTS Issuer ABS I LLC** | **QTS Issuer ABS I LLC** | **QTS Issuer ABS I LLC** |
| 2500000 | Series 2025-1A-B | 5.93%<sup>(a)</sup> | 05/25/2055 | 2535612 |
|  | **QTS Issuer ABS II LLC** | **QTS Issuer ABS II LLC** | **QTS Issuer ABS II LLC** | **QTS Issuer ABS II LLC** |
| 3000000 | Series 2025-1A-B | 5.78%<sup>(a)</sup> | 10/05/2055 | 2988756 |
|  | **Scalelogix Abs Us Issuer LLC** | **Scalelogix Abs Us Issuer LLC** | **Scalelogix Abs Us Issuer LLC** | **Scalelogix Abs Us Issuer LLC** |
| 2500000 | Series 2025-1A-B | 6.16%<sup>(a)</sup> | 07/25/2055 | 2497459 |
|  | **SSI ABS Issuer LLC** | **SSI ABS Issuer LLC** | **SSI ABS Issuer LLC** | **SSI ABS Issuer LLC** |
| 739140 | Series 2025-1-A | 6.15%<sup>(a)</sup> | 07/25/2065 | 749824 |
|  | **Start/Bermuda** | **Start/Bermuda** | **Start/Bermuda** | **Start/Bermuda** |
| 996940 | Series 2018-1-A | 4.09%<sup>(a)</sup> | 05/15/2043 | 999211 |
|  | **Subway Funding LLC** | **Subway Funding LLC** | **Subway Funding LLC** | **Subway Funding LLC** |
| 992500 | Series 2024-3A-A23 | 5.91%<sup>(a)</sup> | 07/30/2054 | 992263 |
|  | **Switch Ltd.** | **Switch Ltd.** | **Switch Ltd.** | **Switch Ltd.** |
| 1500000 | Series 2024-1A-B | 6.50%<sup>(a)</sup> | 03/25/2054 | 1523260 |
| 1000000 | Series 2024-2A-C | 10.03%<sup>(a)</sup> | 06/25/2054 | 1034083 |
|  | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** |
| 1500000 | Series 2024-1A-C | 6.25%<sup>(a)</sup> | 06/21/2050 | 1514656 |
|  | **Uniti Group LP** | **Uniti Group LP** | **Uniti Group LP** | **Uniti Group LP** |
| 2500000 | Series 2025-1A-B | 6.37%<sup>(a)</sup> | 04/20/2055 | 2576155 |
|  | **Upgrade Master Pass-Thru Trust** | **Upgrade Master Pass-Thru Trust** | **Upgrade Master Pass-Thru Trust** | **Upgrade Master Pass-Thru Trust** |
| 2000000 | Series 2025-ST6-C | 5.78%<sup>(a)</sup> | 10/15/2032 | 2000288 |
|  | **Upstart Securitization Trust** | **Upstart Securitization Trust** | **Upstart Securitization Trust** | **Upstart Securitization Trust** |
| 212111 | Series 2021-3-C | 3.28%<sup>(a)</sup> | 07/20/2031 | 210949 |
| 1331588 | Series 2021-4-C | 3.19%<sup>(a)</sup> | 09/20/2031 | 1319835 |
| 2850000 | Series 2024-1-B | 6.24%<sup>(a)</sup> | 11/20/2034 | 2888382 |
| 2100000 | Series 2025-2-C | 6.02%<sup>(a)</sup> | 06/20/2035 | 2126154 |
| 2650000 | Series 2025-3-C | 5.43%<sup>(a)</sup> | 09/20/2035 | 2643752 |
|  | **Vivant Solar Financing V Parent LLC** | **Vivant Solar Financing V Parent LLC** | **Vivant Solar Financing V Parent LLC** | **Vivant Solar Financing V Parent LLC** |
| 4116783 | Series 2018-1A-A | 4.73%<sup>(a)</sup> | 04/30/2048 | 3947842 |
|  | **Willis Lease Finance Corp.** | **Willis Lease Finance Corp.** | **Willis Lease Finance Corp.** | **Willis Lease Finance Corp.** |
| 167180 | Series 2018-A-A | 4.75%<sup>(a)(b)</sup> | 09/15/2043 | 167424 |
|  | **Total Asset Backed Obligations** <br>**(Cost $85,256,626)** | **Total Asset Backed Obligations** <br>**(Cost $85,256,626)** |  | **85985922** |
|  **BANK LOANS - 10.6%** | **BANK LOANS - 10.6%** | **BANK LOANS - 10.6%** | **BANK LOANS - 10.6%** | **BANK LOANS - 10.6%** |
|  | **1261229 BC Ltd.** | **1261229 BC Ltd.** | **1261229 BC Ltd.** | **1261229 BC Ltd.** |
| 324188 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.25%, 0.00% Floor) | 10.41% | 10/08/2030 | 320236 |
|  | **AAdvantage Loyalty IP Ltd.** | **AAdvantage Loyalty IP Ltd.** | **AAdvantage Loyalty IP Ltd.** | **AAdvantage Loyalty IP Ltd.** |
| 145884 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.58% | 04/20/2028 | 145834 |
| 538650 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.58% | 05/28/2032 | 541680 |
|  | **ABG Intermediate Holdings 2 LLC** | **ABG Intermediate Holdings 2 LLC** | **ABG Intermediate Holdings 2 LLC** | **ABG Intermediate Holdings 2 LLC** |
| 54450 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 12/21/2028 | 54412 |
|  | **Acrisure LLC** | **Acrisure LLC** | **Acrisure LLC** | **Acrisure LLC** |
| 2150548 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 11/06/2030 | 2149548 |
| 359100 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.41% | 06/21/2032 | 359400 |

---

---

| | | |
|:---|:---|:---|
| **110**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Acuris Finance US, Inc.** | **Acuris Finance US, Inc.** | **Acuris Finance US, Inc.** | **Acuris Finance US, Inc.** |
| 553671 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor) | 7.75% | 02/16/2028 | 554534 |
|  | **ADMI Corp.** | **ADMI Corp.** | **ADMI Corp.** | **ADMI Corp.** |
| 754463 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.86%, 0.50% Floor) | 8.03% | 12/23/2027 | 716551 |
|  | **AI Aqua Merger Sub, Inc.** | **AI Aqua Merger Sub, Inc.** | **AI Aqua Merger Sub, Inc.** | **AI Aqua Merger Sub, Inc.** |
| 2893711 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.28% | 07/31/2028 | 2902696 |
|  | **Alera Group, Inc.** | **Alera Group, Inc.** | **Alera Group, Inc.** | **Alera Group, Inc.** |
| 540000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.41% | 05/28/2032 | 542622 |
| 205000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.50%, 0.50% Floor) | 9.66% | 05/31/2033 | 211375 |
|  | **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** |
| 890000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.35%, 0.00% Floor) | 7.51% | 08/20/2032 | 894352 |
|  | **Allspring Buyer LLC** | **Allspring Buyer LLC** | **Allspring Buyer LLC** | **Allspring Buyer LLC** |
| 745255 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.81% | 11/01/2030 | 747446 |
|  | **Alpha Generation LLC** | **Alpha Generation LLC** | **Alpha Generation LLC** | **Alpha Generation LLC** |
| 848664 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 09/30/2031 | 848558 |
|  | **Alterra Mountain Co.** | **Alterra Mountain Co.** | **Alterra Mountain Co.** | **Alterra Mountain Co.** |
| 257870 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 05/31/2030 | 258677 |
|  | **Altice France SA** | **Altice France SA** | **Altice France SA** | **Altice France SA** |
| 918103 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.50%, 0.00% Floor) | 9.82% | 08/31/2028 | 890560 |
|  | **Amentum Holdings, Inc.** | **Amentum Holdings, Inc.** | **Amentum Holdings, Inc.** | **Amentum Holdings, Inc.** |
| 376000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 09/29/2031 | 376412 |
|  | **American Axle & Manufacturing, Inc.** | **American Axle & Manufacturing, Inc.** | **American Axle & Manufacturing, Inc.** | **American Axle & Manufacturing, Inc.** |
| 440000 | Senior Secured Term Loan | 7.57%<sup>(c)</sup> | 09/20/2032 | 438350 |
|  | **AmWINS Group, Inc.** | **AmWINS Group, Inc.** | **AmWINS Group, Inc.** | **AmWINS Group, Inc.** |
| 755547 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.75% Floor) | 6.25% | 01/30/2032 | 756034 |
|  | **APi Group DE, Inc.** | **APi Group DE, Inc.** | **APi Group DE, Inc.** | **APi Group DE, Inc.** |
| 185000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 01/03/2029 | 185077 |
|  | **Apple Bidco LLC** | **Apple Bidco LLC** | **Apple Bidco LLC** | **Apple Bidco LLC** |
| 1504631 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 09/23/2031 | 1506173 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Applied Systems, Inc.** | **Applied Systems, Inc.** | **Applied Systems, Inc.** | **Applied Systems, Inc.** |
| 125000 | Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.80% | 02/23/2032 | 128281 |
|  | **Apro LLC** | **Apro LLC** | **Apro LLC** | **Apro LLC** |
| 889238 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor) | 7.94% | 07/09/2031 | 889905 |
|  | **Ardonagh Group Finco Pty Ltd.** | **Ardonagh Group Finco Pty Ltd.** | **Ardonagh Group Finco Pty Ltd.** | **Ardonagh Group Finco Pty Ltd.** |
| 389824 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.95% | 02/18/2031 | 388688 |
| 293128 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.95% | 02/18/2031 | 292274 |
| 36860 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.75%, 0.00% Floor) | 7.05% | 02/18/2031 | 36753 |
|  | **Arsenal AIC Parent LLC** | **Arsenal AIC Parent LLC** | **Arsenal AIC Parent LLC** | **Arsenal AIC Parent LLC** |
| 66718 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 08/19/2030 | 66802 |
|  | **Ascend Learning LLC** | **Ascend Learning LLC** | **Ascend Learning LLC** | **Ascend Learning LLC** |
| 1201176 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.16% | 12/11/2028 | 1201236 |
| 182309 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.16% | 12/11/2028 | 182318 |
|  | **Aspire Bakeries Holdings LLC** | **Aspire Bakeries Holdings LLC** | **Aspire Bakeries Holdings LLC** | **Aspire Bakeries Holdings LLC** |
| 392033 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.66% | 12/23/2030 | 394849 |
|  | **Asurion LLC** | **Asurion LLC** | **Asurion LLC** | **Asurion LLC** |
| 295000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.36%, 0.00% Floor) | 9.53% | 02/03/2028 | 287994 |
| 424213 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.35%, 0.00% Floor) | 8.51% | 08/21/2028 | 426039 |
| 165000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.36%, 0.00% Floor) | 9.53% | 01/22/2029 | 158320 |
| 141730 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor) | 8.41% | 09/19/2030 | 141420 |
| 209475 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%) | 8.57% | 09/19/2030 | 208407 |
|  | **AthenaHealth Group, Inc.** | **AthenaHealth Group, Inc.** | **AthenaHealth Group, Inc.** | **AthenaHealth Group, Inc.** |
| 2113999 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.50% Floor) | 6.91% | 02/15/2029 | 2112456 |
|  | **Aveanna Healthcare LLC** | **Aveanna Healthcare LLC** | **Aveanna Healthcare LLC** | **Aveanna Healthcare LLC** |
| 600000 | Senior Secured Term Loan (3 mo. Term SOFR + 3.75%) | 7.93% | 09/17/2032 | 600609 |
|  | **Bally's Corp.** | **Bally's Corp.** | **Bally's Corp.** | **Bally's Corp.** |
| 343295 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.51%, 0.50% Floor) | 7.84% | 10/02/2028 | 334284 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **111**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Flexible Income Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Bausch + Lomb Corp.** | **Bausch + Lomb Corp.** | **Bausch + Lomb Corp.** | **Bausch + Lomb Corp.** |
| 181300 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.17% | 09/29/2028 | 181527 |
| 1206975 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor) | 8.41% | 01/15/2031 | 1209238 |
|  | **BCP Renaissance Parent LLC** | **BCP Renaissance Parent LLC** | **BCP Renaissance Parent LLC** | **BCP Renaissance Parent LLC** |
| 262949 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.50% | 10/31/2028 | 263662 |
|  | **BCP VI Summit Holdings LP** | **BCP VI Summit Holdings LP** | **BCP VI Summit Holdings LP** | **BCP VI Summit Holdings LP** |
| 525000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 01/30/2032 | 528037 |
|  | **BCPE Empire Holdings, Inc.** | **BCPE Empire Holdings, Inc.** | **BCPE Empire Holdings, Inc.** | **BCPE Empire Holdings, Inc.** |
| 1084568 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.41% | 12/26/2030 | 1083847 |
|  | **Boots Group Finco LP** | **Boots Group Finco LP** | **Boots Group Finco LP** | **Boots Group Finco LP** |
| 435000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.70% | 08/30/2032 | 436720 |
|  | **Boxer Parent Co., Inc.** | **Boxer Parent Co., Inc.** | **Boxer Parent Co., Inc.** | **Boxer Parent Co., Inc.** |
| 1484644 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.20% | 07/30/2031 | 1483946 |
| 300533 | Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 5.75%, 0.00% Floor) | 9.95% | 07/30/2032 | 293490 |
|  | **Brand Industrial Services, Inc.** | **Brand Industrial Services, Inc.** | **Brand Industrial Services, Inc.** | **Brand Industrial Services, Inc.** |
| 347023 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.50%, 0.50% Floor) | 8.80% | 08/01/2030 | 315444 |
|  | **Brown Group Holding LLC** | **Brown Group Holding LLC** | **Brown Group Holding LLC** | **Brown Group Holding LLC** |
| 480799 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.66% | 07/01/2031 | 481638 |
| 173405 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.66% | 07/01/2031 | 173708 |
| 55881 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 6.91% | 07/01/2031 | 56045 |
| 75640 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 6.95% | 07/01/2031 | 75862 |
| 117223 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 7.06% | 07/01/2031 | 117566 |
|  | **Burlington Coat Factory Warehouse Corp.** | **Burlington Coat Factory Warehouse Corp.** | **Burlington Coat Factory Warehouse Corp.** | **Burlington Coat Factory Warehouse Corp.** |
| 154221 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 09/19/2031 | 154607 |
|  | **Caesars Entertainment, Inc.** | **Caesars Entertainment, Inc.** | **Caesars Entertainment, Inc.** | **Caesars Entertainment, Inc.** |
| 763500 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.50% Floor) | 6.41% | 02/06/2031 | 762706 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Camelot US Acquisition LLC** | **Camelot US Acquisition LLC** | **Camelot US Acquisition LLC** | **Camelot US Acquisition LLC** |
| 16805 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 01/31/2031 | 16720 |
| 183792 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 01/31/2031 | 182873 |
| 792501 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 01/31/2031 | 788538 |
| 490000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.41% | 01/31/2031 | 490076 |
|  | **Castle US Holding Corp.** | **Castle US Holding Corp.** | **Castle US Holding Corp.** | **Castle US Holding Corp.** |
| 118068 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.36%, 0.00% Floor) | 8.72% | 05/31/2030 | 55295 |
|  | **Cengage Learning, Inc.** | **Cengage Learning, Inc.** | **Cengage Learning, Inc.** | **Cengage Learning, Inc.** |
| 339995 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 1.00% Floor) | 7.67% | 03/24/2031 | 339535 |
| 580541 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 1.00% Floor) | 7.70% | 03/24/2031 | 579755 |
|  | **Central Parent LLC** | **Central Parent LLC** | **Central Parent LLC** | **Central Parent LLC** |
| 183209 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.25% | 07/06/2029 | 158942 |
|  | **Chariot Buyer LLC** | **Chariot Buyer LLC** | **Chariot Buyer LLC** | **Chariot Buyer LLC** |
| 823046 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 09/08/2032 | 824849 |
|  | **CHG Healthcare Services, Inc.** | **CHG Healthcare Services, Inc.** | **CHG Healthcare Services, Inc.** | **CHG Healthcare Services, Inc.** |
| 37 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 6.91% | 09/29/2028 | 37 |
| 1948608 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 7.05% | 09/29/2028 | 1951297 |
|  | **Clarios Global LP** | **Clarios Global LP** | **Clarios Global LP** | **Clarios Global LP** |
| 509860 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.82% | 05/06/2030 | 510737 |
| 880000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 01/28/2032 | 881650 |
|  | **Clear Channel Outdoor Holdings, Inc.** | **Clear Channel Outdoor Holdings, Inc.** | **Clear Channel Outdoor Holdings, Inc.** | **Clear Channel Outdoor Holdings, Inc.** |
| 375000 | Senior Secured Term Loan (1 mo. Term SOFR + 4.00%) | 8.43% | 08/23/2028 | 376125 |
|  | **Clearwater Analytics LLC** | **Clearwater Analytics LLC** | **Clearwater Analytics LLC** | **Clearwater Analytics LLC** |
| 400000 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.46% | 04/21/2032 | 401500 |
|  | **Cloud Software Group, Inc.** | **Cloud Software Group, Inc.** | **Cloud Software Group, Inc.** | **Cloud Software Group, Inc.** |
| 602236 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.25% | 03/24/2031 | 605193 |
|  | **Clydesdale Acquisition Holdings, Inc.** | **Clydesdale Acquisition Holdings, Inc.** | **Clydesdale Acquisition Holdings, Inc.** | **Clydesdale Acquisition Holdings, Inc.** |
| 623773 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.18%, 0.50% Floor) | 7.49% | 04/13/2029 | 623636 |

---

---

| | | |
|:---|:---|:---|
| **112**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **CNT Holdings I Corp.** | **CNT Holdings I Corp.** | **CNT Holdings I Corp.** | **CNT Holdings I Corp.** |
| 337330 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.75% Floor) | 6.56% | 11/08/2032 | 337510 |
|  | **Colossus Acquireco LLC** | **Colossus Acquireco LLC** | **Colossus Acquireco LLC** | **Colossus Acquireco LLC** |
| 1455000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 07/30/2032 | 1447725 |
|  | **CommScope LLC** | **CommScope LLC** | **CommScope LLC** | **CommScope LLC** |
| 1471022 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 2.00% Floor) | 9.39% | 12/17/2029 | 1490918 |
|  | **Compass Power Generation LLC** | **Compass Power Generation LLC** | **Compass Power Generation LLC** | **Compass Power Generation LLC** |
| 461872 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.57% | 04/16/2029 | 465625 |
|  | **Construction Partners, Inc.** | **Construction Partners, Inc.** | **Construction Partners, Inc.** | **Construction Partners, Inc.** |
| 476400 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 11/03/2031 | 478170 |
|  | **CoreLogic, Inc.** | **CoreLogic, Inc.** | **CoreLogic, Inc.** | **CoreLogic, Inc.** |
| 483906 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.61%, 0.50% Floor) | 7.78% | 06/02/2028 | 484814 |
|  | **Cornerstone Building Brands, Inc.** | **Cornerstone Building Brands, Inc.** | **Cornerstone Building Brands, Inc.** | **Cornerstone Building Brands, Inc.** |
| 378890 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.35%, 0.50% Floor) | 7.50% | 04/12/2028 | 360806 |
| 49500 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.50% Floor) | 8.65% | 05/15/2031 | 45323 |
|  | **Cornerstone OnDemand, Inc.** | **Cornerstone OnDemand, Inc.** | **Cornerstone OnDemand, Inc.** | **Cornerstone OnDemand, Inc.** |
| 234821 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.01%, 0.50% Floor) | 8.03% | 10/16/2028 | 226786 |
|  | **Corpay Technologies Operating Co. LLC** | **Corpay Technologies Operating Co. LLC** | **Corpay Technologies Operating Co. LLC** | **Corpay Technologies Operating Co. LLC** |
| 866577 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 04/28/2028 | 866173 |
|  | **Cotiviti, Inc.** | **Cotiviti, Inc.** | **Cotiviti, Inc.** | **Cotiviti, Inc.** |
| 2436863 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 7.03% | 05/01/2031 | 2398275 |
| 143675 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 7.03% | 03/29/2032 | 141340 |
|  | **CPI Holdco B LLC** | **CPI Holdco B LLC** | **CPI Holdco B LLC** | **CPI Holdco B LLC** |
| 562567 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 05/19/2031 | 562567 |
|  | **CPPIB OVM Member US LLC** | **CPPIB OVM Member US LLC** | **CPPIB OVM Member US LLC** | **CPPIB OVM Member US LLC** |
| 237750 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.50% | 08/20/2031 | 238585 |
|  | **CQP Holdco LP** | **CQP Holdco LP** | **CQP Holdco LP** | **CQP Holdco LP** |
| 356411 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.00%, 0.50% Floor) | 6.00% | 12/31/2030 | 356823 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Creative Artists Agency LLC** | **Creative Artists Agency LLC** | **Creative Artists Agency LLC** | **Creative Artists Agency LLC** |
| 698121 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 10/01/2031 | 699964 |
|  | **Crosby US Acquisition Corp.** | **Crosby US Acquisition Corp.** | **Crosby US Acquisition Corp.** | **Crosby US Acquisition Corp.** |
| 167283 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.50% Floor) | 7.66% | 08/16/2029 | 168172 |
|  | **Crown Finance US, Inc.** | **Crown Finance US, Inc.** | **Crown Finance US, Inc.** | **Crown Finance US, Inc.** |
| 949855 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.78% | 12/02/2031 | 949086 |
|  | **CSC Holdings LLC** | **CSC Holdings LLC** | **CSC Holdings LLC** | **CSC Holdings LLC** |
| 313368 | Senior Secured First Lien Term Loan (Prime Rate + 1.50%, 0.00% Floor) | 8.75% | 04/15/2027 | 303967 |
| 634194 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.65% | 01/18/2028 | 631692 |
|  | **Cube A&D Buyer, Inc.** | **Cube A&D Buyer, Inc.** | **Cube A&D Buyer, Inc.** | **Cube A&D Buyer, Inc.** |
| 681575 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.58% | 10/20/2031 | 685409 |
|  | **Curium Bidco Sarl** | **Curium Bidco Sarl** | **Curium Bidco Sarl** | **Curium Bidco Sarl** |
| 19617 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.00% | 08/07/2031 | 19650 |
| 44150 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.00% | 08/07/2031 | 44224 |
| 65545 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.00% | 08/07/2031 | 65654 |
|  | **Cyborg Oldco DC Holdings, Inc.** | **Cyborg Oldco DC Holdings, Inc.** | **Cyborg Oldco DC Holdings, Inc.** | **Cyborg Oldco DC Holdings, Inc.** |
| 98874 | Senior Secured Term Loan (1 mo. Term SOFR + 3.00%) | 8.35%<sup>(d)(e)</sup> | 05/01/2026 |  |
|  | **Deep Blue Operating I LLC** | **Deep Blue Operating I LLC** | **Deep Blue Operating I LLC** | **Deep Blue Operating I LLC** |
| 515000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.75%) | 6.89% | 09/17/2032 | 516288 |
|  | **Dexko Global, Inc.** | **Dexko Global, Inc.** | **Dexko Global, Inc.** | **Dexko Global, Inc.** |
| 417295 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.01%, 0.50% Floor) | 8.18% | 10/04/2028 | 412127 |
|  | **DG Investment Intermediate Holdings 2, Inc.** | **DG Investment Intermediate Holdings 2, Inc.** | **DG Investment Intermediate Holdings 2, Inc.** | **DG Investment Intermediate Holdings 2, Inc.** |
| 1330000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.00% Floor) | 7.91% | 07/12/2032 | 1336098 |
| 120000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.50%, 0.00% Floor) | 9.66% | 07/29/2033 | 119700 |
|  | **Directv Financing LLC** | **Directv Financing LLC** | **Directv Financing LLC** | **Directv Financing LLC** |
| 17503 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.26%, 0.75% Floor) | 9.57% | 08/02/2027 | 17537 |
| 295666 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.51%, 0.75% Floor) | 9.82% | 08/02/2029 | 296544 |
|  | **Dynasty Acquisition Co., Inc.** | **Dynasty Acquisition Co., Inc.** | **Dynasty Acquisition Co., Inc.** | **Dynasty Acquisition Co., Inc.** |
| 280414 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 10/31/2031 | 280839 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **113**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Flexible Income Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 106661 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 10/31/2031 | 106822 |
|  | **EAB Global, Inc.** | **EAB Global, Inc.** | **EAB Global, Inc.** | **EAB Global, Inc.** |
| 547776 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.16% | 08/16/2030 | 535108 |
|  | **Eagle Parent Corp.** | **Eagle Parent Corp.** | **Eagle Parent Corp.** | **Eagle Parent Corp.** |
| 100153 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.25% | 04/02/2029 | 100215 |
| 1038987 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.25% | 04/02/2029 | 1039636 |
| 100153 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.25% | 04/02/2029 | 100215 |
|  | **Ecovyst Catalyst Technologies LLC** | **Ecovyst Catalyst Technologies LLC** | **Ecovyst Catalyst Technologies LLC** | **Ecovyst Catalyst Technologies LLC** |
| 250624 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.31% | 06/12/2031 | 250741 |
| 649765 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.31% | 06/12/2031 | 650071 |
|  | **Edelman Financial Engines Center LLC** | **Edelman Financial Engines Center LLC** | **Edelman Financial Engines Center LLC** | **Edelman Financial Engines Center LLC** |
| 726089 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 04/07/2028 | 727418 |
| 190000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.00% Floor) | 9.41% | 10/06/2028 | 190653 |
|  | **Edgewater Generation LLC** | **Edgewater Generation LLC** | **Edgewater Generation LLC** | **Edgewater Generation LLC** |
| 271297 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 08/01/2030 | 272293 |
|  | **EG America LLC** | **EG America LLC** | **EG America LLC** | **EG America LLC** |
| 585899 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.70% | 02/07/2028 | 590029 |
|  | **Eisner Advisory Group LLC** | **Eisner Advisory Group LLC** | **Eisner Advisory Group LLC** | **Eisner Advisory Group LLC** |
| 358970 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.50% Floor) | 8.16% | 02/28/2031 | 361580 |
|  | **Element Materials Technology Group US Holdings, Inc.** | **Element Materials Technology Group US Holdings, Inc.** | **Element Materials Technology Group US Holdings, Inc.** | **Element Materials Technology Group US Holdings, Inc.** |
| 386803 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.68%, 0.50% Floor) | 7.68% | 06/25/2029 | 389886 |
|  | **Ellucian Holdings, Inc.** | **Ellucian Holdings, Inc.** | **Ellucian Holdings, Inc.** | **Ellucian Holdings, Inc.** |
| 30000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor) | 8.91% | 11/22/2032 | 30775 |
|  | **Emrld Borrower LP** | **Emrld Borrower LP** | **Emrld Borrower LP** | **Emrld Borrower LP** |
| 415982 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.12% | 08/04/2031 | 414630 |
|  | **Enviri Corp.** | **Enviri Corp.** | **Enviri Corp.** | **Enviri Corp.** |
| 741972 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.36%, 0.50% Floor) | 6.53% | 03/10/2028 | 742283 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Fertitta Entertainment LLC/NV** | **Fertitta Entertainment LLC/NV** | **Fertitta Entertainment LLC/NV** | **Fertitta Entertainment LLC/NV** |
| 900453 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.41% | 01/29/2029 | 900174 |
|  | **Finastra USA, Inc.** | **Finastra USA, Inc.** | **Finastra USA, Inc.** | **Finastra USA, Inc.** |
| 260000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.04% | 09/15/2032 | 259211 |
|  | **FinThrive Software Intermediate Holdings, Inc.** | **FinThrive Software Intermediate Holdings, Inc.** | **FinThrive Software Intermediate Holdings, Inc.** | **FinThrive Software Intermediate Holdings, Inc.** |
| 24353 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.00% | 12/18/2028 | 23691 |
| 40895 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.11%, 0.50% Floor) | 8.25% | 12/18/2028 | 35297 |
|  | **First Advantage Holdings LLC** | **First Advantage Holdings LLC** | **First Advantage Holdings LLC** | **First Advantage Holdings LLC** |
| 396598 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 10/31/2031 | 388047 |
|  | **First Eagle Holdings, Inc.** | **First Eagle Holdings, Inc.** | **First Eagle Holdings, Inc.** | **First Eagle Holdings, Inc.** |
| 260521 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.71% | 08/16/2032 | 258335 |
|  | **Flutter Financing BV** | **Flutter Financing BV** | **Flutter Financing BV** | **Flutter Financing BV** |
| 403988 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.50% Floor) | 6.00% | 06/04/2032 | 404185 |
|  | **Focus Financial Partners LLC** | **Focus Financial Partners LLC** | **Focus Financial Partners LLC** | **Focus Financial Partners LLC** |
| 1475773 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 09/15/2031 | 1477794 |
|  | **Fortrea Holdings, Inc.** | **Fortrea Holdings, Inc.** | **Fortrea Holdings, Inc.** | **Fortrea Holdings, Inc.** |
| 15332 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.50% Floor) | 8.06% | 07/01/2030 | 14249 |
|  | **Freeport LNG Investments LLLP** | **Freeport LNG Investments LLLP** | **Freeport LNG Investments LLLP** | **Freeport LNG Investments LLLP** |
| 667527 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.58% | 12/21/2028 | 668662 |
|  | **Froneri US, Inc.** | **Froneri US, Inc.** | **Froneri US, Inc.** | **Froneri US, Inc.** |
| 1500000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.50%) | 6.72% | 07/16/2032 | 1498628 |
|  | **Gainwell Acquisition Corp.** | **Gainwell Acquisition Corp.** | **Gainwell Acquisition Corp.** | **Gainwell Acquisition Corp.** |
| 1194254 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.10%, 0.75% Floor) | 8.10% | 10/01/2027 | 1177535 |
|  | **Garda World Security Corp.** | **Garda World Security Corp.** | **Garda World Security Corp.** | **Garda World Security Corp.** |
| 896095 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.17% | 02/01/2029 | 898336 |
|  | **GBT US III LLC** | **GBT US III LLC** | **GBT US III LLC** | **GBT US III LLC** |
| 277900 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.81% | 07/28/2031 | 278831 |
|  | **Gen Digital, Inc.** | **Gen Digital, Inc.** | **Gen Digital, Inc.** | **Gen Digital, Inc.** |
| 633413 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 04/16/2032 | 631512 |

---

---

| | | |
|:---|:---|:---|
| **114**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **GFL ES US LLC** | **GFL ES US LLC** | **GFL ES US LLC** | **GFL ES US LLC** |
| 800000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.67% | 03/03/2032 | 800800 |
|  | **GIP Pilot Acquisition Partners LP** | **GIP Pilot Acquisition Partners LP** | **GIP Pilot Acquisition Partners LP** | **GIP Pilot Acquisition Partners LP** |
| 150994 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.29% | 10/04/2030 | 151088 |
|  | **Gogo Intermediate Holdings LLC** | **Gogo Intermediate Holdings LLC** | **Gogo Intermediate Holdings LLC** | **Gogo Intermediate Holdings LLC** |
| 464496 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.86%, 0.75% Floor) | 8.03% | 04/28/2028 | 461846 |
|  | **Golden State Foods LLC** | **Golden State Foods LLC** | **Golden State Foods LLC** | **Golden State Foods LLC** |
| 476708 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.00% | 12/04/2031 | 478479 |
|  | **Graham Packaging Co., Inc.** | **Graham Packaging Co., Inc.** | **Graham Packaging Co., Inc.** | **Graham Packaging Co., Inc.** |
| 904299 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 08/04/2027 | 905316 |
|  | **Grant Thornton Advisors LLC** | **Grant Thornton Advisors LLC** | **Grant Thornton Advisors LLC** | **Grant Thornton Advisors LLC** |
| 401341 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 05/30/2031 | 399416 |
| 253342 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 05/30/2031 | 253266 |
|  | **Great Outdoors Group LLC** | **Great Outdoors Group LLC** | **Great Outdoors Group LLC** | **Great Outdoors Group LLC** |
| 398776 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.75% Floor) | 7.41% | 01/23/2032 | 399075 |
|  | **Green Infrastructure Partners, Inc.** | **Green Infrastructure Partners, Inc.** | **Green Infrastructure Partners, Inc.** | **Green Infrastructure Partners, Inc.** |
| 1315000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.75% | 09/24/2032 | 1317880 |
|  | **Hamilton Projects Acquiror LLC** | **Hamilton Projects Acquiror LLC** | **Hamilton Projects Acquiror LLC** | **Hamilton Projects Acquiror LLC** |
| 240322 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 05/30/2031 | 241373 |
|  | **Herc Holdings, Inc.** | **Herc Holdings, Inc.** | **Herc Holdings, Inc.** | **Herc Holdings, Inc.** |
| 195000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.25% | 06/02/2032 | 196194 |
|  | **Hexion Holdings Corp.** | **Hexion Holdings Corp.** | **Hexion Holdings Corp.** | **Hexion Holdings Corp.** |
| 709509 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.50% Floor) | 8.14% | 03/15/2029 | 709385 |
|  | **Hightower Holding LLC** | **Hightower Holding LLC** | **Hightower Holding LLC** | **Hightower Holding LLC** |
| 1571208 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.75% Floor) | 7.07% | 02/03/2032 | 1572198 |
|  | **Hilcorp Energy I LP** | **Hilcorp Energy I LP** | **Hilcorp Energy I LP** | **Hilcorp Energy I LP** |
| 527350 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.15% | 02/11/2030 | 528887 |
|  | **HomeServe USA Holding Corp.** | **HomeServe USA Holding Corp.** | **HomeServe USA Holding Corp.** | **HomeServe USA Holding Corp.** |
| 182225 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.14% | 10/21/2030 | 182016 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **HUB International Ltd.** | **HUB International Ltd.** | **HUB International Ltd.** | **HUB International Ltd.** |
| 797998 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.75% Floor) | 6.58% | 06/20/2030 | 800065 |
|  | **Hunter Douglas, Inc.** | **Hunter Douglas, Inc.** | **Hunter Douglas, Inc.** | **Hunter Douglas, Inc.** |
| 495547 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.25% | 01/20/2032 | 496830 |
|  | **Husky Injection Molding Systems Ltd.** | **Husky Injection Molding Systems Ltd.** | **Husky Injection Molding Systems Ltd.** | **Husky Injection Molding Systems Ltd.** |
| 387012 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 3.75%, 0.00% Floor) | 7.92% | 02/15/2029 | 388516 |
| 387012 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 3.75%, 0.00% Floor) | 8.05% | 02/15/2029 | 388516 |
|  | **iHeartCommunications, Inc.** | **iHeartCommunications, Inc.** | **iHeartCommunications, Inc.** | **iHeartCommunications, Inc.** |
| 158800 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.89%, 0.00% Floor) | 10.05% | 05/01/2029 | 139148 |
|  | **INEOS US Finance LLC** | **INEOS US Finance LLC** | **INEOS US Finance LLC** | **INEOS US Finance LLC** |
| 941333 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.41% | 02/19/2030 | 855436 |
|  | **INEOS US Petrochem LLC** | **INEOS US Petrochem LLC** | **INEOS US Petrochem LLC** | **INEOS US Petrochem LLC** |
| 248370 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.35%, 0.00% Floor) | 8.67% | 03/29/2029 | 225602 |
| 323375 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor) | 8.41% | 10/07/2031 | 279989 |
|  | **ION Platform Finance US, Inc.** | **ION Platform Finance US, Inc.** | **ION Platform Finance US, Inc.** | **ION Platform Finance US, Inc.** |
| 970000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.75%) | 7.89% | 09/30/2032 | 961025 |
|  | **ION Trading Technologies Sarl** | **ION Trading Technologies Sarl** | **ION Trading Technologies Sarl** | **ION Trading Technologies Sarl** |
| 219907 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.80% | 04/03/2028 | 220148 |
|  | **Iron Mountain, Inc.** | **Iron Mountain, Inc.** | **Iron Mountain, Inc.** | **Iron Mountain, Inc.** |
| 1160447 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 01/31/2031 | 1162623 |
|  | **Kaman Corp.** | **Kaman Corp.** | **Kaman Corp.** | **Kaman Corp.** |
| 43987 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.54% | 02/26/2032 | 43896 |
| 60450 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.54% | 02/26/2032 | 60326 |
| 53174 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.54% | 02/26/2032 | 53065 |
| 44093 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.54% | 02/26/2032 | 44003 |
| 159522 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.70% | 02/26/2032 | 159194 |
| 132280 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.70% | 02/26/2032 | 132008 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **115**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Flexible Income Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 131960 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.70% | 02/26/2032 | 131689 |
| 181351 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.70% | 02/26/2032 | 180979 |
| 7115 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.83% | 02/26/2032 | 7101 |
|  | **Kenan Advantage Group, Inc.** | **Kenan Advantage Group, Inc.** | **Kenan Advantage Group, Inc.** | **Kenan Advantage Group, Inc.** |
| 793710 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.41% | 01/25/2029 | 785027 |
|  | **Lavender US HoldCo 1, Inc.** | **Lavender US HoldCo 1, Inc.** | **Lavender US HoldCo 1, Inc.** | **Lavender US HoldCo 1, Inc.** |
| 400000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.25%) | 7.41% | 09/27/2032 | 400750 |
|  | **LBM Acquisition LLC** | **LBM Acquisition LLC** | **LBM Acquisition LLC** | **LBM Acquisition LLC** |
| 931904 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.85%, 0.75% Floor) | 7.99% | 06/06/2031 | 911197 |
|  | **LC Ahab US Bidco LLC** | **LC Ahab US Bidco LLC** | **LC Ahab US Bidco LLC** | **LC Ahab US Bidco LLC** |
| 903676 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 05/01/2031 | 904525 |
|  | **Life Time, Inc.** | **Life Time, Inc.** | **Life Time, Inc.** | **Life Time, Inc.** |
| 333325 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.25% | 11/05/2031 | 333447 |
|  | **LifePoint Health, Inc.** | **LifePoint Health, Inc.** | **LifePoint Health, Inc.** | **LifePoint Health, Inc.** |
| 836185 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor) | 8.07% | 05/19/2031 | 835708 |
|  | **Light & Wonder International, Inc.** | **Light & Wonder International, Inc.** | **Light & Wonder International, Inc.** | **Light & Wonder International, Inc.** |
| 228587 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.50% Floor) | 6.39% | 04/16/2029 | 229517 |
|  | **Lightning Power LLC** | **Lightning Power LLC** | **Lightning Power LLC** | **Lightning Power LLC** |
| 341550 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.25% | 08/18/2031 | 341700 |
|  | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** |
| 1214696 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.46%, 2.00% Floor) | 6.63% | 04/16/2029 | 1208792 |
|  | **Lummus Technology Holdings V LLC** | **Lummus Technology Holdings V LLC** | **Lummus Technology Holdings V LLC** | **Lummus Technology Holdings V LLC** |
| 445781 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 12/31/2029 | 447335 |
|  | **Madison IAQ LLC** | **Madison IAQ LLC** | **Madison IAQ LLC** | **Madison IAQ LLC** |
| 552900 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.70% | 06/21/2028 | 554001 |
| 354113 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.45% | 05/06/2032 | 356246 |
|  | **Madison Safety & Flow LLC** | **Madison Safety & Flow LLC** | **Madison Safety & Flow LLC** | **Madison Safety & Flow LLC** |
| 194327 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 09/26/2031 | 194793 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **McAfee Corp.** | **McAfee Corp.** | **McAfee Corp.** | **McAfee Corp.** |
| 618614 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.22% | 03/01/2029 | 592710 |
|  | **Meade Pipeline Co. LLC** | **Meade Pipeline Co. LLC** | **Meade Pipeline Co. LLC** | **Meade Pipeline Co. LLC** |
| 495000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%) | 6.00% | 09/22/2032 | 495309 |
|  | **Medline Borrower LP** | **Medline Borrower LP** | **Medline Borrower LP** | **Medline Borrower LP** |
| 675490 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 10/23/2030 | 675862 |
|  | **MH Sub I LLC** | **MH Sub I LLC** | **MH Sub I LLC** | **MH Sub I LLC** |
| 1004056 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.41% | 12/31/2031 | 926242 |
|  | **Michaels Cos., Inc.** | **Michaels Cos., Inc.** | **Michaels Cos., Inc.** | **Michaels Cos., Inc.** |
| 395326 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.51%, 0.75% Floor) | 8.51% | 04/17/2028 | 374368 |
|  | **Mister Car Wash Holdings, Inc.** | **Mister Car Wash Holdings, Inc.** | **Mister Car Wash Holdings, Inc.** | **Mister Car Wash Holdings, Inc.** |
| 76177 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 03/27/2031 | 76422 |
|  | **Mitchell International, Inc.** | **Mitchell International, Inc.** | **Mitchell International, Inc.** | **Mitchell International, Inc.** |
| 918115 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.50% Floor) | 7.41% | 06/17/2031 | 918312 |
| 145000 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.00% Floor) | 9.41% | 06/17/2032 | 144021 |
|  | **MITER Brands Acquisition Holdco, Inc.** | **MITER Brands Acquisition Holdco, Inc.** | **MITER Brands Acquisition Holdco, Inc.** | **MITER Brands Acquisition Holdco, Inc.** |
| 566471 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.75%, 0.00% Floor) | 7.07% | 03/28/2031 | 569264 |
|  | **Motion Finco Sarl** | **Motion Finco Sarl** | **Motion Finco Sarl** | **Motion Finco Sarl** |
| 244465 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.50% | 11/30/2029 | 220202 |
|  | **MX Holdings US, Inc.** | **MX Holdings US, Inc.** | **MX Holdings US, Inc.** | **MX Holdings US, Inc.** |
| 159600 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 03/17/2032 | 159999 |
|  | **Natgasoline LLC** | **Natgasoline LLC** | **Natgasoline LLC** | **Natgasoline LLC** |
| 301529 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.50%, 0.00% Floor) | 9.50% | 03/29/2030 | 305927 |
|  | **NEP Group, Inc.** | **NEP Group, Inc.** | **NEP Group, Inc.** | **NEP Group, Inc.** |
| 57209 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.36% + 1.50% PIK, 0.00% Floor) | 7.71% | 08/19/2026 | 57042 |
| 644832 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.36% + 1.50% PIK, 0.00% Floor) | 7.71% | 08/19/2026 | 642952 |
|  | **Newfold Digital Holdings Group, Inc.** | **Newfold Digital Holdings Group, Inc.** | **Newfold Digital Holdings Group, Inc.** | **Newfold Digital Holdings Group, Inc.** |
| 195028 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.93%, 0.75% Floor) | 7.84% | 02/10/2028 | 102731 |

---

---

| | | |
|:---|:---|:---|
| **116**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Nexstar Media, Inc.** | **Nexstar Media, Inc.** | **Nexstar Media, Inc.** | **Nexstar Media, Inc.** |
| 625000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%) | 6.82% | 06/28/2032 | 624944 |
|  | **NGL Energy Operating LLC** | **NGL Energy Operating LLC** | **NGL Energy Operating LLC** | **NGL Energy Operating LLC** |
| 545000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 7.82% | 02/03/2031 | 546363 |
|  | **NRG Energy, Inc.** | **NRG Energy, Inc.** | **NRG Energy, Inc.** | **NRG Energy, Inc.** |
| 857823 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 1.75%, 0.00% Floor) | 6.06% | 04/16/2031 | 858869 |
|  | **OneDigital Borrower LLC** | **OneDigital Borrower LLC** | **OneDigital Borrower LLC** | **OneDigital Borrower LLC** |
| 671500 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.32% | 07/02/2031 | 672353 |
| 142326 | Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.50% Floor) | 9.41% | 07/02/2032 | 143838 |
|  | **Ontario Gaming GTA LP** | **Ontario Gaming GTA LP** | **Ontario Gaming GTA LP** | **Ontario Gaming GTA LP** |
| 601682 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.24% | 08/01/2030 | 588520 |
|  | **Opal US LLC** | **Opal US LLC** | **Opal US LLC** | **Opal US LLC** |
| 1195000 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.25% | 04/23/2032 | 1199630 |
|  | **Ovg Business Services LLC** | **Ovg Business Services LLC** | **Ovg Business Services LLC** | **Ovg Business Services LLC** |
| 645117 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 06/25/2031 | 645520 |
|  | **Pacific Dental Services, Inc.** | **Pacific Dental Services, Inc.** | **Pacific Dental Services, Inc.** | **Pacific Dental Services, Inc.** |
| 438573 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.64% | 09/17/2032 | 438756 |
|  | **Par Petroleum LLC** | **Par Petroleum LLC** | **Par Petroleum LLC** | **Par Petroleum LLC** |
| 82877 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.50% Floor) | 8.03% | 02/28/2030 | 82886 |
|  | **Perrigo Investments LLC** | **Perrigo Investments LLC** | **Perrigo Investments LLC** | **Perrigo Investments LLC** |
| 177506 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 04/20/2029 | 177653 |
|  | **PetSmart LLC** | **PetSmart LLC** | **PetSmart LLC** | **PetSmart LLC** |
| 445000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.14% | 08/18/2032 | 438883 |
|  | **Phoenix Newco, Inc.** | **Phoenix Newco, Inc.** | **Phoenix Newco, Inc.** | **Phoenix Newco, Inc.** |
| 798651 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.66% | 11/15/2028 | 800232 |
|  | **Pinnacle Buyer LLC** | **Pinnacle Buyer LLC** | **Pinnacle Buyer LLC** | **Pinnacle Buyer LLC** |
| 192903 | Senior Secured Term Loan (1 mo. Term SOFR + 2.50%) | 6.75% | 09/13/2032 | 193385 |
|  | **Polaris Newco LLC** | **Polaris Newco LLC** | **Polaris Newco LLC** | **Polaris Newco LLC** |
| 624465 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.11%, 0.50% Floor) | 8.57% | 06/05/2028 | 603174 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Pregis TopCo LLC** | **Pregis TopCo LLC** | **Pregis TopCo LLC** | **Pregis TopCo LLC** |
| 458829 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.16% | 02/01/2029 | 462509 |
|  | **Pretium PKG Holdings, Inc.** | **Pretium PKG Holdings, Inc.** | **Pretium PKG Holdings, Inc.** | **Pretium PKG Holdings, Inc.** |
| 65000 | Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 7.01%, 0.50% Floor) | 11.24% | 10/01/2029 | 7069 |
|  | **Pretzel Parent T/L B** | **Pretzel Parent T/L B** | **Pretzel Parent T/L B** | **Pretzel Parent T/L B** |
| 229300 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.82% | 10/01/2031 | 229516 |
|  | **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** |
| 733158 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 6.00% | 03/08/2032 | 727373 |
|  | **Primo Brands Corp.** | **Primo Brands Corp.** | **Primo Brands Corp.** | **Primo Brands Corp.** |
| 1130346 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.50% Floor) | 6.25% | 03/31/2028 | 1131431 |
|  | **Project Aurora US Finco, Inc.** | **Project Aurora US Finco, Inc.** | **Project Aurora US Finco, Inc.** | **Project Aurora US Finco, Inc.** |
| 290000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.75%) | 6.89% | 09/27/2032 | 290906 |
|  | **Proofpoint, Inc.** | **Proofpoint, Inc.** | **Proofpoint, Inc.** | **Proofpoint, Inc.** |
| 1758975 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.16% | 08/31/2028 | 1768069 |
|  | **Qnity Electronics, Inc.** | **Qnity Electronics, Inc.** | **Qnity Electronics, Inc.** | **Qnity Electronics, Inc.** |
| 1115000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.00%) | 6.25% | 08/12/2032 | 1116394 |
|  | **Quikrete Holdings, Inc.** | **Quikrete Holdings, Inc.** | **Quikrete Holdings, Inc.** | **Quikrete Holdings, Inc.** |
| 574369 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 03/19/2029 | 575371 |
| 68954 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 04/14/2031 | 69011 |
| 861560 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.41% | 02/10/2032 | 862000 |
|  | **Radiology Partners, Inc.** | **Radiology Partners, Inc.** | **Radiology Partners, Inc.** | **Radiology Partners, Inc.** |
| 835000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.50% | 06/30/2032 | 834566 |
|  | **RealPage, Inc.** | **RealPage, Inc.** | **RealPage, Inc.** | **RealPage, Inc.** |
| 292713 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.11%, 0.50% Floor) | 7.26% | 04/24/2028 | 292324 |
| 189050 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.50% Floor) | 7.75% | 04/24/2028 | 189889 |
|  | **Resideo Funding, Inc.** | **Resideo Funding, Inc.** | **Resideo Funding, Inc.** | **Resideo Funding, Inc.** |
| 750000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.04% | 08/13/2032 | 751174 |
|  | **Sabre GLBL, Inc.** | **Sabre GLBL, Inc.** | **Sabre GLBL, Inc.** | **Sabre GLBL, Inc.** |
| 152262 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.61%, 0.50% Floor) | 7.78% | 12/17/2027 | 144966 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **117**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Flexible Income Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 78838 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.61%, 0.50% Floor) | 7.78% | 12/17/2027 | 75061 |
| 94148 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.10%, 0.00% Floor) | 10.26% | 11/15/2029 | 89440 |
| 149141 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.00%) | 10.42% | 11/15/2029 | 141124 |
|  | **Savor Acquisition, Inc.** | **Savor Acquisition, Inc.** | **Savor Acquisition, Inc.** | **Savor Acquisition, Inc.** |
| 396506 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.32% | 02/19/2032 | 399325 |
|  | **Sedgwick Claims Management Services, Inc.** | **Sedgwick Claims Management Services, Inc.** | **Sedgwick Claims Management Services, Inc.** | **Sedgwick Claims Management Services, Inc.** |
| 499959 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 07/31/2031 | 499882 |
|  | **Sgh2 LLC** | **Sgh2 LLC** | **Sgh2 LLC** | **Sgh2 LLC** |
| 450000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.51% | 08/18/2032 | 451125 |
|  | **Signia Aerospace LLC** | **Signia Aerospace LLC** | **Signia Aerospace LLC** | **Signia Aerospace LLC** |
| 295373 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 6.91% | 12/11/2031 | 296296 |
| 361012 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 6.91% | 12/11/2031 | 362140 |
| 12827 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.50% Floor) | 7.06% | 12/11/2031 | 12867 |
|  | **Six Flags Entertainment Corp.** | **Six Flags Entertainment Corp.** | **Six Flags Entertainment Corp.** | **Six Flags Entertainment Corp.** |
| 601749 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 05/01/2031 | 598740 |
|  | **Southern Veterinary Partners LLC** | **Southern Veterinary Partners LLC** | **Southern Veterinary Partners LLC** | **Southern Veterinary Partners LLC** |
| 903213 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.82% | 12/04/2031 | 902558 |
|  | **Staples, Inc.** | **Staples, Inc.** | **Staples, Inc.** | **Staples, Inc.** |
| 397347 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.75%, 0.50% Floor) | 10.05% | 09/10/2029 | 377811 |
|  | **Starwood Property Mortgage LLC** | **Starwood Property Mortgage LLC** | **Starwood Property Mortgage LLC** | **Starwood Property Mortgage LLC** |
| 97736 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.16% | 01/02/2030 | 97919 |
| 325000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.50% Floor) | 6.41% | 09/24/2032 | 325915 |
|  | **Stonepeak Bayou Holdings LP** | **Stonepeak Bayou Holdings LP** | **Stonepeak Bayou Holdings LP** | **Stonepeak Bayou Holdings LP** |
| 335000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.75%) | 7.14% | 09/24/2032 | 335000 |
|  | **StubHub Holdco Sub LLC** | **StubHub Holdco Sub LLC** | **StubHub Holdco Sub LLC** | **StubHub Holdco Sub LLC** |
| 721198 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor) | 8.91% | 03/15/2030 | 716691 |
|  | **Tamko Building Products LLC** | **Tamko Building Products LLC** | **Tamko Building Products LLC** | **Tamko Building Products LLC** |
| 91250 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.75% | 09/20/2030 | 91620 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 45625 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.75% | 09/20/2030 | 45810 |
| 91250 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.79% | 09/20/2030 | 91620 |
| 45625 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.91% | 09/20/2030 | 45810 |
| 43344 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.95% | 09/20/2030 | 43520 |
| 45169 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.75%, 0.00% Floor) | 6.95% | 09/20/2030 | 45352 |
|  | **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** |
| 478800 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor) | 8.80% | 06/30/2028 | 478501 |
|  | **Tecta America Corp.** | **Tecta America Corp.** | **Tecta America Corp.** | **Tecta America Corp.** |
| 518700 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor) | 7.16% | 02/18/2032 | 521293 |
|  | **Tiger Acquisition LLC** | **Tiger Acquisition LLC** | **Tiger Acquisition LLC** | **Tiger Acquisition LLC** |
| 693613 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.64% | 08/23/2032 | 692250 |
|  | **TKO Worldwide Holdings LLC** | **TKO Worldwide Holdings LLC** | **TKO Worldwide Holdings LLC** | **TKO Worldwide Holdings LLC** |
| 229425 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.04% | 11/21/2031 | 230031 |
|  | **Townsquare Media, Inc.** | **Townsquare Media, Inc.** | **Townsquare Media, Inc.** | **Townsquare Media, Inc.** |
| 148113 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.00%, 0.00% Floor) | 9.19% | 02/19/2030 | 131636 |
|  | **Trans Union LLC** | **Trans Union LLC** | **Trans Union LLC** | **Trans Union LLC** |
| 177750 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 06/24/2031 | 177806 |
|  | **TransDigm, Inc.** | **TransDigm, Inc.** | **TransDigm, Inc.** | **TransDigm, Inc.** |
| 648443 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.50% | 02/28/2031 | 648855 |
| 440550 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.50% | 01/20/2032 | 440832 |
| 905000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.50% | 08/13/2032 | 905045 |
|  | **Trident TPI Holdings, Inc.** | **Trident TPI Holdings, Inc.** | **Trident TPI Holdings, Inc.** | **Trident TPI Holdings, Inc.** |
| 308826 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.50% Floor) | 7.75% | 09/18/2028 | 303840 |
|  | **TRQ Sales LLC** | **TRQ Sales LLC** | **TRQ Sales LLC** | **TRQ Sales LLC** |
| 200000 | Senior Secured Term Loan (1 mo. Term SOFR + 3.25%) | 7.61% | 08/13/2032 | 200376 |
|  | **Trucordia Insurance Holdings LLC** | **Trucordia Insurance Holdings LLC** | **Trucordia Insurance Holdings LLC** | **Trucordia Insurance Holdings LLC** |
| 655000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%) | 7.57% | 06/17/2032 | 657456 |

---

---

| | | |
|:---|:---|:---|
| **118**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **UKG, Inc.** | **UKG, Inc.** | **UKG, Inc.** | **UKG, Inc.** |
| 1500000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.81% | 02/10/2031 | 1500203 |
|  | **United Airlines, Inc.** | **United Airlines, Inc.** | **United Airlines, Inc.** | **United Airlines, Inc.** |
| 359574 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.00%, 0.00% Floor) | 6.20% | 02/24/2031 | 361148 |
|  | **United Natural Foods, Inc.** | **United Natural Foods, Inc.** | **United Natural Foods, Inc.** | **United Natural Foods, Inc.** |
| 145838 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor) | 9.07% | 05/01/2031 | 146872 |
|  | **United Talent Agency LLC** | **United Talent Agency LLC** | **United Talent Agency LLC** | **United Talent Agency LLC** |
| 138600 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.00% Floor) | 7.65% | 06/10/2032 | 139639 |
|  | **Univision Communications, Inc.** | **Univision Communications, Inc.** | **Univision Communications, Inc.** | **Univision Communications, Inc.** |
| 706227 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor) | 8.55% | 06/25/2029 | 707883 |
|  | **Veritiv Operating Co.** | **Veritiv Operating Co.** | **Veritiv Operating Co.** | **Veritiv Operating Co.** |
| 273219 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.00%, 0.00% Floor) | 8.00% | 11/29/2030 | 270848 |
|  | **Vestis Corp.** | **Vestis Corp.** | **Vestis Corp.** | **Vestis Corp.** |
| 555531 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.45% | 02/24/2031 | 524977 |
|  | **Victory Capital Holdings, Inc.** | **Victory Capital Holdings, Inc.** | **Victory Capital Holdings, Inc.** | **Victory Capital Holdings, Inc.** |
| 170000 | Senior Secured Term Loan (3 mo. Term SOFR + 2.00%) | 6.01% | 09/23/2032 | 169894 |
|  | **Victra Holdings LLC** | **Victra Holdings LLC** | **Victra Holdings LLC** | **Victra Holdings LLC** |
| 848834 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.00% Floor) | 7.75% | 03/29/2029 | 851623 |
|  | **Virgin Media Bristol LLC** | **Virgin Media Bristol LLC** | **Virgin Media Bristol LLC** | **Virgin Media Bristol LLC** |
| 610000 | Senior Secured First Lien Term Loan (6 mo. Term SOFR + 3.28%, 0.00% Floor) | 7.37% | 03/31/2031 | 602375 |
|  | **Virtus Investment Partners, Inc.** | **Virtus Investment Partners, Inc.** | **Virtus Investment Partners, Inc.** | **Virtus Investment Partners, Inc.** |
| 275000 | Senior Secured Term Loan (1 mo. Term SOFR + 2.25%) | 6.39% | 09/27/2032 | 275344 |
|  | **Vizient, Inc.** | **Vizient, Inc.** | **Vizient, Inc.** | **Vizient, Inc.** |
| 302870 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.50% Floor) | 5.91% | 08/01/2031 | 304053 |
|  | **Voyager Parent LLC** | **Voyager Parent LLC** | **Voyager Parent LLC** | **Voyager Parent LLC** |
| 773818 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor) | 8.75% | 07/01/2032 | 776337 |
| 126182 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor) | 8.75% | 07/01/2032 | 126593 |
|  | **VT Topco, Inc.** | **VT Topco, Inc.** | **VT Topco, Inc.** | **VT Topco, Inc.** |
| 321611 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.00%, 0.50% Floor) | 7.16% | 08/09/2030 | 312265 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Wand NewCo 3, Inc.** | **Wand NewCo 3, Inc.** | **Wand NewCo 3, Inc.** | **Wand NewCo 3, Inc.** |
| 1095888 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor) | 6.66% | 01/30/2031 | 1093438 |
|  | **WaterBridge Midstream Operating LLC** | **WaterBridge Midstream Operating LLC** | **WaterBridge Midstream Operating LLC** | **WaterBridge Midstream Operating LLC** |
| 452618 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.01%, 0.00% Floor) | 9.03% | 06/27/2029 | 453779 |
|  | **WEC US Holdings, Inc.** | **WEC US Holdings, Inc.** | **WEC US Holdings, Inc.** | **WEC US Holdings, Inc.** |
| 460350 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.53% | 01/27/2031 | 461020 |
|  | **Whatabrands LLC** | **Whatabrands LLC** | **Whatabrands LLC** | **Whatabrands LLC** |
| 1000800 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.50% Floor) | 6.66% | 08/03/2028 | 1002712 |
|  | **White Cap Supply Holdings LLC** | **White Cap Supply Holdings LLC** | **White Cap Supply Holdings LLC** | **White Cap Supply Holdings LLC** |
| 948236 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.42% | 10/29/2029 | 949502 |
|  | **WhiteWater Matterhorn Holdings LLC** | **WhiteWater Matterhorn Holdings LLC** | **WhiteWater Matterhorn Holdings LLC** | **WhiteWater Matterhorn Holdings LLC** |
| 160000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.25%, 0.00% Floor) | 6.31% | 06/16/2032 | 160100 |
|  | **Wyndham Hotels & Resorts, Inc.** | **Wyndham Hotels & Resorts, Inc.** | **Wyndham Hotels & Resorts, Inc.** | **Wyndham Hotels & Resorts, Inc.** |
| 528313 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 1.75%, 0.00% Floor) | 5.91% | 05/28/2030 | 530671 |
|  | **X Corp.** | **X Corp.** | **X Corp.** | **X Corp.** |
| 780000 | Senior Secured First Lien Term Loan (3 mo. Term SOFR + 6.50%) | 10.96% | 10/29/2029 | 766241 |
|  | **Zayo Group Holdings, Inc.** | **Zayo Group Holdings, Inc.** | **Zayo Group Holdings, Inc.** | **Zayo Group Holdings, Inc.** |
| 194704 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.11%, 0.00% Floor) | 7.43% | 03/09/2027 | 192469 |
| 492526 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.18%, 0.50% Floor) | 8.49% | 03/09/2027 | 494151 |
|  | **Zelis Payments Buyer, Inc.** | **Zelis Payments Buyer, Inc.** | **Zelis Payments Buyer, Inc.** | **Zelis Payments Buyer, Inc.** |
| 745297 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor) | 7.41% | 11/26/2031 | 746229 |
|  | **Ziggo Financing Partnership** | **Ziggo Financing Partnership** | **Ziggo Financing Partnership** | **Ziggo Financing Partnership** |
| 975000 | Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%) | 6.98% | 04/28/2028 | 973611 |
|  | **Total Bank Loans** <br>**(Cost $144,262,152)** | **Total Bank Loans** <br>**(Cost $144,262,152)** |  | **144408073** |
|  **COLLATERALIZED LOAN OBLIGATIONS - 13.6%** | **COLLATERALIZED LOAN OBLIGATIONS - 13.6%** | **COLLATERALIZED LOAN OBLIGATIONS - 13.6%** | **COLLATERALIZED LOAN OBLIGATIONS - 13.6%** | **COLLATERALIZED LOAN OBLIGATIONS - 13.6%** |
|  | **Aimco CDO** | **Aimco CDO** | **Aimco CDO** | **Aimco CDO** |
| 1000000 | Series 2024-21A-D1 (3 mo. Term SOFR + 3.15%, 3.15% Floor) | 7.48%<sup>(a)</sup> | 04/18/2037 | 1012338 |
|  | **Allegro CLO Ltd.** | **Allegro CLO Ltd.** | **Allegro CLO Ltd.** | **Allegro CLO Ltd.** |
| 1800000 | Series 2024-2A-A1 (3 mo. Term SOFR + 1.50%, 1.50% Floor) | 5.82%<sup>(a)</sup> | 07/24/2037 | 1810614 |
|  | **Anthelion CLO** | **Anthelion CLO** | **Anthelion CLO** | **Anthelion CLO** |
| 1000000 | Series 2025-1A-A1 (3 mo. Term SOFR + 1.50%, 1.50% Floor) | 5.82%<sup>(a)</sup> | 07/20/2036 | 1004519 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **119**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Flexible Income Fund (Cont.)**<br>

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
|  | **Apidos CLO** | **Apidos CLO** | **Apidos CLO** |
| 5000000 | Series 2024-1A-A1R (3 mo. Term SOFR + 1.25%, 1.25% Floor)<br> 5.38%<sup>(a)</sup> | 10/25/2038 | 5013964 |
| 500000 | Series 2024-1A-D1R (3 mo. Term SOFR + 2.70%, 2.70% Floor)<br> 6.83%<sup>(a)</sup> | 10/25/2038 | 506073 |
| 3000000 | Series 2025-54A-A1 (3 mo. Term SOFR + 1.30%, 1.30% Floor)<br> 5.47%<sup>(a)</sup> | 10/20/2038 | 3009059 |
|  | **Bain Capital Credit CLO** | **Bain Capital Credit CLO** | **Bain Capital Credit CLO** |
| 1250000 | Series 2021-7A-DR (3 mo. Term SOFR + 2.90%, 2.90% Floor)<br> 7.23%<sup>(a)</sup> | 01/22/2035 | 1266040 |
| 2500000 | Series 2023-2A-A1R (3 mo. Term SOFR + 1.32%, 1.32% Floor)<br> 5.55%<sup>(a)</sup> | 07/18/2038 | 2509780 |
| 1000000 | Series 2025-1A-D1 (3 mo. Term SOFR + 2.50%, 2.50% Floor)<br> 6.80%<sup>(a)</sup> | 04/23/2038 | 1005832 |
| 1000000 | Series 2025-3A-D1 (3 mo. Term SOFR + 2.85%, 2.85% Floor)<br> 7.06%<sup>(a)</sup> | 07/23/2038 | 1009532 |
|  | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** |
| 500000 | Series 2025-42A-D1 (3 mo. Term SOFR + 2.70%, 2.70% Floor)<br> 6.77%<sup>(a)</sup> | 10/25/2038 | 506655 |
|  | **BlueMountain CLO Ltd.** | **BlueMountain CLO Ltd.** | **BlueMountain CLO Ltd.** |
| 3770000 | Series 2013-2A-DR (3 mo. Term SOFR + 3.16%, 0.00% Floor)<br> 7.49%<sup>(a)</sup> | 10/22/2030 | 3785704 |
| 1000000 | Series 2016-3A-DR (3 mo. Term SOFR + 3.36%, 3.10% Floor)<br> 7.57%<sup>(a)</sup> | 11/15/2030 | 1004260 |
| 1000000 | Series 2017-2A-C (3 mo. Term SOFR + 3.26%, 0.00% Floor)<br> 7.59%<sup>(a)</sup> | 10/20/2030 | 1002876 |
| 2500000 | Series 2018-23A-D1R (3 mo. Term SOFR + 3.85%, 3.85% Floor)<br> 8.18%<sup>(a)</sup> | 07/20/2037 | 2544222 |
|  | **Canyon Capital CLO Ltd.** | **Canyon Capital CLO Ltd.** | **Canyon Capital CLO Ltd.** |
| 1000000 | Series 2012-1RA-D (3 mo. Term SOFR + 3.26%, 0.00% Floor)<br> 7.58%<sup>(a)</sup> | 07/15/2030 | 1003214 |
| 2000000 | Series 2014-1A-CR (3 mo. Term SOFR + 3.01%, 2.75% Floor)<br> 7.32%<sup>(a)</sup> | 01/30/2031 | 2012499 |
| 1000000 | Series 2022-1A-D (3 mo. Term SOFR + 3.20%, 3.20% Floor)<br> 7.52%<sup>(a)</sup> | 04/15/2035 | 1003990 |
|  | **Carlyle Global Market Strategies** | **Carlyle Global Market Strategies** | **Carlyle Global Market Strategies** |
| 500000 | Series 2020-2A-CR2 (3 mo. Term SOFR + 2.90%, 2.90% Floor)<br> 7.12%<sup>(a)</sup> | 01/25/2035 | 506039 |
| 5000000 | Series 2021-8A-A1R (3 mo. Term SOFR + 1.27%, 1.27% Floor)<br> 5.25%<sup>(a)</sup> | 10/15/2038 | 5017500 |
| 2000000 | Series 2023-3A-A1R (3 mo. Term SOFR + 1.23%, 1.23% Floor)<br> 0.00%<sup>(a)</sup> | 10/15/2038 | 2000000 |
| 1000000 | Series 2024-2A-D (3 mo. Term SOFR + 3.85%, 3.85% Floor)<br> 8.17%<sup>(a)</sup> | 04/25/2037 | 1011639 |
| 500000 | Series 2024-4A-D (3 mo. Term SOFR + 3.20%, 3.20% Floor)<br> 7.53%<sup>(a)</sup> | 07/20/2037 | 506344 |
|  | **Cathedral Lake CLO Ltd.** | **Cathedral Lake CLO Ltd.** | **Cathedral Lake CLO Ltd.** |
| 3500000 | Series 2021-8A-C (3 mo. Term SOFR + 2.88%, 2.62% Floor)<br> 7.21%<sup>(a)</sup> | 01/20/2035 | 3507280 |
| 3500000 | Series 2021-8A-D1 (3 mo. Term SOFR + 3.68%, 3.42% Floor)<br> 8.01%<sup>(a)</sup> | 01/20/2035 | 3517100 |
|  | **Cent CLO** | **Cent CLO** | **Cent CLO** |
| 500000 | Series 2018-27A-DR (3 mo. Term SOFR + 4.09%, 3.83% Floor)<br> 8.41%<sup>(a)</sup> | 01/25/2035 | 501428 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
|  | **CIFC Funding Ltd.** | **CIFC Funding Ltd.** | **CIFC Funding Ltd.** |
| 1000000 | Series 2019-3A-D1R2 (3 mo. Term SOFR + 2.75%, 2.75% Floor)<br> 7.07%<sup>(a)</sup> | 01/16/2038 | 1012017 |
|  | **Crown City CLO** | **Crown City CLO** | **Crown City CLO** |
| 4000000 | Series 2024-6A-D1 (3 mo. Term SOFR + 3.50%, 3.50% Floor)<br> 7.82%<sup>(a)</sup> | 07/15/2037 | 4068388 |
|  | **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** |
| 3000000 | Series 2015-37A-DR (3 mo. Term SOFR + 2.76%, 2.50% Floor)<br> 7.08%<sup>(a)</sup> | 01/15/2031 | 2996282 |
| 1000000 | Series 2019-68A-DR (3 mo. Term SOFR + 3.61%, 3.35% Floor)<br> 7.93%<sup>(a)</sup> | 07/15/2035 | 1002682 |
|  | **Eldridge CLO Ltd.** | **Eldridge CLO Ltd.** | **Eldridge CLO Ltd.** |
| 500000 | Series 2025-1A-A1 (3 mo. Term SOFR + 1.33%, 1.33% Floor)<br> 0.00%<sup>(a)</sup> | 10/20/2038 | 500000 |
|  | **Empower CLO Ltd.** | **Empower CLO Ltd.** | **Empower CLO Ltd.** |
| 3000000 | Series 2023-2A-AR (3 mo. Term SOFR + 1.32%, 1.32% Floor)<br> 5.61%<sup>(a)</sup> | 10/15/2038 | 3012378 |
|  | **Generali** | **Generali** | **Generali** |
| 500000 | Series 2025-4A-D (3 mo. Term SOFR + 2.80%, 2.80% Floor)<br> 6.77%<sup>(a)</sup> | 10/20/2038 | 506831 |
|  | **Generate CLO Ltd.** | **Generate CLO Ltd.** | **Generate CLO Ltd.** |
| 2000000 | Series 2023-12A-AR (3 mo. Term SOFR + 1.33%, 1.33% Floor)<br> 5.61%<sup>(a)</sup> | 07/20/2038 | 2005264 |
|  | **Goldentree Loan Opportunities Ltd.** | **Goldentree Loan Opportunities Ltd.** | **Goldentree Loan Opportunities Ltd.** |
| 1000000 | Series 2024-20A-D (3 mo. Term SOFR + 3.15%, 3.15% Floor)<br> 7.48%<sup>(a)</sup> | 07/20/2037 | 1011142 |
| 1000000 | Series 2024-21A-D (3 mo. Term SOFR + 3.05%, 3.05% Floor)<br> 7.38%<sup>(a)</sup> | 07/20/2037 | 1011140 |
|  | **Halcyon Loan Advisors Funding Ltd.** | **Halcyon Loan Advisors Funding Ltd.** | **Halcyon Loan Advisors Funding Ltd.** |
| 284266 | Series 2014-2A-D (3 mo. Term SOFR + 5.26%, 0.00% Floor)<br> 9.58%<sup>(a)</sup> | 04/30/2026 | 45483 |
| 500000 | Series 2018-1A-A2 (3 mo. Term SOFR + 2.06%, 1.80% Floor)<br> 6.39%<sup>(a)</sup> | 07/21/2031 | 501040 |
|  | **Highbridge Loan Management Ltd.** | **Highbridge Loan Management Ltd.** | **Highbridge Loan Management Ltd.** |
| 2000000 | Series 2013-2A-CR (3 mo. Term SOFR + 3.16%, 2.90% Floor)<br> 7.49%<sup>(a)</sup> | 10/20/2029 | 2009059 |
|  | **ICG US CLO Ltd.** | **ICG US CLO Ltd.** | **ICG US CLO Ltd.** |
| 2500000 | Series 2023-1A-AR (3 mo. Term SOFR + 1.38%, 1.38% Floor)<br> 5.71%<sup>(a)</sup> | 07/18/2038 | 2513710 |
|  | **ING Investment Management CLO Ltd.** | **ING Investment Management CLO Ltd.** | **ING Investment Management CLO Ltd.** |
| 3900000 | Series 2013-1A-CR (3 mo. Term SOFR + 3.21%, 0.00% Floor)<br> 7.53%<sup>(a)</sup> | 10/15/2030 | 3913007 |
|  | **Invesco CLO Ltd.** | **Invesco CLO Ltd.** | **Invesco CLO Ltd.** |
| 850000 | Series 2021-3A-DR (3 mo. Term SOFR + 3.10%, 3.10% Floor)<br> 7.25%<sup>(a)</sup> | 10/22/2034 | 850000 |
|  | **LCM LP** | **LCM LP** | **LCM LP** |
| 5000000 | Series 26A-D (3 mo. Term SOFR + 2.76%, 2.50% Floor)<br> 7.09%<sup>(a)</sup> | 01/20/2031 | 4995082 |
| 1500000 | Series 27A-D (3 mo. Term SOFR + 3.21%, 0.00% Floor)<br> 7.53%<sup>(a)</sup> | 07/16/2031 | 1504302 |
|  | **LCM XIII LP** | **LCM XIII LP** | **LCM XIII LP** |
| 3175000 | Series 14A-DR (3 mo. Term SOFR + 3.01%, 0.00% Floor)<br> 7.34%<sup>(a)</sup> | 07/20/2031 | 3240322 |

---

---

| | | |
|:---|:---|:---|
| **120**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
|  | **Lodi Park CLO Ltd.** | **Lodi Park CLO Ltd.** | **Lodi Park CLO Ltd.** |
| 500000 | Series 2024-1A-D1 (3 mo. Term SOFR + 3.00%, 3.00% Floor)<br> 7.33%<sup>(a)</sup> | 07/21/2037 | 505502 |
|  | **Magnetite CLO Ltd.** | **Magnetite CLO Ltd.** | **Magnetite CLO Ltd.** |
| 1750000 | Series 2019-23A-DR (3 mo. Term SOFR + 3.31%, 3.05% Floor)<br> 7.63%<sup>(a)</sup> | 01/25/2035 | 1759479 |
|  | **Marble Point CLO** | **Marble Point CLO** | **Marble Point CLO** |
| 5000000 | Series 2020-3A-AR2 (3 mo. Term SOFR + 1.30%, 1.30% Floor)<br> 5.44%<sup>(a)</sup> | 10/19/2038 | 5017598 |
| 3500000 | Series 2021-3A-D1 (3 mo. Term SOFR + 3.76%, 3.50% Floor)<br> 8.08%<sup>(a)</sup> | 10/17/2034 | 3515624 |
|  | **Menlo CLO Ltd.** | **Menlo CLO Ltd.** | **Menlo CLO Ltd.** |
| 5000000 | Series 2024-1A-A1 (3 mo. Term SOFR + 1.42%, 1.42% Floor)<br> 5.75%<sup>(a)</sup> | 01/20/2038 | 5025697 |
|  | **Neuberger Berman CLO Ltd.** | **Neuberger Berman CLO Ltd.** | **Neuberger Berman CLO Ltd.** |
| 1000000 | Series 2014-17A-AR3 (3 mo. Term SOFR + 1.40%, 1.40% Floor)<br> 5.73%<sup>(a)</sup> | 07/22/2038 | 1003722 |
| 1000000 | Series 2021-44A-DR (3 mo. Term SOFR + 2.65%, 2.65% Floor)<br> 6.97%<sup>(a)</sup> | 10/16/2035 | 1006231 |
|  | **OCP CLO Ltd.** | **OCP CLO Ltd.** | **OCP CLO Ltd.** |
| 2250000 | Series 2021-21A-D1R (3 mo. Term SOFR + 2.65%, 2.65% Floor)<br> 6.98%<sup>(a)</sup> | 01/20/2038 | 2261095 |
|  | **Octagon Credit Investors LLC** | **Octagon Credit Investors LLC** | **Octagon Credit Investors LLC** |
| 10000000 | Series 2025-1A-A1 (3 mo. Term SOFR + 1.20%, 1.20% Floor)<br> 5.53%<sup>(a)</sup> | 01/22/2038 | 10014846 |
|  | **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** |
| 500000 | Series 2019-1A-ER (3 mo. Term SOFR + 7.26%, 7.00% Floor)<br> 11.59%<sup>(a)</sup> | 01/20/2035 | 489086 |
| 1000000 | Series 2020-2A-DR (3 mo. Term SOFR + 3.56%, 3.30% Floor)<br> 7.88%<sup>(a)</sup> | 07/15/2036 | 1002007 |
|  | **Palmer Square CLO Ltd.** | **Palmer Square CLO Ltd.** | **Palmer Square CLO Ltd.** |
| 3000000 | Series 2021-3A-A1R (3 mo. Term SOFR + 1.29%, 1.29% Floor)<br> 5.59%<sup>(a)</sup> | 10/15/2038 | 3013036 |
|  | **Park Avenue Institutional Advisers CLO Ltd.** | **Park Avenue Institutional Advisers CLO Ltd.** | **Park Avenue Institutional Advisers CLO Ltd.** |
| 500000 | Series 2021-2A-D (3 mo. Term SOFR + 3.66%, 3.40% Floor)<br> 7.98%<sup>(a)</sup> | 07/15/2034 | 502475 |
|  | **Peace Park CLO Ltd.** | **Peace Park CLO Ltd.** | **Peace Park CLO Ltd.** |
| 2000000 | Series 2021-1A-AR (3 mo. Term SOFR + 1.25%, 1.25% Floor)<br> 5.41%<sup>(a)</sup> | 10/20/2038 | 2006708 |
|  | **Rockland Park CLO Ltd.** | **Rockland Park CLO Ltd.** | **Rockland Park CLO Ltd.** |
| 5000000 | Series 2021-1A-A1R (3 mo. Term SOFR + 1.30%, 1.30% Floor)<br> 5.59%<sup>(a)</sup> | 07/20/2038 | 5019500 |
|  | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
| 2000000 | Series 2015-2A-DRRR (3 mo. Term SOFR + 4.76%, 4.50% Floor)<br> 9.09%<sup>(a)</sup> | 07/20/2032 | 1919574 |
| 500000 | Series 2017-4A-C (3 mo. Term SOFR + 2.76%, 0.00% Floor)<br> 7.09%<sup>(a)</sup> | 01/21/2031 | 498027 |
| 6000000 | Series 2019-2A-DR (3 mo. Term SOFR + 3.56%, 3.30% Floor)<br> 7.88%<sup>(a)</sup> | 07/15/2034 | 5881680 |
| 1000000 | Series 2019-3A-DR (3 mo. Term SOFR + 3.76%, 3.76% Floor)<br> 8.08%<sup>(a)</sup> | 10/25/2034 | 952613 |
| 1000000 | Series 2020-1A-DR (3 mo. Term SOFR + 3.61%, 3.61% Floor)<br> 7.94%<sup>(a)</sup> | 07/20/2034 | 1000554 |
| 5000000 | Series 2020-2A-DR (3 mo. Term SOFR + 3.61%, 3.35% Floor)<br> 7.93%<sup>(a)</sup> | 10/25/2034 | 4988269 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 7500000 | Series 2021-4A-A (3 mo. Term SOFR + 1.41%, 1.41% Floor) | 5.73%<sup>(a)</sup> | 10/25/2034 | 7512953 |
| 3375000 | Series 2021-4A-D (3 mo. Term SOFR + 3.66%, 3.66% Floor) | 7.98%<sup>(a)</sup> | 10/25/2034 | 3306584 |
|  | **Storm King Park CLO Ltd.** | **Storm King Park CLO Ltd.** | **Storm King Park CLO Ltd.** | **Storm King Park CLO Ltd.** |
| 4000000 | Series 2022-1A-AR (3 mo. Term SOFR + 1.36%, 1.36% Floor) | 5.68%<sup>(a)</sup> | 10/15/2037 | 4014674 |
|  | **Symphony CLO Ltd.** | **Symphony CLO Ltd.** | **Symphony CLO Ltd.** | **Symphony CLO Ltd.** |
| 1500000 | Series 2015-16A-DR (3 mo. Term SOFR + 3.31%, 3.05% Floor) | 7.63%<sup>(a)</sup> | 10/15/2031 | 1506556 |
|  | **TIAA CLO Ltd.** | **TIAA CLO Ltd.** | **TIAA CLO Ltd.** | **TIAA CLO Ltd.** |
| 1500000 | Series 2017-2A-B (3 mo. Term SOFR + 1.76%, 0.00% Floor) | 6.08%<sup>(a)</sup> | 01/16/2031 | 1500435 |
|  | **Upland CLO** | **Upland CLO** | **Upland CLO** | **Upland CLO** |
| 500000 | Series 2016-1A-CR (3 mo. Term SOFR + 3.16%, 0.00% Floor) | 7.49%<sup>(a)</sup> | 04/20/2031 | 499341 |
|  | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** |
| 500000 | Series 2015-3A-A2RR (3 mo. Term SOFR + 2.11%, 0.26% Floor) | 6.44%<sup>(a)</sup> | 10/20/2031 | 501650 |
| 2000000 | Series 2024-4RA-A1A (3 mo. Term SOFR + 1.43%, 1.43% Floor) | 5.76%<sup>(a)</sup> | 10/20/2037 | 2008768 |
|  | **Voya CLO Ltd.** | **Voya CLO Ltd.** | **Voya CLO Ltd.** | **Voya CLO Ltd.** |
| 1200000 | Series 2021-1A-DR (3 mo. Term SOFR + 2.80%, 2.80% Floor) | 7.12%<sup>(a)</sup> | 07/15/2034 | 1206428 |
|  | **Warwick Capital CLO Ltd.** | **Warwick Capital CLO Ltd.** | **Warwick Capital CLO Ltd.** | **Warwick Capital CLO Ltd.** |
| 5000000 | Series 2023-1A-AR (3 mo. Term SOFR + 1.28%, 1.28% Floor) | 5.25%<sup>(a)</sup> | 10/20/2038 | 5000000 |
|  | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** |
| 2000000 | Series 2019-1A-CRR (3 mo. Term SOFR + 2.80%, 2.80% Floor) | 6.94%<sup>(a)</sup> | 07/20/2032 | 2021987 |
|  | **Wind River CLO Ltd.** | **Wind River CLO Ltd.** | **Wind River CLO Ltd.** | **Wind River CLO Ltd.** |
| 2000000 | Series 2013-2A-E1R (3 mo. Term SOFR + 7.01%, 0.00% Floor) | 11.34%<sup>(a)</sup> | 10/18/2030 | 2000100 |
| 4000000 | Series 2014-2A-DR (3 mo. Term SOFR + 3.16%, 2.90% Floor) | 7.48%<sup>(a)</sup> | 01/15/2031 | 4021136 |
| 2000000 | Series 2014-2A-ER (3 mo. Term SOFR + 6.01%, 5.75% Floor) | 10.33%<sup>(a)</sup> | 01/15/2031 | 1855583 |
| 1500000 | Series 2014-3A-DR2 (3 mo. Term SOFR + 3.66%, 3.40% Floor) | 7.99%<sup>(a)</sup> | 10/22/2031 | 1505324 |
| 2000000 | Series 2017-1A-DR (3 mo. Term SOFR + 3.98%, 3.72% Floor) | 8.31%<sup>(a)</sup> | 04/18/2036 | 2005431 |
| 1500000 | Series 2018-1A-D (3 mo. Term SOFR + 3.16%, 0.00% Floor) | 7.48%<sup>(a)</sup> | 07/15/2030 | 1508577 |
| 1000000 | Series 2021-3A-D1AR (3 mo. Term SOFR + 3.00%, 3.00% Floor) | 7.33%<sup>(a)</sup> | 04/20/2038 | 1012633 |
| 1000000 | Series 2021-4A-D (3 mo. Term SOFR + 3.46%, 3.20% Floor) | 7.79%<sup>(a)</sup> | 01/20/2035 | 1000218 |
|  | **Total Collateralized Loan Obligations** <br>**(Cost $185,439,733)** | **Total Collateralized Loan Obligations** <br>**(Cost $185,439,733)** |  | **185648331** |
|  **FOREIGN CORPORATE BONDS - 4.4%** | **FOREIGN CORPORATE BONDS - 4.4%** | **FOREIGN CORPORATE BONDS - 4.4%** | **FOREIGN CORPORATE BONDS - 4.4%** | **FOREIGN CORPORATE BONDS - 4.4%** |
| 972614 | Acu Petroleo Luxembourg Sarl | 7.50% | 01/13/2032 | 987906 |
| 649000 | Adani Electricity Mumbai Ltd. | 3.95% | 02/12/2030 | 612378 |
| 400000 | Adani Electricity Mumbai Ltd. | 3.87% | 07/22/2031 | 367551 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **121**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Flexible Income Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1024000 | Adani International Container Terminal Pvt Ltd. | 3.00% | 02/16/2031 | 942888 |
| 600000 | Adani Ports & Special Economic Zone Ltd. | 4.38% | 07/03/2029 | 586565 |
| 700000 | Adani Ports & Special Economic Zone Ltd. | 3.10% | 02/02/2031 | 623790 |
| 417500 | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharash | 4.63% | 10/15/2039 | 355855 |
| 500000 | Adani Transmission Step-One Ltd. | 4.00% | 08/03/2026 | 495705 |
| 556000 | Adani Transmission Step-One Ltd. | 4.25% | 05/21/2036 | 505399 |
| 200000 | Agrosuper SA | 4.60% | 01/20/2032 | 193800 |
| 324999 | AL Candelaria Spain SA | 7.50% | 12/15/2028 | 330688 |
| 500000 | AL Candelaria Spain SA | 5.75%<sup>(a)</sup> | 06/15/2033 | 454785 |
| 500000 | AL Candelaria Spain SA | 5.75% | 06/15/2033 | 454785 |
| 255000 | Altice France SA | 5.50%<sup>(a)</sup> | 10/15/2029 | 221834 |
| 1600000 | AngloGold Ashanti Holdings PLC | 3.38% | 11/01/2028 | 1548612 |
| 215000 | Ardonagh Finco Ltd. | 7.75%<sup>(a)</sup> | 02/15/2031 | 225141 |
| 400000 | Aris Mining Corp. | 8.00%<sup>(a)</sup> | 10/31/2029 | 416186 |
| 900000 | Banco Continental SAECA | 2.75% | 12/10/2025 | 897165 |
| 400000 | Banco Davivienda SA (10 yr. CMT Rate + 5.10%) | 6.65%<sup>(a)(f)</sup> | 04/22/2031 | 372176 |
| 600000 | Banco Davivienda SA (5 yr. CMT Rate + 4.59%) | 8.13%<sup>(a)</sup> | 07/02/2035 | 623425 |
| 800000 | Banco de Bogota SA | 6.25% | 05/12/2026 | 810318 |
| 1400000 | Banco de Credito del Peru SA (5 yr. CMT Rate + 2.45%) | 3.25% | 09/30/2031 | 1377715 |
| 300000 | Banco GNB Sudameris SA (5 yr. CMT Rate + 6.66%) | 7.50% | 04/16/2031 | 299427 |
| 900000 | Banco Industrial SA/Guatemala (5 yr. CMT Rate + 4.44%) | 4.88% | 01/29/2031 | 898650 |
| 400000 | Banco Internacional del Peru SAA Interbank (5 yr. CMT Rate + 2.07%) | 6.40%<sup>(a)</sup> | 04/30/2035 | 413300 |
| 200000 | Banco Mercantil del Norte SA/Grand Cayman (10 yr. CMT Rate + 5.47%) | 7.50%<sup>(f)</sup> | 06/27/2029 | 204596 |
| 700000 | Banco Mercantil del Norte SA/Grand Cayman (5 yr. CMT Rate + 4.07%) | 8.38%<sup>(a)(f)</sup> | 05/20/2031 | 737940 |
| 200000 | Bancolombia SA (5 yr. CMT Rate + 4.32%) | 8.63% | 12/24/2034 | 216155 |
| 900000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX (5 yr. CMT Rate + 4.21%) | 8.13% | 01/08/2039 | 981896 |
| 330000 | Belron UK Finance PLC | 5.75%<sup>(a)</sup> | 10/15/2029 | 334600 |
| 400000 | Braskem Idesa SAPI | 6.99% | 02/20/2032 | 237767 |
| 500000 | Braskem Netherlands Finance BV | 4.50% | 01/31/2030 | 188805 |
| 198982 | Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy | 7.88%<sup>(a)</sup> | 02/15/2039 | 215345 |
| 600000 | Canacol Energy Ltd. | 5.75% | 11/24/2028 | 207750 |
| 600000 | CAP SA | 3.90%<sup>(a)</sup> | 04/27/2031 | 493636 |
| 900000 | CAP SA | 3.90% | 04/27/2031 | 740454 |
| 1800000 | Cemex SAB de CV (5 yr. CMT Rate + 4.53%) | 5.13%<sup>(f)</sup> | 06/08/2026 | 1793816 |
| 200000 | Cemex SAB de CV (5 yr. CMT Rate + 3.52%) | 7.20%<sup>(a)(f)</sup> | 06/10/2030 | 209350 |
| 800000 | Cencosud SA | 4.38% | 07/17/2027 | 801483 |
| 1150377 | Chile Electricity PEC SpA | 0.00%<sup>(a)</sup> | 01/25/2028 | 1039653 |
| 454800 | Cometa Energia SAB de CV | 6.38% | 04/24/2035 | 475686 |
| 200000 | Cosan Luxembourg SA | 5.50% | 09/20/2029 | 197548 |
| 900000 | Cosan Overseas Ltd. | 8.25%<sup>(f)</sup> | 12/29/2049 | 904095 |
| 600000 | CSN Resources SA | 5.88% | 04/08/2032 | 510574 |
| 1700000 | DBS Group Holdings Ltd. (5 yr. CMT Rate + 1.10%) | 1.82% | 03/10/2031 | 1680482 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 165105 | Digicel Group Holdings Ltd. | 0.00%<sup>(a)(e)</sup> | 12/31/2030 | 7478 |
| 339480 | Digicel Group Holdings Ltd. | 0.00%<sup>(a)(e)</sup> | 12/31/2030 | 2191 |
| 312750 | Empresa Electrica Angamos SA | 4.88% | 05/25/2029 | 284754 |
| 372360 | Empresa Electrica Cochrane SpA | 5.50% | 05/14/2027 | 368990 |
| 800000 | Empresas Publicas de Medellin ESP | 4.38% | 02/15/2031 | 746955 |
| 200000 | EQUATE Petrochemical Co. KSC | 4.25% | 11/03/2026 | 199645 |
| 523011 | Fermaca Enterprises S de RL de CV | 6.38% | 03/30/2038 | 530890 |
| 321800 | Fideicomiso PA Pacifico Tres | 8.25% | 01/15/2035 | 339982 |
| 900000 | Freeport Indonesia PT | 4.76% | 04/14/2027 | 906372 |
| 400000 | Frigorifico Concepcion SA | 7.70% | 07/21/2028 | 297340 |
| 300000 | Froneri Lux FinCo SARL | 6.00%<sup>(a)</sup> | 08/01/2032 | 300723 |
| 529944 | Galaxy Pipeline Assets Bidco Ltd. | 2.94% | 09/30/2040 | 450937 |
| 230000 | Garda World Security Corp. | 4.63%<sup>(a)</sup> | 02/15/2027 | 228462 |
| 285000 | Garda World Security Corp. | 8.25%<sup>(a)</sup> | 08/01/2032 | 295688 |
| 220000 | GGAM Finance Ltd. | 6.88%<sup>(a)</sup> | 04/15/2029 | 228693 |
| 825000 | Global Aircraft Leasing Co. Ltd. | 8.75%<sup>(a)</sup> | 09/01/2027 | 853370 |
| 235400 | GNL Quintero SA | 4.63% | 07/31/2029 | 235913 |
| 700000 | Gold Fields Orogen Holdings BVI Ltd. | 6.13% | 05/15/2029 | 734175 |
| 250000 | Grifols SA | 4.75%<sup>(a)</sup> | 10/15/2028 | 243071 |
| 153658 | Guara Norte Sarl | 5.20% | 06/15/2034 | 150624 |
| 365000 | Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC | 9.00%<sup>(a)</sup> | 02/15/2029 | 381951 |
| 1100000 | InRetail Consumer | 3.25% | 03/22/2028 | 1070568 |
| 700000 | InRetail Shopping Malls | 5.75% | 04/03/2028 | 702892 |
| 800000 | Intercorp Financial Services, Inc. | 4.13% | 10/19/2027 | 796199 |
| 35079 | Invepar Holdings | 0.00%<sup>(d)(e)</sup> | 12/30/2028 |  |
| 200000 | Inversiones CMPC SA (5 yr. CMT Rate + 2.83%) | 6.70%<sup>(a)</sup> | 12/09/2057 | 204800 |
| 400000 | Itaú Unibanco Holding SA/Cayman Island (5 yr. CMT Rate + 3.45%) | 3.88% | 04/15/2031 | 396440 |
| 1420000 | JSW Hydro Energy Ltd. | 4.13% | 05/18/2031 | 1346288 |
| 400000 | JSW Infrastructure Ltd. | 4.95% | 01/21/2029 | 401985 |
| 856940 | Lima Metro Line 2 Finance Ltd. | 4.35% | 04/05/2036 | 829934 |
| 245000 | Mattamy Group Corp. | 4.63%<sup>(a)</sup> | 03/01/2030 | 236692 |
| 200000 | Medco Laurel Tree Pte Ltd. | 6.95% | 11/12/2028 | 200747 |
| 335000 | Merlin Entertainments Group US Holdings, Inc. | 7.38%<sup>(a)</sup> | 02/15/2031 | 288968 |
| 600000 | Mexarrend SAPI de CV | 10.25%<sup>(a)(d)</sup> | 07/24/2026 | 4500 |
| 603449 | Mexico Generadora de Energia S de RL | 5.50% | 12/06/2032 | 616675 |
| 180000 | Millicom International Cellular SA | 5.13% | 01/15/2028 | 179527 |
| 1170000 | Millicom International Cellular SA | 6.25% | 03/25/2029 | 1181653 |
| 250000 | Minerva Luxembourg SA | 5.88% | 01/19/2028 | 250315 |
| 400000 | Minerva Luxembourg SA | 8.88% | 09/13/2033 | 439518 |
| 700000 | Minsur SA | 4.50% | 10/28/2031 | 671606 |
| 677601 | Mong Duong Finance Holdings BV | 5.13% | 05/07/2029 | 671030 |
| 200000 | Movida Europe SA | 7.85%<sup>(a)</sup> | 04/11/2029 | 191260 |
| 1244944 | MV24 Capital BV | 6.75% | 06/01/2034 | 1236799 |
| 500000 | NBM US Holdings, Inc. | 6.63% | 08/06/2029 | 507231 |
| 300000 | Nexa Resources SA | 6.50% | 01/18/2028 | 308411 |
| 250000 | Nissan Motor Co. Ltd. | 4.35%<sup>(a)</sup> | 09/17/2027 | 245472 |
| 235000 | Ontario Gaming GTA LP/OTG Co.-Issuer, Inc. | 8.00%<sup>(a)</sup> | 08/01/2030 | 233688 |
| 310000 | Opal Bidco SAS | 6.50%<sup>(a)</sup> | 03/31/2032 | 317944 |
| 900000 | Oversea-Chinese Banking Corp. Ltd. (5 yr. CMT Rate + 1.58%) | 4.60% | 06/15/2032 | 903519 |
| 200000 | Periama Holdings | 5.95% | 04/19/2026 | 200784 |
| 600080 | Peru LNG Srl | 5.38% | 03/22/2030 | 576310 |
| 1215779 | Prumo Participacoes e Investimentos S/A | 7.50% | 12/31/2031 | 1241460 |
| 500000 | Raizen Fuels Finance SA | 5.70% | 01/17/2035 | 460925 |

---

---

| | | |
|:---|:---|:---|
| **122**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 500000 | Reliance Industries Ltd. | 3.67% | 11/30/2027 | 494618 |
| 1173333 | Rutas 2 & 7 Finance Ltd. | 0.00% | 09/30/2036 | 895458 |
| 200000 | Saavi Energia Sarl | 8.88%<sup>(a)</sup> | 02/10/2035 | 215490 |
| 400000 | SAN Miguel Industrias Pet SA / NG PET R&P Latin America SA | 3.75% | 08/02/2028 | 382794 |
| 200000 | Scotiabank Peru SAA (1 yr. CMT Rate + 2.31%) | 6.10%<sup>(a)</sup> | 10/01/2035 | 208388 |
| 320000 | Seaspan Corp. | 5.50%<sup>(a)</sup> | 08/01/2029 | 308837 |
| 600000 | Simpar Europe SA | 5.20% | 01/26/2031 | 500520 |
| 95000 | Telefonica Celular del Paraguay SA | 5.88% | 04/15/2027 | 94714 |
| 200000 | Termocandelaria Power SA | 7.75%<sup>(a)</sup> | 09/17/2031 | 210081 |
| 760751 | Tierra Mojada Luxembourg II Sarl | 5.75% | 12/01/2040 | 749625 |
| 200000 | TK Elevator US Newco, Inc. | 5.25%<sup>(a)</sup> | 07/15/2027 | 199446 |
| 200000 | Trivium Packaging Finance BV | 8.25%<sup>(a)</sup> | 07/15/2030 | 213520 |
| 200000 | Ultrapar International SA | 5.25% | 10/06/2026 | 199648 |
| 62116 | Unigel Luxembourg SA (13.50% Cash or 15.00% PIK) | 13.50% | 12/31/2027 | 47830 |
| 44227 | Unigel Luxembourg SA (13.50% Cash or 15.00% PIK) | 13.50%<sup>(a)</sup> | 12/31/2027 | 34055 |
| 215779 | Unigel Luxembourg SA (11.00% Cash or 12.00% PIK) | 11.00% | 12/31/2028 | 39919 |
| 50179 | Unigel Luxembourg SA (11.00% Cash or 12.00% PIK) | 11.00%<sup>(a)</sup> | 12/31/2028 | 9283 |
| 262805 | Unigel Netherlands Holding Corp. BV (15.00% Cash or 15.00% PIK) | 15.00% | 12/31/2044 | 7884 |
| 1000000 | United Overseas Bank Ltd. (5 yr. CMT Rate + 1.52%) | 1.75% | 03/16/2031 | 987984 |
| 700000 | United Overseas Bank Ltd. (5 yr. CMT Rate + 1.23%) | 2.00% | 10/14/2031 | 682941 |
| 225000 | Vallourec SACA | 7.50%<sup>(a)</sup> | 04/15/2032 | 240011 |
| 500000 | Vamos Europe SA | 9.20%<sup>(a)</sup> | 01/26/2031 | 496125 |
| 200000 | Wipro IT Services LLC | 1.50% | 06/23/2026 | 195967 |
| 300000 | Yinson Bergenia Production BV | 8.50%<sup>(a)</sup> | 01/31/2045 | 322349 |
|  | **Total Foreign Corporate Bonds** <br>**(Cost $59,812,934)** | **Total Foreign Corporate Bonds** <br>**(Cost $59,812,934)** |  | **59627506** |
|  **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 1.6%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 1.6%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 1.6%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 1.6%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 1.6%** |
| 1800000 | Banco do Brasil SA/Cayman (10 yr. CMT Rate + 4.40%) | 8.75%<sup>(f)</sup> | 10/15/2025 | 1806165 |
| 200000 | Banco Nacional de Comercio Exterior SNC/Cayman Islands | 5.88%<sup>(a)</sup> | 05/07/2030 | 207642 |
| 400000 | Bank Negara Indonesia Persero Tbk PT | 3.75% | 03/30/2026 | 397266 |
| 1308197 | Bioceanico Sovereign Certificate Ltd. | 0.00% | 06/05/2034 | 1073048 |
| 1200000 | BPRL International Singapore Pte Ltd. | 4.38% | 01/18/2027 | 1199787 |
| 400000 | Chile Electricity Lux Mpc II Sarl | 5.67%<sup>(a)</sup> | 10/20/2035 | 412999 |
| 179000 | Chile Electricity Lux MPC Sarl | 6.01% | 01/20/2033 | 188313 |
| 2000000 | Colombia Government International Bond | 4.13% | 05/15/2051 | 1305100 |
| 400000 | Comision Federal de Electricidad | 6.45%<sup>(a)</sup> | 01/24/2035 | 408196 |
| 1350000 | Dominican Republic International Bond | 5.50% | 02/22/2029 | 1380712 |
| 200000 | Dominican Republic International Bond | 4.50% | 01/30/2030 | 196420 |
| 1500000 | Ecopetrol SA | 5.88% | 11/02/2051 | 1112253 |
| 693355 | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | 7.25%<sup>(a)</sup> | 01/31/2041 | 741474 |
| 300000 | Guatemala Government Bond | 4.50% | 05/03/2026 | 299250 |
| 400000 | Guatemala Government Bond | 4.38% | 06/05/2027 | 398000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 200000 | Guatemala Government Bond | 4.88% | 02/13/2028 | 200835 |
| 400000 | Guatemala Government Bond | 5.25% | 08/10/2029 | 404300 |
| 300000 | Guatemala Government Bond | 5.38% | 04/24/2032 | 302550 |
| 545289 | Lima Metro Line 2 Finance Ltd. | 5.88% | 07/05/2034 | 563257 |
| 650000 | Mexico Government International Bond | 4.50% | 04/22/2029 | 651008 |
| 1400000 | Mexico Government International Bond | 6.34% | 05/04/2053 | 1364650 |
| 500000 | Morocco Government International Bond | 2.38% | 12/15/2027 | 479640 |
| 200000 | Morocco Government International Bond | 5.95% | 03/08/2028 | 207594 |
| 400000 | Morocco Government International Bond | 3.00% | 12/15/2032 | 354324 |
| 200000 | Morocco Government International Bond | 4.00% | 12/15/2050 | 147219 |
| 200000 | OCP SA | 4.50% | 10/22/2025 | 200174 |
| 1000000 | OCP SA | 6.75% | 05/02/2034 | 1088230 |
| 700000 | ONGC Videsh Vankorneft Pte Ltd. | 3.75% | 07/27/2026 | 696504 |
| 543000 | Paraguay Government International Bond | 4.70% | 03/27/2027 | 548392 |
| 1200000 | Pertamina Persero PT | 1.40% | 02/09/2026 | 1186182 |
| 1000000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 4.13% | 05/15/2027 | 997109 |
| 600000 | Petrobras Global Finance BV | 5.13% | 09/10/2030 | 593754 |
| 500000 | Petroleos Mexicanos | 6.75% | 09/21/2047 | 412965 |
|  | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $22,128,390)** | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $22,128,390)** |  | **21525312** |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 10.7%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 10.7%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 10.7%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 10.7%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 10.7%** |
|  | **1345 Trust** | **1345 Trust** | **1345 Trust** | **1345 Trust** |
| 1050000 | Series 2025-AOA-A (1 mo. Term SOFR + 1.60%, 1.60% Floor) | 5.75%<sup>(a)</sup> | 06/15/2042 | 1054280 |
|  | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** |
| 10194000 | Series 2021-MF3-XD | 1.29%<sup>(a)(g)(h)</sup> | 10/15/2054 | 619227 |
|  | **Arbor Realty Trust, Inc.** | **Arbor Realty Trust, Inc.** | **Arbor Realty Trust, Inc.** | **Arbor Realty Trust, Inc.** |
| 14889197 | Series 2020-MF1-XA | 1.05%<sup>(a)(g)(h)</sup> | 05/15/2053 | 506364 |
|  | **ARDN Mortgage Trust** | **ARDN Mortgage Trust** | **ARDN Mortgage Trust** | **ARDN Mortgage Trust** |
| 1060000 | Series 2025-ARCP-E (1 mo. Term SOFR + 4.50%, 4.50% Floor) | 8.65%<sup>(a)</sup> | 06/15/2035 | 1062564 |
|  | **AREIT Trust** | **AREIT Trust** | **AREIT Trust** | **AREIT Trust** |
| 1690000 | Series 2025-CRE10-D (1 mo. Term SOFR + 2.79%, 2.79% Floor) | 6.93%<sup>(a)</sup> | 01/17/2030 | 1680002 |
|  | **BANK** | **BANK** | **BANK** | **BANK** |
| 8631944 | Series 2017-BNK5-XA | 1.08%<sup>(g)(h)</sup> | 06/15/2060 | 115772 |
| 57000864 | Series 2018-BN11-XA | 0.59%<sup>(g)(h)</sup> | 03/15/2061 | 608262 |
|  | **BANK5 Trust** | **BANK5 Trust** | **BANK5 Trust** | **BANK5 Trust** |
| 2034000 | Series 2024-5YR10-C | 5.74%<sup>(g)</sup> | 10/15/2057 | 2020808 |
| 760000 | Series 2025-5YR15-D | 4.00%<sup>(a)</sup> | 07/15/2058 | 664624 |
| 12997473 | Series 2025-5YR15-XA | 1.44%<sup>(g)(h)</sup> | 07/15/2058 | 654589 |
| 25178002 | Series 2025-5YR16-XA | 1.28%<sup>(g)(h)</sup> | 08/15/2063 | 1151969 |
| 288000 | Series 2025-5YR17-C | 5.89%<sup>(g)</sup> | 11/15/2058 | 288964 |
| 45926000 | Series 2025-5YR17-XA | 1.40%<sup>(g)(h)</sup> | 11/15/2058 | 2343172 |
|  | **BBCMS Trust** | **BBCMS Trust** | **BBCMS Trust** | **BBCMS Trust** |
| 1675000 | Series 2019-BWAY-E (1 mo. Term SOFR + 2.96%, 2.85% Floor) | 7.11%<sup>(a)</sup> | 11/15/2034 | 17588 |
| 809000 | Series 2023-C19-B | 6.54%<sup>(g)</sup> | 04/15/2056 | 829634 |
| 1104000 | Series 2024-5C29-C | 5.51% | 09/15/2057 | 1097852 |
| 21364562 | Series 2025-5C36-XA | 1.29%<sup>(g)(h)</sup> | 08/15/2058 | 973096 |
| 25810000 | Series 2025-5C37-XA | 1.66%<sup>(a)(g)(h)</sup> | 09/15/2058 | 1805394 |
| 13773000 | Series 2025-C32-XD | 2.54%<sup>(a)(g)(h)</sup> | 02/15/2062 | 2305485 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **123**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Flexible Income Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** |
| 875000 | Series 2021-FL10-A (1 mo. Term SOFR + 1.46%, 1.46% Floor) | 5.60%<sup>(a)</sup> | 12/16/2036 | 878186 |
| 1600000 | Series 2022-FL11-B (1 mo. Term SOFR + 2.35%, 2.35% Floor) | 6.48%<sup>(a)</sup> | 03/19/2039 | 1607496 |
| 1650000 | Series 2024-FL13-B (1 mo. Term SOFR + 2.24%, 2.24% Floor) | 6.37%<sup>(a)</sup> | 09/19/2039 | 1655161 |
| 2250000 | Series 2025-FL15-D (1 mo. Term SOFR + 2.40%, 2.40% Floor) | 6.53%<sup>(a)</sup> | 03/19/2043 | 2259779 |
|  | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** |
| 58166 | Series 2020-B19-A2 | 1.69% | 09/15/2053 | 58021 |
| 5694628 | Series 2020-B22-XA | 1.61%<sup>(g)(h)</sup> | 01/15/2054 | 356580 |
| 56157006 | Series 2022-B32-XA | 0.56%<sup>(a)(g)(h)</sup> | 01/15/2055 | 788759 |
| 1627000 | Series 2024-V9-C | 6.45%<sup>(g)</sup> | 08/15/2057 | 1668217 |
| 4663916 | Series 2025-V15-XA | 1.35%<sup>(g)(h)</sup> | 06/15/2058 | 214925 |
| 1500000 | Series 2025-V16-AS | 5.86%<sup>(g)</sup> | 08/15/2058 | 1563330 |
| 29949437 | Series 2025-V16-XA | 1.17%<sup>(g)(h)</sup> | 08/15/2058 | 1209921 |
| 23890000 | Series 2025-V17-XA | 1.51%<sup>(g)(h)</sup> | 09/15/2058 | 1550129 |
|  | **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** |
| 921232 | Series 2021-FL4-A (1 mo. Term SOFR + 1.16%, 1.05% Floor) | 5.31%<sup>(a)</sup> | 05/15/2038 | 919919 |
|  | **BLP Commercial Mortgage Trust** | **BLP Commercial Mortgage Trust** | **BLP Commercial Mortgage Trust** | **BLP Commercial Mortgage Trust** |
| 711621 | Series 2024-IND2-D (1 mo. Term SOFR + 2.59%, 2.59% Floor) | 6.74%<sup>(a)</sup> | 03/15/2041 | 712150 |
|  | **BMO Mortgage Trust** | **BMO Mortgage Trust** | **BMO Mortgage Trust** | **BMO Mortgage Trust** |
| 1700000 | Series 2024-5C6-C | 5.88%<sup>(g)</sup> | 09/15/2057 | 1706978 |
| 3457000 | Series 2024-C10-XD | 1.80%<sup>(a)(g)(h)</sup> | 11/15/2057 | 401776 |
| 1125000 | Series 2025-5C10-C | 6.49%<sup>(g)</sup> | 05/15/2058 | 1155416 |
|  | **BPR Trust** | **BPR Trust** | **BPR Trust** | **BPR Trust** |
| 1300000 | Series 2021-TY-D (1 mo. Term SOFR + 2.46%, 2.35% Floor) | 6.62%<sup>(a)</sup> | 09/15/2038 | 1297581 |
|  | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** |
| 1097531 | Series 2023-FL10-A (1 mo. Term SOFR + 2.26%, 2.26% Floor) | 6.41%<sup>(a)</sup> | 09/15/2035 | 1099836 |
| 1500000 | Series 2023-FL10-B (1 mo. Term SOFR + 3.27%, 3.27% Floor) | 7.42%<sup>(a)</sup> | 09/15/2035 | 1507194 |
| 785000 | Series 2024-FL11-B (1 mo. Term SOFR + 2.29%, 2.29% Floor) | 6.44%<sup>(a)</sup> | 07/15/2039 | 785466 |
|  | **BX Trust** | **BX Trust** | **BX Trust** | **BX Trust** |
| 900000 | Series 2019-IMC-D (1 mo. Term SOFR + 1.95%, 1.90% Floor) | 6.10%<sup>(a)</sup> | 04/15/2034 | 887096 |
| 654539 | Series 2021-21M-A (1 mo. Term SOFR + 0.84%, 0.73% Floor) | 4.99%<sup>(a)</sup> | 10/15/2036 | 654082 |
| 1358000 | Series 2021-ARIA-C (1 mo. Term SOFR + 1.76%, 1.65% Floor) | 5.91%<sup>(a)</sup> | 10/15/2036 | 1358184 |
| 904275 | Series 2021-CIP-B (1 mo. Term SOFR + 1.39%, 1.27% Floor) | 5.54%<sup>(a)</sup> | 12/15/2038 | 904087 |
| 1320000 | Series 2021-LBA-DJV (1 mo. Term SOFR + 1.71%, 1.60% Floor) | 5.87%<sup>(a)</sup> | 02/15/2036 | 1318246 |
| 1085000 | Series 2021-MFM1-E (1 mo. Term SOFR + 2.36%, 2.25% Floor) | 6.51%<sup>(a)</sup> | 01/15/2034 | 1085182 |
| 859700 | Series 2021-RISE-B (1 mo. Term SOFR + 1.36%, 1.25% Floor) | 5.51%<sup>(a)</sup> | 11/15/2036 | 858969 |
| 510000 | Series 2021-VIEW-B (1 mo. Term SOFR + 1.91%, 1.80% Floor) | 6.06%<sup>(a)</sup> | 06/15/2036 | 509864 |
| 368155 | Series 2021-VOLT-E (1 mo. Term SOFR + 2.11%, 2.00% Floor) | 6.26%<sup>(a)</sup> | 09/15/2036 | 367673 |
| 748956 | Series 2024-AIRC-C (1 mo. Term SOFR + 2.59%, 2.59% Floor) | 6.74%<sup>(a)</sup> | 08/15/2039 | 753112 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 1082862 | Series 2025-BCAT-D (1 mo. Term SOFR + 2.65%, 2.65% Floor) | 6.80%<sup>(a)</sup> | 08/15/2042 | 1088068 |
| 1494173 | Series 2025-ROIC-E (1 mo. Term SOFR + 2.94%, 2.94% Floor) | 7.09%<sup>(a)</sup> | 03/15/2030 | 1499531 |
|  | **Century Plaza Towers** | **Century Plaza Towers** | **Century Plaza Towers** | **Century Plaza Towers** |
| 1190000 | Series 2019-CPT-E | 3.10%<sup>(a)(g)</sup> | 11/13/2039 | 984384 |
|  | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** |
| 2440625 | Series 2016-C4-XA | 1.69%<sup>(g)(h)</sup> | 05/10/2058 | 8337 |
|  | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** |
| 5800075 | Series 2016-C1-XA | 1.98%<sup>(g)(h)</sup> | 05/10/2049 | 21266 |
| 2165398 | Series 2016-P4-XA | 2.04%<sup>(g)(h)</sup> | 07/10/2049 | 13134 |
|  | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** |
| 7855030 | Series 2017-CD3-XA | 1.08%<sup>(g)(h)</sup> | 02/10/2050 | 70257 |
| 107205 | Series 2020-C9-A2 | 1.90% | 08/15/2053 | 107005 |
|  | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** |
| 232533 | Series 2015-CR27-XA | 0.69%<sup>(g)(h)</sup> | 10/10/2048 | 1 |
| 1227000 | Series 2015-DC1-C | 4.43%<sup>(g)</sup> | 02/10/2048 | 1093533 |
| 158279 | Series 2015-DC1-XA | 0.71%<sup>(g)(h)</sup> | 02/10/2048 | 2 |
| 1765564 | Series 2016-DC2-XA | 1.03%<sup>(g)(h)</sup> | 02/10/2049 | 39 |
| 2228000 | Series 2018-HCLV-D (1 mo. Term SOFR + 2.47%, 2.18% Floor) | 6.62%<sup>(a)</sup> | 09/15/2033 | 701820 |
|  | **Computershare Corporate Trust** | **Computershare Corporate Trust** | **Computershare Corporate Trust** | **Computershare Corporate Trust** |
| 99105 | Series 2015-C27-C | 3.89% | 02/15/2048 | 87854 |
| 23173 | Series 2015-C28-C | 4.24%<sup>(g)</sup> | 05/15/2048 | 23005 |
| 1349016 | Series 2015-C31-XA | 1.02%<sup>(g)(h)</sup> | 11/15/2048 | 29 |
| 429171 | Series 2015-NXS2-XA | 0.05%<sup>(g)(h)</sup> | 07/15/2058 | 4 |
| 1563965 | Series 2016-C33-XA | 1.70%<sup>(g)(h)</sup> | 03/15/2059 | 2403 |
| 3395899 | Series 2016-NXS6-XA | 1.68%<sup>(g)(h)</sup> | 11/15/2049 | 17098 |
| 12808694 | Series 2017-C38-XA | 1.05%<sup>(g)(h)</sup> | 07/15/2050 | 136027 |
| 1803893 | Series 2017-RC1-XA | 1.54%<sup>(g)(h)</sup> | 01/15/2060 | 25224 |
| 37929833 | Series 2025-5C5-XA | 1.53%<sup>(g)(h)</sup> | 07/15/2058 | 2081494 |
|  | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
| 1974822 | Series 2014-USA-X1 | 0.69%<sup>(a)(g)(h)</sup> | 09/15/2037 | 37 |
|  | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** |
| 143490 | Series 2015-C1-XA | 0.17%<sup>(g)(h)</sup> | 04/15/2050 |  |
| 37957526 | Series 2018-CX12-XA | 0.70%<sup>(g)(h)</sup> | 08/15/2051 | 484349 |
| 31600463 | Series 2021-C20-XA | 1.11%<sup>(g)(h)</sup> | 03/15/2054 | 1262543 |
| 18269000 | Series 2021-C20-XD | 1.58%<sup>(a)(g)(h)</sup> | 03/15/2054 | 1241068 |
|  | **ELP Commercial Mortgage Trust** | **ELP Commercial Mortgage Trust** | **ELP Commercial Mortgage Trust** | **ELP Commercial Mortgage Trust** |
| 1416200 | Series 2021-ELP-C (1 mo. Term SOFR + 1.43%, 1.32% Floor) | 5.59%<sup>(a)</sup> | 11/15/2038 | 1415022 |
|  | **FS Rialto** | **FS Rialto** | **FS Rialto** | **FS Rialto** |
| 2100000 | Series 2021-FL3-D (1 mo. Term SOFR + 2.61%, 2.61% Floor) | 6.76%<sup>(a)</sup> | 11/16/2036 | 2108123 |
| 2050000 | Series 2025-FL10-D (1 mo. Term SOFR + 2.70%, 2.70% Floor) | 6.83%<sup>(a)</sup> | 08/19/2042 | 2023313 |
|  | **FS RIALTO** | **FS RIALTO** | **FS RIALTO** | **FS RIALTO** |
| 611686 | Series 2021-FL3-A (1 mo. Term SOFR + 1.36%, 1.36% Floor) | 5.51%<sup>(a)</sup> | 11/16/2036 | 613106 |
| 1450000 | Series 2022-FL4-AS (30 day avg SOFR US + 2.40%, 2.40% Floor) | 6.79%<sup>(a)</sup> | 01/19/2039 | 1453187 |
|  | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** |
| 1000000 | Series 2021-FL4-B (1 mo. Term SOFR + 2.06%, 1.95% Floor) | 6.20%<sup>(a)</sup> | 12/15/2036 | 993650 |
|  | **Great Wolf Trust** | **Great Wolf Trust** | **Great Wolf Trust** | **Great Wolf Trust** |
| 875000 | Series 2024-WLF2-D (1 mo. Term SOFR + 2.94%) | 7.09%<sup>(a)</sup> | 05/15/2041 | 881265 |
| 1450000 | Series 2024-WOLF-A (1 mo. Term SOFR + 1.54%, 1.54% Floor) | 5.69%<sup>(a)</sup> | 03/15/2039 | 1454420 |

---

---

| | | |
|:---|:---|:---|
| **124**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
|  | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** |
| 2200000 | Series 2021-FL3-D (1 mo. Term SOFR + 2.31%, 2.20% Floor)<br> 6.46%<sup>(a)</sup> | 07/15/2039 | 2191651 |
|  | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** |
| 2200000 | Series 2013-GC13-B<br> 4.00%<sup>(a)(g)</sup> | 07/10/2046 | 2141150 |
| 511184 | Series 2014-GC24-XA<br> 0.39%<sup>(g)(h)</sup> | 09/10/2047 | 6 |
| 1013668 | Series 2015-GS1-XA<br> 0.64%<sup>(g)(h)</sup> | 11/10/2048 | 13 |
| 4749922 | Series 2016-GS2-XA<br> 1.86%<sup>(g)(h)</sup> | 05/10/2049 | 6001 |
| 442000 | Series 2018-GS10-WLSD<br> 5.07%<sup>(a)(g)</sup> | 03/10/2033 | 40831 |
| 553000 | Series 2018-GS10-WLSE<br> 5.07%<sup>(a)(g)</sup> | 03/10/2033 | 46730 |
| 1509000 | Series 2018-RIVR-E (1 mo. Term SOFR + 1.85%, 1.80% Floor)<br> 6.00%<sup>(a)</sup> | 07/15/2035 | 5131 |
| 850000 | Series 2018-TWR-E (1 mo. Term SOFR + 2.40%, 2.10% Floor)<br> 6.55%<sup>(a)</sup> | 07/15/2031 | 88804 |
| 850000 | Series 2018-TWR-F (1 mo. Term SOFR + 3.10%, 2.80% Floor)<br> 7.25%<sup>(a)</sup> | 07/15/2031 | 79879 |
| 850000 | Series 2018-TWR-G (1 mo. Term SOFR + 4.22%, 3.93% Floor)<br> 8.37%<sup>(a)</sup> | 07/15/2031 | 70954 |
| 375000 | Series 2021-IP-D (1 mo. Term SOFR + 2.21%, 2.10% Floor)<br> 6.37%<sup>(a)</sup> | 10/15/2036 | 373390 |
|  | **GSCG Trust** | **GSCG Trust** | **GSCG Trust** |
| 2377000 | Series 2019-600C-E<br> 4.12%<sup>(a)(g)</sup> | 09/06/2034 | 100109 |
|  | **HGI CRE CLO Ltd.** | **HGI CRE CLO Ltd.** | **HGI CRE CLO Ltd.** |
| 1400000 | Series 2021-FL1-D (1 mo. Term SOFR + 2.46%, 2.46% Floor)<br> 6.61%<sup>(a)</sup> | 06/16/2036 | 1403104 |
| 2030000 | Series 2021-FL2-D (1 mo. Term SOFR + 2.26%, 2.26% Floor)<br> 6.41%<sup>(a)</sup> | 09/17/2036 | 2032998 |
|  | **HIG RCP LLC** | **HIG RCP LLC** | **HIG RCP LLC** |
| 1820639 | Series 2023-FL1-B (1 mo. Term SOFR + 3.61%, 3.61% Floor)<br> 7.76%<sup>(a)</sup> | 09/19/2038 | 1828207 |
|  | **Hilton USA Trust** | **Hilton USA Trust** | **Hilton USA Trust** |
| 760000 | Series 2016-HHV-C<br> 4.33%<sup>(a)(g)</sup> | 11/05/2038 | 753030 |
| 1046000 | Series 2016-SFP-A<br> 2.83%<sup>(a)</sup> | 11/05/2035 | 877061 |
|  | **Hudson Yards Mortgage Trust** | **Hudson Yards Mortgage Trust** | **Hudson Yards Mortgage Trust** |
| 2180000 | Series 2025-SPRL-E<br> 6.90%<sup>(a)(g)</sup> | 01/13/2040 | 2262301 |
|  | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** |
| 4802026 | Series 2016-JP4-XA<br> 0.70%<sup>(g)(h)</sup> | 12/15/2049 | 18545 |
| 1049000 | Series 2019-UES-G<br> 4.60%<sup>(a)(g)</sup> | 05/05/2032 | 966145 |
|  | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** |
| 816878 | Series 2015-C30-AS<br> 4.23%<sup>(g)</sup> | 07/15/2048 | 799017 |
| 227768 | Series 2015-C31-XA<br> 0.60%<sup>(g)(h)</sup> | 08/15/2048 | 3 |
| 470000 | Series 2015-C33-C<br> 4.81%<sup>(g)</sup> | 12/15/2048 | 449040 |
|  | **KREF** | **KREF** | **KREF** |
| 868103 | Series 2021-FL2-A (1 mo. Term SOFR + 1.18%, 1.07% Floor)<br> 5.33%<sup>(a)</sup> | 02/15/2039 | 870418 |
| 3197500 | Series 2021-FL2-B (1 mo. Term SOFR + 1.76%, 1.65% Floor)<br> 5.91%<sup>(a)</sup> | 02/15/2039 | 3183680 |
| 948410 | Series 2022-FL3-A (1 mo. Term SOFR + 1.45%, 1.45% Floor)<br> 5.58%<sup>(a)</sup> | 02/17/2039 | 949893 |
|  | **Ladder Capital Commercial Mortgage Securities LLC** | **Ladder Capital Commercial Mortgage Securities LLC** | **Ladder Capital Commercial Mortgage Securities LLC** |
| 2532000 | Series 2017-LC26-C<br> 4.71%<sup>(a)</sup> | 07/12/2050 | 2347714 |
|  | **LoanCore** | **LoanCore** | **LoanCore** |
| 1236500 | Series 2021-CRE6-AS (1 mo. Term SOFR + 1.76%, 1.65% Floor)<br> 5.91%<sup>(a)</sup> | 11/15/2038 | 1241159 |
| 1440000 | Series 2021-CRE6-D (1 mo. Term SOFR + 2.96%, 2.85% Floor)<br> 7.11%<sup>(a)</sup> | 11/15/2038 | 1446209 |
| 2560000 | &nbsp;&nbsp;&nbsp; Series 2022-CRE7-C <br>(30 day avg SOFR US + 2.50%, 2.50% Floor)<br> 6.88%<sup>(a)</sup> | 01/17/2037 | 2552858 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
| 1180000 | Series 2025-CRE8-D (1 mo. Term SOFR + 2.74%, 2.74% Floor)<br> 6.88%<sup>(a)</sup> | 08/17/2042 | 1172711 |
|  | **LSTAR Commercial Mortgage Trust** | **LSTAR Commercial Mortgage Trust** | **LSTAR Commercial Mortgage Trust** |
| 941271 | Series 2016-4-XA<br> 1.61%<sup>(a)(g)(h)</sup> | 03/10/2049 | 357 |
| 10987729 | Series 2017-5-X<br> 1.00%<sup>(a)(g)(h)</sup> | 03/10/2050 | 84954 |
|  | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** |
| 633860 | Series 2021-FL1-A (1 mo. Term SOFR + 1.28%, 1.28% Floor)<br> 5.43%<sup>(a)</sup> | 06/15/2039 | 635345 |
| 1890000 | Series 2021-FL1-B (1 mo. Term SOFR + 1.86%, 1.86% Floor)<br> 6.01%<sup>(a)</sup> | 06/15/2039 | 1890019 |
|  | **Merit 2020** | **Merit 2020** | **Merit 2020** |
| 670000 | Series 2021-STOR-C (1 mo. Term SOFR + 1.16%, 1.05% Floor)<br> 5.32%<sup>(a)</sup> | 07/15/2038 | 670332 |
|  | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** |
| 1487000 | Series 2021-FL7-B (1 mo. Term SOFR + 1.86%, 1.75% Floor)<br> 6.00%<sup>(a)</sup> | 10/16/2036 | 1489992 |
| 2950000 | Series 2021-FL7-C (1 mo. Term SOFR + 2.16%, 2.05% Floor)<br> 6.30%<sup>(a)</sup> | 10/16/2036 | 2946112 |
| 2218000 | Series 2021-FL7-D (1 mo. Term SOFR + 2.66%, 2.55% Floor)<br> 6.80%<sup>(a)</sup> | 10/16/2036 | 2211734 |
| 1380000 | Series 2024-FL14-A (1 mo. Term SOFR + 1.74%, 1.74% Floor)<br> 5.87%<sup>(a)</sup> | 03/19/2039 | 1389608 |
| 1500000 | Series 2024-FL15-B (1 mo. Term SOFR + 2.49%, 2.49% Floor)<br> 6.63%<sup>(a)</sup> | 08/18/2041 | 1506615 |
| 2100000 | Series 2024-FL16-D (1 mo. Term SOFR + 3.59%, 3.59% Floor)<br> 7.73%<sup>(a)</sup> | 11/18/2039 | 2091484 |
| 1260000 | Series 2025-FL17-D (1 mo. Term SOFR + 2.74%, 2.74% Floor)<br> 6.88%<sup>(a)</sup> | 02/18/2040 | 1255330 |
|  | **MHC Commercial Mortgage Trust** | **MHC Commercial Mortgage Trust** | **MHC Commercial Mortgage Trust** |
| 1136401 | Series 2021-MHC-E (1 mo. Term SOFR + 2.22%, 2.10% Floor)<br> 6.37%<sup>(a)</sup> | 04/15/2038 | 1138354 |
|  | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** |
| 772577 | Series 2012-CKSV-A2<br> 3.28%<sup>(a)</sup> | 10/15/2030 | 738728 |
| 892925 | Series 2013-C9-B<br> 3.71%<sup>(g)</sup> | 05/15/2046 | 865551 |
| 1078582 | Series 2014-C17-E<br> 3.50%<sup>(a)</sup> | 08/15/2047 | 1051455 |
|  | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** |
| 2489000 | Series 2019-NUGS-F (1 mo. Term SOFR + 2.96%, 4.34% Floor)<br> 7.11%<sup>(a)</sup> | 12/15/2036 | 18692 |
|  | **PFP III Ltd.** | **PFP III Ltd.** | **PFP III Ltd.** |
| 1095083 | Series 2024-11-B (1 mo. Term SOFR + 2.49%, 2.49% Floor)<br> 6.71%<sup>(a)</sup> | 09/17/2039 | 1097447 |
|  | **Ready Capital Corp.** | **Ready Capital Corp.** | **Ready Capital Corp.** |
| 1000000 | Series 2021-FL7-E (1 mo. Term SOFR + 3.51%, 3.40% Floor)<br> 7.67%<sup>(a)</sup> | 11/25/2036 | 999838 |
| 2100000 | Series 2023-FL11-B (1 mo. Term SOFR + 3.53%, 3.53% Floor)<br> 7.69%<sup>(a)</sup> | 10/25/2039 | 2115880 |
| 980000 | Series 2023-FL12-AS (1 mo. Term SOFR + 3.20%, 3.20% Floor)<br> 7.36%<sup>(a)</sup> | 05/25/2038 | 987368 |
|  | **ROCK Trust** | **ROCK Trust** | **ROCK Trust** |
| 516000 | Series 2024-CNTR-D<br> 7.11%<sup>(a)</sup> | 11/13/2041 | 539308 |
|  | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** |
| 1063198 | Series 2022-FL3-A (30 day avg SOFR US + 1.35%, 1.35% Floor)<br> 5.72%<sup>(a)</sup> | 11/15/2038 | 1066913 |
|  | **STDIO Commercial Mortgage Trust** | **STDIO Commercial Mortgage Trust** | **STDIO Commercial Mortgage Trust** |
| 1013000 | Series 2025-RLGH-A<br> 5.72%<sup>(a)(g)</sup> | 09/15/2038 | 1015242 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **125**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Flexible Income Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **TCO Commercial Mortgage Trust** | **TCO Commercial Mortgage Trust** | **TCO Commercial Mortgage Trust** | **TCO Commercial Mortgage Trust** |
| 680000 | Series 2024-DPM-C (1 mo. Term SOFR + 1.99%, 1.99% Floor) | 6.14%<sup>(a)</sup> | 12/15/2039 | 682927 |
|  | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** |
| 1160000 | Series 2021-FL4-B (1 mo. Term SOFR + 1.96%, 1.85% Floor) | 6.11%<sup>(a)</sup> | 03/15/2038 | 1161064 |
| 1500000 | Series 2022-FL5-AS (1 mo. Term SOFR + 2.15%, 2.15% Floor) | 6.29%<sup>(a)</sup> | 02/15/2039 | 1504001 |
|  | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** |
| 2325000 | Series 2018-C13-B | 4.79%<sup>(g)</sup> | 10/15/2051 | 2213369 |
| 295000 | Series 2018-C13-C | 5.14%<sup>(g)</sup> | 10/15/2051 | 272141 |
| 1097000 | Series 2018-C8-C | 4.84%<sup>(g)</sup> | 02/15/2051 | 1014323 |
| 12400582 | Series 2018-C8-XA | 0.96%<sup>(g)(h)</sup> | 02/15/2051 | 199316 |
|  | **VASA Trust** | **VASA Trust** | **VASA Trust** | **VASA Trust** |
| 755000 | Series 2021-VASA-A (1 mo. Term SOFR + 1.01%, 0.90% Floor) | 5.17%<sup>(a)</sup> | 07/15/2039 | 739663 |
|  | **VEGAS Trust** | **VEGAS Trust** | **VEGAS Trust** | **VEGAS Trust** |
| 684000 | Series 2024-TI-A | 5.52%<sup>(a)</sup> | 11/10/2039 | 694576 |
|  | **VMC Finance LLC** | **VMC Finance LLC** | **VMC Finance LLC** | **VMC Finance LLC** |
| 997302 | Series 2019-FL3-D (1 mo. Term SOFR + 3.26%, 3.15% Floor) | 7.41%<sup>(a)</sup> | 09/15/2036 | 999143 |
|  | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
| 48243827 | Series 2025-5C3-XA | 1.05%<sup>(g)(h)</sup> | 01/15/2058 | 1514350 |
| 1790000 | Series 2025-VTT-C | 6.03%<sup>(a)(g)</sup> | 03/15/2038 | 1798307 |
|  | **WHARF Trust** | **WHARF Trust** | **WHARF Trust** | **WHARF Trust** |
| 1070000 | Series 2025-DC-E | 7.98%<sup>(a)(g)</sup> | 07/15/2040 | 1091747 |
|  | **Total Non-Agency Commercial Mortgage Backed Obligations** <br>**(Cost $170,377,163)** | **Total Non-Agency Commercial Mortgage Backed Obligations** <br>**(Cost $170,377,163)** |  | **145773886** |
|  **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 17.0%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 17.0%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 17.0%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 17.0%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 17.0%** |
|  | **ACE Securities Corp.** | **ACE Securities Corp.** | **ACE Securities Corp.** | **ACE Securities Corp.** |
| 2474104 | Series 2007-HE1-A2A (1 mo. Term SOFR + 0.29%, 0.18% Floor) | 4.45% | 01/25/2037 | 1499221 |
| 1004222 | Series 2007-HE1-A2D (1 mo. Term SOFR + 0.61%, 0.50% Floor) | 4.77% | 01/25/2037 | 608480 |
|  | **AMSR Trust** | **AMSR Trust** | **AMSR Trust** | **AMSR Trust** |
| 5122000 | Series 2021-SFR3-G | 3.80%<sup>(a)</sup> | 10/17/2038 | 5019593 |
| 2775000 | Series 2024-SFR1-D | 4.29%<sup>(a)(b)</sup> | 07/17/2041 | 2690143 |
| 10000000 | Series 2025-SFR1-D | 3.66%<sup>(a)</sup> | 06/17/2042 | 9348937 |
|  | **APS Resecuritization Trust** | **APS Resecuritization Trust** | **APS Resecuritization Trust** | **APS Resecuritization Trust** |
| 6777905 | Series 2015-3-1MZ (12 Month US Treasury Average + 0.96%, 0.96% Floor) | 4.16%<sup>(a)</sup> | 10/27/2046 | 6018612 |
|  | **Asset Backed Securities Corp. Home Equity** | **Asset Backed Securities Corp. Home Equity** | **Asset Backed Securities Corp. Home Equity** | **Asset Backed Securities Corp. Home Equity** |
| 1492745 | Series 2007-HE2-A4 (1 mo. Term SOFR + 0.34%, 0.23% Floor) | 4.50% | 05/25/2037 | 1065931 |
|  | **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
| 2000000 | Series 2025-NQM5-M1 | 6.04%<sup>(a)(g)</sup> | 08/25/2065 | 2016230 |
|  | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
| 789840 | Series 2006-2-2A1 | 4.40%<sup>(g)</sup> | 07/25/2036 | 683149 |
|  | **Bear Stearns Alt-A Trust** | **Bear Stearns Alt-A Trust** | **Bear Stearns Alt-A Trust** | **Bear Stearns Alt-A Trust** |
| 619542 | Series 2006-4-22A1 | 4.21%<sup>(g)</sup> | 08/25/2036 | 450933 |
|  | **BRAVO Residential Funding Trust** | **BRAVO Residential Funding Trust** | **BRAVO Residential Funding Trust** | **BRAVO Residential Funding Trust** |
| 4000000 | Series 2025-NQM7-M1 | 6.23%<sup>(a)(g)</sup> | 07/25/2065 | 4041070 |
|  | **Chase Mortgage Finance Corp.** | **Chase Mortgage Finance Corp.** | **Chase Mortgage Finance Corp.** | **Chase Mortgage Finance Corp.** |
| 1956339 | Series 2007-S4-A4 (1 mo. Term SOFR + 0.71%, 0.60% Floor, 6.00% Cap) | 4.87% | 06/25/2037 | 593252 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Citimortgage Alternative Loan Trust** | **Citimortgage Alternative Loan Trust** | **Citimortgage Alternative Loan Trust** | **Citimortgage Alternative Loan Trust** |
| 494239 | Series 2007-A5-1A10 | 5.75% | 05/25/2037 | 445334 |
|  | **COLT Funding LLC** | **COLT Funding LLC** | **COLT Funding LLC** | **COLT Funding LLC** |
| 900000 | Series 2025-7-M1 | 6.03%<sup>(a)(g)</sup> | 06/25/2070 | 904876 |
|  | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
| 197285 | Series 2005-75CB-A3 | 5.50% | 01/25/2036 | 131987 |
| 527134 | Series 2006-23CB-2A2 | 6.50% | 08/25/2036 | 150797 |
| 3244635 | Series 2006-6CB-2A10 | 6.00% | 05/25/2036 | 1200079 |
| 1664362 | Series 2006-OA6-1A1A (1 mo. Term SOFR + 0.53%, 0.42% Floor) | 4.69% | 07/25/2046 | 1526067 |
| 272012 | Series 2007-15CB-A7 | 6.00% | 07/25/2037 | 159674 |
| 462865 | Series 2008-1R-2A3 | 6.00% | 08/25/2037 | 225723 |
|  | **Countrywide Home Loan Mortgage Pass Through Trust** | **Countrywide Home Loan Mortgage Pass Through Trust** | **Countrywide Home Loan Mortgage Pass Through Trust** | **Countrywide Home Loan Mortgage Pass Through Trust** |
| 82531 | Series 2005-HYB9-3A2A (12 mo. Term SOFR + 2.47%, 1.75% Floor, 11.00% Cap) | 6.22% | 02/20/2036 | 71679 |
| 238061 | Series 2007-14-A15 | 6.50% | 09/25/2037 | 126568 |
| 4661928 | Series 2007-14-A19 | 6.00% | 09/25/2037 | 2296599 |
| 284139 | Series 2007-HY1-1A1 | 4.68%<sup>(g)</sup> | 04/25/2037 | 266268 |
|  | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** |
| 355721 | Series 2005-10-6A9 | 5.50% | 11/25/2035 | 123908 |
| 154393 | Series 2005-9-5A9 | 5.50% | 10/25/2035 | 76077 |
|  | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
| 148164 | Series 2011-12R-3A5 | 5.06%<sup>(a)(g)</sup> | 07/27/2036 | 148397 |
| 1500000 | Series 2021-NQM6-B1 | 3.29%<sup>(a)(g)</sup> | 07/25/2066 | 1107301 |
|  | **CSAB Mortgage Backed Trust** | **CSAB Mortgage Backed Trust** | **CSAB Mortgage Backed Trust** | **CSAB Mortgage Backed Trust** |
| 248749 | Series 2006-2-A5A | 6.58%<sup>(b)</sup> | 09/25/2036 | 71203 |
|  | **DB US Financial Markets Holding Corp.** | **DB US Financial Markets Holding Corp.** | **DB US Financial Markets Holding Corp.** | **DB US Financial Markets Holding Corp.** |
| 84244 | Series 2014-RS1-1A2 | 6.50%<sup>(a)(g)</sup> | 07/27/2037 | 71555 |
|  | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** |
| 148232 | &nbsp;&nbsp;&nbsp; Series 2006-AB4-A1A <br>(30 day avg SOFR US) | 6.01% | 10/25/2036 | 129829 |
|  | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** |
| 2829000 | Series 2025-INV3-B1 | 7.22%<sup>(a)(g)</sup> | 07/25/2070 | 2864363 |
| 1405000 | Series 2025-NQM3-M1A | 6.05%<sup>(a)(g)</sup> | 08/25/2070 | 1417284 |
|  | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** |
| 6200000 | &nbsp;&nbsp;&nbsp; Series 2024-R01-1M2 <br>(30 day avg SOFR US + 1.80%, 0.00% Floor) | 6.16%<sup>(a)</sup> | 01/25/2044 | 6259997 |
| 10000000 | &nbsp;&nbsp;&nbsp; Series 2024-R05-2M2 <br>(30 day avg SOFR US + 1.70%, 0.00% Floor) | 6.06%<sup>(a)</sup> | 07/25/2044 | 10054818 |
| 7500000 | &nbsp;&nbsp;&nbsp; Series 2025-R04-1M2 <br>(30 day avg SOFR US + 1.50%, 0.00% Floor) | 5.86%<sup>(a)</sup> | 05/25/2045 | 7543072 |
|  | **FirstKey Homes Trust** | **FirstKey Homes Trust** | **FirstKey Homes Trust** | **FirstKey Homes Trust** |
| 6452000 | Series 2021-SFR1-F1 | 3.24%<sup>(a)</sup> | 08/17/2038 | 6334909 |
|  | **Freddie Mac Structured Agency Credit Risk Debt Notes** | **Freddie Mac Structured Agency Credit Risk Debt Notes** | **Freddie Mac Structured Agency Credit Risk Debt Notes** | **Freddie Mac Structured Agency Credit Risk Debt Notes** |
| 4300000 | &nbsp;&nbsp;&nbsp; Series 2024-DNA1-M2 <br>(30 day avg SOFR US + 1.95%, 0.00% Floor) | 6.31%<sup>(a)</sup> | 02/25/2044 | 4351329 |
|  | **Freedom Mortgage Parent LLC** | **Freedom Mortgage Parent LLC** | **Freedom Mortgage Parent LLC** | **Freedom Mortgage Parent LLC** |
| 8000000 | Series 2021-GT1-A | 3.62%<sup>(a)(g)</sup> | 07/25/2026 | 7692187 |
|  | **GCAT** | **GCAT** | **GCAT** | **GCAT** |
| 500000 | Series 2019-NQM3-B1 | 3.95%<sup>(a)(g)</sup> | 11/25/2059 | 444985 |
|  | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** |
| 4410000 | Series 2025-NQM4-M1 | 5.97%<sup>(a)(g)</sup> | 10/25/2065 | 4442766 |
|  | **Home Partners of America Trust** | **Home Partners of America Trust** | **Home Partners of America Trust** | **Home Partners of America Trust** |
| 6410959 | Series 2019-2-F | 3.87%<sup>(a)</sup> | 10/19/2039 | 6197272 |
|  | **Impac Secured Assets CMN Owner Trust** | **Impac Secured Assets CMN Owner Trust** | **Impac Secured Assets CMN Owner Trust** | **Impac Secured Assets CMN Owner Trust** |
| 605882 | Series 2006-5-1A1C (1 mo. Term SOFR + 0.65%, 0.54% Floor, 11.50% Cap) | 4.81% | 02/25/2037 | 559137 |
|  | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
| 401115 | Series 2005-S3-1A2 | 5.75% | 01/25/2036 | 169594 |

---

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| | | |
|:---|:---|:---|
| **126**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 261184 | Series 2007-A2-4A1M | 4.75%<sup>(g)</sup> | 04/25/2037 | 215343 |
| 1300000 | Series 2025-NQM3-M1A | 5.97%<sup>(a)(g)</sup> | 11/25/2065 | 1311216 |
|  | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** |
| 3721905 | Series 2021-GS1-A2 | 7.84%<sup>(a)(b)</sup> | 10/25/2066 | 3724586 |
|  | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** |
| 103407 | Series 2006-1-1A3 | 5.50% | 02/25/2036 | 46920 |
|  | **Mastr Adjustable Rate Mortgages Trust** | **Mastr Adjustable Rate Mortgages Trust** | **Mastr Adjustable Rate Mortgages Trust** | **Mastr Adjustable Rate Mortgages Trust** |
| 67831 | Series 2006-2-2A1 | 6.95%<sup>(g)</sup> | 04/25/2036 | 31406 |
|  | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** |
| 257782 | Series 2007-F1-2A7 | 6.00% | 03/25/2037 | 82569 |
|  | **Merrill Lynch Mortgage Investors, Inc.** | **Merrill Lynch Mortgage Investors, Inc.** | **Merrill Lynch Mortgage Investors, Inc.** | **Merrill Lynch Mortgage Investors, Inc.** |
| 533881 | Series 2006-AF1-AF2C | 6.25% | 08/25/2036 | 200158 |
|  | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
| 4039803 | Series 2005-7-3A1 | 4.56%<sup>(g)</sup> | 11/25/2035 | 2133627 |
| 67354 | Series 2005-7-4A1 | 5.50% | 11/25/2035 | 39464 |
| 268564 | Series 2006-2-7A1 | 5.44%<sup>(g)</sup> | 02/25/2036 | 149029 |
| 404686 | Series 2007-8XS-A1 | 5.75%<sup>(g)</sup> | 04/25/2037 | 195445 |
|  | **Morgan Stanley Resecuritization Trust** | **Morgan Stanley Resecuritization Trust** | **Morgan Stanley Resecuritization Trust** | **Morgan Stanley Resecuritization Trust** |
| 6441844 | Series 2013-R7-8B (12 Month US Treasury Average + 0.96%, 0.96% Floor) | 5.18%<sup>(a)</sup> | 12/26/2046 | 6199432 |
|  | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** |
| 756412 | Series 2006-1-A2B (1 mo. Term SOFR + 0.47%, 0.36% Floor, 12.50% Cap) | 4.63% | 05/25/2036 | 761377 |
|  | **Novastar Home Equity Loan** | **Novastar Home Equity Loan** | **Novastar Home Equity Loan** | **Novastar Home Equity Loan** |
| 9213149 | Series 2006-3-A2C (1 mo. Term SOFR + 0.43%, 0.32% Floor, 11.00% Cap) | 4.59% | 10/25/2036 | 4260259 |
|  | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** |
| 1375000 | Series 2024-NQM18-M1 | 6.17%<sup>(a)(g)</sup> | 10/25/2064 | 1386349 |
|  | **Progress Residential Trust** | **Progress Residential Trust** | **Progress Residential Trust** | **Progress Residential Trust** |
| 8100000 | Series 2021-SFR3-F | 3.44%<sup>(a)</sup> | 05/17/2026 | 8028176 |
| 6000000 | Series 2024-SFR3-E1 | 4.00%<sup>(a)</sup> | 06/17/2041 | 5669174 |
|  | **PRPM LLC** | **PRPM LLC** | **PRPM LLC** | **PRPM LLC** |
| 4658365 | Series 2025-3-A1 | 6.26%<sup>(a)(b)</sup> | 05/25/2030 | 4672407 |
| 6794597 | Series 2025-4-A1 | 6.18%<sup>(a)(b)</sup> | 06/25/2030 | 6815661 |
| 2000000 | Series 2025-NQM4-B1 | 6.72%<sup>(a)(g)</sup> | 07/25/2070 | 2012860 |
|  | **RALI Trust** | **RALI Trust** | **RALI Trust** | **RALI Trust** |
| 223920 | Series 2006-QS12-2A3 | 6.00% | 09/25/2036 | 181922 |
|  | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** |
| 1488663 | Series 2005-A15-5A2 | 5.75% | 02/25/2036 | 491844 |
| 345157 | Series 2006-A2-A11 | 6.00% | 01/25/2046 | 124722 |
|  | **RESIDENTIAL MORTGAGE LOAN TRUST** | **RESIDENTIAL MORTGAGE LOAN TRUST** | **RESIDENTIAL MORTGAGE LOAN TRUST** | **RESIDENTIAL MORTGAGE LOAN TRUST** |
| 5750000 | Series 2020-1-B1 | 3.95%<sup>(a)(g)</sup> | 01/26/2060 | 5507656 |
|  | **RFMSI Trust** | **RFMSI Trust** | **RFMSI Trust** | **RFMSI Trust** |
| 2250755 | Series 2006-S8-A10 | 6.00% | 09/25/2036 | 1807461 |
|  | **Soundview Home Equity Loan Trust** | **Soundview Home Equity Loan Trust** | **Soundview Home Equity Loan Trust** | **Soundview Home Equity Loan Trust** |
| 4005767 | Series 2007-OPT1-2A2 (1 mo. Term SOFR + 0.26%, 0.15% Floor) | 4.42% | 06/25/2037 | 2674249 |
|  | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** |
| 1116000 | Series 2019-INV1-B1 | 3.66%<sup>(a)(g)</sup> | 09/27/2049 | 1063111 |
|  | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** |
| 444610 | Series 2005-22-4A1 | 5.42%<sup>(g)</sup> | 12/25/2035 | 413304 |
|  | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** |
| 6496491 | Series 2007-OSI-A4 (1 mo. Term SOFR + 0.51%, 0.40% Floor) | 4.67% | 06/25/2037 | 4327106 |
| 4530358 | Series 2007-RF1-1A (1 mo. Term SOFR + 0.30%, 0.19% Floor) | 4.46%<sup>(a)</sup> | 03/25/2037 | 3748422 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **TBW Mortgage Backed Pass Through Certificates** | **TBW Mortgage Backed Pass Through Certificates** | **TBW Mortgage Backed Pass Through Certificates** | **TBW Mortgage Backed Pass Through Certificates** |
| 13414977 | Series 2006-3-4A1 (1 mo. Term SOFR + 0.51%, 0.40% Floor, 7.50% Cap) | 4.67% | 07/25/2036 | 934293 |
| 13415064 | Series 2006-3-4A3 (-1 x 1 mo. Term SOFR + 6.99%, 0.00% Floor, 7.10% Cap) | 2.83%<sup>(h)(i)</sup> | 07/25/2036 | 554906 |
|  | **Tricon American Homes Trust** | **Tricon American Homes Trust** | **Tricon American Homes Trust** | **Tricon American Homes Trust** |
| 5000000 | Series 2019-SFR1-F | 3.75%<sup>(a)</sup> | 03/17/2038 | 4965969 |
|  | **VCAT Asset Securitization LLC** | **VCAT Asset Securitization LLC** | **VCAT Asset Securitization LLC** | **VCAT Asset Securitization LLC** |
| 6433858 | Series 2025-NPL1-A1 | 5.88%<sup>(a)(b)</sup> | 01/25/2055 | 6452454 |
| 6549670 | Series 2025-NPL2-A1 | 5.98%<sup>(a)(b)</sup> | 01/25/2055 | 6565662 |
|  | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** |
| 1006289 | Series 2018-2-M2 | 4.51%<sup>(a)(g)</sup> | 10/26/2048 | 961083 |
| 256024 | Series 2018-2-M3 | 4.72%<sup>(a)(g)</sup> | 10/26/2048 | 238505 |
| 869805 | Series 2019-1-M5 | 5.70%<sup>(a)(g)</sup> | 03/25/2049 | 788193 |
| 997839 | Series 2019-2-M4 | 3.99%<sup>(a)(g)</sup> | 07/25/2049 | 837191 |
|  | **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** |
| 2600000 | Series 2021-3-B1 | 3.20%<sup>(a)(g)</sup> | 06/25/2066 | 2001876 |
| 5000000 | Series 2021-7-B1 | 4.14%<sup>(a)(g)</sup> | 10/25/2066 | 3865624 |
| 3000000 | Series 2021-R2-B1 | 3.25%<sup>(a)(g)</sup> | 02/25/2064 | 2426639 |
| 4750000 | Series 2024-6-M1 | 6.18%<sup>(a)(g)</sup> | 07/25/2069 | 4789417 |
| 2000000 | Series 2024-9-M1 | 6.20%<sup>(a)(g)</sup> | 11/25/2069 | 2018384 |
| 6125000 | Series 2025-1-M1 | 6.51%<sup>(a)(g)</sup> | 01/25/2070 | 6245436 |
| 1093000 | Series 2025-2-B1 | 6.97%<sup>(a)</sup> | 03/25/2070 | 1102192 |
| 7400000 | Series 2025-3-B1 | 7.51%<sup>(a)(g)</sup> | 05/25/2070 | 7542268 |
| 1228000 | Series 2025-5-B1 | 7.06%<sup>(a)(g)</sup> | 06/25/2070 | 1243996 |
| 1000000 | Series 2025-7-B1 | 6.62%<sup>(a)(g)</sup> | 08/25/2070 | 1002503 |
| 2100000 | Series 2025-R1-M1 | 6.13%<sup>(a)(g)</sup> | 05/25/2065 | 2119193 |
|  | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** |
| 620872 | Series 2007-HY6-2A2 | 3.92%<sup>(g)</sup> | 06/25/2037 | 545493 |
|  | **Washington Mutual Alternative Mortgage Pass-Through Certificates** | **Washington Mutual Alternative Mortgage Pass-Through Certificates** | **Washington Mutual Alternative Mortgage Pass-Through Certificates** | **Washington Mutual Alternative Mortgage Pass-Through Certificates** |
| 412249 | Series 2006-2-4CB | 6.00% | 03/25/2036 | 408632 |
|  | **Wells Fargo Alternative Loan Trust** | **Wells Fargo Alternative Loan Trust** | **Wells Fargo Alternative Loan Trust** | **Wells Fargo Alternative Loan Trust** |
| 197484 | Series 2007-PA5-1A1 | 6.25% | 11/25/2037 | 178305 |
|  | **Wells Fargo Home Equity Trust** | **Wells Fargo Home Equity Trust** | **Wells Fargo Home Equity Trust** | **Wells Fargo Home Equity Trust** |
| 4534286 | Series 2007-2-A4 (1 mo. Term SOFR + 0.71%, 0.60% Floor) | 4.87% | 04/25/2037 | 3325729 |
|  | **Total Non-Agency Residential Collateralized Mortgage Obligations** <br>**(Cost $256,592,057)** | **Total Non-Agency Residential Collateralized Mortgage Obligations** <br>**(Cost $256,592,057)** |  | **230990383** |
|  **US CORPORATE BONDS - 4.1%** | **US CORPORATE BONDS - 4.1%** | **US CORPORATE BONDS - 4.1%** | **US CORPORATE BONDS - 4.1%** | **US CORPORATE BONDS - 4.1%** |
| 400000 | 1261229 BC Ltd. | 10.00%<sup>(a)</sup> | 04/15/2032 | 410337 |
| 215000 | AAR Escrow Issuer LLC | 6.75%<sup>(a)</sup> | 03/15/2029 | 221480 |
| 425000 | Academy Ltd. | 6.00%<sup>(a)</sup> | 11/15/2027 | 426090 |
| 75000 | Acrisure LLC / Acrisure Finance, Inc. | 6.00%<sup>(a)</sup> | 08/01/2029 | 73994 |
| 240000 | Acrisure LLC / Acrisure Finance, Inc. | 6.75%<sup>(a)</sup> | 07/01/2032 | 247321 |
| 275000 | Acuris Finance US, Inc. / Acuris Finance SARL | 5.00%<sup>(a)</sup> | 05/01/2028 | 268101 |
| 90000 | Acushnet Co. | 7.38%<sup>(a)</sup> | 10/15/2028 | 93430 |
| 95000 | AdaptHealth LLC | 5.13%<sup>(a)</sup> | 03/01/2030 | 90685 |
| 90000 | Advance Auto Parts, Inc. | 7.38%<sup>(a)</sup> | 08/01/2033 | 92880 |
| 450000 | Advanced Drainage Systems, Inc. | 6.38%<sup>(a)</sup> | 06/15/2030 | 458409 |
| 240000 | Aethon United BR LP / Aethon United Finance Corp. | 7.50%<sup>(a)</sup> | 10/01/2029 | 250474 |
| 215000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer | 6.75%<sup>(a)</sup> | 10/15/2027 | 215633 |
| 245000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer | 6.50%<sup>(a)</sup> | 10/01/2031 | 250802 |
| 280000 | Allied Universal Holdco LLC | 7.88%<sup>(a)</sup> | 02/15/2031 | 293824 |
| 200000 | Allied Universal Holdco LLC / Allied Universal Finance Corp. | 6.00%<sup>(a)</sup> | 06/01/2029 | 196792 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **127**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Flexible Income Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 60000 | AMC Entertainment Holdings, Inc. | 7.50%<sup>(a)</sup> | 02/15/2029 | 51947 |
| 115000 | Amentum Holdings, Inc. | 7.25%<sup>(a)</sup> | 08/01/2032 | 119503 |
| 165000 | American Airlines, Inc. | 8.50%<sup>(a)</sup> | 05/15/2029 | 172223 |
| 100000 | American Axle & Manufacturing, Inc. | 5.00% | 10/01/2029 | 95091 |
| 135000 | American Axle & Manufacturing, Inc. | 6.38%<sup>(a)</sup> | 10/15/2032 | 134856 |
| 60000 | American Axle & Manufacturing, Inc. | 7.75%<sup>(a)</sup> | 10/15/2033 | 60505 |
| 185000 | AmWINS Group, Inc. | 4.88%<sup>(a)</sup> | 06/30/2029 | 179922 |
| 110000 | Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp. | 7.00%<sup>(a)</sup> | 04/15/2030 | 111409 |
| 40000 | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. | 5.25%<sup>(a)</sup> | 04/15/2030 | 37374 |
| 300000 | APH / APH2 / APH3 | 7.88%<sup>(a)</sup> | 11/01/2029 | 313335 |
| 230000 | Archrock Partners LP / Archrock Partners Finance Corp. | 6.63%<sup>(a)</sup> | 09/01/2032 | 236101 |
| 410000 | Arsenal AIC Parent LLC | 8.00%<sup>(a)</sup> | 10/01/2030 | 434619 |
| 30000 | Artera Services LLC | 8.50%<sup>(a)</sup> | 02/15/2031 | 26534 |
| 130000 | Ashton Woods USA LLC / Ashton Woods Finance Co. | 4.63%<sup>(a)</sup> | 04/01/2030 | 123191 |
| 165000 | AthenaHealth Group, Inc. | 6.50%<sup>(a)</sup> | 02/15/2030 | 163791 |
| 285000 | Avient Corp. | 6.25%<sup>(a)</sup> | 11/01/2031 | 289638 |
| 130000 | Azorra Finance Ltd. | 7.75%<sup>(a)</sup> | 04/15/2030 | 137204 |
| 225000 | Azorra Finance Ltd. | 7.25%<sup>(a)</sup> | 01/15/2031 | 234853 |
| 230000 | Bausch + Lomb Corp. | 8.38%<sup>(a)</sup> | 10/01/2028 | 239991 |
| 60000 | Bausch Health Americas, Inc. | 8.50%<sup>(a)</sup> | 01/31/2027 | 59457 |
| 170000 | Bausch Health Cos., Inc. | 4.88%<sup>(a)</sup> | 06/01/2028 | 152299 |
| 90000 | Bausch Health Cos., Inc. | 5.25%<sup>(a)</sup> | 01/30/2030 | 63533 |
| 15000 | Bausch Health Cos., Inc. | 14.00%<sup>(a)</sup> | 10/15/2030 | 15051 |
| 315000 | Buckeye Partners LP | 6.88%<sup>(a)</sup> | 07/01/2029 | 326690 |
| 265000 | Builders FirstSource, Inc. | 6.38%<sup>(a)</sup> | 03/01/2034 | 273309 |
| 150000 | Builders FirstSource, Inc. | 6.75%<sup>(a)</sup> | 05/15/2035 | 156807 |
| 100000 | CACI International, Inc. | 6.38%<sup>(a)</sup> | 06/15/2033 | 103280 |
| 335000 | Caesars Entertainment, Inc. | 6.00%<sup>(a)</sup> | 10/15/2032 | 330171 |
| 570000 | Carnival Corp. | 5.88%<sup>(a)</sup> | 06/15/2031 | 584468 |
| 300000 | Carnival Corp. | 5.75%<sup>(a)</sup> | 08/01/2032 | 305678 |
| 36000 | Castle US Holding Corp. | 10.00%<sup>(a)</sup> | 06/30/2031 | 6300 |
| 285000 | CCO Holdings LLC / CCO Holdings Capital Corp. | 5.13%<sup>(a)</sup> | 05/01/2027 | 283313 |
| 550000 | CCO Holdings LLC / CCO Holdings Capital Corp. | 4.75%<sup>(a)</sup> | 03/01/2030 | 528191 |
| 255000 | CCO Holdings LLC / CCO Holdings Capital Corp. | 4.75%<sup>(a)</sup> | 02/01/2032 | 236032 |
| 135000 | Celanese US Holdings LLC | 6.50% | 04/15/2030 | 135994 |
| 135000 | Celanese US Holdings LLC | 6.75% | 04/15/2033 | 134515 |
| 315000 | Chord Energy Corp. | 6.00%<sup>(a)</sup> | 10/01/2030 | 313004 |
| 265000 | Chord Energy Corp. | 6.75%<sup>(a)</sup> | 03/15/2033 | 268661 |
| 205000 | CHS/Community Health Systems, Inc. | 6.00%<sup>(a)</sup> | 01/15/2029 | 199172 |
| 85000 | CHS/Community Health Systems, Inc. | 6.88%<sup>(a)</sup> | 04/15/2029 | 67653 |
| 140000 | CHS/Community Health Systems, Inc. | 4.75%<sup>(a)</sup> | 02/15/2031 | 121164 |
| 100000 | Civitas Resources, Inc. | 8.38%<sup>(a)</sup> | 07/01/2028 | 103780 |
| 140000 | Clarios Global LP / Clarios US Finance Co. | 6.75%<sup>(a)</sup> | 05/15/2028 | 143201 |
| 555000 | Clarios Global LP / Clarios US Finance Co. | 6.75%<sup>(a)</sup> | 02/15/2030 | 573762 |
| 455000 | Clarios Global LP / Clarios US Finance Co. | 6.75%<sup>(a)</sup> | 09/15/2032 | 465367 |
| 90000 | Clarivate Science Holdings Corp. | 4.88%<sup>(a)</sup> | 07/01/2029 | 85135 |
| 130000 | Clear Channel Outdoor Holdings, Inc. | 7.50%<sup>(a)</sup> | 06/01/2029 | 126404 |
| 215000 | Clear Channel Outdoor Holdings, Inc. | 7.13%<sup>(a)</sup> | 02/15/2031 | 222394 |
| 305000 | Clearway Energy Operating LLC | 4.75%<sup>(a)</sup> | 03/15/2028 | 301558 |
| 155000 | Cleveland-Cliffs, Inc. | 6.88%<sup>(a)</sup> | 11/01/2029 | 158088 |
| 135000 | Cloud Software Group, Inc. | 6.50%<sup>(a)</sup> | 03/31/2029 | 136366 |
| 90000 | Cloud Software Group, Inc. | 9.00%<sup>(a)</sup> | 09/30/2029 | 93451 |
| 110000 | Cloud Software Group, Inc. | 6.63%<sup>(a)</sup> | 08/15/2033 | 112089 |
| 160000 | Clydesdale Acquisition Holdings, Inc. | 6.75%<sup>(a)</sup> | 04/15/2032 | 164255 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 205000 | CNX Midstream Partners LP | 4.75%<sup>(a)</sup> | 04/15/2030 | 196743 |
| 185000 | CNX Resources Corp. | 6.00%<sup>(a)</sup> | 01/15/2029 | 185210 |
| 47000 | CommScope LLC | 4.75%<sup>(a)</sup> | 09/01/2029 | 46757 |
| 95000 | CommScope LLC | 9.50%<sup>(a)</sup> | 12/15/2031 | 98394 |
| 65000 | CommScope Technologies LLC | 5.00%<sup>(a)</sup> | 03/15/2027 | 64545 |
| 180000 | CoreWeave, Inc. | 9.25%<sup>(a)</sup> | 06/01/2030 | 186121 |
| 30000 | Cornerstone Building Brands, Inc. | 6.13%<sup>(a)</sup> | 01/15/2029 | 24532 |
| 155000 | Cornerstone Building Brands, Inc. | 9.50%<sup>(a)</sup> | 08/15/2029 | 150753 |
| 110000 | Cougar JV Subsidiary LLC | 8.00%<sup>(a)</sup> | 05/15/2032 | 117110 |
| 470000 | CQP Holdco LP / BIP-V Chinook Holdco LLC | 5.50%<sup>(a)</sup> | 06/15/2031 | 465939 |
| 430000 | CSC Holdings LLC | 6.50%<sup>(a)</sup> | 02/01/2029 | 318185 |
| 100000 | Dana, Inc. | 5.38% | 11/15/2027 | 99941 |
| 290000 | Dcli Bidco LLC | 7.75%<sup>(a)</sup> | 11/15/2029 | 301809 |
| 155000 | Dealer Tire LLC / DT Issuer LLC | 8.00%<sup>(a)</sup> | 02/01/2028 | 153432 |
| 75000 | Diebold Nixdorf, Inc. | 7.75%<sup>(a)</sup> | 03/31/2030 | 79302 |
| 190000 | Directv Financing LLC | 8.88%<sup>(a)</sup> | 02/01/2030 | 187905 |
| 78000 | Directv Financing LLC / Directv Financing Co.-Obligor, Inc. | 5.88%<sup>(a)</sup> | 08/15/2027 | 77971 |
| 335000 | DISH DBS Corp. | 5.75%<sup>(a)</sup> | 12/01/2028 | 321429 |
| 220000 | DISH DBS Corp. | 5.13% | 06/01/2029 | 188323 |
| 120000 | Dornoch Debt Merger Sub, Inc. | 6.63%<sup>(a)</sup> | 10/15/2029 | 103355 |
| 210000 | EchoStar Corp. | 10.75% | 11/30/2029 | 231200 |
| 440000 | Ellucian Holdings, Inc. | 6.50%<sup>(a)</sup> | 12/01/2029 | 448104 |
| 70000 | Embarq LLC | 8.00% | 06/01/2036 | 35044 |
| 320000 | EMRLD Borrower LP / Emerald Co.-Issuer, Inc. | 6.63%<sup>(a)</sup> | 12/15/2030 | 329344 |
| 130000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. | 6.75%<sup>(a)</sup> | 01/15/2030 | 122084 |
| 120000 | Freedom Mortgage Holdings LLC | 8.38%<sup>(a)</sup> | 04/01/2032 | 125878 |
| 145000 | FTAI Aviation Investors LLC | 5.88%<sup>(a)</sup> | 04/15/2033 | 146041 |
| 115000 | Full House Resorts, Inc. | 8.25%<sup>(a)</sup> | 02/15/2028 | 106836 |
| 150000 | Gates Corp./DE | 6.88%<sup>(a)</sup> | 07/01/2029 | 155835 |
| 445000 | Genesee & Wyoming, Inc. | 6.25%<sup>(a)</sup> | 04/15/2032 | 452739 |
| 200000 | Genting New York LLC / GENNY Capital, Inc. | 7.25%<sup>(a)</sup> | 10/01/2029 | 206730 |
| 140000 | Goat Holdco LLC | 6.75%<sup>(a)</sup> | 02/01/2032 | 143625 |
| 95000 | Goodyear Tire & Rubber Co. | 5.25% | 07/15/2031 | 89317 |
| 80000 | GrafTech Finance, Inc. | 4.63%<sup>(a)</sup> | 12/23/2029 | 56425 |
| 295000 | Gray Media, Inc. | 9.63%<sup>(a)</sup> | 07/15/2032 | 301641 |
| 145000 | Gray Media, Inc. | 7.25%<sup>(a)</sup> | 08/15/2033 | 143779 |
| 415000 | Griffon Corp. | 5.75% | 03/01/2028 | 415488 |
| 150000 | Group 1 Automotive, Inc. | 6.38%<sup>(a)</sup> | 01/15/2030 | 153736 |
| 240000 | Gulfport Energy Operating Corp. | 6.75%<sup>(a)</sup> | 09/01/2029 | 246586 |
| 305000 | Harvest Midstream I LP | 7.50%<sup>(a)</sup> | 05/15/2032 | 312570 |
| 315000 | Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl | 4.63%<sup>(a)</sup> | 05/01/2028 | 305704 |
| 155000 | Herc Holdings, Inc. | 7.00%<sup>(a)</sup> | 06/15/2030 | 161129 |
| 140000 | Hess Midstream Operations LP | 5.50%<sup>(a)</sup> | 10/15/2030 | 141117 |
| 110000 | Hightower Holding LLC | 6.75%<sup>(a)</sup> | 04/15/2029 | 108618 |
| 125000 | Hilcorp Energy I LP / Hilcorp Finance Co. | 7.25%<sup>(a)</sup> | 02/15/2035 | 122245 |
| 300000 | Hilton Domestic Operating Co., Inc. | 5.75%<sup>(a)</sup> | 09/15/2033 | 304223 |
| 195000 | HUB International Ltd. | 7.25%<sup>(a)</sup> | 06/15/2030 | 203516 |
| 150000 | Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 5.25% | 05/15/2027 | 147560 |
| 200000 | Illuminate Buyer LLC / Illuminate Holdings IV, Inc. | 9.00%<sup>(a)</sup> | 07/01/2028 | 200812 |
| 335000 | Installed Building Products, Inc. | 5.75%<sup>(a)</sup> | 02/01/2028 | 334740 |
| 195000 | IQVIA, Inc. | 6.25%<sup>(a)</sup> | 06/01/2032 | 200731 |
| 195000 | Iron Mountain, Inc. | 7.00%<sup>(a)</sup> | 02/15/2029 | 201103 |
| 50000 | Iron Mountain, Inc. | 6.25%<sup>(a)</sup> | 01/15/2033 | 51038 |
| 100000 | JetBlue Airways Corp. / JetBlue Loyalty LP | 9.88%<sup>(a)</sup> | 09/20/2031 | 101513 |

---

---

| | | |
|:---|:---|:---|
| **128**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 140000 | K Hovnanian Enterprises, Inc. | 8.00%<sup>(a)</sup> | 04/01/2031 | 143650 |
| 320000 | Kodiak Gas Services LLC | 7.25%<sup>(a)</sup> | 02/15/2029 | 332283 |
| 155000 | Kodiak Gas Services LLC | 6.50%<sup>(a)</sup> | 10/01/2033 | 157914 |
| 155000 | Kodiak Gas Services LLC | 6.75%<sup>(a)</sup> | 10/01/2035 | 159244 |
| 315000 | Lamar Media Corp. | 5.38%<sup>(a)</sup> | 11/01/2033 | 313077 |
| 65000 | LBM Acquisition LLC | 6.25%<sup>(a)</sup> | 01/15/2029 | 60228 |
| 90000 | LBM Acquisition LLC | 9.50%<sup>(a)</sup> | 06/15/2031 | 94686 |
| 115000 | Level 3 Financing, Inc. | 3.75%<sup>(a)</sup> | 07/15/2029 | 98604 |
| 195000 | Level 3 Financing, Inc. | 4.50%<sup>(a)</sup> | 04/01/2030 | 179156 |
| 475000 | Level 3 Financing, Inc. | 6.88%<sup>(a)</sup> | 06/30/2033 | 484507 |
| 155000 | LFS Topco LLC | 8.75%<sup>(a)</sup> | 07/15/2030 | 155837 |
| 335000 | Life Time, Inc. | 6.00%<sup>(a)</sup> | 11/15/2031 | 340576 |
| 190000 | LifePoint Health, Inc. | 10.00%<sup>(a)</sup> | 06/01/2032 | 199730 |
| 220000 | Light & Wonder International, Inc. | 7.25%<sup>(a)</sup> | 11/15/2029 | 225950 |
| 635000 | Light & Wonder International, Inc. | 6.25%<sup>(a)</sup> | 10/01/2033 | 636505 |
| 135000 | Lindblad Expeditions LLC | 7.00%<sup>(a)</sup> | 09/15/2030 | 137689 |
| 460000 | M/I Homes, Inc. | 4.95% | 02/01/2028 | 457156 |
| 550000 | Madison IAQ LLC | 5.88%<sup>(a)</sup> | 06/30/2029 | 543824 |
| 180000 | Matador Resources Co. | 6.50%<sup>(a)</sup> | 04/15/2032 | 181848 |
| 210000 | Match Group Holdings II LLC | 5.00%<sup>(a)</sup> | 12/15/2027 | 209579 |
| 70000 | Mativ Holdings, Inc. | 8.00%<sup>(a)</sup> | 10/01/2029 | 69391 |
| 90000 | Mavis Tire Express Services Topco Corp. | 6.50%<sup>(a)</sup> | 05/15/2029 | 89643 |
| 65000 | McAfee Corp. | 7.38%<sup>(a)</sup> | 02/15/2030 | 60369 |
| 120000 | McGraw-Hill Education, Inc. | 5.75%<sup>(a)</sup> | 08/01/2028 | 120032 |
| 45000 | McGraw-Hill Education, Inc. | 7.38%<sup>(a)</sup> | 09/01/2031 | 46792 |
| 345000 | Medline Borrower LP | 5.25%<sup>(a)</sup> | 10/01/2029 | 342272 |
| 135000 | Medline Borrower LP/Medline Co.-Issuer, Inc. | 6.25%<sup>(a)</sup> | 04/01/2029 | 138598 |
| 115000 | Michaels Cos., Inc. | 5.25%<sup>(a)</sup> | 05/01/2028 | 106422 |
| 160000 | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp. | 4.88%<sup>(a)</sup> | 05/01/2029 | 155643 |
| 220000 | Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC | 6.75%<sup>(a)</sup> | 04/01/2032 | 226133 |
| 150000 | Nabors Industries, Inc. | 9.13%<sup>(a)</sup> | 01/31/2030 | 156114 |
| 170000 | Nassau Cos. of New York | 7.88%<sup>(a)</sup> | 07/15/2030 | 173767 |
| 230000 | Nationstar Mortgage Holdings, Inc. | 6.00%<sup>(a)</sup> | 01/15/2027 | 230000 |
| 85000 | Navient Corp. | 5.00% | 03/15/2027 | 84685 |
| 85000 | Navient Corp. | 7.88% | 06/15/2032 | 89548 |
| 90000 | NCL Corp. Ltd. | 5.88%<sup>(a)</sup> | 01/15/2031 | 90061 |
| 90000 | NCL Corp. Ltd. | 6.25%<sup>(a)</sup> | 09/15/2033 | 90522 |
| 195000 | Newell Brands, Inc. | 6.38% | 05/15/2030 | 193692 |
| 90000 | NGL Energy Operating LLC / NGL Energy Finance Corp. | 8.13%<sup>(a)</sup> | 02/15/2029 | 92345 |
| 160000 | Nissan Motor Acceptance Co. LLC | 5.63%<sup>(a)</sup> | 09/29/2028 | 160203 |
| 540000 | Novelis Corp. | 6.88%<sup>(a)</sup> | 01/30/2030 | 560414 |
| 150000 | NRG Energy, Inc. | 6.00%<sup>(a)</sup> | 02/01/2033 | 152449 |
| 70000 | NRG Energy, Inc. | 5.75%<sup>(a)</sup> | 01/15/2034 | 69972 |
| 105000 | Olin Corp. | 6.63%<sup>(a)</sup> | 04/01/2033 | 105673 |
| 200000 | Olympus Water US Holding Corp. | 9.75%<sup>(a)</sup> | 11/15/2028 | 210025 |
| 200000 | Olympus Water US Holding Corp. | 7.25%<sup>(a)</sup> | 02/15/2033 | 200333 |
| 220000 | OneMain Finance Corp. | 6.63% | 01/15/2028 | 225464 |
| 190000 | OneMain Finance Corp. | 6.13% | 05/15/2030 | 192555 |
| 155000 | OneMain Finance Corp. | 7.50% | 05/15/2031 | 162167 |
| 100000 | OneMain Finance Corp. | 7.13% | 09/15/2032 | 103429 |
| 225000 | OneMain Finance Corp. | 6.50% | 03/15/2033 | 225637 |
| 190000 | Outfront Media Capital LLC / Outfront Media Capital Corp. | 7.38%<sup>(a)</sup> | 02/15/2031 | 200583 |
| 170000 | Panther Escrow Issuer LLC | 7.13%<sup>(a)</sup> | 06/01/2031 | 176939 |
| 310000 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | 7.00%<sup>(a)</sup> | 02/01/2030 | 319825 |
| 55000 | PBF Holding Co. LLC / PBF Finance Corp. | 6.00% | 02/15/2028 | 54708 |
| 75000 | Penn Entertainment, Inc. | 4.13%<sup>(a)</sup> | 07/01/2029 | 70352 |
| 110000 | PennyMac Financial Services, Inc. | 4.25%<sup>(a)</sup> | 02/15/2029 | 106553 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 120000 | PennyMac Financial Services, Inc. | 7.88%<sup>(a)</sup> | 12/15/2029 | 127439 |
| 105000 | PennyMac Financial Services, Inc. | 6.88%<sup>(a)</sup> | 05/15/2032 | 108883 |
| 115000 | Permian Resources Operating LLC | 6.25%<sup>(a)</sup> | 02/01/2033 | 117227 |
| 250000 | PetSmart LLC / PetSmart Finance Corp. | 7.50%<sup>(a)</sup> | 09/15/2032 | 250997 |
| 175000 | Pike Corp. | 5.50%<sup>(a)</sup> | 09/01/2028 | 174584 |
| 100000 | Pike Corp. | 8.63%<sup>(a)</sup> | 01/31/2031 | 107400 |
| 185000 | Post Holdings, Inc. | 6.38%<sup>(a)</sup> | 03/01/2033 | 187185 |
| 60000 | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | 5.63%<sup>(a)</sup> | 09/01/2029 | 32475 |
| 95000 | Prime Security Services Borrower LLC / Prime Finance, Inc. | 6.25%<sup>(a)</sup> | 01/15/2028 | 95053 |
| 515000 | Primo Water Holdings, Inc. / Triton Water Holdings, Inc. | 6.25%<sup>(a)</sup> | 04/01/2029 | 515324 |
| 125000 | Qnity Electronics, Inc. | 6.25%<sup>(a)</sup> | 08/15/2033 | 127804 |
| 720000 | Quikrete Holdings, Inc. | 6.75%<sup>(a)</sup> | 03/01/2033 | 749123 |
| 105000 | QXO Building Products, Inc. | 6.75%<sup>(a)</sup> | 04/30/2032 | 108979 |
| 35000 | Radiate Holdco LLC / Radiate Finance, Inc. | 4.50%<sup>(a)</sup> | 09/15/2026 | 31937 |
| 89465 | Radiology Partners, Inc. (9.78% Cash or 9.78% PIK) | 9.78%<sup>(a)</sup> | 02/15/2030 | 87603 |
| 270000 | Radiology Partners, Inc. | 8.50%<sup>(a)</sup> | 07/15/2032 | 279743 |
| 245000 | RHP Hotel Properties LP / RHP Finance Corp. | 6.50%<sup>(a)</sup> | 06/15/2033 | 252488 |
| 410000 | Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp. | 6.63%<sup>(a)</sup> | 02/01/2033 | 415752 |
| 165000 | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp. | 6.25%<sup>(a)</sup> | 10/15/2030 | 166574 |
| 145000 | Rocket Cos., Inc. | 6.13%<sup>(a)</sup> | 08/01/2030 | 148923 |
| 145000 | Rocket Cos., Inc. | 6.38%<sup>(a)</sup> | 08/01/2033 | 149838 |
| 335000 | Rockies Express Pipeline LLC | 6.75%<sup>(a)</sup> | 03/15/2033 | 350097 |
| 30000 | Sabre GLBL, Inc. | 8.63%<sup>(a)</sup> | 06/01/2027 | 30449 |
| 190000 | Sabre GLBL, Inc. | 10.75%<sup>(a)</sup> | 11/15/2029 | 184328 |
| 210000 | Sealed Air Corp./Sealed Air Corp. US | 7.25%<sup>(a)</sup> | 02/15/2031 | 220619 |
| 290000 | Select Medical Corp. | 6.25%<sup>(a)</sup> | 12/01/2032 | 290391 |
| 205000 | Service Properties Trust | 0.00%<sup>(a)</sup> | 09/30/2027 | 180970 |
| 50000 | Service Properties Trust | 5.50% | 12/15/2027 | 49121 |
| 105000 | Service Properties Trust | 8.88% | 06/15/2032 | 105682 |
| 355000 | Sirius XM Radio LLC | 5.50%<sup>(a)</sup> | 07/01/2029 | 355366 |
| 155000 | Six Flags Entertainment Corp. | 7.25%<sup>(a)</sup> | 05/15/2031 | 155163 |
| 180000 | SM Energy Co. | 7.00%<sup>(a)</sup> | 08/01/2032 | 180270 |
| 315000 | Solstice Advanced Materials, Inc. | 5.63%<sup>(a)</sup> | 09/30/2033 | 316238 |
| 180000 | Sotera Health Holdings LLC | 7.38%<sup>(a)</sup> | 06/01/2031 | 189228 |
| 115000 | Standard Building Solutions, Inc. | 6.50%<sup>(a)</sup> | 08/15/2032 | 118110 |
| 450000 | Standard Building Solutions, Inc. | 6.25%<sup>(a)</sup> | 08/01/2033 | 456437 |
| 195000 | Staples, Inc. | 10.75%<sup>(a)</sup> | 09/01/2029 | 193785 |
| 95000 | Star Leasing Co. LLC | 7.63%<sup>(a)</sup> | 02/15/2030 | 92407 |
| 270000 | Starwood Property Trust, Inc. | 5.25%<sup>(a)</sup> | 10/15/2028 | 270247 |
| 140000 | Starwood Property Trust, Inc. | 7.25%<sup>(a)</sup> | 04/01/2029 | 147181 |
| 155000 | Starwood Property Trust, Inc. | 6.00%<sup>(a)</sup> | 04/15/2030 | 157481 |
| 25000 | Starz Capital Holdings LLC | 5.50%<sup>(a)</sup> | 04/15/2029 | 20523 |
| 330000 | Station Casinos LLC | 6.63%<sup>(a)</sup> | 03/15/2032 | 339227 |
| 135000 | Suburban Propane Partners LP/Suburban Energy Finance Corp. | 5.00%<sup>(a)</sup> | 06/01/2031 | 128538 |
| 205000 | SunCoke Energy, Inc. | 4.88%<sup>(a)</sup> | 06/30/2029 | 191792 |
| 115000 | Sunoco LP / Sunoco Finance Corp. | 6.00% | 04/15/2027 | 115038 |
| 40000 | SWF Holdings I Corp. | 6.50%<sup>(a)</sup> | 10/01/2029 | 15600 |
| 190000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 7.38%<sup>(a)</sup> | 02/15/2029 | 195812 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **129**<br>|

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------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Flexible Income Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 90000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 6.75%<sup>(a)</sup> | 03/15/2034 | 89153 |
| 80000 | Tenet Healthcare Corp. | 6.25% | 02/01/2027 | 80041 |
| 220000 | Tenet Healthcare Corp. | 6.13% | 06/15/2030 | 223082 |
| 215000 | TransDigm, Inc. | 6.88%<sup>(a)</sup> | 12/15/2030 | 222962 |
| 280000 | TransDigm, Inc. | 6.38%<sup>(a)</sup> | 05/31/2033 | 283848 |
| 20000 | TransDigm, Inc. | 6.25%<sup>(a)</sup> | 01/31/2034 | 20583 |
| 35000 | TransDigm, Inc. | 6.75%<sup>(a)</sup> | 01/31/2034 | 36214 |
| 90000 | Transocean International Ltd. | 8.00%<sup>(a)</sup> | 02/01/2027 | 89944 |
| 69750 | Transocean Poseidon Ltd. | 6.88%<sup>(a)</sup> | 02/01/2027 | 69890 |
| 180000 | Trident TPI Holdings, Inc. | 12.75%<sup>(a)</sup> | 12/31/2028 | 192150 |
| 25000 | Tronox, Inc. | 9.13%<sup>(a)</sup> | 09/30/2030 | 24509 |
| 225000 | UKG, Inc. | 6.88%<sup>(a)</sup> | 02/01/2031 | 232333 |
| 225000 | United Airlines, Inc. | 4.63%<sup>(a)</sup> | 04/15/2029 | 221725 |
| 1180000 | United Natural Foods, Inc. | 6.75%<sup>(a)</sup> | 10/15/2028 | 1183564 |
| 75000 | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC | 10.50%<sup>(a)</sup> | 02/15/2028 | 79037 |
| 120000 | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC | 8.63%<sup>(a)</sup> | 06/15/2032 | 114717 |
| 310000 | Univision Communications, Inc. | 8.50%<sup>(a)</sup> | 07/31/2031 | 320376 |
| 90000 | Upbound Group, Inc. | 6.38%<sup>(a)</sup> | 02/15/2029 | 88948 |
| 335000 | US Foods, Inc. | 5.75%<sup>(a)</sup> | 04/15/2033 | 337592 |
| 435000 | Vail Resorts, Inc. | 6.50%<sup>(a)</sup> | 05/15/2032 | 450071 |
| 155000 | Venture Global LNG, Inc. | 8.13%<sup>(a)</sup> | 06/01/2028 | 160544 |
| 290000 | Venture Global LNG, Inc. | 8.38%<sup>(a)</sup> | 06/01/2031 | 304696 |
| 80000 | Venture Global LNG, Inc. | 9.88%<sup>(a)</sup> | 02/01/2032 | 87148 |
| 50000 | Venture Global Plaquemines LNG LLC | 7.50%<sup>(a)</sup> | 05/01/2033 | 55282 |
| 300000 | Venture Global Plaquemines LNG LLC | 6.50%<sup>(a)</sup> | 01/15/2034 | 315985 |
| 100000 | Veritiv Operating Co. | 10.50%<sup>(a)</sup> | 11/30/2030 | 107448 |
| 430000 | Victra Holdings LLC / Victra Finance Corp. | 8.75%<sup>(a)</sup> | 09/15/2029 | 451448 |
| 230000 | Viking Cruises Ltd. | 5.88%<sup>(a)</sup> | 09/15/2027 | 230240 |
| 605000 | Viking Cruises Ltd. | 5.88%<sup>(a)</sup> | 10/15/2033 | 606181 |
| 115000 | Vistra Operations Co. LLC | 7.75%<sup>(a)</sup> | 10/15/2031 | 121776 |
| 135000 | Vistra Operations Co. LLC | 6.88%<sup>(a)</sup> | 04/15/2032 | 141292 |
| 135000 | Vital Energy, Inc. | 7.88%<sup>(a)</sup> | 04/15/2032 | 131142 |
| 5040 | Vortex Opco LLC (3 mo. Term SOFR + 6.25%, 0.50% Floor) | 10.23%<sup>(a)</sup> | 04/30/2030 | 4839 |
| 150000 | Voyager Parent LLC | 9.25%<sup>(a)</sup> | 07/01/2032 | 158724 |
| 130000 | VT Topco, Inc. | 8.50%<sup>(a)</sup> | 08/15/2030 | 132355 |
| 180000 | Walker & Dunlop, Inc. | 6.63%<sup>(a)</sup> | 04/01/2033 | 184226 |
| 120000 | Wand NewCo 3, Inc. | 7.63%<sup>(a)</sup> | 01/30/2032 | 126528 |
| 265000 | WarnerMedia Holdings, Inc. | 4.05% | 03/15/2029 | 255946 |
| 105000 | WarnerMedia Holdings, Inc. | 4.28% | 03/15/2032 | 96337 |
| 180000 | WarnerMedia Holdings, Inc. | 5.05% | 03/15/2042 | 143810 |
| 480000 | Watco Cos. LLC / Watco Finance Corp. | 7.13%<sup>(a)</sup> | 08/01/2032 | 497239 |
| 120000 | Wayfair LLC | 7.25%<sup>(a)</sup> | 10/31/2029 | 124025 |
| 265000 | WBI Operating LLC | 6.50%<sup>(a)</sup> | 10/15/2033 | 264669 |
| 85000 | Weatherford International Ltd. | 8.63%<sup>(a)</sup> | 04/30/2030 | 86951 |
| 315000 | Weatherford International Ltd. | 6.75%<sup>(a)</sup> | 10/15/2033 | 315416 |
| 285000 | WESCO Distribution, Inc. | 6.38%<sup>(a)</sup> | 03/15/2033 | 295641 |
| 145000 | Whirlpool Corp. | 6.50% | 06/15/2033 | 144836 |
| 140000 | Windstream Services LLC | 7.50%<sup>(a)</sup> | 10/15/2033 | 140050 |
| 150000 | Windstream Services LLC / Windstream Escrow Finance Corp. | 8.25%<sup>(a)</sup> | 10/01/2031 | 155498 |
| 160000 | WR Grace Holdings LLC | 5.63%<sup>(a)</sup> | 08/15/2029 | 148846 |
| 630000 | XHR LP | 6.63%<sup>(a)</sup> | 05/15/2030 | 648096 |
| 215000 | XPO, Inc. | 7.13%<sup>(a)</sup> | 06/01/2031 | 225208 |
|  | **Total US Corporate Bonds** <br>**(Cost $55,100,916)** | **Total US Corporate Bonds** <br>**(Cost $55,100,916)** |  | **55751683** |
|  **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 13.5%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 13.5%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 13.5%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 13.5%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 13.5%** |
|  | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** |
| 4335400 | Pool RJ1071 | 6.00% | 03/01/2054 | 4495214 |
| 4325597 | Pool SD5141 | 6.00% | 04/01/2054 | 4457077 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2836351 | Pool SD5964 | 5.50% | 11/01/2053 | 2899928 |
| 5302464 | Pool SL0223 | 5.50% | 02/01/2055 | 5394667 |
| 412336 | Series 3926-HS (-1 x 30 day avg SOFR US + 6.34%, 0.00% Floor, 6.45% Cap) | 1.96%<sup>(h)(i)</sup> | 09/15/2041 | 36532 |
| 1203733 | Series 4981-GF (30 day avg SOFR US + 0.51%, 0.40% Floor, 6.50% Cap) | 4.87% | 06/25/2050 | 1170214 |
| 3235471 | Series 5020-IH | 3.00%<sup>(h)</sup> | 08/25/2050 | 521218 |
| 3791493 | Series 5031-IQ | 2.50%<sup>(h)</sup> | 10/25/2050 | 571782 |
| 9277541 | Series 5142-QI | 3.00%<sup>(h)</sup> | 09/25/2051 | 1533998 |
| 7617416 | Series 5181-EI | 2.50%<sup>(h)</sup> | 05/25/2050 | 1082093 |
| 2563303 | Series 5481-FC (30 day avg SOFR US + 1.50%, 1.50% Floor, 6.50% Cap) | 5.86% | 12/25/2054 | 2580814 |
| 4588436 | Series 5524-AF (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 04/25/2055 | 4569221 |
| 3868674 | Series 5524-FB (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 04/25/2055 | 3864494 |
| 3852553 | Series 5527-FC (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 09/25/2054 | 3860643 |
| 1455226 | Series 5527-FD (30 day avg SOFR US + 1.20%, 1.20% Floor, 6.50% Cap) | 5.56% | 09/25/2054 | 1458282 |
| 11597004 | Series 5531-AI | 3.50%<sup>(h)</sup> | 06/25/2041 | 1455838 |
| 1538855 | Series 5543-FM (30 day avg SOFR US + 1.50%, 1.50% Floor, 6.50% Cap) | 5.86% | 06/25/2055 | 1555961 |
| 5471103 | Series 5570-FA (30 day avg SOFR US + 1.40%, 1.40% Floor, 6.50% Cap) | 5.76% | 05/25/2055 | 5515659 |
|  | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** |
| 3224272 | Pool CB7268 | 6.00% | 10/01/2053 | 3334115 |
| 2673973 | Pool CB7996 | 6.00% | 02/01/2054 | 2770607 |
| 3899097 | Pool CB8845 | 5.50% | 07/01/2054 | 3990842 |
| 8092493 | Pool CB9973 | 5.50% | 02/01/2055 | 8243849 |
| 4454093 | Pool FS6422 | 6.00% | 11/01/2053 | 4655902 |
| 3483843 | Pool FS7252 | 5.00% | 11/01/2053 | 3470358 |
| 1907201 | Pool FS7738 | 6.00% | 03/01/2054 | 1988315 |
| 2763989 | Pool FS8152 | 6.00% | 06/01/2054 | 2855218 |
| 5195419 | Pool MA5010 | 5.50% | 05/01/2053 | 5262679 |
| 5206232 | Series 2013-12-FT (30 day avg SOFR US + 0.46%, 0.35% Floor, 6.50% Cap) | 4.82% | 02/25/2043 | 5103644 |
| 6600426 | Series 2017-11-SK (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap) | 1.58%<sup>(h)(i)</sup> | 03/25/2047 | 810183 |
| 3713765 | Series 2019-57-LF (30 day avg SOFR US + 0.61%, 0.50% Floor, 6.50% Cap) | 4.97% | 10/25/2049 | 3608690 |
| 19699802 | Series 2019-M7-X | 0.44%<sup>(g)(h)</sup> | 04/25/2029 | 192928 |
| 4358489 | Series 2020-15-ID | 3.00%<sup>(h)</sup> | 03/25/2050 | 767257 |
| 6384561 | Series 2020-54-AS (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap) | 1.68%<sup>(h)(i)</sup> | 08/25/2050 | 838487 |
| 3479645 | Series 2020-84-LI | 2.50%<sup>(h)</sup> | 12/25/2050 | 538285 |
| 4892043 | Series 2020-88-PI | 2.50%<sup>(h)</sup> | 12/25/2050 | 786413 |
| 2555941 | Series 2021-3-QI | 2.50%<sup>(h)</sup> | 02/25/2051 | 430766 |
| 7648445 | Series 2021-32-AI | 3.00%<sup>(h)</sup> | 05/25/2046 | 936527 |
| 7293335 | Series 2021-42-IA | 3.00%<sup>(h)</sup> | 02/25/2051 | 1125106 |
| 4414977 | Series 2022-43-FA (30 day avg SOFR US + 0.55%, 0.55% Floor, 6.00% Cap) | 4.91% | 07/25/2052 | 4322504 |
| 2894892 | Series 2022-86-IO | 2.50%<sup>(h)</sup> | 05/25/2050 | 422639 |

---

---

| | | |
|:---|:---|:---|
| **130**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2743198 | &nbsp;&nbsp;&nbsp; Series 2024-100-FD <br>(30 day avg SOFR US + 1.45%, 1.45% Floor, 6.50% Cap) | 5.81% | 06/25/2054 | 2756557 |
| 3237041 | Series 2024-33-FE (30 day avg SOFR US + 1.25%, 1.25% Floor, 7.00% Cap) | 5.61% | 06/25/2054 | 3258625 |
| 2339421 | Series 2024-76-FD (30 day avg SOFR US + 1.25%, 1.25% Floor, 6.50% Cap) | 5.61% | 11/25/2054 | 2348353 |
| 1864995 | Series 2024-80-FA (30 day avg SOFR US + 1.45%, 1.45% Floor, 6.00% Cap) | 5.81% | 11/25/2054 | 1873336 |
| 3917883 | Series 2024-89-FD (30 day avg SOFR US + 1.40%, 1.40% Floor, 6.50% Cap) | 5.76% | 09/25/2053 | 3931200 |
| 3488440 | Series 2024-93-FL (30 day avg SOFR US + 1.45%, 1.45% Floor, 6.50% Cap) | 5.81% | 12/25/2054 | 3519698 |
| 6647567 | Series 2024-95-FA (30 day avg SOFR US + 1.50%, 1.50% Floor, 6.50% Cap) | 5.86% | 12/25/2054 | 6687120 |
| 5053895 | Series 2025-28-FM (30 day avg SOFR US + 1.25%, 1.25% Floor, 6.50% Cap) | 5.61% | 04/25/2055 | 5071955 |
| 6313456 | Series 2025-33-FE (30 day avg SOFR US + 1.45%, 1.45% Floor, 6.50% Cap) | 5.81% | 08/25/2054 | 6373896 |
| 5983820 | Series 427-C7 | 2.50%<sup>(h)</sup> | 08/25/2035 | 474348 |
| 15747756 | Series 431-C10 | 2.00%<sup>(h)</sup> | 04/25/2042 | 1446206 |
| 10290094 | Series 431-C34 | 1.50%<sup>(h)</sup> | 06/25/2037 | 541261 |
| 8483231 | Series 434-C35 | 3.00%<sup>(h)</sup> | 10/25/2052 | 1508836 |
| 19129836 | Series 437-C1 | 1.50%<sup>(h)</sup> | 05/25/2037 | 1007998 |
|  | **FREMF Mortgage Trust** | **FREMF Mortgage Trust** | **FREMF Mortgage Trust** | **FREMF Mortgage Trust** |
| 639609 | &nbsp;&nbsp;&nbsp; Series 2016-KF18-B <br>(30 day avg SOFR US + 5.61%, 5.50% Floor) | 9.97%<sup>(a)</sup> | 05/25/2026 | 637370 |
| 700066 | &nbsp;&nbsp;&nbsp; Series 2017-KF30-B <br>(30 day avg SOFR US + 3.36%, 3.25% Floor) | 7.72%<sup>(a)</sup> | 03/25/2027 | 694663 |
| 1907466 | &nbsp;&nbsp;&nbsp; Series 2019-KF71-C <br>(30 day avg SOFR US + 6.11%, 6.00% Floor) | 10.47%<sup>(a)</sup> | 10/25/2029 | 1843724 |
|  | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** |
| 6704286 | Series 2019-128-KS (-1 x 1 mo. Term SOFR + 2.74%, 0.00% Floor, 2.85% Cap) | 0.00%<sup>(h)(i)</sup> | 10/20/2049 | 47987 |
| 5739469 | Series 2020-104-SB (-1 x 1 mo. Term SOFR + 6.04%, 0.00% Floor, 6.15% Cap) | 1.90%<sup>(h)(i)</sup> | 07/20/2050 | 798838 |
| 12477446 | Series 2020-115-YS (-1 x 1 mo. Term SOFR + 4.09%, 0.00% Floor, 4.20% Cap) | 0.00%<sup>(h)(i)</sup> | 08/20/2050 | 523035 |
| 24874050 | Series 2020-129-SA (-1 x 1 mo. Term SOFR + 3.64%, 0.00% Floor, 3.75% Cap) | 0.00%<sup>(h)(i)</sup> | 09/20/2050 | 426734 |
| 31736770 | Series 2020-146-IJ | 2.50%<sup>(h)</sup> | 10/20/2050 | 4870334 |
| 3128796 | Series 2020-154-MI | 3.00%<sup>(h)</sup> | 10/20/2050 | 536189 |
| 12592132 | Series 2020-189-SU (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(h)(i)</sup> | 12/20/2050 | 1908717 |
| 7080499 | Series 2021-1-SH (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(h)(i)</sup> | 01/20/2051 | 1031232 |
| 4115867 | Series 2021-116-XI | 3.50%<sup>(h)</sup> | 03/20/2051 | 762183 |
| 10525692 | Series 2021-193-DS (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap) | 0.00%<sup>(h)(i)</sup> | 11/20/2051 | 51876 |
| 7029659 | Series 2021-209-IP | 3.00%<sup>(h)</sup> | 11/20/2051 | 665643 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 66584800 | Series 2021-213-ES (-1 x 30 day avg SOFR US + 1.70%, 0.00% Floor, 1.70% Cap) | 0.00%<sup>(h)(i)</sup> | 12/20/2051 | 179120 |
| 26356395 | Series 2021-35-IO | 1.03%<sup>(g)(h)</sup> | 12/16/2062 | 1915145 |
| 2824216 | Series 2022-137-IO | 3.00%<sup>(h)</sup> | 01/20/2052 | 379385 |
| 46273129 | Series 2022-192-IO | 0.67%<sup>(g)(h)</sup> | 09/16/2064 | 2539715 |
| 8567188 | Series 2022-9-MI | 3.50%<sup>(h)</sup> | 01/20/2052 | 1105059 |
| 23900923 | Series 2023-15-IO | 0.92%<sup>(g)(h)</sup> | 08/16/2064 | 1648960 |
| 8429261 | Series 2023-172-IO | 1.33%<sup>(g)(h)</sup> | 02/16/2066 | 782817 |
| 12218060 | Series 2023-33-IO | 0.94%<sup>(g)(h)</sup> | 05/16/2063 | 821022 |
| 46086931 | Series 2024-15-BI | 0.72%<sup>(g)(h)</sup> | 10/16/2065 | 2688306 |
| 10422979 | Series 2024-158-IO | 1.09%<sup>(g)(h)</sup> | 12/16/2065 | 827778 |
| 8494727 | Series 2024-170-AI | 0.76%<sup>(g)(h)</sup> | 10/16/2065 | 549746 |
| 7186918 | Series 2024-170-IO | 1.00%<sup>(g)(h)</sup> | 03/16/2066 | 553498 |
| 4913128 | Series 2024-174-HI | 3.00%<sup>(h)</sup> | 05/20/2051 | 761727 |
| 3049606 | Series 2024-24-DI | 3.50%<sup>(h)</sup> | 11/20/2051 | 562866 |
| 42194757 | Series 2024-35-IB | 0.80%<sup>(g)(h)</sup> | 07/16/2065 | 2657801 |
| 3595249 | Series 2024-6-BI | 3.00%<sup>(h)</sup> | 12/20/2051 | 556949 |
| 19583040 | Series 2025-36-IO | 0.84%<sup>(g)(h)</sup> | 07/16/2066 | 1447888 |
| 8840917 | Series 2025-48-IO | 2.50%<sup>(h)</sup> | 10/20/2051 | 1292863 |
| 9684264 | Series 2025-54-IO | 0.64%<sup>(g)(h)</sup> | 08/16/2067 | 567487 |
| 20350485 | Series 2025-77-IO | 0.79%<sup>(g)(h)</sup> | 03/16/2066 | 1454087 |
| 14102969 | Series 2025-92-IO | 0.55%<sup>(g)(h)</sup> | 05/16/2067 | 808917 |
|  | **Total US Government and Agency Mortgage Backed Obligations** <br>**(Cost $185,231,807)** | **Total US Government and Agency Mortgage Backed Obligations** <br>**(Cost $185,231,807)** |  | **183177999** |
|  **US GOVERNMENT AND AGENCY OBLIGATIONS - 3.0%**  | **US GOVERNMENT AND AGENCY OBLIGATIONS - 3.0%**  | **US GOVERNMENT AND AGENCY OBLIGATIONS - 3.0%**  | **US GOVERNMENT AND AGENCY OBLIGATIONS - 3.0%**  | **US GOVERNMENT AND AGENCY OBLIGATIONS - 3.0%**  |
| 6567831 | United States Treasury Inflation Indexed Bonds | 2.38% | 01/15/2027 | 6686243 |
| 13386555 | United States Treasury Inflation Indexed Bonds | 0.13% | 04/15/2027 | 13203965 |
| 6543240 | United States Treasury Inflation Indexed Bonds | 1.63% | 10/15/2027 | 6649517 |
| 14180000 | United States Treasury Note/Bond | 0.75% | 04/30/2026 | 13932424 |
|  | **Total US Government and Agency Obligations** <br>**(Cost $40,279,180)** | **Total US Government and Agency Obligations** <br>**(Cost $40,279,180)** |  | **40472149** |

---

---

| | | |
|:---|:---|:---|
| Shares | Security Description | Value $ |
|  **COMMON STOCKS - 0.0%<sup>(j)</sup>** | **COMMON STOCKS - 0.0%<sup>(j)</sup>** | **COMMON STOCKS - 0.0%<sup>(j)</sup>** |
| 711 | Stichting Administratiekantoor ADR<sup>(e)(k)</sup> |  |
| 261 | Stichting Administratiekantoor Unigel Creditors<sup>(e)(k)</sup> |  |
|  | **Total Common Stocks** <br>**(Cost $—)** | **—** |

---

---

| | | |
|:---|:---|:---|
| Principal<br>Amount $ | Security Description | Value $ |
|  **ESCROW NOTES - 0.0%<sup>(j)</sup>**  | **ESCROW NOTES - 0.0%<sup>(j)</sup>**  | **ESCROW NOTES - 0.0%<sup>(j)</sup>**  |
| 600000 | Credito Real SAB de CV SOFOM ER<sup>(k)</sup> | 5250 |
| 125000 | Parkland Corp.<sup>(e)(k)</sup> | 63 |
|  | **Total Escrow Notes** <br>**(Cost $580,750)** | **5313** |

---

---

| | | |
|:---|:---|:---|
| Shares | Security Description | Value $ |
|  **AFFILIATED MUTUAL FUNDS - 3.0%** | **AFFILIATED MUTUAL FUNDS - 3.0%** | **AFFILIATED MUTUAL FUNDS - 3.0%** |
| 4330508 | DoubleLine Emerging Markets Local Currency Bond Fund - Class I | 40879998 |
|  | **Total Affiliated Mutual Funds** <br>**(Cost $40,000,000)** | **40879998** |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **131**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Flexible Income Fund (Cont.)**<br>

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $/Shares | Security Description | Maturity | Value $ |
|  **SHORT TERM INVESTMENTS - 12.7%** | **SHORT TERM INVESTMENTS - 12.7%** | **SHORT TERM INVESTMENTS - 12.7%** | **SHORT TERM INVESTMENTS - 12.7%** |
| 17101641 | First American Government Obligations Fund - U<br> 4.07%<sup>(l)</sup> |  | 17101641 |
| 17101641 | JPMorgan US Government Money Market Fund - IM<br> 4.09%<sup>(l)</sup> |  | 17101641 |
| 17101641 | MSILF Government Portfolio - Institutional<br> 4.05%<sup>(l)</sup> |  | 17101641 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $/Shares | Security Description | Rate | Maturity | Value $ |
| 90000000 | United States Treasury Bill | 0.00% | 10/16/2025 | 89848163 |
| 32900000 | United States Treasury Bill | 0.00% | 07/09/2026 | 31985012 |
|  | **Total Short Term Investments** <br>**(Cost $173,095,558)** | **Total Short Term Investments** <br>**(Cost $173,095,558)** |  | **173138098** |
|  | **Total Investments - 100.5%** <br>**(Cost $1,418,157,266)** | **Total Investments - 100.5%** <br>**(Cost $1,418,157,266)** | **Total Investments - 100.5%** <br>**(Cost $1,418,157,266)** | **1367384653** |
|  | **Other Liabilities in Excess of Assets - (0.5)%** |  |  | **(6724397)** |
|  | **NET ASSETS - 100.0%** |  |  | **$1360660256** |

---

---

| | |
|:---|:---|
|  **SECURITY TYPE BREAKDOWN as a % of Net Assets:**  |  |
|  Non-Agency Residential Collateralized Mortgage Obligations | 17.0% |
|  Collateralized Loan Obligations | 13.6% |
|  US Government and Agency Mortgage Backed Obligations | 13.5% |
|  Short Term Investments | 12.7% |
|  Non-Agency Commercial Mortgage Backed Obligations | 10.7% |
|  Bank Loans | 10.6% |
|  Asset Backed Obligations | 6.3% |
|  Foreign Corporate Bonds | 4.4% |
|  US Corporate Bonds | 4.1% |
|  Affiliated Mutual Funds | 3.0% |
|  US Government and Agency Obligations | 3.0% |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 1.6% |
|  Escrow Notes | 0.0%<sup>(j)</sup> |
|  Common Stocks | 0.0%<sup>(j)</sup> |
|  Other Assets and Liabilities | (0.5)% |
|  Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  **INVESTMENT BREAKDOWN as a % of Net Assets:**  |  |
|  Non-Agency Residential Collateralized Mortgage Obligations | 17.0% |
|  Collateralized Loan Obligations | 13.6% |
|  US Government and Agency Mortgage Backed Obligations | 13.5% |
|  Short Term Investments | 12.7% |
|  Non-Agency Commercial Mortgage Backed Obligations | 10.7% |
|  Asset Backed Obligations | 6.3% |
|  Affiliated Mutual Funds | 3.0% |
|  US Government and Agency Obligations | 3.0% |
|  Energy | 1.5% |
|  Electronics/Electric | 1.4% |
|  Healthcare | 1.4% |
|  Transportation | 1.3% |
|  Banking | 1.1% |
|  Utilities | 1.0% |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 1.0% |
|  Media | 0.9% |
|  Hotels/Motels/Inns and Casinos | 0.9% |
|  Commercial Services | 0.9% |
|  Finance | 0.8% |
|  Industrial Equipment | 0.8% |
|  Retailers (other than Food/Drug) | 0.8% |
|  Insurance | 0.7% |
|  Telecommunications | 0.6% |
|  Construction | 0.6% |
|  Mining | 0.5% |
|  Aerospace & Defense | 0.5% |
|  Chemicals/Plastics | 0.4% |
|  Business Equipment and Services | 0.4% |
|  Technology | 0.4% |
|  Building and Development (including Steel/Metals) | 0.4% |
|  Food Products | 0.4% |
|  Consumer Products | 0.4% |
|  Automotive | 0.3% |
|  Leisure | 0.2% |
|  Containers and Glass Products | 0.2% |
|  Pharmaceuticals | 0.2% |
|  Real Estate | 0.2% |

---

---

| | | |
|:---|:---|:---|
| **132**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | |
|:---|:---|
|  Diversified Manufacturing | 0.2% |
|  IT Services | 0.1% |
|  Beverage and Tobacco | 0.1% |
|  Chemical Products | 0.1% |
|  Financials | 0.0%<sup>(j)</sup> |
|  Pulp & Paper | 0.0%<sup>(j)</sup> |
|  Food Service | 0.0%<sup>(j)</sup> |
|  Escrow Notes | 0.0%<sup>(j)</sup> |
|  Other Assets and Liabilities | (0.5)% |
|  Net Assets | 100.0% |

---

(a) **Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of September 30, 2025, the value of these securities total $646,127,413 or 47.5% of the Fund's net assets.**

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

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

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

(e) **Value determined using significant unobservable inputs.**

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

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

(h) **Interest only security**

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

(j) **Represents less than 0.05% of net assets.**

(k) **Non-income producing security.**

(l) **Seven-day yield as of period end.**

**CMT**

**Constant Maturity Treasury Rate**

**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.**

**SOFR Secured Overnight Financing Rate**

A summary of the DoubleLine Flexible Income Fund's investments in affiliated mutual funds for the period ended September 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value at** <br>**March 31, 2025** | **Gross Purchases** | **Gross Sales** | **Net Realized** <br>**Gain (Loss)** <br>**for the Period** <br>**Ended** <br>**September 30,** <br>**2025** | **Change in Unrealized** <br>**for the Period** <br>**Ended** <br>**September 30, 2025** | **Value at** <br>**September 30,** <br>**2025** | **Shares Held at** <br>**September 30,** <br>**2025** | **Dividend Income** <br>**Earned for the** <br>**Period Ended September 30,** <br>**2025** |
|  DoubleLine Emerging Markets Local Currency Bond Fund (Class I) | $— | $40000000 | $— | $— | $879998 | $40879998 | 4330508 | $520530 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **133**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **Schedule of Investments DoubleLine Low Duration Emerging Markets Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) <br>September 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **FOREIGN CORPORATE BONDS - 69.9%** | **FOREIGN CORPORATE BONDS - 69.9%** | **FOREIGN CORPORATE BONDS - 69.9%** | **FOREIGN CORPORATE BONDS - 69.9%** | **FOREIGN CORPORATE BONDS - 69.9%** |
|  **BRAZIL - 11.3%** | **BRAZIL - 11.3%** | **BRAZIL - 11.3%** | **BRAZIL - 11.3%** | **BRAZIL - 11.3%** |
| 1176000 | BRF GmbH | 4.35% | 09/29/2026 | 1167735 |
| 2500000 | Cosan Luxembourg SA | 5.50% | 09/20/2029 | 2469351 |
| 105102 | Invepar Holdings | 0.00%<sup>(a)(b)</sup> | 12/30/2028 |  |
| 1500000 | Itau Unibanco Holding SA/Cayman Island (5 yr. CMT Rate + 3.45%) | 3.88% | 04/15/2031 | 1486649 |
| 1600000 | Minerva Luxembourg SA | 5.88% | 01/19/2028 | 1602016 |
| 2464257 | MV24 Capital BV | 6.75% | 06/01/2034 | 2448135 |
| 800000 | NBM US Holdings, Inc. | 7.00% | 05/14/2026 | 799342 |
| 900000 | NBM US Holdings, Inc. | 6.63% | 08/06/2029 | 913016 |
| 2120184 | Prumo Participacoes e Investimentos S/A | 7.50% | 12/31/2031 | 2164968 |
| 400000 | Raizen Fuels Finance SA | 5.30% | 01/20/2027 | 398719 |
| 900000 | Ultrapar International SA | 5.25% | 10/06/2026 | 898415 |
| 200000 | Ultrapar International SA | 5.25% | 06/06/2029 | 200672 |
|  |  |  |  | 14549018 |
|  **CHILE - 8.1%** | **CHILE - 8.1%** | **CHILE - 8.1%** | **CHILE - 8.1%** | **CHILE - 8.1%** |
| 800000 | Antofagasta PLC | 2.38% | 10/14/2030 | 725672 |
| 2000000 | Cencosud SA | 4.38% | 07/17/2027 | 2003706 |
| 4410536 | Chile Electricity PEC SpA | 0.00%<sup>(c)</sup> | 01/25/2028 | 3986022 |
| 278000 | Empresa Electrica Angamos SA | 4.88% | 05/25/2029 | 253115 |
| 899870 | Empresa Electrica Cochrane SpA | 5.50% | 05/14/2027 | 891726 |
| 2495240 | GNL Quintero SA | 4.63% | 07/31/2029 | 2500685 |
|  |  |  |  | 10360926 |
|  **COLOMBIA - 5.2%** | **COLOMBIA - 5.2%** | **COLOMBIA - 5.2%** | **COLOMBIA - 5.2%** | **COLOMBIA - 5.2%** |
| 3019237 | AL Candelaria Spain SA | 7.50% | 12/15/2028 | 3072089 |
| 3200000 | Banco de Bogota SA | 6.25% | 05/12/2026 | 3241273 |
| 280000 | Grupo de Inversiones Suramericana SA | 5.50% | 04/29/2026 | 280748 |
|  |  |  |  | 6594110 |
|  **GUATEMALA - 3.7%** | **GUATEMALA - 3.7%** | **GUATEMALA - 3.7%** | **GUATEMALA - 3.7%** | **GUATEMALA - 3.7%** |
| 2300000 | Banco Industrial SA/Guatemala (5 yr. CMT Rate + 4.44%) | 4.88% | 01/29/2031 | 2296550 |
| 1503000 | Millicom International Cellular SA | 5.13% | 01/15/2028 | 1499051 |
| 965700 | Millicom International Cellular SA | 6.25% | 03/25/2029 | 975318 |
|  |  |  |  | 4770919 |
|  **INDIA - 8.4%** | **INDIA - 8.4%** | **INDIA - 8.4%** | **INDIA - 8.4%** | **INDIA - 8.4%** |
| 841500 | Adani International Container Terminal Pvt Ltd. | 3.00% | 02/16/2031 | 774844 |
| 2400000 | Adani Ports & Special Economic Zone Ltd. | 4.00% | 07/30/2027 | 2359815 |
| 2400000 | Adani Transmission Step-One Ltd. | 4.00% | 08/03/2026 | 2379383 |
| 1491000 | JSW Hydro Energy Ltd. | 4.13% | 05/18/2031 | 1413602 |
| 1300000 | JSW Infrastructure Ltd. | 4.95% | 01/21/2029 | 1306451 |
| 750000 | Reliance Industries Ltd. | 3.67% | 11/30/2027 | 741928 |
| 1800000 | Wipro IT Services LLC | 1.50% | 06/23/2026 | 1763706 |
|  |  |  |  | 10739729 |
|  **INDONESIA - 3.1%** | **INDONESIA - 3.1%** | **INDONESIA - 3.1%** | **INDONESIA - 3.1%** | **INDONESIA - 3.1%** |
| 1100000 | Freeport Indonesia PT | 4.76% | 04/14/2027 | 1107788 |
| 400000 | Freeport Indonesia PT | 4.76%<sup>(c)</sup> | 04/14/2027 | 402832 |
| 2500000 | Freeport-McMoRan, Inc. | 4.13% | 03/01/2028 | 2485993 |
|  |  |  |  | 3996613 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **JAMAICA - 0.0%<sup>(d)</sup>** | **JAMAICA - 0.0%<sup>(d)</sup>** | **JAMAICA - 0.0%<sup>(d)</sup>** | **JAMAICA - 0.0%<sup>(d)</sup>** | **JAMAICA - 0.0%<sup>(d)</sup>** |
| 175590 | Digicel Group Holdings Ltd. | 0.00%<sup>(b)(c)</sup> | 12/31/2030 | 7953 |
| 56293 | Digicel Group Holdings Ltd. | 0.00%<sup>(b)(c)</sup> | 12/31/2030 | 363 |
|  |  |  |  | 8316 |
|  **MALAYSIA - 0.6%** | **MALAYSIA - 0.6%** | **MALAYSIA - 0.6%** | **MALAYSIA - 0.6%** | **MALAYSIA - 0.6%** |
| 800000 | Axiata SPV2 Bhd | 4.36% | 03/24/2026 | 803090 |
|  **MEXICO - 9.9%** | **MEXICO - 9.9%** | **MEXICO - 9.9%** | **MEXICO - 9.9%** | **MEXICO - 9.9%** |
| 1200000 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (5 yr. CMT Rate + 3.00%) | 7.53% | 10/01/2028 | 1291216 |
| 3400000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX (5 yr. CMT Rate + 4.31%) | 5.88% | 09/13/2034 | 3409557 |
| 2200000 | Cemex SAB de CV (5 yr. CMT Rate + 4.53%) | 5.13%<sup>(e)</sup> | 06/08/2026 | 2192442 |
| 1000000 | Cemex SAB de CV | 5.45% | 11/19/2029 | 1012428 |
| 1800000 | Comision Federal de Electricidad | 4.75% | 02/23/2027 | 1806872 |
| 2923985 | Mexico Generadora de Energia S de RL | 5.50% | 12/06/2032 | 2988073 |
|  |  |  |  | 12700588 |
|  **PARAGUAY - 1.7%** | **PARAGUAY - 1.7%** | **PARAGUAY - 1.7%** | **PARAGUAY - 1.7%** | **PARAGUAY - 1.7%** |
| 1250000 | Banco Continental SAECA | 2.75% | 12/10/2025 | 1246062 |
| 146667 | Rutas 2 & 7 Finance Ltd. | 0.00% | 09/30/2036 | 111933 |
| 874000 | Telefonica Celular del Paraguay SA | 5.88% | 04/15/2027 | 871369 |
|  |  |  |  | 2229364 |
|  **PERU - 9.9%** | **PERU - 9.9%** | **PERU - 9.9%** | **PERU - 9.9%** | **PERU - 9.9%** |
| 1800000 | Banco de Credito del Peru SA (5 yr. CMT Rate + 2.45%) | 3.25%<sup>(c)</sup> | 09/30/2031 | 1771348 |
| 1450000 | Banco de Credito del Peru SA (5 yr. CMT Rate + 2.45%) | 3.25% | 09/30/2031 | 1426919 |
| 2325000 | Fenix Power Peru SA | 4.32% | 09/20/2027 | 2310191 |
| 1400000 | InRetail Consumer | 3.25% | 03/22/2028 | 1362541 |
| 2240000 | InRetail Shopping Malls | 5.75% | 04/03/2028 | 2249256 |
| 1700000 | Intercorp Financial Services, Inc. | 4.13% | 10/19/2027 | 1691922 |
| 22827 | Interoceanica IV Finance Ltd. Series 2007 | 0.00%<sup>(b)</sup> | 11/30/2025 | 22485 |
| 1869688 | Lima Metro Line 2 Finance Ltd. | 4.35% | 04/05/2036 | 1810764 |
|  |  |  |  | 12645426 |
|  **SINGAPORE - 6.1%** | **SINGAPORE - 6.1%** | **SINGAPORE - 6.1%** | **SINGAPORE - 6.1%** | **SINGAPORE - 6.1%** |
| 3300000 | DBS Group Holdings Ltd. (5 yr. CMT Rate + 1.10%) | 1.82% | 03/10/2031 | 3262113 |
| 2100000 | Oversea-Chinese Banking Corp. Ltd. (5 yr. CMT Rate + 1.58%) | 4.60% | 06/15/2032 | 2108211 |
| 2500000 | United Overseas Bank Ltd. (5 yr. CMT Rate + 1.52%) | 1.75% | 03/16/2031 | 2469961 |
|  |  |  |  | 7840285 |

---

---

| | | |
|:---|:---|:---|
| **134**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **SOUTH AFRICA - 1.0%** | **SOUTH AFRICA - 1.0%** | **SOUTH AFRICA - 1.0%** | **SOUTH AFRICA - 1.0%** | **SOUTH AFRICA - 1.0%** |
| 1100000 | AngloGold Ashanti Holdings PLC | 3.38% | 11/01/2028 | 1064671 |
| 200000 | Gold Fields Orogen Holdings BVI Ltd. | 6.13% | 05/15/2029 | 209764 |
|  |  |  |  | 1274435 |
|  **UNITED ARAB EMIRATES - 0.4%** | **UNITED ARAB EMIRATES - 0.4%** | **UNITED ARAB EMIRATES - 0.4%** | **UNITED ARAB EMIRATES - 0.4%** | **UNITED ARAB EMIRATES - 0.4%** |
| 559352 | Galaxy Pipeline Assets Bidco Ltd. | 2.16% | 03/31/2034 | 509179 |
|  **VIETNAM - 0.5%** | **VIETNAM - 0.5%** | **VIETNAM - 0.5%** | **VIETNAM - 0.5%** | **VIETNAM - 0.5%** |
| 677601 | Mong Duong Finance Holdings BV | 5.13% | 05/07/2029 | 671030 |
|  | **Total Foreign Corporate Bonds** <br>**(Cost $88,643,804)** | **Total Foreign Corporate Bonds** <br>**(Cost $88,643,804)** |  | **89693028** |
|  **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 28. 4%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 28. 4%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 28. 4%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 28. 4%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 28. 4%** |
|  **BRAZIL - 2.6%** | **BRAZIL - 2.6%** | **BRAZIL - 2.6%** | **BRAZIL - 2.6%** | **BRAZIL - 2.6%** |
| 200000 | Brazilian Government International Bond | 4.50% | 05/30/2029 | 198880 |
| 1100000 | Petrobras Global Finance BV | 7.38% | 01/17/2027 | 1140392 |
| 1750000 | Petrobras Global Finance BV | 6.00% | 01/27/2028 | 1785763 |
| 150000 | Petrobras Global Finance BV | 5.13% | 09/10/2030 | 148439 |
|  |  |  |  | 3273474 |
|  **CHILE - 1.2%** | **CHILE - 1.2%** | **CHILE - 1.2%** | **CHILE - 1.2%** |  |
| 1521500 | Chile Electricity Lux MPC Sarl | 6.01% | 01/20/2033 | 1600657 |
|  **COLOMBIA - 1.9%** | **COLOMBIA - 1.9%** | **COLOMBIA - 1.9%** | **COLOMBIA - 1.9%** |  |
| 2500000 | Oleoducto Central SA | 4.00% | 07/14/2027 | 2459926 |
|  **DOMINICAN REPUBLIC - 0.8%** | **DOMINICAN REPUBLIC - 0.8%** | **DOMINICAN REPUBLIC - 0.8%** | **DOMINICAN REPUBLIC - 0.8%** |  |
| 1000000 | Dominican Republic International Bond | 5.50% | 02/22/2029 | 1022750 |
|  **GUATEMALA - 2.7%** | **GUATEMALA - 2.7%** | **GUATEMALA - 2.7%** | **GUATEMALA - 2.7%** |  |
| 2900000 | Guatemala Government Bond | 4.50% | 05/03/2026 | 2892750 |
| 500000 | Guatemala Government Bond | 5.25% | 08/10/2029 | 505375 |
|  |  |  |  | 3398125 |
|  **INDIA - 3.1%** | **INDIA - 3.1%** | **INDIA - 3.1%** | **INDIA - 3.1%** |  |
| 1500000 | BPRL International Singapore Pte Ltd. | 4.38% | 01/18/2027 | 1499734 |
| 2500000 | ONGC Videsh Vankorneft Pte Ltd. | 3.75% | 07/27/2026 | 2487514 |
|  |  |  |  | 3987248 |
|  **INDONESIA - 6.2%** | **INDONESIA - 6.2%** | **INDONESIA - 6.2%** | **INDONESIA - 6.2%** |  |
| 2824000 | Bank Negara Indonesia Persero Tbk PT | 3.75% | 03/30/2026 | 2804700 |
| 3200000 | Pertamina Persero PT | 1.40% | 02/09/2026 | 3163150 |
| 2000000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 4.13% | 05/15/2027 | 1994218 |
|  |  |  |  | 7962068 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **MALAYSIA - 1.1%** | **MALAYSIA - 1.1%** | **MALAYSIA - 1.1%** | **MALAYSIA - 1.1%** |  |
| 1400000 | TNB Global Ventures Capital Bhd | 3.24% | 10/19/2026 | 1384566 |
|  **MEXICO - 3.1%** | **MEXICO - 3.1%** | **MEXICO - 3.1%** | **MEXICO - 3.1%** |  |
| 750000 | Banco Nacional de Comercio Exterior SNC/Cayman Islands | 5.88%<sup>(c)</sup> | 05/07/2030 | 778657 |
| 1500000 | Banco Nacional de Comercio Exterior SNC/Cayman Islands (5 yr. CMT Rate + 2.00%) | 2.72% | 08/11/2031 | 1467450 |
| 1200000 | Comision Federal de Electricidad | 4.69% | 05/15/2029 | 1183231 |
| 500000 | Mexico Government International Bond | 5.00% | 05/07/2029 | 509920 |
|  |  |  |  | 3939258 |
|  **MOROCCO - 1. 4%** | **MOROCCO - 1. 4%** | **MOROCCO - 1. 4%** | **MOROCCO - 1. 4%** |  |
| 600000 | Morocco Government International Bond | 2.38% | 12/15/2027 | 575568 |
| 1100000 | OCP SA | 6.10% | 04/30/2030 | 1153667 |
|  |  |  |  | 1729235 |
|  **PARAGUAY - 3.3%** | **PARAGUAY - 3.3%** | **PARAGUAY - 3.3%** | **PARAGUAY - 3.3%** |  |
| 3144705 | Bioceanico Sovereign Certificate Ltd. | 0.00% | 06/05/2034 | 2579444 |
| 297000 | Paraguay Government International Bond | 5.00% | 04/15/2026 | 298268 |
| 143000 | Paraguay Government International Bond | 4.70% | 03/27/2027 | 144420 |
| 1200000 | Paraguay Government International Bond | 4.95% | 04/28/2031 | 1215624 |
|  |  |  |  | 4237756 |
|  **PERU - 1.0%** | **PERU - 1.0%** | **PERU - 1.0%** | **PERU - 1.0%** |  |
| 1285324 | Lima Metro Line 2 Finance Ltd. | 5.88% | 07/05/2034 | 1327677 |
|  | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $35,548,733)** | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $35,548,733)** |  | **36322740** |

---

---

| | | |
|:---|:---|:---|
| Shares | Security Description | Value $ |
|  **SHORT TERM INVESTMENTS - 2.0%** | **SHORT TERM INVESTMENTS - 2.0%** | **SHORT TERM INVESTMENTS - 2.0%** |
| 857332 | First American Government Obligations Fund - U<br> 4.07%<sup>(f)</sup> | 857332 |
| 857332 | JPMorgan US Government Money Market Fund - IM<br> 4.09%<sup>(f)</sup> | 857332 |
| 857332 | MSILF Government Portfolio - Institutional<br> 4.05%<sup>(f)</sup> | 857332 |
|  | **Total Short Term Investments** <br>**(Cost $2,571,996)** | **2571996** |
|  | **Total Investments - 100.3%** <br>**(Cost $126,764,533)** | **128587764** |
|  | **Other Liabilities in Excess of Assets - (0.3)%** | **(362339)** |
|  | **NET ASSETS - 100.0%** | **$128225425** |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **135**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Low Duration Emerging Markets Fixed Income Fund (Cont.)**<br>

---

| | |
|:---|:---|
|  **SECURITY TYPE BREAKDOWN as a % of Net Assets:**  |  |
|  Foreign Corporate Bonds | 69.9% |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 28.4% |
|  Short Term Investments | 2.0% |
|  Other Assets and Liabilities | (0.3)% |
|  Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  **INVESTMENT BREAKDOWN as a % of Net Assets:**  |  |
|  Banking | 21.1% |
|  Transportation | 16.3% |
|  Utilities | 15.7% |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 14.3% |
|  Energy | 8.7% |
|  Consumer Products | 4.8% |
|  Mining | 4.7% |
|  Retailers (other than Food/Drug) | 4.4% |
|  Telecommunications | 3.3% |
|  Building and Development (including Steel/Metals) | 2.5% |
|  Short Term Investments | 2.0% |
|  Technology | 1.4% |
|  Food Products | 0.9% |
|  Finance | 0.2% |
|  Other Assets and Liabilities | (0.3)% |
|  Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  **COUNTRY BREAKDOWN as a % of Net Assets:**  |  |
|  Brazil | 13.9% |
|  Mexico | 13.0% |
|  India | 11.5% |
|  Peru | 10.9% |
|  Chile | 9.3% |
|  Indonesia | 9.3% |
|  Colombia | 7.1% |
|  Guatemala | 6.4% |
|  Singapore | 6.1% |
|  Paraguay | 5.0% |
|  United States | 2.0% |
|  Malaysia | 1.7% |
|  Morocco | 1.4% |
|  South Africa | 1.0% |
|  Dominican Republic | 0.8% |
|  Vietnam | 0.5% |
|  United Arab Emirates | 0.4% |
|  Jamaica | 0.0%<sup>(d)</sup> |
|  Other Assets and Liabilities | (0.3)% |
|  Net Assets | 100.0% |

---

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

(b) **Value determined using significant unobservable inputs.**

(c) **Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of September 30, 2025, the value of these securities total $6,947,175 or 5.4% of the Fund's net assets.**

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

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

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

**CMT**

**Constant Maturity Treasury Rate**

---

| | | |
|:---|:---|:---|
| **136**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **Schedule of Investments DoubleLine Long Duration Total Return Bond Fund** | (Unaudited) September 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 92.4%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 92.4%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 92.4%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 92.4%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 92.4%** |
|  | **Fannie Mae or Freddie Mac** | **Fannie Mae or Freddie Mac** | **Fannie Mae or Freddie Mac** | **Fannie Mae or Freddie Mac** |
| 730000 | TBA | 2.50%<sup>(g)</sup> | 10/15/2046 | 615136 |
| 2180000 | TBA | 3.00%<sup>(g)</sup> | 10/15/2050 | 1915160 |
|  | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** |
| 1420832 | Pool SD7512 | 3.00% | 02/01/2050 | 1276995 |
| 1440235 | Pool SD7553 | 3.00% | 03/01/2052 | 1288311 |
| 1061513 | Series 4460-KB | 3.50% | 03/15/2045 | 975524 |
| 2000000 | Series 4994-AV | 2.00% | 12/25/2045 | 1627287 |
| 1342329 | Series 5145-HZ | 3.00%<sup>(a)</sup> | 09/25/2051 | 813439 |
| 1971133 | Series 5155-JZ | 3.00%<sup>(a)</sup> | 10/25/2051 | 1181684 |
| 1795343 | Series 5155-KZ | 3.00%<sup>(a)</sup> | 10/25/2051 | 1106394 |
| 1601895 | Series 5160-ZY | 3.00%<sup>(a)</sup> | 10/25/2050 | 1164374 |
| 1900684 | Series 5171-Z | 2.00%<sup>(a)</sup> | 12/25/2051 | 1055825 |
| 323184 | Series 5326-UO | 0.00%<sup>(b)</sup> | 10/25/2050 | 216922 |
|  | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** |
| 1421513 | Pool 310233 | 3.50% | 03/01/2044 | 1339909 |
| 1508366 | Pool BU5836 | 2.00% | 11/01/2051 | 1236347 |
| 1423935 | Pool BV9867 | 3.00% | 05/01/2052 | 1253339 |
| 1029525 | Pool BZ0782 | 5.76% | 04/01/2054 | 1082311 |
| 1029525 | Pool BZ0785 | 5.76% | 04/01/2054 | 1087721 |
| 287000 | Pool BZ1178 | 5.81% | 06/01/2031 | 298794 |
| 1222352 | Pool FM8691 | 2.50% | 09/01/2051 | 1047672 |
| 1901162 | Pool FS0176 | 2.50% | 01/01/2052 | 1612552 |
| 1391535 | Pool FS3826 | 3.00% | 01/01/2052 | 1225004 |
| 1351640 | Pool FS5984 | 3.00% | 12/01/2050 | 1216947 |
| 1213142 | Pool FS7149 | 2.50% | 03/01/2052 | 1038069 |
| 1397233 | Pool FS8304 | 3.00% | 05/01/2052 | 1249590 |
| 1260000 | Series 2012-128-UC | 2.50% | 11/25/2042 | 966660 |
| 670661 | Series 2013-66-ZK | 3.00%<sup>(a)</sup> | 07/25/2043 | 508116 |
| 1619194 | Series 2014-42-BZ | 3.00%<sup>(a)</sup> | 07/25/2044 | 1460066 |
| 360785 | Series 2014-68-TD | 3.00% | 11/25/2044 | 327674 |
| 487706 | Series 2014-80-KL | 2.00% | 05/25/2043 | 333225 |
| 634828 | Series 2016-64-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap) | 1.53%<sup>(c)(d)</sup> | 09/25/2046 | 72522 |
| 193427 | Series 2018-21-PO | 0.00%<sup>(b)</sup> | 04/25/2048 | 147587 |
| 2898095 | Series 2019-68-ZL | 2.50%<sup>(a)</sup> | 11/25/2049 | 2282486 |
| 1533990 | Series 2021-17-SB (-1 x 30 day avg SOFR US + 3.30%, 0.00% Floor, 3.30% Cap) | 0.00%<sup>(c)(d)</sup> | 04/25/2051 | 27458 |
| 1863716 | Series 2021-93-Z | 3.00%<sup>(a)</sup> | 08/25/2051 | 1269506 |
| 3178000 | Series 2023-M1-2A2 | 4.05%<sup>(e)</sup> | 07/25/2040 | 2935083 |
|  | **Freddie Mac Seasoned Credit Risk Transfer Trust** | **Freddie Mac Seasoned Credit Risk Transfer Trust** | **Freddie Mac Seasoned Credit Risk Transfer Trust** | **Freddie Mac Seasoned Credit Risk Transfer Trust** |
| 1005000 | Series 2021-2-MBU | 2.50% | 11/25/2060 | 705478 |
|  | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** |
| 203663 | Series 2013-180-LO | 0.00%<sup>(b)</sup> | 11/16/2043 | 160967 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 3617001 | Series 2015-79-VZ | 2.50%<sup>(a)</sup> | 05/20/2045 | 3240522 |
| 361013 | Series 2016-12-MZ | 3.00%<sup>(a)</sup> | 01/20/2046 | 293162 |
| 1232002 | Series 2017-122-CZ | 3.00%<sup>(a)</sup> | 08/20/2047 | 978614 |
| 1415811 | Series 2021-105-JS (-1 x 30 day avg SOFR US + 3.65%, 0.00% Floor, 3.65% Cap) | 0.00%<sup>(c)(d)</sup> | 06/20/2051 | 40034 |
| 1419503 | Series 2021-223-EZ | 3.00%<sup>(a)</sup> | 12/20/2051 | 1051665 |
| 660032 | Series 2021-42-SB (-1 x 1 mo. Term SOFR + 6.24%, 0.00% Floor, 6.35% Cap) | 2.10%<sup>(c)(d)</sup> | 03/20/2051 | 96745 |
| 1502793 | Series 2021-89-SA (-1 x 1 mo. Term SOFR + 3.64%, 0.00% Floor, 3.75% Cap) | 0.00%<sup>(c)(d)</sup> | 05/20/2051 | 51212 |
| 389669 | Series 2022-160-DZ | 4.50%<sup>(a)</sup> | 09/20/2052 | 293625 |
| 7849259 | Series 2022-85-SA (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap) | 0.00%<sup>(c)(d)</sup> | 05/20/2052 | 23049 |
| 1859483 | Series 2022-9-MZ | 3.50%<sup>(a)</sup> | 01/20/2052 | 1419863 |
| 1052000 | Series 2022-99-QG | 3.50% | 01/20/2052 | 909911 |
| 833883 | Series 2023-140-PO | 0.00%<sup>(b)</sup> | 06/20/2048 | 566811 |
| 1403318 | Series 2025-1-GZ | 3.50%<sup>(a)</sup> | 01/20/2055 | 1078261 |
| 1782559 | Series 2025-110-KZ | 1.25%<sup>(a)</sup> | 06/20/2051 | 1094441 |
| 1620732 | Series 2025-121-ZB | 2.50%<sup>(a)</sup> | 08/20/2050 | 1073221 |
|  | **Total US Government and Agency Mortgage Backed Obligations** <br>**(Cost $52,771,496)** | **Total US Government and Agency Mortgage Backed Obligations** <br>**(Cost $52,771,496)** |  | **50333270** |

---

---

| | | |
|:---|:---|:---|
| Shares | Security Description | Value $ |
|  **SHORT TERM INVESTMENTS - 11.1%** | **SHORT TERM INVESTMENTS - 11.1%** | **SHORT TERM INVESTMENTS - 11.1%** |
| 2009042 | First American Government Obligations Fund - U<br> 4.07%<sup>(f)</sup> | 2009042 |
| 2009043 | JPMorgan US Government Money Market Fund - IM<br> 4.09%<sup>(f)</sup> | 2009043 |
| 2009043 | MSILF Government Portfolio - Institutional<br> 4.05%<sup>(f)</sup> | 2009043 |
|  | **Total Short Term Investments** <br>**(Cost $6,027,128)** | **6027128** |
|  | **Total Investments - 103.5%** <br>**(Cost $58,798,624)** | **56360398** |
|  | **Other Liabilities in Excess of Assets - (3.5)%** | **(1893768)** |
|  | **NET ASSETS - 100.0%** | **$54466630** |

---

---

| | |
|:---|:---|
|  **SECURITY TYPE BREAKDOWN as a % of Net Assets:**  |  |
|  US Government and Agency Mortgage Backed Obligations | 92.4% |
|  Short Term Investments | 11.1% |
|  Other Assets and Liabilities | (3.5)% |
|  Net Assets | 100.0% |

---

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

(b) **Principal only security**

(c) **Interest only security**

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

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

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

(g) **Represents or includes a TBA transaction.**

**SOFR Secured Overnight Financing Rate**

**TBA**

**To Be Announced**

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **137**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> (Unaudited) September 30, 2025

**Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Long/Short** | **Contract** <br>**Quantity** | **Expiration** <br>**Date** | **Notional Amount<sup>(1)</sup>** | **Unrealized Appreciation (Depreciation)/ Value** |
| U.S. Treasury Ultra Bonds | Long | 152 | 12/19/2025 | $17810970 | $438531 |
| U.S. Treasury Long Bonds | Long | 50 | 12/19/2025 | 5797700 | 31987 |
| U.S. Treasury 2 Year Notes | Short | (47) | 12/31/2025 | (9808175) | 13448 |
| U.S. Treasury 5 Year Notes | Long | 87 | 12/31/2025 | 9517469 | (17477) |
| 10 Year U.S. Ultra Treasury Notes | Short | (165) | 12/19/2025 | (18840982) | (146909) |
|  |  |  |  |  | $319580 |

---

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

---

| | | |
|:---|:---|:---|
| **138**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **Schedule of Investments DoubleLine Strategic Commodity Fund (Consolidated)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) <br>September 30, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $/Shares | Security Description | Maturity | Value $ |
|  **SHORT TERM INVESTMENTS - 101.7%** | **SHORT TERM INVESTMENTS - 101.7%** | **SHORT TERM INVESTMENTS - 101.7%** | **SHORT TERM INVESTMENTS - 101.7%** |
| 934191 | First American Government Obligations Fund - U<br> 4.07%<sup>(a)(b)</sup> |  | 934191 |
| 934192 | JPMorgan US Government Money Market Fund - IM<br> 4.09%<sup>(a)(b)</sup> |  | 934192 |
| 934192 | MSILF Government Portfolio - Institutional<br> 4.05%<sup>(a)(b)</sup> |  | 934192 |
| 15800000 | United States Treasury Bill<br> 0.00%<sup>(a)(c)</sup> | 11/06/2025 | 15736523 |
| 56500000 | United States Treasury Bill<br> 0.00%<sup>(a)(c)</sup> | 11/13/2025 | 56229725 |
|  | **Total Short Term Investments** <br>**(Cost $74,760,165)** |  | **74768823** |
|  | **Total Investments - 101.7%** <br>**(Cost $74,760,165)** | **Total Investments - 101.7%** <br>**(Cost $74,760,165)** | **$74768823** |
|  | **Other Liabilities in Excess of Assets - (1.7)%** |  | **(1271312)** |
|  | **NET ASSETS - 100.0%** |  | **$73497511** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  **SECURITY TYPE BREAKDOWN as a % of Net Assets:**  |  |
|  Short Term Investments | 101.7% |
|  Other Assets and Liabilities | (1.7)% |
|  Net Assets | 100.0% |

---

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

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

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

**Swap Agreements**

**Excess Return Swaps**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Long/Short** | **Financing Rate** | **Payment Frequency** | **Termination Date** | **Notional Amount** | **Value** | **Upfront Premiums Paid/(Received)** | **Unrealized Appreciation (Depreciation)** |
|  Short Commodity Basket Swap<sup>(1)(2)</sup> | Bank of America Merrill Lynch | Short | 0.00% | Termination | 10-01-2025 | $(3700000) | $69639 | $— | $69639 |
|  Short Commodity Basket Swap<sup>(1)(3)</sup> | Canadian Imperial Bank of Commerce | Short | 0.00% | Termination | 10-01-2025 | (3700000) | 69639 |  | 69639 |
|  Long Commodity Basket Swap<sup>(1)(4)</sup> | Canadian Imperial Bank of Commerce | Long | 0.20% | Termination | 10-01-2025 | 3700000 | (81038) |  | (81038) |
|  Long Commodity Basket Swap<sup>(1)(5)</sup> | Bank of America Merrill Lynch | Long | 0.20% | Termination | 10-01-2025 | 3700000 | (81039) |  | (81039) |
|  Commodity Beta Basket Swap<sup>(1)(6)</sup> | Canadian Imperial Bank of Commerce | Long | 0.21% | Termination | 10-01-2025 | 17100000 | (243318) |  | (243318) |
|  Commodity Beta Basket Swap<sup>(1)(6)</sup> | Bank of America Merrill Lynch | Long | 0.23% | Termination | 10-01-2025 | 17100000 | (243580) |  | (243580) |
|  Commodity Beta Basket Swap<sup>(1)(6)</sup> | Barclays Capital, Inc. | Long | 0.20% | Termination | 10-01-2025 | 25200000 | (358381) |  | (358381) |
|  |  |  |  |  |  |  | $(868078) | $— | $(868078) |

---

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

(2) **Short Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At September 30, 2025, all constituents and their weightings were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sub-Index** | **Ticker** | **Contract Value<sup>(7)</sup>** | **Value of Index** | **Weightings** |
| S&P GSCI 2 Month Forward Cotton Index ER | SG2MCTP | 0.91 | $34 | 20.2% |
| S&P GSCI 2 Month Forward Natural Gas Index ER | SG2MNGP | 8.85 | 33 | 20.2% |
| S&P GSCI 2 Month Forward Corn Index ER | SG2MCNP | 1.35 | 33 | 20.0% |
| S&P GSCI 2 Month Forward Kansas Wheat Index ER | SG2MKWP | 1.69 | 33 | 19.9% |
| S&P GSCI 2 Month Forward Wheat Index ER | SG2MWHP | 4.64 | 33 | 19.7% |
|  |  |  | $166 | 100.0% |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **139**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

(3) **Short Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At September 30, 2025, all constituents and their weightings were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sub-Index** | **Ticker** | **Contract Value<sup>(7)</sup>** | **Value of Index** | **Weightings** |
| S&P GSCI 2 Month Forward Cotton Index ER | SG2MCTP | 1.00 | $37 | 20.3% |
| S&P GSCI 2 Month Forward Natural Gas Index ER | SG2MNGP | 9.67 | 36 | 20.2% |
| S&P GSCI 2 Month Forward Corn Index ER | SG2MCNP | 1.48 | 36 | 20.0% |
| S&P GSCI 2 Month Forward Kansas Wheat Index ER | SG2MKWP | 1.85 | 36 | 19.9% |
| S&P GSCI 2 Month Forward Wheat Index ER | SG2MWHP | 5.08 | 36 | 19.6% |
|  |  |  | $181 | 100.0% |

---

(4) **Long Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At September 30, 2025, all constituents and their weightings were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sub-Index** | **Ticker** | **Contract Value<sup>(7)</sup>** | **Value of Index** | **Weightings** |
| S&P GSCI 2 Month Forward Coffee Index ER | SG2MKCP | 0.94 | $29 | 20.5% |
| S&P GSCI 2 Month Forward GasOil Index ER | SG2MGOP | 0.22 | 28 | 20.5% |
| S&P GSCI 2 Month Forward Unleaded Gas Index ER | SG2MHUP | 0.02 | 28 | 19.8% |
| S&P GSCI 2 Month Forward Brent Crude Index ER | SG2MBRP | 0.03 | 27 | 19.6% |
| S&P GSCI 2 Month Forward Crude Oil Index ER | SG2MCLP | 0.05 | 27 | 19.6% |
|  |  |  | $139 | 100.0% |

---

(5) **Long Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At September 30, 2025, all constituents and their weightings were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sub-Index** | **Ticker** | **Contract Value<sup>(7)</sup>** | **Value of Index** | **Weightings** |
| S&P GSCI 2 Month Forward Coffee Index ER | SG2MKCP | 1.22 | $37 | 20.5% |
| S&P GSCI 2 Month Forward GasOil Index ER | SG2MGOP | 0.29 | 37 | 20.5% |
| S&P GSCI 2 Month Forward Unleaded Gas Index ER | SG2MHUP | 0.02 | 36 | 19.8% |
| S&P GSCI 2 Month Forward Brent Crude Index ER | SG2MBRP | 0.03 | 36 | 19.6% |
| S&P GSCI 2 Month Forward Crude Oil Index ER | SG2MCLP | 0.07 | 36 | 19.6% |
|  |  |  | $182 | 100.0% |

---

(6) **Commodity Beta Basket Swap represents a swap on a basket of commodity indices designed to approximate the broad commodity market. At September 30, 2025, all constituents and their weightings were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Index** | **Ticker** | **Contract Value<sup>(7)</sup>** | **Value of Index** | **Weightings** |
| Electrolytic Copper Future | LP1 | 0.20 | $144 | 22.6% |
| Soybean Future | S1 | 0.38 | 120 | 18.9% |
| Nickel Future | LN1 | 0.30 | 79 | 12.4% |
| Brent Crude Future | CO1 | 0.09 | 57 | 9.1% |
| Crude Oil Future | CL1 | 0.09 | 57 | 9.0% |
| Live Cattle Future | LC1 | 0.15 | 39 | 6.1% |
| Low Sulphur Gas Oil Future | QS1 | 0.08 | 34 | 5.4% |
| Gasoline RBOB Future | XB1 | 0.05 | 31 | 4.9% |
| Sugar No. 11 Future | SB1 | 0.18 | 29 | 4.5% |
| Cotton No. 2 Future | CT1 | 0.46 | 24 | 3.8% |
| NY Harbor ULSD Heating Oil Future | HO1 | 0.07 | 21 | 3.3% |
|  |  |  | $635 | 100.0% |

---

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

---

| | | |
|:---|:---|:---|
| **140**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **Schedule of Investments DoubleLine Global Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) <br>September 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount | Security Description | Rate | Maturity | Value $ |
|  **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 61.5%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 61.5%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 61.5%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 61.5%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 61.5%** |
|  **AUSTRALIA - 3.0%** | **AUSTRALIA - 3.0%** | **AUSTRALIA - 3.0%** | **AUSTRALIA - 3.0%** | **AUSTRALIA - 3.0%** |
| 7,317,000 AUD | Australia Government Bond | 1.50% | 06/21/2031 | 4270630 |
| 5,500,000 AUD | Australia Government Bond | 2.75% | 06/21/2035 | 3196148 |
|  |  |  |  | 7466778 |
|  **BELGIUM - 2.5%** | **BELGIUM - 2.5%** | **BELGIUM - 2.5%** | **BELGIUM - 2.5%** |  |
| 1,726,000 EUR | Kingdom of Belgium Government Bond | 0.90%<sup>(a)</sup> | 06/22/2029 | 1920356 |
| 3,800,000 EUR | Kingdom of Belgium Government Bond | 2.85%<sup>(a)</sup> | 10/22/2034 | 4350091 |
|  |  |  |  | 6270447 |
|  **CANADA - 1.8%** | **CANADA - 1.8%** | **CANADA - 1.8%** | **CANADA - 1.8%** |  |
| 2,760,000 CAD | Canadian Government Bond | 1.50% | 06/01/2031 | 1845907 |
| 1,970,000 CAD | Canadian Government Bond | 3.25% | 12/01/2034 | 1427652 |
| 1,460,000 CAD | Canadian Government Bond | 3.25% | 06/01/2035 | 1055011 |
|  |  |  |  | 4328570 |
|  **CZECH REPUBLIC - 3.0%** | **CZECH REPUBLIC - 3.0%** | **CZECH REPUBLIC - 3.0%** | **CZECH REPUBLIC - 3.0%** |  |
| 29,600,000 CZK | Czech Republic Government Bond | 2.75% | 07/23/2029 | 1372792 |
| 112,600,000 CZK | Czech Republic Government Bond | 6.20% | 06/16/2031 | 6007783 |
|  |  |  |  | 7380575 |
|  **FRANCE - 5.0%** | **FRANCE - 5.0%** | **FRANCE - 5.0%** | **FRANCE - 5.0%** |  |
| 1,800,000 EUR | French Republic Government Bond OAT | 0.50%<sup>(a)</sup> | 05/25/2029 | 1967403 |
| 660,000 EUR | French Republic Government Bond OAT | 0.00%<sup>(a)</sup> | 11/25/2029 | 697127 |
| 5,838,440 EUR | French Republic Government Bond OAT | 0.70%<sup>(a)</sup> | 07/25/2030 | 6804927 |
| 2,700,000 EUR | French Republic Government Bond OAT | 1.50%<sup>(a)</sup> | 05/25/2031 | 2949259 |
|  |  |  |  | 12418716 |
|  **GERMANY - 8.0%** | **GERMANY - 8.0%** | **GERMANY - 8.0%** | **GERMANY - 8.0%** |  |
| 7,190,000 EUR | Bundesrepublik Deutschland Bundesanleihe | 0.00% | 08/15/2030 | 7572322 |
| 5,600,000 EUR | Bundesrepublik Deutschland Bundesanleihe | 0.00% | 02/15/2031 | 5817240 |
| 5,600,000 EUR | Bundesrepublik Deutschland Bundesanleihe | 1.70% | 08/15/2032 | 6268915 |
|  |  |  |  | 19658477 |
|  **HUNGARY - 2.8%** | **HUNGARY - 2.8%** | **HUNGARY - 2.8%** | **HUNGARY - 2.8%** |  |
| 862,000,000 HUF | Hungary Government Bond | 3.00% | 10/27/2027 | 2436425 |
| 1,443,000,000 HUF | Hungary Government Bond | 7.00% | 10/24/2035 | 4387381 |
|  |  |  |  | 6823806 |
|  **IRELAND - 1.6%** | **IRELAND - 1.6%** | **IRELAND - 1.6%** | **IRELAND - 1.6%** |  |
| 680,000 EUR | Ireland Government Bond | 0.90% | 05/15/2028 | 774474 |
| 2,910,000 EUR | Ireland Government Bond | 1.10% | 05/15/2029 | 3279287 |
|  |  |  |  | 4053761 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount | Security Description | Rate | Maturity | Value $ |
|  **JAPAN - 7.9%** | **JAPAN - 7.9%** | **JAPAN - 7.9%** | **JAPAN - 7.9%** |  |
| 361,000,000 JPY | Japan Government Ten Year Bond | 0.10% | 12/20/2026 | 2419855 |
| 812,500,000 JPY | Japan Government Ten Year Bond | 0.10% | 12/20/2027 | 5393547 |
| 500,000,000 JPY | Japan Government Twenty Year Bond | 1.90% | 03/20/2031 | 3491532 |
| 910,000,000 JPY | Japan Government Twenty Year Bond | 0.50% | 03/20/2038 | 5174844 |
| 560,000,000 JPY | Japan Government Twenty Year Bond | 0.30% | 09/20/2039 | 2962081 |
|  |  |  |  | 19441859 |
|  **MEXICO - 4.4%** | **MEXICO - 4.4%** | **MEXICO - 4.4%** | **MEXICO - 4.4%** |  |
| 20,300,000 MXN | Mexican Bonos | 5.75% | 03/05/2026 | 1098975 |
| 86,000,000 MXN | Mexican Bonos | 8.50% | 02/28/2030 | 4746616 |
| 93,000,000 MXN | Mexican Bonos | 7.75% | 05/29/2031 | 4952660 |
|  |  |  |  | 10798251 |
|  **NEW ZEALAND - 2.2%** | **NEW ZEALAND - 2.2%** | **NEW ZEALAND - 2.2%** | **NEW ZEALAND - 2.2%** |  |
| 6,850,000 NZD | New Zealand Government Bond | 1.50% | 05/15/2031 | 3553182 |
| 3,100,000 NZD | New Zealand Government Bond | 4.50% | 05/15/2035 | 1840889 |
|  |  |  |  | 5394071 |
|  **PERU - 1.7%** | **PERU - 1.7%** | **PERU - 1.7%** | **PERU - 1.7%** |  |
| 13,900,000 PEN | Peru Government Bond | 6.15% | 08/12/2032 | 4247456 |
|  **PORTUGAL - 2.0%** | **PORTUGAL - 2.0%** | **PORTUGAL - 2.0%** | **PORTUGAL - 2.0%** |  |
| 4,670,000 EUR | Portugal Obrigacoes do Tesouro OT | 0.48%<sup>(a)</sup> | 10/18/2030 | 4979297 |
|  **SOUTH AFRICA - 4.8%** | **SOUTH AFRICA - 4.8%** | **SOUTH AFRICA - 4.8%** | **SOUTH AFRICA - 4.8%** |  |
| 157,470,000 ZAR | Republic of South Africa Government Bond | 8.88% | 02/28/2035 | 8957396 |
| 45,300,000 ZAR | Republic of South Africa Government Bond | 10.88% | 03/31/2038 | 2836899 |
|  |  |  |  | 11794295 |
|  **SPAIN - 5.7%** | **SPAIN - 5.7%** | **SPAIN - 5.7%** | **SPAIN - 5.7%** |  |
| 1,470,000 EUR | Spain Government Bond | 1.30%<sup>(a)</sup> | 10/31/2026 | 1711860 |
| 4,440,000 EUR | Spain Government Bond | 0.60%<sup>(a)</sup> | 10/31/2029 | 4843757 |
| 7,070,000 EUR | Spain Government Bond | 0.50%<sup>(a)</sup> | 04/30/2030 | 7586087 |
|  |  |  |  | 14141704 |
|  **UNITED KINGDOM - 5.1%** | **UNITED KINGDOM - 5.1%** | **UNITED KINGDOM - 5.1%** | **UNITED KINGDOM - 5.1%** |  |
| 5,100,000 GBP | United Kingdom Gilt | 4.38% | 03/07/2030 | 6924398 |
| 4,500,000 GBP | United Kingdom Gilt | 4.25% | 03/07/2036 | 5782014 |
|  |  |  |  | 12706412 |
|  | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $153,472,899)** | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $153,472,899)** |  | **151904475** |
|  **US GOVERNMENT AND AGENCY OBLIGATIONS - 36.6%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 36.6%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 36.6%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 36.6%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 36.6%** |
|  **UNITED STATES - 36.6%** | **UNITED STATES - 36.6%** | **UNITED STATES - 36.6%** | **UNITED STATES - 36.6%** | **UNITED STATES - 36.6%** |
| 3,450,000 USD | United States Treasury Note/Bond | 0.38% | 11/30/2025 | 3429116 |
| 5,290,000 USD | United States Treasury Note/Bond | 0.75% | 05/31/2026 | 5184228 |
| 4,070,000 USD | United States Treasury Note/Bond | 0.63% | 03/31/2027 | 3892017 |
| 3,670,000 USD | United States Treasury Note/Bond | 0.50% | 10/31/2027 | 3443062 |
| 3,500,000 USD | United States Treasury Note/Bond | 0.63% | 11/30/2027 | 3285010 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **141**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount | Security Description | Rate | Maturity | Value $ |
| 8,610,000 USD | United States Treasury Note/Bond | 0.63% | 12/31/2027 | 8060608 |
| 11,080,000 USD | United States Treasury Note/Bond | 0.75% | 01/31/2028 | 10376680 |
| 10,880,000 USD | United States Treasury Note/Bond | 0.63% | 05/15/2030 | 9459862 |
| 13,740,000 USD | United States Treasury Note/Bond | 0.63% | 08/15/2030 | 11848335 |
| 13,850,000 USD | United States Treasury Note/Bond | 0.88% | 11/15/2030 | 12011088 |
| 10,740,000 USD | United States Treasury Note/Bond | 1.13% | 05/15/2040 | 6844023 |
| 4,270,000 USD | United States Treasury Note/Bond | 1.38% | 11/15/2040 | 2787593 |
| 3,760,000 USD | United States Treasury Note/Bond | 1.75% | 08/15/2041 | 2552320 |
| 6,990,000 USD | United States Treasury Note/Bond | 1.25% | 05/15/2050 | 3430697 |
| 6,550,000 USD | United States Treasury Note/Bond | 1.38% | 08/15/2050 | 3295341 |
| 1,020,000 USD | United States Treasury Note/Bond | 1.88% | 02/15/2051 | 582854 |
|  | **Total US Government and Agency Obligations** <br>**(Cost $89,868,485)** | **Total US Government and Agency Obligations** <br>**(Cost $89,868,485)** |  | **90482834** |

---

---

| | | |
|:---|:---|:---|
| Shares | Security Description | Value $ |
|  **SHORT TERM INVESTMENTS - 1.2%** | **SHORT TERM INVESTMENTS - 1.2%** | **SHORT TERM INVESTMENTS - 1.2%** |
| 952283 | First American Government Obligations Fund - U<br> 4.07%<sup>(b)</sup> | 952283 |
| 952283 | JPMorgan US Government Money Market Fund - IM<br> 4.09%<sup>(b)</sup> | 952283 |
| 952283 | MSILF Government Portfolio - Institutional<br> 4.05%<sup>(b)</sup> | 952283 |
|  | **Total Short Term Investments** <br>**(Cost $2,856,849)** | **2856849** |
|  | **Total Investments - 99.3%** <br>**(Cost $246,198,233)** | **245244158** |
|  | **Other Assets in Excess of Liabilities - 0.7%** | **1699096** |
|  | **NET ASSETS - 100.0%** | **$246943254** |

---

---

| | |
|:---|:---|
|  **SECURITY TYPE BREAKDOWN as a % of Net Assets:**  |  |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 61.5% |
|  US Government and Agency Obligations | 36.6% |
|  Short Term Investments | 1.2% |
|  Other Assets and Liabilities | 0.7% |
|  Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  **COUNTRY BREAKDOWN as a % of Net Assets:**  |  |
|  United States | 37.8% |
|  Germany | 8.0% |
|  Japan | 7.9% |
|  Spain | 5.7% |
|  United Kingdom | 5.1% |
|  France | 5.0% |
|  South Africa | 4.8% |
|  Mexico | 4.4% |
|  Australia | 3.0% |
|  Czech Republic | 3.0% |
|  Hungary | 2.8% |
|  Belgium | 2.5% |
|  New Zealand | 2.2% |
|  Portugal | 2.0% |
|  Canada | 1.8% |
|  Peru | 1.7% |
|  Ireland | 1.6% |
|  Other Assets and Liabilities | 0.7% |
|  Net Assets | 100.0% |

---

(a) **Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of September 30, 2025, the value of these securities total $37,810,164 or 15.3% of the Fund's net assets.**

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

**AUD**

**Australian Dollar**

**CAD**

**Canadian Dollar**

**CZK**

**Czech Republic Koruna**

**EUR**

**Euro**

**GBP**

**British Pound**

**HUF**

**Hungarian Forint**

**JPY**

**Japanese Yen**

**MXN**

**Mexican Peso**

**NZD**

**New Zealand Dollar**

**PEN**

**Peruvian Sol**

**USD**

**United States Dollar**

---

| | | |
|:---|:---|:---|
| **142**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Global Bond Fund (Cont.)**<br>

**ZAR**

**South African Rand**

**Forward Currency Exchange Contracts**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement Date** | **Counterparty** | **Currency to be Delivered** | **Currency to be Delivered** | **Value** | **Currency to be Received** | **Currency to be Received** | **Value** | **Unrealized Appreciation (Depreciation)** |
| 10/03/2025 | Goldman Sachs | 3609526 | USD | $3609526 | 19700000 | BRL | $3698717 | $89192 |
|  |  |  |  |  |  |  |  | $89192 |

---

**BRL**

**Brazilian Real**

**USD**

**United States Dollar**

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **143**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **Schedule of Investments DoubleLine Infrastructure Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) <br>September 30, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
|  **ASSET BACKED OBLIGATIONS - 48.3%** | **ASSET BACKED OBLIGATIONS - 48.3%** | **ASSET BACKED OBLIGATIONS - 48.3%** | **ASSET BACKED OBLIGATIONS - 48.3%** |
|  | **ALTDE Trust** | **ALTDE Trust** | **ALTDE Trust** |
| 3607363 | Series 2025-1A-B<br> 6.53%<sup>(a)</sup> | 08/15/2050 | 3655060 |
|  | **Apollo Aviation Securitization Equity Trust** | **Apollo Aviation Securitization Equity Trust** | **Apollo Aviation Securitization Equity Trust** |
| 7516651 | Series 2024-1A-B<br> 6.90%<sup>(a)</sup> | 05/16/2049 | 7807959 |
| 4909058 | Series 2025-2A-B<br> 6.01%<sup>(a)</sup> | 02/16/2050 | 4975345 |
| 5000000 | AZ Battery Property<br> 6.73%<sup>(b)</sup> | 02/20/2046 | 5054756 |
|  | **Blackbird Capital Aircraft** | **Blackbird Capital Aircraft** | **Blackbird Capital Aircraft** |
| 1817990 | Series 2016-1A-B<br> 5.68%<sup>(a)(c)</sup> | 12/16/2041 | 1815341 |
|  | **Blue Stream Communications LLC** | **Blue Stream Communications LLC** | **Blue Stream Communications LLC** |
| 2000000 | Series 2023-1A-C<br> 8.90%<sup>(a)</sup> | 05/20/2053 | 2061739 |
|  | **Cloud Capital Holdco LP** | **Cloud Capital Holdco LP** | **Cloud Capital Holdco LP** |
| 3500000 | Series 2024-2A-A2<br> 5.92%<sup>(a)</sup> | 11/22/2049 | 3576269 |
|  | **Cologix Data Centers US Issuer LLC** | **Cologix Data Centers US Issuer LLC** | **Cologix Data Centers US Issuer LLC** |
| 2250000 | Series 2021-1A-B<br> 3.79%<sup>(a)</sup> | 12/26/2051 | 2196606 |
|  | **Compass Datacenters LLC** | **Compass Datacenters LLC** | **Compass Datacenters LLC** |
| 2000000 | Series 2025-1A-B1<br> 5.76%<sup>(a)</sup> | 05/25/2050 | 2028372 |
|  | **Cyrusone Holdco LLC** | **Cyrusone Holdco LLC** | **Cyrusone Holdco LLC** |
| 2000000 | Series 2023-1A-A2<br> 4.30%<sup>(a)</sup> | 04/20/2048 | 1965257 |
| 1308331 | Series 2023-1A-B<br> 5.45%<sup>(a)</sup> | 04/20/2048 | 1286068 |
| 1500000 | Series 2024-3A-A2<br> 4.65%<sup>(a)</sup> | 05/20/2049 | 1459656 |
|  | **DataBank Issuer** | **DataBank Issuer** | **DataBank Issuer** |
| 2100000 | Series 2021-1A-C<br> 4.43%<sup>(a)</sup> | 02/27/2051 | 2081142 |
| 6500000 | Series 2023-1A-A2<br> 5.12%<sup>(a)</sup> | 02/25/2053 | 6493786 |
|  | **Diamond Infrastructure Funding LLC** | **Diamond Infrastructure Funding LLC** | **Diamond Infrastructure Funding LLC** |
| 2250000 | Series 2021-1A-B<br> 2.36%<sup>(a)</sup> | 04/15/2049 | 2167313 |
|  | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** |
| 6250000 | Series 2023-1A-B<br> 5.75%<sup>(a)</sup> | 09/15/2048 | 6273325 |
|  | **Diversified Energy Co. PLC** | **Diversified Energy Co. PLC** | **Diversified Energy Co. PLC** |
| 4892148 | Series 2025-1A-A1<br> 5.95%<sup>(a)</sup> | 02/28/2045 | 4963798 |
|  | **Falcon Aerospace Ltd.** | **Falcon Aerospace Ltd.** | **Falcon Aerospace Ltd.** |
| 196038 | Series 2017-1-A<br> 4.58%<sup>(a)</sup> | 02/15/2042 | 196893 |
|  | **GAIA Aviation Ltd.** | **GAIA Aviation Ltd.** | **GAIA Aviation Ltd.** |
| 2244086 | Series 2019-1-A<br> 3.97%<sup>(a)(c)</sup> | 12/15/2044 | 2202660 |
|  | **GoodLeap Sustainable Home Solutions Trust** | **GoodLeap Sustainable Home Solutions Trust** | **GoodLeap Sustainable Home Solutions Trust** |
| 2938840 | Series 2021-3CS-B<br> 2.41%<sup>(a)</sup> | 05/20/2048 | 2131812 |
|  | **GreenSky LLC** | **GreenSky LLC** | **GreenSky LLC** |
| 9025000 | Series 2025-1A-D<br> 6.22%<sup>(a)</sup> | 03/25/2060 | 9205195 |
|  | **Helios Issuer LLC** | **Helios Issuer LLC** | **Helios Issuer LLC** |
| 1139434 | Series 2018-1A-A<br> 4.87%<sup>(a)</sup> | 07/20/2048 | 1096019 |
| 1106313 | Series 2021-B-B<br> 2.01%<sup>(a)</sup> | 07/20/2048 | 816507 |
|  | **HERO Funding Trust** | **HERO Funding Trust** | **HERO Funding Trust** |
| 8567 | Series 2015-2A-A<br> 3.99%<sup>(a)</sup> | 09/20/2040 | 8309 |
| 253968 | Series 2016-3A-A2<br> 3.91%<sup>(a)</sup> | 09/20/2042 | 242389 |
| 648339 | Series 2016-4A-A2<br> 4.29%<sup>(a)</sup> | 09/20/2047 | 625648 |
|  | **Horizon Aircraft Finance Ltd.** | **Horizon Aircraft Finance Ltd.** | **Horizon Aircraft Finance Ltd.** |
| 1535752 | Series 2019-1-A<br> 3.72%<sup>(a)</sup> | 07/15/2039 | 1507568 |
|  | **Hotwire Funding LLC** | **Hotwire Funding LLC** | **Hotwire Funding LLC** |
| 5000000 | Series 2021-1-C<br> 4.46%<sup>(a)</sup> | 11/20/2051 | 4910738 |
|  | **ITE Rail Fund Levered LP** | **ITE Rail Fund Levered LP** | **ITE Rail Fund Levered LP** |
| 2113083 | Series 2021-3A-A<br> 2.21%<sup>(a)</sup> | 06/28/2051 | 2027815 |
|  | **JOL Air Ltd.** | **JOL Air Ltd.** | **JOL Air Ltd.** |
| 2662359 | Series 2019-1-A<br> 3.97%<sup>(a)</sup> | 04/15/2044 | 2637359 |
|  | **Kestrel Aircraft Funding USA LLC** | **Kestrel Aircraft Funding USA LLC** | **Kestrel Aircraft Funding USA LLC** |
| 646212 | Series 2018-1A-A<br> 4.25%<sup>(a)</sup> | 12/15/2038 | 646973 |
|  | **Luminace Issuer LLC** | **Luminace Issuer LLC** | **Luminace Issuer LLC** |
| 6716139 | Series 2024-1-A<br> 5.87%<sup>(a)</sup> | 10/30/2031 | 6719941 |
|  | **Metronet Systems Holdings LLC** | **Metronet Systems Holdings LLC** | **Metronet Systems Holdings LLC** |
| 3000000 | Series 2025-2A-C<br> 7.83%<sup>(a)</sup> | 08/20/2055 | 3050128 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** |
| 1156913 | Series 2018-1A-A | 4.01%<sup>(a)</sup> | 06/22/2043 | 1088370 |
| 1491874 | Series 2019-2A-B | 3.28%<sup>(a)</sup> | 09/20/2040 | 1333133 |
| 2588803 | Series 2021-3A-B | 1.92%<sup>(a)</sup> | 06/20/2052 | 1996102 |
| 1761462 | Series 2022-1A-B | 3.16%<sup>(a)</sup> | 01/20/2053 | 1346196 |
| 4340775 | Series 2025-1A-A | 6.12%<sup>(a)</sup> | 08/22/2050 | 4309948 |
|  | **Navigator Aircraft ABS Ltd.** | **Navigator Aircraft ABS Ltd.** | **Navigator Aircraft ABS Ltd.** | **Navigator Aircraft ABS Ltd.** |
| 5000000 | Series 2025-1-B | 5.89%<sup>(a)</sup> | 10/15/2050 | 5018675 |
|  | **NP Railcar Holdings LLC** | **NP Railcar Holdings LLC** | **NP Railcar Holdings LLC** | **NP Railcar Holdings LLC** |
| 27838 | Series 2016-1A-A1 | 4.16%<sup>(a)</sup> | 04/20/2046 | 27774 |
| 1007288 | Series 2017-1A-A1 | 3.37%<sup>(a)</sup> | 10/21/2047 | 990443 |
| 3978883 | Series 2021-1A-A1 | 2.23%<sup>(a)</sup> | 03/19/2051 | 3342411 |
|  | **Purewest Abs Issuer LLC** | **Purewest Abs Issuer LLC** | **Purewest Abs Issuer LLC** | **Purewest Abs Issuer LLC** |
| 4231311 | Series 2025-1-A1 | 5.69%<sup>(a)</sup> | 04/05/2040 | 4324374 |
|  | **QTS Issuer ABS I LLC** | **QTS Issuer ABS I LLC** | **QTS Issuer ABS I LLC** | **QTS Issuer ABS I LLC** |
| 5000000 | Series 2025-1A-B | 5.93%<sup>(a)</sup> | 05/25/2055 | 5071224 |
|  | **Scalelogix Abs Us Issuer LLC** | **Scalelogix Abs Us Issuer LLC** | **Scalelogix Abs Us Issuer LLC** | **Scalelogix Abs Us Issuer LLC** |
| 1950000 | Series 2025-1A-B | 6.16%<sup>(a)</sup> | 07/25/2055 | 1948018 |
|  | **Shenton Aircraft Investment Ltd.** | **Shenton Aircraft Investment Ltd.** | **Shenton Aircraft Investment Ltd.** | **Shenton Aircraft Investment Ltd.** |
| 84507 | Series 2015-1A-A | 4.75%<sup>(a)</sup> | 10/15/2042 | 83089 |
|  | **SSI ABS Issuer LLC** | **SSI ABS Issuer LLC** | **SSI ABS Issuer LLC** | **SSI ABS Issuer LLC** |
| 4927597 | Series 2025-1-A | 6.15%<sup>(a)</sup> | 07/25/2065 | 4998829 |
|  | **Stack Infrastructure Issuer LLC** | **Stack Infrastructure Issuer LLC** | **Stack Infrastructure Issuer LLC** | **Stack Infrastructure Issuer LLC** |
| 5280000 | Series 2025-1A-A2 | 5.00%<sup>(a)</sup> | 05/25/2050 | 5265516 |
|  | **Start/Bermuda** | **Start/Bermuda** | **Start/Bermuda** | **Start/Bermuda** |
| 569680 | Series 2018-1-A | 4.09%<sup>(a)</sup> | 05/15/2043 | 570977 |
|  | **Sunnova Energy International, Inc.** | **Sunnova Energy International, Inc.** | **Sunnova Energy International, Inc.** | **Sunnova Energy International, Inc.** |
| 926678 | Series 2020-AA-A | 2.98%<sup>(a)</sup> | 06/20/2047 | 826360 |
|  | **Switch Ltd.** | **Switch Ltd.** | **Switch Ltd.** | **Switch Ltd.** |
| 4000000 | Series 2024-1A-B | 6.50%<sup>(a)</sup> | 03/25/2054 | 4062026 |
| 5000000 | Series 2024-2A-C | 10.03%<sup>(a)</sup> | 06/25/2054 | 5170417 |
|  | **Thunderbolt Aircraft Lease** | **Thunderbolt Aircraft Lease** | **Thunderbolt Aircraft Lease** | **Thunderbolt Aircraft Lease** |
| 541694 | Series 2018-A-A | 5.96%<sup>(a)(c)</sup> | 09/15/2038 | 542742 |
| 499030 | Series 2018-A-B | 7.68%<sup>(a)(c)</sup> | 09/15/2038 | 500144 |
|  | **Trinity Industries Leasing Co.** | **Trinity Industries Leasing Co.** | **Trinity Industries Leasing Co.** | **Trinity Industries Leasing Co.** |
| 2134202 | Series 2010-1A-A | 5.19%<sup>(a)</sup> | 10/16/2040 | 2140381 |
|  | **Vault DI Issuer LLC** | **Vault DI Issuer LLC** | **Vault DI Issuer LLC** | **Vault DI Issuer LLC** |
| 5000000 | Series 2021-1A-A2 | 2.80%<sup>(a)</sup> | 07/15/2046 | 4897371 |
|  | **Vivant Solar Financing V Parent LLC** | **Vivant Solar Financing V Parent LLC** | **Vivant Solar Financing V Parent LLC** | **Vivant Solar Financing V Parent LLC** |
| 4116783 | Series 2018-1A-A | 4.73%<sup>(a)</sup> | 04/30/2048 | 3947842 |
|  | **Willis Lease Finance Corp.** | **Willis Lease Finance Corp.** | **Willis Lease Finance Corp.** | **Willis Lease Finance Corp.** |
| 4956982 | Series 2025-A-A | 5.58%<sup>(a)</sup> | 06/15/2050 | 5080828 |
|  | **Wireless PropCo Funding Parent LLC** | **Wireless PropCo Funding Parent LLC** | **Wireless PropCo Funding Parent LLC** | **Wireless PropCo Funding Parent LLC** |
| 3600000 | Series 2025-1A-C | 8.51%<sup>(a)</sup> | 06/25/2055 | 3682981 |
|  | **Total Asset Backed Obligations** <br>**(Cost $171,164,971)** | **Total Asset Backed Obligations** <br>**(Cost $171,164,971)** |  | **170453917** |
|  **FOREIGN CORPORATE BONDS - 3.9%** | **FOREIGN CORPORATE BONDS - 3.9%** | **FOREIGN CORPORATE BONDS - 3.9%** | **FOREIGN CORPORATE BONDS - 3.9%** | **FOREIGN CORPORATE BONDS - 3.9%** |
| 2000000 | Emirates Semb Corp. Water & Power Co. PJSC | 4.45%<sup>(a)</sup> | 08/01/2035 | 1929150 |
| 1813676 | Energia Eolica SA | 6.00%<sup>(b)</sup> | 08/30/2034 | 1840881 |
| 2350061 | Fermaca Enterprises S de RL de CV | 6.38%<sup>(a)</sup> | 03/30/2038 | 2385464 |
| 1280330 | Fermaca Enterprises S de RL de CV | 6.38% | 03/30/2038 | 1299618 |
| 95116 | Interoceanica IV Finance Ltd. Series 2007 | 0.00%<sup>(a)(b)</sup> | 11/30/2025 | 93690 |
| 218768 | Interoceanica IV Finance Ltd. Series 2007 | 0.00%<sup>(b)</sup> | 11/30/2025 | 215486 |
| 6000000 | Transelec SA | 3.88%<sup>(a)</sup> | 01/12/2029 | 5885574 |
|  | **Total Foreign Corporate Bonds** <br>**(Cost $13,825,031)** | **Total Foreign Corporate Bonds** <br>**(Cost $13,825,031)** |  | **13649863** |

---

---

| | | |
|:---|:---|:---|
| **144**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 0.8%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 0.8%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 0.8%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 0.8%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 0.8%** |
| 136322 | Lima Metro Line 2 Finance Ltd. | 5.88% | 07/05/2034 | 140814 |
| 2531699 | Lima Metro Line 2 Finance Ltd. | 5.88%<sup>(a)</sup> | 07/05/2034 | 2615122 |
|  | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $2,765,136)** | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $2,765,136)** |  | **2755936** |
|  **US CORPORATE BONDS - 42.7%** | **US CORPORATE BONDS - 42.7%** | **US CORPORATE BONDS - 42.7%** | **US CORPORATE BONDS - 42.7%** | **US CORPORATE BONDS - 42.7%** |
| 6000000 | Ameren Corp. | 5.38% | 03/15/2035 | 6164779 |
| 11015000 | AT&T, Inc. | 4.30% | 12/15/2042 | 9540391 |
| 5000000 | Burlington Northern Santa Fe LLC | 5.20% | 04/15/2054 | 4803594 |
| 3500000 | Cheniere Energy, Inc. | 5.65% | 04/15/2034 | 3609577 |
| 8000000 | Crown Castle, Inc. | 5.10% | 05/01/2033 | 8099669 |
| 5000000 | Duke Energy Florida LLC | 5.88% | 11/15/2033 | 5399250 |
| 8000000 | Energy Transfer LP | 5.75% | 02/15/2033 | 8388770 |
| 5000000 | Enterprise Products Operating LLC | 5.55% | 02/16/2055 | 4945799 |
| 8500000 | Eversource Energy | 5.13% | 05/15/2033 | 8622813 |
| 7400000 | Exelon Corp. | 5.30% | 03/15/2033 | 7670656 |
| 5750000 | Flex Intermediate Holdco LLC | 4.32%<sup>(a)</sup> | 12/30/2039 | 4786398 |
| 2000000 | Foundry JV Holdco LLC | 6.15%<sup>(a)</sup> | 01/25/2032 | 2139313 |
| 2000000 | Foundry JV Holdco LLC | 5.88%<sup>(a)</sup> | 01/25/2034 | 2085537 |
| 3000000 | Foundry JV Holdco LLC | 6.30%<sup>(a)</sup> | 01/25/2039 | 3230503 |
| 6000000 | HA Sustainable Infrastructure Capital, Inc. | 6.38% | 07/01/2034 | 6109228 |
| 7500000 | ITC Holdings Corp. | 5.40%<sup>(a)</sup> | 06/01/2033 | 7776057 |
| 5500000 | Kinder Morgan, Inc. | 5.55% | 06/01/2045 | 5346450 |
| 8000000 | MPLX LP | 5.00% | 03/01/2033 | 8005377 |
| 3500000 | ONEOK, Inc. | 6.63% | 09/01/2053 | 3725684 |
| 5000000 | Pluto 2 (GIP Sharon Finco) | 6.64%<sup>(b)</sup> | 09/30/2046 | 5078000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 5000000 | Sempra | 5.50% | 08/01/2033 | 5214986 |
| 9150000 | Southern Co. | 5.50% | 03/15/2029 | 9518191 |
| 4500000 | T-Mobile USA, Inc. | 5.50% | 01/15/2055 | 4355144 |
| 5000000 | Venture Global Calcasieu Pass LLC | 6.25%<sup>(a)</sup> | 01/15/2030 | 5217850 |
| 6000000 | Western Midstream Operating LP | 5.25% | 02/01/2050 | 5226598 |
| 5000000 | Williams Cos., Inc. | 6.30% | 04/15/2040 | 5420962 |
|  | **Total US Corporate Bonds** <br>**(Cost $147,755,363)** | **Total US Corporate Bonds** <br>**(Cost $147,755,363)** |  | **150481576** |
|  **US GOVERNMENT AND AGENCY OBLIGATIONS - 1.1%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 1.1%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 1.1%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 1.1%** | **US GOVERNMENT AND AGENCY OBLIGATIONS - 1.1%** |
| 4000000 | United States Treasury Note/Bond | 4.25% | 06/30/2029 | 4080234 |
|  | **Total US Government and Agency Obligations** <br>**(Cost $4,022,922)** | **Total US Government and Agency Obligations** <br>**(Cost $4,022,922)** |  | **4080234** |

---

---

| | | |
|:---|:---|:---|
| Shares | Security Description | Value $ |
|  **SHORT TERM INVESTMENTS - 2.9%** | **SHORT TERM INVESTMENTS - 2.9%** | **SHORT TERM INVESTMENTS - 2.9%** |
| 3354993 | First American Government Obligations Fund - U<br> 4.07%<sup>(d)</sup> | 3354993 |
| 3354992 | JPMorgan US Government Money Market Fund - IM<br> 4.09%<sup>(d)</sup> | 3354992 |
| 3354993 | MSILF Government Portfolio - Institutional<br> 4.05%<sup>(d)</sup> | 3354993 |
|  | **Total Short Term Investments** <br>**(Cost $10,064,978)** | **10064978** |
|  | **Total Investments - 99.7%** <br>**(Cost $349,598,401)** | **351486504** |
|  | **Other Assets in Excess of Liabilities - 0.3%** | **1169898** |
|  | **NET ASSETS - 100.0%** | **$352656402** |

---

---

| | |
|:---|:---|
|  **SECURITY TYPE BREAKDOWN as a % of Net Assets:**  |  |
|  Asset Backed Obligations | 48.3% |
|  US Corporate Bonds | 42.7% |
|  Foreign Corporate Bonds | 3.9% |
|  Short Term Investments | 2.9% |
|  US Government and Agency Obligations | 1.1% |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 0.8% |
|  Other Assets and Liabilities | 0.3% |
|  Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  **INVESTMENT BREAKDOWN as a % of Net Assets:**  |  |
|  Asset Backed Obligations | 48.3% |
|  Energy | 18.4% |
|  Utilities | 15.6% |
|  Telecommunications | 6.2% |
|  Transportation | 3.3% |
|  Short Term Investments | 2.9% |
|  Technology | 2.1% |
|  Finance | 1.8% |
|  US Government and Agency Obligations | 1.1% |
|  Other Assets and Liabilities | 0.3% |
|  Net Assets | 100.0% |

---

(a) **Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of September 30, 2025, the value of these securities total $203,543,819 or 57.7% of the Fund's net assets.**

(b) **Value determined using significant unobservable inputs.**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **145**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **Schedule of Investments DoubleLine Shiller Enhanced International CAPE<sup>®</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) <br>September 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **ASSET BACKED OBLIGATIONS - 6.5%** | **ASSET BACKED OBLIGATIONS - 6.5%** | **ASSET BACKED OBLIGATIONS - 6.5%** | **ASSET BACKED OBLIGATIONS - 6.5%** | **ASSET BACKED OBLIGATIONS - 6.5%** |
|  | **Affirm, Inc.** | **Affirm, Inc.** | **Affirm, Inc.** | **Affirm, Inc.** |
| 150000 | Series 2025-1A-B | 5.13%<sup>(a)</sup> | 02/15/2033 | 151178 |
|  | **Commonbond Student Loan Trust** | **Commonbond Student Loan Trust** | **Commonbond Student Loan Trust** | **Commonbond Student Loan Trust** |
| 227229 | Series 2017-BGS-B | 3.26%<sup>(a)</sup> | 09/25/2042 | 189968 |
|  | **DataBank Issuer** | **DataBank Issuer** | **DataBank Issuer** | **DataBank Issuer** |
| 130000 | Series 2021-1A-A2 | 2.06%<sup>(a)</sup> | 02/27/2051 | 128442 |
|  | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** |
| 500000 | Series 2023-1A-A2A | 5.00%<sup>(a)</sup> | 09/15/2048 | 500958 |
|  | **Marlette Funding Trust** | **Marlette Funding Trust** | **Marlette Funding Trust** | **Marlette Funding Trust** |
| 37733 | Series 2021-1A-D | 2.47%<sup>(a)</sup> | 06/16/2031 | 37589 |
|  | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** | **Mosaic Solar Loans LLC** |
| 322162 | Series 2021-3A-A | 1.44%<sup>(a)</sup> | 06/20/2052 | 264431 |
|  | **National Collegiate Student Loan Trust** | **National Collegiate Student Loan Trust** | **National Collegiate Student Loan Trust** | **National Collegiate Student Loan Trust** |
| 195418 | Series 2006-1-A5 (1 mo. Term SOFR + 0.46%, 0.00% Floor) | 4.62% | 03/25/2033 | 194331 |
|  | **Navient Student Loan Trust** | **Navient Student Loan Trust** | **Navient Student Loan Trust** | **Navient Student Loan Trust** |
| 220535 | Series 2018-A-B | 3.68%<sup>(a)</sup> | 02/18/2042 | 217592 |
|  | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** |
| 61504 | Series 2024-1-A | 6.66%<sup>(a)</sup> | 07/15/2031 | 61914 |
|  | **SoFi Consumer Loan Program Trust** | **SoFi Consumer Loan Program Trust** | **SoFi Consumer Loan Program Trust** | **SoFi Consumer Loan Program Trust** |
| 148013 | Series 2025-1-A | 4.80%<sup>(a)</sup> | 02/27/2034 | 148795 |
| 150000 | Series 2025-2-B | 4.97%<sup>(a)</sup> | 06/25/2034 | 151706 |
|  | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** | **Tesla Sustainable Energy Trust** |
| 108730 | Series 2024-1A-A2 | 5.08%<sup>(a)</sup> | 06/21/2050 | 109600 |
|  | **Theorem Funding Trust** | **Theorem Funding Trust** | **Theorem Funding Trust** | **Theorem Funding Trust** |
| 11893 | Series 2023-1A-A | 7.58%<sup>(a)</sup> | 04/15/2029 | 11906 |
|  | **Total Asset Backed Obligations** <br>**(Cost $2,163,327)** | **Total Asset Backed Obligations** <br>**(Cost $2,163,327)** |  | **2168410** |
|  **COLLATERALIZED LOAN OBLIGATIONS - 10.6%** | **COLLATERALIZED LOAN OBLIGATIONS - 10.6%** | **COLLATERALIZED LOAN OBLIGATIONS - 10.6%** | **COLLATERALIZED LOAN OBLIGATIONS - 10.6%** | **COLLATERALIZED LOAN OBLIGATIONS - 10.6%** |
|  | **Carlyle Global Market Strategies** | **Carlyle Global Market Strategies** | **Carlyle Global Market Strategies** | **Carlyle Global Market Strategies** |
| 500000 | Series 2023-3A-A1R (3 mo. Term SOFR + 1.23%, 1.23% Floor) | 0.00%<sup>(a)</sup> | 10/15/2038 | 500000 |
|  | **CBAM Ltd.** | **CBAM Ltd.** | **CBAM Ltd.** | **CBAM Ltd.** |
| 500000 | Series 2017-2A-AR (3 mo. Term SOFR + 1.45%, 1.19% Floor) | 5.77%<sup>(a)</sup> | 07/17/2034 | 501183 |
|  | **Highbridge Loan Management Ltd.** | **Highbridge Loan Management Ltd.** | **Highbridge Loan Management Ltd.** | **Highbridge Loan Management Ltd.** |
| 500000 | Series 3A-2014-CR (3 mo. Term SOFR + 3.86%, 0.00% Floor) | 8.19%<sup>(a)</sup> | 07/18/2029 | 504952 |
|  | **RR Ltd./Cayman Islands** | **RR Ltd./Cayman Islands** | **RR Ltd./Cayman Islands** | **RR Ltd./Cayman Islands** |
| 500000 | Series 2021-14A-A1 (3 mo. Term SOFR + 1.38%, 1.38% Floor) | 5.70%<sup>(a)</sup> | 04/15/2036 | 501161 |
|  | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
| 500000 | Series 2019-2A-AR (3 mo. Term SOFR + 1.43%, 1.17% Floor) | 5.75%<sup>(a)</sup> | 07/15/2034 | 501000 |
| 1000000 | Series 2020-1A-AR (3 mo. Term SOFR + 1.43%, 1.43% Floor) | 5.76%<sup>(a)</sup> | 07/20/2034 | 1001986 |
|  | **Venture CDO Ltd.** | **Venture CDO Ltd.** | **Venture CDO Ltd.** | **Venture CDO Ltd.** |
| 68881 | Series 2017-29A-AR (3 mo. Term SOFR + 1.25%, 0.99% Floor) | 5.46%<sup>(a)</sup> | 09/07/2030 | 68998 |
|  | **Total Collateralized Loan Obligations** <br>**(Cost $3,570,038)** | **Total Collateralized Loan Obligations** <br>**(Cost $3,570,038)** |  | **3579280** |
|  **FOREIGN CORPORATE BONDS - 1.5%** | **FOREIGN CORPORATE BONDS - 1.5%** | **FOREIGN CORPORATE BONDS - 1.5%** | **FOREIGN CORPORATE BONDS - 1.5%** | **FOREIGN CORPORATE BONDS - 1.5%** |
| 22000 | Avolon Holdings Funding Ltd. | 6.38%<sup>(a)</sup> | 05/04/2028 | 22955 |
| 53000 | Avolon Holdings Funding Ltd. | 5.38%<sup>(a)</sup> | 05/30/2030 | 54388 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2000 | BAT Capital Corp. | 4.91% | 04/02/2030 | 2040 |
| 23000 | BAT International Finance PLC | 5.93% | 02/02/2029 | 24166 |
| 80000 | Canadian Imperial Bank of Commerce (SOFR + 0.60%) | 4.24% | 09/08/2028 | 80173 |
| 24000 | Canadian Imperial Bank of Commerce (SOFR + 1.11%) | 5.25% | 01/13/2031 | 24792 |
| 61000 | Canadian Pacific Railway Co. | 4.80% | 03/30/2030 | 62493 |
| 75000 | Element Fleet Management Corp. | 5.04%<sup>(a)</sup> | 03/25/2030 | 76543 |
| 12000 | Enbridge, Inc. | 6.00% | 11/15/2028 | 12628 |
| 39000 | &nbsp;&nbsp;&nbsp; NXP BV / NXP Funding <br>LLC / NXP USA, Inc. | 4.30% | 08/19/2028 | 39065 |
| 33000 | Rio Tinto Finance USA PLC | 4.88% | 03/14/2030 | 33826 |
| 53000 | Royal Bank of Canada (SOFR + 0.86%) | 5.19% | 10/18/2028 | 53180 |
|  | **Total Foreign Corporate Bonds** <br>**(Cost $478,206)** | **Total Foreign Corporate Bonds** <br>**(Cost $478,206)** |  | **486249** |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 12.6%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 12.6%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 12.6%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 12.6%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 12.6%** |
|  | **280 Park Avenue Mortgage Trust** | **280 Park Avenue Mortgage Trust** | **280 Park Avenue Mortgage Trust** | **280 Park Avenue Mortgage Trust** |
| 100000 | Series 2017-280P-A (1 mo. Term SOFR + 1.18%, 1.13% Floor) | 5.40%<sup>(a)</sup> | 09/15/2034 | 99295 |
|  | **ACRES Commercial Realty Ltd.** | **ACRES Commercial Realty Ltd.** | **ACRES Commercial Realty Ltd.** | **ACRES Commercial Realty Ltd.** |
| 100000 | Series 2025-FL3-A (1 mo. Term SOFR + 1.62%, 1.62% Floor) | 5.75%<sup>(a)</sup> | 08/18/2040 | 100625 |
|  | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** |
| 1615284 | Series 2021-MF2-XA | 1.21%<sup>(a)(b)(c)</sup> | 06/15/2054 | 76042 |
|  | **AREIT Trust** | **AREIT Trust** | **AREIT Trust** | **AREIT Trust** |
| 52349 | &nbsp;&nbsp;&nbsp; Series 2022-CRE6-A <br>(30 day avg SOFR US + 1.25%, 1.25% Floor) | 5.64%<sup>(a)</sup> | 01/20/2037 | 52559 |
|  | **BANK** | **BANK** | **BANK** | **BANK** |
| 2696191 | Series 2021-BN36-XA | 0.98%<sup>(b)(c)</sup> | 09/15/2064 | 86588 |
|  | **BBCMS Trust** | **BBCMS Trust** | **BBCMS Trust** | **BBCMS Trust** |
| 1959743 | Series 2025-5C34-XA | 1.39%<sup>(b)(c)</sup> | 05/15/2058 | 93618 |
|  | **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** |
| 45860 | Series 2021-FL10-A (1 mo. Term SOFR + 1.46%, 1.46% Floor) | 5.60%<sup>(a)</sup> | 12/16/2036 | 46027 |
| 100000 | Series 2025-FL15-A (1 mo. Term SOFR + 1.40%, 1.40% Floor) | 5.53%<sup>(a)</sup> | 03/19/2043 | 100376 |
|  | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** |
| 4175984 | Series 2018-B2-XA | 0.57%<sup>(b)(c)</sup> | 02/15/2051 | 31416 |
| 2271000 | Series 2021-B26-XB | 0.64%<sup>(a)(b)(c)</sup> | 06/15/2054 | 68398 |
| 1755003 | Series 2021-B28-XA | 1.35%<sup>(b)(c)</sup> | 08/15/2054 | 89552 |
|  | **BPR Trust** | **BPR Trust** | **BPR Trust** | **BPR Trust** |
| 100000 | Series 2021-TY-A (1 mo. Term SOFR + 1.16%, 1.05% Floor) | 5.32%<sup>(a)</sup> | 09/15/2038 | 99966 |
|  | **BrightSpire Capital, Inc.** | **BrightSpire Capital, Inc.** | **BrightSpire Capital, Inc.** | **BrightSpire Capital, Inc.** |
| 36627 | Series 2021-FL1-A (1 mo. Term SOFR + 1.26%, 1.15% Floor) | 5.40%<sup>(a)</sup> | 08/19/2038 | 36589 |
| 100000 | Series 2024-FL2-A (1 mo. Term SOFR + 1.95%, 1.95% Floor) | 6.08%<sup>(a)</sup> | 08/19/2037 | 100360 |
|  | **BX Trust** | **BX Trust** | **BX Trust** | **BX Trust** |
| 87965 | Series 2021-CIP-A (1 mo. Term SOFR + 1.04%, 0.92% Floor) | 5.19%<sup>(a)</sup> | 12/15/2038 | 87937 |
| 98000 | Series 2021-MFM1-B (1 mo. Term SOFR + 1.06%, 0.95% Floor) | 5.21%<sup>(a)</sup> | 01/15/2034 | 97978 |
| 87674 | Series 2021-SOAR-B (1 mo. Term SOFR + 0.98%, 0.87% Floor) | 5.14%<sup>(a)</sup> | 06/15/2038 | 87635 |

---

---

| | | |
|:---|:---|:---|
| **146**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 74642 | Series 2021-XL2-A (1 mo. Term SOFR + 0.80%, 0.69% Floor) | 4.95%<sup>(a)</sup> | 10/15/2038 | 74627 |
|  | **BXP Trust** | **BXP Trust** | **BXP Trust** | **BXP Trust** |
| 100000 | Series 2017-GM-A | 3.38%<sup>(a)</sup> | 06/13/2039 | 97742 |
|  | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** |
| 100000 | Series 2016-C7-A3 | 3.84% | 12/10/2054 | 98950 |
|  | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** |
| 2441064 | Series 2016-C1-XA | 1.98%<sup>(b)(c)</sup> | 05/10/2049 | 8950 |
| 100000 | Series 2016-P3-A4 | 3.33% | 04/15/2049 | 99195 |
|  | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** | **Citigroup/Deutsche Bank Commercial Mortgage Trust** |
| 100000 | Series 2016-C1-B | 4.20%<sup>(b)</sup> | 05/10/2049 | 94141 |
|  | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** |
| 211800 | Series 2015-CR27-XA | 0.69%<sup>(b)(c)</sup> | 10/10/2048 | 1 |
| 5899257 | Series 2015-LC21-XD | 1.19%<sup>(a)(b)(c)</sup> | 07/10/2048 | 162 |
|  | **Commercial Mortgage Trust** | **Commercial Mortgage Trust** | **Commercial Mortgage Trust** | **Commercial Mortgage Trust** |
| 2400000 | Series 2021-PF1-XD | 1.22%<sup>(a)(b)(c)</sup> | 11/15/2054 | 131973 |
|  | **Computershare Corporate Trust** | **Computershare Corporate Trust** | **Computershare Corporate Trust** | **Computershare Corporate Trust** |
| 397269 | Series 2015-NXS2-XA | 0.05%<sup>(b)(c)</sup> | 07/15/2058 | 4 |
| 1453855 | Series 2015-P2-XA | 0.97%<sup>(b)(c)</sup> | 12/15/2048 | 393 |
| 153196 | Series 2018-C43-A3 | 3.75% | 03/15/2051 | 151322 |
| 2405711 | Series 2018-C48-XA | 1.10%<sup>(b)(c)</sup> | 01/15/2052 | 56183 |
| 100431 | Series 2019-C53-ASB | 2.96% | 10/15/2052 | 98321 |
| 838377 | Series 2021-C59-XA | 1.62%<sup>(b)(c)</sup> | 04/15/2054 | 49403 |
|  | **Extended Stay America Trust** | **Extended Stay America Trust** | **Extended Stay America Trust** | **Extended Stay America Trust** |
| 101193 | Series 2021-ESH-A (1 mo. Term SOFR + 1.19%, 1.08% Floor) | 5.34%<sup>(a)</sup> | 07/15/2038 | 101272 |
|  | **Franklin BSP Realty Trust, Inc.** | **Franklin BSP Realty Trust, Inc.** | **Franklin BSP Realty Trust, Inc.** | **Franklin BSP Realty Trust, Inc.** |
| 32518 | Series 2022-FL8-A (30 day avg SOFR US + 1.50%, 1.50% Floor) | 5.87%<sup>(a)</sup> | 02/15/2037 | 32654 |
|  | **FS Rialto** | **FS Rialto** | **FS Rialto** | **FS Rialto** |
| 47301 | Series 2021-FL2-A (1 mo. Term SOFR + 1.33%, 1.33% Floor) | 5.48%<sup>(a)</sup> | 05/16/2038 | 47344 |
|  | **FS RIALTO** | **FS RIALTO** | **FS RIALTO** | **FS RIALTO** |
| 49731 | Series 2021-FL3-A (1 mo. Term SOFR + 1.36%, 1.36% Floor) | 5.51%<sup>(a)</sup> | 11/16/2036 | 49846 |
|  | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** |
| 11383 | Series 2021-FL3-A (1 mo. Term SOFR + 1.61%, 1.36% Floor) | 5.75%<sup>(a)</sup> | 07/16/2035 | 11407 |
|  | **Great Wolf Trust** | **Great Wolf Trust** | **Great Wolf Trust** | **Great Wolf Trust** |
| 100000 | Series 2024-WOLF-A (1 mo. Term SOFR + 1.54%, 1.54% Floor) | 5.69%<sup>(a)</sup> | 03/15/2039 | 100305 |
|  | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** |
| 7897 | Series 2021-FL3-A (1 mo. Term SOFR + 1.13%, 1.02% Floor) | 5.28%<sup>(a)</sup> | 07/15/2039 | 7921 |
|  | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** |
| 3817567 | Series 2016-GS4-XA | 0.62%<sup>(b)(c)</sup> | 11/10/2049 | 10790 |
|  | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** |
| 86595 | Series 2021-MHC-A (1 mo. Term SOFR + 1.16%, 0.80% Floor) | 5.32%<sup>(a)</sup> | 04/15/2038 | 86605 |
|  | **KREF** | **KREF** | **KREF** | **KREF** |
| 48770 | Series 2021-FL2-A (1 mo. Term SOFR + 1.18%, 1.07% Floor) | 5.33%<sup>(a)</sup> | 02/15/2039 | 48900 |
|  | **LoanCore** | **LoanCore** | **LoanCore** | **LoanCore** |
| 7280 | Series 2021-CRE5-A (1 mo. Term SOFR + 1.41%, 1.41% Floor) | 5.56%<sup>(a)</sup> | 07/15/2036 | 7291 |
| 25855 | Series 2021-CRE6-A (1 mo. Term SOFR + 1.41%, 1.30% Floor) | 5.56%<sup>(a)</sup> | 11/15/2038 | 25958 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
| 62395 | Series 2022-CRE7-A (30 day avg SOFR US + 1.55%, 1.55% Floor)<br> 5.93%<sup>(a)</sup> | 01/17/2037 | 62619 |
|  | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** |
| 30328 | Series 2021-FL1-A (1 mo. Term SOFR + 1.28%, 1.28% Floor)<br> 5.43%<sup>(a)</sup> | 06/15/2039 | 30399 |
|  | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** |
| 71877 | Series 2022-FL8-A (1 mo. Term SOFR + 1.35%, 1.35% Floor)<br> 5.48%<sup>(a)</sup> | 02/19/2037 | 71984 |
| 51492 | Series 2022-FL9-A (1 mo. Term SOFR + 2.15%, 2.15% Floor)<br> 6.28%<sup>(a)</sup> | 06/19/2037 | 51620 |
| 100000 | Series 2024-FL14-A (1 mo. Term SOFR + 1.74%, 1.74% Floor)<br> 5.87%<sup>(a)</sup> | 03/19/2039 | 100696 |
|  | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** |
| 81324 | Series 2012-CKSV-A2<br> 3.28%<sup>(a)</sup> | 10/15/2030 | 77761 |
| 4953748 | Series 2017-C34-XE<br> 1.01%<sup>(a)(b)(c)</sup> | 11/15/2052 | 76437 |
|  | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** |
| 15277000 | Series 2017-ASHF-XCP<br> 0.00%<sup>(a)(b)(c)</sup> | 11/15/2025 | 15 |
|  | **MTN Commercial Mortgage Trust** | **MTN Commercial Mortgage Trust** | **MTN Commercial Mortgage Trust** |
| 100000 | Series 2022-LPFL-A (1 mo. Term SOFR + 1.40%, 1.40% Floor)<br> 5.56%<sup>(a)</sup> | 03/15/2039 | 100018 |
|  | **Ready Capital Corp.** | **Ready Capital Corp.** | **Ready Capital Corp.** |
| 19116 | Series 2021-FL7-A (1 mo. Term SOFR + 1.31%, 1.20% Floor)<br> 5.47%<sup>(a)</sup> | 11/25/2036 | 19183 |
|  | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** |
| 100000 | Series 2021-555-A (1 mo. Term SOFR + 1.26%, 1.15% Floor)<br> 5.41%<sup>(a)</sup> | 05/15/2038 | 99362 |
|  | **SG Commercial Mortgage Securities LLC** | **SG Commercial Mortgage Securities LLC** | **SG Commercial Mortgage Securities LLC** |
| 1891688 | Series 2016-C5-XA<br> 1.98%<sup>(b)(c)</sup> | 10/10/2048 | 11517 |
|  | **SLG Office Trust** | **SLG Office Trust** | **SLG Office Trust** |
| 18169000 | Series 2021-OVA-X<br> 0.26%<sup>(a)(b)(c)</sup> | 07/15/2041 | 215304 |
|  | **SREIT Trust** | **SREIT Trust** | **SREIT Trust** |
| 100661 | Series 2021-MFP-A (1 mo. Term SOFR + 0.85%, 0.73% Floor)<br> 5.00%<sup>(a)</sup> | 11/15/2038 | 100593 |
| 100000 | Series 2021-MFP2-A (1 mo. Term SOFR + 0.94%, 0.82% Floor)<br> 5.09%<sup>(a)</sup> | 11/15/2036 | 99965 |
|  | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** |
| 44782 | Series 2021-FL2-A (1 mo. Term SOFR + 1.31%, 1.20% Floor)<br> 5.45%<sup>(a)</sup> | 04/18/2038 | 44851 |
|  | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** |
| 14797 | Series 2021-FL4-A (1 mo. Term SOFR + 1.31%, 1.20% Floor)<br> 5.46%<sup>(a)</sup> | 03/15/2038 | 14849 |
| 81468 | Series 2022-FL5-A (1 mo. Term SOFR + 1.65%, 1.65% Floor)<br> 5.79%<sup>(a)</sup> | 02/15/2039 | 81752 |
| 100000 | Series 2025-FL6-A (1 mo. Term SOFR + 1.54%, 1.54% Floor)<br> 5.67%<sup>(a)</sup> | 09/18/2042 | 100375 |
|  | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** |
| 5378000 | Series 2017-C3-XB<br> 0.52%<sup>(b)(c)</sup> | 08/15/2050 | 42688 |
|  | **Total Non-Agency Commercial Mortgage Backed Obligations** <br>**(Cost $6,051,112)** |  | **4248609** |
|  **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 13.8%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 13.8%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 13.8%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 13.8%** |
|  | **AJAX Mortgage Loan Trust** | **AJAX Mortgage Loan Trust** | **AJAX Mortgage Loan Trust** |
| 157867 | Series 2021-C-A<br> 6.12%<sup>(a)(d)</sup> | 01/25/2061 | 157951 |
|  | **Chase Mortgage Finance Corp.** | **Chase Mortgage Finance Corp.** | **Chase Mortgage Finance Corp.** |
| 539770 | Series 2006-A1-2A2<br> 5.28%<sup>(b)</sup> | 09/25/2036 | 483643 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **147**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Shiller Enhanced International CAPE<sup>®</sup> (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** |
| 33870 | Series 2006-AR2-1A2 | 5.41%<sup>(b)</sup> | 03/25/2036 | 33238 |
|  | **COLT Funding LLC** | **COLT Funding LLC** | **COLT Funding LLC** | **COLT Funding LLC** |
| 409405 | Series 2021-HX1-A1 | 1.11%<sup>(a)(b)</sup> | 10/25/2066 | 355373 |
|  | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
| 310685 | Series 2007-9T1-1A6 | 6.00% | 05/25/2037 | 142452 |
|  | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
| 594921 | Series 2022-NQM1-A1 | 2.27%<sup>(a)(b)</sup> | 11/25/2066 | 545682 |
|  | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** |
| 269002 | Series 2006-AR6-A6 (1 mo. Term SOFR + 0.49%, 0.38% Floor, 10.50% Cap) | 4.65% | 02/25/2037 | 234400 |
|  | **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** |
| 115839 | Series 2007-6-2A1 (1 mo. Term SOFR + 0.53%, 0.42% Floor) | 4.69% | 05/25/2037 | 99460 |
|  | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** |
| 744665 | Series 2007-OAR5-1A1 | 3.46%<sup>(b)</sup> | 10/25/2047 | 185980 |
|  | **Merrill Lynch Mortgage Backed Securities Trust** | **Merrill Lynch Mortgage Backed Securities Trust** | **Merrill Lynch Mortgage Backed Securities Trust** | **Merrill Lynch Mortgage Backed Securities Trust** |
| 787211 | Series 2007-2-1A1 (1 yr. CMT Rate + 2.40%, 2.40% Floor) | 6.25% | 08/25/2036 | 677304 |
|  | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** |
| 146942 | Series 2020-EXP2-A3 | 2.50%<sup>(a)(b)</sup> | 05/25/2060 | 123292 |
|  | **RALI Trust** | **RALI Trust** | **RALI Trust** | **RALI Trust** |
| 584688 | Series 2007-QS8-A3 (1 mo. Term SOFR + 0.71%, 0.60% Floor, 6.00% Cap) | 4.87% | 06/25/2037 | 433319 |
|  | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** |
| 461622 | Series 2020-2-M1E | 3.00%<sup>(a)</sup> | 04/25/2060 | 453814 |
| 288527 | Series 2021-5-A1 | 1.92%<sup>(a)(b)</sup> | 09/25/2066 | 249580 |
|  | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** |
| 126496 | Series 2018-2-A | 4.05%<sup>(a)(b)</sup> | 10/26/2048 | 123989 |
| 395922 | Series 2021-2-M2 | 2.20%<sup>(a)(b)</sup> | 08/25/2051 | 328502 |
|  | **Total Non-Agency Residential Collateralized Mortgage Obligations** <br>**(Cost $5,373,731)** | **Total Non-Agency Residential Collateralized Mortgage Obligations** <br>**(Cost $5,373,731)** |  | **4627979** |
|  **US CORPORATE BONDS - 13.6%** | **US CORPORATE BONDS - 13.6%** | **US CORPORATE BONDS - 13.6%** | **US CORPORATE BONDS - 13.6%** | **US CORPORATE BONDS - 13.6%** |
| 18000 | AbbVie, Inc. | 4.88% | 03/15/2030 | 18535 |
| 4000 | Agilent Technologies, Inc. | 4.20% | 09/09/2027 | 4005 |
| 12000 | Altria Group, Inc. | 6.20% | 11/01/2028 | 12683 |
| 15000 | Altria Group, Inc. | 4.50% | 08/06/2030 | 15064 |
| 66000 | American Electric Power Co., Inc. | 5.20% | 01/15/2029 | 68079 |
| 75000 | American Express Co. (SOFR + 1.26%) | 4.73% | 04/25/2029 | 76209 |
| 17000 | American Homes 4 Rent LP | 4.25% | 02/15/2028 | 16963 |
| 28000 | American International Group, Inc. | 4.85% | 05/07/2030 | 28662 |
| 15000 | American National Group, Inc. | 5.75% | 10/01/2029 | 15526 |
| 91000 | American Tower Corp. | 4.90% | 03/15/2030 | 92836 |
| 27000 | Amrize Finance US LLC | 4.70%<sup>(a)</sup> | 04/07/2028 | 27327 |
| 31000 | AppLovin Corp. | 5.13% | 12/01/2029 | 31721 |
| 38000 | Arrow Electronics, Inc. | 5.15% | 08/21/2029 | 38915 |
| 35000 | Athene Global Funding | 4.72%<sup>(a)</sup> | 10/08/2029 | 35305 |
| 58000 | Athene Global Funding | 5.03%<sup>(a)</sup> | 07/17/2030 | 58957 |
| 23000 | Atlassian Corp. | 5.25% | 05/15/2029 | 23654 |
| 8000 | Avery Dennison Corp. | 4.88% | 12/06/2028 | 8139 |
| 4000 | Aviation Capital Group LLC | 6.25%<sup>(a)</sup> | 04/15/2028 | 4173 |
| 60000 | Aviation Capital Group LLC | 4.80%<sup>(a)</sup> | 10/24/2030 | 59970 |
| 20000 | Bank of America Corp. (3 mo. Term SOFR + 1.32%) | 3.56% | 04/23/2027 | 19923 |
| 52000 | Bank of America Corp. (SOFR + 0.83%) | 4.98% | 01/24/2029 | 52970 |
| 52000 | Biogen, Inc. | 5.05% | 01/15/2031 | 53482 |
| 20000 | Black Hills Corp. | 4.55% | 01/31/2031 | 20012 |
| 16000 | Boardwalk Pipelines LP | 4.45% | 07/15/2027 | 16037 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 26000 | Broadcom, Inc. | 3.15% | 11/15/2025 | 25961 |
| 22000 | Broadcom, Inc. | 4.35% | 02/15/2030 | 22115 |
| 8000 | Brown & Brown, Inc. | 4.70% | 06/23/2028 | 8081 |
| 9000 | Brown & Brown, Inc. | 4.50% | 03/15/2029 | 9026 |
| 24000 | Bunge Ltd. Finance Corp. | 4.20% | 09/17/2029 | 23929 |
| 23000 | Cardinal Health, Inc. | 5.13% | 02/15/2029 | 23666 |
| 23000 | CenterPoint Energy, Inc. | 5.40% | 06/01/2029 | 23809 |
| 38000 | Cheniere Energy Partners LP | 4.50% | 10/01/2029 | 37889 |
| 31000 | Citigroup, Inc. (SOFR + 0.87%) | 4.79% | 03/04/2029 | 31405 |
| 66000 | Citigroup, Inc. (SOFR + 1.34%) | 4.54% | 09/19/2030 | 66330 |
| 12000 | CNA Financial Corp. | 3.90% | 05/01/2029 | 11854 |
| 48000 | Corebridge Global Funding | 5.75%<sup>(a)</sup> | 07/02/2026 | 48584 |
| 5000 | Coterra Energy, Inc. | 3.90% | 05/15/2027 | 4970 |
| 3000 | Coterra Energy, Inc. | 4.38% | 03/15/2029 | 2995 |
| 24000 | CubeSmart LP | 4.38% | 02/15/2029 | 24029 |
| 15000 | Darden Restaurants, Inc. | 4.35% | 10/15/2027 | 15064 |
| 10000 | DCP Midstream Operating LP | 5.13% | 05/15/2029 | 10230 |
| 54000 | Dell International LLC / EMC Corp. | 4.35% | 02/01/2030 | 53844 |
| 52000 | Delta Air Lines, Inc. | 4.95% | 07/10/2028 | 52645 |
| 12000 | Devon Energy Corp. | 5.25% | 10/15/2027 | 12001 |
| 27000 | Dominion Energy, Inc. | 5.00% | 06/15/2030 | 27698 |
| 28000 | DTE Energy Co. | 5.20% | 04/01/2030 | 28863 |
| 30000 | Edwards Lifesciences Corp. | 4.30% | 06/15/2028 | 30112 |
| 34000 | Elevance Health, Inc. | 5.15% | 06/15/2029 | 35018 |
| 60000 | Energy Transfer LP | 6.05% | 12/01/2026 | 61137 |
| 34000 | Equifax, Inc. | 4.80% | 09/15/2029 | 34568 |
| 18000 | Essential Utilities, Inc. | 4.80% | 08/15/2027 | 18209 |
| 2000 | Essential Utilities, Inc. | 3.57% | 05/01/2029 | 1948 |
| 50000 | Evergy Kansas Central, Inc. | 4.70% | 03/13/2028 | 50641 |
| 32000 | Exelon Corp. | 5.15% | 03/15/2029 | 32931 |
| 106000 | Extra Space Storage LP | 5.50% | 07/01/2030 | 110569 |
| 2000 | FirstEnergy Transmission LLC | 4.55% | 01/15/2030 | 2014 |
| 83000 | Fiserv, Inc. | 4.75% | 03/15/2030 | 84242 |
| 24000 | GATX Corp. | 4.70% | 04/01/2029 | 24314 |
| 2000 | GATX Corp. | 4.00% | 06/30/2030 | 1968 |
| 64000 | GE HealthCare Technologies, Inc. | 4.80% | 08/14/2029 | 65303 |
| 47000 | Genuine Parts Co. | 4.95% | 08/15/2029 | 47848 |
| 18000 | Global Payments, Inc. | 5.30% | 08/15/2029 | 18414 |
| 43000 | Goldman Sachs Bank USA/New York NY (SOFR + 0.77%) | 5.02% | 03/18/2027 | 43103 |
| 45000 | Hewlett Packard Enterprise Co. | 4.05% | 09/15/2027 | 44931 |
| 69000 | Hewlett Packard Enterprise Co. | 4.55% | 10/15/2029 | 69393 |
| 34000 | Hyundai Capital America | 4.55%<sup>(a)</sup> | 09/26/2029 | 34082 |
| 23000 | Illumina, Inc. | 4.65% | 09/09/2026 | 23113 |
| 88000 | Interstate Power and Light Co. | 3.60% | 04/01/2029 | 86249 |
| 82000 | Jacobs Engineering Group, Inc. | 6.35% | 08/18/2028 | 86617 |
| 60000 | JPMorgan Chase & Co. (SOFR + 0.92%) | 5.25% | 04/22/2028 | 60352 |
| 38000 | JPMorgan Chase & Co. (SOFR + 0.80%) | 4.92% | 01/24/2029 | 38691 |
| 23000 | Kinder Morgan, Inc. | 5.00% | 02/01/2029 | 23526 |
| 21000 | Kyndryl Holdings, Inc. | 2.05% | 10/15/2026 | 20517 |
| 34000 | Laboratory Corp. of America Holdings | 4.35% | 04/01/2030 | 34018 |
| 24000 | LPL Holdings, Inc. | 4.63%<sup>(a)</sup> | 11/15/2027 | 23960 |
| 16000 | M&T Bank Corp. (SOFR + 0.93%) | 4.83% | 01/16/2029 | 16201 |
| 34000 | Marriott International, Inc./MD | 4.80% | 03/15/2030 | 34643 |
| 61000 | Mars, Inc. | 4.80%<sup>(a)</sup> | 03/01/2030 | 62168 |
| 22000 | Marvell Technology, Inc. | 5.75% | 02/15/2029 | 22959 |
| 26000 | Marvell Technology, Inc. | 4.75% | 07/15/2030 | 26348 |
| 52000 | MasTec, Inc. | 4.50%<sup>(a)</sup> | 08/15/2028 | 51902 |
| 35000 | Merck Sharp & Dohme Corp. | 5.95% | 12/01/2028 | 37128 |
| 23000 | Meritage Homes Corp. | 5.13% | 06/06/2027 | 23208 |
| 5000 | Meritage Homes Corp. | 3.88%<sup>(a)</sup> | 04/15/2029 | 4869 |
| 35000 | Molex Electronic Technologies LLC | 4.75%<sup>(a)</sup> | 04/30/2028 | 35359 |
| 52000 | MPLX LP | 4.80% | 02/15/2029 | 52764 |

---

---

| | | |
|:---|:---|:---|
| **148**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 23000 | National Fuel Gas Co. | 5.50% | 03/15/2030 | 23787 |
| 31000 | National Rural Utilities Cooperative Finance Corp. | 4.75% | 02/07/2028 | 31465 |
| 52000 | National Rural Utilities Cooperative Finance Corp. | 4.15% | 08/25/2028 | 52158 |
| 5000 | New York Life Global Funding (SOFR + 0.48%) | 4.76%<sup>(a)</sup> | 06/09/2026 | 5009 |
| 6000 | New York Life Global Funding | 4.70%<sup>(a)</sup> | 01/29/2029 | 6116 |
| 57000 | NextEra Energy Capital Holdings, Inc. | 4.69% | 09/01/2027 | 57631 |
| 37000 | NGPL PipeCo LLC | 4.88%<sup>(a)</sup> | 08/15/2027 | 37097 |
| 51000 | Niagara Mohawk Power Corp. | 4.65%<sup>(a)</sup> | 10/03/2030 | 51265 |
| 53000 | NiSource, Inc. | 5.20% | 07/01/2029 | 54690 |
| 56000 | Northrop Grumman Corp. | 4.65% | 07/15/2030 | 56987 |
| 22000 | Omega Healthcare Investors, Inc. | 4.75% | 01/15/2028 | 22200 |
| 52000 | ONEOK, Inc. | 5.38% | 06/01/2029 | 53572 |
| 24000 | ONEOK, Inc. | 4.40% | 10/15/2029 | 23993 |
| 52000 | Oracle Corp. | 5.80% | 11/10/2025 | 52075 |
| 15000 | Oracle Corp. | 4.45% | 09/26/2030 | 14996 |
| 4000 | Pacific Life Global Funding II (SOFR + 0.62%) | 4.90%<sup>(a)</sup> | 06/04/2026 | 4011 |
| 13000 | Paychex, Inc. | 5.10% | 04/15/2030 | 13382 |
| 9000 | PayPal Holdings, Inc. | 4.45% | 03/06/2028 | 9100 |
| 52000 | Penske Truck Leasing Co. Lp / PTL Finance Corp. | 5.25%<sup>(a)</sup> | 02/01/2030 | 53660 |
| 14000 | Pinnacle West Capital Corp. | 4.90% | 05/15/2028 | 14230 |
| 50000 | Public Service Enterprise Group, Inc. | 5.88% | 10/15/2028 | 52418 |
| 32000 | Quanta Services, Inc. | 4.75% | 08/09/2027 | 32380 |
| 27000 | Quanta Services, Inc. | 4.50% | 01/15/2031 | 26997 |
| 32000 | Quest Diagnostics, Inc. | 4.20% | 06/30/2029 | 32061 |
| 49000 | Republic Services, Inc. | 4.75% | 07/15/2030 | 50227 |
| 15000 | Roper Technologies, Inc. | 4.25% | 09/15/2028 | 15074 |
| 3000 | Ryder System, Inc. | 5.25% | 06/01/2028 | 3083 |
| 11000 | Ryder System, Inc. | 4.95% | 09/01/2029 | 11269 |
| 30000 | Santander Holdings USA, Inc. (SOFR + 1.61%) | 5.47% | 03/20/2029 | 30585 |
| 12000 | Sherwin-Williams Co. | 4.55% | 03/01/2028 | 12120 |
| 26000 | Sherwin-Williams Co. | 4.30% | 08/15/2028 | 26138 |
| 20000 | Sonoco Products Co. | 4.45% | 09/01/2026 | 20034 |
| 6000 | Southern Co. Gas Capital Corp. | 4.05% | 09/15/2028 | 5996 |
| 21000 | Southern Power Co. | 4.25% | 10/01/2030 | 20884 |
| 24000 | State Street Corp. (SOFR + 1.35%) | 5.75% | 11/04/2026 | 24029 |
| 14000 | State Street Corp. (SOFR + 0.95%) | 4.54% | 04/24/2028 | 14119 |
| 24000 | Sysco Corp. | 5.10% | 09/23/2030 | 24757 |
| 54000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 6.88% | 01/15/2029 | 55012 |
| 55000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 5.50% | 03/01/2030 | 55958 |
| 86000 | Truist Financial Corp. (SOFR + 2.45%) | 7.16% | 10/30/2029 | 93168 |
| 27000 | Uber Technologies, Inc. | 4.15% | 01/15/2031 | 26770 |
| 52000 | Veralto Corp. | 5.50% | 09/18/2026 | 52648 |
| 28000 | Verisk Analytics, Inc. | 4.50% | 08/15/2030 | 28096 |
| 73000 | VICI Properties LP / VICI Note Co., Inc. | 4.25%<sup>(a)</sup> | 12/01/2026 | 72745 |
| 52000 | Wells Fargo & Co. (SOFR + 1.07%) | 5.40% | 04/22/2028 | 52344 |
| 25000 | Wells Fargo & Co. (SOFR + 1.79%) | 6.30% | 10/23/2029 | 26485 |
| 5000 | Western Midstream Operating LP | 6.35% | 01/15/2029 | 5262 |
| 33000 | Western Midstream Operating LP | 4.05% | 02/01/2030 | 32222 |
| 35000 | Williams Cos., Inc. | 4.80% | 11/15/2029 | 35655 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 9000 | Zimmer Biomet Holdings, Inc. | 4.70% | 02/19/2027 | 9068 |
| 32000 | Zimmer Biomet Holdings, Inc. | 5.05% | 02/19/2030 | 32918 |
|  | **Total US Corporate Bonds** <br>**(Cost $4,485,206)** | **Total US Corporate Bonds** <br>**(Cost $4,485,206)** |  | **4557418** |
|  **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 4.1%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 4.1%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 4.1%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 4.1%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 4.1%** |
|  | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** |
| 198097 | Pool SD8342 | 5.50% | 07/01/2053 | 200340 |
|  | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** |
| 1199939 | Series 2013-92-FA (30 day avg SOFR US + 0.66%, 0.55% Floor, 6.50% Cap) | 5.02% | 09/25/2043 | 1185995 |
|  | **Total US Government and Agency Mortgage Backed Obligations** <br>**(Cost $1,362,147)** | **Total US Government and Agency Mortgage Backed Obligations** <br>**(Cost $1,362,147)** |  | **1386335** |
|  **US GOVERNMENT AND AGENCY OBLIGATIONS - 23.5%**  | **US GOVERNMENT AND AGENCY OBLIGATIONS - 23.5%**  | **US GOVERNMENT AND AGENCY OBLIGATIONS - 23.5%**  | **US GOVERNMENT AND AGENCY OBLIGATIONS - 23.5%**  | **US GOVERNMENT AND AGENCY OBLIGATIONS - 23.5%**  |
| 112134 | United States Treasury Inflation Indexed Bonds | 2.38% | 01/15/2027 | 114155 |
| 160181 | United States Treasury Inflation Indexed Bonds | 0.13% | 04/15/2027 | 157996 |
| 76338 | United States Treasury Inflation Indexed Bonds | 1.63% | 10/15/2027 | 77578 |
| 800000 | United States Treasury Note/Bond | 0.38% | 01/31/2026 | 790543 |
| 510000 | United States Treasury Note/Bond | 0.75% | 03/31/2026 | 502283 |
| 1800000 | United States Treasury Note/Bond | 0.75% | 05/31/2026 | 1764009 |
| 450000 | United States Treasury Note/Bond | 0.63% | 07/31/2026 | 438512 |
| 1000000 | United States Treasury Note/Bond | 0.88% | 09/30/2026 | 972462 |
| 2600000 | United States Treasury Note/Bond | 0.63% | 03/31/2027 | 2486301 |
| 630000 | United States Treasury Note/Bond | 0.50% | 06/30/2027 | 596863 |
|  | **Total US Government and Agency Obligations** <br>**(Cost $7,859,527)** | **Total US Government and Agency Obligations** <br>**(Cost $7,859,527)** |  | **7900702** |

---

---

| | | |
|:---|:---|:---|
| Shares | Security Description | Value $ |
|  **AFFILIATED MUTUAL FUNDS - 1.9%** | **AFFILIATED MUTUAL FUNDS - 1.9%** | **AFFILIATED MUTUAL FUNDS - 1.9%** |
| 72135 | DoubleLine Floating Rate Fund - Class I | 649212 |
|  | **Total Affiliated Mutual Funds** <br>**(Cost $686,722)** | **649212** |

---

---

| | | |
|:---|:---|:---|
|  **SHORT TERM INVESTMENTS - 5.5%** | **SHORT TERM INVESTMENTS - 5.5%** | **SHORT TERM INVESTMENTS - 5.5%** |
| 619536 | First American Government Obligations Fund - U<br> 4.07%<sup>(e)</sup> | 619536 |
| 619536 | JPMorgan US Government Money Market Fund - IM<br> 4.09%<sup>(e)</sup> | 619536 |
| 619535 | MSILF Government Portfolio - Institutional<br> 4.05%<sup>(e)</sup> | 619535 |
|  | **Total Short Term Investments** <br>**(Cost $1,858,607)** | **1858607** |
|  | **Total Investments - 93.6%** <br>**(Cost $33,888,623)** | **31462801** |
|  | **Other Assets in Excess of Liabilities - 6.4%** | **2160750** |
|  | **NET ASSETS - 100.0%** | **$33623551** |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **149**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Shiller Enhanced International CAPE<sup>®</sup> (Cont.)**<br>

---

| | |
|:---|:---|
|  **SECURITY TYPE BREAKDOWN as a % of Net Assets:**  |  |
|  US Government and Agency Obligations | 23.5% |
|  Non-Agency Residential Collateralized Mortgage Obligations | 13.8% |
|  US Corporate Bonds | 13.6% |
|  Non-Agency Commercial Mortgage Backed Obligations | 12.6% |
|  Collateralized Loan Obligations | 10.6% |
|  Asset Backed Obligations | 6.5% |
|  Short Term Investments | 5.5% |
|  US Government and Agency Mortgage Backed Obligations | 4.1% |
|  Affiliated Mutual Funds | 1.9% |
|  Foreign Corporate Bonds | 1.5% |
|  Other Assets and Liabilities | 6.4% |
|  Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  **INVESTMENT BREAKDOWN as a % of Net Assets:**  |  |
|  US Government and Agency Obligations | 23.5% |
|  Non-Agency Residential Collateralized Mortgage Obligations | 13.8% |
|  Non-Agency Commercial Mortgage Backed Obligations | 12.6% |
|  Collateralized Loan Obligations | 10.6% |
|  Asset Backed Obligations | 6.5% |
|  Short Term Investments | 5.5% |
|  US Government and Agency Mortgage Backed Obligations | 4.1% |
|  Banking | 2.4% |
|  Technology | 2.1% |
|  Affiliated Mutual Funds | 1.9% |
|  Utilities | 1.9% |
|  Energy | 1.9% |
|  Healthcare | 0.9% |
|  Insurance | 0.7% |
|  Transportation | 0.6% |
|  Industrial Equipment | 0.6% |
|  Finance | 0.6% |
|  Real Estate | 0.5% |
|  Aerospace & Defense | 0.3% |
|  Food Products | 0.3% |
|  Pharmaceuticals | 0.3% |
|  Hotels/Motels/Inns and Casinos | 0.3% |
|  Telecommunications | 0.3% |
|  Construction | 0.2% |
|  Beverage and Tobacco | 0.2% |
|  Diversified Manufacturing | 0.2% |
|  Environmental Control | 0.1% |
|  Retailers (other than Food/Drug) | 0.1% |
|  Chemicals/Plastics | 0.1% |
|  Automotive | 0.1% |
|  Mining | 0.1% |
|  Media | 0.1% |
|  Containers and Glass Products | 0.1% |
|  Commercial Services | 0.1% |
|  Food Service | 0.0%<sup>(f)</sup> |
|  Other Assets and Liabilities | 6.4% |
|  Net Assets | 100.0% |

---

(a) **Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of September 30, 2025, the value of these securities total $11,947,564 or 35.5% of the Fund's net assets.**

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

(c) **Interest only security**

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

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

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

**CMT**

**Constant Maturity Treasury Rate**

**SOFR Secured Overnight Financing Rate**

---

| | | |
|:---|:---|:---|
| **150**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

**Swap Agreements**

**Excess Return Swaps**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Long/ Short** | **Financing Rate** | **Payment Frequency** | **Termination Date** | **Notional Amount** | **Value** | **Upfront Premiums Paid/ (Received)** | **Unrealized Appreciation (Depreciation)** |
|  Shiller Barclays CAPE<sup>®</sup> Europe Sector Net ER NoC Index<sup>(1)</sup> | BNP Paribas Securities Corp. | Long | 0.20% | Termination | 05/21/2026 | $14,400,000 EUR | $837936 | $— | $837936 |
|  Shiller Barclays CAPE<sup>®</sup> Europe Sector Net ER NoC Index<sup>(1)</sup> | Barclays Capital, Inc. | Long | 0.20% | Termination | 10/24/2025 | 1,700,000 EUR | 28565 |  | 28565 |
|  Shiller Barclays CAPE<sup>®</sup> Europe Sector Net ER NoC Index<sup>(1)</sup> | BNP Paribas Securities Corp. | Long | 0.20% | Termination | 02/19/2026 | 12,000,000 EUR | (100980) |  | (100980) |
|  |  |  |  |  |  |  | $765521 | $— | $765521 |

---

(1) **Shiller Barclays CAPE<sup>®</sup> 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<sup>®</sup> Ratio (the "Relative CAPE<sup>®</sup> Indicator") and that possess relatively strong price momentum over the prior twelve months. Each European sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of September 30, 2025, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIIESAE.**

**EUR**

**Euro**

**Forward Currency Exchange Contracts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement Date** | **Counterparty** | **Currency to be Delivered** | **Currency to be Delivered** | **Value** | **Currency to be Received** | **Value** | **Unrealized Appreciation (Depreciation)** |
| 02/04/2026 | Goldman Sachs | 5152676 | USD | $5152676 | 4,900,000 EUR | $5793571 | $640896 |
| 02/04/2026 | Barclays Capital, Inc. | 4206447 | USD | 4206447 | 4,000,000 EUR | 4729446 | 522999 |
| 10/08/2025 | J.P. Morgan Securities, Inc. | 9196542 | USD | 9196542 | 8,200,000 EUR | 9631946 | 435403 |
| 06/10/2026 | Goldman Sachs | 12643384 | USD | 12643384 | 10,800,000 EUR | 12845084 | 201700 |
| 10/08/2025 | Goldman Sachs | 3347491 | USD | 3347491 | 3,000,000 EUR | 3523883 | 176391 |
| 02/04/2026 | J.P. Morgan Securities, Inc. | 1393754 | USD | 1393754 | 1,200,000 EUR | 1418834 | 25080 |
| 10/08/2025 | Barclays Capital, Inc. | 334578 | USD | 334578 | 300,000 EUR | 352388 | 17811 |
| 06/10/2026 | Barclays Capital, Inc. | 584328 | USD | 584328 | 500,000 EUR | 594680 | 10352 |
| 10/08/2025 | Goldman Sachs | 1500000 | EUR | 1761941 | 1,760,385 USD | 1760385 | (1556) |
| 06/10/2026 | Barclays Capital, Inc. | 500000 | EUR | 594680 | 585,201 USD | 585201 | (9478) |
| 06/10/2026 | J.P. Morgan Securities, Inc. | 1000000 | EUR | 1189360 | 1,169,350 USD | 1169350 | (20010) |
| 02/04/2026 | J.P. Morgan Securities, Inc. | 600000 | EUR | 709417 | 630,773 USD | 630773 | (78644) |
| 10/08/2025 | J.P. Morgan Securities, Inc. | 1200000 | EUR | 1409553 | 1,320,209 USD | 1320209 | (89344) |
|  |  |  |  |  |  |  | $1831600 |

---

**EUR**

**Euro**

**USD**

**US Dollar**

A summary of the DoubleLine Shiller Enhanced International CAPE<sup>®</sup>'s investments in affiliated mutual funds for the period ended September 30, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value at March 31, 2025** | **Gross Purchases** | **Gross Sales** | **Net Realized Gain (Loss) for the Period Ended September 30, 2025** | **Change in Unrealized for the Period Ended September 30, 2025** | **Value at September 30, 2025** | **Shares Held at September 30, 2025** | **Dividend Income Earned for the Period Ended September 30, 2025** |
|  DoubleLine Floating Rate Fund (Class I) | $640555 | $— | $— | $— | $8657 | $649212 | 72135 | $23481 |

---

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| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **151**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

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| | |
|:---|:---|
| **Schedule of Investments DoubleLine Emerging Markets Local Currency Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) <br>September 30, 2025 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount | Security Description | Rate | Maturity | Value $ |
|  **FOREIGN CORPORATE BONDS - 9.6%** | **FOREIGN CORPORATE BONDS - 9.6%** | **FOREIGN CORPORATE BONDS - 9.6%** | **FOREIGN CORPORATE BONDS - 9.6%** | **FOREIGN CORPORATE BONDS - 9.6%** |
|  **BRAZIL - 0.0%<sup>(a)</sup>** | **BRAZIL - 0.0%<sup>(a)</sup>** | **BRAZIL - 0.0%<sup>(a)</sup>** | **BRAZIL - 0.0%<sup>(a)</sup>** | **BRAZIL - 0.0%<sup>(a)</sup>** |
| 550,000 BRL | Simpar Finance SARL | 10.75%<sup>(b)</sup> | 02/12/2028 | 84222 |
|  **CHINA - 0.3%** | **CHINA - 0.3%** | **CHINA - 0.3%** | **CHINA - 0.3%** | **CHINA - 0.3%** |
| 2,000,000 CNY | European Bank for Reconstruction & Development | 2.75% | 04/27/2032 | 295696 |
| 2,210,000 CNY | International Bank for Reconstruction & Development | 2.00% | 02/18/2026 | 310825 |
|  |  |  |  | 606521 |
|  **COLOMBIA - 0.1%** | **COLOMBIA - 0.1%** | **COLOMBIA - 0.1%** | **COLOMBIA - 0.1%** | **COLOMBIA - 0.1%** |
| 833,000,000 COP | Empresas Publicas de Medellin ESP | 8.38%<sup>(b)</sup> | 11/08/2027 | 197886 |
|  **INDIA - 6.9%** | **INDIA - 6.9%** | **INDIA - 6.9%** | **INDIA - 6.9%** | **INDIA - 6.9%** |
| 401,500,000 INR | Asian Development Bank | 6.20% | 10/06/2026 | 4520582 |
| 33,500,000 INR | European Investment Bank | 6.95%<sup>(b)</sup> | 03/01/2029 | 380220 |
| 550,000,000 INR | Inter-American Development Bank | 7.00% | 01/25/2029 | 6261058 |
| 398,000,000 INR | International Bank for Reconstruction & Development | 6.85% | 04/24/2028 | 4510711 |
|  |  |  |  | 15672571 |
|  **INDONESIA - 0.1%** | **INDONESIA - 0.1%** | **INDONESIA - 0.1%** | **INDONESIA - 0.1%** | **INDONESIA - 0.1%** |
| 4,800,000,000 IDR | European Bank for Reconstruction & Development | 4.25% | 02/07/2028 | 283407 |
|  **MEXICO - 0.3%** | **MEXICO - 0.3%** | **MEXICO - 0.3%** | **MEXICO - 0.3%** | **MEXICO - 0.3%** |
| 4,500,000 MXN | America Movil SAB de CV | 10.30% | 01/30/2034 | 262343 |
| 6,900,000 MXN | International Finance Corp. | 7.50% | 01/18/2028 | 374725 |
|  |  |  |  | 637068 |
|  **POLAND - 1.9%** | **POLAND - 1.9%** | **POLAND - 1.9%** | **POLAND - 1.9%** | **POLAND - 1.9%** |
| 16,600,000 PLN | European Investment Bank | 3.00% | 11/25/2029 | 4289530 |
|  | **Total Foreign Corporate Bonds** <br>**(Cost $22,312,978)** | **Total Foreign Corporate Bonds** <br>**(Cost $22,312,978)** |  | **21771205** |
|  **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 85.8%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 85.8%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 85.8%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 85.8%** | **FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 85.8%** |
|  **BRAZIL - 11.1%** | **BRAZIL - 11.1%** | **BRAZIL - 11.1%** | **BRAZIL - 11.1%** | **BRAZIL - 11.1%** |
| 54,000,000 BRL | Brazil Notas de Tesouro Nacional - Serie F | 10.00% | 01/01/2027 | 9715193 |
| 47,000,000 BRL | Brazil Notas de Tesouro Nacional - Serie F | 10.00% | 01/01/2029 | 8116105 |
| 44,000,000 BRL | Brazil Notas de Tesouro Nacional - Serie F | 10.00% | 01/01/2031 | 7236883 |
|  |  |  |  | 25068181 |
|  **CHILE - 1.5%** | **CHILE - 1.5%** | **CHILE - 1.5%** | **CHILE - 1.5%** |  |
| 90,000,000 CLP | Bonos de la Tesoreria de la Republica en pesos | 4.50% | 03/01/2026 | 93581 |
| 3,100,000,000 CLP | Bonos de la Tesoreria de la Republica en pesos | 5.80%<sup>(b)</sup> | 10/01/2029 | 3286525 |
|  |  |  |  | 3380106 |
|  **COLOMBIA - 2.8%** | **COLOMBIA - 2.8%** | **COLOMBIA - 2.8%** | **COLOMBIA - 2.8%** |  |
| 350,000,000 COP | Colombian TES | 6.25% | 11/26/2025 | 88827 |
| 9,850,000,000 COP | Colombian TES | 7.50% | 08/26/2026 | 2480398 |
| 19,232,400,000 COP | Colombian TES | 7.25% | 10/18/2034 | 3799100 |
|  |  |  |  | 6368325 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount | Security Description | Rate | Maturity | Value $ |
|  **CZECH REPUBLIC - 4.4%** | **CZECH REPUBLIC - 4.4%** | **CZECH REPUBLIC - 4.4%** | **CZECH REPUBLIC - 4.4%** |  |
| 107,300,000 CZK | Czech Republic Government Bond | 2.75% | 07/23/2029 | 4976371 |
| 111,800,000 CZK | Czech Republic Government Bond | 3.00% | 03/03/2033 | 4933730 |
|  |  |  |  | 9910101 |
|  **HUNGARY - 8.0%** | **HUNGARY - 8.0%** | **HUNGARY - 8.0%** | **HUNGARY - 8.0%** |  |
| 3,583,000,000 HUF | Hungary Government Bond | 4.75% | 11/24/2032 | 9625177 |
| 2,780,400,000 HUF | Hungary Government Bond | 7.00% | 10/24/2035 | 8453689 |
|  |  |  |  | 18078866 |
|  **INDIA - 0.1%** | **INDIA - 0.1%** | **INDIA - 0.1%** | **INDIA - 0.1%** |  |
| 12,000,000 INR | Export-Import Bank of Korea | 8.10% | 10/16/2030 | 140769 |
|  **INDONESIA - 10.3%** | **INDONESIA - 10.3%** | **INDONESIA - 10.3%** | **INDONESIA - 10.3%** |  |
| 68,165,000,000 IDR | Indonesia Treasury Bond | 8.25% | 05/15/2029 | 4482302 |
| 99,800,000,000 IDR | Indonesia Treasury Bond | 7.00% | 02/15/2033 | 6282406 |
| 79,470,000,000 IDR | Indonesia Treasury Bond | 8.38% | 03/15/2034 | 5390555 |
| 110,362,000,000 IDR | Indonesia Treasury Bond | 7.50% | 06/15/2035 | 7140010 |
|  |  |  |  | 23295273 |
|  **MALAYSIA - 4.6%** | **MALAYSIA - 4.6%** | **MALAYSIA - 4.6%** | **MALAYSIA - 4.6%** |  |
| 24,400,000 MYR | Malaysia Government Bond | 3.58% | 07/15/2032 | 5858424 |
| 18,800,000 MYR | Malaysia Government Bond | 3.83% | 07/05/2034 | 4590713 |
|  |  |  |  | 10449137 |
|  **MEXICO - 12.9%** | **MEXICO - 12.9%** | **MEXICO - 12.9%** | **MEXICO - 12.9%** |  |
| 71,250,000 MXN | Mexican Bonos | 5.75% | 03/05/2026 | 3857240 |
| 159,580,000 MXN | Mexican Bonos | 7.75% | 05/29/2031 | 8498337 |
| 166,100,000 MXN | Mexican Bonos | 7.50% | 05/26/2033 | 8572341 |
| 159,300,000 MXN | Mexican Bonos | 8.00% | 02/21/2036 | 8226955 |
|  |  |  |  | 29154873 |
|  **PERU - 4.4%** | **PERU - 4.4%** | **PERU - 4.4%** | **PERU - 4.4%** |  |
| 21,270,000 PEN | Peru Government Bond | 5.40% | 08/12/2034 | 5935005 |
| 12,500,000 PEN | Peru Government Bond | 7.60%<sup>(b)</sup> | 08/12/2039 | 3940658 |
| 350,000 PEN | Peruvian Government International Bond | 6.90% | 08/12/2037 | 105365 |
|  |  |  |  | 9981028 |
|  **PHILIPPINES - 0.0%<sup>(a)</sup>** | **PHILIPPINES - 0.0%<sup>(a)</sup>** | **PHILIPPINES - 0.0%<sup>(a)</sup>** | **PHILIPPINES - 0.0%<sup>(a)</sup>** |  |
| 4,500,000 PHP | Philippine Government Bond | 6.88% | 01/10/2029 | 79933 |
|  **POLAND - 2.5%** | **POLAND - 2.5%** | **POLAND - 2.5%** | **POLAND - 2.5%** |  |
| 13,875,000 PLN | Republic of Poland Government Bond | 1.75% | 04/25/2032 | 3122788 |
| 9,500,000 PLN | Republic of Poland Government Bond | 5.00% | 10/25/2034 | 2547594 |
|  |  |  |  | 5670382 |
|  **ROMANIA - 2.1%** | **ROMANIA - 2.1%** | **ROMANIA - 2.1%** | **ROMANIA - 2.1%** |  |
| 20,960,000 RON | Romania Government Bond | 6.30% | 04/26/2028 | 4726699 |
|  **SINGAPORE - 3.8%** | **SINGAPORE - 3.8%** | **SINGAPORE - 3.8%** | **SINGAPORE - 3.8%** |  |
| 5,700,000 SGD | Singapore Government Bond | 2.75% | 03/01/2035 | 4736265 |

---

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| | | |
|:---|:---|:---|
| **152**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount | Security Description | Rate | Maturity | Value $ |
| 4,700,000 SGD | Singapore Government Bond | 2.38% | 07/01/2039 | 3818442 |
|  |  |  |  | 8554707 |
|  **SOUTH AFRICA - 12.8%** | **SOUTH AFRICA - 12.8%** | **SOUTH AFRICA - 12.8%** | **SOUTH AFRICA - 12.8%** |  |
| 180,860,000 ZAR | Republic of South Africa Government Bond | 8.88% | 02/28/2035 | 10287894 |
| 153,020,000 ZAR | Republic of South Africa Government Bond | 8.50% | 01/31/2037 | 8164924 |
| 164,800,000 ZAR | Republic of South Africa Government Bond | 10.88% | 03/31/2038 | 10320553 |
|  |  |  |  | 28773371 |
|  **THAILAND - 4.5%** | **THAILAND - 4.5%** | **THAILAND - 4.5%** | **THAILAND - 4.5%** |  |
| 60,550,000 THB | Thailand Government Bond | 3.85% | 12/12/2025 | 1877566 |
| 108,150,000 THB | Thailand Government Bond | 3.35% | 06/17/2033 | 3824341 |
| 141,300,000 THB | Thailand Government Bond | 1.59% | 12/17/2035 | 4408807 |
|  |  |  |  | 10110714 |
|  | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $188,514,632)** | **Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations** <br>**(Cost $188,514,632)** |  | **193742465** |

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| | | |
|:---|:---|:---|
| Principal Amount/Shares | Security Description | Value $ |
|  **SHORT TERM INVESTMENTS - 3.6%** | **SHORT TERM INVESTMENTS - 3.6%** | **SHORT TERM INVESTMENTS - 3.6%** |
| 2,679,517 USD | BlackRock Liquidity FedFund - Institutional<br> 4.03%<sup>(c)</sup> | 2679517 |
| 2,679,551 USD | Fidelity Government Portfolio - Institutional<br> 4.04%<sup>(c)</sup> | 2679551 |
| 2,679,738 USD | MSILF Government Portfolio - Institutional<br> 4.05%<sup>(c)</sup> | 2679738 |
|  | **Total Short Term Investments** <br>**(Cost $8,038,806)** | **8038806** |
|  | **Total Investments - 99.0%** <br>**(Cost $218,866,416)** | **223552476** |
|  | **Other Assets in Excess of Liabilities - 1.0%** | **2280878** |
|  | **NET ASSETS - 100.0%** | **$225833354** |

---

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| | |
|:---|:---|
|  **SECURITY TYPE BREAKDOWN as a % of Net Assets:**  |  |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 85.8% |
|  Foreign Corporate Bonds | 9.6% |
|  Short Term Investments | 3.6% |
|  Other Assets and Liabilities | 1.0% |
|  Net Assets | 100.0% |

---

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| | |
|:---|:---|
|  **INVESTMENT BREAKDOWN as a % of Net Assets:**  |  |
|  Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 85.8% |
|  Finance | 9.4% |
|  Short Term Investments | 3.6% |
|  Telecommunications | 0.1% |
|  Utilities | 0.1% |
|  Transportation | 0.0%<sup>(a)</sup> |
|  Other Assets and Liabilities | 1.0% |
|  Net Assets | 100.0% |

---

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| | |
|:---|:---|
|  **COUNTRY BREAKDOWN as a % of Net Assets:**  |  |
|  Mexico | 13.2% |
|  South Africa | 12.8% |
|  Brazil | 11.1% |
|  Indonesia | 10.4% |
|  Hungary | 8.0% |
|  India | 7.0% |
|  Malaysia | 4.6% |
|  Thailand | 4.5% |
|  Peru | 4.4% |
|  Poland | 4.4% |
|  Czech Republic | 4.4% |
|  Singapore | 3.8% |
|  United States | 3.6% |
|  Colombia | 2.9% |
|  Romania | 2.1% |
|  Chile | 1.5% |
|  China | 0.3% |
|  Philippines | 0.0%<sup>(a)</sup> |
|  Other Assets and Liabilities | 1.0% |
|  Net Assets | 100.0% |

---

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| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **153**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Emerging Markets Local Currency Bond Fund (Cont.)**<br>

(a) **Represents less than 0.05% of net assets.**

(b) **Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of September 30, 2025, the value of these securities total $7,889,511 or 3.5% of the Fund's net assets.**

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

**BRL**

**Brazilian Real**

**CLP**

**Chilean Peso**

**CNY**

**Chinese Yuan Renminbi**

**COP**

**Colombian Peso**

**CZK**

**Czech Republic Koruna**

**HUF**

**Hungarian Forint**

**IDR**

**Indonesian Rupiah**

**INR**

**Indian Rupee**

**MXN**

**Mexican Peso**

**MYR**

**Malaysian Ringgit**

**PEN**

**Peruvian Sol**

**PHP**

**Philippine Peso**

**PLN**

**Polish Zloty**

**RON**

**Romanian Leu**

**SGD**

**Singapore Dollar**

**THB**

**Thai Baht**

**USD**

**United States Dollar**

**ZAR**

**South African Rand**

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| | | |
|:---|:---|:---|
| **154**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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**[**TABLE OF CONTENTS**](#TOC)**

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| | |
|:---|:---|
| **Schedule of Investments DoubleLine Securitized Credit Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) <br>September 30, 2025 |

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| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
|  **ASSET BACKED OBLIGATIONS - 13.3%** | **ASSET BACKED OBLIGATIONS - 13.3%** | **ASSET BACKED OBLIGATIONS - 13.3%** | **ASSET BACKED OBLIGATIONS - 13.3%** |
|  | **ALTDE Trust** | **ALTDE Trust** | **ALTDE Trust** |
| 961964 | Series 2025-1A-B<br> 6.53%<sup>(a)</sup> | 08/15/2050 | 974683 |
|  | **APL Finance DAC** | **APL Finance DAC** | **APL Finance DAC** |
| 548000 | Series 2023-1A-C<br> 8.50%<sup>(a)</sup> | 07/21/2031 | 561070 |
|  | **Apollo Aviation Securitization Equity Trust** | **Apollo Aviation Securitization Equity Trust** | **Apollo Aviation Securitization Equity Trust** |
| 443135 | Series 2024-1A-B<br> 6.90%<sup>(a)</sup> | 05/16/2049 | 460309 |
| 464999 | Series 2024-2A-B<br> 6.61%<sup>(a)</sup> | 09/16/2049 | 485266 |
| 478427 | Series 2025-1A-B<br> 6.58%<sup>(a)</sup> | 02/16/2050 | 491187 |
|  | **Avant Credit Card Master Trust** | **Avant Credit Card Master Trust** | **Avant Credit Card Master Trust** |
| 650000 | Series 2025-1A-D<br> 5.72%<sup>(a)</sup> | 04/15/2031 | 649074 |
|  | **Cologix Data Centers US Issuer LLC** | **Cologix Data Centers US Issuer LLC** | **Cologix Data Centers US Issuer LLC** |
| 1000000 | Series 2021-1A-A2<br> 3.30%<sup>(a)</sup> | 12/26/2051 | 976442 |
|  | **Compass Datacenters LLC** | **Compass Datacenters LLC** | **Compass Datacenters LLC** |
| 500000 | Series 2024-1A-B<br> 7.00%<sup>(a)</sup> | 02/25/2049 | 513867 |
|  | **DataBank Issuer II LLC** | **DataBank Issuer II LLC** | **DataBank Issuer II LLC** |
| 1000000 | Series 2025-1A-B<br> 5.67%<sup>(a)</sup> | 09/27/2055 | 1004442 |
|  | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** | **DigitalBridge Group, Inc.** |
| 500000 | Series 2023-1A-B<br> 5.75%<sup>(a)</sup> | 09/15/2048 | 501866 |
|  | **Hardee's Funding** | **Hardee's Funding** | **Hardee's Funding** |
| 492500 | Series 2024-1A-A2<br> 7.25%<sup>(a)</sup> | 03/20/2054 | 510956 |
|  | **Helios Issuer LLC** | **Helios Issuer LLC** | **Helios Issuer LLC** |
| 542262 | Series 2019-AA-B<br> 4.49%<sup>(a)</sup> | 06/20/2046 | 483084 |
|  | **Hotwire Funding LLC** | **Hotwire Funding LLC** | **Hotwire Funding LLC** |
| 1000000 | Series 2021-1-B<br> 2.66%<sup>(a)</sup> | 11/20/2051 | 973110 |
|  | **Lunar Structured Aircraft Portfolio Notes** | **Lunar Structured Aircraft Portfolio Notes** | **Lunar Structured Aircraft Portfolio Notes** |
| 448181 | Series 2021-1-C<br> 5.68%<sup>(a)</sup> | 10/15/2046 | 438310 |
|  | **MAPS Ltd.** | **MAPS Ltd.** | **MAPS Ltd.** |
| 2695 | Series 2021-1A-C<br> 5.44%<sup>(a)</sup> | 06/15/2046 | 2662 |
|  | **Marlette Funding Trust** | **Marlette Funding Trust** | **Marlette Funding Trust** |
| 151876 | Series 2022-3A-C<br> 6.89%<sup>(a)</sup> | 11/15/2032 | 152258 |
|  | **Navigator Aircraft ABS Ltd.** | **Navigator Aircraft ABS Ltd.** | **Navigator Aircraft ABS Ltd.** |
| 1000000 | Series 2025-1-B<br> 5.89%<sup>(a)</sup> | 10/15/2050 | 1003735 |
|  | **NBC Funding LLC** | **NBC Funding LLC** | **NBC Funding LLC** |
| 500000 | Series 2025-1A-A2<br> 6.21%<sup>(a)</sup> | 07/30/2055 | 512638 |
|  | **QTS Issuer ABS II LLC** | **QTS Issuer ABS II LLC** | **QTS Issuer ABS II LLC** |
| 1000000 | Series 2025-1A-B<br> 5.78%<sup>(a)</sup> | 10/05/2055 | 996252 |
|  | **SSI ABS Issuer LLC** | **SSI ABS Issuer LLC** | **SSI ABS Issuer LLC** |
| 246380 | Series 2025-1-A<br> 6.15%<sup>(a)</sup> | 07/25/2065 | 249941 |
|  | **Start Ltd./Bermuda** | **Start Ltd./Bermuda** | **Start Ltd./Bermuda** |
| 58372 | Series 2019-1-C<br> 6.41%<sup>(a)</sup> | 03/15/2044 | 58411 |
|  | **Switch Ltd.** | **Switch Ltd.** | **Switch Ltd.** |
| 500000 | Series 2024-1A-B<br> 6.50%<sup>(a)</sup> | 03/25/2054 | 507753 |
| 750000 | Series 2024-2A-C<br> 10.03%<sup>(a)</sup> | 06/25/2054 | 775563 |
|  | **Uniti Group LP** | **Uniti Group LP** | **Uniti Group LP** |
| 500000 | Series 2025-1A-B<br> 6.37%<sup>(a)</sup> | 04/20/2055 | 515231 |
|  | **Upstart Securitization Trust** | **Upstart Securitization Trust** | **Upstart Securitization Trust** |
| 994161 | Series 2022-4-B<br> 8.68%<sup>(a)</sup> | 08/20/2032 | 1005953 |
| 500000 | Series 2025-2-C<br> 6.02%<sup>(a)</sup> | 06/20/2035 | 506227 |
| 1150000 | Series 2025-3-C<br> 5.43%<sup>(a)</sup> | 09/20/2035 | 1147288 |
|  | **Willis Lease Finance Corp.** | **Willis Lease Finance Corp.** | **Willis Lease Finance Corp.** |
| 237172 | Series 2020-A-C<br> 6.66%<sup>(a)</sup> | 03/15/2045 | 234001 |
|  | **Total Asset Backed Obligations** <br>**(Cost $16,416,012)** |  | **16691579** |
|  **COLLATERALIZED LOAN OBLIGATIONS - 15.1%** | **COLLATERALIZED LOAN OBLIGATIONS - 15.1%** | **COLLATERALIZED LOAN OBLIGATIONS - 15.1%** | **COLLATERALIZED LOAN OBLIGATIONS - 15.1%** |
|  | **Anthelion CLO** | **Anthelion CLO** | **Anthelion CLO** |
| 500000 | Series 2025-1A-A1 (3 mo. Term SOFR + 1.50%, 1.50% Floor)<br> 5.82%<sup>(a)</sup> | 07/20/2036 | 502259 |

---

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| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
|  | **Apidos CLO** | **Apidos CLO** | **Apidos CLO** |
| 500000 | Series 2024-1A-D1R (3 mo. Term SOFR + 2.70%, 2.70% Floor)<br> 6.83%<sup>(a)</sup> | 10/25/2038 | 506073 |
|  | **Bain Capital Credit CLO** | **Bain Capital Credit CLO** | **Bain Capital Credit CLO** |
| 500000 | Series 2024-1A-D1 (3 mo. Term SOFR + 3.85%, 3.85% Floor)<br> 8.17%<sup>(a)</sup> | 04/16/2037 | 503714 |
| 1000000 | Series 2025-3A-D1 (3 mo. Term SOFR + 2.85%, 2.85% Floor)<br> 7.06%<sup>(a)</sup> | 07/23/2038 | 1009532 |
|  | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** |
| 1000000 | Series 2025-41A-A (3 mo. Term SOFR + 1.30%, 1.30% Floor)<br> 5.62%<sup>(a)</sup> | 07/25/2038 | 1002549 |
|  | **Canyon Capital CLO Ltd.** | **Canyon Capital CLO Ltd.** | **Canyon Capital CLO Ltd.** |
| 500000 | Series 2021-1A-E (3 mo. Term SOFR + 6.67%, 6.41% Floor)<br> 10.99%<sup>(a)</sup> | 04/15/2034 | 498449 |
|  | **Canyon CLO** | **Canyon CLO** | **Canyon CLO** |
| 500000 | Series 2021-3A-ER (3 mo. Term SOFR + 6.00%, 6.00% Floor)<br> 10.32%<sup>(a)</sup> | 07/15/2034 | 500927 |
|  | **Carlyle Global Market Strategies** | **Carlyle Global Market Strategies** | **Carlyle Global Market Strategies** |
| 500000 | Series 2018-4A-D1R (3 mo. Term SOFR + 3.10%, 3.10% Floor)<br> 7.42%<sup>(a)</sup> | 10/17/2037 | 506575 |
| 500000 | Series 2024-2A-D (3 mo. Term SOFR + 3.85%, 3.85% Floor)<br> 8.17%<sup>(a)</sup> | 04/25/2037 | 505820 |
|  | **CarVal CLO** | **CarVal CLO** | **CarVal CLO** |
| 500000 | Series 2024-1A-B (3 mo. Term SOFR + 2.10%, 2.10% Floor)<br> 6.43%<sup>(a)</sup> | 04/20/2037 | 502340 |
| 1000000 | Series 2024-1A-D (3 mo. Term SOFR + 3.90%, 3.90% Floor)<br> 8.23%<sup>(a)</sup> | 04/20/2037 | 1005502 |
|  | **Clover CLO** | **Clover CLO** | **Clover CLO** |
| 500000 | Series 2018-1A-A1RR (3 mo. Term SOFR + 1.53%, 1.53% Floor)<br> 5.86%<sup>(a)</sup> | 04/20/2037 | 502260 |
|  | **Elmwood CLO Ltd.** | **Elmwood CLO Ltd.** | **Elmwood CLO Ltd.** |
| 500000 | Series 2024-4A-E (3 mo. Term SOFR + 6.00%, 6.00% Floor)<br> 10.32%<sup>(a)</sup> | 04/17/2037 | 506896 |
|  | **Empower CLO Ltd.** | **Empower CLO Ltd.** | **Empower CLO Ltd.** |
| 500000 | Series 2024-1A-D1 (3 mo. Term SOFR + 3.75%, 3.75% Floor)<br> 8.07%<sup>(a)</sup> | 04/25/2037 | 505249 |
|  | **Generali** | **Generali** | **Generali** |
| 500000 | Series 2025-4A-D (3 mo. Term SOFR + 2.80%, 2.80% Floor)<br> 6.77%<sup>(a)</sup> | 10/20/2038 | 506831 |
|  | **Goldentree Loan Opportunities Ltd.** | **Goldentree Loan Opportunities Ltd.** | **Goldentree Loan Opportunities Ltd.** |
| 1000000 | Series 2022-14A-DR (3 mo. Term SOFR + 3.00%, 3.00% Floor)<br> 7.33%<sup>(a)</sup> | 07/20/2037 | 1013842 |
| 500000 | Series 2024-19A-D (3 mo. Term SOFR + 3.40%, 3.40% Floor)<br> 7.73%<sup>(a)</sup> | 04/20/2037 | 503726 |
|  | **Harvest US CLO** | **Harvest US CLO** | **Harvest US CLO** |
| 500000 | Series 2024-1A-D (3 mo. Term SOFR + 4.50%, 4.50% Floor)<br> 8.83%<sup>(a)</sup> | 04/18/2037 | 504835 |
|  | **Katayma CLO Ltd.** | **Katayma CLO Ltd.** | **Katayma CLO Ltd.** |
| 1000000 | Series 2023-1A-D (3 mo. Term SOFR + 5.25%, 5.25% Floor)<br> 9.58%<sup>(a)</sup> | 10/20/2036 | 1005803 |
| 500000 | Series 2024-2A-A1 (3 mo. Term SOFR + 1.65%, 1.65% Floor)<br> 5.98%<sup>(a)</sup> | 04/20/2037 | 501896 |
| 500000 | Series 2024-2A-D (3 mo. Term SOFR + 4.50%, 4.50% Floor)<br> 8.83%<sup>(a)</sup> | 04/20/2037 | 513636 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **155**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** |
| 500000 | Series 2021-1A-E (3 mo. Term SOFR + 6.76%, 6.50% Floor) | 11.08%<sup>(a)</sup> | 04/15/2034 | 488483 |
|  | **Point Au Roche Park CLO** | **Point Au Roche Park CLO** | **Point Au Roche Park CLO** | **Point Au Roche Park CLO** |
| 500000 | Series 2021-1A-E (3 mo. Term SOFR + 6.36%, 6.10% Floor) | 10.69%<sup>(a)</sup> | 07/20/2034 | 500879 |
|  | **Rockford Tower CLO Ltd.** | **Rockford Tower CLO Ltd.** | **Rockford Tower CLO Ltd.** | **Rockford Tower CLO Ltd.** |
| 1000000 | Series 2024-1A-A1 (3 mo. Term SOFR + 1.61%, 1.61% Floor) | 5.94%<sup>(a)</sup> | 04/20/2037 | 1003941 |
|  | **Rockland Park CLO Ltd.** | **Rockland Park CLO Ltd.** | **Rockland Park CLO Ltd.** | **Rockland Park CLO Ltd.** |
| 500000 | Series 2021-1A-A1R (3 mo. Term SOFR + 1.30%, 1.30% Floor) | 5.59%<sup>(a)</sup> | 07/20/2038 | 501950 |
|  | **RR Ltd./Cayman Islands** | **RR Ltd./Cayman Islands** | **RR Ltd./Cayman Islands** | **RR Ltd./Cayman Islands** |
| 1000000 | Series 2017-2A-DR (3 mo. Term SOFR + 6.06%, 5.80% Floor) | 10.38%<sup>(a)</sup> | 04/15/2036 | 983041 |
|  | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
| 500000 | Series 2019-3A-DR (3 mo. Term SOFR + 3.76%, 3.76% Floor) | 8.08%<sup>(a)</sup> | 10/25/2034 | 476306 |
| 1000000 | Series 2020-1A-ER (3 mo. Term SOFR + 7.12%, 7.12% Floor) | 11.45%<sup>(a)</sup> | 07/20/2034 | 974293 |
| 500000 | Series 2021-3A-D (3 mo. Term SOFR + 3.51%, 3.25% Floor) | 7.83%<sup>(a)</sup> | 10/25/2034 | 489586 |
|  | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** |
| 500000 | Series 2019-1A-CRR (3 mo. Term SOFR + 2.80%, 2.80% Floor) | 6.94%<sup>(a)</sup> | 07/20/2032 | 505497 |
|  | **Total Collateralized Loan Obligations** <br>**(Cost $18,944,365)** | **Total Collateralized Loan Obligations** <br>**(Cost $18,944,365)** |  | **19032690** |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 19.8%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 19.8%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 19.8%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 19.8%** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 19.8%** |
|  | **ACREC Trust** | **ACREC Trust** | **ACREC Trust** | **ACREC Trust** |
| 300000 | Series 2023-FL2-B (1 mo. Term SOFR + 3.48%, 3.48% Floor) | 7.63%<sup>(a)</sup> | 02/19/2038 | 302834 |
|  | **ACRES Commercial Realty Ltd.** | **ACRES Commercial Realty Ltd.** | **ACRES Commercial Realty Ltd.** | **ACRES Commercial Realty Ltd.** |
| 370000 | Series 2025-FL3-A (1 mo. Term SOFR + 1.62%, 1.62% Floor) | 5.75%<sup>(a)</sup> | 08/18/2040 | 372312 |
|  | **Arbor Realty Trust, Inc.** | **Arbor Realty Trust, Inc.** | **Arbor Realty Trust, Inc.** | **Arbor Realty Trust, Inc.** |
| 178080 | Series 2022-FL1-A (30 day avg SOFR US + 1.45%, 1.45% Floor) | 5.82%<sup>(a)</sup> | 01/15/2037 | 178353 |
|  | **AREIT Trust** | **AREIT Trust** | **AREIT Trust** | **AREIT Trust** |
| 220254 | Series 2023-CRE8-A (1 mo. Term SOFR + 2.11%, 2.11% Floor) | 6.25%<sup>(a)</sup> | 08/17/2041 | 221295 |
|  | **BANK** | **BANK** | **BANK** | **BANK** |
| 350000 | Series 2019-BN19-A2 | 2.93% | 08/15/2061 | 333626 |
| 350000 | Series 2021-BN34-ASB | 2.19% | 06/15/2063 | 329769 |
|  | **BANK5 Trust** | **BANK5 Trust** | **BANK5 Trust** | **BANK5 Trust** |
| 350000 | Series 2024-5YR9-C | 6.42%<sup>(b)</sup> | 08/15/2057 | 359170 |
| 190000 | Series 2025-5YR15-D | 4.00%<sup>(a)</sup> | 07/15/2058 | 166156 |
| 392000 | Series 2025-5YR16-AS | 5.75%<sup>(b)</sup> | 08/15/2063 | 404764 |
| 500000 | Series 2025-5YR17-AS | 5.63%<sup>(b)</sup> | 11/15/2058 | 516217 |
|  | **BBCMS Trust** | **BBCMS Trust** | **BBCMS Trust** | **BBCMS Trust** |
| 11253767 | Series 2024-5C27-XA | 1.04%<sup>(a)(b)(c)</sup> | 07/15/2057 | 297615 |
| 500000 | Series 2025-5C37-AS | 5.38%<sup>(b)</sup> | 09/15/2058 | 511991 |
| 3179000 | Series 2025-C32-XD | 2.54%<sup>(a)(b)(c)</sup> | 02/15/2062 | 532138 |
|  | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** |
| 375000 | Series 2019-B13-A3 | 2.70% | 08/15/2057 | 353020 |
| 5645324 | Series 2020-B22-XA | 1.61%<sup>(b)(c)</sup> | 01/15/2054 | 353493 |
| 100000 | Series 2024-V6-AS | 6.38% | 03/15/2057 | 104815 |
| 350000 | Series 2024-V9-A3 | 5.60% | 08/15/2057 | 363793 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 250000 | Series 2025-V16-AS | 5.86%<sup>(b)</sup> | 08/15/2058 | 260555 |
| 3940000 | Series 2025-V17-XA | 1.51%<sup>(b)(c)</sup> | 09/15/2058 | 255651 |
|  | **BMO Mortgage Trust** | **BMO Mortgage Trust** | **BMO Mortgage Trust** | **BMO Mortgage Trust** |
| 250000 | Series 2024-5C6-A3 | 5.32% | 09/15/2057 | 257707 |
| 390000 | Series 2025-5C10-AS | 5.95%<sup>(b)</sup> | 05/15/2058 | 406026 |
| 250000 | Series 2025-5C11-D | 4.50%<sup>(a)</sup> | 07/15/2058 | 222304 |
| 7581563 | Series 2025-5C11-XA | 1.33%<sup>(b)(c)</sup> | 07/15/2058 | 357429 |
| 500000 | Series 2025-5C12-AS | 5.56% | 10/15/2058 | 514798 |
|  | **Bombardier Capital Mortgage Securitization Corp.** | **Bombardier Capital Mortgage Securitization Corp.** | **Bombardier Capital Mortgage Securitization Corp.** | **Bombardier Capital Mortgage Securitization Corp.** |
| 500000 | Series 2025-5C6-AS | 5.58%<sup>(b)</sup> | 10/15/2058 | 515074 |
| 4448000 | Series 2025-5C6-XA | 1.58%<sup>(b)(c)</sup> | 10/15/2058 | 259411 |
|  | **BrightSpire Capital, Inc.** | **BrightSpire Capital, Inc.** | **BrightSpire Capital, Inc.** | **BrightSpire Capital, Inc.** |
| 91567 | Series 2021-FL1-A (1 mo. Term SOFR + 1.26%, 1.15% Floor) | 5.40%<sup>(a)</sup> | 08/19/2038 | 91472 |
|  | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** | **BSPRT Co.-Issuer LLC** |
| 250000 | Series 2023-FL10-B (1 mo. Term SOFR + 3.27%, 3.27% Floor) | 7.42%<sup>(a)</sup> | 09/15/2035 | 251199 |
|  | **BSTN Commercial Mortgage Trust** | **BSTN Commercial Mortgage Trust** | **BSTN Commercial Mortgage Trust** | **BSTN Commercial Mortgage Trust** |
| 200000 | Series 2025-HUB-A | 5.06%<sup>(a)(b)</sup> | 04/13/2041 | 200250 |
|  | **CEDR Commercial Mortgage Trust** | **CEDR Commercial Mortgage Trust** | **CEDR Commercial Mortgage Trust** | **CEDR Commercial Mortgage Trust** |
| 350000 | Series 2022-SNAI-A (1 mo. Term SOFR + 0.99%, 0.99% Floor) | 5.14%<sup>(a)</sup> | 02/15/2039 | 345073 |
|  | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** | **Commercial Mortgage Pass Through Certificates** |
| 350000 | Series 2014-CR14-C | 3.79%<sup>(b)</sup> | 02/10/2047 | 335519 |
| 500000 | Series 2016-DC2-B | 4.84%<sup>(b)</sup> | 02/10/2049 | 496895 |
|  | **Computershare Corporate Trust** | **Computershare Corporate Trust** | **Computershare Corporate Trust** | **Computershare Corporate Trust** |
| 489610 | Series 2019-C50-A4 | 3.47% | 05/15/2052 | 478477 |
| 2050000 | Series 2024-C63-XD | 2.51%<sup>(a)(b)(c)</sup> | 08/15/2057 | 324860 |
|  | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
| 139000 | Series 2021-B33-A2 | 3.17%<sup>(a)</sup> | 10/10/2043 | 124956 |
|  | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** |
| 367924 | Series 2017-CX9-A4 | 3.18% | 09/15/2050 | 360834 |
|  | **FS Rialto** | **FS Rialto** | **FS Rialto** | **FS Rialto** |
| 189203 | Series 2021-FL2-A (1 mo. Term SOFR + 1.33%, 1.33% Floor) | 5.48%<sup>(a)</sup> | 05/16/2038 | 189376 |
|  | **FS RIALTO** | **FS RIALTO** | **FS RIALTO** | **FS RIALTO** |
| 248653 | Series 2021-FL3-A (1 mo. Term SOFR + 1.36%, 1.36% Floor) | 5.51%<sup>(a)</sup> | 11/16/2036 | 249230 |
|  | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** | **Granite Point Mortgage Trust, Inc.** |
| 350000 | Series 2021-FL3-AS (1 mo. Term SOFR + 1.96%, 1.71% Floor) | 6.10%<sup>(a)</sup> | 07/16/2035 | 350695 |
| 300000 | Series 2021-FL4-B (1 mo. Term SOFR + 2.06%, 1.95% Floor) | 6.20%<sup>(a)</sup> | 12/15/2036 | 298095 |
|  | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** | **Greystone Commercial Real Estate Notes** |
| 23691 | Series 2021-FL3-A (1 mo. Term SOFR + 1.13%, 1.02% Floor) | 5.28%<sup>(a)</sup> | 07/15/2039 | 23763 |
| 281500 | Series 2021-FL3-B (1 mo. Term SOFR + 1.76%, 1.65% Floor) | 5.91%<sup>(a)</sup> | 07/15/2039 | 280374 |
| 380000 | Series 2021-FL3-D (1 mo. Term SOFR + 2.31%, 2.20% Floor) | 6.46%<sup>(a)</sup> | 07/15/2039 | 378558 |
|  | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** | **GS Mortgage Securities Corp. II** |
| 375000 | Series 2013-GC13-B | 4.00%<sup>(a)(b)</sup> | 07/10/2046 | 364969 |
| 125000 | Series 2021-STAR-D (1 mo. Term SOFR + 2.01%, 1.90% Floor) | 6.17%<sup>(a)</sup> | 12/15/2036 | 123850 |
|  | **HGI CRE CLO Ltd.** | **HGI CRE CLO Ltd.** | **HGI CRE CLO Ltd.** | **HGI CRE CLO Ltd.** |
| 201397 | Series 2021-FL1-C (1 mo. Term SOFR + 1.81%, 1.81% Floor) | 5.96%<sup>(a)</sup> | 06/16/2036 | 201996 |
| 290000 | Series 2021-FL2-D (1 mo. Term SOFR + 2.26%, 2.26% Floor) | 6.41%<sup>(a)</sup> | 09/17/2036 | 290428 |

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| | | |
|:---|:---|:---|
| **156**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Securitized Credit Fund (Cont.)**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** |
| 420000 | Series 2015-JP1-AS | 4.12%<sup>(b)</sup> | 01/15/2049 | 417372 |
| 1000000 | Series 2019-UES-G | 4.60%<sup>(a)(b)</sup> | 05/05/2032 | 921015 |
|  | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** |
| 300000 | Series 2014-C23-UH5 | 4.71%<sup>(a)</sup> | 09/15/2047 | 300039 |
| 6303 | Series 2015-C27-A4 | 3.18% | 02/15/2048 | 6165 |
| 486237 | Series 2015-C30-AS | 4.23%<sup>(b)</sup> | 07/15/2048 | 475605 |
| 250000 | Series 2015-C33-AS | 4.02% | 12/15/2048 | 248672 |
|  | **KREF** | **KREF** | **KREF** | **KREF** |
| 297496 | Series 2021-FL2-A (1 mo. Term SOFR + 1.18%, 1.07% Floor) | 5.33%<sup>(a)</sup> | 02/15/2039 | 298289 |
|  | **LoanCore** | **LoanCore** | **LoanCore** | **LoanCore** |
| 300000 | Series 2021-CRE5-AS (1 mo. Term SOFR + 1.86%, 1.86% Floor) | 6.01%<sup>(a)</sup> | 07/15/2036 | 301075 |
| 77565 | Series 2021-CRE6-A (1 mo. Term SOFR + 1.41%, 1.30% Floor) | 5.56%<sup>(a)</sup> | 11/15/2038 | 77873 |
|  | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** |
| 151641 | Series 2021-FL1-A (1 mo. Term SOFR + 1.28%, 1.28% Floor) | 5.43%<sup>(a)</sup> | 06/15/2039 | 151997 |
| 300000 | Series 2021-FL1-B (1 mo. Term SOFR + 1.86%, 1.86% Floor) | 6.01%<sup>(a)</sup> | 06/15/2039 | 300003 |
|  | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** |
| 26399 | Series 2021-FL6-A (1 mo. Term SOFR + 1.21%, 1.10% Floor) | 5.35%<sup>(a)</sup> | 07/16/2036 | 26434 |
| 250000 | Series 2021-FL7-B (1 mo. Term SOFR + 1.86%, 1.75% Floor) | 6.00%<sup>(a)</sup> | 10/16/2036 | 250503 |
| 310000 | Series 2021-FL7-C (1 mo. Term SOFR + 2.16%, 2.05% Floor) | 6.30%<sup>(a)</sup> | 10/16/2036 | 309591 |
| 257458 | Series 2022-FL9-A (1 mo. Term SOFR + 2.15%, 2.15% Floor) | 6.28%<sup>(a)</sup> | 06/19/2037 | 258098 |
| 300000 | Series 2024-FL14-A (1 mo. Term SOFR + 1.74%, 1.74% Floor) | 5.87%<sup>(a)</sup> | 03/19/2039 | 302089 |
| 250000 | Series 2024-FL15-B (1 mo. Term SOFR + 2.49%, 2.49% Floor) | 6.63%<sup>(a)</sup> | 08/18/2041 | 251103 |
|  | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** |
| 268369 | Series 2012-CKSV-A2 | 3.28%<sup>(a)</sup> | 10/15/2030 | 256611 |
|  | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** | **Morgan Stanley Capital I, Inc.** |
| 300000 | Series 2016-UB11-AS | 2.98% | 08/15/2049 | 295338 |
|  | **PFP III Ltd.** | **PFP III Ltd.** | **PFP III Ltd.** | **PFP III Ltd.** |
| 298659 | Series 2024-11-B (1 mo. Term SOFR + 2.49%, 2.49% Floor) | 6.71%<sup>(a)</sup> | 09/17/2039 | 299304 |
|  | **Ready Capital Corp.** | **Ready Capital Corp.** | **Ready Capital Corp.** | **Ready Capital Corp.** |
| 477899 | Series 2021-FL7-A (1 mo. Term SOFR + 1.31%, 1.20% Floor) | 5.47%<sup>(a)</sup> | 11/25/2036 | 479585 |
| 450000 | Series 2023-FL11-B (1 mo. Term SOFR + 3.53%, 3.53% Floor) | 7.69%<sup>(a)</sup> | 10/25/2039 | 453403 |
|  | **ROCK Trust** | **ROCK Trust** | **ROCK Trust** | **ROCK Trust** |
| 100000 | Series 2024-CNTR-D | 7.11%<sup>(a)</sup> | 11/13/2041 | 104517 |
|  | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** |
| 250000 | Series 2021-555-A (1 mo. Term SOFR + 1.26%, 1.15% Floor) | 5.41%<sup>(a)</sup> | 05/15/2038 | 248405 |
|  | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** | **Starwood Property Trust, Inc.** |
| 111956 | Series 2021-FL2-A (1 mo. Term SOFR + 1.31%, 1.20% Floor) | 5.45%<sup>(a)</sup> | 04/18/2038 | 112129 |
| 159480 | Series 2022-FL3-A (30 day avg SOFR US + 1.35%, 1.35% Floor) | 5.72%<sup>(a)</sup> | 11/15/2038 | 160037 |

---

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| | | | |
|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Maturity | Value $ |
| 370000 | Series 2022-FL3-AS (30 day avg SOFR US + 1.80%, 1.80% Floor)<br> 6.17%<sup>(a)</sup> | 11/15/2038 | 371292 |
| 400000 | Series 2022-FL3-B (30 day avg SOFR US + 1.95%, 1.95% Floor)<br> 6.32%<sup>(a)</sup> | 11/15/2038 | 401441 |
|  | **STDIO Commercial Mortgage Trust** | **STDIO Commercial Mortgage Trust** | **STDIO Commercial Mortgage Trust** |
| 177000 | Series 2025-RLGH-A<br> 5.72%<sup>(a)(b)</sup> | 09/15/2038 | 177392 |
|  | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** |
| 44390 | Series 2021-FL4-A (1 mo. Term SOFR + 1.31%, 1.20% Floor)<br> 5.46%<sup>(a)</sup> | 03/15/2038 | 44546 |
| 300000 | Series 2021-FL4-B (1 mo. Term SOFR + 1.96%, 1.85% Floor)<br> 6.11%<sup>(a)</sup> | 03/15/2038 | 300275 |
| 250000 | Series 2022-FL5-AS (1 mo. Term SOFR + 2.15%, 2.15% Floor)<br> 6.29%<sup>(a)</sup> | 02/15/2039 | 250667 |
|  | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** |
| 422000 | Series 2018-C13-B<br> 4.79%<sup>(b)</sup> | 10/15/2051 | 401738 |
|  | **VEGAS Trust** | **VEGAS Trust** | **VEGAS Trust** |
| 115000 | Series 2024-TI-A<br> 5.52%<sup>(a)</sup> | 11/10/2039 | 116778 |
|  | **VMC Finance LLC** | **VMC Finance LLC** | **VMC Finance LLC** |
| 236456 | Series 2021-FL4-B (1 mo. Term SOFR + 1.91%, 1.91% Floor)<br> 6.05%<sup>(a)</sup> | 06/16/2036 | 234391 |
|  | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
| 10367416 | Series 2025-5C3-XA<br> 1.05%<sup>(b)(c)</sup> | 01/15/2058 | 325428 |
| 280000 | Series 2025-VTT-C<br> 6.03%<sup>(a)(b)</sup> | 03/15/2038 | 281299 |
|  | **WHARF Trust** | **WHARF Trust** | **WHARF Trust** |
| 190000 | Series 2025-DC-A<br> 5.53%<sup>(a)(b)</sup> | 07/15/2040 | 195081 |
|  | **Total Non-Agency Commercial Mortgage Backed Obligations** <br>**(Cost $24,893,895)** |  | **24916765** |
|  **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 22.5%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 22.5%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 22.5%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 22.5%** |
|  | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
| 1372000 | Series 2021-NQM4-B2<br> 4.18%<sup>(a)(b)</sup> | 05/25/2066 | 1078466 |
|  | **Cross Mortgage Trust** | **Cross Mortgage Trust** | **Cross Mortgage Trust** |
| 701056 | Series 2024-H1-A1<br> 6.09%<sup>(a)(d)</sup> | 12/25/2068 | 708259 |
|  | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** |
| 1162967 | Series 2025-NQM2-A3<br> 5.95%<sup>(a)(d)</sup> | 06/25/2070 | 1173400 |
| 1250000 | Series 2025-NQM2-M1A<br> 6.27%<sup>(a)(b)</sup> | 06/25/2070 | 1265639 |
|  | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** |
| 1250000 | Series 2023-R01-1M2 (30 day avg SOFR US + 3.75%, 0.00% Floor)<br> 8.11%<sup>(a)</sup> | 12/25/2042 | 1313930 |
| 1300000 | Series 2024-R01-1M2 (30 day avg SOFR US + 1.80%, 0.00% Floor)<br> 6.16%<sup>(a)</sup> | 01/25/2044 | 1312580 |
| 1000000 | Series 2024-R02-1B1 (30 day avg SOFR US + 2.50%, 0.00% Floor)<br> 6.86%<sup>(a)</sup> | 02/25/2044 | 1019126 |
| 1200000 | Series 2024-R03-2M2 (30 day avg SOFR US + 1.95%, 0.00% Floor)<br> 6.31%<sup>(a)</sup> | 03/25/2044 | 1210828 |
| 1250000 | Series 2024-R04-1B1 (30 day avg SOFR US + 2.20%, 0.00% Floor)<br> 6.56%<sup>(a)</sup> | 05/25/2044 | 1262747 |
| 1500000 | Series 2024-R05-2M2 (30 day avg SOFR US + 1.70%, 0.00% Floor)<br> 6.06%<sup>(a)</sup> | 07/25/2044 | 1508223 |
|  | **Freddie Mac Structured Agency Credit Risk Debt Notes** | **Freddie Mac Structured Agency Credit Risk Debt Notes** | **Freddie Mac Structured Agency Credit Risk Debt Notes** |
| 1200000 | Series 2024-DNA1-M2 (30 day avg SOFR US + 1.95%, 0.00% Floor)<br> 6.31%<sup>(a)</sup> | 02/25/2044 | 1214324 |
|  | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** |
| 708600 | Series 2024-NQM10-A1<br> 6.18%<sup>(a)(d)</sup> | 05/25/2064 | 718259 |
|  | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** |
| 1132506 | Series 2025-NPL2-A1<br> 5.84%<sup>(a)(d)</sup> | 03/25/2055 | 1138055 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **157**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Progress Residential Trust** | **Progress Residential Trust** | **Progress Residential Trust** | **Progress Residential Trust** |
| 1200000 | Series 2024-SFR2-D | 3.40%<sup>(a)(b)</sup> | 04/17/2041 | 1130018 |
|  | **PRPM LLC** | **PRPM LLC** | **PRPM LLC** | **PRPM LLC** |
| 1164788 | Series 2025-4-A1 | 6.18%<sup>(a)(d)</sup> | 06/25/2030 | 1168399 |
| 1100000 | Series 2025-6-A2 | 8.33%<sup>(a)(d)</sup> | 08/25/2028 | 1115265 |
| 1200000 | Series 2025-7-A2 | 7.45%<sup>(a)(d)</sup> | 08/25/2030 | 1200913 |
|  | **SGR Residential Mortgage Trust** | **SGR Residential Mortgage Trust** | **SGR Residential Mortgage Trust** | **SGR Residential Mortgage Trust** |
| 1250000 | Series 2021-1-B2 | 4.30%<sup>(a)(b)</sup> | 07/25/2061 | 947679 |
|  | **VCAT Asset Securitization LLC** | **VCAT Asset Securitization LLC** | **VCAT Asset Securitization LLC** | **VCAT Asset Securitization LLC** |
| 1568253 | Series 2025-NPL1-A1 | 5.88%<sup>(a)(d)</sup> | 01/25/2055 | 1572786 |
|  | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** |
| 143845 | Series 2019-1-M4 | 4.61%<sup>(a)(b)</sup> | 03/25/2049 | 131810 |
| 80290 | Series 2019-1-M5 | 5.70%<sup>(a)(b)</sup> | 03/25/2049 | 72756 |
| 127039 | Series 2019-1-M6 | 6.79%<sup>(a)(b)</sup> | 03/25/2049 | 112195 |
|  | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** |
| 622424 | Series 2021-NPL5-A2 | 8.83%<sup>(a)(d)</sup> | 03/27/2051 | 622941 |
|  | **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** |
| 1500000 | Series 2021-3-B2 | 3.96%<sup>(a)(b)</sup> | 06/25/2066 | 1181010 |
| 768464 | Series 2023-1-A1 | 5.85%<sup>(a)(d)</sup> | 12/25/2067 | 768398 |
| 1000000 | Series 2024-1-M1 | 6.67%<sup>(a)(b)</sup> | 01/25/2069 | 1010398 |
| 1250000 | Series 2024-6-M1 | 6.18%<sup>(a)(b)</sup> | 07/25/2069 | 1260373 |
| 1100000 | Series 2025-3-B1 | 7.51%<sup>(a)(b)</sup> | 05/25/2070 | 1121148 |
|  | **Total Non-Agency Residential Collateralized Mortgage Obligations** <br>**(Cost $28,992,367)** | **Total Non-Agency Residential Collateralized Mortgage Obligations** <br>**(Cost $28,992,367)** |  | **28339925** |
|  **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 23.6%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 23.6%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 23.6%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 23.6%** | **US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 23.6%** |
|  | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** |
| 1834633 | Pool SD6509 | 6.00% | 08/01/2054 | 1879278 |
| 2035532 | Pool SL2062 | 5.50% | 07/01/2055 | 2083428 |
| 19207000 | Series 2021-P010-X | 0.91%<sup>(b)(c)</sup> | 10/25/2029 | 545740 |
| 1109850 | Series 413-F25 (30 day avg SOFR US + 1.15%, 1.15% Floor, 7.00% Cap) | 5.51% | 05/25/2054 | 1114407 |
| 1046033 | Series 5004-LS (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap) | 1.68%<sup>(c)(e)</sup> | 07/25/2050 | 155942 |
| 3582438 | Series 5112-SC (-1 x 30 day avg SOFR US + 2.50%, 0.00% Floor, 2.50% Cap) | 0.00%<sup>(c)(e)</sup> | 06/25/2051 | 10374 |
| 3235244 | Series 5127-AI | 3.00%<sup>(c)</sup> | 06/25/2051 | 565100 |
| 3477203 | Series 5166-DI | 3.00%<sup>(c)</sup> | 09/15/2048 | 434092 |
| 2611889 | Series 5547-QI | 3.00%<sup>(c)</sup> | 04/25/2051 | 481433 |
|  | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** |
| 3499855 | Series 2019-57-LF (30 day avg SOFR US + 0.61%, 0.50% Floor, 6.50% Cap) | 4.97% | 10/25/2049 | 3400831 |
| 931760 | Series 2020-54-AS (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap) | 1.68%<sup>(c)(e)</sup> | 08/25/2050 | 122368 |
| 2983767 | Series 2020-75-WI | 2.50%<sup>(c)</sup> | 11/25/2050 | 495575 |
| 1146565 | Series 2020-77-S (-1 x 30 day avg SOFR US + 4.15%, 0.00% Floor, 4.15% Cap) | 0.00%<sup>(c)(e)</sup> | 11/25/2050 | 57854 |
| 2030746 | Series 2020-77-SB (-1 x 30 day avg SOFR US + 4.10%, 0.00% Floor, 4.10% Cap) | 0.00%<sup>(c)(e)</sup> | 11/25/2050 | 106743 |
| 3531672 | Series 2020-80-IB | 2.50%<sup>(c)</sup> | 11/25/2050 | 566528 |
| 948914 | Series 2020-M10-X2 | 1.84%<sup>(b)(c)</sup> | 12/25/2030 | 51770 |
| 3409327 | Series 2021-20-PI | 2.50%<sup>(c)</sup> | 04/25/2051 | 542585 |
| 2885565 | Series 2021-3-MI | 3.50%<sup>(c)</sup> | 02/25/2051 | 562483 |
| 1851842 | Series 2021-43-IO | 2.50%<sup>(c)</sup> | 06/25/2051 | 291676 |
| 3727987 | Series 2021-85-IN | 2.50%<sup>(c)</sup> | 02/25/2050 | 603655 |
| 3682803 | Series 2024-22-IE | 2.50%<sup>(c)</sup> | 11/25/2050 | 591196 |
| 431718 | Series 2024-32-IO | 2.50%<sup>(c)</sup> | 04/25/2051 | 66205 |
| 1432128 | Series 2025-18-FH (30 day avg SOFR US + 1.40%, 1.40% Floor, 6.50% Cap) | 5.76% | 08/25/2054 | 1443689 |
| 5338684 | Series 437-C2 | 1.50%<sup>(c)</sup> | 03/25/2052 | 508178 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** |
| 1121193 | Series 2015-124-AF (1 mo. Term SOFR + 0.36%, 0.25% Floor, 6.50% Cap) | 4.50% | 09/20/2045 | 1089243 |
| 1920112 | Series 2020-138-IL | 3.50%<sup>(c)</sup> | 09/20/2050 | 369248 |
| 1453961 | Series 2020-142-SD (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(c)(e)</sup> | 09/20/2050 | 208259 |
| 2686223 | Series 2020-151-TI | 2.50%<sup>(c)</sup> | 10/20/2050 | 394945 |
| 3833540 | Series 2020-167-DI | 2.50%<sup>(c)</sup> | 11/20/2050 | 563773 |
| 3580739 | Series 2020-173-AI | 2.50%<sup>(c)</sup> | 11/20/2050 | 559944 |
| 865325 | Series 2020-189-SP (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(c)(e)</sup> | 12/20/2050 | 126615 |
| 1940034 | Series 2020-196-DI | 2.50%<sup>(c)</sup> | 12/20/2050 | 283575 |
| 3166318 | Series 2021-125-AS (-1 x 30 day avg SOFR US + 3.25%, 0.00% Floor, 3.25% Cap) | 0.00%<sup>(c)(e)</sup> | 07/20/2051 | 39528 |
| 2493486 | Series 2021-15-GI | 3.50%<sup>(c)</sup> | 01/20/2051 | 483839 |
| 2328889 | Series 2021-15-PI | 3.00%<sup>(c)</sup> | 01/20/2051 | 390029 |
| 2098959 | Series 2021-189-IO | 0.88%<sup>(b)(c)</sup> | 06/16/2061 | 133172 |
| 1556672 | Series 2021-197-IB | 3.50%<sup>(c)</sup> | 11/20/2051 | 288449 |
| 2356705 | Series 2021-2-IO | 0.88%<sup>(b)(c)</sup> | 06/16/2063 | 151092 |
| 3043940 | Series 2021-24-YI | 3.50%<sup>(c)</sup> | 02/20/2051 | 620550 |
| 2574083 | Series 2021-46-ES (-1 x 1 mo. Term SOFR + 2.69%, 0.00% Floor, 2.80% Cap) | 0.00%<sup>(c)(e)</sup> | 03/20/2051 | 16313 |
| 3786054 | Series 2021-59-S (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap) | 0.00%<sup>(c)(e)</sup> | 04/20/2051 | 26789 |
| 3265191 | Series 2021-80-IO | 0.90%<sup>(b)(c)</sup> | 12/16/2062 | 224971 |
| 1385188 | Series 2021-98-SB (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 2.05%<sup>(c)(e)</sup> | 06/20/2051 | 173914 |
| 852824 | Series 2022-112-AI | 2.50%<sup>(c)</sup> | 10/20/2050 | 133255 |
| 2874511 | Series 2022-204-IO | 3.50%<sup>(c)</sup> | 04/20/2052 | 465423 |
| 382569 | Series 2022-218-IB | 3.00%<sup>(c)</sup> | 07/20/2050 | 62786 |
| 4047224 | Series 2022-83-IO | 2.50%<sup>(c)</sup> | 11/20/2051 | 575308 |
| 3124691 | Series 2023-19-GI | 3.00%<sup>(c)</sup> | 11/20/2051 | 458271 |
| 2229229 | Series 2023-79-JI | 2.50%<sup>(c)</sup> | 02/20/2051 | 309972 |
| 1738948 | Series 2024-13-IA | 3.00%<sup>(c)</sup> | 05/20/2051 | 296725 |
| 8141449 | Series 2024-156-IA | 0.87%<sup>(b)(c)</sup> | 07/16/2066 | 575138 |
| 3603328 | Series 2024-158-IO | 1.09%<sup>(b)(c)</sup> | 12/16/2065 | 286171 |
| 1221470 | Series 2024-170-AI | 0.76%<sup>(b)(c)</sup> | 10/16/2065 | 79049 |
| 675490 | Series 2024-170-IO | 1.00%<sup>(b)(c)</sup> | 03/16/2066 | 52023 |
| 2854951 | Series 2024-24-DI | 3.50%<sup>(c)</sup> | 11/20/2051 | 526938 |
| 3359845 | Series 2024-6-BI | 3.00%<sup>(c)</sup> | 12/20/2051 | 520482 |
| 2471665 | Series 2025-100-FD (30 day avg SOFR US + 1.35%, 1.35% Floor, 6.50% Cap) | 5.74% | 05/20/2055 | 2489778 |
|  | **Total US Government and Agency Mortgage Backed Obligations** <br>**(Cost $30,076,007)** | **Total US Government and Agency Mortgage Backed Obligations** <br>**(Cost $30,076,007)** |  | **29656697** |

---

---

| | | |
|:---|:---|:---|
| Shares | Security Description | Value $ |
|  **SHORT TERM INVESTMENTS - 6.5%** | **SHORT TERM INVESTMENTS - 6.5%** | **SHORT TERM INVESTMENTS - 6.5%** |
| 2739272 | First American Government Obligations Fund - U<br> 4.07%<sup>(f)</sup> | 2739272 |
| 2739272 | JPMorgan US Government Money Market Fund - IM<br> 4.09%<sup>(f)</sup> | 2739272 |
| 2739272 | MSILF Government Portfolio - Institutional<br> 4.05%<sup>(f)</sup> | 2739272 |
|  | **Total Short Term Investments** <br>**(Cost $8,217,816)** | **8217816** |
|  | **Total Investments - 100.8%<sup>(g)</sup>**<br>**(Cost $127,540,462)** | **126855472** |
|  | **Other Liabilities in Excess of Assets - (0.8)%** | **(1030297)** |
|  | **NET ASSETS - 100.0%** | **$125825175** |

---

---

| | | |
|:---|:---|:---|
| **158**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Schedule of Investments DoubleLine Securitized Credit Fund (Cont.)**<br>

---

| | |
|:---|:---|
|  **SECURITY TYPE BREAKDOWN as a % of Net Assets:**  |  |
|  US Government and Agency Mortgage Backed Obligations | 23.6% |
|  Non-Agency Residential Collateralized Mortgage Obligations | 22.5% |
|  Non-Agency Commercial Mortgage Backed Obligations | 19.8% |
|  Collateralized Loan Obligations | 15.1% |
|  Asset Backed Obligations | 13.3% |
|  Short Term Investments | 6.5% |
|  Other Assets and Liabilities | (0.8)% |
|  Net Assets | 100.0% |

---

(a) **Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of September 30, 2025, the value of these securities total $78,681,607 or 62.5% of the Fund's net assets.**

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

(c) **Interest only security**

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

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

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

(g) **98.9% of the total investments are based in the United States.**

**SOFR Secured Overnight Financing Rate**

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **159**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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| | |
|:---|:---|
| **Statements of Assets and Liabilities** | (Unaudited) September 30, 2025 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **DoubleLine** <br>**Total Return Bond Fund** | **DoubleLine** <br>**Core Fixed Income Fund** | **DoubleLine Emerging Markets Fixed Income Fund** | **DoubleLine** <br>**Low Duration Bond Fund** | **DoubleLine Floating** <br>**Rate Fund** | **DoubleLine Shiller Enhanced CAPE<sup>®</sup>** |
| **ASSETS:** |  |  |  |  |  |  |
| Investments in Unaffiliated Securities, at Value\* | $29014849092 | $5824935985 | $404978681 | $6042258729 | $103209247 | $3321128500 |
| Investments in Affiliated Mutual Funds, at Value\* |  | 524821231 |  |  |  |  |
| Short Term Investments\* | 1288447837 | 341349088 | 15911655 | 263630189 | 11115268 | 58416459 |
| Cash |  | 2570591 |  |  | 2079081 | 733525 |
| Deposit at Broker for Futures | 143936751 | 22428438 |  |  |  |  |
| Interest and Dividends Receivable | 138837519 | 38009559 | 5782501 | 33277899 | 1095561 | 17100947 |
| Receivable for Fund Shares Sold | 53823036 | 8557689 | 124633 | 35502604 | 1433 | 1562205 |
| Receivable for Investments Sold | 12406346 | 7775200 |  | 1475 | 4679214 | 19825 |
| Variation Margin Receivable | 2197961 | 1795486 |  |  |  |  |
| Prepaid Expenses and Other Assets | 514481 | 116002 | 20635 | 161386 | 24826 | 80080 |
| Net Unrealized Appreciation on Swaps |  |  |  |  |  | 118043344 |
|  Net Unrealized Appreciation on Unfunded Loan Commitments |  | 1091 |  |  | 759 |  |
| &nbsp;&nbsp;&nbsp; Total Assets | 30655013023 | 6772360360 | 426818105 | 6374832282 | 122205389 | 3517084885 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for Investments Purchased | 86989883 | 69877813 | 2791376 | 30917802 | 9208916 | 21358075 |
| Payable for Fund Shares Redeemed | 60346217 | 5411093 | 615953 | 15107712 | 175675 | 5222994 |
| Distribution Payable | 34337726 | 10609698 | 595314 | 4745213 | 297949 | 9861689 |
| Investment Advisory Fees Payable | 9946443 | 1955323 | 278281 | 1804859 | 35304 | 1306247 |
| Sub-Transfer Agent Expenses Payable | 1891071 | 543385 | 37953 | 498313 | 10521 | 217032 |
| Distribution Fees Payable | 990009 | 9897 | 2651 | 694992 | 5800 | 21783 |
| Trustees Fees Payable (See Note 7) | 886277 | 175276 | 17211 | 119551 | 7720 | 100792 |
|  Administration, Fund Accounting and Custodian Fees Payable | 728280 | 216164 | 11052 | 152740 | 42743 | 127995 |
| Transfer Agent Expenses Payable | 722570 | 157624 | 12531 | 116312 | 5527 | 108507 |
| Professional Fees Payable | 332726 | 150869 | 84235 | 144815 | 62660 | 141471 |
| Accrued Expenses | 214690 | 28032 | 43066 |  | 13396 | 28837 |
| Due to Custodian | 51634 |  |  | 718529 |  |  |
| Interest Expense Payable |  |  | 112 | 1263 | 2500 |  |
| &nbsp;&nbsp;&nbsp; Total Liabilities | 197437526 | 89135174 | 4489735 | 55022101 | 9868711 | 38495422 |
| Commitments and Contingencies (See Note 2) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $30457575497 | $6683225186 | $422328370 | $6319810181 | $112336678 | $3478589463 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |  |
| Paid-in Capital | $41012890511 | $8264232111 | $630484443 | $6703186871 | $171864551 | $3826508693 |
| Total Distributable Loss  | (10555315014) | (1581006925) | (208156073) | (383376690) | (59527873) | (347919230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $30457575497 | $6683225186 | $422328370 | $6319810181 | $112336678 | $3478589463 |
| \*Identified Cost: |  |  |  |  |  |  |
| Investments in Unaffiliated Securities | $32353177417 | $6085967665 | $428051978 | $6142520941 | $103879474 | $3522625709 |
| Investments in Affiliated Mutual Funds |  | 563262155 |  |  |  |  |
| Short Term Investments | 1288447837 | 341329257 | 15911655 | 263630189 | 11115268 | 58416459 |
| **Class I (unlimited shares authorized):** |  |  |  |  |  |  |
| Net Assets | $24896516702 | $6123295361 | $402077141 | $5468919457 | $94346101 | $3253796180 |
| Shares Outstanding | 2794510046 | 654289191 | 43589402 | 565548740 | 10478564 | 200798082 |
|  Net Asset Value, Offering and Redemption Price per Share | $8.91 | $9.36 | $9.22 | $9.67 | $9.00 | $16.20 |
| **Class N (unlimited shares authorized):** |  |  |  |  |  |  |
| Net Assets | $4033564954 | $185305858 | $20251229 | 712287856 | 17990577 | 209482202 |
| Shares Outstanding | 452986593 | 19818940 | 2193660 | 73717613 | 1992070 | 12940751 |
|  Net Asset Value, Offering and Redemption Price per Share | $8.90 | $9.35 | $9.23 | $9.66 | $9.03 | $16.19 |
| **Class R6 (unlimited shares authorized):** |  |  |  |  |  |  |
| Net Assets | $1527493841 | $374623967 | $— | $138602868 | $— | $15311081 |
| Shares Outstanding | 171436470 | 40010633 |  | 14328245 |  | 944314 |
|  Net Asset Value, Offering and Redemption Price per Share | $8.91 | $9.36 | $— | $9.67 | $— | $16.21 |

---

---

| | | |
|:---|:---|:---|
| **160**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

(Unaudited) September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **DoubleLine Flexible Income Fund** | **DoubleLine** <br>**Low Duration Emerging Markets Fixed Income Fund** | **DoubleLine** <br>**Long Duration Total Return Bond Fund** | **DoubleLine Strategic Commodity Fund (Consolidated)** | **DoubleLine Global Bond Fund** | **DoubleLine Infrastructure Income Fund** |
| **ASSETS:** |  |  |  |  |  |  |
| Investments in Unaffiliated Securities, at Value\* | $1153366557 | $126015768 | $50333270 | $— | $242387309 | $341421526 |
| Investments in Affiliated Mutual Funds, at Value\* | 40879998 |  |  |  |  |  |
| Short Term Investments\* | 173138098 | 2571996 | 6027128 | 74768823 | 2856849 | 10064978 |
| Cash | 1436977 |  |  |  |  |  |
| Foreign Currency, at Value\* |  |  |  |  | 2328392 |  |
| Interest and Dividends Receivable | 9714052 | 1335110 | 158841 | 9957 | 1528527 | 2583017 |
| Receivable for Investments Sold | 5687613 |  |  |  |  |  |
| Receivable for Fund Shares Sold | 5559681 | 13352 | 3159 | 14678 | 6525 | 17024 |
| Prepaid Expenses and Other Assets | 78166 | 24235 | 10059 | 34600 | 15407 | 33310 |
|  Net Unrealized Appreciation on Unfunded Loan Commitments | 821 |  |  |  |  |  |
|  Net Unrealized Appreciation on Forward Currency Exchange Contracts |  |  |  |  | 89192 |  |
| Deposit at Broker for Futures |  |  | 809232 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Assets | 1389861963 | 129960461 | 57341689 | 74828058 | 249212201 | 354119855 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for Investments Purchased | 25144549 | 705397 | 2541562 |  |  |  |
| Distribution Payable | 1808090 | 119712 | 146840 |  | 2084932 | 1169097 |
| Payable for Fund Shares Redeemed | 1280135 | 781959 | 14658 | 332478 | 3902 | 50504 |
| Investment Advisory Fees Payable | 663919 | 36394 | 10340 | 46766 | 102364 | 144380 |
| Sub-Transfer Agent Expenses Payable | 85813 | 11989 | 1629 | 8411 |  | 8523 |
|  Administration, Fund Accounting and Custodian Fees Payable | 81272 | 4791 | 3940 | 1218 |  | 21798 |
| Professional Fees Payable | 62854 | 55512 | 59588 | 55043 | 53566 | 49545 |
| Distribution Fees Payable | 34748 |  | 934 | 773 |  | 428 |
| Trustees Fees Payable (See Note 7) | 21313 | 5875 | 3458 | 5306 | 10783 | 10306 |
| Transfer Agent Expenses Payable | 13345 | 4330 | 1450 | 5894 | 5325 | 8872 |
| Accrued Expenses | 5669 | 9077 | 1230 | 6580 | 8075 |  |
| Variation Margin Payable |  |  | 89430 |  |  |  |
| Net Unrealized Depreciation on Swaps |  |  |  | 868078 |  |  |
| &nbsp;&nbsp;&nbsp; Total Liabilities | 29201707 | 1735036 | 2875059 | 1330547 | 2268947 | 1463453 |
| Commitments and Contingencies (See Note 2) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $1360660256 | $128225425 | $54466630 | $73497511 | $246943254 | $352656402 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |  |
| Paid-in Capital | $1543895724 | $140417828 | $80083536 | $71721988 | $280560043 | $389593296 |
| Total Distributable Earnings (Loss) | (183235468) | (12192403) | (25616906) | 1775523 | (33616789) | (36936894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $1360660256 | $128225425 | $54466630 | $73497511 | $246943254 | $352656402 |
| \*Identified Cost: |  |  |  |  |  |  |
| Investments in Unaffiliated Securities | $1205061708 | $124192537 | $52771496 | $— | $243341384 | $339533423 |
| Investments in Affiliated Mutual Funds | 40000000 |  |  |  |  |  |
| Short Term Investments | 173095558 | 2571996 | 6027128 | 74760165 | 2856849 | 10064978 |
| Foreign Currency (Due to Custodian) |  |  |  |  | 2254108 |  |
| **Class I (unlimited shares authorized):** |  |  |  |  |  |  |
| Net Assets | $1124787835 | $122331449 | $49635298 | $68304471 | $246851317 | $345708286 |
| Shares Outstanding | 128235585 | 12527489 | 7840356 | 9404601 | 27921717 | 36121428 |
|  Net Asset Value, Offering and Redemption Price per Share | $8.77 | $9.77 | $6.33 | $7.26 | $8.84 | $9.57 |
| **Class N (unlimited shares authorized):** |  |  |  |  |  |  |
| Net Assets | 71138619 | 5893976 | 4831332 | 5193040 | 91937 | 6948116 |
| Shares Outstanding | 8116854 | 602478 | 765239 | 726292 | 10493 | 725259 |
|  Net Asset Value, Offering and Redemption Price per Share | $8.76 | $9.78 | $6.31 | $7.15 | $8.76 | $9.58 |
| **Class R6 (unlimited shares authorized):** |  |  |  |  |  |  |
| Net Assets | $164733802 | $— | $— | $— | $— | $— |
| Shares Outstanding | 18767686 |  |  |  |  |  |
|  Net Asset Value, Offering and Redemption Price per Share | $8.78 | $— | $— | $— | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **161**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Assets and Liabilities (Cont.)**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **DoubleLine** <br>**Shiller Enhanced International CAPE<sup>®</sup>** | **DoubleLine Emerging Markets Local Currency Bond Fund** | **DoubleLine Securitized Credit Fund** |
| **ASSETS:** |  |  |  |
| Investments in Unaffiliated Securities, at Value\* | $28954982 | $215513670 | $118637656 |
| Investments in Affiliated Mutual Funds, at Value\* | 649212 |  |  |
| Short Term Investments\* | 1858607 | 8038806 | 8217816 |
| Cash |  | 14220 |  |
| Foreign Currency, at Value\* |  | 417634 |  |
| Net Unrealized Appreciation on Forward Currency Exchange Contracts | 1831600 |  |  |
| Net Unrealized Appreciation on Swaps | 765521 |  |  |
| Interest and Dividends Receivable | 182388 | 4739559 | 826628 |
| Prepaid Expenses and Other Assets | 12969 | 14058 | 44709 |
| Receivable for Fund Shares Sold | 7824 | 77683 | 544866 |
| Due from Advisor (See Note 3) | 1252 |  |  |
| &nbsp;&nbsp;&nbsp; Total Assets | 34264355 | 228815630 | 128271675 |
| **LIABILITIES:** |  |  |  |
| Payable for Investments Purchased | 519987 |  | 2009057 |
| Professional Fees Payable | 53485 | 55262 | 52389 |
| Payable for Fund Shares Redeemed | 30116 | 26159 | 282788 |
| Accrued Expenses | 12336 | 37350 |  |
| Distribution Payable | 9662 | 2701881 | 39972 |
| Administration, Fund Accounting and Custodian Fees Payable | 8635 | 4488 | 8262 |
| Trustees Fees Payable (See Note 7) | 2978 | 2372 | 3374 |
| Sub-Transfer Agent Expenses Payable | 2109 | 71 | 12498 |
| Transfer Agent Expenses Payable | 1496 | 334 | 1221 |
| Distribution Fees Payable |  | 310 | 2501 |
| Investment Advisory Fees Payable |  | 154049 | 34438 |
| &nbsp;&nbsp;&nbsp; Total Liabilities | 640804 | 2982276 | 2446500 |
| Commitments and Contingencies (See Note 2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $33623551 | $225833354 | $125825175 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| Paid-in Capital | $47917175 | $221460627 | $145954897 |
| Total Distributable Earnings (Loss) | (14293624) | 4372727 | (20129722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $33623551 | $225833354 | $125825175 |
| \*Identified Cost: |  |  |  |
| Investments in Unaffiliated Securities | $31343294 | $210827610 | $119322646 |
| Investments in Affiliated Mutual Funds | 686722 |  |  |
| Short Term Investments | 1858607 | 8038806 | 8217816 |
| Foreign Currency (Due to Custodian) |  | 418300 |  |
| **Class I (unlimited shares authorized):** |  |  |  |
| Net Assets | $30283106 | $224751724 | $113859392 |
| Shares Outstanding | 2347699 | 23801085 | 14236446 |
| Net Asset Value, Offering and Redemption Price per Share | $12.90 | $9.44 | $8.00 |
| **Class N (unlimited shares authorized):** |  |  |  |
| Net Assets | $3340445 | $1081630 | $11965783 |
| Shares Outstanding | 258977 | 114809 | 1493521 |
| Net Asset Value, Offering and Redemption Price per Share | $12.90 | $9.42 | $8.01 |

---

---

| | | |
|:---|:---|:---|
| **162**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **Statements of Operations** | (Unaudited) <br>For the Period Ended September 30, 2025<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **DoubleLine** <br>**Total Return Bond Fund** | **DoubleLine** <br>**Core Fixed Income Fund** | **DoubleLine Emerging Markets Fixed Income Fund** | **DoubleLine** <br>**Low Duration Bond Fund** | **DoubleLine Floating Rate Fund** | **DoubleLine Shiller Enhanced CAPE<sup>®</sup>** |
| **INVESTMENT INCOME** |  |  |  |  |  |  |
| Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest | $741347024 | $151502137 | $12515535 | $148410122 | $4733723 | $75899567 |
| &nbsp;&nbsp;&nbsp; Dividends from Unaffiliated Securities | 17148965 | 3647307 | 108527 | 3837287 | 113504 | 2317395 |
| &nbsp;&nbsp;&nbsp; Dividends from Affiliated Mutual Funds |  | 10313533 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 758495989 | 165462977 | 12624062 | 152247409 | 4847227 | 78216962 |
| Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Advisory Fees | 59905363 | 12962574 | 1511627 | 10877513 | 313073 | 8029645 |
| &nbsp;&nbsp;&nbsp; Sub-Transfer Agent Expenses - Class I | 7568163 | 1802356 | 173055 | 1580172 | 36151 | 792258 |
| &nbsp;&nbsp;&nbsp; Sub-Transfer Agent Expenses - Class N | 1238796 | 57306 | 9528 | 210384 | 5635 | 49890 |
| &nbsp;&nbsp;&nbsp; Distribution Fees - Class N | 4984418 | 233031 | 26224 | 892644 | 21686 | 268022 |
| &nbsp;&nbsp;&nbsp; Administration, Fund Accounting and Custodian Fees | 1631911 | 459817 | 38410 | 363829 | 66888 | 253788 |
| &nbsp;&nbsp;&nbsp; Transfer Agent Expenses | 1419907 | 315313 | 21397 | 277815 | 8336 | 186380 |
| &nbsp;&nbsp;&nbsp; Trustees Fees | 338473 | 76011 | 4864 | 70032 | 2072 | 43291 |
| &nbsp;&nbsp;&nbsp; Shareholder Reporting Expenses | 331314 | 56377 | 11696 | 77446 | 10881 | 75471 |
| &nbsp;&nbsp;&nbsp; Insurance Expenses | 300162 | 69823 | 5474 | 62080 | 2606 | 41685 |
| &nbsp;&nbsp;&nbsp; Professional Fees | 261695 | 133228 | 87969 | 90743 | 72774 | 104421 |
| &nbsp;&nbsp;&nbsp; Registration Fees | 181948 | 67152 | 21402 | 78344 | 24128 | 34967 |
| &nbsp;&nbsp;&nbsp; Miscellaneous Expenses | 115538 | 30922 | 2512 | 30291 | 1536 | 20469 |
| &nbsp;&nbsp;&nbsp; Interest Expense |  |  | 3296 |  | 25841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 78277688 | 16263910 | 1917454 | 14611293 | 591607 | 9900287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Investment Advisory Fees (Waived) |  | (1174737) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Other Fees (Reimbursed)/Recouped |  |  |  |  | (80525) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 78277688 | 15089173 | 1917454 | 14611293 | 511082 | 9900287 |
| **Net Investment Income (Loss)** | 680218301 | 150373804 | 10706608 | 137636116 | 4336145 | 68316675 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in Unaffiliated Securities | (49960008) | (32870448) | 1689932 | 105727 | 145369 | (9322888) |
| &nbsp;&nbsp;&nbsp; Investments in Affiliated Mutual Funds |  | (2315451) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | 8477699 | 7364526 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Swaps |  |  |  |  |  | 127544740 |
|  Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in Unaffiliated Securities | 404640402 | 105176495 | 8476242 | 40710878 | 1548469 | 36900214 |
| &nbsp;&nbsp;&nbsp; Investments in Affiliated Mutual Funds |  | 12761266 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Short Term Investments |  | 37310 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | (55033029) | (14484600) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Swaps |  |  |  |  |  | 54959608 |
| &nbsp;&nbsp;&nbsp; Unfunded Loan Commitments |  | 2724 |  |  | 2096 |  |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | 308125064 | 75671822 | 10166174 | 40816605 | 1695934 | 210081674 |
| &nbsp;&nbsp;&nbsp; **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $988343365 | $226045626 | $20872782 | $178452721 | $6032079 | $278398349 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **163**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Operations (Cont.)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **DoubleLine Flexible Income Fund** | **DoubleLine** <br>**Low Duration Emerging Markets Fixed Income Fund** | **DoubleLine** <br>**Long Duration Total Return Bond Fund** | **DoubleLine Strategic Commodity Fund (Consolidated)** | **DoubleLine Global Bond Fund** | **DoubleLine Infrastructure Income Fund** |
| **INVESTMENT INCOME** |  |  |  |  |  |  |
| Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest | $35550732 | $3615171 | $1433886 | $1678346 | $3498706 | $9123752 |
| &nbsp;&nbsp;&nbsp; Dividends from Unaffiliated Securities | 1371684 | 39479 | 58683 | 103504 | 100759 | 160833 |
| &nbsp;&nbsp;&nbsp; Dividends from Affiliated Mutual Funds | 520530 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 37442946 | 3654650 | 1492569 | 1781850 | 3599465 | 9284585 |
| Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Advisory Fees | 3937722 | 338772 | 92182 | 378610 | 485962 | 868188 |
| &nbsp;&nbsp;&nbsp; Sub-Transfer Agent Expenses - Class I | 270337 | 54668 | 7717 | 36665 | 2978 | 29516 |
| &nbsp;&nbsp;&nbsp; Sub-Transfer Agent Expenses - Class N | 22454 | 2543 | 910 | 2550 | 3 | 529 |
| &nbsp;&nbsp;&nbsp; Administration, Fund Accounting and Custodian Fees | 215423 | 21260 | 16835 | 15311 | 26094 | 45478 |
| &nbsp;&nbsp;&nbsp; Distribution Fees - Class N | 103217 | 7516 | 6726 | 6895 | 131 | 7560 |
| &nbsp;&nbsp;&nbsp; Professional Fees | 70346 | 55440 | 52689 | 64373 | 49555 | 56870 |
| &nbsp;&nbsp;&nbsp; Transfer Agent Expenses | 52913 | 7169 | 2950 | 6113 | 4362 | 18366 |
| &nbsp;&nbsp;&nbsp; Shareholder Reporting Expenses | 43056 | 10249 | 4873 | 11160 |  | 5122 |
| &nbsp;&nbsp;&nbsp; Registration Fees | 34736 | 20976 | 18119 | 15054 | 17662 | 22579 |
| &nbsp;&nbsp;&nbsp; Insurance Expenses | 13520 | 2570 | 1195 | 2058 | 2270 | 4863 |
| &nbsp;&nbsp;&nbsp; Trustees Fees | 13428 | 1783 | 827 | 1419 | 1890 | 4475 |
| &nbsp;&nbsp;&nbsp; Miscellaneous Expenses | 8908 | 4852 | 3385 | 6402 | 4664 | 4296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 4786060 | 527798 | 208408 | 546610 | 595571 | 1067842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Investment Advisory Fees (Waived) | (67410) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Other Fees (Reimbursed)/Recouped |  | (120538) | (70000) | (76982) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 4718650 | 407260 | 138408 | 469628 | 595571 | 1067842 |
| **Net Investment Income (Loss)** | 32724296 | 3247390 | 1354161 | 1312222 | 3003894 | 8216743 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in Unaffiliated Securities | (2715102) | 854942 | (80790) | 385 | 464208 | (5608791) |
| &nbsp;&nbsp;&nbsp; Foreign Currency |  |  |  |  | (326761) |  |
| &nbsp;&nbsp;&nbsp; Forwards |  |  |  |  | 49786 |  |
| &nbsp;&nbsp;&nbsp; Futures |  |  | (889992) |  |  |  |
| &nbsp;&nbsp;&nbsp; Swaps |  |  |  | 1180062 |  |  |
|  Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in Unaffiliated Securities | 13465293 | 1319913 | 146447 |  | 7066496 | 11147609 |
| &nbsp;&nbsp;&nbsp; Investments in Affiliated Mutual Funds | 879998 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Short Term Investments | 46068 |  | (203) | 10323 |  |  |
| &nbsp;&nbsp;&nbsp; Foreign Currency |  |  |  |  | 71934 |  |
| &nbsp;&nbsp;&nbsp; Forwards |  |  |  |  | 199300 |  |
| &nbsp;&nbsp;&nbsp; Futures |  |  | 212580 |  |  |  |
| &nbsp;&nbsp;&nbsp; Swaps |  |  |  | (2586767) |  |  |
| &nbsp;&nbsp;&nbsp; Unfunded Loan Commitments | 1834 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Translation of Other Assets and Liabilities Denominated in Foreign Currencies |  |  |  |  | 18035 |  |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | 11678091 | 2174855 | (611958) | (1395997) | 7542998 | 5538818 |
| &nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $44402387 | $5422245 | $742203 | $(83775) | $10546892 | $13755561 |

---

---

| | | |
|:---|:---|:---|
| **164**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<br> (Unaudited) For the Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **DoubleLine** <br>**Shiller Enhanced International CAPE<sup>®</sup>** | **DoubleLine Emerging Markets Local Currency Bond Fund** | **DoubleLine Securitized Credit Fund** |
| **INVESTMENT INCOME** |  |  |  |
| Income: |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest | $832244 | $3352334 | $3607715 |
| &nbsp;&nbsp;&nbsp; Dividends from Unaffiliated Securities | 36476 | 165953 | 183918 |
| &nbsp;&nbsp;&nbsp; Dividends from Affiliated Mutual Funds | 23481 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 892201 | 3518287 | 3791633 |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Advisory Fees | 80907 | 384776 | 284793 |
| &nbsp;&nbsp;&nbsp; Professional Fees | 59250 | 51596 | 60365 |
| &nbsp;&nbsp;&nbsp; Administration, Fund Accounting and Custodian Fees | 32938 | 16274 | 42286 |
| &nbsp;&nbsp;&nbsp; Registration Fees | 19108 | 18649 | 30138 |
| &nbsp;&nbsp;&nbsp; Sub-Transfer Agent Expenses - Class I | 12524 | 966 | 41335 |
| &nbsp;&nbsp;&nbsp; Sub-Transfer Agent Expenses - Class N | 1472 | 16 | 4255 |
| &nbsp;&nbsp;&nbsp; Shareholder Reporting Expenses | 13740 | 2322 | 1716 |
| &nbsp;&nbsp;&nbsp; Distribution Fees - Class N | 4222 | 647 | 13246 |
| &nbsp;&nbsp;&nbsp; Miscellaneous Expenses | 4169 |  | 3938 |
| &nbsp;&nbsp;&nbsp; Transfer Agent Expenses | 1390 | 587 | 5410 |
| &nbsp;&nbsp;&nbsp; Insurance Expenses | 1100 | 441 | 1757 |
| &nbsp;&nbsp;&nbsp; Trustees Fees | 634 | 608 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 231454 | 476882 | 490752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Investment Advisory Fees (Waived) | (1620) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Other Fees (Reimbursed)/Recouped | (122053) | (14504) | (107284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 107781 | 462378 | 383468 |
| **Net Investment Income (Loss)** | 784420 | 3055909 | 3408165 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in Unaffiliated Securities | (88234) | 98188 | 130626 |
| &nbsp;&nbsp;&nbsp; Foreign Currency | (4706) | 5181 |  |
| &nbsp;&nbsp;&nbsp; Forwards | 359619 |  |  |
| &nbsp;&nbsp;&nbsp; Swaps | (493460) |  |  |
| Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in Unaffiliated Securities | 211947 | 5642894 | 849207 |
| &nbsp;&nbsp;&nbsp; Investments in Affiliated Mutual Funds | 8657 |  |  |
| &nbsp;&nbsp;&nbsp; Foreign Currency |  | (644) |  |
| &nbsp;&nbsp;&nbsp; Forwards | 1854133 |  |  |
| &nbsp;&nbsp;&nbsp; Swaps | 928559 |  |  |
| &nbsp;&nbsp;&nbsp; Translation of Other Assets and Liabilities Denominated in Foreign Currencies |  | 33513 |  |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | 2776515 | 5779132 | 979833 |
| &nbsp;&nbsp;&nbsp; **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $3560935 | $8835041 | $4387998 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **165**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Changes in Net Assets**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **DoubleLine** <br>**Total Return Bond Fund** | **DoubleLine** <br>**Total Return Bond Fund** | **DoubleLine** <br>**Core Fixed Income Fund** | **DoubleLine** <br>**Core Fixed Income Fund** |
| | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025** | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025** |
| <br>**OPERATIONS** |  |  |  |  |
| Net Investment Income (Loss) | $680218301 | $1338208613 | $150373804 | $319634031 |
| Net Realized Gain (Loss) on Investments | (41482309) | (493843774) | (27821373) | (189547139) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments | 349607373 | 1026856023 | 103493195 | 246722862 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 988343365 | 1871220862 | 226045626 | 376809754 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| From Earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | (608404798) | (1240978469) | (146689638) | (313150541) |
| &nbsp;&nbsp;&nbsp; Class N | (94787359) | (183090313) | (4351838) | (9959470) |
| &nbsp;&nbsp;&nbsp; Class R6 | (41756186) | (77505392) | (9126726) | (19587175) |
| Total Distributions to Shareholders | (744948343) | (1501574174) | (160168202) | (342697186) |
| **NET SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | 254501555 | (1366160813) | (19862007) | (296144228) |
| &nbsp;&nbsp;&nbsp; Class N | 25645943 | (343344324) | (6584601) | (46377521) |
| &nbsp;&nbsp;&nbsp; Class R6 | (175890900) | 414370894 | (49991002) | 96915162 |
| Increase (Decrease) in Net Assets Resulting from Net Share Transactions | 104256598 | (1295134243) | (76437610) | (245606587) |
| **Total Increase (Decrease) in Net Assets** | $347651620 | $(925487555) | $(10560186) | $(211494019) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of Period | $30109923877 | $31035411432 | $6693785372 | $6905279391 |
| End of Period | $30457575497 | $30109923877 | $6683225186 | $6693785372 |

---

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| | | |
|:---|:---|:---|
| **166**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Changes in Net Assets (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **DoubleLine** <br>**Emerging Markets Fixed Income Fund** | **DoubleLine** <br>**Emerging Markets Fixed Income Fund** | **DoubleLine** <br>**Low Duration Bond Fund** | **DoubleLine** <br>**Low Duration Bond Fund** |
| | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025** | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025** |
| <br>**OPERATIONS** |  |  |  |  |
| Net Investment Income (Loss) | $10706608 | $24720406 | $137636116 | $287821333 |
| Net Realized Gain (Loss) on Investments | 1689932 | (20281721) | 105727 | (12489362) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments | 8476242 | 26662440 | 40710878 | 40090581 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 20872782 | 31101125 | 178452721 | 315422552 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| From Earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | (11412200) | (24528159) | (126547388) | (249730024) |
| &nbsp;&nbsp;&nbsp; Class N | (603277) | (1343318) | (15888995) | (34280500) |
| &nbsp;&nbsp;&nbsp; Class R6 |  |  | (3197196) | (6272556) |
| Total Distributions to Shareholders | (12015477) | (25871477) | (145633579) | (290283080) |
| **NET SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | (5758905) | (66796242) | 128764530 | 501878066 |
| &nbsp;&nbsp;&nbsp; Class N | (1677038) | (1662457) | (6332144) | (28060526) |
| &nbsp;&nbsp;&nbsp; Class R6 |  |  | 16958897 | (7556176) |
| Increase (Decrease) in Net Assets Resulting from Net Share Transactions | (7435943) | (68458699) | 139391283 | 466261364 |
| **Total Increase (Decrease) in Net Assets** | $1421362 | $(63229051) | $172210425 | $491400836 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of Period | $420907008 | $484136059 | $6147599756 | $5656198920 |
| End of Period | $422328370 | $420907008 | $6319810181 | $6147599756 |

---

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| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **167**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **DoubleLine** <br>**Floating Rate Fund** | **DoubleLine** <br>**Floating Rate Fund** | **DoubleLine** <br>**Shiller Enhanced CAPE<sup>®</sup>** | **DoubleLine** <br>**Shiller Enhanced CAPE<sup>®</sup>** |
| | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025** | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025** |
| <br>**OPERATIONS** |  |  |  |  |
| Net Investment Income (Loss) | $4336145 | $13326175 | $68316675 | $189331638 |
| Net Realized Gain (Loss) on Investments | 145369 | (1764778) | 118221852 | 447069901 |
| Net Change in Unrealized Appreciation (Depreciation) on Investments | 1550565 | (1125440) | 91859822 | (307483461) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 6032079 | 10435957 | 278398349 | 328918078 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| From Earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | (3785559) | (12087832) | (84906719) | (184157907) |
| &nbsp;&nbsp;&nbsp; Class N | (602228) | (1310019) | (5193581) | (11884563) |
| &nbsp;&nbsp;&nbsp; Class R6 |  |  | (544011) | (1110843) |
| Total Distributions to Shareholders | (4387787) | (13397851) | (90644311) | (197153313) |
| **NET SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | (42743609) | (23961228) | (390241501) | (559635958) |
| &nbsp;&nbsp;&nbsp; Class N | 888782 | 130902 | (26452355) | (64974782) |
| &nbsp;&nbsp;&nbsp; Class R6 |  |  | (12826496) | 7900012 |
| Increase (Decrease) in Net Assets Resulting from Net Share Transactions | (41854827) | (23830326) | (429520352) | (616710728) |
| **Total Increase (Decrease) in Net Assets** | $(40210535) | $(26792220) | $(241766314) | $(484945963) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of Period | $152547213 | $179339433 | $3720355777 | $4205301740 |
| End of Period | $112336678 | $152547213 | $3478589463 | $3720355777 |

---

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| | | |
|:---|:---|:---|
| **168**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Changes in Net Assets (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **DoubleLine** <br>**Flexible Income Fund** | **DoubleLine** <br>**Flexible Income Fund** | **DoubleLine** <br>**Low Duration Emerging** <br>**Markets Fixed Income Fund** | **DoubleLine** <br>**Low Duration Emerging** <br>**Markets Fixed Income Fund** |
| | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025** | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025** |
| <br>**OPERATIONS** |  |  |  |  |
| Net Investment Income (Loss) | $32724296 | $62713454 | $3247390 | $7104738 |
| Net Realized Gain (Loss) on Investments | (2715102) | (15096936) | 854942 | 385384 |
| Net Change in Unrealized Appreciation (Depreciation) on Investments | 14393193 | 30354769 | 1319913 | 2939014 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 44402387 | 77971287 | 5422245 | 10429136 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| From Earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | (29880480) | (54331461) | (3535399) | (6696344) |
| &nbsp;&nbsp;&nbsp; Class N | (2217362) | (4355093) | (156670) | (209240) |
| &nbsp;&nbsp;&nbsp; Class R6 | (4565872) | (5923709) |  |  |
| Total Distributions to Shareholders | (36663714) | (64610263) | (3692069) | (6905584) |
| **NET SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | 134086346 | 170212718 | (15346171) | (20631691) |
| &nbsp;&nbsp;&nbsp; Class N | (21351926) | 21256315 | 56656 | 984589 |
| &nbsp;&nbsp;&nbsp; Class R6 | 18329082 | 64663633 |  |  |
| Increase (Decrease) in Net Assets Resulting from Net Share Transactions | 131063502 | 256132666 | (15289515) | (19647102) |
| **Total Increase (Decrease) in Net Assets** | $138802175 | $269493690 | $(13559339) | $(16123550) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of Period | $1221858081 | $952364391 | $141784764 | $157908314 |
| End of Period | $1360660256 | $1221858081 | $128225425 | $141784764 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **169**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **DoubleLine** <br>**Long Duration Total** <br>**Return Bond Fund** | **DoubleLine** <br>**Long Duration Total** <br>**Return Bond Fund** | **DoubleLine** <br>**Strategic Commodity Fund (Consolidated)** | **DoubleLine** <br>**Strategic Commodity Fund (Consolidated)** |
| | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025** | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025** |
| <br>**OPERATIONS** |  |  |  |  |
| Net Investment Income (Loss) | $1354161 | $2849449 | $1312222 | $5021669 |
| Net Realized Gain (Loss) on Investments | (970782) | (4391879) | 1180447 | (10533227) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments | 358824 | 2089233 | (2576444) | (3370359) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 742203 | 546803 | (83775) | (8881917) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| From Earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | (1226690) | (2390470) |  | (2715101) |
| &nbsp;&nbsp;&nbsp; Class N | (129598) | (468303) |  | (287366) |
| Total Distributions to Shareholders | (1356288) | (2858773) |  | (3002467) |
| **NET SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | 1713045 | 2375689 | (40146222) | (16653423) |
| &nbsp;&nbsp;&nbsp; Class N | (1412548) | (5203898) | (2057888) | (4825192) |
| Increase (Decrease) in Net Assets Resulting from Net Share Transactions | 300497 | (2828209) | (42204110) | (21478615) |
| **Total Increase (Decrease) in Net Assets** | $(313588) | $(5140179) | $(42287885) | $(33362999) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of Period | $54780218 | $59920397 | $115785396 | $149148395 |
| End of Period | $54466630 | $54780218 | $73497511 | $115785396 |

---

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| | | |
|:---|:---|:---|
| **170**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Changes in Net Assets (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **DoubleLine** <br>**Global Bond Fund** | **DoubleLine** <br>**Global Bond Fund** | **DoubleLine** <br>**Infrastructure Income Fund** | **DoubleLine** <br>**Infrastructure Income Fund** |
| | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025** | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025** |
| <br>**OPERATIONS** |  |  |  |  |
| Net Investment Income (Loss) | $3003894 | $4199968 | $8216743 | $15595249 |
| Net Realized Gain (Loss) on Investments | 187233 | (3726886) | (5608791) | (4124672) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments | 7355765 | 2136530 | 11147609 | 11788308 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 10546892 | 2609612 | 13755561 | 23258885 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| From Earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | (3429357) | (1622642) | (8118675) | (15412073) |
| &nbsp;&nbsp;&nbsp; Class N | (1547) | (1178) | (138845) | (275504) |
| Total Distributions to Shareholders | (3430904) | (1623820) | (8257520) | (15687577) |
| **NET SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | 91130453 | 3619089 | (16226029) | (9819211) |
| &nbsp;&nbsp;&nbsp; Class N | (14923) | (54253) | 469896 | (720932) |
| Increase (Decrease) in Net Assets Resulting from Net Share Transactions | 91115530 | 3564836 | (15756133) | (10540143) |
| **Total Increase (Decrease) in Net Assets** | $98231518 | $4550628 | $(10258092) | $(2968835) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of Period | $148711736 | $144161108 | $362914494 | $365883329 |
| End of Period | $246943254 | $148711736 | $352656402 | $362914494 |

---

---

| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **171**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **DoubleLine** <br>**Shiller Enhanced** <br>**International CAPE<sup>®</sup>** | **DoubleLine** <br>**Shiller Enhanced** <br>**International CAPE<sup>®</sup>** | **DoubleLine** <br>**Emerging Markets Local** <br>**Currency Bond Fund** | **DoubleLine** <br>**Emerging Markets Local** <br>**Currency Bond Fund** |
| | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025** | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025** |
| <br>**OPERATIONS** |  |  |  |  |
| Net Investment Income (Loss) | $784420 | $2027303 | $3055909 | $712227 |
| Net Realized Gain (Loss) on Investments | (226781) | 1823911 | 103369 | (497582) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments | 3003296 | (3254397) | 5675763 | 26070 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 3560935 | 596817 | 8835041 | 240715 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| From Earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | (727189) | (1861195) | (3022313) | (316947) |
| &nbsp;&nbsp;&nbsp; Class N | (79204) | (268021) | (19179) | (19252) |
| Total Distributions to Shareholders | (806393) | (2129216) | (3041492) | (336199) |
| **NET SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | 2745067 | (10613654) | 207130241 | 266523 |
| &nbsp;&nbsp;&nbsp; Class N | (220627) | (5620936) | 557371 | (453945) |
| Increase (Decrease) in Net Assets Resulting from Net Share Transactions | 2524440 | (16234590) | 207687612 | (187422) |
| **Total Increase (Decrease) in Net Assets** | $5278982 | $(17766989) | $213481161 | $(282906) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of Period | $28344569 | $46111558 | $12352193 | $12635099 |
| End of Period | $33623551 | $28344569 | $225833354 | $12352193 |

---

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| | | |
|:---|:---|:---|
| **172**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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**[**TABLE OF CONTENTS**](#TOC)**

**Statements of Changes in Net Assets (Cont.)**<br>

---

| | | |
|:---|:---|:---|
| | **DoubleLine Securitized Credit Fund** | **DoubleLine Securitized Credit Fund** |
| | **Period Ended September 30, 2025 (Unaudited)** | **Year Ended March 31, 2025** |
| <br>**OPERATIONS** |  |  |
| Net Investment Income (Loss) | $3408165 | $6365208 |
| Net Realized Gain (Loss) on Investments | 130626 | (1407141) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments | 849207 | 3599201 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 4387998 | 8557268 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| From Earnings |  |  |
| &nbsp;&nbsp;&nbsp; Class I | (3182237) | (6320351) |
| &nbsp;&nbsp;&nbsp; Class N | (304809) | (551690) |
| Total Distributions to Shareholders | (3487046) | (6872041) |
| **NET SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Class I | 13730104 | 17888219 |
| &nbsp;&nbsp;&nbsp; Class N | (834515) | 8699280 |
| Increase (Decrease) in Net Assets Resulting from Net Share Transactions | 12895589 | 26587499 |
| **Total Increase (Decrease) in Net Assets** | $13796541 | $28272726 |
| **NET ASSETS:** |  |  |
| Beginning of Period | $112028634 | $83755908 |
| End of Period | $125825175 | $112028634 |

---

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| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **173**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights**<br>

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from** <br>**Investment Operations:** | **Income (Loss) from** <br>**Investment Operations:** | **Income (Loss) from** <br>**Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |  | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |  |
| For the Year or Period Ended | Net Asset Value, Beginning of Period | Net Investment Income (Loss)<sup>(a)</sup> | Net Gain (Loss) on Investments (Realized and Unrealized) | Total from Investment Operations | Distributions from Net Investment Income | Distributions from Net Realized Gain | Distribution in Excess | Total Distributions | Net Asset Value, End of Period | Total Return<sup>(b)</sup> | Net Assets, End of Period (000's) | Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped<sup>(c)</sup> | Expenses After Investment Advisory Fees (Waived)<sup>(c)</sup> | Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped<sup>(c)</sup> | Net Investment Income (Loss)<sup>(c)</sup> | Portfolio Turnover<sup>(b)</sup> |
| DoubleLine Total Return Bond Fund - Class I | DoubleLine Total Return Bond Fund - Class I | DoubleLine Total Return Bond Fund - Class I | DoubleLine Total Return Bond Fund - Class I | DoubleLine Total Return Bond Fund - Class I | DoubleLine Total Return Bond Fund - Class I | DoubleLine Total Return Bond Fund - Class I | DoubleLine Total Return Bond Fund - Class I | DoubleLine Total Return Bond Fund - Class I | DoubleLine Total Return Bond Fund - Class I | DoubleLine Total Return Bond Fund - Class I | DoubleLine Total Return Bond Fund - Class I | DoubleLine Total Return Bond Fund - Class I | DoubleLine Total Return Bond Fund - Class I | DoubleLine Total Return Bond Fund - Class I | DoubleLine Total Return Bond Fund - Class I | DoubleLine Total Return Bond Fund - Class I |
| 9/30/2025<sup>(d)</sup> | $8.84 | 0.20 | 0.09 | 0.29 | (0.22) |  |  | (0.22) | $8.91 | 3.35% | $24896517 | 0.49% | 0.49% | 0.49% | 4.57% | 9% |
| 3/31/2025 | $8.72 | 0.39 | 0.17 | 0.56 | (0.44) |  |  | (0.44) | $8.84 | 6.58% | $24445547 | 0.50% | 0.50% | 0.50% | 4.45% | 33% |
| 3/31/2024 | $8.97 | 0.36 | (0.21) | 0.15 | (0.40) |  |  | (0.40) | $8.72 | 1.75% | $25498119 | 0.50% | 0.50% | 0.50% | 4.19% | 36% |
| 3/31/2023 | $9.82 | 0.30 | (0.80) | (0.50) | (0.35) |  |  | (0.35) | $8.97 | (5.08)% | $27489784 | 0.49% | 0.49% | 0.49% | 3.28% | 37% |
| 3/31/2022 | $10.46 | 0.29 | (0.60) | (0.31) | (0.33) |  |  | (0.33) | $9.82 | (3.14)% | $37399379 | 0.48% | 0.48% | 0.48% | 2.75% | 89% |
| 3/31/2021 | $10.46 | 0.31 | 0.04 | 0.35 | (0.35) |  |  | (0.35) | $10.46 | 3.32% | $42909929 | 0.49% | 0.49% | 0.49% | 2.95% | 91% |
| DoubleLine Total Return Bond Fund - Class N | DoubleLine Total Return Bond Fund - Class N | DoubleLine Total Return Bond Fund - Class N | DoubleLine Total Return Bond Fund - Class N | DoubleLine Total Return Bond Fund - Class N | DoubleLine Total Return Bond Fund - Class N | DoubleLine Total Return Bond Fund - Class N | DoubleLine Total Return Bond Fund - Class N | DoubleLine Total Return Bond Fund - Class N | DoubleLine Total Return Bond Fund - Class N | DoubleLine Total Return Bond Fund - Class N | DoubleLine Total Return Bond Fund - Class N | DoubleLine Total Return Bond Fund - Class N | DoubleLine Total Return Bond Fund - Class N | DoubleLine Total Return Bond Fund - Class N | DoubleLine Total Return Bond Fund - Class N | DoubleLine Total Return Bond Fund - Class N |
| 9/30/2025<sup>(d)</sup> | $8.83 | 0.19 | 0.09 | 0.28 | (0.21) |  |  | (0.21) | $8.90 | 3.22% | $4033565 | 0.74% | 0.74% | 0.74% | 4.32% | 9% |
| 3/31/2025 | $8.72 | 0.37 | 0.16 | 0.53 | (0.42) |  |  | (0.42) | $8.83 | 6.19% | $3974646 | 0.75% | 0.75% | 0.75% | 4.20% | 33% |
| 3/31/2024 | $8.97 | 0.34 | (0.21) | 0.13 | (0.38) |  |  | (0.38) | $8.72 | 1.50% | $4269591 | 0.75% | 0.75% | 0.75% | 3.94% | 36% |
| 3/31/2023 | $9.82 | 0.28 | (0.80) | (0.52) | (0.33) |  |  | (0.33) | $8.97 | (5.32)% | $5109737 | 0.74% | 0.74% | 0.74% | 3.08% | 37% |
| 3/31/2022 | $10.46 | 0.26 | (0.60) | (0.34) | (0.30) |  |  | (0.30) | $9.82 | (3.38)% | $4972381 | 0.73% | 0.73% | 0.73% | 2.50% | 89% |
| 3/31/2021 | $10.46 | 0.29 | 0.03 | 0.32 | (0.32) |  |  | (0.32) | $10.46 | 3.06% | $5239001 | 0.74% | 0.74% | 0.74% | 2.70% | 91% |
| DoubleLine Total Return Bond Fund - Class R6 | DoubleLine Total Return Bond Fund - Class R6 | DoubleLine Total Return Bond Fund - Class R6 | DoubleLine Total Return Bond Fund - Class R6 | DoubleLine Total Return Bond Fund - Class R6 | DoubleLine Total Return Bond Fund - Class R6 | DoubleLine Total Return Bond Fund - Class R6 | DoubleLine Total Return Bond Fund - Class R6 | DoubleLine Total Return Bond Fund - Class R6 | DoubleLine Total Return Bond Fund - Class R6 | DoubleLine Total Return Bond Fund - Class R6 | DoubleLine Total Return Bond Fund - Class R6 | DoubleLine Total Return Bond Fund - Class R6 | DoubleLine Total Return Bond Fund - Class R6 | DoubleLine Total Return Bond Fund - Class R6 | DoubleLine Total Return Bond Fund - Class R6 | DoubleLine Total Return Bond Fund - Class R6 |
| 9/30/2025<sup>(d)</sup> | $8.84 | 0.20 | 0.09 | 0.29 | (0.22) |  |  | (0.22) | $8.91 | 3.38% | $1527494 | 0.43% | 0.43% | 0.43% | 4.63% | 9% |
| 3/31/2025 | $8.73 | 0.39 | 0.17 | 0.56 | (0.45) |  |  | (0.45) | $8.84 | 6.53% | $1689731 | 0.43% | 0.43% | 0.43% | 4.49% | 33% |
| 3/31/2024 | $8.98 | 0.37 | (0.22) | 0.15 | (0.40) |  |  | (0.40) | $8.73 | 1.81% | $1267701 | 0.44% | 0.44% | 0.44% | 4.27% | 36% |
| 3/31/2023 | $9.83 | 0.31 | (0.81) | (0.50) | (0.35) |  |  | (0.35) | $8.98 | (5.02)% | $1218779 | 0.44% | 0.44% | 0.44% | 3.35% | 37% |
| 3/31/2022 | $10.46 | 0.29 | (0.59) | (0.30) | (0.33) |  |  | (0.33) | $9.83 | (2.99)% | $1711466 | 0.43% | 0.43% | 0.43% | 2.81% | 89% |
| 3/31/2021 | $10.46 | 0.31 | 0.05 | 0.36 | (0.36) |  |  | (0.36) | $10.46 | 3.38% | $2071388 | 0.44% | 0.44% | 0.44% | 2.89% | 91% |
| DoubleLine Core Fixed Income Fund - Class I | DoubleLine Core Fixed Income Fund - Class I | DoubleLine Core Fixed Income Fund - Class I | DoubleLine Core Fixed Income Fund - Class I | DoubleLine Core Fixed Income Fund - Class I | DoubleLine Core Fixed Income Fund - Class I | DoubleLine Core Fixed Income Fund - Class I | DoubleLine Core Fixed Income Fund - Class I | DoubleLine Core Fixed Income Fund - Class I | DoubleLine Core Fixed Income Fund - Class I | DoubleLine Core Fixed Income Fund - Class I | DoubleLine Core Fixed Income Fund - Class I | DoubleLine Core Fixed Income Fund - Class I | DoubleLine Core Fixed Income Fund - Class I | DoubleLine Core Fixed Income Fund - Class I | DoubleLine Core Fixed Income Fund - Class I | DoubleLine Core Fixed Income Fund - Class I |
| 9/30/2025<sup>(d)</sup> | $9.26 | 0.22 | 0.11 | 0.33 | (0.23) |  |  | (0.23) | $9.36 | 3.61% | $6123295 | 0.50% | 0.46% | 0.46% | 4.64% | 21% |
| 3/31/2025 | $9.20 | 0.44 | 0.09 | 0.53 | (0.47) |  |  | (0.47) | $9.26 | 5.96% | $6081690 | 0.49% | 0.46% | 0.46% | 4.78% | 64% |
| 3/31/2024 | $9.41 | 0.42 | (0.19) | 0.23 | (0.44) |  |  | (0.44) | $9.20 | 2.60% | $6346593 | 0.47% | 0.44% | 0.44% | 4.59% | 119% |
| 3/31/2023 | $10.33 | 0.36 | (0.88) | (0.52) | (0.40) |  |  | (0.40) | $9.41 | (5.03)% | $6889213 | 0.47% | 0.44% | 0.44% | 3.75% | 119% |
| 3/31/2022 | $11.01 | 0.28 | (0.62) | (0.34) | (0.31) | (0.03) |  | (0.34) | $10.33 | (3.19)% | $9843189 | 0.46% | 0.42% | 0.42% | 2.55% | 177% |
| 3/31/2021 | $10.62 | 0.32 | 0.42 | 0.74 | (0.33) | (0.02) |  | (0.35) | $11.01 | 6.94% | $10772238 | 0.47% | 0.42% | 0.42% | 2.83% | 155% |
| DoubleLine Core Fixed Income Fund - Class N | DoubleLine Core Fixed Income Fund - Class N | DoubleLine Core Fixed Income Fund - Class N | DoubleLine Core Fixed Income Fund - Class N | DoubleLine Core Fixed Income Fund - Class N | DoubleLine Core Fixed Income Fund - Class N | DoubleLine Core Fixed Income Fund - Class N | DoubleLine Core Fixed Income Fund - Class N | DoubleLine Core Fixed Income Fund - Class N | DoubleLine Core Fixed Income Fund - Class N | DoubleLine Core Fixed Income Fund - Class N | DoubleLine Core Fixed Income Fund - Class N | DoubleLine Core Fixed Income Fund - Class N | DoubleLine Core Fixed Income Fund - Class N | DoubleLine Core Fixed Income Fund - Class N | DoubleLine Core Fixed Income Fund - Class N | DoubleLine Core Fixed Income Fund - Class N |
| 9/30/2025<sup>(d)</sup> | $9.26 | 0.20 | 0.11 | 0.31 | (0.22) |  |  | (0.22) | $9.35 | 3.37% | $185306 | 0.75% | 0.71% | 0.71% | 4.39% | 21% |
| 3/31/2025 | $9.20 | 0.42 | 0.09 | 0.51 | (0.45) |  |  | (0.45) | $9.26 | 5.69% | $190043 | 0.74% | 0.71% | 0.71% | 4.53% | 64% |
| 3/31/2024 | $9.40 | 0.40 | (0.18) | 0.22 | (0.42) |  |  | (0.42) | $9.20 | 2.46% | $235339 | 0.72% | 0.69% | 0.69% | 4.34% | 119% |
| 3/31/2023 | $10.32 | 0.33 | (0.88) | (0.55) | (0.37) |  |  | (0.37) | $9.40 | (5.27)% | $274332 | 0.72% | 0.69% | 0.69% | 3.48% | 119% |
| 3/31/2022 | $11.00 | 0.25 | (0.61) | (0.36) | (0.29) | (0.03) |  | (0.32) | $10.32 | (3.43)% | $443006 | 0.71% | 0.67% | 0.67% | 2.30% | 177% |
| 3/31/2021 | $10.61 | 0.29 | 0.42 | 0.71 | (0.30) | (0.02) |  | (0.32) | $11.00 | 6.67% | $544493 | 0.72% | 0.66% | 0.66% | 2.58% | 155% |
| DoubleLine Core Fixed Income Fund - Class R6 | DoubleLine Core Fixed Income Fund - Class R6 | DoubleLine Core Fixed Income Fund - Class R6 | DoubleLine Core Fixed Income Fund - Class R6 | DoubleLine Core Fixed Income Fund - Class R6 | DoubleLine Core Fixed Income Fund - Class R6 | DoubleLine Core Fixed Income Fund - Class R6 | DoubleLine Core Fixed Income Fund - Class R6 | DoubleLine Core Fixed Income Fund - Class R6 | DoubleLine Core Fixed Income Fund - Class R6 | DoubleLine Core Fixed Income Fund - Class R6 | DoubleLine Core Fixed Income Fund - Class R6 | DoubleLine Core Fixed Income Fund - Class R6 | DoubleLine Core Fixed Income Fund - Class R6 | DoubleLine Core Fixed Income Fund - Class R6 | DoubleLine Core Fixed Income Fund - Class R6 | DoubleLine Core Fixed Income Fund - Class R6 |
| 9/30/2025<sup>(d)</sup> | $9.27 | 0.22 | 0.10 | 0.32 | (0.23) |  |  | (0.23) | $9.36 | 3.53% | $374624 | 0.44% | 0.40% | 0.40% | 4.69% | 21% |
| 3/31/2025 | $9.21 | 0.45 | 0.09 | 0.54 | (0.48) |  |  | (0.48) | $9.27 | 6.01% | $422053 | 0.44% | 0.41% | 0.41% | 4.83% | 64% |
| 3/31/2024 | $9.41 | 0.43 | (0.19) | 0.24 | (0.44) |  |  | (0.44) | $9.21 | 2.74% | $323347 | 0.44% | 0.41% | 0.41% | 4.70% | 119% |
| 3/31/2023 | $10.33 | 0.37 | (0.89) | (0.52) | (0.40) |  |  | (0.40) | $9.41 | (5.00)% | $118663 | 0.44% | 0.41% | 0.41% | 3.88% | 119% |
| 3/31/2022 | $11.01 | 0.28 | (0.61) | (0.33) | (0.32) | (0.03) |  | (0.35) | $10.33 | (3.16)% | $93509 | 0.44% | 0.39% | 0.39% | 2.58% | 177% |
| 3/31/2021 | $10.62 | 0.32 | 0.42 | 0.74 | (0.33) | (0.02) |  | (0.35) | $11.01 | 6.94% | $104731 | 0.44% | 0.38% | 0.38% | 2.88% | 155% |
| DoubleLine Emerging Markets Fixed Income Fund - Class I | DoubleLine Emerging Markets Fixed Income Fund - Class I | DoubleLine Emerging Markets Fixed Income Fund - Class I | DoubleLine Emerging Markets Fixed Income Fund - Class I | DoubleLine Emerging Markets Fixed Income Fund - Class I | DoubleLine Emerging Markets Fixed Income Fund - Class I | DoubleLine Emerging Markets Fixed Income Fund - Class I | DoubleLine Emerging Markets Fixed Income Fund - Class I | DoubleLine Emerging Markets Fixed Income Fund - Class I | DoubleLine Emerging Markets Fixed Income Fund - Class I | DoubleLine Emerging Markets Fixed Income Fund - Class I | DoubleLine Emerging Markets Fixed Income Fund - Class I | DoubleLine Emerging Markets Fixed Income Fund - Class I | DoubleLine Emerging Markets Fixed Income Fund - Class I | DoubleLine Emerging Markets Fixed Income Fund - Class I | DoubleLine Emerging Markets Fixed Income Fund - Class I | DoubleLine Emerging Markets Fixed Income Fund - Class I |
| 9/30/2025<sup>(d)</sup> | $9.02 | 0.24 | 0.23 | 0.47 | (0.27) |  |  | (0.27) | $9.22 | 5.46% | $402077 | 0.94% | 0.94% | 0.94% | 5.33% | 23% |
| 3/31/2025 | $8.91 | 0.50 | 0.13 | 0.63 | (0.52) |  |  | (0.52) | $9.02 | 7.29% | $399454 | 0.93% | 0.93% | 0.93% | 5.53% | 47% |
| 3/31/2024 | $8.46 | 0.48 | 0.47 | 0.95 | (0.50) |  |  | (0.50) | $8.91 | 11.65% | $461232 | 0.92% | 0.92% | 0.92% | 5.62% | 49% |
| 3/31/2023 | $9.71 | 0.42 | (1.22) | (0.80) | (0.45) |  |  | (0.45) | $8.46 | (8.22)% | $492903 | 0.90% | 0.90% | 0.90% | 4.80% | 34% |
| 3/31/2022 | $10.55 | 0.39 | (0.84) | (0.45) | (0.39) |  |  | (0.39) | $9.71 | (4.46)% | $721060 | 0.87% | 0.87% | 0.87% | 3.76% | 51% |
| 3/31/2021 | $8.83 | 0.41 | 1.75 | 2.16 | (0.44) |  |  | (0.44) | $10.55 | 24.72% | $799879 | 0.89% | 0.89% | 0.89% | 4.06% | 81% |
| DoubleLine Emerging Markets Fixed Income Fund - Class N | DoubleLine Emerging Markets Fixed Income Fund - Class N | DoubleLine Emerging Markets Fixed Income Fund - Class N | DoubleLine Emerging Markets Fixed Income Fund - Class N | DoubleLine Emerging Markets Fixed Income Fund - Class N | DoubleLine Emerging Markets Fixed Income Fund - Class N | DoubleLine Emerging Markets Fixed Income Fund - Class N | DoubleLine Emerging Markets Fixed Income Fund - Class N | DoubleLine Emerging Markets Fixed Income Fund - Class N | DoubleLine Emerging Markets Fixed Income Fund - Class N | DoubleLine Emerging Markets Fixed Income Fund - Class N | DoubleLine Emerging Markets Fixed Income Fund - Class N | DoubleLine Emerging Markets Fixed Income Fund - Class N | DoubleLine Emerging Markets Fixed Income Fund - Class N | DoubleLine Emerging Markets Fixed Income Fund - Class N | DoubleLine Emerging Markets Fixed Income Fund - Class N | DoubleLine Emerging Markets Fixed Income Fund - Class N |
| 9/30/2025<sup>(d)</sup> | $9.02 | 0.23 | 0.24 | 0.47 | (0.26) |  |  | (0.26) | $9.23 | 5.32% | $20251 | 1.19% | 1.19% | 1.19% | 5.07% | 23% |
| 3/31/2025 | $8.92 | 0.47 | 0.13 | 0.60 | (0.50) |  |  | (0.50) | $9.02 | 6.90% | $21453 | 1.18% | 1.18% | 1.18% | 5.27% | 47% |
| 3/31/2024 | $8.46 | 0.46 | 0.48 | 0.94 | (0.48) |  |  | (0.48) | $8.92 | 11.49% | $22904 | 1.17% | 1.17% | 1.17% | 5.37% | 49% |
| 3/31/2023 | $9.71 | 0.40 | (1.23) | (0.83) | (0.42) |  |  | (0.42) | $8.46 | (8.45)% | $27671 | 1.15% | 1.15% | 1.15% | 4.56% | 34% |
| 3/31/2022 | $10.55 | 0.37 | (0.85) | (0.48) | (0.36) |  |  | (0.36) | $9.71 | (4.70)% | $38728 | 1.12% | 1.12% | 1.12% | 3.51% | 51% |
| 3/31/2021 | $8.83 | 0.39 | 1.74 | 2.13 | (0.41) |  |  | (0.41) | $10.55 | 24.38% | $44972 | 1.14% | 1.14% | 1.14% | 3.86% | 81% |

---

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| | | |
|:---|:---|:---|
| **174**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights (Cont.)**<br>

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from** <br>**Investment Operations:** | **Income (Loss) from** <br>**Investment Operations:** | **Income (Loss) from** <br>**Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |  | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |  |
| For the Year or Period Ended | Net Asset Value, Beginning of Period | Net Investment Income (Loss)<sup>(a)</sup> | Net Gain (Loss) on Investments (Realized and Unrealized) | Total from Investment Operations | Distributions from Net Investment Income | Distributions from Net Realized Gain | Distribution in Excess | Total Distributions | Net Asset Value, End of Period | Total Return<sup>(b)</sup> | Net Assets, End of Period (000's) | Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped<sup>(c)</sup> | Expenses After Investment Advisory Fees (Waived)<sup>(c)</sup> | Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped<sup>(c)</sup> | Net Investment Income (Loss)<sup>(c)</sup> | Portfolio Turnover<sup>(b)</sup> |
| DoubleLine Low Duration Bond Fund - Class I | DoubleLine Low Duration Bond Fund - Class I | DoubleLine Low Duration Bond Fund - Class I | DoubleLine Low Duration Bond Fund - Class I | DoubleLine Low Duration Bond Fund - Class I | DoubleLine Low Duration Bond Fund - Class I | DoubleLine Low Duration Bond Fund - Class I | DoubleLine Low Duration Bond Fund - Class I | DoubleLine Low Duration Bond Fund - Class I | DoubleLine Low Duration Bond Fund - Class I | DoubleLine Low Duration Bond Fund - Class I | DoubleLine Low Duration Bond Fund - Class I | DoubleLine Low Duration Bond Fund - Class I | DoubleLine Low Duration Bond Fund - Class I | DoubleLine Low Duration Bond Fund - Class I | DoubleLine Low Duration Bond Fund - Class I | DoubleLine Low Duration Bond Fund - Class I |
| 9/30/2025<sup>(d)</sup> | $9.62 | 0.22 | 0.06 | 0.28 | (0.23) |  |  | (0.23) | $9.67 | 2.92% | $5468919 | 0.44% | 0.44% | 0.44% | 4.46% | 20% |
| 3/31/2025 | $9.58 | 0.48 | 0.04 | 0.52 | (0.48) |  |  | (0.48) | $9.62 | 5.58% | $5311889 | 0.44% | 0.44% | 0.44% | 4.97% | 93% |
| 3/31/2024 | $9.46 | 0.45 | 0.12 | 0.57 | (0.45) |  |  | (0.45) | $9.58 | 6.16% | $4788703 | 0.43% | 0.43% | 0.43% | 4.71% | 76% |
| 3/31/2023 | $9.67 | 0.28 | (0.19) | 0.09 | (0.30) |  |  | (0.30) | $9.46 | 0.94% | $5256310 | 0.43% | 0.43% | 0.43% | 2.98% | 72% |
| 3/31/2022 | $9.97 | 0.15 | (0.29) | (0.14) | (0.16) |  |  | (0.16) | $9.67 | (1.42)% | $6224937 | 0.41% | 0.41% | 0.41% | 1.55% | 80% |
| 3/31/2021 | $9.51 | 0.20 | 0.47 | 0.67 | (0.21) |  |  | (0.21) | $9.97 | 7.08% | $5689932 | 0.42% | 0.42% | 0.42% | 2.05% | 71% |
| DoubleLine Low Duration Bond Fund - Class N | DoubleLine Low Duration Bond Fund - Class N | DoubleLine Low Duration Bond Fund - Class N | DoubleLine Low Duration Bond Fund - Class N | DoubleLine Low Duration Bond Fund - Class N | DoubleLine Low Duration Bond Fund - Class N | DoubleLine Low Duration Bond Fund - Class N | DoubleLine Low Duration Bond Fund - Class N | DoubleLine Low Duration Bond Fund - Class N | DoubleLine Low Duration Bond Fund - Class N | DoubleLine Low Duration Bond Fund - Class N | DoubleLine Low Duration Bond Fund - Class N | DoubleLine Low Duration Bond Fund - Class N | DoubleLine Low Duration Bond Fund - Class N | DoubleLine Low Duration Bond Fund - Class N | DoubleLine Low Duration Bond Fund - Class N | DoubleLine Low Duration Bond Fund - Class N |
| 9/30/2025<sup>(d)</sup> | $9.61 | 0.20 | 0.07 | 0.27 | (0.22) |  |  | (0.22) | $9.66 | 2.79% | $712288 | 0.69% | 0.69% | 0.69% | 4.21% | 20% |
| 3/31/2025 | $9.57 | 0.45 | 0.05 | 0.50 | (0.46) |  |  | (0.46) | $9.61 | 5.32% | $714788 | 0.69% | 0.69% | 0.69% | 4.73% | 93% |
| 3/31/2024 | $9.45 | 0.42 | 0.12 | 0.54 | (0.42) |  |  | (0.42) | $9.57 | 5.90% | $739660 | 0.68% | 0.68% | 0.68% | 4.46% | 76% |
| 3/31/2023 | $9.67 | 0.26 | (0.21) | 0.05 | (0.27) |  |  | (0.27) | $9.45 | 0.58% | $846389 | 0.67% | 0.67% | 0.67% | 2.73% | 72% |
| 3/31/2022 | $9.96 | 0.13 | (0.28) | (0.15) | (0.14) |  |  | (0.14) | $9.67 | (1.57)% | $1043811 | 0.66% | 0.66% | 0.66% | 1.30% | 80% |
| 3/31/2021 | $9.50 | 0.18 | 0.46 | 0.64 | (0.18) |  |  | (0.18) | $9.96 | 6.82% | $1194295 | 0.67% | 0.67% | 0.67% | 1.83% | 71% |
| DoubleLine Low Duration Bond Fund - Class R6 | DoubleLine Low Duration Bond Fund - Class R6 | DoubleLine Low Duration Bond Fund - Class R6 | DoubleLine Low Duration Bond Fund - Class R6 | DoubleLine Low Duration Bond Fund - Class R6 | DoubleLine Low Duration Bond Fund - Class R6 | DoubleLine Low Duration Bond Fund - Class R6 | DoubleLine Low Duration Bond Fund - Class R6 | DoubleLine Low Duration Bond Fund - Class R6 | DoubleLine Low Duration Bond Fund - Class R6 | DoubleLine Low Duration Bond Fund - Class R6 | DoubleLine Low Duration Bond Fund - Class R6 | DoubleLine Low Duration Bond Fund - Class R6 | DoubleLine Low Duration Bond Fund - Class R6 | DoubleLine Low Duration Bond Fund - Class R6 | DoubleLine Low Duration Bond Fund - Class R6 | DoubleLine Low Duration Bond Fund - Class R6 |
| 9/30/2025<sup>(d)</sup> | $9.62 | 0.22 | 0.06 | 0.28 | (0.23) |  |  | (0.23) | $9.67 | 2.95% | $138603 | 0.38% | 0.38% | 0.38% | 4.51% | 20% |
| 3/31/2025 | $9.58 | 0.48 | 0.05 | 0.53 | (0.49) |  |  | (0.49) | $9.62 | 5.64% | $120923 | 0.38% | 0.38% | 0.38% | 5.03% | 93% |
| 3/31/2024 | $9.46 | 0.46 | 0.11 | 0.57 | (0.45) |  |  | (0.45) | $9.58 | 6.20% | $127836 | 0.39% | 0.39% | 0.39% | 4.83% | 76% |
| 3/31/2023 | $9.67 | 0.30 | (0.21) | 0.09 | (0.30) |  |  | (0.30) | $9.46 | 0.97% | $54035 | 0.39% | 0.39% | 0.39% | 3.13% | 72% |
| 3/31/2022 | $9.97 | 0.15 | (0.29) | (0.14) | (0.16) |  |  | (0.16) | $9.67 | (1.39)% | $41366 | 0.39% | 0.39% | 0.39% | 1.53% | 80% |
| 3/31/2021 | $9.51 | 0.20 | 0.47 | 0.67 | (0.21) |  |  | (0.21) | $9.97 | 7.12% | $8840 | 0.40% | 0.39% | 0.39% | 2.05% | 71% |
| DoubleLine Floating Rate Fund - Class I | DoubleLine Floating Rate Fund - Class I | DoubleLine Floating Rate Fund - Class I | DoubleLine Floating Rate Fund - Class I | DoubleLine Floating Rate Fund - Class I | DoubleLine Floating Rate Fund - Class I | DoubleLine Floating Rate Fund - Class I | DoubleLine Floating Rate Fund - Class I | DoubleLine Floating Rate Fund - Class I | DoubleLine Floating Rate Fund - Class I | DoubleLine Floating Rate Fund - Class I | DoubleLine Floating Rate Fund - Class I | DoubleLine Floating Rate Fund - Class I | DoubleLine Floating Rate Fund - Class I | DoubleLine Floating Rate Fund - Class I | DoubleLine Floating Rate Fund - Class I | DoubleLine Floating Rate Fund - Class I |
| 9/30/2025<sup>(d)</sup> | $8.88 | 0.31 | 0.14 | 0.45 | (0.33) |  |  | (0.33) | $9.00 | 5.09% | $94346 | 0.91% | 0.91% | 0.78% | 6.96% | 44% |
| 3/31/2025 | $9.04 | 0.69 | (0.15) | 0.54 | (0.70) |  |  | (0.70) | $8.88 | 6.12% | $135642 | 0.79% | 0.79% | 0.79% | 7.63% | 65% |
| 3/31/2024 | $8.97 | 0.75 | 0.08 | 0.83 | (0.76) |  |  | (0.76) | $9.04 | 9.61% | $162269 | 0.74% | 0.74% | 0.74% | 8.34% | 50% |
| 3/31/2023 | $9.42 | 0.53 | (0.42) | 0.11 | (0.56) |  |  | (0.56) | $8.97 | 1.31% | $200203 | 0.68% | 0.68% | 0.68% | 5.81% | 17% |
| 3/31/2022 | $9.51 | 0.32 | (0.09) | 0.23 | (0.32) |  |  | (0.32) | $9.42 | 2.40% | $333518 | 0.64% | 0.64% | 0.64% | 3.37% | 40% |
| 3/31/2021 | $8.44 | 0.34 | 1.07 | 1.41 | (0.34) |  |  | (0.34) | $9.51 | 16.95% | $240442 | 0.72% | 0.72% | 0.72% | 3.69% | 76% |
| DoubleLine Floating Rate Fund - Class N | DoubleLine Floating Rate Fund - Class N | DoubleLine Floating Rate Fund - Class N | DoubleLine Floating Rate Fund - Class N | DoubleLine Floating Rate Fund - Class N | DoubleLine Floating Rate Fund - Class N | DoubleLine Floating Rate Fund - Class N | DoubleLine Floating Rate Fund - Class N | DoubleLine Floating Rate Fund - Class N | DoubleLine Floating Rate Fund - Class N | DoubleLine Floating Rate Fund - Class N | DoubleLine Floating Rate Fund - Class N | DoubleLine Floating Rate Fund - Class N | DoubleLine Floating Rate Fund - Class N | DoubleLine Floating Rate Fund - Class N | DoubleLine Floating Rate Fund - Class N | DoubleLine Floating Rate Fund - Class N |
| 9/30/2025<sup>(d)</sup> | $8.91 | 0.30 | 0.13 | 0.43 | (0.31) |  |  | (0.31) | $9.03 | 4.94% | $17991 | 1.16% | 1.16% | 1.03% | 6.73% | 44% |
| 3/31/2025 | $9.07 | 0.67 | (0.16) | 0.51 | (0.67) |  |  | (0.67) | $8.91 | 5.84% | $16905 | 1.04% | 1.04% | 1.04% | 7.38% | 65% |
| 3/31/2024 | $8.99 | 0.73 | 0.08 | 0.81 | (0.73) |  |  | (0.73) | $9.07 | 9.43% | $17070 | 0.99% | 0.99% | 0.99% | 8.10% | 50% |
| 3/31/2023 | $9.44 | 0.48 | (0.40) | 0.08 | (0.53) |  |  | (0.53) | $8.99 | 1.04% | $20603 | 0.92% | 0.92% | 0.92% | 5.32% | 17% |
| 3/31/2022 | $9.53 | 0.30 | (0.10) | 0.20 | (0.29) |  |  | (0.29) | $9.44 | 2.15% | $45362 | 0.90% | 0.90% | 0.90% | 3.16% | 40% |
| 3/31/2021 | $8.45 | 0.32 | 1.08 | 1.40 | (0.32) |  |  | (0.32) | $9.53 | 16.73% | $18339 | 0.98% | 0.98% | 0.98% | 3.54% | 76% |
| DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class I |
| 9/30/2025<sup>(d)</sup> | $15.37 | 0.30 | 0.93 | 1.23 | (0.40) |  |  | (0.40) | $16.20 | 8.13% | $3253796 | 0.54% | 0.54% | 0.54% | 3.84% | 17% |
| 3/31/2025 | $14.86 | 0.73 | 0.54 | 1.27 | (0.76) |  |  | (0.76) | $15.37 | 8.76% | $3468688 | 0.55% | 0.55% | 0.55% | 4.81% | 85% |
| 3/31/2024 | $12.66 | 0.64 | 2.23 | 2.87 | (0.67) |  |  | (0.67) | $14.86 | 23.36% | $3905582 | 0.54% | 0.54% | 0.54% | 4.75% | 75% |
| 3/31/2023 | $16.79 | 0.49 | (2.60) | (2.11) | (0.54) | (1.48) |  | (2.02) | $12.66 | (12.06)% | $3988448 | 0.55% | 0.55% | 0.55% | 3.48% | 77% |
| 3/31/2022 | $19.62 | 0.26 | 2.00 | 2.26 | (0.30) | (4.79) |  | (5.09) | $16.79 | 10.96% | $7828188 | 0.54% | 0.53% | 0.53% | 1.29% | 110% |
| 3/31/2021 | $11.69 | 0.27 | 7.95 | 8.22 | (0.29) |  |  | (0.29) | $19.62 | 70.87% | $8169623 | 0.55% | 0.54% | 0.54% | 1.64% | 69% |
| DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class N |
| 9/30/2025<sup>(d)</sup> | $15.35 | 0.28 | 0.94 | 1.22 | (0.38) |  |  | (0.38) | $16.19 | 8.07% | $209482 | 0.79% | 0.79% | 0.79% | 3.58% | 17% |
| 3/31/2025 | $14.85 | 0.69 | 0.53 | 1.22 | (0.72) |  |  | (0.72) | $15.35 | 8.42% | $224750 | 0.80% | 0.80% | 0.80% | 4.56% | 85% |
| 3/31/2024 | $12.65 | 0.60 | 2.24 | 2.84 | (0.64) |  |  | (0.64) | $14.85 | 23.07% | $281125 | 0.79% | 0.79% | 0.79% | 4.50% | 75% |
| 3/31/2023 | $16.78 | 0.46 | (2.61) | (2.15) | (0.50) | (1.48) |  | (1.98) | $12.65 | (12.29)% | $312867 | 0.80% | 0.80% | 0.80% | 3.26% | 77% |
| 3/31/2022 | $19.61 | 0.21 | 1.99 | 2.20 | (0.24) | (4.79) |  | (5.03) | $16.78 | 10.69% | $566561 | 0.79% | 0.78% | 0.78% | 1.03% | 110% |
| 3/31/2021 | $11.68 | 0.24 | 7.93 | 8.17 | (0.24) |  |  | (0.24) | $19.61 | 70.45% | $705156 | 0.80% | 0.79% | 0.79% | 1.56% | 69% |
| DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 | DoubleLine Shiller Enhanced CAPE<sup>®</sup> - Class R6 |
| 9/30/2025<sup>(d)</sup> | $15.38 | 0.32 | 0.92 | 1.24 | (0.41) |  |  | (0.41) | $16.21 | 8.15% | $15311 | 0.49% | 0.49% | 0.49% | 4.04% | 17% |
| 3/31/2025 | $14.87 | 0.74 | 0.54 | 1.28 | (0.77) |  |  | (0.77) | $15.38 | 8.81% | $26918 | 0.49% | 0.49% | 0.49% | 4.87% | 85% |
| 3/31/2024 | $12.67 | 0.65 | 2.23 | 2.88 | (0.68) |  |  | (0.68) | $14.87 | 23.41% | $18595 | 0.48% | 0.48% | 0.48% | 4.82% | 75% |
| 3/31/2023 | $16.80 | 0.50 | (2.60) | (2.10) | (0.55) | (1.48) |  | (2.03) | $12.67 | (12.00)% | $8103 | 0.50% | 0.50% | 0.50% | 3.58% | 77% |
| 3/31/2022 | $19.62 | 0.27 | 2.01 | 2.28 | (0.31) | (4.79) |  | (5.10) | $16.80 | 11.07% | $15398 | 0.49% | 0.49% | 0.49% | 1.35% | 110% |
| 3/31/2021 | $11.70 | 0.27 | 7.95 | 8.22 | (0.30) |  |  | (0.30) | $19.62 | 70.82% | $12333 | 0.51% | 0.51% | 0.51% | 1.47% | 69% |

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| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **175**<br>|

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------

**[**TABLE OF CONTENTS**](#TOC)**

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from** <br>**Investment Operations:** | **Income (Loss) from** <br>**Investment Operations:** | **Income (Loss) from** <br>**Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |  | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |  |
| For the Year or Period Ended | Net Asset Value, Beginning of Period | Net Investment Income (Loss)<sup>(a)</sup> | Net Gain (Loss) on Investments (Realized and Unrealized) | Total from Investment Operations | Distributions from Net Investment Income | Distributions from Net Realized Gain | Distribution in Excess | Total Distributions | Net Asset Value, End of Period | Total Return<sup>(b)</sup> | Net Assets, End of Period (000's) | Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped<sup>(c)</sup> | Expenses After Investment Advisory Fees (Waived)<sup>(c)</sup> | Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped<sup>(c)</sup> | Net Investment Income (Loss)<sup>(c)</sup> | Portfolio Turnover<sup>(b)</sup> |
| DoubleLine Flexible Income Fund - Class I | DoubleLine Flexible Income Fund - Class I | DoubleLine Flexible Income Fund - Class I | DoubleLine Flexible Income Fund - Class I | DoubleLine Flexible Income Fund - Class I | DoubleLine Flexible Income Fund - Class I | DoubleLine Flexible Income Fund - Class I | DoubleLine Flexible Income Fund - Class I | DoubleLine Flexible Income Fund - Class I | DoubleLine Flexible Income Fund - Class I | DoubleLine Flexible Income Fund - Class I | DoubleLine Flexible Income Fund - Class I | DoubleLine Flexible Income Fund - Class I | DoubleLine Flexible Income Fund - Class I | DoubleLine Flexible Income Fund - Class I | DoubleLine Flexible Income Fund - Class I | DoubleLine Flexible Income Fund - Class I |
| 9/30/2025<sup>(d)</sup> | $8.72 | 0.23 | 0.07 | 0.30 | (0.25) |  |  | (0.25) | $8.77 | 3.52% | $1124787 | 0.74% | 0.73% | 0.73% | 5.16% | 27% |
| 3/31/2025 | $8.60 | 0.51 | 0.13 | 0.64 | (0.52) |  |  | (0.52) | $8.72 | 7.62% | $984429 | 0.75% | 0.75% | 0.75% | 5.81% | 40% |
| 3/31/2024 | $8.42 | 0.50 | 0.21 | 0.71 | (0.53) |  |  | (0.53) | $8.60 | 8.69% | $802933 | 0.74% | 0.74% | 0.74% | 5.97% | 32% |
| 3/31/2023 | $9.21 | 0.41 | (0.78) | (0.37) | (0.42) |  |  | (0.42) | $8.42 | (3.99)% | $726230 | 0.74% | 0.74% | 0.74% | 4.74% | 13% |
| 3/31/2022 | $9.65 | 0.35 | (0.43) | (0.08) | (0.36) |  |  | (0.36) | $9.21 | (0.91)% | $971543 | 0.73% | 0.71% | 0.71% | 3.65% | 41% |
| 3/31/2021 | $8.40 | 0.35 | 1.28 | 1.63 | (0.38) |  |  | (0.38) | $9.65 | 19.59% | $1086763 | 0.76% | 0.73% | 0.73% | 3.71% | 46% |
| DoubleLine Flexible Income Fund - Class N | DoubleLine Flexible Income Fund - Class N | DoubleLine Flexible Income Fund - Class N | DoubleLine Flexible Income Fund - Class N | DoubleLine Flexible Income Fund - Class N | DoubleLine Flexible Income Fund - Class N | DoubleLine Flexible Income Fund - Class N | DoubleLine Flexible Income Fund - Class N | DoubleLine Flexible Income Fund - Class N | DoubleLine Flexible Income Fund - Class N | DoubleLine Flexible Income Fund - Class N | DoubleLine Flexible Income Fund - Class N | DoubleLine Flexible Income Fund - Class N | DoubleLine Flexible Income Fund - Class N | DoubleLine Flexible Income Fund - Class N | DoubleLine Flexible Income Fund - Class N | DoubleLine Flexible Income Fund - Class N |
| 9/30/2025<sup>(d)</sup> | $8.71 | 0.22 | 0.07 | 0.29 | (0.24) |  |  | (0.24) | $8.76 | 3.39% | $71139 | 0.99% | 0.98% | 0.98% | 4.91% | 27% |
| 3/31/2025 | $8.60 | 0.48 | 0.13 | 0.61 | (0.50) |  |  | (0.50) | $8.71 | 7.24% | $92011 | 1.00% | 1.00% | 1.00% | 5.57% | 40% |
| 3/31/2024 | $8.42 | 0.48 | 0.20 | 0.68 | (0.50) |  |  | (0.50) | $8.60 | 8.42% | $69796 | 0.99% | 0.99% | 0.99% | 5.70% | 32% |
| 3/31/2023 | $9.20 | 0.39 | (0.77) | (0.38) | (0.40) |  |  | (0.40) | $8.42 | (4.13)% | $95069 | 0.99% | 0.99% | 0.99% | 4.47% | 13% |
| 3/31/2022 | $9.65 | 0.33 | (0.44) | (0.11) | (0.34) |  |  | (0.34) | $9.20 | (1.26)% | $142205 | 0.98% | 0.96% | 0.96% | 3.39% | 41% |
| 3/31/2021 | $8.39 | 0.32 | 1.29 | 1.61 | (0.35) |  |  | (0.35) | $9.65 | 19.43% | $155408 | 1.01% | 0.97% | 0.97% | 3.49% | 46% |
| DoubleLine Flexible Income Fund - Class R6 | DoubleLine Flexible Income Fund - Class R6 | DoubleLine Flexible Income Fund - Class R6 | DoubleLine Flexible Income Fund - Class R6 | DoubleLine Flexible Income Fund - Class R6 | DoubleLine Flexible Income Fund - Class R6 | DoubleLine Flexible Income Fund - Class R6 | DoubleLine Flexible Income Fund - Class R6 | DoubleLine Flexible Income Fund - Class R6 | DoubleLine Flexible Income Fund - Class R6 | DoubleLine Flexible Income Fund - Class R6 | DoubleLine Flexible Income Fund - Class R6 | DoubleLine Flexible Income Fund - Class R6 | DoubleLine Flexible Income Fund - Class R6 | DoubleLine Flexible Income Fund - Class R6 | DoubleLine Flexible Income Fund - Class R6 | DoubleLine Flexible Income Fund - Class R6 |
| 9/30/2025<sup>(d)</sup> | $8.72 | 0.23 | 0.09 | 0.32 | (0.26) |  |  | (0.26) | $8.78 | 3.66% | $164734 | 0.69% | 0.68% | 0.68% | 5.21% | 27% |
| 3/31/2025 | $8.61 | 0.51 | 0.12 | 0.63 | (0.52) |  |  | (0.52) | $8.72 | 7.56% | $145418 | 0.69% | 0.69% | 0.69% | 5.87% | 40% |
| 3/31/2024 | $8.43 | 0.51 | 0.20 | 0.71 | (0.53) |  |  | (0.53) | $8.61 | 8.73% | $79635 | 0.70% | 0.70% | 0.70% | 5.98% | 32% |
| 3/31/2023 | $9.21 | 0.42 | (0.78) | (0.36) | (0.42) |  |  | (0.42) | $8.43 | (3.84)% | $125350 | 0.70% | 0.70% | 0.70% | 4.86% | 13% |
| 3/31/2022 | $9.66 | 0.34 | (0.43) | (0.09) | (0.36) |  |  | (0.36) | $9.21 | (0.98)% | $112378 | 0.70% | 0.68% | 0.68% | 3.55% | 41% |
| 3/31/2021 | $8.40 | 0.32 | 1.32 | 1.64 | (0.38) |  |  | (0.38) | $9.66 | 19.78% | $758 | 0.72% | 0.70% | 0.70% | 3.42% | 46% |
| DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I |
| 9/30/2025<sup>(d)</sup> | $9.64 | 0.23 | 0.17 | 0.40 | (0.27) |  |  | (0.27) | $9.77 | 4.18% | $122331 | 0.77% | 0.77% | 0.59% | 4.80% | 25% |
| 3/31/2025 | $9.41 | 0.45 | 0.22 | 0.67 | (0.44) |  |  | (0.44) | $9.64 | 7.31% | $136028 | 0.73% | 0.73% | 0.59% | 4.74% | 53% |
| 3/31/2024 | $9.05 | 0.37 | 0.36 | 0.73 | (0.37) |  |  | (0.37) | $9.41 | 8.23% | $153250 | 0.74% | 0.74% | 0.59% | 4.04% | 29% |
| 3/31/2023 | $9.40 | 0.26 | (0.35) | (0.09) | (0.26) |  |  | (0.26) | $9.05 | (0.90)% | $182023 | 0.69% | 0.69% | 0.59% | 2.81% | 37% |
| 3/31/2022 | $9.90 | 0.16 | (0.45) | (0.29) | (0.17) | (0.04) |  | (0.21) | $9.40 | (3.00)% | $238613 | 0.68% | 0.68% | 0.59% | 1.67% | 39% |
| 3/31/2021 | $9.36 | 0.22 | 0.56 | 0.78 | (0.24) |  |  | (0.24) | $9.90 | 8.33% | $215744 | 0.66% | 0.66% | 0.59% | 2.21% | 72% |
| DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N | DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N |
| 9/30/2025<sup>(d)</sup> | $9.66 | 0.22 | 0.16 | 0.38 | (0.26) |  |  | (0.26) | $9.78 | 3.94% | $5894 | 1.02% | 1.02% | 0.84% | 4.55% | 25% |
| 3/31/2025 | $9.43 | 0.43 | 0.22 | 0.65 | (0.42) |  |  | (0.42) | $9.66 | 7.03% | $5757 | 0.98% | 0.98% | 0.84% | 4.51% | 53% |
| 3/31/2024 | $9.06 | 0.35 | 0.37 | 0.72 | (0.35) |  |  | (0.35) | $9.43 | 8.07% | $4658 | 0.99% | 0.99% | 0.84% | 3.82% | 29% |
| 3/31/2023 | $9.41 | 0.23 | (0.34) | (0.11) | (0.24) |  |  | (0.24) | $9.06 | (1.18)% | $5337 | 0.93% | 0.93% | 0.84% | 2.51% | 37% |
| 3/31/2022 | $9.91 | 0.14 | (0.46) | (0.32) | (0.14) | (0.04) |  | (0.18) | $9.41 | (3.24)% | $22501 | 0.93% | 0.93% | 0.84% | 1.42% | 39% |
| 3/31/2021 | $9.38 | 0.19 | 0.55 | 0.74 | (0.21) |  |  | (0.21) | $9.91 | 7.94% | $25849 | 0.91% | 0.91% | 0.84% | 1.95% | 72% |
| DoubleLine Long Duration Total Return Bond Fund - Class I | DoubleLine Long Duration Total Return Bond Fund - Class I | DoubleLine Long Duration Total Return Bond Fund - Class I | DoubleLine Long Duration Total Return Bond Fund - Class I | DoubleLine Long Duration Total Return Bond Fund - Class I | DoubleLine Long Duration Total Return Bond Fund - Class I | DoubleLine Long Duration Total Return Bond Fund - Class I | DoubleLine Long Duration Total Return Bond Fund - Class I | DoubleLine Long Duration Total Return Bond Fund - Class I | DoubleLine Long Duration Total Return Bond Fund - Class I | DoubleLine Long Duration Total Return Bond Fund - Class I | DoubleLine Long Duration Total Return Bond Fund - Class I | DoubleLine Long Duration Total Return Bond Fund - Class I | DoubleLine Long Duration Total Return Bond Fund - Class I | DoubleLine Long Duration Total Return Bond Fund - Class I | DoubleLine Long Duration Total Return Bond Fund - Class I | DoubleLine Long Duration Total Return Bond Fund - Class I |
| 9/30/2025<sup>(d)</sup> | $6.40 | 0.16 | (0.07) | 0.09 | (0.16) |  |  | (0.16) | $6.33 | 1.50% | $49635 | 0.76% | 0.76% | 0.50% | 5.17% | 36%<sup>(e)</sup> |
| 3/31/2025 | $6.58 | 0.31 | (0.18) | 0.13 | (0.31) |  |  | (0.31) | $6.40 | 2.05% | $48458 | 0.77% | 0.77% | 0.50% | 4.73% | 86%<sup>(e)</sup> |
| 3/31/2024 | $7.15 | 0.26 | (0.58) | (0.32) | (0.25) |  |  | (0.25) | $6.58 | (4.39)% | $47884 | 0.62% | 0.62% | 0.50% | 3.88% | 146% |
| 3/31/2023 | $8.84 | 0.22 | (1.69) | (1.47) | (0.22) |  |  | (0.22) | $7.15 | (16.66)% | $48859 | 0.59% | 0.59% | 0.50% | 2.97% | 227% |
| 3/31/2022 | $9.37 | 0.28 | (0.53) | (0.25) | (0.28) |  |  | (0.28) | $8.84 | (2.89)% | $54898 | 0.54% | 0.54% | 0.50% | 2.87% | 95% |
| 3/31/2021 | $11.75 | 0.29 | (1.62) | (1.33) | (0.29) | (0.76) |  | (1.05) | $9.37 | (12.24)% | $71267 | 0.55% | 0.55% | 0.51% | 2.56% | 89% |
| DoubleLine Long Duration Total Return Bond Fund - Class N | DoubleLine Long Duration Total Return Bond Fund - Class N | DoubleLine Long Duration Total Return Bond Fund - Class N | DoubleLine Long Duration Total Return Bond Fund - Class N | DoubleLine Long Duration Total Return Bond Fund - Class N | DoubleLine Long Duration Total Return Bond Fund - Class N | DoubleLine Long Duration Total Return Bond Fund - Class N | DoubleLine Long Duration Total Return Bond Fund - Class N | DoubleLine Long Duration Total Return Bond Fund - Class N | DoubleLine Long Duration Total Return Bond Fund - Class N | DoubleLine Long Duration Total Return Bond Fund - Class N | DoubleLine Long Duration Total Return Bond Fund - Class N | DoubleLine Long Duration Total Return Bond Fund - Class N | DoubleLine Long Duration Total Return Bond Fund - Class N | DoubleLine Long Duration Total Return Bond Fund - Class N | DoubleLine Long Duration Total Return Bond Fund - Class N | DoubleLine Long Duration Total Return Bond Fund - Class N |
| 9/30/2025<sup>(d)</sup> | $6.39 | 0.15 | (0.08) | 0.07 | (0.15) |  |  | (0.15) | $6.31 | 1.21% | $4831 | 1.02% | 1.02% | 0.75% | 4.91% | 36%<sup>(e)</sup> |
| 3/31/2025 | $6.56 | 0.29 | (0.17) | 0.12 | (0.29) |  |  | (0.29) | $6.39 | 1.94% | $6322 | 1.01% | 1.01% | 0.75% | 4.47% | 86%<sup>(e)</sup> |
| 3/31/2024 | $7.13 | 0.26 | (0.59) | (0.33) | (0.24) |  |  | (0.24) | $6.56 | (4.63)% | $12036 | 0.92% | 0.92% | 0.75% | 4.07% | 146% |
| 3/31/2023 | $8.81 | 0.21 | (1.69) | (1.48) | (0.20) |  |  | (0.20) | $7.13 | (16.83)% | $1693 | 0.83% | 0.83% | 0.75% | 2.73% | 227% |
| 3/31/2022 | $9.37 | 0.25 | (0.56) | (0.31) | (0.25) |  |  | (0.25) | $8.81 | (3.48)% | $5364 | 0.77% | 0.77% | 0.75% | 2.59% | 95% |
| 3/31/2021 | $11.74 | 0.26 | (1.61) | (1.35) | (0.26) | (0.76) |  | (1.02) | $9.37 | (12.38)% | $11234 | 0.80% | 0.80% | 0.76% | 2.29% | 89% |
| DoubleLine Strategic Commodity Fund - Class I (Consolidated) | DoubleLine Strategic Commodity Fund - Class I (Consolidated) | DoubleLine Strategic Commodity Fund - Class I (Consolidated) | DoubleLine Strategic Commodity Fund - Class I (Consolidated) | DoubleLine Strategic Commodity Fund - Class I (Consolidated) | DoubleLine Strategic Commodity Fund - Class I (Consolidated) | DoubleLine Strategic Commodity Fund - Class I (Consolidated) | DoubleLine Strategic Commodity Fund - Class I (Consolidated) | DoubleLine Strategic Commodity Fund - Class I (Consolidated) | DoubleLine Strategic Commodity Fund - Class I (Consolidated) | DoubleLine Strategic Commodity Fund - Class I (Consolidated) | DoubleLine Strategic Commodity Fund - Class I (Consolidated) | DoubleLine Strategic Commodity Fund - Class I (Consolidated) | DoubleLine Strategic Commodity Fund - Class I (Consolidated) | DoubleLine Strategic Commodity Fund - Class I (Consolidated) | DoubleLine Strategic Commodity Fund - Class I (Consolidated) | DoubleLine Strategic Commodity Fund - Class I (Consolidated) |
| 9/30/2025<sup>(d)</sup> | $7.14 | 0.11 | 0.01 | 0.12 |  |  |  |  | $7.26 | 1.68% | $68304 | 1.28% | 1.28% | 1.10% | 3.14% | 0% |
| 3/31/2025 | $7.79 | 0.29 | (0.74) | (0.45) | (0.20) |  |  | (0.20) | $7.14 | (5.70)% | $108563 | 1.17% | 1.17% | 1.10% | 3.88% | 0% |
| 3/31/2024 | $7.54 | 0.31 | 0.18 | 0.49 | (0.24) |  |  | (0.24) | $7.79 | 6.72% | $136093 | 1.08% | 1.08% | 1.07% | 4.06% | 0% |
| 3/31/2023 | $12.56 | 0.07 | (1.47) | (1.40) | (3.62) |  |  | (3.62) | $7.54 | (11.83)% | $158615 | 1.02% | 1.02% | 1.02% | 0.64% | 0% |
| 3/31/2022 | $9.61 | (0.11) | 4.41 | 4.30 | (1.35) |  |  | (1.35) | $12.56 | 48.24% | $223799 | 1.04% | 1.04% | 1.10% | (0.97)% | 0% |
| 3/31/2021 | $6.91 | (0.05) | 2.75 | 2.70 |  |  |  |  | $9.61 | 39.07% | $151565 | 1.14% | 1.14% | 1.10% | (0.66)% | 0% |

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| | | |
|:---|:---|:---|
| **176**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights (Cont.)**<br>

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from** <br>**Investment Operations:** | **Income (Loss) from** <br>**Investment Operations:** | **Income (Loss) from** <br>**Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |  | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |  |
| For the Year or Period Ended | Net Asset Value, Beginning of Period | Net Investment Income (Loss)<sup>(a)</sup> | Net Gain (Loss) on Investments (Realized and Unrealized) | Total from Investment Operations | Distributions from Net Investment Income | Distributions from Net Realized Gain | Distribution in Excess | Total Distributions | Net Asset Value, End of Period | Total Return<sup>(b)</sup> | Net Assets, End of Period (000's) | Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped<sup>(c)</sup> | Expenses After Investment Advisory Fees (Waived)<sup>(c)</sup> | Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped<sup>(c)</sup> | Net Investment Income (Loss)<sup>(c)</sup> | Portfolio Turnover<sup>(b)</sup> |
| DoubleLine Strategic Commodity Fund - Class N (Consolidated) | DoubleLine Strategic Commodity Fund - Class N (Consolidated) | DoubleLine Strategic Commodity Fund - Class N (Consolidated) | DoubleLine Strategic Commodity Fund - Class N (Consolidated) | DoubleLine Strategic Commodity Fund - Class N (Consolidated) | DoubleLine Strategic Commodity Fund - Class N (Consolidated) | DoubleLine Strategic Commodity Fund - Class N (Consolidated) | DoubleLine Strategic Commodity Fund - Class N (Consolidated) | DoubleLine Strategic Commodity Fund - Class N (Consolidated) | DoubleLine Strategic Commodity Fund - Class N (Consolidated) | DoubleLine Strategic Commodity Fund - Class N (Consolidated) | DoubleLine Strategic Commodity Fund - Class N (Consolidated) | DoubleLine Strategic Commodity Fund - Class N (Consolidated) | DoubleLine Strategic Commodity Fund - Class N (Consolidated) | DoubleLine Strategic Commodity Fund - Class N (Consolidated) | DoubleLine Strategic Commodity Fund - Class N (Consolidated) | DoubleLine Strategic Commodity Fund - Class N (Consolidated) |
| 9/30/2025<sup>(d)</sup> | $7.04 | 0.10 | 0.01 | 0.11 |  |  |  |  | $7.15 | 1.56% | $5193 | 1.54% | 1.54% | 1.35% | 2.90% | 0% |
| 3/31/2025 | $7.68 | 0.26 | (0.72) | (0.46) | (0.18) |  |  | (0.18) | $7.04 | (5.89)% | $7222 | 1.42% | 1.42% | 1.35% | 3.62% | 0% |
| 3/31/2024 | $7.43 | 0.28 | 0.19 | 0.47 | (0.22) |  |  | (0.22) | $7.68 | 6.50% | $13055 | 1.33% | 1.33% | 1.32% | 3.80% | 0% |
| 3/31/2023 | $12.42 | 0.04 | (1.44) | (1.40) | (3.59) |  |  | (3.59) | $7.43 | (12.02)% | $16743 | 1.27% | 1.27% | 1.27% | 0.40% | 0% |
| 3/31/2022 | $9.52 | (0.13) | 4.35 | 4.22 | (1.32) |  |  | (1.32) | $12.42 | 47.78% | $23906 | 1.29% | 1.29% | 1.35% | (1.22)% | 0% |
| 3/31/2021 | $6.87 | (0.07) | 2.72 | 2.65 |  |  |  |  | $9.52 | 38.57% | $20205 | 1.39% | 1.39% | 1.34% | (0.88)% | 0% |
| DoubleLine Global Bond Fund - Class I | DoubleLine Global Bond Fund - Class I | DoubleLine Global Bond Fund - Class I | DoubleLine Global Bond Fund - Class I | DoubleLine Global Bond Fund - Class I | DoubleLine Global Bond Fund - Class I | DoubleLine Global Bond Fund - Class I | DoubleLine Global Bond Fund - Class I | DoubleLine Global Bond Fund - Class I | DoubleLine Global Bond Fund - Class I | DoubleLine Global Bond Fund - Class I | DoubleLine Global Bond Fund - Class I | DoubleLine Global Bond Fund - Class I | DoubleLine Global Bond Fund - Class I | DoubleLine Global Bond Fund - Class I | DoubleLine Global Bond Fund - Class I | DoubleLine Global Bond Fund - Class I |
| 9/30/2025<sup>(d)</sup> | $8.44 | 0.14 | 0.41 | 0.55 | (0.15) |  |  | (0.15) | $8.84 | 6.52% | $246851 | 0.61% | 0.61% | 0.61% | 3.09% | 20% |
| 3/31/2025 | $8.39 | 0.24 | (0.10) | 0.14 | (0.09) |  |  | (0.09) | $8.44 | 1.71% | $148610 | 0.63% | 0.63% | 0.63% | 2.90% | 89% |
| 3/31/2024 | $8.46 | 0.22 | (0.29) | (0.07) |  |  |  |  | $8.39 | (0.83)% | $144005 | 0.59% | 0.59% | 0.60% | 2.61% | 49% |
| 3/31/2023 | $9.26 | 0.11 | (0.91) | (0.80) |  |  |  |  | $8.46 | (8.64)% | $144457 | 0.66% | 0.66% | 0.65% | 1.26% | 112% |
| 3/31/2022 | $10.21 | 0.04 | (0.88) | (0.84) | (0.03) | (0.08) | –<sup>(f</sup>) | (0.11) | $9.26 | (8.29)% | $276559 | 0.56% | 0.56% | 0.56% | 0.37% | 83% |
| 3/31/2021 | $10.21 | 0.05 | 0.12 | 0.17 |  | (0.17) |  | (0.17) | $10.21 | 1.59% | $787064 | 0.55% | 0.55% | 0.55% | 0.50% | 63% |
| DoubleLine Global Bond Fund - Class N | DoubleLine Global Bond Fund - Class N | DoubleLine Global Bond Fund - Class N | DoubleLine Global Bond Fund - Class N | DoubleLine Global Bond Fund - Class N | DoubleLine Global Bond Fund - Class N | DoubleLine Global Bond Fund - Class N | DoubleLine Global Bond Fund - Class N | DoubleLine Global Bond Fund - Class N | DoubleLine Global Bond Fund - Class N | DoubleLine Global Bond Fund - Class N | DoubleLine Global Bond Fund - Class N | DoubleLine Global Bond Fund - Class N | DoubleLine Global Bond Fund - Class N | DoubleLine Global Bond Fund - Class N | DoubleLine Global Bond Fund - Class N | DoubleLine Global Bond Fund - Class N |
| 9/30/2025<sup>(d)</sup> | $8.37 | 0.12 | 0.41 | 0.53 | (0.14) |  |  | (0.14) | $8.76 | 6.31% | $92 | 0.87% | 0.87% | 0.87% | 2.81% | 20% |
| 3/31/2025 | $8.31 | 0.22 | (0.09) | 0.13 | (0.07) |  |  | (0.07) | $8.37 | 1.61% | $102 | 0.88% | 0.88% | 0.88% | 2.66% | 89% |
| 3/31/2024 | $8.41 | 0.19 | (0.29) | (0.10) |  |  |  |  | $8.31 | (1.19)% | $156 | 0.84% | 0.84% | 0.85% | 2.34% | 49% |
| 3/31/2023 | $9.23 | 0.08 | (0.90) | (0.82) |  |  |  |  | $8.41 | (8.88)% | $240 | 0.92% | 0.92% | 0.91% | 0.95% | 112% |
| 3/31/2022 | $10.18 | 0.01 | (0.87) | (0.86) | (0.01) | (0.08) | –<sup>(f</sup>) | (0.09) | $9.23 | (8.45)% | $416 | 0.81% | 0.81% | 0.81% | 0.12% | 83% |
| 3/31/2021 | $10.21 | 0.03 | 0.11 | 0.14 |  | (0.17) |  | (0.17) | $10.18 | 1.30% | $815 | 0.80% | 0.80% | 0.80% | 0.29% | 63% |
| DoubleLine Infrastructure Income Fund - Class I | DoubleLine Infrastructure Income Fund - Class I | DoubleLine Infrastructure Income Fund - Class I | DoubleLine Infrastructure Income Fund - Class I | DoubleLine Infrastructure Income Fund - Class I | DoubleLine Infrastructure Income Fund - Class I | DoubleLine Infrastructure Income Fund - Class I | DoubleLine Infrastructure Income Fund - Class I | DoubleLine Infrastructure Income Fund - Class I | DoubleLine Infrastructure Income Fund - Class I | DoubleLine Infrastructure Income Fund - Class I | DoubleLine Infrastructure Income Fund - Class I | DoubleLine Infrastructure Income Fund - Class I | DoubleLine Infrastructure Income Fund - Class I | DoubleLine Infrastructure Income Fund - Class I | DoubleLine Infrastructure Income Fund - Class I | DoubleLine Infrastructure Income Fund - Class I |
| 9/30/2025<sup>(d)</sup> | $9.41 | 0.22 | 0.17 | 0.39 | (0.23) |  |  | (0.23) | $9.57 | 4.15% | $345708 | 0.61% | 0.61% | 0.61% | 4.74% | 22% |
| 3/31/2025 | $9.22 | 0.39 | 0.19 | 0.58 | (0.39) |  |  | (0.39) | $9.41 | 6.41% | $356526 | 0.59% | 0.59% | 0.59% | 4.14% | 45% |
| 3/31/2024 | $9.05 | 0.34 | 0.16 | 0.50 | (0.33) |  |  | (0.33) | $9.22 | 5.68% | $358912 | 0.57% | 0.57% | 0.57% | 3.72% | 49% |
| 3/31/2023 | $9.67 | 0.28 | (0.60) | (0.32) | (0.27) | (0.03) |  | (0.30) | $9.05 | (3.24)% | $346227 | 0.57% | 0.57% | 0.57% | 3.02% | 8% |
| 3/31/2022 | $10.46 | 0.27 | (0.71) | (0.44) | (0.28) | (0.07) |  | (0.35) | $9.67 | (4.39)% | $521889 | 0.57% | 0.57% | 0.57% | 2.63% | 23% |
| 3/31/2021 | $9.56 | 0.29 | 0.92 | 1.21 | (0.31) |  |  | (0.31) | $10.46 | 12.73% | $566994 | 0.56% | 0.56% | 0.56% | 2.82% | 39% |
| DoubleLine Infrastructure Income Fund - Class N | DoubleLine Infrastructure Income Fund - Class N | DoubleLine Infrastructure Income Fund - Class N | DoubleLine Infrastructure Income Fund - Class N | DoubleLine Infrastructure Income Fund - Class N | DoubleLine Infrastructure Income Fund - Class N | DoubleLine Infrastructure Income Fund - Class N | DoubleLine Infrastructure Income Fund - Class N | DoubleLine Infrastructure Income Fund - Class N | DoubleLine Infrastructure Income Fund - Class N | DoubleLine Infrastructure Income Fund - Class N | DoubleLine Infrastructure Income Fund - Class N | DoubleLine Infrastructure Income Fund - Class N | DoubleLine Infrastructure Income Fund - Class N | DoubleLine Infrastructure Income Fund - Class N | DoubleLine Infrastructure Income Fund - Class N | DoubleLine Infrastructure Income Fund - Class N |
| 9/30/2025<sup>(d)</sup> | $9.42 | 0.21 | 0.16 | 0.37 | (0.21) |  |  | (0.21) | $9.58 | 4.02% | $6948 | 0.86% | 0.86% | 0.86% | 4.49% | 22% |
| 3/31/2025 | $9.23 | 0.36 | 0.20 | 0.56 | (0.37) |  |  | (0.37) | $9.42 | 6.14% | $6388 | 0.84% | 0.84% | 0.84% | 3.88% | 45% |
| 3/31/2024 | $9.06 | 0.33 | 0.15 | 0.48 | (0.31) |  |  | (0.31) | $9.23 | 5.42% | $6971 | 0.83% | 0.83% | 0.83% | 3.60% | 49% |
| 3/31/2023 | $9.68 | 0.25 | (0.59) | (0.34) | (0.25) | (0.03) |  | (0.28) | $9.06 | (3.49)% | $601 | 0.82% | 0.82% | 0.82% | 2.74% | 8% |
| 3/31/2022 | $10.46 | 0.25 | (0.71) | (0.46) | (0.25) | (0.07) |  | (0.32) | $9.68 | (4.60)% | $1794 | 0.82% | 0.82% | 0.82% | 2.38% | 23% |
| 3/31/2021 | $9.56 | 0.27 | 0.92 | 1.19 | (0.29) |  |  | (0.29) | $10.46 | 12.45% | $9700 | 0.81% | 0.81% | 0.81% | 2.58% | 39% |
| DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class I |
| 9/30/2025<sup>(d)</sup> | $11.84 | 0.30 | 1.07 | 1.37 | (0.31) |  |  | (0.31) | $12.90 | 11.69% | $30283 | 1.40% | 1.39% | 0.64% | 4.87% | 21% |
| 3/31/2025 | $12.35 | 0.71 | (0.46) | 0.25 | (0.76) |  |  | (0.76) | $11.84 | 2.15% | $25085 | 1.27% | 1.25% | 0.63% | 5.90% | 66% |
| 3/31/2024 | $12.01 | 0.62 | 0.39 | 1.01 | (0.67) |  |  | (0.67) | $12.35 | 8.88% | $36996 | 0.92% | 0.89% | 0.62% | 5.23% | 85% |
| 3/31/2023 | $13.07 | 0.48 | (0.99) | (0.51) | (0.55) |  |  | (0.55) | $12.01 | (3.48)% | $45489 | 0.93% | 0.89% | 0.61% | 4.17% | 91% |
| 3/31/2022 | $12.75 | 0.26 | 0.39 | 0.65 | (0.33) |  |  | (0.33) | $13.07 | 5.05% | $94443 | 0.79% | 0.75% | 0.61% | 1.91% | 125% |
| 3/31/2021 | $7.88 | 0.21 | 4.88 | 5.09 | (0.22) |  |  | (0.22) | $12.75 | 65.24% | $40292 | 0.93% | 0.91% | 0.62% | 1.96% | 97% |
| DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N | DoubleLine Shiller Enhanced International CAPE<sup>®</sup> - Class N |
| 9/30/2025<sup>(d)</sup> | $11.84 | 0.29 | 1.06 | 1.35 | (0.29) |  |  | (0.29) | $12.90 | 11.54% | $3340 | 1.66% | 1.65% | 0.89% | 4.65% | 21% |
| 3/31/2025 | $12.35 | 0.67 | (0.45) | 0.22 | (0.73) |  |  | (0.73) | $11.84 | 1.86% | $3260 | 1.46% | 1.44% | 0.88% | 5.57% | 66% |
| 3/31/2024 | $12.01 | 0.58 | 0.40 | 0.98 | (0.64) |  |  | (0.64) | $12.35 | 8.59% | $9116 | 1.17% | 1.14% | 0.87% | 4.88% | 85% |
| 3/31/2023 | $13.07 | 0.47 | (1.01) | (0.54) | (0.52) |  |  | (0.52) | $12.01 | (3.73)% | $9111 | 1.20% | 1.16% | 0.86% | 4.13% | 91% |
| 3/31/2022 | $12.76 | 0.22 | 0.39 | 0.61 | (0.30) |  |  | (0.30) | $13.07 | 4.70% | $6011 | 1.03% | 0.99% | 0.86% | 1.59% | 125% |
| 3/31/2021 | $7.88 | 0.19 | 4.88 | 5.07 | (0.19) |  |  | (0.19) | $12.76 | 64.90% | $6002 | 1.18% | 1.16% | 0.87% | 1.85% | 97% |
| DoubleLine Emerging Markets Local Currency Bond Fund - Class I | DoubleLine Emerging Markets Local Currency Bond Fund - Class I | DoubleLine Emerging Markets Local Currency Bond Fund - Class I | DoubleLine Emerging Markets Local Currency Bond Fund - Class I | DoubleLine Emerging Markets Local Currency Bond Fund - Class I | DoubleLine Emerging Markets Local Currency Bond Fund - Class I | DoubleLine Emerging Markets Local Currency Bond Fund - Class I | DoubleLine Emerging Markets Local Currency Bond Fund - Class I | DoubleLine Emerging Markets Local Currency Bond Fund - Class I | DoubleLine Emerging Markets Local Currency Bond Fund - Class I | DoubleLine Emerging Markets Local Currency Bond Fund - Class I | DoubleLine Emerging Markets Local Currency Bond Fund - Class I | DoubleLine Emerging Markets Local Currency Bond Fund - Class I | DoubleLine Emerging Markets Local Currency Bond Fund - Class I | DoubleLine Emerging Markets Local Currency Bond Fund - Class I | DoubleLine Emerging Markets Local Currency Bond Fund - Class I | DoubleLine Emerging Markets Local Currency Bond Fund - Class I |
| 9/30/2025<sup>(d)</sup> | $8.63 | 0.28 | 0.77 | 1.05 | (0.24) |  |  | (0.24) | $9.44 | 12.18% | $224751 | 0.92% | 0.92% | 0.90% | 5.96% | 20% |
| 3/31/2025 | $8.69 | 0.50 | (0.32) | 0.18 | (0.24) |  |  | (0.24) | $8.63 | 2.04% | $11861 | 2.25% | 2.25% | 0.90% | 5.81% | 43% |
| 3/31/2024 | $8.55 | 0.46 | (0.02) | 0.44 | (0.30) |  |  | (0.30) | $8.69 | 5.21% | $11675 | 2.34% | 2.34% | 0.90% | 5.32% | 31% |
| 3/31/2023 | $8.91 | 0.35 | (0.54) | (0.19) | (0.17) |  |  | (0.17) | $8.55 | (1.92)% | $9423 | 2.45% | 2.45% | 0.90% | 4.21% | 20% |
| 3/31/2022 | $9.38 | 0.32 | (0.68) | (0.36) | (0.11) |  |  | (0.11) | $8.91 | (3.90)% | $9238 | 2.75% | 2.75% | 0.90% | 3.51% | 36% |
| 3/31/2021 | $8.64 | 0.30 | 0.61 | 0.91 | (0.17) |  |  | (0.17) | $9.38 | 10.60% | $9604 | 2.57% | 2.57% | 0.90% | 3.11% | 20% |

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| | | | |
|:---|:---|:---|:---|
| **The accompanying notes are an integral part of these financial statements.**<br>| **Semi-Annual Report** | September 30, 2025 | **177**<br>|

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------

**[**TABLE OF CONTENTS**](#TOC)**

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from** <br>**Investment Operations:** | **Income (Loss) from** <br>**Investment Operations:** | **Income (Loss) from** <br>**Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |  | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |  |
| For the Year or Period Ended | Net Asset Value, Beginning of Period | Net Investment Income (Loss)<sup>(a)</sup> | Net Gain (Loss) on Investments (Realized and Unrealized) | Total from Investment Operations | Distributions from Net Investment Income | Distributions from Net Realized Gain | Distribution in Excess | Total Distributions | Net Asset Value, End of Period | Total Return<sup>(b)</sup> | Net Assets, End of Period (000's) | Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped<sup>(c)</sup> | Expenses After Investment Advisory Fees (Waived)<sup>(c)</sup> | Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped<sup>(c)</sup> | Net Investment Income (Loss)<sup>(c)</sup> | Portfolio Turnover<sup>(b)</sup> |
| DoubleLine Emerging Markets Local Currency Bond Fund - Class N | DoubleLine Emerging Markets Local Currency Bond Fund - Class N | DoubleLine Emerging Markets Local Currency Bond Fund - Class N | DoubleLine Emerging Markets Local Currency Bond Fund - Class N | DoubleLine Emerging Markets Local Currency Bond Fund - Class N | DoubleLine Emerging Markets Local Currency Bond Fund - Class N | DoubleLine Emerging Markets Local Currency Bond Fund - Class N | DoubleLine Emerging Markets Local Currency Bond Fund - Class N | DoubleLine Emerging Markets Local Currency Bond Fund - Class N | DoubleLine Emerging Markets Local Currency Bond Fund - Class N | DoubleLine Emerging Markets Local Currency Bond Fund - Class N | DoubleLine Emerging Markets Local Currency Bond Fund - Class N | DoubleLine Emerging Markets Local Currency Bond Fund - Class N | DoubleLine Emerging Markets Local Currency Bond Fund - Class N | DoubleLine Emerging Markets Local Currency Bond Fund - Class N | DoubleLine Emerging Markets Local Currency Bond Fund - Class N | DoubleLine Emerging Markets Local Currency Bond Fund - Class N |
| 9/30/2025<sup>(d)</sup> | $8.62 | 0.26 | 0.77 | 1.03 | (0.23) |  |  | (0.23) | $9.42 | 11.97% | $1082 | 1.90% | 1.90% | 1.15% | 5.62% | 20% |
| 3/31/2025 | $8.68 | 0.48 | (0.33) | 0.15 | (0.21) |  |  | (0.21) | $8.62 | 1.75% | $491 | 2.52% | 2.52% | 1.15% | 5.56% | 43% |
| 3/31/2024 | $8.53 | 0.45 | (0.02) | 0.43 | (0.28) |  |  | (0.28) | $8.68 | 5.10% | $960 | 2.70% | 2.70% | 1.15% | 5.16% | 31% |
| 3/31/2023 | $8.90 | 0.33 | (0.54) | (0.21) | (0.16) |  |  | (0.16) | $8.53 | (2.21)% | $209 | 2.66% | 2.66% | 1.15% | 3.99% | 20% |
| 3/31/2022 | $9.37 | 0.30 | (0.68) | (0.38) | (0.09) |  |  | (0.09) | $8.90 | (4.08)% | $127 | 2.90% | 2.90% | 1.15% | 3.27% | 36% |
| 3/31/2021 | $8.64 | 0.27 | 0.61 | 0.88 | (0.15) |  |  | (0.15) | $9.37 | 10.24% | $96 | 2.82% | 2.82% | 1.15% | 2.86% | 20% |
| DoubleLine Securitized Credit Fund - Class I | DoubleLine Securitized Credit Fund - Class I | DoubleLine Securitized Credit Fund - Class I | DoubleLine Securitized Credit Fund - Class I | DoubleLine Securitized Credit Fund - Class I | DoubleLine Securitized Credit Fund - Class I | DoubleLine Securitized Credit Fund - Class I | DoubleLine Securitized Credit Fund - Class I | DoubleLine Securitized Credit Fund - Class I | DoubleLine Securitized Credit Fund - Class I | DoubleLine Securitized Credit Fund - Class I | DoubleLine Securitized Credit Fund - Class I | DoubleLine Securitized Credit Fund - Class I | DoubleLine Securitized Credit Fund - Class I | DoubleLine Securitized Credit Fund - Class I | DoubleLine Securitized Credit Fund - Class I | DoubleLine Securitized Credit Fund - Class I |
| 9/30/2025<sup>(d)</sup> | $7.94 | 0.24 | 0.06 | 0.30 | (0.24) |  |  | (0.24) | $8.00 | 3.90% | $113859 | 0.84% | 0.84% | 0.65% | 6.01% | 34% |
| 3/31/2025 | $7.80 | 0.49 | 0.17 | 0.66 | (0.52) |  |  | (0.52) | $7.94 | 8.75% | $99290 | 0.83% | 0.83% | 0.65% | 6.19% | 31% |
| 3/31/2024 | $7.53 | 0.46 | 0.38 | 0.84 | (0.57) |  |  | (0.57) | $7.80 | 11.67% | $79772 | 0.88% | 0.88% | 0.65% | 6.13% | 66% |
| 3/31/2023 | $8.62 | 0.40 | (1.09) | (0.69) | (0.40) |  |  | (0.40) | $7.53 | (8.10)% | $50732 | 0.83% | 0.83% | 0.65% | 5.01% | 23% |
| 3/31/2022 | $9.28 | 0.42 | (0.63) | (0.21) | (0.44) |  | (0.01) | (0.45) | $8.62 | (2.42)% | $89732 | 0.72% | 0.72% | 0.65% | 4.55% | 14% |
| 3/31/2021 | $8.05 | 0.36 | 1.20 | 1.56 | (0.33) |  |  | (0.33) | $9.28 | 19.70% | $136369 | 0.74% | 0.74% | 0.65% | 4.07% | 30% |
| DoubleLine Securitized Credit Fund - Class N | DoubleLine Securitized Credit Fund - Class N | DoubleLine Securitized Credit Fund - Class N | DoubleLine Securitized Credit Fund - Class N | DoubleLine Securitized Credit Fund - Class N | DoubleLine Securitized Credit Fund - Class N | DoubleLine Securitized Credit Fund - Class N | DoubleLine Securitized Credit Fund - Class N | DoubleLine Securitized Credit Fund - Class N | DoubleLine Securitized Credit Fund - Class N | DoubleLine Securitized Credit Fund - Class N | DoubleLine Securitized Credit Fund - Class N | DoubleLine Securitized Credit Fund - Class N | DoubleLine Securitized Credit Fund - Class N | DoubleLine Securitized Credit Fund - Class N | DoubleLine Securitized Credit Fund - Class N | DoubleLine Securitized Credit Fund - Class N |
| 9/30/2025<sup>(d)</sup> | $7.95 | 0.23 | 0.06 | 0.29 | (0.23) |  |  | (0.23) | $8.01 | 3.76% | $11966 | 1.09% | 1.09% | 0.90% | 5.76% | 34% |
| 3/31/2025 | $7.81 | 0.47 | 0.18 | 0.65 | (0.51) |  |  | (0.51) | $7.95 | 8.48% | $12738 | 1.09% | 1.09% | 0.90% | 5.93% | 31% |
| 3/31/2024 | $7.54 | 0.45 | 0.37 | 0.82 | (0.55) |  |  | (0.55) | $7.81 | 11.38% | $3984 | 1.13% | 1.13% | 0.90% | 5.92% | 66% |
| 3/31/2023 | $8.63 | 0.38 | (1.09) | (0.71) | (0.38) |  |  | (0.38) | $7.54 | (8.35)% | $3194 | 1.08% | 1.08% | 0.90% | 4.73% | 23% |
| 3/31/2022 | $9.30 | 0.39 | (0.63) | (0.24) | (0.42) |  | (0.01) | (0.43) | $8.63 | (2.75)% | $12838 | 1.03% | 1.03% | 0.90% | 4.30% | 14% |
| 3/31/2021 | $8.05 | 0.34 | 1.22 | 1.56 | (0.31) |  |  | (0.31) | $9.30 | 19.67% | $2676 | 0.99% | 0.99% | 0.90% | 3.84% | 30% |

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<sup>(a)</sup>

Calculated based on average shares outstanding during the period.

<sup>(b)</sup>

Not annualized for periods less than one year.

<sup>(c)</sup>

Annualized for periods less than one year.

<sup>(d)</sup>

Unaudited

<sup>(e)</sup>

Includes TBA transactions. If TBA transactions were excluded, portfolio turnover would have been 6% and 78%, respectively, for the periods ended September 30, 2025 and March 31, 2025.

<sup>(f)</sup>

Less than $0.005 per share.

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| | | |
|:---|:---|:---|
| **178**<br>| **DoubleLine Funds Trust**<br>| **The accompanying notes are an integral part of these financial statements.** |

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**[**TABLE OF CONTENTS**](#TOC)**

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| | |
|:---|:---|
| **Notes to Financial Statements** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) <br>September 30, 2025 |

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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, the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Shiller Enhanced CAPE<sup>®</sup>, DoubleLine Flexible Income Fund, DoubleLine Low Duration Emerging Markets Fixed Income Fund, DoubleLine Long Duration Total Return Bond Fund, DoubleLine Strategic Commodity Fund, DoubleLine Global Bond Fund, DoubleLine Infrastructure Income Fund, DoubleLine Shiller Enhanced International CAPE<sup>®</sup>, DoubleLine Emerging Markets Local Currency Bond Fund and DoubleLine Securitized Credit Fund (formerly known as DoubleLine Income Fund) (each, a "Fund" and, collectively, the "Funds"), along with DoubleLine Selective Credit Fund. For financial information related to the DoubleLine Selective Credit Fund, please refer to the DoubleLine Selective Credit Fund's separate semi-annual report.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Commencement of Operations** | **Commencement of Operations** | **Commencement of Operations** |
| <br>**Fund Name** | <br>**Investment Objective** | **I Shares** | **N Shares** | **R6 Shares** |
| DoubleLine Total Return Bond Fund | Maximize total return | 4/6/2010 | 4/6/2010 | 7/31/2019 |
| DoubleLine Core Fixed Income Fund | Maximize current income and total return | 6/1/2010 | 6/1/2010 | 7/31/2019 |
| DoubleLine Emerging Markets Fixed Income Fund | Seek high total return from current income and capital appreciation | 4/6/2010 | 4/6/2010 |  |
| DoubleLine Low Duration Bond Fund | Seek current income | 9/30/2011 | 9/30/2011 | 7/31/2019 |
| DoubleLine Floating Rate Fund | Seek a high level of current income | 2/1/2013 | 2/1/2013 |  |
| DoubleLine Shiller Enhanced CAPE<sup>®</sup> | Seek total return which exceeds the total return of its benchmark index over a full market cycle | 10/31/2013 | 10/31/2013 | 7/31/2019 |
| DoubleLine Flexible Income Fund | Seek long-term total return while striving to generate current income | 4/7/2014 | 4/7/2014 | 7/31/2019 |
|  DoubleLine Low Duration Emerging Markets Fixed Income Fund | Seek long-term total return | 4/7/2014 | 4/7/2014 |  |
| DoubleLine Long Duration Total Return Bond Fund | Seek long-term total return | 12/15/2014 | 12/15/2014 |  |
| DoubleLine Strategic Commodity Fund (Consolidated) | Seek long-term total return | 5/18/2015 | 5/18/2015 |  |
| DoubleLine Global Bond Fund | Seek long-term total return | 12/17/2015 | 12/17/2015 |  |
| DoubleLine Infrastructure Income Fund | Seek long-term total return while striving to generate current income | 4/1/2016 | 4/1/2016 |  |
| DoubleLine Shiller Enhanced International CAPE<sup>®</sup> | Seek total return which exceeds the total return of its benchmark index over a full market cycle | 12/23/2016 | 12/23/2016 |  |
| DoubleLine Emerging Markets Local Currency Bond Fund | Seek high total return from current income and capital appreciation | 6/28/2019 | 6/28/2019 |  |
| DoubleLine Securitized Credit Fund | Provide income as a primary investment objective and total return as a secondary investment objective | 9/3/2019 | 9/3/2019 |  |

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The fiscal year end for the Funds is March 31, and the period covered by these financial statements is for the six months ended September 30, 2025 (the "period end").

The Board of Trustees (the "Board") has approved: (1) a proposed reorganization of DoubleLine Securitized Credit Fund with and into DoubleLine Securitized Credit ETF, a newly organized exchange-traded fund, (2) a proposed reorganization of DoubleLine Infrastructure Income Fund (to be renamed "DoubleLine Select Income Fund") with and into American Beacon DoubleLine Select Income Fund, a newly formed series of American Beacon DoubleLine Select Income Fund, and (3) a proposed reorganization of DoubleLine Floating Rate Fund with and into American Beacon DoubleLine Floating Rate Income Fund, a series of the American Beacon Funds (each, a "Proposal"). Each Proposal is subject to the approval of the shareholders of the DoubleLine Fund to be

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| | | |
|:---|:---|:---|
| **Semi-Annual Report**  | September 30, 2025 | **179**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

reorganized. For each Proposal, additional and important details about the Proposal and the special meeting of shareholders of the applicable DoubleLine fund will be described in a combined proxy statement/prospectus, which is anticipated to be sent to shareholders in the fourth quarter of 2025.

On August 19, 2025, the Board approved the creation and offering of a new share class, Class I2, for the Funds.

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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Significant unobservable inputs (including the reporting entity's estimates and assumptions)

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

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| | |
|:---|:---|
| **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 data (collectively referred to as "standard inputs") comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference |
| Corporate bonds and notes; convertible securities | Standard inputs and underlying equity of the issuer |
|  US bonds and notes of government and government agencies | Standard inputs |
|  Residential and commercial mortgage-backed obligations; asset-backed obligations (including collateralized loan obligations) | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information, trustee reports |
| Bank loans | Standard inputs |

---

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

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

Over-the-counter financial derivative instruments, such as forward currency exchange contracts, options contracts, or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of valuations obtained from counterparties, published index closing levels or evaluated prices supplied by independent pricing services, some or all of which may be based on market data from trading on

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|:---|:---|
| **180**<br>| **DoubleLine Funds Trust** |

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements (Cont.)**<br>

exchanges that closed significantly before the time as of which a Fund calculates its NAV. Forward foreign currency contracts are generally valued based on rates provided by independent data providers. Exchange traded futures and options on futures are generally valued at the settlement price determined by the relevant exchange on which they principally trade, and exchange traded options are generally valued at the last trade price on the exchange on which they principally trade. A Fund does not normally take into account trading, clearances or settlements that take place after the close of the principal exchange or market on which such securities are traded. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy.

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

The following is a summary of the fair valuations according to the inputs used to value the Funds' investments as of September 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **DoubleLine** <br>**Total Return** <br>**Bond Fund** | **DoubleLine** <br>**Core Fixed** <br>**Income Fund** | **DoubleLine Emerging Markets** <br>**Fixed Income Fund**  | **DoubleLine** <br>**Low Duration Bond Fund** | **DoubleLine Floating** <br>**Rate Fund** | **DoubleLine Shiller Enhanced CAPE<sup>®</sup>** |
| **Investments in Securities** |  |  |  |  |  |  |
| Level 1 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Short Term Investments | $1288447837 | $216756252 | $15911655 | $263630189 | $11115268 | $58416459 |
| &nbsp;&nbsp;&nbsp; Affiliated Mutual Funds |  | 524821231 |  |  |  |  |
| Total Level 1 | 1288447837 | 741577483 | 15911655 | 263630189 | 11115268 | 58416459 |
| Level 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; US Government and Agency Mortgage Backed Obligations | 14967528946 | 1491753610 |  | 313877237 |  | 157221860 |
| &nbsp;&nbsp;&nbsp; Non-Agency Residential Collateralized Mortgage Obligations | 7294362551 | 696989154 |  | 905505040 |  | 442192443 |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage Backed Obligations | 2336356299 | 328593220 |  | 863246847 |  | 389078138 |
| &nbsp;&nbsp;&nbsp; Asset Backed Obligations | 1736682910 | 201045464 |  | 467789462 |  | 263297250 |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations | 1347222947 | 180906223 |  | 698370509 |  | 380502848 |
| &nbsp;&nbsp;&nbsp; US Government and Agency Obligations | 1306558575 | 1308788312 |  | 1542927846 |  | 1090722986 |
| &nbsp;&nbsp;&nbsp; US Corporate Bonds |  | 1023051663 |  | 702179608 | 5289870 | 373382802 |
| &nbsp;&nbsp;&nbsp; Foreign Corporate Bonds |  | 360861711 | 283311315 | 417810579 | 490636 | 136809028 |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 155587456 |  |  | 97182055 | 68603843 |
| &nbsp;&nbsp;&nbsp; Short Term Investments |  | 124592836 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations |  | 71155581 | 121551719 | 123696100 |  | 19248226 |
| &nbsp;&nbsp;&nbsp; Escrow Notes |  | 47250 | 45500 |  |  |  |
| Total Level 2 | 28988712228 | 5943372480 | 404908534 | 6035403228 | 102962561 | 3321059424 |
| Level 3 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset Backed Obligations | 26136864 | 5985322 |  | 6707863 |  |  |
| &nbsp;&nbsp;&nbsp; Foreign Corporate Bonds |  | 170674 | 70147 | 147638 |  | 69076 |
| &nbsp;&nbsp;&nbsp; Escrow Notes |  | 345 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  |  |  |  | 246686 |  |
| &nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |  |
| Total Level 3 | 26136864 | 6156341 | 70147 | 6855501 | 246686 | 69076 |
| Total | $30303296929 | $6691106304 | $420890336 | $6305888918 | $114324515 | $3379544959 |

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| | | |
|:---|:---|:---|
| **Semi-Annual Report**  | September 30, 2025 | **181**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **DoubleLine** <br>**Total Return** <br>**Bond Fund** | **DoubleLine** <br>**Core Fixed** <br>**Income Fund** | **DoubleLine Emerging Markets** <br>**Fixed Income Fund**  | **DoubleLine** <br>**Low Duration Bond Fund** | **DoubleLine Floating** <br>**Rate Fund** | **DoubleLine Shiller Enhanced CAPE<sup>®</sup>** |
| **Other Financial Instruments** |  |  |  |  |  |  |
| Level 1 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | $32752480 | $268358 | $— | $— | $— | $— |
| Total Level 1 | 32752480 | 268358 |  |  |  |  |
| Level 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unfunded Commitments |  | 1091 |  |  | 759 |  |
| &nbsp;&nbsp;&nbsp; Excess Return Swaps |  |  |  |  |  | 118043344 |
| Total Level 2 |  | 1091 |  |  | 759 | 118043344 |
| Level 3 |  |  |  |  |  |  |
| Total | $32752480 | $269449 | $— | $— | $759 | $118043344 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **DoubleLine Flexible Income Fund** | **DoubleLine** <br>**Low Duration** <br>**Emerging Markets** <br>**Fixed Income Fund** | **DoubleLine** <br>**Long Duration** <br>**Total Return** <br>**Bond Fund** | **DoubleLine** <br>**Strategic Commodity** <br>**Fund (Consolidated)** | **DoubleLine Global Bond** <br>**Fund** | **DoubleLine Infrastructure Income Fund** |
| **Investments in Securities** |  |  |  |  |  |  |
| Level 1 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Short Term Investments | $51304923 | $2571996 | $6027128 | $2802575 | $2856849 | $10064978 |
| &nbsp;&nbsp;&nbsp; Affiliated Mutual Funds | 40879998 |  |  |  |  |  |
| Total Level 1 | 92184921 | 2571996 | 6027128 | 2802575 | 2856849 | 10064978 |
| Level 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Non-Agency Residential Collateralized Mortgage Obligations | 230990383 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations | 185648331 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; US Government and Agency Mortgage Backed Obligations | 183177999 |  | 50333270 |  |  |  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage Backed Obligations | 145773886 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans | 144408073 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Short Term Investments | 121833175 |  |  | 71966248 |  |  |
| &nbsp;&nbsp;&nbsp; Asset Backed Obligations | 85985922 |  |  |  |  | 165399161 |
| &nbsp;&nbsp;&nbsp; Foreign Corporate Bonds | 59617837 | 89662227 |  |  |  | 11499806 |
| &nbsp;&nbsp;&nbsp; US Corporate Bonds | 55751683 |  |  |  |  | 145403576 |
| &nbsp;&nbsp;&nbsp; US Government and Agency Obligations | 40472149 |  |  |  | 90482834 | 4080234 |
| &nbsp;&nbsp;&nbsp; Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 21525312 | 36322740 |  |  | 151904475 | 2755936 |
| &nbsp;&nbsp;&nbsp; Escrow Notes | 5250 |  |  |  |  |  |
| Total Level 2 | 1275190000 | 125984967 | 50333270 | 71966248 | 242387309 | 329138713 |
| Level 3 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign Corporate Bonds | 9669 | 30801 |  |  |  | 2150057 |
| &nbsp;&nbsp;&nbsp; Escrow Notes | 63 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; US Corporate Bonds |  |  |  |  |  | 5078000 |
| &nbsp;&nbsp;&nbsp; Asset Backed Obligations |  |  |  |  |  | 5054756 |
| &nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  |  |  |  |  |  |
| Total Level 3 | 9732 | 30801 |  |  |  | 12282813 |
| Total | $1367384653 | $128587764 | $56360398 | $74768823 | $245244158 | $351486504 |

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|:---|:---|
| **182**<br>| **DoubleLine Funds Trust** |

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements (Cont.)**<br>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **DoubleLine Flexible Income Fund** | **DoubleLine** <br>**Low Duration** <br>**Emerging Markets** <br>**Fixed Income Fund** | **DoubleLine** <br>**Long Duration** <br>**Total Return** <br>**Bond Fund** | **DoubleLine** <br>**Strategic Commodity** <br>**Fund (Consolidated)** | **DoubleLine Global Bond** <br>**Fund** | **DoubleLine Infrastructure Income Fund** |
| **Other Financial Instruments** |  |  |  |  |  |  |
| Level 1 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | $— | $— | $319580 | $— | $— | $— |
| Total Level 1 |  |  | 319580 |  |  |  |
| Level 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unfunded Commitments | 821 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Excess Return Swaps |  |  |  | (868078) |  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  |  |  |  | 89191 |  |
| Total Level 2 | 821 |  |  | (868078) | 89191 |  |
| Level 3 |  |  |  |  |  |  |
| Total | $821 | $— | $319580 | $(868078) | $89191 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| **Category** | **DoubleLine** <br>**Shiller Enhanced International CAPE<sup>®</sup>** | **DoubleLine Emerging Markets Local Currency** <br>**Bond Fund** | **DoubleLine Securitized Credit Fund** |
| **Investments in Securities** |  |  |  |
| Level 1 |  |  |  |
| &nbsp;&nbsp;&nbsp; Short Term Investments | $1858607 | $8038806 | $8217816 |
| &nbsp;&nbsp;&nbsp; Affiliated Mutual Funds | 649212 |  |  |
| Total Level 1 | 2507819 | 8038806 | 8217816 |
| Level 2 |  |  |  |
| &nbsp;&nbsp;&nbsp; US Government and Agency Obligations | 7900702 |  |  |
| &nbsp;&nbsp;&nbsp; Non-Agency Residential Collateralized Mortgage Obligations | 4627979 |  | 28339925 |
| &nbsp;&nbsp;&nbsp; US Corporate Bonds | 4557418 |  |  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage Backed Obligations | 4248609 |  | 24916765 |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations | 3579280 |  | 19032690 |
| &nbsp;&nbsp;&nbsp; Asset Backed Obligations | 2168410 |  | 16691579 |
| &nbsp;&nbsp;&nbsp; US Government and Agency Mortgage Backed Obligations | 1386335 |  | 29656697 |
| &nbsp;&nbsp;&nbsp; Foreign Corporate Bonds | 486249 | 21771205 |  |
| &nbsp;&nbsp;&nbsp; Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations |  | 193742465 |  |
| Total Level 2 | 28954982 | 215513670 | 118637656 |
| Level 3 |  |  |  |
| Total | $31462801 | $223552476 | $126855472 |
| **Other Financial Instruments** |  |  |  |
| Level 2 |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $1831600 | $— | $— |
| &nbsp;&nbsp;&nbsp; Excess Return Swaps | 765521 |  |  |
| Total Level 2 | 2597121 |  |  |
| Level 3 |  |  |  |
| Total | $2597121 | $— | $— |

---

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

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| | | |
|:---|:---|:---|
| **Semi-Annual Report**  | September 30, 2025 | **183**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DoubleLine Infrastructure** <br>**Income Fund** | **Fair Value as of March 31, 2025** | **Net Realized Gain (Loss)** | **Net Change** <br>**in Unrealized Appreciation (Depreciation)<sup>(c)</sup>** | **Net** <br>**Accretion (Amortization)** | **Purchases<sup>(a)</sup>** | **Sales<sup>(b)</sup>** | **Transfers** <br>**Into Level 3<sup>(d)</sup>** | **Transfers Out of Level 3<sup>(d)</sup>** | **Fair Value as of September 30, 2025** | **Net Change in Unrealized Appreciation (Depreciation) on securities held at September 30, 2025<sup>(c)</sup>** |
|  **Investments in Securities** |  |  |  |  |  |  |  |  |  |  |
| Corporate Bonds | $5154000 | $— | $(76000) | $— | $— | $— | $— | $— | $5078000 | $(76000) |
|  Asset Backed Obligations |  |  | 59756 |  | 4995000 |  |  |  | 5054756 |  |
|  Foreign Corporate Bonds | 2474761 | 3356 | 31861 | 4367 |  | (364288) |  |  | 2150057 | 26772 |
| **Total** | $7628761 | $3356 | $15617 | $4367 | $4995000 | $(364288) | $— | $— | $12282813 | $(49228) |

---

<sup>(a)</sup> Purchases include all purchases of securities, payups and corporate actions.

<sup>(b)</sup> Sales include all sales of securities, maturities, and paydowns.

<sup>(c)</sup> Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on securities held at September 30, 2025 may be due to a security that was not held or categorized as Level 3 at either period end.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DoubleLine Infrastructure Income Fund** | **Fair Value as of September 30, 2025** | **Valuation Techniques** | **Unobservable Input** | **Unobservable Input Values** <br>**(Weighted Average)<sup>(e)</sup>** | **Impact to valuation from an increase to input** |
| Corporate Bonds | $5078000 | Market Comparables | Market Quotes | $101.56 ($101.56) | Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security |
| Asset Backed Obligations | $5054756 | Market Comparables | Market Quotes | $101.10 ($101.10) | Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security |
| Foreign Corporate Bonds | $2150057 | Market Comparables | Market Quotes | $98.50 - $101.50 ($101.07) | Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security |

---

<sup>(e)</sup> Unobservable inputs were weighted by the relative fair value of the instruments.

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

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

The Funds have adopted financial reporting rules that require the Funds to analyze all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions. Open tax years 2022-2024 (Federal) and 2021-2024 (CA/DE/FL) for the Funds, are those that are open for exam by taxing authorities to the extent that each Fund operated within those respective tax years. As of September 30, 2025, 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, 2025. The Funds identify their major tax jurisdictions as U.S. Federal, the State of Delaware and the State of Florida. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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| | |
|:---|:---|
| **184**<br>| **DoubleLine Funds Trust** |

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements (Cont.)**<br>

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

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

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

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from US GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed (accumulated) net investment income (loss), and/or undistributed (accumulated) realized gain (loss).

Undistributed (accumulated) net investment income or loss may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or capital gain remaining at fiscal year end is distributed in the following year.

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

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

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

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

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| | | |
|:---|:---|:---|
| **Semi-Annual Report**  | September 30, 2025 | **185**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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

As of September 30, 2025, the below Funds had the following unfunded positions:

**DoubleLine Core Fixed Income Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Par** | **Commitment Amount** | **Fair Value** | **Unrealized Appreciation (Depreciation)** |
| Kaman Corporation | $109493 | $109493 | $109268 | $(225) |
| Savor Acquisition, Inc. | 60345 | 60291 | 60774 | 483 |
| GC Ferry Acquisition I, Inc. | 48125 | 47412 | 47722 | 310 |
| Signia Aerospace, LLC | 57231 | 57088 | 57410 | 322 |
| Pinnacle Buyer LLC | 40323 | 40222 | 40423 | 201 |
|  |  | $314506 | $315597 | $1091 |

---

**DoubleLine Floating Rate Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Par** | **Commitment Amount** | **Fair Value** | **Unrealized Appreciation (Depreciation)** |
| Kaman Corporation | $48707 | $48707 | $48607 | $(100) |
| Savor Acquisition, Inc. | 40948 | 40911 | 41240 | 329 |
| GC Ferry Acquisition I, Inc. | 30625 | 30180 | 30368 | 188 |
| Signia Aerospace, LLC | 39231 | 39133 | 39354 | 221 |
| Pinnacle Buyer LLC | 24194 | 24133 | 24254 | 121 |
|  |  | $183064 | $183823 | $759 |

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**DoubleLine Flexible Income Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Par** | **Commitment Amount** | **Fair Value** | **Unrealized Appreciation (Depreciation)** |
| Kaman Corporation | $68969 | $68969 | $68827 | $(142) |
| Savor Acquisition, Inc. | 37500 | 37467 | 37767 | 300 |
| GC Ferry Acquisition I, Inc. | 44479 | 43812 | 44106 | 294 |
| Signia Aerospace, LLC | 32538 | 32457 | 32640 | 183 |
| Pinnacle Buyer LLC | 37097 | 37004 | 37190 | 186 |
|  |  | $219709 | $220530 | $821 |

---

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.

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| | |
|:---|:---|
| **186**<br>| **DoubleLine Funds Trust** |

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements (Cont.)**<br>

J. Basis for Consolidation. The DoubleLine Strategic Commodity Fund may invest up to 25% of its total assets in the DoubleLine Strategic Commodity, Ltd. (a "Subsidiary"). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by the Fund. The Subsidiary invests in commodity-related investments and other investments. The consolidated financial statements include the accounts and balances of the Fund and its Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

As of September 30, 2025, the relationship of the Subsidiary to the Fund was as follows:

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| | |
|:---|:---|
|  | **DoubleLine** <br>**Strategic** <br>**Commodity** <br>**Fund** <br>(Consolidated) |
| Commencement of Operations | 5/18/2015 |
| Fund Net Assets | $73497511 |
| Subsidiary % of Fund Net Assets | 23.40% |
| Subsidiary Financial Statement Information |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $17196219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income | 413995 |
| Net Realized Gain/(Loss) | 1179589 |

---

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.

L. Mortgage Dollar Rolls. The Funds may enter into mortgage dollar roll transactions of TBA securities which the funds sell a TBA mortgage-backed security to a counterparty and simultaneously enter into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented on the Financial Highlights.

M. Segment Reporting. The Funds have adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires incremental disclosures relating to a public entity's reportable segments. Each Fund operates as a single operating segment, which is an investment portfolio. The Trust's president and principal executive officer and the Trust's treasurer and principal financial and accounting officer together serve as each Fund's chief operating decision maker ("CODM"). Each Fund's total returns, expense ratios, and changes in net assets, which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment, are consistent with that presented within the Fund's financial statements and financial highlights. Segment assets are reflected in each Fund's Statement of Assets and Liabilities as "net assets," which consist primarily of investment securities, at value, and significant segment expenses are listed in each Fund's accompanying Statement of Operations.

3. Related and Other Party Transactions

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

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

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|:---|:---|:---|
| **Semi-Annual Report**  | September 30, 2025 | **187**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

applicable Fund's expense limitation is expected to apply until at least August 1, 2026. Each applicable expense limitation may be terminated during the term only by a majority vote of the disinterested Trustees of the Board.

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

---

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,** | **March 31,** | **March 31,** | **March 31,** |
|  | **2026** | **2027** | **2028** | **2029** |
| DoubleLine Floating Rate Fund | $— | $— | $6367 | $80525 |
| DoubleLine Low Duration Emerging Markets Fixed Income Fund | $234164 | $254449 | $213363 | $120538 |
| DoubleLine Long Duration Total Return Bond Fund | $44196 | $66826 | $164478 | $70000 |
| DoubleLine Strategic Commodity Fund (Consolidated) | $— | $18057 | $91832 | $76982 |
| DoubleLine Shiller Enhanced International CAPE<sup>®</sup> | $170757 | $132622 | $211597 | $122053 |
| DoubleLine Emerging Markets Local Currency Fund | $137372 | $171745 | $166538 | $14504 |
| DoubleLine Securitized Credit Fund | $129356 | $120118 | $182513 | $107284 |

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| | |
|:---|:---|
| **188**<br>| **DoubleLine Funds Trust** |

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements (Cont.)**<br>

For the period ended September 30, 2025, the Advisors did not recoup any previously waived eligible expenses.

If a Fund invested in other investment vehicles sponsored by an Adviser ("other DoubleLine Funds") during the period, such Adviser waived its advisory fee to the Fund in an amount equal to the advisory fees paid to the Adviser by the other DoubleLine Funds in respect of Fund assets so invested. Accordingly, the Adviser waived the following fees for the period ended September 30, 2025:

---

| | |
|:---|:---|
| DoubleLine Core Fixed Income Fund | $1174737 |
| DoubleLine Flexible Income Fund | $67410 |
| DoubleLine Shiller Enhanced International CAPE<sup>®</sup> | $1620 |

---

As of September 30, 2025, greater than 5% of the following DoubleLine Funds was held by other DoubleLine Funds as follows:

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| | | |
|:---|:---|:---|
| **Affiliated Fund Held** | **% Owned** | **Significant Owner** |
| DoubleLine Long Duration Total Return Bond Fund | 58% | DoubleLine Core Fixed Income Fund |
| DoubleLine Global Bond Fund | 66% | DoubleLine Core Fixed Income Fund |
| DoubleLine Infrastructure Income Fund | 75% | DoubleLine Core Fixed Income Fund |
| DoubleLine Emerging Markets Local Currency Bond Fund | 29% | DoubleLine Core Fixed Income Fund |
| DoubleLine Emerging Markets Local Currency Bond Fund | 18% | DoubleLine Flexible Income Fund |

---

DoubleLine Capital LP and certain DoubleLine affiliated advisors 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 Transaction 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 September 30, 2025:

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| | |
|:---|:---|
|  | **% Owned** |
| DoubleLine Shiller Enhanced CAPE<sup>®</sup> | 59% |

---

4. Distribution, Sales Charge and Redemption Fees

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

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

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| | | |
|:---|:---|:---|
| **Semi-Annual Report**  | September 30, 2025 | **189**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

5. Purchases and Sales of Securities

Investment transactions (excluding short-term investments and in-kind transactions) for the period ended September 30, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **All Other** | **All Other** | **U.S. Government<sup>1</sup>** | **U.S. Government<sup>1</sup>** |
|  | **Purchases at** <br>**Cost** | **Sales or** <br>**Maturity** <br>**Proceeds** | **Purchases at** <br>**Cost** | **Sales or** <br>**Maturity** <br>**Proceeds** |
| DoubleLine Total Return Bond Fund | $2235984089 | $2999470465 | $299111571 | $— |
| DoubleLine Core Fixed Income Fund | $1195185538 | $1245159052 | $211499557 | $55064063 |
| DoubleLine Emerging Markets Fixed Income Fund | $101623244 | $121762938 | $— | $— |
| DoubleLine Low Duration Bond Fund | $1094290694 | $1048035709 | $149159125 | $126667559 |
| DoubleLine Floating Rate Fund | $53026252 | $97735637 | $— | $— |
| Doubleline Shiller Enhanced CAPE<sup>®</sup> | $408795180 | $624850570 | $208639860 | $215462969 |
| DoubleLine Flexible Income Fund | $384778576 | $259914836 | $26253710 | $41530914 |
| DoubleLine Low Duration Emerging Markets Fixed Income Fund | $36554245 | $53675302 | $— | $— |
| DoubleLine Long Duration Total Return Bond Fund (TBA Include) | $20208358 | $17937733 | $— | $— |
| DoubleLine Long Duration Total Return Bond Fund (TBA Exlcude) | $20208358 | $17937733 | $— | $— |
| DoubleLine Strategic Commodity Fund (Consolidated) | $— | $— | $— | $— |
| DoubleLine Global Bond Fund | $91546902 | $30125301 | $36598157 | $6848759 |
| DoubleLine Infrastructure Income Fund | $74876234 | $96611013 | $— | $— |
| Doubleline Shiller Enhanced International CAPE<sup>®</sup> | $4980518 | $4719411 | $4520906 | $1140123 |
| DoubleLine Emerging Markets Local Currency Bond Fund | $216420375 | $18703875 | $— | $— |
| DoubleLine Securitized Credit Fund | $45982600 | $36362074 | $— | $— |

---

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

6. Share Transactions

Transactions in each Fund's shares were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DoubleLine Total Return Bond Fund** | **DoubleLine Total Return Bond Fund** | **DoubleLine Total Return Bond Fund** | **DoubleLine Total Return Bond Fund** | **DoubleLine Core Fixed Income Fund** | **DoubleLine Core Fixed Income Fund** | **DoubleLine Core Fixed Income Fund** | **DoubleLine Core Fixed Income Fund** |
|  | **Period Ended** <br>**September 30, 2025** | **Period Ended** <br>**September 30, 2025** | **Year Ended** <br>**March 31, 2025** | **Year Ended** <br>**March 31, 2025** | **Period Ended** <br>**September 30, 2025** | **Period Ended** <br>**September 30, 2025** | **Year Ended** <br>**March 31, 2025** | **Year Ended** <br>**March 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares Sold |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | 319493245 | $2820938295 | 697022122 | $6117784559 | 91116521 | $843175855 | 166163767 | $1534021195 |
| &nbsp;&nbsp;&nbsp; Class N | 37844069 | 333173763 | 113752551 | 998385062 | 2387785 | 22048676 | 4011058 | 37068401 |
| &nbsp;&nbsp;&nbsp; Class R6 | 17496495 | 154319695 | 95980730 | 852960343 | 5177160 | 47877093 | 16593211 | 153833593 |
| Reinvested Dividends  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | 48336677 | 426673790 | 99768546 | 873634581 | 10072210 | 93375270 | 22881746 | 210857564 |
| &nbsp;&nbsp;&nbsp; Class N | 9773534 | 86223266 | 19210580 | 168103427 | 433169 | 4011196 | 993509 | 9148253 |
| &nbsp;&nbsp;&nbsp; Class R6 | 2638306 | 23287997 | 4309331 | 37798422 | 354292 | 3286124 | 959384 | 8856148 |
| Shares Redeemed  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | (339748050) | (2993110530) | (952828663) | (8357579953) | (103394560) | (956413132) | (222027740) | (2041022987) |
| &nbsp;&nbsp;&nbsp; Class N | (44666343) | (393751086) | (172514033) | (1509832813) | (3535262) | (32644473) | (10062105) | (92594175) |
| &nbsp;&nbsp;&nbsp; Class R6 | (39889561) | (353498592) | (54371921) | (476387871) | (11062618) | (101154219) | (7126158) | (65774579) |
|  Increase (Decrease) in Net Assets Resulting from Net Share Transactions | 11278372 | $104256598 | (149670757) | $(1295134243) | (8451303) | $(76437610) | (27613328) | $(245606587) |

---

---

| | |
|:---|:---|
| **190**<br>| **DoubleLine Funds Trust** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements (Cont.)**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DoubleLine Emerging Markets Fixed Income Fund** | **DoubleLine Emerging Markets Fixed Income Fund** | **DoubleLine Emerging Markets Fixed Income Fund** | **DoubleLine Emerging Markets Fixed Income Fund** | **DoubleLine Low Duration Bond Fund** | **DoubleLine Low Duration Bond Fund** | **DoubleLine Low Duration Bond Fund** | **DoubleLine Low Duration Bond Fund** |
|  | **Period Ended** <br>**September 30, 2025** | **Period Ended** <br>**September 30, 2025** | **Year Ended** <br>**March 31, 2025** | **Year Ended** <br>**March 31, 2025** | **Period Ended** <br>**September 30, 2025** | **Period Ended** <br>**September 30, 2025** | **Year Ended** <br>**March 31, 2025** | **Year Ended** <br>**March 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares Sold  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | 6758165 | $61527493 | 11234391 | $100685460 | 85069148 | $820706531 | 160435180 | $1542728693 |
| &nbsp;&nbsp;&nbsp; Class N | 358018 | 3238067 | 2437204 | 21978502 | 4794461 | 46204265 | 9506952 | 91352371 |
| &nbsp;&nbsp;&nbsp; Class R6 |  |  |  |  | 4537586 | 43775844 | 6221007 | 59763571 |
| Reinvested Dividends  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | 840306 | 7595393 | 1958889 | 17520627 | 10421361 | 100497286 | 20511920 | 196977127 |
| &nbsp;&nbsp;&nbsp; Class N | 61190 | 553454 | 140190 | 1256972 | 1380465 | 13301374 | 2947522 | 28279145 |
| &nbsp;&nbsp;&nbsp; Class R6 |  |  |  |  | 83779 | 808305 | 72138 | 692936 |
| Shares Redeemed  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | (8316392) | (74881791) | (20659678) | (185002329) | (82196859) | (792439287) | (128734359) | (1237827754) |
| &nbsp;&nbsp;&nbsp; Class N | (603156) | (5468559) | (2768413) | (24897931) | (6830176) | (65837783) | (15376978) | (147692042) |
| &nbsp;&nbsp;&nbsp; Class R6 |  |  |  |  | (2860489) | (27625252) | (7069237) | (68012683) |
|  Increase (Decrease) in Net Assets Resulting from Net Share Transactions | (901869) | $(7435943) | (7657417) | $(68458699) | 14399276 | $139391283 | 48514145 | $466261364 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DoubleLine Floating Rate Fund**  | **DoubleLine Floating Rate Fund**  | **DoubleLine Floating Rate Fund**  | **DoubleLine Floating Rate Fund**  | **DoubleLine Shiller Enhanced CAPE<sup>®</sup>**  | **DoubleLine Shiller Enhanced CAPE<sup>®</sup>**  | **DoubleLine Shiller Enhanced CAPE<sup>®</sup>**  | **DoubleLine Shiller Enhanced CAPE<sup>®</sup>**  |
|  | **Period Ended September 30, 2025**  | **Period Ended September 30, 2025**  | **Year Ended March 31, 2025**  | **Year Ended March 31, 2025**  | **Period Ended September 30, 2025**  | **Period Ended September 30, 2025**  | **Year Ended March 31, 2025**  | **Year Ended March 31, 2025**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Shares Sold  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I  | 1334035  | $11860121  | 4661273  | $42136262  | 14810921  | $229290733  | 42352748  | $639552816  |
| &nbsp;&nbsp;&nbsp; Class N  | 1077468  | 9714890  | 871635  | 7902631  | 661768  | 10336237  | 2379296  | 35673977  |
| &nbsp;&nbsp;&nbsp; Class R6  | —  | —  | —  | —  | 48529  | 767281  | 1054010  | 16335846  |
| Reinvested Dividends  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I  | 169242  | 1515797  | 426888  | 3842750  | 1554553  | 24553238  | 3745171  | 56587282  |
| &nbsp;&nbsp;&nbsp; Class N  | 54673  | 491405  | 112551  | 1016142  | 255972  | 4038891  | 630949  | 9525603  |
| &nbsp;&nbsp;&nbsp; Class R6  | —  | —  | —  | —  | 15990  | 251272  | 32071  | 494360  |
| Shares Redeemed  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I  | (6292057)  | (56119527)<sup>(a)</sup>  | (7768302)  | (69940240)<sup>(b)</sup>  | (41294577)  | (644085472)  | (83206379)  | (1255776056)  |
| &nbsp;&nbsp;&nbsp; Class N  | (1037309)  | (9317513)<sup>(a)</sup>  | (970034)  | (8787871)<sup>(b)</sup>  | (2617495)  | (40827483)  | (7307030)  | (110174362)  |
| &nbsp;&nbsp;&nbsp; Class R6  | —  | —  | —  | —  | (870638)  | (13845049)  | (586167)  | (8930194)  |
|  Increase (Decrease) in Net Assets Resulting from Net Share Transactions  | (4693948)  | $(41854827)  | (2665989)  | $(23830326)  | (27434977)  | $(429520352)  | (40905331)  | $(616710728) |

---

(a) Net of redemption fees of $85,836 and $16,422 for Class I and Class N, respectively.

(b) Net of redemption fees of $41,465 and $4,648 for Class I and Class N, respectively.

---

| | | |
|:---|:---|:---|
| **Semi-Annual Report**  | September 30, 2025 | **191**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DoubleLine Flexible Income Fund**  | **DoubleLine Flexible Income Fund**  | **DoubleLine Flexible Income Fund**  | **DoubleLine Flexible Income Fund**  | **DoubleLine Low Duration Emerging Markets Fixed Income Fund**  | **DoubleLine Low Duration Emerging Markets Fixed Income Fund**  | **DoubleLine Low Duration Emerging Markets Fixed Income Fund**  | **DoubleLine Low Duration Emerging Markets Fixed Income Fund**  |
|  | **Period Ended September 30, 2025**  | **Period Ended September 30, 2025**  | **Year Ended March 31, 2025**  | **Year Ended March 31, 2025**  | **Period Ended September 30, 2025**  | **Period Ended September 30, 2025**  | **Year Ended March 31, 2025**  | **Year Ended March 31, 2025**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Shares Sold  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I  | 27008129  | $236196293  | 37706682  | $328060025  | 1987442  | $19205983  | 3879022  | $37056924  |
| &nbsp;&nbsp;&nbsp; Class N  | 1193351  | 10423031  | 4606759  | 40032887  | 80648  | 781460  | 248700  | 2382425  |
| &nbsp;&nbsp;&nbsp; Class R6  | 3570440  | 31214132  | 10910046  | 95068367  | —  | —  | —  | —  |
| Reinvested Dividends  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I  | 2623519  | 22915061  | 4833458  | 41953718  | 278724  | 2696553  | 542956  | 5167616  |
| &nbsp;&nbsp;&nbsp; Class N  | 235543  | 2055641  | 466008  | 4041495  | 15740  | 152550  | 21090  | 201281  |
| &nbsp;&nbsp;&nbsp; Class R6  | 187873  | 1642515  | 151823  | 1321058  | —  | —  | —  | —  |
| Shares Redeemed  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I  | (14319577)  | (125025008)  | (22944262)  | (199801025)  | (3849420)  | (37248707)  | (6591927)  | (62856231)  |
| &nbsp;&nbsp;&nbsp; Class N  | (3875100)  | (33830598)  | (2627994)  | (22818067)  | (90060)  | (877354)  | (167669)  | (1599117)  |
| &nbsp;&nbsp;&nbsp; Class R6  | (1660046)  | (14527565)  | (3642789)  | (31725792)  | —  | —  | —  | —  |
|  Increase (Decrease) in Net Assets Resulting from Net Share Transactions  | 14964132  | $131063502  | 29459731  | $256132666  | (1576926)  | $(15289515)  | (2067828)  | $(19647102) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DoubleLine Long Duration Total Return Bond Fund**  | **DoubleLine Long Duration Total Return Bond Fund**  | **DoubleLine Long Duration Total Return Bond Fund**  | **DoubleLine Long Duration Total Return Bond Fund**  | **DoubleLine Strategic Commodity Fund (Consolidated)**  | **DoubleLine Strategic Commodity Fund (Consolidated)**  | **DoubleLine Strategic Commodity Fund (Consolidated)**  | **DoubleLine Strategic Commodity Fund (Consolidated)**  |
|  | **Period Ended September 30, 2025**  | **Period Ended September 30, 2025**  | **Year Ended March 31, 2025**  | **Year Ended March 31, 2025**  | **Period Ended September 30, 2025**  | **Period Ended September 30, 2025**  | **Year Ended March 31, 2025**  | **Year Ended March 31, 2025**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Shares Sold  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I  | 753760  | $4698257  | 5870289  | $38898880  | 679733  | $4801132  | 6042192  | $43940487  |
| &nbsp;&nbsp;&nbsp; Class N  | 82337  | 509079  | 746630  | 4826922  | 26586  | 183013  | 379202  | 2717300  |
| Reinvested Dividends  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I  | 63176  | 394290  | 120586  | 780112  | —  | —  | 357399  | 2505368  |
| &nbsp;&nbsp;&nbsp; Class N  | 13634  | 84766  | 50306  | 324347  | —  | —  | 40304  | 278501  |
| Shares Redeemed  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I  | (543599)  | (3379502)  | (5701248)  | (37303303)  | (6481896)  | (44947354)  | (8668171)  | (63099278)  |
| &nbsp;&nbsp;&nbsp; Class N  | (320700)  | (2006393)  | (1640933)  | (10355167)  | (326716)  | (2240901)  | (1093110)  | (7820993)  |
|  Increase (Decrease) in Net Assets Resulting from Net Share Transactions  | 48608  | $300497  | (554370)  | $(2828209)  | (6102293)  | $(42204110)  | (2942184)  | $(21478615) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DoubleLine Global Bond Fund**  | **DoubleLine Global Bond Fund**  | **DoubleLine Global Bond Fund**  | **DoubleLine Global Bond Fund**  | **DoubleLine Infrastructure Income Fund**  | **DoubleLine Infrastructure Income Fund**  | **DoubleLine Infrastructure Income Fund**  | **DoubleLine Infrastructure Income Fund**  |
|  | **Period Ended September 30, 2025**  | **Period Ended September 30, 2025**  | **Year Ended March 31, 2025**  | **Year Ended March 31, 2025**  | **Period Ended September 30, 2025**  | **Period Ended September 30, 2025**  | **Year Ended March 31, 2025**  | **Year Ended March 31, 2025**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Shares Sold  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I  | 10461698  | $92429386  | 553177  | $4618206  | 1628152  | $15384616  | 3365719  | $31609187  |
| &nbsp;&nbsp;&nbsp; Class N  | 783  | 6813  | 1794  | 15410  | 272590  | 2597657  | 425511  | 3999817  |
| Reinvested Dividends  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I  | 11471  | 101409  | 1347  | 11451  | 114687  | 1084320  | 124171  | 1161153  |
| &nbsp;&nbsp;&nbsp; Class N  | 167  | 1459  | 129  | 1091  | 13817  | 130742  | 27952  | 261188  |
| Shares Redeemed  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I  | (156839)  | (1400342)  | (120362)  | (1010568)  | (3501228)  | (32694965)  | (4522307)  | (42589551)  |
| &nbsp;&nbsp;&nbsp; Class N  | (2633)  | (23195)  | (8473)  | (70754)  | (239255)  | (2258503)  | (530260)  | (4981937)  |
|  Increase (Decrease) in Net Assets Resulting from Net Share Transactions  | 10314647  | $91115530  | 427612  | $3564836  | (1711237)  | $(15756133)  | (1109214)  | $(10540143) |

---

---

| | |
|:---|:---|
| **192**<br>| **DoubleLine Funds Trust** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements (Cont.)**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DoubleLine Shiller Enhanced International CAPE<sup>®</sup>**  | **DoubleLine Shiller Enhanced International CAPE<sup>®</sup>**  | **DoubleLine Shiller Enhanced International CAPE<sup>®</sup>**  | **DoubleLine Shiller Enhanced International CAPE<sup>®</sup>**  | **DoubleLine Emerging Markets Local Currency Bond Fund**  | **DoubleLine Emerging Markets Local Currency Bond Fund**  | **DoubleLine Emerging Markets Local Currency Bond Fund**  | **DoubleLine Emerging Markets Local Currency Bond Fund**  |
|  | **Period Ended September 30, 2025**  | **Period Ended September 30, 2025**  | **Year Ended March 31, 2025**  | **Year Ended March 31, 2025**  | **Period Ended September 30, 2025**  | **Period Ended September 30, 2025**  | **Year Ended March 31, 2025**  | **Year Ended March 31, 2025**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Shares Sold  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I  | 457928  | $5563179  | 314032  | $3751104  | 23113002  | $213535132  | 73801  | $631079  |
| &nbsp;&nbsp;&nbsp; Class N  | 118838  | 1439497  | 283151  | 3388502  | 76208  | 724594  | 57956  | 504259  |
| Reinvested Dividends  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I  | 53694  | 665064  | 143931  | 1732420  | 33826  | 315368  | 36180  | 314200  |
| &nbsp;&nbsp;&nbsp; Class N  | 5956  | 73754  | 21041  | 253857  | 2003  | 18720  | 1935  | 16800  |
| Shares Redeemed  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I  | (282120)  | (3483176)  | (1334616)  | (16097178)  | (719463)  | (6720259)  | (79098)  | (678756)  |
| &nbsp;&nbsp;&nbsp; Class N  | (141051)  | (1733878)  | (767019)  | (9263295)  | (20344)  | (185943)  | (113641)  | (975004)  |
|  Increase (Decrease) in Net Assets Resulting from Net Share Transactions  | 213245  | $2524440  | (1339480)  | $(16234590)  | 22485232  | $207687612  | (22867)  | $(187422) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DoubleLine Securitized Credit Fund** | **DoubleLine Securitized Credit Fund** | **DoubleLine Securitized Credit Fund** | **DoubleLine Securitized Credit Fund** |
|  | **Period Ended September 30, 2025** | **Period Ended September 30, 2025** | **Year Ended March 31, 2025** | **Year Ended March 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | 5447055 | $43306648 | 8778087 | $69502866 |
| &nbsp;&nbsp;&nbsp; Class N | 523347 | 4178726 | 1736985 | 13818615 |
| Reinvested Dividends |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | 371356 | 2956695 | 724690 | 5730244 |
| &nbsp;&nbsp;&nbsp; Class N | 35805 | 285416 | 64522 | 511969 |
| Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | (4093661) | (32533239) | (7220335) | (57344891) |
| &nbsp;&nbsp;&nbsp; Class N | (667988) | (5298657) | (709092) | (5631304) |
|  Increase (Decrease) in Net Assets Resulting from Net Share Transactions | 1615914 | $12895589 | 3374857 | $26587499 |

---

7. Remuneration Paid to Trustees, Officers and Others

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

---

| | | |
|:---|:---|:---|
| **Semi-Annual Report**  | September 30, 2025 | **193**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

For the period ended September 30, 2025, the Trustees received as a group:

---

| | | | |
|:---|:---|:---|:---|
|  | **Current Fees** | **Increase/(Decrease)** <br>**in Value of Deferred Amount** | **Trustees Fees** |
| DoubleLine Total Return Bond Fund | $321016 | $17457 | $338473 |
| DoubleLine Core Fixed Income Fund | $72246 | $3765 | $76011 |
| DoubleLine Emerging Markets Fixed Income Fund | $4631 | $233 | $4864 |
| DoubleLine Low Duration Bond Fund | $66390 | $3642 | $70032 |
| DoubleLine Floating Rate Fund | $2007 | $65 | $2072 |
| DoubleLine Shiller Enhanced CAPE<sup>®</sup> | $41230 | $2061 | $43291 |
| DoubleLine Flexible Income Fund | $12677 | $751 | $13428 |
| DoubleLine Low Duration Emerging Markets Fixed Income Fund | $1705 | $78 | $1783 |
| DoubleLine Long Duration Total Return Bond Fund | $797 | $30 | $827 |
| DoubleLine Strategic Commodity Fund (Consolidated) | $1375 | $44 | $1419 |
| DoubleLine Global Bond Fund | $1772 | $118 | $1890 |
| DoubleLine Infrastructure Income Fund | $4279 | $196 | $4475 |
| DoubleLine Shiller Enhanced International CAPE<sup>®</sup> | $614 | $20 | $634 |
| DoubleLine Emerging Markets Local Currency Bond Fund | $530 | $78 | $608 |
| DoubleLine Securitized Credit Fund | $1444 | $69 | $1513 |

---

8. Additional Disclosures about Derivative Instruments

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

The average volume of derivative activity for the period ended September 30, 2025, is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DoubleLine** <br>**Total Return** <br>**Bond Fund** | **DoubleLine** <br>**Core Fixed** <br>**Income Fund** | **DoubleLine Shiller Enhanced CAPE<sup>®</sup>** | **DoubleLine** <br>**Long** <br>**Duration** <br>**Total Return** <br>**Bond Fund** | **DoubleLine Strategic Commodity** <br>**Fund (Consolidated)** | **DoubleLine Global** <br>**Bond Fund** | **DoubleLine Shiller** <br>**Enhanced International CAPE<sup>®</sup>** |
| **Average Market Value** |  |  |  |  |  |  |  |
| Futures Contracts - Long | $134166411 | $19801768 | $— | $774503 | $— | $— | $— |
| Futures Contracts - Short | (50847647) | (7763483) |  | (481104) |  |  |  |
| **Average Notional Balance** |  |  |  |  |  |  |  |
| Excess Return Swaps | $— | $— | $3515333333 | $— | $66466667 | $— | $27866667 |
|  Forward Currency Exchange Contracts |  |  |  |  |  | 4290769 | 42908797 |

---

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

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| | |
|:---|:---|
| **194**<br>| **DoubleLine Funds Trust** |

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements (Cont.)**<br>

the underlying instrument to determine the realized gain or loss when the underlying instrument is sold and are recorded in net realized gain (loss) on written options on the Statements of Operations. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put), and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk that the market for options contracts may be illiquid and that a Fund may not be able to close out or sell an option at a particular time or at an anticipated price.

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

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

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

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

Credit default swaps are considered to have credit risk related contingent features since they require payment by the protection seller to the protection buyer upon occurrence of a defined credit event. A Fund's maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract, which may be mitigated by the posting of collateral by the counterparty to a Fund to cover a Fund's exposure to the counterparty. Upfront premiums (received) paid including accretion (amortization) less any collateral held at the counterparty are reflected in deposit at broker for swaps on the Statements of Assets and Liabilities. The marked-to-market value less a financing rate, if any, is included in net unrealized appreciation (depreciation) on swaps on the Statements of Assets and

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| | | |
|:---|:---|:---|
| **Semi-Annual Report**  | September 30, 2025 | **195**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

Liabilities. At termination or maturity of the swap, the cumulative marked-to-market on the value less a financing rate, if any, is recorded in realized gain (loss) on swaps on the Statements of Operations.

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

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

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

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| | |
|:---|:---|
| **196**<br>| **DoubleLine Funds Trust** |

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements (Cont.)**<br>

The effect of derivative instruments on the Statements of Assets and Liabilities as of September 30, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| <br>**Statements of Assets and Liabilities Location** | **Commodity Risk** | **Credit Risk** | **Equity Risk** | **Foreign Exchange** <br>**Rate Risk** | **Interest Rate Risk** | **Total** |
| Unrealized Appreciation on Forwards: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DoubleLine Global Bond Fund | $— | $— | $— | $89192  | $— | $89192  |
| &nbsp;&nbsp;&nbsp; DoubleLine Shiller Enhanced International CAPE<sup>®</sup> |  |  |  | 2030632  |  | 2030632  |
| Unrealized Depreciation on Forwards: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DoubleLine Global Bond Fund | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; DoubleLine Shiller Enhanced International CAPE<sup>®</sup> |  |  |  | (199032) |  | (199032)  |
| Unrealized Appreciation on Futures: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DoubleLine Total Return Bond Fund | $— | $— | $— | $— | $52991669  | $52991669  |
| &nbsp;&nbsp;&nbsp; DoubleLine Core Fixed Income Fund |  |  |  |  | 4490713  | 4490713  |
| &nbsp;&nbsp;&nbsp; DoubleLine Long Duration Total Return Bond Fund |  |  |  |  | 483966  | 483966  |
| Unrealized Depreciation on Futures: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DoubleLine Total Return Bond Fund | $— | $— | $— | $— | $(20239189) | $(20239189) |
| &nbsp;&nbsp;&nbsp; DoubleLine Core Fixed Income Fund |  |  |  |  | (4222355) | (4222355) |
| &nbsp;&nbsp;&nbsp; DoubleLine Long Duration Total Return Bond Fund |  |  |  |  | (164386) | (164386)  |
| Unrealized Appreciation on Swaps: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DoubleLine Shiller Enhanced CAPE<sup>®</sup> | $— | $— | $119603338  | $— | $— | $119603338  |
| &nbsp;&nbsp;&nbsp; DoubleLine Strategic Commodity Fund (Consolidated) | 139278  |  |  |  |  | 139278  |
| &nbsp;&nbsp;&nbsp; DoubleLine Shiller Enhanced International CAPE<sup>®</sup> |  |  | 866501  |  |  | 866501  |
| Unrealized Depreciation on Swaps: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DoubleLine Shiller Enhanced CAPE<sup>®</sup> | $— | $— | $(1559994) | $— | $— | $(1559994) |
| &nbsp;&nbsp;&nbsp; DoubleLine Strategic Commodity Fund (Consolidated) | (1007356) |  |  |  |  | (1007356) |
| &nbsp;&nbsp;&nbsp; DoubleLine Shiller Enhanced International CAPE<sup>®</sup> |  |  | (100980) |  |  | (100980) |

---

The effect of derivative instruments on the Statements of Operations for the period ended September 30, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| <br>**Statements of Operations Location** | **Commodity Risk** | **Equity Risk** | **Foreign Exchange Rate Risk** | **Interest Rate** <br>**Risk** | **Total** |
| Net Realized Gain (Loss) on: |  |  |  |  |  |
| <u>Forwards</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DoubleLine Global Bond Fund | $— | $— | $49786 | $— | $49786 |
| &nbsp;&nbsp;&nbsp; DoubleLine Shiller Enhanced International CAPE<sup>®</sup> |  |  | 359619 |  | 359619 |
| <u>Futures</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DoubleLine Total Return Bond Fund | $— | $— | $— | $8477699 | $8477699 |
| &nbsp;&nbsp;&nbsp; DoubleLine Core Fixed Income Fund |  |  |  | 7364526 | 7364526 |
| &nbsp;&nbsp;&nbsp; DoubleLine Long Duration Total Return Bond Fund |  |  |  | (889992) | (889992) |
| <u>Swaps</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DoubleLine Shiller Enhanced CAPE<sup>®</sup> | $— | $127544740 | $— | $— | $127544740 |
| &nbsp;&nbsp;&nbsp; DoubleLine Strategic Commodity Fund (Consolidated) | 1180063 |  |  |  | 1180063 |
| &nbsp;&nbsp;&nbsp; DoubleLine Shiller Enhanced International CAPE<sup>®</sup> |  | (493460) |  |  | (493460) |

---

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| | | |
|:---|:---|:---|
| **Semi-Annual Report**  | September 30, 2025 | **197**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| <br>**Statements of Operations Location** | **Commodity Risk** | **Equity Risk** | **Foreign Exchange** <br>**Rate Risk** | **Interest Rate** <br>**Risk** | **Total** |
| Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |
| <u>Forwards</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DoubleLine Global Bond Fund | $— | $— | $199300 | $— | $199300 |
| &nbsp;&nbsp;&nbsp; DoubleLine Shiller Enhanced International CAPE<sup>®</sup> |  |  | 1854133 |  | 1854133 |
| <u>Futures</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DoubleLine Total Return Bond Fund | $— | $— | $— | $(55033029) | $(55033029) |
| &nbsp;&nbsp;&nbsp; DoubleLine Core Fixed Income Fund |  |  |  | (14484600) | (14484600) |
| &nbsp;&nbsp;&nbsp; DoubleLine Long Duration Total Return Bond Fund |  |  |  | 212580 | 212580 |
| <u>Swaps</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DoubleLine Shiller Enhanced CAPE<sup>®</sup> | $— | $54959609 | $— | $— | $54959609 |
| &nbsp;&nbsp;&nbsp; DoubleLine Strategic Commodity Fund (Consolidated) | (2586767) |  |  |  | (2586767) |
| &nbsp;&nbsp;&nbsp; DoubleLine Shiller Enhanced International CAPE<sup>®</sup> |  | 928559 |  |  | 928559 |

---

9. Offsetting Assets and Liabilities

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

As of September 30, 2025, the Funds held the following derivative instruments that were subject to offsetting on the Statements of Assets and Liabilities:

**DoubleLine Shiller Enhanced CAPE<sup>®</sup>**

**Assets:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross** <br>**Amounts of Recognized** <br>**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** <br>**Statement of Assets and Liabilities** | **Gross Amounts not offset in the** <br>**Statement of Assets and Liabilities** | **Net** <br>**Amount** |
| **Description** | **Gross** <br>**Amounts of Recognized** <br>**Assets** | **Gross Amounts Offset in the Statement of Assets and Liabilities** | **Net Amounts presented in the Statement of Assets and Liabilities** | **Financial Instruments** | **Cash** <br>**Collateral** <br>**Received** | **Net** <br>**Amount** |
| Swap Contracts | $119603338 | $(1559994) | $118043344 | $106181167 | $— | $11862177 |

---

**Liabilities:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross** <br>**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** <br>**Statement of Assets and Liabilities** | **Gross Amounts not offset in the** <br>**Statement of Assets and Liabilities** | **Net** <br>**Amount** |
| **Description** | **Gross** <br>**Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Statement of Assets and Liabilities** | **Net Amounts presented in the Statement of Assets and Liabilities** | **Financial Instruments** | **Cash** <br>**Collateral** <br>**Pledged** | **Net** <br>**Amount** |
| Swap Contracts | $1559994 | $(1559994) | $— | $— | $— | $— |

---

**DoubleLine Strategic Commodity Fund (Consolidated)**

**Assets:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross** <br>**Amounts of Recognized** <br>**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** <br>**Statement of Assets and Liabilities** | **Gross Amounts not offset in the** <br>**Statement of Assets and Liabilities** | **Net** <br>**Amount** |
| **Description** | **Gross** <br>**Amounts of Recognized** <br>**Assets** | **Gross Amounts Offset in the Statement of Assets and Liabilities** | **Net Amounts presented in the Statement of Assets and Liabilities** | **Financial Instruments** | **Cash** <br>**Collateral** <br>**Received** | **Net** <br>**Amount** |
| Swap Contracts | $139278 | $(139278) | $— | $— | $— | $— |

---

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| | |
|:---|:---|
| **198**<br>| **DoubleLine Funds Trust** |

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements (Cont.)**<br>

**Liabilities:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross** <br>**Amounts of** <br>**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** <br>**Statement of Assets and Liabilities** | **Gross Amounts not offset in the** <br>**Statement of Assets and Liabilities** | **Net Amount** |
| **Description** | **Gross** <br>**Amounts of** <br>**Recognized Liabilities** | **Gross Amounts Offset in the Statement of Assets and Liabilities** | **Net Amounts presented in the Statement of Assets and Liabilities** | **Financial Instruments** | **Cash Collateral Pledged** | **Net Amount** |
| Swap Contracts | $1007355 | $(139278) | $868077 | $780548 | $— | $87529 |

---

**DoubleLine Global Bond Fund**

**Assets:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross** <br>**Amounts of Recognized** <br>**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** <br>**Statement of Assets and Liabilities** | **Gross Amounts not offset in the** <br>**Statement of Assets and Liabilities** | **Net Amount** |
| **Description** | **Gross** <br>**Amounts of Recognized** <br>**Assets** | **Gross Amounts Offset in the Statement of Assets and Liabilities** | **Net Amounts presented in the Statement of Assets and Liabilities** | **Financial Instruments** | **Cash Collateral Received** | **Net Amount** |
| Forwards | $89190 | $— | $89190 | $— | $— | $89190 |

---

**Liabilities:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross** <br>**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** <br>**Statement of Assets and Liabilities** | **Gross Amounts not offset in the** <br>**Statement of Assets and Liabilities** | **Net Amount** |
| **Description** | **Gross** <br>**Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Statement of Assets and Liabilities** | **Net Amounts presented in the Statement of Assets and Liabilities** | **Financial Instruments** | **Cash Collateral Pledged** | **Net Amount** |
| Forwards | $— | $— | $— | $— | $— | $— |

---

**DoubleLine Shiller Enhanced International CAPE<sup>®</sup>**

**Assets:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross** <br>**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** <br>**Statement of Assets and Liabilities** | **Gross Amounts not offset in the** <br>**Statement of Assets and Liabilities** | **Net Amount** |
| **Description** | **Gross** <br>**Amounts of Recognized Assets** | **Gross Amounts Offset in the Statement of Assets and Liabilities** | **Net Amounts presented in the Statement of Assets and Liabilities** | **Financial Instruments** | **Cash Collateral Received** | **Net Amount** |
| Forwards | $2030632 | $(199032) | $1831600 | $808861 | $880000 | $142739 |
| Swap Contracts | 866501 | (100980) | 765521 | 626569 |  | 138952 |
|  | $2897133 | $(300012) | $2597121 | $1435430 | $880000 | $281691 |

---

**Liabilities:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross** <br>**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** <br>**Statement of Assets and Liabilities** | **Gross Amounts not offset in the** <br>**Statement of Assets and Liabilities** | **Net Amount** |
| **Description** | **Gross** <br>**Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Statement of Assets and Liabilities** | **Net Amounts presented in the Statement of Assets and Liabilities** | **Financial Instruments** | **Cash Collateral Pledged** | **Net Amount** |
| Forwards | $199032 | $(199032) | $— | $— | $— | $— |
| Swap Contracts | 100980 | (100980) |  |  |  |  |
|  | $300012 | $(300012) | $— | $— | $— | $— |

---

10. Bank Loans

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

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| | | |
|:---|:---|:---|
| **Semi-Annual Report**  | September 30, 2025 | **199**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

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.

11. Credit Facility

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

The Bank has also made available to the DoubleLine Floating Rate Fund a committed $25,000,000 credit facility. Borrowings under this credit facility bear interest at the greater of 0.00% or the Bank's prime rate less 1.00%.

For the period ended September 30, 2025, the Funds' credit facility activity is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Average Borrowings** | **Maximum Amount Outstanding** | **Interest Expense** | **Commitment Fee** | **Average Interest Rate** |
| DoubleLine Emerging Markets Fixed Income Fund | $1659364 | $9607000 | $3296 | $— | 6.50% |
| DoubleLine Floating Rate Fund | $5432636 | $6374000 | $10790 | $15051 | 6.50% |
| DoubleLine Low Duration Emerging Markets Fixed Income Fund | $462190 | $1402000 | $1738 | $— | 6.45% |
| DoubleLine Strategic Commodity Fund | $144000 | $144000 | $26 | $— | 6.50% |
| DoubleLine Securitized Credit Fund | $4910000 | $4910000 | $887 | $— | 6.50% |

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12. Significant Shareholder Holdings

As of September 30, 2025, shareholders affiliated with the Funds and/or Advisers (other than other DoubleLine Funds) owned shares of the Funds as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **% of Total Outstanding** <br>**Shares - Per Class** | **% of Total Outstanding Shares - Total Fund** |
| DoubleLine Emerging Markets Local Currency Bond Fund - Class N | 11335 | 10% | 3% |

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

13. To-Be-Announced Securities

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

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|:---|:---|
| **200**<br>| **DoubleLine Funds Trust** |

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**Notes to Financial Statements (Cont.)**<br>

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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.**

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **debt securities risks:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>○</sup>

**credit risk: the risk that an issuer, counterparty or other obligor to a Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund's income and/or reduce, in whole or in part, the value of the Fund's investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security's or other instrument's** 

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| **Semi-Annual Report**  | September 30, 2025 | **201**<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

credit quality or value and an obligor's ability to honor its obligations when due. The values of lower-quality debt securities (including debt securities commonly known as "high yield" securities or "junk bonds"), including floating rate loans, tend to be particularly sensitive to these changes. Certain debt securities in the lowest investment grade category also may be considered to possess some speculative characteristics by certain rating agencies. The values of securities or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor's goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>○</sup>

**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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>○</sup>

**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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>○</sup>

**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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **defaulted securities risk: the significant risk of the uncertainty of repayment of defaulted securities (e.g., a security on which a principal or interest payment is not made when due) and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or similar proceedings). Such investments entail high risk and have speculative characteristics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **derivatives risk: the risk that an investment in derivatives will not perform as anticipated by an Adviser, may not be available at the time or price desired, cannot be closed out at a favorable time or price, will increase a Fund's transaction costs, or will increase a Fund's volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely or at all with that of the cash investment; that the positions may be improperly executed or constructed; that the Fund's counterparty will be unable or unwilling to perform its obligations; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing a Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.**

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

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| **202**<br>| **DoubleLine Funds Trust** |

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**[**TABLE OF CONTENTS**](#TOC)**

**Notes to Financial Statements (Cont.)**<br>

that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, leading to market-wide liquidity problems; and (ix) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **foreign currency risk: the risk that fluctuations in exchange rates may adversely affect the value of a Fund's investments denominated in foreign currencies.**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.**

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

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| **Semi-Annual Report**  | September 30, 2025 | **203**<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **large transaction 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. In addition, a large number of shareholders collectively may purchase or sell Fund shares in large amounts rapidly or unexpectedly. 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.**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **market risk: the risk that markets will perform poorly or that the returns from the securities in which a Fund invests will underperform returns from the general securities markets or other types of investments. Markets may, in response to governmental actions or intervention or general market conditions, including real or perceived adverse, political, economic or market conditions, tariffs and trade disruptions, inflation, recession, changes in interest or currency rates, lack of liquidity in the bond markets or adverse investor sentiment, or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. Market risk involves the risk that the value of the Fund's investment portfolio will change, potentially frequently and in large amounts, as the prices of its investments go up or down. During periods of severe market stress, it is possible that the market for some or all of a Fund's investments may become highly illiquid. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to** 

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| **204**<br>| **DoubleLine Funds Trust** |

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**Notes to Financial Statements (Cont.)**<br>

time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **mortgage-backed securities risk: the risk that borrowers may default on their mortgage obligations or the guarantees underlying the mortgage-backed securities will default or otherwise fail and that, during periods of falling interest rates, mortgage-backed securities will be called or prepaid, which may result in a Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of a mortgage-backed security may extend, which may lock in a below-market interest rate, increase the security's duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults. The values of certain types of mortgage-backed securities, such as inverse floaters and interest-only and principal-only securities, may be extremely sensitive to changes in interest rates and prepayment rates. A Fund may invest in mortgage-backed securities that are subordinate in their right to receive payment of interest and repayment of principal to other classes of the issuer's securities.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **operational and information security risks: an investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to a Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **real estate sector risk: the risk that real estate-related investments may decline in value as a result of factors affecting the real estate sector, such as the supply of real property in certain markets, changes in zoning laws, delays in completion of construction, changes in real estate values, changes in property taxes, levels of occupancy, and local, regional, and general market conditions. Along with the risks common to different types of real estate-related investments, real estate investment trusts ("REITs"), no matter the type, involve additional risk factors, including poor performance by the REIT's manager, adverse changes to the tax laws, and the possible failure by the REIT to qualify for the favorable tax treatment available to REITs under the Internal Revenue Code, or the exemption from registration under the 1940 Act. REITs are not diversified and are heavily dependent on cash flow earned on the property interests they hold.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **restricted securities risk: the risk that a Fund may be prevented or limited by law or the terms of an agreement from selling a security (a "restricted security"). To the extent that a Fund is permitted to sell a restricted security, there can be no assurance that a trading market will exist at any particular time and a Fund may be unable to dispose of the security promptly at reasonable prices or at all. A Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the values of restricted securities may have significant volatility.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **securities or sector selection risk: the risk that the securities held by a Fund will underperform securities held in other funds investing in similar asset classes or comparable benchmarks because of the portfolio managers' choice of securities or sectors for investment. To the extent a Fund allocates a higher percentage of its investment portfolio to a particular sector or related sectors, the Fund will be more susceptible to events or factors affecting companies in that sector or related sectors.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **short position risk: the risk that an increase in the value of an instrument, index or interest rate with respect to which a Fund has established a short position will result in a loss to the Fund.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **structured products and structured notes risk: the risk that an investment in a structured product, which includes, among other things, CDOs, mortgage-backed securities, other types of asset-backed securities and certain types of structured notes, may decline in value due to changes in the underlying instruments, indexes, interest rates or other factors on which the product is based ("reference measure"). Depending on the reference measure used and the use of multipliers or deflators** 

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| **Semi-Annual Report**  | September 30, 2025 | **205**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited) September 30, 2025

(if any), changes in interest rates and movement of the reference measure may cause significant price and cash flow fluctuations. In addition to the general risks associated with fixed income securities discussed herein, structured products carry additional risks including, but not limited to: (i) the possibility that distributions from underlying investments will not be adequate to make interest or other payments; (ii) the quality of the underlying investments may decline in value or default; (iii) the possibility that the security may be subordinate to other classes of the issuer's securities; (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; and (v) because the structured products are generally privately offered and sold, they may be thinly traded or have a limited trading market, which may increase a Fund's illiquidity and reduce the Fund's income and the value of the investment, and the Fund may be unable to find qualified buyers for these securities.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **valuation risk: the risk that a Fund will not value its investments in a manner that accurately reflects their market values or that the Fund will not be able to sell any investment at a price equal to the valuation ascribed to that investment for purposes of calculating the Fund's NAV. The valuation of a Fund's investments involves subjective judgment. Certain securities in which a Fund may invest may be more difficult to value accurately, especially during periods of market disruptions or extreme market volatility. Incorrect valuations of a Fund's portfolio holdings could result in such Fund's shareholder transactions being effected at a NAV that does not accurately reflect the underlying value of such Fund's portfolio, resulting in the dilution of shareholder interests.**

15. Recently Issued Accounting Pronouncements

In December 2023, FASB issued Accounting Standards Update ("ASU") 2023-09 ("ASU 2023-09") Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

16. Subsequent Events

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Effective October 28, 2025, the DoubleLine Infrastructure Income Fund changed its name to DoubleLine Select Income Fund and made certain amendments and clarifications to the Fund's principal investment strategies. Please see DoubleLine Select Income Fund's prospectus, as supplemented, for more information.

On October 27, 2025, the Trust filed a post-effective amendment to its registration statement to register a new share class, Class I2, for the Funds. Class I2 shares of DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Low Duration Bond Fund, DoubleLine Flexible Income Fund, DoubleLine Low Duration Emerging Markets Fixed Income Fund, DoubleLine Long Duration Total Return Bond Fund, DoubleLine Global Bond Fund, DoubleLine Emerging Markets Local Currency Bond Fund, DoubleLine Strategic Commodity Fund, DoubleLine Shiller Enhanced CAPE<sup>®</sup>, and DoubleLine Shiller Enhanced International CAPE<sup>®</sup> commenced operations on or about November 3, 2025. Please see the prospectus for Class I2 shares dated November 1, 2025 for additional information.

The Funds have determined there are no additional subsequent events that would need to be disclosed in the Funds' financial statements.

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| | |
|:---|:---|
| **206**<br>| **DoubleLine Funds Trust** |

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**[**TABLE OF CONTENTS**](#TOC)**

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| | |
|:---|:---|
| **Form N-CSR – Items 8-11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)<br>September 30, 2025 |

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

The DoubleLine fund complex has historically used multiple firms to serve as the independent registered public accounting firms across the fund complex in the United States. On August 19, 2025, the Board of Trustees of the Trust considered and approved a proposal to consolidate that work for the entire fund complex with a single firm, Deloitte & Touche LLP, and Deloitte was appointed to serve as the independent registered public accounting firm of each series of the Trust (each, a "Fund") for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, each Fund's prior independent registered public accounting firm, was dismissed effective as of August 5, 2025.

The reports of PricewaterhouseCoopers LLP on the financial statements for the fiscal years ended March 31, 2024 and March 31, 2025 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principle.

During the Funds' fiscal years ended March 31, 2024 and March 31, 2025, and for the period from April 1, 2025 through August 5, 2025, (the "Interim Period"): (i) there have been no disagreements with PricewaterhouseCoopers LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of PricewaterhouseCoopers LLP would have caused them to make reference thereto in their reports on the financial statements for such years or Interim Period; and (ii) there were no "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

During the fiscal years ended March 31, 2024 and March 31, 2025, and during the Interim Period, neither the Trust nor anyone acting on its behalf consulted with Deloitte & Touche LLP on behalf of the Trust on items that concerned the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Funds' financial statements, or any matter that was either (i) the subject of a disagreement (as defined in Item 304(a)(1)(iv) under Regulation S-K and related instructions) or (ii) a reportable event (as described in Item 304(a)(1)(v) under Regulation S-K).

The Funds have requested that PricewaterhouseCoopers LLP furnish it with a letter addressed to the SEC stating whether or not it agrees with the above statements.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

There were no matters submitted during the period covered by the report to a vote of shareholders, through the solicitation of proxies or otherwise.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The information is included as part of the Financial Statements filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

There were no approvals or renewals of investment advisory contracts during the most recent fiscal half-year.

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| | | |
|:---|:---|:---|
| **Semi-Annual Report**  | September 30, 2025 | **207**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp; ![](logo_doubleline.jpg)<br>

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| |
|:---|
| **Investment Advisers:**<br>**DoubleLine Capital LP and DoubleLine Alternatives LP**<br>**2002 North Tampa Street**<br>**Suite 200**<br>**Tampa, FL 33602** |
| **Distributor:**<br>**Quasar Distributors, LLC**<br>**615 East Michigan Street**<br>**Milwaukee, WI 53202** |
| **Administrator and Transfer Agent:**<br>**U.S. Bancorp Fund Services, LLC**<br>**P.O. Box 219252**<br>**Kansas City, MO 64121-9252**  |
| **Custodians:**<br>**U.S. Bank, N.A.**<br>**1555 North River Center Drive**<br>**Suite 302**<br>**Milwaukee, WI 53212**<br>**State Street Bank and Trust Company**<br>**Channel Center**<br>**1 Iron Street**<br>**Boston, MA 02210**  |
| **Independent Registered Public Accounting Firm:**<br>**Deloitte & Touche LLP**<br>**695 Town Center Drive, Suite 100**<br>**Costa Mesa, CA 92626**  |
| **Legal Counsel:**<br>**Ropes & Gray LLP**<br>**1211 Avenue of the Americas**<br>**New York, NY 10036** |
| **Contact Information:**<br>**doubleline.com**<br>**fundinfo@doubleline.com**<br>(877) DLine11 or (877) 354-6311 |
| DL-SARFINANCIALS-DFT |

---

![](dl372819_colorbar.jpg)

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

**fundinfo@doubleline.com \|\| www.doubleline.com** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form N-CSR.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted during the period covered by the report to a vote of shareholders, through the solicitation of proxies or otherwise.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

The information is included as part of the Statement of Operations filed under Item 7(a) of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

There were no approvals or renewals of investment advisory contracts during the most recent fiscal half-year.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

 

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

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

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant
 intends to satisfy Item 2 requirements through filing an exhibit. Not applicable for semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the Registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) A separate certification for each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.](dft-efp19122_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the Registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.](dft-efp19122_ex99906cert.htm)

**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

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Ronald R. Redell |
|  | Ronald R. Redell, President and |
|  | Principal Executive Officer |

---

Date <u>12/4/2025</u>

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 and |
|  | Principal Executive Officer |

---

Date <u>12/4/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Henry V. Chase |
|  | Henry V. Chase, Treasurer and |
|  | Principal Financial and Accounting Officer |

---

Date <u>12/4/2025</u>

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Ronald R. Redell, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of DoubleLine Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee
of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/4/2025 | /s/ Ronald R. Redell |
|  |  | Ronald R. Redell |
|  |  | President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Henry V. Chase, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of DoubleLine Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee
of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/4/2025 | /s/ Henry V. Chase |
|  |  | Henry V. Chase |
|  |  | Treasurer and Principal Financial and Accounting Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the DoubleLine Funds Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the DoubleLine Funds Trust for the period ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the DoubleLine Funds Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Ronald R. Redell | /s/ Henry V. Chase |
| Ronald R. Redell | Henry V. Chase |
| President and Principal Executive Officer | Treasurer and |
|  | Principal Financial and Accounting Officer |

---

Dated: <u>12/4/2025</u> Dated: <u>12/4/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by DoubleLine Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.