# EDGAR Filing Document

**Accession Number:** 0001480207
**File Stem:** 0001133228-25-013271
**Filing Date:** 2025-12
**Character Count:** 120212
**Document Hash:** b23c82dd3bd0d64595127464726ddd1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013271.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001133228-25-013271

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**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:** 251551885

**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 Selective Credit Fund (Series ID: S000046335)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144794 | Class I      | DBSCX           |

?xml version='1.0' encoding='ASCII'? 2025-08-04191628_DoubleLineSelectiveCreditFund_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 Selective Credit Fund**  | ![image](img171522_202510061949690.jpg) |
| Class I \| DBSCX  | ![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 Selective 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 | $3 | 0.06% |

---

\* Annualized

**KEY FUND STATISTICS** 

---

| | |
|:---|:---|
| **Net Assets** | $652429803 |
| **Number of Holdings** | 230 |
| **Total Advisory Fees Paid** | $0 |
| **Portfolio Turnover** | 16% |
| **Effective Duration** | 3.44 |
| **Weighted Average Life** | 4.38 |

---

**WHAT DID THE FUND INVEST IN?**

---

| | |
|:---|:---|
| **Credit Quality Breakdown** **\*** | **(% of Net** **Assets)** |
|  AAA  | 25.9 |
|  AA  | 6.8 |
|  A  | 6.5 |
|  BBB  | 8.3 |
|  BB  | 0.4 |
|  B and Below  | 22.8 |
|  Not Rated  | 27.6 |
|  Other  | 1.7 |

---

\* 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  | 98.2 |
|  Money Market Funds  | 4.9 |
|  Non-Agency Commercial Mortgage Backed Obligations  | 0.0\* |
|  Asset Backed Obligations  | 0.0\* |
|  Cash & Other  | -3.1 |

---

\* Represents less than 0.05% of net assets.

DoubleLine Selective Credit Fund PAGE 1 TSR-SAR-258620756

------

**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 Selective Credit Fund PAGE 2 TSR-SAR-258620756

------

&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>**

(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** |

---

**DoubleLine Selective Credit Fund**

I Share Class: DBSCX

Shares of the DoubleLine Selective Credit Fund (the "**Fund**") may currently be purchased in transactions by DoubleLine Capital LP (the "**Adviser**") or its affiliates acting in their capacity as investment adviser (or in a similar capacity) for clients, including separately managed private accounts, investment companies registered under the Investment Company Act of 1940, as amended, and other funds, each of which must be an "accredited investor" as defined in Regulation D under the Securities Act of 1933, as amended (the "**Securities Act**"). The Fund also may permit purchases of shares by (i) qualified employees, officers and Trustees of the Fund and their qualified family members; (ii) qualified employees and officers of the Adviser or DoubleLine Group LP and their qualified family members; (iii) qualified affiliates of the Adviser or DoubleLine Group LP; and (iv) other qualified accounts.

![](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) |
| [Statement of Assets and Liabilities](#sal) | [8](#sal) |
| [Statement of Operations](#sop) | [9](#sop) |
| [Statements of Changes in Net Assets](#scna) | [10](#scna) |
| [Financial Highlights](#fihi) | [11](#fihi) |
| [Notes to Financial Statements](#notes) | [12](#notes) |
| [Form N-CSR – Items 8-11](#form) | [20](#form) |

---

---

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

---

------

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

---

| | |
|:---|:---|
| **Schedule of Investments DoubleLine Selective Credit Fund** | (Unaudited)<br>September 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  **ASSET BACKED OBLIGATIONS - 0.0%<sup>(a)</sup>** | **ASSET BACKED OBLIGATIONS - 0.0%<sup>(a)</sup>** | **ASSET BACKED OBLIGATIONS - 0.0%<sup>(a)</sup>** | **ASSET BACKED OBLIGATIONS - 0.0%<sup>(a)</sup>** | **ASSET BACKED OBLIGATIONS - 0.0%<sup>(a)</sup>** |
|  | **Waterfall Commercial Mortgage Trust** | **Waterfall Commercial Mortgage Trust** | **Waterfall Commercial Mortgage Trust** | **Waterfall Commercial Mortgage Trust** |
| 88435 | Series 2015-SBC5-A | 4.10%<sup>(b)(c)</sup> | 01/14/2026 | 87432 |
|  | **Total Asset Backed Obligations** <br>**(Cost $88,435)** | **Total Asset Backed Obligations** <br>**(Cost $88,435)** |  | **87432** |
|  **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 0.0%<sup>(a)</sup>** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 0.0%<sup>(a)</sup>** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 0.0%<sup>(a)</sup>** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 0.0%<sup>(a)</sup>** | **NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 0.0%<sup>(a)</sup>** |
|  | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** | **JP Morgan Chase Commercial Mortgage Securities** |
| 350000 | Series 2018-WPT-EFL (1 mo. Term SOFR + 2.84%, 2.60% Floor) | 7.09%<sup>(c)</sup> | 07/05/2033 | 139650 |
|  | **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** |
| 112149 | Series 2014-C19-C | 4.00% | 12/15/2047 | 108711 |
|  | **Total Non-Agency Commercial Mortgage Backed Obligations** <br>**(Cost $457,513)** | **Total Non-Agency Commercial Mortgage Backed Obligations** <br>**(Cost $457,513)** |  | **248361** |
|  **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 98.2%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 98.2%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 98.2%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 98.2%** | **NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 98.2%** |
|  | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** |
| 2526155 | Series 2005-10-5A1 (1 mo. Term SOFR + 0.63%, 0.52% Floor, 11.00% Cap) | 4.79% | 01/25/2036 | 2413300 |
|  | **Ameriquest Mortgage Securities, Inc.** | **Ameriquest Mortgage Securities, Inc.** | **Ameriquest Mortgage Securities, Inc.** | **Ameriquest Mortgage Securities, Inc.** |
| 9500000 | Series 2005-R4-M6 (1 mo. Term SOFR + 1.12%, 1.01% Floor) | 5.28% | 07/25/2035 | 8597645 |
|  | **AMSR Trust** | **AMSR Trust** | **AMSR Trust** | **AMSR Trust** |
| 3222000 | Series 2024-SFR1-B | 4.29%<sup>(c)(d)</sup> | 07/17/2041 | 3163396 |
| 2500000 | Series 2025-SFR1-B | 3.66%<sup>(c)</sup> | 06/17/2042 | 2380963 |
| 10000000 | Series 2025-SFR2-C | 4.28%<sup>(c)</sup> | 11/17/2030 | 9689130 |
| 10000000 | Series 2025-SFR2-D | 4.28%<sup>(c)</sup> | 11/17/2030 | 9624480 |
|  | **Angel Oak Mortgage Trust LLC** | **Angel Oak Mortgage Trust LLC** | **Angel Oak Mortgage Trust LLC** | **Angel Oak Mortgage Trust LLC** |
| 4500000 | Series 2021-5-M1 | 2.39%<sup>(b)(c)</sup> | 07/25/2066 | 3385690 |
| 870672 | Series 2025-7-A3 | 5.92%<sup>(b)(c)</sup> | 06/25/2070 | 877408 |
| 1500000 | Series 2025-7-M1 | 6.35%<sup>(c)</sup> | 06/25/2070 | 1521614 |
|  | **Arroyo Mortgage Trust** | **Arroyo Mortgage Trust** | **Arroyo Mortgage Trust** | **Arroyo Mortgage Trust** |
| 7539000 | Series 2019-3-M1 | 4.20%<sup>(b)(c)</sup> | 10/25/2048 | 7062505 |
|  | **Asset Backed Securities Corp. Home Equity** | **Asset Backed Securities Corp. Home Equity** | **Asset Backed Securities Corp. Home Equity** | **Asset Backed Securities Corp. Home Equity** |
| 3651355 | Series 2003-HE1-M3 (1 mo. Term SOFR + 5.36%, 5.25% Floor) | 9.51% | 01/15/2033 | 3389229 |
|  | **Banc of America Alternative Loan Trust** | **Banc of America Alternative Loan Trust** | **Banc of America Alternative Loan Trust** | **Banc of America Alternative Loan Trust** |
| 3340499 | Series 2007-1-3A24 | 6.00% | 04/25/2037 | 2887527 |
|  | **Banc of America Funding Corp.** | **Banc of America Funding Corp.** | **Banc of America Funding Corp.** | **Banc of America Funding Corp.** |
| 719260 | Series 2006-2-2A11 | 5.50% | 03/25/2036 | 623397 |
| 737415 | Series 2007-1-TA8 | 6.35%<sup>(d)</sup> | 01/25/2037 | 692298 |
| 2655646 | Series 2014-R8-A2 (1 mo. Term SOFR + 0.35%, 0.24% Floor) | 4.51%<sup>(c)</sup> | 06/26/2036 | 2215231 |
|  | **Banc of America Mortgage Securities, Inc.** | **Banc of America Mortgage Securities, Inc.** | **Banc of America Mortgage Securities, Inc.** | **Banc of America Mortgage Securities, Inc.** |
| 828108 | Series 2006-3-1A10 | 6.00% | 10/25/2036 | 712264 |
|  | **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
| 4097650 | Series 2025-NQM5-M1 | 6.04%<sup>(b)(c)</sup> | 08/25/2065 | 4130902 |
|  | **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** |
| 7645114 | Series 2012-RR4-6A2 | 5.57%<sup>(b)(c)</sup> | 11/26/2035 | 3559515 |
| 3069979 | Series 2013-RR2-6A2 | 4.84%<sup>(b)(c)</sup> | 06/26/2037 | 2422918 |
|  | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
| 1756664 | Series 2006-2-2A1 | 4.40%<sup>(b)</sup> | 07/25/2036 | 1519374 |
|  | **Bear Stearns Alt-A Trust** | **Bear Stearns Alt-A Trust** | **Bear Stearns Alt-A Trust** | **Bear Stearns Alt-A Trust** |
| 1432716 | Series 2005-10-23A1 | 4.86%<sup>(b)</sup> | 01/25/2036 | 1333931 |
| 5507297 | Series 2006-3-21A1 | 4.46%<sup>(b)</sup> | 05/25/2036 | 3897573 |
| 1163064 | Series 2006-4-31A1 | 4.48%<sup>(b)</sup> | 07/25/2036 | 669532 |
|  | **Bear Stearns Asset Backed Securities Trust** | **Bear Stearns Asset Backed Securities Trust** | **Bear Stearns Asset Backed Securities Trust** | **Bear Stearns Asset Backed Securities Trust** |
| 384335 | Series 2006-AC5-A1 | 6.75%<sup>(d)</sup> | 12/25/2036 | 390504 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 3310954 | Series 2006-AQ1-12A (1 mo. Term SOFR + 0.39%, 0.28% Floor) | 4.53% | 10/25/2036 | 3224309 |
| 534531 | Series 2006-IM1-A1 (1 mo. Term SOFR + 0.57%, 0.46% Floor) | 4.73% | 04/25/2036 | 550240 |
|  | **BRAVO Residential Funding Trust** | **BRAVO Residential Funding Trust** | **BRAVO Residential Funding Trust** | **BRAVO Residential Funding Trust** |
| 3137446 | Series 2024-NQM1-A1 | 5.94%<sup>(c)(d)</sup> | 12/01/2063 | 3165774 |
|  | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** |
| 2774369 | Series 2007-RFC1-A3 (1 mo. Term SOFR + 0.25%, 0.14% Floor, 14.50% Cap) | 4.41% | 12/25/2036 | 2727553 |
|  | **Chase Mortgage Finance Corp.** | **Chase Mortgage Finance Corp.** | **Chase Mortgage Finance Corp.** | **Chase Mortgage Finance Corp.** |
| 1557686 | Series 2006-S2-1A9 | 6.25% | 10/25/2036 | 565383 |
| 3688926 | Series 2006-S3-1A2 | 6.00% | 11/25/2036 | 1545184 |
| 313081 | Series 2007-S3-1A12 | 6.00% | 05/25/2037 | 130616 |
|  | **CIM Trust** | **CIM Trust** | **CIM Trust** | **CIM Trust** |
| 7845482 | Series 2023-R2-A1 | 5.50%<sup>(b)(c)</sup> | 08/25/2064 | 7919173 |
| 8736787 | Series 2023-R4-A1 | 5.00%<sup>(b)(c)</sup> | 05/25/2062 | 8736860 |
|  | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** | **Citigroup Mortgage Loan Trust, Inc.** |
| 340946 | Series 2005-9-21A2 | 5.50% | 11/25/2035 | 345787 |
| 449790 | Series 2007-AR8-1A1A | 3.69%<sup>(b)</sup> | 08/25/2047 | 393128 |
| 3494046 | Series 2009-10-2A2 | 7.00%<sup>(b)(c)</sup> | 12/25/2035 | 2497033 |
| 7222163 | Series 2019-A-PT1 | 3.92%<sup>(c)</sup> | 10/25/2058 | 6029227 |
| 6647291 | Series 2020-RP1-A1 | 1.50%<sup>(b)(c)</sup> | 08/25/2064 | 5976339 |
| 1040000 | Series 2020-RP1-M1 | 2.00%<sup>(b)(c)</sup> | 08/25/2064 | 811040 |
| 874000 | Series 2020-RP1-M2 | 2.50%<sup>(b)(c)</sup> | 08/25/2064 | 677549 |
| 738000 | Series 2020-RP1-M3 | 2.75%<sup>(b)(c)</sup> | 08/25/2064 | 553390 |
| 1924086 | Series 2020-RP1-PT5 | 6.53%<sup>(b)(c)</sup> | 08/25/2064 | 1585018 |
| 1022760 | Series 2021-JL1-A | 2.75%<sup>(b)(c)</sup> | 02/27/2062 | 995639 |
|  | **Citimortgage Alternative Loan Trust** | **Citimortgage Alternative Loan Trust** | **Citimortgage Alternative Loan Trust** | **Citimortgage Alternative Loan Trust** |
| 721917 | Series 2006-A1-1A6 | 6.00% | 04/25/2036 | 684959 |
| 3061854 | Series 2006-A2-A5 (1 mo. Term SOFR + 0.71%, 0.60% Floor, 6.00% Cap) | 4.87% | 05/25/2036 | 2640775 |
| 3371836 | Series 2006-A2-A6 (-1 x 1 mo. Term SOFR + 5.29%, 0.00% Floor, 5.40% Cap) | 1.13%<sup>(e)(f)</sup> | 05/25/2036 | 245007 |
| 4950268 | Series 2007-A5-1A3 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 6.10% Cap) | 4.77% | 05/25/2037 | 4118640 |
| 4950268 | Series 2007-A5-1A4 (-1 x 1 mo. Term SOFR + 5.49%, 0.00% Floor, 5.60% Cap) | 1.33%<sup>(e)(f)</sup> | 05/25/2037 | 412579 |
| 1513400 | Series 2007-A6-1A4 | 6.00% | 06/25/2037 | 1331125 |
| 1031360 | Series 2007-A6-1A5 | 6.00% | 06/25/2037 | 907161 |
| 1447352 | Series 2007-A8-A1 | 6.00% | 10/25/2037 | 1343693 |
|  | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
| 1290294 | Series 2004-27CB-A6 | 5.50% | 12/25/2034 | 1148379 |
| 752055 | Series 2005-28CB-2A7 | 5.75% | 08/25/2035 | 472501 |
| 1831838 | Series 2005-4-1A3 | 5.75% | 04/25/2035 | 1281180 |
| 901013 | Series 2005-46CB-A20 | 5.50% | 10/25/2035 | 616253 |
| 3071061 | Series 2005-55CB-2A1 | 5.50% | 11/25/2035 | 1697334 |
| 1844490 | Series 2005-65CB-1A11 | 6.00% | 01/25/2036 | 1259332 |
| 130712 | Series 2005-73CB-1A3 | 6.25% | 01/25/2036 | 129282 |
| 2443166 | Series 2005-79CB-A1 (1 mo. Term SOFR + 0.66%, 0.55% Floor, 5.50% Cap) | 4.82% | 01/25/2036 | 1167310 |
| 2443166 | Series 2005-79CB-A2 (-1 x 1 mo. Term SOFR + 4.84%, 0.00% Floor, 4.95% Cap) | 0.68%<sup>(e)(f)</sup> | 01/25/2036 | 176982 |
| 6281528 | Series 2005-80CB-4A1 | 6.00% | 02/25/2036 | 2811885 |
| 1064098 | Series 2006-14CB-A8 | 6.00% | 06/25/2036 | 569615 |
| 9839358 | Series 2006-31CB-A4 | 6.00% | 11/25/2036 | 5417056 |
| 2355942 | Series 2006-41CB-2A12 | 6.00% | 01/25/2037 | 1149621 |
| 899341 | Series 2006-41CB-2A15 | 5.75% | 01/25/2037 | 421584 |
| 2940949 | Series 2006-46-A6 | 6.00% | 02/25/2047 | 1396832 |
| 1497205 | Series 2006-7CB-2A1 | 6.50% | 05/25/2036 | 606255 |
| 948013 | Series 2006-8T1-1A4 | 6.00% | 04/25/2036 | 444078 |
| 925819 | Series 2006-J4-2A13 | 6.00% | 07/25/2036 | 522651 |

---

---

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

---

------

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

<br> (Unaudited) September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 2549519 | Series 2006-J4-2A8 | 6.00% | 07/25/2036 | 1439276 |
| 882962 | Series 2006-J6-A5 | 6.00% | 09/25/2036 | 399990 |
| 751783 | Series 2007-13-A4 | 6.00% | 06/25/2047 | 380513 |
| 11597203 | Series 2007-16CB-3A1 (1 mo. Term SOFR) | 6.75% | 08/25/2037 | 2664813 |
| 3981372 | Series 2007-2CB-2A9 | 5.75% | 03/25/2037 | 1899460 |
| 2836547 | Series 2007-4CB-1A9 | 5.75% | 04/25/2037 | 2346265 |
| 3081176 | Series 2007-OA8-1A1 (1 mo. Term SOFR + 0.47%, 0.36% Floor) | 4.63% | 06/25/2047 | 2699430 |
|  | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** |
| 8277789 | Series 2005-17-1AF4 | 6.55%<sup>(d)</sup> | 05/25/2036 | 6885021 |
| 9270175 | Series 2006-25-M1 (1 mo. Term SOFR + 0.49%, 0.38% Floor) | 4.65% | 06/25/2047 | 8216026 |
|  | **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** |
| 80664 | Series 2006-10-1A11 | 5.85% | 05/25/2036 | 30860 |
| 1964678 | Series 2006-13-1A17 (-1 x 1 mo. Term SOFR + 5.54%, 0.00% Floor, 5.65% Cap) | 1.38%<sup>(e)(f)</sup> | 09/25/2036 | 179179 |
| 1964678 | Series 2006-13-1A3 (1 mo. Term SOFR + 0.71%, 0.60% Floor, 6.25% Cap) | 4.87% | 09/25/2036 | 642313 |
| 500777 | Series 2006-17-A6 | 6.00% | 12/25/2036 | 219266 |
| 1189182 | Series 2006-19-1A7 | 6.00% | 01/25/2037 | 550533 |
| 1529867 | Series 2006-9-A2 | 6.00% | 05/25/2036 | 683382 |
| 4919690 | Series 2007-15-1A29 | 6.25% | 09/25/2037 | 2917977 |
| 4766167 | Series 2007-21-1A1 | 6.25% | 02/25/2038 | 2054746 |
| 438473 | Series 2007-4-1A10 | 6.00% | 05/25/2037 | 178956 |
| 312018 | Series 2007-8-1A5 | 5.44% | 01/25/2038 | 119978 |
| 2805214 | Series 2007-HYB1-2A1 | 4.08%<sup>(b)</sup> | 03/25/2037 | 2389050 |
|  | **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.** |
| 804603 | Series 2005-9-3A2 | 6.00% | 10/25/2035 | 220467 |
|  | **Credit Suisse Management LLC** | **Credit Suisse Management LLC** | **Credit Suisse Management LLC** | **Credit Suisse Management LLC** |
| 853795 | Series 2005-12-5A1 | 5.25% | 01/25/2036 | 745498 |
|  | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
| 706059 | Series 2006-6-1A10 | 6.00% | 07/25/2036 | 320036 |
| 3244594 | Series 2006-7-10A1 | 6.75% | 08/25/2036 | 1572290 |
| 306321 | Series 2008-2R-1A1 | 6.00%<sup>(c)</sup> | 07/25/2037 | 264475 |
| 2008607 | Series 2009-9R-10A2 | 5.50%<sup>(c)</sup> | 12/26/2035 | 1130737 |
| 3800000 | Series 2020-AFC1-M1 | 2.84%<sup>(b)(c)</sup> | 02/25/2050 | 3321106 |
| 10654902 | Series 2020-RPL1-PT1 | 3.29%<sup>(b)(c)</sup> | 10/25/2069 | 8739794 |
|  | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** | **Deutsche ALT-A Securities, Inc.** |
| 805855 | Series 2005-6-2A1 | 5.50% | 12/25/2035 | 683559 |
| 163056 | &nbsp;&nbsp;&nbsp; Series 2006-AB4-A1A <br>(30 day avg SOFR US) | 6.01%<sup>(b)</sup> | 10/25/2036 | 142812 |
|  | **Deutsche Mortgage Securities, Inc.** | **Deutsche Mortgage Securities, Inc.** | **Deutsche Mortgage Securities, Inc.** | **Deutsche Mortgage Securities, Inc.** |
| 448411 | Series 2009-RS2-1A2 | 6.17%<sup>(b)(c)</sup> | 09/26/2036 | 444968 |
|  | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** |
| 4735000 | Series 2019-2-B1 | 4.07%<sup>(b)(c)</sup> | 11/25/2059 | 4214015 |
|  | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** | **Fannie Mae Connecticut Avenue Securities** |
| 15465446 | &nbsp;&nbsp;&nbsp; Series 2024-R04-1A1 <br>(30 day avg SOFR US + 1.00%, 0.00% Floor) | 5.36%<sup>(c)</sup> | 05/25/2044 | 15493309 |
|  | **First Horizon Alternative Mortgage Securities** | **First Horizon Alternative Mortgage Securities** | **First Horizon Alternative Mortgage Securities** | **First Horizon Alternative Mortgage Securities** |
| 492586 | Series 2005-FA8-1A3 | 5.50% | 11/25/2035 | 222382 |
| 1672613 | Series 2007-FA3-A8 | 6.00% | 06/25/2037 | 511257 |
| 1786937 | Series 2007-FA4-1A4 | 6.25% | 08/25/2037 | 607015 |
|  | **First Horizon Asset Securities, Inc.** | **First Horizon Asset Securities, Inc.** | **First Horizon Asset Securities, Inc.** | **First Horizon Asset Securities, Inc.** |
| 120946 | Series 2006-1-1A2 | 6.00% | 05/25/2036 | 46151 |
|  | **FirstKey Homes Trust** | **FirstKey Homes Trust** | **FirstKey Homes Trust** | **FirstKey Homes Trust** |
| 9500000 | Series 2020-SFR2-D | 1.97%<sup>(c)</sup> | 10/19/2037 | 9454414 |
| 9500000 | Series 2020-SFR2-E | 2.67%<sup>(c)</sup> | 10/19/2037 | 9457742 |
|  | **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** |
| 6250000 | &nbsp;&nbsp;&nbsp; Series 2025-HQA1-M2 <br>(30 day avg SOFR US + 1.65%, 0.00% Floor) | 6.01%<sup>(c)</sup> | 02/25/2045 | 6262776 |
|  | **Freedom Mortgage Parent LLC** | **Freedom Mortgage Parent LLC** | **Freedom Mortgage Parent LLC** | **Freedom Mortgage Parent LLC** |
| 10000000 | Series 2021-GT1-A | 3.62%<sup>(b)(c)</sup> | 07/25/2026 | 9615234 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** |
| 9261275 | Series 2006-D-2A4 (1 mo. Term SOFR + 0.55%, 0.44% Floor) | 4.71% | 11/25/2036 | 3239169 |
|  | **Greenpoint Mortgage Funding Trust** | **Greenpoint Mortgage Funding Trust** | **Greenpoint Mortgage Funding Trust** | **Greenpoint Mortgage Funding Trust** |
| 3145099 | &nbsp;&nbsp;&nbsp; Series 2005-AR4-3A1 <br>(12 Month US Treasury Average + 1.40%, 1.40% Floor) | 5.55% | 10/25/2045 | 2512666 |
|  | **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** |
| 7137272 | Series 2007-NC1-A1 (1 mo. Term SOFR + 0.37%, 0.26% Floor) | 4.53% | 12/25/2046 | 3793097 |
|  | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
| 272762 | Series 2006-2F-3A4 | 6.00% | 02/25/2036 | 116660 |
| 1516329 | Series 2006-9F-5A2 (-1 x 1 mo. Term SOFR + 6.44%, 0.00% Floor, 6.55% Cap) | 2.28%<sup>(e)(f)</sup> | 10/25/2036 | 205876 |
| 1516329 | Series 2006-9F-5A3 (1 mo. Term SOFR + 0.56%, 0.45% Floor, 7.00% Cap) | 4.72% | 10/25/2036 | 468386 |
| 703298 | Series 2007-1F-3A14 | 5.75% | 01/25/2037 | 405856 |
| 1531820 | Series 2007-2F-3A3 | 6.00% | 03/25/2037 | 760053 |
|  | **Harborview Mortgage Loan Trust** | **Harborview Mortgage Loan Trust** | **Harborview Mortgage Loan Trust** | **Harborview Mortgage Loan Trust** |
| 3099655 | Series 2006-BU1-1A1A (1 mo. Term SOFR + 0.53%, 0.42% Floor, 10.50% Cap) | 4.67% | 02/19/2046 | 2851050 |
| 4240820 | Series 2007-7-1A1 (1 mo. Term SOFR + 2.11%, 0.00% Floor, 10.50% Cap) | 6.27% | 10/25/2037 | 3434105 |
|  | **Home Partners of America Trust** | **Home Partners of America Trust** | **Home Partners of America Trust** | **Home Partners of America Trust** |
| 3657908 | Series 2019-2-C | 3.02%<sup>(c)</sup> | 10/19/2039 | 3554192 |
| 3892366 | Series 2019-2-D | 3.12%<sup>(c)</sup> | 10/19/2039 | 3778623 |
| 7326807 | Series 2019-2-E | 3.32%<sup>(c)</sup> | 10/19/2039 | 7093445 |
|  | **HSBC Asset Loan Obligation** | **HSBC Asset Loan Obligation** | **HSBC Asset Loan Obligation** | **HSBC Asset Loan Obligation** |
| 1778623 | Series 2007-1-3A6 | 6.00% | 06/25/2037 | 728895 |
|  | **Indymac IMSC Mortgage Loan Trust** | **Indymac IMSC Mortgage Loan Trust** | **Indymac IMSC Mortgage Loan Trust** | **Indymac IMSC Mortgage Loan Trust** |
| 3379866 | Series 2007-AR1-3A1 | 5.30%<sup>(b)</sup> | 06/25/2037 | 3093325 |
|  | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** |
| 2178488 | Series 2008-R2-A1 | 5.19%<sup>(b)(c)</sup> | 11/25/2036 | 1160380 |
|  | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
| 350140 | Series 2005-S3-1A1 | 6.50% | 01/25/2036 | 176330 |
| 953706 | Series 2006-A5-3A2 | 4.86%<sup>(b)</sup> | 08/25/2036 | 739661 |
| 1874692 | Series 2007-S1-2A8 | 5.75% | 03/25/2037 | 651152 |
| 11031119 | Series 2025-NQM1-A1 | 5.59%<sup>(c)(d)</sup> | 06/25/2065 | 11132596 |
|  | **Lavender Trust/US** | **Lavender Trust/US** | **Lavender Trust/US** | **Lavender Trust/US** |
| 873942 | Series 2010-R11A-A4 | 3.05%<sup>(b)(c)</sup> | 10/26/2036 | 316113 |
|  | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** |
| 9722684 | Series 2019-RPL3-PT1 | 0.00%<sup>(c)</sup> | 06/25/2058 | 8679326 |
|  | **Lehman Brothers Holdings, Inc.** | **Lehman Brothers Holdings, Inc.** | **Lehman Brothers Holdings, Inc.** | **Lehman Brothers Holdings, Inc.** |
| 1237350 | Series 2007-1-2A2 (1 mo. Term SOFR + 0.31%, 0.20% Floor) | 4.47%<sup>(c)</sup> | 06/25/2037 | 825362 |
| 4825951 | Series 2007-1-2A3 (1 mo. Term SOFR + 0.34%, 0.23% Floor) | 4.50%<sup>(c)</sup> | 06/25/2037 | 3218523 |
|  | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** |
| 639976 | Series 2007-1-1A2 | 5.75% | 02/25/2037 | 648071 |
|  | **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** |
| 1305856 | Series 2006-17-1A4A (1 mo. Term SOFR + 0.45%, 0.34% Floor) | 4.61% | 08/25/2046 | 1219368 |
|  | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** |
| 6361825 | Series 2006-2-2A4 (1 mo. Term SOFR + 0.69%, 0.58% Floor) | 4.85% | 03/25/2046 | 2260306 |

---

---

| | | |
|:---|:---|:---|
| **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 Selective Credit Fund (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **Mastr Adjustable Rate Mortgages Trust** | **Mastr Adjustable Rate Mortgages Trust** | **Mastr Adjustable Rate Mortgages Trust** | **Mastr Adjustable Rate Mortgages Trust** |
| 4514415 | Series 2005-6-3A2 | 3.76%<sup>(b)</sup> | 07/25/2035 | 1511745 |
|  | **MASTR Alternative Loans Trust** | **MASTR Alternative Loans Trust** | **MASTR Alternative Loans Trust** | **MASTR Alternative Loans Trust** |
| 770979 | Series 2004-10-5A5 | 5.75% | 09/25/2034 | 769551 |
|  | **Mastr Asset Backed Securities Trust** | **Mastr Asset Backed Securities Trust** | **Mastr Asset Backed Securities Trust** | **Mastr Asset Backed Securities Trust** |
| 14914810 | Series 2006-WMC3-A1 (1 mo. Term SOFR + 0.38%, 0.27% Floor) | 4.54% | 08/25/2036 | 5403077 |
|  | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** | **Merrill Lynch Alternative Note Asset** |
| 1322314 | Series 2007-F1-2A6 | 6.00% | 03/25/2037 | 423545 |
|  | **Merrill Lynch Mortgage Investors, Inc.** | **Merrill Lynch Mortgage Investors, Inc.** | **Merrill Lynch Mortgage Investors, Inc.** | **Merrill Lynch Mortgage Investors, Inc.** |
| 994596 | Series 2006-AF1-AF3B | 6.25% | 08/25/2036 | 366786 |
|  | **MFRA Trust** | **MFRA Trust** | **MFRA Trust** | **MFRA Trust** |
| 4600000 | Series 2021-NQM2-M1 | 2.37%<sup>(b)(c)</sup> | 11/25/2064 | 3619140 |
|  | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
| 3296208 | Series 2005-10-4A1 | 5.50% | 12/25/2035 | 1822623 |
|  | **NMLT Trust** | **NMLT Trust** | **NMLT Trust** | **NMLT Trust** |
| 4500000 | Series 2021-INV2-B1 | 3.32%<sup>(b)(c)</sup> | 08/25/2056 | 3468825 |
|  | **Nomura Asset Acceptance Corp.** | **Nomura Asset Acceptance Corp.** | **Nomura Asset Acceptance Corp.** | **Nomura Asset Acceptance Corp.** |
| 3018818 | Series 2006-AP1-A2 | 5.52%<sup>(b)</sup> | 01/25/2036 | 858789 |
| 627053 | Series 2007-1-1A1A | 6.50%<sup>(d)</sup> | 03/25/2047 | 579887 |
|  | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** | **Onslow Bay Mortgage Loan Trust** |
| 5312073 | Series 2025-NQM2-A1 | 5.60%<sup>(c)(d)</sup> | 11/25/2064 | 5363869 |
| 4488099 | Series 2025-NQM6-A1 | 5.60%<sup>(c)(d)</sup> | 03/25/2065 | 4542894 |
| 10020099 | Series 2025-NQM7-A1 | 5.56%<sup>(c)(d)</sup> | 05/25/2055 | 10123480 |
| 10073183 | Series 2025-NQM8-A1 | 5.47%<sup>(c)(d)</sup> | 03/25/2065 | 10166731 |
|  | **Opteum Mortgage Acceptance Corp.** | **Opteum Mortgage Acceptance Corp.** | **Opteum Mortgage Acceptance Corp.** | **Opteum Mortgage Acceptance Corp.** |
| 5973495 | Series 2006-2-A1C (1 mo. Term SOFR + 0.65%, 0.54% Floor) | 4.81% | 07/25/2036 | 1955735 |
|  | **PR Mortgage Loan Trust** | **PR Mortgage Loan Trust** | **PR Mortgage Loan Trust** | **PR Mortgage Loan Trust** |
| 271540 | Series 2014-1-APT | 5.83%<sup>(b)(c)</sup> | 10/25/2049 | 264815 |
|  | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** | **Pretium Mortgage Credit Partners LLC** |
| 1536915 | Series 2021-RN2-A1 | 5.74%<sup>(c)(d)</sup> | 07/25/2051 | 1536774 |
| 2669789 | Series 2021-RN3-A1 | 5.84%<sup>(c)(d)</sup> | 09/25/2051 | 2672769 |
| 6064680 | Series 2024-NPL9-A1 | 5.85%<sup>(c)(d)</sup> | 12/25/2054 | 6078881 |
| 5868625 | Series 2025-NPL7-A1 | 5.66%<sup>(c)(d)</sup> | 07/25/2055 | 5890453 |
|  | **Progress Residential Trust** | **Progress Residential Trust** | **Progress Residential Trust** | **Progress Residential Trust** |
| 10000000 | Series 2025-SFR4-A | 4.30%<sup>(c)</sup> | 08/17/2042 | 9900382 |
| 10000000 | Series 2025-SFR4-B | 4.70%<sup>(c)</sup> | 08/17/2042 | 9942561 |
| 12650000 | Series 2025-SFR4-C | 5.05%<sup>(c)</sup> | 08/17/2042 | 12625955 |
| 7000000 | Series 2025-SFR5-C | 4.00%<sup>(c)</sup> | 10/17/2042 | 6685189 |
|  | **PRPM LLC** | **PRPM LLC** | **PRPM LLC** | **PRPM LLC** |
| 1755029 | Series 2024-7-A1 | 5.87%<sup>(c)(d)</sup> | 11/25/2029 | 1756911 |
| 6522676 | Series 2025-2-A1 | 6.47%<sup>(c)(d)</sup> | 05/25/2030 | 6551246 |
| 8385056 | Series 2025-3-A1 | 6.26%<sup>(c)(d)</sup> | 05/25/2030 | 8410333 |
| 9706567 | Series 2025-4-A1 | 6.18%<sup>(c)(d)</sup> | 06/25/2030 | 9736659 |
| 1378357 | Series 2025-5-A1 | 5.73%<sup>(c)(d)</sup> | 07/25/2030 | 1380684 |
| 10477131 | Series 2025-6-A1 | 5.77%<sup>(c)(d)</sup> | 08/25/2028 | 10610924 |
| 11126051 | Series 2025-NQM2-A1 | 5.69%<sup>(c)(d)</sup> | 04/25/2070 | 11236017 |
|  | **RALI Trust** | **RALI Trust** | **RALI Trust** | **RALI Trust** |
| 948398 | Series 2005-QS12-A3 | 5.50% | 08/25/2035 | 834797 |
| 668784 | Series 2005-QS13-1A6 | 5.50% | 09/25/2035 | 533605 |
| 330517 | Series 2006-QS12-1A1 | 6.50% | 09/25/2036 | 136726 |
| 1370821 | Series 2006-QS12-2A12 (1 mo. Term SOFR + 0.31%, 0.20% Floor, 7.50% Cap) | 4.47% | 09/25/2036 | 989731 |
| 1370821 | Series 2006-QS12-2A13 | 2.71%<sup>(f)(g)</sup> | 09/25/2036 | 193535 |
| 1418284 | Series 2006-QS18-1A4 | 6.25% | 12/25/2036 | 1341237 |
| 1617510 | Series 2006-QS3-1A14 | 6.00% | 03/25/2036 | 1462569 |
| 502446 | Series 2006-QS7-A2 | 6.00% | 06/25/2036 | 403274 |
| 3795610 | Series 2007-QS1-1A2 (-1 x 1 mo. Term SOFR + 5.34%, 0.00% Floor, 5.45% Cap) | 1.18%<sup>(e)(f)</sup> | 01/25/2037 | 310102 |
| 3994973 | Series 2007-QS1-1A5 (1 mo. Term SOFR + 0.66%, 0.55% Floor, 6.00% Cap) | 4.82% | 01/25/2037 | 2968186 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
| 514951 | Series 2007-QS11-A1 | 7.00% | 10/25/2037 | 412961 |
| 277707 | Series 2007-QS5-A1 | 5.50% | 03/25/2037 | 229656 |
|  | **RBSGC Mortgage Pass Through Certificates** | **RBSGC Mortgage Pass Through Certificates** | **RBSGC Mortgage Pass Through Certificates** | **RBSGC Mortgage Pass Through Certificates** |
| 406464 | Series 2007-A-2A4 | 6.25% | 01/25/2037 | 391057 |
|  | **Renaissance NIM Trust** | **Renaissance NIM Trust** | **Renaissance NIM Trust** | **Renaissance NIM Trust** |
| 15336140 | Series 2006-2-AF2 | 5.76%<sup>(d)</sup> | 08/25/2036 | 5330979 |
| 9024934 | Series 2006-3-AF4 | 5.81%<sup>(d)</sup> | 11/25/2036 | 2997579 |
|  | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** |
| 4189721 | Series 2006-A12-A1 | 6.25% | 11/25/2036 | 1489139 |
| 933628 | Series 2006-A8-1A1 | 6.00% | 08/25/2036 | 624110 |
|  | **Rithm Capital Corp.** | **Rithm Capital Corp.** | **Rithm Capital Corp.** | **Rithm Capital Corp.** |
| 2300000 | Series 2019-NQM4-B1 | 3.74%<sup>(b)(c)</sup> | 09/25/2059 | 2019668 |
|  | **Securitized Asset Backed Receivables LLC** | **Securitized Asset Backed Receivables LLC** | **Securitized Asset Backed Receivables LLC** | **Securitized Asset Backed Receivables LLC** |
| 7516327 | Series 2006-NC1-A3 (1 mo. Term SOFR + 0.65%, 0.54% Floor) | 4.81% | 03/25/2036 | 6951271 |
|  | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** |
| 156947 | Series 2013-9-AP | 0.00%<sup>(c)(h)</sup> | 07/25/2043 | 112208 |
|  | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** | **Starwood Mortgage Residential Trust** |
| 578997 | Series 2020-3-A1 | 1.49%<sup>(b)(c)</sup> | 04/25/2065 | 565278 |
|  | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** |
| 1905191 | Series 2005-17-5A1 | 4.93%<sup>(b)</sup> | 08/25/2035 | 944243 |
| 889219 | Series 2005-22-4A1 | 5.42%<sup>(b)</sup> | 12/25/2035 | 826608 |
| 615716 | Series 2008-1-A2 | 4.53%<sup>(b)</sup> | 10/25/2037 | 474480 |
|  | **Structured Asset Mortgage Investments, Inc.** | **Structured Asset Mortgage Investments, Inc.** | **Structured Asset Mortgage Investments, Inc.** | **Structured Asset Mortgage Investments, Inc.** |
| 2158626 | Series 2006-AR6-1A1 (1 mo. Term SOFR + 0.47%, 0.36% Floor, 10.50% Cap) | 4.63% | 07/25/2046 | 1873397 |
| 2193550 | Series 2006-AR6-1A3 (1 mo. Term SOFR + 0.49%, 0.38% Floor, 10.50% Cap) | 4.65% | 07/25/2046 | 1761604 |
| 3647382 | Series 2006-AR7-A1A (1 mo. Term SOFR + 0.53%, 0.42% Floor, 10.50% Cap) | 4.69% | 08/25/2036 | 3034086 |
| 3202503 | Series 2007-AR3-2A1 (1 mo. Term SOFR + 0.49%, 0.38% Floor, 10.50% Cap) | 4.65% | 09/25/2047 | 3009144 |
|  | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** |
| 4500000 | Series 2007-BC4-M1 (1 mo. Term SOFR + 0.61%, 0.50% Floor) | 4.77% | 11/25/2037 | 3670661 |
| 11325894 | Series 2007-RF1-1A (1 mo. Term SOFR + 0.30%, 0.19% Floor) | 4.46%<sup>(c)</sup> | 03/25/2037 | 9371055 |
|  | **Tricon Residential Trust** | **Tricon Residential Trust** | **Tricon Residential Trust** | **Tricon Residential Trust** |
| 15597000 | Series 2025-SFR2-A | 5.20%<sup>(c)</sup> | 08/17/2044 | 15841807 |
|  | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** | **Velocity Commercial Capital Loan Trust** |
| 636798 | Series 2019-1-M6 | 6.79%<sup>(b)(c)</sup> | 03/25/2049 | 562392 |
| 259868 | Series 2019-2-M5 | 4.93%<sup>(b)(c)</sup> | 07/25/2049 | 214474 |
| 941950 | Series 2019-2-M6 | 6.30%<sup>(b)(c)</sup> | 07/25/2049 | 711301 |
| 739032 | Series 2020-1-M6 | 5.69%<sup>(b)(c)</sup> | 02/25/2050 | 589995 |
| 1312284 | Series 2021-1-M3 | 2.57%<sup>(b)(c)</sup> | 05/25/2051 | 1027418 |
| 3139605 | Series 2021-1-M4 | 2.85%<sup>(b)(c)</sup> | 05/25/2051 | 2413008 |
| 3132563 | Series 2021-2-M4 | 3.08%<sup>(b)(c)</sup> | 08/25/2051 | 2386634 |
| 9158352 | Series 2025-1-A | 6.03%<sup>(b)(c)</sup> | 02/25/2055 | 9284871 |
| 8752629 | Series 2025-3-A | 5.87%<sup>(b)(c)</sup> | 06/25/2055 | 8839504 |
|  | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** | **Vericrest Opportunity Loan Transferee** |
| 3609506 | Series 2021-NP12-A1 | 5.73%<sup>(c)(d)</sup> | 12/26/2051 | 3612423 |
| 204686 | Series 2021-NPL6-A1 | 6.24%<sup>(c)(d)</sup> | 04/25/2051 | 204804 |
|  | **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** |
| 6685000 | Series 2021-6-B1 | 4.05%<sup>(b)(c)</sup> | 10/25/2066 | 5159025 |
| 2073000 | Series 2021-R2-B1 | 3.25%<sup>(b)(c)</sup> | 02/25/2064 | 1676808 |
| 6244600 | Series 2024-9-A1 | 5.44%<sup>(b)(c)</sup> | 11/25/2069 | 6291110 |
| 10454331 | Series 2025-4-A1 | 5.45%<sup>(c)(d)</sup> | 05/25/2070 | 10545197 |
| 2036000 | Series 2025-5-M1 | 6.01%<sup>(b)(c)</sup> | 06/25/2070 | 2050606 |

---

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

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

<br> (Unaudited) September 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Principal Amount $ | Security Description | Rate | Maturity | Value $ |
|  | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** | **WaMu Mortgage Pass Through Certificates** |
| 4971675 | &nbsp;&nbsp;&nbsp; Series 2006-AR11-1A <br>(12 Month US Treasury Average + 0.96%, 0.96% Floor) | 5.11% | 09/25/2046 | 4219311 |
| 7511055 | Series 2006-AR18-1A1 | 3.71%<sup>(b)</sup> | 01/25/2037 | 6527365 |
| 5938280 | Series 2007-HY7-3A1 | 4.20%<sup>(b)</sup> | 07/25/2037 | 5453523 |
|  | **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** |
| 762028 | Series 2005-10-2A8 | 6.00% | 11/25/2035 | 743068 |
| 2226899 | Series 2006-5-2CB6 | 6.00% | 07/25/2036 | 1597772 |
| 1577906 | Series 2007-2-1A6 | 6.00% | 04/25/2037 | 1308698 |
| 90830 | Series 2007-4-1A1 | 5.50% | 06/25/2037 | 88810 |
|  | **Wells Fargo Mortgage Backed Securities Trust** | **Wells Fargo Mortgage Backed Securities Trust** | **Wells Fargo Mortgage Backed Securities Trust** | **Wells Fargo Mortgage Backed Securities Trust** |
| 272057 | Series 2006-AR4-2A1 | 6.09%<sup>(b)</sup> | 04/25/2036 | 269903 |
| 1642321 | Series 2007-7-A1 | 6.00% | 06/25/2037 | 1556948 |
|  | **Total Non-Agency Residential Collateralized Mortgage Obligations** <br>**(Cost $746,014,040)** | **Total Non-Agency Residential Collateralized Mortgage Obligations** <br>**(Cost $746,014,040)** |  | **640688245** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Shares | Security Description | Value $ |
|  **SHORT TERM INVESTMENTS - 4.9%** | **SHORT TERM INVESTMENTS - 4.9%** | **SHORT TERM INVESTMENTS - 4.9%** |
| 10596242 | First American Government Obligations Fund - U<br> 4.06%<sup>(i)</sup> | 10596242 |
| 10596242 | JPMorgan US Government Money Market Fund - IM<br> 4.08%<sup>(i)</sup> | 10596242 |
| 10596242 | MSILF Government Portfolio - Institutional<br> 4.04%<sup>(i)</sup> | 10596242 |
|  | **Total Short Term Investments** <br>**(Cost $31,788,726)** | **31788726** |
|  | **Total Investments - 103.1%<sup>(j)</sup>**<br>**(Cost $778,348,714)** | **672812764** |
|  | **Other Liabilities in Excess of Assets - (3.1)%** | **(20382961)** |
|  | **NET ASSETS - 100.0%** | **$652429803** |

---

---

| | |
|:---|:---|
|  **SECURITY TYPE BREAKDOWN as a % of Net Assets:**  |  |
|  Non-Agency Residential Collateralized Mortgage Obligations | 98.2% |
|  Short Term Investments | 4.9% |
|  Non-Agency Commercial Mortgage Backed Obligations | 0.0%<sup>(a)</sup> |
|  Asset Backed Obligations | 0.0%<sup>(a)</sup> |
|  Other Assets and Liabilities | (3.1)% |
|  Net Assets | 100.0% |

---

(a) **Represents less than 0.05% of 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) **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 $423,410,084 or 64.9% of the Fund's net assets.**

(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) **Interest only security**

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

(h) **Principal only security**

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

(j) **100.0% 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<sub>7</sub> |

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

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| | |
|:---|:---|
| **Statement of Assets and Liabilities** | (Unaudited)<br>September 30, 2025<br>|

---

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in Unaffiliated Securities, at Value\* | $641024038 |
| Short Term Investments\* | 31788726 |
| Interest and Dividends Receivable | 2670420 |
| Prepaid Expenses and Other Assets | 6816 |
| &nbsp;&nbsp;&nbsp; Total Assets | 675490000 |
| **LIABILITIES:** |  |
| Payable for Investments Purchased | 19262734 |
| Distribution Payable | 3662825 |
| Professional Fees Payable | 78233 |
| Administration, Fund Accounting and Custodian Fees Payable | 22606 |
| Trustees Fees Payable (See Note 6) | 14962 |
| Accrued Expenses | 9462 |
| Transfer Agent Expenses Payable | 9375 |
| &nbsp;&nbsp;&nbsp; Total Liabilities | 23060197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $652429803 |
| **NET ASSETS CONSISTS OF:** |  |
| Paid-in Capital | $856872472 |
| Total Distributable Loss | (204442669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $652429803 |
| \*Identified Cost: |  |
| Investments in Unaffiliated Securities | $746559988 |
| Short Term Investments | 31788726 |
| **Class I (unlimited shares authorized):** |  |
| Shares Outstanding | 86839822 |
| Net Asset Value, Offering and Redemption Price per Share | $7.51 |

---

---

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

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

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| | |
|:---|:---|
| **Statement of Operations** | (Unaudited)<br>For the Period Ended September 30, 2025<br>|

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| Income: |  |
| &nbsp;&nbsp;&nbsp; Interest | $17832651 |
| &nbsp;&nbsp;&nbsp; Dividends from Unaffiliated Securities | 758255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 18590906 |
| Expenses: |  |
| &nbsp;&nbsp;&nbsp; Investment Advisory Fees | 1719182 |
| &nbsp;&nbsp;&nbsp; Professional Fees | 74473 |
| &nbsp;&nbsp;&nbsp; Administration, Fund Accounting and Custodian Fees | 54950 |
| &nbsp;&nbsp;&nbsp; Transfer Agent Expenses | 23860 |
| &nbsp;&nbsp;&nbsp; Shareholder Reporting Expenses | 13615 |
| &nbsp;&nbsp;&nbsp; Insurance Expenses | 6718 |
| &nbsp;&nbsp;&nbsp; Trustees Fees | 6448 |
| &nbsp;&nbsp;&nbsp; Miscellaneous Expenses | 5126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1904372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Investment Advisory Fees (Waived) | (1719182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 185190 |
| **Net Investment Income (Loss)** | 18405716 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| Net Realized Gain (Loss) on: |  |
| &nbsp;&nbsp;&nbsp; Investments in Unaffiliated Securities | 89700 |
| Net Change in Unrealized Appreciation (Depreciation) on: |  |
| &nbsp;&nbsp;&nbsp; Investments in Unaffiliated Securities | 6814335 |
| Net Realized and Unrealized Gain (Loss) on Investments | 6904035 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $25309751 |

---

---

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

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

**Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**September 30, 2025 (Unaudited)** | **Year Ended** <br>**March 31, 2025** |
| **OPERATIONS** |  |  |
| Net Investment Income (Loss) | $18405716 | $36066764 |
| Net Realized Gain (Loss) on Investments | 89700 | (764716) |
| Net Change in Unrealized Appreciation (Depreciation) on Investments | 6814335 | 9548837 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 25309751 | 44850885 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| From Earnings | (20640672) | (37066577) |
| Total Distributions to Shareholders | (20640672) | (37066577) |
| **NET SHARE TRANSACTIONS** |  |  |
| Increase (Decrease) in Net Assets Resulting from Net Share Transactions | 65400000 | 57000000 |
| **Total Increase (Decrease) in Net Assets** | $70069079 | $64784308 |
| **NET ASSETS:** |  |  |
| Beginning of Period | $582360724 | $517576416 |
| End of Period | $652429803 | $582360724 |

---

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

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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:** |  |  |  | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |  |
| For the <br>Year or <br>Period <br>Ended | Net Asset <br>Value, <br>Beginning <br>of Period | Net <br>Investment <br>Income<br>(Loss)<sup>(a)</sup> | Net Gain <br>(Loss) on <br>Investments<br>(Realized and <br>Unrealized) | Total from <br>Investment <br>Operations | Distributions <br>from Net <br>Investment <br>Income | Distributions <br>from Net <br>Realized <br>Gain | Total <br>Distributions | Net Asset <br>Value, <br>End of <br>Period | Total <br>Return<sup>(b)</sup> | Net Assets, <br>End of Period <br>(000's) | Expenses<br>Before<br>Advisory Fees <br>(Waived) and<br>Other <br>Fees<br>(Reimbursed)/<br>Recouped<sup>(c)</sup> | Expenses<br>After<br>Investment<br>Advisory<br>Fees<br>(Waived)<sup>(c)</sup> | Expenses<br>After<br>Advisory Fees<br>(Waived) <br>and<br>Other <br>Fees<br>(Reimbursed)/<br>Recouped<sup>(c)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup> | Portfolio <br>Turnover<sup>(b)</sup> |
| **DoubleLine Selective Credit Fund - Class I** | **DoubleLine Selective Credit Fund - Class I** | **DoubleLine Selective Credit Fund - Class I** | **DoubleLine Selective Credit Fund - Class I** | **DoubleLine Selective Credit Fund - Class I** | **DoubleLine Selective Credit Fund - Class I** | **DoubleLine Selective Credit Fund - Class I** | **DoubleLine Selective Credit Fund - Class I** | **DoubleLine Selective Credit Fund - Class I** | **DoubleLine Selective Credit Fund - Class I** | **DoubleLine Selective Credit Fund - Class I** | **DoubleLine Selective Credit Fund - Class I** | **DoubleLine Selective Credit Fund - Class I** | **DoubleLine Selective Credit Fund - Class I** | **DoubleLine Selective Credit Fund - Class I** | **DoubleLine Selective Credit Fund - Class I** |
| 9/30/2025<sup>(d)</sup> | $7.46 | 0.22 | 0.07 | 0.29 | (0.24) |  | (0.24) | $7.51 | 4.00% | $652430 | 0.61% | 0.06% | 0.06% | 5.89% | 16% |
| 3/31/2025 | $7.35 | 0.50 | 0.13 | 0.63 | (0.52) |  | (0.52) | $7.46 | 8.81% | $582361 | 0.62% | 0.07% | 0.07% | 6.81% | 16% |
| 3/31/2024 | $7.31 | 0.42 | 0.12 | 0.54 | (0.50) |  | (0.50) | $7.35 | 7.67% | $517576 | 0.61% | 0.06% | 0.06% | 5.78% | 16% |
| 3/31/2023 | $8.13 | 0.41 | (0.72) | (0.31) | (0.51) |  | (0.51) | $7.31 | (3.76)% | $598554 | 0.60% | 0.05% | 0.05% | 5.36% | 11% |
| 3/31/2022 | $8.48 | 0.33 | (0.29) | 0.04 | (0.39) |  | (0.39) | $8.13 | 0.47% | $926905 | 0.60% | 0.05% | 0.05% | 3.92% | 28% |
| 3/31/2021 | $7.70 | 0.34 | 0.82 | 1.16 | (0.38) |  | (0.38) | $8.48 | 15.25% | $971339 | 0.60% | 0.05% | 0.05% | 4.05% | 31% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) Unaudited

---

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

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

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| | |
|:---|:---|
| **Notes to Financial Statements** | (Unaudited)<br>September 30, 2025 |

---

1. Organization

The Fund is a separate investment series of DoubleLine Funds Trust (the "Trust"). The Fund commenced operations on August 4, 2014 and was originally classified as a non-diversified fund. The Fund is currently operating as a diversified fund. Under the Investment Company Act of 1940, as amended (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. Shares of the Fund may currently be purchased in transactions by the Fund's investment adviser, DoubleLine Capital LP (the "Adviser" or "DoubleLine Capital"), or its affiliates acting in their capacity as investment adviser (or in a similar capacity) for clients, including separately managed private accounts, investment companies registered under the 1940 Act, and other funds, each of which must be an "accredited investor" as defined in Regulation D under the Securities Act of 1933, as amended. The Fund also may permit purchases of shares by (i) qualified employees, officers and Trustees of the Fund and their qualified family members; (ii) qualified employees and officers of the Adviser or DoubleLine Group LP and their qualified family members; (iii) qualified affiliates of the Adviser or DoubleLine Group LP; and (iv) other qualified accounts. The Fund's investment objective is to seek long-term total return.

The fiscal year end for the Fund is March 31, and the period covered by these Financial Statements is for the six months ended September 30, 2025 (the "period end").

2. Significant Accounting Policies

The 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 Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("US GAAP").

A. Security Valuation. The Fund has 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 Fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income securities. Securities that use similar valuation techniques and inputs as described in the following table are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable, the values generally would be categorized as Level 3. Assets and liabilities may be transferred between levels.

---

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

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| | |
|:---|:---|
| **12**<br>| **DoubleLine Selective Credit Fund** |

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

(Unaudited) September 30, 2025

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.

The Board of Trustees (the "Board") has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated the Adviser as its "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. The 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 Fund's investments as of September 30, 2025

---

| | |
|:---|:---|
| **Category** |  |
| **Investments in Securities** |  |
| **Level 1** |  |
| &nbsp;&nbsp;&nbsp; Short Term Investments | $31788726 |
| **Total Level 1** | 31788726 |
| **Level 2** |  |
| &nbsp;&nbsp;&nbsp; Non-Agency Residential Collateralized Mortgage Obligations | 640688245 |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage Backed Obligations | 248361 |
| &nbsp;&nbsp;&nbsp; Asset Backed Obligations | 87432 |
| **Total Level 2** | 641024038 |
| **Total** | $672812764 |

---

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

B. Federal Income Taxes. The 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 federal income taxes has been made.

The Fund 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 Fund is considered a personal holding company as defined under Section 542 of the Internal Revenue Code because 50% of the value of the Fund's shares were owned directly or indirectly by five or fewer individuals at certain times during the last half of the year. For this purpose, the term "individual" includes pension trusts, private foundations and certain other tax-exempt trusts. As a personal holding company, the Fund is subject to federal income taxes on undistributed personal holding company income at the maximum individual income tax rate. Generally, provisions for income taxes are not included in the financial statements as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies.

The Fund has adopted financial reporting rules that require the Fund 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 Fund, are those that are open for exam by taxing authorities. As of September 30, 2025 the Fund has no examination in progress.

Management has analyzed the Fund's tax position, 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 Fund identifies its major tax jurisdictions as U.S. Federal, the State of Delaware and the State of Florida. The Fund is not aware of any tax position for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly change in the next twelve months. The 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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| | |
|:---|:---|
| **Semi-Annual Report** | September 30, 2025<sub>13</sub> |

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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 Statement of Operations.

D. Dividends and Distributions to Shareholders. Dividends from net investment income will be declared and paid monthly. The Fund 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 Statement of Operations based on the U.S. income tax characteristics of the distribution if such information is available. In cases where the tax characteristics are not available, such distributions are generally classified as investment income.

E. Use of Estimates. The preparation of financial statements in conformity with 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.

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

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

H. Segment Reporting. The Fund has 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. The 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 the Fund's chief operating decision maker ("CODM"). The 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 the 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 the Fund's accompanying Statement of Operations.

3. Related and Other Party Transactions

The Adviser provides the Fund with investment management services under an Investment Management Agreement (the "Agreement"). Under the Agreement, the Adviser manages the investment of the assets of the 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 Fund's business affairs. As compensation for its services, the Adviser is entitled to a monthly fee at the annual rate of 0.55% of the average daily net assets of the Fund. The Adviser has arrangements with DoubleLine Group LP to provide personnel and other resources to the Fund.

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| | |
|:---|:---|
| **14**<br>| **DoubleLine Selective Credit Fund** |

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

(Unaudited) September 30, 2025

Pursuant to a letter agreement dated November 20, 2014, between the Adviser and the Trust, on behalf of the Fund (the "Letter Agreement"), the Adviser has agreed to waive the entire investment advisory fee it is entitled to receive pursuant to the Advisory Agreement effective as of December 1, 2014. Such waiver shall continue until terminated (1) by the Adviser upon 60 days' notice to the Board or (2) immediately upon the approval of a majority vote of the Trustees of the Trust who are not "interested persons" of the Trust, as defined under the 1940 Act. The Adviser may not seek reimbursement from the Fund with respect to any advisory fees waived to comply with the terms of the Letter Agreement. Under the Letter Agreement, for the period ended September 30, 2025, the Adviser fully waived the total investment advisory fee of $1,719,182.

In addition, pursuant to an Expense Limitation Agreement between the Trust, on behalf of the Fund, and the Adviser (the "Expense Limitation Agreement"), the Adviser has agreed to waive its investment advisory fee and to reimburse other ordinary operating expenses of the Fund to the extent necessary to limit the ordinary operating expenses to an amount not to exceed 0.64% for Class I shares. Ordinary operating expenses exclude taxes, commissions, mark-ups, litigation expenses, indemnification expenses, interest expenses, Acquired Fund Fees and Expenses, and any extraordinary expenses. The expense limitations described above are expected to apply until at least August 1, 2026. However, these expense limitations may be terminated by the Fund's Board at any time.

Other than described above, to the extent that the Adviser waives its investment advisory fee and/or reimburses the Fund for other ordinary operating expenses pursuant to the Expense Limitation Agreement, 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. The Fund must pay its current ordinary operating expenses before the Adviser is entitled to any recoupment. Any such recoupment would be subject to review by the Board and to the Fund's expense limitations in place when the expenses were reimbursed or the fees were waived.

As of September 30, 2025, there is no amount remaining that is eligible for reimbursement or recoupment.

4. Purchases and Sales of Securities

For period ended September 30, 2025, purchases and sales of investments, excluding short term investments, were $210,887,807 and $92,685,425, respectively. There were no transactions in U.S. Government securities (defined as long-term U.S. Treasury bills, bonds and notes) during the period.

5. Share Transactions

Transactions in the Fund's shares were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | 9458282 | $70600000 | 16658770 | $124100000 |
| Shares Redeemed | (693052) | (5200000) | (9006673) | (67100000) |
| Increase (Decrease) in Net Assets Resulting from Net Share Transactions | 8765230 | $65400000 | 7652097 | $57000000 |

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6. Remuneration Paid to Trustees, Officers and Others

Trustees who are not affiliated with the Adviser and its affiliates received, as a group, fees of $6,448 from the Fund for the period ended September 30, 2025. 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 Fund, are treated as if invested in shares of the Fund or other funds managed by the Adviser and its affiliates. These amounts represent general, unsecured liabilities of the Fund and vary according to the total returns of the selected funds. Trustees Fees in the Statement of Operations are shown as $6,448 which includes $6,068 in current fees (either paid in cash or deferred) and an increase of $380 in the value of the deferred amounts. Certain trustees and officers of the Fund are also officers of the Adviser; such trustees and officers are not compensated by the Fund.

7. Credit Facility

U.S. Bank, N.A. (the "Bank") has made available to the Trust (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

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| | | |
|:---|:---|:---|
| **Semi-Annual Report** | September 30, 2025 | **15**<br>|

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**Notes to Financial Statements (Cont.)**<br>

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%.

For the period ended September 30, 2025, the Fund did not draw on its available credit facility.

8. Significant Shareholder Holdings

As of September 30, 2025, the Fund had 12 shareholders of record; two of the Fund's shareholders, one of which were under common control with each other, collectively owned 31% of the total outstanding shares of the Fund. Each shareholder is an institutional separate account over which the Adviser has investment discretion. See the description of "large transaction risk" in the following Principal Risks Note.

9. Principal Risks

Below are summaries of some, but not all, of the principal risks of investing in the Fund, each of which could adversely affect the Fund's NAV, yield and total return. You should read the Fund's private placement memorandum carefully for a description of the principal risks associated with investing in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **active management risk: the risk that the 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 the 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 the 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 the 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 the Fund invests. Normally, collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLO") 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 the 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 the 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;• **counterparty risk: the risk that the Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund or held by special purpose or structured vehicles in which the Fund invests; 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 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 the 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;• **credit risk: the risk that an issuer, counterparty or other obligor to the 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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| | |
|:---|:---|
| **16**<br>| **DoubleLine Selective Credit Fund** |

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

(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;• **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;• **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;• **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 the 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 the 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 the Adviser, may not be available at the time or price desired, cannot be closed out at a favorable time or price, will increase the Fund's transaction costs, or will increase the 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 the 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;• **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 the 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 the 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.**

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|:---|:---|:---|
| **Semi-Annual Report** | September 30, 2025 | **17**<br>|

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

**Notes to Financial Statements (Cont.)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **fund level tax risk: the risk that the Fund while considered a personal holding company for federal income tax purposes will incur a Fund-level income tax and an additional personal holding company tax of 20% on all the investment income and gains of the Fund not timely distributed to shareholders.**

&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;• **large transaction risk: the risk that certain account holders, including the Adviser or funds or accounts over which the Adviser (or related parties of the Adviser) has investment discretion, may from time to time own or control a significant percentage of the Fund's shares. The 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 the Adviser (or related parties of the 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 the Fund's portfolio, increase the 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 the Fund involving leverage may have the effect of increasing the volatility of the 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 offering risk: the risk that since the Fund is currently offered only to a limited number of investors, the Fund's assets may grow at a slower rate than if the Fund engaged in a broader public offering. As a result, the Fund may incur operating expenses at a rate higher than mutual funds that are larger or more broadly offered. In addition, the Fund's assets may not achieve a size sufficient to make the Fund economically viable. Any liquidation of the Fund may result in a sale of assets of the Fund at an unfavorable time or at prices below those at which the Fund has valued them.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **liquidity risk: the risk that the 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;• **market risk: the risk that markets will perform poorly or that the returns from the securities in which the Fund invests will underperform returns from the general securities markets or other types of investments. Markets may, in response to governmental actions or intervention or general market conditions, including real or perceived adverse, political, economic or market conditions, tariffs and trade disruptions, inflation, recession, changes in interest or currency rates, lack of liquidity in the bond markets or adverse investor sentiments, or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. Market risk involves the risk that the value of the Fund's investment portfolio will change, potentially frequently and in large amounts, as the prices of its investments go up or down. During periods of severe market stress, it is possible that the market for some or all of the 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 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 the 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. The Fund may invest in mortgage-backed securities that are subordinate in their right to receive payment of interest and re-payment of principal to other classes of the issuer's securities.**

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| **18**<br>| **DoubleLine Selective Credit Fund** |

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(Unaudited) September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **operational and information security risks: an investment in the 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 the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the 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;• **restricted securities risk: the risk that the 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 the Fund is permitted to sell a restricted security, there can be no assurance that a trading market will exist at any particular time and the Fund may be unable to dispose of the security promptly at reasonable prices or at all. The 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 the 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 the 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;• **structured products and structured notes risk: the risk that an investment in a structured product, which includes, among other things, CDOs, mortgage-backed securities, other types of asset-backed securities and certain types of structured notes, may decline in value due to changes in the underlying instruments, indexes, interest rates or other factors on which the product is based ("reference measure"). Depending on the reference measure used and the use of multipliers or deflators (if any), changes in interest rates and movement of the reference measure may cause significant price and cash flow fluctuations. In addition to the general risks associated with fixed income securities discussed herein, structured products carry additional risks including, but not limited to: (i) the possibility that distributions from underlying investments will not be adequate to make interest or other payments; (ii) the quality of the underlying investments may decline in value or default; (iii) the possibility that the security may be subordinate to other classes of the issuer's securities; (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; and (v) because the structured products are generally privately offered and sold, they may be thinly traded or have a limited trading market, which may increase the 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;• **valuation risk: the risk that the 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 the Fund's investments involves subjective judgment. Certain securities in which the Fund may invest may be more difficult to value accurately, especially during periods of market disruptions or extreme market volatility. Incorrect valuations of the Fund's portfolio holdings could result in the Fund's shareholder transactions being effected at an NAV that does not accurately reflect the underlying value of the Fund's portfolio, resulting in the dilution of shareholder interests.**

10. Recently Issued Accounting Pronouncements

In December 2023, FASB issued Accounting Standards Update ("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.

11. Subsequent Events

In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Fund has determined there are no subsequent events that would need to be disclosed in the Fund's financial statements.

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| **Semi-Annual Report** | September 30, 2025 | **19**<br>|

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| **Form N-CSR – Items 8-11** | (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 for the fiscal year ending March 31, 2026. In connection with that transition, PricewaterhouseCoopers LLP, the 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 Fund's 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 Fund's 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 Fund has 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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| **20**<br>| **DoubleLine Selective Credit Fund** |

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&nbsp;&nbsp;&nbsp;&nbsp; ![](logo_doubleline.jpg)<br>

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| **Investment Adviser:**<br>**DoubleLine Capital LP**<br>**2002 North Tampa Street**<br>**Suite 200**<br>**Tampa, FL 33602** |
| **Administrator and Transfer Agent:**<br>**U.S. Bancorp Fund Services, LLC**<br>**P.O. Box 219252**<br>**Kansas City, MO 64121-9252** |
| **Custodian:**<br>**U.S. Bank, N.A.**<br>**1555 North River Center Drive**<br>**Suite 302**<br>**Milwaukee, WI 53212** |
| **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-SC |

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![](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 7a.

**<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 have materially affected, or are 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.](dscf-efp19116_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 for 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.](dscf-efp19116_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

---

| | |
|:---|:---|
| 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>

*\* Print the name and title of each signing officer under his or her signature.*

## 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.