As filed with the Securities and Exchange Commission on May 30, 2018

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22378

DoubleLine Funds Trust

(Exact name of registrant as specified in charter)

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Address of principal executive offices) (Zip code)

Ronald R. Redell

President

DoubleLine Funds Trust

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Name and address of agent for service)

(213) 633-8200

Registrant’s telephone number, including area code

Date of fiscal year end: March 31

Date of reporting period: March 31, 2018

Item 1. Reports to Stockholders.

Annual Report

March 31, 2018

DoubleLine Total Return Bond Fund

DBLTX (I-share)

DLTNX (N-share)

DoubleLine Core Fixed Income Fund

DBLFX (I-share)

DLFNX (N-share)

DoubleLine Emerging Markets Fixed Income Fund

DBLEX (I-share)

DLENX (N-share)

DoubleLine Multi-Asset Growth Fund

DMLIX (I-share)

DMLAX (A-share)

DoubleLine Low Duration Bond Fund

DBLSX (I-share)

DLSNX (N-share)

DoubleLine Floating Rate Fund

DBFRX (I-share)

DLFRX (N-share)

DoubleLine Shiller Enhanced CAPE^®

DSEEX (I-share)

DSENX (N-share)

DoubleLine Flexible Income Fund

DFLEX (I-share)

DLINX (N-share)

DoubleLine Low Duration Emerging Markets Fixed Income Fund

DBLLX (I-share)

DELNX (N-share)

DoubleLine Long Duration

Total Return Bond Fund

DBLDX (I-share)

DLLDX (N-share)

DoubleLine Strategic Commodity Fund

DBCMX (I-share)

DLCMX (N-share)

DoubleLine Global Bond Fund

DBLGX (I-share)

DLGBX (N-share)

DoubleLine Infrastructure Income Fund

BILDX (I-share)

BILTX (N-share)

DoubleLine Ultra Short Bond Fund

DBULX (I-share)

DLUSX (N-share)

DoubleLine Shiller Enhanced International CAPE^®

DSEUX (I-share)

DLEUX (N-share)

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

Table of Contents

	Page
President’s Letter		4
Financial Markets Highlights		5
Management’s Discussion of Fund Performance		9
Standardized Performance Summary		18
Schedules of Investments		21
Statements of Assets and Liabilities		117
Statements of Operations		120
Statements of Changes in Net Assets		123
Financial Highlights		131
Notes to Financial Statements		146
Report of Independent Registered Public Accounting Firm		175
Shareholder Expenses		176
Growth of Investment		178
Evaluation of Advisory Agreement by the Board of Trustees		193
Federal Tax Information		197
Trustees and Officers		199
Information About Proxy Voting		202
Information About Portfolio Holdings		202
Householding — Important Notice Regarding Delivery of Shareholder Documents		202
Privacy Notice		203

Annual Report March 31, 2018 3

President’s Letter (Unaudited) March 31, 2018

Dear DoubleLine Funds Shareholder,

On behalf of the DoubleLine Funds, I am pleased to deliver the Annual Report for the 12-month period ended March 31, 2018. On the following pages, you will find specific information regarding each Fund’s operations and holdings. In addition, we discuss each Fund’s investment performance and the main drivers of that performance during the reporting period.

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

Sincerely,

Ronald R. Redell, CFA

President

DoubleLine Funds Trust

May 1, 2018

4 DoubleLine Funds Trust

Financial Markets Highlights (Unaudited) March 31, 2018

· Agency Mortgage-Backed Securities (Agency MBS)

For the 12-month period ended March 31, 2018, the Bloomberg Barclays U.S. MBS Index returned 0.77%, outperforming the U.S. Government sector but underperforming the U.S. Corporate sector. Underperformance relative to the Corporate market was primarily due to credit spreads tightening to near historic levels for the space. During this time period, yields across most of the U.S. Treasury (UST) curve increased, with 2-year yields increasing by about 101 basis points (bps) and 10-year yields increasing by about 35 bps. Additionally, 30-year mortgage rates (based on Freddie Mac U.S. 30-year Commitment Rates) increased by about 30 bps and 15-year mortgage rates (based on Freddie Mac U.S. 15-year Commitment Rates) increased by about 51 bps. Consistent with rates broadly increasing over the period, overall refinancing activity, as measured by the Mortgage Bankers Association (MBA) U.S. Refinancing Index Seasonally-Adjusted, declined by about 11%; however, overall purchasing activity, as measured by the MBA Purchase Index Seasonally-Adjusted, increased by about 5%. The combination of these factors has resulted in aggregate prepayment rates across all three agencies (Freddie Mac, Fannie Mae, and Ginnie Mae) being flat year-over-year (YoY). Overall gross issuance for Agency MBS was approximately $1.3 trillion, which is slightly lower than the previous year’s. This isn’t surprising given the relatively benign prepayment activity in the market. In regards to spreads, 30-year current coupon spreads against blended 5/10 UST tightened until the new calendar year when spreads started widening by about 15 bps, resulting in a net spread change of about 17 bps YoY.

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

For the 12-month period ended March 31, 2018, spreads tightened 60 to 90 bps across the capital stack. The strong performance of the sector was supported by both technical and fundamental factors. The sector continued to decrease in size as legacy paydowns outpace new issuance volumes. Representations and warranties settlements have also been catalysts for tightening within the sector. Home prices rose across the country with the latest S&P CoreLogic Case-Shiller Home Price Index up 6.2% annually. New issuance volumes were primarily composed of non-performing and re-performing loan transactions, Agency credit risk transfer deals and securities backed by prime collateral (Jumbo 2.0 securities). Non-qualifying mortgages saw the largest percentage increase during the period as lenders looked for innovative ways to increase origination volumes during this strong housing cycle.

· Commercial Mortgage-Backed Securities (CMBS)

For the 12-month period ended March 31, 2018, new issue CMBS spreads tightened alongside broader credit and equity indices. While 2017 saw meaningful spread tightening due to the post-election risk-on sentiment, the first quarter of 2018 saw increased volatility as rates moved higher. Despite a meaningful pullback in foreign investment and transaction volume through 2017, the Moody’s/RCA Commercial Property Price Index (CPPI) increased by 8% on the national level, 9% in major markets, and 7% in non-major markets. While retail sector concern grew rampant throughout 2017 amongst store closures and bankruptcies, retail CPPI increased by 2.8% for the reporting period. The Bloomberg Barclays U.S. CMBS Index ERISA Eligible Total Return Value returned 1.12%, underperforming the broader Bloomberg Barclays U.S. Aggregate Bond Index return of 1.20%. For the period, 10-year AAA last cash flows (LCF) tightened by 12 bps to 82 bps over swaps, while BBB- bonds tightened by 110 bps to 330 bps over swaps. On the new issue front, $90.4 billion priced during the 12-month reporting period as compared to $60.8 billion from April 2016 through March 2017. Single-asset single-borrower (SASB) deals were up about 154% and continued to be the driver of new issuance, as compared to conduit deals which were up about 9%. Due to broad market consensus for a rising rate environment, there is continual demand for short-duration, floating-rate investments, which is one of the reasons for the robust issuance of SASB over conduit CMBS. The Trepp CMBS Delinquency Rate for U.S. Commercial Real Estate loans has fallen in nine of the last 12 months and is now 4.55%, 82 bps lower YoY.

· Emerging Markets (EM) Debt

For the 12-month period ended March 31, 2018, U.S. dollar (USD)-denominated EM fixed income sovereign and corporate bonds indices, represented by the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified and the JP Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified 1-3 Year Index, respectively, posted single digit returns of 4.30% and 2.04%, respectively. EM debt performance was positive and both the sovereign and corporate indices tightened moderately over the period with generally positive global economic data. Sentiment around EM and risk assets in general, however, was affected by concerns over rising global interest rates, heightened trade tensions, and elevated market volatility in the first quarter of 2018. EM High Yield (HY) credits outperformed their Investment Grade counterparts over the 12-month period. At the regional level, Africa and Latin America led performance across both the EM dollar-denominated sovereign and corporate indices.

Annual Report March 31, 2018 5

Financial Markets Highlights  (Cont.) (Unaudited) March 31, 2018

· International Sovereign

For the 12-month period ended March 31, 2018, the FTSE World Government Bond Index (WGBI) rose 8.49%. The positive performance was driven by foreign exchange (FX) appreciation relative to the dollar. Global government yields generally rose over the period on improving economic data and firming inflation expectations globally, as well as concerns about reduced monetary accommodation from developed market central banks. The U.S. Dollar (USD), as indicated by the USD Index (DXY), was markedly weaker against its G-10 peers during the period on concerns over rising U.S. twin deficits, heightened trade tensions and mixed economic data. The Trump Administration successfully passed tax reform legislation, announced increased infrastructure spending, but also enacted protectionist trade policy measures. The Federal Reserve (Fed) raised interest rates in its June 2017, November 2017, and March 2018 policy meetings, and has signaled further rate hikes this year. The Bank of Japan kept monetary policy broadly unchanged over the period, but trimmed its monthly asset purchases in early January due to technical constraints rather than an overt policy change, but this was viewed as a signal of future policy tightening. The Japanese Yen has been the best performing G-10 currency during 2018, benefiting from its “safe-haven” status against a backdrop of elevated market volatility. The European Central Bank kept interest rates unchanged and extended its Quantitative Easing program until September 2018. However, it reduced the monthly pace of bond purchases and dropped its pledge to increase asset purchases if needed, which was seen as a hawkish signal. The Euro was the best performing G-10 currency over the 12-month period. The Bank of England raised interest rates for the first time in a decade in its November 2017 meeting, and the UK government and the European Union reached an agreement on the broad terms of a Brexit transition deal.

· Investment Grade (IG) Credit

For the 12-month period ended March 31, 2018, IG credit, as measured by the Bloomberg Barclays U.S. Credit Index, recorded a total return of 2.59%. Spreads started the period at 112 bps over duration-matched UST, tightened through February of 2018 to a multi-year low of 81 bps, and ended the 12-month period at 103 bps. Yields during the period rose from a low of 2.95% on September 5, 2017 to end at 3.68%. The largest outperformance came from the Energy and Metals & Mining sectors. Metals & Mining returned 7.66% and Refining (a subsector of Energy) returned 7.06%. The worst performing sectors were Other Financial, returning -1.08% and Finance Companies, returning -0.17%. The new issue market during this period was active with $1.4 trillion of gross new issuance, yet down slightly from the 12-month period ending March 31, 2017. Net new issuance was also down slightly to $538 billion.

· Bank Loans

For the 12-month period ended March 31, 2018, the S&P/LSTA Leveraged Loan Index returned 4.43%. There was notable outperformance at the lower end of the credit quality spectrum as risk assets performed well in the period. CCC-rated loans rose 8.3% compared to returns of 4.6% for single B-rated loans and 4.0% for BB-rated loans. The top performing sectors were Automotive, Forest Products, and Conglomerates, which returned 6.16%, 6.05%, and 5.88%, respectively. There was only one negative returning sector—Cosmetics-Toiletries—which posted a negative return of 2.15%. The weighted-average bid price of the S&P/LSTA Leveraged Loan Index at the end of March 2018 was $98.42, up slightly from $98.22 in March 2017. The trailing 12-month default rate (by issuer count) remained low but rose from 1.36% in March 2017 to 1.93% in March 2018.

· U.S. High Yield (HY)

For the 12-month period ended March 31, 2018, the Bloomberg Barclays U.S. High Yield Corporate Index returned 3.78%. Longer-maturity bonds outperformed intermediate bonds, and bonds with lower credit ratings outpaced those with higher ratings, with Caa-rated issues returning 5.78%, while B-rated issues returned 3.29% and Ba-rated issues returned 3.47%. For the period, notable outperformers by industry were Refining, Tobacco and Transportation Services. Underperforming sectors over the period were Supermarkets and Office Real Estate Investment Trusts (REITs).

· Collateralized Loan Obligations (CLOs)

For the 12-month period ended March 31, 2018, total CLO issuance was $132.77 billion with an average monthly issuance of $11.06 billion. February 2018 was the highest monthly issuance for the last 36 months ending March 31, 2018. Spreads across the capital stack tightened to post-crisis tights. Over the past 12-months, London Interbank Offered Rate (LIBOR) has risen by 115 bps. In February 2018, the United States Court of Appeals for the District of Columbia ruled that qualifying CLO managers are not subject to the risk retention requirements of the Dodd-Frank Act. Prior to this decision, the market was expecting these risk retention

6 DoubleLine Funds Trust

(Unaudited)

March 31, 2018

requirements to be in place permanently and managers had created solutions to address them. Deals issued prior to February 2018 were generally designed to be risk retention compliant. The court’s decision appears to have allowed managers that had struggled with risk retention compliance to reenter the market.

· Global Equities

For the 12-month period ended March 31, 2018, Global Equities, as measured by the Morgan Stanley Capital International All-Country World Index (MSCI ACWI), were up 15.44%. U.S. equities produced positive returns with the S&P 500^® Index returning 13.99% during the period. European equities underperformed the broader market, with the Eurostoxx 50 Index returning -0.47%. Asian equity markets generally posted positive returns, with Japanese equities, as measured by the Nikkei 225 Index, up 14.57%. Chinese equities, as measured by the Shanghai Composite Index, underperformed the broader market returning only up 0.74%. EM equities, as measured by the Morgan Stanley Capital International Emerging Markets Index (MSCI EM), outperformed the broader market, up 23.88% over the period.

· Commodities

For the 12-month period ended March 31, 2018, the broad commodity market rallied by 3.71% and 12.49%, as measured by the Bloomberg Commodity Index Total Return (BCOM) and S&P Goldman Sachs Commodity Index (GSCI), respectively. The best performing sector during this period was Energy, up 22.26%, as Brent crude and West Texas Intermediate crude surged 30.41% and 22.76%, respectively. Precious Metals rallied 1.96%, with Gold increasing 3.97% while Silver declined by 13.02%. Industrial Metals rallied 8.43% as Copper and Nickel appreciated considerably, with returns of 12.32% and 29.76%, respectively. During the period, the Agriculture sector declined 8.17% with Cocoa being the best performer with a return of 18.38%, while sugar was the worst performer with a return of -29.69%. Livestock declined 4.63% with lean hogs and live cattle both decreasing in value by 2.57% and 8.13%, respectively.

· Infrastructure Debt

For the 12-month period ended March 31, 2018, investor demand for Infrastructure-related assets remained robust. Private markets continued to support investment in Infrastructure projects both domestically and globally, while Infrastructure-related policy plans out of Washington remained a work in progress. We have seen an increase in the volume of Infrastructure assets financed through structured product instruments over the period with the fastest growing sector being Renewable Energy. Internationally, multiple transactions financing a wide array of Infrastructure assets were introduced to the market, most notably a metro in Central America and power generation assets in South America and the Middle East.

· Asset-Backed Securities (ABS)

For the 12-month period ended March 31, 2018, ABS gross new issuance was $208 billion. New issuance volumes were mostly driven by Auto ABS and non-traditional ABS sectors such as Whole Business Securitization and Aviation Leasing. The buyer base for ABS expanded with significant interest from foreign entities, which further compressed spreads in both primary and secondary trading. Further expanding the ABS investor base, an increase in whole business securitization attracted traditional corporate debt buyers into the sector. While underlying fundamentals remain strong, the market experienced an uptick in delinquencies in the Consumer Credit sector. The Bloomberg Barclays U.S. ABS Index returned 0.62% over the period.

· U.S. Large Cap Equities

For the 12-month period ended March 31, 2018, the dominant characteristic of the U.S. equity markets was historically low volatility coupled with a steady series of all-time highs for the S&P 500 ^® Index. January 2018 marked the 15^th month in a row of positive returns for the Index, and by late January the Index returned over 23.52% from its March 2017 level. This brought equity valuations, as measured by the CAPE^® ratio, to levels seen only in the 1920s and late 1990s, while the Chicago Board of Exchange Volatility Index (VIX) closed at an all-time low of 9.14% in November 2017. The market changed course in early February 2018, prompted by concerns of rising interest rates following the January payroll report. The S&P 500^® Index fell by over 10% (intra-day levels) over the course of six trading days. The VIX spiked intraday to over 50%, a level seen only during the global financial crisis and briefly in August 2015. The S&P 500^® Index ultimately closed the 12-month period up 13.99%.

Annual Report March 31, 2018 7

Financial Markets Highlights  (Cont.) (Unaudited) March 31, 2018

· Government Securities

For the 12-month period ended March 31, 2018, the Fed kicked off the balance sheet renormalization process, had a new chairman in place, and continued to stick to its plan of gradual interest rate increases. Those changes received different levels of reaction in the rates market. For the majority of 2017, UST had largely traded range-bound. In fact, the benchmark 10-year yield closed almost exactly at the same level as the end of the first quarter 2017. Bond market volatility also slipped to all-time low levels, according to the Merrill Lynch Option Volatility Estimate Index (MOVE). However, the tide turned in 2018, as yields started moving upwards amid the fallout of the tax cut bill. 10-year rate volatility also spiked in early February of 2018 but erased most of the increase later. The U.S. rates market as a whole returned 0.43%, as measured by the Bloomberg Barclays U.S. Treasury Total Return Index. Treasury Inflation-Protected Securities (TIPS), as measured by the Bloomberg Barclays U.S. Treasury Inflation-Linked Bond Index Total Return, returned 0.92%.

8 DoubleLine Funds Trust

Management’s Discussion of Fund Performance (Unaudited) March 31, 2018

DoubleLine Total Return Bond Fund

For the 12-month period ended March 31, 2018, the DoubleLine Total Return Bond Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index return of 1.20%. The UST curve flattened during this time with 2-year and 10-year yields up 101 bps and 35 bps, respectively. The outperformance was due to both duration positioning and sector allocation. The Fund’s duration was 4.31 years as of March 31, 2018, about two years shorter compared with the Index’s duration of 6.31 years, which we believe helped mitigate price declines during the rate sell-off. Spreads tightened across credit-sensitive assets, particularly in lower rated securities like High Yield corporate credit and non-rated structured assets; however, it is worth noting that the Index’s primary credit exposure is in IG, or higher rated bonds. The Index also has no exposure to non-Agency MBS, which was the largest driver of the Fund’s outperformance. The Fund’s exposure to other securitized credit including ABS, CMBS, and CLOs was accretive to performance primarily due to interest income. Agency MBS contributed positive total return; however, prices declined across the sector due to the relatively long duration of this sector.

Period Ended 3-31-18	1-Year
I-Share		2.19%
N-Share		1.93%
Bloomberg Barclays U.S. Aggregate Bond Index		1.20%

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

DoubleLine Core Fixed Income Fund

For the 12-month period ending March 31, 2018, the DoubleLine Core Fixed Income Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index return of 1.20%. Overall, the UST curve flattened over this period with 2-year and 10-year yields increasing 101 bps and 35 bps, respectively. The Fund’s lower duration sectors—such as non-Agency MBS, CMBS and ABS—experienced an increase in prices as spreads tightened while floating rate CLO positions experienced higher interest returns as short rates rose. HY Corporate debt returns were positive on the year as spreads tightened by 43 bps according to the High Yield component of the Bloomberg Barclays U.S. Credit Index. IG corporate debt followed a similar trend as spreads tightened to multi-year lows according to the Corporate component of the Bloomberg Barclays U.S. Credit Index. Government, Municipal, and Agency MBS bonds were the lowest performing sectors due to the sell-off in rates; however, Agency MBS total returns were positive for the year due to interest income.

Period Ended 3-31-18	1-Year
I-Share		2.51%
N-Share		2.26%
Bloomberg Barclays U.S. Aggregate Bond Index		1.20%

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

DoubleLine Emerging Markets Fixed Income Fund

For the 12-month period ended March 31, 2018, the DoubleLine Emerging Markets Fixed Income Fund underperformed the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified. The Fund’s underperformance relative to the benchmark was driven by the Fund shifting to a more cautious portfolio positioning during the 12-month period with a shorter duration of 3.73 years versus the Index duration of 6.79 years, larger weighting in IG credits, and higher allocation to Asian credits relative to the Index. Over the 12-month period, front-end UST yields rose more than long-end yields, EM IG credits underperformed their HY counterparts, and Asian credits lagged in performance relative to other regional peers. The Fund was also underweight credits in Africa, which was the best performing region in the Index. The Fund’s underperformance was partially offset by the Fund’s relative overweight to Latin American credits, which outperformed most other regional peers during the period.

Period Ended 3-31-18	1-Year
I-Share		3.30%
N-Share		3.14%
JP Morgan EMBI Global Diversified		4.30%

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

Annual Report March 31, 2018 9

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) March 31, 2018

DoubleLine Multi-Asset Growth Fund

For the 12-month period ended March 31, 2018, the DoubleLine Multi-Asset Growth Fund produced positive returns but underperformed the S&P 500^® Index’s return of 13.99% and the Blended Benchmark return of 11.71%. The Fund’s equity strategy, part of which was executed through the use of derivatives, was a contributor to performance but underperformed Global Equities, which were up 15.44%, as measured by the MSCI ACWI. U.S. and EM Equities contributed to performance while European equities detracted from relative performance. The fixed income sleeve underperformed the Bloomberg Barclays Global Aggregate Bond Index return of 6.97%. Positions in Bank Loans, CLOs, ABS, and non-Agency MBS contributed to relative performance while a position in Puerto Rico General Obligation bonds and select mortgage REITs detracted from performance. Currency forwards contributed to performance with short USD positions versus the Euro, British Pound, and Japanese Yen adding to performance. Real Assets contributed to performance driven by a long position in gold futures and a systematic long/short swap commodity strategy implemented through swaps.

Period Ended 3-31-18	1-Year
I-Share		6.80%
A-Share
Without Load		6.57%
With Load		2.05%
S&P 500® Index		13.99%
Blended Benchmark*		11.71%

* Blended Benchmark: 60% MSCI ACWI, 40% Bloomberg Barclays Global Aggregate Bond Index.

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

DoubleLine Low Duration Bond Fund

For the 12-month period ended March 31, 2018, the DoubleLine Low Duration Bond Fund outperformed the ICE Bank of America/Merrill Lynch 1-3 Year UST Index return of 0.03%, posting a return of 1.82%. UST yields increased across the entire intermediate Treasury curve during this period. Specifically, the 1-, 2- and 3-year portions of the curve rose by 1.07%, 1.01%, and 0.89%, respectively. The Fund’s outperformance can largely be attributed to a combination of maintaining an average duration over the period that was 0.5 years shorter than the ICE Bank of America/Merrill Lynch 1-3 Year UST Index, and owning credit risk during a period when credit spreads generally tightened (e.g. Bank Loan spreads as proxied by the S&P/LSTA Leveraged Loan Index tightened by 41 bps). Within the Fund, CMBS and Bank Loans were the best performing sectors due to an increase in the Fund’s short-term rates with 50% of CMBS holdings being floating rate and 100% of the Fund’s Bank Loans being floating rate. The Fund’s asset allocation mix over this period reflected an increase to Bank Loans and a decrease in allocations to both UST and IG corporate credit, which occurred at the end of August.

Period Ended 3-31-18	1-Year
I-Share		1.82%
N-Share		1.57%
ICE Bank of America/Merrill Lynch 1-3 Year U.S. Treasury Index		0.03%

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

DoubleLine Floating Rate Fund

For the 12-month period ended March 31, 2018, the DoubleLine Floating Rate Fund underperformed the S&P/LSTA Leveraged Loan Index. The Fund generally maintained an overweight position in single-B credits and an underweight position in BB and CCC credits. The overweight position in single-B credits positively impacted performance. BB-rated loans did not keep pace with the broader market, so the Fund’s underweight position in these loans benefited performance. The underweight position in CCC-rated loans was a drag on performance given that this ratings class dramatically outperformed the Index. The Fund held overweight exposures in Electronics-Electrical and Healthcare that were beneficial to overall performance. An underweight position in Utilities detracted from performance

10 DoubleLine Funds Trust

(Unaudited)

March 31, 2018

given this sector’s outperformance. The small positions in HY bonds and CLO liabilities were accretive to performance and were driven by credit selection, while the small cash position was dilutive to overall performance.

Period Ended 3-31-18	1-Year
I-Share		4.39%
N-Share		4.02%
S&P/LSTA Leveraged Loan Index		4.43%

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

DoubleLine Shiller Enhanced CAPE^®

For the 12-month period ended March 31, 2018, the DoubleLine Shiller Enhanced CAPE^® underperformed the S&P 500^® Index return of 13.99%. The underperformance of the Fund relative to the S&P 500^® Index was driven by the underperformance of the Shiller Barclays CAPE^® U.S. Sector TR USD Index, which the Fund gained exposure to through the use of excess return swaps. Such underperformance was partially offset by the positive returns of the fixed income portfolio. Over the course of the 12 months, the Shiller Barclays CAPE^® Index was exposed to five of the S&P 500^® sectors: Consumer Discretionary, Consumer Staples, Healthcare, Industrials, and Technology. With the exception of Consumer Staples, all of these sectors delivered positive returns while they were constituents of the Shiller Barclays CAPE^® Index. Technology was the best performing constituent, followed by Consumer Discretionary and Healthcare. The fixed income portfolio contributed positively to performance for the period. All sectors within the portfolio generated positive returns, with the best returns coming from Bank Loans, CMBS, and Agency and non-Agency MBS.

Period Ended 3-31-18	1-Year
I-Share		12.40%
N-Share		12.06%
Shiller Barclays CAPE® U.S. Sector TR USD Index		12.55%
S&P 500® Index		13.99%

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

DoubleLine Flexible Income Fund

For the 12-month period ended March 31, 2018, the DoubleLine Flexible Income Fund outperformed the ICE Bank of America/Merrill Lynch 1-3 Year Eurodollar Index return of 0.76%. Over this time period, the Fed hiked the Federal Funds Target Rate three times and the UST yield curve flattened with 2-year yields increasing by about 1.01%, 10-year yields increasing by about 0.35%, and 30-year yields decreasing by about 0.04%. Global Sovereigns was the top performing sector over the period as the weakening of the UST benefitted non-USD denominated holdings in the portfolio. Bank Loans and CLOs also outperformed as floating rate assets benefitted from the increase in short term UST yields over the period. Structured products posted strong performance over the period as the interest income generated from ABS, CMBS and non-Agency MBS positions more than offset the negative price impact from rising benchmark UST yields. UST was the only sector to underperform the benchmark as rising rates negatively impacted the price of these securities.

Period Ended 3-31-18	1-Year
I-Share		3.94%
N-Share		3.69%
LIBOR* USD 3 Month		1.44%
ICE Bank of America/Merrill Lynch 1-3 Year Eurodollar Index		0.76%

* LIBOR stands for the London Interbank Offered Rate.

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

Annual Report March 31, 2018 11

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) March 31, 2018

DoubleLine Low Duration Emerging Markets Fixed Income Fund

For the 12-month period ended March 31, 2018, the DoubleLine Low Duration Emerging Markets Fixed Income Fund underperformed the JP Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified 1-3 Year Index. The Fund’s underperformance relative to the benchmark was driven by the larger weighting in IG credits and overweight position in Asian credits versus the Index. Over the period, EM IG corporate credits and Asian credits underperformed versus their regional peers. The Fund was also underweight in Africa, which was the best performing region in the Index. The Fund’s underperformance was partially offset by the Fund’s relative overweight to Latin American credits, which outperformed most other regional peers during the period.

Period Ended 3-31-18	1-Year
I-Share		1.37%
N-Share		1.10%
JP Morgan CEMBI Broad Diversified 1-3 Year Index		2.04%

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

DoubleLine Long Duration Total Return Bond Fund

For the 12-month period ended March 31, 2018, the DoubleLine Long Duration Total Return Bond Fund underperformed the Bloomberg Barclays U.S. Long Government/Credit Index return of 5.09%. For that period, yields across most of the UST curve increased with 2-year yields increasing by about 101 bps and 10-year yields increasing by about 35 bps. The Government portion of the Fund outperformed the Index’s Government exposure during this period. The outperformance was primarily attributed to accretive security selection as Agency debentures and conventional UST in the Fund, which were exposed to less interest rate movements at the far end of the curve, outperformed securities at the 7- to 15-year portion of the curve. In contrast, the Fund’s exposure to Agency MBS underperformed corporate credit as the corporate space experienced a sharp rally with spreads tightening to near historic levels; however, it is worth noting that the first quarter of 2018 saw the most material widening in the long corporate space since the Energy sell-off back at the end of 2015. Not surprisingly, Agency MBS outperformed for the first quarter of this year, as LCF Z-bonds performed well against the corporate credit sector. Z-bonds are LCF tranche, principal accreting bonds that defer principal payments to other tranches until those other tranches get paid off; as a result, Z-bonds typically have a longer average life relative to other tranches within the CMO deal. As of the end of the period, the Fund continued to utilize a combination of UST, futures, and U.S. TIPS to help manage the duration and convexity profile of the Fund as a whole. Additionally, the Fund has maintained a slightly shorter duration of 14.49 years compared to its benchmark, which had a duration of 15.22 years for this reporting period.

Period Ended 3-31-18	1-Year
I-Share		2.74%
N-Share		2.48%
Bloomberg Barclays U.S. Long Government/Credit Index		5.09%

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

DoubleLine Strategic Commodity Fund

For the 12-month period ended March 31, 2018, the DoubleLine Strategic Commodity Fund outperformed the BCOM. The broad commodity market rallied in this period as the BCOM increased by 3.71% while the S&P GSCI increased by 12.49%. The Morgan Stanley Backwardation Focused Multi-Commodity Index (BFMCISM) (beta exposure) increased by 15.13% over the period, while the DoubleLine Commodity Long Short Strategy (DCLS), a systematic long/short commodity strategy implemented through swaps, increased by 13.04%. The outperformance relative to the BCOM was driven by the outperformance of the Morgan Stanley BFMCISM, which the Fund gained exposure to through the use of excess return swaps, and the outperformance of the DCLS. The Fund’s use of derivative instruments to gain exposure to commodities during the period facilitated investment of the Fund’s remaining assets in UST obligations and those positions added incremental return in the period.

Period Ended 3-31-18	1-Year
I-Share		14.03%
N-Share		13.79%
Bloomberg Commodity Index Total Return		3.71%

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

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DoubleLine Global Bond Fund

For the 12-month period ended March 31, 2018, the DoubleLine Global Bond Fund posted high single-digit returns, but modestly underperformed its benchmark, the FTSE World Government Bond Index (WGBI), which returned 8.49%. Positive performance over the period was led primarily by FX appreciation against the USD, as indicated by the DXY, which fell over each quarter of the period. The Fund benefitted from overweight positions in Portugal, Ireland and the Central Eastern Europe countries, such as the Czech Republic, Poland and Hungary, but relative performance to the benchmark was hurt by the Fund’s underweight positioning in Italy, France and the UK, which all outperformed during the period.

Period Ended 3-31-18	1-Year
I-Share		7.96%
N-Share		7.77%
FTSE World Government Bond Index		8.49%

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

DoubleLine Infrastructure Income Fund

For the 12-month period ended March 31, 2018, the DoubleLine Infrastructure Income Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index return of 1.20%. Sector allocations to Infrastructure-related ABS, U.S. Corporates and EM Bonds all generated positive total returns during the period. ABS was the best performing sector due to a short duration profile and strong carry. Within ABS, the largest contributions came from the Aircraft and Maritime Shipping sub-sectors. Within EM and U.S. Corporates, Transportation and Energy related assets were the largest contributors.

Period Ended 3-31-18	1-Year
I-Share		2.67%
N-Share		2.54%
Bloomberg Barclays U.S. Aggregate Bond Index		1.20%

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

DoubleLine Ultra Short Bond Fund

For the 12-month period ended March 31, 2018, the DoubleLine Ultra Short Bond Fund’s Class I shares outperformed the ICE Bank of America/Merrill Lynch 3-Month Treasury Bill Index return of 1.11%. 3-month UST bill yields increased 0.96% to end the first quarter at 1.71%. 3-month LIBOR increased 1.16% to end the first quarter at 2.31%. Within the Fund, corporate credit outperformed Treasury bills as corporate spreads tightened during this time, as measured by the Bloomberg Barclays Capital U.S. 1-3 Year Credit Index. The relative outperformance of corporate credit was due to the Fund being overweight commercial paper and floating rate notes, which benefited from the rise in LIBOR.

Period Ended 3-31-18	1-Year
I-Share		1.31%
N-Share		0.95%
ICE Bank of America/Merrill Lynch 3-Month Treasury Bill Index		1.11%

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

DoubleLine Shiller Enhanced International CAPE^®

For the 12-month period ended March 31, 2018, the DoubleLine Shiller Enhanced International CAPE^® underperformed the MSCI Europe Net Return USD Index, which returned 14.49%. The underperformance of the Fund relative to the benchmark was due to the underperformance of the Shiller Barclays CAPE^® Europe Sector Net Total Return Index, which the Fund gained exposure to through the use of excess return swaps. Over the course of the 12-month period, the Shiller Barclays CAPE^® Europe Sector Net Total Return Index was exposed to seven individual sectors: Consumer Discretionary, Consumer Staples, Energy, Healthcare, Materials, Utilities, and

Annual Report March 31, 2018 13

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) March 31, 2018

Telecommunications. The Utilities sector was a constituent of the Shiller Barclays CAPE^® Europe Sector Net Total Return Index for the entire period, while the other six sectors were constituents for a portion of the period. The fixed income collateral portfolio provided positive returns during the period.

Period Ended 3-31-18	1-Year
I-Share		9.92%
N-Share		9.56%
MSCI Europe Net Return USD Index		14.49%

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

Past Performance is not a guarantee of future results.

Opinions expressed herein are as of March 31, 2018 and are subject to change at any time, are not guaranteed and should not be considered investment advice. This report is for the information of shareholders of the Funds. It may also be used as sales literature when preceded or accompanied by the current prospectus.

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

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

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

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

Investments in debt securities typically decline in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Funds may invest in foreign securities (or derivatives which give exposure to foreign securities) which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision-making, economic or market conditions or other unanticipated factors.

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

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

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

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

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

Additional principal risks for the Funds can be found in the prospectus.

Diversification does not assure a profit or protect against loss in a declining market.

Credit ratings from Moody’s Investor Services, Inc. (“Moody’s”) range from the highest rating of Aaa for bonds of the highest quality that offer the lowest degree of investment risk to the lowest rating of C for the lowest rated class of bonds. Credit ratings from S&P Global Ratings (“S&P”) range from the highest rating of AAA for bonds of the highest quality that offer the lowest degree of investment risk to the lowest rating of D for bonds that are in default. In limited situations when the rating agency has not issued a formal rating, the rating agency will classify the security as nonrated.

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

Barclays Bank PLC and its affiliates (“Barclays”) is not the issuer or producer of DoubleLine Shiller Enhanced CAPE ^® (the “Fund”) and Barclays has no responsibilities, obligations or duties to investors in the Fund. The Shiller Barclays CAPE^® US Sector USD Index (the “Index”) is a trademark owned by Barclays Bank PLC and licensed for use by the Fund. While the Fund may execute transaction(s) with Barclays in or relating to the Index, Fund investors acquire interests solely in the Fund and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in the Fund. The Fund is not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of the Fund or use of the Index or any data included therein. Barclays shall not be liable in any way to the Fund, investors or to other third parties in respect of the use or accuracy of the Index or any data included therein.

The Shiller Barclays CAPE^® US Index Family (the “Index Family”) has been developed in part by RSBB-I, LLC, the research principal of which is Robert J. Shiller. RSBB-I, LLC is not an investment advisor and does not guarantee the accuracy and completeness of the Index Family or any data or methodology either included therein or upon which it is based. RSBB-I, LLC shall have no liability for any errors, omissions or interruptions therein and makes no warranties expressed or implied, as to the performance or results experienced by any party from the use of any information included therein or upon which it is based, and expressly disclaims all warranties of the merchantability or fitness for a particular purpose with respect thereto, and shall not be liable for any claims or losses of any

14 DoubleLine Funds Trust

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nature in connection with the use of such information, including but not limited to, lost profits or punitive or consequential damages even, if RSBB-I, LLC is advised of the possibility of same. Shiller Barclays CAPE^® US Sector TR USD Index incorporates the principles of long-term investing distilled by Dr. Robert Shiller and expressed through the CAPE^® (Cyclically Adjusted Price Earnings) ratio (the “CAPE^® Ratio”). It aims to identify undervalued sectors based on a modified CAPE^® Ratio, and then uses a momentum factor to seek to mitigate the effects of potential value traps.

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

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

ICE Bank of America/Merrill Lynch 1-3 Year Eurodollar Index—This Index is a subset of the BAML Eurodollar Index including all securities with a remaining term to final maturity less than 3 years. The BAML Eurodollar Index tracks the performance of US dollar-denominated investment grade quasigovernment, corporate, securitized and collateralized debt publicly issued in the eurobond markets.

Basis Point (bp)—A unit that is equal to 1/100th of 1%.

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

Bloomberg Barclays Global Aggregate Bond Index—This index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities.

Bloomberg Barclays Capital U.S. 1-3 Year Credit Index—This index measures the performance of investment grade corporate debt and sovereign, supranational, local authority, and non-US agency bonds that have a remaining maturity of at least one year and less than three years.

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

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

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

Bloomberg Barclays U.S. CMBS Index ERISA Eligible Total Return Value—This index measures the performance of investment grade commercial mortgage-backed securities, which are classes of securities that represent interests in pools of commercial mortgages, and includes only ERISA-eligible CMBS.

Bloomberg Barclays U.S. High Yield Corporate Index—An index that covers the universe of fixed rate, non-investment grade debt. Eurobonds and debt issuer from countries designated as emerging markets (e.g. Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG countries are included. Original issue zeros, step-up coupon structures, 144As and pay-in-kind (PIK, as of October 1, 2009) are also included.

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

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

Bloomberg Barclays U.S. Treasury Total Return Index—The U.S. Treasury component of the U.S. Government index. This index includes public obligations of the U.S. Treasury with a remaining maturity of one year or more.

Bloomberg Barclays U.S. Treasury Inflation-Linked Bond Index Total Return—This index measures the performance of the U.S. Treasury Inflation-Protected Securities (TIPS) market. Federal Reserve holdings of U.S. TIPS are not Index eligible and are excluded from the face amount outstanding of each bond in the Index.

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

Chicago Board of Exchange Volatility Index (VIX)—This index shows the market’s expectation of 30-day volatility. This index is constructed using the implied volatilities of a wide range of S&P 500 index options. This volatility is meant to be forward looking and is calculated from both calls and puts. The VIX is a widely used measure of market risk and is often referred to as the “investor fear gauge.”

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

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

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

Freddie Mac U.S. 15-year Commitment Rates—The interest rate charged by Freddie Mac to lend money to a qualified borrower on a 15-year fixed-rate mortgage loan.

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

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

G-10—A group of the major industrialized countries whose mission is to create a more stable world economic trading environment through monetary and fiscal policies. The group is comprised of: Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States.

Annual Report March 31, 2018 15

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) March 31, 2018

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

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

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

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

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

Merrill Lynch Option Volatility Estimate Index (MOVE)—A yield curve weighted index of the normalized implied volatility on 1-month Treasury options.

Moody’s/RCA Commercial Property Price Index (CPPI)—A time series of unleveraged U.S. commercial property values that captures the prices at which commercial real estate transactions are currently being negotiated and contracted.

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

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

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

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

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

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

Nikkei 225 Index—A price-weighted index comprised of Japan’s top 225 blue-chip companies on the Tokyo Stock Exchange. The Nikkei is equivalent to the Dow Jones Industrial Average Index in the U.S.

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

Shiller Barclays CAPE^® U.S. Sector TR USD Index—An index that incorporates the principles of long-term investing distilled by Dr. Robert Shiller and expressed through the CAPE^® (Cyclically Adjusted Price Earnings) ratio (the “CAPE^® Ratio”). It aims to identify undervalued sectors based on a modified CAPE^® Ratio, and then uses a momentum factor to seek to mitigate the effects of potential value traps.

Shiller Barclays CAPE^® Europe Sector Net Total Return Index—The Index incorporates the principles of long-term investing distilled by Dr. Robert Shiller and expressed through the CAPE^® (Cyclically Adjusted Price Earnings) ratio (the “CAPE^® Ratio”). The classic CAPE^® Ratio assesses equity market valuations and averages ten years of reported earnings to account for earnings and market cycles.

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

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

S&P CoreLogic Case-Shiller Home Price Index—A set of 2 indices, one comprised of price changes within all 20 metropolitan markets, and another comprised of price changes within a subset of 10 metropolitan markets.

S&P Goldman Sachs Commodity Index (GSCI)—This composite index of commodity sector returns represents a broadly diversified, unleveraged, long-only position in commodity futures. The index’s components qualify for inclusion in the index based on liquidity measures and are weighted in relation to their global production levels, making the Index a valuable economic indicator and commodities market benchmark.

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

Shiller Barclays CAPE^® Ratio—CAPE^® stands for Cyclically Adjusted Price-Earnings. The CAPE^® Ratio is a valuation metric that takes the current price of an equity or index divided by its inflation adjusted average of ten years of earnings.

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

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

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

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The DoubleLine Funds are distributed by Quasar Distributors, LLC.

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

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

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

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

Annual Report March 31, 2018 17

Standardized Performance Summary (Unaudited) March 31, 2018

The performance information shown assumes the reinvestment of all dividends and distributions. Returns over 1 year are average annual returns. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance of the Fund may be lower or higher than the performance quoted. The Funds’ gross and net expense ratios shown are from the most recent prospectus and may change over time. See the financial highlights section of the financial statements for more recent expense ratios. The Funds’ gross and net expense ratios also include “acquired fund fees and expenses,” which are expenses incurred indirectly as a result of a Fund’s investments in one or more underlying funds, including ETFs and money market funds. Because these costs are indirect, the expense ratios will not correlate to the expense ratios in the Funds’ financial statements, since financial statements only include direct costs of the Funds and not indirect costs of investing in the underlying funds. Performance data current to the most recent month-end may be obtained by calling (213) 633-8200 or by visiting www.doublelinefunds.com.

Performance data shown for the Multi-Asset Growth Fund Class reflects the Class A maximum sales charge of 4.25%. Performance data shown for the Class A No Load does not reflect the deduction of the sales load or fee. If reflected, the load or fee would reduce the performance quoted. The Multi-Asset Growth Fund imposes a deferred sales charge of 0.75% on purchases of $1 million or more of Class A shares if redeemed within 18 months of purchase. The Multi-Asset Growth Fund and Floating Rate Fund impose a 1.00% redemption fee on all share classes if shares are sold within 90 days of purchase. Performance data does not reflect the redemption fee. If it had, returns would be reduced.

DBLTX/DLTNX
DoubleLine Total Return Bond Fund Returns as of March 31, 2018	1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (4-6-10 to 3-31-18)		Gross/Net Expense Ratio
I-share (DBLTX)		2.19%		2.03%		2.62%		6.11%		0.48%
N-share (DLTNX)		1.93%		1.78%		2.38%		5.86%		0.73%
Bloomberg Barclays U.S. Aggregate Bond Index		1.20%		1.20%		1.82%		3.27%
DBLFX/DLFNX
DoubleLine Core Fixed Income Fund Returns as of March 31, 2018	1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (6-1-10 to 3-31-18)		Gross/Net Expense Ratio
I-share (DBLFX)		2.51%		2.20%		2.73%		5.22%		0.49%
N-share (DLFNX)		2.26%		1.92%		2.47%		4.96%		0.74%
Bloomberg Barclays U.S. Aggregate Bond Index		1.20%		1.20%		1.82%		3.02%
DBLEX/DLENX
DoubleLine Emerging Markets Fixed Income Fund Returns as of March 31, 2018	1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (4-6-10 to 3-31-18)		Gross/Net Expense Ratio
I-share (DBLEX)		3.30%		5.18%		3.86%		5.83%		0.94%
N-share (DLENX)		3.14%		4.95%		3.62%		5.58%		1.19%
JP Morgan Emerging Markets Bond Index Global Diversified		4.30%		5.78%		4.69%		6.59%
DMLIX/DMLAX
DoubleLine Multi-Asset Growth Fund Returns as of March 31, 2018	1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (12-20-10 to 3-31-18)		Gross Expense Ratio		Net Expense Ratio*
I-share (DMLIX)		6.80%		5.43%		5.23%		4.47%		1.33%	1.32%
A-share (DMLAX)										1.58%	1.57%
A-share (No Load)		6.57%		5.19%		4.96%		4.20%
A-share (With Load)		2.05%		3.68%		4.05%		3.58%
S&P 500® Index		13.99%		10.78%		13.31%		13.22%
Blended Benchmark**		11.71%		6.25%		6.18%		6.17%
DBLSX/DLSNX
DoubleLine Low Duration Bond Fund Returns as of March 31, 2018	1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (9-30-11 to 3-31-18)		Gross/Net Expense Ratio
I-share (DBLSX)		1.82%		1.93%		1.81%		2.21%		0.45%
N-share (DLSNX)		1.57%		1.68%		1.56%		1.96%		0.70%
ICE Bank of America/Merrill Lynch 1-3 Year U.S. Treasury Index		0.03%		0.40%		0.52%		0.51%
DBFRX/DLFRX
DoubleLine Floating Rate Fund Returns as of March 31, 2018	1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (2-1-13 to 3-31-18)		Gross/Net Expense Ratio
I-share (DBFRX)		4.39%		3.11%		3.15%		3.21%		0.71%
N-share (DLFRX)		4.02%		2.82%		2.91%		2.98%		0.96%
S&P/LSTA Leveraged Loan Index		4.43%		4.20%		3.89%		3.99%

18 DoubleLine Funds Trust

(Unaudited)

March 31, 2018

DSEEX/DSENX
DoubleLine Shiller Enhanced CAPE® Returns as of March 31, 2018	1-Year		3-Year Annualized		Since Inception Annualized (10-31-13 to 3-31-18)		Gross/Net Expense Ratio
I-share (DSEEX)		12.40%		14.15%		15.32%		0.58%
N-share (DSENX)		12.06%		13.86%		15.02%		0.83%
Shiller Barclays CAPE® U.S. Sector TR USD Index		12.55%		13.88%		14.28%
S&P 500® Index		13.99%		10.78%		11.99%
DFLEX/DLINX
DoubleLine Flexible Income Fund Returns as of March 31, 2018	1-Year		3-Year Annualized		Since Inception Annualized (4-7-14 to 3-31-18)		Gross/Net Expense Ratio
I-share (DFLEX)		3.94%		3.29%		3.45%		0.85%
N-share (DLINX)		3.69%		3.04%		3.21%		1.10%
LIBOR USD 3 Month		1.44%		0.89%		0.74%
ICE Bank of America/Merrill Lynch 1-3 Year Eurodollar Index		0.76%		1.16%		1.18%
DBLLX/DELNX
DoubleLine Low Duration Emerging Markets Fixed Income Fund Returns as of March 31, 2018	1-Year		3-Year Annualized		Since Inception Annualized (4-7-14 to 3-31-18)		Gross Expense Ratio		Net Expense Ratio*
I-share (DBLLX)		1.37%		2.77%		2.57%		0.75%	0.59%
N-share (DELNX)		1.10%		2.51%		2.35%		1.00%	0.84%
JP Morgan CEMBI Broad Diversified 1-3 Year Index		2.04%		3.63%		3.23%
DBLDX/DLLDX
DoubleLine Long Duration Total Return Bond Fund Returns as of March 31, 2018	1-Year		3-Year Annualized		Since Inception Annualized (12-15-14 to 3-31-18)		Gross Expense Ratio		Net Expense Ratio*
I-share (DBLDX)		2.74%		0.86%		2.33%		0.76%	0.65%
N-share (DLLDX)		2.48%		0.60%		2.05%		1.01%	0.90%
Bloomberg Barclays U.S. Long Government/Credit Index		5.09%		2.13%		3.11%
DBCMX/DLCMX
DoubleLine Strategic Commodity Fund Returns as of March 31, 2018	1-Year				Since Inception Annualized (5-18-15 to 3-31-18)		Gross Expense Ratio		Net Expense Ratio*
I-share (DBCMX)		14.03%				2.38%		1.84%	1.17%
N-share (DLCMX)		13.79%				2.10%		2.30%	1.42%
Bloomberg Commodity Index Total Return		3.71%				-5.63%
DBLGX/DLGBX
DoubleLine Global Bond Fund Returns as of March 31, 2018	1-Year				Since Inception Annualized (12-17-15 to 3-31-18)		Gross/Net Expense Ratio
I-share (DBLGX)		7.96%				3.81%		0.67%
N-share (DLGBX)		7.77%				3.57%		0.92%
FTSE World Government Bond Index		8.49%				5.23%
BILDX/BILTX
DoubleLine Infrastructure Income Fund Returns as of March 31, 2018	1-Year				Since Inception Annualized (4-1-16 to 3-31-18)		Gross Expense Ratio		Net Expense Ratio*
I-share (BILDX)		2.67%				2.90%		0.80%	0.67%
N-share (BILTX)		2.54%				2.66%		1.53%	0.92%
Bloomberg Barclays U.S. Aggregate Bond Index		1.20%				0.84%

Annual Report March 31, 2018 19

Standardized Performance Summary  (Cont.) (Unaudited) March 31, 2018

DBULX/DLUSX
DoubleLine Ultra Short Bond Fund Returns as of March 31, 2018	1-Year		Since Inception Annualized (6-30-16 to 3-31-18)		Gross Expense Ratio		Net Expense Ratio*
I-share (DBULX)		1.31%		0.95%		4.83%	0.31%
N-share (DLUSX)		0.95%		0.66%		5.38%	0.56%
ICE Bank of America/Merrill Lynch 3-Month Treasury Bill Index		1.11%		0.80%
DSEUX/DLEUX
DoubleLine Shiller Enhanced International CAPE® Returns as of March 31, 2018	1-Year		Since Inception Annualized (12-23-16 to 3-31-18)		Gross Expense Ratio		Net Expense Ratio*
I-share (DSEUX)		9.92%		15.11%		1.04%	0.66%
N-share (DLEUX)		9.56%		14.79%		1.29%	0.91%
MSCI Europe Net Return USD Index		14.49%		18.88%

*The Adviser has contractually agreed to waive fees and reimburse expenses through July 31, 2019. For additional information regarding these expense limitation arrangements, please see note 3 in the notes to financial statements.

**The Blended Benchmark for the Multi-Asset Growth Fund is 60% MSCI ACWI, 40% Bloomberg Barclays Global Aggregate Bond Index.

Mutual Fund Investing involves risk. Principal loss is possible.

20 DoubleLine Funds Trust

Schedule of Investments - Summary  DoubleLine Total Return Bond Fund   March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONSµ
		Total Asset Backed Obligations (Cost $1,914,985,629)							1,919,761,893		3.7%
	COLLATERALIZED LOAN OBLIGATIONSµ
		Total Collateralized Loan Obligations (Cost $2,517,254,624)							2,527,134,651		4.9%
	COMMERCIAL PAPERµ
		Total Commercial Paper (Cost $151,898,601)							151,708,748		0.3%
	FOREIGN CORPORATE BONDSµ
		Total Foreign Corporate Bonds (Cost $24,270,788)							24,326,063		0.0%
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONSµ
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $3,767,805,367)							3,560,852,043		7.0%
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS
		CIM Trust,
	199,571,252	Series 2017-6-A1		3.02%	#^		06/25/2057		196,576,346		0.4%
	170,549,654	Series 2017-8-A1		3.00%	#^		12/25/2065		170,383,316		0.3%
		PR Mortgage Loan Trust,
	236,275,250	Series 2014-1-APT		5.91%	#^		10/25/2049		210,119,840		0.4%
		Securitized Mortgage Asset Loan Trust,
	337,355,344	Series 2015-1-PC		2.41%	#^¥		02/25/2054		284,977,183		0.5%
		Sequoia Mortgage Trust,
	208,004,434	Series 2016-2-A1		3.50%	#^		08/25/2046		206,612,052		0.4%
		US Residential Opportunity Fund Trust,
	193,798,343	Series 2017-1III-A		3.35%	^§		11/27/2037		193,784,099		0.4%
		VOLT LLC,
	153,548,713	Series 2017-NPL3-A1		3.50%	^§		03/25/2047		153,957,276		0.3%
	Other Non-Agency Residential Collateralized Mortgage Obligationsµ								11,908,795,177		23.2%
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $13,277,132,943)							13,325,205,289		25.9%
	US CORPORATE BONDSµ
		Total US Corporate Bonds (Cost $75,816,463)							75,844,519		0.1%
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS
	175,453,715	Federal Home Loan Mortgage Corporation,		3.00%			08/15/2042		173,083,922		0.3%
		Series 267-30
		Series 269-30
		Series 274-30
	258,235,277	Federal Home Loan Mortgage Corporation,		3.00%			06/15/2040		258,248,418		0.5%
		Series 4323-GA
		Series 4390-NY
	296,527,799	Federal Home Loan Mortgage Corporation,		3.00%			12/15/2041		291,916,230		0.6%
		Series 4471-BA
		Series 4471-BC
	421,165,476	Federal Home Loan Mortgage Corporation,		3.00%			02/15/2044		415,588,061		0.8%
		Series 4471-GA
		Series 4527-CA
		Series 4527-GA
		Series 4588-DA
	363,968,805	Federal Home Loan Mortgage Corporation,		3.00%			06/15/2044		355,904,042		0.7%
		Series 4483-CA
		Series 4533-AB
		Federal Home Loan Mortgage Corporation,
	206,448,963	Series 4573-CA		3.00%			11/15/2044		204,626,597		0.4%

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 21

Schedule of Investments - Summary  DoubleLine Total Return Bond Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
		Federal Home Loan Mortgage Corporation,
	179,902,400	Pool G08626		3.00%			02/01/2045		176,196,716		0.3%
	490,267,785	Federal Home Loan Mortgage Corporation,		3.00%			04/01/2045		480,034,458		0.9%
		Pool G08635
		Pool Z40117
		Federal Home Loan Mortgage Corporation,
	384,708,684	Pool G08648		3.00%			06/01/2045		376,366,545		0.7%
	195,605,808	Federal Home Loan Mortgage Corporation,		3.00%			08/01/2045		191,299,474		0.4%
		Pool G08658
		Pool V81821
		Federal Home Loan Mortgage Corporation,
	582,202,658	Pool G08675		3.00%			11/01/2045		568,628,178		1.1%
	294,755,428	Federal Home Loan Mortgage Corporation,		3.00%			12/01/2045		287,832,433		0.6%
		Pool G08680
		Pool V82117
		Federal Home Loan Mortgage Corporation,
	175,849,070	Pool G08686		3.00%			01/01/2046		171,654,377		0.3%
	230,521,798	Pool G08692		3.00%			02/01/2046		225,022,228		0.4%
	462,163,987	Pool G08697		3.00%			03/01/2046		451,145,609		0.9%
	632,931,514	Pool G08705		3.00%			05/01/2046		617,840,977		1.2%
	263,317,708	Federal Home Loan Mortgage Corporation,		3.00%			09/01/2046		257,035,540		0.5%
		Pool G08721
		Pool Q44073
	212,878,960	Federal Home Loan Mortgage Corporation,		3.00%			01/01/2047		207,702,736		0.4%
		Pool G08741
		Pool V82851
		Federal Home Loan Mortgage Corporation,
	227,144,488	Pool G60393		3.50%			01/01/2046		228,284,910		0.4%
	4,506,239,507	Federal Home Loan Mortgage Corporation		2.00% – 16.68%	± I/F I/O		12/15/2030 – 10/15/2049		4,240,420,187		8.2%
	2,014,392,102	Federal Home Loan Mortgage Corporation		2.50% – 5.00%			03/01/2028 – 02/01/2047		2,006,336,523		3.9%
	166,697,788	Federal National Mortgage Association,		3.00%			11/25/2042		161,309,171		0.3%
		Series 2012-122-DB
		Series 2012-125-LA
		Series 2017-51-EA
	197,258,961	Federal National Mortgage Association,		3.00%			04/25/2044		199,952,745		0.4%
		Series 2014-21-GZ
		Series 2015-88-BA
	255,021,736	Federal National Mortgage Association,		3.00%			10/25/2044		242,919,612		0.5%
		Series 2014-60-EZ
		Series 2014-61-ZV
		Series 2014-64-NZ
		Series 2014-67-DZ
		Series 2016-32-LA
		Federal National Mortgage Association,
	194,782,304	Series 2014-M11-1A		3.12%	#		08/25/2024		197,906,846		0.4%
	296,794,886	Federal National Mortgage Association,		3.00%			08/01/2046		287,648,181		0.6%
		Pool AS7661
		Pool MA2711
	4,078,057,980	Federal National Mortgage Association		0.00% – 36.69%	# ± I/F I/O P/O		01/25/2026 – 10/25/2050		3,731,829,442		7.3%
	162,463,309	Federal National Mortgage Association Pass-Thru,		3.50%			01/01/2032		165,937,831		0.4%
		Pool AB4167
		Pool AB4261
		Pool AK0713
		Pool MA0949
	207,765,156	Federal National Mortgage Association Pass-Thru,		3.00%			11/01/2042		204,448,390		0.4%
		Pool AB6854
		Pool AB7077
	178,304,767	Federal National Mortgage Association Pass-Thru,		3.50%			09/01/2042		177,852,496		0.3%
		Pool AP4787
		Pool AP4789
		Pool MA1179
	208,390,441	Federal National Mortgage Association Pass-Thru,		3.00%			12/01/2044		204,449,009		0.4%
		Pool AS3961
		Pool AS4154

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $			% OF NET ASSETS
	520,068,304	Federal National Mortgage Association Pass-Thru,		3.00%		03/01/2045		509,056,030			1.0%
		Pool AS4625
		Pool AS4645
		Pool AY3974
		Pool AY5471
	155,861,754	Federal National Mortgage Association Pass-Thru,		3.50%		08/01/2042		155,466,591			0.3%
		Pool MA1136
	5,062,953,076	Federal National Mortgage Association Pass-Thru		2.50% – 6.50%		01/01/2019 – 09/01/2053		5,067,219,160			9.9%
	Other US Government and Agency Mortgage Backed Obligationsµ							982,839,409			1.9%
		Total US Government and Agency Mortgage Backed Obligations (Cost $24,872,089,110)						24,474,003,074			47.6%
	US GOVERNMENT AND AGENCY OBLIGATIONS
	509,605,000	United States Treasury Inflation Indexed Bonds		0.13%		04/15/2022		502,306,534			1.0%
	250,000,000	United States Treasury Notes		1.38%		09/30/2019		246,809,295			0.5%
	250,000,000	United States Treasury Notes		1.50%		10/31/2019		247,079,500			0.5%
	1,050,000,000	United States Treasury Notes		1.63%		11/15/2022		1,007,862,240			2.0%
	700,000,000	United States Treasury Notes		2.00%		02/15/2023		681,972,998			1.3%
	Other US Government and Agency Obligationsµ							69,688,475			0.1%
		Total US Government and Agency Obligations (Cost $2,800,492,324)						2,755,719,042			5.4%
	SHORT TERM INVESTMENTS
	250,000,000	United States Treasury Bills		0.00%		04/12/2018		249,886,740			0.5%
	250,000,000	United States Treasury Bills		0.00%		04/26/2018		249,735,000			0.5%
	250,000,000	United States Treasury Bills		0.00%		05/17/2018		249,488,542			0.5%
	500,000,000	United States Treasury Bills		0.00%		05/31/2018		498,637,005			1.0%
	250,000,000	United States Treasury Bills		0.00%		06/21/2018		249,063,195			0.5%
	250,000,000	United States Treasury Bills		0.00%		07/26/2018		248,597,032			0.5%
	250,000,000	United States Treasury Bills		0.00%		08/16/2018		248,263,535			0.5%
	250,000,000	United States Treasury Bills		0.00%		09/13/2018		247,888,637			0.4%
	Other Short Term Investmentsµ							434,389,077			0.8%
		Total Short Term Investments (Cost $2,676,565,438)						2,675,948,763			5.2%
		Total Investments (Cost $52,078,311,287)						51,490,504,085			100.1%
		Liabilities in Excess of Other Assets						(70,539,490	)		(0.1)%
		NET ASSETS					$	51,419,964,595			100.0%

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Mortgage Backed Obligations	47.6%
Non-Agency Residential Collateralized Mortgage Obligations	25.9%
Non-Agency Commercial Mortgage Backed Obligations	7.0%
US Government and Agency Obligations	5.4%
Short Term Investments	5.2%
Collateralized Loan Obligations	4.9%
Asset Backed Obligations	3.7%
Commercial Paper	0.3%
US Corporate Bonds	0.1%
Foreign Corporate Bonds	0.0%	~
Other Assets and Liabilities	(0.1)%
	100.0%

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 23

Schedule of Investments - Summary  DoubleLine Total Return Bond Fund  (Cont.) March 31, 2018

µ Represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate, respectively as of March 31, 2018.

# Includes variable rate securities. 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 March 31, 2018.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At March 31, 2018, the value of all such securities including those in other securities amounted to $12,514,952,538 or 24.3% of net assets.

¥ Illiquid security

§ The interest rate will step up if the issuer does not redeem the bond by an expected redemption date. The interest rate shown is the rate in effect as of March 31, 2018.

± Includes variable rate securities. 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 March 31, 2018.

I/O Includes Interest only securities

I/F Includes Inverse floating rate securities whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

P/O Includes Principal only securities

~ Represents less than 0.05% of net assets.

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

Schedule of Investments - Summary  DoubleLine Core Fixed Income Fund March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONSµ
		Total Asset Backed Obligations (Cost $196,669,506)							198,194,473		1.9%
	BANK LOANSµ
		Total Bank Loans (Cost $365,615,757)							366,970,501		3.5%
	COLLATERALIZED LOAN OBLIGATIONSµ
		Total Collateralized Loan Obligations (Cost $270,387,017)							273,971,307		2.6%
	FOREIGN CORPORATE BONDSµ
		Total Foreign Corporate Bonds (Cost $1,019,213,955)							993,490,485		9.5%
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONSµ
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $179,307,541)							175,233,753		1.7%
	MUNICIPAL BONDSµ
		Total Municipal Bonds (Cost $4,776,759)							4,894,683		0.1%
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONSµ
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $758,486,089)							735,398,757		7.1%
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS
		CIM Trust,
	36,451,370	Series 2017-6-A1		3.02%	#^		06/25/2057		35,904,355		0.4%
		CSMC Trust,
	34,890,185	Series 2014-WIN2-A3		3.50%	#^		10/25/2044		34,633,952		0.3%
	38,243,808	Series 2015-RPL3-A1		3.75%	^§		12/25/2056		38,327,133		0.4%
		Impac Secured Assets Trust,
	36,251,445	Series 2006-5-1A1C (1 Month LIBOR USD + 0.27%, 0.27% Floor, 11.50% Cap)		2.14%			02/25/2037		31,017,867		0.3%
		Oak Hill Advisors Residential Loan Trust,
	38,050,982	Series 2017-NPL2-A1		3.00%	^§		07/25/2057		37,833,890		0.4%
		Preston Ridge Partners Mortgage Trust,
	35,101,966	Series 2017-2A-A1		3.47%	^§		09/25/2022		35,056,899		0.3%
		Securitized Mortgage Asset Loan Trust,
	42,308,309	Series 2015-1-PC		2.41%	#^¥		02/25/2054		35,739,475		0.3%
		VOLT LLC,
	35,427,438	Series 2017-NPL9-A1		3.13%	^§		09/25/2047		35,321,610		0.3%
	Other Non-Agency Residential Collateralized Mortgage Obligationsµ								602,777,243		5.8%
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $879,140,040)							886,612,424		8.5%
	US CORPORATE BONDSµ
		Total US Corporate Bonds (Cost $1,328,649,455)							1,308,372,279		12.6%
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS
		Federal Home Loan Mortgage Corporation,
	71,329,472	Series 358-300		3.00%			10/15/2047		69,989,546		0.7%
	35,593,699	Series 4471-GA		3.00%			02/15/2044		35,290,654		0.3%
	58,103,772	Series 4542-AC		2.70%			01/15/2045		56,255,828		0.5%
	99,090,631	Series 4750-PA		3.00%			07/15/2046		98,372,491		1.0%
	74,240,935	Series 4752-PL		3.00%			09/15/2046		73,640,623		0.7%
	37,288,547	Series 4768-CA		3.50%			03/15/2044		37,614,017		0.4%

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 25

Schedule of Investments - Summary  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
		Federal Home Loan Mortgage Corporation,
	49,532,443	Pool G08701		3.00%			04/01/2046		48,351,545		0.5%
	58,453,106	Pool G08721		3.00%			09/01/2046		57,058,428		0.6%
	48,921,022	Pool Q51461		3.50%			10/01/2047		49,052,675		0.5%
	43,663,927	Pool V82851		3.00%			01/01/2047		42,617,621		0.4%
	296,883,667	Federal Home Loan Mortgage Corporation		3.00% – 9.73%	± I/F I/O P/O		12/15/2030 – 01/15/2054		286,093,010		2.6%
	78,448,473	Federal Home Loan Mortgage Corporation		3.00% – 5.50%			07/01/2035 – 04/01/2047		78,662,468		0.8%
	34,130,887	Federal National Mortgage Association,		3.00%			11/25/2044		31,416,970		0.3%
		Series 2014-70-VZ
		Series 2014-73-CZ
		Federal National Mortgage Association,
	100,000,000	Series 2018-21-PO		0.00%	P/O		04/25/2048		79,437,500		0.8%
		Federal National Mortgage Association,
	47,616,830	Pool AS7661		3.00%			08/01/2046		46,148,653		0.5%
	62,036,125	Federal National Mortgage Association,		3.00%			12/01/2046		60,526,249		0.6%
		Pool AS8522
		Pool BC9081
		Federal National Mortgage Association,
	63,845,340	Pool MA2737		3.00%			09/01/2046		62,293,140		0.6%
	142,842,804	Federal National Mortgage Association		2.63% – 36.69%	± I/F I/O		04/25/2026 – 04/25/2050		137,791,623		1.2%
	175,501,000	Federal National Mortgage Association		2.50% – 5.00%			12/01/2029 – 01/01/2047		171,817,048		1.7%
	Other US Government and Agency Mortgage Backed Obligationsµ								100,099,257		0.9%
		Total US Government and Agency Mortgage Backed Obligations (Cost $1,645,722,953)							1,622,529,346		15.6%
	US GOVERNMENT AND AGENCY OBLIGATIONS
	100,150,000	United States Treasury Bonds		2.75%			11/15/2042		96,497,149		0.9%
	45,500,000	United States Treasury Bonds		3.38%			05/15/2044		48,843,907		0.5%
	139,900,000	United States Treasury Bonds		2.88%			08/15/2045		137,126,691		1.3%
	83,900,000	United States Treasury Bonds		2.88%			11/15/2046		82,121,115		0.8%
	142,587,479	United States Treasury Inflation Indexed Bonds		0.13%			04/15/2022		140,545,368		1.4%
	47,928,144	United States Treasury Inflation Indexed Bonds		0.38%			07/15/2027		46,727,137		0.5%
	141,100,000	United States Treasury Notes		1.13%			01/15/2019		140,047,261		1.3%
	145,700,000	United States Treasury Notes		0.75%			02/15/2019		144,005,003		1.4%
	116,600,000	United States Treasury Notes		2.00%			05/31/2021		115,072,765		1.1%
	133,000,000	United States Treasury Notes		1.13%			06/30/2021		127,579,453		1.2%
	120,800,000	United States Treasury Notes		1.25%			10/31/2021		115,765,887		1.1%
	118,200,000	United States Treasury Notes		1.75%			11/30/2021		115,182,634		1.1%
	117,000,000	United States Treasury Notes		2.00%			12/31/2021		114,919,802		1.1%
	142,300,000	United States Treasury Notes		1.88%			08/31/2024		135,704,880		1.3%
	119,100,000	United States Treasury Notes		2.13%			09/30/2024		115,197,792		1.1%
	133,100,000	United States Treasury Notes		2.25%			10/31/2024		129,642,496		1.3%
	128,100,000	United States Treasury Notes		2.25%			08/15/2027		122,755,233		1.2%
	241,600,000	United States Treasury Notes		2.25%			11/15/2027		231,290,025		2.2%
	83,900,000	United States Treasury Notes		3.63%			08/15/2043		93,760,834		0.9%
	55,800,000	United States Treasury Notes		0.75% – 1.88%			08/31/2018 – 01/31/2022		55,027,430		0.5%
		Total US Government and Agency Obligations (Cost $2,329,162,596)							2,307,812,862		22.2%
	AFFILIATED MUTUAL FUNDS
	48,342,264	DoubleLine Global Bond Fund (Class I)							517,745,649		5.0%
	45,674,545	DoubleLine Infrastructure Income Fund (Class I)							456,745,448		4.4%
	5,000,000	DoubleLine Long Duration Total Return Bond Fund (Class I)							48,650,000		0.4%
		Total Affiliated Mutual Funds (Cost $1,002,400,000)							1,023,141,097		9.8%
	EXCHANGE TRADED FUNDS AND COMMON STOCKSµ
		Total Exchange Traded Funds and Common Stocks (Cost $12,119,535)							2,010,873		0.0%

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

March 31, 2018

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	SHORT TERM INVESTMENTS
	143,241,777	BlackRock Liquidity Funds FedFund - Institutional Shares		1.53%	¨				143,241,777		1.4%
	143,241,776	Fidelity Institutional Money Market Government Portfolio - Class I		1.47%	¨				143,241,776		1.4%
	143,241,776	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.56%	¨				143,241,776		1.4%
	32,300,000	United States Treasury Bills		0.00%			06/07/2018		32,201,893		0.3%
	46,300,000	United States Treasury Bills		0.00%			09/06/2018		45,926,910		0.4%
		Total Short Term Investments (Cost $507,866,271)							507,854,132		4.9%
		Total Investments 100.0% (Cost $10,499,517,474)							10,406,486,972		100.0%
		Other Assets in Excess of Liabilities							339,152		0.0%
		NET ASSETS						$	10,406,826,124		100.0%

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	22.2%
US Government and Agency Mortgage Backed Obligations	15.6%
US Corporate Bonds	12.6%
Affiliated Mutual Funds	9.8%
Foreign Corporate Bonds	9.5%
Non-Agency Residential Collateralized Mortgage Obligations	8.5%
Non-Agency Commercial Mortgage Backed Obligations	7.1%
Short Term Investments	4.9%
Bank Loans	3.5%
Collateralized Loan Obligations	2.6%
Asset Backed Obligations	1.9%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.7%
Municipal Bonds	0.1%
Exchange Traded Funds and Common Stocks	0.0%	~
Other Assets and Liabilities	0.0%	~
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	22.2%
US Government and Agency Mortgage Backed Obligations	15.6%
Affiliated Mutual Funds	9.8%
Non-Agency Residential Collateralized Mortgage Obligations	8.5%
Non-Agency Commercial Mortgage Backed Obligations	7.1%
Banking	5.6%
Short Term Investments	4.9%
Energy	3.6%
Collateralized Loan Obligations	2.6%
Asset Backed Obligations	1.9%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.7%
Telecommunications	1.7%
Healthcare	1.4%
Transportation	1.2%
Utilities	1.1%
Insurance	0.9%
Technology	0.9%
Food Products	0.7%
Media	0.7%
Pharmaceuticals	0.7%
Electronics/Electric	0.6%
Finance	0.6%
Aerospace & Defense	0.5%
Automotive	0.5%
Business Equipment and Services	0.5%
Pulp & Paper	0.5%
Leisure	0.4%
Consumer Products	0.4%
Commercial Services	0.3%
Containers and Glass Products	0.3%
Hotels/Motels/Inns and Casinos	0.3%
Industrial Equipment	0.3%
Construction	0.3%
Food Service	0.3%
Chemicals/Plastics	0.2%
Mining	0.2%
Conglomerates	0.2%
Real Estate	0.2%
Food/Drug Retailers	0.1%
Environmental Control	0.1%
Beverage and Tobacco	0.1%
Retailers (other than Food/Drug)	0.1%
Chemical Products	0.1%
Municipal Bonds	0.1%
Building and Development (including Steel/Metals)	0.0%	~
Cosmetics/Toiletries	0.0%	~
Other Assets and Liabilities	0.0%	~
	100.0%

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 27

Schedule of Investments - Summary  DoubleLine Core Fixed Income Fund  (Cont.) March 31, 2018

µ Represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate, respectively as of March 31, 2018.

# Includes variable rate securities. 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 March 31, 2018.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At March 31, 2018, the value of all such securities including those in other securities amounted to $1,976,656,040 or 19.0% of net assets.

§ The interest rate will step up if the issuer does not redeem the bond by an expected redemption date. The interest rate shown is the rate in effect as of March 31, 2018.

¥ Illiquid security

± Includes variable rate securities. 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 March 31, 2018.

I/O Includes Interest only securities

I/F Includes Inverse floating rate securities whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

P/O Includes Principal only securities

¨ Seven-day yield as of March 31, 2018.

~ Represents less than 0.05% of net assets.

A summary of the DoubleLine Core Fixed Income Fund’s investments in affiliated mutual funds for the year ended March 31, 2018 is as follows:

Fund	Value at March 31, 2017			Gross Purchases			Gross Sales			Shares Held at March 31, 2018		Value at March 31, 2018			Change in Unrealized for the Year Ended March 31, 2018				Dividend Income Earned in the Year Ended March 31, 2018			Net Realized Gain (Loss) in the Year Ended March  31, 2018
DoubleLine Global Bond Fund (Class I)		$	383,301,511		$	105,900,000		$	—		48,342,264		$	517,745,649		$	28,544,138			$	5,592,944		$	—
DoubleLine Infrastructure Income Fund (Class I)			373,519,556			87,500,000			—		45,674,545			456,745,448			(4,274,108	)			14,695,137			—
DoubleLine Long Duration Total Return Bond Fund (Class I)			48,950,000			—			—		5,000,000			48,650,000			(300,000	)			1,644,847			—
		$	805,771,067		$	193,400,000		$	—		99,016,809		$	1,023,141,097		$	23,970,030			$	21,932,928		$	—

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

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 76.7%
	BRAZIL 2.0%
	7,631,000	Cosan Overseas Ltd.		8.25	%†		05/05/2018		7,739,742
	2,880,000	Magnesita Finance Ltd.		8.63	%†		04/30/2018		2,900,880
	3,500,000	MARB BondCo PLC		7.00	%^		03/15/2024		3,303,125
	3,000,000	Marfrig Holdings Europe B.V.		8.00	%^		06/08/2023		3,030,000
	11,000,000	OAS Financial Ltd. (5 Year CMT Rate + 8.19%)		8.88	%^†W		04/30/2018		1,155,000
	3,000,000	Odebrecht Finance Ltd.		7.13	%		06/26/2042		1,020,000
	3,450,000	Petrobras Global Finance B.V.		7.25	%		03/17/2044		3,527,625
									22,676,372
	CHILE 10.4%
	7,706,000	Banco de Credito e Inversiones		4.00	%		02/11/2023		7,796,441
	6,771,000	Banco del Estado de Chile		4.13	%		10/07/2020		6,910,292
	1,000,000	Banco del Estado de Chile		2.67	%^		01/08/2021		981,335
	5,573,000	Banco del Estado de Chile		3.88	%		02/08/2022		5,636,967
	1,385,000	Banco Santander		3.88	%		09/20/2022		1,399,586
	4,718,000	Celulosa Arauco y Constitucion S.A.		4.75	%		01/11/2022		4,872,190
	29,500,000	Corpbanca S.A.		3.88	%		09/22/2019		29,765,370
	7,704,000	ECL S.A.		5.63	%		01/15/2021		8,127,341
	17,293,000	Embotelladora Andina S.A.		5.00	%		10/01/2023		18,240,919
	10,738,843	Guanay Finance Ltd.		6.00	%		12/15/2020		11,011,004
	1,665,000	Inversiones CMPC S.A.		6.13	%		11/05/2019		1,742,190
	7,990,000	Inversiones CMPC S.A.		4.50	%		04/25/2022		8,221,885
	5,026,000	SACI Falabella		3.75	%		04/30/2023		4,990,814
	7,200,000	Telefonica Chile S.A.		3.88	%		10/12/2022		7,198,125
	900,000	Transelec S.A.		4.63	%		07/26/2023		941,071
									117,835,530
	CHINA 8.9%
	7,098,000	Alibaba Group Holding Ltd.		3.13	%		11/28/2021		7,084,191
	700,000	Alibaba Group Holding Ltd.		2.80	%		06/06/2023		677,109
	2,000,000	CNOOC Finance Ltd.		4.25	%		01/26/2021		2,049,780
	5,600,000	CNOOC Finance Ltd.		3.88	%		05/02/2022		5,648,378
	17,000,000	CNOOC Finance Ltd.		3.50	%		05/05/2025		16,450,254
	250,000	CNPC General Capital Ltd.		2.75	%		05/14/2019		249,452
	350,000	CNPC General Capital Ltd.		2.70	%		11/25/2019		347,969
	1,200,000	CNPC General Capital Ltd.		3.95	%		04/19/2022		1,222,089
	8,665,000	CNPC General Capital Ltd.		3.40	%		04/16/2023		8,579,053
	18,064,000	CNPC Overseas Capital Ltd.		4.50	%		04/28/2021		18,710,018
	4,000,000	Sinopec Group Overseas Development Ltd.		2.25	%^		09/13/2020		3,912,420
	4,000,000	Sinopec Group Overseas Development Ltd.		2.75	%		05/03/2021		3,938,748
	17,200,000	Sinopec Group Overseas Development Ltd.		2.75	%		09/29/2026		15,632,306
	2,800,000	Sinopec Group Overseas Development Ltd.		3.63	%^		04/12/2027		2,713,752
	1,290,000	Tencent Holdings Ltd.		3.38	%		05/02/2019		1,297,368
	710,000	Tencent Holdings Ltd.		2.88	%		02/11/2020		708,918
	12,300,000	Tencent Holdings Ltd. (3 Month LIBOR USD + 0.61%)		2.34	%^		01/19/2023		12,321,773
									101,543,578

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLOMBIA 1.8%
	1,050,000	Bancolombia S.A.		6.13	%		07/26/2020		1,114,312
	14,400,000	Ecopetrol SA		7.63	%		07/23/2019		15,249,600
	4,230,000	Transportadora de Gas Internacional S.A.		5.70	%		03/20/2022		4,304,025
									20,667,937
	COSTA RICA 0.8%
	2,850,000	Banco de Costa Rica		5.25	%		08/12/2018		2,874,795
	970,000	Banco Nacional de Costa Rica		4.88	%		11/01/2018		972,425
	4,000,000	Banco Nacional de Costa Rica		5.88	%^		04/25/2021		4,147,500
	1,400,000	Banco Nacional de Costa Rica		5.88	%		04/25/2021		1,451,625
									9,446,345
	DOMINICAN REPUBLIC 1.2%
	7,500,000	AES Andres B.V.		7.95	%^		05/11/2026		8,044,950
	1,800,000	Banco de Reservas de la Republica Dominicana		7.00	%^		02/01/2023		1,890,000
	4,000,000	Banco de Reservas de la Republica Dominicana		7.00	%		02/01/2023		4,200,000
									14,134,950
	GUATEMALA 0.4%
	2,500,000	Bantrab Senior Trust		9.00	%		11/14/2020		2,553,125
	2,000,000	Industrial Senior Trust		5.50	%		11/01/2022		1,998,500
									4,551,625
	HONG KONG 2.5%
	500,000	CK Hutchison International Ltd.		2.25	%^		09/29/2020		489,399
	3,799,000	CK Hutchison International Ltd.		2.88	%		04/05/2022		3,727,612
	300,000	CK Hutchison International Ltd.		2.88	%^		04/05/2022		294,363
	6,000,000	CK Hutchison International Ltd.		2.75	%^		03/29/2023		5,786,470
	11,801,000	CK Hutchison International Ltd.		3.50	%^		04/05/2027		11,439,054
	7,000,000	Hutchison Whampoa International Ltd.		3.25	%		11/08/2022		6,946,470
									28,683,368
	INDIA 14.2%
	4,853,000	Adani Ports & Special Economic Zone Ltd.		3.95	%		01/19/2022		4,840,203
	2,253,000	Bharat Petroleum Corporation Ltd.		4.63	%		10/25/2022		2,332,306
	17,964,000	Bharti Airtel Ltd.		5.13	%		03/11/2023		18,310,346
	10,000,000	Bharti Airtel Ltd.		4.38	%		06/10/2025		9,714,455
	19,195,000	BPRL International Singapore Pte Ltd.		4.38	%		01/18/2027		18,945,024
	700,000	Export-Import Bank of India		2.75	%		04/01/2020		692,551
	4,000,000	Export-Import Bank of India		3.13	%		07/20/2021		3,955,788
	8,900,000	Export-Import Bank of India		4.00	%		01/14/2023		8,912,415
	5,342,000	Indian Oil Corporation Ltd.		5.63	%		08/02/2021		5,683,535
	21,825,000	Indian Oil Corporation Ltd.		5.75	%		08/01/2023		23,669,540
	2,582,000	ONGC Videsh Ltd.		2.88	%		01/27/2022		2,497,419
	25,000,000	ONGC Videsh Ltd.		3.75	%		07/27/2026		23,931,625
	3,500,000	Reliance Holdings, Inc.		4.50	%		10/19/2020		3,595,441
	23,775,000	Reliance Holdings, Inc.		5.40	%		02/14/2022		25,136,785
	500,000	Reliance Industries Ltd.		8.25	%		01/15/2027		633,561
	8,510,000	UPL Corporation		3.25	%		10/13/2021		8,348,948
									161,199,942

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 29

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ISRAEL 0.3%
	800,000	Delek & Avner Tamar Bond Ltd.		5.08	%^		12/30/2023		812,744
	2,020,000	Delek & Avner Tamar Bond Ltd.		5.41	%^		12/30/2025		2,061,430
									2,874,174
	JAMAICA 1.4%
	7,500,000	Digicel Ltd.		7.13	%^		04/01/2022		5,878,125
	12,000,000	Digicel Ltd.		7.13	%		04/01/2022		9,405,000
									15,283,125
	MALAYSIA 6.4%
	18,950,000	Axiata SPV2 BHD		3.47	%		11/19/2020		19,020,740
	17,000,000	Gohl Capital Ltd.		4.25	%		01/24/2027		16,743,980
	9,100,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91	%		10/29/2026		9,127,937
	15,400,000	Petronas Capital Ltd.		3.50	%		03/18/2025		15,229,984
	12,400,000	Petronas Global Sukuk Ltd.		2.71	%		03/18/2020		12,318,160
									72,440,801
	MEXICO 2.9%
	3,145,000	America Movil S.A.B. de C.V.		5.00	%		03/30/2020		3,253,132
	2,521,000	America Movil S.A.B. de C.V.		3.13	%		07/16/2022		2,483,066
	9,050,000	Banco Santander (5 Year CMT Rate + 4.58%)		5.95	%		01/30/2024		9,249,100
	743,000	Coca-Cola Femsa S.A.B. de C.V.		3.88	%		11/26/2023		760,687
	400,000	Fomento Economico Mexicano S.A.B. de C.V.		2.88	%		05/10/2023		390,068
	7,104,000	Grupo Idesa S.A. de C.V.		7.88	%		12/18/2020		6,932,180
	8,500,000	Grupo Idesa S.A. de C.V.		7.88	%^		12/18/2020		8,294,416
	1,000,000	Sixsigma Networks Mexico S.A. de C.V.		8.25	%^		11/07/2021		1,057,500
									32,420,149
	PANAMA 5.3%
	3,225,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25	%		05/07/2020		3,212,906
	4,000,000	Banistmo S.A.		3.65	%^		09/19/2022		3,845,000
	9,509,576	ENA Norte Trust		4.95	%		04/25/2023		9,773,467
	17,100,000	Global Bank Corporation		5.13	%		10/30/2019		17,462,520
	1,500,000	Global Bank Corporation		4.50	%^		10/20/2021		1,514,400
	14,107,000	Panama Metro Line SP		0.00	%^		12/05/2022		12,759,781
	13,000,000	Panama Metro Line SP		0.00	%		12/05/2022		11,758,500
									60,326,574
	PARAGUAY 0.0%
	400,000	Telefonica Celular del Paraguay S.A.		6.75	%^		12/13/2022		410,792
									410,792
	PERU 6.3%
	3,900,000	Ajecorp B.V.		6.50	%		05/14/2022		3,549,000
	13,155,000	Banco de Credito del Peru		2.25	%		10/25/2019		13,003,060
	5,290,000	Banco de Credito del Peru		5.38	%		09/16/2020		5,559,420
	18,639,000	Banco International del Peru S.A.A.		5.75	%		10/07/2020		19,570,950
	2,100,000	Banco International del Peru S.A.A. (3 Month LIBOR USD + 6.74%)		8.50	%		04/23/2070		2,262,750
	2,800,000	BBVA Banco Continental S.A.		5.00	%		08/26/2022		2,940,560
	2,200,000	Camposol S.A.		10.50	%^		07/15/2021		2,359,500
	1,700,000	Corporacion Financiera de Desarrollo S.A.		3.25	%		07/15/2019		1,702,125
	5,000,000	Fondo Mivivienda S.A.		3.50	%		01/31/2023		4,912,500
	2,100,000	Pesquera Exalmar S.A.A.		7.38	%^		01/31/2020		2,045,389
	2,730,000	Pesquera Exalmar S.A.A.		7.38	%		01/31/2020		2,659,006
	11,290,000	Transportadora de Gas del Peru S.A.		4.25	%		04/30/2028		11,275,888
									71,840,148

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PHILIPPINES 2.1%
	7,820,000	BDO Unibank, Inc.		2.63	%		10/24/2021		7,611,691
	16,171,000	BDO Unibank, Inc.		2.95	%		03/06/2023		15,558,701
	500,000	Union Bank of the Philippines		3.37	%		11/29/2022		487,058
									23,657,450
	SINGAPORE 9.8%
	1,000,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.49%)		2.54	%		06/08/2020		1,001,166
	17,700,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)		2.37	%^		07/25/2022		17,796,289
	500,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)		2.37	%		07/25/2022		502,720
	3,000,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)		3.60	%†		09/07/2021		2,908,407
	12,500,000	Oversea-Chinese Banking Corporation (5 Year Swap Rate USD + 2.20%)		4.00	%		10/15/2024		12,595,775
	5,150,000	PSA International Ltd.		3.88	%		02/11/2021		5,298,469
	5,542,000	Singtel Group Treasury		4.50	%		09/08/2021		5,799,320
	8,700,000	SP PowerAssets Ltd.		2.70	%		09/14/2022		8,541,523
	30,468,000	Temasek Financial Ltd.		2.38	%		01/23/2023		29,542,250
	10,038,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.00%)		3.75	%		09/19/2024		10,112,984
	17,000,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.24%)		3.50	%		09/16/2026		16,861,263
									110,960,166
		Total Foreign Corporate Bonds (Cost $901,460,963)
									870,953,026
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 18.6%
	CHILE 3.3%
	4,500,000	Chile Government International Bond		2.25	%		10/30/2022		4,322,250
	15,400,000	Chile Government International Bond		3.13	%		03/27/2025		15,130,500
	18,000,000	Chile Government International Bond		3.13	%		01/21/2026		17,658,000
									37,110,750
	COSTA RICA 1.5%
	15,808,000	Costa Rica Government International Bond		10.00	%		08/01/2020		17,716,816
									17,716,816
	INDONESIA 3.5%
	15,300,000	Indonesia Government International Bond		4.88	%		05/05/2021		15,983,650
	16,000,000	Perusahaan Penerbit		4.15	%^		03/29/2027		15,860,000
	7,900,000	Perusahaan Penerbit		4.15	%		03/29/2027		7,830,875
									39,674,525
	ISRAEL 2.5%
	10,900,000	Israel Government International Bond		4.00	%		06/30/2022		11,292,672
	7,000,000	Israel Government International Bond		3.15	%		06/30/2023		6,995,961
	11,000,000	Israel Government International Bond		2.88	%		03/16/2026		10,603,670
									28,892,303

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

March 31, 2018

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	MALAYSIA 1.6%
	12,000,000	Malaysia Sovereign Sukuk BHD		3.04	%		04/22/2025		11,785,560
	3,930,000	Malaysia Sukuk Global BHD		3.18	%		04/27/2026		3,851,499
	2,750,000	Wakala Global Sukuk BHD		4.65	%		07/06/2021		2,904,302
									18,541,361
	MEXICO 1.3%
	10,500,000	Mexico Government International Bond		4.00	%		10/02/2023		10,771,688
	1,000,000	Mexico Government International Bond		4.15	%		03/28/2027		1,012,250
	2,892,000	Mexico Government International Bond		3.75	%		01/11/2028		2,800,179
									14,584,117
	PANAMA 1.4%
	14,000,000	Panama Government International Bond		4.00	%		09/22/2024		14,406,000
	1,300,000	Panama Government International Bond		3.88	%		03/17/2028		1,313,000
									15,719,000
	PHILIPPINES 3.3%
	9,700,000	Philippine Government International Bond		4.00	%		01/15/2021		9,948,349
	26,400,000	Philippine Government International Bond		4.20	%		01/21/2024		27,527,016
									37,475,365
	POLAND 0.2%
	2,000,000	Republic of Poland Government International Bond		5.13	%		04/21/2021		2,127,400
									2,127,400
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $217,395,014)							211,841,637
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 0.3%
	114,249	Frontera Energy Corporation*							3,193,310
		Total Exchange Traded Funds and Common Stocks (Cost $20,010,063)							3,193,310
	SHORT TERM INVESTMENTS 3.1%
	11,659,885	BlackRock Liquidity Funds FedFund - Institutional Shares		1.53	%¨				11,659,885
	11,659,884	Fidelity Institutional Money Market Government Portfolio - Class I		1.47	%¨				11,659,884

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	11,659,884	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.56	%¨			11,659,884
		Total Short Term Investments (Cost $34,979,653)						34,979,653
		Total Investments 98.7% (Cost $1,173,845,693)						1,120,967,626
		Other Assets in Excess of Liabilities 1.3%						14,573,828
		NET ASSETS 100.0%					$	1,135,541,454

INVESTMENT BREAKDOWN as a % of Net Assets:
Banking	23.5%
Energy	21.0%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	18.6%
Telecommunications	7.2%
Transportation	6.3%
Short Term Investments	3.1%
Finance	2.6%
Conglomerates	2.5%
Utilities	2.3%
Technology	2.0%
Containers and Glass Products	2.0%
Consumer Products	1.9%
Hotels/Motels/Inns and Casinos	1.5%
Chemical Products	1.3%
Pulp & Paper	1.3%
Chemicals/Plastics	0.7%
Retailers (other than Food/Drug)	0.4%
Building and Development (including Steel/Metals)	0.3%
Construction	0.2%
Other Assets and Liabilities	1.3%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
India	14.2%
Chile	13.7%
Singapore	9.8%
China	8.9%
Malaysia	8.0%
Panama	6.7%
Peru	6.3%
Philippines	5.4%
Mexico	4.2%
Indonesia	3.5%
United States	3.1%
Israel	2.8%
Hong Kong	2.5%
Costa Rica	2.3%
Colombia	2.1%
Brazil	2.0%
Jamaica	1.4%
Dominican Republic	1.2%
Guatemala	0.4%
Poland	0.2%
Paraguay	0.0%	~
Other Assets and Liabilities	1.3%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At March 31, 2018, the value of these securities amounted to $134,204,507 or 11.8% of net assets.

† Perpetual Maturity

¨ Seven-day yield as of March 31, 2018

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

* Non-income producing security

~ Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 31

Schedule of Investments  DoubleLine Multi-Asset Growth Fund (Consolidated)    March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 6.1%
		Arcadia Receivables Credit Trust,
	298,429	Series 2017-1-A		3.25%	^		06/15/2023		299,741
		AVANT Loans Funding Trust,
	624,632	Series 2017-B-A		2.29%	^		06/15/2020		623,543
		BMW Vehicle Lease Trust,
	449,838	Series 2017-2-A1		1.35%			10/22/2018		449,839
		Citi Held For Asset Issuance,
	309,198	Series 2015-PM1-C		5.01%	^		12/15/2021		310,637
		CNH Equipment Trust,
	647,190	Series 2017-C-A1		1.54%			12/14/2018		647,206
		Daimler Trucks Retail Trust,
	3,000,000	Series 2018-1-A1		2.20%	^		04/15/2019		3,007,500
		Hyundai Auto Lease Securitization Trust,
	1,716,531	Series 2018-A-A1		1.95%	^		03/15/2019		1,716,599
		LendingClub Issuance Trust,
	92,198	Series 2016-NP2-A		3.00%	^		01/17/2023		92,110
		MarketPlace Loan Trust,
	54,467	Series 2015-CB1-A		4.00%	^		07/15/2021		54,454
		Marlette Funding Trust,
	529,562	Series 2017-2A-A		2.39%	^		07/15/2024		528,380
		Nissan Auto Receivables Trust,
	498,203	Series 2017-C-A1		1.50%			12/17/2018		498,213
		Santander Retail Auto Lease Trust,
	876,170	Series 2017-A-A1		1.50%	^		11/20/2018		875,148
		Securitized Term Auto Receivables Trust,
	304,166	Series 2017-2A-A1		1.42%	^		10/25/2018		304,168
		SoFi Consumer Loan Program LLC,
	665,446	Series 2017-3-A		2.77%	^		05/25/2026		661,117
	763,261	Series 2017-6-A1		2.20%	^		11/25/2026		759,614
		SoFi Consumer Loan Program Trust,
	590,870	Series 2017-2-A		3.28%	^		02/25/2026		592,450
	1,936,896	Series 2017-5-A1		2.14%	^		09/25/2026		1,926,337
		Total Asset Backed Obligations (Cost $13,355,647)							13,347,056
	COLLATERALIZED LOAN OBLIGATIONS 2.5%
		AIMCO,
	1,000,000	Series 2014-AA-AR (3 Month LIBOR USD + 1.10%)		2.84%	^		07/20/2026		1,001,054
		Atrium Corporation,
	910,482	Series 10A-AR (3 Month LIBOR USD + 0.95%)		2.67%	^		07/16/2025		910,569
		Brookside Mill Ltd.,
	1,000,000	Series 2013-1A-SUB		6.81%	#^@		01/17/2028		359,436
		Cent Ltd.,
	1,000,000	Series 2013-18A-E (3 Month LIBOR USD + 4.60%)		6.34%	^		07/23/2025		986,824
	1,000,000	Series 2013-18A-SUB		7.58%	#^@		07/23/2025		605,177
		Crown Point Ltd.,
	475,115	Series 2013-2A-A1LR (3 Month LIBOR USD + 0.59%)		2.31%	^		12/31/2023		475,504
		Wind River Ltd.,
	1,000,000	Series 2013-2A-E1R (3 Month LIBOR USD + 6.75%)		8.48%	^		10/18/2030		1,015,627
		Total Collateralized Loan Obligations (Cost $5,990,097)							5,354,191

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 6.3%
		Adjustable Rate Mortgage Trust,
	206,623	Series 2006-1-2A1		3.87%	#		03/25/2036		173,354
		Alternative Loan Trust,
	453,728	Series 2005-55CB-1A1		5.50%			11/25/2035		443,938
	379,855	Series 2005-J8-1A5		5.50%			07/25/2035		368,557
	554,931	Series 2006-OA7-1A2 (12 Month US Treasury Average + 0.94%)		2.22%			06/25/2046		487,695
	438,838	Series 2007-HY4-4A1		3.49%	#		06/25/2047		408,246
		Banc of America Alternative Loan Trust,
	397,631	Series 2006-7-A4		6.00%	ß		10/25/2036		243,803
		BCAP LLC Trust,
	34,883	Series 2007-AA2-2A5		6.00%			04/25/2037		30,172
	2,722,845	Series 2009-RR4-1A2		6.50%	#^		06/26/2037		1,436,473
		ChaseFlex Trust,
	218,732	Series 2007-M1-2F4		4.37%	ß		08/25/2037		210,809
		CIM Trust,
	910,000	Series 2017-3RR-B2		12.40%	#^Þ		01/27/2057		988,374
		Citicorp Mortgage Securities, Inc.,
	1,539	Series 2007-2-3A1		5.50%			02/25/2037		1,541
		Citigroup Mortgage Loan Trust, Inc.,
	117,325	Series 2009-7-2A2		5.50%	^		10/25/2021		121,081
		CitiMortgage Alternative Loan Trust,
	212,676	Series 2007-A6-1A11		6.00%			06/25/2037		207,793
		Countrywide Alternative Loan Trust,
	622,700	Series 2006-15CB-A1		6.50%			06/25/2036		490,283
	85,302	Series 2006-32CB-A16		5.50%			11/25/2036		72,834
	719,743	Series 2006-J1-2A1		7.00%			02/25/2036		301,068
	17,367	Series 2007-17CB-1A10 (-5 x 1 Month LIBOR USD + 29.90%, 29.90% Cap)		21.29%	I/F		08/25/2037		25,672
	11,901	Series 2007-21CB-2A2 (-4 x 1 Month LIBOR USD + 28.40%, 28.40% Cap)		20.91%	I/F		09/25/2037		15,562
		Countrywide Home Loans,
	182,024	Series 2007-10-A5		6.00%			07/25/2037		154,719
	10,230	Series 2007-4-1A5		6.50%			05/25/2037		8,680
		Credit Suisse First Boston Mortgage Securities Corporation,
	113,770	Series 2005-8-1A3		5.25%			09/25/2035		105,440
		Credit Suisse Mortgage Capital Certificates,
	38,321	Series 2006-9-4A1		6.00%			11/25/2036		29,993
	179,689	Series 2010-7R-4A17		6.00%	#^		04/26/2037		178,578
		Deutsche Mortgage Securities, Inc.,
	101,030	Series 2006-PR1-3A1 (-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap)		9.64%	^ I/F		04/15/2036		99,885
	277,472	Series 2006-PR1-5AI4 (-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap)		9.64%	^ I/F		04/15/2036		255,834
		First Horizon Alternative Mortgage Securities,
	43,986	Series 2007-FA2-1A3		6.00%			04/25/2037		34,945
		GreenPoint Mortgage Funding Trust,
	1,302,369	Series 2005-AR3-2A1 (1 Month LIBOR USD + 0.26%, 0.26% Floor, 10.50% Cap)		2.13%			08/25/2045		937,895
		GSAA Home Equity Trust,
	1,000,000	Series 2006-15-AF3B		5.93%	#		09/25/2036		145,670
		GSR Mortgage Loan Trust,
	91,437	Series 2006-2F-2A20 (-1 x 1 Month LIBOR USD + 11.10%, 5.00% Floor, 11.10% Cap)		9.44%	I/F		02/25/2036		91,586

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		HarborView Mortgage Loan Trust,
	520,202	Series 2006-14-1A1A (1 Month LIBOR USD + 0.18%)		1.99%			01/25/2047		474,033
	560,798	Series 2007-3-1A1A (1 Month LIBOR USD + 0.20%)		2.01%			05/19/2047		520,496
		JP Morgan Alternative Loan Trust,
	27,169	Series 2005-S1-2A11		6.00%			12/25/2035		26,338
	393,199	Series 2006-S1-1A3		5.50%			03/25/2036		339,720
		JP Morgan Mortgage Acquisition Trust,
	137,235	Series 2006-CH2-AF3		5.46%	ß		09/25/2029		113,886
		Lehman Mortgage Trust,
	71,467	Series 2006-4-1A3 (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		3.53%	I/F I/O		08/25/2036		9,610
	4,466	Series 2006-4-1A4		6.00%			08/25/2036		4,366
	40,698	Series 2007-5-11A1		5.30%	#		06/25/2037		34,920
		Lehman XS Trust,
	164,463	Series 2005-1-3A3A		5.11%			07/25/2035		164,627
		MASTR Resecuritization Trust,
	255,067	Series 2008-4-A1		6.00%	#^		06/27/2036		220,721
		Morgan Stanley Capital Trust,
	757,675	Series 2007-NC3-A1 (1 Month LIBOR USD + 0.20%)		2.07%	^		05/25/2037		535,200
		Morgan Stanley Mortgage Loan Trust,
	1,595,928	Series 2006-8AR-1A4 (1 Month LIBOR USD + 0.25%)		2.12%			06/25/2036		842,937
	251,779	Series 2007-13-6A1		6.00%			10/25/2037		226,600
		Residential Accredit Loans, Inc.,
	189,970	Series 2006-QS10-A9		6.50%			08/25/2036		178,724
	3,212	Series 2006-QS13-1A8		6.00%			09/25/2036		2,895
	190,480	Series 2006-QS2-1A4		5.50%			02/25/2036		169,202
	37,731	Series 2006-QS7-A4 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 6.00% Cap)		2.27%			06/25/2036		29,507
	113,192	Series 2006-QS7-A5 (-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)		3.73%	I/F I/O		06/25/2036		14,146
	70,287	Series 2006-QS8-A4 (1 Month LIBOR USD + 0.45%, 0.45% Floor)		2.32%			08/25/2036		53,527
	210,860	Series 2006-QS8-A5 (-1 x 1 Month LIBOR USD + 5.55%, 5.55% Cap)		3.68%	I/F I/O		08/25/2036		24,774
		Residential Asset Mortgage Products, Inc.,
	237,797	Series 2004-RS2-MII1 (1 Month LIBOR USD + 0.87%, 0.58% Floor, 14.00% Cap)		2.74%			02/25/2034		234,457
		Residential Asset Securitization Trust,
	19,172	Series 2005-A12-A12		5.50%			11/25/2035		17,873
	460,965	Series 2006-A16-1A3		6.00%			02/25/2037		353,489
	657,510	Series 2006-A9CB-A6		6.00%			09/25/2036		433,701
	403,521	Series 2007-A1-A8		6.00%			03/25/2037		287,961
	308,075	Series 2007-A5-2A5		6.00%			05/25/2037		272,949
		Washington Mutual Mortgage Pass-Through Certificates,
	270,683	Series 2006-8-A6		4.52%	ß		10/25/2036		172,709
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $14,016,046)							13,829,848

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 2.6%
		Federal Home Loan Mortgage Corporation,
	53,170	Series 3261-SA (-1 x 1 Month LIBOR USD + 6.43%, 6.43% Cap)		4.65%	I/F I/O		01/15/2037		7,761
	18,068	Series 3317-DS (-3 x 1 Month LIBOR USD + 15.00%, 15.00% Cap)		10.56%	I/F		05/15/2037		20,143
	109,575	Series 3355-BI (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		4.27%	I/F I/O		08/15/2037		14,067
	49,665	Series 3384-S (-1 x 1 Month LIBOR USD + 6.39%, 6.39% Cap)		4.61%	I/F I/O		11/15/2037		4,849
	133,733	Series 3384-SG (-1 x 1 Month LIBOR USD + 6.31%, 6.31% Cap)		4.53%	I/F I/O		08/15/2036		16,345
	67,760	Series 3417-SX (-1 x 1 Month LIBOR USD + 6.18%, 6.18% Cap)		4.40%	I/F I/O		02/15/2038		6,190
	81,908	Series 3423-GS (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)		3.87%	I/F I/O		03/15/2038		7,481
	782,597	Series 3423-TG (-1 x 1 Month LIBOR USD + 6.00%, 0.35% Cap)		0.35%	I/F I/O		03/15/2038		7,272
	74,833	Series 3500-SA (-1 x 1 Month LIBOR USD + 5.52%, 5.52% Cap)		3.74%	I/F I/O		01/15/2039		6,196
	215,770	Series 3523-SM (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.22%	I/F I/O		04/15/2039		25,597
	18,452	Series 3562-WS (-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)		3.17%	I/F I/O		08/15/2039		1,117
	193,529	Series 3728-SV (-1 x 1 Month LIBOR USD + 4.45%, 4.45% Cap)		2.67%	I/F I/O		09/15/2040		12,064
	169,551	Series 3758-S (-1 x 1 Month LIBOR USD + 6.03%, 6.03% Cap)		4.25%	I/F I/O		11/15/2040		23,548
	78,989	Series 3779-DZ		4.50%			12/15/2040		80,083
	203,619	Series 3815-ST (-1 x 1 Month LIBOR USD + 5.85%, 5.85% Cap)		4.07%	I/F I/O		02/15/2041		23,530
	73,783	Series 3900-SB (-1 x 1 Month LIBOR USD + 5.97%, 5.97% Cap)		4.19%	I/F I/O		07/15/2041		8,302
	455,039	Series 3923-CZ		5.00%			09/15/2041		503,787
	580,808	Series 4183-Z		3.00%			03/15/2043		553,756
		Federal National Mortgage Association,
	93,556	Series 2006-101-SA (-1 x 1 Month LIBOR USD + 6.58%, 6.58% Cap)		4.71%	I/F I/O		10/25/2036		15,944
	49,514	Series 2006-123-LI (-1 x 1 Month LIBOR USD + 6.32%, 6.32% Cap)		4.45%	I/F I/O		01/25/2037		7,562
	344,929	Series 2007-39-AI (-1 x 1 Month LIBOR USD + 6.12%, 6.12% Cap)		4.25%	I/F I/O		05/25/2037		46,623
	152,528	Series 2007-57-SX (-1 x 1 Month LIBOR USD + 6.62%, 6.62% Cap)		4.75%	I/F I/O		10/25/2036		21,696
	10,436	Series 2009-49-S (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		4.88%	I/F I/O		07/25/2039		1,484
	167,048	Series 2009-86-CI (-1 x 1 Month LIBOR USD + 5.80%, 5.80% Cap)		3.93%	I/F I/O		09/25/2036		17,665

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 33

Schedule of Investments  DoubleLine Multi-Asset Growth Fund (Consolidated)  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
	64,116	Series 2009-90-IA (-1 x 1 Month LIBOR USD + 5.75%, 5.75% Cap)		3.88%	I/F I/O		03/25/2037		6,565
	63,813	Series 2009-90-IB (-1 x 1 Month LIBOR USD + 5.72%, 5.72% Cap)		3.85%	I/F I/O		04/25/2037		6,092
	254,529	Series 2010-39-SL (-1 x 1 Month LIBOR USD + 5.67%, 5.67% Cap)		3.80%	I/F I/O		05/25/2040		29,121
	114,444	Series 2011-5-PS (-1 x 1 Month LIBOR USD + 6.40%, 6.40% Cap)		4.53%	I/F I/O		11/25/2040		9,545
	379,952	Series 2012-30-DZ		4.00%			04/25/2042		394,245
	1,155,830	Series 2013-53-ZC		3.00%			06/25/2043		1,081,049
	687,773	Series 2013-55-KS (-2 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		3.19%	I/F		06/25/2043		551,237
	1,079,410	Series 2013-55-VZ		3.00%			06/25/2043		1,016,517
	556,890	Series 2015-9-ZA		3.50%			03/25/2045		551,212
		Government National Mortgage Association,
	24,926	Series 2009-6-SM (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)		4.13%	I/F I/O		02/20/2038		2,916
	389,324	Series 2011-45-GZ		4.50%			03/20/2041		402,118
	231,920	Series 2011-7-LS (-2 x 1 Month LIBOR USD + 9.88%, 9.88% Cap)		6.24%	I/F		12/20/2040		241,407
		Total US Government and Agency Mortgage Backed Obligations (Cost $5,793,048)							5,725,086
	US GOVERNMENT AND AGENCY OBLIGATIONS 4.9%
	10,722,700	United States Treasury Inflation Indexed Bonds		0.13%			04/15/2018		10,737,151
		Total US Government and Agency Obligations (Cost $10,724,623)							10,737,151
	REAL ESTATE INVESTMENT TRUSTS 4.3%
	655,000	Annaly Capital Management, Inc.							6,831,650
	148,747	Chimera Investment Corporation							2,589,685
		Total Real Estate Investment Trusts (Cost $8,896,096)							9,421,335
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 32.5%
	91,000	American Capital Senior Floating Ltd.							1,014,650
	34,062	BlackRock Build America Bond Fund							767,076
	89,000	Energy Select Sector SPDR Fund							5,999,490
	63,761	Invesco Municipal Opportunity Trust							747,279
	53,499	Invesco Value Municipal Income Trust							776,805
	68,500	iShares Asia 50 ETF							4,676,495
	129,000	iShares Core MSCI Emerging Markets ETF							7,533,600

SHARES		SECURITY DESCRIPTION	RATE	MATURITY	VALUE $
	109,000	iShares MSCI Australia Index ETF				2,400,180
	51,500	iShares MSCI Brazil ETF				2,311,320
	36,000	iShares MSCI Hong Kong Index ETF				911,160
	32,000	iShares MSCI Italy ETF				1,028,800
	34,000	iShares MSCI Singapore Capped ETF				906,780
	44,000	iShares MSCI Spain Capped ETF				1,430,440
	37,000	iShares MSCI Sweden Capped ETF				1,238,760
	51,331	Nuveen AMT-Free Municipal Credit Income Fund				744,813
	58,000	Nuveen AMT-Free Quality Municipal Income Fund				754,000
	51,385	Nuveen Municipal Credit Income Fund				726,584
	78,674	Nuveen Municipal Value Fund, Inc.				745,043
	57,000	Nuveen Quality Municipal Income Fund				748,980
	423,000	PowerShares Senior Loan Portfolio				9,783,990
	220,000	SPDR Blackstone ETF				10,432,400
	56,000	SPDR EURO STOXX 50 ETF				2,255,120
	215,000	SPDR S&P Oil & Gas Equipment & Services ETF				3,130,400
	100,000	Transocean Ltd.*				990,000
	43,000	Utilities Select Sector SPDR Fund				2,172,790
	95,500	VanEck Vectors Russia ETF				2,171,670
	35,000	Vanguard Global ex-U.S. Real Estate ETF				2,132,200
	29,000	Vanguard REIT ETF				2,188,630
		Total Exchange Traded Funds and Common Stocks (Cost $71,815,353)				70,719,455
	AFFILIATED MUTUAL FUNDS 29.3%
	882,076	DoubleLine Core Fixed Income Fund (Class I)				9,535,245
	1,011,049	DoubleLine Flexible Income Fund (Class I)				9,918,392
	965,918	DoubleLine Low Duration Bond Fund (Class I)				9,630,202
	3,300,984	DoubleLine Total Return Bond Fund (Class I)				34,594,317
		Total Affiliated Mutual Funds (Cost $66,150,315)				63,678,156

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

March 31, 2018

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SHORT TERM INVESTMENTS 10.0%
	4,899,709	BlackRock Liquidity Funds FedFund - Institutional Shares		1.53%	¨				4,899,709
	1,388,069	Dreyfus Government Cash Management - Institutional Shares		1.50%	¨				1,388,069
	3,511,640	Fidelity Institutional Money Market Government Portfolio - Class I		1.47%	¨				3,511,640
	4,899,709	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.56%	¨				4,899,709
	7,000,000	United States Treasury Bills		0.00%	‡		07/12/2018		6,965,912
		Total Short Term Investments (Cost $21,668,067)							21,665,039
		Total Investments 98.5% (Cost $218,409,292)							214,477,317
		Other Assets in Excess of Liabilities 1.5%							3,159,586
		NET ASSETS 100.0%						$	217,636,903

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Exchange Traded Funds and Common Stocks	32.5%
Affiliated Mutual Funds	29.3%
Short Term Investments	10.0%
Non-Agency Residential Collateralized Mortgage Obligations	6.3%
Asset Backed Obligations	6.1%
US Government and Agency Obligations	4.9%
Real Estate Investment Trusts	4.3%
US Government and Agency Mortgage Backed Obligations	2.6%
Collateralized Loan Obligations	2.5%
Other Assets and Liabilities	1.5%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At March 31, 2018, the value of these securities amounted to $20,942,135 or 9.6% of net assets.

# 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 March 31, 2018.

ß The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of March 31, 2018.

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

I/O Interest only security

@ Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of March 31, 2018.

Þ Value determined using significant unobservable inputs.

* Non-income producing security

¨ Seven-day yield as of March 31, 2018

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

Futures Contracts
Description	Long/Short	Contract Quantity			Expiration Date		Notional Amount•			Value/Unrealized Appreciation (Depreciation)
Nikkei-225 Future	Long		90			06/07/2018		9,679,500			$	(9,326	)
MSCI Developed Markets Index Future	Long		9			06/15/2018		900,270				(13,387	)
FTSE 100 Index Future	Long		63			06/15/2018		6,181,471				(54,458	)
Euro STOXX 50 Future	Long		171			06/15/2018		6,903,459				(97,107	)
MSCI Emerging Markets Index Future	Long		252			06/15/2018		14,966,280				(384,907	)
E-mini S&P 500 Future	Long		58			06/15/2018		7,664,700				(422,220	)
5-Year US Treasury Note Future	Short		(89	)		06/29/2018		(10,187,023	)			(58,586	)
CME Ultra Long Term US Treasury Bond Future	Short		(17	)		06/20/2018		(2,727,969	)			(101,752	)
Ultra 10-Year US Treasury Note Future	Short		(73	)		06/20/2018		(9,479,734	)			(170,671	)
											$	(1,312,414	)

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

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 35

Schedule of Investments  DoubleLine Multi-Asset Growth Fund (Consolidated)  (Cont.) March 31, 2018

Swap Agreements

Credit Default Swaps

Reference Entity

Counterparty

Buy/Sell Protection

Financing Rate Paid or Received

Financing Rate

Payment Frequency

Termination Date

Notional Amount

Upfront Payments/ (Receipts)

Value

Unrealized Appreciation (Depreciation)

Markit CDX North America Investment Grade Index

Goldman Sachs

Buy

Paid

1.00%

Quarterly

06/20/2023

50,000,000

$

(843,389

)

$

(843,285

)

$

104

Total Return Swaps
Reference Entity	Counterparty		Long/Short		Financing Rate			Payment Frequency		Termination Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Shiller Barclays CAPE® US Sector ER II USD Index ¤		Barclays Capital, Inc.		Long		0.40	%		Termination		05/31/2018		39,000,000			$	3,094,832
Long Commodity Basket Swap		Morgan Stanley		Long		0.20	%		Termination		04/05/2018		3,960,000				—
Short Commodity Basket Swap		Morgan Stanley		Short		(0.23	)%		Termination		04/05/2018		(3,960,000	)			—
																$	3,094,832
Total Swap Agreements																$	3,094,936

¤ Shiller Barclays CAPE^® US Sector ER II USD Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each U.S. equity sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of March 31, 2018, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIICS2E.

Long Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At March 31, 2018, all constituents and their weightings were as follows:

Sub-Index	Ticker		Contract Value d		Value of Index			Weightings
S&P GSCI Zinc Official Close Index		SPGCIZP		1.28		$	98		16.8	%
S&P GSCI Gas Oil Official Close Index		SPGCGOP		0.26			97		16.7	%
S&P GSCI Brent Crude Official Close Index		SPGCBRP		0.25			97		16.7	%
S&P GSCI Heating Oil Official Close Index		SPGCHOP		0.45			97		16.7	%
S&P GSCI Crude Oil Official Close Index		SPGCCLP		0.50			97		16.6	%
S&P GSCI Unleaded Gasoline Official Close Index		SPGCHUP		0.09			95		16.5	%
						$	581		100.0	%

Short Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At March 31, 2018, all constituents and their weightings were as follows:

Sub-Index	Ticker		Contract Value d		Value of Index			Weightings
S&P GSCI Corn Official Close Index		SPGCCNP		11.40		$	85		17.2	%
S&P GSCI Natural Gas Official Close Index		SPGCNGP		8.69			85		17.1	%
S&P GSCI Coffee Official Close Index		SPGCKCP		8.55			82		16.5	%
S&P GSCI Kansas Wheat Official Close Index		SPGCKWP		4.80			82		16.5	%
S&P GSCI Wheat Official Close Index		SPGCWHP		12.07			82		16.5	%
S&P GSCI Sugar Official Close Index		SPGCSBP		8.00			80		16.2	%
						$	496		100.0	%

d Contract value represents the number of units of the underlying constituent’s index in one unit of the custom basket index at creation. The contract value is calculated by multiplying each constituent’s weight by the starting price of the custom basket index and dividing by the starting price of the constituent’s index. The contract value will differ depending on the date the swap is initiated.

Forward Currency Exchange Contracts
Settlement Date	Counterparty	Currency to be Sold			Value			Currency to be Purchased			Value			Unrealized Appreciation (Depreciation)
06/20/2018	Goldman Sachs		6,348,572	USD		$	6,348,572		4,700,000	GBP		$	6,617,643		$	269,071
06/20/2018	Goldman Sachs		10,407,444	USD			10,407,445		1,125,000,000	JPY			10,632,363			224,918
06/20/2018	Goldman Sachs		4,184,572	USD			4,184,572		3,500,000	EUR			4,333,813			149,241
06/20/2018	RBC		982,000,000	JPY			9,280,871		9,397,966	USD			9,397,966			117,095
05/07/2018	Morgan Stanley		8,689,496	USD			8,689,496		34,000,000	MYR			8,794,486			104,990
06/20/2018	RBC		9,211,369	USD			9,211,369		982,000,000	JPY			9,280,871			69,502
06/20/2018	Morgan Stanley		6,643,080	USD			6,643,079		5,400,000	EUR			6,686,454			43,375
06/20/2018	Goldman Sachs		3,500,000	EUR			4,333,813		4,362,878	USD			4,362,878			29,065

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

March 31, 2018

Settlement Date	Counterparty		Currency to be Sold			Value			Currency to be Purchased			Value			Unrealized Appreciation (Depreciation)
06/20/2018		Morgan Stanley		5,400,000	EUR		$	6,686,454		6,705,395	USD		$	6,705,395		$	18,941
06/20/2018		Goldman Sachs		58,000,000	JPY			548,157		555,046	USD			555,046			6,889
06/20/2018		RBC		2,000,000	EUR			2,476,464		2,482,685	USD			2,482,685			6,221
06/28/2018		Morgan Stanley		2,600,000	AUD			1,997,494		1,993,141	USD			1,993,141			(4,353	)
06/15/2018		JP Morgan		3,200,000	CHF			3,369,904		3,365,453	USD			3,365,453			(4,451	)
06/20/2018		RBC		2,504,224	USD			2,504,224		2,000,000	EUR			2,476,464			(27,760	)
06/15/2018		JP Morgan		3,415,317	USD			3,415,317		3,200,000	CHF			3,369,904			(45,413	)
06/20/2018		Morgan Stanley		4,200,000,000	KRW			3,961,685		3,875,611	USD			3,875,611			(86,074	)
06/20/2018		Bank of America Merrill Lynch		5,687,000,000	KRW			5,364,310		5,245,632	USD			5,245,632			(118,678	)
							$	89,423,226					$	90,175,805		$	752,579

AUD Australian Dollar

CHF Swiss Franc

EUR Euro

GBP British Pound

JPY Japanese Yen

KRW Korean Won

MYR Malaysian Ringgit

USD US Dollar

A summary of the DoubleLine Multi-Asset Growth Fund’s (Consolidated) investments in affiliated mutual funds for the year ended March 31, 2018 is as follows:

Fund	Value at March 31, 2017			Gross Purchases			Gross Sales				Shares Held at March 31, 2018		Value at March 31, 2018			Change in Unrealized for the Year Ended March 31, 2018				Dividend Income Earned in the Year Ended March 31, 2018			Net Realized Gain (Loss) in the Year Ended March  31, 2018
DoubleLine Total Return Bond Fund (Class I)		$	28,314,301		$	13,707,000		$	(6,750,000	)		3,300,984		$	34,594,317		$	(509,447	)		$	1,323,380		$	(167,537	)
DoubleLine Core Fixed Income Fund (Class I)			6,277,078			3,334,000			—			882,076			9,535,245			(75,833	)			258,489			—
DoubleLine Flexible Income Fund (Class I)			1,956,175			8,009,000			—			1,011,049			9,918,392			(46,783	)			157,531			—
DoubleLine Low Duration Bond Fund (Class I)			6,786,481			2,920,000			—			965,918			9,630,202			(76,279	)			221,894			—
		$	43,334,035		$	27,970,000		$	(6,750,000	)		6,160,027		$	63,678,156		$	(708,342	)		$	1,961,294		$	(167,537	)

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 37

Schedule of Investments  DoubleLine Low Duration Bond Fund    March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 10.3%
		Access Group, Inc.,
	9,335,451	Series 2007-A-B (3 Month LIBOR USD + 0.55%, 0.55% Floor)		2.49%			02/25/2037		8,959,207
		Arcadia Receivables Credit Trust,
	7,460,735	Series 2017-1-A		3.25%	^		06/15/2023		7,493,521
		AVANT Loans Funding Trust,
	2,868,541	Series 2017-A-A		2.41%	^		03/15/2021		2,867,476
	3,591,633	Series 2017-B-A		2.29%	^		06/15/2020		3,585,372
		CLUB Credit Trust,
	1,707,309	Series 2017-NP1-A		2.39%	^		04/17/2023		1,706,978
		CLUBC,
	21,885,689	Series 2018-2-PT		0.94%	^		02/15/2041		21,962,333
		Conn Funding LP,
	1,600,053	Series 2017-A-A		2.73%	^		07/15/2019		1,599,975
		Consumer Installment Loan Trust,
	439,133	Series 2016-LD1-A		3.96%	^		07/15/2022		439,266
		Consumer Loan Credit Trust,
	7,791,418	Series 2017-NP2-A		2.55%	^		01/16/2024		7,776,673
		Credit Acceptance Auto Loan Trust,
	14,000,000	Series 2017-2A-A		2.55%	^		02/17/2026		13,823,982
		Eagle Ltd.,
	839,063	Series 2014-1A-A1		2.57%	^		12/15/2039		836,814
		Eaglewood Consumer Loan Trust,
	520,977	Series 2014-1-A		3.50%	^Þ¥		10/15/2019		520,798
		Earnest Student Loan Program,
	7,926,269	Series 2016-A-A2		2.50%	^		04/25/2033		7,781,359
	14,517,280	Series 2017-A-A2		2.65%	^		01/25/2041		14,249,718
		Flagship Credit Auto Trust,
	6,000,000	Series 2016-3-B		2.43%	^		06/15/2021		5,973,671
	12,750,000	Series 2016-4-B		2.41%	^		10/15/2021		12,662,239
	15,000,000	Series 2017-1-B		2.83%	^		03/15/2023		14,969,922
		Invitation Homes Trust,
	12,723,639	Series 2015-SFR3-A (1 Month LIBOR USD + 1.30%, 1.30% Floor)		3.05%	^		08/17/2032		12,743,127
	31,067,416	Series 2017-SFR2-A (1 Month LIBOR USD + 0.85%, 0.85% Floor)		2.66%	^		12/17/2036		31,355,575
	19,904,306	Series 2018-SFR1-A (1 Month LIBOR USD + 0.70%)		2.51%	^		03/17/2037		20,003,912
		LendingClub Issuance Trust,
	3,226,942	Series 2016-NP2-A		3.00%	^		01/17/2023		3,223,861
		Lendmark Funding Trust,
	17,750,000	Series 2016-2A-A		3.26%	^		04/21/2025		17,750,966
		Mariner Finance Issuance Trust,
	10,000,000	Series 2017-AA-A		3.62%	^		02/20/2029		10,048,384
		Marlette Funding Trust,
	13,503,831	Series 2017-2A-A		2.39%	^		07/15/2024		13,473,686
		NRZ Excess Spread-Collateralized Notes,
	9,802,974	Series 2018-PLS1-A		3.19%	^		01/25/2023		9,754,905
	14,437,207	Series 2018-PLS2-A		3.27%	^		02/25/2023		14,407,002
		OneMain Financial Issuance Trust,
	8,025,607	Series 2015-1A-A		3.19%	^		03/18/2026		8,052,977
	31,250,000	Series 2017-1A-A1		2.37%	^		09/14/2032		30,736,747
		Oportun Funding LLC,
	10,000,000	Series 2016-C-A		3.28%	^		11/08/2021		10,002,396
		Progress Residential Trust,
	7,671,413	Series 2016-SFR1-A (1 Month LIBOR USD + 1.50%, 1.50% Floor)		3.31%	^		09/17/2033		7,728,728

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		SCF Equipment Leasing LLC,
	3,599,313	Series 2017-1A-A		3.77%	^		01/20/2023		3,591,965
	9,264,614	Series 2017-2A-A		3.41%	^		12/20/2023		9,145,832
		Sierra Timeshare Receivables Funding LLC,
	8,202,186	Series 2016-2A-A		2.33%	^		07/20/2033		8,109,145
		SoFi Consumer Loan Program LLC,
	766,574	Series 2016-1-A		3.26%	^		08/25/2025		766,992
	3,952,106	Series 2016-3-A		3.05%	^		12/26/2025		3,950,232
	6,654,462	Series 2017-3-A		2.77%	^		05/25/2026		6,611,167
	7,632,615	Series 2017-6-A1		2.20%	^		11/25/2026		7,596,143
	5,000,000	Series 2017-6-A2		2.82%	^		11/25/2026		4,947,631
		SoFi Consumer Loan Program Trust,
	4,307,983	Series 2016-2-A		3.09%	^		10/27/2025		4,315,530
	8,401,062	Series 2017-1-A		3.28%	^		01/26/2026		8,418,867
	5,908,700	Series 2017-2-A		3.28%	^		02/25/2026		5,924,499
	16,140,797	Series 2017-5-A1		2.14%	^		09/25/2026		16,052,810
	4,500,000	Series 2017-5-A2		2.78%	^		09/25/2026		4,436,924
	18,731,319	Series 2018-1-A1		2.55%	^		02/25/2027		18,677,242
		SoFi Professional Loan Program,
	1,744,184	Series 2013-A-A		3.75%	^		12/25/2029		1,751,295
	589,191	Series 2014-A-A2		3.02%	^		10/25/2027		588,466
	2,859,021	Series 2015-C-A2		2.51%	^		08/25/2033		2,817,727
	5,508,398	Series 2016-A-A2		2.76%	^		12/26/2036		5,463,609
	5,000,000	Series 2017-A-A2B		2.40%	^		03/26/2040		4,883,012
	15,153,293	Series 2017-B-A1FX		1.83%	^		05/25/2040		15,077,137
	7,737,031	Series 2017-C-A2A		1.75%	^		07/25/2040		7,673,208
		SpringCastle America Funding LLC,
	20,034,270	Series 2016-AA-A		3.05%	^		04/25/2029		20,032,877
		Springleaf Funding Trust,
	8,827,885	Series 2015-AA-A		3.16%	^		11/15/2024		8,836,905
	15,810,000	Series 2016-AA-A		2.90%	^		11/15/2029		15,745,538
	25,000,000	Series 2017-AA-A		2.68%	^		07/15/2030		24,626,090
		Spruce Asset Backed Securities Trust,
	525,242	Series 2016-E1-A		4.32%	^		06/15/2028		531,628
		TAL Advantage LLC,
	1,898,333	Series 2013-2A-A		3.55%	^		11/20/2038		1,889,319
		Wachovia Student Loan Trust,
	1,371,861	Series 2006-1-A5 (3 Month LIBOR USD + 0.12%, 0.12% Floor)		1.87%	^		07/26/2027		1,371,073
		Westlake Automobile Receivables Trust,
	7,000,000	Series 2016-2A-B		2.30%	^		11/15/2019		6,997,753
	10,000,000	Series 2016-3A-C		2.46%	^		01/18/2022		9,957,315
	20,000,000	Series 2017-2A-C		2.59%	^		12/15/2022		19,814,246
		Total Asset Backed Obligations (Cost $569,307,086)							567,093,747
	BANK LOANS 7.1%
		AECOM,
	6,260,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 1.75%)		3.63%			02/21/2025		6,276,965
		Allison Transmission Inc.,
	11,897,155	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3		4.06%	±		09/23/2022		11,979,721
		American Airlines, Inc.,
	5,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.00%)		3.88%			04/28/2023		5,005,625

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		American Airlines, Inc., (Cont.)
	5,865,750	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.00%)		3.78%		12/14/2023		5,876,778
		Aramark Services, Inc.,
	5,642,500	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.00%)		3.88%		03/28/2024		5,686,596
	5,152,088	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.00%)		3.88%		03/11/2025		5,193,948
		Axalta Coating Systems US Holdings, Inc.,
	11,730,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (3 Month LIBOR USD + 2.00%)		4.30%		05/31/2024		11,769,647
		Berry Global, Inc.,
	14,927,491	Guaranteed Senior Secured 1st Lien Term Loan, Tranche Q (1 Month LIBOR USD + 2.00%)		3.88%		10/01/2022		15,015,414
		Burger King Restaurant Brands,
	14,905,521	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR + 2.25%, 1.00% Floor)		4.55%		02/16/2024		14,933,469
		Charter Communications Operating LLC,
	10,683,225	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.00%)		3.88%		04/30/2025		10,734,932
		CommScope, Inc.,
	11,431,114	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.00%)		3.88%		12/29/2022		11,511,532
		CROWN Americas LLC,
	2,765,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.00%)		3.69%		01/29/2025		2,793,300
		CSC Holdings LLC,
	11,939,787	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.04%		07/17/2025		11,922,415
		Dell International LLC,
	10,939,399	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (US LIBOR + 2.00%, 0.75% Floor)		3.88%		09/07/2023		10,962,153
		Delta Air Lines, Inc.,
	11,882,480	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1 (US LIBOR + 2.50%, 0.75% Floor)		4.32%		10/18/2018		11,956,805
		ESH Hospitality, Inc.,
	11,505,349	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.25%)		4.13%		08/30/2023		11,589,050

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		First Data Corporation,
	11,207,997	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.12%		04/26/2024		11,236,745
		Gartner, Inc.,
	3,974,912	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.00%)		3.88%		04/05/2024		4,005,976
		Global Payments, Inc.,
	3,025,125	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 1.75%)		3.63%		04/21/2023		3,041,385
		Grifols Worldwide Operations USA, Inc.,
	11,838,192	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Week LIBOR USD + 2.25%)		3.99%		01/31/2025		11,893,417
		HCA, Inc.,
	1,030,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B10 (1 Month LIBOR USD + 2.00%)		3.65%		03/14/2025		1,039,090
	13,966,041	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B11 (1 Month LIBOR USD + 1.75%)		3.63%		03/17/2023		14,042,436
		Hilton Worldwide,
	14,913,682	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (1 Month LIBOR USD + 2.00%)		3.87%		10/25/2023		15,009,055
		INC Research Holdings Inc.,
	11,437,500	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.25%)		3.90%		08/01/2024		11,491,142
		Iron Mountain, Inc.,
	10,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 1.75%)		3.62%		12/22/2025		9,985,450
		Jacobs Douwe Egberts International BV,
	10,000,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.25%)		4.06%		07/01/2022		10,052,050
		KAR Auction Services, Inc.,
	6,533,951	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B5 (3 Month LIBOR USD + 2.50%)		4.81%		03/09/2023		6,576,160
		Lamar Media Corporation,
	1,975,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 1.75%)		3.56%		03/14/2025		1,981,794
		Level 3 Financing, Inc.,
	15,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.25%)		4.11%		02/22/2024		15,045,750

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 39

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Lockheed Martin Corporation,
	8,290,063	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 1.75%)		3.69%			08/16/2023		8,351,202
		MGM Growth Properties LP,
	11,874,739	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (US LIBOR + 2.00%, 0.75% Floor)		3.88%			03/21/2025		11,964,939
		NRG Energy Inc.,
	3,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B		4.06%	±		06/30/2023		3,007,500
		Pinnacle Foods Finance LLC,
	6,573,014	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 1.75%)		3.38%			02/02/2024		6,611,105
		Quintiles, Inc.,
	5,985,000	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 2.00%)		4.30%			01/17/2025		6,021,658
		RPI Finance Trust,
	11,733,029	Senior Secured 1st Lien Term Loan, Tranche B6 (3 Month LIBOR USD + 2.00%)		4.30%			03/27/2023		11,802,019
		Servicemaster Company LLC,
	11,917,302	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.50%)		4.38%			11/08/2023		11,981,178
		Six Flags Entertainment Corporation,
	7,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 1.75%)		5.50%			06/30/2022		7,036,120
		Sprint Communications,
	11,913,496	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (US LIBOR + 2.50%, 0.75% Floor)		4.44%			02/02/2024		11,929,639
		Tumi Holdings, Inc.,
	3,959,799	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.25%)		4.13%			08/01/2023		3,982,687
		Vantiv LLC,
	8,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.00%)		3.78%			08/09/2024		8,051,440
		VICI Properties LLC,
	6,519,545	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 2.00%)		3.85%			12/20/2024		6,547,742
		Virgin Media LLC,
	4,970,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche K (1 Month LIBOR USD + 2.50%)		4.28%			01/15/2026		5,001,063
		WR Grace & Co-Conn,
	6,183,947	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1 (3 Month LIBOR USD + 1.75%)		3.52%			02/21/2025		6,211,002

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		WR Grace & Co-Conn,
	10,601,053	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (3 Month LIBOR USD + 1.75%)		3.52%			02/21/2025		10,647,432
		Wyndham Hotels & Resorts,
	4,500,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 1.75%)		3.76%			04/30/2025		4,500,000
		Yum! Brands,
	1,500,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 1.75%)		3.76%			03/28/2025		1,500,000
		Total Bank Loans (Cost $393,692,929)							393,755,526
	COLLATERALIZED LOAN OBLIGATIONS 16.4%
		AIMCO,
	10,500,000	Series 2014-AA-AR (3 Month LIBOR USD + 1.10%)		2.84%	^		07/20/2026		10,511,070
	25,000,000	Series 2015-AA-AR (3 Month LIBOR USD + 0.85%, 0.85% Floor)		2.57%	^		01/15/2028		24,995,973
		ALM LLC,
	7,500,000	Series 2016-19A-A1 (3 Month LIBOR USD + 1.55%)		3.27%	^		07/15/2028		7,543,125
	2,500,000	Series 2016-19A-A2 (3 Month LIBOR USD + 2.20%)		3.92%	^		07/15/2028		2,524,113
		Apidos Ltd.,
	9,975,000	Series 2013-16A-A1R (3 Month LIBOR USD + 0.98%)		2.72%	^		01/19/2025		9,977,192
		Arbor Realty Ltd.,
	3,710,000	Series 2015-FL2A-C (1 Month LIBOR USD + 5.00%)		6.78%	^		09/15/2025		3,726,458
	15,000,000	Series 2017-FL2-A (1 Month LIBOR USD + 0.99%)		2.77%	^		08/15/2027		15,075,405
		Atrium Corporation,
	32,777,337	Series 10A-AR (3 Month LIBOR USD + 0.95%)		2.67%	^		07/16/2025		32,780,482
		Babson Ltd.,
	10,000,000	Series 2014-3A-AR (3 Month LIBOR USD + 1.32%)		3.04%	^		01/15/2026		10,000,000
		BlueMountain Ltd.,
	6,700,000	Series 2012-2A-AR (3 Month LIBOR USD + 1.42%, 1.42% Floor)		3.30%	^		11/20/2028		6,725,925
	29,938,086	Series 2013-3A-AR (3 Month LIBOR USD + 0.89%)		2.65%	^		10/29/2025		29,942,302
	15,000,000	Series 2015-2A-A1 (3 Month LIBOR USD + 1.43%, 1.43% Floor)		3.16%	^		07/18/2027		15,014,912
	15,000,000	Series 2015-3A-A1 (3 Month LIBOR USD + 1.48%)		3.22%	^		10/20/2027		15,000,000

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Carlyle Global Market Strategies Ltd.,
	9,000,000	Series 2015-1A-AR (3 Month LIBOR USD + 1.00%)		2.74%	^		04/20/2027		8,992,465
		Cent Ltd.,
	798,869	Series 2012-16A-A1AR (3 Month LIBOR USD + 1.25%)		3.02%	^		08/01/2024		799,416
	2,000,000	Series 2014-22A-A1R (3 Month LIBOR USD + 1.41%)		3.20%	^		11/07/2026		2,001,412
		CFIP Ltd.,
	25,000,000	Series 2014-1A-AR (3 Month LIBOR USD + 1.32%)		3.04%	^		07/13/2029		25,138,149
		Crown Point Ltd.,
	3,800,919	Series 2013-2A-A1LR (3 Month LIBOR USD + 0.59%)		2.31%	^		12/31/2023		3,804,033
		Cutwater Ltd.,
	25,000,000	Series 2014-1A-A1BR (3 Month LIBOR USD + 1.25%)		2.97%	^		07/15/2026		25,029,895
		Halcyon Loan Advisors Funding Ltd.,
	9,000,000	Series 2012-1X-A2 (3 Month LIBOR USD + 2.50%)		4.34%			08/15/2023		9,016,636
	1,000,000	Series 2014-1A-A1R (3 Month LIBOR USD + 1.13%)		2.86%	^		04/18/2026		1,000,893
	2,250,000	Series 2014-2A-C (3 Month LIBOR USD + 3.50%)		5.26%	^		04/28/2025		2,255,726
	49,275,000	Series 2015-2A-A (3 Month LIBOR USD + 1.39%)		3.14%	^		07/25/2027		49,302,471
	25,000,000	Series 2015-3A-A1R (3 Month LIBOR USD + 0.90%)		2.63%	^		10/18/2027		24,867,674
		Harbourview Ltd.,
	9,000,000	Series 7A-A1R (3 Month LIBOR USD + 1.25%)		3.13%	^		11/18/2026		9,009,242
		HLA Ltd.,
	25,000,000	Series 2014-3A-AR (3 Month LIBOR USD + 1.10%)		2.84%	^		10/22/2025		25,018,589
		Hunt Ltd.,
	7,250,000	Series 2017-FL1-B (1 Month LIBOR USD + 1.65%)		3.43%	^		08/15/2034		7,291,209
		Jamestown Ltd.,
	10,000,000	Series 2014-4A-A1AR (3 Month LIBOR USD + 0.69%)		2.41%	^		07/15/2026		9,975,054
	10,500,000	Series 2015-6A-A1AR (3 Month LIBOR USD + 1.15%)		3.03%	^		02/20/2027		10,502,625
	31,000,000	Series 2016-9A-A1B (3 Month LIBOR USD + 1.50%)		3.24%	^		10/20/2028		31,111,833
		LCM LP,
	43,500,000	Series 16A-AR (3 Month LIBOR USD + 1.03%)		2.75%	^		07/15/2026		43,517,453
		Madison Park Funding Ltd.,
	26,000,000	Series 2013-11A-AR (3 Month LIBOR USD + 1.16%)		2.90%	^		07/23/2029		26,032,500
		Magnetite Ltd.,
	5,235,000	Series 2014-9A-A1R (3 Month LIBOR USD + 1.00%)		2.75%	^		07/25/2026		5,239,474

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Marathon Ltd.,
	3,000,000	Series 2017-9A-A2 (3 Month LIBOR USD + 1.75%)		3.47%	^		04/15/2029		3,015,375
		Midocean Credit,
	41,500,000	Series 2017-7A-A1 (3 Month LIBOR USD + 1.32%)		3.04%	^		07/15/2029		41,751,312
		MP Ltd.,
	30,000,000	Series 2013-2A-ARR (3 Month LIBOR USD + 1.28%)		3.03%	^		07/25/2029		30,192,420
	3,500,000	Series 2014-2A-AR (3 Month LIBOR USD + 1.20%)		2.92%	^		01/15/2027		3,501,641
		NewMark Capital Funding Ltd.,
	6,557,409	Series 2013-1A-A1 (3 Month LIBOR USD + 0.94%)		2.96%	^		06/02/2025		6,559,953
	13,114,818	Series 2013-1A-A2 (3 Month LIBOR USD + 1.12%)		3.14%	^		06/02/2025		13,128,529
		OCP Ltd.,
	20,000,000	Series 2012-2A-A1R (3 Month LIBOR USD + 1.40%)		3.30%	^		11/22/2025		20,090,848
	16,500,000	Series 2014-5A-A1R (3 Month LIBOR USD + 1.08%, 1.08% Floor)		2.83%	^		04/26/2031		16,516,986
		Octagon Investment Partners Ltd.,
	14,000,000	Series 2015-1A-A1R (3 Month LIBOR USD + 0.90%)		2.79%	^		05/21/2027		14,004,053
	8,750,000	Series 2016-1A-B (3 Month LIBOR USD + 2.15%)		3.87%	^		07/15/2027		8,782,161
		Octagon Loan Funding Ltd.,
	15,000,000	Series 2014-1A-A1R (3 Month LIBOR USD + 1.14%)		3.02%	^		11/18/2026		15,028,268
		Palmer Square Loan Funding Ltd.,
	12,104,985	Series 2017-1A-A1 (3 Month LIBOR USD + 0.74%)		2.46%	^		10/15/2025		12,106,258
		Race Point Ltd.,
	25,000,000	Series 2015-9A-A1AR (3 Month LIBOR USD + 1.21%)		2.93%	^		10/15/2030		25,150,430
		Romark Ltd.,
	22,000,000	Series 2018-1A-A1 (3 Month LIBOR USD + 1.03%)		0.00%	±^		04/20/2031		22,000,000
		Shackleton Ltd.,
	32,100,000	Series 2016-9A-A (3 Month LIBOR USD + 1.50%)		3.24%	^		10/20/2028		32,320,256
		Sound Harbor Loan Fund Ltd.,
	3,000,000	Series 2014-1A-A1R (3 Month LIBOR USD + 1.20%)		2.97%	^		10/30/2026		3,002,142
		Symphony Ltd.,
	2,406,339	Series 2012-8A-AR (3 Month LIBOR USD + 1.10%)		2.80%	^		01/09/2023		2,408,539
		TCI-Flatiron Ltd.,
	20,000,000	Series 2016-1A-A (3 Month LIBOR USD + 1.55%)		3.28%	^		07/17/2028		20,130,416

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 41

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Tryon Park Ltd.,
	744,153	Series 2013-1A-A1 (3 Month LIBOR USD + 1.12%)		2.84%	^		07/15/2025		744,401
		Venture Ltd.,
	14,000,000	Series 2014-17A-AR (3 Month LIBOR USD + 1.08%)		2.80%	^		07/15/2026		14,016,092
	1,000,000	Series 2014-17A-B2R (3 Month LIBOR USD + 1.60%)		3.32%	^		07/15/2026		1,001,067
	10,000,000	Series 2016-23A-A (3 Month LIBOR USD + 1.65%)		3.39%	^		07/19/2028		10,025,080
		Vibrant Ltd.,
	30,000,000	Series 2015-3A-A1R (3 Month LIBOR USD + 1.48%)		3.22%	^		04/20/2026		30,014,179
	5,000,000	Series 2016-5A-A (3 Month LIBOR USD + 1.55%)		3.29%	^		01/20/2029		5,038,299
		Voya Ltd.,
	293,977	Series 2013-2A-A1 (3 Month LIBOR USD + 1.15%)		2.90%	^		04/25/2025		293,977
		Wellfleet Ltd.,
	20,000,000	Series 2017-2A-A1 (3 Month LIBOR USD + 1.25%)		2.63%	^		10/20/2029		20,139,726
		WhiteHorse Ltd.,
	2,500,000	Series 2012-1A-B1L (3 Month LIBOR USD + 4.25%)		6.03%	^		02/03/2025		2,501,313
	2,983,967	Series 2013-1A-A1L (3 Month LIBOR USD + 1.40%)		3.34%	^		11/24/2025		2,986,953
	3,250,000	Series 2014-1A-AR (3 Month LIBOR USD + 0.90%)		2.28%	^		05/01/2026		3,248,855
		Zais Ltd.,
	5,000,000	Series 2014-2A-A1AR (3 Month LIBOR USD + 1.20%)		2.95%	^		07/25/2026		5,005,106
	13,000,000	Series 2016-2A-A1 (3 Month LIBOR USD + 1.53%)		3.25%	^		10/15/2028		13,058,188
		Total Collateralized Loan Obligations (Cost $899,572,510)							901,486,529
	FOREIGN CORPORATE BONDS 15.5%
	8,000,000	Adani Ports & Special Economic Zone Ltd.		3.50%			07/29/2020		7,963,680
	9,501,000	AerCap Global Aviation Trust		4.63%			10/30/2020		9,784,118
	1,450,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		1,479,913
	3,550,000	Agromercantil Senior Trust		6.25%			04/10/2019		3,623,237
	8,175,000	Alibaba Group Holding Ltd.		2.50%			11/28/2019		8,119,774
	5,732,000	Alibaba Group Holding Ltd.		3.13%			11/28/2021		5,720,849
	3,898,000	America Movil S.A.B. de C.V.		5.00%			03/30/2020		4,032,022
	9,000,000	America Movil S.A.B. de C.V.		3.13%			07/16/2022		8,864,575
	11,025,000	AstraZeneca PLC		2.38%			11/16/2020		10,855,817
	12,900,000	Axiata SPV2 BHD		3.47%			11/19/2020		12,948,156
	9,000,000	Banco de Costa Rica		5.25%			08/12/2018		9,078,300

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	700,000	Banco de Credito del Peru		2.25%	^		10/25/2019		691,915
	200,000	Banco de Credito del Peru		2.25%			10/25/2019		197,690
	7,300,000	Banco de Credito del Peru		5.38%			09/16/2020		7,671,789
	1,500,000	Banco del Estado de Chile		2.67%	^		01/08/2021		1,472,002
	19,800,000	Banco del Estado de Chile		3.88%			02/08/2022		20,027,266
	1,000,000	Banco GNB Sudameris S.A.		3.88%	^		05/02/2018		1,000,500
	9,000,000	Banco GNB Sudameris S.A.		3.88%			05/02/2018		9,004,500
	16,842,000	Banco International del Peru S.A.A.		5.75%			10/07/2020		17,684,100
	11,431,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		11,388,134
	9,000,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		9,022,500
	1,000,000	Banco Regional SAECA		8.13%			01/24/2019		1,036,450
	2,950,000	Banco Santander		2.50%	^		12/15/2020		2,894,687
	6,598,000	Banco Santander		3.88%			09/20/2022		6,667,485
	15,532,000	Banco Santander (5 Year CMT Rate + 4.58%)		5.95%			01/30/2024		15,873,704
	2,400,000	Banistmo S.A.		3.65%	^		09/19/2022		2,307,000
	5,535,000	Bank of Nova Scotia		2.15%			07/14/2020		5,430,476
	10,935,000	Barclays Bank PLC		2.65%			01/11/2021		10,801,988
	8,750,000	BBVA Banco Continental S.A.		3.25%			04/08/2018		8,747,594
	12,938,000	BDO Unibank, Inc.		2.63%			10/24/2021		12,593,358
	11,350,000	BDO Unibank, Inc.		2.95%			03/06/2023		10,920,244
	17,400,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		18,012,480
	9,000,000	Bharti Airtel Ltd.		5.13%			03/11/2023		9,173,520
	5,518,000	BNP Paribas S.A.		5.00%			01/15/2021		5,809,229
	6,885,000	BP Capital Markets PLC		1.68%			05/03/2019		6,814,921
	745,000	BP Capital Markets PLC		1.77%			09/19/2019		735,638
	2,351,000	BP Capital Markets PLC		2.32%			02/13/2020		2,325,746
	9,993,000	Celulosa Arauco y Constitucion S.A.		4.75%			01/11/2022		10,319,583
	21,000,000	CK Hutchison International Ltd.		2.88%	^		04/05/2022		20,605,383
	3,000,000	CK Hutchison International Ltd.		2.88%			04/05/2022		2,943,626
	8,000,000	CNOOC Finance Ltd.		2.63%			05/05/2020		7,914,562
	13,000,000	CNOOC Finance Ltd.		3.88%			05/02/2022		13,112,307
	15,391,000	CNPC General Capital Ltd.		3.95%			04/19/2022		15,674,316
	6,100,000	CNPC Overseas Capital Ltd.		4.50%			04/28/2021		6,318,153
	500,000	Coca-Cola Femsa S.A.B. de C.V.		4.63%			02/15/2020		514,389
	7,000,000	Comision Federal de Electricidad		4.88%			05/26/2021		7,227,500
	7,946,000	Commonwealth Bank of Australia		2.25%	^		03/10/2020		7,835,123
	2,835,000	Commonwealth Bank of Australia		2.05%	^		09/18/2020		2,763,416
	2,900,000	Corpbanca S.A.		3.88%			09/22/2019		2,926,087
	4,000,000	Corporacion Financiera de Desarrollo S.A.		3.25%	^		07/15/2019		4,005,000
	5,200,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)		2.37%	^		07/25/2022		5,228,288
	4,300,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)		2.37%			07/25/2022		4,323,392
	14,000,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)		3.60%	†		12/29/2049		13,572,566

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,600,000	Delek & Avner Tamar Bond Ltd.		3.84%	^		12/30/2018		5,616,212
	6,320,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		6,355,771
	2,500,000	Digicel Ltd.		8.25%			09/30/2020		2,162,500
	10,150,000	Ecopetrol SA		7.63%			07/23/2019		10,748,850
	5,000,000	Empresas Publicas de Medellin E.S.P.		7.63%			07/29/2019		5,312,500
	10,289,970	ENA Norte Trust		4.95%			04/25/2023		10,575,517
	3,695,000	Export-Import Bank of India		2.75%			04/01/2020		3,655,678
	13,350,000	Export-Import Bank of India		3.13%			07/20/2021		13,202,442
	3,305,000	Export-Import Bank of India (3 Month LIBOR USD + 1.00%)		2.89%			08/21/2022		3,301,282
	3,000,000	Fondo Mivivienda S.A.		3.38%	^		04/02/2019		3,009,000
	10,800,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		10,832,400
	2,000,000	Fondo Mivivienda S.A.		3.50%	^		01/31/2023		1,965,000
	500,000	Fondo Mivivienda S.A.		3.50%			01/31/2023		491,250
	4,982,000	Global Bank Corporation		5.13%			10/30/2019		5,087,618
	4,000,000	Global Bank Corporation		5.13%	^		10/30/2019		4,084,800
	1,900,000	Global Bank Corporation		4.50%	^		10/20/2021		1,918,240
	4,000,000	Global Bank Corporation		4.50%			10/20/2021		4,038,400
	500,000	Grupo Bimbo S.A.B. de C.V.		4.88%			06/30/2020		518,596
	500,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		487,907
	6,129,355	Guanay Finance Ltd.		6.00%			12/15/2020		6,284,694
	7,635,000	Indian Oil Corporation Ltd.		5.63%			08/02/2021		8,123,136
	1,181,005	Interoceanica Finance Ltd.		0.00%			11/30/2018		1,160,337
	10,725,000	Inversiones CMPC S.A.		4.50%			04/25/2022		11,036,259
	1,500,000	IOI Investment BHD		4.38%			06/27/2022		1,531,409
	9,000,000	Israel Electric Corporation Ltd.		5.63%			06/21/2018		9,045,990
	9,996,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91%			10/29/2026		10,026,688
	10,985,000	Mizuho Financial Group, Inc. (3 Month LIBOR USD + 0.79%)		2.81%			03/05/2023		10,977,115
	8,770,000	ONGC Videsh Ltd.		3.25%			07/15/2019		8,755,530
	10,000,000	ONGC Videsh Ltd.		2.88%			01/27/2022		9,672,420
	4,300,000	ONGC Videsh Ltd.		3.75%			05/07/2023		4,258,754
	7,612,000	Orange S.A.		2.75%			02/06/2019		7,610,770
	1,355,000	Orange S.A.		1.63%			11/03/2019		1,327,338
	19,000,000	Oversea-Chinese Banking Corporation (5 Year Swap Rate USD + 2.20%)		4.00%			10/15/2024		19,145,578
	6,100,000	Panama Metro Line SP		0.00%	^		12/05/2022		5,517,450
	11,739,000	Panama Metro Line SP		0.00%			12/05/2022		10,617,926
	26,896	Peru Enhanced Pass-Through Finance Ltd.		0.00%	^		05/31/2018		26,614
	1,032,331	Peru Enhanced Pass-Through Finance Ltd.		0.00%			05/31/2018		1,021,492
	7,000,000	Petronas Capital Ltd.		3.13%			03/18/2022		6,952,785
	12,600,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		12,516,840
	6,577,000	PSA International Ltd.		4.63%			09/11/2019		6,747,607
	598,000	PSA International Ltd.		3.88%			02/11/2021		615,240
	3,500,000	Reliance Holdings, Inc.		4.50%			10/19/2020		3,595,441
	17,560,000	Reliance Holdings, Inc.		5.40%			02/14/2022		18,565,802
	1,900,000	SACI Falabella		3.75%			04/30/2023		1,886,699
	11,145,000	Santander UK PLC		2.50%			01/05/2021		10,966,173
	5,282,000	Shell International Finance B.V.		1.38%			05/10/2019		5,214,805
	11,270,000	Shire Acquisitions Investments Ireland DAC		1.90%			09/23/2019		11,087,022
	1,800,000	Sinopec Group Overseas Development Ltd.		2.50%	^		04/28/2020		1,773,662

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,200,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		5,123,913
	4,200,000	Sinopec Group Overseas Development Ltd.		2.75%			05/03/2021		4,135,685
	990,000	Sinopec Group Overseas Development Ltd.		2.00%			09/29/2021		948,337
	3,000,000	Sinopec Group Overseas Development Ltd.		2.00%	^		09/29/2021		2,873,748
	4,000,000	Sinopec Group Overseas Development Ltd.		3.00%			04/12/2022		3,910,116
	3,710,000	Sinopec Group Overseas Development Ltd.		3.00%	^		04/12/2022		3,626,633
	11,500,000	SP PowerAssets Ltd.		2.70%			09/14/2022		11,290,519
	11,315,000	Sumitomo Mitsui Financial Group, Inc.		2.06%			07/14/2021		10,920,576
	200,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		205,396
	17,000,000	Telefonica Chile S.A.		3.88%			10/12/2022		16,995,573
	2,250,000	Temasek Financial Ltd.		2.38%			01/23/2023		2,181,635
	7,241,000	Tencent Holdings Ltd.		3.38%			05/02/2019		7,282,357
	1,400,000	Tencent Holdings Ltd.		2.88%	^		02/11/2020		1,397,866
	3,170,000	Tencent Holdings Ltd.		2.88%			02/11/2020		3,165,167
	1,000,000	Tencent Holdings Ltd. (3 Month LIBOR USD + 0.61%)		2.34%	^		01/19/2023		1,001,770
	575,000	Transportadora de Gas Internacional S.A.		5.70%	^		03/20/2022		585,063
	14,525,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		14,779,188
	10,760,000	UBS AG		2.45%	^		12/01/2020		10,572,765
	8,100,000	Union Bank of the Philippines		3.37%			11/29/2022		7,890,340
	17,902,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.00%)		3.75%			09/19/2024		18,035,728
	1,550,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.24%)		3.50%			09/16/2026		1,537,350
	3,852,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.65%)		2.88%			03/08/2027		3,717,935
	6,805,000	UPL Corporation		3.25%			10/13/2021		6,676,215
	2,930,000	Westpac Banking Corporation		1.95%			11/23/2018		2,917,737
	7,365,000	Westpac Banking Corporation		1.60%			08/19/2019		7,249,091
		Total Foreign Corporate Bonds (Cost $864,265,785)							854,505,290
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 3.4%
	12,000,000	Chile Government International Bond		2.25%			10/30/2022		11,526,000
	21,800,000	Chile International Government Bond		3.25%			09/14/2021		21,960,775

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 43

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,210,000	Costa Rica Government International Bond		10.00%			08/01/2020		1,356,107
	14,600,000	Dominican Republic International Bond		7.50%			05/06/2021		15,562,578
	5,000,000	Indonesia Government International Bond		6.13%			03/15/2019		5,169,600
	20,060,000	Indonesia Government International Bond		4.88%			05/05/2021		20,956,341
	6,740,000	Indonesia Government International Bond		3.70%	^		01/08/2022		6,770,802
	20,600,000	Israel Government International Bond		4.00%			06/30/2022		21,342,115
	11,000,000	Mexico Government International Bond		3.63%			03/15/2022		11,202,840
	12,000,000	Panama Government International Bond		5.20%			01/30/2020		12,534,000
	33,200,000	Philippine Government International Bond		4.00%			01/15/2021		34,050,019
	6,000,000	Republic of Poland Government International Bond		5.13%			04/21/2021		6,382,200
	15,160,000	Wakala Global Sukuk BHD		4.65%			07/06/2021		16,010,628
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $188,168,351)							184,824,005
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 14.2%
		A10 LLC,
	1,507,000	Series 2016-1-A1		2.42%	^		03/15/2035		1,506,980
		AREIT Trust,
	9,313,000	Series 2018-CRE1-A (1 Month LIBOR USD + 0.85%, 0.85% Floor)		2.35%	^		02/15/2035		9,332,008
		Asset Securitization Corporation,
	3,585,666	Series 1997-D4-PS1		1.09%	# I/O		04/14/2029		2,422
		Atrium Hotel Portfolio Trust,
	12,019,000	Series 2017-ATRM-E (1 Month LIBOR USD + 3.05%)		4.83%	^		12/15/2036		11,930,731
		BANK,
	192,096,794	Series 2017-BNK5-XA		1.10%	# I/O		06/15/2060		13,476,800
	104,708,662	Series 2017-BNK6-XA		0.88%	# I/O		07/15/2060		6,214,930
	47,691,604	Series 2017-BNK9-XA		0.83%	# I/O		11/15/2054		2,932,003
		Barclays Commercial Mortgage Securities LLC,
	9,971,000	Series 2014-BXO-E (1 Month LIBOR USD + 3.75%, 2.56% Floor)		5.53%	^		08/15/2027		9,995,377
	95,747,520	Series 2017-C1-XA		1.52%	# I/O		02/15/2050		9,652,595

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Barclays Commercial Mortgage Securities LLC, (Cont.)
	2,261,000	Series 2017-DELC-C (1 Month LIBOR USD + 1.20%)		2.98%	^		08/15/2036		2,259,402
	2,577,000	Series 2017-DELC-D (1 Month LIBOR USD + 1.70%)		3.48%	^		08/15/2036		2,570,947
	5,399,000	Series 2017-DELC-E (1 Month LIBOR USD + 2.50%)		4.28%	^		08/15/2036		5,392,961
	5,175,000	Series 2017-DELC-F (1 Month LIBOR USD + 3.50%)		5.28%	^		08/15/2036		5,179,151
		BBCMS Mortgage Trust,
	11,694,000	Series 2017-GLKS-E (1 Month LIBOR USD + 2.85%, 2.75% Floor)		4.63%	^		11/15/2034		11,697,098
	11,000,000	Series 2018-TALL-A (1 Month LIBOR USD + 0.72%)		2.50%	^		03/15/2037		10,961,247
		Bear Stearns Commercial Mortgage Securities Trust,
	1,511,978	Series 2005-PW10-AJ		5.59%	#		12/11/2040		1,604,592
		Bear Stearns Commercial Mortgage Securities, Inc.,
	5,209,139	Series 2007-T26-AJ		5.52%	#		01/12/2045		4,933,870
		Benchmark Mortgage Trust,
	129,257,180	Series 2018-B1-XA		0.53%	# I/O		01/15/2051		5,298,704
		Bsprt Issuer Ltd.,
	10,734,000	Series 2017-FL1-A (1 Month LIBOR USD + 1.35%)		3.13%	^		06/15/2027		10,785,959
	6,888,000	Series 2017-FL2-A (1 Month LIBOR USD + 0.82%, 0.82% Floor)		2.60%	^		10/15/2034		6,907,685
	2,411,000	Series 2017-FL2-AS (1 Month LIBOR USD + 1.10%, 1.10% Floor)		2.88%	^		10/15/2034		2,417,532
	2,411,000	Series 2017-FL2-B (1 Month LIBOR USD + 1.40%, 1.40% Floor)		3.18%	^		10/15/2034		2,417,942
		BX Commercial Mortgage Trust,
	3,590,000	Series 2018-BIOA-D (1 Month LIBOR USD + 1.32%, 1.35% Floor)		2.97%	^		03/15/2037		3,574,861
	8,976,000	Series 2018-BIOA-E (1 Month LIBOR USD + 1.95%, 1.98% Floor)		3.60%	^		03/15/2037		8,935,176
		BX Trust,
	4,001,852	Series 2017-APPL-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)		3.83%	^		07/15/2034		4,022,105
	6,192,244	Series 2017-APPL-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		4.93%	^		07/15/2034		6,243,226
	6,117,000	Series 2017-FL1-C (1 Month LIBOR USD + 1.95%, 1.95% Floor)		3.74%	^		06/15/2035		6,132,280
	4,460,000	Series 2017-IMC-D (1 Month LIBOR USD + 2.25%, 2.25% Floor)		4.03%	^		10/15/2032		4,477,127
	7,194,000	Series 2017-IMC-E (1 Month LIBOR USD + 3.25%, 3.25% Floor)		5.03%	^		10/15/2032		7,236,827
	7,099,000	Series 2017-SLCT-D (1 Month LIBOR USD + 2.05%)		3.83%	^		07/15/2034		7,123,569
	11,674,000	Series 2017-SLCT-E (1 Month LIBOR USD + 3.15%)		4.93%	^		07/15/2034		11,747,194
		CD Commercial Mortgage Trust,
	26,370,594	Series 2017-CD4-XA		1.33%	# I/O		05/10/2050		2,295,518

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		CFCRE Commercial Mortgage Trust,
	117,394,687	Series 2017-C8-XA		1.67%	# I/O		06/15/2050		12,357,599
	42,452,000	Series 2017-C8-XB		0.96%	# I/O		06/15/2050		3,175,083
	4,752,000	Series 2018-TAN-B		4.69%	^		02/15/2033		4,889,881
	4,752,000	Series 2018-TAN-C		5.29%	^		02/15/2033		4,900,759
	2,851,000	Series 2018-TAN-D		6.10%	^		02/15/2033		2,942,918
		CG-CCRE Commercial Mortgage Trust,
	2,435,830	Series 2014-FL2-A (1 Month LIBOR USD + 1.85%, 1.85% Floor)		3.63%	^		11/15/2031		2,437,471
		CGDBB Commercial Mortgage Trust,
	4,697,000	Series 2017-BIOC-D (1 Month LIBOR USD + 1.60%, 1.60% Floor)		3.38%	^		07/15/2032		4,706,549
	6,576,000	Series 2017-BIOC-E (1 Month LIBOR USD + 2.15%, 2.25% Floor)		3.93%	^		07/15/2032		6,574,776
		CGGS Commercial Mortgage Trust,
	12,600,000	Series 2018-WSS-D (1 Month LIBOR USD + 2.30%)		4.05%	^		02/15/2037		12,656,146
		CHT Mortgage Trust,
	7,731,000	Series 2017-CSMO-E (1 Month LIBOR USD + 3.00%, 3.00% Floor)		4.78%	^		11/15/2036		7,793,752
	4,123,000	Series 2017-CSMO-F (1 Month LIBOR USD + 3.74%, 3.80% Floor)		5.52%	^		11/15/2036		4,157,936
		Citigroup Commercial Mortgage Trust,
	2,797,167	Series 2008-C7-AM		6.19%	#		12/10/2049		2,794,810
	34,445,699	Series 2016-GC36-XA		1.33%	# I/O		02/10/2049		2,634,851
	65,417,303	Series 2016-P3-XA		1.71%	# I/O		04/15/2049		6,383,741
	179,000	Series 2018-TBR-D (1 Month LIBOR USD + 1.80%, 1.80% Floor)		3.58%	^		12/15/2036		179,556
		CLNS Trust,
	6,919,000	Series 2017-IKPR-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)		3.79%	^		06/11/2032		6,944,604
	6,919,000	Series 2017-IKPR-E (1 Month LIBOR USD + 3.50%, 3.50% Floor)		5.24%	^		06/11/2032		6,972,736
		COBALT Commercial Mortgage Trust,
	10,610,776	Series 2007-C2-AJFX		5.57%	#		04/15/2047		10,716,165
		Cold Storage Trust,
	5,642,000	Series 2017-ICE3-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		2.78%	^		04/15/2036		5,670,609
	6,884,000	Series 2017-ICE3-C (1 Month LIBOR USD + 1.35%, 1.35% Floor)		3.13%	^		04/15/2036		6,921,866
		Commercial Mortgage Pass-Through Certificates,
	8,097,461	Series 2012-CR2-XA		1.66%	# I/O		08/15/2045		478,032
	127,526,762	Series 2013-CR12-XA		1.28%	# I/O		10/10/2046		6,123,261
	30,705,510	Series 2013-LC6-XA		1.42%	# I/O		01/10/2046		1,681,781
	3,890,000	Series 2014-TWC-C (1 Month LIBOR USD + 1.85%, 1.85% Floor)		3.57%	^		02/13/2032		3,903,088
	67,601,478	Series 2017-COR2-XA		1.18%	# I/O		09/10/2050		5,918,381
		Commercial Pass-Through Certificates,
	174,485,221	Series 2015-CR25-XA		0.94%	# I/O		08/10/2048		9,139,728
		Credit Suisse Mortgage Capital Certificates,
	1,325,271	Series 2008-C1-AM		6.20%	# ^		02/15/2041		1,326,551
		Credit Suisse Mortgage Trust,
	5,464,000	Series 2017-LSTK-C		3.23%	^		04/05/2033		5,426,340
	6,501,000	Series 2017-LSTK-D		3.33%	# ^		04/05/2033		6,404,398
		CSAIL Commercial Mortgage Trust,
	127,314,382	Series 2017-C8-XA		1.26%	# I/O		06/15/2050		9,758,253
	20,143,124	Series 2017-CX9-XA		0.90%	# I/O		09/15/2050		999,431

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		CSMC Mortgage Securities Trust,
	3,435,000	Series 2017-HD-B (1 Month LIBOR USD + 1.35%, 1.35% Floor)		3.13%	^		02/15/2031		3,441,727
	1,649,000	Series 2017-HD-C (1 Month LIBOR USD + 1.70%, 1.70% Floor)		3.48%	^		02/15/2031		1,652,302
	3,559,000	Series 2017-HD-D (1 Month LIBOR USD + 2.50%, 2.50% Floor)		4.28%	^		02/15/2031		3,567,617
	811,000	Series 2017-LSTK-E		3.33%	#^		04/05/2033		794,931
		CSMC Trust,
	10,862,000	Series 2017-CHOP-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		3.68%	^		07/15/2032		10,892,218
		DBCG Mortgage Trust,
	12,925,000	Series 2017-BBG-B (1 Month LIBOR USD + 0.85%, 0.95% Floor)		2.63%	^		06/15/2034		12,951,359
		GE Commercial Mortgage Corporation Trust,
	10,497,000	Series 2007-C1-AM		5.61%	#		12/10/2049		10,595,392
		Great Wolf Trust,
	3,487,000	Series 2017-WOLF-D (1 Month LIBOR USD + 2.10%, 1.00% Floor)		4.03%	^		09/15/2034		3,507,899
	5,404,000	Series 2017-WOLF-E (1 Month LIBOR USD + 3.10%, 1.00% Floor)		5.03%	^		09/15/2034		5,452,727
	2,876,000	Series 2017-WOLF-F (1 Month LIBOR USD + 4.07%, 1.00% Floor)		6.00%	^		09/15/2034		2,905,151
		GS Mortgage Securities Trust,
	15,607,693	Series 2013-GC14-A2		3.00%			08/10/2046		15,608,655
	6,788,000	Series 2017-500K-E (1 Month LIBOR USD + 1.50%, 1.75% Floor)		3.28%	^		07/15/2032		6,812,171
	4,669,000	Series 2017-500K-F (1 Month LIBOR USD + 1.80%, 2.15% Floor)		3.58%	^		07/15/2032		4,688,765
	2,970,000	Series 2017-500K-G (1 Month LIBOR USD + 2.50%, 2.85% Floor)		4.28%	^		07/15/2032		2,985,984
	145,895,069	Series 2017-GS6-XA		1.05%	# I/O		05/10/2050		11,326,053
	133,754,819	Series 2017-GS7-XA		1.14%	# I/O		08/10/2050		10,851,702
	154,363,769	Series 2017-GS8-XA		0.98%	# I/O		11/10/2050		11,274,159
		Hilton Orlando Trust,
	9,236,000	Series 2018-ORL-B (1 Month LIBOR USD + 1.05%)		2.83%	^		12/15/2034		9,268,679
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	4,266,546	Series 2006-LDP9-AM		5.37%			05/15/2047		4,296,309
	2,648,212	Series 2007-C1-AM		5.75%	#		02/15/2051		2,643,044
	3,327,154	Series 2007-CB18-AM		5.47%	#		06/12/2047		3,319,825
	9,000,000	Series 2014-PHH-D (1 Month LIBOR USD + 2.65%)		4.43%	^		08/15/2027		9,010,128
	5,111,124	Series 2015-JP1-A1		1.95%			01/15/2049		5,062,477
	2,684,000	Series 2017-FL10-B (1 Month LIBOR USD + 1.00%, 1.00% Floor)		2.78%	^		06/15/2032		2,707,873
	2,027,000	Series 2017-FL10-C (1 Month LIBOR USD + 1.25%, 1.25% Floor)		3.03%	^		06/15/2032		2,050,699
	6,562,000	Series 2017-FL10-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		3.68%	^		06/15/2032		6,612,785
	2,836,000	Series 2017-MAUI-C (1 Month LIBOR USD + 1.25%, 1.25% Floor)		2.97%	^		07/15/2034		2,846,426

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 45

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JP Morgan Chase Commercial Mortgage Securities Corporation, (Cont.)
	2,661,000	Series 2017-MAUI-D (1 Month LIBOR USD + 1.95%, 1.95% Floor)		3.67%	^		07/15/2034		2,676,733
	2,356,000	Series 2017-MAUI-E (1 Month LIBOR USD + 2.95%, 2.95% Floor)		4.67%	^		07/15/2034		2,374,679
	3,316,000	Series 2017-MAUI-F (1 Month LIBOR USD + 3.75%, 3.75% Floor)		5.47%	^		07/15/2034		3,348,691
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,793,000	Series 2006-LDP9-AMS		5.34%			05/15/2047		1,788,499
	4,654,413	Series 2007-LD11-AM		5.95%	#		06/15/2049		4,736,534
	2,529,601	Series 2007-LDPX-AM		5.46%	#		01/15/2049		2,526,991
	21,092,700	Series 2014-C20-XA		1.09%	# I/O		07/15/2047		768,753
	9,412,000	Series 2014-FRR1-A707		4.35%	^		01/27/2047		9,358,491
	1,387,382	Series 2015-FL7-C (1 Month LIBOR USD + 2.85%, 2.85% Floor)		4.63%	^		05/15/2028		1,390,854
	6,173,368	Series 2016-ASH-B (1 Month LIBOR USD + 2.15%, 2.15% Floor)		3.93%	^		10/15/2034		6,186,873
	3,484,807	Series 2016-ASH-C (1 Month LIBOR USD + 2.75%, 2.75% Floor)		4.53%	^		10/15/2034		3,496,036
	72,040,361	Series 2016-JP4-XA		0.81%	# I/O		12/15/2049		3,097,404
		JPMBB Commercial Mortgage Securities Trust,
	92,020,613	Series 2015-C32-XA		1.47%	# I/O		11/15/2048		5,282,637
		LCCM,
	3,792,000	Series 2014-PKMD-MRC		2.86%	#^		11/14/2027		3,760,195
		LMREC, Inc.,
	8,385,000	Series 2015-CRE1-A (1 Month LIBOR USD + 1.75%)		3.61%	^		02/22/2032		8,407,640
		LSTAR Commercial Mortgage Trust,
	79,348,405	Series 2017-5-X		1.23%	#^ I/O		03/10/2050		3,787,807
		Merrill Lynch Mortgage Trust,
	9,341,000	Series 2007-C1-AM		5.81%	#		06/12/2050		9,433,653
		Morgan Stanley Bank of America Merrill Lynch Trust,
	2,780,467	Series 2012-C5-XA		1.48%	#^ I/O		08/15/2045		139,296
	15,317,611	Series 2014-C19-LNCX		0.60%	^ I/O		12/15/2046		529,536
	19,324,641	Series 2016-C32-XA		0.77%	# I/O		12/15/2049		956,819
		Morgan Stanley Capital Trust,
	3,216,000	Series 2017-ASHF-D (1 Month LIBOR USD + 2.20%, 2.20% Floor)		3.98%	^		11/15/2034		3,233,659
	4,824,000	Series 2017-ASHF-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		4.93%	^		11/15/2034		4,818,626
	3,655,000	Series 2017-ASHF-F (1 Month LIBOR USD + 4.35%, 4.35% Floor)		6.13%	^		11/15/2034		3,680,388
		Morgan Stanley Capital, Inc.,
	2,682,079	Series 2006-HQ10-X1		0.18%	#^ I/O		11/12/2041		105
	3,315,891	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		3,312,699
	69,603,317	Series 2017-H1-XA		1.46%	# I/O		06/15/2050		6,355,020
	4,707,883	Series 2017-PRME-A (1 Month LIBOR USD + 0.90%, 0.90% Floor)		2.68%	^		02/15/2034		4,715,509
		Morgan Stanley Re-Remic Trust,
	145,498	Series 2012-IO-AXA		1.00%	^		03/27/2051		143,889
		Motel 6 Trust,
	11,514,036	Series 2017-MTL6-D (1 Month LIBOR USD + 2.15%, 2.15% Floor)		3.93%	^		08/15/2034		11,595,437

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		RAIT Trust,
	8,366,636	Series 2017-FL7-A (1 Month LIBOR USD + 0.95%, 0.95% Floor)		2.73%	^		06/15/2037		8,376,503
	2,363,000	Series 2017-FL7-AS (1 Month LIBOR USD + 1.30%, 1.30% Floor)		3.08%	^		06/15/2037		2,364,087
		Rosslyn Portfolio Trust,
	5,437,000	Series 2017-ROSS-A (1 Month LIBOR USD + 0.95%, 1.94% Floor)		2.54%	^		06/15/2033		5,456,097
	5,437,000	Series 2017-ROSS-B (1 Month LIBOR USD + 1.25%, 2.24% Floor)		2.84%	^		06/15/2033		5,448,239
		Sutherland Commercial Mortgage Loans LLC,
	2,190,702	Series 2015-SBC4-A		4.00%	^		06/25/2039		2,178,529
		TPG Real Estate Finance Ltd.,
	2,263,000	Series 2018-FL1-A (1 Month LIBOR USD + 0.75%, 0.75% Floor)		2.54%	^		02/15/2035		2,267,060
	4,299,000	Series 2018-FL1-AS (1 Month LIBOR USD + 0.95%, 0.95% Floor)		2.74%	^		02/15/2035		4,310,663
	1,811,000	Series 2018-FL1-B (1 Month LIBOR USD + 1.30%, 1.30% Floor)		3.09%	^		02/15/2035		1,818,834
		UBS Commercial Mortgage Trust,
	28,895,653	Series 2012-C1-XA		2.08%	#^ I/O		05/10/2045		1,955,357
	87,353,734	Series 2017-C1-XA		1.61%	# I/O		06/15/2050		9,348,937
	107,105,725	Series 2017-C3-XA		1.14%	# I/O		08/15/2050		8,122,673
	118,970,721	Series 2018-C8-XA		0.90%	# I/O		02/15/2051		8,101,157
		Velocity Commercial Capital Loan Trust,
	19,898,033	Series 2017-1-AFX		3.00%	#^		05/25/2047		19,720,339
	5,604,694	Series 2015-1-AFL (1 Month LIBOR USD + 2.43%, 2.43% Floor)		4.30%	^		06/25/2045		5,670,153
		VSD LLC,
	5,171,814	Series 2017-PLT1-A1		3.60%	^		12/25/2043		5,164,830
		Wachovia Bank Commercial Mortgage Trust,
	5,089,222	Series 2006-C25-F		5.19%	#		05/15/2043		5,075,558
	1,517,011	Series 2006-C26-AM		6.00%	#		06/15/2045		1,520,987
	2,499,967	Series 2006-C28-AJ		5.63%	#		10/15/2048		2,529,069
	5,147,967	Series 2007-C30-AJ		5.41%	#		12/15/2043		5,201,222
	5,145,491	Series 2007-C33-AM		6.01%	#		02/15/2051		5,283,133
		Wells Fargo Commercial Mortgage Trust,
	32,088,645	Series 2015-LC22-XA		0.89%	# I/O		09/15/2058		1,560,057
	52,258,844	Series 2016-BNK1-XA		1.79%	# I/O		08/15/2049		5,997,016
	51,601,015	Series 2017-RB1-XA		1.28%	# I/O		03/15/2050		4,602,434
	11,946,000	Series 2017-SMP-A (1 Month LIBOR USD + 0.75%, 0.75% Floor)		2.65%	^		12/15/2034		11,958,464
		WF-RBS Commercial Mortgage Trust,
	13,302,875	Series 2012-C8-XA		1.85%	#^ I/O		08/15/2045		839,620
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $790,821,169)							780,131,399

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 12.6%
		Ajax Mortgage Loan Trust,
	23,118,353	Series 2017-C-A		3.75%	^§		07/25/2060		22,843,205
		Angel Oak Mortgage Trust LLC,
	8,983,495	Series 2017-1-A1		2.81%	#^		01/25/2047		8,871,902
	4,380,590	Series 2017-1-A2		3.09%	#^		01/25/2047		4,326,344
		Banc of America Funding Corporation,
	374,001	Series 2005-E-6A1		3.70%	#		05/20/2035		379,456
		Banc of America Mortgage Securities, Inc.,
	1,908,064	Series 2005-E-2A1		3.78%	#		06/25/2035		1,813,614
		Bayview Opportunity Master Fund Trust,
	5,590,940	Series 2017-RN6-A1		3.10%	^§		08/28/2032		5,572,334
	24,699,248	Series 2018-RN1-A1		3.28%	^§		01/28/2033		24,630,957
	20,000,000	Series 2018-RN2-A1		3.60%	^§		02/25/2033		20,016,836
	12,000,000	Series 2018-RN3-A1		3.67%	^§		03/28/2033		12,030,180
		BCAP LLC Trust,
	1,992,775	Series 2011-RR1-8A3		6.00%	#^Þ		08/28/2021		2,088,064
	247,297	Series 2013-RR1-4A2		4.00%	#^		08/26/2037		248,131
		Bear Stearns Adjustable Rate Mortgage Trust,
	2,898,784	Series 2003-9-4A1		3.77%	#		02/25/2034		2,926,416
		Bear Stearns Asset Backed Securities Trust,
	387,502	Series 2004-AC2-2A		5.00%			05/25/2034		387,891
		CAM Mortgage Trust,
	14,767,203	Series 2017-1-A1		3.22%	^§		08/01/2057		14,725,697
		Carrington Mortgage Loan Trust,
	12,100,651	Series 2007-FRE1-A2 (1 Month LIBOR USD + 0.20%, 0.20% Floor, 14.50% Cap)		2.07%			02/25/2037		12,051,402
		CIM Trust,
	9,112,843	Series 2017-6-A1		3.02%	#^		06/25/2057		8,976,089
	27,716,628	Series 2017-8-A1		3.00%	#^		12/25/2065		27,689,596
		Citicorp Residential Mortgage Securities, Inc.,
	2,001,393	Series 2007-1-A4		5.48%	ß		03/25/2037		2,077,235
	9,664,211	Series 2007-2-A4		5.22%	ß		06/25/2037		9,821,890
		Citigroup Mortgage Loan Trust, Inc.,
	2,037,388	Series 2006-AR1-2A1 (1 Year CMT Rate + 2.40%, 2.40% Floor, 9.87% Cap)		3.71%			03/25/2036		1,958,462
		COLT Mortgage Loan Trust,
	4,657,244	Series 2017-1-A2		2.82%	#^		05/27/2047		4,649,815
	5,266,327	Series 2018-1-A2		2.98%	#^		02/25/2048		5,279,248
	6,569,504	Series 2018-1-A3		3.08%	#^		02/25/2048		6,585,691
		Countrywide Asset-Backed Certificates,
	42,842	Series 2005-15-1AF6		3.95%	#		04/25/2036		43,340
		Countrywide Home Loans,
	4,795,935	Series 2004-HYB9-1A1		3.52%	#		02/20/2035		4,854,670
		Credit Suisse First Boston Mortgage Securities Corporation,
	51,616	Series 2005-11-5A1		5.25%			12/25/2020		51,037
		Credit Suisse Mortgage Capital Certificates,
	10,471,069	Series 2011-5R-6A9		3.48%	#^		11/27/2037		10,594,095
	2,250,027	Series 2013-3R-1A1		2.75%	#^		04/27/2035		2,235,846
		Credit Suisse Mortgage Trust,
	12,579,983	Series 2017-1A-A		4.50%	^		03/25/2021		12,637,775
	14,186,311	Series 2017-6R1-A1 (1 Month LIBOR USD + 2.55%)		3.21%	^		03/06/2047		14,342,648
		CSMC Trust,
	23,132,268	Series 2015-RPL3-A1		3.75%	^§		12/25/2056		23,182,669
	25,613,165	Series 2017-12R-A1 (1 Month LIBOR USD + 1.45%)		3.02%	^		10/25/2046		25,879,600

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Deephaven Residential Mortgage Trust,
	4,850,509	Series 2017-2A-A1		2.45%	#^		06/25/2047		4,763,609
	2,355,962	Series 2017-2A-A2		2.61%	#^		06/25/2047		2,313,910
	3,464,650	Series 2017-2A-A3		2.71%	#^		06/25/2047		3,405,069
		First Horizon Asset Securities, Inc.,
	7,329,301	Series 2007-AR2-1A1		3.45%	#		08/25/2037		6,327,249
		GCAT LLC,
	4,993,576	Series 2017-1-A1		3.38%	^§		03/25/2047		4,972,817
	3,807,827	Series 2017-2-A1		3.50%	^§		04/25/2047		3,791,971
		GSR Mortgage Loan Trust,
	3,525,457	Series 2005-AR7-3A1		3.72%	#		11/25/2035		3,398,143
	108,240	Series 2006-4F-2A7		5.50%			05/25/2036		366,848
		Impac Secured Assets Trust,
	17,846,865	Series 2006-5-1A1C (1 Month LIBOR USD + 0.27%, 0.27% Floor, 11.50% Cap)		2.14%			02/25/2037		15,270,335
		JP Morgan Alternative Loan Trust,
	319,730	Series 2006-S4-A6		5.71%	ß		12/25/2036		341,640
		JP Morgan Mortgage Trust,
	50,232	Series 2007-S1-1A1		5.00%			03/25/2022		49,178
	45,294	Series 2007-S3-2A2		5.50%			08/25/2022		47,078
		JP Morgan Resecuritization Trust,
	1,882	Series 2012-2-3A3		3.32%	#^		10/26/2036		1,888
		Legacy Mortgage Asset Trust,
	20,614,678	Series 2017-GS1-A1		3.50%	^§		01/25/2057		20,333,139
		MASTR Adjustable Rate Mortgages Trust,
	5,525,821	Series 2006-2-2A1		3.70%	#		04/25/2036		5,103,249
		Merrill Lynch Mortgage Investors Trust,
	3,646,828	Series 2005-3-2A (0.25% Floor)		3.35%	#		11/25/2035		3,619,891
		MFA Trust,
	16,137,664	Series 2017-NPL1-A1		3.35%	^§		11/25/2047		16,074,206
		Mill City Mortgage Loan Trust,
	15,386,335	Series 2017-1-A1		2.75%	#^		11/25/2058		15,268,900
	24,577,158	Series 2017-3-A1		2.75%	#^		01/25/2061		24,359,164
		Morgan Stanley Mortgage Loan Trust,
	8,352	Series 2004-1-1A1		5.00%			11/25/2018		9,020
		Morgan Stanley Re-Remic Trust,
	2,367,601	Series 2012-R3-2A (1 Month LIBOR USD + 0.23%, 0.23% Floor)		1.85%	^		02/26/2037		2,339,938
		Oak Hill Advisors Residential Loan Trust,
	14,000,758	Series 2017-NPL1-A1		3.00%	^§		06/25/2057		13,953,685
		OBX Trust,
	10,000,000	Series 2018-1-A2 (1 Month LIBOR USD + 0.65%)		2.53%	^		06/25/2057		10,025,151
		Opteum Mortgage Acceptance Corporation,
	105,675	Series 2005-5-2AN		5.68%	#		12/25/2035		107,331
		Pretium Mortgage Credit Partners LLC,
	11,177,361	Series 2017-NPL2-A1		3.25%	^§		03/28/2057		11,140,415
	8,955,302	Series 2017-NPL3-A1		3.25%	^§		06/29/2032		8,932,915
		PRPM LLC,
	8,796,220	Series 2017-1A-A1		4.25%	^§		01/25/2022		8,818,280
		Residential Funding Mortgage Securities Trust,
	8,872	Series 2003-S16-A1		4.75%			09/25/2018		8,892
		Sequoia Mortgage Trust,
	24,125,726	Series 2016-3-A11		3.00%	#^		11/25/2046		23,803,008
		SG Mortgage Securities Trust,
	11,515,815	Series 2017-1-A1		3.71%	#^		04/25/2047		11,425,548
		Shellpoint Co-Originator Trust,
	24,066,291	Series 2016-1-1A10		3.50%	#^		11/25/2046		24,179,499

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 47

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Structured Asset Securities Corporation,
	339,406	Series 2003-24A-1A3		3.53%	#		07/25/2033		342,616
	112,679	Series 2005-10-6A1		5.00%			06/25/2020		114,432
	1,242,980	Series 2006-OW1-A4 (1 Month LIBOR USD + 0.20%, 0.20% Floor)		2.07%	^		12/25/2035		1,246,037
		Towd Point Mortgage Trust,
	16,722,204	Series 2015-2-1A13		2.50%	#^		11/25/2060		16,483,019
		Velocity Commercial Capital Loan Trust,
	5,034,397	Series 2016-1-AFX		3.53%	#^		04/25/2046		5,017,953
	7,776,927	Series 2016-2-AFX		3.00%	#		10/25/2046		7,756,696
		Verus Securitization Trust,
	16,204,333	Series 2017-1A-A1		2.85%	#^		01/25/2047		16,265,795
	2,400,642	Series 2017-1A-A2		3.16%	#^		01/25/2047		2,407,331
	24,189,370	Series 2018-1-A1		2.93%	#^		02/25/2048		24,225,257
		VOLT LLC,
	8,987,506	Series 2017-NPL1-A1		3.50%	^§		02/25/2047		8,989,807
	7,728,521	Series 2017-NPL3-A1		3.50%	^§		03/25/2047		7,749,085
	11,951,189	Series 2017-NPL6-A1		3.25%	^§		05/25/2047		11,925,523
	15,235,651	Series 2017-NPL7-A1		3.25%	^§		06/25/2047		15,208,949
	15,775,925	Series 2017-NPL8-A1		3.13%	^§		06/25/2047		15,734,118
	20,813,620	Series 2017-NPL9-A1		3.13%	^§		09/25/2047		20,751,446
		Washington Mutual Mortgage Pass-Through Certificates,
	793,326	Series 2002-AR16-A		3.45%	#		12/25/2032		780,230
		Wells Fargo Mortgage Backed Securities Trust,
	2,038,975	Series 2006-AR6-5A1		3.64%	#		03/25/2036		2,047,451
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $697,457,061)							695,369,846
	US CORPORATE BONDS 7.2%
	1,032,000	AbbVie, Inc.		1.80%			05/14/2018		1,031,277
	8,032,000	Amazon.com, Inc.		2.60%			12/05/2019		8,033,960
	1,960,000	American Electric Power Company		2.15%			11/13/2020		1,918,384
	11,840,000	American Express Company (3 Month LIBOR USD + 0.65%)		2.61%			02/27/2023		11,810,063
	10,900,000	Amgen, Inc.		2.20%			05/11/2020		10,750,382
	5,615,000	Analog Devices, Inc.		2.95%			01/12/2021		5,599,233
	8,405,000	Anthem, Inc.		2.50%			11/21/2020		8,266,545
	10,887,000	AT&T, Inc.		2.80%			02/17/2021		10,785,850
	5,795,000	Bank of America Corporation (3 Month LIBOR USD + 0.79%)		2.81%			03/05/2024		5,770,794
	5,815,000	BAT Capital Corporation		2.30%	^		08/14/2020		5,703,784
	6,150,000	Boston Properties LP		5.88%			10/15/2019		6,388,563
	11,050,000	Capital One Financial Corporation		2.40%			10/30/2020		10,836,349
	10,910,000	Cardinal Health, Inc.		1.95%			06/14/2019		10,794,070
	3,675,000	Caterpillar Financial Services Corporation		1.70%			06/16/2018		3,670,239
	6,915,000	Caterpillar Financial Services Corporation		2.10%			01/10/2020		6,837,398
	11,506,000	Celgene Corporation		2.88%			08/15/2020		11,465,380
	11,351,000	Cintas Corporation		2.90%			04/01/2022		11,180,866
	7,595,000	Citigroup, Inc.		2.05%			12/07/2018		7,567,870
	5,440,000	Citigroup, Inc. (3 Month LIBOR USD + 0.96%)		2.71%			04/25/2022		5,474,434
	10,829,000	Consolidated Edison, Inc.		2.00%			03/15/2020		10,649,496
	11,000,000	CVS Health Corporation		2.80%			07/20/2020		10,936,230
	4,665,000	Daimler Finance North America LLC		2.25%	^		03/02/2020		4,592,544

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	6,000,000	Daimler Finance North America LLC		2.30%	^		02/12/2021		5,853,391
	2,935,000	Enterprise Products Operating LLC		2.80%			02/15/2021		2,904,472
	10,495,000	EQT Corporation		2.50%			10/01/2020		10,269,403
	8,440,000	General Mills, Inc.		2.20%			10/21/2019		8,327,170
	8,415,000	General Motors Financial Company		2.65%			04/13/2020		8,316,178
	2,533,000	General Motors Financial Company		3.20%			07/06/2021		2,512,520
	2,966,000	Goldman Sachs Group, Inc.		2.90%			07/19/2018		2,970,460
	6,925,000	Goldman Sachs Group, Inc.		2.30%			12/13/2019		6,853,095
	11,105,000	JP Morgan Chase & Company		2.25%			01/23/2020		10,971,795
	10,266,000	Kinder Morgan, Inc.		3.05%			12/01/2019		10,243,917
	9,878,000	Kroger Company		6.15%			01/15/2020		10,423,583
	7,324,000	McKesson Corporation		2.28%			03/15/2019		7,286,331
	9,920,000	Medtronic Global Holdings S.C.A.		1.70%			03/28/2019		9,830,330
	6,767,000	Molson Coors Brewing Company		1.45%			07/15/2019		6,643,658
	11,045,000	Morgan Stanley (3 Month LIBOR USD + 0.93%)		2.67%			07/22/2022		11,092,058
	11,160,000	MUFG Americas Holdings Corporation		2.25%			02/10/2020		10,990,549
	1,153,000	Newell Brands, Inc.		2.60%			03/29/2019		1,147,989
	9,695,000	Newell Brands, Inc.		3.15%			04/01/2021		9,610,904
	10,745,000	Northrop Grumman Corporation		2.08%			10/15/2020		10,519,416
	4,855,000	PNC Bank NA		2.45%			11/05/2020		4,781,077
	5,428,000	PNC Funding Corporation		4.38%			08/11/2020		5,591,896
	8,650,000	Prudential Financial, Inc.		7.38%			06/15/2019		9,113,103
	5,335,000	Reynolds American, Inc.		3.25%			06/12/2020		5,337,642
	11,039,000	Sherwin-Williams Company		2.25%			05/15/2020		10,860,008
	2,917,000	Simon Property Group LP		2.20%			02/01/2019		2,906,911
	4,840,000	Southern Company		2.45%			09/01/2018		4,835,076
	6,480,000	Southern Company		1.85%			07/01/2019		6,394,391
	2,901,000	Thermo Fisher Scientific, Inc.		3.60%			08/15/2021		2,928,847
	5,662,000	TIAA Asset Management Finance Company LLC		2.95%	^		11/01/2019		5,649,671
	6,185,000	United Technologies Corporation		1.50%			11/01/2019		6,069,401
	5,115,000	United Technologies Corporation		1.90%			05/04/2020		5,012,492
	2,567,000	WellPoint, Inc.		2.30%			07/15/2018		2,564,974
	1,995,000	Wells Fargo & Company		2.15%			01/30/2020		1,964,125
	8,940,000	Wells Fargo & Company		2.60%			01/15/2021		8,817,312
		Total US Corporate Bonds (Cost $404,969,344)							399,657,856
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 1.1%
		Federal Home Loan Mortgage Corporation,
	332,328	Pool N70081		5.50%			07/01/2038		366,794
		Federal Home Loan Mortgage Corporation,
	833	Series 3267-BA		5.80%			11/15/2036		837
	86,958	Series 3818-JA		4.50%			01/15/2040		87,837

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

March 31, 2018

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	37,663	Series 3872-BA		4.00%			06/15/2041		37,758
	2,971,879	Series 4050-BC		2.00%			05/15/2041		2,873,141
	3,367,150	Series 4381-FK (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)		2.13%			06/15/2044		3,370,305
	21,147,421	Series 4484-CD		1.75%			07/15/2030		20,541,793
		Federal Home Loan Mortgage Corporation Pass-Thru,
	134,000,005	Series K722-X1		1.31%	# I/O		03/25/2023		7,068,219
		Federal National Mortgage Association,
	8,428,097	Pool AL9932		3.37%			01/01/2024		8,453,710
		Federal National Mortgage Association,
	137,987	Series 2011-64-DB		4.00%			07/25/2041		141,698
	15,472,349	Series 2016-89-FH (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.50% Cap)		2.37%			12/25/2046		15,617,467
		Federal National Mortgage Association Pass-Thru,
	116,084	Pool AB3850		4.00%			11/01/2041		118,727
	3,985,836	Pool AL4292		4.50%			04/01/2026		4,148,990
		Total US Government and Agency Mortgage Backed Obligations (Cost $60,737,499)							62,827,276
	US GOVERNMENT AND AGENCY OBLIGATIONS 5.0%
	81,381,060	United States Treasury Inflation Indexed Bonds		1.38%			07/15/2018		82,214,475
	78,300,000	United States Treasury Notes		2.00%			08/31/2021		77,120,389
	94,000,000	United States Treasury Notes		2.13%			09/30/2021		92,919,347
	22,500,000	United States Treasury Notes		1.88%			01/31/2022		21,988,245
		Total US Government and Agency Obligations (Cost $278,387,287)							274,242,456
	AFFILIATED MUTUAL FUNDS 0.9%
	5,000,000	DoubleLine Low Duration Emerging Markets Fixed Income Fund (Class I)							48,500,000
		Total Affiliated Mutual Funds (Cost $50,000,000)							48,500,000
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 0.0%
	44,664	Frontera Energy Corporation*							1,248,392
		Total Exchange Traded Funds and Common Stocks (Cost $8,231,569)							1,248,392
	SHORT TERM INVESTMENTS 7.3%
	45,211,494	BlackRock Liquidity Funds FedFund - Institutional Shares		1.53%	¨				45,211,494
	45,211,474	Fidelity Institutional Money Market Government Portfolio - Class I		1.47%	¨				45,211,474

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	42,307,807	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.56%	¨				42,307,807
	38,600,000	United States Treasury Bills		0.00%			04/19/2018		38,570,312
	55,200,000	United States Treasury Bills		0.00%			05/17/2018		55,087,070
	66,400,000	United States Treasury Bills		0.00%			06/07/2018		66,198,317
	111,000,000	United States Treasury Bills		0.00%			08/16/2018		110,229,009
		Total Short Term Investments (Cost $402,832,921)							402,815,483
		Total Investments 101.0% (Cost $5,608,443,511)							5,566,457,805
		Liabilities in Excess of Other Assets (1.0)%							(57,611,914	)
		NET ASSETS 100.0%						$	5,508,845,891

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Collateralized Loan Obligations	16.4%
Foreign Corporate Bonds	15.5%
Non-Agency Commercial Mortgage Backed Obligations	14.2%
Non-Agency Residential Collateralized Mortgage Obligations	12.6%
Asset Backed Obligations	10.3%
Short Term Investments	7.3%
US Corporate Bonds	7.2%
Bank Loans	7.1%
US Government and Agency Obligations	5.0%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	3.4%
US Government and Agency Mortgage Backed Obligations	1.1%
Affiliated Mutual Funds	0.9%
Exchange Traded Funds and Common Stocks	0.0%	~
Other Assets and Liabilities	(1.0)%
	100.0%

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 49

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) March 31, 2018

INVESTMENT BREAKDOWN as a % of Net Assets:
Collateralized Loan Obligations	16.4%
Non-Agency Commercial Mortgage Backed Obligations	14.2%
Non-Agency Residential Collateralized Mortgage Obligations	12.6%
Asset Backed Obligations	10.3%
Banking	8.8%
Short Term Investments	7.3%
US Government and Agency Obligations	5.0%
Energy	4.0%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	3.4%
Telecommunications	1.8%
Healthcare	1.8%
Transportation	1.2%
US Government and Agency Mortgage Backed Obligations	1.1%
Utilities	1.1%
Business Equipment and Services	1.0%
Hotels/Motels/Inns and Casinos	0.9%
Affiliated Mutual Funds	0.9%
Chemicals/Plastics	0.8%
Pharmaceuticals	0.8%
Aerospace & Defense	0.8%
Automotive	0.6%
Technology	0.6%
Food Products	0.6%
Media	0.5%
Food Service	0.5%
Conglomerates	0.4%
Electronics/Electric	0.4%
Pulp & Paper	0.4%
Containers and Glass Products	0.3%
Consumer Products	0.3%
Insurance	0.3%
Industrial Equipment	0.3%
Finance	0.2%
Financial Intermediaries	0.2%
Diversified Manufacturing	0.2%
Beverage and Tobacco	0.2%
Construction	0.2%
Food/Drug Retailers	0.2%
Real Estate	0.2%
Commercial Services	0.1%
Leisure	0.1%
Retailers (other than Food/Drug)	0.0%	~
Chemical Products	0.0%	~
Other Assets and Liabilities	(1.0)%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At March 31, 2018, the value of these securities amounted to $2,684,076,581 or 48.7% of net assets.

# 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 March 31, 2018.

± 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 March 31, 2018.

I/O Interest only security

* Non-income producing security

¨ Seven-day yield as of March 31, 2018

ß The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of March 31, 2018.

§ The interest rate will step up if the issuer does not redeem the bond by an expected redemption date. The interest rate shown is the rate in effect as of March 31, 2018.

Þ Value determined using significant unobservable inputs.

¥ Illiquid security

† Perpetual Maturity

~ Represents less than 0.05% of net assets.

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

March 31, 2018

A summary of the DoubleLine Low Duration Bond Fund’s investments in affiliated mutual funds for the year ended March 31, 2018 is as follows:

Fund	Value at March 31, 2017			Gross Purchases			Gross Sales			Shares Held at March 31, 2018		Value at March 31, 2018			Change in Unrealized for the Year Ended March 31, 2018				Dividend Income Earned in the Year Ended March 31, 2018			Net Realized Gain (Loss) in the Year Ended March 31, 2018
DoubleLine Low Duration Emerging Markets Fixed Income Fund (Class I)		$	49,250,000		$	—		$	—		5,000,000		$	48,500,000		$	(750,000	)		$	1,387,849		$	40,200

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 51

Schedule of Investments  DoubleLine Floating Rate Fund March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	BANK LOANS 92.9%
	AEROSPACE & DEFENSE 2.6%
		Constellis Holdings LLC,
	4,328,126	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.00%, 1.00% Floor)		7.30%			04/19/2024		4,375,476
		KBR Inc.,
	2,380,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD +3.25%)		5.26%			04/30/2025		2,368,100
		StandardAero Aviation Holdings, Inc.,
	1,670,716	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.63%			07/07/2022		1,688,342
		Syncreon Group BV,
	2,340,886	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.25%, 1.00% Floor)		6.02%			10/28/2020		2,196,921
		TransDigm, Inc.,
	3,901,938	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F (1 Month LIBOR USD + 2.75%)		4.63%			06/09/2023		3,917,487
	178,652	Guaranteed Senior Secured 1st Lien Term Loan, Tranche G (3 Month LIBOR USD + 2.50%)		4.80%			08/22/2024		179,434
									14,725,760
	AUTOMOTIVE 2.7%
		American Tire Distributors, Inc.,
	4,538,265	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (2 Month LIBOR USD + 4.25%, 1.00% Floor)		6.24%			09/01/2021		4,603,503
		Capital Automotive LP,
	379,508	Guaranteed Secured 2nd Lien Term Loan (1 Month LIBOR USD + 6.00%, 1.00% Floor)		7.88%			03/24/2025		384,491
		CH Hold Corporation,
	2,748,898	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%			02/01/2024		2,770,381
		EOC Group, Inc.,
	3,822,980	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.07%			03/20/2025		3,830,149
	612,020	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.50%	&		03/20/2025		613,167
		Federal-Mogul Holdings Corporation,
	3,301,097	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.63%			04/15/2021		3,326,482
									15,528,173

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	BEVERAGE AND TOBACCO 0.3%
		Chill Merger Sub, Inc.,
	1,782,670	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.38%		03/20/2024		1,800,773
	BUILDING AND DEVELOPMENT (INCLUDING STEEL/METALS) 2.9%
		ASP Prince Merger Sub, Inc.,
	315,000	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.16%		03/20/2025		317,462
		Coronado Australian Holdings Ltd.,
	993,929	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 6.50%, 1.00% Floor)		8.51%		03/21/2025		983,989
		Coronado Australian Holdings Pty Ltd.,
	271,071	Senior Secured 1st Lien Term Loan, Tranche C (3 Month LIBOR USD + 6.50%, 1.00% Floor)		8.51%		03/21/2025		268,361
		Foresight Energy LLC,
	4,122,300	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 5.75%, 1.00% Floor)		7.44%		03/28/2022		4,070,338
		Gopher Resource LLC,
	2,215,000	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.48%		03/06/2025		2,238,534
		GrafTech Finance, Inc.,
	4,875,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.24%		02/12/2025		4,884,141
		Phoenix Services Merger Sub LLC,
	790,000	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.41%		03/03/2025		798,888
		Ply Gem Holdings,
	3,010,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.75%)		5.76%		04/30/2025		2,994,950
								16,556,663
	BUSINESS EQUIPMENT AND SERVICES 13.5%
		AlixPartners LLP,
	1,063,400	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%, 1.00% Floor)		5.05%		04/04/2024		1,069,679
		Avatar Purchaser Inc.,
	3,975,000	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)		5.48%		11/15/2024		3,986,607
		Brand Energy & Infrastructure Services, Inc.,
	4,477,444	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		6.01%		06/21/2024		4,522,509
		Bright Bidco B.V.,
	4,108,950	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.38%		06/28/2024		4,173,789

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Capri Acquisitions Bidco Ltd,
	4,650,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.02%		11/01/2024		4,658,719
		Change Healthcare Holdings LLC,
	4,137,982	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%		03/01/2024		4,152,734
		Cvent, Inc.,
	4,940,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.63%		11/29/2024		4,975,000
		Deerfield Holdings Corporation,
	4,740,000	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%		02/13/2025		4,762,515
		Flexera Software LLC,
	3,431,217	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%		02/26/2025		3,456,248
		Garda World Security Corporation,
	4,046,458	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.50%, 1.00% Floor)		7.25%		05/24/2024		4,090,726
		Greeneden US Holdings LLC,
	4,561,068	Senior Secured 1st Lien Term Loan, Tranche B3 (3 Month LIBOR USD + 3.50%)		5.80%		12/01/2023		4,592,790
		Peak 10 Holding Corporation,
	4,228,750	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%)		5.80%		08/01/2024		4,248,245
		Polycom, Inc.,
	1,654,424	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 5.25%, 1.00% Floor)		7.04%		09/27/2023		1,670,968
		Prime Security Services Borrower LLC,
	4,411,663	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%		05/02/2022		4,450,529
		SMG US Midco 2, Inc.,
	2,700,000	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.14%		01/23/2025		2,727,000
		Solera LLC,
	4,435,725	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%		03/03/2023		4,452,847
		TCH-2 Holdings LLC,
	1,765,850	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%		05/06/2021		1,774,679
		Tempo Acquisition LLC,
	4,713,128	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%)		4.88%		05/01/2024		4,741,855

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		TravelClick Holdings Corporation,
	417,770	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.51%		05/06/2021		417,770
		USAGM HoldCo LLC,
	3,746,204	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)		6.05%		07/28/2022		3,699,920
		West Corporation,
	3,810,950	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%		10/10/2024		3,851,441
	1,050,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1 (3 Month LIBOR USD +3.50%, 1.00% Floor)		5.51%		10/10/2024		1,052,840
								77,529,410
	CHEMICALS/PLASTICS 2.0%
		HVSC Merger Sub Corporation,
	768,075	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.00%, 1.00% Floor)		6.30%		10/28/2024		776,074
		Kraton Polymers LLC,
	1,876,229	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.50%, 1.00% Floor)		4.38%		03/05/2025		1,890,536
		LUX HOLDCO III,
	625,000	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.00%)		4.77%		02/14/2025		630,472
		PQ Corporation,
	4,177,902	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 2.50%)		4.29%		02/08/2025		4,199,773
		Solenis International LP,
	2,278,117	Guaranteed Secured 2nd Lien Term Loan (3 Month LIBOR USD + 6.75%, 1.00% Floor)		8.73%		07/29/2022		2,172,185
		Univar USA, Inc.,
	2,001,204	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 2.50%)		4.38%		07/01/2024		2,016,993
								11,686,033
	CONSTRUCTION 0.2%
		Forterra Finance LLC,
	1,394,331	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%		10/25/2023		1,291,938
								1,291,938
	CONTAINERS AND GLASS PRODUCTS 2.0%
		BWAY Corporation,
	4,324,207	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		4.96%		04/03/2024		4,350,844

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 53

Schedule of Investments  DoubleLine Floating Rate Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Kloeckner Pentaplast,
	4,597,922	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.25%, 1.00% Floor)		6.13%			06/30/2022		4,437,018
		Reynolds Group,
	2,500,740	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%			02/06/2023		2,516,032
									11,303,894
	COSMETICS/TOILETRIES 0.8%
		KIK Custom Products, Inc.,
	4,421,033	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%			05/15/2023		4,470,438
	ELECTRONICS/ELECTRIC 12.9%
		Access CIG LLC,
	463,597	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.75%)		0.50%	&		02/27/2025		469,392
	2,221,403	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.63%			02/27/2025		2,249,170
		Almonde, Inc.,
	2,705,000	Secured 2nd Lien Term Loan (3 Month LIBOR USD + 7.25%, 1.00% Floor)		9.23%			06/16/2025		2,686,187
	2,720,025	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.48%			06/13/2024		2,720,542
		Applied Systems, Inc.,
	4,442,675	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%			09/19/2024		4,480,349
		Canyon Valor Companies, Inc.,
	3,647,175	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.13%			06/16/2023		3,685,926
		Compuware Corporation,
	3,905,877	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.38%			12/15/2021		3,959,583
		Evergreen Skills,
	1,364,281	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.75%, 1.00% Floor)		6.63%			04/28/2021		1,321,081
		Excelitas Technologies Corporation,
	2,699,311	Guaranteed Senior Secured 1st Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)		5.16%			12/02/2024		2,728,544
		Hyland Software, Inc.,
	4,052,085	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.75% Floor)		5.13%			07/01/2022		4,091,896
		Impala Private Holdings LLC,
	4,977,525	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%			11/14/2024		5,006,569

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Informatica LLC,
	1,644,915	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.13%			08/05/2022		1,656,610
		Kronos Inc.,
	4,424,185	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%			11/01/2023		4,457,610
		Marketo, Inc.,
	610,000	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.04%			02/07/2025		609,524
		Mitchell International, Inc.,
	975,000	Guaranteed Secured 2nd Lien Term Loan (1 Month LIBOR USD + 7.25%)		9.14%			12/01/2025		983,044
	295,522	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%)		0.00%	&		11/29/2024		295,966
	3,664,478	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.13%			11/29/2024		3,669,974
		Optiv Security, Inc.,
	3,169,513	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%			02/01/2024		3,066,504
		Project Alpha Intermediate Holding, Inc.,
	4,128,800	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (6 Month LIBOR USD + 3.50%, 1.00% Floor)		5.04%			04/26/2024		4,081,484
		Quest Software US Holdings, Inc.,
	4,525,062	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)		7.27%			10/31/2022		4,615,585
		SCS Holdings, Inc.,
	4,928,310	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)		6.13%			10/31/2022		4,985,799
		Shutterfly, Inc.,
	1,335,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (3 Month LIBOR USD + 2.75%)		4.52%			08/19/2024		1,343,344
		SolarWinds Holdings, Inc.,
	3,371,550	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.88%			02/05/2024		3,390,515
		Sophia LP,
	3,881,059	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%			09/30/2022		3,896,641
		VF Holdings Corporation,
	3,753,412	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%			06/30/2023		3,790,177
									74,242,016
	ENERGY 3.5%
		Arctic LNG Carriers Ltd.,
	3,374,500	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.50%, 1.00% Floor)		6.38%			05/18/2023		3,409,308

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Blackstone Group,
	2,265,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.00%, 1.00% Floor)		5.77%		10/31/2024		2,279,156
		FTS International, Inc.,
	4,098,171	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.75%, 1.00% Floor)		6.63%		04/16/2021		4,122,248
		Lucid Energy Group II Borrower LLC,
	2,055,000	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.79%		02/18/2025		2,047,941
		Oryx Southern Delaware Holdings LLC,
	4,870,000	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%		02/28/2025		4,882,175
		Traverse Midstream Partners LLC,
	2,260,000	Senior Secured 1st Lien Term Loan, Tranche B (6 Month LIBOR USD + 4.00%, 1.00% Floor)		5.85%		09/27/2024		2,275,888
		Ultra Resources, Inc.,
	1,247,173	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.76%		04/12/2024		1,238,212
								20,254,928
	FOOD PRODUCTS 0.8%
		CHG PPC Parent LLC,
	500,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%)		4.76%		03/21/2025		501,875
		CSM Bakery Supplies LLC,
	4,172,662	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.00%, 1.00% Floor)		5.70%		07/03/2020		4,134,064
								4,635,939
	FOOD SERVICE 1.2%
		IRB Holding Corporation,
	2,691,550	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.94%		02/05/2025		2,723,512
		TKC Holdings, Inc.,
	4,019,400	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		6.03%		02/01/2023		4,064,116
								6,787,628
	FOOD/DRUG RETAILERS 1.2%
		Albertson’s Holdings LLC,
	2,649,637	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4 (1 Month LIBOR USD + 2.75%, 0.75% Floor)		4.63%		08/25/2021		2,620,888
		Diplomat Pharmacy, Inc.,
	349,375	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.50%, 1.00% Floor)		6.10%		12/20/2024		353,087

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		EG America LLC,
	3,000,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.00%)		6.01%		02/01/2025		2,997,000
		EG Finco Ltd.,
	950,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1 (3 Month LIBOR USD + 4.00%)		5.69%		02/07/2025		949,050
								6,920,025
	HEALTHCARE 10.0%
		Air Medical Group Holdings, Inc.,
	2,761,345	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.94%		04/28/2022		2,776,491
		American Renal Holdings, Inc.,
	3,907,229	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.13%		06/21/2024		3,915,766
		ASP AMC Merger Sub, Inc.,
	2,636,606	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.80%		04/22/2024		2,647,324
		Avantor Inc.,
	3,955,088	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%		11/21/2024		4,001,639
		CHG Healthcare Services, Inc.,
	4,495,865	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.77%		06/07/2023		4,535,226
		Concentra, Inc.,
	635,000	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)		4.53%		06/01/2022		640,556
		CP VI Bella Topco LLC,
	633,413	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.88%		12/27/2024		632,624
		CVS Holdings LP,
	1,953,000	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.79%		02/06/2025		1,945,686
		Envision Healthcare Corporation,
	1,730,694	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C (1 Month LIBOR USD + 3.00%, 0.75% Floor)		4.88%		12/01/2023		1,739,997
		Equian Buyer Corporation,
	4,870,837	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.15%		05/20/2024		4,904,324
		Goldcup Merger Sub, Inc.,
	3,325,651	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.75%, 1.00% Floor)		5.52%		05/02/2023		3,356,846

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 55

Schedule of Investments  DoubleLine Floating Rate Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		MPH Acquisition Holdings LLC,
	4,143,989	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%, 1.00% Floor)		5.05%		06/07/2023		4,167,050
		Precyse Acquisition Corporation,
	1,547,215	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.50%, 1.00% Floor)		6.38%		10/20/2022		1,553,745
		Select Medical Corporation,
	4,108,500	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%, 1.00% Floor)		6.50%		03/01/2021		4,152,173
		Team Health Holdings, Inc.,
	3,955,050	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%		02/06/2024		3,791,904
		US Renal Care, Inc.,
	3,662,649	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.94%		12/30/2022		3,684,003
		Vizient, Inc.,
	350,244	Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%		02/13/2023		353,748
		West Street Merger Sub, Inc.,
	3,930,200	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%		09/27/2024		3,936,096
		Wink Holdco, Inc.,
	4,533,638	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.66%		12/02/2024		4,521,601
								57,256,799
	HOTELS/MOTELS/INNS AND CASINOS 2.9%
		Caesars Resort Collection LLC,
	3,715,688	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%		12/23/2024		3,744,596
		Golden Nugget, Inc.,
	575,614	Guaranteed Senior Secured 1st Lien Term Loan (2 Month LIBOR USD + 3.25%, 0.75% Floor)		4.90%		10/04/2023		581,407
		Greektown Holdings LLC,
	3,343,168	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 0.75% Floor)		4.88%		04/25/2024		3,351,526
		Playa Resorts Holding BV,
	4,208,808	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.00%		04/29/2024		4,238,270
		Scientific Games International, Inc.,
	4,529,400	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B5 (2 Month LIBOR USD + 2.75%)		4.74%		08/14/2024		4,551,005
								16,466,804

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	INDUSTRIAL EQUIPMENT 5.5%
		Blount International, Inc.,
	1,160,000	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.25%, 1.00% Floor)		5.92%			04/12/2023		1,176,965
		CPI Holdco LLC,
	2,154,082	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.80%			03/21/2024		2,170,238
		Dexko Global, Inc.,
	588,525	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.80%			07/24/2024		595,054
		Dexko Global, Inc.,
	195,000	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		3.50%	&		07/24/2024		196,951
		Filtration Group Corporation,
	2,100,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%)		4.66%			04/30/2025		2,094,750
		Harsco Corporation,
	2,286,943	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1 (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.94%			12/06/2024		2,320,390
		Hayward Acquisition Corporation,
	4,193,925	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%)		5.38%			08/05/2024		4,215,943
		Milacron LLC,
	4,004,993	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.50%)		4.38%			09/28/2023		4,022,515
		Pro Mach Group, Inc.,
	2,735,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.00%)		5.03%			03/07/2025		2,743,547
		Robertshaw US Holding Corporation,
	2,647,533	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.44%			02/28/2025		2,674,829
		Titan Acquisition Ltd.,
	4,930,000	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.66%			03/14/2025		4,926,919
		Zodiac Pool Solutions LLC,
	4,429,730	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)		6.30%			12/20/2023		4,443,595
									31,581,696
	INSURANCE 2.9%
		Acrisure LLC,
	4,479,440	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.99%			11/22/2023		4,543,272
		AssuredPartners, Inc.,
	480,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.26%			10/22/2024		480,000

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		AssuredPartners, Inc., (Cont.)
	3,397,925	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%)		5.38%		10/22/2024		3,411,092
		Asurion LLC,
	4,377,471	Senior Secured 1st Lien Term Loan, Tranche B6 (1 Month LIBOR USD + 2.75%)		4.63%		11/03/2023		4,412,031
		York Risk Services Group, Inc.,
	3,860,680	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.63%		10/01/2021		3,790,223
								16,636,618
	LEISURE 5.1%
		Constellation Merger Sub, Inc.,
	3,334,408	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.55%		09/18/2024		3,360,016
		Delta 2 Lux Sarl,
	3,752,729	Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 2.50%, 1.00% Floor)		4.38%		02/01/2024		3,750,384
		Equinox Holdings, Inc.,
	4,019,502	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%		03/08/2024		4,053,828
		Hawk Merger Sub, Inc.,
	4,563,563	Senior Secured 1st Lien Term Loan, Tranche B1 (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%		07/31/2024		4,594,937
		Life Time Fitness, Inc.,
	5,331,370	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%, 1.00% Floor)		4.73%		06/10/2022		5,348,031
		Mohegan Tribal Gaming Authority,
	2,430,882	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%		10/13/2023		2,430,128
		Travel Leaders Group LLC,
	1,748,065	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.50%)		6.35%		01/25/2024		1,773,552
		UFC Holdings LLC,
	3,921,320	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%		08/18/2023		3,947,358
								29,258,234
	MEDIA 5.8%
		A-L Parent LLC,
	34,347	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%		12/01/2023		34,734
		Ascend Learning LLC,
	2,280,296	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%		07/12/2024		2,289,918

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		CBS Radio, Inc.,
	2,389,013	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%)		4.62%			11/18/2024		2,403,944
		Cengage Learning, Inc.,
	4,641,063	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.25%, 1.00% Floor)		6.04%			06/07/2023		4,241,816
		Learfield Communications,
	250,566	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.56%	&		12/01/2023		252,758
		Meredith Corporation,
	1,920,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%)		4.88%			01/31/2025		1,933,920
		Mission Broadcasting, Inc.,
	333,581	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (1 Month LIBOR USD + 2.50%)		4.16%			01/17/2024		335,005
		Nexstar Broadcasting, Inc.,
	2,591,108	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (1 Month LIBOR USD + 2.50%)		4.16%			01/17/2024		2,602,172
		RCN Corporation,
	2,875,560	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 0.75% Floor)		4.88%			02/01/2024		2,862,591
		RentPath LLC,
	3,972,666	Senior Secured 1st Lien Term Loan, Tranche B1 (1 Month LIBOR USD + 4.75%, 1.00% Floor)		6.63%			12/17/2021		3,985,080
		Sinclair Television Group, Inc.,
	4,015,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.50%)		3.98%			12/12/2024		4,037,584
		Southern Graphics, Inc.,
	4,675,223	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%)		5.38%			12/30/2022		4,718,071
		Tribune Media Company,
	207,977	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 0.75% Floor)		4.88%			12/24/2020		208,453
	3,637,223	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C (1 Month LIBOR USD + 3.00%, 0.75% Floor)		4.88%			01/26/2024		3,644,807
									33,550,853
	PHARMACEUTICALS 1.4%
		Amneal Pharmaceuticals LLC,
	4,205,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.50%)		5.51%			04/30/2025		4,212,884
		Pharmaceutical Product Development LLC,
	4,058,270	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 2.50%)		4.77%			08/18/2022		4,077,080
									8,289,964

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 57

Schedule of Investments  DoubleLine Floating Rate Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	RETAILERS (OTHER THAN FOOD/DRUG) 3.1%
		BJ’s Wholesale Club, Inc.,
	4,004,538	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.19%		02/02/2024		4,006,140
		Harbor Freight Tools USA, Inc.,
	3,686,672	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)		4.38%		08/18/2023		3,696,939
		Jo-Ann Stores LLC,
	2,886,499	Senior Secured 1st Lien Term Loan, Tranche B (6 Month LIBOR USD + 5.00%, 1.00% Floor)		6.55%		10/20/2023		2,877,493
		National Vision, Inc.,
	4,196,429	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.63%		11/20/2024		4,228,763
		PetSmart, Inc.,
	1,910,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.68%		03/11/2022		1,537,770
		Staples, Inc.,
	1,541,138	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)		5.79%		09/12/2024		1,529,386
								17,876,491
	TELECOMMUNICATIONS 4.8%
		Avaya, Inc.,
	4,403,963	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.75%, 1.00% Floor)		6.54%		12/16/2024		4,440,934
		CenturyLink, Inc.,
	3,406,463	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%		01/31/2025		3,356,438
		Cincinnati Bell, Inc.,
	3,520,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.75%, 1.00% Floor)		5.44%		10/02/2024		3,552,261
		Digicel International Finance Ltd.,
	2,258,935	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.02%		05/27/2024		2,251,175
		GTT Communications, Inc.,
	1,343,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.19%		01/09/2024		1,347,532
		Hargray Corporation,
	546,311	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%		05/16/2024		548,701

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Intelsat Jackson Holdings S.A.,
	4,940,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3 (3 Month LIBOR USD + 3.75%, 1.00% Floor)		5.71%		11/30/2023		4,950,646
		Securus Technologies Holdings, Inc.,
	4,656,801	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.50%, 1.00% Floor)		6.38%		11/01/2024		4,719,389
		Telesat Canada,
	2,391,372	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4 (3 Month LIBOR USD + 3.00%, 0.75% Floor)		5.31%		11/17/2023		2,406,079
								27,573,155
	TRANSPORTATION 2.4%
		Ceva Group PLC,
	1,478,901	Guaranteed Senior Secured 1st Lien Synthetic Letter Of Credit (3 Month LIBOR USD + 5.50%, 1.00% Floor)		2.21%		03/19/2021		1,456,259
	221,277	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)		7.27%		03/19/2021		217,890
	1,959,058	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)		7.27%		03/19/2021		1,929,064
		Ceva Intercompany BV,
	1,289,912	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)		7.27%		03/19/2021		1,270,163
		Kenan Advantage Group, Inc.,
	4,427,443	Senior Secured 1st Lien Term Loan, Tranche B1 (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%		08/01/2022		4,455,114
		PODS LLC,
	4,488,750	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.71%		12/06/2024		4,525,221
								13,853,711
	UTILITIES 2.4%
		Compass Power Generation LLC,
	4,488,750	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.75%, 1.00% Floor)		6.05%		12/20/2024		4,556,081
		Exgen Renewables LLC,
	1,531,163	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.99%		11/29/2024		1,550,310
		Pike Corporation,
	1,685,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.39%		03/12/2025		1,702,903

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		PowerTeam Services LLC,
	5,090,000	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%			03/06/2025		5,102,725
									12,912,019
		Total Bank Loans (Cost $531,085,782)							532,989,962
	COLLATERALIZED LOAN OBLIGATIONS 1.1%
		Canyon Capital Ltd.
	1,000,000	(3 Month LIBOR USD + 6.25%)		7.97%	^		07/15/2030		1,014,835
		Highbridge Loan Management Ltd.
	500,000	(3 Month LIBOR USD + 2.90%)		4.64%	^		10/20/2029		501,609
		Madison Park Funding Ltd.
	1,000,000	(3 Month LIBOR USD + 5.44%)		7.20%	^		01/27/2026		1,000,785
		Octagon Investment Partners Ltd.
	1,000,000	(3 Month LIBOR USD + 4.00%)		5.72%	^		07/15/2029		1,016,011
	1,000,000	(3 Month LIBOR USD + 6.20%)		7.94%	^		03/17/2030		1,013,081
		Venture Ltd.
	1,000,000	(3 Month LIBOR USD + 6.72%)		8.46%	^		10/20/2028		1,006,150
		Wind River Ltd.
	1,000,000	(3 Month LIBOR USD + 5.55%)		7.27%	^		10/15/2027		1,003,464
		Total Collateralized Loan Obligations (Cost $6,449,220)							6,555,935
	FOREIGN CORPORATE BONDS 0.2%
	COMMERCIAL SERVICES 0.2%
	930,000	GW Honos Security Corporation		8.75%	^		05/15/2025		976,500
		Total Foreign Corporate Bonds (Cost $978,316)							976,500
	US CORPORATE BONDS 2.4%
	CHEMICALS/PLASTICS 0.2%
	1,000,000	Platform Specialty Products Corporation		5.88%	^		12/01/2025		978,750
	CONSTRUCTION 0.2%
	1,000,000	BlueLine Rental Finance Corporation		9.25%	^		03/15/2024		1,074,680
	ENERGY 0.5%
	1,000,000	FTS International, Inc.		6.25%			05/01/2022		1,007,500
	1,000,000	Sanchez Energy Corporation		7.25%	^		02/15/2023		1,007,500
	750,000	USA Compression Partners LP		6.88%	^		04/01/2026		763,125
									2,778,125

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	HEALTHCARE 0.6%
	1,065,000	Centene Corporation		4.75%			01/15/2025		1,041,038
	910,000	inVentiv Group Holdings, Inc.		7.50%	^		10/01/2024		971,425
	480,000	NVA Holdings, Inc.		6.88%	^		04/01/2026		484,800
	1,000,000	Universal Hospital Services, Inc.		7.63%			08/15/2020		1,012,500
									3,509,763
	INSURANCE 0.4%
	1,000,000	Alliant Holdings Intermediate LLC		8.25%	^		08/01/2023		1,032,500
	1,135,000	AssuredPartners, Inc.		7.00%	^		08/15/2025		1,123,650
									2,156,150
	TECHNOLOGY 0.2%
	1,000,000	Ensemble S Merger Sub, Inc.		9.00%	^		09/30/2023		1,055,000
	TELECOMMUNICATIONS 0.3%
	1,000,000	Cincinnati Bell, Inc.		7.00%	^		07/15/2024		900,000
	1,000,000	GTT Communications, Inc.		7.88%	^		12/31/2024		1,007,500
									1,907,500
		Total US Corporate Bonds (Cost $13,693,898)							13,459,968
	SHORT TERM INVESTMENTS 9.0%
	17,270,015	BlackRock Liquidity Funds FedFund - Institutional Shares		1.53%	¨				17,270,015
	17,270,015	Fidelity Institutional Money Market Government Portfolio - Class I		1.47%	¨				17,270,015
	17,270,015	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.56%	¨				17,270,015
		Total Short Term Investments (Cost $51,810,045)							51,810,045
		Total Investments 105.6% (Cost $604,017,261)							605,792,410
		Liabilities in Excess of Other Assets (5.6)%							(32,124,256	)
		NET ASSETS 100.0%						$	573,668,154

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Bank Loans	92.9%
Short Term Investments	9.0%
US Corporate Bonds	2.4%
Collateralized Loan Obligations	1.1%
Foreign Corporate Bonds	0.2%
Other Assets and Liabilities	(5.6)%
	100.0%

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 59

Schedule of Investments  DoubleLine Floating Rate Fund  (Cont.) March 31, 2018

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At March 31, 2018, the value of these securities amounted to $17,931,365 or 3.1% of net assets.

& Unfunded or partially unfunded loan commitment. At March 31, 2018, the value of these securities amounted to $1,828,234 or 0.3% of net assets.

¨ Seven-day yield as of March 31, 2018

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

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^® March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 6.1%
		Arcadia Receivables Credit Trust,
	2,984,294	Series 2017-1-A		3.25%	^		06/15/2023		2,997,408
		AVANT Loans Funding Trust,
	645,422	Series 2017-A-A		2.41%	^		03/15/2021		645,182
		CLUB Credit Trust,
	6,000,000	Series 2018-NP1-A		2.99%	^		05/15/2024		6,001,110
		College Ave Student Loans LLC,
	2,250,000	Series 2017-A-B		4.50%	^		11/26/2046		2,212,617
		Colony American Finance Ltd.,
	768,630	Series 2016-1-A		2.54%	^		06/15/2048		756,047
		Colony Starwood Homes Trust,
	6,200,000	Series 2016-2A-D (1 Month LIBOR USD + 2.35%, 2.35% Floor)		4.13%	^		12/17/2033		6,269,304
		Conn Funding LP,
	736,024	Series 2017-A-A		2.73%	^		07/15/2019		735,989
		Consumer Installment Loan Trust,
	109,783	Series 2016-LD1-A		3.96%	^		07/15/2022		109,816
		DRB Prime Student Loan Trust,
	3,779,654	Series 2017-A-B		3.10%	# ^		05/27/2042		3,708,690
		Earnest Student Loan Program,
	7,640,674	Series 2017-A-A2		2.65%	^		01/25/2041		7,499,852
		Flagship Credit Auto Trust,
	2,500,000	Series 2016-3-B		2.43%	^		06/15/2021		2,489,030
	8,120,000	Series 2016-4-C		2.71%	^		11/15/2022		8,033,938
	6,850,000	Series 2017-1-C		3.22%	^		05/15/2023		6,843,811
	6,650,000	Series 2017-4-B		2.66%	^		10/17/2022		6,571,942
		Helios Issuer LLC,
	12,122,604	Series 2017-1A-A		4.94%	^		09/20/2049		12,357,226
		HERO Funding Trust,
	3,814,036	Series 2016-1A-A		4.05%	^		09/20/2041		3,815,359
		Jimmy Johns Funding LLC,
	19,900,000	Series 2017-1A-A2II		4.85%	^		07/30/2047		20,389,249
		Kabbage Asset Securitization LLC,
	19,231,000	Series 2017-1-A		4.57%	^		03/15/2022		19,591,839
		Laurel Road Prime Student Loan Trust,
	1,138,000	Series 2017-B-CFX		3.61%	^		08/25/2042		1,112,010
		LendingClub Issuance Trust,
	921,983	Series 2016-NP2-A		3.00%	^		01/17/2023		921,103
		Lendmark Funding Trust,
	10,000,000	Series 2017-1A-A		2.83%	^		12/22/2025		9,952,914
		Mariner Finance Issuance Trust,
	5,000,000	Series 2017-AA-A		3.62%	^		02/20/2029		5,024,192
		Mosaic Solar Loans LLC,
	2,457,745	Series 2017-1A-A		4.45%	^		06/20/2042		2,510,301
		Navient Private Education Loan Trust,
	4,500,000	Series 2018-A-B		3.68%	^		02/18/2042		4,514,709
		OneMain Direct Auto Receivables Trust,
	4,000,000	Series 2016-1A-B		2.76%	^		05/15/2021		4,000,092
		OneMain Financial Issuance Trust,
	15,000,000	Series 2017-1A-A1		2.37%	^		09/14/2032		14,753,638
		Oportun Funding LLC,
	3,000,000	Series 2016-B-A		3.69%	^		07/08/2021		2,997,157
	3,000,000	Series 2016-C-A		3.28%	^		11/08/2021		3,000,719
		Progress Residential Trust,
	2,650,000	Series 2016-SFR1-C (1 Month LIBOR USD + 2.50%, 2.50% Floor)		4.31%	^		09/17/2033		2,682,720
	3,000,000	Series 2016-SFR2-D (1 Month LIBOR USD + 2.50%, 2.50% Floor)		4.31%	^		01/17/2034		3,035,526

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Prosper Marketplace Issuance Trust,
	5,000,000	Series 2018-1A-A		3.11%	^		06/17/2024		5,001,088
		SCF Equipment Leasing LLC,
	3,599,313	Series 2017-1A-A		3.77%	^		01/20/2023		3,591,965
		Sierra Timeshare Receivables Funding LLC,
	4,322,673	Series 2016-3A-A		2.43%	^		10/20/2033		4,248,950
		SLM Private Credit Student Loan Trust,
	8,793,591	Series 2006-A-A5 (3 Month LIBOR USD + 0.29%, 0.29% Floor)		2.41%			06/15/2039		8,653,509
		SoFi Consumer Loan Program LLC,
	1,533,149	Series 2016-1-A		3.26%	^		08/25/2025		1,533,984
	1,482,040	Series 2016-3-A		3.05%	^		12/26/2025		1,481,337
	1,330,892	Series 2017-3-A		2.77%	^		05/25/2026		1,322,233
		SoFi Consumer Loan Program Trust,
	861,597	Series 2016-2-A		3.09%	^		10/27/2025		863,106
	5,600,708	Series 2017-1-A		3.28%	^		01/26/2026		5,612,578
	2,954,350	Series 2017-2-A		3.28%	^		02/25/2026		2,962,249
	1,291,264	Series 2017-5-A1		2.14%	^		09/25/2026		1,284,225
	500,000	Series 2017-5-A2		2.78%	^		09/25/2026		492,992
	7,960,811	Series 2018-1-A1		2.55%	^		02/25/2027		7,937,828
		SoFi Professional Loan Program,
	5,000,000	Series 2017-A-A2B		2.40%	^		03/26/2040		4,883,012
		SpringCastle America Funding LLC,
	3,101,280	Series 2016-AA-A		3.05%	^		04/25/2029		3,101,065
		Springleaf Funding Trust,
	9,000,000	Series 2016-AA-A		2.90%	^		11/15/2029		8,963,304
	20,000,000	Series 2017-AA-A		2.68%	^		07/15/2030		19,700,872
		Spruce Asset Backed Securities Trust,
	1,575,725	Series 2016-E1-A		4.32%	^		06/15/2028		1,594,883
		TAL Advantage LLC,
	21,998,669	Series 2017-1A-A		4.50%			04/20/2042		22,641,091
		Triton Container Finance LLC,
	8,353,484	Series 2017-1A-A		3.52%	^		06/20/2042		8,270,086
		Westlake Automobile Receivables Trust,
	1,000,000	Series 2016-2A-B		2.30%	^		11/15/2019		999,679
	14,000,000	Series 2017-1A-C		2.70%	^		10/17/2022		13,965,568
	15,100,000	Series 2017-2A-C		2.59%	^		12/15/2022		14,959,756
		Total Asset Backed Obligations (Cost $308,833,170)							309,598,850
	BANK LOANS 7.9%
		Acadia Healthcare Company,
	2,188,903	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (1 Month LIBOR USD + 2.50%)		4.38%			02/16/2023		2,209,884
		Access CIG LLC,
	1,642,266	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.63%			02/27/2025		1,662,795
	342,734	Senior Secured 1st Lien Term Loan Delayed-Draw Term Loan (1 Month LIBOR USD + 3.75%)		0.50%	&		02/27/2025		347,018
		Acrisure LLC,
	3,680,008	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.99%			11/22/2023		3,732,448
		Air Medical Group Holdings, Inc.,
	1,512,050	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.94%			04/28/2022		1,520,343

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 61

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		A-L Parent LLC,
	26,514	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%		12/01/2023		26,812
		Albany Molecular Research, Inc.,
	9,225	Senior Secured 1st Lien Term Loan (US LIBOR + 3.25%)		5.27%		08/28/2024		10,198
		Albertson’s Holdings LLC,
	1,838,403	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4 (1 Month LIBOR USD + 2.75%, 0.75% Floor)		4.63%		08/25/2021		1,818,456
		AlixPartners LLP,
	692,950	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%, 1.00% Floor)		5.05%		04/04/2024		697,042
		Almonde, Inc.,
	2,000,000	Secured 2nd Lien Term Loan (3 Month LIBOR USD + 7.25%, 1.00% Floor)		9.23%		06/16/2025		1,986,090
	2,062,375	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.48%		06/13/2024		2,062,767
		American Renal Holdings, Inc.,
	2,005,672	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.13%		06/21/2024		2,010,055
		American Tire Distributors, Inc.,
	3,504,995	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (2 Month LIBOR USD + 4.25%, 1.00% Floor)		6.24%		09/01/2021		3,555,379
		Amneal Pharmaceuticals LLC,
	3,100,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.50%)		5.51%		03/21/2025		3,105,813
		Applied Systems, Inc.,
	3,601,900	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%		09/19/2024		3,632,444
		Arctic LNG Carriers Ltd.,
	1,851,013	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.50%, 1.00% Floor)		6.38%		05/18/2023		1,870,106
		Ascend Learning LLC,
	1,573,447	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%		07/12/2024		1,580,087
		ASP AMC Merger Sub, Inc.,
	2,015,918	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.80%		04/22/2024		2,024,113
		ASP Prince Merger Sub, Inc.,
	235,000	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.16%		03/20/2025		236,837
		AssuredPartners, Inc.,
	185,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.26%		10/22/2024		185,000

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		AssuredPartners, Inc., (Cont.)
	3,666,575	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%)		5.38%		10/22/2024		3,680,783
		Asurion LLC,
	3,543,005	Senior Secured 1st Lien Term Loan, Tranche B6 (1 Month LIBOR USD + 2.75%)		4.63%		11/03/2023		3,570,977
		Avantor Inc.,
	2,648,448	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%		11/21/2024		2,679,620
		Avatar Purchaser Inc.,
	3,120,000	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)		5.48%		11/15/2024		3,129,110
		Avaya, Inc.,
	3,221,925	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.75%, 1.00% Floor)		6.54%		12/16/2024		3,248,973
		BJ’s Wholesale Club, Inc.,
	3,144,579	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.19%		02/02/2024		3,145,837
		Blackstone Group,
	1,830,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.00%, 1.00% Floor)		5.77%		10/31/2024		1,841,438
		Blount International, Inc.,
	930,000	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.25%, 1.00% Floor)		5.92%		04/12/2023		943,601
		Brand Energy & Infrastructure Services, Inc.,
	4,158,575	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		6.55%		06/21/2024		4,200,431
		Bright Bidco B.V.,
	2,228,163	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.80%		06/28/2024		2,263,323
		BWAY Corporation,
	4,355,757	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		4.96%		04/03/2024		4,382,588
		Caesars Resort Collection LLC,
	2,912,700	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%		12/23/2024		2,935,361
		Canyon Valor Companies, Inc.,
	2,674,675	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.13%		06/16/2023		2,703,093
		Capital Automotive LP,
	199,741	Guaranteed Secured 2nd Lien Term Loan (1 Month LIBOR USD + 6.00%, 1.00% Floor)		7.88%		03/24/2025		202,363

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Capri Acquisitions Bidco Ltd,
	3,560,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.02%		11/01/2024		3,566,675
		CBS Radio, Inc.,
	1,750,613	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%)		4.62%		11/18/2024		1,761,554
		Cengage Learning, Inc.,
	3,664,738	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.25%, 1.00% Floor)		6.04%		06/07/2023		3,349,479
		CenturyLink, Inc.,
	3,581,025	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%		01/31/2025		3,528,438
		Ceva Group PLC,
	1,083,435	Guaranteed Senior Secured 1st Lien Synthetic Letter Of Credit (3 Month LIBOR USD + 5.50%, 1.00% Floor)		2.21%		03/19/2021		1,066,848
	1,464,070	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)		7.27%		03/19/2021		1,441,655
	171,998	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)		7.27%		03/19/2021		169,364
		Ceva Intercompany BV,
	1,000,620	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)		7.27%		03/19/2021		985,301
		CH Hold Corporation,
	1,484,646	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%		02/01/2024		1,496,248
		Change Healthcare Holdings LLC,
	3,501,855	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%		03/01/2024		3,514,340
		CHG Healthcare Services, Inc.,
	3,502,715	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.77%		06/07/2023		3,533,382
		CHG PPC Parent LLC,
	375,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%)		4.76%		03/21/2025		376,406
		Chill Merger Sub, Inc.,
	569,448	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.38%		03/20/2024		575,231
		Cincinnati Bell, Inc.,
	2,430,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.75%, 1.00% Floor)		5.44%		10/02/2024		2,452,271
		Compass Power Generation LLC,
	1,426,425	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.75%, 1.00% Floor)		6.05%		12/20/2024		1,447,821

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Compuware Corporation,
	1,978,409	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.38%		12/15/2021		2,005,612
		Concentra, Inc.,
	460,000	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)		4.53%		06/01/2022		464,025
		Constellation Merger Sub, Inc.,
	2,644,024	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%,)		5.55%		09/18/2024		2,664,330
		Constellis Holdings LLC,
	4,034,513	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.00%, 1.00% Floor)		7.30%		04/19/2024		4,078,650
		Coronado Australian Holdings Ltd.,
	734,643	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 6.50%, 1.00% Floor)		8.51%		03/21/2025		727,296
		Coronado Australian Holdings Pty Ltd.,
	200,357	Senior Secured 1st Lien Term Loan, Tranche C (3 Month LIBOR USD + 6.50%, 1.00% Floor)		8.51%		03/21/2025		198,354
		CP VI Bella Topco LLC,
	458,850	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.88%		12/27/2024		458,279
		CPI Holdco LLC,
	920,703	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.80%		03/21/2024		927,608
		CSM Bakery Supplies LLC,
	3,175,531	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.00%, 1.00% Floor)		5.70%		07/03/2020		3,146,158
		Cvent, Inc.,
	3,870,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.63%		11/29/2024		3,897,419
		CVS Holdings LP,
	1,469,000	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.79%		02/06/2025		1,463,499
		Deerfield Holdings Corporation,
	2,495,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%		02/13/2025		2,506,851
		Delta 2 Lux Sarl,
	2,619,001	Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 2.50%, 1.00% Floor)		4.38%		02/01/2024		2,617,364
		Dexko Global, Inc.,
	384,038	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.80%		07/24/2024		388,298

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 63

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Dexko Global, Inc., (Cont.)
	145,000	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.80%	&		07/24/2024		146,451
		Digicel International Finance Ltd.,
	1,810,745	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.02%			05/27/2024		1,804,525
		Diplomat Pharmacy, Inc.,
	272,188	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.50%, 1.00% Floor)		6.10%			12/20/2024		275,079
		EFS Cogen Holdings I LLC,
	6,822	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.56%			06/28/2023		7,044
		EG America LLC,
	2,230,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.00%)		6.01%			02/01/2025		2,227,770
		EG Finco Ltd.,
	690,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1 (3 Month LIBOR USD + 4.00%)		5.69%			02/07/2025		689,310
		Envision Healthcare Corporation,
	1,574,435	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C (1 Month LIBOR USD + 3.00%, 0.75% Floor)		4.88%			12/01/2023		1,582,897
		EOC Group, Inc.,
	451,252	Senior Secured 1st Lien Term Loan Delayed-Draw Term Loan (1 Month LIBOR USD + 3.25%)		5.50%	&		03/20/2025		452,099
	2,818,748	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.07%			03/20/2025		2,824,033
		Equian Buyer Corporation,
	3,630,370	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.15%			05/20/2024		3,655,329
		Equinox Holdings, Inc.,
	3,930,399	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%			03/08/2024		3,963,965
		Evergreen Skills,
	1,041,659	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.75%, 1.00% Floor)		6.63%			04/28/2021		1,008,674
		Excelitas Technologies Corporation,
	1,993,396	Guaranteed Senior Secured 1st Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)		5.16%			12/02/2024		2,014,985
		Exgen Renewables LLC,
	1,117,200	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.99%			11/29/2024		1,131,171

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Federal-Mogul Holdings Corporation,
	1,640,221	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.53%		04/15/2021		1,652,834
		Filtration Group Corporation,
	1,550,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%)		4.66%		04/30/2025		1,546,125
		Flexera Software LLC,
	2,525,883	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%		02/26/2025		2,544,309
		Foresight Energy LLC,
	2,940,450	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 5.75%, 1.00% Floor)		7.44%		03/28/2022		2,903,386
		Forterra Finance LLC,
	1,056,231	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%		10/25/2023		978,667
		FTS International, Inc.,
	3,649,704	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.75%, 1.00% Floor)		6.63%		04/16/2021		3,671,146
		Garda World Security Corporation,
	3,705,065	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.51%		05/24/2024		3,745,598
		Gavilan Resources LLC,
	480,000	Secured 2nd Lien Term Loan (1 Month LIBOR USD + 6.00%, 1.00% Floor)		7.79%		03/01/2024		482,402
		Goldcup Merger Sub, Inc.,
	3,596,098	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.75%, 1.00% Floor)		5.52%		05/02/2023		3,629,830
		Golden Nugget, Inc.,
	451,559	Guaranteed Senior Secured 1st Lien Term Loan (2 Month LIBOR USD + 3.25%, 0.75% Floor)		5.04%		10/04/2023		456,104
		Gopher Resource LLC,
	1,610,000	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.48%		03/06/2025		1,627,106
		GrafTech Finance, Inc.,
	3,600,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.24%		02/12/2025		3,606,750
		Greektown Holdings LLC,
	1,811,215	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 0.75% Floor)		4.88%		04/25/2024		1,815,743
		Greeneden US Holdings LLC,
	3,494,574	Senior Secured 1st Lien Term Loan, Tranche B3 (3 Month LIBOR USD + 3.50%)		5.80%		12/01/2023		3,518,878

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		GTT Communications, Inc.,
	158,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.19%		01/09/2024		158,533
		GVC Holdings PLC,
	1,135,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (3 Month LIBOR USD + 2.50%, 1.00% Floor)		4.51%		03/15/2024		1,139,137
		Harbor Freight Tools USA, Inc.,
	2,252,723	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)		4.38%		08/18/2023		2,258,996
		Hargray Corporation,
	2,394,946	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%		05/16/2024		2,405,424
		Harsco Corporation,
	1,143,472	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1 (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.94%		12/06/2024		1,160,195
		Hawk Merger Sub, Inc.,
	3,605,963	Senior Secured 1st Lien Term Loan, Tranche B1 (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%		07/31/2024		3,630,753
		Hayward Acquisition Corporation,
	2,910,375	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%)		5.38%		08/05/2024		2,925,654
		HVSC Merger Sub Corporation,
	558,600	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.00%, 1.00% Floor)		6.30%		10/28/2024		564,418
		Hyland Software, Inc.,
	3,368,102	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.75% Floor)		5.13%		07/01/2022		3,401,193
		Impala Private Holdings LLC,
	3,920,175	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%		11/14/2024		3,943,049
		Informatica LLC,
	2,118,261	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.13%		08/05/2022		2,133,322
		Intelsat Jackson Holdings S.A.,
	3,615,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3 (3 Month LIBOR USD + 3.75%, 1.00% Floor)		5.71%		11/30/2023		3,622,790
		IRB Holding Corporation,
	1,988,876	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.94%		02/05/2025		2,012,494
		Jo-Ann Stores LLC,
	1,948,205	Senior Secured 1st Lien Term Loan, Tranche B (6 Month LIBOR USD + 5.00%, 1.00% Floor)		6.55%		10/20/2023		1,942,127

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		KBR Inc.,
	1,755,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.26%			04/30/2025		1,746,225
		Kenan Advantage Group, Inc.,
	3,473,714	Senior Secured 1st Lien Term Loan, Tranche B1 (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%			08/01/2022		3,495,425
		KIK Custom Products, Inc.,
	3,489,272	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%			05/15/2023		3,528,265
		Kloeckner Pentaplast,
	2,731,275	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.25%, 1.00% Floor)		6.13%			06/30/2022		2,635,694
		Kraton Polymers LLC,
	1,916,664	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.50%, 2.50% Floor, 1.00% Floor)		4.38%			03/05/2025		1,931,278
		Kronos Inc.,
	3,487,493	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%			11/01/2023		3,513,841
		Learfield Communications,
	1,537,932	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.56%	&		12/01/2023		1,551,389
		Life Time Fitness, Inc.,
	3,934,584	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%, 1.00% Floor)		4.73%			06/10/2022		3,946,880
		Lions Gate Capital Holdings LLC,
	985,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.25%)		4.10%			03/19/2025		989,309
		Lucid Energy Group II Borrower LLC,
	1,490,000	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.79%			02/18/2025		1,484,882
		LUX HOLDCO III,
	460,000	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.00%)		4.77%			02/14/2025		464,027
		Marketo, Inc.,
	440,000	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.04%			02/07/2025		439,657
		Meredith Corporation,
	1,450,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%)		4.88%			01/31/2025		1,460,513
		MGM Growth Properties LP,
	550,154	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.00%, 0.75% Floor)		3.88%			03/21/2025		553,321

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 65

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Milacron LLC,
	2,589,237	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.50%)		4.38%			09/28/2023		2,600,564
		Mission Broadcasting, Inc.,
	48,551	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (1 Month LIBOR USD + 2.50%)		4.16%			01/17/2024		48,759
		Mitchell International, Inc.,
	710,000	Guaranteed Secured 2nd Lien Term Loan (1 Month LIBOR USD + 7.25%)		9.14%			12/01/2025		715,858
	233,955	Guaranteed Senior Secured 1st Lien Delayed-Draw Term Loan		0.00%	&		11/29/2024		234,306
	2,901,045	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.13%			11/29/2024		2,905,396
		Mohegan Tribal Gaming Authority,
	1,933,357	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%			10/13/2023		1,932,758
		MPH Acquisition Holdings LLC,
	3,246,133	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%, 1.00% Floor)		5.05%			06/07/2023		3,264,198
		National Vision, Inc.,
	3,079,131	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.63%			11/20/2024		3,102,856
		Nexstar Broadcasting, Inc.,
	377,125	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (1 Month LIBOR USD + 2.50%)		4.16%			01/17/2024		378,735
		Optiv Security, Inc.,
	2,116,925	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%			02/01/2024		2,048,125
		Oryx Southern Delaware Holdings LLC,
	3,595,000	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%			02/28/2025		3,603,988
		Peak 10 Holding Corporation,
	2,960,125	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%)		5.80%			08/01/2024		2,973,771
		PetSmart, Inc.,
	1,415,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.68%			03/11/2022		1,139,238
		Pharmaceutical Product Development LLC,
	4,267,120	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 2.50%)		4.77%			08/18/2022		4,286,898
		Phoenix Services Merger Sub LLC,
	575,000	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.41%			03/03/2025		581,469

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Pike Corporation,
	1,245,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.39%		03/12/2025		1,258,228
		Playa Resorts Holding BV,
	3,283,467	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.00%		04/29/2024		3,306,452
		Ply Gem Holdings,
	2,220,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.75%)		5.76%		04/30/2025		2,208,900
		PODS LLC,
	897,750	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.71%		12/06/2024		905,044
		Polycom, Inc.,
	1,196,716	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 5.25%, 1.00% Floor)		7.13%		09/27/2023		1,208,683
		PowerTeam Services LLC,
	3,755,000	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%		03/06/2025		3,764,388
		Precyse Acquisition Corporation,
	1,267,656	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.50%, 1.00% Floor)		6.38%		10/20/2022		1,273,006
		Prime Security Services Borrower LLC,
	3,602,775	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%		05/02/2022		3,634,515
		Pro Mach Group, Inc.,
	2,025,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.00%)		5.03%		03/07/2025		2,031,328
		Project Alpha Intermediate Holding, Inc.,
	4,113,913	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (6 Month LIBOR USD + 3.50%, 1.00% Floor)		5.04%		04/26/2024		4,066,767
		Quest Software US Holdings, Inc.,
	3,090,915	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)		7.27%		10/31/2022		3,152,749
		RCN Corporation,
	2,238,521	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 0.75% Floor)		4.88%		02/01/2024		2,228,426
		RentPath LLC,
	3,083,869	Senior Secured 1st Lien Term Loan, Tranche B1 (1 Month LIBOR USD + 4.75%, 1.00% Floor)		6.63%		12/17/2021		3,093,506
		Reynolds Group,
	2,125,392	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%		02/06/2023		2,138,389

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Robertshaw US Holding Corporation,
	1,953,879	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.44%		02/28/2025		1,974,024
		Scientific Games International, Inc.,
	3,197,638	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B5 (2 Month LIBOR USD + 2.75%)		4.74%		08/14/2024		3,212,890
		SCS Holdings, Inc.,
	3,049,498	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)		6.13%		10/31/2022		3,085,070
		Securus Technologies Holdings, Inc.,
	3,649,196	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.50%, 1.00% Floor)		6.38%		11/01/2024		3,698,241
		Select Medical Corporation,
	2,673,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%, 1.00% Floor)		6.50%		03/01/2021		2,701,414
		Shutterfly, Inc.,
	985,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (3 Month LIBOR USD + 2.75%)		4.52%		08/19/2024		991,156
		Sinclair Television Group, Inc.,
	2,935,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.50%)		3.98%		12/12/2024		2,951,509
		SMG US Midco 2, Inc.,
	1,995,000	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.14%		01/23/2025		2,014,950
		SolarWinds Holdings, Inc.,
	2,493,750	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.88%		02/05/2024		2,507,777
		Solenis International LP,
	1,829,692	Guaranteed Secured 2nd Lien Term Loan (3 Month LIBOR USD + 6.75%, 1.00% Floor)		8.73%		07/29/2022		1,744,611
		Solera LLC,
	3,481,874	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%		03/03/2023		3,495,314
		Sophia LP,
	3,878,816	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%		09/30/2022		3,894,389
		Southern Graphics, Inc.,
	3,752,153	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%)		5.38%		12/30/2022		3,786,542
		StandardAero Aviation Holdings, Inc.,
	1,231,841	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.63%		07/07/2022		1,244,837
		Staples, Inc.,
	1,301,738	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)		5.79%		09/12/2024		1,291,812

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Syncreon Group BV,
	1,562,945	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.25%, 1.00% Floor)		6.02%		10/28/2020		1,466,824
		TCH-2 Holdings LLC,
	495,000	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%		05/06/2021		497,475
		Team Health Holdings, Inc.,
	3,503,322	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%		02/06/2024		3,358,810
		Telesat Canada,
	2,150,116	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4 (3 Month LIBOR USD + 3.00%, 0.75% Floor)		5.31%		11/17/2023		2,163,339
		Tempo Acquisition LLC,
	3,476,244	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%)		4.88%		05/01/2024		3,497,431
		Titan Acquisition Ltd.,
	3,655,000	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.66%		03/14/2025		3,652,716
		TKC Holdings, Inc.,
	4,281,750	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		6.03%		02/01/2023		4,329,384
		TransDigm, Inc.,
	2,639,106	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F (1 Month LIBOR USD + 2.75%)		4.63%		06/09/2023		2,649,623
	153,839	Guaranteed Senior Secured 1st Lien Term Loan, Tranche G (3 Month LIBOR USD + 2.50%)		4.80%		08/22/2024		154,512
		Travel Leaders Group LLC,
	461,016	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.50%)		6.35%		01/25/2024		467,738
		TravelClick Holdings Corporation,
	117,110	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.51%		05/06/2021		117,110
		Traverse Midstream Partners LLC,
	1,825,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (6 Month LIBOR USD + 4.00%, 1.00% Floor)		5.85%		09/27/2024		1,837,830
		Tribune Media Company,
	34,361	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 0.75% Floor)		4.88%		12/24/2020		34,439
	428,263	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C (1 Month LIBOR USD + 3.00%, 0.75% Floor)		4.88%		01/26/2024		429,156
		Tumi Holdings, Inc.,
	5,041	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (US LIBOR + 3.25%)		5.04%		08/01/2023		5,070

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 67

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		UFC Holdings LLC,
	3,964,586	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%		08/18/2023		3,990,911
		Ultra Resources, Inc.,
	967,240	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.76%		04/12/2024		960,290
		Univar USA, Inc.,
	1,694,547	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 2.50%)		4.38%		07/01/2024		1,707,917
		US Renal Care, Inc.,
	2,968,382	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.94%		12/30/2022		2,985,688
		USAGM HoldCo LLC,
	2,482,909	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75%		07/28/2022		2,452,232
		VF Holdings Corporation,
	3,477,935	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%		06/30/2023		3,512,001
		Vizient, Inc.,
	211,170	Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%		02/13/2023		213,283
		West Corporation,
	1,925,513	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%		10/10/2024		1,945,971
	1,345,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1 (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.51%		10/10/2024		1,348,638
		West Street Merger Sub, Inc.,
	3,492,837	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%		09/27/2024		3,498,076
		Wink Holdco, Inc.,
	3,730,650	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.66%		12/02/2024		3,720,745
		York Risk Services Group, Inc.,
	3,006,761	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.63%		10/01/2021		2,951,887

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Zodiac Pool Solutions LLC,
	2,993,512	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)		6.30%			12/20/2023		3,002,881
		Total Bank Loans (Cost $399,550,084)							400,644,755
	COLLATERALIZED LOAN OBLIGATIONS 12.9%
		Adams Mill Ltd.,
	250,000	Series 2014-1A-D1 (3 Month LIBOR USD + 3.50%)		5.22%	^		07/15/2026		250,373
		AIMCO,
	10,000,000	Series 2014-AA-AR (3 Month LIBOR USD + 1.10%)		2.84%	^		07/20/2026		10,010,543
		ALM LLC,
	5,000,000	Series 2016-19A-A1 (3 Month LIBOR USD + 1.55%)		3.27%	^		07/15/2028		5,028,750
	2,500,000	Series 2016-19A-A2 (3 Month LIBOR USD + 2.20%)		3.92%	^		07/15/2028		2,524,113
		Anchorage Capital Ltd.,
	10,000,000	Series 2012-1A-A2R (3 Month LIBOR USD + 2.10%)		3.82%	^		01/13/2027		10,005,104
		Apidos Ltd.,
	2,000,000	Series 2013-16A-A1R (3 Month LIBOR USD + 0.98%)		2.72%	^		01/19/2025		2,000,440
	1,000,000	Series 2015-20A-A1R (3 Month LIBOR USD + 1.33%)		3.05%	^		01/16/2027		1,000,828
	5,000,000	Series 2016-24A-A2 (3 Month LIBOR USD + 2.00%, 2.00% Floor)		3.74%	^		07/20/2027		5,021,461
		Arbor Realty Ltd.,
	404,000	Series 2016-FL1A-B (1 Month LIBOR USD + 2.95%)		4.73%	^		09/15/2026		409,818
	10,000,000	Series 2017-FL2-A (1 Month LIBOR USD + 0.99%)		2.77%	^		08/15/2027		10,050,270
		Arrowpoint Ltd.,
	4,500,000	Series 2013-1A-A1R (3 Month LIBOR USD + 1.52%, 1.52% Floor)		3.36%	^		11/15/2028		4,555,795
		Atlas Senior Loan Fund Ltd.,
	25,000,000	Series 2013-2A-A1LR (3 Month LIBOR USD + 0.98%)		2.82%	^		02/17/2026		25,001,323
		Babson Ltd.,
	20,000,000	Series 2014-3A-AR (3 Month LIBOR USD + 1.32%)		3.04%	^		01/15/2026		20,000,000
	500,000	Series 2014-3A-D2 (1 Month LIBOR USD + 4.40%)		6.12%	^		01/15/2026		500,000
	2,500,000	Series 2015-2A-DR (3 Month LIBOR USD + 2.95%)		4.69%	^		10/20/2030		2,522,468

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Benefit Street Partners Ltd.,
	6,750,000	Series 2013-IIIA-A1R (3 Month LIBOR USD + 1.25%)		2.99%	^		07/20/2029		6,787,976
		Betony Ltd.,
	1,000,000	Series 2015-1A-D (3 Month LIBOR USD + 3.60%, 3.60% Floor)		5.32%	^		04/15/2027		1,001,418
		BlueMountain Ltd.,
	2,500,000	Series 2013-1A-A1R (3 Month LIBOR USD + 1.40%)		3.14%	^		01/20/2029		2,514,254
	4,000,000	Series 2015-3A-A1 (3 Month LIBOR USD + 1.48%)		3.22%	^		10/20/2027		4,000,000
	5,000,000	Series 2016-1A-D (3 Month LIBOR USD + 4.80%)		6.54%	^		04/20/2027		5,011,045
		Canyon Capital Ltd.,
	4,500,000	Series 2006-1A-D (3 Month LIBOR USD + 1.60%)		3.72%	^		12/15/2020		4,501,961
	5,800,000	Series 2016-2A-B (3 Month LIBOR USD + 2.00%)		3.72%	^		10/15/2028		5,824,556
		Carlyle Global Market Strategies Ltd.,
	2,000,000	Series 2015-1A-AR (3 Month LIBOR USD + 1.00%)		2.74%	^		04/20/2027		1,998,326
		Cavalry Ltd.,
	18,000,000	Series 2014-4A-AR (3 Month LIBOR USD + 0.85%)		2.57%	^		10/15/2026		17,997,376
		Cent Ltd.,
	982,151	Series 2013-19A-A1A (3 Month LIBOR USD + 1.33%)		3.09%	^		10/29/2025		983,358
	1,000,000	Series 2014-21A-A1AR (3 Month LIBOR USD + 1.21%)		2.97%	^		07/27/2026		1,000,839
	250,000	Series 2014-22A-C (3 Month LIBOR USD + 3.75%)		5.54%	^		11/07/2026		250,742
		CFIP Ltd.,
	22,000,000	Series 2014-1A-AR (3 Month LIBOR USD + 1.32%)		3.04%	^		07/13/2029		22,121,572
		Cutwater Ltd.,
	1,117,945	Series 2014-1A-A1AR (3 Month LIBOR USD + 1.25%)		2.97%	^		07/15/2026		1,117,721
	20,000,000	Series 2014-1A-A1BR (3 Month LIBOR USD + 1.25%)		2.97%	^		07/15/2026		20,023,916
		CVP Ltd.,
	25,000,000	Series 2017-1A-A (3 Month LIBOR USD + 1.34%)		3.08%	^		07/20/2030		25,193,435
		Galaxy Ltd.,
	500,000	Series 2014-18A-D1 (3 Month LIBOR USD + 3.70%)		5.42%	^		10/15/2026		501,440
	5,250,000	Series 2016-22A-B1 (3 Month LIBOR USD + 2.10%)		3.82%	^		07/16/2028		5,261,407
		Halcyon Loan Advisors Funding Ltd.,
	500,000	Series 2012-1X-A2 (3 Month LIBOR USD + 2.50%)		4.34%			08/15/2023		500,924
	500,000	Series 2013-2A-C (3 Month LIBOR USD + 2.70%)		4.47%	^		08/01/2025		500,620
	250,000	Series 2013-2A-D (3 Month LIBOR USD + 3.80%)		5.57%	^		08/01/2025		250,385

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Halcyon Loan Advisors Funding Ltd., (Cont.)
	2,100,000	Series 2014-1A-A1R (3 Month LIBOR USD + 1.13%)		2.86%	^		04/18/2026		2,101,876
	500,000	Series 2014-2A-C (3 Month LIBOR USD + 3.50%)		5.26%	^		04/28/2025		501,272
	14,500,000	Series 2015-2A-A (3 Month LIBOR USD + 1.39%)		3.14%	^		07/25/2027		14,508,084
	25,000,000	Series 2015-3A-A1R (3 Month LIBOR USD + 0.90%)		2.63%	^		10/18/2027		24,867,674
		Hildene Ltd.,
	20,000,000	Series 2014-2A-AR (3 Month LIBOR USD + 1.18%)		2.92%	^		07/19/2026		20,018,541
	3,000,000	Series 2015-4A-A1A (3 Month LIBOR USD + 1.50%)		3.24%	^		07/23/2027		3,007,437
		Jamestown Ltd.,
	5,000,000	Series 2013-3A-A1AR (3 Month LIBOR USD + 1.14%)		2.86%	^		01/15/2026		5,004,530
	3,000,000	Series 2014-4A-A1AR (3 Month LIBOR USD + 0.69%)		2.41%	^		07/15/2026		2,992,516
	1,000,000	Series 2015-6A-A1AR (3 Month LIBOR USD + 1.15%)		3.03%	^		02/20/2027		1,000,250
		KVK Ltd.,
	26,000,000	Series 2015-1A-AR (3 Month LIBOR USD + 1.25%)		3.14%	^		05/20/2027		26,020,775
		LCM LP,
	7,028,032	Series 14A-A (3 Month LIBOR USD + 1.15%)		2.87%	^		07/15/2025		7,030,451
	500,000	Series 14A-D (3 Month LIBOR USD + 3.50%)		5.22%	^		07/15/2025		500,709
	250,000	Series 16A-DR (3 Month LIBOR USD + 3.00%)		4.72%	^		07/15/2026		250,622
		Madison Park Funding Ltd.,
	10,595,000	Series 2013-11A-AR (3 Month LIBOR USD + 1.16%)		2.90%	^		07/23/2029		10,608,244
	1,000,000	Series 2014-15A-CR (3 Month LIBOR USD + 3.45%)		5.21%	^		01/27/2026		1,001,559
		Magnetite Ltd.,
	18,000,000	Series 2014-9A-A1R (3 Month LIBOR USD + 1.00%)		2.75%	^		07/25/2026		18,015,382
		Marathon Ltd.,
	25,000,000	Series 2013-5A-A1R (3 Month LIBOR USD + 0.87%)		2.76%	^		11/21/2027		24,950,000
	15,000,000	Series 2014-7A-A1R (3 Month LIBOR USD + 1.32%)		3.08%	^		10/28/2025		15,007,066
	8,625,000	Series 2017-9A-A2 (3 Month LIBOR USD + 1.75%)		3.47%	^		04/15/2029		8,669,202
		Midocean Credit,
	25,000,000	Series 2017-7A-A1 (3 Month LIBOR USD + 1.32%)		3.04%	^		07/15/2029		25,151,392
		MP Ltd.,
	25,000,000	Series 2013-2A-ARR (3 Month LIBOR USD + 1.28%)		3.03%	^		07/25/2029		25,160,350
	5,000,000	Series 2014-2A-AR (3 Month LIBOR USD + 1.20%)		2.92%	^		01/15/2027		5,002,345

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 69

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Northwoods Capital Ltd.,
	9,000,000	Series 2017-16A-A (3 Month LIBOR USD + 1.27%)		2.69%	^		11/15/2030		9,066,578
		Octagon Investment Partners Ltd.,
	2,547,899	Series 2013-1A-A (3 Month LIBOR USD + 1.12%)		2.85%	^		07/17/2025		2,550,589
	750,000	Series 2014-1A-C (3 Month LIBOR USD + 3.65%)		5.48%	^		11/14/2026		756,023
	30,000,000	Series 2015-1A-A1R (3 Month LIBOR USD + 0.90%)		2.79%	^		05/21/2027		30,008,684
		Race Point Ltd.,
	10,000,000	Series 2015-9A-A1AR (3 Month LIBOR USD + 1.21%)		2.93%	^		10/15/2030		10,060,172
		Rockford Tower Ltd.,
	8,500,000	Series 2017-2A-A (3 Month LIBOR USD + 1.27%)		2.99%	^		10/15/2029		8,597,389
		Shackleton Ltd.,
	5,000,000	Series 2016-9A-A (3 Month LIBOR USD + 1.50%)		3.24%	^		10/20/2028		5,034,308
		Sound Harbor Loan Fund Ltd.,
	12,400,000	Series 2014-1A-A1R (3 Month LIBOR USD + 1.20%)		2.97%	^		10/30/2026		12,408,853
		Steele Creek Ltd.,
	9,500,000	Series 2015-1A-AR (3 Month LIBOR USD + 1.26%)		3.15%	^		05/21/2029		9,510,802
		Symphony Ltd.,
	1,106,363	Series 2012-8A-AR (3 Month LIBOR USD + 1.10%)		2.80%	^		01/09/2023		1,107,374
		TCI-Cent Ltd.,
	3,500,000	Series 2016-1A-A1 (3 Month LIBOR USD + 1.52%)		3.28%	^		12/21/2029		3,564,338
	6,250,000	Series 2016-1A-A2 (3 Month LIBOR USD + 2.20%)		3.96%	^		12/21/2029		6,314,895
		TCI-Flatiron Ltd,
	2,000,000	Series 2016-1A-B (3 Month LIBOR USD + 2.20%)		3.93%	^		07/17/2028		2,016,954
		Venture Ltd.,
	6,000,000	Series 2007-8A-B (3 Month LIBOR USD + 0.42%)		2.16%	^		07/22/2021		5,981,222
	4,000,000	Series 2007-8A-C (3 Month LIBOR USD + 0.90%)		2.64%	^		07/22/2021		3,992,519
	6,000,000	Series 2014-17A-AR (3 Month LIBOR USD + 1.08%)		2.80%	^		07/15/2026		6,006,897
	20,000,000	Series 2015-20A-AR (3 Month LIBOR USD + 0.82%)		2.54%	^		04/15/2027		19,990,512
	8,500,000	Series 2017-29A-A (3 Month LIBOR USD + 1.28%)		3.12%	^		09/07/2030		8,543,764
		Vibrant Ltd.,
	5,000,000	Series 2015-3A-A1R (3 Month LIBOR USD + 1.48%)		3.22%	^		04/20/2026		5,002,363
	3,500,000	Series 2016-5A-B (3 Month LIBOR USD + 2.10%)		3.84%	^		01/20/2029		3,541,436
		Voya Ltd.,
	3,100,000	Series 2014-4A-A1R (3 Month LIBOR USD + 0.95%)		2.67%	^		10/14/2026		3,103,316

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		WhiteHorse Ltd.,
	6,250,000	Series 2014-1A-AR (3 Month LIBOR USD + 0.90%)		2.28%	^		05/01/2026		6,247,797
		Wind River Ltd.,
	5,000,000	Series 2016-1A-B (3 Month LIBOR USD + 2.35%)		4.07%	^		07/15/2028		5,019,437
		Zais Ltd.,
	15,000,000	Series 2014-2A-A1AR (3 Month LIBOR USD + 1.20%)		2.95%	^		07/25/2026		15,015,318
		Total Collateralized Loan Obligations (Cost $649,517,581)							651,036,374
	FOREIGN CORPORATE BONDS 8.4%
	2,500,000	Adani Ports & Special Economic Zone Ltd.		3.50%			07/29/2020		2,488,650
	6,515,000	AerCap Global Aviation Trust		4.63%			10/30/2020		6,709,139
	1,000,000	Agromercantil Senior Trust		6.25%			04/10/2019		1,020,630
	200,000	Agromercantil Senior Trust		6.25%	^		04/10/2019		204,126
	2,000,000	Alibaba Group Holding Ltd.		2.50%			11/28/2019		1,986,489
	3,240,000	Alibaba Group Holding Ltd.		3.13%			11/28/2021		3,233,697
	1,500,000	America Movil S.A.B. de C.V.		5.00%			03/30/2020		1,551,573
	5,200,000	America Movil S.A.B. de C.V.		3.13%			07/16/2022		5,121,754
	7,825,000	AstraZeneca PLC		2.38%			11/16/2020		7,704,922
	6,600,000	Axiata SPV2 BHD		3.47%			11/19/2020		6,624,638
	2,600,000	Banco de Costa Rica		5.25%			08/12/2018		2,622,620
	200,000	Banco de Credito del Peru		2.25%	^		10/25/2019		197,690
	1,500,000	Banco de Credito del Peru		5.38%			09/16/2020		1,576,395
	5,300,000	Banco de Credito del Peru		4.25%			04/01/2023		5,410,823
	500,000	Banco del Estado de Chile		2.67%	^		01/08/2021		490,667
	8,000,000	Banco del Estado de Chile		3.88%			02/08/2022		8,091,825
	6,000,000	Banco GNB Sudameris S.A.		3.88%			05/02/2018		6,003,000
	6,500,000	Banco International del Peru S.A.A.		5.75%			10/07/2020		6,825,000
	4,825,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		4,806,906
	1,500,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		1,503,750
	600,000	Banco Regional SAECA		8.13%			01/24/2019		621,870
	2,500,000	Banco Santander		2.50%	^		12/15/2020		2,453,125
	4,720,000	Banco Santander		3.88%			09/20/2022		4,769,707
	9,203,000	Banco Santander (5 Year CMT Rate + 4.58%)		5.95%			01/30/2024		9,405,466
	800,000	Banistmo S.A.		3.65%	^		09/19/2022		769,000
	7,895,000	Bank of Nova Scotia		2.15%			07/14/2020		7,745,910
	7,840,000	Barclays Bank PLC		2.65%			01/11/2021		7,744,635
	1,000,000	BBVA Banco Continental S.A.		3.25%			04/08/2018		999,725
	4,000,000	BBVA Banco Continental S.A.		5.00%			08/26/2022		4,200,800
	3,200,000	BDO Unibank, Inc.		2.63%			10/24/2021		3,114,758
	6,350,000	BDO Unibank, Inc.		2.95%			03/06/2023		6,109,564

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	8,000,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		8,281,600
	3,000,000	Bharti Airtel Ltd.		5.13%			03/11/2023		3,057,840
	3,970,000	BNP Paribas S.A.		5.00%			01/15/2021		4,179,528
	5,560,000	BP Capital Markets PLC		1.68%			05/03/2019		5,503,407
	830,000	BP Capital Markets PLC		1.77%			09/19/2019		819,570
	136,000	BP Capital Markets PLC		2.32%			02/13/2020		134,539
	2,500,000	Celulosa Arauco y Constitucion S.A.		4.75%			01/11/2022		2,581,703
	1,446,000	CK Hutchison International Ltd.		2.88%			04/05/2022		1,418,828
	7,700,000	CK Hutchison International Ltd.		2.88%	^		04/05/2022		7,555,307
	3,500,000	CNOOC Finance Ltd.		2.63%			05/05/2020		3,462,621
	4,500,000	CNOOC Finance Ltd.		3.88%			05/02/2022		4,538,876
	1,000,000	CNPC General Capital Ltd.		2.75%			05/14/2019		997,808
	5,500,000	CNPC General Capital Ltd.		3.95%			04/19/2022		5,601,244
	1,700,000	CNPC Overseas Capital Ltd.		4.50%			04/28/2021		1,760,797
	500,000	Coca-Cola Femsa S.A.B. de C.V.		4.63%			02/15/2020		514,389
	4,500,000	Comision Federal de Electricidad		4.88%			05/26/2021		4,646,250
	5,980,000	Commonwealth Bank of Australia		2.25%	^		03/10/2020		5,896,556
	1,295,000	Commonwealth Bank of Australia		2.05%	^		09/18/2020		1,262,301
	2,800,000	Corpbanca S.A.		3.88%			09/22/2019		2,825,188
	300,000	Corporacion Financiera de Desarrollo S.A.		3.25%			07/15/2019		300,375
	500,000	Corporacion Financiera de Desarrollo S.A.		3.25%	^		07/15/2019		500,625
	200,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.49%)		2.54%			06/08/2020		200,233
	1,500,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)		2.37%			07/25/2022		1,508,160
	1,500,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)		2.37%	^		07/25/2022		1,508,160
	5,500,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)		3.60%	†		09/07/2021		5,332,080
	160,000	Delek & Avner Tamar Bond Ltd.		3.84%	^		12/30/2018		160,463
	3,840,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		3,861,734
	900,000	Digicel Ltd.		8.25%			09/30/2020		778,500
	800,000	Digicel Ltd.		7.13%			04/01/2022		627,000
	2,800,000	ECL S.A.		5.63%			01/15/2021		2,953,862
	4,800,000	Ecopetrol SA		7.63%			07/23/2019		5,083,200
	800,000	Empresas Publicas de Medellin E.S.P.		7.63%			07/29/2019		850,000
	1,945,583	ENA Norte Trust		4.95%			04/25/2023		1,999,573
	1,500,000	Export-Import Bank of India		2.75%			04/01/2020		1,484,037
	5,500,000	Export-Import Bank of India		3.13%			07/20/2021		5,439,209
	1,300,000	Export-Import Bank of India (3 Month LIBOR USD + 1.00%)		2.89%			08/21/2022		1,298,537
	3,500,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		3,510,500
	3,100,000	Fondo Mivivienda S.A.		3.50%			01/31/2023		3,045,750
	2,500,000	Fondo Mivivienda S.A.		3.50%	^		01/31/2023		2,456,250
	5,100,000	Global Bank Corporation		5.13%			10/30/2019		5,208,120
	200,000	Global Bank Corporation		5.13%	^		10/30/2019		204,240
	4,000,000	Global Bank Corporation		4.50%			10/20/2021		4,038,400
	300,000	Global Bank Corporation		4.50%	^		10/20/2021		302,880
	4,400,000	Grupo Bimbo S.A.B. de C.V.		4.88%			06/30/2020		4,563,646
	1,300,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		1,268,558
	440,116	Guanay Finance Ltd.		6.00%	^		12/15/2020		451,271

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,026,938	Guanay Finance Ltd.		6.00%			12/15/2020		1,052,965
	3,400,000	Indian Oil Corporation Ltd.		5.63%			08/02/2021		3,617,376
	271,910	Interoceanica Finance Ltd.		0.00%			11/30/2018		267,151
	6,650,000	Inversiones CMPC S.A.		4.50%			04/25/2022		6,842,995
	1,700,000	IOI Investment BHD		4.38%			06/27/2022		1,735,596
	1,000,000	Israel Electric Corporation Ltd.		5.63%			06/21/2018		1,005,110
	8,700,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91%			10/29/2026		8,726,709
	7,895,000	Mizuho Financial Group, Inc. (3 Month LIBOR USD + 0.79%)		2.81%			03/05/2023		7,889,333
	200,000	OAS Investments GMBH		8.25%	W		10/19/2019		21,000
	3,300,000	ONGC Videsh Ltd.		3.25%			07/15/2019		3,294,555
	5,400,000	ONGC Videsh Ltd.		2.88%			01/27/2022		5,223,107
	1,000,000	ONGC Videsh Ltd.		3.75%			05/07/2023		990,408
	4,775,000	Orange S.A.		2.75%			02/06/2019		4,774,229
	450,000	Orange S.A.		5.38%			07/08/2019		464,141
	8,000,000	Oversea-Chinese Banking Corporation (5 Year Swap Rate USD + 2.20%)		4.00%			10/15/2024		8,061,296
	3,200,000	Panama Metro Line SP		0.00%	^		12/05/2022		2,894,400
	4,100,000	Panama Metro Line SP		0.00%			12/05/2022		3,708,450
	231,307	Peru Enhanced Pass-Through Finance Ltd.		0.00%			05/31/2018		228,879
	500,000	Peru Enhanced Pass-Through Finance Ltd.		0.00%			06/02/2025		435,000
	5,600,000	Petronas Capital Ltd.		3.13%			03/18/2022		5,562,228
	3,900,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		3,874,260
	2,800,000	PSA International Ltd.		4.63%			09/11/2019		2,872,632
	500,000	PSA International Ltd.		3.88%			02/11/2021		514,414
	250,000	Reliance Holdings, Inc.		4.50%			10/19/2020		256,817
	8,500,000	Reliance Holdings, Inc.		5.40%			02/14/2022		8,986,863
	4,530,000	Royal Bank of Canada		1.50%			07/29/2019		4,456,577
	700,000	SACI Falabella		3.75%			04/30/2023		695,100
	7,705,000	Santander UK PLC		2.50%			01/05/2021		7,581,370
	7,699,000	Shire Acquisitions Investments Ireland DAC		1.90%			09/23/2019		7,574,000
	500,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		492,684
	500,000	Sinopec Group Overseas Development Ltd.		2.50%	^		04/28/2020		492,684
	2,000,000	Sinopec Group Overseas Development Ltd.		2.75%			05/03/2021		1,969,374
	400,000	Sinopec Group Overseas Development Ltd.		2.00%			09/29/2021		383,166
	500,000	Sinopec Group Overseas Development Ltd.		2.00%	^		09/29/2021		478,958
	1,500,000	Sinopec Group Overseas Development Ltd.		3.00%			04/12/2022		1,466,294
	700,000	Sinopec Group Overseas Development Ltd.		3.00%	^		04/12/2022		684,270

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 71

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,500,000	Sinopec Group Overseas Development Ltd.		3.90%			05/17/2022		2,527,750
	7,700,000	SP PowerAssets Ltd.		2.70%			09/14/2022		7,559,739
	8,050,000	Sumitomo Mitsui Financial Group, Inc.		2.06%			07/14/2021		7,769,389
	1,400,000	Telefonica Celular del Paraguay S.A.		6.75%			12/13/2022		1,437,772
	6,000,000	Telefonica Chile S.A.		3.88%			10/12/2022		5,998,437
	1,000,000	Temasek Financial Ltd.		2.38%			01/23/2023		969,616
	1,500,000	Tencent Holdings Ltd.		3.38%			05/02/2019		1,508,567
	300,000	Tencent Holdings Ltd.		2.88%	^		02/11/2020		299,543
	2,500,000	Tencent Holdings Ltd.		2.88%			02/11/2020		2,496,188
	1,200,000	Tencent Holdings Ltd. (3 Month LIBOR USD + 0.61%)		2.34%	^		01/19/2023		1,202,124
	6,800,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		6,919,000
	7,625,000	UBS AG		2.45%	^		12/01/2020		7,492,317
	4,000,000	Union Bank of the Philippines		3.37%			11/29/2022		3,896,464
	3,000,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.00%)		3.75%			09/19/2024		3,022,410
	5,200,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.24%)		3.50%			09/16/2026		5,157,563
	1,300,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.65%)		2.88%			03/08/2027		1,254,755
	1,800,000	UPL Corporation		3.25%			10/13/2021		1,765,935
	600,000	Want Want China Finance Ltd.		1.88%	^		05/14/2018		599,477
	775,000	Westpac Banking Corporation		1.95%			11/23/2018		771,756
	6,420,000	Westpac Banking Corporation		1.60%			08/19/2019		6,318,963
		Total Foreign Corporate Bonds (Cost $430,330,883)							424,624,725
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 1.6%
	6,700,000	Chile Government International Bond		2.25%			10/30/2022		6,435,350
	8,000,000	Chile International Government Bond		3.25%			09/14/2021		8,059,000
	965,000	Costa Rica Government International Bond		10.00%			08/01/2020		1,081,524
	6,000,000	Dominican Republic International Bond		7.50%			05/06/2021		6,395,580
	1,800,000	Indonesia Government International Bond		6.13%			03/15/2019		1,861,056
	9,300,000	Indonesia Government International Bond		4.88%			05/05/2021		9,715,552
	900,000	Indonesia Government International Bond		3.70%	^		01/08/2022		904,113
	1,100,000	Indonesia Government International Bond		3.70%			01/08/2022		1,105,027
	8,600,000	Israel Government International Bond		4.00%			06/30/2022		8,909,815
	4,500,000	Mexico Government International Bond		3.63%			03/15/2022		4,582,980

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,600,000	Panama Government International Bond		5.20%			01/30/2020		5,849,200
	13,600,000	Philippine Government International Bond		4.00%			01/15/2021		13,948,201
	2,500,000	Republic of Poland Government International Bond		5.13%			04/21/2021		2,659,250
	8,010,000	Wakala Global Sukuk BHD		4.65%			07/06/2021		8,459,441
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $81,416,901)							79,966,089
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 11.3%
		A10 LLC,
	365,638	Series 2016-1-A1		2.42%	^		03/15/2035		365,633
		Americold LLC,
	1,080,000	Series 2010-ARTA-C		6.81%	^		01/14/2029		1,158,574
		AREIT Trust,
	13,674,000	Series 2018-CRE1-AS (1 Month LIBOR USD + 1.25%, 1.25% Floor)		2.75%	^		02/15/2035		13,706,175
	8,998,000	Series 2018-CRE1-B (1 Month LIBOR USD + 1.65%, 1.65% Floor)		3.15%	^		02/15/2035		9,030,951
		BAMLL Commercial Mortgage Securities Trust,
	200,000	Series 2014-IP-E		2.72%	#^		06/15/2028		199,013
	30,000,000	Series 2015-200P-XA		0.38%	#^ I/O		04/14/2033		743,811
		Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	507,010	Series 2004-4-H		6.03%	#^		07/10/2042		506,855
		BANK,
	57,730,709	Series 2017-BNK4-XA		1.45%	# I/O		05/15/2050		5,380,364
		Barclays Commercial Mortgage Securities LLC,
	6,786,000	Series 2014-BXO-E (1 Month LIBOR USD + 3.75%, 2.56% Floor)		5.53%	^		08/15/2027		6,802,590
	57,579,800	Series 2017-C1-XA		1.52%	# I/O		02/15/2050		5,804,792
	1,174,000	Series 2017-DELC-C (1 Month LIBOR USD + 1.20%)		2.98%	^		08/15/2036		1,173,170
	1,338,000	Series 2017-DELC-D (1 Month LIBOR USD + 1.70%)		3.48%	^		08/15/2036		1,334,857
	2,803,000	Series 2017-DELC-E (1 Month LIBOR USD + 2.50%)		4.28%	^		08/15/2036		2,799,865
	2,686,000	Series 2017-DELC-F (1 Month LIBOR USD + 3.50%)		5.28%	^		08/15/2036		2,688,154
		BBCMS Mortgage Trust,
	8,471,000	Series 2017-GLKS-E (1 Month LIBOR USD + 2.85%, 2.75% Floor)		4.63%	^		11/15/2034		8,473,244
		BB-UBS Trust,
	7,538,000	Series 2012-TFT-TE		3.56%	#^		06/05/2030		6,846,870
		Bear Stearns Commercial Mortgage Securities, Inc.,
	500,000	Series 2007-T26-AJ		5.52%	#		01/12/2045		473,578
		Bsprt Issuer Ltd.,
	1,000,000	Series 2017-FL1-A (1 Month LIBOR USD + 1.35%)		3.13%	^		06/15/2027		1,004,841
	3,250,000	Series 2017-FL1-B (1 Month LIBOR USD + 2.40%)		4.18%	^		06/15/2027		3,275,183

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		BX Commercial Mortgage Trust,
	2,608,000	Series 2018-BIOA-D (1 Month LIBOR USD + 1.32%, 1.35% Floor)		2.97%	^		03/15/2037		2,597,002
	6,519,000	Series 2018-BIOA-E (1 Month LIBOR USD + 1.95%, 1.98% Floor)		3.60%	^		03/15/2037		6,489,351
		BX Trust,
	2,791,801	Series 2017-APPL-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)		3.83%	^		07/15/2034		2,805,930
	4,320,192	Series 2017-APPL-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		4.93%	^		07/15/2034		4,355,760
	3,215,000	Series 2017-IMC-D (1 Month LIBOR USD + 2.25%, 2.25% Floor)		4.03%	^		10/15/2032		3,227,346
	5,186,000	Series 2017-IMC-E (1 Month LIBOR USD + 3.25%, 3.25% Floor)		5.03%	^		10/15/2032		5,216,873
	2,947,000	Series 2017-SLCT-D (1 Month LIBOR USD + 2.05%)		3.83%	^		07/15/2034		2,957,199
	4,846,000	Series 2017-SLCT-E (1 Month LIBOR USD + 3.15%)		4.93%	^		07/15/2034		4,876,383
		CD Commercial Mortgage Trust,
	68,182,043	Series 2017-CD3-XA		1.04%	# I/O		02/10/2050		4,851,295
	67,738,827	Series 2017-CD4-XA		1.33%	# I/O		05/10/2050		5,896,556
		CFCRE Commercial Mortgage Trust,
	21,865,368	Series 2016-C3-XA		1.07%	# I/O		01/10/2048		1,402,554
	38,370,083	Series 2016-C4-XA		1.75%	# I/O		05/10/2058		3,917,417
	59,030,888	Series 2017-C8-XA		1.67%	# I/O		06/15/2050		6,213,910
	16,201,000	Series 2017-C8-XB		0.96%	# I/O		06/15/2050		1,211,710
	39,410,000	Series 2018-TAN-X		1.63%	#^ I/O		02/15/2033		2,840,618
		CGDBB Commercial Mortgage Trust,
	3,277,000	Series 2017-BIOC-D (1 Month LIBOR USD + 1.60%, 1.60% Floor)		3.38%	^		07/15/2032		3,283,662
	4,587,000	Series 2017-BIOC-E (1 Month LIBOR USD + 2.15%, 2.25% Floor)		3.93%	^		07/15/2032		4,586,146
		CGGS Commercial Mortgage Trust,
	9,155,000	Series 2018-WSS-D (1 Month LIBOR USD + 2.30%)		4.05%	^		02/15/2037		9,195,795
		CHT Mortgage Trust,
	736,000	Series 2017-CSMO-E (1 Month LIBOR USD + 3.00%, 3.00% Floor)		4.78%	^		11/15/2036		741,974
	393,000	Series 2017-CSMO-F (1 Month LIBOR USD + 3.74%, 3.80% Floor)		5.52%	^		11/15/2036		396,330
		Citigroup Commercial Mortgage Trust,
	461,236	Series 2008-C7-AM		6.19%	#		12/10/2049		460,847
	8,013,278	Series 2014-GC25-XA		1.03%	# I/O		10/10/2047		432,783
	1,430,000	Series 2015-GC27-D		4.43%	#^		02/10/2048		1,218,565
	5,795,467	Series 2015-GC27-XA		1.41%	# I/O		02/10/2048		420,484
	1,750,000	Series 2015-GC31-C		4.06%	#		06/10/2048		1,677,926
	19,819,004	Series 2016-GC36-XA		1.33%	# I/O		02/10/2049		1,516,013
	14,418,970	Series 2016-P3-XA		1.71%	# I/O		04/15/2049		1,407,074
	17,859,358	Series 2016-P4-XA		2.00%	# I/O		07/10/2049		2,099,789
	34,932,919	Series 2017-P7-XA		1.13%	# I/O		04/14/2050		2,704,220
		CLNS Trust,
	3,479,000	Series 2017-IKPR-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)		3.79%	^		06/11/2032		3,491,874
	3,479,000	Series 2017-IKPR-E (1 Month LIBOR USD + 3.50%, 3.50% Floor)		5.24%	^		06/11/2032		3,506,019
	3,479,000	Series 2017-IKPR-F (1 Month LIBOR USD + 4.50%, 4.50% Floor)		6.24%	^		06/11/2032		3,512,926

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		COBALT Commercial Mortgage Trust,
	5,323,073	Series 2007-C2-AJFX		5.57%	#		04/15/2047		5,375,942
		Commercial Mortgage Pass-Through Certificates,
	2,305,000	Series 2012-CR4-C		4.44%	#^		10/15/2045		2,091,820
	5,636,000	Series 2012-CR4-D		4.57%	#^		10/15/2045		3,331,591
	9,971,562	Series 2013-CR10-XA		0.87%	# I/O		08/10/2046		282,747
	8,870,000	Series 2013-CR11-D		5.17%	#^		08/10/2050		8,363,826
	29,554,454	Series 2013-CR12-XA		1.28%	# I/O		10/10/2046		1,419,072
	7,526,000	Series 2013-LC13-D		5.09%	#^		08/10/2046		7,339,906
	3,108,814	Series 2014-CR17-XA		1.12%	# I/O		05/10/2047		136,388
	300,000	Series 2014-CR19-C		4.72%	#		08/10/2047		301,752
	500,000	Series 2014-CR20-C		4.50%	#		11/10/2047		501,866
	110,000	Series 2014-TWC-C (1 Month LIBOR USD + 1.85%, 1.85% Floor)		3.57%	^		02/13/2032		110,370
	1,500,000	Series 2015-CR22-D		4.12%	#^		03/10/2048		1,257,283
	21,842,200	Series 2015-CR22-XA		0.99%	# I/O		03/10/2048		974,097
	1,500,000	Series 2015-CR23-D		4.25%	#		05/10/2048		1,237,310
	1,386,000	Series 2015-CR25-C		4.55%	#		08/10/2048		1,390,089
	42,775,239	Series 2015-CR27-XA		1.15%	# I/O		10/10/2048		2,438,107
	1,000,000	Series 2015-DC1-D		4.35%	# ^		02/10/2048		833,657
	12,129,596	Series 2015-DC1-XA		1.14%	# I/O		02/10/2048		622,348
	1,470,000	Series 2015-LC23-C		4.65%	#		10/10/2048		1,448,746
	1,966,000	Series 2016-CR28-C		4.65%	#		02/10/2049		2,024,925
	17,614,450	Series 2016-DC2-XA		1.06%	# I/O		02/10/2049		1,060,207
	38,128,321	Series 2015-CR25-XA		0.94%	# I/O		08/10/2048		1,997,203
	59,715,184	Series 2015-LC21-XA		0.84%	# I/O		07/10/2048		2,288,381
		Credit Suisse Commercial Mortgage Trust,
	1,400,561	Series 2007-C1-AM		5.42%			02/15/2040		1,429,635
		Credit Suisse Mortgage Capital Certificates,
	383,163	Series 2008-C1-AM		6.20%	#^		02/15/2041		383,533
	10,092,000	Series 2014-USA-X1		0.55%	#^ I/O		09/15/2037		335,638
		CSAIL Commercial Mortgage Trust,
	30,298,185	Series 2015-C1-XA		0.94%	# I/O		04/15/2050		1,397,228
	4,758,711	Series 2016-C6-XA		1.81%	# I/O		01/15/2049		477,398
		CSMC Mortgage Securities Trust,
	6,650,000	Series 2017-LSTK-E		3.33%	#^		04/05/2033		6,518,236
		CSMC Trust,
	7,370,000	Series 2017-CHOP-E (1 Month LIBOR USD + 3.30%, 3.30% Floor)		5.08%	^		07/15/2032		7,400,134
		DBCG Mortgage Trust,
	3,750,000	Series 2017-BBG-C (1 Month LIBOR USD + 1.00%, 1.10% Floor)		2.78%	^		06/15/2034		3,757,603
		Deutsche Bank Commercial Mortgage Trust,
	19,472,912	Series 2016-C1-XA		1.49%	# I/O		05/10/2049		1,731,695
		FORT LLC,
	2,438,000	Series 2016-1A-B (1 Month LIBOR USD + 2.75%, 2.75% Floor)		4.61%	^		05/21/2036		2,452,918
		FREMF Mortgage Trust,
	2,241,062	Series 2016-KF22-B (1 Month LIBOR USD + 5.05%, 5.05% Floor)		6.72%	^		07/25/2023		2,262,408
		GE Commercial Mortgage Corporation Trust,
	1,499,300	Series 2007-C1-AM		5.61%	#		12/10/2049		1,513,353
		GMAC Commercial Mortgage Securities Trust,
	2,488,000	Series 2004-C3-D		5.04%	#		12/10/2041		2,496,352
	2,806,000	Series 2004-C3-E		5.14%	#^		12/10/2041		2,751,309
		Grace Mortgage Trust,
	350,000	Series 2014-GRCE-A		3.37%	^		06/10/2028		353,950
		Great Wolf Trust,
	2,465,000	Series 2017-WOLF-D (1 Month LIBOR USD + 2.10%, 1.00% Floor)		4.03%	^		09/15/2034		2,479,774

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 73

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Great Wolf Trust, (Cont.)
	3,821,000	Series 2017-WOLF-E (1 Month LIBOR USD + 3.10%, 1.00% Floor)		5.03%	^		09/15/2034		3,855,454
	2,034,000	Series 2017-WOLF-F (1 Month LIBOR USD + 4.07%, 1.00% Floor)		6.00%	^		09/15/2034		2,054,616
		GS Mortgage Securities Corporation,
	300,000	Series 2013-KING-C		3.44%	#^		12/10/2027		299,404
	11,604,537	Series 2014-GC20-XA		1.00%	# I/O		04/10/2047		536,814
	4,377,979	Series 2014-GC24-XA		0.83%	# I/O		09/10/2047		165,059
	36,700,004	Series 2015-GC32-XA		0.85%	# I/O		07/10/2048		1,623,204
	9,833,595	Series 2015-GC34-XA		1.35%	# I/O		10/10/2048		733,997
		GS Mortgage Securities Trust,
	1,503,000	Series 2013-GC13-D		4.09%	#^		07/10/2046		1,383,065
	1,963,000	Series 2014-GC26-D		4.51%	#^		11/10/2047		1,710,605
	9,101,462	Series 2015-GS1-XA		0.82%	# I/O		11/10/2048		451,993
	19,712,163	Series 2016-GS2-XA		1.67%	# I/O		05/10/2049		1,858,833
	34,267,213	Series 2016-GS3-XA		1.27%	# I/O		10/10/2049		2,661,713
	81,389,952	Series 2017-GS6-XA		1.05%	# I/O		05/10/2050		6,318,424
		GSCCRE Commercial Mortgage Trust,
	5,382,000	Series 2015-HULA-D (1 Month LIBOR USD + 3.75%)		5.53%	^		08/15/2032		5,416,649
		Hunt Ltd.,
	8,000,000	Series 2017-FL1-C (1 Month LIBOR USD + 2.40%)		4.18%	^		08/15/2034		8,066,432
		Hyatt Hotel Portfolio Trust,
	8,197,000	Series 2017-HYT2-E (1 Month LIBOR USD + 2.35%, 2.35% Floor)		4.13%	^		08/09/2032		8,250,941
		IMT Trust,
	2,355,000	Series 2017-APTS-EFL (1 Month LIBOR USD + 2.15%)		3.93%	^		06/15/2034		2,361,642
	305,000	Series 2017-APTS-FFL (1 Month LIBOR USD + 2.85%)		4.63%	^		06/15/2034		306,267
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	737,306	Series 2006-LDP9-AM		5.37%			05/15/2047		742,450
	3,366,213	Series 2007-C1-AM		5.75%	#		02/15/2051		3,359,644
	350,000	Series 2014-DSTY-A		3.43%	^		06/10/2027		350,227
	500,000	Series 2014-PHH-D (1 Month LIBOR USD + 2.65%)		4.43%	^		08/15/2027		500,563
	22,702,495	Series 2015-JP1-XA		1.13%	# I/O		01/15/2049		1,151,060
	1,872,000	Series 2017-FL10-B (1 Month LIBOR USD + 1.00%, 1.00% Floor)		2.78%	^		06/15/2032		1,888,650
	1,414,000	Series 2017-FL10-C (1 Month LIBOR USD + 1.25%, 1.25% Floor)		3.03%	^		06/15/2032		1,430,532
	4,578,000	Series 2017-FL10-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		3.68%	^		06/15/2032		4,613,430
	1,969,000	Series 2017-MAUI-C (1 Month LIBOR USD + 1.25%, 1.25% Floor)		2.97%	^		07/15/2034		1,976,238
	1,847,000	Series 2017-MAUI-D (1 Month LIBOR USD + 1.95%, 1.95% Floor)		3.67%	^		07/15/2034		1,857,921
	1,635,000	Series 2017-MAUI-E (1 Month LIBOR USD + 2.95%, 2.95% Floor)		4.67%	^		07/15/2034		1,647,963
	2,302,000	Series 2017-MAUI-F (1 Month LIBOR USD + 3.75%, 3.75% Floor)		5.47%	^		07/15/2034		2,324,694

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JP Morgan Chase Commercial Mortgage Securities Trust,
	5,625,000	Series 2004-CBX-D		5.10%	#		01/12/2037		5,717,767
	6,613,000	Series 2006-LDP9-AMS		5.34%			05/15/2047		6,596,400
	2,085,157	Series 2007-LD11-AM		5.95%	#		06/15/2049		2,121,947
	1,332,077	Series 2007-LDPX-AM		5.46%	#		01/15/2049		1,330,703
	3,232,000	Series 2014-FRR1-A707		4.35%	^		01/27/2047		3,213,625
	4,645,251	Series 2015-FL7-C (1 Month LIBOR USD + 2.85%, 2.85% Floor)		4.63%	^		05/15/2028		4,656,877
	2,369,000	Series 2015-MAR7-D		5.23%	^		06/05/2032		2,364,949
	2,362,198	Series 2016-ASH-B (1 Month LIBOR USD + 2.15%, 2.15% Floor)		3.93%	^		10/15/2034		2,367,366
	1,333,959	Series 2016-ASH-C (1 Month LIBOR USD + 2.75%, 2.75% Floor)		4.53%	^		10/15/2034		1,338,257
	39,843,513	Series 2016-JP4-XA		0.81%	# I/O		12/15/2049		1,713,088
	3,776,000	Series 2016-WIKI-E		4.01%	#^		10/05/2031		3,678,359
	3,472,000	Series 2016-WPT-E (1 Month LIBOR USD + 5.00%)		6.78%	^		10/15/2033		3,513,174
		JPMBB Commercial Mortgage Securities Trust,
	2,009,000	Series 2013-C15-D		5.08%	#^		11/15/2045		1,953,028
	6,552,038	Series 2014-C18-XA		0.96%	# I/O		02/15/2047		257,080
	17,668,540	Series 2014-C21-XA		1.06%	# I/O		08/15/2047		884,544
	500,000	Series 2014-C23-C		4.46%	#		09/15/2047		505,044
	22,793,874	Series 2014-C25-XA		0.96%	# I/O		11/15/2047		1,005,005
	1,303,000	Series 2014-C26-C		4.42%	#		01/15/2048		1,284,808
	7,431,401	Series 2014-C26-XA		1.13%	# I/O		01/15/2048		340,119
	1,000,000	Series 2015-C27-D		3.84%	#^		02/15/2048		803,248
	8,469,177	Series 2015-C27-XA		1.35%	# I/O		02/15/2048		482,951
	29,146,085	Series 2015-C29-XA		0.92%	# I/O		05/15/2048		956,003
	30,293,906	Series 2015-C30-XA		0.67%	# I/O		07/15/2048		911,241
	12,811,261	Series 2015-C31-XA		0.98%	# I/O		08/15/2048		644,526
	25,240,761	Series 2015-C32-XA		1.47%	# I/O		11/15/2048		1,448,999
	580,000	Series 2015-C33-C		4.62%	#		12/15/2048		587,195
	53,025,476	Series 2016-C4-XA		0.84%	# I/O		12/15/2049		2,947,967
		LCCM,
	10,000,000	Series 2017-LC26-C		4.71%	^		07/12/2050		9,868,602
		LSTAR Commercial Mortgage Trust,
	11,764,499	Series 2016-4-XA		1.95%	#^ I/O		03/10/2049		856,605
	99,391,092	Series 2017-5-X		1.23%	#^ I/O		03/10/2050		4,744,573
		Madison Avenue Trust,
	300,000	Series 2013-650M-D		4.03%	#^		10/12/2032		301,817
		Merrill Lynch Mortgage Trust,
	22,857	Series 2006-C1-AJ		5.43%	#		05/12/2039		22,892
	5,172,000	Series 2007-C1-AM		5.81%	#		06/12/2050		5,223,301
		Morgan Stanley Bank of America Merrill Lynch Trust,
	10,600,000	Series 2012-CKSV-CK		4.30%	^		10/15/2030		9,300,321
	5,071,040	Series 2013-C12-XA		0.85%	# I/O		10/15/2046		124,206
	16,895,460	Series 2013-C7-XA		1.39%	# I/O		02/15/2046		916,053
	9,274,605	Series 2014-C14-XA		1.16%	# I/O		02/15/2047		322,761
	500,000	Series 2014-C18-C		4.49%	#		10/15/2047		489,465
	620,000	Series 2014-C19-C		4.00%			12/15/2047		595,923
	120,000	Series 2015-C20-C		4.46%	#		02/15/2048		117,395
	5,965,000	Series 2015-C20-D		3.07%	^		02/15/2048		4,616,247
	2,000,000	Series 2015-C26-D		3.06%	^		10/15/2048		1,612,334
	21,648,649	Series 2016-C28-XA		1.28%	# I/O		01/15/2049		1,551,680
		Morgan Stanley Capital Trust,
	2,330,000	Series 2017-ASHF-D (1 Month LIBOR USD + 2.20%, 2.20% Floor)		3.98%	^		11/15/2034		2,342,794
	3,494,000	Series 2017-ASHF-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		4.93%	^		11/15/2034		3,490,108
	2,647,000	Series 2017-ASHF-F (1 Month LIBOR USD + 4.35%, 4.35% Floor)		6.13%	^		11/15/2034		2,665,386
	2,680,000	Series 2017-CLS-E (1 Month LIBOR USD + 1.95%, 1.95% Floor)		3.73%	^		11/15/2034		2,694,444

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Morgan Stanley Capital Trust, (Cont.)
	2,977,000	Series 2017-CLS-F (1 Month LIBOR USD + 2.60%, 2.60% Floor)		4.38%	^		11/15/2034		2,988,152
		Morgan Stanley Capital, Inc.,
	184,216	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		184,039
	8,206	Series 2007-IQ16-AMA		6.12%	#		12/12/2049		8,199
	821,000	Series 2014-CPT-E		3.45%	#^		07/13/2029		808,120
	1,386,000	Series 2014-CPT-F		3.45%	#^		07/13/2029		1,358,883
	1,466,000	Series 2014-CPT-G		3.45%	#^		07/13/2029		1,419,135
	500,000	Series 2014-MP-D		3.69%	#^		08/11/2033		497,226
	625,000	Series 2015-XLF1-D (1 Month LIBOR USD + 3.00%)		4.78%	^		08/14/2031		626,563
	87,093,683	Series 2016-UB12-XA		0.82%	# I/O		12/15/2049		4,155,527
	8,477,000	Series 2017-PRME-D (1 Month LIBOR USD + 3.40%, 3.40% Floor)		5.18%	^		02/15/2034		8,512,358
		Motel 6 Trust,
	6,359,485	Series 2017-MTL6-D (1 Month LIBOR USD + 2.15%, 2.15% Floor)		3.93%	^		08/15/2034		6,404,445
		MSCG Trust,
	1,403,000	Series 2016-SNR-C		5.21%	^		11/15/2034		1,407,504
		PFP Ltd.,
	5,328,792	Series 2017-4-C (1 Month LIBOR USD + 2.25%, 2.25% Floor)		4.03%	^		07/14/2035		5,341,097
		RAIT Trust,
	6,614,000	Series 2017-FL7-B (1 Month LIBOR USD + 1.60%, 1.60% Floor)		3.38%	^		06/15/2037		6,617,437
		Resource Capital Ltd.,
	4,991,948	Series 2017-CRE5-B (1 Month LIBOR USD + 2.00%)		3.79%	^		07/15/2034		4,996,281
		RRX Trust,
	7,250,000	Series 2014-1A-A		0.00%	^ P/O		08/26/2044		7,228,293
		Sutherland Commercial Mortgage Loans LLC,
	1,852,058	Series 2015-SBC4-A		4.00%	^		06/25/2039		1,841,767
		Tharaldson Hotel Portfolio Trust,
	10,402,000	Series 2018-THL-E (1 Month LIBOR USD + 3.18%, 3.10% Floor)		4.92%	^		11/11/2034		10,463,155
		UBS Commercial Mortgage Trust,
	2,034,000	Series 2017-C1-XB		0.90%	# I/O		06/15/2050		148,800
	6,009,000	Series 2018-C8-C		4.71%	#		02/15/2051		5,993,950
	87,806,574	Series 2018-C8-XA		0.90%	# I/O		02/15/2051		5,979,074
		UBS-Barclays Commercial Mortgage Trust,
	3,088,000	Series 2013-C6-D		4.32%	#^		04/10/2046		2,759,576
		UBS-Citigroup Commercial Mortgage Trust,
	5,929,000	Series 2011-C1-D		6.05%	#^		01/10/2045		6,292,505
		Wachovia Bank Commercial Mortgage Trust,
	2,810,289	Series 2006-C25-F		5.19%	#		05/15/2043		2,802,743
	486,105	Series 2006-C26-AM		6.00%	#		06/15/2045		487,380
	242,311	Series 2006-C27-AJ		5.83%	#		07/15/2045		243,029
	392,871	Series 2006-C28-AJ		5.63%	#		10/15/2048		397,444
	10,000,000	Series 2006-C28-C		5.69%	#		10/15/2048		10,079,117
	2,288,666	Series 2007-C31-AJ		5.66%	#		04/15/2047		2,326,497
	766,839	Series 2007-C33-AM		6.01%	#		02/15/2051		787,352
		Wells Fargo Commercial Mortgage Trust,
	1,900,000	Series 2014-LC16-D		3.94%	^		08/15/2050		1,568,176
	540,000	Series 2014-LC18-B		3.96%			12/15/2047		542,206
	13,160,540	Series 2015-C27-XA		0.91%	# I/O		02/15/2048		639,573
	55,752,067	Series 2015-C30-XA		0.95%	# I/O		09/15/2058		2,994,940
	2,000,000	Series 2015-C31-C		4.61%	#		11/15/2048		2,032,804
	21,802,742	Series 2015-C31-XA		1.09%	# I/O		11/15/2048		1,323,082

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wells Fargo Commercial Mortgage Trust, (Cont.)
	32,301,378	Series 2015-NXS2-XA		0.77%	# I/O		07/15/2058		1,176,936
		Wells Fargo Commercial Mortgage Trust,
	1,340,000	Series 2015-NXS3-C		4.64%	#		09/15/2057		1,314,498
	1,150,000	Series 2015-NXS4-E		3.60%	#^		12/15/2048		851,908
	1,443,000	Series 2016-C32-C		4.72%	#		01/15/2059		1,431,932
	15,127,934	Series 2016-C33-XA		1.80%	# I/O		03/15/2059		1,460,454
	25,752,056	Series 2016-LC24-XA		1.73%	# I/O		10/15/2049		2,660,241
	77,636,915	Series 2017-C38-XA		1.09%	# I/O		07/15/2050		5,727,469
	16,315,703	Series 2017-RC1-XA		1.56%	# I/O		01/15/2060		1,583,462
	4,517,000	Series 2018-BXI-E (1 Month LIBOR USD + 2.16%)		3.93%	^		12/15/2036		4,514,916
		WF-RBS Commercial Mortgage Trust,
	2,218,000	Series 2012-C6-D		5.58%	#^		04/15/2045		2,166,821
	3,897,502	Series 2012-C9-D		4.80%	#^		11/15/2045		3,704,571
	3,657,611	Series 2014-C19-XA		1.12%	# I/O		03/15/2047		165,248
	9,524,500	Series 2014-C21-XA		1.11%	# I/O		08/15/2047		464,336
	29,276,782	Series 2016-NXS6-XA		1.65%	# I/O		11/15/2049		2,728,204
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $586,030,814)							573,436,734
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 10.9%
		Ajax Mortgage Loan Trust,
	7,459,341	Series 2016-B-A		4.00%	^§		09/25/2065		7,506,115
		Alternative Loan Trust,
	10,818,445	Series 2005-49CB-A6		5.50%			11/25/2035		10,250,913
	12,932,011	Series 2005-62-1A1 (1 Month LIBOR USD + 0.30%, 0.30% Floor)		2.17%			12/25/2035		11,620,805
	10,970,756	Series 2007-HY9-A2 (1 Month LIBOR USD + 0.27%, 0.27% Floor)		2.14%			08/25/2047		9,594,501
		Banc of America Funding Corporation,
	1,750,000	Series 2005-B-3M1 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 11.00% Cap)		2.27%			04/20/2035		1,662,054
	3,503,603	Series 2006-7-T2A1		5.88%	#		10/25/2036		3,227,782
		Banc of America Mortgage Securities Trust,
	9,407,735	Series 2007-3-1A1		6.00%			09/25/2037		9,150,565
		Bayview Opportunity Master Fund Trust,
	5,590,940	Series 2017-RN6-A1		3.10%	^§		08/28/2032		5,572,334
		BCAP LLC Trust,
	2,838,747	Series 2012-RR1-3A4		5.50%	#^		10/26/2035		2,729,244
		CIM Trust,
	12,380,492	Series 2016-3RR-B2 (1 Month LIBOR USD + 2.50%)		4.16%	^		02/25/2056		12,801,760
		Citicorp Residential Mortgage Securities, Inc.,
	1,111,885	Series 2007-1-A4		5.48%	ß		03/25/2037		1,154,019
		CitiMortgage Alternative Loan Trust,
	1,644,661	Series 2007-A5-1A10		5.75%			05/25/2037		1,563,288
		COLT Mortgage Loan Trust,
	31,741,589	Series 2018-1-A1		2.93%	#^		02/25/2048		31,819,658
		Countrywide Alternative Loan Trust,
	102,215	Series 2004-33-1A1		3.85%	#		12/25/2034		104,746
	759,440	Series 2005-23CB-A15		5.50%			07/25/2035		720,833
	2,691,388	Series 2005-28CB-1A6		5.50%			08/25/2035		2,613,674
	2,760,324	Series 2006-J6-A5		6.00%			09/25/2036		2,431,734
	552,044	Series 2007-15CB-A7		6.00%			07/25/2037		503,744
		Countrywide Home Loans,
	1,806,259	Series 2005-10-A2		5.50%			05/25/2035		1,695,873
	1,020,942	Series 2007-14-A15		6.50%			09/25/2037		956,464

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 75

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Credit Suisse First Boston Mortgage Securities Corporation,
	6,606	Series 2004-8-6A1		4.50%			12/25/2019		6,657
	2,888,988	Series 2005-11-2A1		6.00%			12/25/2035		2,774,426
	119,064	Series 2005-11-8A5		6.00%			12/25/2035		117,304
	1,174,853	Series 2005-9-5A9		5.50%			10/25/2035		1,062,568
		Credit Suisse Mortgage Capital Certificates,
	1,000,000	Series 2011-12R-3A5		3.57%	#^Þ		07/27/2036		1,002,009
	872,589	Series 2011-5R-6A9		3.48%	#^		11/27/2037		882,841
		Credit Suisse Mortgage Trust,
	9,101,209	Series 2017-1A-A		4.50%	^		03/25/2021		9,143,019
	10,639,733	Series 2017-6R1-A1 (1 Month LIBOR USD + 2.55%)		3.21%	^		03/06/2047		10,756,986
		Deephaven Residential Mortgage Trust,
	4,922,934	Series 2017-1A-A1		2.73%	#^		12/26/2046		4,870,017
		Deutsche Mortgage & Asset Receiving Corporation,
	743,616	Series 2014-RS1-1A2		6.97%	#^Þ		07/27/2037		673,632
		Deutsche Securities, Inc.,
	1,017,039	Series 2006-AB4-A1A		6.01%	#		10/25/2036		967,488
		Ellington Financial Mortgage Trust,
	3,931,615	Series 2017-1-A1		2.69%	#^		10/25/2047		3,941,254
	4,033,756	Series 2017-1-A2		2.74%	#^		10/25/2047		4,043,703
	2,805,633	Series 2017-1-A3		2.84%	#^		10/25/2047		2,812,529
		FirstKey Mortgage Trust,
	5,869,270	Series 2014-1-A8		3.50%	#^		11/25/2044		5,829,864
		GCAT LLC,
	15,231,307	Series 2017-2-A1		3.50%	^§		04/25/2047		15,167,882
	3,212,067	Series 2017-3-A1		3.35%	^§		04/25/2047		3,201,232
	3,338,139	Series 2017-4-A1		3.23%	^§		05/25/2022		3,323,668
	7,007,762	Series 2017-5-A1		3.23%	^§		07/25/2047		6,984,539
		GMACM Mortgage Loan Trust,
	123,793	Series 2005-J1-A6		6.00%			12/25/2035		120,088
		GSR Mortgage Loan Trust,
	2,419	Series 2004-2F-14A1		5.50%			09/25/2019		2,438
	688,632	Series 2006-2F-3A4		6.00%			02/25/2036		576,828
		Home Equity Mortgage Trust,
	51,553	Series 2003-6-M2 (1 Month LIBOR USD + 2.20%, 1.70% Floor)		4.07%			03/25/2034		51,459
		HSI Asset Loan Obligation Trust,
	265,058	Series 2006-2-1A1		6.00%			12/25/2036		177,348
		Impac Secured Assets Trust,
	1,115,429	Series 2006-5-1A1C (1 Month LIBOR USD + 0.27%, 0.27% Floor, 11.50% Cap)		2.14%			02/25/2037		954,396
		IndyMac Mortgage Loan Trust,
	2,213,286	Series 2006-AR5-2A1		3.49%	#		05/25/2036		2,009,998
		JP Morgan Alternative Loan Trust 2007-S1,
	12,692,479	Series 2007-S1-A2 (1 Month LIBOR USD + 0.34%, 0.34% Floor, 11.50% Cap)		2.21%			04/25/2047		12,110,108
		Legacy Mortgage Asset Trust,
	19,107,932	Series 2017-GS1-A1		3.50%	^§		01/25/2057		18,846,971
		Lehman Mortgage Trust,
	358,816	Series 2006-1-1A3		5.50%			02/25/2036		313,617
		Lehman XS Trust,
	10,129	Series 2005-6-3A2B		5.42%	ß		11/25/2035		10,140
		MASTR Adjustable Rate Mortgages Trust,
	216,699	Series 2006-2-2A1		3.70%	#		04/25/2036		200,127
		Merrill Lynch Alternative Note Asset Trust,
	538,298	Series 2007-F1-2A6		6.00%			03/25/2037		435,630

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Merrill Lynch Mortgage Investors Trust,
	2,004,934	Series 2006-AF1-AF2C		6.25%			08/25/2036		1,638,946
		Morgan Stanley Capital Trust,
	29,626,403	Series 2006-HE3-A2D (1 Month LIBOR USD + 0.25%, 0.25% Floor)		2.12%			04/25/2036		27,913,221
		Morgan Stanley Mortgage Loan Trust,
	413,649	Series 2006-2-7A1		5.46%	#		02/25/2036		367,787
		Nationstar HECM Loan Trust,
	17,000,000	Series 2017-2A-M1		2.82%	#^		09/25/2027		16,931,218
	3,500,000	Series 2018-1A-M2		3.47%	#^		02/25/2028		3,504,361
	5,500,000	Series 2018-1A-M3		3.79%	#^		02/25/2028		5,506,859
		New Residential Mortgage Loan Trust,
	10,572,910	Series 2017-RPL1-A1		3.60%	^§		04/25/2022		10,677,074
		Oak Hill Advisors Residential Loan Trust,
	14,000,758	Series 2017-NPL1-A1		3.00%	^§		06/25/2057		13,953,685
	14,269,118	Series 2017-NPL2-A1		3.00%	^§		07/25/2057		14,187,709
		Preston Ridge Partners Mortgage Trust,
	13,163,237	Series 2017-2A-A1		3.47%	^§		09/25/2022		13,146,337
		Pretium Mortgage Credit Partners LLC,
	14,655,211	Series 2017-NPL1-A1		3.50%	^§		04/29/2032		14,678,745
	17,057,718	Series 2017-NPL3-A1		3.25%	^§		06/29/2032		17,015,077
		RCO Trust,
	5,831,520	Series 2016-SFR1-A		3.75%	#^		11/25/2051		5,850,397
	6,430,173	Series 2017-INV1-A		3.20%	#^		11/25/2052		6,490,012
	3,636,834	Series 2017-INV1-M1		3.90%	#^		11/25/2052		3,665,973
		Residential Accredit Loans, Inc.,
	1,293,328	Series 2006-QS12-2A3		6.00%			09/25/2036		1,231,786
	1,771,268	Series 2007-QS9-A33		6.50%			07/25/2037		1,628,899
		Residential Asset Securitization Trust,
	942,354	Series 2006-A2-A11		6.00%			01/25/2046		717,368
		SG Mortgage Securities Trust,
	6,868,193	Series 2017-1-A1		3.71%	#^		04/25/2047		6,814,357
		Shellpoint Co-Originator Trust,
	4,011,048	Series 2016-1-1A10		3.50%	#^		11/25/2046		4,029,916
		Soundview Home Loan Trust,
	5,384,402	Series 2007-OPT3-2A3 (1 Month LIBOR USD + 0.18%, 0.18% Floor)		2.05%			08/25/2037		5,259,330
		Structured Adjustable Rate Mortgage Loan Trust,
	7,885,457	Series 2005-22-4A1		3.73%	#		12/25/2035		7,591,177
		Structured Asset Securities Corporation,
	1,628,563	Series 2005-16-1A2		5.50%			09/25/2035		1,633,425
		Towd Point Mortgage Trust,
	2,787,034	Series 2015-2-1A13		2.50%	#^		11/25/2060		2,747,170
		US Residential Opportunity Fund Trust,
	7,548,134	Series 2017-1III-A		3.35%	^§		11/27/2037		7,547,579
		Velocity Commercial Capital Loan Trust,
	1,067,561	Series 2015-1-AFL (1 Month LIBOR USD + 2.43%, 2.43% Floor)		4.30%	^		06/25/2045		1,080,029
	2,768,918	Series 2016-1-AFX		3.53%	#^		04/25/2046		2,759,874
		Verus Securitization Trust,
	10,981,974	Series 2018-1-A1		2.93%	#^		02/25/2048		10,998,267
		VOLT LLC,
	5,991,671	Series 2017-NPL1-A1		3.50%	^§		02/25/2047		5,993,204
	11,592,782	Series 2017-NPL3-A1		3.50%	^§		03/25/2047		11,623,628
	12,140,487	Series 2017-NPL4-A1		3.38%	^§		04/25/2047		12,145,433
	5,448,456	Series 2017-NPL5-A1		3.38%	^§		05/28/2047		5,452,954
	8,365,832	Series 2017-NPL6-A1		3.25%	^§		05/25/2047		8,347,866
	12,461,681	Series 2017-NPL7-A1		3.25%	^§		06/25/2047		12,439,841
	12,373,275	Series 2017-NPL8-A1		3.13%	^§		06/25/2047		12,340,484
	19,130,817	Series 2017-NPL9-A1		3.13%	^§		09/25/2047		19,073,669

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		WaMu Mortgage Pass-Through Certificates Trust,
	7,815,584	Series 2006-AR10-2A1		3.40%	#		09/25/2036		7,374,817
		Washington Mutual Mortgage Pass-Through Certificates,
	169,835	Series 2006-5-1A5		6.00%			07/25/2036		156,253
		Wells Fargo Alternative Loan Trust,
	1,843,552	Series 2007-PA5-1A1		6.25%			11/25/2037		1,795,913
		Wells Fargo Mortgage Backed Securities Trust,
	5,190,628	Series 2007-11-A85		6.00%			08/25/2037		5,067,289
	7,256,228	Series 2007-13-A7		6.00%			09/25/2037		7,315,243
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $549,166,687)							549,744,044
	US CORPORATE BONDS 6.2%
	4,302,000	AbbVie, Inc.		1.80%			05/14/2018		4,298,986
	5,459,000	Amazon.com, Inc.		2.60%			12/05/2019		5,460,332
	1,980,000	Amazon.com, Inc.		1.90%	^		08/21/2020		1,939,497
	1,390,000	American Electric Power Company		2.15%			11/13/2020		1,360,487
	8,525,000	American Express Company (3 Month LIBOR USD + 0.65%)		2.61%			02/27/2023		8,503,445
	2,740,000	American Honda Finance Corporation		1.95%			07/20/2020		2,681,934
	8,115,000	Amgen, Inc.		2.20%			05/11/2020		8,003,610
	4,065,000	Analog Devices, Inc.		2.95%			01/12/2021		4,053,585
	4,935,000	Anthem, Inc.		2.50%			11/21/2020		4,853,706
	7,720,000	AT&T, Inc.		2.80%			02/17/2021		7,648,274
	4,165,000	Bank of America Corporation (3 Month LIBOR USD + 0.79%)		2.81%			03/05/2024		4,147,603
	4,580,000	BAT Capital Corporation		2.30%	^		08/14/2020		4,492,405
	1,750,000	Berkshire Hathaway Finance Corporation		1.70%			03/15/2019		1,738,206
	6,105,000	Berkshire Hathaway Finance Corporation		1.30%			08/15/2019		5,995,113
	4,078,000	Boston Properties LP		5.88%			10/15/2019		4,236,189
	7,860,000	Capital One Financial Corporation		2.40%			10/30/2020		7,708,027
	7,390,000	Cardinal Health, Inc.		1.95%			06/14/2019		7,311,474
	1,925,000	Caterpillar Financial Services Corporation		1.70%			06/16/2018		1,922,506
	5,285,000	Caterpillar Financial Services Corporation		2.10%			01/10/2020		5,225,690
	8,255,000	Celgene Corporation		2.88%			08/15/2020		8,225,857
	7,725,000	Cintas Corporation		2.90%			04/01/2022		7,609,214
	4,766,000	Citigroup, Inc.		2.05%			12/07/2018		4,748,975
	5,085,000	Citigroup, Inc. (3 Month LIBOR USD + 0.96%)		2.71%			04/25/2022		5,117,187
	7,575,000	Consolidated Edison, Inc.		2.00%			03/15/2020		7,449,435
	385,000	Consolidated Edison, Inc.		2.00%			05/15/2021		372,014
	7,825,000	CVS Health Corporation		2.80%			07/20/2020		7,779,636
	3,295,000	Daimler Finance North America LLC		2.25%	^		03/02/2020		3,243,822
	4,395,000	Daimler Finance North America LLC		2.30%	^		02/12/2021		4,287,609
	2,090,000	Enterprise Products Operating LLC		2.80%			02/15/2021		2,068,261
	7,445,000	EQT Corporation		2.50%			10/01/2020		7,284,965
	6,735,000	General Mills, Inc.		2.20%			10/21/2019		6,644,963
	5,715,000	General Motors Financial Company		2.65%			04/13/2020		5,647,886
	2,065,000	General Motors Financial Company		3.20%			07/06/2021		2,048,304
	1,422,000	Goldman Sachs Group, Inc.		2.90%			07/19/2018		1,424,138

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,275,000	Goldman Sachs Group, Inc.		2.30%			12/13/2019		5,220,228
	7,598,000	JP Morgan Chase & Company		2.25%			01/23/2020		7,506,862
	7,265,000	Kinder Morgan, Inc.		3.05%			12/01/2019		7,249,373
	7,085,000	Kroger Company		6.15%			01/15/2020		7,476,319
	4,950,000	McKesson Corporation		2.28%			03/15/2019		4,924,541
	3,354,000	Molson Coors Brewing Company		1.45%			07/15/2019		3,292,866
	7,830,000	Morgan Stanley (3 Month LIBOR USD + 0.93%)		2.67%			07/22/2022		7,863,360
	8,035,000	MUFG Americas Holdings Corporation		2.25%			02/10/2020		7,912,999
	1,743,000	National Rural Utilities Cooperative Finance Corporation		2.30%			11/15/2019		1,731,886
	563,000	Newell Brands, Inc.		2.60%			03/29/2019		560,553
	7,191,000	Newell Brands, Inc.		3.15%			04/01/2021		7,128,624
	7,785,000	Northrop Grumman Corporation		2.08%			10/15/2020		7,621,559
	3,495,000	PNC Bank NA		2.45%			11/05/2020		3,441,785
	3,500,000	PNC Funding Corporation		4.38%			08/11/2020		3,605,681
	6,085,000	Prudential Financial, Inc.		7.38%			06/15/2019		6,410,778
	3,235,000	Reynolds American, Inc.		3.25%			06/12/2020		3,236,602
	20,000,000	SBA Tower Trust		3.17%	^		04/11/2022		19,816,018
	7,895,000	Sherwin-Williams Company		2.25%			05/15/2020		7,766,986
	5,476,000	Simon Property Group LP		2.20%			02/01/2019		5,457,059
	1,510,000	Southern Company		2.45%			09/01/2018		1,508,464
	6,661,000	Southern Company		1.85%			07/01/2019		6,573,000
	2,200,000	Thermo Fisher Scientific, Inc.		3.60%			08/15/2021		2,221,118
	3,784,000	TIAA Asset Management Finance Company LLC		2.95%	^		11/01/2019		3,775,760
	4,695,000	United Technologies Corporation		1.50%			11/01/2019		4,607,250
	3,185,000	United Technologies Corporation		1.90%			05/04/2020		3,121,171
	2,875,000	WellPoint, Inc.		2.30%			07/15/2018		2,872,731
	2,275,000	Wells Fargo & Company		2.15%			01/30/2020		2,239,792
	5,485,000	Wells Fargo & Company		2.60%			01/15/2021		5,409,727
		Total US Corporate Bonds (Cost $320,184,847)							316,086,427
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 3.2%
		Federal Home Loan Mortgage Corporation,
	2,023,740	Pool G0-8626		3.00%			02/01/2045		1,982,054
	2,146,831	Pool G0-8631		3.00%			03/01/2045		2,102,028
	18,550,570	Pool G1-8660		3.50%			09/01/2032		18,933,888
	1,056,474	Pool U7-9016		2.50%			05/01/2028		1,035,567
	706,574	Series 3417-SM (-1 x 1 Month LIBOR USD + 6.28%, 6.28% Cap)		4.50%	I/F I/O		02/15/2038		110,648
	13,904,694	Series 4060-QA		1.50%			09/15/2026		13,481,158
	10,423,485	Series 4125-FA (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)		2.13%			11/15/2042		10,426,698
	1,983,527	Series 4471-GA		3.00%			02/15/2044		1,966,640

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 77

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	19,319,170	Series 4734-A		3.00%			07/15/2042		19,262,175
	22,558,908	Series 4738-LA		3.00%			11/15/2043		22,334,548
		Federal Home Loan Mortgage Corporation Pass-Thru,
	33,301,243	Series K722-X1		1.31%	# I/O		03/25/2023		1,756,571
		Federal National Mortgage Association,
	1,189,339	Series 2012-134-FT (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)		2.22%			12/25/2042		1,188,776
	4,337,635	Series 2012-32-DA		2.00%			11/25/2026		4,238,157
	5,132,793	Series 2014-66-QE		2.00%			01/25/2040		5,059,932
	5,935,455	Series 2015-59-A		3.00%			06/25/2041		5,896,231
	3,548,017	Series 2015-9-HA		3.00%			01/25/2045		3,531,438
	8,982,380	Series 2016-72-PA		3.00%			07/25/2046		8,822,202
	9,260,960	Series 2017-13-ML		3.00%			08/25/2041		9,207,313
	8,934,446	Series 2017-2-HA		3.00%			09/25/2041		8,859,146
	8,367,536	Series 2017-4-CH		3.00%			06/25/2042		8,356,339
		Federal National Mortgage Association Pass-Thru,
	1,072,437	Pool AL3797		2.50%			06/01/2028		1,051,255
	2,973,110	Pool AS4645		3.00%			03/01/2045		2,910,764
	594,075	Pool MA1200		3.00%			10/01/2032		591,960
	5,261,121	Pool MA2270		3.00%			05/01/2045		5,102,223
		Government National Mortgage Association,
	4,857,945	Series 2017-116-FB (1 Month LIBOR USD + 0.25%, 0.25% Floor, 6.50% Cap)		2.07%			05/20/2044		4,862,366
		Total US Government and Agency Mortgage Backed Obligations (Cost $164,754,491)							163,070,077
	US GOVERNMENT AND AGENCY OBLIGATIONS 7.9%
	115,979,505	United States Treasury Inflation Indexed Bonds		1.38%			07/15/2018		117,167,239
	114,600,000	United States Treasury Notes		2.00%			08/31/2021		112,873,520
	137,400,000	United States Treasury Notes		2.13%	‡		09/30/2021		135,820,407
	33,000,000	United States Treasury Notes		1.88%			01/31/2022		32,249,426
		Total US Government and Agency Obligations (Cost $404,048,841)							398,110,592
	AFFILIATED MUTUAL FUNDS 3.0%
	14,960,120	DoubleLine Ultra Short Bond Fund (Class I)							150,050,000
		Total Affiliated Mutual Funds (Cost $150,000,000)							150,050,000
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 0.0%
	4,745	Frontera Energy Corporation*							132,625
		Total Exchange Traded Funds and Common Stocks (Cost $852,503)							132,625

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SHORT TERM INVESTMENTS 17.4%
	162,594,314	BlackRock Liquidity Funds FedFund - Institutional Shares		1.53%	¨				162,594,314
	162,594,313	Fidelity Institutional Money Market Government Portfolio - Class I		1.47%	¨				162,594,313
	159,881,007	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.56%	¨				159,881,007
	56,400,000	United States Treasury Bills		0.00%			04/19/2018		56,356,621
	80,700,000	United States Treasury Bills		0.00%			05/17/2018		80,534,902
	96,900,000	United States Treasury Bills		0.00%			06/07/2018		96,605,676
	162,200,000	United States Treasury Bills		0.00%			08/16/2018		161,073,381
		Total Short Term Investments (Cost $879,665,855)							879,640,214
		Total Investments 96.8% (Cost $4,924,352,657)							4,896,141,506
		Other Assets in Excess of Liabilities 3.2%							160,121,749
		NET ASSETS 100.0%						$	5,056,263,255

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Short Term Investments	17.4%
Collateralized Loan Obligations	12.9%
Non-Agency Commercial Mortgage Backed Obligations	11.3%
Non-Agency Residential Collateralized Mortgage Obligations	10.9%
Foreign Corporate Bonds	8.4%
Bank Loans	7.9%
US Government and Agency Obligations	7.9%
US Corporate Bonds	6.2%
Asset Backed Obligations	6.1%
US Government and Agency Mortgage Backed Obligations	3.2%
Affiliated Mutual Funds	3.0%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.6%
Exchange Traded Funds and Common Stocks	0.0%	~
Other Assets and Liabilities	3.2%
	100.0%

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

March 31, 2018

INVESTMENT BREAKDOWN as a % of Net Assets:
Short Term Investments	17.4%
Collateralized Loan Obligations	12.9%
Non-Agency Commercial Mortgage Backed Obligations	11.3%
Non-Agency Residential Collateralized Mortgage Obligations	10.9%
US Government and Agency Obligations	7.9%
Asset Backed Obligations	6.1%
Banking	5.6%
US Government and Agency Mortgage Backed Obligations	3.2%
Affiliated Mutual Funds	3.0%
Energy	2.2%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.6%
Telecommunications	1.6%
Healthcare	1.5%
Electronics/Electric	1.1%
Business Equipment and Services	1.1%
Pharmaceuticals	0.9%
Utilities	0.9%
Insurance	0.6%
Transportation	0.6%
Automotive	0.6%
Industrial Equipment	0.6%
Leisure	0.5%
Media	0.4%

INVESTMENT BREAKDOWN as a % of Net Assets: (Cont.)
Aerospace & Defense	0.4%
Technology	0.3%
Food Products	0.3%
Chemicals/Plastics	0.3%
Consumer Products	0.3%
Retailers (other than Food/Drug)	0.3%
Hotels/Motels/Inns and Casinos	0.2%
Real Estate	0.2%
Containers and Glass Products	0.2%
Construction	0.2%
Pulp & Paper	0.2%
Conglomerates	0.2%
Beverage and Tobacco	0.2%
Diversified Manufacturing	0.2%
Food/Drug Retailers	0.2%
Finance	0.2%
Commercial Services	0.1%
Food Service	0.1%
Building and Development (including Steel/Metals)	0.1%
Cosmetics/Toiletries	0.1%
Chemical Products	0.0%	~
Other Assets and Liabilities	3.2%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At March 31, 2018, the value of these securities amounted to $1,787,107,858 or 35.3% of net assets.

# 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 March 31, 2018.

Þ Value determined using significant unobservable inputs.

I/O Interest only security

P/O Principal only security

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

* Non-income producing security

¨ Seven-day yield as of March 31, 2018

ß The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of March 31, 2018.

§ The interest rate will step up if the issuer does not redeem the bond by an expected redemption date. The interest rate shown is the rate in effect as of March 31, 2018.

† Perpetual Maturity

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

& Unfunded or partially unfunded loan commitment. At March 31, 2018, the value of these securities amounted to $2,731,263 or 0.1% of net assets.

~ Represents less than 0.05% of net assets.

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

Total Return Swaps

Reference Entity

Counterparty

Long/ Short

Financing Rate

Payment Frequency

Termination Date

Notional Amount

Unrealized Appreciation (Depreciation) / Value

Shiller Barclays CAPE® US Sector ER USD Index«

Barclays Capital, Inc.

Long

0.47%

Termination

04/05/2018

64,000,000

$

(1,230,943

)

Shiller Barclays CAPE® US Sector  ER II USD Index¤

Bank of America Merrill Lynch

Long

0.43%

Termination

04/10/2018

100,000,000

9,961,296

Shiller Barclays CAPE® US Sector ER II USD Index¤

BNP Paribas

Long

0.43%

Termination

04/11/2018

100,000,000

10,687,014

Shiller Barclays CAPE® US Sector ER II USD Index¤

Barclays Capital, Inc.

Long

0.40%

Termination

04/12/2018

100,000,000

10,159,545

Shiller Barclays CAPE® US Sector ER II USD Index¤

Bank of America Merrill Lynch

Long

0.43%

Termination

04/24/2018

100,000,000

10,427,996

Shiller Barclays CAPE® US Sector ER II USD Index¤

BNP Paribas

Long

0.43%

Termination

04/25/2018

100,000,000

9,866,960

Shiller Barclays CAPE® US Sector ER II USD Index¤

Barclays Capital, Inc.

Long

0.40%

Termination

04/26/2018

100,000,000

11,929,072

Shiller Barclays CAPE® US Sector ER II USD Index¤

Bank of America Merrill Lynch

Long

0.43%

Termination

05/15/2018

100,000,000

9,149,830

Shiller Barclays CAPE® US Sector ER II USD Index¤

BNP Paribas

Long

0.43%

Termination

05/16/2018

100,000,000

11,016,610

Shiller Barclays CAPE® US Sector ER II USD Index¤

Barclays Capital, Inc.

Long

0.40%

Termination

05/17/2018

100,000,000

8,253,805

Shiller Barclays CAPE® US Sector ER II USD Index¤

BNP Paribas

Long

0.43%

Termination

05/30/2018

100,000,000

8,224,887

Shiller Barclays CAPE® US Sector ER II USD Index¤

Barclays Capital, Inc.

Long

0.40%

Termination

05/31/2018

100,000,000

7,808,291

Shiller Barclays CAPE® US Sector  ER II USD Index¤

Bank of America Merrill Lynch

Long

0.43%

Termination

06/12/2018

100,000,000

6,338,863

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 79

Schedule of Investments  DoubleLine Shiller Enhanced CAPE^®  (Cont.) March 31, 2018

Reference Entity	Counterparty	Long/ Short		Financing Rate		Payment Frequency		Termination Date		Notional Amount		Unrealized Appreciation (Depreciation) / Value
Shiller Barclays CAPE® US Sector  ER II USD Index¤	BNP Paribas		Long		0.43%		Termination		06/13/2018		100,000,000		$	7,159,631
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40%		Termination		06/14/2018		100,000,000			6,794,183
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.43%		Termination		06/27/2018		100,000,000			5,920,636
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40%		Termination		07/12/2018		80,000,000			5,935,636
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.43%		Termination		07/24/2018		50,000,000			3,056,652
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.43%		Termination		07/25/2018		100,000,000			6,756,221
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40%		Termination		07/26/2018		100,000,000			6,667,075
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40%		Termination		08/16/2018		100,000,000			4,873,997
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.43%		Termination		08/29/2018		100,000,000			4,986,596
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40%		Termination		08/30/2018		100,000,000			5,387,817
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40%		Termination		09/13/2018		100,000,000			4,938,807
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.43%		Termination		09/26/2018		50,000,000			2,875,442
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40%		Termination		09/27/2018		100,000,000			4,357,226
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40%		Termination		10/30/2018		100,000,000			5,404,762
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.43%		Termination		10/31/2018		60,000,000			3,274,607
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40%		Termination		11/13/2018		100,000,000			3,842,329
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40%		Termination		11/15/2018		70,000,000			2,641,178
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.43%		Termination		11/28/2018		100,000,000			3,716,639
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.43%		Termination		12/12/2018		100,000,000			949,183
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40%		Termination		12/13/2018		40,000,000			4,854
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.43%		Termination		01/08/2019		50,000,000			(582,423	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.43%		Termination		01/09/2019		100,000,000			(975,508	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40%		Termination		01/10/2019		100,000,000			(983,646	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40%		Termination		01/15/2019		100,000,000			(2,722,511	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40%		Termination		01/24/2019		50,000,000			(2,145,089	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.43%		Termination		01/29/2019		100,000,000			(6,649,617	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.43%		Termination		01/30/2019		100,000,000			(6,603,325	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40%		Termination		02/12/2019		100,000,000			(6,711,838	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40%		Termination		02/14/2019		100,000,000			(6,763,407	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.43%		Termination		02/26/2019		100,000,000			(3,133,746	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.43%		Termination		02/27/2019		100,000,000			(2,826,894	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40%		Termination		02/28/2019		100,000,000			(2,985,927	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40%		Termination		03/12/2019		100,000,000			(4,292,142	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.43%		Termination		03/26/2019		50,000,000			(2,376,502	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.43%		Termination		03/27/2019		100,000,000			(4,293,107	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40%		Termination		03/28/2019		50,000,000			(2,375,762	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40%		Termination		04/09/2019		100,000,000			(4,521,049	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40%		Termination		04/11/2019		100,000,000			(4,095,977	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.43%		Termination		04/24/2019		100,000,000			1,156,841
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40%		Termination		04/25/2019		100,000,000			—
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.43%		Termination		04/30/2019		100,000,000			1,131,169
													$	139,386,237

« Shiller Barclays CAPE^® US Sector ER USD Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each U.S. equity sector is represented by an exchange-traded fund of equity securities of companies in the relevant sector. Information on the sector constituents as of March 31, 2018, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIICSEU.

¤ Shiller Barclays CAPE^® US Sector ER II USD Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each U.S. equity sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of March 31, 2018, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIICS2E.

A summary of the DoubleLine Shiller Enhanced CAPE^®’s investments in affiliated mutual funds for the year ended March 31, 2018 is as follows:

Fund	Value at March 31, 2017			Gross Purchases			Gross Sales			Shares Held at March 31, 2018		Value at March 31, 2018			Change in Unrealized for the Year Ended March 31, 2018			Dividend Income Earned in the Year Ended March 31, 2018			Net Realized Gain (Loss) in the Year Ended March  31, 2018
DoubleLine Ultra Short Bond Fund (Class I)		$	—		$	150,000,000		$	—		14,960,120		$	150,050,000		$	50,000		$	1,298,692		$	—

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

Schedule of Investments  DoubleLine Flexible Income Fund March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 3.7%
		Arcadia Receivables Credit Trust,
	298,429	Series 2017-1-A		3.25%	^		06/15/2023		299,741
		Citi Held For Asset Issuance,
	618,397	Series 2015-PM1-C		5.01%	^		12/15/2021		621,273
		Coinstar Funding LLC,
	1,985,000	Series 2017-1A-A2		5.22%	^		04/25/2047		2,041,098
		Colony Starwood Homes Trust,
	1,000,000	Series 2016-2A-D (1 Month LIBOR USD + 2.35%, 2.35% Floor)		4.13%	^		12/17/2033		1,011,178
		Consumer Installment Loan Trust,
	109,783	Series 2016-LD1-A		3.96%	^		07/15/2022		109,816
		Consumer Loan Credit Trust,
	779,142	Series 2017-NP2-A		2.55%	^		01/16/2024		777,667
		Eaglewood Consumer Loan Trust,
	104,195	Series 2014-1-A		3.50%	^¥Þ		10/15/2019		104,160
		ECAF Ltd.,
	1,293,757	Series 2015-1A-A2		4.95%	^		06/15/2040		1,311,838
		Helios Issuer LLC,
	5,324,438	Series 2017-1A-A		4.94%	^		09/20/2049		5,427,488
		Jimmy Johns Funding LLC,
	1,990,000	Series 2017-1A-A2II		4.85%	^		07/30/2047		2,038,925
		Kabbage Asset Securitization LLC,
	10,000,000	Series 2017-1-A		4.57%	^		03/15/2022		10,187,634
		LendingClub Issuance Trust,
	368,793	Series 2016-NP2-A		3.00%	^		01/17/2023		368,441
		MarketPlace Loan Trust,
	217,866	Series 2015-CB1-A		4.00%	^		07/15/2021		217,817
		Marlette Funding Trust,
	2,808,821	Series 2018-1A-A		2.61%	^		03/15/2028		2,804,832
		SoFi Consumer Loan Program Trust,
	215,399	Series 2016-2-A		3.09%	^		10/27/2025		215,777
	1,120,142	Series 2017-1-A		3.28%	^		01/26/2026		1,122,516
	500,000	Series 2017-1-B		4.73%	#^		01/26/2026		516,904
	1,181,740	Series 2017-2-A		3.28%	^		02/25/2026		1,184,900
	1,936,896	Series 2017-5-A1		2.14%	^		09/25/2026		1,926,337
	1,000,000	Series 2017-5-A2		2.78%	^		09/25/2026		985,983
	1,404,849	Series 2018-1-A1		2.55%	^		02/25/2027		1,400,793
		Springleaf Funding Trust,
	1,000,000	Series 2016-AA-A		2.90%	^		11/15/2029		995,923
	2,000,000	Series 2017-AA-A		2.68%	^		07/15/2030		1,970,087
		TAL Advantage LLC,
	6,572,216	Series 2017-1A-A		4.50%			04/20/2042		6,764,143
		Total Asset Backed Obligations (Cost $43,831,061)							44,405,271
	BANK LOANS 9.6%
		Acadia Healthcare Company,
	725,813	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (1 Month LIBOR USD +2.50%)		4.38%			02/16/2023		732,770
		Access CIG LLC,
	97,554	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.75%)		0.50%	&		02/27/2025		98,773
	467,446	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.63%			02/27/2025		473,289

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Acrisure LLC,
	1,047,834	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.25%)		5.99%		11/22/2023		1,062,766
		Air Medical Group Holdings, Inc.,
	495,746	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		4.94%		04/28/2022		498,465
		A-L Parent LLC,
	6,628	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%		12/01/2023		6,703
		Albertson’s Holdings LLC,
	667,352	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4 (1 Month LIBOR USD + 2.75%)		4.63%		08/25/2021		660,112
		AlixPartners LLP,
	206,950	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.00%)		5.05%		04/04/2024		208,172
		Almonde, Inc.,
	575,000	Secured 2nd Lien Term Loan (3 Month LIBOR USD + 7.25%, 1.00% Floor)		9.23%		06/16/2025		571,001
	596,400	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.50%)		5.48%		06/13/2024		596,513
		American Renal Holdings, Inc.,
	722,589	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.13%		06/21/2024		724,168
		American Tire Distributors, Inc.,
	964,041	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (2 Month LIBOR USD + 4.25%, 1.00% Floor)		6.24%		09/01/2021		977,899
		Amneal Pharmaceuticals LLC,
	890,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.50%)		5.51%		03/23/2025		891,669
		Applied Systems, Inc.,
	955,200	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%		09/19/2024		963,300
		Arctic LNG Carriers Ltd.,
	610,388	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.50%, 1.00% Floor)		6.38%		05/18/2023		616,684
		Ascend Learning LLC,
	209,474	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%		07/12/2024		210,358
		ASP AMC Merger Sub, Inc.,
	567,414	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.80%		04/22/2024		569,721
		ASP Prince Merger Sub, Inc.,
	65,000	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%)		5.16%		03/20/2025		65,508

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 81

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		AssuredPartners, Inc.,
	950,225	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%)		5.38%		10/22/2024		953,907
	115,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD +3.25%)		5.26%		10/22/2024		115,000
		Asurion LLC,
	920,125	Senior Secured 1st Lien Term Loan, Tranche B6 (1 Month LIBOR USD + 2.75%)		4.63%		11/03/2023		927,390
		Avantor Inc.,
	752,697	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%		11/21/2024		761,556
		Avatar Purchaser Inc.,
	840,000	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)		5.48%		11/15/2024		842,453
		Avaya, Inc.,
	827,925	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.75%)		6.54%		12/16/2024		834,875
		BJ’s Wholesale Club, Inc.,
	869,834	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.19%		02/02/2024		870,182
		Blackstone Group,
	470,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.00%, 1.00% Floor)		5.77%		10/31/2024		472,938
		Blount International, Inc.,
	245,000	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.25%, 1.00% Floor)		5.92%		04/12/2023		248,583
		Brand Energy & Infrastructure Services, Inc.,
	1,245,588	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.25%)		5.99%		06/21/2024		1,258,124
		Bright Bidco B.V.,
	739,413	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.80%		06/28/2024		751,080
		BWAY Corporation,
	1,285,288	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		4.96%		04/03/2024		1,293,205
		Caesars Resort Collection LLC,
	788,025	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%		12/23/2024		794,156
		Canyon Valor Companies, Inc.,
	778,375	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.13%		06/16/2023		786,645
		Capital Automotive LP,
	74,903	Guaranteed Secured 2nd Lien Term Loan (1 Month LIBOR USD + 6.00%, 1.00% Floor)		7.88%		03/24/2025		75,886

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Capri Acquisitions Bidco Ltd,
	1,000,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.02%		11/01/2024		1,001,875
		CBS Radio, Inc.,
	453,863	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%)		4.62%		11/18/2024		456,699
		Cengage Learning, Inc.,
	915,555	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.25%, 1.00% Floor)		6.04%		06/07/2023		836,794
		CenturyLink, Inc.,
	618,450	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%		01/31/2025		609,368
		Ceva Group PLC,
	313,278	Guaranteed Senior Secured 1st Lien Synthetic Letter Of Credit (3 Month LIBOR USD + 5.50%, 1.00% Floor)		2.21%		03/19/2021		308,481
	423,561	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.50%)		7.27%		03/19/2021		417,077
	49,808	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.50%)		7.27%		03/19/2021		49,046
		Ceva Intercompany BV,
	289,751	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.50%, 0.75% Floor)		7.27%		03/19/2021		285,315
		CH Hold Corporation,
	509,627	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.88%		02/01/2024		513,610
		Change Healthcare Holdings LLC,
	743,350	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%		03/01/2024		746,000
		CHG Healthcare Services, Inc.,
	958,497	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.77%		06/07/2023		966,889
		CHG PPC Parent LLC,
	105,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%)		4.76%		03/21/2025		105,394
		Chill Merger Sub, Inc.,
	311,968	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.38%		03/20/2024		315,136
		Cincinnati Bell, Inc.,
	735,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.75%, 1.00% Floor)		5.44%		10/02/2024		741,736
		Compass Power Generation LLC,
	1,057,350	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.75%, 1.00% Floor)		6.05%		12/20/2024		1,073,210

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Compuware Corporation,
	717,193	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.38%		12/15/2021		727,054
		Concentra, Inc.,
	125,000	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 2.75%)		4.53%		06/01/2022		126,094
		Constellation Merger Sub, Inc.,
	528,805	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.55%		09/18/2024		532,866
		Constellis Holdings LLC,
	1,195,963	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.00%, 1.00% Floor)		7.30%		04/19/2024		1,209,046
		Coronado Australian Holdings Ltd.,
	212,143	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 6.50%, 1.00% Floor)		8.51%		03/21/2025		210,021
		Coronado Australian Holdings Pty Ltd.,
	57,857	Senior Secured 1st Lien Term Loan, Tranche C (3 Month LIBOR USD + 6.50%, 1.00% Floor)		8.51%		03/21/2025		57,279
		CP VI Bella Topco LLC,
	124,688	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.88%		12/27/2024		124,532
		CPI Holdco LLC,
	384,535	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.80%		03/21/2024		387,419
		CSM Bakery Supplies LLC,
	877,859	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.00%, 1.00% Floor)		5.70%		07/03/2020		869,739
		Cvent, Inc.,
	1,070,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.63%		11/29/2024		1,077,581
		CVS Holdings LP,
	411,000	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.00%, 0.75% Floor)		4.79%		02/06/2025		409,461
		Deerfield Holdings Corporation,
	1,090,000	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%		02/13/2025		1,095,178
		Delta 2 Lux Sarl,
	795,368	Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 2.50%, 1.00% Floor)		4.38%		02/01/2024		794,871
		Dexko Global, Inc.,
	114,713	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%, 0.75% Floor)		5.80%		07/24/2024		115,985

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Dexko Global, Inc., (Cont.)
	40,000	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%)		5.80%	&		07/24/2024		40,400
		Digicel International Finance Ltd.,
	472,965	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.02%			05/27/2024		471,341
		Diplomat Pharmacy, Inc.,
	69,063	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.50%, 0.75% Floor)		6.10%			12/20/2024		69,796
		EG America LLC,
	615,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.00%)		6.01%			02/01/2025		614,385
		EG Finco Ltd.,
	190,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1 (3 Month LIBOR USD + 4.00%)		5.69%			02/07/2025		189,810
		Envision Healthcare Corporation,
	321,105	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%			12/01/2023		322,830
		EOC Group, Inc.,
	129,718	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.56%	&		03/20/2025		129,961
	810,282	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.07%			03/20/2025		811,801
		Equian Buyer Corporation,
	1,041,517	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%, 0.75% Floor)		5.15%			05/20/2024		1,048,677
		Equinox Holdings, Inc.,
	1,163,279	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%			03/08/2024		1,173,214
		Evergreen Skills,
	292,373	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.75%)		6.63%			04/28/2021		283,115
		Excelitas Technologies Corporation,
	570,762	Guaranteed Senior Secured 1st Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)		5.16%			12/02/2024		576,943
		Exgen Renewables LLC,
	289,275	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.99%			11/29/2024		292,892
		Federal-Mogul Holdings Corporation,
	596,821	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.53%			04/15/2021		601,410
		Filtration Group Corporation,
	445,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD +3.00%)		4.66%			04/30/2025		443,888

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 83

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Flexera Software LLC,
	722,104	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%		02/26/2025		727,371
		Foresight Energy LLC,
	874,700	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 5.75%, 1.00% Floor)		7.44%		03/28/2022		863,674
		Forterra Finance LLC,
	303,099	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%		10/25/2023		280,841
		FTS International, Inc.,
	908,209	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.75%, 1.00% Floor)		6.63%		04/16/2021		913,545
		Garda World Security Corporation,
	1,031,739	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.51%		05/24/2024		1,043,026
		Gates Global LLC,
	856,658	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (3 Month LIBOR USD + 2.75%, 1.00% Floor)		5.05%		04/01/2024		862,415
		Gavilan Resources LLC,
	175,000	Secured 2nd Lien Term Loan (1 Month LIBOR USD + 6.00%, 1.00% Floor)		7.79%		03/01/2024		175,876
		Goldcup Merger Sub, Inc.,
	691,016	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.75%)		5.52%		05/02/2023		697,498
		Golden Nugget, Inc.,
	124,055	Guaranteed Senior Secured 1st Lien Term Loan (2 Month LIBOR USD + 3.25%, 1.00% Floor)		4.90%		10/04/2023		125,303
		Gopher Resource LLC,
	445,000	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.25%)		5.48%		03/06/2025		449,728
		GrafTech Finance, Inc.,
	1,035,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%)		5.24%		02/12/2025		1,036,941
		Greektown Holdings LLC,
	602,409	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%)		4.88%		04/25/2024		603,915
		Greeneden US Holdings LLC,
	926,385	Senior Secured 1st Lien Term Loan, Tranche B3 (3 Month LIBOR USD + 3.50%)		5.80%		12/01/2023		932,828
		GVC Holdings PLC,
	325,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (3 Month LIBOR USD + 2.50%)		4.51%		03/15/2024		326,185

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Harbor Freight Tools USA, Inc.,
	599,261	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.38%		08/18/2023		600,930
		Hargray Corporation,
	1,015,278	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%)		4.88%		05/16/2024		1,019,719
		Harsco Corporation,
	420,758	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1 (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.94%		12/06/2024		426,912
		Hawk Merger Sub, Inc.,
	798,000	Senior Secured 1st Lien Term Loan, Tranche B1 (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%		07/31/2024		803,486
		Hayward Acquisition Corporation,
	895,500	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%)		5.38%		08/05/2024		900,201
		HVSC Merger Sub Corporation,
	154,613	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.00%, 1.00% Floor)		6.30%		10/28/2024		156,223
		Hyland Software, Inc.,
	1,013,168	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%		07/01/2022		1,023,123
		Impala Private Holdings LLC,
	1,082,288	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.00%)		5.88%		11/14/2024		1,088,603
		Informatica LLC,
	308,181	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.13%		08/05/2022		310,373
		Intelsat Jackson Holdings S.A.,
	930,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3 (3 Month LIBOR USD + 3.75%)		5.71%		11/30/2023		932,004
		IRB Holding Corporation,
	571,473	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.94%		02/05/2025		578,259
		Jo-Ann Stores LLC,
	451,539	Senior Secured 1st Lien Term Loan, Tranche B (6 Month LIBOR USD + 5.00%, 1.00% Floor)		6.55%		10/20/2023		450,130
		KBR Inc.,
	505,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.26%		04/30/2025		502,475
		Kenan Advantage Group, Inc.,
	944,390	Senior Secured 1st Lien Term Loan, Tranche B1 (1 Month LIBOR USD + 3.00%)		4.88%		08/01/2022		950,293
		KIK Custom Products, Inc.,
	944,419	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%		05/15/2023		954,973

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Kloeckner Pentaplast,
	810,925	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.25%, 1.00% Floor)		6.13%			06/30/2022		782,547
		Kraton Polymers LLC,
	381,700	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.50%, 1.00% Floor)		4.38%			03/05/2025		384,610
		Kronos Inc.,
	936,661	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%)		4.88%			11/01/2023		943,737
		Learfield Communications,
	423,355	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.56%	&		12/01/2023		427,059
		Life Time Fitness, Inc.,
	1,109,190	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%, 1.00% Floor)		4.73%			06/10/2022		1,112,656
		Lions Gate Capital Holdings LLC,
	280,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (US LIBOR + 2.25%)		4.10%			03/24/2025		281,225
		Lucid Energy Group II Borrower LLC,
	410,000	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.79%			02/18/2025		408,592
		LUX HOLDCO III,
	130,000	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.00%)		4.77%			02/14/2025		131,138
		Marketo, Inc.,
	120,000	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.04%			02/07/2025		119,906
		Meredith Corporation,
	400,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%)		4.88%			01/31/2025		402,900
		Milacron LLC,
	766,328	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%)		4.38%			09/28/2023		769,681
		Mitchell International, Inc.,
	180,000	Guaranteed Secured 2nd Lien Term Loan (1 Month LIBOR USD + 7.25%)		9.14%			12/01/2025		181,485
	64,552	Guaranteed Senior Secured 1st Lien Term Loan		0.00%	±&		11/29/2024		64,649
	800,448	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.13%			11/29/2024		801,648
		Mohegan Tribal Gaming Authority,
	513,618	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%			10/13/2023		513,459

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		MPH Acquisition Holdings LLC,
	878,990	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%, 1.00% Floor)		5.05%		06/07/2023		883,882
		National Vision, Inc.,
	854,876	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.63%		11/20/2024		861,463
		Optiv Security, Inc.,
	648,093	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.13%		02/01/2024		627,030
		Oryx Southern Delaware Holdings LLC,
	1,030,000	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.13%		02/28/2025		1,032,575
		Peak 10 Holding Corporation,
	905,450	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%)		5.80%		08/01/2024		909,624
		PetSmart, Inc.,
	410,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.68%		03/11/2022		330,097
		Pharmaceutical Product Development LLC,
	1,281,819	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 2.50%, 1.00% Floor)		4.77%		08/18/2022		1,287,761
		Phoenix Services Merger Sub LLC,
	160,000	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.41%		03/03/2025		161,800
		Pike Corporation,
	355,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%)		5.39%		03/12/2025		358,772
		Playa Resorts Holding BV,
	885,541	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD 3.25%, 1.00% Floor)		5.00%		04/29/2024		891,740
		Ply Gem Holdings,
	640,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD 3.75%)		5.76%		04/30/2025		636,800
		PODS LLC,
	1,062,338	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.71%		12/06/2024		1,070,969
		Polycom, Inc.,
	328,978	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 5.25%, 1.00% Floor)		7.04%		09/27/2023		332,267
		PowerTeam Services LLC,
	1,060,000	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%		03/06/2025		1,062,650
		PQ Corporation,
	784,828	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 2.50%)		4.29%		02/08/2025		788,937

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 85

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Precyse Acquisition Corporation,
	380,897	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 5.50%)		6.38%		10/20/2022		382,505
		Prime Security Services Borrower LLC,
	952,800	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%		05/02/2022		961,194
		Pro Mach Group, Inc.,
	590,000	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.00%)		5.03%		03/07/2025		591,844
		Project Alpha Intermediate Holding, Inc.,
	749,338	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (6 Month LIBOR USD + 3.50%)		5.04%		04/26/2024		740,750
		Quest Software US Holdings, Inc.,
	842,704	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.50%)		7.27%		10/31/2022		859,562
		RCN Corporation,
	607,361	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%		02/01/2024		604,622
		RentPath LLC,
	854,001	Senior Secured 1st Lien Term Loan, Tranche B1 (1 Month LIBOR USD + 4.75%, 1.00% Floor)		6.63%		12/17/2021		856,669
		Reynolds Group,
	745,600	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%		02/06/2023		750,159
		Robertshaw US Holding Corporation,
	556,573	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%)		5.44%		02/28/2025		562,311
		Scientific Games International, Inc.,
	947,725	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B5 (2 Month LIBOR USD + 2.75%)		4.74%		08/14/2024		952,246
		SCS Holdings, Inc.,
	1,023,343	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)		6.13%		10/31/2022		1,035,280
		Securus Technologies Holdings, Inc.,
	987,186	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.50%)		6.38%		11/01/2024		1,000,454
		Select Medical Corporation,
	792,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%, 1.00% Floor)		4.46%		03/01/2021		800,419
		Shutterfly, Inc.,
	280,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (3 Month LIBOR USD + 2.75%)		4.52%		08/19/2024		281,750
		Sinclair Television Group, Inc.,
	755,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.50%)		3.98%		12/12/2024		759,247

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		SMG US Midco 2, Inc.,
	570,000	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.14%		01/23/2025		575,700
		SolarWinds Holdings, Inc.,
	703,238	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.88%		02/05/2024		707,193
		Solenis International LP,
	488,395	Guaranteed Secured 2nd Lien Term Loan (3 Month LIBOR USD + 6.75%, 1.00% Floor)		8.73%		07/29/2022		465,684
		Solera LLC,
	735,617	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.75%)		4.63%		03/03/2023		738,457
		Sophia LP,
	1,073,470	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%		09/30/2022		1,077,780
		Southern Graphics, Inc.,
	967,976	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%)		5.38%		12/30/2022		976,847
		StandardAero Aviation Holdings, Inc.,
	349,105	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.63%		07/07/2022		352,788
		Staples, Inc.,
	324,188	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.00%)		5.79%		09/12/2024		321,716
		Syncreon Group BV,
	443,206	Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.25%)		6.02%		10/28/2020		415,949
		TCH-2 Holdings LLC,
	359,779	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.00%)		5.88%		05/06/2021		361,578
		Team Health Holdings, Inc.,
	737,550	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%		02/06/2024		707,126
		Telesat Canada,
	447,056	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4 (3 Month LIBOR USD + 3.00%, 0.75% Floor)		5.31%		11/17/2023		449,806
		Tempo Acquisition LLC,
	982,525	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%)		4.88%		05/01/2024		988,514
		Titan Acquisition Ltd.,
	1,065,000	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.66%		03/14/2025		1,064,334
		TKC Holdings, Inc.,
	1,287,000	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		6.03%		02/01/2023		1,301,318

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		TransDigm, Inc.,
	750,688	Guaranteed Senior Secured 1st Lien Term Loan, Tranche F (1 Month LIBOR USD + 2.75%)		5.05%		06/09/2023		753,679
	54,588	Guaranteed Senior Secured 1st Lien Term Loan, Tranche G (3 Month LIBOR USD + 2.50%)		4.80%		08/22/2024		54,827
		TravelClick Holdings Corporation,
	85,115	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD +3.50%, 1.00% Floor)		5.51%		05/06/2021		85,115
		Traverse Midstream Partners LLC,
	470,000	Senior Secured 1st Lien Term Loan, Tranche B (6 Month LIBOR USD + 4.00%, 1.00% Floor)		5.85%		09/27/2024		473,304
		Tribune Media Company,
	671,484	Guaranteed Senior Secured 1st Lien Term Loan, Tranche C (1 Month LIBOR USD + 3.00%, 0.75% Floor)		4.88%		01/26/2024		672,884
		Tumi Holdings, Inc.,
	715,915	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.25%)		4.13%		08/01/2023		720,053
		UFC Holdings LLC,
	1,173,068	Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%		08/18/2023		1,180,857
		Ultra Resources, Inc.,
	273,023	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.76%		04/12/2024		271,061
		Univar USA, Inc.,
	358,899	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 2.50%)		4.38%		07/01/2024		361,731
		US Renal Care, Inc.,
	786,053	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.94%		12/30/2022		790,636
		USAGM HoldCo LLC,
	687,980	Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)		6.05%		07/28/2022		679,480
		VF Holdings Corporation,
	720,877	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%		06/30/2023		727,938
		Vizient, Inc.,
	66,683	Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%		02/13/2023		67,350
		West Corporation,
	533,838	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%		10/10/2024		539,510

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		West Corporation, (Cont.)
	400,000	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1 (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.51%			10/10/2024		401,082
		West Street Merger Sub, Inc.,
	966,522	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%			09/27/2024		967,971
		Wink Holdco, Inc.,
	1,057,350	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.66%			12/02/2024		1,054,543
		York Risk Services Group, Inc.,
	821,937	Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.63%			10/01/2021		806,937
		Zodiac Pool Solutions LLC,
	889,477	Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)		6.30%			12/20/2023		892,261
		Total Bank Loans (Cost $115,315,067)							115,591,600
	COLLATERALIZED LOAN OBLIGATIONS 16.2%
		Adams Mill Ltd.,
	250,000	Series 2014-1A-D1 (3 Month LIBOR USD + 3.50%)		5.22%	^		07/15/2026		250,373
		AIMCO,
	2,500,000	Series 2015-AA-DR (3 Month LIBOR USD + 2.45%, 2.45% Floor)		4.17%	^		01/15/2028		2,504,716
		ALM LLC,
	2,000,000	Series 2013-8A-DR (3 Month LIBOR USD + 7.10%, 7.10% Floor)		8.82%	^		10/15/2028		2,026,445
	2,000,000	Series 2015-16A-C1R (3 Month LIBOR USD + 3.20%)		4.92%	^		07/15/2027		2,004,055
	500,000	Series 2016-19A-A2 (3 Month LIBOR USD + 2.20%)		3.92%	^		07/15/2028		504,823
	500,000	Series 2016-19A-B (3 Month LIBOR USD + 3.00%)		4.72%	^		07/15/2028		506,967
		Apidos Ltd.,
	2,000,000	Series 2013-12A-DR (3 Month LIBOR USD + 2.60%)		4.64%	^		04/15/2031		1,999,825
	2,500,000	Series 2015-21A-C (3 Month LIBOR USD + 3.55%, 3.55% Floor)		5.28%	^		07/18/2027		2,509,333
	250,000	Series 2015-21A-D (3 Month LIBOR USD + 5.55%, 5.55% Floor)		7.28%	^		07/18/2027		247,775
	1,250,000	Series 2016-24A-C (3 Month LIBOR USD + 3.95%, 3.95% Floor)		5.69%	^		07/20/2027		1,262,744

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 87

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Atrium Corporation,
	2,500,000	Series 13A-D (3 Month LIBOR USD + 2.70%)		4.14%	^		11/21/2030		2,527,584
	3,000,000	Series 9A-DR (3 Month LIBOR USD + 3.60%)		5.58%	^		05/28/2030		3,046,547
		Babson Ltd.,
	3,500,000	Series 2014-3A-D1 (3 Month LIBOR USD + 3.50%)		5.22%	^		01/15/2026		3,500,000
	500,000	Series 2014-3A-D2 (1 Month LIBOR USD + 4.40%)		6.12%	^		01/15/2026		500,000
	250,000	Series 2014-3A-E2 (3 Month LIBOR USD + 6.50%)		8.22%	^		01/15/2026		250,000
	1,500,000	Series 2015-2A-DR (3 Month LIBOR USD + 2.95%)		4.69%	^		10/20/2030		1,513,481
	1,737,500	Series 2015-2A-ER (3 Month LIBOR USD + 6.45%)		8.19%	^		10/20/2030		1,782,713
		Barings Ltd.,
	2,000,000	Series 2016-3A-C (3 Month LIBOR USD + 3.95%, 3.95% Floor)		5.67%	^		01/15/2028		2,030,590
		Betony Ltd.,
	500,000	Series 2015-1A-D (3 Month LIBOR USD + 3.60%, 3.60% Floor)		5.32%	^		04/15/2027		500,709
		BlueMountain Ltd.,
	3,770,000	Series 2013-2A-DR (3 Month LIBOR USD + 2.90%)		4.64%	^		10/22/2030		3,795,673
	2,250,000	Series 2013-3A-DR (3 Month LIBOR USD + 2.90%)		4.66%	^		10/29/2025		2,255,829
	750,000	Series 2015-2A-C (3 Month LIBOR USD + 2.70%, 2.70% Floor)		4.43%	^		07/18/2027		753,653
	1,000,000	Series 2015-2A-D (3 Month LIBOR USD + 3.55%, 3.55% Floor)		5.28%	^		07/18/2027		1,006,944
	1,000,000	Series 2015-3A-B (3 Month LIBOR USD + 3.10%)		4.84%	^		10/20/2027		1,000,000
	500,000	Series 2015-3A-C (3 Month LIBOR USD + 3.55%)		5.29%	^		10/20/2027		500,000
	500,000	Series 2015-3A-CR (3 Month LIBOR USD + 2.60%, 2.60% Floor)		0.00%	^		04/20/2031		500,000
	750,000	Series 2016-2A-C (3 Month LIBOR USD + 4.10%)		5.98%	^		08/20/2028		756,065
	1,000,000	Series 2016-3A-D (3 Month LIBOR USD + 3.85%)		5.69%	^		11/15/2027		1,010,530
		California Street LP,
	5,500,000	Series 2012-9A-AR (3 Month LIBOR USD + 1.45%)		3.17%	^		10/16/2028		5,519,461
	2,000,000	Series 2012-9A-DR (3 Month LIBOR USD + 3.96%)		5.68%	^		10/16/2028		2,016,517
	2,000,000	Series 2012-9A-ER (3 Month LIBOR USD + 7.18%)		8.90%	^		10/16/2028		2,027,081
		Canyon Capital Ltd.,
	2,000,000	Series 2006-1A-D (3 Month LIBOR USD + 1.60%)		3.72%	^		12/15/2020		2,000,872
	1,000,000	Series 2012-1A-DR (3 Month LIBOR USD + 4.10%)		5.82%	^		01/15/2026		1,006,261
	2,000,000	Series 2014-1A-CR (3 Month LIBOR USD + 2.75%, 2.75% Floor)		4.52%	^		01/30/2031		1,993,000
	2,000,000	Series 2014-2A-DR (3 Month LIBOR USD + 3.65%)		5.37%	^		04/15/2029		2,021,763
		Carlyle Global Market Strategies Ltd.,
	1,250,000	Series 2013-2A-DR (3 Month LIBOR USD + 2.40%)		4.13%	^		01/18/2029		1,256,255
	2,000,000	Series 2016-2A-D2 (3 Month LIBOR USD + 6.45%, 6.45% Floor)		8.17%	^		07/15/2027		2,029,521

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Cent Ltd.,
	303,100	Series 2012-16A-A1AR (3 Month LIBOR USD + 1.25%)		3.02%	^		08/01/2024		303,308
	2,000,000	Series 2014-22A-C (3 Month LIBOR USD + 3.75%)		5.54%	^		11/07/2026		2,005,938
	1,595,000	Series 2014-22A-D (3 Month LIBOR USD + 5.30%)		7.09%	^		11/07/2026		1,598,179
		CVP Ltd.,
	3,000,000	Series 2017-1A-A (3 Month LIBOR USD + 1.34%)		3.08%	^		07/20/2030		3,023,212
		Dryden Senior Loan Fund,
	3,900,000	Series 2014-33A-DR (3 Month LIBOR USD + 4.35%)		6.07%	^		10/15/2028		3,963,139
	2,500,000	Series 2014-34A-DR (3 Month LIBOR USD + 3.40%)		5.12%	^		10/15/2026		2,513,948
	3,000,000	Series 2015-37A-DR (3 Month LIBOR USD + 2.50%, 2.50% Floor)		4.22%	^		01/15/2031		3,006,979
	1,000,000	Series 2016-45A-D (3 Month LIBOR USD + 3.85%)		5.57%	^		07/15/2027		1,008,840
	1,000,000	Series 2017-50A-D (3 Month LIBOR USD + 3.25%)		4.97%	^		07/15/2030		1,012,925
		Galaxy Ltd.,
	250,000	Series 2014-18A-D1 (3 Month LIBOR USD + 3.70%)		5.42%	^		10/15/2026		250,720
		GoldenTree Loan Management Ltd.,
	4,000,000	Series 2017-1A-D (3 Month LIBOR USD + 3.35%)		5.09%	^		04/20/2029		4,046,618
	5,500,000	Series 2017-2A-D (3 Month LIBOR USD + 2.65%)		4.22%	^		11/28/2030		5,526,330
		GoldenTree Loan Opportunities Ltd.,
	1,000,000	Series 2015-10A-D (3 Month LIBOR USD + 3.35%, 3.35% Floor)		5.09%	^		07/20/2027		1,004,275
		Greenwood Park Ltd.,
	1,500,000	Series 2018-1A-D (3 Month LIBOR USD + 2.50%)		0.00%	^		04/15/2031		1,503,378
		Halcyon Loan Advisors Funding Ltd.,
	250,000	Series 2013-2A-C (3 Month LIBOR USD + 2.70%)		4.47%	^		08/01/2025		250,310
	250,000	Series 2014-2A-C (3 Month LIBOR USD + 3.50%)		5.26%	^		04/28/2025		250,636
	250,000	Series 2014-2A-D (3 Month LIBOR USD + 5.00%)		6.76%	^		04/28/2025		237,895
		Highbridge Loan Management Ltd.,
	2,000,000	Series 2013-2A-CR (3 Month LIBOR USD + 2.90%)		4.64%	^		10/20/2029		2,006,435
		Jay Park Ltd.,
	2,000,000	Series 2016-1A-C (3 Month LIBOR USD + 3.85%)		5.59%	^		10/20/2027		2,020,673
		LCM LP,
	500,000	Series 14A-D (3 Month LIBOR USD + 3.50%)		5.22%	^		07/15/2025		500,709
	250,000	Series 16A-DR (3 Month LIBOR USD + 3.00%)		4.72%	^		07/15/2026		250,622
	1,250,000	Series 19A-E2 (3 Month LIBOR USD + 5.70%, 5.70% Floor)		7.42%	^		07/15/2027		1,256,539
	5,000,000	Series 26A-D (3 Month LIBOR USD + 2.50%, 2.50% Floor)		4.43%	^		01/20/2031		5,007,022
		Madison Park Funding Ltd.,
	1,000,000	Series 2014-15A-CR (3 Month LIBOR USD + 3.45%)		5.21%	^		01/27/2026		1,001,559
	2,500,000	Series 2014-15A-DR (3 Month LIBOR USD + 5.44%)		7.20%	^		01/27/2026		2,501,962
	1,000,000	Series 2015-16A-D (3 Month LIBOR USD + 5.50%)		7.24%	^		04/20/2026		1,003,144
	500,000	Series 2015-18A-DR (3 Month LIBOR USD + 2.95%)		4.69%	^		10/21/2030		507,745

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Magnetite Ltd.,
	250,000	Series 2014-9A-BR (3 Month LIBOR USD + 2.00%)		3.75%	^		07/25/2026		250,298
	3,500,000	Series 2018-20A-D (3 Month LIBOR USD + 2.50%)		0.00%	^		04/20/2031		3,500,000
		Marathon Ltd.,
	1,000,000	Series 2017-9A-A2 (3 Month LIBOR USD + 1.75%)		3.47%	^		04/15/2029		1,005,125
		Milos Ltd.,
	1,000,000	Series 2017-1A-D (3 Month LIBOR USD + 3.40%)		5.14%	^		10/20/2030		1,013,717
		Neuberger Berman Loan Advisers Ltd.,
	1,000,000	Series 2016-21A-DR (3 Month LIBOR USD 2.40%)		0.00%	±^		04/20/2027		1,000,000
	4,000,000	Series 2017-16SA-D (3 Month LIBOR USD + 2.50%)		4.22%	^		01/15/2028		3,997,302
	1,500,000	Series 2017-25A-D (3 Month LIBOR USD + 3.25%)		4.98%	^		10/18/2029		1,513,438
	1,000,000	Series 2017-26A-D (3 Month LIBOR USD + 2.65%, 2.65% Floor)		4.04%	^		10/18/2030		1,002,649
		Octagon Investment Partners Ltd.,
	4,500,000	Series 2012-1A-CR (3 Month LIBOR USD + 4.00%)		5.72%	^		07/15/2029		4,572,051
	500,000	Series 2014-1A-C (3 Month LIBOR USD + 3.65%)		5.48%	^		11/14/2026		504,015
	2,000,000	Series 2014-1A-D (3 Month LIBOR USD + 6.60%)		8.43%	^		11/14/2026		2,022,926
	2,500,000	Series 2017-1A-C (3 Month LIBOR USD + 3.50%)		5.24%	^		03/17/2030		2,521,239
	1,250,000	Series 2017-1A-D (3 Month LIBOR USD + 6.20%)		7.94%	^		03/17/2030		1,266,351
	2,000,000	Series 2017-1A-D (3 Month LIBOR USD + 3.70%)		5.44%	^		07/20/2030		2,029,009
	4,000,000	Series 2018-1A-C (3 Month LIBOR USD + 2.60%, 2.60% Floor)		4.35%	^		01/20/2031		3,998,787
		Octagon Loan Funding Ltd.,
	1,000,000	Series 2014-1A-DR (3 Month LIBOR USD + 3.40%)		5.28%	^		11/18/2026		1,004,317
		Sound Harbor Loan Fund Ltd.,
	1,000,000	Series 2014-1A-A1R (3 Month LIBOR USD + 1.20%)		2.97%	^		10/30/2026		1,000,714
		Stewart Park Ltd.,
	3,500,000	Series 2015-1A-DR (3 Month LIBOR USD + 2.60%, 2.60% Floor)		4.32%	^		01/15/2030		3,485,958
		Symphony Ltd.,
	500,000	Series 2014-14A-D2 (3 Month LIBOR USD + 3.60%)		5.32%	^		07/14/2026		501,261
		TCI-Cent Ltd.,
	2,000,000	Series 2016-1A-C (3 Month LIBOR USD + 4.00%)		5.76%	^		12/21/2029		2,042,169
		TCI-Symphony Ltd.,
	1,000,000	Series 2016-1A-D (3 Month LIBOR USD + 3.80%, 3.80% Floor)		5.52%	^		10/13/2029		1,010,841
		Thacher Park Ltd.,
	3,000,000	Series 2014-1A-D1R (3 Month LIBOR USD + 3.40%)		5.14%	^		10/20/2026		3,008,058
		Venture Ltd.,
	4,000,000	Series 2007-8A-C (3 Month LIBOR USD + 0.90%)		2.64%	^		07/22/2021		3,992,519
	1,000,000	Series 2014-17A-CR (3 Month LIBOR USD + 2.20%)		3.92%	^		07/15/2026		1,001,045
	1,000,000	Series 2016-23A-B (3 Month LIBOR USD + 2.30%)		4.04%	^		07/19/2028		1,003,636
	2,000,000	Series 2016-24A-E (3 Month LIBOR USD + 6.72%)		8.46%	^		10/20/2028		2,012,300

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Voya Ltd.,
	3,900,000	Series 2013-1A-CR (3 Month LIBOR USD + 2.95%)		4.67%	^		10/15/2030		3,933,746
	1,500,000	Series 2017-3A-C (3 Month LIBOR USD + 3.55%)		5.29%	^		07/20/2030		1,521,120
		Westcott Park Ltd.,
	1,000,000	Series 2016-1A-D (3 Month LIBOR USD + 4.35%)		6.09%	^		07/20/2028		1,022,662
		Wind River Ltd.,
	3,750,000	Series 2012-1A-DR (3 Month LIBOR USD + 4.10%)		5.82%	^		01/15/2026		3,800,856
	2,000,000	Series 2013-2A-E1R (3 Month LIBOR USD + 6.75%)		8.48%	^		10/18/2030		2,031,254
	4,000,000	Series 2014-1A-DR (3 Month LIBOR USD + 3.50%)		5.23%	^		04/18/2026		4,004,287
	4,000,000	Series 2014-2A-DR (3 Month LIBOR USD + 2.90%, 2.90% Floor)		4.62%	^		01/15/2031		4,020,423
	2,000,000	Series 2014-2A-ER (3 Month LIBOR USD + 5.75%, 5.75% Floor)		7.47%	^		01/15/2031		1,985,382
	7,975,000	Series 2015-2A-ER (3 Month LIBOR USD + 5.55%)		7.27%	^		10/15/2027		8,002,627
	500,000	Series 2016-1A-B (3 Month LIBOR USD + 2.35%)		4.07%	^		07/15/2028		501,944
	500,000	Series 2016-1A-C (3 Month LIBOR USD + 3.20%)		4.92%	^		07/15/2028		502,764
	2,000,000	Series 2017-1A-D (3 Month LIBOR USD + 3.75%)		5.48%	^		04/18/2029		2,035,833
	1,750,000	Series 2017-1A-E (3 Month LIBOR USD + 6.42%)		8.15%	^		04/18/2029		1,783,559
	1,500,000	Series 2017-4A-D (3 Month LIBOR USD + 2.65%)		4.53%	^		11/20/2030		1,499,738
		Total Collateralized Loan Obligations (Cost $193,891,350)							195,387,065
	FOREIGN CORPORATE BONDS 12.7%
	300,000	Adani Ports & Special Economic Zone Ltd.		3.50%			07/29/2020		298,638
	1,200,000	Adani Ports & Special Economic Zone Ltd.		3.95%			01/19/2022		1,196,836
	500,000	AES Andres B.V.		7.95%	^		05/11/2026		536,330
	245,000	Aker BP ASA		5.88%	^		03/31/2025		248,675
	2,700,000	Alibaba Group Holding Ltd.		3.13%			11/28/2021		2,694,747
	200,000	Alibaba Group Holding Ltd.		2.80%			06/06/2023		193,460
	400,000	America Movil S.A.B. de C.V.		5.00%			03/30/2020		413,753
	200,000	America Movil S.A.B. de C.V.		3.13%			07/16/2022		196,991
	500,000	Ardagh Packaging Finance, Inc.		6.00%	^		02/15/2025		503,750
	3,200,000	Axiata SPV2 BHD		3.47%			11/19/2020		3,211,946
	600,000	Banco de Costa Rica		5.25%			08/12/2018		605,220
	2,000,000	Banco de Credito del Peru		2.25%			10/25/2019		1,976,900
	1,300,000	Banco de Credito del Peru		5.38%			09/16/2020		1,366,209
	2,206,000	Banco de Credito e Inversiones		4.00%			02/11/2023		2,231,891

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 89

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	200,000	Banco de Reservas de la Republica Dominicana		7.00%	^		02/01/2023		210,000
	200,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		210,000
	900,000	Banco del Estado de Chile		4.13%			10/07/2020		918,515
	800,000	Banco del Estado de Chile		2.67%	^		01/08/2021		785,068
	800,000	Banco del Estado de Chile		3.88%			02/08/2022		809,182
	3,000,000	Banco International del Peru S.A.A.		5.75%			10/07/2020		3,150,000
	500,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		498,125
	451,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		452,128
	300,000	Banco Santander		3.88%			09/20/2022		303,159
	1,890,000	Banco Santander (5 Year CMT Rate + 4.58%)		5.95%			01/30/2024		1,931,580
	1,300,000	Bancolombia S.A.		6.13%			07/26/2020		1,379,625
	200,000	Banistmo S.A.		3.65%	^		09/19/2022		192,250
	500,000	BBVA Banco Continental S.A.		5.00%			08/26/2022		525,100
	800,000	BDO Unibank, Inc.		2.63%			10/24/2021		778,690
	3,150,000	BDO Unibank, Inc.		2.95%			03/06/2023		3,030,728
	500,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		517,600
	2,200,000	Bharti Airtel Ltd.		5.13%			03/11/2023		2,242,416
	1,500,000	Bharti Airtel Ltd.		4.38%			06/10/2025		1,457,168
	2,400,000	BPRL International Singapore Pte Ltd.		4.38%			01/18/2027		2,368,745
	50,000	Camposol S.A.		10.50%	^		07/15/2021		53,625
	348,000	Celulosa Arauco y Constitucion S.A.		7.25%			07/29/2019		365,820
	605,000	Celulosa Arauco y Constitucion S.A.		5.00%			01/21/2021		631,051
	500,000	Celulosa Arauco y Constitucion S.A.		4.75%			01/11/2022		516,341
	705,000	CEVA Group PLC		7.00%	^		03/01/2021		694,425
	200,000	CK Hutchison International Ltd.		2.25%	^		09/29/2020		195,759
	200,000	CK Hutchison International Ltd.		2.88%	^		04/05/2022		196,242
	500,000	CK Hutchison International Ltd.		2.88%			04/05/2022		490,604
	400,000	CK Hutchison International Ltd.		2.75%			03/29/2023		385,765
	300,000	CK Hutchison International Ltd.		2.75%	^		03/29/2023		289,324
	1,500,000	CK Hutchison International Ltd.		3.50%	^		04/05/2027		1,453,994
	600,000	CNOOC Finance Ltd.		4.25%			01/26/2021		614,934
	900,000	CNOOC Finance Ltd.		3.88%			05/02/2022		907,775
	2,800,000	CNOOC Finance Ltd.		3.50%			05/05/2025		2,709,454
	200,000	CNPC General Capital Ltd.		2.70%			11/25/2019		198,840
	600,000	CNPC General Capital Ltd.		3.95%			04/19/2022		611,045
	1,200,000	CNPC General Capital Ltd.		3.40%			04/16/2023		1,188,097
	2,200,000	CNPC Overseas Capital Ltd.		4.50%			04/28/2021		2,278,678
	150,000	Coca-Cola Femsa S.A.B. de C.V.		3.88%			11/26/2023		153,571
	3,700,000	Corpbanca S.A.		3.88%			09/22/2019		3,733,284
	400,000	Cosan Overseas Ltd.		8.25%	†		05/05/2018		405,700
	120,000	DAE Funding LLC		5.00%	^		08/01/2024		113,850
	1,000,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)		2.37%			07/25/2022		1,005,440
	1,600,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)		2.37%	^		07/25/2022		1,608,704
	2,000,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)		3.60%	†		09/07/2021		1,938,938
	320,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		326,563
	200,000	Digicel Ltd.		8.25%			09/30/2020		173,000
	2,000,000	Digicel Ltd.		7.13%			04/01/2022		1,567,500
	1,100,000	ECL S.A.		5.63%			01/15/2021		1,160,446

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,800,000	Ecopetrol SA		7.63%			07/23/2019		4,024,200
	2,607,000	Embotelladora Andina S.A.		5.00%			10/01/2023		2,749,903
	1,297,055	ENA Norte Trust		4.95%			04/25/2023		1,333,048
	200,000	Export-Import Bank of India		3.13%			07/20/2021		197,789
	2,200,000	Export-Import Bank of India		4.00%			01/14/2023		2,203,069
	485,000	FMG Resources Ltd.		4.75%	^		05/15/2022		480,756
	500,000	Fomento Economico Mexicano S.A.B. de C.V.		2.88%			05/10/2023		487,585
	2,000,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		2,006,000
	1,300,000	Fondo Mivivienda S.A.		3.50%			01/31/2023		1,277,250
	400,000	Fondo Mivivienda S.A.		3.50%	^		01/31/2023		393,000
	335,000	GFL Environmental, Inc.		5.38%	^		03/01/2023		329,975
	1,700,000	Global Bank Corporation		5.13%			10/30/2019		1,736,040
	1,000,000	Global Bank Corporation		4.50%	^		10/20/2021		1,009,600
	1,500,000	Global Bank Corporation		4.50%			10/20/2021		1,514,400
	2,600,000	Gohl Capital Ltd.		4.25%			01/24/2027		2,560,844
	400,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		390,325
	440,116	Guanay Finance Ltd.		6.00%			12/15/2020		451,271
	625,000	GW Honos Security Corporation		8.75%	^		05/15/2025		656,250
	1,200,000	Hutchison Whampoa International Ltd.		3.25%			11/08/2022		1,190,823
	300,000	Indian Oil Corporation Ltd.		5.63%			08/02/2021		319,180
	3,300,000	Indian Oil Corporation Ltd.		5.75%			08/01/2023		3,578,899
	1,200,000	Industrial Senior Trust		5.50%			11/01/2022		1,199,100
	310,000	Intelsat Jackson Holdings S.A.		5.50%			08/01/2023		251,875
	120,000	Intelsat Jackson Holdings S.A.		9.75%	^		07/15/2025		112,350
	300,000	Inversiones CMPC S.A.		6.13%			11/05/2019		313,908
	1,711,000	Inversiones CMPC S.A.		4.50%			04/25/2022		1,760,656
	605,000	Kronos Acquisition Holdings, Inc.		9.00%	^		08/15/2023		576,262
	144,000	Magnesita Finance Ltd.		8.63%	†		04/30/2018		145,044
	3,787,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91%			10/29/2026		3,798,626
	1,000,000	MARB BondCo PLC		7.00%	^		03/15/2024		943,750
	400,000	Marfrig Holdings Europe B.V.		8.00%	^		06/08/2023		404,000
	600,000	MEG Energy Corporation		7.00%	^		03/31/2024		498,000
	700,000	New Red Finance, Inc.		5.00%	^		10/15/2025		670,040
	200,000	OAS Financial Ltd. (5 Year CMT Rate + 8.19%)		8.88%	†W		04/30/2018		21,000
	800,000	ONGC Videsh Ltd.		2.88%			01/27/2022		773,794
	3,000,000	ONGC Videsh Ltd.		3.75%			07/27/2026		2,871,795
	4,200,000	Oversea-Chinese Banking Corporation (5 Year Swap Rate USD + 2.20%)		4.00%			10/15/2024		4,232,180
	2,105,000	Panama Metro Line SP		0.00%	^		12/05/2022		1,903,972
	2,100,000	Panama Metro Line SP		0.00%			12/05/2022		1,899,450
	500,000	Petrobras Global Finance B.V.		7.25%			03/17/2044		511,250
	2,200,000	Petronas Capital Ltd.		3.50%			03/18/2025		2,175,712
	1,660,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		1,649,044
	460,000	Precision Drilling Corporation		7.13%	^		01/15/2026		456,550
	1,500,000	PSA International Ltd.		3.88%			02/11/2021		1,543,243
	3,950,000	Reliance Holdings, Inc.		5.40%			02/14/2022		4,176,248
	900,000	SACI Falabella		3.75%			04/30/2023		893,699
	1,000,000	Singtel Group Treasury		4.50%			09/08/2021		1,046,431
	1,200,000	Sinopec Group Overseas Development Ltd.		2.25%	^		09/13/2020		1,173,726
	2,800,000	Sinopec Group Overseas Development Ltd.		2.75%			09/29/2026		2,544,794
	100,000	Sixsigma Networks Mexico S.A. de C.V.		8.25%	^		11/07/2021		105,750
	2,300,000	SP PowerAssets Ltd.		2.70%			09/14/2022		2,258,104
	1,500,000	Telefonica Chile S.A.		3.88%			10/12/2022		1,499,609
	385,000	Telesat LLC		8.88%	^		11/15/2024		423,500
	4,200,000	Temasek Financial Ltd.		2.38%			01/23/2023		4,072,386
	800,000	Tencent Holdings Ltd.		3.38%			05/02/2019		804,569
	300,000	Tencent Holdings Ltd.		2.88%			02/11/2020		299,543

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,200,000	Tencent Holdings Ltd. (3 Month LIBOR USD + 0.61%)		2.34%	^		01/19/2023		2,203,894
	375,000	Teva Pharmaceutical Finance B.V.		6.75%	^		03/01/2028		370,657
	400,000	Transelec S.A.		4.63%			07/26/2023		418,254
	1,400,000	Transportadora de Gas del Peru S.A.		4.25%			04/30/2028		1,398,250
	1,500,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		1,526,250
	265,000	Travelport Corporate Finance PLC		6.00%	^		03/15/2026		266,656
	500,000	Union Bank of the Philippines		3.37%			11/29/2022		487,058
	1,500,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.00%)		3.75%			09/19/2024		1,511,205
	2,400,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.24%)		3.50%			09/16/2026		2,380,414
	2,200,000	UPL Corporation		3.25%			10/13/2021		2,158,365
		Total Foreign Corporate Bonds (Cost $156,044,879)							153,025,364
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 3.0%
	300,000	Chile Government International Bond		2.25%			10/30/2022		288,150
	2,500,000	Chile Government International Bond		3.13%			03/27/2025		2,456,250
	2,800,000	Chile Government International Bond		3.13%			01/21/2026		2,746,800
	800,000	Costa Rica Government International Bond		10.00%			08/01/2020		896,600
	3,600,000	Indonesia Government International Bond		4.88%			05/05/2021		3,760,859
	1,400,000	Israel Government International Bond		4.00%			06/30/2022		1,450,435
	1,900,000	Israel Government International Bond		3.15%			06/30/2023		1,898,904
	1,200,000	Israel Government International Bond		2.88%			03/16/2026		1,156,764
	3,000,000	Malaysia Sovereign Sukuk BHD		3.04%			04/22/2025		2,946,390
	250,000	Malaysia Sukuk Global BHD		3.18%			04/27/2026		245,006
	1,200,000	Mexico Government International Bond		4.00%			10/02/2023		1,231,050
	800,000	Mexico Government International Bond		4.15%			03/28/2027		809,800
	700,000	Mexico Government International Bond		3.75%			01/11/2028		677,775
	2,000,000	Panama Government International Bond		5.20%			01/30/2020		2,089,000
	1,900,000	Panama Government International Bond		4.00%			09/22/2024		1,955,100
	600,000	Panama Government International Bond		3.88%			03/17/2028		606,000
	1,000,000	Perusahaan Penerbit		4.15%			03/29/2027		991,250
	1,700,000	Perusahaan Penerbit		4.15%	^		03/29/2027		1,685,125
	2,500,000	Philippine Government International Bond		4.00%			01/15/2021		2,564,007
	3,800,000	Philippine Government International Bond		4.20%			01/21/2024		3,962,222
	1,750,000	Wakala Global Sukuk BHD		4.65%			07/06/2021		1,848,193
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $37,054,349)							36,265,680

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 9.0%
		Americold LLC,
	159,000	Series 2010-ARTA-C		6.81%	^		01/14/2029		170,568
		AREIT Trust,
	2,326,000	Series 2018-CRE1-AS (1 Month LIBOR USD + 1.25%, 1.25% Floor)		2.75%	^		02/15/2035		2,331,473
	1,524,000	Series 2018-CRE1-B (1 Month LIBOR USD + 1.65%, 1.65% Floor)		3.15%	^		02/15/2035		1,529,581
		Atrium Hotel Portfolio Trust,
	1,532,000	Series 2017-ATRM-E (1 Month LIBOR USD + 3.05%)		4.83%	^		12/15/2036		1,520,749
		BANK,
	25,612,906	Series 2017-BNK5-XA		1.10%	# I/O		06/15/2060		1,796,907
		Barclays Commercial Mortgage Securities LLC,
	1,259,000	Series 2014-BXO-E (1 Month LIBOR USD + 3.75%, 2.56% Floor)		5.53%	^		08/15/2027		1,262,078
	11,318,334	Series 2017-C1-XA		1.52%	# I/O		02/15/2050		1,141,035
	203,000	Series 2017-DELC-C (1 Month LIBOR USD + 1.20%)		2.98%	^		08/15/2036		202,857
	231,000	Series 2017-DELC-D (1 Month LIBOR USD + 1.70%)		3.48%	^		08/15/2036		230,457
	485,000	Series 2017-DELC-E (1 Month LIBOR USD + 2.50%)		4.28%	^		08/15/2036		484,457
	465,000	Series 2017-DELC-F (1 Month LIBOR USD + 3.50%)		5.28%	^		08/15/2036		465,373
		BBCMS Mortgage Trust,
	1,430,000	Series 2017-GLKS-E (1 Month LIBOR USD + 2.85%, 2.75% Floor)		4.63%	^		11/15/2034		1,430,379
	956,000	Series 2018-TALL-E (1 Month LIBOR USD + 2.44%)		4.21%	^		03/15/2037		951,172
		BB-UBS Trust,
	1,430,000	Series 2012-TFT-TE		3.56%	#^		06/05/2030		1,298,889
		Bear Stearns Commercial Mortgage Securities, Inc.,
	250,000	Series 2007-T26-AJ		5.52%	#		01/12/2045		236,789
		Bsprt Issuer Ltd.,
	794,000	Series 2017-FL1-B (1 Month LIBOR USD + 2.40%)		4.18%	^		06/15/2027		800,152
		BX Commercial Mortgage Trust,
	487,000	Series 2018-BIOA-D (1 Month LIBOR USD + 1.32%, 1.35% Floor)		2.97%	^		03/15/2037		484,946
	1,218,000	Series 2018-BIOA-E (1 Month LIBOR USD + 1.95%, 1.98% Floor)		3.60%	^		03/15/2037		1,212,460
		BX Trust,
	479,318	Series 2017-APPL-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)		3.83%	^		07/15/2034		481,744
	742,491	Series 2017-APPL-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		4.93%	^		07/15/2034		748,603
	508,000	Series 2017-SLCT-D (1 Month LIBOR USD + 2.05%)		3.83%	^		07/15/2034		509,758
	836,000	Series 2017-SLCT-E (1 Month LIBOR USD + 3.15%)		4.93%	^		07/15/2034		841,242
		CD Commercial Mortgage Trust,
	13,222,967	Series 2017-CD3-XA		1.04%	# I/O		02/10/2050		940,842

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 91

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		CFCRE Commercial Mortgage Trust,
	7,524,437	Series 2016-C4-XA		1.75%	# I/O		05/10/2058		768,212
	9,651,412	Series 2017-C8-XA		1.67%	# I/O		06/15/2050		1,015,960
	22,058,000	Series 2018-TAN-X		1.63%	#^ I/O		02/15/2033		1,589,910
		CGDBB Commercial Mortgage Trust,
	563,000	Series 2017-BIOC-D (1 Month LIBOR USD + 1.60%, 1.60% Floor)		3.38%	^		07/15/2032		564,145
	788,000	Series 2017-BIOC-E (1 Month LIBOR USD + 2.15%, 2.25% Floor)		3.93%	^		07/15/2032		787,853
		CGGS Commercial Mortgage Trust,
	1,711,000	Series 2018-WSS-D (1 Month LIBOR USD + 2.30%)		4.05%	^		02/15/2037		1,718,624
	44,178,000	Series 2018-WSS-XCP		1.04%	#^ I/O		02/15/2037		605,327
		CHT Mortgage Trust,
	940,000	Series 2017-CSMO-E (1 Month LIBOR USD + 3.00%, 3.00% Floor)		4.78%	^		11/15/2036		947,630
	501,000	Series 2017-CSMO-F (1 Month LIBOR USD + 3.74%, 3.80% Floor)		5.52%	^		11/15/2036		505,245
		Citigroup Commercial Mortgage Trust,
	84,000	Series 2008-C7-AM		6.19%	#		12/10/2049		83,929
	100,000	Series 2014-GC21-D		4.84%	#^		05/10/2047		88,558
	1,821,484	Series 2014-GC25-XA		1.03%	# I/O		10/10/2047		98,375
	200,000	Series 2015-GC27-D		4.43%	#^		02/10/2048		170,429
	3,302,744	Series 2016-P4-XA		2.00%	# I/O		07/10/2049		388,316
	530,000	Series 2018-TBR-E (1 Month LIBOR USD + 2.80%, 2.90% Floor)		4.58%	^		12/15/2036		532,456
	505,000	Series 2018-TBR-F (1 Month LIBOR USD + 3.65%, 3.75% Floor)		5.43%	^		12/15/2036		508,336
		CLNS Trust,
	571,000	Series 2017-IKPR-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)		3.79%	^		06/11/2032		573,113
	571,000	Series 2017-IKPR-E (1 Month LIBOR USD + 3.50%, 3.50% Floor)		5.24%	^		06/11/2032		575,435
	571,000	Series 2017-IKPR-F (1 Month LIBOR USD + 4.50%, 4.50% Floor)		6.24%	^		06/11/2032		576,568
		COBALT Commercial Mortgage Trust,
	1,140,658	Series 2007-C2-AJFX		5.57%	#		04/15/2047		1,151,988
		Commercial Mortgage Pass-Through Certificates,
	440,000	Series 2012-CR4-C		4.44%	#^		10/15/2045		399,306
	1,187,000	Series 2012-CR4-D		4.57%	#^		10/15/2045		701,667
	3,068,173	Series 2013-CR10-XA		0.87%	# I/O		08/10/2046		86,999
	2,000,000	Series 2013-CR11-D		5.17%	#^		08/10/2050		1,885,868
	1,565,000	Series 2013-LC13-D		5.09%	#^		08/10/2046		1,526,303
	1,291,353	Series 2014-CR17-XA		1.12%	# I/O		05/10/2047		56,654
	100,000	Series 2014-CR19-C		4.72%	#		08/10/2047		100,584
	125,000	Series 2014-CR20-C		4.50%	#		11/10/2047		125,467
	375,000	Series 2015-CR22-D		4.12%	#^		03/10/2048		314,321
	300,000	Series 2015-CR23-D		4.25%	#		05/10/2048		247,462
	8,160,956	Series 2015-CR27-XA		1.15%	# I/O		10/10/2048		465,159
	2,425,919	Series 2015-DC1-XA		1.14%	# I/O		02/10/2048		124,470
	815,000	Series 2015-LC21-C		4.31%	#		07/10/2048		799,246
	406,000	Series 2015-LC23-C		4.65%	#		10/10/2048		400,130
	3,584,233	Series 2016-DC2-XA		1.06%	# I/O		02/10/2049		215,734
		Commercial Pass-Through Certificates,
	13,303,876	Series 2015-CR25-XA		0.94%	# I/O		08/10/2048		696,872
	13,380,513	Series 2015-LC21-XA		0.84%	# I/O		07/10/2048		512,763
		Credit Suisse Commercial Mortgage Trust,
	304,371	Series 2007-C1-AM		5.42%			02/15/2040		310,690
		Credit Suisse Mortgage Capital Certificates,
	2,018,458	Series 2014-USA-X1		0.55%	#^ I/O		09/15/2037		67,129

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		CSAIL Commercial Mortgage Trust,
	2,684,192	Series 2015-C1-XA		0.94%	# I/O		04/15/2050		123,784
		CSMC Trust,
	1,229,000	Series 2017-CHOP-E (1 Month LIBOR USD + 3.30%, 3.30% Floor)		5.08%	^		07/15/2032		1,234,025
		FORT LLC,
	536,000	Series 2016-1A-B (1 Month LIBOR USD + 2.75%, 2.75% Floor)		4.61%	^		05/21/2036		539,280
		FREMF Mortgage Trust,
	376,699	Series 2016-KF22-B (1 Month LIBOR USD + 5.05%, 5.05% Floor)		6.72%	^		07/25/2023		380,287
		GE Commercial Mortgage Corporation Trust,
	399,200	Series 2007-C1-AM		5.61%	#		12/10/2049		402,942
		GMAC Commercial Mortgage Securities Trust,
	406,000	Series 2004-C3-D		5.04%	#		12/10/2041		407,363
	564,000	Series 2004-C3-E		5.14%	#^		12/10/2041		553,007
		Grace Mortgage Trust,
	100,000	Series 2014-GRCE-A		3.37%	^		06/10/2028		101,128
		Great Wolf Trust,
	424,000	Series 2017-WOLF-D (1 Month LIBOR USD + 2.10%, 1.00% Floor)		4.03%	^		09/15/2034		426,541
	657,000	Series 2017-WOLF-E (1 Month LIBOR USD + 3.10%, 1.00% Floor)		5.03%	^		09/15/2034		662,924
	350,000	Series 2017-WOLF-F (1 Month LIBOR USD + 4.07%, 1.00% Floor)		6.00%	^		09/15/2034		353,547
		GS Mortgage Securities Corporation,
	2,957,521	Series 2013-GC10-XA		1.55%	# I/O		02/10/2046		171,469
	3,617,224	Series 2014-GC20-XA		1.00%	# I/O		04/10/2047		167,329
	9,008,385	Series 2014-GC24-XA		0.83%	# I/O		09/10/2047		339,634
		GS Mortgage Securities Trust,
	257,000	Series 2013-GC13-D		4.09%	#^		07/10/2046		236,492
	7,379,564	Series 2015-GS1-XA		0.82%	# I/O		11/10/2048		366,481
	7,381,373	Series 2016-GS2-XA		1.67%	# I/O		05/10/2049		696,055
		GSCCRE Commercial Mortgage Trust,
	1,056,000	Series 2015-HULA-D (1 Month LIBOR USD + 3.75%)		5.53%	^		08/15/2032		1,062,798
		Hunt Ltd.,
	1,263,000	Series 2017-FL1-C (1 Month LIBOR USD + 2.40%)		4.18%	^		08/15/2034		1,273,488
		IMT Trust,
	556,000	Series 2017-APTS-EFL (1 Month LIBOR USD + 2.15%)		3.93%	^		06/15/2034		557,568
	556,000	Series 2017-APTS-FFL (1 Month LIBOR USD + 2.85%)		4.63%	^		06/15/2034		558,309
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	171,317	Series 2006-LDP9-AM		5.37%			05/15/2047		172,512
	648,998	Series 2007-C1-AM		5.75%	#		02/15/2051		647,732
	159,194	Series 2007-CB18-AM		5.47%	#		06/12/2047		158,843
	100,000	Series 2014-DSTY-A		3.43%	^		06/10/2027		100,065
	150,000	Series 2014-PHH-D (1 Month LIBOR USD + 2.65%)		4.43%	^		08/15/2027		150,169
	322,000	Series 2017-FL10-B (1 Month LIBOR USD + 1.00%, 1.00% Floor)		2.78%	^		06/15/2032		324,864
	243,000	Series 2017-FL10-C (1 Month LIBOR USD + 1.25%, 1.25% Floor)		3.03%	^		06/15/2032		245,841
	786,000	Series 2017-FL10-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		3.68%	^		06/15/2032		792,083

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JP Morgan Chase Commercial Mortgage Securities Corporation, (Cont.)
	340,000	Series 2017-MAUI-C (1 Month LIBOR USD + 1.25%, 1.25% Floor)		2.97%	^		07/15/2034		341,250
	320,000	Series 2017-MAUI-D (1 Month LIBOR USD + 1.95%, 1.95% Floor)		3.67%	^		07/15/2034		321,892
	283,000	Series 2017-MAUI-E (1 Month LIBOR USD + 2.95%, 2.95% Floor)		4.67%	^		07/15/2034		285,244
	398,000	Series 2017-MAUI-F (1 Month LIBOR USD + 3.75%, 3.75% Floor)		5.47%	^		07/15/2034		401,924
		JP Morgan Chase Commercial Mortgage Securities Trust,
	412,000	Series 2004-CBX-D		5.10%	#		01/12/2037		418,795
	1,266,000	Series 2006-LDP9-AMS		5.34%			05/15/2047		1,262,822
	495,975	Series 2007-LD11-AM		5.95%	#		06/15/2049		504,726
	262,881	Series 2007-LDPX-AM		5.46%	#		01/15/2049		262,610
	543,000	Series 2014-FRR1-A707		4.35%	^		01/27/2047		539,913
	929,050	Series 2015-FL7-C (1 Month LIBOR USD + 2.85%, 2.85% Floor)		4.63%	^		05/15/2028		931,375
	1,476,000	Series 2015-JP1-F		4.74%	#^Þ		01/15/2049		1,039,796
	883,000	Series 2015-MAR7-D		5.23%	^		06/05/2032		881,490
	399,106	Series 2016-ASH-B (1 Month LIBOR USD + 2.15%, 2.15% Floor)		3.93%	^		10/15/2034		399,979
	225,112	Series 2016-ASH-C (1 Month LIBOR USD + 2.75%, 2.75% Floor)		4.53%	^		10/15/2034		225,837
	6,402,112	Series 2016-JP4-XA		0.81%	# I/O		12/15/2049		275,261
	1,431,000	Series 2016-WIKI-E		4.01%	#^		10/05/2031		1,393,997
	594,000	Series 2016-WPT-E (1 Month LIBOR USD + 5.00%)		6.78%	^		10/15/2033		601,044
		JPMBB Commercial Mortgage Securities Trust,
	318,000	Series 2013-C15-D		5.08%	#^		11/15/2045		309,140
	1,965,611	Series 2014-C18-XA		0.96%	# I/O		02/15/2047		77,124
	1,209,776	Series 2014-C21-XA		1.06%	# I/O		08/15/2047		60,565
	100,000	Series 2014-C23-C		4.46%	#		09/15/2047		101,009
	150,000	Series 2014-C25-C		4.45%	#		11/15/2047		148,444
	425,000	Series 2014-C26-C		4.42%	#		01/15/2048		419,066
	6,800,753	Series 2015-C29-XA		0.92%	# I/O		05/15/2048		223,067
	5,622,720	Series 2015-C31-XA		0.98%	# I/O		08/15/2048		282,875
	470,000	Series 2015-C33-C		4.62%	#		12/15/2048		475,830
	9,211,022	Series 2016-C4-XA		0.84%	# I/O		12/15/2049		512,089
		LCCM,
	2,532,000	Series 2017-LC26-C		4.71%	^		07/12/2050		2,498,730
		LSTAR Commercial Mortgage Trust,
	4,572,661	Series 2016-4-XA		1.95%	#^ I/O		03/10/2049		332,948
	18,746,473	Series 2017-5-X		1.23%	#^ I/O		03/10/2050		894,889
		Merrill Lynch Mortgage Trust,
	542,000	Series 2007-C1-AM		5.81%	#		06/12/2050		547,376
		Morgan Stanley Bank of America Merrill Lynch Trust,
	100,000	Series 2014-C18-C		4.49%	#		10/15/2047		97,893
	500,000	Series 2014-C19-C		4.00%			12/15/2047		480,583
	500,000	Series 2015-C20-C		4.46%	#		02/15/2048		489,144
	1,664,000	Series 2015-C20-D		3.07%	^		02/15/2048		1,287,751
	180,000	Series 2015-C21-C		4.16%	#		03/15/2048		174,163
	360,000	Series 2015-C23-C		4.13%	#		07/15/2050		351,609
	550,000	Series 2015-C26-D		3.06%	^		10/15/2048		443,392
	274,000	Series 2015-C27-C		4.53%	#		12/15/2047		261,938
		Morgan Stanley Capital Trust,
	393,000	Series 2017-ASHF-D (1 Month LIBOR USD + 2.20%, 2.20% Floor)		3.98%	^		11/15/2034		395,158
	590,000	Series 2017-ASHF-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		4.93%	^		11/15/2034		589,343
	447,000	Series 2017-ASHF-F (1 Month LIBOR USD + 4.35%, 4.35% Floor)		6.13%	^		11/15/2034		450,105

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Morgan Stanley Capital Trust, (Cont.)
	679,000	Series 2017-CLS-E (1 Month LIBOR USD + 1.95%, 1.95% Floor)		3.73%	^		11/15/2034		682,660
	755,000	Series 2017-CLS-F (1 Month LIBOR USD + 2.60%, 2.60% Floor)		4.38%	^		11/15/2034		757,828
		Morgan Stanley Capital, Inc.,
	73,686	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		73,616
	150,000	Series 2014-MP-D		3.69%	#^		08/11/2033		149,168
	11,441,391	Series 2016-UB12-XA		0.82%	# I/O		12/15/2049		545,906
	1,651,000	Series 2017-PRME-D (1 Month LIBOR USD + 3.40%, 3.40% Floor)		5.18%	^		02/15/2034		1,657,886
		Motel 6 Trust,
	1,151,601	Series 2017-MTL6-D (1 Month LIBOR USD + 2.15%, 2.15% Floor)		3.93%	^		08/15/2034		1,159,743
		MSCG Trust,
	648,000	Series 2016-SNR-C		5.21%	^		11/15/2034		650,080
		PFP Ltd.,
	907,578	Series 2017-4-C (1 Month LIBOR USD + 2.25%, 2.25% Floor)		4.03%	^		07/14/2035		909,673
		RAIT Trust,
	1,194,000	Series 2017-FL7-B (1 Month LIBOR USD + 1.60%, 1.60% Floor)		3.38%	^		06/15/2037		1,194,620
		Resource Capital Ltd.,
	931,249	Series 2017-CRE5-B (1 Month LIBOR USD + 2.00%)		3.79%	^		07/15/2034		932,057
		RRX Trust,
	2,000,000	Series 2014-1A-A		0.00%	^ P/O		08/26/2044		1,994,012
		Sutherland Commercial Mortgage Loans LLC,
	345,439	Series 2015-SBC4-A		4.00%	^		06/25/2039		343,519
		Tharaldson Hotel Portfolio Trust,
	1,584,000	Series 2018-THL-E (1 Month LIBOR USD + 3.18%, 3.10% Floor)		4.92%	^		11/11/2034		1,593,313
		UBS Commercial Mortgage Trust,
	1,097,000	Series 2018-C8-C		4.71%	#		02/15/2051		1,094,252
	16,029,924	Series 2018-C8-XA		0.90%	# I/O		02/15/2051		1,091,537
		UBS-Barclays Commercial Mortgage Trust,
	571,000	Series 2013-C6-D		4.32%	# ^		04/10/2046		510,271
		UBS-Citigroup Commercial Mortgage Trust,
	931,000	Series 2011-C1-D		6.05%	# ^		01/10/2045		988,079
		Wachovia Bank Commercial Mortgage Trust,
	542,457	Series 2006-C25-F		5.19%	#		05/15/2043		541,001
	161,863	Series 2006-C26-AM		6.00%	#		06/15/2045		162,287
	46,707	Series 2006-C27-AJ		5.83%	#		07/15/2045		46,846
	94,289	Series 2006-C28-AJ		5.63%	#		10/15/2048		95,387
	848,677	Series 2007-C31-AJ		5.66%	#		04/15/2047		862,705
	208,069	Series 2007-C33-AM		6.01%	#		02/15/2051		213,635
		Wells Fargo Commercial Mortgage Trust,
	500,000	Series 2014-LC16-D		3.94%	^		08/15/2050		412,678
	200,000	Series 2015-C27-C		3.89%			02/15/2048		188,762
	400,000	Series 2015-C28-C		4.13%	#		05/15/2048		383,810
	10,703,909	Series 2015-C30-XA		0.95%	# I/O		09/15/2058		575,002
	540,000	Series 2015-C31-C		4.61%	#		11/15/2048		548,857
	5,879,391	Series 2015-C31-XA		1.09%	# I/O		11/15/2048		356,786
	2,678,644	Series 2015-NXS1-XA		1.17%	# I/O		05/15/2048		145,902
	8,809,467	Series 2015-NXS2-XA		0.77%	# I/O		07/15/2058		320,983
	411,000	Series 2015-NXS4-C		4.60%	#		12/15/2048		419,313
	2,743,822	Series 2016-C33-XA		1.80%	# I/O		03/15/2059		264,889
	15,671,105	Series 2017-C38-XA		1.09%	# I/O		07/15/2050		1,156,097
	3,133,815	Series 2017-RC1-XA		1.56%	# I/O		01/15/2060		304,141
	569,000	Series 2017-SMP-C (1 Month LIBOR USD + 1.20%, 1.20% Floor)		3.10%	^		12/15/2034		569,766

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 93

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wells Fargo Commercial Mortgage Trust, (Cont.)
	342,000	Series 2017-SMP-D (1 Month LIBOR USD + 1.65%, 1.65% Floor)		3.55%	^		12/15/2034		342,785
	1,063,000	Series 2017-SMP-E (1 Month LIBOR USD + 2.25%, 2.25% Floor)		4.15%	^		12/15/2034		1,065,553
	1,052,000	Series 2018-BXI-E (1 Month LIBOR USD + 2.16%)		3.93%	^		12/15/2036		1,051,515
		WF-RBS Commercial Mortgage Trust,
	1,192,000	Series 2012-C6-D		5.58%	#^		04/15/2045		1,164,495
	1,066,647	Series 2012-C9-D		4.80%	#^		11/15/2045		1,013,847
	4,047,912	Series 2014-C21-XA		1.11%	# I/O		08/15/2047		197,343
	5,008,754	Series 2016-NXS6-XA		1.65%	# I/O		11/15/2049		466,749
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $109,949,328)							107,757,844
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS19.0%
		ACE Securities Corporation Home Equity Loan Trust,
	5,064,069	Series 2007-HE1-A2A (1 Month LIBOR USD + 0.09%, 0.09% Floor)		1.96%			01/25/2037		3,737,113
		Ajax Mortgage Loan Trust,
	3,593,227	Series 2016-1-A		4.25%	^§		07/25/2047		3,553,178
	3,261,055	Series 2016-C-A		4.00%	^§		10/25/2057		3,278,873
	6,742,853	Series 2017-C-A		3.75%	^§		07/25/2060		6,662,602
		APS Resecuritization Trust,
	8,189,372	Series 2015-3-1MZ (12 Month US Treasury Average + 0.96%, 0.96% Floor)		2.01%	^Þ		10/27/2046		6,694,816
		Banc of America Funding Corporation,
	750,000	Series 2005-B-3M1 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 11.00% Cap)		2.27%			04/20/2035		712,309
		Bear Stearns Alt-A Trust,
	1,618,247	Series 2006-4-22A1		3.57%	#		08/25/2036		1,460,527
		Bear Stearns ARM Trust,
	3,312,188	Series 2006-2-2A1		3.72%	#		07/25/2036		3,310,819
		Chase Mortgage Finance Trust,
	3,110,585	Series 2007-S4-A4 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)		2.47%			06/25/2037		1,855,859
		CHL Mortgage Pass-Through Trust,
	9,139,674	Series 2007-14-A19		6.00%			09/25/2037		8,370,181
	8,410,207	Series 2007-9-A1		5.75%			07/25/2037		7,769,692
	7,483,975	Series 2007-9-A13		5.75%			07/25/2037		6,936,306
		CIM Trust,
	13,420,000	Series 2017-3RR-B2		12.40%	#^Þ		01/27/2057		14,575,804
		Citigroup Mortgage Loan Trust, Inc.,
	3,966,812	Series 2006-AMC1-A1 (1 Month LIBOR USD + 0.15%, 0.15% Floor)		2.02%	^		09/25/2036		3,834,449
	7,353,470	Series 2006-AR6-2A3 (1 Month LIBOR USD + 0.25%, 0.25% Floor)		2.12%			09/25/2036		7,102,543
		CitiMortgage Alternative Loan Trust,
	11,255,201	Series 2007-A5-1A1		6.00%			05/25/2037		10,814,419
	1,644,661	Series 2007-A5-1A10		5.75%			05/25/2037		1,563,288

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Alternative Loan Trust,
	608,195	Series 2005-75CB-A3		5.50%			01/25/2036		548,652
	774,090	Series 2006-23CB-2A2		6.50%			08/25/2036		515,340
	552,044	Series 2007-15CB-A7		6.00%			07/25/2037		503,744
	789,006	Series 2008-1R-2A3		6.00%			08/25/2037		620,974
		Countrywide Home Loans,
	650,909	Series 2005-HYB9-3A2A (12 Month LIBOR USD + 1.75%, 1.75% Floor, 11.00% Cap)		3.46%			02/20/2036		579,300
	466,716	Series 2007-14-A15		6.50%			09/25/2037		437,241
	1,113,985	Series 2007-HY1-1A1		3.70%	#		04/25/2037		1,098,614
		Credit Suisse First Boston Mortgage Backed Trust,
	424,852	Series 2006-2-A5A		6.08%	ß		09/25/2036		265,485
		Credit Suisse First Boston Mortgage Securities Corporation,
	821,814	Series 2005-10-6A9		5.50%			11/25/2035		699,596
	422,108	Series 2005-9-5A9		5.50%			10/25/2035		381,765
		Credit Suisse Mortgage Capital Certificates,
	1,500,000	Series 2011-12R-3A5		3.57%	#^Þ		07/27/2036		1,503,014
	350,781	Series 2011-5R-6A9		3.48%	#^		11/27/2037		354,902
		Credit Suisse Mortgage Trust,
	4,420,587	Series 2017-1A-A		4.50%	^		03/25/2021		4,440,895
	3,546,578	Series 2017-6R1-A1 (1 Month LIBOR USD + 2.55%)		3.21%	^		03/06/2047		3,585,662
		CSMC Trust,
	3,084,302	Series 2015-RPL3-A1		3.75%	^§		12/25/2056		3,091,022
	6,830,177	Series 2017-12R-A1 (1 Month LIBOR USD + 1.45%)		3.02%	^		10/25/2046		6,901,227
		Deutsche Mortgage & Asset Receiving Corporation,
	227,638	Series 2014-RS1-1A2		6.97%	#^Þ		07/27/2037		206,214
		Deutsche Securities, Inc.,
	472,338	Series 2006-AB4-A1A		6.01%	#		10/25/2036		449,326
		Impac Secured Assets Trust,
	1,115,429	Series 2006-5-1A1C (1 Month LIBOR USD + 0.27%, 0.27% Floor, 11.50% Cap)		2.14%			02/25/2037		954,396
		IndyMac Mortgage Loan Trust,
	2,810,408	Series 2004-AR4-3A		3.59%	#		08/25/2034		2,790,322
	2,546,208	Series 2006-AR19-2A1		3.47%	#		08/25/2036		2,301,699
	16,239,936	Series 2007-FLX6-1A1 (1 Month LIBOR USD + 0.25%, 0.25% Floor)		2.12%			09/25/2037		15,617,147
		JP Morgan Mortgage Trust,
	691,951	Series 2005-S3-1A2		5.75%			01/25/2036		595,310
	1,072,101	Series 2007-A2-4A1M		3.61%	#		04/25/2037		1,014,060
		Lehman Mortgage Trust,
	205,038	Series 2006-1-1A3		5.50%			02/25/2036		179,210
		Lehman XS Trust,
	10,728,076	Series 2006-GP3-1A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor)		2.07%			06/25/2046		10,344,550
		MASTR Adjustable Rate Mortgages Trust,
	216,699	Series 2006-2-2A1		3.70%	#		04/25/2036		200,127
		Merrill Lynch Alternative Note Asset Trust,
	419,760	Series 2007-F1-2A7		6.00%			03/25/2037		339,700
		Merrill Lynch Mortgage Investors Trust,
	922,516	Series 2006-AF1-AF2C		6.25%			08/25/2036		754,116
		Morgan Stanley Mortgage Loan Trust,
	194,030	Series 2005-7-4A1		5.50%			11/25/2035		184,524
	139,220	Series 2006-2-2A4		5.75%			02/25/2036		139,749
	517,062	Series 2006-2-7A1		5.46%	#		02/25/2036		459,733
	704,333	Series 2007-8XS-A1		5.75%	#		04/25/2037		510,267

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Morgan Stanley Resecuritization Trust,
	10,922,174	Series 2013-R7-8B (12 Month US Treasury Average + 0.96%, 0.96% Floor)		2.16%	^Þ		12/26/2046		9,315,628
		New Century Home Equity Loan Trust,
	5,312,333	Series 2006-1-A2B (1 Month LIBOR USD + 0.18%, 0.18% Floor, 12.50% Cap)		2.05%			05/25/2036		4,985,351
		Pretium Mortgage Credit Partners LLC,
	5,961,259	Series 2017-NPL2-A1		3.25%	^§		03/28/2057		5,941,554
		PRPM LLC,
	2,748,819	Series 2017-1A-A1		4.25%	^§		01/25/2022		2,755,712
		Residential Accredit Loans, Inc.,
	322,949	Series 2006-QS10-A9		6.50%			08/25/2036		303,830
	693,981	Series 2006-QS12-2A3		6.00%			09/25/2036		660,959
		Residential Asset Securitization Trust,
	2,297,576	Series 2005-A15-5A2		5.75%			02/25/2036		1,800,183
	471,177	Series 2006-A2-A11		6.00%			01/25/2046		358,684
		RFMSI Trust,
	7,658,601	Series 2006-S8-A10		6.00%			09/25/2036		7,282,087
		Soundview Home Loan Trust,
	7,431,560	Series 2007-OPT1-2A2 (1 Month LIBOR USD + 0.15%, 0.15% Floor)		2.02%			06/25/2037		5,458,114
		Structured Adjustable Rate Mortgage Loan Trust,
	3,890,159	Series 2005-22-4A1		3.73%	#		12/25/2035		3,744,981
		TBW Mortgage Backed Pass Through,
	13,972,365	Series 2006-3-4A1 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 7.50% Cap)		2.27%			07/25/2036		2,312,843
	13,972,456	Series 2006-3-4A3 (-1 x 1 Month LIBOR USD + 7.10%, 7.10% Cap)		5.23%	I/F I/O		07/25/2036		3,573,891
		Towd Point Mortgage Trust,
	2,229,627	Series 2015-2-1A13		2.50%	#^		11/25/2060		2,197,736
		Verus Securitization,
	3,000,802	Series 2017-1A-A3		3.72%	#^		01/25/2047		3,036,688
		VOLT LLC,
	1,497,918	Series 2017-NPL1-A1		3.50%	^§		02/25/2047		1,498,301
	4,984,672	Series 2017-NPL7-A1		3.25%	^§		06/25/2047		4,975,936
	9,279,956	Series 2017-NPL8-A1		3.13%	^§		06/25/2047		9,255,363
		Washington Mutual Mortgage Pass-Through Certificates,
	1,190,919	Series 2006-2-4CB		6.00%			03/25/2036		1,160,557
		Wells Fargo Alternative Loan Trust,
	877,882	Series 2007-PA5-1A1		6.25%			11/25/2037		855,197
		Wells Fargo Mortgage Backed Securities Trust,
	175,345	Series 2007-2-1A15		5.75%			03/25/2037		174,089
	98,393	Series 2007-3-1A4		6.00%			04/25/2037		98,481
		WinWater Mortgage Loan Trust,
	1,832,939	Series 2016-1-2A3		3.00%	#^		12/20/2030		1,809,055
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $228,344,704)							228,355,881
	US CORPORATE BONDS 5.1%
	605,000	AK Steel Corporation		6.38%			10/15/2025		573,237
	550,000	Albertson’s Holdings LLC		5.75%			03/15/2025		471,790
	505,000	Alliant Holdings Intermediate LLC		8.25%	^		08/01/2023		521,412
	550,000	Altice US Finance Corporation		5.38%	^		07/15/2023		558,525
	570,000	AMC Merger, Inc.		8.00%	^		05/15/2025		537,225

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	725,000	American Axle & Manufacturing, Inc.		6.63%			10/15/2022		751,281
	410,000	American Axle & Manufacturing, Inc.		6.25%			03/15/2026		407,827
	535,000	Argos Merger Sub, Inc.		7.13%	^		03/15/2023		306,287
	650,000	Ascend Learning LLC		6.88%	^		08/01/2025		669,500
	960,000	AssuredPartners, Inc.		7.00%	^		08/15/2025		950,400
	470,000	Avantor, Inc.		6.00%	^		10/01/2024		468,825
	280,000	Avantor, Inc.		9.00%	^		10/01/2025		274,925
	615,000	B&G Foods, Inc.		5.25%			04/01/2025		574,256
	595,000	Beacon Escrow Corporation		4.88%	^		11/01/2025		569,712
	585,000	BlueLine Rental Finance Corporation		9.25%	^		03/15/2024		628,688
	725,000	Boyne USA, Inc.		7.25%	^		05/01/2025		747,656
	365,000	Brand Energy & Infrastructure Services, Inc.		8.50%	^		07/15/2025		382,337
	660,000	Builders FirstSource, Inc.		5.63%	^		09/01/2024		665,775
	380,000	BWAY Holding Company		5.50%	^		04/15/2024		383,325
	265,000	Calpine Corporation		5.75%			01/15/2025		243,137
	280,000	CB Escrow Corporation		8.00%	^		10/15/2025		262,150
	565,000	Cengage Learning, Inc.		9.50%	^		06/15/2024		436,462
	615,000	Centene Corporation		4.75%			01/15/2025		601,162
	630,000	Cheniere Energy Partners LP		5.25%	^		10/01/2025		622,912
	295,000	Cincinnati Bell, Inc.		7.00%	^		07/15/2024		265,500
	685,000	CNX Midstream Partners LP		6.50%	^		03/15/2026		677,294
	405,000	CommScope, Inc.		5.00%	^		06/15/2021		412,087
	285,000	Constellation Merger Sub, Inc.		8.50%	^		09/15/2025		277,162
	695,000	COTY, Inc.		6.50%	^		04/15/2026		700,212
	675,000	CRC Issuer LLC		5.25%	^		10/15/2025		648,796
	285,000	CSI Compressco LP		7.50%	^		04/01/2025		288,562
	275,000	Dana Financing Ltd.		5.75%	^		04/15/2025		280,844
	350,000	DJO Finance, LLC		8.13%	^		06/15/2021		352,625
	630,000	Eldorado Resorts, Inc.		6.00%			04/01/2025		642,600
	505,000	Embarq Corporation		8.00%			06/01/2036		478,487
	795,000	Ensemble S Merger Sub, Inc.		9.00%	^		09/30/2023		838,725
	70,000	EP Energy LLC		9.38%	^		05/01/2024		50,137
	616,000	ESH Hospitality, Inc.		5.25%	^		05/01/2025		600,785
	295,000	Exterran Energy Solutions LP		8.13%	^		05/01/2025		313,437
	330,000	Extraction Oil & Gas, Inc.		5.63%	^		02/01/2026		312,262
	410,000	First Data Corporation		7.00%	^		12/01/2023		432,037
	415,000	First Data Corporation		5.75%	^		01/15/2024		419,150
	640,000	Flex Acquisition Company, Inc.		6.88%	^		01/15/2025		634,800
	350,000	Foresight Energy LLC		11.50%	^		04/01/2023		285,250
	160,000	Frontier Communications Corporation		8.50%			04/15/2020		161,400
	200,000	Frontier Communications Corporation		8.50%	^		04/01/2026		194,500
	627,000	FTS International, Inc.		6.25%			05/01/2022		631,702
	400,000	Gannett Company, Inc.		4.88%	^		09/15/2021		404,000
	595,000	Genesys Telecommunications Laboratories, Inc.		10.00%	^		11/30/2024		661,937
	280,000	GLP Capital LP		5.38%			04/15/2026		284,900
	430,000	Golden Nugget, Inc.		6.75%	^		10/15/2024		434,300
	595,000	GTT Communications, Inc.		7.88%	^		12/31/2024		599,462
	680,000	Gulfport Energy Corporation		6.38%			05/15/2025		657,050
	655,000	Hess Infrastructure Partners LP		5.63%	^		02/15/2026		646,812
	630,000	Hexion, Inc.		10.38%	^		02/01/2022		612,675
	450,000	Icahn Enterprises Finance Corporation		6.25%			02/01/2022		459,000
	445,000	Icahn Enterprises Finance Corporation		6.38%			12/15/2025		448,338
	385,000	Indigo Natural Resources LLC		6.88%	^		02/15/2026		364,788
	545,000	Informatica LLC		7.13%	^		07/15/2023		546,363
	545,000	inVentiv Group Holdings, Inc.		7.50%	^		10/01/2024		581,788
	625,000	IRB Holding Corporation		6.75%	^		02/15/2026		614,125

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 95

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	335,000	Iridium Communications, Inc.		10.25%	^		04/15/2023		345,050
	650,000	JBS USA Finance, Inc.		7.25%	^		06/01/2021		658,938
	15,000	JBS USA Finance, Inc.		7.25%	^		06/01/2021		15,206
	260,000	JBS USA Finance, Inc.		6.75%	^		02/15/2028		249,925
	295,000	Jeld-Wen, Inc.		4.63%	^		12/15/2025		283,938
	305,000	KAR Auction Services, Inc.		5.13%	^		06/01/2025		304,238
	545,000	Kennedy-Wilson, Inc.		5.88%	^		04/01/2024		542,956
	180,000	Kratos Defense & Security Solutions, Inc.		6.50%	^		11/30/2025		186,525
	300,000	Level 3 Communications, Inc.		5.75%			12/01/2022		300,564
	595,000	Level 3 Financing, Inc.		5.38%			01/15/2024		581,244
	205,000	Live Nation Entertainment, Inc.		5.63%	^		03/15/2026		208,075
	640,000	LTF Merger Sub, Inc.		8.50%	^		06/15/2023		672,800
	560,000	Match Group, Inc.		5.00%	^		12/15/2027		553,000
	575,000	Matthews International Corporation		5.25%	^		12/01/2025		567,813
	675,000	MGM Growth Properties LP		4.50%			01/15/2028		636,390
	280,000	Moss Creek Resources Holdings, Inc.		7.50%	^		01/15/2026		283,416
	780,000	MPH Acquisition Holdings LLC		7.13%	^		06/01/2024		807,300
	695,000	MPT Operating Partnership LP		5.00%			10/15/2027		683,046
	395,000	Nabors Industries, Inc.		5.75%	^		02/01/2025		373,275
	610,000	Navient Corporation		6.50%			06/15/2022		631,350
	335,000	Nexstar Escrow Corporation		5.63%	^		08/01/2024		329,037
	705,000	NextEra Energy Operating Partners LP		4.50%	^		09/15/2027		667,106
	570,000	NFP Corporation		6.88%	^		07/15/2025		568,575
	290,000	NGL Energy Finance Corporation		7.50%			11/01/2023		292,175
	155,000	Noble Holding International Ltd.		7.88%	^		02/01/2026		152,869
	660,000	NVA Holdings, Inc.		6.88%	^		04/01/2026		666,600
	235,000	OPE KAG Finance Sub, Inc.		7.88%	^		07/31/2023		242,050
	340,000	Par Petroleum Finance Corporation		7.75%	^		12/15/2025		341,700
	605,000	Peabody Securities Finance Corporation		6.00%	^		03/31/2022		619,369
	125,000	PetSmart, Inc.		5.88%	^		06/01/2025		90,938
	665,000	Pilgrim’s Pride Corporation		5.75%	^		03/15/2025		647,544
	110,000	PISCES MIDCO, Inc.		8.00%	^		04/15/2026		110,000
	345,000	Plastipak Holdings, Inc.		6.25%	^		10/15/2025		345,863
	505,000	Platform Specialty Products Corporation		5.88%	^		12/01/2025		494,269
	285,000	Polaris Intermediate Corporation (PIK 9.25%)		8.50%	^		12/01/2022		291,415
	545,000	Post Holdings, Inc.		5.50%	^		03/01/2025		538,188
	405,000	Prime Security Services Borrower LLC		9.25%	^		05/15/2023		439,931
	330,000	QEP Resources, Inc.		5.25%			05/01/2023		319,288
	285,000	QEP Resources, Inc.		5.63%			03/01/2026		270,038
	290,000	Radiate Finance, Inc.		6.63%	^		02/15/2025		270,425
	440,000	Riverbed Technology, Inc.		8.88%	^		03/01/2023		419,650
	340,000	Sanchez Energy Corporation		6.13%			01/15/2023		249,688
	540,000	Select Medical Corporation		6.38%			06/01/2021		550,125
	394,000	Sirius XM Radio, Inc.		5.38%	^		07/15/2026		390,060
	610,000	Six Flags Entertainment Corporation		4.88%	^		07/31/2024		595,513
	370,000	Solera Finance, Inc.		10.50%	^		03/01/2024		413,475
	360,000	Springleaf Finance Corporation		6.88%			03/15/2025		362,250
	320,000	Sprint Capital Corporation		6.88%			11/15/2028		299,600
	465,000	Sprint Corporation		7.13%			06/15/2024		454,538
	200,000	SRC Energy, Inc.		6.25%	^		12/01/2025		201,500
	635,000	Starwood Property Trust, Inc.		4.75%	^		03/15/2025		620,713
	300,000	SunCoke Energy Partners Finance Corporation		7.50%	^		06/15/2025		310,500
	320,000	Sunoco LP		5.50%	^		02/15/2026		309,600

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	345,000	Tapstone Energy Finance Corporation		9.75%	^		06/01/2022		288,075
	450,000	Team Health Holdings, Inc.		6.38%	^		02/01/2025		388,170
	645,000	Tempo Acquisition Finance Corporation		6.75%	^		06/01/2025		645,806
	695,000	Tempur Sealy International, Inc.		5.50%			06/15/2026		670,675
	145,000	Tenet Healthcare Corporation		8.13%			04/01/2022		151,706
	515,000	THC Escrow Corporation		7.00%	^		08/01/2025		508,563
	195,000	T-Mobile USA, Inc.		4.50%			02/01/2026		187,444
	555,000	TransDigm, Inc.		6.38%			06/15/2026		560,550
	295,000	TransMontaigne Partners LP		6.13%			02/15/2026		297,213
	504,000	Transocean Proteus Ltd.		6.25%	^		12/01/2024		514,710
	285,000	Trident Merger Sub, Inc.		6.63%	^		11/01/2025		278,588
	400,000	Triumph Group, Inc.		7.75%			08/15/2025		411,000
	490,000	Universal Hospital Services, Inc.		7.63%			08/15/2020		496,125
	510,000	USA Compression Partners LP		6.88%	^		04/01/2026		518,925
	210,000	Valeant Pharmaceuticals International, Inc.		7.00%	^		03/15/2024		219,713
	165,000	Valeant Pharmaceuticals International, Inc.		5.50%	^		11/01/2025		161,246
	345,000	Valeant Pharmaceuticals International, Inc.		9.25%	^		04/01/2026		344,569
	840,000	Viking Cruises Ltd.		5.88%	^		09/15/2027		798,000
	250,000	Vine Oil & Gas Finance Corporation		8.75%	^		04/15/2023		233,750
	515,000	Vizient, Inc.		10.38%	^		03/01/2024		572,938
	410,000	Waste Pro, Inc.		5.50%	^		02/15/2026		405,900
	150,000	Weatherford International Ltd.		9.88%			02/15/2024		137,625
	30,000	Weatherford International Ltd.		9.88%	^		03/01/2025		27,141
	475,000	WellCare Health Plans, Inc.		5.25%			04/01/2025		477,969
	645,000	Whiting Petroleum Corporation		6.63%	^		01/15/2026		650,644
	155,000	Xerium Technologies, Inc.		9.50%			08/15/2021		160,038
		Total US Corporate Bonds (Cost $63,042,326)							61,689,422
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 0.3%
		Federal Home Loan Mortgage Corporation,
	3,381,530	Series 3926-HS (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		4.67%	I/F I/O		09/15/2041		481,324
	598,125	Series 4390-NY		3.00%			06/15/2040		597,368
	711,874	Series 4471-GA		3.00%			02/15/2044		705,813
		Federal Home Loan Mortgage Corporation Pass-Thru,
	6,430,660	Series K722-X1		1.31%	# I/O		03/25/2023		339,204
		Federal National Mortgage Association,
	1,187,091	Series 2015-59-A		3.00%			06/25/2041		1,179,246
		Total US Government and Agency Mortgage Backed Obligations (Cost $3,382,308)							3,302,955

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

March 31, 2018

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 4.3%
	51,841,297	United States Treasury Inflation Indexed Bonds		0.13%			04/15/2021		51,398,859
		Total US Government and Agency Obligations (Cost $52,055,229)							51,398,859
	AFFILIATED MUTUAL FUNDS 3.7%
	4,120,005	DoubleLine Global Bond Fund (Class I)							44,125,249
		Total Affiliated Mutual Funds (Cost $42,050,000)							44,125,249
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 0.0%
	2,784	Frontera Energy Corporation*							77,819
	756	SandRidge Energy, Inc.*							10,970
		Total Exchange Traded Funds and Common Stocks (Cost $498,091)							88,789
	SHORT TERM INVESTMENTS 13.9%
	55,714,575	BlackRock Liquidity Funds FedFund - Institutional Shares		1.53%	¨				55,714,575
	55,714,574	Fidelity Institutional Money Market Government Portfolio - Class I		1.47%	¨				55,714,574
	55,714,575	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.56%	¨				55,714,575
		Total Short Term Investments (Cost $167,143,724)							167,143,724
		Total Investments 100.5% (Cost $1,212,602,416)							1,208,537,703
		Liabilities in Excess of Other Assets (0.5)%							(5,953,325	)
		NET ASSETS 100.0%						$	1,202,584,378

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	19.0%
Collateralized Loan Obligations	16.2%
Short Term Investments	13.9%
Foreign Corporate Bonds	12.7%
Bank Loans	9.6%
Non-Agency Commercial Mortgage Backed Obligations	9.0%
US Corporate Bonds	5.1%
US Government and Agency Obligations	4.3%
Asset Backed Obligations	3.7%
Affiliated Mutual Funds	3.7%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	3.0%
US Government and Agency Mortgage Backed Obligations	0.3%
Exchange Traded Funds and Common Stocks	0.0%	~
Other Assets and Liabilities	(0.5)%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	19.0%
Collateralized Loan Obligations	16.2%
Short Term Investments	13.9%
Non-Agency Commercial Mortgage Backed Obligations	9.0%
Banking	4.5%
US Government and Agency Obligations	4.3%
Energy	4.3%
Asset Backed Obligations	3.7%
Affiliated Mutual Funds	3.7%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	3.0%
Telecommunications	1.8%
Healthcare	1.7%
Business Equipment and Services	1.4%
Electronics/Electric	1.3%
Transportation	1.3%
Technology	0.9%
Media	0.9%
Leisure	0.8%
Containers and Glass Products	0.7%
Hotels/Motels/Inns and Casinos	0.7%
Utilities	0.7%
Industrial Equipment	0.7%
Finance	0.6%
Chemicals/Plastics	0.5%
Automotive	0.4%
Aerospace & Defense	0.4%
Consumer Products	0.4%
Insurance	0.4%
Retailers (other than Food/Drug)	0.4%
Conglomerates	0.3%
Food Products	0.3%
Food Service	0.3%
Pulp & Paper	0.3%
US Government and Agency Mortgage Backed Obligations	0.3%
Construction	0.2%
Real Estate	0.2%
Pharmaceuticals	0.2%
Mining	0.2%
Food/Drug Retailers	0.2%
Building and Development (including Steel/Metals)	0.2%
Commercial Services	0.1%
Cosmetics/Toiletries	0.1%
Environmental Control	0.0%	~
Chemical Products	0.0%	~
Beverage and Tobacco	0.0%	~
Other Assets and Liabilities	(0.5)%
	100.0%

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 97

Schedule of Investments  DoubleLine Flexible Income Fund  (Cont.) March 31, 2018

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At March 31, 2018, the value of these securities amounted to $474,548,132 or 39.5% of net assets.

# 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 March 31, 2018.

± 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 March 31, 2018.

† Perpetual Maturity

I/O Interest only security

P/O Principal only security

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

& Unfunded or partially unfunded loan commitment. At March 31, 2018, the value of these securities amounted to $760,842 or 0.1% of net assets.

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

ß The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of March 31, 2018.

§ The interest rate will step up if the issuer does not redeem the bond by an expected redemption date. The interest rate shown is the rate in effect as of March 31, 2018.

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

¥ Illiquid security

Þ Value determined using significant unobservable inputs.

* Non-income producing security

¨ Seven-day yield as of March 31, 2018

~ Represents less than 0.05% of net assets.

A summary of the DoubleLine Flexible Income Fund’s investments in affiliated mutual funds for the year ended March 31, 2018 is as follows:

Fund	Value at March 31, 2017			Gross Purchases			Gross Sales			Shares Held at March 31, 2018		Value at March 31, 2018			Change in Unrealized for the Year Ended March 31, 2018			Dividend Income Earned in the Year Ended March 31, 2018			Net Realized Gain (Loss) in the Year Ended March  31, 2018
DoubleLine Global Bond Fund (Class I)		$	27,517,456		$	14,500,000		$	—		4,120,005		$	44,125,249		$	2,107,793		$	434,618		$	—

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

Schedule of Investments  DoubleLine Low Duration Emerging Markets Fixed Income Fund March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 76.8%
	BRAZIL 0.0%
	600,000	OAS Investments GMBH		8.25%	W		10/19/2019		63,000
									63,000
	CHILE 8.5%
	4,800,000	Banco del Estado de Chile		3.88%			02/08/2022		4,855,095
	200,000	Banco Santander		2.50%	^		12/15/2020		196,250
	600,000	Banco Santander		3.88%			09/20/2022		606,319
	600,000	Celulosa Arauco y Constitucion S.A.		4.75%			01/11/2022		619,609
	1,400,000	Corpbanca S.A.		3.88%			09/22/2019		1,412,594
	2,245,000	ECL S.A.		5.63%			01/15/2021		2,368,364
	1,637,229	Guanay Finance Ltd.		6.00%			12/15/2020		1,678,722
	2,620,000	Inversiones CMPC S.A.		4.50%			04/25/2022		2,696,037
	400,000	SACI Falabella		3.75%			04/30/2023		397,200
	2,120,000	Telefonica Chile S.A.		3.88%			10/12/2022		2,119,448
									16,949,638
	CHINA 10.2%
	1,500,000	Alibaba Group Holding Ltd.		2.50%			11/28/2019		1,489,867
	300,000	Alibaba Group Holding Ltd.		3.13%			11/28/2021		299,416
	3,500,000	CNOOC Finance Ltd.		2.63%			05/05/2020		3,462,621
	1,080,000	CNOOC Finance Ltd.		3.88%			05/02/2022		1,089,330
	3,000,000	CNPC General Capital Ltd.		2.75%			05/14/2019		2,993,423
	2,200,000	CNPC General Capital Ltd.		3.95%			04/19/2022		2,240,497
	1,020,000	Sinopec Group Overseas Development Ltd.		2.13%			05/03/2019		1,010,592
	2,426,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		2,390,502
	900,000	Sinopec Group Overseas Development Ltd.		2.00%	^		09/29/2021		862,124
	200,000	Sinopec Group Overseas Development Ltd.		2.00%			09/29/2021		191,583
	200,000	Sinopec Group Overseas Development Ltd.		3.00%	^		04/12/2022		195,506
	500,000	Tencent Holdings Ltd.		3.38%			05/02/2019		502,856
	3,600,000	Tencent Holdings Ltd.		2.88%			02/11/2020		3,594,511
									20,322,828
	COLOMBIA 3.2%
	2,400,000	Empresas Publicas de Medellin E.S.P.		7.63%			07/29/2019		2,550,000
	3,700,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		3,764,750
									6,314,750
	COSTA RICA 1.0%
	1,200,000	Banco de Costa Rica		5.25%			08/12/2018		1,210,440
	720,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		721,800
									1,932,240
	GUATEMALA 0.8%
	1,500,000	Agromercantil Senior Trust		6.25%			04/10/2019		1,530,945
									1,530,945
	HONG KONG 2.4%
	2,300,000	CK Hutchison International Ltd.		2.88%			04/05/2022		2,256,780
	2,600,000	CK Hutchison International Ltd.		2.88%	^		04/05/2022		2,551,143
									4,807,923

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	INDIA 14.4%
	4,200,000	Adani Ports & Special Economic Zone Ltd.		3.50%			07/29/2020		4,180,932
	3,270,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		3,385,104
	1,800,000	Bharti Airtel Ltd.		5.13%			03/11/2023		1,834,704
	200,000	Export-Import Bank of India		2.75%			04/01/2020		197,872
	1,500,000	Export-Import Bank of India		3.13%			07/20/2021		1,483,420
	1,000,000	Export-Import Bank of India (3 Month LIBOR USD + 1.00%)		2.89%			08/21/2022		998,875
	3,360,000	Indian Oil Corporation Ltd.		5.63%			08/02/2021		3,574,818
	2,760,000	Oil India Ltd.		3.88%			04/17/2019		2,778,807
	3,000,000	ONGC Videsh Ltd.		3.25%			07/15/2019		2,995,050
	2,020,000	ONGC Videsh Ltd.		2.88%			01/27/2022		1,953,829
	3,600,000	Reliance Holdings, Inc.		4.50%			10/19/2020		3,698,168
	1,250,000	Reliance Holdings, Inc.		5.40%			02/14/2022		1,321,597
	400,000	UPL Corporation		3.25%			10/13/2021		392,430
									28,795,606
	ISRAEL 2.7%
	2,976,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		2,992,844
	2,400,000	Israel Electric Corporation Ltd.		5.63%			06/21/2018		2,412,264
									5,405,108
	JAMAICA 0.4%
	900,000	Digicel Ltd.		8.25%			09/30/2020		778,500
									778,500
	MALAYSIA 6.2%
	4,300,000	Axiata SPV2 BHD		3.47%			11/19/2020		4,316,052
	900,000	IOI Investment BHD		4.38%			06/27/2022		918,845
	2,500,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91%			10/29/2026		2,507,675
	4,720,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		4,688,848
									12,431,420
	MEXICO 6.8%
	500,000	America Movil S.A.B. de C.V.		5.00%			03/30/2020		517,191
	3,900,000	America Movil S.A.B. de C.V.		3.13%			07/16/2022		3,841,316
	4,600,000	Banco Santander (5 Year CMT Rate + 4.58%)		5.95%			01/30/2024		4,701,200
	500,000	Coca-Cola Femsa S.A.B. de C.V.		4.63%			02/15/2020		514,389
	1,000,000	Comision Federal de Electricidad		4.88%			05/26/2021		1,032,500
	2,500,000	Grupo Bimbo S.A.B. de C.V.		4.88%			06/30/2020		2,592,980
	500,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		487,907
									13,687,483
	PANAMA 4.7%
	2,000,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		1,992,500
	3,285,873	ENA Norte Trust		4.95%			04/25/2023		3,377,056
	600,000	Global Bank Corporation		5.13%			10/30/2019		612,720
	2,200,000	Panama Metro Line SP		0.00%	^		12/05/2022		1,989,900
	1,600,000	Panama Metro Line SP		0.00%			12/05/2022		1,447,200
									9,419,376

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 99

Schedule of Investments  DoubleLine Low Duration Emerging Markets Fixed Income Fund  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PERU 4.5%
	3,000,000	Banco de Credito del Peru		5.38%			09/16/2020		3,152,790
	3,600,000	Banco International del Peru S.A.A.		5.75%			10/07/2020		3,780,000
	1,500,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		1,504,500
	220,927	Interoceanica Finance Ltd.		0.00%			11/30/2018		217,060
	454,116	Peru Enhanced Pass-Through Finance Ltd.		0.00%			05/31/2018		449,348
									9,103,698
	PHILIPPINES 1.9%
	1,875,000	BDO Unibank, Inc.		2.63%			10/24/2021		1,825,054
	1,050,000	BDO Unibank, Inc.		2.95%			03/06/2023		1,010,243
	1,000,000	Union Bank of the Philippines		3.37%			11/29/2022		974,116
									3,809,413
	SINGAPORE 9.1%
	4,000,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)		3.60%	†		12/29/2049		3,877,876
	4,500,000	Oversea-Chinese Banking Corporation (5 Year Swap Rate USD + 2.20%)		4.00%			10/15/2024		4,534,479
	2,300,000	PSA International Ltd.		4.63%			09/11/2019		2,359,662
	100,000	PSA International Ltd.		3.88%			02/11/2021		102,883
	1,500,000	SP PowerAssets Ltd.		2.70%			09/14/2022		1,472,676
	1,000,000	Temasek Financial Ltd.		2.38%			01/23/2023		969,616
	2,400,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.00%)		3.75%			09/19/2024		2,417,928
	2,400,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.24%)		3.50%			09/16/2026		2,380,414
	200,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.65%)		2.88%			03/08/2027		193,039
									18,308,573
		Total Foreign Corporate Bonds (Cost $156,164,622)							153,660,501
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 21.7%
	CHILE 3.9%
	6,800,000	Chile Government International Bond		2.25%			10/30/2022		6,531,400
	1,240,000	Chile International Government Bond		3.25%			09/14/2021		1,249,145
									7,780,545
	COSTA RICA 0.7%
	1,380,000	Costa Rica Government International Bond		10.00%			08/01/2020		1,546,635
									1,546,635

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	DOMINICAN REPUBLIC 1.4%
	2,600,000	Dominican Republic International Bond		7.50%			05/06/2021		2,771,418
									2,771,418
	INDONESIA 3.6%
	660,000	Indonesia Government International Bond		6.13%			03/15/2019		682,387
	3,000,000	Indonesia Government International Bond		4.88%			05/05/2021		3,134,049
	3,360,000	Indonesia Government International Bond		3.70%			01/08/2022		3,375,355
									7,191,791
	ISRAEL 1.8%
	3,500,000	Israel Government International Bond		4.00%			06/30/2022		3,626,088
									3,626,088
	MALAYSIA 1.4%
	2,625,000	Wakala Global Sukuk BHD		4.65%			07/06/2021		2,772,289
									2,772,289
	MEXICO 1.0%
	2,000,000	Mexico Government International Bond		3.63%			03/15/2022		2,036,880
									2,036,880
	PANAMA 2.1%
	4,000,000	Panama Government International Bond		5.20%			01/30/2020		4,178,000
									4,178,000
	PHILIPPINES 3.6%
	7,000,000	Philippine Government International Bond		4.00%			01/15/2021		7,179,221
									7,179,221
	POLAND 2.2%
	4,200,000	Republic of Poland Government International Bond		5.13%			04/21/2021		4,467,540
									4,467,540
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $44,331,983)							43,550,407
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 0.2%
	12,734	Frontera Energy Corporation *							355,926
		Total Exchange Traded Funds and Common Stocks (Cost $2,337,448)							355,926
	SHORT TERM INVESTMENTS 0.4%
	244,391	BlackRock Liquidity Funds FedFund - Institutional Shares		1.53%	¨				244,391
	244,392	Fidelity Institutional Money Market Government Portfolio - Class I		1.47%	¨				244,392

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

March 31, 2018

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	244,392	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.56%	¨			244,392
		Total Short Term Investments (Cost $733,175)						733,175
		Total Investments 99.1% (Cost $203,567,228)						198,300,009
		Other Assets in Excess of Liabilities 0.9%						1,730,132
		NET ASSETS 100.0%					$	200,030,141

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Corporate Bonds	76.8%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	21.7%
Short Term Investments	0.4%
Exchange Traded Funds and Common Stocks	0.2%
Other Assets and Liabilities	0.9%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Banking	24.3%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	21.7%
Energy	21.1%
Transportation	9.8%
Telecommunications	6.7%
Utilities	4.9%
Technology	2.9%
Conglomerates	2.4%
Consumer Products	1.8%
Pulp & Paper	1.7%
Finance	0.5%
Short Term Investments	0.4%
Containers and Glass Products	0.3%
Chemical Products	0.2%
Retailers (other than Food/Drug)	0.2%
Chemicals/Plastics	0.2%
Construction	0.0%	~
Other Assets and Liabilities	0.9%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
India	14.4%
Chile	12.4%
China	10.2%
Singapore	9.1%
Mexico	7.8%
Malaysia	7.6%
Panama	6.8%
Philippines	5.5%
Peru	4.5%
Israel	4.5%
Indonesia	3.6%
Colombia	3.4%
Hong Kong	2.4%
Poland	2.2%
Costa Rica	1.7%
Dominican Republic	1.4%
Guatemala	0.8%
Jamaica	0.4%
United States	0.4%
Brazil	0.0%	~
Other Assets and Liabilities	0.9%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At March 31, 2018, the value of these securities amounted to $8,787,767 or 4.4% of net assets.

¨ Seven-day yield as of March 31, 2018

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

† Perpetual Maturity

* Non-income producing security

~ Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 101

Schedule of Investments  DoubleLine Long Duration Total Return Bond Fund March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 77.3%
		Federal Home Loan Mortgage Corporation,
	1,711,601	Series 4057-ZB		3.50%			06/15/2042		1,685,932
	1,711,601	Series 4057-ZC		3.50%			06/15/2042		1,685,288
	1,158,720	Series 4194-ZL		3.00%			04/15/2043		1,078,454
	2,590,370	Series 4204-QZ		3.00%			05/15/2043		2,378,910
	1,776,039	Series 4206-LZ		3.50%			05/15/2043		1,752,139
	653,087	Series 4210-Z		3.00%			05/15/2043		604,703
	345,022	Series 4226-GZ		3.00%			07/15/2043		321,752
	2,487,666	Series 4390-NZ		3.00%			09/15/2044		2,276,556
	2,204,555	Series 4417-PZ		3.00%			12/15/2044		2,030,869
	2,942,761	Series 4420-CZ		3.00%			12/15/2044		2,694,844
	2,160,091	Series 4440-ZD		2.50%			02/15/2045		1,863,494
	1,061,513	Series 4460-KB		3.50%			03/15/2045		1,067,471
	2,182,646	Series 4461-LZ		3.00%			03/15/2045		1,976,216
		Federal National Mortgage Association,
	2,100,000	Series 2012-128-UC		2.50%			11/25/2042		1,805,794
	1,711,601	Series 2012-68-ZA		3.50%			07/25/2042		1,684,435
	2,438,034	Series 2012-92-AZ		3.50%			08/25/2042		2,422,274
	3,176,664	Series 2013-127-MZ		3.00%			12/25/2043		2,944,548
	535,684	Series 2013-66-ZK		3.00%			07/25/2043		468,134
	1,770,874	Series 2013-74-ZH		3.50%			07/25/2043		1,742,402
	1,293,316	Series 2014-42-BZ		3.00%			07/25/2044		1,195,561
	1,500,000	Series 2014-67-HD		3.00%			10/25/2044		1,452,773
	904,000	Series 2014-68-TD		3.00%			11/25/2044		850,623
	2,577,181	Series 2014-80-DZ		3.00%			12/25/2044		2,351,969
	918,958	Series 2014-80-KL		2.00%			05/25/2043		703,406
	3,233,400	Series 2015-16-ZY		2.50%			04/25/2045		2,721,041
	2,859,864	Series 2015-52-GZ		3.00%			07/25/2045		2,602,331
	1,500,000	Series 2018-21-PO		0.00%	P/O		04/25/2048		1,191,563
		Government National Mortgage Association,
	528,259	Series 2013-180-LO		0.00%	P/O		11/16/2043		432,045
	3,383,032	Series 2015-53-EZ		2.00%			04/16/2045		2,488,316
	2,999,184	Series 2015-79-VZ		2.50%			05/20/2045		2,552,776
	288,356	Series 2016-12-MZ		3.00%			01/20/2046		249,795
		Total US Government and Agency Mortgage Backed Obligations (Cost $52,435,258)							51,276,414
	US GOVERNMENT AND AGENCY OBLIGATIONS 20.7%
	1,900,000	Tennessee Valley Authority		5.38%			04/01/2056		2,634,411
	2,700,000	Tennessee Valley Authority		4.63%			09/15/2060		3,332,706
	941,490	United States Treasury Inflation Indexed Bonds		1.00%			02/15/2046		962,729

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,800,000	United States Treasury Notes		2.75%			11/15/2047		1,717,314
	2,000,000	United States Treasury Notes		2.88%			08/15/2045		1,960,353
	500,000	United States Treasury Notes		1.00%			05/31/2018		499,430
	1,500,000	United States Treasury Notes		2.25%			02/15/2027		1,440,912
	500,000	United States Treasury Notes		2.25%			11/15/2027		478,663
	800,000	United States Treasury Notes		2.50%			02/15/2046		726,678
		Total US Government and Agency Obligations (Cost $13,645,756)							13,753,196
	SHORT TERM INVESTMENTS 1.8%
	399,623	BlackRock Liquidity Funds FedFund - Institutional Shares		1.53%	¨				399,623
	399,622	Fidelity Institutional Money Market Government Portfolio - Class I		1.47%	¨				399,622
	399,622	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.56%	¨				399,622
		Total Short Term Investments (Cost $1,198,867)							1,198,867
		Total Investments 99.8% (Cost $67,279,881)							66,228,477
		Liabilities in Excess of Other Assets 0.2%							144,192
		NET ASSETS 100.0%						$	66,372,669

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Mortgage Backed Obligations	77.3%
US Government and Agency Obligations	20.7%
Short Term Investments	1.8%
Other Assets and Liabilities	0.2%
	100.0%

P/O Principal only security

¨ Seven-day yield as of March 31, 2018

Futures Contracts
Description	Long/Short	Contract Quantity		Expiration Date		Notional Amount•		Value/Unrealized Appreciation (Depreciation)
CME Ultra Long Term US Treasury Bond Future	Long		12		06/20/2018		1,925,625		$	62,225

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

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

Schedule of Investments  DoubleLine Strategic Commodity Fund (Consolidated) March 31, 2018

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 20.7%
	41,818,530	United States Treasury Inflation Indexed Bonds		0.13%			04/15/2018		41,874,887
	16,092,300	United States Treasury Inflation Indexed Bonds		1.38%			07/15/2018		16,257,099
		Total US Government and Agency Obligations (Cost $58,020,747)							58,131,986
	SHORT TERM INVESTMENTS 78.1%
	9,248,163	BlackRock Liquidity Funds FedFund - Institutional Shares		1.53%	¨				9,248,163
	9,248,163	Dreyfus Government Cash Management - Institutional Shares		1.50%	¨				9,248,163
	62,000,000	United States Treasury Bills		0.00%	‡		04/12/2018		61,971,911
	60,000,000	United States Treasury Bills		0.00%			04/19/2018		59,953,852

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	14,000,000	United States Treasury Bills		0.00%	‡		05/24/2018		13,966,719
	20,000,000	United States Treasury Bills		0.00%			06/21/2018		19,925,056
	22,000,000	United States Treasury Bills		0.00%	‡		07/12/2018		21,892,869
	24,000,000	United States Treasury Bills		0.00%	‡		08/16/2018		23,833,299
		Total Short Term Investments (Cost $220,078,582)							220,040,032
		Total Investments 98.8% (Cost $278,099,329)							278,172,018
		Other Assets in Excess of Liabilities 1.2%							3,418,111
		NET ASSETS 100.0%						$	281,590,129

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Short Term Investments	78.1%
US Government and Agency Obligations	20.7%
Other Assets and Liabilities	1.2%
	100.0%

¨ Seven-day yield as of March 31, 2018

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

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

Excess Return Swaps
Reference Entity	Counterparty	Long/Short		Financing Rate			Payment Frequency		Termination Date		Notional Amount			Unrealized Appreciation (Depreciation) / Value
Long Commodity Basket Swapj	Bank of America Merrill Lynch		Long		0.20	%		Termination		04/03/2018		100,000			$	6,093
Commodity Beta Basket Swapg	Bank of America Merrill Lynch		Long		0.23	%		Termination		04/03/2018		278,400,000				56,875
Short Commodity Basket Swapy	Bank of America Merrill Lynch		Short		0.00	%		Termination		04/03/2018		(100,000	)			4,896
															$	67,864

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

j Long Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At March 31, 2018, all constituents and their weightings were as follows:

Sub-Index	Ticker		Contract Valued		Value of Index		Weightings
S&P GSCI 2 Month Forward Brent Crude Oil Index ER		SG2MBRP		0.04	$	27		20.5	%
S&P GSCI 2 Month Forward Gas Oil Index ER		SG2MGOP		0.36		27		20.5	%
S&P GSCI 2 Month Forward Crude Oil Index ER		SG2MCLP		0.07		27		20.2	%
S&P GSCI 2 Month Forward Unleaded Gas Index ER		SG2MHUP		0.03		27		20.0	%
S&P GSCI 2 Month Forward Cotton Index ER		SG2MCTP		0.63		25		18.8	%
					$	133		100.0	%

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 103

Schedule of Investments  DoubleLine Strategic Commodity Fund (Consolidated)  (Cont.) March 31, 2018

g Commodity Beta Basket Swap represents a swap on a basket of commodity indices designed to approximate the broad commodity market. At March 31, 2018, all constituents and their weightings were as follows:

Index	Ticker		Contract Valued		Value of Index		Weightings
Soybean Future		S1		0.31	$	97		21.3	%
Electrolytic Copper Future		LP1		0.18		88		19.3	%
Nickel Future		LN1		0.21		58		12.8	%
Crude Oil Future		CL1		0.10		47		10.3	%
Brent Crude Future		CO1		0.10		47		10.3	%
Low Sulphur Gas Oil Future		QS1		0.11		23		5.1	%
Gasoline RBOB Future		XB1		0.07		22		4.8	%
Sugar No. 11 Future		SB1		0.16		21		4.6	%
Live Cattle Future		LC1		0.12		21		4.5	%
Cotton No. 2 Future		CT1		0.34		19		4.1	%
NY Harbor ULSD Heating Oil Future		HO1		0.09		13		2.9	%
					$	456		100.0	%

y Short Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At March 31, 2018, all constituents and their weightings were as follows:

Sub-Index	Ticker		Contract Valued		Value of Index		Weightings
S&P GSCI 2 Month Forward Corn Index ER		SG2MCNP		0.72	$	19		21.2	%
S&P GSCI 2 Month Forward Natural Gas Index ER		SG2MNGP		1.37		19		21.2	%
S&P GSCI 2 Month Forward Coffee Index ER		SG2MKCP		1.49		18		20.1	%
S&P GSCI 2 Month Forward Sugar Index ER		SG2MSBP		0.25		18		19.0	%
S&P GSCI 2 Month Forward Wheat Index ER		SG2MWHP		1.47		18		18.5	%
					$	92		100.0	%

d Contract value represents the number of units of the underlying constituent’s index in one unit of the custom basket index at creation. The contract value is calculated by multiplying each constituent’s weight by the starting price of the custom basket index and dividing by the starting price of the constituent’s index. The contract value will differ depending on the date the swap is initiated.

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

Schedule of Investments  DoubleLine Global Bond Fund March 31, 2018

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 71.8%
	AUSTRALIA 3.8%
	15,150,000	AUD	Australia Government Bond		1.75%			11/21/2020		11,545,208
	18,500,000	AUD	Australia Government Bond		3.25%			04/21/2025		14,900,997
										26,446,205
	BELGIUM 4.0%
	8,650,000	EUR	Kingdom of Belgium Government Bond		0.80%	^		06/22/2025		10,970,379
	13,100,000	EUR	Kingdom of Belgium Government Bond		1.00%	^		06/22/2026		16,763,409
										27,733,788
	CANADA 3.0%
	9,300,000	CAD	Canadian Government Bond		2.75%			06/01/2022		7,452,597
	14,000,000	CAD	Canadian Government Bond		1.50%			06/01/2023		10,615,865
	3,240,000	CAD	Canadian Government Bond		2.25%			06/01/2025		2,547,022
										20,615,484
	CZECH REPUBLIC 4.5%
	412,000,000	CZK	Czech Republic Government Bond		0.45%			10/25/2023		19,162,078
	200,000,000	CZK	Czech Republic Government Bond		5.70%			05/25/2024		12,285,593
										31,447,671
	FRANCE 3.9%
	17,390,000	EUR	French Republic Government Bond		0.25%			11/25/2026		20,924,147
	4,600,000	EUR	French Republic Government Bond		1.00%			05/25/2027		5,868,536
										26,792,683
	GERMANY 2.4%
	6,500,000	EUR	Bundesrepublik Deutschland		0.50%			02/15/2026		8,153,996
	4,950,000	EUR	Bundesrepublik Deutschland		0.00%			08/15/2026		5,933,130
	1,900,000	EUR	Bundesrepublik Deutschland		0.25%			02/15/2027		2,313,768
										16,400,894
	HUNGARY 2.2%
	3,100,000,000	HUF	Hungary Government Bond		3.50%			06/24/2020		13,078,776
	500,000,000	HUF	Hungary Government Bond		1.75%			10/26/2022		2,020,108
										15,098,884
	IRELAND 5.2%
	10,725,000	EUR	Ireland Government Bond		5.40%			03/13/2025		17,675,353
	14,200,000	EUR	Ireland Government Bond		1.00%			05/15/2026		17,993,434
										35,668,787
	ISRAEL 4.1%
	38,450,000	ILS	Israel Government Bond		4.25%			03/31/2023		12,793,099
	52,925,000	ILS	Israel Government Bond		1.75%			08/31/2025		15,628,084
										28,421,183

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	JAPAN 19.4%
	700,000,000	JPY	Japan Government Ten Year Bond		0.60%			06/20/2024		6,861,447
	1,210,000,000	JPY	Japan Government Ten Year Bond		0.40%			06/20/2025		11,756,212
	1,287,500,000	JPY	Japan Government Ten Year Bond		0.40%			09/20/2025		12,511,286
	332,000,000	JPY	Japan Government Ten Year Bond		0.30%			12/20/2025		3,204,520
	1,650,000,000	JPY	Japan Government Ten Year Bond		0.10%			12/20/2026		15,656,400
	1,385,000,000	JPY	Japan Government Twenty Year Bond		2.20%			09/20/2027		15,706,177
	1,495,000,000	JPY	Japan Government Twenty Year Bond		2.10%			12/20/2027		16,879,036
	910,000,000	JPY	Japan Government Twenty Year Bond		1.90%			12/20/2028		10,225,542
	1,305,000,000	JPY	Japan Government Twenty Year Bond		1.50%			06/20/2034		14,530,872
	1,300,000,000	JPY	Japan Government Twenty Year Bond		1.30%			06/20/2035		14,081,356
	1,240,000,000	JPY	Japan Government Twenty Year Bond		1.20%			09/20/2035		13,236,180
										134,649,028
	MEXICO 2.4%
	314,300,000	MXN	Mexican Bonos		6.50%			06/09/2022		16,856,542
										16,856,542
	NEW ZEALAND 3.3%
	8,000,000	NZD	New Zealand Government Bond		3.00%			04/15/2020		5,912,299
	3,875,000	NZD	New Zealand Government Bond		5.50%			04/15/2023		3,225,984
	18,900,000	NZD	New Zealand Government Bond		2.75%			04/15/2025		13,855,802
										22,994,085
	POLAND 3.6%
	81,100,000	PLN	Republic of Poland Government Bond		1.50%			04/25/2020		23,720,059
	5,000,000	PLN	Republic of Poland Government Bond		2.50%			01/25/2023		1,471,890
										25,191,949
	PORTUGAL 3.9%
	14,200,000	EUR	Portugal Obrigacoes do Tesouro OT		2.20%	^		10/17/2022		19,006,642
	5,900,000	EUR	Portugal Obrigacoes do Tesouro OT		2.88%	^		10/15/2025		8,169,878
										27,176,520
	SOUTH AFRICA 1.5%
	59,525,000	ZAR	Republic of South Africa Government Bond		7.75%			02/28/2023		5,107,674
	60,900,000	ZAR	Republic of South Africa Government Bond		8.00%			01/31/2030		5,009,348
										10,117,022

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 105

Schedule of Investments  DoubleLine Global Bond Fund  (Cont.)

PRINCIPAL AMOUNT/ SHARES			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SPAIN 4.6%
	7,550,000	EUR	Spain Government Bond		5.85%	^		01/31/2022		11,417,630
	3,550,000	EUR	Spain Government Bond		0.40%			04/30/2022		4,448,374
	10,900,000	EUR	Spain Government Bond		2.75%	^		10/31/2024		15,351,684
	350,000	EUR	Spain Government Bond		1.60%	^		04/30/2025		459,390
										31,677,078
			Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $457,706,514)							497,287,803
	US GOVERNMENT AND AGENCY OBLIGATIONS 24.8%
	UNITED STATES 24.8%
	11,500,000	USD	United States Treasury Notes		0.75%			04/30/2018		11,492,582
	8,500,000	USD	United States Treasury Notes		1.38%			04/30/2020		8,337,370
	8,100,000	USD	United States Treasury Notes		1.63%			06/30/2020		7,974,846
	7,000,000	USD	United States Treasury Notes		1.38%			08/31/2020		6,839,695
	7,000,000	USD	United States Treasury Notes		2.00%			12/31/2021		6,875,544
	10,000,000	USD	United States Treasury Notes		1.50%			01/31/2022		9,636,634
	7,500,000	USD	United States Treasury Notes		1.75%			04/30/2022		7,278,449
	12,500,000	USD	United States Treasury Notes		1.88%			08/31/2022		12,156,128
	12,300,000	USD	United States Treasury Notes		2.00%			11/30/2022		12,003,740
	6,000,000	USD	United States Treasury Notes		2.25%			01/31/2024		5,874,443
	8,100,000	USD	United States Treasury Notes		2.50%			05/15/2024		8,029,731
	9,200,000	USD	United States Treasury Notes		2.38%			08/15/2024		9,041,299
	13,000,000	USD	United States Treasury Notes		2.00%			02/15/2025		12,434,022
	10,000,000	USD	United States Treasury Notes		2.00%			08/15/2025		9,525,600
	13,500,000	USD	United States Treasury Notes		1.63%			02/15/2026		12,448,705
	11,500,000	USD	United States Treasury Notes		2.00%			11/15/2026		10,840,374
	12,000,000	USD	United States Treasury Notes		2.25%			08/15/2027		11,499,319
	9,100,000	USD	United States Treasury Notes		2.88%			05/15/2043		8,953,906
	800,000	USD	United States Treasury Notes		3.75%			11/15/2043		912,179
			Total US Government and Agency Obligations (Cost $176,586,209)							172,154,566
	SHORT TERM INVESTMENTS 1.5%
	3,386,023		BlackRock Liquidity Funds FedFund - Institutional Shares		1.53%	¨				3,386,023
	3,386,023		Fidelity Institutional Money Market Government Portfolio - Class I		1.47%	¨				3,386,023

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	3,386,023	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.56%	¨			3,386,022
		Total Short Term Investments (Cost $10,158,068)						10,158,068
		Total Investments 98.1% (Cost $644,450,791)						679,600,437
		Other Assets in Excess of Liabilities 1.9%						13,151,775
		NET ASSETS 100.0%					$	692,752,212

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	71.8%
US Government and Agency Obligations	24.8%
Short Term Investments	1.5%
Other Assets and Liabilities	1.9%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	26.3%
Japan	19.4%
Ireland	5.2%
Spain	4.6%
Czech Republic	4.5%
Israel	4.1%
Belgium	4.0%
Portugal	3.9%
France	3.9%
Australia	3.8%
Poland	3.6%
New Zealand	3.3%
Canada	3.0%
Mexico	2.4%
Germany	2.4%
Hungary	2.2%
South Africa	1.5%
Other Assets and Liabilities	1.9%
	100.0%

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

March 31, 2018

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At March 31, 2018, the value of these securities amounted to $82,139,012 or 11.9% of net assets.

¨ Seven-day yield as of March 31, 2018

AUD Australian Dollar

EUR Euro

CAD Canadian Dollar

CZK Czech Republic Koruna

HUF Hungarian Forint

ILS Israeli Shekel

JPY Japanese Yen

MXN Mexican Peso

NZD New Zealand Dollar

PLN Polish Zloty

ZAR South African Rand

USD US Dollar

Forward Currency Exchange Contracts
Settlement Date	Counterparty	Currency to be Sold			Value			Currency to be Purchased			Value	Unrealized Appreciation (Depreciation)
04/13/2018	Goldman Sachs		18,300,000	EUR		$	22,541,001		22,786,768	USD	$22,786,768		$	245,767
04/06/2018	Citigroup Inc.		14,650,000	AUD			11,251,720		11,453,597	USD	11,453,597			201,877
04/06/2018	Goldman Sachs		16,875,000	NZD			12,195,691		12,317,781	USD	12,317,781			122,090
04/06/2018	Goldman Sachs		9,525,000	EUR			11,726,516		11,840,434	USD	11,840,434			113,918
04/06/2018	Goldman Sachs		13,940,000	CAD			10,821,723		10,797,291	USD	10,797,291			(24,432	)
						$	68,536,651				$69,195,871		$	659,220

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 107

Schedule of Investments  DoubleLine Infrastructure Income Fund March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 39.2%
		AASET Ltd.,
	1,969,600	Series 2018-1A-A		3.84%	^		01/16/2038		1,962,289
		Blackbird Capital Aircraft Lease Securitization Ltd.,
	6,026,042	Series 2016-1A-B		5.68%	^§		12/16/2041		6,013,080
		CAL Funding Ltd.,
	1,940,000	Series 2013-1A-A		3.35%	^		03/27/2028		1,929,095
	4,958,333	Series 2018-1A-A		3.96%	^		02/25/2043		5,006,477
		Castlelake Aircraft Securitization Trust,
	1,849,413	Series 2015-1A-A		4.70%	^§		12/15/2040		1,859,265
	8,774,554	Series 2016-1-A		4.45%			08/15/2041		8,788,461
	7,501,721	Series 2017-1-A		3.97%			07/15/2042		7,470,724
		CLI Funding LLC,
	229,047	Series 2013-1A-NOTE		2.83%	^		03/18/2028		225,233
	1,713,600	Series 2013-2A-NOTE		3.22%	^		06/18/2028		1,699,094
	855,356	Series 2014-1A-A		3.29%	^		06/18/2029		846,869
	4,370,295	Series 2014-2A-A		3.38%	^		10/18/2029		4,331,297
	4,540,107	Series 2017-1A-A		3.62%	^		05/18/2042		4,511,596
		Eagle Ltd.,
	750,000	Series 2014-1A-A1		2.57%	^		12/15/2039		747,990
		ECAF Ltd.,
	2,291,542	Series 2015-1A-A1		3.47%	^		06/15/2040		2,277,595
		Falcon Aerospace Ltd.,
	13,917,000	Series 2017-1-A		4.58%	^		02/15/2042		14,079,592
		Global SC Finance SRL,
	2,795,833	Series 2013-1A-A		2.98%	^		04/17/2028		2,756,408
	78,120	Series 2013-2A-A		3.67%	^		11/17/2028		78,060
	3,461,167	Series 2014-1A-A1		3.19%	^		07/17/2029		3,410,615
		Harbour Aircraft Investments Ltd.,
	17,520,000	Series 2017-1-A		4.00%			11/15/2037		17,507,263
		Helios Issuer LLC,
	14,261,887	Series 2017-1A-A		4.94%	^		09/20/2049		14,537,913
		HERO Funding Trust,
	61,387	Series 2015-2A-A		3.99%	^		09/20/2040		60,927
	1,818,772	Series 2016-3A-A2		3.91%	^		09/20/2042		1,865,192
	4,088,423	Series 2016-4A-A2		4.29%	^		09/20/2047		4,173,420
		InSite Issuer LLC,
	2,250,000	Series 2016-1A-B		4.56%	^		11/15/2046		2,220,198
		Mosaic Solar Loans LLC,
	10,923,311	Series 2017-1A-A		4.45%	^		06/20/2042		11,156,892
		NP SPE II LLC,
	208,639	Series 2016-1A-A1		4.16%	^		04/20/2046		209,724
	3,184,518	Series 2017-1A-A1		3.37%	^		10/21/2047		3,109,252
		Shenton Aircraft Investment Ltd.,
	241,070	Series 2015-1A-A		4.75%	^		10/15/2042		248,370
		Sprite Ltd.,
	5,884,800	Series 2017-1-A		4.25%	^		12/15/2037		5,776,726
		TAL Advantage LLC,
	198,333	Series 2013-2A-A		3.55%	^		11/20/2038		197,391
	652,017	Series 2014-1A-A		3.51%	^		02/22/2039		650,558
	976,249	Series 2014-1A-B		4.10%	^		02/22/2039		938,614
	20,218,693	Series 2017-1A-A		4.50%			04/20/2042		20,809,136
		Textainer Marine Containers Ltd.,
	6,421,100	Series 2017-1A-A		3.72%	^		05/20/2042		6,423,546
		Thunderbolt Aircraft Lease Ltd.,
	8,464,286	Series 2017-A-A		4.21%	^§		05/17/2032		8,649,213
		Trinity Rail Leasing LLC,
	4,170,082	Series 2010-1A-A		5.19%	^		10/16/2040		4,327,879
		Trip Rail Master Funding LLC,
	3,308,198	Series 2017-1A-A1		2.71%	^		08/15/2047		3,273,165
		Triton Container Finance LLC,
	4,640,824	Series 2017-1A-A		3.52%	^		06/20/2042		4,594,493
	1,896,276	Series 2017-2A-A		3.62%	^		08/20/2042		1,874,417
	10,000,000	Series 2018-1A-A		3.95%	^		03/20/2043		10,058,300

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Vantage Data Centers Issuer LLC,
	11,740,208	Series 2018-1A-A2		4.07%	^		02/16/2043		11,861,586
		VB-S1 Issuer LLC,
	6,000,000	Series 2018-1A-C		3.41%	^		02/15/2048		6,005,224
		Wildcat LLC,
	8,000,000	Series 2017-1A-A		4.12%	¥Þ		06/30/2027		7,985,600
		Total Asset Backed Obligations (Cost $215,006,274)							216,508,739
	FOREIGN CORPORATE BONDS 24.6%
	2,136,455	Abengoa Transmision Sur S.A.		6.88%			04/30/2043		2,344,759
	3,650,000	Adani Ports & Special Economic Zone Ltd.		4.00%	^		07/30/2027		3,413,312
	7,474,923	Aeropuerto Internacional de Tocumen S.A.		5.75%			10/09/2023		7,932,762
	10,500,000	APT Pipelines Ltd.		4.25%	^		07/15/2027		10,510,402
	771,000	Canadian Pacific Railway Company		2.90%			02/01/2025		741,893
	10,500,000	Celeo Redes Operacion Chile S.A.		5.20%	^		06/22/2047		10,563,000
	2,520,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		2,571,685
	2,000,000	Emirates Semb Corp Water & Power Company PJSC		4.45%	^		08/01/2035		1,975,932
	10,652,000	Empresa de Transporte de Pasajeros Metro S.A.		5.00%	^		01/25/2047		11,024,820
	10,104,356	Energia Eolica S.A.		6.00%	¥Þ		08/30/2034		10,382,226
	3,084,722	Fermaca Enterprises S. de R.L. de C.V.		6.38%	^		03/30/2038		3,339,212
	5,341,970	Fermaca Enterprises S. de R.L. de C.V.		6.38%			03/30/2038		5,782,682
	8,223,500	GNL Quintero S.A.		4.63%			07/31/2029		8,346,852
	7,842,159	Interoceanica Finance Ltd.		0.00%			11/30/2025		6,695,244
	3,409,631	Interoceanica Finance Ltd.		0.00%	^		11/30/2025		2,910,972
	3,640,000	Israel Electric Corporation Ltd.		5.00%	^		11/12/2024		3,796,848
	8,600,000	Korea Expressway Corporation (3 Month LIBOR USD + 0.70%)		2.44%	^		04/20/2020		8,605,701
	6,500,000	Lima Metro Finance Ltd.		5.88%	^		07/05/2034		6,735,625
	1,950,000	Lima Metro Finance Ltd.		5.88%			07/05/2034		2,020,687
	8,300,000	Mexico City Airport Trust		4.25%	^		10/31/2026		8,015,725
	4,850,000	Panama Metro Line SP		0.00%	^		12/05/2022		4,386,825
	4,216,000	Sydney Airport Finance Company Pty Ltd.		3.38%	^		04/30/2025		4,105,980
	2,440,000	Sydney Airport Finance Company Pty Ltd.		3.63%	^		04/28/2026		2,380,916
	840,000	Transelec S.A.		4.63%	^		07/26/2023		878,333
	500,000	Transelec S.A.		4.25%	^		01/14/2025		505,421
	6,000,000	Transelec S.A.		3.88%	^		01/12/2029		5,790,000
		Total Foreign Corporate Bonds (Cost $136,702,429)							135,757,814
	US CORPORATE BONDS 27.5%
	3,865,000	Ameren Corporation		3.65%			02/15/2026		3,821,197
	6,860,000	American Electric Power Company, Inc.		2.95%			12/15/2022		6,787,657
	11,250,000	American Tower Corporation		4.40%			02/15/2026		11,380,389
	700,000	American Tower Corporation		3.38%			10/15/2026		659,223
	474,000	American Transmission Systems, Inc.		5.25%	^		01/15/2022		504,987
	7,515,000	American Water Capital Corporation		3.40%			03/01/2025		7,531,362
	2,500,000	Commonwealth Edison Company		4.35%			11/15/2045		2,643,648

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,500,000	Connecticut Light & Power Company		3.20%			03/15/2027		2,446,543
	3,557,000	Crown Castle International Corporation		3.70%			06/15/2026		3,426,988
	5,250,000	Crown Castle International Corporation		3.65%			09/01/2027		5,008,728
	9,000,000	Digital Realty Trust		3.70%			08/15/2027		8,683,719
	175,000	DTE Energy Company		2.85%			10/01/2026		161,363
	8,000,000	DTE Energy Company		3.80%			03/15/2027		7,905,595
	700,000	Duke Energy Corporation		3.15%			08/15/2027		659,765
	6,250,000	Duke Energy Florida LLC		3.20%			01/15/2027		6,105,519
	8,655,000	Duquesne Light Holdings, Inc.		3.62%	^		08/01/2027		8,328,148
	8,635,000	Eversource Energy		2.80%			05/01/2023		8,398,329
	7,266,000	Exelon Corporation		3.40%			04/15/2026		7,024,127
	10,000,000	ITC Holdings Corporation		3.25%			06/30/2026		9,612,307
	3,730,000	Metropolitan Edison Company		4.00%	^		04/15/2025		3,766,946
	7,069,000	NextEra Energy Capital Holdings, Inc.		3.63%			06/15/2023		7,106,070
	100,000	Oglethorpe Power Corporation		4.25%			04/01/2046		96,454
	7,220,000	Oncor Electric Delivery Company LLC		2.95%			04/01/2025		6,967,824
	2,500,000	SBA Tower Trust		2.88%	^		07/09/2021		2,474,750
	8,050,000	SBA Tower Trust		3.17%	^		04/11/2022		7,975,947
	7,350,000	Sierra Pacific Power Company		2.60%			05/01/2026		6,855,546
	7,250,000	Sunoco Logistics Partners Operations LP		3.90%			07/15/2026		6,894,827
	2,000,000	Union Pacific Corporation		2.75%			03/01/2026		1,906,749
	6,417,000	Xcel Energy, Inc.		3.30%			06/01/2025		6,304,640
		Total US Corporate Bonds (Cost $156,550,178)							151,439,347

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	SHORT TERM INVESTMENTS 7.6%
	13,968,543	BlackRock Liquidity Funds FedFund - Institutional Shares		1.53%	¨			13,968,543
	13,968,544	Fidelity Institutional Money Market Government Portfolio - Class I		1.47%	¨			13,968,544
	13,968,544	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.56%	¨			13,968,544
		Total Short Term Investments (Cost $41,905,631)						41,905,631
		Total Investments 98.9% (Cost $550,164,512)						545,611,531
		Other Assets in Excess of Liabilities 1.1%						6,171,439
		NET ASSETS 100.0%					$	551,782,970

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Asset Backed Obligations	39.2%
US Corporate Bonds	27.5%
Foreign Corporate Bonds	24.6%
Short Term Investments	7.6%
Other Assets and Liabilities	1.1%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Asset Backed Obligations	39.2%
Utilities	25.3%
Transportation	12.8%
Short Term Investments	7.6%
Telecommunications	7.2%
Energy	6.8%
Other Assets and Liabilities	1.1%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At March 31, 2018, the value of these securities amounted to $268,509,042 or 48.7% of net assets.

§ The interest rate will step up if the issuer does not redeem the bond by an expected redemption date. The interest rate shown is the rate in effect as of March 31, 2018.

¥ Illiquid security

Þ Value determined using significant unobservable inputs.

¨ Seven-day yield as of March 31, 2018

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 109

Schedule of Investments  DoubleLine Ultra Short Bond Fund March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 15.3%
	2,000,000	AMRO Funding LLC (3 Month LIBOR USD + 0.41%)		2.15%	^		01/19/2021		2,000,704
	1,750,000	Australia and New Zealand Banking Group Ltd. (3 Month LIBOR USD + 0.50%)		2.38%	^		08/19/2020		1,758,588
	1,300,000	Bank of Montreal (3 Month LIBOR USD + 0.44%)		2.56%			06/15/2020		1,303,539
	3,500,000	Bank of Nova Scotia (3 Month LIBOR USD + 0.20%)		2.00%			11/09/2018		3,499,880
	3,000,000	Canadian Imperial Bank of Commerce (3 Month LIBOR USD + 0.41%)		2.61%			09/20/2019		3,001,495
	1,700,000	Mitsubishi UFJ Financial Group, Inc. (3 Month LIBOR USD + 1.06%)		3.15%			09/13/2021		1,725,853
	2,000,000	National Australia Bank Ltd. (3 Month LIBOR USD + 0.51%)		2.41%	^		05/22/2020		2,008,017
	1,750,000	National Bank of Canada (3 Month LIBOR USD + 0.56%)		2.63%			06/12/2020		1,759,484
	3,000,000	Santander UK PLC (3 Month LIBOR USD + 0.30%)		2.09%			11/03/2020		2,995,426
	250,000	Sumitomo Mitsui Banking Corporation (3 Month LIBOR USD + 0.54%)		2.24%			01/11/2019		250,551
	2,000,000	Sumitomo Mitsui Banking Corporation (3 Month LIBOR USD + 0.31%)		2.04%			10/18/2019		2,000,270
	3,000,000	UBS AG (3 Month LIBOR USD + 0.58%)		2.63%	^		06/08/2020		3,012,645
	250,000	Westpac Banking Corporation (3 Month LIBOR USD + 0.56%)		2.44%			08/19/2019		251,083
		Total Foreign Corporate Bonds (Cost $25,539,602)							25,567,535
	US CORPORATE BONDS 26.4%
	1,000,000	Allstate Corporation (3 Month LIBOR USD + 0.43%)		2.73%			03/29/2021		1,001,480
	1,500,000	Altria Group, Inc.		9.70%			11/10/2018		1,563,575
	250,000	American Express Credit Corporation (3 Month LIBOR USD + 0.61%)		2.38%			07/31/2018		250,265
	1,700,000	American Express Credit Corporation (3 Month LIBOR USD + 0.55%)		2.73%			03/18/2019		1,704,944
	1,000,000	American Express Credit Corporation (3 Month LIBOR USD + 0.33%)		2.12%			05/03/2019		1,001,318
	1,000,000	American Honda Finance Corporation		2.13%			10/10/2018		996,612
	2,000,000	American Honda Finance Corporation (3 Month LIBOR USD + 0.15%)		1.97%			11/13/2019		1,999,204
	1,950,000	BB&T Corporation (3 Month LIBOR USD + 0.57%)		2.69%			06/15/2020		1,958,861
	475,000	BMW Capital LLC (3 Month LIBOR USD + 0.41%)		2.53%	^		09/13/2019		477,290
	2,000,000	Caterpillar Financial Services Corporation (3 Month LIBOR USD + 0.18%)		2.21%			12/06/2018		2,000,254

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,100,000	Caterpillar Financial Services Corporation (3 Month LIBOR USD + 0.28%)		2.53%			03/22/2019		1,101,910
	1,000,000	Citibank N.A. (3 Month LIBOR USD + 0.26%)		2.44%			09/18/2019		998,926
	2,400,000	Citibank N.A. (3 Month LIBOR USD + 0.50%)		2.57%			06/12/2020		2,414,063
	3,750,000	Daimler Finance North America LLC (3 Month LIBOR USD + 0.53%)		2.32%	^		05/05/2020		3,767,020
	700,000	IBM Credit LLC (3 Month LIBOR USD + 0.26%)		2.00%			01/20/2021		702,355
	350,000	JP Morgan Chase & Company (3 Month LIBOR USD + 0.55%)		2.30%			04/25/2018		350,067
	1,500,000	JP Morgan Chase & Company (3 Month LIBOR USD + 0.63%)		2.39%			01/28/2019		1,504,848
	1,593,000	Lowe’s Companies, Inc. (3 Month LIBOR USD + 0.42%)		2.49%			09/10/2019		1,600,378
	2,000,000	Metropolitan Life Global Funding (3 Month LIBOR USD + 0.40%)		2.47%	^		06/12/2020		2,009,354
	1,000,000	Morgan Stanley (3 Month LIBOR USD + 0.98%)		3.13%			06/16/2020		1,012,050
	2,000,000	Morgan Stanley (3 Month LIBOR USD + 0.55%)		2.29%			02/10/2021		2,001,640
	1,500,000	New York Life Global Funding (3 Month LIBOR USD + 0.27%)		1.97%	^		04/09/2020		1,502,348
	250,000	Nissan Motor Acceptance Corporation (3 Month LIBOR USD + 1.01%)		3.06%	^		03/08/2019		251,738
	1,800,000	Nissan Motor Acceptance Corporation (3 Month LIBOR USD + 0.58%)		2.30%	^		01/13/2020		1,807,710
	2,025,000	Oracle Corporation		5.75%			04/15/2018		2,026,891
	1,000,000	Pacific Gas & Electric Company (3 Month LIBOR USD + 0.23%)		2.21%	^		11/28/2018		997,652
	3,000,000	PNC Bank N.A. (3 Month LIBOR USD + 0.25%)		1.99%			01/22/2021		3,002,760
	250,000	Toyota Motor Credit Corporation (3 Month LIBOR USD + 0.26%)		1.99%			04/17/2020		250,463
	1,500,000	United Parcel Service, Inc. (3 Month LIBOR USD + 0.15%)		1.56%			04/01/2021		1,500,648
	2,100,000	Wells Fargo & Company (3 Month LIBOR USD + 1.01%)		3.04%			12/07/2020		2,126,010
		Total US Corporate Bonds (Cost $43,872,261)							43,882,634
	SHORT TERM INVESTMENTS 58.3%
	COMMERCIAL PAPER 56.2%
	1,500,000	3M Company		0.00%	^		04/04/2018		1,499,570
	1,500,000	3M Company		0.00%	^		04/09/2018		1,499,200
	950,000	AMRO Funding LLC		0.00%	^		04/02/2018		949,813
	3,000,000	Apple, Inc.		0.00%	^		07/09/2018		2,982,686
	3,000,000	Arkansas Electric Cooperative Corporation		0.00%	^		04/05/2018		2,998,976
	2,500,000	Atmos Energy Corporation		0.00%	^		04/06/2018		2,499,022
	1,000,000	Australia and New Zealand Banking Group Ltd.		0.00%	^		06/01/2018		996,594
	1,000,000	BMW Capital LLC		0.00%	^		05/11/2018		997,674

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

March 31, 2018

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,500,000	BMW Capital LLC		0.00%	^		06/01/2018		1,494,709
	2,500,000	BNP Paribas SA		0.00%			08/15/2018		2,477,538
	1,000,000	Boeing Company		0.00%	^		04/11/2018		999,359
	2,000,000	Boeing Company		0.00%	^		05/23/2018		1,994,081
	1,000,000	Canadian National Railway Company		0.00%	^		04/18/2018		998,979
	2,000,000	Canadian National Railway Company		0.00%	^		05/29/2018		1,993,155
	1,000,000	Chevron Corporation		0.00%	^		04/09/2018		999,470
	2,000,000	Chevron Corporation		0.00%	^		04/23/2018		1,997,501
	1,750,000	Coca Cola Company		0.00%	^		04/11/2018		1,748,878
	1,000,000	Coca Cola Company		0.00%	^		06/19/2018		995,419
	1,000,000	Coca Cola Company		0.00%	^		03/19/2019		975,012
	1,475,000	Credit Suisse First Boston LLC		0.00%			06/15/2018		1,468,298
	2,500,000	Exxon Mobil Corporation		0.00%			06/01/2018		2,491,667
	3,000,000	General Dynamics Corporation		0.00%	^		05/16/2018		2,992,084
	3,000,000	GlaxoSmithKline LLC		0.00%	^		05/08/2018		2,993,483
	3,500,000	Hershey Company		0.00%	^		05/14/2018		3,491,404
	1,000,000	Honeywell International, Inc.		0.00%	^		04/26/2018		998,538
	1,000,000	Intel Corporation		0.00%	^		04/03/2018		999,762
	1,000,000	Intel Corporation		0.00%	^		05/01/2018		998,277
	1,000,000	Intel Corporation		0.00%	^		05/24/2018		997,016
	1,150,000	JP Morgan Chase & Company		0.00%	^		11/29/2018		1,130,356
	3,000,000	Kimberly Clark Corporation		0.00%	^		04/20/2018		2,996,597
	1,000,000	Macquarie Bank Ltd.		0.00%	^		05/21/2018		996,981
	1,875,000	Macquarie Bank Ltd.		0.00%	^		07/19/2018		1,862,009
	3,000,000	Nestle Capital Corporation		0.00%			07/31/2018		2,978,331
	3,200,000	PepsiCo, Inc.		0.00%	^		04/09/2018		3,198,274
	3,500,000	Pfizer, Inc.		0.00%	^		06/01/2018		3,487,948
	1,000,000	Procter & Gamble Company		0.00%	^		04/20/2018		998,890
	1,550,000	Procter & Gamble Company		0.00%	^		05/04/2018		1,547,078
	3,500,000	Province of British Columbia		0.00%			04/06/2018		3,498,655
	3,000,000	Shell International Finance BV		0.00%	^		04/02/2018		2,999,430
	3,000,000	Siemens Capital Company LLC		0.00%	^		06/26/2018		2,985,078
	1,500,000	Southern California Gas Company		0.00%	^		04/02/2018		1,499,712
	2,000,000	Toronto–Dominion Bank		0.00%	^		11/14/2018		1,969,116
	1,000,000	Toronto–Dominion Bank		0.00%	^		11/30/2018		983,327
	1,000,000	Toyota Motor Credit Corporation		0.00%			05/09/2018		997,859
	2,000,000	Toyota Motor Credit Corporation		0.00%			06/29/2018		1,988,413
	2,000,000	Walmart, Inc.		0.00%	^		04/16/2018		1,998,148
	1,000,000	Walmart, Inc.		0.00%	^		04/30/2018		998,287
	1,000,000	Walt Disney Company		0.00%	^		04/13/2018		999,256
	2,000,000	Walt Disney Company		0.00%	^		06/26/2018		1,989,953
	3,000,000	Westpac Banking Corporation		0.00%	^		11/21/2018		2,953,588
									93,585,451
	MONEY MARKET FUNDS 0.3%
	162,656	BlackRock Liquidity Funds FedFund - Institutional Shares		1.53%	¨				162,656
	162,656	Fidelity Institutional Money Market Government Portfolio - Class I		1.47%	¨				162,656

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	162,656	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.56%	¨				162,656
									487,968
	US TREASURY BILLS 1.8%
	1,500,000	United States Treasury Bills		0.00%			06/07/2018		1,495,444
	1,500,000	United States Treasury Bills		0.00%			09/20/2018		1,486,668
									2,982,112
		Total Short Term Investments (Cost $97,121,345)							97,055,531
		Total Investments 100.0% (Cost $166,533,208)							166,505,700
		Other Assets in Excess of Liabilities 0.0%							26,526
		NET ASSETS 100.0%						$	166,532,226

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Commercial Paper	56.2%
US Corporate Bonds	26.4%
Foreign Corporate Bonds	15.3%
US Treasury Bills	1.8%
Money Market Funds	0.3%
Other Assets and Liabilities	0.0%	~
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Banking	35.8%
Automotive	9.1%
Food Products	8.0%
Energy	7.5%
Technology	5.2%
Diversified Manufacturing	4.2%
Pharmaceuticals	3.9%
Aerospace & Defense	3.6%
Consumer Products	3.3%
Retailers (other than Food/Drug)	2.8%
Insurance	2.7%
Transportation	2.7%
Utilities	2.4%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	2.1%
Construction	1.9%
Media	1.8%
US Government and Agency Obligations	1.8%
Beverage and Tobacco	0.9%
Money Market Funds	0.3%
Other Assets and Liabilities	0.0%	~
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At March 31, 2018, the value of these securities amounted to $97,277,756 or 58.4% of net assets.

¨ Seven-day yield as of March 31, 2018

~ Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 111

Schedule of Investments  DoubleLine Shiller Enhanced International CAPE^® March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 14.3%
		Arcadia Receivables Credit Trust,
	149,215	Series 2017-1-A		3.25%	^		06/15/2023		149,870
		AVANT Loans Funding Trust,
	143,427	Series 2017-A-A		2.41%	^		03/15/2021		143,374
	312,316	Series 2017-B-A		2.29%	^		06/15/2020		311,771
		CAL Funding Ltd.,
	3,237,500	Series 2017-1A-A		3.62%	^		06/25/2042		3,220,253
		CLUB Credit Trust,
	500,000	Series 2017-NP1-B		3.17%	^		04/17/2023		499,608
		Conn Funding LP,
	64,002	Series 2017-A-A		2.73%	^		07/15/2019		63,999
		DRB Prime Student Loan Trust,
	83,186	Series 2015-B-A3		2.54%	^		04/27/2026		82,866
		Global SC Finance SRL,
	294,500	Series 2014-1A-A1		3.19%	^		07/17/2029		290,199
		Kabbage Asset Securitization LLC,
	500,000	Series 2017-1-A		4.57%	^		03/15/2022		509,382
		Lendmark Funding Trust,
	2,000,000	Series 2017-1A-A		2.83%	^		12/22/2025		1,990,583
		Navient Private Education Loan Trust,
	500,000	Series 2018-A-B		3.68%	^		02/18/2042		501,634
		OneMain Financial Issuance Trust,
	135,230	Series 2015-2A-A		2.57%	^		07/18/2025		135,216
	2,000,000	Series 2017-1A-A1		2.37%	^		09/14/2032		1,967,152
		SoFi Consumer Loan Program LLC,
	665,446	Series 2017-3-A		2.77%	^		05/25/2026		661,117
		SoFi Consumer Loan Program Trust,
	147,718	Series 2017-2-A		3.28%	^		02/25/2026		148,113
	645,632	Series 2017-5-A1		2.14%	^		09/25/2026		642,112
	468,283	Series 2018-1-A1		2.55%	^		02/25/2027		466,931
		SpringCastle America Funding LLC,
	310,128	Series 2016-AA-A		3.05%	^		04/25/2029		310,107
		Springleaf Funding Trust,
	1,000,000	Series 2017-AA-A		2.68%	^		07/15/2030		985,044
		TAL Advantage LLC,
	273,842	Series 2017-1A-A		4.50%			04/20/2042		281,839
		Westlake Automobile Receivables Trust,
	500,000	Series 2017-1A-C		2.70%	^		10/17/2022		498,770
	1,500,000	Series 2017-2A-C		2.59%	^		12/15/2022		1,486,068
		Total Asset Backed Obligations (Cost $15,423,514)							15,346,008
	COLLATERALIZED LOAN OBLIGATIONS 18.4%
		AIMCO,
	500,000	Series 2014-AA-AR (3 Month LIBOR USD + 1.10%)		2.84%	^		07/20/2026		500,527
		Atlas Senior Loan Fund Ltd.,
	1,000,000	Series 2013-2A-A1LR (3 Month LIBOR USD + 0.98%)		2.82%	^		02/17/2026		1,000,053
		Benefit Street Partners Ltd.,
	250,000	Series 2013-IIIA-A1R (3 Month LIBOR USD + 1.25%)		2.99%	^		07/20/2029		251,407
		BlueMountain Ltd.,
	500,000	Series 2016-1A-D (3 Month LIBOR USD + 4.80%)		6.54%	^		04/20/2027		501,105
		Cathedral Lake Ltd.,
	2,000,000	Series 2016-4A-A (3 Month LIBOR USD + 1.65%)		3.39%	^		10/20/2028		2,034,634

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		CFIP Ltd.,
	500,000	Series 2014-1A-AR (3 Month LIBOR USD + 1.32%)		3.04%	^		07/13/2029		502,763
		Cutwater Ltd.,
	1,000,000	Series 2014-1A-A1AR (3 Month LIBOR USD + 1.25%)		2.97%	^		07/15/2026		999,800
		CVP Ltd.,
	500,000	Series 2017-1A-A (3 Month LIBOR USD + 1.34%)		3.08%	^		07/20/2030		503,869
		Galaxy Ltd.,
	1,000,000	Series 2016-22A-B1 (3 Month LIBOR USD + 2.10%)		3.82%	^		07/16/2028		1,002,173
		Highbridge Loan Management,
	500,000	Series 2014-3A-CR (3 Month LIBOR USD + 3.60%)		5.33%	^		07/18/2029		503,637
		KVK Ltd.,
	1,000,000	Series 2015-1A-AR (3 Month LIBOR USD + 1.25%)		3.14%	^		05/20/2027		1,000,799
		Marathon Ltd.,
	1,000,000	Series 2014-7A-A1R (3 Month LIBOR USD + 1.32%)		3.08%	^		10/28/2025		1,000,471
		Midocean Credit,
	500,000	Series 2017-7A-A1 (3 Month LIBOR USD + 1.32%)		3.04%	^		07/15/2029		503,028
		Milos Ltd.,
	1,000,000	Series 2017-1A-A (3 Month LIBOR USD + 1.25%)		2.99%	^		10/20/2030		1,004,540
		MP Ltd.,
	500,000	Series 2013-2A-ARR (3 Month LIBOR USD + 1.28%)		3.03%	^		07/25/2029		503,207
		Palmer Square Loan Funding Ltd.,
	896,666	Series 2017-1A-A1 (3 Month LIBOR USD + 0.74%)		2.46%	^		10/15/2025		896,760
		Rockford Tower Ltd.,
	500,000	Series 2017-2A-A (3 Month LIBOR USD + 1.27%)		2.99%	^		10/15/2029		505,729
		Steele Creek Ltd.,
	500,000	Series 2015-1A-AR (3 Month LIBOR USD + 1.26%)		3.15%	^		05/21/2029		500,568
		TCI-Cent Ltd.,
	1,000,000	Series 2016-1A-A2 (3 Month LIBOR USD + 2.20%)		3.96%	^		12/21/2029		1,010,383
		Venture Ltd.,
	506,912	Series 2006-7A-A2 (3 Month LIBOR USD + 0.24%)		1.98%	^		01/20/2022		507,190
	1,000,000	Series 2007-8A-B (3 Month LIBOR USD + 0.42%)		2.16%	^		07/22/2021		996,870
	500,000	Series 2017-29A-A (3 Month LIBOR USD + 1.28%)		3.12%	^		09/07/2030		502,574
		Wellfleet Ltd.,
	1,000,000	Series 2017-2A-A1 (3 Month LIBOR USD + 1.25%)		2.63%	^		10/20/2029		1,006,986
		Wind River Ltd.,
	1,000,000	Series 2014-2A-AR (3 Month LIBOR USD + 1.14%, 1.14% Floor)		2.86%	^		01/15/2031		1,005,050
		Zais Ltd.,
	1,000,000	Series 2014-2A-A1AR (3 Month LIBOR USD + 1.20%)		2.95%	^		07/25/2026		1,001,021
		Total Collateralized Loan Obligations (Cost $19,708,233)							19,745,144

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

March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 9.0%
	200,000	Agromercantil Senior Trust		6.25%			04/10/2019		204,126
	300,000	Alibaba Group Holding Ltd.		3.13%			11/28/2021		299,416
	250,000	America Movil S.A.B. de C.V.		5.00%			03/30/2020		258,596
	360,000	AstraZeneca PLC		2.38%			11/16/2020		354,476
	200,000	Axiata SPV2 BHD		3.47%			11/19/2020		200,747
	150,000	Banco de Credito del Peru		5.38%			09/16/2020		157,639
	200,000	Banco del Estado de Chile		2.67%	^		01/08/2021		196,267
	150,000	Banco del Estado de Chile		3.88%			02/08/2022		151,722
	200,000	Banco International del Peru S.A.A.		5.75%			10/07/2020		210,000
	150,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		149,438
	150,000	Banco Santander		3.88%			09/20/2022		151,580
	200,000	Banco Santander (5 Year CMT Rate + 4.58%)		5.95%			01/30/2024		204,400
	200,000	Banistmo S.A.		3.65%	^		09/19/2022		192,250
	100,000	Bank of Nova Scotia		2.15%			07/14/2020		98,112
	250,000	BDO Unibank, Inc.		2.63%			10/24/2021		243,340
	200,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		207,040
	200,000	Bharti Airtel Ltd.		5.13%			03/11/2023		203,856
	165,000	BNP Paribas S.A.		5.00%			01/15/2021		173,708
	200,000	CK Hutchison International Ltd.		2.88%	^		04/05/2022		196,242
	200,000	CNOOC Finance Ltd.		2.63%			05/05/2020		197,864
	200,000	CNPC General Capital Ltd.		3.95%			04/19/2022		203,682
	200,000	Comision Federal de Electricidad		4.88%			05/26/2021		206,500
	200,000	Corpbanca S.A.		3.88%			09/22/2019		201,799
	200,000	Corporacion Financiera de Desarrollo S.A.		3.25%			07/15/2019		200,250
	200,000	ECL S.A.		5.63%			01/15/2021		210,990
	180,147	ENA Norte Trust		4.95%			04/25/2023		185,146
	200,000	Global Bank Corporation		5.13%			10/30/2019		204,240
	200,000	Grupo Bimbo S.A.B. de C.V.		4.88%			06/30/2020		207,438
	200,000	Indian Oil Corporation Ltd.		5.63%			08/02/2021		212,787
	150,000	Inversiones CMPC S.A.		4.50%			04/25/2022		154,353
	200,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91%			10/29/2026		200,614
	200,000	ONGC Videsh Ltd.		3.25%			07/15/2019		199,670
	200,000	ONGC Videsh Ltd.		2.88%			01/27/2022		193,448
	200,000	Oversea-Chinese Banking Corporation (5 Year Swap Rate USD + 2.20%)		4.00%			10/15/2024		201,532
	200,000	Panama Metro Line SP		0.00%			12/05/2022		180,900
	200,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		198,680
	200,000	PSA International Ltd.		4.63%			09/11/2019		205,188
	250,000	Reliance Holdings, Inc.		4.50%			10/19/2020		256,817
	65,000	Shell International Finance B.V.		1.38%			05/10/2019		64,173
	400,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		394,147
	200,000	SP PowerAssets Ltd.		2.70%			09/14/2022		196,357
	285,000	Sumitomo Mitsui Financial Group, Inc.		2.06%			07/14/2021		275,065
	300,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		305,250
	200,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.00%)		3.75%			09/19/2024		201,494
	200,000	UPL Corporation		3.25%			10/13/2021		196,215
	315,000	Westpac Banking Corporation		1.60%			08/19/2019		310,043
		Total Foreign Corporate Bonds (Cost $9,787,468)							9,617,597

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 1.5%
	150,000	Chile Government International Bond		2.25%			10/30/2022		144,075
	200,000	Chile International Government Bond		3.25%			09/14/2021		201,475
	100,000	Dominican Republic International Bond		7.50%			05/06/2021		106,593
	200,000	Indonesia Government International Bond		4.88%			05/05/2021		208,937
	400,000	Israel Government International Bond		4.00%			06/30/2022		414,410
	300,000	Philippine Government International Bond		4.00%			01/15/2021		307,681
	250,000	Wakala Global Sukuk BHD		4.65%			07/06/2021		264,027
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $1,687,839)							1,647,198
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 9.0%
		AREIT Trust,
	207,000	Series 2018-CRE1-AS (1 Month LIBOR USD + 1.25%, 1.25% Floor)		2.75%	^		02/15/2035		207,487
	136,000	Series 2018-CRE1-B (1 Month LIBOR USD + 1.65%, 1.65% Floor)		3.15%	^		02/15/2035		136,498
		Atrium Hotel Portfolio Trust,
	251,000	Series 2017-ATRM-E (1 Month LIBOR USD + 3.05%)		4.83%	^		12/15/2036		249,157
		BANK,
	5,142,930	Series 2017-BNK6-XA		0.88%	# I/O		07/15/2060		305,256
	3,575,023	Series 2017-BNK9-XA		0.83%	# I/O		11/15/2054		219,787
	4,379,380	Series 2018-BN10-XA		0.75%	# I/O		02/15/2061		258,272
		BBCMS Mortgage Trust,
	319,000	Series 2017-GLKS-E (1 Month LIBOR USD + 2.85%, 2.75% Floor)		4.63%	^		11/15/2034		319,084
		BB-UBS Trust,
	6,982,000	Series 2012-SHOW-XA		0.60%	#^ I/O		11/05/2036		258,807
	3,844,000	Series 2012-SHOW-XB		0.14%	#^ I/O		11/05/2036		44,519
		Bsprt Issuer Ltd.,
	267,000	Series 2017-FL2-A (1 Month LIBOR USD + 0.82%, 0.82% Floor)		2.60%	^		10/15/2034		267,763
	93,000	Series 2017-FL2-AS (1 Month LIBOR USD + 1.10%, 1.10% Floor)		2.88%	^		10/15/2034		93,252
	93,000	Series 2017-FL2-B (1 Month LIBOR USD + 1.40%, 1.40% Floor)		3.18%	^		10/15/2034		93,268
		BX Trust,
	321,000	Series 2017-FL1-C (1 Month LIBOR USD + 1.95%, 1.95% Floor)		3.74%	^		06/15/2035		321,802
		Caesars Palace Las Vegas Trust,
	234,000	Series 2017-VICI-D		4.35%	#^		10/15/2034		237,707
	234,000	Series 2017-VICI-E		4.35%	#^		10/15/2034		229,320
		CD Mortgage Trust,
	4,734,899	Series 2017-CD6-XA		0.98%	# I/O		11/13/2050		306,656
		CFCRE Commercial Mortgage Trust,
	3,545,000	Series 2018-TAN-X		1.63%	#^ I/O		02/15/2033		255,519
		Citigroup Commercial Mortgage Trust,
	4,338,538	Series 2014-GC19-XA		1.19%	# I/O		03/10/2047		214,971
	137,000	Series 2015-GC27-D		4.43%	#^		02/10/2048		116,744
	319,000	Series 2016-GC36-D		2.85%	^		02/10/2049		245,661

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 113

Schedule of Investments  DoubleLine Shiller Enhanced International CAPE^®  (Cont.) March 31, 2018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Citigroup Commercial Mortgage Trust, (Cont.)
	268,000	Series 2018-TBR-E (1 Month LIBOR USD + 2.80%, 2.90% Floor)		4.58%	^		12/15/2036		269,242
	255,000	Series 2018-TBR-F (1 Month LIBOR USD + 3.65%, 3.75% Floor)		5.43%	^		12/15/2036		256,685
		CSAIL Commercial Mortgage Trust,
	5,604,582	Series 2017-CX10-XA		0.73%	# I/O		11/15/2050		303,635
		GS Mortgage Securities Trust,
	6,193,224	Series 2016-GS4-XA		0.60%	# I/O		11/10/2049		219,771
	319,000	Series 2017-GS8-C		4.34%	#		11/10/2050		322,347
	4,191,935	Series 2017-GS8-XA		0.98%	# I/O		11/10/2050		306,163
		Morgan Stanley Bank of America Merrill Lynch Trust,
	2,524,808	Series 2017-C33-XA		1.45%	# I/O		05/15/2050		217,492
		Morgan Stanley Capital Trust,
	88,000	Series 2017-ASHF-D (1 Month LIBOR USD + 2.20%, 2.20% Floor)		3.98%	^		11/15/2034		88,483
	188,000	Series 2017-ASHF-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		4.93%	^		11/15/2034		187,791
	142,000	Series 2017-ASHF-F (1 Month LIBOR USD + 4.35%, 4.35% Floor)		6.13%	^		11/15/2034		142,986
	15,277,000	Series 2017-ASHF-XCP		1.39%	#^ I/O		05/15/2019		253,231
	216,000	Series 2017-CLS-E (1 Month LIBOR USD + 1.95%, 1.95% Floor)		3.73%	^		11/15/2034		217,164
	240,000	Series 2017-CLS-F (1 Month LIBOR USD + 2.60%, 2.60% Floor)		4.38%	^		11/15/2034		240,899
	3,686,960	Series 2017-HR2-XA		0.81%	# I/O		12/15/2050		227,434
		Tharaldson Hotel Portfolio Trust,
	263,000	Series 2018-THL-E (1 Month LIBOR USD + 3.18%, 3.10% Floor)		4.92%	^		11/11/2034		264,546
		UBS Commercial Mortgage Trust,
	228,000	Series 2017-C6-C		4.45%	#		12/15/2050		227,629
	98,000	Series 2018-C8-C		4.71%	#		02/15/2051		97,755
		Wells Fargo Commercial Mortgage Trust,
	323,000	Series 2012-LC5-C		4.69%	#		10/15/2045		326,492
	8,154,630	Series 2015-NXS2-XA		0.77%	# I/O		07/15/2058		297,123
	5,538,539	Series 2015-P2-XA		1.02%	# I/O		12/15/2048		298,637
	69,000	Series 2017-SMP-C (1 Month LIBOR USD + 1.20%, 1.20% Floor)		3.10%	^		12/15/2034		69,093
	41,000	Series 2017-SMP-D (1 Month LIBOR USD + 1.65%, 1.65% Floor)		3.55%	^		12/15/2034		41,094
	128,000	Series 2017-SMP-E (1 Month LIBOR USD + 2.25%, 2.25% Floor)		4.15%	^		12/15/2034		128,307
	264,000	Series 2018-BXI-E (1 Month LIBOR USD + 2.16%)		3.93%	^		12/15/2036		263,878
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $9,637,021)							9,649,407
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 15.2%
		Alternative Loan Trust,
	798,627	Series 2005-64CB-1A10		5.75%			12/25/2035		806,459
		Bayview Opportunity Master Fund Trust,
	182,698	Series 2017-RN2-A1		3.47%	# ^		04/28/2032		182,894
	372,729	Series 2017-RN6-A1		3.10%	^ §		08/28/2032		371,489
	293,927	Series 2017-RPL1-A1		3.10%	^ §		07/28/2032		292,733
		CIM Trust,
	1,108,665	Series 2017-8-A1		3.00%	# ^		12/25/2065		1,107,584

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		COLT Mortgage Loan Trust,
	576,748	Series 2017-1-A2		2.82%	# ^		05/27/2047		575,829
	576,748	Series 2017-1-A3		3.07%	# ^		05/27/2047		578,701
	1,436,271	Series 2018-1-A1		2.93%	# ^		02/25/2048		1,439,803
		Deephaven Residential Mortgage Trust,
	410,244	Series 2017-1A-A1		2.73%	# ^		12/26/2046		405,835
	410,244	Series 2017-1A-A2		2.93%	# ^		12/26/2046		407,077
		GCAT LLC,
	609,252	Series 2017-2-A1		3.50%	^ §		04/25/2047		606,715
		Mastr Asset Backed Securities Trust,
	1,346,396	Series 2006-NC3-A5 (1 Month LIBOR USD + 0.21%, 0.21% Floor)		2.08%			10/25/2036		878,605
		New Residential Mortgage Loan Trust,
	806,408	Series 2017-RPL1-A1		3.60%	^ §		04/25/2022		814,353
		Oak Hill Advisors Residential Loan Trust,
	1,426,912	Series 2017-NPL2-A1		3.00%	^ §		07/25/2057		1,418,771
		Pretium Mortgage Credit Partners LLC,
	732,761	Series 2017-NPL1-A1		3.50%	^ §		04/29/2032		733,937
		Verus Securitization Trust,
	600,161	Series 2017-1A-A2		3.16%	# ^		01/25/2047		601,833
		VOLT LLC,
	1,299,174	Series 2017-NP10-A1		3.00%	^ §		10/25/2047		1,290,283
	485,619	Series 2017-NPL4-A1		3.38%	^ §		04/25/2047		485,817
	908,076	Series 2017-NPL5-A1		3.38%	^ §		05/28/2047		908,826
	298,780	Series 2017-NPL6-A1		3.25%	^ §		05/25/2047		298,138
	1,237,327	Series 2017-NPL8-A1		3.13%	^ §		06/25/2047		1,234,048
	885,686	Series 2017-NPL9-A1		3.13%	^ §		09/25/2047		883,040
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $16,384,870)							16,322,770
	US CORPORATE BONDS 8.5%
	60,000	AbbVie, Inc.		1.80%			05/14/2018		59,958
	375,000	Air Lease Corporation		2.50%			03/01/2021		367,917
	190,000	Analog Devices, Inc.		2.95%			01/12/2021		189,466
	85,000	Anthem, Inc.		2.50%			11/21/2020		83,600
	355,000	AT&T, Inc.		2.80%			02/17/2021		351,702
	170,000	Bank of America Corporation (3 Month LIBOR USD + 0.79%)		2.81%			03/05/2024		169,290
	295,000	BAT Capital Corporation		2.30%	^		08/14/2020		289,358
	350,000	Capital One Financial Corporation		2.40%			10/30/2020		343,233
	185,000	Cardinal Health, Inc.		1.95%			06/14/2019		183,034
	320,000	Caterpillar Financial Services Corporation		2.10%			01/10/2020		316,409
	315,000	Celgene Corporation		2.88%			08/15/2020		313,888
	310,000	Cintas Corporation		2.90%			04/01/2022		305,354
	60,000	Citigroup, Inc.		2.05%			12/07/2018		59,786
	285,000	Citigroup, Inc. (3 Month LIBOR USD + 0.96%)		2.71%			04/25/2022		286,804
	365,000	Consolidated Edison, Inc.		2.00%			03/15/2020		358,950
	310,000	CVS Health Corporation		2.80%			07/20/2020		308,203
	250,000	Daimler Finance North America LLC		2.25%	^		03/02/2020		246,117
	185,000	Daimler Finance North America LLC		2.30%	^		02/12/2021		180,479
	30,000	Enterprise Products Operating LLC		2.80%			02/15/2021		29,688
	145,000	General Mills, Inc.		2.20%			10/21/2019		143,061
	135,000	General Motors Financial Company		2.65%			04/13/2020		133,415
	225,000	General Motors Financial Company		3.20%			07/06/2021		223,181
	350,000	Goldman Sachs Group, Inc.		2.30%			12/13/2019		346,366
	330,000	JP Morgan Chase & Company		2.25%			01/23/2020		326,042
	125,000	Kroger Company		6.15%			01/15/2020		131,904

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

March 31, 2018

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	360,000	Morgan Stanley (3 Month LIBOR USD + 0.93%)		2.67%			07/22/2022		361,534
	7,000	Newell Brands, Inc.		2.60%			03/29/2019		6,970
	350,000	Newell Brands, Inc.		3.15%			04/01/2021		346,964
	370,000	Northrop Grumman Corporation		2.08%			10/15/2020		362,232
	325,000	Packaging Corporation of America		2.45%			12/15/2020		320,023
	295,000	PNC Funding Corporation		4.38%			08/11/2020		303,907
	235,000	Prudential Financial, Inc.		7.38%			06/15/2019		247,581
	30,000	Reynolds American, Inc.		3.25%			06/12/2020		30,015
	250,000	SBA Tower Trust		3.17%	^		04/11/2022		247,700
	330,000	Sherwin-Williams Company		2.25%			05/15/2020		324,649
	285,000	Simon Property Group LP		2.20%			02/01/2019		284,014
	65,000	Thermo Fisher Scientific, Inc.		3.60%			08/15/2021		65,624
	90,000	TIAA Asset Management Finance Company LLC		2.95%	^		11/01/2019		89,804
	125,000	WellPoint, Inc.		2.30%			07/15/2018		124,901
	295,000	Wells Fargo & Company		2.15%			01/30/2020		290,434
		Total US Corporate Bonds (Cost $9,281,681)							9,153,557
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 3.0%
		Federal Home Loan Mortgage Corporation,
	883,890	Pool G0-8762		4.00%			05/01/2047		909,540
		Federal Home Loan Mortgage Corporation,
	831,582	Series 4120-KA		1.75%			10/15/2032		802,033
	422,948	Series 4484-CD		1.75%			07/15/2030		410,836
	490,411	Series 4738-LA		3.00%			11/15/2043		485,534
		Federal National Mortgage Association,
	525,810	Series 2011-146-MJ		3.00%			08/25/2041		521,042
	67,329	Series 2014-66-QE		2.00%			01/25/2040		66,374
		Total US Government and Agency Mortgage Backed Obligations (Cost $3,251,968)							3,195,359
	US GOVERNMENT AND AGENCY OBLIGATIONS 9.0%
	2,597,757	United States Treasury Inflation Indexed Bonds		1.38%	‡		07/15/2018		2,624,360
	3,010,000	United States Treasury Notes		2.00%	‡		08/31/2021		2,964,654
	4,120,000	United States Treasury Notes		2.13%	‡		09/30/2021		4,072,635
		Total US Government and Agency Obligations (Cost $9,830,889)							9,661,649
	AFFILIATED MUTUAL FUNDS 9.7%
	1,047,849	DoubleLine Floating Rate Fund (Class I)							10,415,621
		Total Affiliated Mutual Funds (Cost $10,397,184)							10,415,621
	SHORT TERM INVESTMENTS 3.6%
	521,163	BlackRock Liquidity Funds FedFund - Institutional Shares		1.53%	¨				521,163
	521,163	Fidelity Institutional Money Market Government Portfolio - Class I		1.47%	¨				521,163

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	521,163	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.56%	¨				521,163
	2,300,000	United States Treasury Bills		0.00%			04/19/2018		2,298,232
		Total Short Term Investments (Cost $3,861,730)							3,861,721
		Total Investments 101.2% (Cost $109,252,397)							108,616,031
		Liabilities in Excess of Other Assets (1.2)%							(1,294,559	)
		NET ASSETS 100.0%						$	107,321,472

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Collateralized Loan Obligations	18.4%
Non-Agency Residential Collateralized Mortgage Obligations	15.2%
Asset Backed Obligations	14.3%
Affiliated Mutual Funds	9.7%
US Government and Agency Obligations	9.0%
Non-Agency Commercial Mortgage Backed Obligations	9.0%
Foreign Corporate Bonds	9.0%
US Corporate Bonds	8.5%
Short Term Investments	3.6%
US Government and Agency Mortgage Backed Obligations	3.0%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.5%
Other Assets and Liabilities	(1.2)%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Collateralized Loan Obligations	18.4%
Non-Agency Residential Collateralized Mortgage Obligations	15.2%
Asset Backed Obligations	14.3%
Affiliated Mutual Funds	9.7%
US Government and Agency Obligations	9.0%
Non-Agency Commercial Mortgage Backed Obligations	9.0%
Banking	6.0%
Short Term Investments	3.6%
US Government and Agency Mortgage Backed Obligations	3.0%
Energy	2.0%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.5%
Telecommunications	1.2%
Utilities	0.9%
Transportation	0.8%
Healthcare	0.8%
Automotive	0.7%
Pharmaceuticals	0.7%
Consumer Products	0.5%
Chemicals/Plastics	0.5%
Technology	0.5%
Pulp & Paper	0.4%
Finance	0.3%
Aerospace & Defense	0.3%
Insurance	0.3%
Beverage and Tobacco	0.3%
Construction	0.3%
Industrial Equipment	0.3%
Real Estate	0.3%
Conglomerates	0.2%
Food Products	0.1%
Food/Drug Retailers	0.1%
Other Assets and Liabilities	(1.2)%
	100.0%

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 115

Schedule of Investments  DoubleLine Shiller Enhanced International CAPE^®  (Cont.) March 31, 2018

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At March 31, 2018, the value of these securities amounted to $56,585,223 or 52.7% of net assets.

# 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 March 31, 2018.

I/O Interest only security

¨ Seven-day yield as of March 31, 2018

§ The interest rate will step up if the issuer does not redeem the bond by an expected redemption date. The interest rate shown is the rate in effect as of March 31, 2018.

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

Total Return Swaps

Reference Entity

Counterparty

Long/Short

Financing Rate

Payment Frequency

Termination Date

Notional Amount

Unrealized Appreciation (Depreciation)/ Value

Shiller Barclays CAPE® Europe Sector  Net ER NoC Index

Barclays Capital, Inc.

Long

0.20%

Termination

04/26/2018

20,000,000

EUR

$

(1,208,038

)

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

Barclays Capital, Inc.

Long

0.20%

Termination

05/31/2018

16,000,000

EUR

(827,416

)

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

Barclays Capital, Inc.

Long

0.20%

Termination

07/01/2018

5,000,000

EUR

(407,017

)

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

Barclays Capital, Inc.

Long

0.20%

Termination

07/31/2018

5,000,000

EUR

(245,600

)

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

BNP Paribas

Long

0.20%

Termination

07/31/2018

10,000,000

EUR

(635,742

)

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

Barclays Capital, Inc.

Long

0.20%

Termination

09/03/2018

5,000,000

EUR

(255,249

)

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

Barclays Capital, Inc.

Long

0.20%

Termination

09/30/2018

7,000,000

EUR

(360,894

)

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

Barclays Capital, Inc.

Long

0.20%

Termination

10/31/2018

4,000,000

EUR

(287,690

)

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

BNP Paribas

Long

0.20%

Termination

12/02/2018

10,000,000

EUR

(913,135

)

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

BNP Paribas

Long

0.20%

Termination

01/31/2019

5,000,000

EUR

(277,619

)

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

BNP Paribas

Long

0.20%

Termination

04/30/2019

5,000,000

EUR

—

$

(5,418,400

)

Shiller Barclays CAPE^® Europe Sector Net ER NoC Index aims to provide notional long exposure to the top four European equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each European sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of March 31, 2018, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIIESAE.

Forward Currency Exchange Contracts
Settlement Date	Counterparty	Currency to be Delivered			Value		Currency to be Received			Value		Unrealized Appreciation (Depreciation)
06/29/2018	Goldman Sachs		125,563,337	USD	$	125,563,337		104,120,000	EUR	$	129,022,434	$	3,459,097
06/29/2018	Barclays Capital, Inc.		11,730,300	USD		11,730,300		9,730,000	EUR		12,057,129		326,829
06/29/2018	JP Morgan Securities LLC		4,866,758	USD		4,866,758		4,000,000	EUR		4,956,682		89,924
06/29/2018	Goldman Sachs		25,850,000	EUR		32,032,558		32,071,677	USD		32,071,677		39,119
					$	174,192,953				$	178,107,922	$	3,914,969

EUR Euro

USD US Dollar

A summary of the DoubleLine Shiller Enhanced International CAPE^®’s investments in affiliated mutual funds for the year ended March 31, 2018 is as follows:

Fund	Value at March 31, 2017			Gross Purchases			Gross Sales				Shares Held at March 31, 2018		Value at March 31, 2018			Change in Unrealized for the Year Ended March 31, 2018			Dividend Income Earned in the Year Ended March  31, 2018			Net Realized Gain (Loss) in the Year Ended March 31, 2018
DoubleLine Floating Rate Fund (Class I)		$	—		$	12,200,000		$	(1,800,000	)		1,047,849		$	10,415,621		$	18,437		$	199,252		$	(2,816	)

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

Statements of Assets and Liabilities March 31, 2018

	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund
ASSETS
Investments in Unaffiliated Securities, at Value *		$	48,814,555,322			$	8,875,491,743			$	1,085,987,973			$	129,134,122			$	5,115,142,322			$	553,982,365
Investments in Affiliated Securities, at Value *			—				1,023,141,097				—				63,678,156				48,500,000				—
Short Term Investments, at Value *			2,675,948,763				507,854,132				34,979,653				21,665,039				402,815,483				51,810,045
Foreign Currency, at Value *			—				—				—				—				—				—
Interest and Dividends Receivable			161,922,906				55,529,951				11,212,754				652,335				26,136,829				1,712,431
Cash			770,534				4,647,336				78,625				703,252				1,716,737				7,286,904
Receivable for Fund Shares Sold			110,890,446				28,627,974				6,536,232				1,567,600				14,085,213				2,403,686
Prepaid Expenses and Other Assets			389,380				81,999				38,653				26,375				97,009				45,416
Receivable for Investments Sold			307,853				23,316,455				—				150,464				11,129,472				23,112,651
Net Unrealized Appreciation on Forward Currency Exchange Contracts			—				—				—				752,579				—				—
Net Unrealized Appreciation on Swaps			—				—				—				3,094,936				—				—
Deposit at Broker for Futures			—				—				—				2,462,226				—				—
Deposit at Broker for Swaps (Upfront Payments/(Receipts) of $0, $0, $0, $(843,389), $0, $0)			—				—				—				378,710				—				—
Variation Margin Receivable			—				—				—				612,380				—				—
Total Assets			51,764,785,204				10,518,690,687				1,138,833,890				224,878,174				5,619,623,065				640,353,498
LIABILITIES
Payable for Investments Purchased			186,916,297				86,489,995				—				4,353,956				81,740,923				64,756,927
Payable for Fund Shares Redeemed			94,718,180				12,501,449				1,607,454				1,249,152				23,181,753				446,881
Distribution Payable			33,185,485				7,842,703				465,860				993,110				2,377,735				979,827
Investment Advisory Fees Payable			17,552,936				3,050,146				719,217				158,649				1,645,129				240,047
Transfer Agent Expenses Payable			5,111,955				896,866				256,295				30,404				806,805				122,983
Distribution Fees Payable			2,835,371				338,667				63,344				33,788				677,122				35,672
Administration, Fund Accounting and Custodian Fees Payable			1,716,144				374,471				45,559				15,920				226,143				40,097
Accrued Expenses			1,543,817				125,600				34,811				3,481				38,569				12,645
Trustees Fees Payable			663,025				83,846				10,376				1,772				36,690				3,746
Professional Fees Payable			577,399				160,820				89,520				50,601				46,305				46,519
Payable to Broker			—				—				—				350,438				—				—
Due to Custodian			—				—				—				—				—				—
Net Unrealized Depreciation on Swaps			—				—				—				—				—				—
Total Liabilities			344,820,609				111,864,563				3,292,436				7,241,271				110,777,174				66,685,344
Commitments and Contingencies (See Note 2)
Net Assets		$	51,419,964,595			$	10,406,826,124			$	1,135,541,454			$	217,636,903			$	5,508,845,891			$	573,668,154
NET ASSETS CONSIST OF:
Paid-in Capital		$	54,841,020,813			$	10,556,786,590			$	1,187,649,624			$	221,075,538			$	5,583,614,700			$	580,109,525
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)			(7,258,988	)			(357,650	)			65,930				824,634				785,074				211,111
Accumulated Net Realized Gain (Loss) on Investments			(2,825,990,028	)			(56,572,314	)			703,967				(2,866,395	)			(33,568,177	)			(8,427,631	)
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			(587,190,527	)			(113,759,460	)			(52,878,067	)			(1,456,788	)			(40,468,268	)			1,775,149
Investments in Affiliated Securities			—				20,741,097				—				(2,472,159	)			(1,500,000	)			—
Short Term Investments			(616,675	)			(12,139	)			—				(3,028	)			(17,438	)			—
Foreign Currency			—				—				—				—				—				—
Forwards			—				—				—				752,579				—				—
Futures			—				—				—				(1,312,414	)			—				—
Swaps			—				—				—				3,094,936				—				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				—				—				—
Net Assets		$	51,419,964,595			$	10,406,826,124			$	1,135,541,454			$	217,636,903			$	5,508,845,891			$	573,668,154
*Identified Cost:
Investments in Unaffiliated Securities		$	49,401,745,849			$	8,989,251,203			$	1,138,866,040			$	130,590,910			$	5,155,610,590			$	552,207,216
Investments in Affiliated Securities			—				1,002,400,000				—				66,150,315				50,000,000				—
Short Term Investments			2,676,565,438				507,866,271				34,979,653				21,668,067				402,832,921				51,810,045
Foreign Currency			—				—				—				—				—				—
Class I (unlimited shares authorized):
Net Assets		$	42,992,354,070			$	9,381,508,342			$	937,977,710			$	63,650,916			$	4,069,943,147			$	428,378,692
Shares Outstanding			4,101,764,788				868,138,614				89,977,920				6,748,834				408,294,996				43,114,430
Net Asset Value, Offering and Redemption Price per Share		$	10.48			$	10.81			$	10.42			$	9.43			$	9.97			$	9.94
Class N (unlimited shares authorized):
Net Assets		$	8,427,610,525			$	1,025,317,782			$	197,563,744			$	—			$	1,438,902,744			$	145,289,462
Shares Outstanding			804,421,445				94,949,905				18,947,617				—				144,456,797				14,600,236
Net Asset Value, Offering and Redemption Price per Share		$	10.48			$	10.80			$	10.43			$	—			$	9.96			$	9.95
Class A (unlimited shares authorized):
Net Assets		$	—			$	—			$	—			$	153,985,987			$	—			$	—
Shares Outstanding			—				—				—				16,389,598				—				—
Net Asset Value, Offering Price per Share		$	—			$	—			$	—			$	9.80			$	—			$	—
Net Asset Value, Redemption Price per Share		$	—			$	—			$	—			$	9.40			$	—			$	—

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 117

Statements of Assets and Liabilities  (Cont.) March 31, 2018

	DoubleLine Shiller Enhanced CAPE®				DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund
ASSETS
Investments in Unaffiliated Securities, at Value *		$	3,866,451,292			$	997,268,730			$	197,566,834			$	65,029,610			$	58,131,986			$	669,442,369
Investments in Affiliated Securities, at Value *			150,050,000				44,125,249				—				—				—				—
Short Term Investments, at Value *			879,640,214				167,143,724				733,175				1,198,867				220,040,032				10,158,068
Foreign Currency, at Value *			—				—				—				—				—				8,299,628
Interest and Dividends Receivable			19,395,007				6,749,191				2,027,498				232,944				98,145				4,555,111
Cash			6,668,251				1,524,547				49,625				5,625				—				—
Receivable for Fund Shares Sold			17,914,205				6,040,548				190,108				55,020				7,134,850				72,274
Prepaid Expenses and Other Assets			137,436				81,577				31,572				19,053				19,169				14,210
Receivable for Investments Sold			42,687,620				4,458,405				—				—				—				—
Net Unrealized Appreciation on Forward Currency Exchange Contracts			—				—				—				—				—				659,220
Net Unrealized Appreciation on Swaps			139,386,237				—				—				—				67,864				—
Deposit at Broker for Futures			—				—				—				39,600				—				—
Deposit at Broker for Swaps (Upfront Payments/(Receipts) of $0, $0, $0, $0, $0, $0)			—				—				—				—				—				—
Variation Margin Receivable			—				—				—				13,875				—				—
Total Assets			5,122,330,262				1,227,391,971				200,598,812				66,594,594				285,492,046				693,200,880
LIABILITIES
Payable for Investments Purchased			53,384,229				21,633,380				—				—				—				—
Payable for Fund Shares Redeemed			7,261,872				1,445,533				112,914				11,278				3,466,032				15,000
Distribution Payable			2,301,944				705,164				174,692				138,308				—				—
Investment Advisory Fees Payable			1,948,696				599,153				55,278				17,841				226,193				292,216
Transfer Agent Expenses Payable			568,061				203,274				144,815				22,316				27,674				51,765
Distribution Fees Payable			306,949				81,688				12,883				2,609				18,428				6,080
Administration, Fund Accounting and Custodian Fees Payable			228,666				96,653				15,736				4,249				6,418				35,822
Accrued Expenses			8,571				6,198				15,995				5,024				22,729				10,386
Trustees Fees Payable			15,038				4,656				2,598				874				693				4,171
Professional Fees Payable			42,981				31,894				33,760				19,426				72,951				33,228
Payable to Broker			—				—				—				—				—				—
Due to Custodian			—				—				—				—				60,799				—
Net Unrealized Depreciation on Swaps			—				—				—				—				—				—
Total Liabilities			66,067,007				24,807,593				568,671				221,925				3,901,917				448,668
Commitments and Contingencies (See Note 2)
Net Assets		$	5,056,263,255			$	1,202,584,378			$	200,030,141			$	66,372,669			$	281,590,129			$	692,752,212
NET ASSETS CONSIST OF:
Paid-in Capital		$	4,662,072,262			$	1,209,296,587			$	205,133,259			$	68,773,878			$	278,914,127			$	660,830,714
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)			952,972				302,963				(117,171	)			12,015				2,535,455				(4,042,102	)
Accumulated Net Realized Gain (Loss) on Investments			282,062,935				(2,950,459	)			281,272				(1,424,045	)			(6	)			(46,158	)
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			(28,235,510	)			(6,139,962	)			(5,267,219	)			(1,051,404	)			111,239				35,149,646
Investments in Affiliated Securities			50,000				2,075,249				—				—				—				—
Short Term Investments			(25,641	)			—				—				—				(38,550	)			—
Foreign Currency			—				—				—				—				—				117,381
Forwards			—				—				—				—				—				659,220
Futures			—				—				—				62,225				—				—
Swaps			139,386,237				—				—				—				67,864				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				—				—				83,511
Net Assets		$	5,056,263,255			$	1,202,584,378			$	200,030,141			$	66,372,669			$	281,590,129			$	692,752,212
*Identified Cost:
Investments in Unaffiliated Securities		$	3,894,686,802			$	1,003,408,692			$	202,834,053			$	66,081,014			$	58,020,747			$	634,292,723
Investments in Affiliated Securities			150,000,000				42,050,000				—				—				—				—
Short Term Investments			879,665,855				167,143,724				733,175				1,198,867				220,078,582				10,158,068
Foreign Currency			—				—				—				—				—				8,182,247
Class I (unlimited shares authorized):
Net Assets		$	4,013,700,022			$	1,007,491,379			$	142,173,857			$	55,356,997			$	213,752,310			$	663,207,877
Shares Outstanding			264,832,371				102,684,769				14,662,592				5,691,766				21,139,320				61,938,221
Net Asset Value, Offering and Redemption Price per Share		$	15.16			$	9.81			$	9.70			$	9.73			$	10.11			$	10.71
Class N (unlimited shares authorized):
Net Assets		$	1,042,563,233			$	195,092,999			$	57,856,284			$	11,015,672			$	67,837,819			$	29,544,335
Shares Outstanding			68,851,883				19,896,396				5,960,455				1,133,524				6,759,865				2,764,241
Net Asset Value, Offering and Redemption Price per Share		$	15.14			$	9.81			$	9.71			$	9.72			$	10.04			$	10.69
Class A (unlimited shares authorized):
Net Assets		$	—			$	—			$	—			$	—			$	—			$	—
Shares Outstanding			—				—				—				—				—				—
Net Asset Value, Offering Price per Share		$	—			$	—			$	—			$	—			$	—			$	—
Net Asset Value, Redemption Price per Share		$	—			$	—			$	—			$	—			$	—			$	—

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

March 31, 2018

	DoubleLine Infrastructure Income Fund				DoubleLine Ultra Short Bond Fund				DoubleLine Shiller Enhanced International  CAPE®
ASSETS
Investments in Unaffiliated Securities, at Value *		$	503,705,900			$	69,450,169			$	94,338,689
Investments in Affiliated Securities, at Value *			—				—				10,415,621
Short Term Investments, at Value *			41,905,631				97,055,531				3,861,721
Foreign Currency, at Value *			—				—				61
Interest and Dividends Receivable			2,843,356				300,213				504,921
Cash			388,788				—				6,250
Receivable for Fund Shares Sold			93,525				10,420				161,754
Prepaid Expenses and Other Assets			15,839				1,293				14,924
Receivable for Investments Sold			4,655,297				—				51,594
Net Unrealized Appreciation on Forward Currency Exchange Contracts			—				—				3,914,969
Net Unrealized Appreciation on Swaps			—				—				—
Deposit at Broker for Futures			—				—				—
Deposit at Broker for Swaps (Upfront Payments/(Receipts) of $0, $0, $0)			—				—				—
Variation Margin Receivable			—				—				—
Total Assets			553,608,336				166,817,626				113,270,504
LIABILITIES
Payable for Investments Purchased			—				—				280,815
Payable for Fund Shares Redeemed			153,168				2,955				95,657
Distribution Payable			1,361,305				193,980				62,217
Investment Advisory Fees Payable			233,426				21,115				7,629
Transfer Agent Expenses Payable			28,578				23,081				24,472
Distribution Fees Payable			5,934				110				10,079
Administration, Fund Accounting and Custodian Fees Payable			25,765				7,945				22,781
Accrued Expenses			5,310				7,528				323
Trustees Fees Payable			1,491				822				365
Professional Fees Payable			10,389				27,864				26,294
Payable to Broker			—				—				—
Due to Custodian			—				—				—
Net Unrealized Depreciation on Swaps			—				—				5,418,400
Total Liabilities			1,825,366				285,400				5,949,032
Commitments and Contingencies (See Note 2)
Net Assets		$	551,782,970			$	166,532,226			$	107,321,472
NET ASSETS CONSIST OF:
Paid-in Capital		$	556,657,874			$	166,548,706			$	109,203,978
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)			(409,161	)			13,576				420,956
Accumulated Net Realized Gain (Loss) on Investments			87,238				(2,548	)			545,212
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			(4,552,981	)			38,306				(654,794	)
Investments in Affiliated Securities			—				—				18,437
Short Term Investments			—				(65,814	)			(9	)
Foreign Currency			—				—				—
Forwards			—				—				3,914,969
Futures			—				—				—
Swaps			—				—				(5,418,400	)
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				(708,877	)
Net Assets		$	551,782,970			$	166,532,226			$	107,321,472
*Identified Cost:
Investments in Unaffiliated Securities		$	508,258,881			$	69,411,863			$	94,993,483
Investments in Affiliated Securities			—				—				10,397,184
Short Term Investments			41,905,631				97,121,345				3,861,730
Foreign Currency			—				—				61
Class I (unlimited shares authorized):
Net Assets		$	532,403,737			$	166,254,502			$	78,161,781
Shares Outstanding			53,231,250				16,583,250				6,956,252
Net Asset Value, Offering and Redemption Price per Share		$	10.00			$	10.03			$	11.24
Class N (unlimited shares authorized):
Net Assets		$	19,379,233			$	277,724			$	29,159,691
Shares Outstanding			1,938,752				27,678				2,595,634
Net Asset Value, Offering and Redemption Price per Share		$	10.00			$	10.03			$	11.23
Class A (unlimited shares authorized):
Net Assets		$	—			$	—			$	—
Shares Outstanding			—				—				—
Net Asset Value, Offering Price per Share		$	—			$	—			$	—
Net Asset Value, Redemption Price per Share		$	—			$	—			$	—

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 119

Statements of Operations For the Year Ended March 31, 2018

	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund
INVESTMENT INCOME
Income:
Interest		$	1,877,096,594			$	287,458,013			$	45,530,588			$	2,431,357			$	136,224,492			$	22,289,199
Dividends from Unaffiliated Securities			—				—				—				2,312,001				—				—
Dividends from Affiliated Securities			—				21,932,928				—				1,961,294				1,387,849				—
Total Investment Income			1,877,096,594				309,390,941				45,530,588				6,704,652				137,612,341				22,289,199
Expenses:
Investment Advisory Fees			213,517,475				37,711,030				8,513,532				1,904,785				18,072,009				2,406,497
Distribution Fees - Class N			22,492,397				2,714,362				542,269				—				3,708,359				336,456
Distribution Fees - Class A			—				—				—				349,254				—				—
Transfer Agent Expenses			25,656,660				3,662,116				938,562				84,734				2,104,080				322,243
Administration, Fund Accounting and Custodian Fees			7,403,045				1,569,507				203,136				68,797				875,491				191,176
Registration Fees			1,251,512				318,258				88,812				48,165				187,027				62,799
Shareholder Reporting Expenses			1,935,085				273,202				66,946				13,254				97,989				20,597
Professional Fees			1,291,419				345,892				147,204				117,254				152,495				81,894
Insurance Expenses			565,356				90,839				10,096				3,587				45,006				3,224
Trustees Fees			653,016				124,798				12,110				2,131				51,542				4,337
Miscellaneous Expenses			451,156				74,109				32,335				10,265				30,480				56,224
Total Expenses			275,217,121				46,884,113				10,555,002				2,602,226				25,324,478				3,485,447
Less: Investment Advisory Fees (Waived)			—				(4,756,058	)			—				(235,275	)			(246,867	)			—
Less: Other Fees (Reimbursed)/Recouped			—				—				—				26,412				—				—
Net Expenses			275,217,121				42,128,055				10,555,002				2,393,363				25,077,611				3,485,447
Net Investment Income (Loss)			1,601,879,473				267,262,886				34,975,586				4,311,289				112,534,730				18,803,752
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities			(79,667,201	)			5,657,761				24,199,913				751,943				1,779,181				473,607
Investments in Affiliated Securities			—				—				—				(167,537	)			40,200				—
Foreign Currency			—				—				—				107,790				—				—
Forwards			—				—				—				1,805,226				—				—
Futures			—				—				—				3,549,867				—				—
Swaps			—				—				—				7,612,042				—				—
In-Kind Transactions			—				—				—				—				—				—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			(384,200,073	)			(91,795,693	)			(25,901,517	)			(929,488	)			(30,211,309	)			538,365
Investments in Affiliated Securities			—				23,970,030				—				(708,342	)			(750,000	)			—
Short Term Investments			82,583				(12,139	)			—				(2,928	)			(17,438	)			—
Foreign Currency			—				—				—				(16,827	)			—				—
Forwards			—				—				—				704,707				—				—
Futures			—				—				—				(1,177,237	)			—				—
Swaps			—				—				—				(4,060,911	)			—				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				—				—				—
Net Realized and Unrealized Gain (Loss) on Investments			(463,784,691	)			(62,180,041	)			(1,701,604	)			7,468,305				(29,159,366	)			1,011,972
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	1,138,094,782			$	205,082,845			$	33,273,982			$	11,779,594			$	83,375,364			$	19,815,724

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

For the Year Ended March 31, 2018

	DoubleLine Shiller Enhanced CAPE®				DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund
INVESTMENT INCOME
Income:
Interest		$	118,623,174			$	41,033,885			$	6,320,421			$	2,596,284			$	1,031,168			$	8,349,995
Dividends from Unaffiliated Securities			—				—				—				—				—				—
Dividends from Affiliated Securities			1,298,692				434,618				—				—				—				—
Total Investment Income			119,921,866				41,468,503				6,320,421				2,596,284				1,031,168				8,349,995
Expenses:
Investment Advisory Fees			19,908,700				5,872,498				1,022,144				326,478				648,028				3,034,736
Distribution Fees - Class N			2,436,457				443,571				158,468				30,936				44,013				61,258
Distribution Fees - Class A			—				—				—				—				—				—
Transfer Agent Expenses			2,824,863				637,512				529,242				78,667				78,894				52,824
Administration, Fund Accounting and Custodian Fees			871,632				374,898				59,025				14,811				9,283				139,641
Registration Fees			277,472				115,332				71,386				48,058				10,852				69,963
Shareholder Reporting Expenses			151,658				33,906				38,055				4,386				9,203				7,559
Professional Fees			131,998				87,447				75,302				43,489				75,522				50,632
Insurance Expenses			28,594				9,432				4,954				1,919				1,351				6,362
Trustees Fees			37,569				11,591				3,698				808				677				7,638
Miscellaneous Expenses			22,344				11,861				16,129				7,081				133				827
Total Expenses			26,691,287				7,598,048				1,978,403				556,633				877,956				3,431,440
Less: Investment Advisory Fees (Waived)			(159,373	)			(180,231	)			—				—				—				—
Less: Other Fees (Reimbursed)/Recouped			—				333,665				(613,726	)			(101,274	)			(41,906	)			—
Net Expenses			26,531,914				7,751,482				1,364,677				455,359				836,050				3,431,440
Net Investment Income (Loss)			93,389,952				33,717,021				4,955,744				2,140,925				195,118				4,918,555
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities			1,358,858				3,850,423				852,485				(41,968	)			(84	)			4,276,489
Investments in Affiliated Securities			—				—				—				—				—				—
Foreign Currency			—				—				—				—				—				365,225
Forwards			—				—				—				—				—				(2,564,600	)
Futures			—				—				—				(36,627	)			—				—
Swaps			472,936,672				—				—				—				2,411,153				—
In-Kind Transactions			—				—				(1,774,375	)			—				—				—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			(22,805,543	)			(6,502,574	)			(1,394,856	)			(340,138	)			111,239				36,316,250
Investments in Affiliated Securities			50,000				2,107,793				—				—				—				—
Short Term Investments			(29,857	)			—				—				—				(36,530	)			—
Foreign Currency			—				—				—				—				—				119,537
Forwards			—				—				—				—				—				932,612
Futures			—				—				—				62,225				—				—
Swaps			(72,017,815	)			—				—				—				1,818,088				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				—				—				68,704
Net Realized and Unrealized Gain (Loss) on Investments			379,492,315				(544,358	)			(2,316,746	)			(356,508	)			4,303,866				39,514,217
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	472,882,267			$	33,172,663			$	2,638,998			$	1,784,417			$	4,498,984			$	44,432,772

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 121

Statements of Operations  (Cont.) For the Year Ended March 31, 2018

	DoubleLine Infrastructure Income Fund				DoubleLine Ultra Short Bond Fund				DoubleLine Shiller Enhanced International  CAPE®
INVESTMENT INCOME
Income:
Interest		$	18,806,473			$	1,687,906			$	2,197,223
Dividends from Unaffiliated Securities			142,994				—				—
Dividends from Affiliated Securities			—				—				199,252
Total Investment Income			18,949,467				1,687,906				2,396,475
Expenses:
Investment Advisory Fees			2,533,522				165,854				496,859
Distribution Fees - Class N			38,048				476				81,457
Distribution Fees - Class A			—				—				—
Transfer Agent Expenses			85,555				66,795				139,170
Administration, Fund Accounting and Custodian Fees			115,014				21,961				76,719
Registration Fees			49,625				52,751				59,847
Shareholder Reporting Expenses			8,214				697				8,429
Professional Fees			58,783				35,364				241,101
Insurance Expenses			3,838				937				923
Trustees Fees			4,731				515				75
Miscellaneous Expenses			5,823				4,317				11,844
Total Expenses			2,903,153				349,667				1,116,424
Less: Investment Advisory Fees (Waived)			—				—				(23,371	)
Less: Other Fees (Reimbursed)/Recouped			—				(30,967	)			(389,095	)
Net Expenses			2,903,153				318,700				703,958
Net Investment Income (Loss)			16,046,314				1,369,206				1,692,517
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities			566,203				(2,548	)			(190,464	)
Investments in Affiliated Securities			—				—				(2,816	)
Foreign Currency			—				—				(2,276,027	)
Forwards			—				—				7,246,804
Futures			—				—				—
Swaps			—				—				672,441
In-Kind Transactions			—				—				—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			(4,998,882	)			31,090				(685,124	)
Investments in Affiliated Securities			—				—				18,437
Short Term Investments			—				(65,567	)			(9	)
Foreign Currency			—				—				—
Forwards			—				—				3,918,082
Futures			—				—				—
Swaps			—				—				(5,566,040	)
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				(708,877	)
Net Realized and Unrealized Gain (Loss) on Investments			(4,432,679	)			(37,025	)			2,426,407
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	11,613,635			$	1,332,181			$	4,118,924

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

Statements of Changes in Net Assets March 31, 2018

	DoubleLine Total Return Bond Fund								DoubleLine Core Fixed Income Fund
	Year Ended March 31, 2018				Year Ended March 31, 2017				Year Ended March 31, 2018				Year Ended March 31, 2017
OPERATIONS
Net Investment Income (Loss)		$	1,601,879,473			$	1,413,520,591			$	267,262,886			$	197,066,782
Net Realized Gain (Loss) on Investments			(79,667,201	)			47,277,263				5,657,761				14,684,386
Net Change in Unrealized Appreciation (Depreciation) on Investments			(384,117,490	)			(694,407,429	)			(67,837,802	)			(33,129,336	)
Net Increase (Decrease) in Net Assets Resulting from Operations			1,138,094,782				766,390,425				205,082,845				178,621,832
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I			(1,587,278,268	)			(1,736,543,665	)			(248,741,913	)			(181,347,576	)
Class N			(298,205,292	)			(393,065,536	)			(29,189,489	)			(27,354,511	)
Total Distributions to Shareholders			(1,885,483,560	)			(2,129,609,201	)			(277,931,402	)			(208,702,087	)
NET SHARE TRANSACTIONS
Class I			(760,988,821	)			(601,278,088	)			2,415,105,289				1,947,964,711
Class N			(1,425,651,870	)			(1,514,557,094	)			(44,949,834	)			124,379,558
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(2,186,640,691	)			(2,115,835,182	)			2,370,155,455				2,072,344,269
Total Increase (Decrease) in Net Assets		$	(2,934,029,469	)		$	(3,479,053,958	)		$	2,297,306,898			$	2,042,264,014
NET ASSETS
Beginning of Period		$	54,353,994,064			$	57,833,048,022			$	8,109,519,226			$	6,067,255,212
End of Period		$	51,419,964,595			$	54,353,994,064			$	10,406,826,124			$	8,109,519,226
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)		$	(7,258,988	)		$	17,150,907			$	(357,650	)		$	1,606,145

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 123

Statements of Changes in Net Assets  (Cont.) March 31, 2018

	DoubleLine Emerging Markets Fixed Income Fund								DoubleLine Multi-Asset Growth Fund (Consolidated)
	Year Ended March 31, 2018				Year Ended March 31, 2017				Year Ended March 31, 2018				Year Ended March 31, 2017
OPERATIONS
Net Investment Income (Loss)		$	34,975,586			$	37,199,421			$	4,311,289			$	2,612,432
Net Realized Gain (Loss) on Investments			24,199,913				7,893,429				13,659,331				9,808,959
Net Change in Unrealized Appreciation (Depreciation) on Investments			(25,901,517	)			59,538,767				(6,191,026	)			8,612,496
Net Increase (Decrease) in Net Assets Resulting from Operations			33,273,982				104,631,617				11,779,594				21,033,887
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I			(28,862,910	)			(28,818,155	)			(1,695,424	)			(1,307,129	)
Class N			(6,320,084	)			(8,401,863	)			—				—
Class A			—				—				(3,639,520	)			(3,138,601	)
From Net Realized Gain
Class I			(8,025,591	)			—				(4,963,716	)			—
Class N			(1,843,901	)			—				—				—
Class A			—				—				(11,668,777	)			—
Total Distributions to Shareholders			(45,052,486	)			(37,220,018	)			(21,967,437	)			(4,445,730	)
NET SHARE TRANSACTIONS
Class I			172,821,116				176,618,809				17,200,778				2,686,021
Class N			(32,549,587	)			13,507,133				—				—
Class A			—				—				41,809,017				(6,340,222	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			140,271,529				190,125,942				59,009,795				(3,654,201	)
Total Increase (Decrease) in Net Assets		$	128,493,025			$	257,537,541			$	48,821,952			$	12,933,956
NET ASSETS
Beginning of Period		$	1,007,048,429			$	749,510,888			$	168,814,951			$	155,880,995
End of Period		$	1,135,541,454			$	1,007,048,429			$	217,636,903			$	168,814,951
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)		$	65,930			$	(348,570	)		$	824,634			$	(903,060	)

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

March 31, 2018

	DoubleLine Low Duration Bond Fund								DoubleLine Floating Rate Fund
	Year Ended March 31, 2018				Year Ended March 31, 2017				Year Ended March 31, 2018				Year Ended March 31, 2017
OPERATIONS
Net Investment Income (Loss)		$	112,534,730			$	70,617,059			$	18,803,752			$	11,325,643
Net Realized Gain (Loss) on Investments			1,819,381				2,730,970				473,607				1,008,729
Net Change in Unrealized Appreciation (Depreciation) on Investments			(30,978,747	)			17,964,493				538,365				2,633,916
Net Increase (Decrease) in Net Assets Resulting from Operations			83,375,364				91,312,522				19,815,724				14,968,288
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I			(93,171,195	)			(49,550,718	)			(13,777,809	)			(8,515,997	)
Class N			(33,405,488	)			(28,675,848	)			(4,927,977	)			(2,793,714	)
Total Distributions to Shareholders			(126,576,683	)			(78,226,566	)			(18,705,786	)			(11,309,711	)
NET SHARE TRANSACTIONS
Class I			1,346,007,730				1,026,115,258				130,570,439				64,616,215
Class N			(90,906,784	)			372,499,199				13,983,910				57,836,015
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			1,255,100,946				1,398,614,457				144,554,349				122,452,230
Total Increase (Decrease) in Net Assets		$	1,211,899,627			$	1,411,700,413			$	145,664,287			$	126,110,807
NET ASSETS
Beginning of Period		$	4,296,946,264			$	2,885,245,851			$	428,003,867			$	301,893,060
End of Period		$	5,508,845,891			$	4,296,946,264			$	573,668,154			$	428,003,867
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)		$	785,074			$	250,567			$	211,111			$	113,145

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 125

Statements of Changes in Net Assets  (Cont.) March 31, 2018

	DoubleLine Shiller Enhanced CAPE®								DoubleLine Flexible Income Fund
	Year Ended March 31, 2018				Year Ended March 31, 2017				Year Ended March 31, 2018				Year Ended March 31, 2017
OPERATIONS
Net Investment Income (Loss)		$	93,389,952			$	30,672,850			$	33,717,021			$	12,444,778
Net Realized Gain (Loss) on Investments			474,295,530				157,397,086				3,850,423				954,406
Net Change in Unrealized Appreciation (Depreciation) on Investments			(94,803,215	)			170,276,322				(4,394,781	)			8,920,465
Net Increase (Decrease) in Net Assets Resulting from Operations			472,882,267				358,346,258				33,172,663				22,319,649
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I			(78,619,862	)			(26,323,650	)			(31,106,931	)			(10,043,521	)
Class N			(19,603,610	)			(6,691,277	)			(6,652,922	)			(3,341,565	)
From Net Realized Gain
Class I			(241,906,043	)			(26,627,563	)			—				—
Class N			(66,566,564	)			(7,449,458	)			—				—
Total Distributions to Shareholders			(406,696,079	)			(67,091,948	)			(37,759,853	)			(13,385,086	)
NET SHARE TRANSACTIONS
Class I			1,535,049,774				1,534,079,370				418,381,598				425,937,884
Class N			263,902,803				505,497,768				48,541,725				81,906,031
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			1,798,952,577				2,039,577,138				466,923,323				507,843,915
Total Increase (Decrease) in Net Assets		$	1,865,138,765			$	2,330,831,448			$	462,336,133			$	516,778,478
NET ASSETS
Beginning of Period		$	3,191,124,490			$	860,293,042			$	740,248,245			$	223,469,767
End of Period		$	5,056,263,255			$	3,191,124,490			$	1,202,584,378			$	740,248,245
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)		$	952,972			$	273,584			$	302,963			$	164,531

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

March 31, 2018

	DoubleLine Low Duration Emerging Markets Fixed Income Fund								DoubleLine Long Duration Total Return Bond Fund
	Year Ended March 31, 2018				Year Ended March 31, 2017				Year Ended March 31, 2018				Year Ended March 31, 2017
OPERATIONS
Net Investment Income (Loss)		$	4,955,744			$	8,339,689			$	2,140,925			$	2,201,878
Net Realized Gain (Loss) on Investments			(921,890	)			910,129				(78,595	)			(363,906	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			(1,394,856	)			4,439,898				(277,913	)			(3,969,120	)
Net Increase (Decrease) in Net Assets Resulting from Operations			2,638,998				13,689,716				1,784,417				(2,131,148	)
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I			(3,775,543	)			(3,196,392	)			(1,760,556	)			(1,739,864	)
Class N			(1,453,338	)			(5,136,394	)			(378,109	)			(474,185	)
From Net Realized Gain
Class I			(303,772	)			(145,250	)			—				—
Class N			(334,250	)			(251,863	)			—				—
Total Distributions to Shareholders			(5,866,903	)			(8,729,899	)			(2,138,665	)			(2,214,049	)
NET SHARE TRANSACTIONS
Class I			11,528,754				64,287,333				5,169,028				(3,195,885	)
Class N			(158,035,173	)			94,918,197				(183,291	)			(13,323,494	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(146,506,419	)			159,205,530				4,985,737				(16,519,379	)
Total Increase (Decrease) in Net Assets		$	(149,734,324	)		$	164,165,347			$	4,631,489			$	(20,864,576	)
NET ASSETS
Beginning of Period		$	349,764,465			$	185,599,118			$	61,741,180			$	82,605,756
End of Period		$	200,030,141			$	349,764,465			$	66,372,669			$	61,741,180
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)		$	(117,171	)		$	(57,445	)		$	12,015			$	(5,110	)

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 127

Statements of Changes in Net Assets  (Cont.) March 31, 2018

	DoubleLine Strategic Commodity Fund (Consolidated)								DoubleLine Global Bond Fund
	Year Ended March 31, 2018				Year Ended March 31, 2017				Year Ended March 31, 2018				Year Ended March 31, 2017
OPERATIONS
Net Investment Income (Loss)		$	195,118			$	(202,526	)		$	4,918,555			$	1,476,400
Net Realized Gain (Loss) on Investments			2,411,069				3,855,568				2,077,114				(5,247,244	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			1,892,797				(2,194,950	)			37,437,103				(6,510,883	)
Net Increase (Decrease) in Net Assets Resulting from Operations			4,498,984				1,458,092				44,432,772				(10,281,727	)
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I			(2,843,569	)			(169,986	)			(7,054,278	)			(348,763	)
Class N			(831,407	)			(12,617	)			(244,997	)			(48,215	)
From Net Realized Gain
Class I			(712	)			—				—				—
Class N			(262	)			—				—				—
From Return of Capital
Class I			—				—				—				(249,602	)
Class N			—				—				—				(34,507	)
Total Distributions to Shareholders			(3,675,950	)			(182,603	)			(7,299,275	)			(681,087	)
NET SHARE TRANSACTIONS
Class I			190,837,288				(6,967,137	)			152,313,116				389,038,263
Class N			61,146,520				5,056,471				3,919,226				(15,257,228	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			251,983,808				(1,910,666	)			156,232,342				373,781,035
Total Increase (Decrease) in Net Assets		$	252,806,842			$	(635,177	)		$	193,365,839			$	362,818,221
NET ASSETS
Beginning of Period		$	28,783,287			$	29,418,464			$	499,386,373			$	136,568,152
End of Period		$	281,590,129			$	28,783,287			$	692,752,212			$	499,386,373
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)		$	2,535,455			$	(150,622	)		$	(4,042,102	)		$	(2,816,373	)

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

March 31, 2018

	DoubleLine Infrastructure Income Fund								DoubleLine Ultra Short Bond Fund
	Year Ended March 31, 2018				Period Ended March 31, 20171				Year Ended March 31, 2018				Period Ended March 31, 20172
OPERATIONS
Net Investment Income (Loss)		$	16,046,314			$	3,490,716			$	1,369,206			$	20,281
Net Realized Gain (Loss) on Investments			566,203				98,565				(2,548	)			1,637
Net Change in Unrealized Appreciation (Depreciation) on Investments			(4,998,882	)			445,901				(34,477	)			6,969
Net Increase (Decrease) in Net Assets Resulting from Operations			11,613,635				4,035,182				1,332,181				28,887
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I			(16,144,693	)			(3,422,792	)			(1,351,595	)			(19,756	)
Class N			(489,074	)			(6,782	)			(1,731	)			—
From Net Realized Gain
Class I			(385,190	)			(61,163	)			(4,461	)			—
Class N			(13,836	)			(191	)			(5	)			—
Total Distributions to Shareholders			(17,032,793	)			(3,490,928	)			(1,357,792	)			(19,756	)
NET SHARE TRANSACTIONS
Class I			145,347,246				391,569,220				157,986,489				8,284,896
Class N			19,171,708				569,700				153,060				124,261
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			164,518,954				392,138,920				158,139,549				8,409,157
Total Increase (Decrease) in Net Assets		$	159,099,796			$	392,683,174			$	158,113,938			$	8,418,288
NET ASSETS
Beginning of Period		$	392,683,174			$	—			$	8,418,288			$	—
End of Period		$	551,782,970			$	392,683,174			$	166,532,226			$	8,418,288
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)		$	(409,161	)		$	103,324			$	13,576			$	525

¹  Commencement of operations on April 1, 2016.

²  Commencement of operations on June 30, 2016.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 129

Statements of Changes in Net Assets  (Cont.) March 31, 2018

	DoubleLine Shiller Enhanced International  CAPE®
	Year Ended March 31, 2018				Period Ended March 31, 20171
OPERATIONS
Net Investment Income (Loss)		$	1,692,517			$	19,585
Net Realized Gain (Loss) on Investments			5,449,938				582,251
Net Change in Unrealized Appreciation (Depreciation) on Investments			(3,023,531	)			174,857
Net Increase (Decrease) in Net Assets Resulting from Operations			4,118,924				776,693
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I			(2,106,115	)			(16,423	)
Class N			(929,707	)			(4,345	)
From Net Realized Gain
Class I			(2,493,918	)			—
Class N			(1,227,615	)			—
Total Distributions to Shareholders			(6,757,355	)			(20,768	)
NET SHARE TRANSACTIONS
Class I			60,515,779				18,692,469
Class N			18,561,118				11,434,612
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			79,076,897				30,127,081
Total Increase (Decrease) in Net Assets		$	76,438,466			$	30,883,006
NET ASSETS
Beginning of Period		$	30,883,006			$	—
End of Period		$	107,321,472			$	30,883,006
Undistributed (Accumulated) Net Investment Income (Loss) (See Note 6)		$	420,956			$	(948	)

¹  Commencement of operations on December 23, 2016.

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

Financial Highlights

	DoubleLine Total Return Bond Fund
	Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014
	Class I			Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	10.63		$	10.87		$	11.04		$	10.90		$	11.34		$	10.63		$	10.87		$	11.04		$	10.89		$	11.33
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.32			0.27			0.35			0.41			0.42			0.30			0.24			0.33			0.40			0.39
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.09	)		(0.11	)		(0.09	)		0.22			(0.30	)		(0.09	)		(0.11	)		(0.09	)		0.22			(0.30	)
Total from Investment Operations		0.23			0.16			0.26			0.63			0.12			0.21			0.13			0.24			0.62			0.09
Less Distributions:
Distributions from Net Investment Income		(0.38	)		(0.40	)		(0.43	)		(0.49	)		(0.56	)		(0.36	)		(0.37	)		(0.41	)		(0.47	)		(0.53	)
Total Distributions		(0.38	)		(0.40	)		(0.43	)		(0.49	)		(0.56	)		(0.36	)		(0.37	)		(0.41	)		(0.47	)		(0.53	)
Net Asset Value, End of Period	$	10.48		$	10.63		$	10.87		$	11.04		$	10.90		$	10.48		$	10.63		$	10.87		$	11.04		$	10.89
Total Return		2.19%			1.46%			2.45%			5.93%			1.13%			1.93%			1.21%			2.20%			5.76%			0.88%
Supplemental Data:
Net Assets, End of Period (000’s)	$	42,992,354		$	44,379,730		$	46,082,294		$	36,286,609		$	24,631,306		$	8,427,611		$	9,974,264		$	11,750,754		$	9,439,999		$	7,070,779
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.47%			0.47%			0.47%			0.47%			0.47%			0.72%			0.72%			0.72%			0.72%			0.72%
Expenses After Investment Advisory Fees (Waived)		0.47%			0.47%			0.47%			0.47%			0.47%			0.72%			0.72%			0.72%			0.72%			0.72%
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.47%			0.47%			0.47%			0.47%			0.48%			0.72%			0.72%			0.72%			0.72%			0.73%
Net Investment Income (Loss)		3.04%			2.45%			3.29%			3.74%			3.78%			2.79%			2.20%			3.04%			3.50%			3.25%
Portfolio Turnover Rate		22%			22%			15%			13%			14%			22%			22%			15%			13%			14%

¹  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 131

Financial Highlights  (Cont.)

	DoubleLine Core Fixed Income Fund
	Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014
	Class I			Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	10.86		$	10.87		$	11.10		$	10.88		$	11.29		$	10.85		$	10.86		$	11.10		$	10.87		$	11.28
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.31			0.29			0.36			0.39			0.41			0.29			0.27			0.32			0.37			0.40
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.04	)		0.01			(0.22	)		0.26			(0.31	)		(0.04	)		0.01			(0.22	)		0.26			(0.31	)
Total from Investment Operations		0.27			0.30			0.14			0.65			0.10			0.25			0.28			0.10			0.63			0.09
Less Distributions:
Distributions from Net Investment Income		(0.32	)		(0.31	)		(0.37	)		(0.43	)		(0.47	)		(0.30	)		(0.29	)		(0.34	)		(0.40	)		(0.46	)
Distributions from Net Realized Gain		—			—			—			—			(0.04	)		—			—			—			—			(0.04	)
Total Distributions		(0.32	)		(0.31	)		(0.37	)		(0.43	)		(0.51	)		(0.30	)		(0.29	)		(0.34	)		(0.40	)		(0.50	)
Net Asset Value, End of Period	$	10.81		$	10.86		$	10.87		$	11.10		$	10.88		$	10.80		$	10.85		$	10.86		$	11.10		$	10.87
Total Return		2.51%			2.80%			1.31%			6.07%			1.03%			2.26%			2.54%			0.97%			5.91%			0.77%
Supplemental Data:
Net Assets, End of Period (000’s)	$	9,381,508		$	7,034,665		$	5,114,336		$	3,406,628		$	1,351,760		$	1,025,318		$	1,074,854		$	952,919		$	612,066		$	383,712
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.47%			0.47%			0.47%			0.48%			0.51%			0.72%			0.72%			0.72%			0.73%			0.76%
Expenses After Investment Advisory Fees (Waived)		0.42%			0.44%			0.46%			0.46%			0.48%			0.67%			0.69%			0.71%			0.71%			0.73%
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.42%			0.44%			0.46%			0.47%			0.48%			0.67%			0.69%			0.71%			0.72%			0.73%
Net Investment Income (Loss)		2.86%			2.72%			3.17%			3.60%			3.76%			2.61%			2.47%			2.92%			3.39%			3.32%
Portfolio Turnover Rate		77%			81%			70%			65%			53%			77%			81%			70%			65%			53%

¹  Calculated based on average shares outstanding during the period.

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

	DoubleLine Emerging Markets Fixed Income Fund
	Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014
	Class I			Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	10.50		$	9.68		$	10.23		$	10.48		$	11.03		$	10.50		$	9.68		$	10.23		$	10.48		$	11.03
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.33			0.45			0.49			0.55			0.46			0.31			0.42			0.46			0.52			0.44
Net Gain (Loss) on Investments (Realized and Unrealized)		0.02			0.81			(0.54	)		(0.24	)		(0.38	)		0.02			0.81			(0.54	)		(0.24	)		(0.38	)
Total from Investment Operations		0.35			1.26			(0.05	)		0.31			0.08			0.33			1.23			(0.08	)		0.28			0.06
Less Distributions:
Distributions from Net Investment Income		(0.34	)		(0.44	)		(0.50	)		(0.56	)		(0.48	)		(0.31	)		(0.41	)		(0.47	)		(0.53	)		(0.46	)
Distributions from Net Realized Gain		(0.09	)		—			—			—			(0.15	)		(0.09	)		—			—			—			(0.15	)
Total Distributions		(0.43	)		(0.44	)		(0.50	)		(0.56	)		(0.63	)		(0.40	)		(0.41	)		(0.47	)		(0.53	)		(0.61	)
Net Asset Value, End of Period	$	10.42		$	10.50		$	9.68		$	10.23		$	10.48		$	10.43		$	10.50		$	9.68		$	10.23		$	10.48
Total Return		3.30%			13.19%			(0.48	)%		2.90%			0.95%			3.14%			12.91%			(0.73	)%		2.64%			0.69%
Supplemental Data:
Net Assets, End of Period (000’s)	$	937,978		$	775,961		$	548,221		$	539,542		$	331,790		$	197,564		$	231,087		$	201,290		$	233,347		$	183,977
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.88%			0.92%			0.90%			0.90%			0.92%			1.13%			1.17%			1.15%			1.15%			1.17%
Expenses After Investment Advisory Fees (Waived)		0.88%			0.92%			0.90%			0.90%			0.92%			1.13%			1.17%			1.15%			1.15%			1.17%
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.88%			0.92%			0.90%			0.90%			0.92%			1.13%			1.17%			1.15%			1.15%			1.17%
Net Investment Income (Loss)		3.12%			4.28%			4.92%			5.20%			4.40%			2.93%			4.03%			4.67%			4.95%			4.25%
Portfolio Turnover Rate		78%			108%			75%			67%			79%			78%			108%			75%			67%			79%

¹  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 133

Financial Highlights  (Cont.)

	DoubleLine Multi-Asset Growth Fund (Consolidated)
	Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014
	Class I			Class I			Class I			Class I			Class I			Class A			Class A			Class A			Class A			Class A
Net Asset Value, Beginning of Period	$	9.84		$	8.85		$	9.81		$	10.10		$	9.96		$	9.81		$	8.83		$	9.78		$	10.07		$	9.95
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.23			0.18			0.24			0.28			0.18			0.21			0.15			0.22			0.26			0.12
Net Gain (Loss) on Investments (Realized and Unrealized)		0.43			1.09			(0.65	)		0.32			0.18			0.43			1.09			(0.65	)		0.32			0.19
Total from Investment Operations		0.66			1.27			(0.41	)		0.60			0.36			0.64			1.24			(0.43	)		0.58			0.31
Less Distributions:
Distributions from Net Investment Income		(0.27	)		(0.28	)		(0.44	)		(0.40	)		(0.22	)		(0.25	)		(0.26	)		(0.41	)		(0.38	)		(0.19	)
Distributions from Net Realized Gain		(0.80	)		—			(0.11	)		(0.49	)		—			(0.80	)		—			(0.11	)		(0.49	)		—
Total Distributions		(1.07	)		(0.28	)		(0.55	)		(0.89	)		(0.22	)		(1.05	)		(0.26	)		(0.52	)		(0.87	)		(0.19	)
Net Asset Value, End of Period	$	9.43		$	9.84		$	8.85		$	9.81		$	10.10		$	9.40		$	9.81		$	8.83		$	9.78		$	10.07
Total Return2		6.80%			14.63%			(4.29	)%		6.22%			3.65%			6.57%			14.27%			(4.42	)%		5.96%			3.28%
Supplemental Data:
Net Assets, End of Period (000’s)	$	63,651		$	49,380		$	42,075		$	42,796		$	66,292		$	153,986		$	119,435		$	113,806		$	84,307		$	96,734
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.12%			1.21%			1.25%			1.30%			1.33%			1.37%			1.46%			1.50%			1.55%			1.58%
Expenses After Investment Advisory Fees (Waived)		1.01%			1.10%			1.12%			1.09%			1.26%			1.26%			1.35%			1.37%			1.34%			1.51%
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.02%			1.09%			1.07%			0.99%			1.13%			1.27%			1.34%			1.32%			1.24%			1.38%
Net Investment Income (Loss)		2.31%			1.87%			2.72%			2.87%			1.67%			2.08%			1.62%			2.47%			2.66%			1.01%
Portfolio Turnover Rate		83%			59%			56%			86%			150%			83%			59%			56%			86%			150%

¹  Calculated based on average shares outstanding during the period.

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

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

	DoubleLine Low Duration Bond Fund
	Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014
	Class I			Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	10.04		$	9.99		$	10.14		$	10.19		$	10.21		$	10.03		$	9.99		$	10.13		$	10.18		$	10.20
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.22			0.24			0.22			0.22			0.15			0.20			0.20			0.21			0.19			0.13
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.04	)		0.06			(0.12	)		(0.04	)		—			(0.04	)		0.06			(0.12	)		(0.04	)		—
Total from Investment Operations		0.18			0.30			0.10			0.18			0.15			0.16			0.26			0.09			0.15			0.13
Less Distributions:
Distributions from Net Investment Income		(0.25	)		(0.25	)		(0.25	)		(0.23	)		(0.17	)		(0.23	)		(0.22	)		(0.23	)		(0.20	)		(0.15	)
Total Distributions		(0.25	)		(0.25	)		(0.25	)		(0.23	)		(0.17	)		(0.23	)		(0.22	)		(0.23	)		(0.20	)		(0.15	)
Net Asset Value, End of Period	$	9.97		$	10.04		$	9.99		$	10.14		$	10.19		$	9.96		$	10.03		$	9.99		$	10.13		$	10.18
Total Return		1.82%			2.99%			1.00%			1.76%			1.51%			1.57%			2.64%			0.85%			1.51%			1.26%
Supplemental Data:
Net Assets, End of Period (000’s)	$	4,069,943		$	2,756,498		$	1,722,942		$	1,166,438		$	851,771		$	1,438,903		$	1,540,448		$	1,162,303		$	1,148,730		$	1,062,088
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.42%			0.43%			0.43%			0.45%			0.48%			0.67%			0.68%			0.68%			0.70%			0.73%
Expenses After Investment Advisory Fees (Waived)		0.41%			0.42%			0.42%			0.44%			0.48%			0.66%			0.67%			0.67%			0.69%			0.73%
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.41%			0.42%			0.43%			0.46%			0.47%			0.66%			0.67%			0.68%			0.71%			0.72%
Net Investment Income (Loss)		2.26%			2.25%			2.30%			2.16%			1.46%			1.99%			2.00%			2.05%			1.90%			1.30%
Portfolio Turnover Rate		62%			69%			66%			61%			53%			62%			69%			66%			61%			53%

¹  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 135

Financial Highlights  (Cont.)

	DoubleLine Floating Rate Fund
	Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014			Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014
	Class I			Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	9.90		$	9.77		$	10.14		$	10.15		$	10.08		$	9.92		$	9.79		$	10.16		$	10.16		$	10.08
Income (Loss) from Investment Operations:
Net Investment Income (Loss)1		0.41			0.35			0.36			0.34			0.27			0.37			0.33			0.34			0.32			0.25
Net Gain (Loss) on Investments (Realized and Unrealized)		0.02			0.13			(0.36	)		—			0.04			0.02			0.13			(0.36	)		—			0.05
Total from Investment Operations		0.43			0.48			—			0.34			0.31			0.39			0.46			(0.02	)		0.32			0.30
Less Distributions:
Distributions from Net Investment Income		(0.39	)		(0.35	)		(0.37	)		(0.34	)		(0.24	)		(0.36	)		(0.33	)		(0.35	)		(0.31	)		(0.22	)
Distributions from Net Realized Gain		—			—			—			(0.01	)		—			—			—			—			(0.01	)		—
Total Distributions		(0.39	)		(0.35	)		(0.37	)		(0.35	)		(0.24	)		(0.36	)		(0.33	)		(0.35	)		(0.32	)		(0.22	)
Net Asset Value, End of Period	$	9.94		$	9.90		$	9.77		$	10.14		$	10.15		$	9.95		$	9.92		$	9.79		$	10.16		$	10.16
Total Return		4.39%			4.99%			0.02%			3.36%			3.07%			4.02%			4.73%			(0.23	)%		3.19%			2.93%
Supplemental Data:
Net Assets, End of Period (000’s)	$	428,379		$	297,060		$	229,612		$	310,368		$	276,737		$	145,289		$	130,944		$	72,281		$	51,103		$	104,320
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.65%			0.68%			0.65%			0.67%			0.73%			0.90%			0.93%			0.90%			0.92%			0.98%
Expenses After Investment Advisory Fees (Waived)		0.65%			0.68%			0.65%			0.67%			0.73%			0.90%			0.93%			0.90%			0.92%			0.98%
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.65%			0.68%			0.65%			0.70%			0.73%			0.90%			0.93%			0.90%			0.95%			0.98%
Net Investment Income (Loss)		3.98%			3.60%			3.70%			3.35%			2.68%			3.71%			3.35%			3.45%			3.06%			2.68%
Portfolio Turnover Rate		77%			106%			70%			84%			66%			77%			106%			70%			84%			66%

¹  Calculated based on average shares outstanding during the period.

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

	DoubleLine Shiller Enhanced CAPE®
	Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Period Ended March 31, 20141			Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Year Ended March 31, 2015			Period Ended March 31, 20141
	Class I			Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	14.76		$	12.32		$	12.13		$	10.68		$	10.00		$	14.75		$	12.31		$	12.12		$	10.68		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.35			0.27			0.32			0.34			0.11			0.30			0.24			0.29			0.30			0.10
Net Gain (Loss) on Investments (Realized and Unrealized)		1.46			2.72			0.40			1.45			0.67			1.46			2.72			0.40			1.45			0.67
Total from Investment Operations		1.81			2.99			0.72			1.79			0.78			1.76			2.96			0.69			1.75			0.77
Less Distributions:
Distributions from Net Investment Income		(0.35	)		(0.28	)		(0.34	)		(0.34	)		(0.10	)		(0.31	)		(0.25	)		(0.31	)		(0.31	)		(0.09	)
Distributions from Net Realized Gain		(1.06	)		(0.27	)		(0.19	)		—	5		—			(1.06	)		(0.27	)		(0.19	)		—	5		—
Total Distributions		(1.41	)		(0.55	)		(0.53	)		(0.34	)		(0.10	)		(1.37	)		(0.52	)		(0.50	)		(0.31	)		(0.09	)
Net Asset Value, End of Period	$	15.16		$	14.76		$	12.32		$	12.13		$	10.68		$	15.14		$	14.75		$	12.31		$	12.12		$	10.68
Total Return		12.40%			24.75%			6.09%			16.96%			7.83%	2		12.06%			24.48%			5.84%			16.60%			7.73%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	4,013,700		$	2,432,725		$	673,308		$	301,580		$	30,061		$	1,042,563		$	758,400		$	186,985		$	78,834		$	10,714
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.55%			0.55%			0.63%			0.82%			4.98%	3		0.80%			0.80%			0.88%			1.07%			5.23%	3
Expenses After Investment Advisory Fees (Waived)		0.54%			0.55%			0.63%			0.79%			4.72%	3		0.79%			0.80%			0.88%			1.04%			4.97%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.54%			0.60%			0.63%			0.62%			0.39%	3		0.79%			0.85%			0.88%			0.87%			0.64%	3
Net Investment Income (Loss)		2.17%			2.01%			2.66%			2.89%			2.64%	3		1.91%			1.76%			2.41%			2.63%			2.35%	3
Portfolio Turnover Rate		60%			68%			67%			68%			120%	2		60%			68%			67%			68%			120%	2

¹  Commencement of operations on October 31, 2013.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

⁵  Less than $0.005 per share.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 137

Financial Highlights  (Cont.)

	DoubleLine Flexible Income Fund
	Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Period Ended March 31, 20151			Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Period Ended March 31, 20151
	Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	9.82		$	9.55		$	9.99		$	10.00		$	9.82		$	9.55		$	9.99		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.35			0.32			0.36			0.42			0.33			0.30			0.34			0.40
Net Gain (Loss) on Investments (Realized and Unrealized)		0.03			0.29			(0.40	)		(0.04	)		0.03			0.29			(0.40	)		(0.04	)
Total from Investment Operations		0.38			0.61			(0.04	)		0.38			0.36			0.59			(0.06	)		0.36
Less Distributions:
Distributions from Net Investment Income		(0.39	)		(0.34	)		(0.40	)		(0.39	)		(0.37	)		(0.32	)		(0.38	)		(0.37	)
Total Distributions		(0.39	)		(0.34	)		(0.40	)		(0.39	)		(0.37	)		(0.32	)		(0.38	)		(0.37	)
Net Asset Value, End of Period	$	9.81		$	9.82		$	9.55		$	9.99		$	9.81		$	9.82		$	9.55		$	9.99
Total Return		3.94%			6.48%			(0.43	)%		3.85%	2		3.69%			6.23%			(0.66	)%		3.63%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	1,007,491		$	593,153		$	160,590		$	57,511		$	195,093		$	147,095		$	62,880		$	27,417
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.76%			0.80%			0.87%			1.33%	3		1.01%			1.05%			1.12%			1.58%	3
Expenses After Investment Advisory Fees (Waived)		0.74%			0.76%			0.82%			1.27%	3		0.99%			1.01%			1.07%			1.52%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.77%			0.76%			0.77%			0.76%	3		1.02%			1.01%			1.02%			1.01%	3
Net Investment Income (Loss)		3.61%			3.36%			3.75%			4.26%	3		3.36%			3.11%			3.50%			4.08%	3
Portfolio Turnover Rate		41%			58%			42%			55%	2		41%			58%			42%			55%	2

¹  Commencement of operations on April 7, 2014.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

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

	DoubleLine Low Duration Emerging Markets Fixed Income Fund
	Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Period Ended March 31, 20151			Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Period Ended March 31, 20151
	Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	9.85		$	9.59		$	9.83		$	10.00		$	9.86		$	9.60		$	9.84		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.24			0.29			0.33			0.37			0.22			0.27			0.31			0.35
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.11	)		0.27			(0.23	)		(0.17	)		(0.11	)		0.27			(0.23	)		(0.17	)
Total from Investment Operations		0.13			0.56			0.10			0.20			0.11			0.54			0.08			0.18
Less Distributions:
Distributions from Net Investment Income		(0.26	)		(0.29	)		(0.34	)		(0.36	)		(0.24	)		(0.27	)		(0.32	)		(0.33	)
Distributions from Net Realized Gain		(0.02	)		(0.01	)		—			(0.01	)		(0.02	)		(0.01	)		—			(0.01	)
Total Distributions		(0.28	)		(0.30	)		(0.34	)		(0.37	)		(0.26	)		(0.28	)		(0.32	)		(0.34	)
Net Asset Value, End of Period	$	9.70		$	9.85		$	9.59		$	9.83		$	9.71		$	9.86		$	9.60		$	9.84
Total Return		1.37%			5.95%			1.06%			1.92%	2		1.10%			5.69%			0.82%			1.80%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	142,174		$	133,047		$	66,797		$	64,891		$	57,856		$	216,718		$	118,802		$	79,419
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.89%			0.74%			0.84%			0.91%	3		1.14%			0.99%			1.09%			1.16%	3
Expenses After Investment Advisory Fees (Waived)		0.89%			0.74%			0.84%			0.91%	3		1.14%			0.99%			1.09%			1.16%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.59%			0.59%			0.59%			0.59%	3		0.84%			0.84%			0.84%			0.84%	3
Net Investment Income (Loss)		2.50%			3.03%			3.44%			3.80%	3		2.25%			2.78%			3.19%			3.58%	3
Portfolio Turnover Rate		37%			61%			39%			21%	2		37%			61%			39%			21%	2

¹  Commencement of operations on April 7, 2014.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 139

Financial Highlights  (Cont.)

	DoubleLine Long Duration Total Return Bond Fund
	Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Period Ended March 31, 20151			Year Ended March 31, 2018			Year Ended March 31, 2017			Year Ended March 31, 2016			Period Ended March 31, 20151
	Class I			Class I			Class I			Class I			Class N			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	9.79		$	10.40		$	10.43		$	10.00		$	9.78		$	10.39		$	10.42		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.33			0.32			0.29			0.10			0.30			0.29			0.26			0.09
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.06	)		(0.60	)		(0.02	)		0.41			(0.06	)		(0.60	)		(0.02	)		0.41
Total from Investment Operations		0.27			(0.28	)		0.27			0.51			0.24			(0.31	)		0.24			0.50
Less Distributions:
Distributions from Net Investment Income		(0.33	)		(0.33	)		(0.29	)		(0.08	)		(0.30	)		(0.30	)		(0.26	)		(0.08	)
Distributions from Net Realized Gain		—			—			(0.01	)		—			—			—			(0.01	)		—
Total Distributions		(0.33	)		(0.33	)		(0.30	)		(0.08	)		(0.30	)		(0.30	)		(0.27	)		(0.08	)
Net Asset Value, End of Period	$	9.73		$	9.79		$	10.40		$	10.43		$	9.72		$	9.78		$	10.39		$	10.42
Total Return		2.74%			(2.82	)%		2.76%			5.15%	2		2.48%			(3.08	)%		2.51%			4.99%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	55,357		$	50,465		$	56,843		$	56,240		$	11,016		$	11,276		$	25,763		$	19,572
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.81%			0.76%			0.84%			1.33%	3		1.06%			1.01%			1.09%			1.58%	3
Expenses After Investment Advisory Fees (Waived)		0.81%			0.76%			0.84%			1.33%	3		1.06%			1.01%			1.09%			1.58%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.65%			0.65%			0.65%			0.65%	3		0.90%			0.90%			0.90%			0.90%	3
Net Investment Income (Loss)		3.33%			3.13%			2.87%			3.02%	3		3.06%			2.79%			2.62%			3.00%	3
Portfolio Turnover Rate		33%			94%			52%			72%	2		33%			94%			52%			72%	2

¹  Commencement of operations on December 15, 2014.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

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

	DoubleLine Strategic Commodity Fund (Consolidated)
	Year Ended March 31, 2018			Year Ended March 31, 2017			Period Ended March 31, 20161			Year Ended March 31, 2018			Year Ended March 31, 2017			Period Ended March 31, 20161
	Class I			Class I			Class I			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	9.33		$	8.69		$	10.00		$	9.28		$	8.67		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss) 4		0.04			(0.06	)		(0.07	)		0.01			(0.09	)		(0.09	)
Net Gain (Loss) on Investments (Realized and Unrealized)		1.27			0.75			(1.24	)		1.27			0.75			(1.24	)
Total from Investment Operations		1.31			0.69			(1.31	)		1.28			0.66			(1.33	)
Less Distributions:
Distributions from Net Investment Income		(0.53	)		(0.05	)		—			(0.52	)		(0.05	)		—
Distributions from Net Realized Gain		—	5		—			—	5		—	5		—			—	5
Total Distributions		(0.53	)		(0.05	)		—	5		(0.52	)		(0.05	)		—	5
Net Asset Value, End of Period	$	10.11		$	9.33		$	8.69		$	10.04		$	9.28		$	8.67
Total Return		14.03%			7.93%			(13.07	)%2		13.79%			7.55%			(13.27	)%2
Supplemental Data:
Net Assets, End of Period (000’s)	$	213,752		$	22,243		$	27,997		$	67,838		$	6,540		$	1,421
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.16%			1.77%			4.42%	3		1.41%			2.23%			4.67%	3
Expenses After Investment Advisory Fees (Waived)		1.16%			1.77%			4.42%	3		1.41%			2.23%			4.67%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.10%			1.10%			1.06%	3		1.35%			1.35%			1.31%	3
Net Investment Income (Loss)		0.33%			(0.75)%			(1.05)%	3		0.09%			(1.00)%			(1.30)%	3
Portfolio Turnover Rate		0%			0%			0%	2		0%			0%			0%	2

¹  Commencement of operations on May 18, 2015.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

⁵  Less than $0.005 per share.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 141

Financial Highlights  (Cont.)

	DoubleLine Global Bond Fund
	Year Ended March 31, 2018			Year Ended March 31, 2017			Period Ended March 31, 20161			Year Ended March 31, 2018			Year Ended March 31, 2017			Period Ended March 31, 20161
	Class I			Class I			Class I			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	10.04		$	10.49		$	10.00		$	10.02		$	10.49		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.09			0.05			0.02			0.06			0.02			0.02
Net Gain (Loss) on Investments (Realized and Unrealized)		0.72			(0.47	)		0.49			0.72			(0.47	)		0.49
Total from Investment Operations		0.81			(0.42	)		0.51			0.78			(0.45	)		0.51
Less Distributions:
Distributions from Net Investment Income		(0.14	)		(0.02	)		(0.02	)		(0.11	)		(0.01	)		(0.02	)
Distributions from Return of Capital		—			(0.01	)		—			—			(0.01	)		—
Total Distributions		(0.14	)		(0.03	)		(0.02	)		(0.11	)		(0.02	)		(0.02	)
Net Asset Value, End of Period	$	10.71		$	10.04		$	10.49		$	10.69		$	10.02		$	10.49
Total Return		7.96%			(4.00	)%		5.11%	2		7.77%			(4.31	)%		5.07%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	663,208		$	475,328		$	94,631		$	29,544		$	24,058		$	41,937
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.56%			0.66%			1.29%	3		0.81%			0.91%			1.54%	3
Expenses After Investment Advisory Fees (Waived)		0.56%			0.66%			1.29%	3		0.81%			0.91%			1.54%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.56%			0.66%			0.70%	3		0.81%			0.91%			0.95%	3
Net Investment Income (Loss)		0.82%			0.52%			0.83%	3		0.57%			0.20%			0.58%	3
Portfolio Turnover Rate		16%			57%			13%	2		16%			57%			13%	2

¹  Commencement of operations on December 17, 2015.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

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

	DoubleLine Infrastructure Income Fund
	Year Ended March 31, 2018			Period Ended March 31, 20171			Year Ended March 31, 2018			Period Ended March 31, 20171
	Class I			Class I			Class N			Class N
Net Asset Value, Beginning of Period	$	10.07		$	10.00		$	10.06		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.30			0.29			0.29			0.26
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.03	)		0.01			(0.03	)		0.01
Total from Investment Operations		0.27			0.30			0.26			0.27
Less Distributions:
Distributions from Net Investment Income		(0.33	)		(0.23	)		(0.31	)		(0.21	)
Distributions from Net Realized Gain		(0.01	)		—	5		(0.01	)		—	5
Total Distributions		(0.34	)		(0.23	)		(0.32	)		(0.21	)
Net Asset Value, End of Period	$	10.00		$	10.07		$	10.00		$	10.06
Total Return		2.67%			3.11%	2		2.54%			2.76%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	532,404		$	392,117		$	19,379		$	567
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.57%			0.77%	3		0.82%			1.50%	3
Expenses After Investment Advisory Fees (Waived)		0.57%			0.77%	3		0.82%			1.50%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.57%			0.64%	3		0.82%			0.89%	3
Net Investment Income (Loss)		3.18%			2.78%	3		2.86%			2.53%	3
Portfolio Turnover Rate		29%			43%	2		29%			43%	2

¹  Commencement of operations on April 1, 2016.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

⁵  Less than $0.005 per share.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 143

Financial Highlights  (Cont.)

	DoubleLine Ultra Short Bond Fund
	Year Ended March 31, 2018			Period Ended March 31, 20171			Year Ended March 31, 2018			Period Ended March 31, 20171
	Class I			Class I			Class N			Class N
Net Asset Value, Beginning of Period	$	10.01		$	10.00		$	10.02		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.13			0.03			0.09			0.01
Net Gain (Loss) on Investments (Realized and Unrealized)		—			0.01			—			0.01
Total from Investment Operations		0.13			0.04			0.09			0.02
Less Distributions:
Distributions from Net Investment Income		(0.11	)		(0.03	)		(0.08	)		—
Distributions from Net Realized Gain		—	5		—			—	5		—
Total Distributions		(0.11	)		(0.03	)		(0.08	)		—
Net Asset Value, End of Period	$	10.03		$	10.01		$	10.03		$	10.02
Total Return		1.31%			0.36%	2		0.95%			0.20%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	166,255		$	8,294		$	278		$	125
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.32%			4.87%	3		0.57%			5.42%	3
Expenses After Investment Advisory Fees (Waived)		0.32%			4.87%	3		0.57%			5.42%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.29%			0.35%	3		0.41%			0.60%	3
Net Investment Income (Loss)		1.24%			0.42%	3		0.92%			0.11%	3
Portfolio Turnover Rate		74%			79%	2		74%			79%	2

¹  Commencement of operations on June 30, 2016.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

⁵  Less than $0.005 per share.

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

	DoubleLine Shiller Enhanced International CAPE®
	Year Ended March 31, 2018			Period Ended March 31, 20171			Year Ended March 31, 2018			Period Ended March 31, 20171
	Class I			Class I			Class N			Class N
Net Asset Value, Beginning of Period	$	10.86		$	10.00		$	10.86		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.22			0.03			0.18			0.02
Net Gain (Loss) on Investments (Realized and Unrealized)		0.86			0.85			0.86			0.85
Total from Investment Operations		1.08			0.88			1.04			0.87
Less Distributions:
Distributions from Net Investment Income		(0.35	)		(0.02	)		(0.32	)		(0.01	)
Distributions from Net Realized Gain		(0.35	)		—			(0.35	)		—
Total Distributions		(0.70	)		(0.02	)		(0.67	)		(0.01	)
Net Asset Value, End of Period	$	11.24		$	10.86		$	11.23		$	10.86
Total Return		9.92%			8.76%	2		9.56%			8.72%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	78,162		$	19,384		$	29,160		$	11,499
Ratios to Average Net Assets:
Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		1.04%			7.10%	3		1.29%			4.93%	3
Expenses After Investment Advisory Fees (Waived)		1.02%			7.10%	3		1.27%			4.93%	3
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		0.63%			0.64%	3		0.87%			0.89%	3
Net Investment Income (Loss)		1.79%			0.72%	3		1.52%			0.58%	3
Portfolio Turnover Rate		69%			38%	2		69%			38%	2

¹  Commencement of operations on December 23, 2016.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements. Annual Report March 31, 2018 145

Notes to Financial Statements March 31, 2018

1.  Organization

DoubleLine Funds Trust, a Delaware statutory trust (the “Trust”), is an open-end investment management company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust consists of 16 funds, DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund, DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Shiller Enhanced CAPE^®, DoubleLine Flexible Income Fund, DoubleLine Low Duration Emerging Markets Fixed Income Fund, DoubleLine Selective Credit Fund, Doubleline Long Duration Total Return Bond Fund, DoubleLine Strategic Commodity Fund, DoubleLine Global Bond Fund, DoubleLine Infrastructure Income Fund, DoubleLine Ultra Short Bond Fund and DoubleLine Shiller Enhanced International CAPE^® (each, a “Fund” and, collectively, the “Funds”). For financial information related to the DoubleLine Selective Credit Fund, please refer to the DoubleLine Selective Credit Fund’s separate annual report.

Each Fund is classified as a diversified fund under the 1940 Act, except the Global Bond Fund, Infrastructure Income Fund, and Strategic Commodity Fund, which are classified as non-diversified Funds. Currently under the 1940 Act, a diversified fund generally may not, with respect to 75% of its total assets, invest more than 5% of its total assets in the securities of any one issuer or own more than 10% of the outstanding voting securities of such issuer (except, in each case, U.S. Government securities, cash, cash items and the securities of other investment companies). The remaining 25% of a fund’s total assets is not subject to this limitation.

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

		Commencement of Operations
Fund Name	Investment Objective	I Shares		N Shares		A Shares
DoubleLine Total Return Bond Fund	Maximize total return		4/6/2010		4/6/2010		—
DoubleLine Core Fixed Income Fund	Maximize current income and total return		6/1/2010		6/1/2010		—
DoubleLine Emerging Markets Fixed Income Fund	Seek high total return from current income and capital appreciation		4/6/2010		4/6/2010		—
DoubleLine Multi-Asset Growth Fund (Consolidated)	Seek long-term capital appreciation		12/20/2010		—		12/20/2010
DoubleLine Low Duration Bond Fund	Seek current income		9/30/2011		9/30/2011		—
DoubleLine Floating Rate Fund	Seek high level of current income		2/1/2013		2/1/2013		—
DoubleLine Shiller Enhanced CAPE®	Seek total return which exceeds the total return of its benchmark index		10/31/2013		10/31/2013		—
DoubleLine Flexible Income Fund	Seek long-term total return while striving to generate current income		4/7/2014		4/7/2014		—
DoubleLine Low Duration Emerging Markets Fixed Income Fund	Seek long-term total return		4/7/2014		4/7/2014		—
DoubleLine Long Duration Total Return Bond Fund	Seek long-term total return		12/15/2014		12/15/2014		—
DoubleLine Strategic Commodity Fund (Consolidated)	Seek long-term total return		5/18/2015		5/18/2015		—
DoubleLine Global Bond Fund	Seek long-term total return		12/17/2015		12/17/2015		—
DoubleLine Infrastructure Income Fund	Seek long-term total return while striving to  generate current income		4/1/2016		4/1/2016		—
DoubleLine Ultra Short Bond Fund	Seek to provide a level of current income consistent with limited price volatility		6/30/2016		6/30/2016		—
DoubleLine Shiller Enhanced International CAPE®	Seek total return which exceeds the total return of its benchmark index over a full market cycle		12/23/2016		12/23/2016		—

2.  Significant Accounting Policies

Each Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946, “Financial Services—Investment Companies”, by the Financial Accounting Standards Board (“FASB”). The following is a summary of the significant accounting policies of the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“US GAAP”).

A. Security Valuation. The Funds have adopted US GAAP fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

• Level 1—Unadjusted quoted market prices in active markets for identical securities

• Level 2—Quoted prices for identical or similar assets in markets that are not active, or inputs derived from observable market data

• Level 3—Significant unobservable inputs (including the reporting entity’s estimates and assumptions)

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

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

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

Investments in registered open-end management investment companies will be valued based upon the net asset value (“NAV”) of such investments and are categorized as Level 1 of the fair value hierarchy.

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

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

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

Annual Report March 31, 2018 147

Notes to Financial Statements  (Cont.) March 31, 2018

The following is a summary of the fair valuations according to the inputs used to value the Funds’ investments as of March 31, 2018:

Category	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income Fund			DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund
Investments in Securities
Level 1
Money Market Funds		$	434,389,077		$	429,725,329		$	34,979,653		$	14,699,127			$	132,730,775		$	51,810,045
Affiliated Mutual Funds			—			1,023,141,097			—			63,678,156				48,500,000			—
Exchange Traded Funds and Common Stocks			—			114,527			—			70,719,455				—			—
Real Estate Investment Trusts			—			—			—			9,421,335				—			—
Total Level 1			434,389,077			1,452,980,953			34,979,653			158,518,073				181,230,775			51,810,045
Level 2
US Government and Agency Mortgage Backed Obligations			24,474,003,074			1,622,529,346			—			5,725,086				62,827,276			—
Non-Agency Residential Collateralized Mortgage Obligations			13,032,986,558			847,880,792			—			12,841,474				693,281,782			—
Non-Agency Commercial Mortgage Backed Obligations			3,560,852,043			735,398,757			—			—				780,131,399			—
US Government and Agency Obligations			2,755,719,042			2,307,812,862			—			10,737,151				274,242,456			—
Collateralized Loan Obligations			2,516,258,015			273,971,307			—			5,354,191				901,486,529			6,555,935
Other Short Term Investments			2,241,559,686			78,128,803			—			6,965,912				270,084,708			—
Asset Backed Obligations			1,907,887,702			182,777,166			—			13,347,056				566,572,949			—
Commercial Paper			151,708,748			—			—			—				—			—
US Corporate Bonds			75,844,519			1,308,372,279			—			—				399,657,856			13,459,968
Foreign Corporate Bonds			24,326,063			993,490,485			870,953,026			—				854,505,290			976,500
Bank Loans			—			366,970,501			—			—				393,755,526			532,989,962
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			—			175,233,753			211,841,637			—				184,824,005			—
Municipal Bonds			—			4,894,683			—							—			—
Exchange Traded Funds and Common Stocks			—			1,896,346			3,193,310			—				1,248,392			—
Total Level 2			50,741,145,450			8,899,357,080			1,085,987,973			54,970,870				5,382,618,168			553,982,365
Level 3
Non-Agency Residential Collateralized Mortgage Obligations			292,218,731			38,731,632			—			988,374				2,088,064			—
Asset Backed Obligations			11,874,191			15,417,307			—			—				520,798			—
Collateralized Loan Obligations			10,876,636			—			—			—				—			—
Total Level 3			314,969,558			54,148,939			—			988,374				2,608,862			—
Total		$	51,490,504,085		$	10,406,486,972		$	1,120,967,626		$	214,477,317			$	5,566,457,805		$	605,792,410
Other Financial Instruments
Level 1
Futures Contracts		$	—		$	—		$	—		$	(1,312,414	)		$	—		$	—
Total Level 1			—			—			—			(1,312,414	)			—			—
Level 2
Total Return Swaps			—			—			—			3,094,832				—			—
Forward Currency Exchange Contracts			—			—			—			752,579				—			—
Credit Default Swaps			—			—			—			104				—			—
Total Level 2			—			—			—			3,847,515				—			—
Level 3			—			—			—			—				—			—
Total		$	—		$	—		$	—		$	2,535,101			$	—		$	—

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Category	DoubleLine Shiller Enhanced CAPE®			DoubleLine Flexible Income Fund			DoubleLine Low Duration Emerging Markets Fixed Income Fund			DoubleLine Long Duration Total Return Bond Fund			DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund
Investments in Securities
Level 1
Money Market Funds		$	485,069,634		$	167,143,724		$	733,175		$	1,198,867		$	18,496,326		$	10,158,068
Affiliated Mutual Funds			150,050,000			44,125,249			—			—			—			—
Exchange Traded Funds and Common Stock			—			10,970			—			—			—			—
Total Level 1			635,119,634			211,279,943			733,175			1,198,867			18,496,326			10,158,068
Level 2
Collateralized Loan Obligations			651,036,374			195,387,065			—			—			—			—
Non-Agency Commercial Mortgage Backed Obligations			573,436,734			106,718,048			—			—			—			—
Non-Agency Residential Collateralized Mortgage Obligations			548,068,403			196,060,405			—			—			—			—
Foreign Corporate Bonds			424,624,725			153,025,364			153,660,501			—			—			—
Bank Loans			400,644,755			115,591,600			—			—			—			—
US Government and Agency Obligations			398,110,592			51,398,859			—			13,753,196			58,131,986			172,154,566
Other Short Term Investments			394,570,580			—			—			—			201,543,706			—
US Corporate Bonds			316,086,427			61,689,422			—			—			—			—
Asset Backed Obligations			309,598,850			44,301,111			—			—			—			—
US Government and Agency Mortgage Backed Obligations			163,070,077			3,302,955			—			51,276,414			—			—
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			79,966,089			36,265,680			43,550,407			—			—			497,287,803
Exchange Traded Funds and Common Stocks			132,625			77,819			355,926			—			—			—
Total Level 2			4,259,346,231			963,818,328			197,566,834			65,029,610			259,675,692			669,442,369
Level 3
Non-Agency Residential Collateralized Mortgage Obligations			1,675,641			32,295,476			—			—			—			—
Non-Agency Commercial Mortgage Backed Obligations			—			1,039,796			—			—			—			—
Asset Backed Obligations			—			104,160			—			—			—			—
Total Level 3			1,675,641			33,439,432			—			—			—			—
Total		$	4,896,141,506		$	1,208,537,703		$	198,300,009		$	66,228,477		$	278,172,018		$	679,600,437
Other Financial Instruments
Level 1
Futures Contracts		$	—		$	—		$	—		$	62,225		$	—		$	—
Total Level 1			—			—			—			62,225			—			—
Level 2
Total Return Swaps			139,386,237			—			—			—			—			—
Excess Return Swaps			—			—			—			—			67,864			—
Forward Currency Exchange Contracts			—			—			—			—			—			659,220
Total Level 2			139,386,237			—			—			—			67,864			659,220
Level 3			—			—			—			—			—			—
Total		$	139,386,237		$	—		$	—		$	62,225		$	67,864		$	659,220

Annual Report March 31, 2018 149

Notes to Financial Statements  (Cont.) March 31, 2018

Category	DoubleLine Infrastructure Income Fund			DoubleLine Ultra Short Bond Fund			DoubleLine Shiller Enhanced International CAPE®
Investments in Securities
Level 1
Money Market Funds		$	41,905,631		$	487,968		$	1,563,489
Affiliated Mutual Funds			—			—			10,415,621
Total Level 1			41,905,631			487,968			11,979,110
Level 2
Asset Backed Obligations			208,523,139			—			15,346,008
US Corporate Bonds			151,439,347			43,882,634			9,153,557
Foreign Corporate Bonds			125,375,588			25,567,535			9,617,597
Commercial Paper			—			93,585,451			—
Other Short Term Investments			—			2,982,112			2,298,232
Collateralized Loan Obligations			—			—			19,745,144
Non-Agency Residential Collateralized Mortgage Obligations			—			—			16,322,770
US Government and Agency Obligations			—			—			9,661,649
Non-Agency Commercial Mortgage Backed Obligations			—			—			9,649,407
US Government and Agency Mortgage Backed Obligations			—			—			3,195,359
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			—			—			1,647,198
Total Level 2			485,338,074			166,017,732			96,636,921
Level 3
Foreign Corporate Bonds			10,382,226			—			—
Asset Backed Obligations			7,985,600			—			—
Total Level 3			18,367,826			—			—
Total		$	545,611,531		$	166,505,700		$	108,616,031
Other Financial Instruments
Level 1		$	—		$	—		$	—
Level 2
Forward Currency Exchange Contracts			—			—			3,914,969
Total Return Swaps			—			—			(5,418,400	)
Total Level 2			—			—			(1,503,431	)
Level 3			—			—			—
Total		$	—		$	—		$	(1,503,431	)

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

The following amounts were transferred between Level 1 to Level 2 as of March 31, 2018. Transfers between Level 1 and Level 2 were due to adjustments made to quoted market prices, such as foreign currency translation, to measure the fair value of those instruments.

	Transfers Out of Level 1				Transfers Into Level 2
DoubleLine Core Fixed Income Fund		$	(1,896,346	)		$	1,896,346
DoubleLine Emerging Markets Fixed Income Fund		$	(3,193,310	)		$	3,193,310
DoubleLine Low Duration Bond Fund		$	(1,248,392	)		$	1,248,392
DoubleLine Shiller Enhanced CAPE®		$	(132,625	)		$	132,625
DoubleLine Flexible Income Fund		$	(77,819	)		$	77,819
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	(355,926	)		$	355,926

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March 31, 2018

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

DoubleLine Flexible Income Fund	Fair Value as of 3/31/2017			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)3				Net Accretion (Amortization)			Purchases1			Sales2				Transfers Into Level 34			Transfers Out of Level 34		Fair Value as of 3/31/2018			Net Change in Unrealized Appreciation (Depreciation) on securities held at 3/31/20183
Investments in Securities
Non-Agency Residential Collateralized Mortgage Obligations		$	1,658,515		$	18,113		$	1,078,316			$	430,080			$14,619,863		$	(85,215	)		$	14,575,804		$—		$	32,295,476		$	34,757
Non-Agency Commercial Mortgage Backed Obligations			1,058,420			—			(52,651	)			34,027			—			—				—		—			1,039,796			(52,651	)
Asset Backed Obligations			659,893			—			1,414				—			—			(557,147	)			—		—			104,160			1,414
Total		$	3,376,828		$	18,113		$	1,027,079			$	464,107			$14,619,863		$	(642,362	)		$	14,575,804		$—		$	33,439,432		$	(16,480	)
DoubleLine Infrastructure Income Fund	Fair Value as of 3/31/2017			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)3				Net Accretion (Amortization)			Purchases1			Sales2				Transfers Into Level 34			Transfers Out of Level 34		Fair Value as of 3/31/2018			Net Change in Unrealized Appreciation (Depreciation) on securities held at 3/31/20183
Investments in Securities
Foreign Corporate Bonds		$	—		$	—		$	—			$	—		$	—		$	—				$10,382,226		$—			$10,382,226			$—
Asset Backed Obligations			—			—			25,600				—			7,960,000			—				—		—			7,985,600			—
Total		$	—		$	—		$	25,600			$	—		$	7,960,000		$	—				$10,382,226		$—			$18,367,826			$—

¹  Purchases include all purchases of securities and payups.

² Sales include all sales of securities, maturities, and paydowns.

³  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on securities held at March 31, 2018 may be due to a security that was not held or categorized as Level 3 at either period end.

⁴  Transfers into or out of Level 3 can be attributable to changes in the availability of pricing sources and/or in the observability of significant inputs used to measure the fair value of those instruments.

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

DoubleLine Flexible Income Fund	Fair Value as of 3/31/2018*			Valuation Techniques	Unobservable Input	Input Values			Impact to valuation from an increase to input
Non-Agency Residential Collateralized Mortgage Obligations		$	32,295,476	Market Comparables	Market Quotes		$	81.75-$108.61	Significant changes in the market quotes would result in direct and proportional changes in the fair value of the security
Non-Agency Commercial Mortgage Backed Obligations		$	1,039,796	Market Comparables	Yields			10.71%	Increase in yields would result in the decrease in the fair value of the security
Asset Backed Obligations		$	104,160	Market Comparables	Market Quotes			$99.97	Significant changes in the market quotes would result in direct and proportional changes in the fair value of the security
DoubleLine Infrastructure Income Fund	Fair Value as of 3/31/2018*			Valuation Techniques	Unobservable Input	Input Values			Impact to valuation from an increase to input
Foreign Corporate Bonds		$	10,382,226	Market Comparables	Market Quotes			$102.75	Significant changes in the market quotes would result in direct and proportional changes in the fair value of the security
Asset Backed Obligations		$	7,985,600	Market Comparables	Market Quotes			$99.82	Significant changes in the market quotes would result in direct and proportional changes in the fair value of the security

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

Annual Report March 31, 2018 151

Notes to Financial Statements  (Cont.) March 31, 2018

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

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

The Funds have adopted financial reporting rules that require the Funds to analyze all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions. Open tax years, 2017, 2016 and 2015 for the Funds, are those that are open for exam by taxing authorities. As of March 31, 2018, the Funds have no examinations in progress.

Management has analyzed the Funds’ tax positions, and has concluded that no liability should be recorded related to uncertain tax positions expected to be taken on the tax return for the fiscal year-ended March 31, 2018. The Funds identify their major tax jurisdictions as U.S. Federal, the State of Delaware and the State of California. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

C. Security Transactions, Investment Income. Investment securities transactions are accounted for on trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Interest income is recorded on an accrual basis. Discounts/premiums on debt securities purchased, which may include residual and subordinate notes, are accreted/amortized over the life of the respective securities using the effective interest method except for certain deep discount bonds where management does not expect the par value above the bond’s cost to be fully realized. Dividend income and corporate action transactions, if any, are recorded on the ex-date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of securities received. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income on the Statements of Operations.

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

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

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

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

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

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

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

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

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

As of March 31, 2018, the relationship of the Subsidiary to each respective Fund was as follows:

	DoubleLine Multi-Asset Growth Fund (Consolidated)		DoubleLine Strategic Commodity Fund (Consolidated)
Commencement of Operations		6/15/2011		5/18/2015
Fund Net Assets	$	217,636,903	$	281,590,129
Subsidiary % of Fund Net Assets		5.09%		21.27%
Subsidiary Financial Statement Information
Net Assets	$	11,070,824	$	59,884,284
Total Income	$	118,389	$	224,553
Net Realized Gain/(Loss)	$	1,065,223	$	2,365,715

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

3. Related and Other Party Transactions

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

Annual Report March 31, 2018 153

Notes to Financial Statements  (Cont.) March 31, 2018

Each Adviser has contractually agreed to limit certain of the Funds’ ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed the following ratios (the “Expense Caps”). For the purposes of the expense limitation agreement between each Adviser and the Funds, “ordinary operating expenses” excludes taxes, commissions, mark-ups, litigation expenses, indemnification expenses, interest expenses, acquired fund fees and expenses, and any extraordinary expenses. Each Fund’s expense limitation is expected to apply until at least July 31, 2019. Each may be terminated during the term only by a majority vote of the disinterested Trustees of the Board.

			Expense Caps
	Advisory Fee		I Shares		N Shares		A Shares
DoubleLine Total Return Bond Fund		0.40%		N/A		N/A		N/A
DoubleLine Core Fixed Income Fund		0.40%		N/A		N/A		N/A
DoubleLine Emerging Markets Fixed Income Fund		0.75%		0.95%		1.20%		N/A
DoubleLine Multi-Asset Growth Fund (Consolidated)		0.95%		1.15%		N/A		1.40%
DoubleLine Low Duration Bond Fund		0.35%		0.47%		0.72%		N/A
DoubleLine Floating Rate Fund		0.50%		0.75%		1.00%		N/A
DoubleLine Shiller Enhanced CAPE®		0.45%		0.65%		0.90%		N/A
DoubleLine Flexible Income Fund		0.62%		0.82%		1.07%		N/A
DoubleLine Low Duration Emerging Markets Fixed Income Fund		0.50%		0.59%		0.84%		N/A
DoubleLine Long Duration Total Return Bond Fund		0.50%		0.65%		0.90%		N/A
DoubleLine Strategic Commodity Fund (Consolidated)		0.90%		1.10%		1.35%		N/A
DoubleLine Global Bond Fund		0.50%		0.70%		0.95%		N/A
DoubleLine Infrastructure Income Fund		0.50%		0.65%		0.90%		N/A
DoubleLine Ultra Short Bond Fund		0.15%		0.30%		0.55%		N/A
DoubleLine Shiller Enhanced International CAPE®		0.50%		0.65%		0.90%		N/A

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

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

	March 31,
	2019			2020			2021
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	68,149		$	21,559		$	19,003
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	432,477		$	443,142		$	613,726
DoubleLine Long Duration Total Return Bond Fund		$	134,851		$	80,395		$	101,274
DoubleLine Strategic Commodity Fund (Consolidated)		$	526,045		$	183,840		$	90,794
DoubleLine Global Bond Fund		$	132,643		$	13,273		$	—
DoubleLine Infrastructure Income Fund		$	—		$	172,344		$	—
DoubleLine Ultra Short Bond Fund		$	—		$	220,735		$	30,967
DoubleLine Shiller Enhanced International CAPE®		$	—		$	171,882		$	389,095

For the year ended March 31, 2018, each Adviser recouped the amounts shown from the following Funds:

DoubleLine Multi-Asset Growth Fund (Consolidated)	$	45,415
DoubleLine Flexible Income Fund	$	333,665
DoubleLine Strategic Commodity Fund (Consolidated)	$	48,888

154 DoubleLine Funds Trust

March 31, 2018

If a Fund invested in other investment vehicles sponsored by an Adviser (“other DoubleLine Funds”) during the period, such Adviser waived its advisory fee to the Fund in an amount equal to the advisory fees paid to the Adviser by the other DoubleLine Funds in respect of Fund assets so invested. Accordingly, the Adviser waived the following fees for the year ended March 31, 2018.

DoubleLine Core Fixed Income Fund	$	4,756,058
DoubleLine Multi-Asset Growth Fund (Consolidated)	$	235,275
DoubleLine Low Duration Bond Fund	$	246,867
DoubleLine Shiller Enhanced CAPE®	$	159,373
DoubleLine Flexible Income Fund	$	180,231
DoubleLine Shiller Enhanced International CAPE®	$	23,371

As of March 31, 2018 , greater than 5% of the following DoubleLine Funds was held by other DoubleLine Funds as follows:

Affiliated Fund Held	% Owned		Significant Owner
DoubleLine Global Bond Fund		75%	DoubleLine Core Fixed Income Fund
DoubleLine Infrastructure Income Fund		83%	DoubleLine Core Fixed Income Fund
DoubleLine Long Duration Total Return Bond Fund		73%	DoubleLine Core Fixed Income Fund
DoubleLine Global Bond Fund		6%	DoubleLine Flexible Income Fund
DoubleLine Low Duration Emerging Markets Fixed Income Fund		24%	DoubleLine Low Duration Bond Fund
DoubleLine Ultra Short Bond Fund		90%	DoubleLine Shiller Enhanced CAPE®

DoubleLine Capital LP and certain DoubleLine affiliated advisers provide investment advisory, sub-advisory, or consulting services to a variety of investors, including investment program sponsors, separate accounts, and mutual funds sponsored by third parties (collectively “third-party accounts”). Those services may result, directly or indirectly, in investments by the third-party accounts in one or more of the Funds. At times, the third-party accounts’ investments, individually or in the aggregate, may represent material interests in one or more of the Funds. The third-party accounts’ transaction activity in a Fund may cause a Fund to incur material transaction costs, to realize taxable gains distributable to shareholders, and/or to buy or sell assets at a time when the Fund might not otherwise do so, each of which may adversely affect a Fund’s performance. See the description of Large Shareholder Risk in the Principal Risks Note for more information. Records available to the Funds reflect that greater than 25% of the following Funds were held by third-party accounts as of March 31, 2018:

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

4.  Distribution, Sales Charge and Redemption Fees

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

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

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

Annual Report March 31, 2018 155

Notes to Financial Statements  (Cont.) March 31, 2018

5.  Purchases and Sales of Securities

Investment transactions (excluding short-term investments and in-kind transactions) for the year ended March 31, 2018 were as follows:

	All Other						U.S. Government1
	Purchases at Cost			Sales or Maturity Proceeds			Purchases at Cost			Sales or Maturity Proceeds
DoubleLine Total Return Bond Fund		$	9,902,795,747		$	11,854,986,858		$	997,210,306		$	787,464,052
DoubleLine Core Fixed Income Fund		$	4,255,952,938		$	2,564,799,178		$	4,840,667,478		$	4,245,609,111
DoubleLine Emerging Markets Fixed Income Fund		$	957,312,264		$	854,480,778		$	—		$	—
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	194,112,734		$	130,870,645		$	—		$	—
DoubleLine Low Duration Bond Fund		$	3,614,410,365		$	2,356,037,063		$	363,985,176		$	544,860,735
DoubleLine Floating Rate Fund		$	500,069,290		$	359,766,510		$	—		$	—
DoubleLine Shiller Enhanced CAPE ®		$	2,876,451,338		$	1,379,164,949		$	519,805,399		$	649,114,606
DoubleLine Flexible Income Fund		$	675,627,061		$	358,477,856		$	18,828,652		$	—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	88,642,215		$	77,212,805		$	—		$	—
DoubleLine Long Duration Total Return Bond Fund		$	2,584,724		$	3,019,438		$	22,880,147		$	18,060,321
DoubleLine Strategic Commodity Fund (Consolidated)		$	—		$	—		$	—		$	—
DoubleLine Global Bond Fund		$	185,905,478		$	68,851,555		$	63,901,316		$	20,836,675
DoubleLine Infrastructure Income Fund		$	246,816,525		$	126,211,877		$	9,907,813		$	9,575,391
DoubleLine Ultra Short Bond Fund		$	88,460,924		$	30,517,595		$	—		$	—
Doubleline Shiller Enhanced International CAPE®		$	116,406,350		$	32,319,071		$	22,225,092		$	21,018,040

Purchases and sales related to in-kind transactions for the DoubleLine Low Duration Emerging Markets Fixed Income Fund for the year ended March 31, 2018 were $0 and $127,291,182, respectively. There were no purchases or sales related to in-kind transactions for any of the other Funds.

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

6.  Income Tax Information and Distributions to Shareholders

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

	Year Ended March 31, 2018						Period Ended March 31, 2017
	Ordinary Income			Long Term Capital Gain			Ordinary Income			Long Term Capital Gain			Return of Capital
DoubleLine Total Return Bond Fund		$	1,885,483,560		$	—		$	2,129,609,201		$	—		$	—
DoubleLine Core Fixed Income Fund		$	277,931,402		$	—		$	208,702,087		$	—		$	—
DoubleLine Emerging Markets Fixed Income Fund		$	44,702,039		$	350,447		$	37,220,018		$	—		$	—
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	12,565,996		$	9,401,441		$	4,445,730		$	—		$	—
DoubleLine Low Duration Bond Fund		$	126,576,683		$	—		$	78,226,566		$	—		$	—
DoubleLine Floating Rate Fund		$	18,705,786		$	—		$	11,309,711		$	—		$	—
DoubleLine Shiller Enhanced CAPE®		$	122,263,825		$	284,432,254		$	34,848,113		$	32,243,835		$	—
DoubleLine Flexible Income Fund		$	37,759,853		$	—		$	13,385,086		$	—		$	—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	5,581,626		$	285,277		$	8,729,899		$	—		$	—
DoubleLine Long Duration Total Return Bond Fund		$	2,138,665		$	—		$	2,214,049		$	—		$	—
DoubleLine Strategic Commodity Fund (Consolidated)		$	3,675,950		$	—		$	182,603		$	—		$	—
DoubleLine Global Bond Fund		$	7,299,275		$	—		$	396,978		$	—		$	284,109
DoubleLine Infrastructure Income Fund		$	17,032,793		$	—		$	3,490,928		$	—		$	—
DoubleLine Ultra Short Bond Fund		$	1,357,792		$	—		$	19,756		$	—		$	—
DoubleLine Shiller Enhanced International CAPE®		$	5,138,745		$	1,618,610		$	20,768		$	—		$	—

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

156 DoubleLine Funds Trust

March 31, 2018

The cost basis of investments for federal income tax purposes as of March 31, 2018, was as follows:

	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund
Tax Cost of Investments		$	52,330,454,350			$	10,508,349,182			$	1,174,379,418			$	219,704,242			$	5,608,964,358			$	604,061,595
Gross Tax Unrealized Appreciation			817,295,468				91,112,267				3,331,933				9,524,930				12,664,801				3,529,263
Gross Tax Unrealized Depreciation			(1,657,245,733	)			(192,974,477	)			(56,743,725	)			(12,216,754	)			(55,171,354	)			(1,798,448	)
Net Tax Unrealized Appreciation (Depreciation)			(839,950,265	)			(101,862,210	)			(53,411,792	)			(2,691,824	)			(42,506,553	)			1,730,815
	DoubleLine Shiller Enhanced CAPE®				DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund
Tax Cost of Investments		$	4,924,747,234			$	1,214,218,181			$	203,763,452			$	67,370,348			$	278,099,329			$	660,746,910
Gross Tax Unrealized Appreciation			139,523,679				11,093,278				241,447				555,514				6,228,285				43,662,712
Gross Tax Unrealized Depreciation			(28,743,170	)			(16,773,756	)			(5,704,890	)			(1,635,160	)			(6,087,732	)			(15,766,826	)
Net Tax Unrealized Appreciation (Depreciation)			110,780,509				(5,680,478	)			(5,463,443	)			(1,079,646	)			140,553				27,895,886
	DoubleLine Infrastructure Income Fund				DoubleLine Ultra Short Bond Fund				DoubleLine Shiller Enhanced International CAPE®
Tax Cost of Investments		$	550,374,034			$	166,533,324			$	113,167,518
Gross Tax Unrealized Appreciation			3,229,640				79,402				12,235,297
Gross Tax Unrealized Depreciation			(7,992,143	)			(107,026	)			(18,999,031	)
Net Tax Unrealized Appreciation (Depreciation)			(4,762,503	)			(27,624	)			(6,763,734	)

As of March 31, 2018, the components of accumulated earnings (losses) for income tax purposes were as follows:

	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund
Net Tax Unrealized Appreciation (Depreciation)		$	(839,950,265	)		$	(101,862,210	)		$	(53,411,792	)		$	(2,691,824	)		$	(42,506,553	)		$	1,730,815
Undistributed Ordinary Income			26,418,092				8,051,045				2,833,758				1,804,320				3,368,640				1,194,622
Undistributed Long Term Capital Gains			—				—				—				—				—				—
Total Distributable Earnings			26,418,092				8,051,045				2,833,758				1,804,320				3,368,640				1,194,622
Other Accumulated Gains (Losses)			(2,607,524,045	)			(56,149,301	)			(1,530,136	)			(2,551,131	)			(35,630,896	)			(9,366,808	)
Total Accumulated Earnings (Losses)			(3,421,056,218	)			(149,960,466	)			(52,108,170	)			(3,438,635	)			(74,768,809	)			(6,441,371	)
	DoubleLine Shiller Enhanced CAPE®				DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund
Net Tax Unrealized Appreciation (Depreciation)		$	110,780,509			$	(5,680,478	)		$	(5,463,443	)		$	(1,079,646	)		$	140,553			$	27,895,886
Undistributed Ordinary Income			12,085,886				972,374				378,955				150,915				2,535,636				4,062,067
Undistributed Long Term Capital Gains			273,630,003				—				148,364				—				—				—
Total Distributable Earnings			285,715,889				972,374				527,319				150,915				2,535,636				4,062,067
Other Accumulated Gains (Losses)			(2,305,405	)			(2,004,105	)			(166,994	)			(1,472,478	)			(187	)			(36,455	)
Total Accumulated Earnings (Losses)			394,190,993				(6,712,209	)			(5,103,118	)			(2,401,209	)			2,676,002				31,921,498

Annual Report March 31, 2018 157

Notes to Financial Statements  (Cont.) March 31, 2018

	DoubleLine Infrastructure Income Fund				DoubleLine Ultra Short Bond Fund				DoubleLine Shiller Enhanced International CAPE®
Net Tax Unrealized Appreciation (Depreciation)		$	(4,762,503	)		$	(27,624	)		$	(6,763,734	)
Undistributed Ordinary Income			1,161,832				207,834				483,416
Undistributed Long Term Capital Gains			88,676				—				4,460,272
Total Distributable Earnings			1,250,508				207,834				4,943,688
Other Accumulated Gains (Losses)			(1,362,909	)			(196,690	)			(62,463	)
Total Accumulated Earnings (Losses)			(4,874,904	)			(16,480	)			(1,882,509	)

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

As of March 31, 2018, the following capital loss carryforwards were available:

	Capital Loss Carryforward			Expires
DoubleLine Total Return Bond Fund		$	3,709,758		3/31/2019
DoubleLine Total Return Bond Fund		$	2,570,137,207		Indefinite
DoubleLine Core Fixed Income Fund		$	48,359,380		Indefinite
DoubleLine Low Duration Bond Fund		$	33,254,027		Indefinite
DoubleLine Floating Rate Fund		$	8,383,297		Indefinite
DoubleLine Flexible Income Fund		$	1,308,020		Indefinite
DoubleLine Long Duration Total Return Bond Fund		$	1,333,578		Indefinite
DoubleLine Strategic Commodity Fund (Consolidated)		$	6		Indefinite
DoubleLine Global Bond Fund		$	34,080		Indefinite
DoubleLine Ultra Short Bond Fund		$	2,432		Indefinite

As of March 31, 2018, the following Funds deferred, on a tax basis, losses of:

	Post-October Loss			Late-Year Loss
DoubleLine Emerging Markets Fixed Income Fund		$	1,131,288		$	—
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	1,556,430		$	—

158 DoubleLine Funds Trust

March 31, 2018

Additionally, US GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to paydown losses, accretion of discount on certain debt instruments, foreign currency gains (losses) and consent fee income. For the period ended March 31, 2018, the following table shows the reclassifications made:

	Undistributed (Accumulated) Net Investment Income (Loss)				Accumulated Net Realized Gain (Loss)				Paid In Capital
DoubleLine Total Return Bond Fund		$	259,194,192			$	(259,194,192	)		$	—
DoubleLine Core Fixed Income Fund		$	8,704,721			$	(8,704,720	)		$	(1	)
DoubleLine Emerging Markets Fixed Income Fund		$	621,908			$	(621,908	)		$	—
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	2,751,349			$	(1,674,578	)		$	(1,076,771	)
DoubleLine Low Duration Bond Fund		$	14,576,460			$	(14,576,460	)		$	—
DoubleLine Floating Rate Fund		$	—			$	—			$	—
DoubleLine Shiller Enhanced CAPE®		$	5,512,908			$	(5,512,908	)		$	—
DoubleLine Flexible Income Fund		$	4,181,264			$	(4,181,264	)		$	—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	213,411			$	1,566,777			$	(1,780,188	)
DoubleLine Long Duration Total Return Bond Fund		$	14,865			$	(14,865	)		$	—
DoubleLine Strategic Commodity Fund (Consolidated)		$	6,165,935			$	(2,411,057	)		$	(3,754,878	)
DoubleLine Global Bond Fund		$	1,154,991			$	(1,154,991	)		$	—
DoubleLine Infrastructure Income Fund		$	74,968			$	(74,968	)		$	—
DoubleLine Ultra Short Bond Fund		$	(2,829	)		$	2,829			$	—
DoubleLine Shiller Enhanced International CAPE®		$	1,765,209			$	(1,765,209	)		$	—

7.  Share Transactions

Transactions in each Fund’s shares were as follows:

	DoubleLine Total Return Bond Fund														DoubleLine Core Fixed Income Fund
	Year Ended March 31, 2018							Year Ended March 31, 2017							Year Ended March 31, 2018							Year Ended March 31, 2017
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		1,229,133,367			$	13,089,461,799			1,511,555,139			$	16,337,735,560			357,753,798			$	3,919,243,224			324,434,484			$	3,550,991,953
Class N		276,781,319				2,948,049,468			348,301,837				3,765,457,623			30,228,384				331,003,784			47,100,233				515,180,881
Reinvested Dividends
Class I		111,191,439				1,182,155,529			111,334,724				1,200,621,661			15,993,625				175,016,336			11,549,298				126,516,108
Class N		23,280,468				247,608,657			30,312,173				326,729,209			2,462,170				26,929,289			2,309,279				25,291,372
Shares Redeemed
Class I		(1,412,657,467	)			(15,032,606,149	)		(1,687,474,677	)			(18,139,635,309	)		(153,544,332	)			(1,679,154,271	)		(158,503,101	)			(1,729,543,350	)
Class N		(434,172,038	)			(4,621,309,995	)		(521,395,138	)			(5,606,743,926	)		(36,810,525	)			(402,882,907	)		(38,056,037	)			(416,092,695	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(206,442,912	)		$	(2,186,640,691	)		(207,365,942	)		$	(2,115,835,182	)		216,083,120			$	2,370,155,455			188,834,156			$	2,072,344,269

Annual Report March 31, 2018 159

Notes to Financial Statements  (Cont.) March 31, 2018

	DoubleLine Emerging Markets Fixed Income Fund														DoubleLine Multi-Asset Growth Fund (Consolidated)
	Year Ended March 31, 2018							Year Ended March 31, 2017							Year Ended March 31, 2018							Year Ended March 31, 2017
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		52,503,314			$	561,305,737			45,973,297			$	472,413,041			4,817,934			$	48,331,341			2,589,863			$	24,144,395
Class N		8,864,323				94,939,970			14,611,713				150,698,505			—				—			—				—
Class A		—				—			—				—			7,473,673				74,755,136			4,860,323				45,195,042
Reinvested Dividends
Class I		2,880,730				30,804,581			2,376,393				24,404,747			583,138				5,599,644			76,181				701,542
Class N		643,048				6,877,776			649,217				6,663,623			—				—			—				—
Class A		—				—			—				—			1,240,489				11,820,029			35,819				328,309
Shares Redeemed
Class I		(39,286,704	)			(419,289,202	)		(31,095,986	)			(320,198,979	)		(3,672,745	)			(36,730,207	)*		(2,397,783	)			(22,159,916	)#
Class N		(12,560,892	)			(134,367,333	)		(14,050,414	)			(143,854,995	)		—				—			—				—
Class A		—				—			—				—			(4,502,930	)			(44,766,148	)*		(5,607,038	)			(51,863,573	)#
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		13,043,819			$	140,271,529			18,464,220			$	190,125,942			5,939,559			$	59,009,795			(442,635	)		$	(3,654,201	)
	DoubleLine Low Duration Bond Fund														DoubleLine Floating Rate Fund
	Year Ended March 31, 2018							Year Ended March 31, 2017							Year Ended March 31, 2018							Year Ended March 31, 2017
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		322,694,776			$	3,243,200,061			215,030,009			$	2,159,461,515			23,692,581			$	235,477,025			18,481,730			$	183,178,045
Class N		49,585,647				497,995,642			73,298,275				735,441,924			6,532,183				65,026,951			9,091,207				90,293,490
Reinvested Dividends
Class I		7,745,357				77,746,816			3,949,425				39,652,904			697,340				6,923,359			431,276				4,260,647
Class N		2,642,390				26,505,201			2,254,104				22,616,259			234,046				2,326,664			172,847				1,711,179
Shares Redeemed
Class I		(196,651,469	)			(1,974,939,147	)		(116,878,696	)			(1,172,999,161	)		(11,271,628	)			(111,829,945	)~		(12,426,950	)			(122,822,477	)^
Class N		(61,284,226	)			(615,407,627	)		(38,426,807	)			(385,558,984	)		(5,363,395	)			(53,369,705	)~		(3,452,232	)			(34,168,654	)^
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		124,732,475			$	1,255,100,946			139,226,310			$	1,398,614,457			14,521,127			$	144,554,349			12,297,878			$	122,452,230

	DoubleLine Shiller Enhanced CAPE®														DoubleLine Flexible Income Fund
	Year Ended March 31, 2018							Year Ended March 31, 2017							Year Ended March 31, 2018							Year Ended March 31, 2017
	Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		144,791,816			$	2,237,196,835			128,671,146			$	1,786,629,059			63,198,938			$	625,215,273			52,891,181		$	516,918,176
Class N		44,395,344				685,241,452			45,626,661				634,244,411			9,422,437				93,148,924			11,830,952			115,360,862
Reinvested Dividends
Class I		17,363,405				263,943,598			3,095,216				42,589,328			2,509,936				24,791,435			734,612			7,177,826
Class N		4,998,130				75,795,931			825,260				11,355,650			628,537				6,205,764			316,282			3,086,449
Shares Redeemed
Class I		(62,191,844	)			(966,090,659	)		(21,548,437	)			(295,139,017	)		(23,414,190	)			(231,625,110	)		(10,049,430	)		(98,158,118	)
Class N		(31,975,794	)			(497,134,580	)		(10,204,236	)			(140,102,293	)		(5,138,728	)			(50,812,963	)		(3,748,450	)		(36,541,280	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		117,381,057			$	1,798,952,577			146,465,610			$	2,039,577,138			47,206,930			$	466,923,323			51,975,147		$	507,843,915

160 DoubleLine Funds Trust

March 31, 2018

	DoubleLine Low Duration Emerging Markets Fixed Income Fund														DoubleLine Long Duration Total Return Bond Fund
	Year Ended March 31, 2018							Year Ended March 31, 2017							Year Ended March 31, 2018							Year Ended March 31, 2017
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		4,381,615			$	43,302,426			9,645,650			$	94,767,162			862,199			$	8,389,279			495,668			$	5,130,338
Class N		15,217,555				150,091,407			12,840,946				126,784,920			1,647,204				16,466,428			1,658,759				17,151,231
Reinvested Dividends
Class I		196,823				1,940,434			106,089				1,040,548			11,429				112,552			7,621				79,809
Class N		157,144				1,550,855			494,414				4,859,319			34,234				339,382			38,978				404,559
Shares Redeemed
Class I		(3,420,470	)			(33,714,106	)		(3,210,924	)			(31,520,377	)		(337,054	)			(3,332,803	)		(814,365	)			(8,406,032	)
Class N		(31,391,834	)			(309,677,435	)		(3,733,673	)			(36,726,042	)		(1,700,616	)			(16,989,101	)		(3,024,266	)			(30,879,284	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(14,859,167	)		$	(146,506,419	)		16,142,502			$	159,205,530			517,396			$	4,985,737			(1,637,605	)		$	(16,519,379	)
	DoubleLine Strategic Commodity Fund (Consolidated)														DoubleLine Global Bond Fund
	Year Ended March 31, 2018							Year Ended March 31, 2017							Year Ended March 31, 2018							Year Ended March 31, 2017
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		21,534,043			$	218,787,426			2,255,511			$	21,277,815			17,193,294			$	179,535,105			42,140,256			$	428,673,225
Class N		6,688,980				67,383,032			666,499				6,246,262			1,269,265				13,418,918			2,186,617				23,056,324
Reinvested Dividends
Class I		272,366				2,742,723			16,781				159,081			11,487				120,618			3,057				32,242
Class N		77,791				777,905			1,250				11,827			22,869				239,815			7,466				78,428
Shares Redeemed
Class I		(3,050,555	)			(30,692,861	)		(3,110,492	)			(28,404,033	)		(2,623,407	)			(27,342,607	)		(3,803,702	)			(39,667,204	)
Class N		(711,728	)			(7,014,417	)		(126,863	)			(1,201,618	)		(928,191	)			(9,739,507	)		(3,790,430	)			(38,391,980	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		24,810,897			$	251,983,808			(297,314	)		$	(1,910,666	)		14,945,317			$	156,232,342			36,743,264			$	373,781,035

	DoubleLine Infrastructure Income Fund														DoubleLine Ultra Short Bond Fund
	Year Ended March 31, 2018							Period Ended March 31, 2017							Year Ended March 31, 2018							Period Ended March 31, 2017
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		16,544,928			$	168,446,909			39,499,646			$	397,100,699			16,852,771			$	168,991,898			960,051			$	9,600,513
Class N		2,102,458				21,408,648			88,718				899,656			49,931				500,945			37,696				376,964
Reinvested Dividends
Class I		104,069				1,058,244			4,507				45,748			4,994				50,083			1,974				19,750
Class N		42,052				427,358			668				6,718			168				1,681			—				—
Shares Redeemed
Class I		(2,378,827	)			(24,157,907	)		(543,073	)			(5,577,227	)		(1,103,016	)			(11,055,492	)		(133,524	)			(1,335,367	)
Class N		(262,106	)			(2,664,298	)		(33,038	)			(336,674	)		(34,847	)			(349,566	)		(25,270	)			(252,703	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		16,152,574			$	164,518,954			39,017,428			$	392,138,920			15,770,001			$	158,139,549			840,927			$	8,409,157

Annual Report March 31, 2018 161

Notes to Financial Statements  (Cont.) March 31, 2018

	DoubleLine Shiller Enhanced International CAPE®
	Year Ended March 31, 2018							Period Ended March 31, 2017
	Shares			Amount				Shares			Amount
Shares Sold
Class I		8,858,156			$	103,243,030			2,298,659			$	24,078,547
Class N		4,453,400				52,267,238			1,070,884				11,568,756
Reinvested Dividends
Class I		310,348				3,609,924			547				5,882
Class N		180,627				2,101,680			388				4,213
Shares Redeemed
Class I		(3,996,842	)			(46,337,175	)		(514,616	)			(5,391,960	)
Class N		(3,096,885	)			(35,807,800	)		(12,780	)			(138,357	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		6,708,804			$	79,076,897			2,843,082			$	30,127,081

* Net of redemption fees of $25,568 and $5,851 for Class I and Class A, respectively.

~ Net of redemption fees of $119,395 and $10,134 for Class I and Class N, respectively.

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

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

8.  Trustees Fees

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

For the year ended March 31, 2018, the Trustees received as a group:

	Current Fees			Increase/(Decrease) in Value of Deferred Amount			Trustees Fees
DoubleLine Total Return Bond Fund		$	625,124		$	27,892		$	653,016
DoubleLine Core Fixed Income Fund			120,108			4,690			124,798
DoubleLine Emerging Markets Fixed Income Fund			11,534			576			12,110
DoubleLine Multi-Asset Growth Fund (Consolidated)			2,032			99			2,131
DoubleLine Low Duration Bond Fund			48,991			2,551			51,542
DoubleLine Floating Rate Fund			4,100			237			4,337
DoubleLine Shiller Enhanced CAPE®			35,463			2,106			37,569
DoubleLine Flexible Income Fund			11,141			450			11,591
DoubleLine Low Duration Emerging Markets Fixed Income Fund			3,547			151			3,698
DoubleLine Long Duration Total Return Bond Fund			774			34			808
DoubleLine Strategic Commodity Fund (Consolidated)			662			15			677
DoubleLine Global Bond Fund			7,341			297			7,638
DoubleLine Infrastructure Income Fund			4,482			249			4,731
DoubleLine Ultra Short Bond Fund			474			41			515
DoubleLine Shiller Enhanced International CAPE®			74			1			75

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March 31, 2018

9.  Additional Disclosures about Derivative Instruments

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

The average volume of derivative activity during the year ended March 31, 2018 is as follows:

	DoubleLine Multi- Asset Growth  Fund (Consolidated)				DoubleLine Shiller Enhanced CAPE®			DoubleLine Long Duration Total Return Bond Fund			DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund			DoubleLine Shiller Enhanced International CAPE®
Average Market Value
Purchased Options		$	197,067			$	—		$	—		$	—		$	—		$	—
Futures Contracts - Long			(2,611	)			—			12,445			—			—			—
Futures Contracts - Short			(21,277	)			—			—			—			—			—
Average Notional Balance
Credit Default Swaps - Buy Protection			50,000,000				—			—			—			—			—
Excess Return Swaps - Long			—				—			—			85,620,000			—			—
Excess Return Swaps - Short			—				—			—			1,740,000			—			—
Interest Rate Swaps			5,000,000				—			—			—			—			—
Total Return Swaps - Long			40,380,000				4,082,310,000			—			—			—			76,920,000
Total Return Swaps - Short			6,519,651				—			—			—			—			—
Forward Currency Exchange Contracts			39,563,853				—			—			—			86,018,691			125,195,338

Options Contracts  The Funds may purchase or sell put and call options. When a Fund purchases an option it pays a premium in return for the potential to profit from the change in value of an underlying investment or index during the term of the option. The option premium is included on the Funds’ Statements of Assets and Liabilities as an investment and marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses and are recorded in net realized gain (loss) on investments on the Statements of Operations. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing options is limited to the loss of the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss and are recorded in net realized gain (loss) on investments on the Statements of Operations. When a Fund writes (i.e., sells) an option it receives a premium in return for bearing the risk of the change in value of an underlying instrument during the term off the option. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded as a liability on the Fund’s Statement of Assets and Liabilities and marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains and are recorded in net realized gain (loss) on written options on the Statements of Operations. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss when the underlying instrument is sold and are recorded in net realized gain (loss) on written options on the Statements of Operations. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put), and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk that the market for options contracts may be illiquid and that a Fund may not be able to close out or sell an option at a particular time or at an anticipated price.

Futures Contracts  Futures contracts typically involve a contractual commitment to buy or sell a particular instrument at a specified price on a future date. Risks associated with the use of futures contracts include the potential for imperfect correlation between the change in market value of the securities held by the Funds and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices determined by the relevant exchange. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash in accordance with the initial margin requirements of the broker or exchange. Such collateral is recorded in deposit at broker for futures in the Statements of Assets and Liabilities. Futures contracts are marked-to-market daily and an appropriate payment reflecting the

Annual Report March 31, 2018 163

Notes to Financial Statements  (Cont.) March 31, 2018

change in value (“variation margin”) is made or received by or for the accounts of the Funds. The variation margin is recorded on the Statements of Assets and Liabilities. The cumulative change in value of futures contracts is recorded in net unrealized appreciation (depreciation) on futures on the Statements of Assets and Liabilities. Gains or losses are recognized but not considered realized until the contracts expire or are closed and are recorded in net realized gain (loss) on futures on the Statements of Operations. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

Forward Foreign Currency Contracts  Forward foreign currency contracts are agreements between two parties to buy and sell a currency at a set exchange rate on a future date. Unless a Fund’s registration statement expressly states otherwise, each Fund may enter into forward foreign currency contracts for any investment purpose. The market value of a forward foreign currency contract fluctuates with the changes in foreign currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded in net unrealized appreciation (depreciation) on forwards on the Statements of Assets and Liabilities. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed on the Statements of Operations. The use of foreign currency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that a counterparty to the contract does not perform its obligations under the agreement.

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

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

Credit default swaps are considered to have credit risk related contingent features since they require payment by the protection seller to the protection buyer upon occurrence of a defined credit event. A Fund’s maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract, which may be mitigated by the posting of collateral by the counterparty to a Fund to cover a Fund’s exposure to the counterparty. Upfront premiums (received) paid including accretion (amortization) less any collateral held at the counterparty are reflected in deposit at broker for swaps on the Statements of Assets and Liabilities. The marked-to-market value less a financing rate, if any, is included in net unrealized appreciation (depreciation) on swaps on the Statements of Assets and Liabilities. At termination or maturity of the swap, the cumulative marked-to-market on the value less a financing rate, if any, is recorded in realized gain (loss) on swaps on the Statements of Operations.

Interest Rate Swap Agreements  The Funds may enter into interest rate swap agreements. Interest rate swap agreements involve an exchange with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps,

164 DoubleLine Funds Trust

March 31, 2018

under which two parties can exchange variable interest rates based on different segments of money markets. The value is marked to market and is recorded in net unrealized appreciation (depreciation) on swaps on the Statements of Assets and Liabilities. At termination or maturity date, the interest on the notional amount of principal is exchanged and is recorded in net realized gain (loss) on swaps on the Statements of Operations.

Total Return Swap Agreements  The Funds may enter into total return swaps for investment purposes. Total return swaps are agreements to exchange the return generated by one instrument for the return generated by another instrument. For example, the agreement to pay a predetermined or fixed interest rate in exchange for a market-linked return based on a notional amount. To the extent the total return of a referenced index or instrument exceeds the offsetting interest obligation, a Fund will receive a payment from the counterparty. To the extent it is less, a Fund will make a payment to the counterparty. Securities pledged as collateral are reflected as a component of investments in unaffiliated securities at value on the Statements of Assets and Liabilities and are noted on the Schedules of Investments. The market value of any securities received as collateral is not reflected as a component of the NAV. The marked-to-market value less a financing rate, if any, is recorded in net unrealized appreciation (depreciation) on swaps on the Statements of Assets and Liabilities. At termination or maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any, and is recorded in net realized gain (loss) on swaps on the Statements of Operations.

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

The effect of derivative instruments on the Statements of Assets and Liabilities for the year ended March 31, 2018 was as follows:

		Unrealized Appreciation (Depreciation)
Derivatives not accounted for as hedging instruments	Statements of Assets and Liabilities Location	DoubleLine Multi- Asset Growth  Fund (Consolidated)				DoubleLine Shiller Enhanced CAPE®			DoubleLine Long Duration Total Return Bond Fund			DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund			DoubleLine Shiller Enhanced International CAPE®
Forward Contracts
Currency	Net Unrealized Appreciation (Depreciation) on Forwards		$	752,579			$	—		$	—		$	—		$	659,220		$	3,914,969
Futures Contracts
Index			$	(981,405	)		$	—		$	—		$	—		$	—		$	—
Treasury Bond				(331,009	)			—			62,225			—			—			—
	Net Unrealized Appreciation (Depreciation) on Futures		$	(1,312,414	)		$	—		$	62,225		$	—		$	—		$	—
Swap Contracts
Credit Default			$	104			$	—		$	—		$	—		$	—		$	—
Excess Return				—				—			—			67,864			—			—
Total Return				3,094,832				139,386,237			—			—			—			(5,418,400	)
	Net Unrealized Appreciation (Depreciation) on Swaps		$	3,094,936			$	139,386,237		$	—		$	67,864		$	—		$	(5,418,400	)

Annual Report March 31, 2018 165

Notes to Financial Statements  (Cont.) March 31, 2018

The effect of derivative instruments on the Statements of Operations for the year ended March 31, 2018 was as follows:

		Realized Gain (Loss) on Derivatives
Derivatives not accounted for as hedging instruments	Statements of Operations Location	DoubleLine Multi- Asset Growth Fund (Consolidated)				DoubleLine Shiller Enhanced CAPE®			DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund				DoubleLine Shiller Enhanced International CAPE®
Purchased Options
Commodity	Net Realized and Unrealized Gain (Loss) on Investments in Unaffiliated Securities		$	(559,287	)		$	—		$	—			$	—		$	—			$	—
Forward Contracts
Currency	Net Realized and Unrealized Gain (Loss) on Forwards		$	1,805,226			$	—		$	—			$	—		$	(2,564,600	)		$	7,246,804
Futures Contracts
Commodity			$	200,579			$	—		$	—			$	—		$	—			$	—
Index				4,234,683				—			—				—			—				—
Treasury Bond				(885,395	)			—			(36,627	)			—			—				—
	Net Realized and Unrealized Gain (Loss) on Futures		$	3,549,867			$	—		$	(36,627	)		$	—		$	—			$	—
Swap Contracts
Credit Default			$	(444,786	)		$	—		$	—			$	—		$	—			$	—
Excess Return				—				—			—				2,411,153			—				—
Interest Rate				417,000				—			—				—			—				—
Total Return				7,639,828				472,936,672			—				—			—				672,441
	Net Realized and Unrealized Gain (Loss) on Swaps		$	7,612,042			$	472,936,672		$	—			$	2,411,153		$	—			$	672,441

		Change in Unrealized Appreciation (Depreciation) on Derivatives
Derivatives not accounted for as hedging instruments	Statements of Operations Location	DoubleLine Multi- Asset Growth Fund (Consolidated)				DoubleLine Shiller Enhanced CAPE®				DoubleLine Long Duration Total Return Bond Fund			DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund			DoubleLine Shiller Enhanced International CAPE®
Purchased Options
Commodity	Net Realized and Unrealized Gain (Loss) on Investments in Unaffiliated Securities		$	—			$	—			$	—		$	—		$	—		$	—
Forward Contracts
Currency	Net Realized and Unrealized Gain (Loss) on Forwards		$	704,707			$	—			$	—		$	—		$	932,612		$	3,918,082
Futures Contracts
Commodity			$	(4,991	)		$	—			$	—		$	—		$	—		$	—
Index				(945,590	)			—				—			—			—			—
Treasury Bond				(226,656	)			—				62,225			—			—			—
	Net Realized and Unrealized Gain (Loss) on Futures		$	(1,177,237	)		$	—			$	62,225		$	—		$	—		$	—
Swap Contracts
Credit Default			$	104			$	—			$	—		$	—		$	—		$	—
Excess Return				—				—				—			1,818,088			—			—
Interest Rate				(408,304	)			—				—			—			—			—
Total Return				(3,652,711	)			(72,017,815	)			—			—			—			(5,566,040	)
	Net Realized and Unrealized Gain (Loss) on Swaps		$	(4,060,911	)		$	(72,017,815	)		$	—		$	1,818,088		$	—		$	(5,566,040	)

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10.  Offsetting Assets and Liabilities

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

As of March 31, 2018 the Trust held the following derivative instruments that were subject to offsetting on the Statements of Assets and Liabilities:

DoubleLine Multi-Asset Growth Fund (Consolidated)

Assets:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Received
Forwards		$	1,039,308		$	118,187		$	921,121		$	—		$	—		$	921,121
Swap Contracts			3,094,936			—			3,094,936			2,737,101			—			357,835
		$	4,134,244		$	118,187		$	4,016,057		$	2,737,101		$	—		$	1,278,956

Liabilities:

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Pledged
Forwards		$	286,729		$	118,187		$	168,542		$	—		$	—		$	168,542

DoubleLine Shiller Enhanced CAPE^®

Assets:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Received
Swap Contracts		$	206,029,191		$	57,642,505		$	148,386,686		$	133,345,171		$	—		$	15,041,515

Liabilities:

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Pledged
Swap Contracts		$	66,642,954		$	57,642,505		$	9,000,449		$	9,000,449		$	—		$	—

DoubleLine Strategic Commodity Fund (Consolidated)

Assets:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Received
Swap Contracts		$	266,070		$	198,206		$	67,864		$	—		$	—		$	67,864

Annual Report March 31, 2018 167

Notes to Financial Statements  (Cont.) March 31, 2018

Liabilities:

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Pledged
Swap Contracts		$	198,206		$	198,206		$	—		$	—		$	—		$	—

DoubleLine Global Bond Fund

Assets:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Received
Forwards		$	683,652		$	24,432		$	659,220		$	—		$	—		$	659,220

Liabilities:

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Pledged
Forwards		$	24,432		$	24,432		$	—		$	—		$	—		$	—

DoubleLine Shiller Enhanced International CAPE^®

Assets:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Received
Forwards		$	3,914,969		$	—		$	3,914,969		$	—		$	—		$	3,914,969
Swap Contracts			18,250			18,250			—			—			—			—
		$	3,933,219		$	18,250		$	3,914,969		$	—		$	—		$	3,914,969

Liabilities:

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Pledged
Swap Contracts		$	5,436,650		$	18,250		$	5,418,400		$	5,418,400		$	—		$	—

11.  Bank Loans

The Funds may make loans directly to borrowers and may acquire or invest in loans made by others (“loans”). The Funds may acquire a loan interest directly by acting as a member of the original lending syndicate. Alternatively, the Funds may acquire some or all of the interest of a bank or other lending institution in a loan to a particular borrower by means of a novation, an assignment or a participation. The loans in which the Funds may invest include those that pay fixed rates of interest and those that pay floating rates—i.e., rates that adjust periodically based on a known lending rate, such as a bank’s prime rate. The Funds may purchase and sell interests in bank loans on a when-issued and delayed delivery basis, with payment delivery scheduled for a future date. Securities purchased on a delayed delivery basis are marked to market daily and no income accrues to the Funds prior to the date the Funds actually take delivery of such securities. These transactions are subject to market fluctuations and are subject, among other risks, to the risk that the value at delivery may be more or less than the trade purchase price.

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12.  Credit Facility

U.S. Bank, N.A. (the “Bank”) has made available to the Trust (the “DoubleLine Funds”) an uncommitted $600,000,000 credit facility for short term liquidity in connection with shareholder redemptions. Under the terms of the credit facility, borrowings for each DoubleLine Fund are limited to one-third of the total assets (including the amount borrowed) of such DoubleLine Fund. Fifty percent of the credit facility is available to all of the DoubleLine Funds, on a first come, first served basis. The remaining 50% of the credit facility is allocated among the DoubleLine Funds in accordance with procedures adopted by the Board. Borrowings under this credit facility bear interest at the Bank’s prime rate less 0.50% annually (weighted average rate of 3.78% for the year ended March 31, 2018).

The Bank has also made available to the DoubleLine Floating Rate Fund a committed credit facility. Prior to February 11, 2018, borrowings under this credit facility were made available up to $40,000,000. Effective February 11, 2018, the amount made available increased to $50,000,000. Borrowings under this credit facility bear interest at the Bank’s prime rate less 0.50% annually and the credit facility bears an unused commitment fee equal to 0.12% annually on the unused portion of the credit facility.

For the year ended March 31, 2018, the Funds’ credit facility activity is as follows:

	Average Borrowings			Maximum Amount Outstanding			Interest Expense			Commitment Fee
DoubleLine Emerging Markets Fixed Income Fund		$	6,540,233		$	28,728,000		$	21,187		$	—
DoubleLine Floating Rate Fund		$	—		$	—		$	—		$	50,300
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	368,944		$	1,203,000		$	1,428		$	—
DoubleLine Long Duration Total Return Bond Fund		$	1,326,250		$	2,308,000		$	553		$	—
DoubleLine Shiller Enhanced International CAPE®		$	1,829,125		$	2,333,000		$	1,626		$	—

13.  Significant Shareholder Holdings

As of March 31, 2018, shareholders affiliated with the Funds and/or Advisers (other than other DoubleLine Funds) owned shares of the Funds as follows:

	Shares		% of Total  Outstanding Shares - Per Class		% of Total  Outstanding Shares - Total Fund
DoubleLine Ultra Short Bond Fund - Class N		10,085		36%		0%

Investment activities of these shareholders could have a material affect on each Fund. See the description of Large Shareholder Risk in the following Principal Risks Note. For information on greater than 5% holders of certain Funds by other DoubleLine Funds, see the Related and Other Party Transactions Note.

14.  Principal Risks:

Below are summaries of some, but not all, of the principal risks of investing in one or more of the Funds, each of which could adversely affect a Fund’s NAV, yield and total return. Each risk listed below does not necessarily apply to each Fund, and you should read each Fund’s prospectus carefully for a description of the principal risks associated with investing in a particular Fund.

• affiliated fund risk:  the risk that, due to its own financial interest or other business considerations, an Adviser may have an incentive to invest a portion of a Fund’s assets in investment companies sponsored or managed by the Adviser or its related parties in lieu of investments by the Fund directly in portfolio securities, or may have an incentive to invest in such investment companies over investment companies sponsored or managed by others. Similarly, an Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in investment companies sponsored or managed by the Adviser or its related parties.

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

• asset-backed securities investment risk:  the risk that borrowers may default on the obligations that underlie the asset-backed security and that, during periods of falling interest rates, asset-backed securities may be called or prepaid, which may

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Notes to Financial Statements  (Cont.) March 31, 2018

result in a Fund having to reinvest proceeds in other investments at a lower interest rate, and the risk that the impairment of the value of the collateral underlying a security in which a Fund invests (due, for example, to non-payment of loans) will result in a reduction in the value of the security.

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

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

• commodities risk:  the risk that the value of a Fund’s shares may be affected by changes in the values of the Fund’s investment exposures to commodities or commodity-related instruments, which may be extremely volatile and the value of which may be difficult to determine. The value of commodities and commodity-related instruments may be affected by market movements, commodity index volatility, changes in interest rates, or factors affecting a particular sector, industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. A Fund may at times have significant exposure to particular sectors through its commodities-related investments, including, without limitation, the energy, industrial metals, and agricultural and livestock sectors and may be exposed to greater risk associated with events affecting those sectors.

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

• counterparty risk:  the risk that a Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into directly by the Fund or held by special purpose or structured vehicles in which the Fund invests. Subject to certain limitations for U.S. federal income tax purposes, the Fund is not subject to any limit with respect to the number of transactions it can enter into with a single counterparty. To the extent that a Fund enters into multiple transactions with a single or a small set of counterparties, it will be subject to increased counterparty risk.

• debt securities risks:

° credit risk:  the risk that an issuer or counterparty will fail to pay its obligations to a Fund when they are due. As a result, a Fund’s income might be reduced, the value of the Fund’s investment might fall, and/or the Fund could lose the entire amount of its investment. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due.

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

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

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

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there is a greater likelihood that a Fund’s higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of a Fund.

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

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

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

• equity issuer risk:  the risk that the market price of common stocks and other equity securities may go up or down, sometimes rapidly or unpredictably, including due to factors affecting equity securities markets generally, particular industries represented in those markets, or the issuer itself.

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

• financial services risk:  the risk that an investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or economic conditions that may negatively affect financial service businesses; (ii) exposure of a financial institution to non-diversified or concentrated loan portfolios; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses, for example sub-prime loans; (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector; and (v) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

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

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

• foreign investing risk:  the risk that a Fund’s investments will be affected by political, regulatory, and economic risks not present in domestic investments. To the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on a Fund. If a Fund buys securities denominated in a foreign currency, receives income in foreign currencies, or holds foreign currencies from time to time, the value of the Fund’s assets, as measured in U.S. dollars, can be affected unfavorably by changes in exchange rates relative to the U.S. dollar or other foreign currencies. Foreign markets are also subject to the risk that a foreign government could restrict foreign exchange transactions or otherwise implement unfavorable currency regulations.

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

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Notes to Financial Statements  (Cont.) March 31, 2018

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

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

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

• large shareholder risk:  the risk that certain account holders, including an Adviser or funds or accounts over which an Adviser (or related parties of an Adviser) has investment discretion, may from time to time own or control a significant percentage of a Fund’s shares. A Fund is subject to the risk that a redemption by those shareholders of all or a portion of their Fund shares, including as a result of an asset allocation decision made by an Adviser (or related parties of an Adviser), will adversely affect the Fund’s performance if it is forced to sell portfolio securities or invest cash when the Adviser would not otherwise choose to do so. Redemptions of a large number of shares may affect the liquidity of a Fund’s portfolio, increase a Fund’s transaction costs, and accelerate the realization of taxable income and/or gains to shareholders.

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

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

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

• loan risk:  includes, among other risks, the risk that (i) if a Fund holds a loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution; (ii) it is possible that any collateral securing a loan may be insufficient or unavailable to a Fund; (iii) investments in highly leveraged loans or loans of stressed, distressed, or defaulted issuers may be subject to significant credit and liquidity risk; (iv) a bankruptcy or other court proceeding could delay or limit the ability of a Fund to collect the principal and interest payments on that borrower’s loans or adversely affect the Fund’s rights in collateral relating to a loan; (v) if a borrower fails to comply with various restrictive covenants that are typically in loan agreements, the borrower may default in payment of the loan; (vi) transactions in loans may settle on a delayed basis, and the Fund potentially may not receive the proceeds from the sale of a loan for a substantial period of time after the sale; and (vii) loans may be difficult to value and may be illiquid, which may adversely affect an investment in a Fund. It is unclear whether the protections of the securities laws against fraud and misrepresentation extend to loans and other forms of direct indebtedness. In the absence of definitive regulatory guidance, the Fund relies on the Adviser’s research in an attempt to avoid situations where fraud or misrepresentation could adversely affect the Fund. There can be no assurance that the Adviser’s efforts in this regard will be successful.

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

• market risk:  the risk that markets will perform poorly or that the returns from the securities in which a Fund invests will underperform returns from the general securities markets or other types of investments. Markets may, in response to governmental actions or intervention, political, economic or market developments, or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder

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redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. These risks may be heightened for fixed income securities due to the current historically low interest rate environment.

• mortgage-backed securities risk:  the risk that borrowers may default on their mortgage obligations or the guarantees underlying the mortgage-backed securities will default or otherwise fail and that, during periods of falling interest rates, mortgage-backed securities will be called or prepaid, which may result in a Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of a mortgage-backed security may extend, which may lock in a below-market interest rate, increase the security’s duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults. The values of certain types of mortgage-backed securities, such as inverse floaters and interest-only and principal-only securities, may be extremely sensitive to changes in interest rates and prepayment rates.

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

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

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

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

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

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

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

• securities or sector selection risk:  the risk that the securities held by a Fund will underperform securities held in other funds investing in similar asset classes or comparable benchmarks because of the portfolio managers’ choice of securities or sectors for investment. To the extent a Fund focuses or concentrates its investments in a particular sector or related sectors, the Fund will be more susceptible to events or factors affecting companies in that sector or related sectors.

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

• sovereign debt obligations risk:  the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner.

Annual Report March 31, 2018 173

Notes to Financial Statements  (Cont.) March 31, 2018

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

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

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

• Valuation risk:   the risk that the valuation of the Fund’s investments involves subjective judgment. There can be no assurance that the Fund will value its investments in a manner that accurately reflects their market values or that the Fund will 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. 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.

15.  Subsequent Events

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

174 DoubleLine Funds Trust

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of DoubleLine Funds Trust and Shareholders of DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund (Consolidated), DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Shiller Enhanced CAPE^®, DoubleLine Flexible Income Fund, DoubleLine Low Duration Emerging Markets Fixed Income Fund, DoubleLine Long Duration Total Return Bond Fund, DoubleLine Strategic Commodity Fund (Consolidated), DoubleLine Global Bond Fund, DoubleLine Infrastructure Income Fund, DoubleLine Ultra Short Bond Fund, and DoubleLine Shiller Enhanced International CAPE^®

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including schedules of investments—summary of DoubleLine Total Return Bond Fund and DoubleLine Core Fixed Income Fund and schedules of investments of DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund (Consolidated), DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Shiller Enhanced CAPE^®, DoubleLine Flexible Income Fund, DoubleLine Low Duration Emerging Markets Fixed Income Fund, DoubleLine Long Duration Total Return Bond Fund, DoubleLine Strategic Commodity Fund (Consolidated), DoubleLine Global Bond Fund, DoubleLine Infrastructure Income Fund, DoubleLine Ultra Short Bond Fund, and DoubleLine Shiller Enhanced International CAPE^® (fifteen of the funds constituting DoubleLine Funds Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2018, the related statements of operations for the year ended March 31, 2018, the statements of changes in net assets for each of the two years in the period ended March 31, 2018, including the related notes, and the financial highlights for each of periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2018 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2018 by correspondence with the custodian, transfer agent, and brokers. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Los Angeles, California

May 21, 2018

We have served as the auditor of one or more investment companies in the DoubleLine Investment Company Complex since 2010.

Annual Report March 31, 2018 175

Shareholder Expenses (Unaudited) March 31, 2018

Example

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

This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 10/1/17 through 3/31/18.*

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

							Actual						Hypothetical (5% return before expenses)
		Fund’s Annualized Expense Ratio1		Beginning Account Value			Ending Account Value 3/31/18			Expenses Paid During Period*1			Ending Account Value 3/31/18			Expenses Paid During Period*1
DoubleLine Total Return Bond Fund	Class I		0.47%		$	1,000		$	997		$	2.34		$	1,023		$	2.37
	Class N		0.72%		$	1,000		$	997		$	3.58		$	1,021		$	3.63
DoubleLine Core Fixed Income Fund	Class I		0.42%		$	1,000		$	997		$	2.09		$	1,023		$	2.12
	Class N		0.67%		$	1,000		$	996		$	3.33		$	1,022		$	3.38
DoubleLine Emerging Markets Fixed Income Fund	Class I		0.88%		$	1,000		$	982		$	4.35		$	1,021		$	4.43
	Class N		1.13%		$	1,000		$	982		$	5.58		$	1,019		$	5.69
DoubleLine Multi-Asset Growth Fund (Consolidated)	Class I		1.03%		$	1,000		$	1,008		$	5.16		$	1,020		$	5.19
	Class A		1.28%		$	1,000		$	1,007		$	6.40		$	1,019		$	6.44
DoubleLine Low Duration Bond Fund	Class I		0.41%		$	1,000		$	1,003		$	2.05		$	1,023		$	2.07
	Class N		0.66%		$	1,000		$	1,001		$	3.29		$	1,022		$	3.33
DoubleLine Floating Rate Fund	Class I		0.65%		$	1,000		$	1,023		$	3.28		$	1,022		$	3.28
	Class N		0.90%		$	1,000		$	1,021		$	4.53		$	1,020		$	4.53
DoubleLine Shiller Enhanced CAPE®	Class I		0.55%		$	1,000		$	1,055		$	2.82		$	1,022		$	2.77
	Class N		0.80%		$	1,000		$	1,053		$	4.09		$	1,021		$	4.03

176 DoubleLine Funds Trust

(Unaudited)

March 31, 2018

							Actual						Hypothetical (5% return before expenses)
		Fund’s Annualized Expense  Ratio1		Beginning Account Value			Ending Account Value 3/31/18			Expenses Paid During Period*1			Ending Account Value 3/31/18			Expenses Paid During Period*1
DoubleLine Flexible Income Fund	Class I		0.75%		$	1,000		$	1,009		$	3.76		$	1,021		$	3.78
	Class N		1.00%		$	1,000		$	1,009		$	5.01		$	1,020		$	5.04
DoubleLine Low Duration Emerging Markets Fixed Income Fund	Class I		0.59%		$	1,000		$	990		$	2.93		$	1,022		$	2.97
	Class N		0.84%		$	1,000		$	989		$	4.16		$	1,021		$	4.23
DoubleLine Long Duration Total Return Bond Fund	Class I		0.65%		$	1,000		$	994		$	3.23		$	1,022		$	3.28
	Class N		0.90%		$	1,000		$	993		$	4.47		$	1,020		$	4.53
DoubleLine Strategic Commodity Fund (Consolidated)	Class I		1.10%		$	1,000		$	1,112		$	5.79		$	1,019		$	5.54
	Class N		1.35%		$	1,000		$	1,110		$	7.10		$	1,018		$	6.79
DoubleLine Global Bond Fund	Class I		0.55%		$	1,000		$	1,024		$	2.77		$	1,022		$	2.77
	Class N		0.80%		$	1,000		$	1,022		$	4.03		$	1,021		$	4.03
DoubleLine Infrastructure Income Fund	Class I		0.57%		$	1,000		$	995		$	2.83		$	1,022		$	2.87
	Class N		0.82%		$	1,000		$	994		$	4.08		$	1,021		$	4.13
DoubleLine Ultra Short Bond Fund	Class I		0.28%		$	1,000		$	1,006		$	1.40		$	1,024		$	1.41
	Class N		0.53%		$	1,000		$	1,004		$	2.65		$	1,022		$	2.67
DoubleLine Shiller Enhanced International CAPE®	Class I		0.62%		$	1,000		$	972		$	3.05		$	1,022		$	3.13
	Class N		0.86%		$	1,000		$	970		$	4.22		$	1,021		$	4.33

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

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

Annual Report March 31, 2018 177

Growth of Investment (Unaudited) March 31, 2018

DoubleLine Total Return Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2018

	1 Year		5 Year		Since Inception (4/6/2010)
DoubleLine Total Return Bond Fund Class I		2.19%		2.62%		6.11%
Bloomberg Barclays U.S. Aggregate Bond Index		1.20%		1.82%		3.27%
DoubleLine Total Return Bond Fund Class N		1.93%		2.38%		5.86%

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

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

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

178 DoubleLine Funds Trust

(Unaudited)

March 31, 2018

DoubleLine Core Fixed Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2018

	1 Year		5 Year		Since Inception (6/1/2010)
DoubleLine Core Fixed Income Fund Class I		2.51%		2.73%		5.22%
Bloomberg Barclays U.S. Aggregate Bond Index		1.20%		1.82%		3.02%
DoubleLine Core Fixed Income Fund Class N		2.26%		2.47%		4.96%

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

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

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

Annual Report March 31, 2018 179

Growth of Investment  (Cont.) (Unaudited) March 31, 2018

DoubleLine Emerging Markets Fixed Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2018

	1 Year		5 Year		Since Inception (4/6/2010)
DoubleLine Emerging Markets Fixed Income Fund Class I		3.30%		3.86%		5.83%
JP Morgan Emerging Markets Bond Index Global Diversified		4.30%		4.69%		6.59%
DoubleLine Emerging Markets Fixed Income Fund Class N		3.14%		3.62%		5.58%

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

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

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

180 DoubleLine Funds Trust

(Unaudited)

March 31, 2018

DoubleLine Multi-Asset Growth Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2018

	1 Year		5 Year		Since Inception (12/20/2010)
DoubleLine Multi-Asset Growth Fund Class I		6.80%		5.23%		4.47%
S&P 500® Index		13.99%		13.31%		13.22%
Blended Benchmark*		11.71%		6.18%		6.17%
DoubleLine Multi-Asset Growth Fund (with load) Class A		2.05%		4.05%		3.58%

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

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

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

Blended Benchmark*—60% MSCI ACWI / 40% Bloomberg Barclays Global Aggregate Bond Index. The MSCI ACWI is a market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, including both developed and emerging markets. The Bloomberg Barclays Global Aggregate Bond Index represents a measure of global investment grade debt from twenty local currency markets. This multi-currency benchmark includes treasury, governmental-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

Annual Report March 31, 2018 181

Growth of Investment  (Cont.) (Unaudited) March 31, 2018

DoubleLine Low Duration Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2018

	1 Year		5 Year		Since Inception (9/30/2011)
DoubleLine Low Duration Bond Fund Class I		1.82%		1.81%		2.21%
ICE Bank of America/Merrill Lynch 1-3 Year U.S. Treasury Index		0.03%		0.52%		0.51%
DoubleLine Low Duration Bond Fund Class N		1.57%		1.56%		1.96%

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

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

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

182 DoubleLine Funds Trust

(Unaudited)

March 31, 2018

DoubleLine Floating Rate Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2018

	1 Year		5 Year		Since Inception (2/1/2013)
DoubleLine Floating Rate Fund Class I		4.39%		3.15%		3.21%
S&P/LSTA Leveraged Loan Index		4.43%		3.89%		3.99%
DoubleLine Floating Rate Fund Class N		4.02%		2.91%		2.98%

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

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

S&P/LSTA Leveraged Loan Index—The S&P/LSTA Leveraged Loan Index is a capitalization-weighted syndicated loan index based upon market weightings, spreads and interest payments, and this index covers the U.S. market back to 1997 and currently calculates on a daily basis. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

Annual Report March 31, 2018 183

Growth of Investment  (Cont.) (Unaudited) March 31, 2018

DoubleLine Shiller Enhanced CAPE^®

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2018

	1 Year		Since Inception (10/31/2013)
DoubleLine Shiller Enhanced CAPE® Class I		12.40%		15.32%
S&P 500® Index		13.99%		11.99%
Shiller Barclays CAPE® U.S. Sector TR USD Index		12.55%		14.28%
DoubleLine Shiller Enhanced CAPE® Class N		12.06%		15.02%

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

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

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

The S&P 500^® Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

184 DoubleLine Funds Trust

(Unaudited)

March 31, 2018

DoubleLine Flexible Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2018

	1 Year		Since Inception (4/7/2014)
DoubleLine Flexible Income Fund Class I		3.94%		3.45%
LIBOR USD 3 Month		1.44%		0.74%
ICE Bank of America/Merrill Lynch 1-3 Year Eurodollar Index		0.76%		1.18%
DoubleLine Flexible Income Fund Class N		3.69%		3.21%

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

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

LIBOR USD 3 Month —London Interbank Offered Rate (LIBOR) is an indicative average interest rate at which a selection of banks known as the panel banks are prepared to lend one another unsecured funds on the London money market.

ICE Bank of America/Merrill Lynch 1-3 Year Eurodollar Index—The index is a subset of The BofA Merrill Lynch Eurodollar Index including all securities with a remaining term to final maturity less than 3 years. The BofA Merrill Lynch Eurodollar Index tracks the performance of US dollar-denominated investment grade quasigovernment, corporate, securitized and collateralized debt publicly issued in the eurobond markets. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

Annual Report March 31, 2018 185

Growth of Investment  (Cont.) (Unaudited) March 31, 2018

DoubleLine Low Duration Emerging Markets Fixed Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2018

	1 Year		Since Inception (4/7/2014)
DoubleLine Low Duration Emerging Markets Fixed Income Fund Class I		1.37%		2.57%
JP Morgan CEMBI Broad Diversified 1-3 Year index		2.04%		3.23%
DoubleLine Low Duration Emerging Markets Fixed Income Fund Class N		1.10%		2.35%

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

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

JP Morgan CEMBI Broad Diversified 1-3 Year Index—This index is a market capitalization weighted index consisting of US denominated emerging market corporate bonds with 1-3 year maturity. It is a liquid global corporate benchmark representing Asia, Latin America, Europe and the Middle East/Africa. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

186 DoubleLine Funds Trust

(Unaudited)

March 31, 2018

DoubleLine Long Duration Total Return Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2018

	1 Year		Since Inception (12/15/2014)
DoubleLine Long Duration Total Return Bond Fund Class I		2.74%		2.33%
Bloomberg Barclays U.S. Long Government/Credit Index		5.09%		3.11%
DoubleLine Long Duration Total Return Bond Fund Class N		2.48%		2.05%

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

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

Bloomberg Barclays U.S. Long Government/Credit Index—This index includes publicly issued U.S. Treasury debt, U.S. government agency debt, taxable debt issued by U.S. states and territories and their political subdivisions, debt issued by U.S. and non-U.S. corporations, non-U.S. government debt and supranational debt. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

Annual Report March 31, 2018 187

Growth of Investment  (Cont.) (Unaudited) March 31, 2018

DoubleLine Strategic Commodity Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2018

	1 Year		Since Inception (5/18/2015)
DoubleLine Strategic Commodity Fund Class I		14.03%		2.38%
Bloomberg Commodity Index Total Return		3.71%		(5.63	)%
DoubleLine Strategic Commodity Fund Class N		13.79%		2.10%

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

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

Bloomberg Commodity Index Total Return—This index is calculated on an excess return basis and reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and weight-caps are applied at the commodity, sector and group level for diversification. Roll period typically occurs from 6th-10th business day based on the roll schedule. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

188 DoubleLine Funds Trust

(Unaudited)

March 31, 2018

DoubleLine Global Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2018

	1 Year		Since Inception (12/17/2015)
DoubleLine Global Bond Fund Class I		7.96%		3.81%
FTSE World Government Bond Index		8.49%		5.23%
DoubleLine Global Bond Fund Class N		7.77%		3.57%

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

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

FTSE World Government Bond Index—This index measures the performance of fixed-rate, local currency and investment grade sovereign bonds. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

Annual Report March 31, 2018 189

Growth of Investment  (Cont.) (Unaudited) March 31, 2018

DoubleLine Infrastructure Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2018

	1 Year		Since Inception (4/1/2016)
DoubleLine Infrastructure Income Fund Class I		2.67%		2.90%
Bloomberg Barclays U.S. Aggregate Bond Index		1.20%		0.84%
DoubleLine Infrastructure Income Fund Class N		2.54%		2.66%

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

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

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

190 DoubleLine Funds Trust

(Unaudited)

March 31, 2018

DoubleLine Ultra Short Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2018

	1 Year		Since Inception (6/30/2016)
DoubleLine Ultra Short Bond Fund Class I		1.31%		0.95%
ICE Bank of America/Merrill Lynch 3-Month Treasury Bill Index		1.11%		0.80%
DoubleLine Ultra Short Bond Fund Class N		0.95%		0.66%

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

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

ICE Bank of America/Merrill Lynch 3-Month Treasury Bill Index—This index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

Annual Report March 31, 2018 191

Growth of Investment  (Cont.) (Unaudited) March 31, 2018

DoubleLine Shiller Enhanced International CAPE^®

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2018

	1 Year		Since Inception (12/23/2016)
DoubleLine Shiller Enhanced International CAPE® Class I		9.92%		15.11%
MSCI Europe Net Return USD Index		14.49%		18.88%
DoubleLine Shiller Enhanced International CAPE® Class N		9.56%		14.79%

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

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

MSCI Europe Net Return USD Index—This index captures large and mid cap representation across 15 Developed Markets (DM) countries in Europe. With 446 constituents, the index covers approximately 85% of the free float-adjusted market capitalization across the European Developed Markets equity universe. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

192 DoubleLine Funds Trust

Evaluation of Advisory Agreement by the Board of Trustees (Unaudited) March 31, 2018

DoubleLine Total Return Bond Fund

DoubleLine Core Fixed Income Fund

DoubleLine Emerging Markets Fixed Income Fund

DoubleLine Multi-Asset Growth Fund

DoubleLine Cayman Multi-Asset Growth Fund I Ltd.

DoubleLine Low Duration Bond Fund

DoubleLine Floating Rate Fund

DoubleLine Shiller Enhanced CAPE^®

DoubleLine Flexible Income Fund

DoubleLine Low Duration Emerging Markets Fixed Income Fund

DoubleLine Long Duration Total Return Bond Fund

DoubleLine Selective Credit Fund

DoubleLine Strategic Commodity Fund

DoubleLine Strategic Commodity Ltd.

DoubleLine Global Bond Fund

DoubleLine Infrastructure Income Fund

DoubleLine Ultra Short Bond Fund

DoubleLine Shiller Enhanced International CAPE^®

DoubleLine Opportunistic Credit Fund

DoubleLine Income Solutions Fund

At an in-person meeting in February 2018, the Boards of Trustees (the “Board”) of the DoubleLine open-end mutual funds and closed-end funds (the “Funds”) approved the continuation of the investment advisory agreements (the “Advisory Agreements”) between DoubleLine and those Funds. That approval included approval by the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Funds (the “Independent Trustees”) voting separately. When used in this summary, “DoubleLine” refers collectively to DoubleLine Capital LP and to DoubleLine Alternatives LP.

The Trustees’ determination to approve the continuation of each Advisory Agreement was made on the basis of each Trustee’s business judgment after an evaluation of all of the information provided to the Trustees, including information provided for their consideration at their February 2018 meeting with management and at meetings held earlier in February outside the presence of management specifically to review and consider materials related to the proposed continuation of each Advisory Agreement. The Trustees meet over the course of the year with investment advisory personnel from DoubleLine and regularly review detailed information, presented both orally and in writing, regarding the services performed by DoubleLine for the benefit of the Funds and the investment program, performance, and operations of each Fund. In considering whether to approve the continuation of the Advisory Agreements, the Trustees took into account information presented to them over the course of the past year.

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

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

The Trustees reviewed reports (the “Strategic Insight Reports”) provided by Strategic Insight, an Asset International Company (“Strategic Insight”), that compared each open-end Fund’s net management fee ratio and net total expense ratio (Class I shares) against its Strategic Insight peer group, and each open-end Fund’s performance records (Class I shares) for the three-month, six-month, and one-year periods and, where applicable, the three- and five-year periods ended December 31, 2017 against its Morningstar category. The Independent Trustees met with Strategic Insight representatives to review Strategic Insight’s selection of peer groups, including the views of Strategic Insight regarding the challenges it encountered in assembling a peer group of funds with investment strategies substantially similar to those of certain open-end Funds.

Annual Report March 31, 2018 193

Evaluation of Advisory Agreement by the Board of Trustees  (Cont.) (Unaudited) March 31, 2018

With respect to the comparative performance information in the Strategic Insight Reports, the Trustees noted in particular that each open-end Fund, other than the Emerging Markets Fixed Income Fund (“EMFI”), Long Duration Total Return Bond Fund (“LD Total Return”), Low Duration Emerging Markets Fixed Income Fund (“LDEMFI”), Shiller Enhanced International CAPE (“International CAPE”), and Ultra Short Bond Fund (“Ultra Short”), was in the first or second performance quartile relative to its respective Morningstar category for the one-year period ended December 31, 2017; and each open-end Fund with a sufficiently long track record was in the first or second performance quartile relative to its respective Morningstar category for the three- and five-year periods ended December 31, 2017, other than EMFI and the Floating Rate Fund, which were in the third performance quartile for the three-year period, and LDEMFI, which was in the fourth performance quartile for the three-year period. The Trustees considered specific factors cited by DoubleLine for the relative underperformance of certain of the open-end Funds, which in most cases resulted from decisions of the Funds’ portfolio management team as to the overall positioning and strategy of the Funds. In addition, the Trustees considered management’s statements that International CAPE and Ultra Short have short operating histories, limiting the usefulness of peer group comparisons, and that the unusual long-duration strategy of LDEMFI limits the number of similar peer funds for comparison. Concerning EMFI and LD Total Return, the Trustees noted that each Fund’s performance was in the first quartile of its Morningstar category for longer-term periods (the five-year period ended December 31, 2017 in the case of EMFI, and the three-year period ended December 31, 2017 in the case of LD Total Return).

The Trustees considered the portion of the Strategic Insight Reports covering the open-end Funds’ expenses and advisory fees, noting that the reports showed that each open-end Fund, other than LD Total Return, the Strategic Commodity Fund, and Ultra Short, had a net total expense ratio in the first or second quartile of its peer group. The Trustees noted that the net total expense ratios of LD Total Return and the Strategic Commodity Fund were nonetheless below those of several of their respective peers, and that each of those Funds had achieved favorable relative performance over the longest period shown in its Strategic Insight Report notwithstanding its net expense ratio. The Trustees noted that, although Ultra Short’s net total expense ratio was in the third comparative quartile, it was within one-tenth of one basis point of the peer group median.

The Trustees considered each open-end Fund that had a net management fee ratio in the third or fourth quartile of its peer group: the Total Return Bond Fund, EMFI, the Multi-Asset Growth Fund, the Flexible Income Fund, LD Total Return, the Global Bond Fund, and the Infrastructure Income Fund. They noted that each of these Funds, other than LD Total Return, had a net total expense ratio in the first or second quartile of its peer group, and that the net management fee ratio of LD Total Return was only slightly more than one basis point above the median of its peer group. They noted that the net management fee ratio of each Fund was below the net management fee ratios of several of its respective peers. Concerning the Infrastructure Income Fund, they also considered Strategic Insight’s statement that the Fund did not have a group of peer funds with a similar focus on infrastructure-related bonds.

As to the Opportunistic Credit Fund (“DBL”), the Trustees noted that DBL’s net management fee ratio based on managed assets (generally, including the assets attributable to the Fund’s leverage) was shown in the Strategic Insight Reports to be slightly above the median of its peer group, and that its net management fee ratio based on net assets (generally, excluding the assets attributable to the Fund’s leverage) was below the median of its peer group. The Trustees noted that DBL had performed in the second quartile of its Morningstar category for the five-year period ended December 31, 2017, but that its performance had been in the third quartile for the three-year period and the fourth quartile for the one-year period ended December 31, 2017. The Trustees considered DoubleLine’s explanation for DBL’s recent underperformance, including its conservative positioning and its focus on investment in mortgage-backed securities by contrast to many peers that had more diversified exposure to segments of the debt securities markets. They also noted the information in the Strategic Insight Report showing that DBL had employed comparatively less leverage than its peers as of the date of the information in that report.

As to the Income Solutions Fund (“DSL”), the Trustees noted that DSL was shown in the Strategic Insight Reports to have performed in the first or second quartile of its Morningstar category for all periods shown. They noted the information in the Strategic Insight Report showing that DSL had employed comparatively less leverage than the median of its peer group as of the date of the information in that report. They noted that DSL’s net management fee ratios and net total expense ratios were just above the median of its peer group.

In evaluating the comparative net management fee ratios of DBL and DSL, the Trustees also considered DoubleLine’s statement that it had attempted to set each Fund’s fees at its inception at rates that reflected competitive market levels, but that also reflected the experience and expertise DoubleLine brings to managing the Funds.

The Trustees noted that both DBL and DSL had employed leverage for the period shown in the Strategic Insight Reports, and considered information from DoubleLine intended to show that each Fund’s use of leverage was accretive to the Fund’s investment performance, after taking into account any expenses related to the leverage.

194 DoubleLine Funds Trust

(Unaudited)

March 31, 2018

The Trustees considered that DoubleLine provides a variety of other services to the Funds in addition to investment advisory services, including, among others, a number of back-office services, valuation services, compliance services, certain forms of information technology services (such as internal reporting), assistance with accounting and distribution services, and supervision and monitoring of the Funds’ other service providers. The Trustees reviewed DoubleLine’s ongoing efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Trustees also considered the nature, extent, and structure of the Funds’ compliance program, including the policies and procedures of the Funds and their various service providers (including DoubleLine). The Trustees considered the quality of those non-investment advisory services and determined that their quality supported the continuation of the Funds’ arrangements with DoubleLine.

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

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

The Trustees reviewed information as to general estimates of DoubleLine’s profitability with respect to each Fund, taking into account both the direct and the indirect benefits to DoubleLine from managing the Funds. The Trustees considered information provided by DoubleLine as to the methods it uses, and the assumptions it makes, in calculating its profitability. The Trustees considered representations from DoubleLine that its compensation and incentive policies and practices enable DoubleLine to attract, retain, and motivate highly qualified and experienced employees. The Trustees noted that DoubleLine had significant profitability in respect of certain of the Funds, but noted that in those cases it would be appropriate to consider that profitability in light of various other considerations such as the nature, extent, and quality of the services provided by DoubleLine, the relative performance of the Funds, and the competitiveness of the management fees and total operating expenses of the Funds.

The Trustees separately considered DoubleLine’s statement that it is continuing to invest in its business to maintain its ability to provide high quality services to the Funds, and noted DoubleLine’s need to invest in technology, infrastructure, and staff to continue to provide services and accommodate rapidly changing regulatory requirements.

The Trustees noted that a number of the open-end Funds had achieved significant size. The Trustees considered management’s view that the net management fee rates of the open-end Funds with significant size are consistent with DoubleLine’s general pricing philosophy of agreeing upon a Fund’s initial management fee rate at a level that generally reflects reasonably foreseeable economies of scale instead of relying on breakpoints in a Fund’s management fee rate. They noted DoubleLine’s statements that that approach has facilitated the open-end Funds’ asset-raising efforts and allowed the open-end Funds to compete from inception with peer funds with, in some cases, larger asset bases. The Trustees further noted that DoubleLine was still subsidizing the expenses of a number of the Funds. The Trustees also noted DoubleLine’s rapid growth and changes to the regulatory environment, which required DoubleLine to re-invest significantly in its business and infrastructure. The Trustees considered management’s statements among others that, although mutual fund advisory fees have trended downward over time, reducing the pricing advantage the Total Return Bond Fund had previously enjoyed, the Fund is fairly priced in light of its historical performance and the fact that it is DoubleLine’s and Mr. Gundlach’s flagship strategy. The Trustees also noted Strategic Insight’s observation that certain open-end Funds have experienced substantial asset growth in recent periods, and that that growth has resulted in a number of cases in reductions in the expense ratios of those Funds.

With regard to DBL and DSL, the Trustees noted that these Funds have not increased in assets significantly from their initial offerings due principally to their status as closed-end investment companies and that there were therefore no substantial increases in economies of scale realized with respect to these Funds since their inception. They noted DoubleLine’s view that the levels of its

Annual Report March 31, 2018 195

Evaluation of Advisory Agreement by the Board of Trustees  (Cont.) (Unaudited) March 31, 2018

profitability in respect of DBL and DSL are appropriate in light of the investment it has made in these Funds, the quality of the investment management and other teams provided by it, and its continued investments in its own business.

On the basis of these considerations as well as others and in the exercise of their business judgment, the Trustees determined that they were satisfied with the nature, extent, and quality of the services provided to each Fund under its Advisory Agreement; that it appeared that the management fees paid by each Fund to DoubleLine were generally within the range of management fees paid by its peer funds, and, with respect to some Funds, lower than the median management fees paid by their peer funds, and generally reasonable in light of the services provided, the quality of the portfolio management teams, and each Fund’s performance to date; that the fees paid by each Fund did not appear inappropriate in light of the fee schedules charged to DoubleLine’s other clients with substantially similar investment strategies (where applicable) in light of the differences in the services provided and the risks borne by DoubleLine; that the profitability of each Fund to DoubleLine did not appear excessive or such as to preclude continuation of the Fund’s Advisory Agreement; that absence of breakpoints in any Fund’s management fee did not render that Fund’s fee unreasonable or inappropriate under the circumstances, although the Trustees would continue to consider the topic over time; and that it would be appropriate to approve each Advisory Agreement for an additional one-year period.

196 DoubleLine Funds Trust

Federal Tax Information (Unaudited) March 31, 2018

For the fiscal year ended March 31, 2018, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% (20% for taxpayers with taxable income greater than $425,800 for single individuals and $479,000 for married couples filing jointly), as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and The Tax Cuts and Jobs Act of 2017. Prior to January 1, 2018, certain dividends paid by the Funds may have been subject to a maximum tax rate of 15% (20% for taxpayers with taxable income greater than $400,000 for single individuals and $450,000 for married couples filing jointly). The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Qualified Dividend Income
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Multi-Asset Growth Fund (Consolidated)	2.03%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.00%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	0.00%
DoubleLine Infrastructure Income Fund	0.00%
DoubleLine Ultra Short Bond Fund	0.00%
DoubleLine Shiller Enhanced International CAPE®	0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31, 2018 was as follows:

Dividends Received Deduction
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Multi-Asset Growth Fund (Consolidated)	0.32%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.00%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	0.00%
DoubleLine Infrastructure Income Fund	0.00%
DoubleLine Ultra Short Bond Fund	0.00%
DoubleLine Shiller Enhanced International CAPE®	0.00%

Annual Report March 31, 2018 197

Federal Tax Information  (Cont.) (Unaudited) March 31, 2018

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the fiscal year ended March 31, 2018 for each Fund was as follows:

Qualified Short-Term Gains
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	21.29%
DoubleLine Multi-Asset Growth Fund (Consolidated)	57.51%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	19.66%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	6.32%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.03%
DoubleLine Global Bond Fund	0.00%
DoubleLine Infrastructure Income Fund	2.34%
DoubleLine Ultra Short Bond Fund	0.33%
DoubleLine Shiller Enhanced International CAPE®	35.61%

The percentage of taxable ordinary income distributions that are designated as interest related dividends under Internal Revenue Section 871(k)(1)(c) for the fiscal year ended March 31, 2018 for each Fund was as follows:

Qualified Interest Income
DoubleLine Total Return Bond Fund	100.00%
DoubleLine Core Fixed Income Fund	80.13%
DoubleLine Emerging Markets Fixed Income Fund	0.24%
DoubleLine Multi-Asset Growth Fund (Consolidated)	28.23%
DoubleLine Low Duration Bond Fund	80.82%
DoubleLine Floating Rate Fund	98.58%
DoubleLine Shiller Enhanced CAPE®	75.40%
DoubleLine Flexible Income Fund	78.71%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.37%
DoubleLine Long Duration Total Return Bond Fund	99.79%
DoubleLine Strategic Commodity Fund (Consolidated)	1.95%
DoubleLine Global Bond Fund	17.29%
DoubleLine Infrastructure Income Fund	80.28%
DoubleLine Ultra Short Bond Fund	100.00%
DoubleLine Shiller Enhanced International CAPE®	35.62%

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

198 DoubleLine Funds Trust

Trustees and Officers (Unaudited) March 31, 2018

Name, Address, and Year of Birth(1)	Position with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen(2)	Other Directorships Held by Trustee During Past 5 Years
Independent Trustees
Joseph J. Ciprari, 1964	Trustee	Indefinite / Since March 2010	President, Remo Consultants, a real estate financial consulting firm. Formerly, Managing Director, UBS AG. Formerly, Managing Director, Ally Securities LLC.	18	None
John C. Salter, 1957	Trustee	Indefinite / Since March 2010	Partner, Stark Municipal Brokers. Formerly, Managing Director, Municipals, Tullet Prebon Financial Services LLC (d/b/a Chapdelaine). Formerly, Partner, Stark, Salter & Smith, a securities brokerage firm specializing in tax exempt bonds.	18	None
Raymond B. Woolson, 1958	Trustee	Indefinite / Since March 2010	President, Apogee Group, Inc., a company providing financial consulting services.	18	Trustee, Advisors Series Trust(3)

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

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

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

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

Name, Address, and Year of Birth(1)	Position with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen(2)	Other Directorships Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey E. Gundlach, 1959	Trustee	Indefinite /Since January 2010	Chief Executive Officer and Chief Investment Officer, DoubleLine Capital LP (since December 2009).	16	None
Philip A. Barach, 1952	Trustee	Indefinite /Since January 2010	President, DoubleLine Capital LP (since December 2009).	16	None

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

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

Annual Report March 31, 2018 199

Trustees and Officers  (Cont.) (Unaudited) March 31, 2018

Officers

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

Name, Address, and Year of Birth(1)	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Ronald R. Redell, 1970	President	Indefinite/Since Inception	Trustee, Chairman, President and Chief Executive Officer, DoubleLine Income Solutions Fund (since January 2013); Executive, DoubleLine Group LP (since January 2013); Trustee, Chairman, President and Chief Executive Officer, DoubleLine Opportunistic Credit Fund (since July 2011); Executive, DoubleLine Capital LP (since July 2010); President, DoubleLine Funds Trust (since January 2010).
Susan Nichols, 1962	Treasurer and Principal Financial and Accounting Officer	Indefinite/Since October 2011	Treasurer and Principal Financial and Accounting Officer, DoubleLine Income Solutions Fund (since January 2013); Treasurer and Principal Financial and Accounting Officer, DoubleLine Funds Trust (since October 2011); Treasurer and Principal Financial and Accounting Officer, DoubleLine Opportunistic Credit Fund (since July 2011); Director of Mutual Funds Operations, DoubleLine Capital LP. Formerly, Southern Wholesaler, DoubleLine Capital LP. Formerly, Assistant Treasurer, DoubleLine Funds Trust.
Youse Guia, 1972	Chief Compliance Officer	Indefinite/Since March 2018	Chief Compliance Officer, DoubleLine Capital (since March 2018); Chief Compliance Officer, DoubleLine Equity LP (since March 2018); Chief Compliance Officer, DoubleLine Opportunistic Credit Fund (since March 2018); Chief Compliance Officer, DoubleLine Income Solutions Fund (since March 2018). Formerly, Executive Vice President and Deputy Chief Compliance Officer, Pacific Investment Management Company LLC (“PIMCO”) (from April 2014 to February 2018); Chief Compliance Officer, PIMCO Managed Accounts Trust (from September 2014 to February 2018); Chief Compliance Officer, PIMCO-sponsored closed-end funds (from September 2014 to February 2018); Chief Compliance Officer, PIMCO Flexible Credit Income Fund (from February 2017 to February 2018). Formerly, Head of Compliance, Allianz Global Investors U.S. Holdings LLC (from October 2012 to March 2014); Chief Compliance Officer, Allianz Funds, Allianz Multi-Strategy Trust, Allianz Global Investors Sponsored Closed-End Funds, Premier Multi-Series VIT and The Korea Fund, Inc. (from October 2004 to December 2013).
Louis C. Lucido, 1948	Secretary	Indefinite/Since Inception	Member of the Board of Directors, 826LA (since June 2013); Member of the Board of Directors, Junior Achievement of Southern California (since June 2013); Member of the Board of Directors, CASA of Los Angeles (since February 2013) and Chairman (since June 2016); Secretary, DoubleLine Income Solutions Fund (since January 2013); Secretary, DoubleLine Opportunistic Credit Fund (since July 2011); Secretary, DoubleLine Funds Trust (since January 2010); Senior Advisor, DoubleLine Capital (since March 2018). Formerly, Chief Operating Officer, DoubleLine Capital (from June 2010 to March 2018); Executive Vice President, DoubleLine Capital (from December 2009 through May 2010). Formerly, Vice Chairman, CASA of Los Angeles (from June 2014 to June 2016).
Winnie Han, 1988	Assistant Treasurer	Indefinite/Since March 2017	Assistant Treasurer, DoubleLine Income Solutions Fund (since May 2017); Assistant Treasurer, DoubleLine Funds Trust (since May 2017); Assistant Treasurer, DoubleLine Opportunistic Credit Fund (since May 2017); Assistant Treasurer, DoubleLine Capital (since March 2017); Formerly, Investment Accounting Supervisor, Alexandria Real Estate Equities, Inc. (June 2016 to March 2017); Formerly, Manager, PricewaterhouseCoopers (January 2011 to June 2016).
Cris Santa Ana, 1965	Vice President	Indefinite/Since April 2011	Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Opportunistic Credit Fund (since July 2011); Vice President, DoubleLine Funds Trust (since April 2011); Chief Risk Officer, DoubleLine Capital LP (since June 2010).
Earl A. Lariscy, 1966	Vice President	Indefinite/Since May 2012	Vice President and Assistant Secretary, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Funds Trust (since May 2012); Vice President and Assistant Secretary, DoubleLine Opportunistic Credit Fund (since May 2012 and inception, respectively); General Counsel, DoubleLine Capital LP (since April 2010).

200 DoubleLine Funds Trust

(Unaudited)

March 31, 2018

Name, Address, and Year of Birth(1)	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
David Kennedy, 1964	Vice President	Indefinite/Since May 2012	Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Funds Trust (since May 2012); Vice President, DoubleLine Opportunistic Credit Fund (since May 2012); Manager, Trading and Settlements, DoubleLine Capital LP (since December 2009).
Patrick A. Townzen, 1978	Vice President	Indefinite/Since September 2012	Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Funds Trust (since September 2012); Vice President, DoubleLine Opportunistic Credit Fund (since September 2012); Director of Operations, DoubleLine Capital LP (since March 2018). Formerly, Manager of Operations, DoubleLine Capital (from September 2012 to March 2018).
Brady J. Femling, 1987	Vice President	Indefinite/Since May 2017	Senior Fund Accountant, DoubleLine Capital (Since April 2013). Fund Accounting Supervisor, ALPS Fund Services (From October 2009 to April 2013).
Neal L. Zalvan, 1973	AML Officer and Vice President	Indefinite/AML Officer Since May 2016; Indefinite/Vice President Since May 2017	Anti-Money Laundering Officer, DoubleLine Funds Trust (since May 2016); Anti-Money DoubleLine Group LP (since January 2013);Laundering Officer, DoubleLine Capital, DoubleLine Equity LP and DoubleLine Alternatives (since March 2016); Legal/Compliance, DoubleLine Group LP (since January 2013).

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

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

Annual Report March 31, 2018 201

Information About Proxy Voting (Unaudited) March 31, 2018

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

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

Information About Portfolio Holdings

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

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

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

This report includes summary Schedules of Investments for the DoubleLine Total Return Bond Fund and DoubleLine Core Fixed Income Fund. A complete Schedule of Investments for each Fund may be obtained, without charge, upon request, by calling 877-DLine11 (877-354-6311) and on the SEC website at www.sec.gov.

Householding — Important Notice Regarding Delivery of Shareholder Documents

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

202 DoubleLine Funds Trust

Privacy Notice (Unaudited) March 31, 2018

What Does DoubleLine Do With Your Personal Information?

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

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

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

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

• Information you may give us orally;

• Information about your transactions with us or others;

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

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

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

• Social Security Number;

• account balances;

• transaction or loss history;

• assets;

• investment experience;

• account transactions;

• risk tolerance.

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

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

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

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

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

Information Collected from Websites. Websites maintained by DoubleLine or its service providers may use a variety of technologies to collect information that help DoubleLine and its service providers understand how the website is used. Information collected from your web browser (including small files stored on your device that are commonly referred to as “cookies”) allow the websites to recognize your web browser and help to personalize and improve your user experience and enhance navigation of the website. You can change your cookie preferences by changing the setting on your web browser to delete or reject cookies. If you delete or reject cookies, some website pages may not function properly. Certain portions of doublelinefunds.com are maintained or controlled by third parties, each of which has privacy policies which may differ, in some cases significantly, from the privacy policies described in this notice. Please contact your DoubleLine representative if you would like to receive more information about the privacy policies of third parties.

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

Annual Report March 31, 2018 203

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

Investment Advisers:

DoubleLine Capital LP and

DoubleLine Alternatives LP

333 South Grand Avenue

18th Floor

Los Angeles, CA 90071

Distributor:

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, WI 53202

Administrator and Transfer Agent:

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

Custodian:

U.S. Bank, N.A.

1555 North River Center Drive

Suite 302

Milwaukee, WI 53212

Independent Registered

Public Accounting Firm:

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017

Legal Counsel:

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Contact Information:

doublelinefunds.com

fundinfo@doubleline.com

1-877-DLine11 or

1-877-354-6311

DL-ANNUAL-DFT

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

	FYE 3/31/2018	FYE 3/31/2017
Audit Fees	$956,046	$919,039
Audit-Related Fees	$900	$3,670
Tax Fees	$196,670	$177,810
All Other Fees	N/A	N/A

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

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

	FYE 3/31/2018	FYE 3/31/2017
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant. (If more than 50 percent of the accountant’s hours were spent to audit the registrant’s financial

statements for the most recent fiscal year, state how many hours were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.)

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

Non-Audit Related Fees	FYE 3/31/2018	FYE 3/31/2017
Registrant	$196,670	$177,810
Registrant’s Investment Adviser	$1,426,605	$1,454,202

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

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

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

DoubleLine Total Return Bond Fund

Schedule of Investments

March 31, 2018

Principal Amount   $/Shares	Security Description	Rate			Maturity		Value $
Asset Backed Obligations - 3.7%
23,076,982	Aqua Finance Trust, Series 2017-A-A		3.72%	^		11/15/2035		22,773,520
8,952,882	Arcadia Receivables Credit Trust, Series 2017-1-A		3.25%	^		06/15/2023		8,992,225
4,528,580	AVANT Loans Funding Trust, Series 2017-B-A		2.29%	^		06/15/2020		4,520,686
19,783,750	CAL Funding Ltd., Series 2018-1A-A		3.96%	^		02/25/2043		19,975,842
27,107,833	Castlelake Aircraft Securitization Trust, Series 2015-1A-A		4.70%	^ §		12/15/2040		27,252,237
40,622,934	Castlelake Aircraft Securitization Trust, Series 2016-1-A		4.45%			08/15/2041		40,687,322
53,449,761	Castlelake Aircraft Securitization Trust, Series 2017-1-A		3.97%			07/15/2042		53,228,907
6,493,165	Citi Held For Asset Issuance, Series 2015-PM1-C		5.01%	^		12/15/2021		6,523,368
281,201	Citi Held For Asset Issuance, Series 2015-PM2-B		4.00%	^		03/15/2022		281,340
30,000,000	Citi Held For Asset Issuance, Series 2015-PM2-C		5.96%	^		03/15/2022		30,275,040
2,544,558	Citi Held For Asset Issuance, Series 2016-MF1-A		4.48%	^		08/15/2022		2,549,985
72,948,750	Coinstar Funding LLC, Series 2017-1A-A2		5.22%	^		04/25/2047		75,010,355
28,439,303	Colony American Finance Ltd., Series 2016-1-A		2.54%	^		06/15/2048		27,973,760
9,392,820	Commonbond Student Loan Trust, Series 2015-A-A		3.20%	^		06/25/2032		9,383,092
16,080,201	Commonbond Student Loan Trust, Series 2016-A-A1		3.32%	^		05/25/2040		15,619,154
12,076,159	Consumer Installment Loan Trust, Series 2016-LD1-A		3.96%	^		07/15/2022		12,079,811
21,000,000	Credit Acceptance Auto Loan Trust, Series 2017-3A-A		2.65%	^		06/15/2026		20,807,758
41,000,000	Credit Acceptance Auto Loan Trust, Series 2018-1A-A		3.01%	^		02/16/2027		40,768,321
16,490,000	DB Master Finance LLC, Series 2015-1A-A2II		3.98%	^		02/20/2045		16,653,782
11,878,265	Eaglewood Consumer Loan Trust, Series 2014-1-A		3.50%	^ ¥ Þ		10/15/2019		11,874,191
13,884,029	Earnest Student Loan Program LLC, Series 2016-B-A2		3.02%	^		05/25/2034		13,798,977
17,554,511	Earnest Student Loan Program LLC, Series 2016-D-A2		2.72%	^		01/25/2041		17,279,894
69,308,404	ECAF Ltd., Series 2015-1A-A2		4.95%	^		06/15/2040		70,277,058
7,363,463	Element Rail Leasing LLC, Series 2016-1A-A1		3.97%	^		03/19/2046		7,392,279
9,278,000	Falcon Aerospace Ltd., Series 2017-1-A		4.58%	^		02/15/2042		9,386,395
9,952,927	Foundation Finance Trust, Series 2016-1A-A		3.96%	^		06/15/2035		9,979,989
47,000,000	GM Financial Automobile Leasing Trust, Series 2018-1-A2A		2.39%			04/20/2020		46,902,226
43,800,000	Harbour Aircraft Investments Ltd., Series 2017-1-A		4.00%			11/15/2037		43,768,157
10,156,679	HERO Funding Trust, Series 2016-3A-A2		3.91%	^		09/20/2042		10,415,910
24,530,537	HERO Funding Trust, Series 2016-4A-A2		4.29%	^		09/20/2047		25,040,519
28,135,000	Invitation Homes Trust, Series 2015-SFR1-E (1 Month LIBOR USD + 4.20%, 4.20% Floor)		5.95%	^		03/17/2032		28,279,479
63,481,000	Jimmy Johns Funding LLC, Series 2017-1A-A2II		4.85%	^		07/30/2047		65,041,706
92,708,333	Labrador Aviation Finance Ltd., Series 2016-1A-A1		4.30%	^		01/15/2042		94,708,794
1,215,052	LendingClub Issuance Trust, Series 2016-NP1-A		3.75%	^		06/15/2022		1,217,492
368,793	LendingClub Issuance Trust, Series 2016-NP2-A		3.00%	^		01/17/2023		368,441
11,000,000	Lendmark Funding Trust, Series 2017-2A-A		2.80%	^		05/20/2026		10,945,723
11,750,000	Longtrain Leasing LLC, Series 2015-1A-A2		4.06%	^		01/15/2045		11,940,497
23,000,000	Mariner Finance Issuance Trust, Series 2017-AA-A		3.62%	^		02/20/2029		23,111,283
4,520,722	MarketPlace Loan Trust, Series 2015-CB1-A		4.00%	^		07/15/2021		4,519,709
7,656,802	MarketPlace Loan Trust, Series 2015-LD1-A		4.00%	^		12/15/2021		7,654,558
8,193,761	MarketPlace Loan Trust, Series 2016-LD1-A		5.25%	^		03/15/2022		8,234,574
13,768,612	Marlette Funding Trust, Series 2017-2A-A		2.39%	^		07/15/2024		13,737,876
7,043,951	Marlette Funding Trust, Series 2017-3A-A		2.36%	^		12/15/2024		7,018,665
19,661,748	Marlette Funding Trust, Series 2018-1A-A		2.61%	^		03/15/2028		19,633,820
41,698,579	Mosaic Solar Loans LLC, Series 2017-2A-A		3.82%	^		09/20/2042		41,398,445
23,000,000	Navient Private Education Loan Trust, Series 2017-A-B		3.91%	^		12/16/2058		22,260,619
62,561,232	NRZ Excess Spread-Collateralized Notes, Series 2018-PLS2-A		3.27%	^		02/25/2023		62,430,342
5,883,908	OneMain Direct Auto Receivables Trust, Series 2016-1A-A		2.04%	^		01/15/2021		5,880,527
4,319,524	OneMain Financial Issuance Trust, Series 2015-2A-A		2.57%	^		07/18/2025		4,319,081
85,619,086	OneMain Financial Issuance Trust, Series 2016-2A-A		4.10%	^		03/20/2028		86,337,815
75,000,000	OneMain Financial Issuance Trust, Series 2017-1A-A1		2.37%	^		09/14/2032		73,768,192
17,000,000	Oportun Funding LLC, Series 2016-B-A		3.69%	^		07/08/2021		16,983,891
25,000,000	Oxford Finance Funding LLC, Series 2016-1A-A		3.97%	^		06/17/2024		24,950,565
4,000,000	Progress Residential Trust, Series 2016-SFR2-D (1 Month LIBOR USD + 2.50%, 2.50% Floor)		4.31%	^		01/17/2034		4,047,368
6,000,000	Prosper Marketplace Issuance Trust, Series 2018-1A-A		3.11%	^		06/17/2024		6,001,306
22,323,168	Renew, Series 2017-2A-A		3.22%	^		09/22/2053		21,918,426
30,804,843	SCF Equipment Leasing LLC, Series 2017-2A-A		3.41%	^		12/20/2023		30,409,891
40,721,930	Shenton Aircraft Investment Ltd., Series 2015-1A-A		4.75%	^		10/15/2042		41,955,112
3,321,823	SoFi Consumer Loan Program LLC, Series 2016-1-A		3.26%	^		08/25/2025		3,323,632
25,378,445	SoFi Consumer Loan Program LLC, Series 2017-6-A1		2.20%	^		11/25/2026		25,257,176
18,750,000	SoFi Consumer Loan Program LLC, Series 2017-6-A2		2.82%	^		11/25/2026		18,553,618
9,477,562	SoFi Consumer Loan Program Trust, Series 2016-2-A		3.09%	^		10/27/2025		9,494,166
31,168,393	SoFi Consumer Loan Program Trust, Series 2017-2-A		3.28%	^		02/25/2026		31,251,731
17,754,876	SoFi Consumer Loan Program Trust, Series 2017-5-A1		2.14%	^		09/25/2026		17,658,091
10,000,000	SoFi Consumer Loan Program Trust, Series 2017-5-A2		2.78%	^		09/25/2026		9,859,832
11,238,791	SoFi Consumer Loan Program Trust, Series 2018-1-A1		2.55%	^		02/25/2027		11,206,345
15,423,515	SoFi Professional Loan Program, Series 2016-A-A2		2.76%	^		12/26/2036		15,298,106
20,000,000	SoFi Professional Loan Program, Series 2017-E-B		3.49%	^		11/26/2040		19,748,828
13,000,000	SoFi Professional Loan Program, Series 2017-E-C		4.16%	^		11/26/2040		12,861,121
22,800,000	SoFi Professional Loan Program, Series 2018-A-B		3.61%	^		02/25/2042		22,715,667
18,000,000	SoFi Professional Loan Program, Series 2018-B-BFX		3.83%	^		08/25/2047		18,199,969
74,554,775	SpringCastle America Funding LLC, Series 2016-AA-A		3.05%	^		04/25/2029		74,549,594
14,000,000	Springleaf Funding Trust, Series 2016-AA-A		2.90%	^		11/15/2029		13,942,918
71,750,000	Springleaf Funding Trust, Series 2017-AA-A		2.68%	^		07/15/2030		70,676,878
41,438,800	Sprite Ltd., Series 2017-1-A		4.25%	^		12/15/2037		40,677,776
3,939,312	Spruce Asset Backed Securities Trust, Series 2016-E1-A		4.32%	^		06/15/2028		3,987,206
4,726,000	TAL Advantage LLC, Series 2013-2A-A		3.55%	^		11/20/2038		4,703,558
5,017,631	Textainer Marine Containers Ltd., Series 2017-1A-A		3.72%	^		05/20/2042		5,019,543
26,000,000	Triton Container Finance LLC, Series 2018-1A-A		3.95%	^		03/20/2043		26,151,580
5,822,878	Upstart Securitization Trust, Series 2017-2-A		2.51%	^		03/20/2025		5,806,372
18,084,917	Vantage Data Centers Issuer LLC, Series 2018-1A-A2		4.07%	^		02/16/2043		18,271,889
Total Asset Backed Obligations (Cost $1,914,985,629)								1,919,761,893
Collateralized Loan Obligations - 4.9%
17,289,041	Acacia Ltd., Series 5A-A (3 Month LIBOR USD + 0.38%)		1.56%	^		11/08/2039		16,837,797
10,000,000	Adams Mill Ltd., Series 2014-1A-C1R (3 Month LIBOR USD + 2.35%)		4.07%	^		07/15/2026		10,014,444
68,250,000	AIMCO, Series 2015-AA-AR (3 Month LIBOR USD + 0.85%, 0.85% Floor)		2.57%	^		01/15/2028		68,239,006
25,000,000	ALM LLC, Series 2016-19A-A1 (3 Month LIBOR USD + 1.55%)		3.27%	^		07/15/2028		25,143,750
18,760,000	Anchorage Capital Ltd., Series 2014-5RA-A (3 Month LIBOR USD + 0.99%)		2.71%	^		01/15/2030		18,757,950
43,900,000	Apidos Ltd., Series 2013-16A-A1R (3 Month LIBOR USD + 0.98%)		2.72%	^		01/19/2025		43,909,648
23,000,000	Apidos Ltd., Series 2015-20A-A1R (3 Month LIBOR USD + 1.33%)		3.05%	^		01/16/2027		23,019,044
75,000,000	Arrowpoint Ltd., Series 2013-1A-A1R (3 Month LIBOR USD + 1.52%, 1.52% Floor)		3.36%	^		11/15/2028		75,929,917
31,500,000	Babson Ltd., Series 2014-3A-AR (3 Month LIBOR USD + 1.32%)		3.04%	^		01/15/2026		31,500,000
4,500,000	Babson Ltd., Series 2014-3A-D2 (1 Month LIBOR USD + 4.40%)		6.12%	^		01/15/2026		4,500,000
3,750,000	Babson Ltd., Series 2014-IIA-D (3 Month LIBOR USD + 3.60%)		5.33%	^		10/17/2026		3,754,537
75,000,000	BlueMountain Ltd., Series 2012-2A-AR (3 Month LIBOR USD + 1.42%, 1.42% Floor)		3.30%	^		11/20/2028		75,290,206
33,150,000	BlueMountain Ltd., Series 2013-1A-A1R (3 Month LIBOR USD + 1.40%)		3.14%	^		01/20/2029		33,339,015
58,250,000	BlueMountain Ltd., Series 2015-3A-A1 (3 Month LIBOR USD + 1.48%)		3.22%	^		10/20/2027		58,250,000
34,500,000	BlueMountain Ltd., Series 2015-4A-B (3 Month LIBOR USD + 2.25%)		3.99%	^		01/20/2027		34,533,869
9,250,000	BlueMountain Ltd., Series 2015-4A-C (3 Month LIBOR USD + 3.20%)		4.94%	^		01/20/2027		9,265,062
8,750,000	BlueMountain Ltd., Series 2015-4A-D1 (3 Month LIBOR USD + 4.60%)		6.34%	^		01/20/2027		8,768,512
22,500,000	BlueMountain Ltd., Series 2016-2A-A2 (3 Month LIBOR USD + 2.00%)		3.88%	^		08/20/2028		23,002,363
20,000,000	Carlyle Global Market Strategies Ltd., Series 2015-5A-A1A (3 Month LIBOR USD + 1.55%)		3.29%	^		01/20/2028		20,142,345
8,000,000	Carlyle Global Market Strategies Ltd., Series 2015-5A-A2A (3 Month LIBOR USD + 2.25%)		3.99%	^		01/20/2028		8,079,594
4,000,000	Carlyle Global Market Strategies Ltd., Series 2015-5A-B2 (3 Month LIBOR USD + 3.25%)		4.99%	^		01/20/2028		4,064,764
43,000,000	Cathedral Lake Ltd., Series 2016-4A-A (3 Month LIBOR USD + 1.65%)		3.39%	^		10/20/2028		43,744,628
11,000,000	Cent Ltd., Series 2014-21A-A1AR (3 Month LIBOR USD + 1.21%)		2.97%	^		07/27/2026		11,009,229
7,250,000	Cent Ltd., Series 2014-22A-C (3 Month LIBOR USD + 3.75%)		5.54%	^		11/07/2026		7,271,526
98,000,000	CVP Ltd., Series 2017-1A-A (3 Month LIBOR USD + 1.34%)		3.08%	^		07/20/2030		98,758,265
61,250,000	CVP Ltd., Series 2017-2A-A (3 Month LIBOR USD + 1.19%, 1.19% Floor)		3.12%	^		01/20/2031		61,569,436
35,250,000	Elevation Ltd., Series 2014-2A-A1R (3 Month LIBOR USD + 1.23%)		2.58%	^		10/15/2029		35,463,957
50,000,000	Galaxy Ltd., Series 2016-22A-A1 (3 Month LIBOR USD + 1.58%)		3.30%	^		07/16/2028		50,100,358
24,152,233	GLG Ore Hill Ltd., Series 2013-1A-A (3 Month LIBOR USD + 1.12%)		2.84%	^		07/15/2025		24,173,952
46,000,000	Greywolf Ltd., Series 2018-1A-A1 (3 Month LIBOR USD + 1.03%)		0.00%	^		04/26/2031		46,000,000
6,500,000	Halcyon Loan Advisors Funding Ltd., Series 2014-2A-C (3 Month LIBOR USD + 3.50%)		5.26%	^		04/28/2025		6,516,542
1,750,000	Halcyon Loan Advisors Funding Ltd., Series 2014-2A-D (3 Month LIBOR USD + 5.00%)		6.76%	^		04/28/2025		1,665,265
5,000,000	Halcyon Loan Advisors Funding Ltd., Series 2014-3A-D (3 Month LIBOR USD + 3.65%)		5.39%	^		10/22/2025		5,006,770
14,350,000	Halcyon Loan Advisors Funding Ltd., Series 2015-2A-A (3 Month LIBOR USD + 1.39%)		3.14%	^		07/25/2027		14,358,000
85,500,000	Halcyon Loan Advisors Funding Ltd., Series 2015-3A-A1R (3 Month LIBOR USD + 0.90%)		2.63%	^		10/18/2027		85,047,447
30,000,000	Harbourview Ltd., Series 7A-A1R (3 Month LIBOR USD + 1.25%)		3.13%	^		11/18/2026		30,030,807
25,000,000	Hildene Ltd., Series 2014-2A-AR (3 Month LIBOR USD + 1.18%)		2.92%	^		07/19/2026		25,023,177
39,000,000	Hildene Ltd., Series 2014-3A-AR (3 Month LIBOR USD + 1.20%)		2.94%	^		10/20/2026		39,012,023
5,000,000	Hildene Ltd., Series 2015-4A-A1A (3 Month LIBOR USD + 1.50%)		3.24%	^		07/23/2027		5,012,394
10,867,159	ICE Global Credit Ltd., Series 2013-1A-A1 (3 Month LIBOR USD + 1.75%, 1.75% Floor)		3.49%	^ Þ		04/20/2024		10,876,636
50,000,000	Jamestown Ltd., Series 2013-3A-A1AR (3 Month LIBOR USD + 1.14%)		2.86%	^		01/15/2026		50,045,296
49,000,000	Jamestown Ltd., Series 2014-4A-A1AR (3 Month LIBOR USD + 0.69%)		2.41%	^		07/15/2026		48,877,765
28,750,000	Jamestown Ltd., Series 2015-6A-A1AR (3 Month LIBOR USD + 1.15%)		3.03%	^		02/20/2027		28,757,188
20,000,000	Jamestown Ltd., Series 2016-9A-A1A (3 Month LIBOR USD + 1.57%)		3.31%	^		10/20/2028		20,072,400
20,000,000	KVK Ltd., Series 2013-1A-AR (3 Month LIBOR USD + 0.90%)		2.62%	^		01/15/2028		19,998,574
25,000,000	KVK Ltd., Series 2015-1A-AR (3 Month LIBOR USD + 1.25%)		3.14%	^		05/20/2027		25,019,976
7,825,000	LCM LP, Series 14A-D (3 Month LIBOR USD + 3.50%)		5.22%	^		07/15/2025		7,836,095
22,200,000	LCM LP, Series 16A-AR (3 Month LIBOR USD + 1.03%)		2.75%	^		07/15/2026		22,208,907
2,750,000	LCM LP, Series 16A-DR (3 Month LIBOR USD + 3.00%)		4.72%	^		07/15/2026		2,756,846
20,000,000	Madison Park Funding Ltd., Series 2013-11A-AR (3 Month LIBOR USD + 1.16%)		2.90%	^		07/23/2029		20,025,000
5,500,000	Madison Park Funding Ltd., Series 2014-15A-CR (3 Month LIBOR USD + 3.45%)		5.21%	^		01/27/2026		5,508,574
5,000,000	Madison Park Funding Ltd., Series 2014-15A-DR (3 Month LIBOR USD + 5.44%)		7.20%	^		01/27/2026		5,003,924
24,000,000	Magnetite Ltd., Series 2015-12A-AR (3 Month LIBOR USD + 1.33%)		3.05%	^		04/15/2027		24,039,169
64,500,000	Marathon Ltd., Series 2013-5A-A1R (3 Month LIBOR USD + 0.87%)		2.76%	^		11/21/2027		64,371,000
41,000,000	Marathon Ltd., Series 2014-7A-A1R (3 Month LIBOR USD + 1.32%)		3.08%	^		10/28/2025		41,019,313
75,000,000	Midocean Credit, Series 2017-7A-A1 (3 Month LIBOR USD + 1.32%)		3.04%	^		07/15/2029		75,454,178
55,000,000	MP Ltd., Series 2013-1A-AR (3 Month LIBOR USD + 1.25%)		2.99%	^		10/20/2030		55,186,036
52,000,000	MP Ltd., Series 2013-2A-ARR (3 Month LIBOR USD + 1.28%)		3.03%	^		07/25/2029		52,333,529
2,250,000	Neuberger Berman Ltd., Series 2017-16SA-A (3 Month LIBOR USD + 0.85%)		2.57%	^		01/15/2028		2,255,547
14,426,299	NewMark Capital Funding Ltd., Series 2013-1A-A2 (3 Month LIBOR USD + 1.12%)		3.14%	^		06/02/2025		14,441,381
19,500,000	Northwoods Capital Ltd., Series 2017-16A-A (3 Month LIBOR USD + 1.27%)		2.69%	^		11/15/2030		19,644,252
50,000,000	Ocean Trails, Series 2014-5A-A2R (3 Month LIBOR USD + 1.22%)		2.94%	^		10/13/2026		50,059,984
36,000,000	OCP Ltd., Series 2015-9A-A1R (3 Month LIBOR USD + 0.80%)		2.52%	^		07/15/2027		36,040,491
60,000,000	OCP Ltd., Series 2016-12A-A1 (3 Month LIBOR USD + 1.57%)		3.30%	^		10/18/2028		60,311,321
5,500,000	Octagon Investment Partners Ltd., Series 2014-1A-C (3 Month LIBOR USD + 3.65%)		5.48%	^		11/14/2026		5,544,166
20,000,000	Octagon Loan Funding Ltd., Series 2014-1A-A1R (3 Month LIBOR USD + 1.14%)		3.02%	^		11/18/2026		20,037,690
40,349,949	Palmer Square Loan Funding Ltd., Series 2017-1A-A1 (3 Month LIBOR USD + 0.74%)		2.46%	^		10/15/2025		40,354,194
35,000,000	Regatta Funding Ltd., Series 2016-1A-A1 (3 Month LIBOR USD + 1.52%)		3.72%	^		12/20/2028		35,140,701
19,000,000	Rockford Tower Ltd., Series 2017-3A-A (3 Month LIBOR USD + 1.19%)		2.86%	^		10/20/2030		19,098,370
24,590,000	Sound Harbor Loan Fund Ltd., Series 2014-1A-A1R (3 Month LIBOR USD + 1.20%)		2.97%	^		10/30/2026		24,607,555
20,000,000	Steele Creek Ltd., Series 2015-1A-AR (3 Month LIBOR USD + 1.26%)		3.15%	^		05/21/2029		20,022,741
17,000,000	TCI-Cent Ltd., Series 2016-1A-A1 (3 Month LIBOR USD + 1.52%)		3.28%	^		12/21/2029		17,312,497
10,000,000	TCI-Cent Ltd., Series 2016-1A-A2 (3 Month LIBOR USD + 2.20%)		3.96%	^		12/21/2029		10,103,831
30,000,000	TCI-Flatiron Ltd., Series 2016-1A-A (3 Month LIBOR USD + 1.55%)		3.28%	^		07/17/2028		30,195,624
47,950,000	Venture Ltd., Series 2014-17A-AR (3 Month LIBOR USD + 1.08%)		2.80%	^		07/15/2026		48,005,115
3,500,000	Venture Ltd., Series 2014-17A-B2R (3 Month LIBOR USD + 1.60%)		3.32%	^		07/15/2026		3,503,734
62,945,000	Venture Ltd., Series 2015-20A-AR (3 Month LIBOR USD + 0.82%)		2.54%	^		04/15/2027		62,915,140
13,000,000	Venture Ltd., Series 2016-23A-A (3 Month LIBOR USD + 1.65%)		3.39%	^		07/19/2028		13,032,603
30,500,000	Vibrant Ltd., Series 2016-5A-A (3 Month LIBOR USD + 1.55%)		3.29%	^		01/20/2029		30,733,622
35,000,000	Voya Ltd., Series 2014-4A-A1R (3 Month LIBOR USD + 0.95%)		2.67%	^		10/14/2026		35,037,440
25,000,000	Wellfleet Ltd., Series 2017-2A-A1 (3 Month LIBOR USD + 1.25%)		2.63%	^		10/20/2029		25,174,658
10,000,000	WhiteHorse Ltd., Series 2014-1A-AR (3 Month LIBOR USD + 0.90%)		2.28%	^		05/01/2026		9,996,476
40,000,000	Wind River Ltd., Series 2014-2A-AR (3 Month LIBOR USD + 1.14%, 1.14% Floor)		2.86%	^		01/15/2031		40,202,009
45,000,000	Wind River Ltd., Series 2016-2A-A (3 Month LIBOR USD + 1.50%)		3.27%	^		11/01/2028		45,207,234
10,000,000	York Ltd., Series 2016-2A-A (3 Month LIBOR USD + 1.63%)		3.37%	^		01/20/2030		10,118,444
30,000,000	Zais Ltd., Series 2014-2A-A1AR (3 Month LIBOR USD + 1.20%)		2.95%	^		07/25/2026		30,030,636
2,500,000	Zais Ltd., Series 2016-2A-A1 (3 Month LIBOR USD + 1.53%)		3.25%	^		10/15/2028		2,511,190
Total Collateralized Loan Obligations (Cost $2,517,254,624)								2,527,134,651
Commercial Paper - 0.3%
12,500,000	ABN Funding LLC		0.00%	^		11/19/2018		12,296,088
2,500,000	American Honda Finance Corporation		0.00%			04/23/2018		2,496,774
7,900,000	American Honda Finance Corporation		0.00%			06/25/2018		7,860,818
5,000,000	Apple, Inc.		0.00%	^		07/30/2018		4,963,715
12,500,000	BMW US Capital LLC		0.00%	^		05/22/2018		12,463,156
10,000,000	BPCE, Inc.		0.00%	^		03/20/2019		9,738,142
2,500,000	Canadian National Railway Company		0.00%	^		04/24/2018		2,496,588
10,000,000	Chevron Corporation		0.00%	^		04/23/2018		9,987,507
12,500,000	Coca Cola Company		0.00%	^		05/07/2018		12,474,135
3,000,000	Credit Suisse First Boston LLC		0.00%			07/17/2018		2,979,238
9,500,000	Credit Suisse First Boston LLC		0.00%			07/26/2018		9,428,307
6,000,000	General Electric Company		0.00%			06/29/2018		5,969,471
12,500,000	Macquarie Bank Ltd.		0.00%	^		10/11/2018		12,340,886
9,000,000	Nestle Capital Corporation		0.00%	^		10/09/2018		8,891,021
3,000,000	Nestle Capital Corporation		0.00%	^		10/16/2018		2,962,178
1,575,000	Province of British Columbia		0.00%			04/06/2018		1,574,395
12,500,000	Toyota Motor Credit Corporation		0.00%			07/20/2018		12,410,228
13,000,000	Walt Disney Company		0.00%	^		06/22/2018		12,937,997
4,500,000	Westpac Banking Corporation		0.00%	^		04/23/2018		4,494,594
3,000,000	Westpac Banking Corporation		0.00%	^		01/03/2019		2,943,510
Total Commercial Paper (Cost $151,898,601)								151,708,748
Foreign Corporate Bonds - 0.0%
2,000,000	National Australia Bank Ltd. (3 Month LIBOR USD + 0.51%)		2.41%	^		05/22/2020		2,008,017
3,128,000	Royal Bank of Canada (3 Month LIBOR USD + 0.71%)		2.43%			04/15/2019		3,143,794
9,000,000	Royal Bank of Canada (3 Month LIBOR USD + 0.38%)		2.40%			03/02/2020		9,028,028
2,100,000	Shell International Finance B.V. (3 Month LIBOR USD + 0.45%)		2.26%			05/11/2020		2,112,591
5,000,000	UBS AG (3 Month LIBOR USD + 0.58%)		2.63%	^		06/08/2020		5,021,075
3,000,000	Westpac Banking Corporation (3 Month LIBOR USD + 0.43%)		2.46%			03/06/2020		3,012,558
Total Foreign Corporate Bonds (Cost $24,270,788)								24,326,063
Non-Agency Commercial Mortgage Backed Obligations - 7.0%
3,500,000	Arbor Realty Ltd., Series 2017-FL2-AS (1 Month LIBOR USD + 1.25%)		3.03%	^		08/15/2027		3,530,079
5,500,000	Arbor Realty Ltd., Series 2017-FL2-B (1 Month LIBOR USD + 1.55%)		3.33%	^		08/15/2027		5,513,744
2,602,000	AREIT Trust, Series 2018-CRE1-AS (1 Month LIBOR USD + 1.25%, 1.25% Floor)		2.75%	^		02/15/2035		2,608,123
1,706,000	AREIT Trust, Series 2018-CRE1-B (1 Month LIBOR USD + 1.65%, 1.65% Floor)		3.15%	^		02/15/2035		1,712,247
11,007,000	Atrium Hotel Portfolio Trust, Series 2017-ATRM-E (1 Month LIBOR USD + 3.05%)		4.83%	^		12/15/2036		10,926,163
8,350,000	BAMLL Commercial Mortgage Securities Trust, Series 2014-IP-E		2.72%	# ^		06/15/2028		8,308,796
44,017,778	Banc of America Commercial Mortgage Trust, Series 2007-5-XW		0.00%	# ^ I/O		02/10/2051		440
4,000,000	Banc of America Commercial Mortgage Trust, Series 2015-UBS7-B		4.37%	#		09/15/2048		4,115,829
58,958,798	Banc of America Commercial Mortgage Trust, Series 2015-UBS7-XA		0.89%	# I/O		09/15/2048		2,982,496
66,825,154	Banc of America Commercial Mortgage Trust, Series 2016-UB10-XA		1.99%	# I/O		07/15/2049		6,883,846
40,132,324	BANK, Series 2017-BNK4-XA		1.45%	# I/O		05/15/2050		3,740,236
192,002,293	BANK, Series 2017-BNK5-XA		1.10%	# I/O		06/15/2060		13,470,170
1,750,000	BANK, Series 2018-BN10-AS		3.90%			02/15/2061		1,792,376
153,109,800	BANK, Series 2018-BN10-XA		0.75%	# I/O		02/15/2061		9,029,574
27,365,000	Barclays Commercial Mortgage Securities LLC, Series 2015-STP-D		4.29%	# ^		09/10/2028		27,245,746
12,089,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-C (1 Month LIBOR USD + 1.20%)		2.98%	^		08/15/2036		12,080,458
13,777,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-D (1 Month LIBOR USD + 1.70%)		3.48%	^		08/15/2036		13,744,638
29,711,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-E (1 Month LIBOR USD + 2.50%)		4.28%	^		08/15/2036		29,677,768
30,209,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-F (1 Month LIBOR USD + 3.50%)		5.28%	^		08/15/2036		30,233,231
14,259,000	BBCMS Mortgage Trust, Series 2017-GLKS-E (1 Month LIBOR USD + 2.85%, 2.75% Floor)		4.63%	^		11/15/2034		14,262,777
4,500,000	Bear Stearns Commercial Mortgage Securities, Inc., Series 2007-T26-AJ		5.52%	#		01/12/2045		4,262,205
8,643,000	Bsprt Issuer Ltd., Series 2017-FL2-A (1 Month LIBOR USD + 0.82%, 0.82% Floor)		2.60%	^		10/15/2034		8,667,701
3,025,000	Bsprt Issuer Ltd., Series 2017-FL2-AS (1 Month LIBOR USD + 1.10%, 1.10% Floor)		2.88%	^		10/15/2034		3,033,196
3,025,000	Bsprt Issuer Ltd., Series 2017-FL2-B (1 Month LIBOR USD + 1.40%, 1.40% Floor)		3.18%	^		10/15/2034		3,033,709
6,663,000	BX Commercial Mortgage Trust, Series 2018-BIOA-D (1 Month LIBOR USD + 1.32%, 1.35% Floor)		2.97%	^		03/15/2037		6,634,901
35,415,000	BX Commercial Mortgage Trust, Series 2018-BIOA-E (1 Month LIBOR USD + 1.95%, 1.98% Floor)		3.60%	^		03/15/2037		35,253,929
18,462,782	BX Trust, Series 2017-APPL-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)		3.83%	^		07/15/2034		18,556,220
31,755,261	BX Trust, Series 2017-APPL-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		4.93%	^		07/15/2034		32,016,706
7,369,000	BX Trust, Series 2017-IMC-D (1 Month LIBOR USD + 2.25%, 2.25% Floor)		4.03%	^		10/15/2032		7,397,298
12,055,000	BX Trust, Series 2017-IMC-E (1 Month LIBOR USD + 3.25%, 3.25% Floor)		5.03%	^		10/15/2032		12,126,766
41,842,000	BX Trust, Series 2017-SLCT-D (1 Month LIBOR USD + 2.05%)		3.83%	^		07/15/2034		41,986,811
75,275,000	BX Trust, Series 2017-SLCT-E (1 Month LIBOR USD + 3.15%)		4.93%	^		07/15/2034		75,746,959
50,228,019	CD Mortgage Trust, Series 2017-CD6-XA		0.98%	# I/O		11/13/2050		3,253,018
7,155,000	CFCRE Commercial Mortgage Trust, Series 2016-C4-C		4.88%	#		05/10/2058		7,348,447
100,729,136	CFCRE Commercial Mortgage Trust, Series 2016-C4-XA		1.75%	# I/O		05/10/2058		10,284,002
33,492,000	CFCRE Commercial Mortgage Trust, Series 2016-C7-A3		3.84%			12/10/2054		34,049,803
45,414,723	CFCRE Commercial Mortgage Trust, Series 2017-C8-XA		1.67%	# I/O		06/15/2050		4,780,599
3,128,000	CFCRE Commercial Mortgage Trust, Series 2018-TAN-B		4.69%	^		02/15/2033		3,218,760
3,128,000	CFCRE Commercial Mortgage Trust, Series 2018-TAN-C		5.29%	^		02/15/2033		3,225,921
1,877,000	CFCRE Commercial Mortgage Trust, Series 2018-TAN-D		6.10%	^		02/15/2033		1,937,516
5,436,000	CGDBB Commercial Mortgage Trust, Series 2017-BIOC-D (1 Month LIBOR USD + 1.60%, 1.60% Floor)		3.38%	^		07/15/2032		5,447,051
7,611,000	CGDBB Commercial Mortgage Trust, Series 2017-BIOC-E (1 Month LIBOR USD + 2.15%, 2.25% Floor)		3.93%	^		07/15/2032		7,609,584
43,737,000	CHT Mortgage Trust, Series 2017-CSMO-E (1 Month LIBOR USD + 3.00%, 3.00% Floor)		4.78%	^		11/15/2036		44,092,009
24,582,000	CHT Mortgage Trust, Series 2017-CSMO-F (1 Month LIBOR USD + 3.74%, 3.80% Floor)		5.52%	^		11/15/2036		24,790,293
4,996,926	Citigroup Commercial Mortgage Trust, Series 2008-C7-AM		6.19%	#		12/10/2049		4,992,716
7,708,000	Citigroup Commercial Mortgage Trust, Series 2008-C7-AMA		6.19%	#		12/10/2049		7,697,661
213,073,626	Citigroup Commercial Mortgage Trust, Series 2012-GC8-XA		1.81%	# ^ I/O		09/10/2045		13,182,290
218,777,063	Citigroup Commercial Mortgage Trust, Series 2014-GC19-XA		1.19%	# I/O		03/10/2047		10,840,228
113,818,610	Citigroup Commercial Mortgage Trust, Series 2014-GC21-XA		1.23%	# I/O		05/10/2047		6,500,386
9,011,000	Citigroup Commercial Mortgage Trust, Series 2014-GC25-A4		3.64%			10/10/2047		9,151,094
193,086,022	Citigroup Commercial Mortgage Trust, Series 2014-GC25-XA		1.03%	# I/O		10/10/2047		10,428,228
50,000,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27-A5		3.14%			02/10/2048		49,258,575
6,265,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27-B		3.77%			02/10/2048		6,156,788
8,216,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27-D		4.43%	# ^		02/10/2048		7,001,208
216,859,616	Citigroup Commercial Mortgage Trust, Series 2015-GC27-XA		1.41%	# I/O		02/10/2048		15,734,033
14,310,000	Citigroup Commercial Mortgage Trust, Series 2015-GC33-C		4.57%	#		09/10/2058		13,730,097
178,104,300	Citigroup Commercial Mortgage Trust, Series 2015-GC33-XA		0.96%	# I/O		09/10/2058		9,844,092
20,725,000	Citigroup Commercial Mortgage Trust, Series 2015-GC35-C		4.50%	#		11/10/2048		20,459,053
151,962,947	Citigroup Commercial Mortgage Trust, Series 2016-C1-XA		1.93%	# I/O		05/10/2049		17,662,836
217,980,490	Citigroup Commercial Mortgage Trust, Series 2016-GC36-XA		1.33%	# I/O		02/10/2049		16,673,960
114,273,968	Citigroup Commercial Mortgage Trust, Series 2016-P3-XA		1.71%	# I/O		04/15/2049		11,151,414
78,876,029	Citigroup Commercial Mortgage Trust, Series 2016-P4-XA		2.00%	# I/O		07/10/2049		9,273,739
38,172,009	Citigroup Commercial Mortgage Trust, Series 2016-P5-XA		1.55%	# I/O		10/10/2049		3,484,517
119,605,336	Citigroup Commercial Mortgage Trust, Series 2017-P7-XA		1.13%	# I/O		04/14/2050		9,258,864
86,444,867	Citigroup Mortgage Loan Trust, Inc., Series 2016-GC37-XA		1.80%	# I/O		04/10/2049		9,366,440
13,806,000	CLNS Trust, Series 2017-IKPR-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)		3.79%	^		06/11/2032		13,857,090
88,477,000	CLNS Trust, Series 2017-IKPR-E (1 Month LIBOR USD + 3.50%, 3.50% Floor)		5.24%	^		06/11/2032		89,164,148
28,027,000	CLNS Trust, Series 2017-IKPR-F (1 Month LIBOR USD + 4.50%, 4.50% Floor)		6.24%	^		06/11/2032		28,300,314
15,385,625	COBALT Commercial Mortgage Trust, Series 2007-C2-AJFX		5.57%	#		04/15/2047		15,538,439
34,234,000	Cold Storage Trust, Series 2017-ICE3-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		2.78%	^		04/15/2036		34,407,594
41,768,000	Cold Storage Trust, Series 2017-ICE3-C (1 Month LIBOR USD + 1.35%, 1.35% Floor)		3.13%	^		04/15/2036		41,997,749
33,199,592	Commercial Mortgage Pass-Through Certificates, Series 2012-CR2-XA		1.66%	# I/O		08/15/2045		1,959,931
147,110,895	Commercial Mortgage Pass-Through Certificates, Series 2012-CR3-XA		1.88%	# I/O		10/15/2045		10,237,300
122,491,453	Commercial Mortgage Pass-Through Certificates, Series 2012-LC4-XA		2.21%	# ^ I/O		12/10/2044		7,520,583
175,945,314	Commercial Mortgage Pass-Through Certificates, Series 2013-CR10-XA		0.87%	# I/O		08/10/2046		4,988,982
225,181,783	Commercial Mortgage Pass-Through Certificates, Series 2013-CR12-XA		1.28%	# I/O		10/10/2046		10,812,216
9,850,000	Commercial Mortgage Pass-Through Certificates, Series 2014-CR19-C		4.72%	#		08/10/2047		9,907,524
5,211,000	Commercial Mortgage Pass-Through Certificates, Series 2014-CR20-A4		3.59%			11/10/2047		5,281,454
30,400,000	Commercial Mortgage Pass-Through Certificates, Series 2014-CR20-C		4.50%	#		11/10/2047		30,513,477
71,378,000	Commercial Mortgage Pass-Through Certificates, Series 2014-CR21-A3		3.53%			12/10/2047		72,053,700
15,011,000	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS3-A4		3.82%			06/10/2047		15,468,286
118,873,357	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS3-XA		1.29%	# I/O		06/10/2047		5,931,887
8,215,000	Commercial Mortgage Pass-Through Certificates, Series 2015-CALW-D		3.85%	# ^		02/10/2034		8,207,776
20,970,000	Commercial Mortgage Pass-Through Certificates, Series 2015-CR22-D		4.12%	# ^		03/10/2048		17,576,817
220,125,693	Commercial Mortgage Pass-Through Certificates, Series 2015-CR22-XA		0.99%	# I/O		03/10/2048		9,816,946
9,230,000	Commercial Mortgage Pass-Through Certificates, Series 2015-CR23-D		4.25%	#		05/10/2048		7,613,582
9,110,000	Commercial Mortgage Pass-Through Certificates, Series 2015-CR26-B		4.49%	#		10/10/2048		9,520,451
90,298,827	Commercial Mortgage Pass-Through Certificates, Series 2015-CR26-XA		1.04%	# I/O		10/10/2048		4,991,557
50,000,000	Commercial Mortgage Pass-Through Certificates, Series 2015-DC1-A5		3.35%			02/10/2048		49,655,560
8,715,000	Commercial Mortgage Pass-Through Certificates, Series 2015-DC1-C		4.35%	#		02/10/2048		8,557,575
13,275,000	Commercial Mortgage Pass-Through Certificates, Series 2015-DC1-D		4.35%	# ^		02/10/2048		11,066,794
399,811,868	Commercial Mortgage Pass-Through Certificates, Series 2015-DC1-XA		1.14%	# I/O		02/10/2048		20,513,627
35,000,000	Commercial Mortgage Pass-Through Certificates, Series 2015-LC19-A4		3.18%			02/10/2048		34,512,688
29,922,000	Commercial Mortgage Pass-Through Certificates, Series 2016-CR28-C		4.65%	#		02/10/2049		30,818,828
20,355,000	Commercial Mortgage Pass-Through Certificates, Series 2016-GCT-E		3.46%	# ^		08/10/2029		19,598,850
1,617,000	Commercial Mortgage Pass-Through Certificates, Series 2017-PANW-D		3.93%	# ^		10/10/2029		1,585,820
5,524,000	Commercial Mortgage Pass-Through Certificates, Series 2017-PANW-E		3.81%	# ^		10/10/2029		5,206,311
150,822,000	Credit Suisse Mortgage Capital Certificates, Series 2014-USA-X1		0.55%	# ^ I/O		09/15/2037		5,016,008
4,606,000	CSAIL Commercial Mortgage Trust, Series 2015-C1-C		4.30%	#		04/15/2050		4,635,364
13,360,000	CSAIL Commercial Mortgage Trust, Series 2015-C2-AS		3.85%	#		06/15/2057		13,528,804
22,320,000	CSAIL Commercial Mortgage Trust, Series 2015-C3-C		4.36%	#		08/15/2048		22,131,715
9,759,000	CSAIL Commercial Mortgage Trust, Series 2015-C4-C		4.58%	#		11/15/2048		9,762,189
316,152,879	CSAIL Commercial Mortgage Trust, Series 2015-C4-XA		0.93%	# I/O		11/15/2048		16,151,492
2,085,000	CSAIL Commercial Mortgage Trust, Series 2016-C7-C		4.39%	#		11/15/2049		1,949,538
188,353,910	CSAIL Commercial Mortgage Trust, Series 2017-C8-XA		1.26%	# I/O		06/15/2050		14,436,743
5,511,000	CSAIL Commercial Mortgage Trust, Series 2017-CX10-C		4.11%	#		11/15/2050		5,517,880
91,990,654	CSAIL Commercial Mortgage Trust, Series 2017-CX10-XA		0.73%	# I/O		11/15/2050		4,983,704
7,185,000	CSMC Mortgage Securities Trust, Series 2017-HD-B (1 Month LIBOR USD + 1.35%, 1.35% Floor)		3.13%	^		02/15/2031		7,199,071
3,450,000	CSMC Mortgage Securities Trust, Series 2017-HD-C (1 Month LIBOR USD + 1.70%, 1.70% Floor)		3.48%	^		02/15/2031		3,456,908
7,444,000	CSMC Mortgage Securities Trust, Series 2017-HD-D (1 Month LIBOR USD + 2.50%, 2.50% Floor)		4.28%	^		02/15/2031		7,462,023
7,050,000	CSMC Trust, Series 2017-CALI-E		3.78%	# ^		11/10/2032		6,630,319
6,050,000	CSMC Trust, Series 2017-CALI-F		3.78%	# ^		11/10/2032		5,539,503
12,164,000	CSMC Trust, Series 2017-CHOP-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		3.68%	^		07/15/2032		12,197,840
21,321,000	CSMC Trust, Series 2017-CHOP-E (1 Month LIBOR USD + 3.30%, 3.30% Floor)		5.08%	^		07/15/2032		21,408,175
106,233,834	DBUBS Mortgage Trust, Series 2011-LC2A-XA		1.11%	# ^ I/O		07/10/2044		2,926,997
2,996,000	DBUBS Mortgage Trust, Series 2011-LC3A-PM2		4.76%	# ^		05/10/2044		3,105,163
124,354,533	Deutsche Bank Commercial Mortgage Trust, Series 2016-C1-XA		1.49%	# I/O		05/10/2049		11,058,650
11,417,000	GE Commercial Mortgage Corporation Trust, Series 2007-C1-AM		5.61%	#		12/10/2049		11,524,015
15,417,000	Great Wolf Trust, Series 2017-WOLF-D (1 Month LIBOR USD + 2.10%, 1.00% Floor)		4.03%	^		09/15/2034		15,509,400
31,606,000	Great Wolf Trust, Series 2017-WOLF-E (1 Month LIBOR USD + 3.10%, 1.00% Floor)		5.03%	^		09/15/2034		31,890,988
16,823,000	Great Wolf Trust, Series 2017-WOLF-F (1 Month LIBOR USD + 4.07%, 1.00% Floor)		6.00%	^		09/15/2034		16,993,515
4,410,107	Greenwich Capital Commercial Funding Corporation, Series 2006-GG7-AM		5.74%	#		07/10/2038		4,465,685
18,685,152	GS Mortgage Securities Corporation, Series 2011-GC3-X		0.67%	# ^ I/O		03/10/2044		303,041
25,696,628	GS Mortgage Securities Corporation, Series 2013-GC10-XA		1.55%	# I/O		02/10/2046		1,489,819
37,554,613	GS Mortgage Securities Corporation, Series 2014-GC20-XA		1.00%	# I/O		04/10/2047		1,737,239
60,850,000	GS Mortgage Securities Corporation, Series 2014-GC26-A5		3.63%			11/10/2047		61,751,748
35,000,000	GS Mortgage Securities Corporation, Series 2015-GC28-A5		3.40%			02/10/2048		34,977,498
284,855,886	GS Mortgage Securities Corporation, Series 2015-GC28-XA		1.13%	# I/O		02/10/2048		14,046,842
248,182,811	GS Mortgage Securities Corporation, Series 2015-GC32-XA		0.85%	# I/O		07/10/2048		10,976,878
173,452,586	GS Mortgage Securities Corporation, Series 2015-GC34-XA		1.35%	# I/O		10/10/2048		12,946,813
207,678,000	GS Mortgage Securities Corporation, Series 2018-GS9-XA		0.60%	# I/O		03/10/2051		7,603,299
96,561,173	GS Mortgage Securities Trust, Series 2012-GC6-XA		1.95%	# ^ I/O		01/10/2045		5,735,367
3,500,000	GS Mortgage Securities Trust, Series 2015-GC28-C		4.33%	#		02/10/2048		3,425,525
68,716,528	GS Mortgage Securities Trust, Series 2015-GS1-XA		0.82%	# I/O		11/10/2048		3,412,573
55,609,855	GS Mortgage Securities Trust, Series 2016-GS2-XA		1.67%	# I/O		05/10/2049		5,243,943
358,489,675	GS Mortgage Securities Trust, Series 2016-GS3-XA		1.27%	# I/O		10/10/2049		27,845,757
69,947,464	GS Mortgage Securities Trust, Series 2016-GS4-XA		0.60%	# I/O		11/10/2049		2,482,135
191,156,902	GS Mortgage Securities Trust, Series 2017-GS7-XA		1.14%	# I/O		08/10/2050		15,508,808
98,700,000	GS Mortgage Securities Trust, Series 2017-GS7-XB		0.35%	# I/O		08/10/2050		2,912,074
1,971,180	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2004-CBX-X1		0.80%	# ^ I/O		01/12/2037		24,952
3,855,888	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2005-CB12-AJ		4.99%	#		09/12/2037		3,920,908
2,130,674	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2005-LDP4-X1		0.13%	# ^ I/O		10/15/2042		5
2,853,846	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2006-LDP8-X		0.29%	# I/O		05/15/2045		45
24,387,973	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2006-LDP9-AM		5.37%			05/15/2047		24,558,099
8,142,320	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-C1-AM		5.75%	#		02/15/2051		8,126,430
7,120,429	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-CB18-AM		5.47%	#		06/12/2047		7,104,743
6,946,647	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-CB18-AMFX		5.40%			06/12/2047		6,931,435
31,997,264	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-CB18-X		0.27%	# I/O		06/12/2047		37,114
72,033,780	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-CB20-X1		0.00%	# ^ I/O		02/12/2051		720
158,571,242	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2012-C6-XA		1.58%	# I/O		05/15/2045		8,420,545
334,553,831	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2012-C8-XA		1.80%	# I/O		10/15/2045		21,244,503
121,220,515	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2012-CBX-XA		1.65%	# I/O		06/15/2045		5,322,538
5,425,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2014-DSTY-A		3.43%	^		06/10/2027		5,428,515
24,200,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2014-PHH-D (1 Month LIBOR USD + 2.65%)		4.43%	^		08/15/2027		24,227,232
14,406,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2014-PHH-E (1 Month LIBOR USD + 3.55%)		5.33%	^		08/15/2027		14,431,000
79,588,098	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2015-JP1-XA		1.13%	# I/O		01/15/2049		4,035,268
7,271,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2017-FL10-B (1 Month LIBOR USD + 1.00%, 1.00% Floor)		2.78%	^		06/15/2032		7,335,671
5,488,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2017-FL10-C (1 Month LIBOR USD + 1.25%, 1.25% Floor)		3.03%	^		06/15/2032		5,552,164
17,779,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2017-FL10-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		3.68%	^		06/15/2032		17,916,595
325,375,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2017-FL10-XCP		0.71%	# ^ I/O		04/15/2019		1,207,532
1,361,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2017-MAUI-C (1 Month LIBOR USD + 1.25%, 1.25% Floor)		2.97%	^		07/15/2034		1,366,003
1,285,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2017-MAUI-D (1 Month LIBOR USD + 1.95%, 1.95% Floor)		3.67%	^		07/15/2034		1,292,598
3,198,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2017-MAUI-E (1 Month LIBOR USD + 2.95%, 2.95% Floor)		4.67%	^		07/15/2034		3,223,355
4,506,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2017-MAUI-F (1 Month LIBOR USD + 3.75%, 3.75% Floor)		5.47%	^		07/15/2034		4,550,423
12,206,230	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11-AM		5.95%	#		06/15/2049		12,421,594
3,274,435	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX-AM		5.46%	#		01/15/2049		3,271,056
18,205,537	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-ASH-B (1 Month LIBOR USD + 2.15%, 2.15% Floor)		3.93%	^		10/15/2034		18,245,365
10,277,478	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-ASH-C (1 Month LIBOR USD + 2.75%, 2.75% Floor)		4.53%	^		10/15/2034		10,310,594
4,857,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-WIKI-E		4.01%	# ^		10/05/2031		4,731,406
6,678,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-ASH8-A (1 Month LIBOR USD + 0.80%, 0.84% Floor)		2.58%	^		02/15/2035		6,693,411
6,954,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-ASH8-B (1 Month LIBOR USD + 1.10%, 1.14% Floor)		2.88%	^		02/15/2035		6,970,039
905,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-ASH8-C (1 Month LIBOR USD + 1.30%, 1.34% Floor)		3.08%	^		02/15/2035		907,380
1,462,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-ASH8-D (1 Month LIBOR USD + 2.05%, 1.84% Floor)		3.83%	^		02/15/2035		1,467,282
95,878,153	JPMBB Commercial Mortgage Securities Trust, Series 2014-C18-XA		0.96%	# I/O		02/15/2047		3,761,933
3,396,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C21-C		4.66%	#		08/15/2047		3,406,114
56,683,785	JPMBB Commercial Mortgage Securities Trust, Series 2014-C22-XA		0.91%	# I/O		09/15/2047		2,495,793
217,359,544	JPMBB Commercial Mortgage Securities Trust, Series 2014-C25-XA		0.96%	# I/O		11/15/2047		9,583,600
32,031,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-A4		3.49%			01/15/2048		32,238,490
6,499,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-C		4.42%	#		01/15/2048		6,408,264
249,253,325	JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-XA		1.13%	# I/O		01/15/2048		11,407,776
12,055,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-C		4.34%	#		02/15/2048		11,794,786
10,425,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-D		3.84%	# ^		02/15/2048		8,373,858
57,929,172	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-XA		1.35%	# I/O		02/15/2048		3,303,388
15,238,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C28-C		4.24%	#		10/15/2048		14,650,052
43,515,036	JPMBB Commercial Mortgage Securities Trust, Series 2015-C28-XA		1.16%	# I/O		10/15/2048		2,133,768
63,519,034	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-XA		0.92%	# I/O		05/15/2048		2,083,450
6,762,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C30-B		4.31%	#		07/15/2048		6,837,865
170,164,783	JPMBB Commercial Mortgage Securities Trust, Series 2015-C30-XA		0.67%	# I/O		07/15/2048		5,118,557
27,395,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-C		4.67%	#		11/15/2048		27,247,527
97,815,809	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-XA		1.47%	# I/O		11/15/2048		5,615,322
17,630,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C33-C		4.62%	#		12/15/2048		17,848,693
32,345,000	JPMBB Commercial Mortgage Securities Trust, Series 2016-C1-C		4.75%	#		03/15/2049		33,134,231
148,407,633	JPMBB Commercial Mortgage Securities Trust, Series 2016-C2-XA		1.70%	# I/O		06/15/2049		13,003,269
170,270,152	JPMBB Commercial Mortgage Securities Trust, Series 2017-C5-XA		1.02%	# I/O		03/15/2050		11,459,573
10,561,408	LB-UBS Commercial Mortgage Trust, Series 2006-C7-XCL		0.49%	# ^ I/O		11/15/2038		11,959
25,233,926	LSTAR Commercial Mortgage Trust, Series 2017-5-X		1.23%	# ^ I/O		03/10/2050		1,204,577
66,630,639	Merrill Lynch Mortgage Investors Trust, Series 1998-C1-IO		0.59%	# I/O		11/15/2026		579,580
892,055	Merrill Lynch Mortgage Trust, Series 2006-C1-AJ		5.43%	#		05/12/2039		893,413
56,203,000	Merrill Lynch Mortgage Trust, Series 2007-C1-AM		5.81%	#		06/12/2050		56,760,475
11,401,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-CKSV-CK		4.30%	^		10/15/2030		10,003,110
202,841,605	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12-XA		0.85%	# I/O		10/15/2046		4,968,260
34,350,348	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7-XA		1.39%	# I/O		02/15/2046		1,862,438
11,700,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18-C		4.49%	#		10/15/2047		11,453,474
45,025,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19-A4		3.53%			12/15/2047		45,373,246
37,950,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19-C		4.00%			12/15/2047		36,476,284
56,050,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-A4		3.25%			02/15/2048		55,438,007
20,087,700	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-B		4.16%			02/15/2048		20,314,394
5,457,500	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-C		4.46%	#		02/15/2048		5,339,009
243,144,423	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-XA		1.38%	# I/O		02/15/2048		15,751,820
10,616,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23-C		4.13%	#		07/15/2050		10,368,547
8,460,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25-C		4.53%	#		10/15/2048		8,606,473
19,422,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-C		4.53%	#		12/15/2047		18,566,999
1,517,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-D		3.24%	# ^		12/15/2047		1,137,746
174,788,511	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C28-XA		1.28%	# I/O		01/15/2049		12,528,071
2,314,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C31-C		4.32%	#		11/15/2049		2,284,622
52,743,640	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C33-XA		1.45%	# I/O		05/15/2050		4,543,437
12,140,000	Morgan Stanley Capital Trust, Series 2017-ASHF-D (1 Month LIBOR USD + 2.20%, 2.20% Floor)		3.98%	^		11/15/2034		12,206,661
17,935,000	Morgan Stanley Capital Trust, Series 2017-ASHF-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		4.93%	^		11/15/2034		17,915,020
13,586,000	Morgan Stanley Capital Trust, Series 2017-ASHF-F (1 Month LIBOR USD + 4.35%, 4.35% Floor)		6.13%	^		11/15/2034		13,680,368
37,549,099	Morgan Stanley Capital, Inc., Series 2006-HQ10-X1		0.18%	# ^ I/O		11/12/2041		1,468
16,734,563	Morgan Stanley Capital, Inc., Series 2007-HQ11-AJ		5.51%	#		02/12/2044		16,718,458
2,575,000	Morgan Stanley Capital, Inc., Series 2014-CPT-E		3.45%	# ^		07/13/2029		2,534,604
2,325,000	Morgan Stanley Capital, Inc., Series 2014-CPT-F		3.45%	# ^		07/13/2029		2,279,511
12,400,000	Morgan Stanley Capital, Inc., Series 2014-MP-D		3.69%	# ^		08/11/2033		12,331,202
11,000,000	Morgan Stanley Capital, Inc., Series 2014-MP-E		3.69%	# ^		08/11/2033		10,804,573
27,736,750	Morgan Stanley Capital, Inc., Series 2015-UBS8-XA		0.95%	# I/O		12/15/2048		1,539,434
149,213,914	Morgan Stanley Capital, Inc., Series 2017-H1-XA		1.46%	# I/O		06/15/2050		13,623,738
3,555,940	Morgan Stanley Capital, Inc., Series 2017-PRME-A (1 Month LIBOR USD + 0.90%, 0.90% Floor)		2.68%	^		02/15/2034		3,561,699
11,733,000	Morgan Stanley Capital, Inc., Series 2017-PRME-B (1 Month LIBOR USD + 1.35%, 1.35% Floor)		3.13%	^		02/15/2034		11,771,048
5,738,000	Morgan Stanley Capital, Inc., Series 2017-PRME-C (1 Month LIBOR USD + 1.65%, 1.65% Floor)		3.43%	^		02/15/2034		5,754,880
1,156,000	Morgan Stanley Capital, Inc., Series 2017-PRME-D (1 Month LIBOR USD + 3.40%, 3.40% Floor)		5.18%	^		02/15/2034		1,160,822
3,638,400	Morgan Stanley Re-Remic Trust, Series 2013-AJ-AJA		0.50%	^		12/17/2049		3,584,661
2,097,560	PFP Ltd., Series 2017-3-A (1 Month LIBOR USD + 1.05%)		2.83%	^		01/14/2035		2,104,089
2,270,000	PFP Ltd., Series 2017-3-AS (1 Month LIBOR USD + 1.30%)		3.08%	^		01/14/2035		2,287,506
1,306,000	PFP Ltd., Series 2017-3-B (1 Month LIBOR USD + 1.75%)		3.53%	^		01/14/2035		1,314,506
1,360,000	PFP Ltd., Series 2017-3-C (1 Month LIBOR USD + 2.50%)		4.28%	^		01/14/2035		1,370,182
4,216,039	RAIT Trust, Series 2017-FL7-A (1 Month LIBOR USD + 0.95%, 0.95% Floor)		2.73%	^		06/15/2037		4,221,011
1,243,000	RAIT Trust, Series 2017-FL7-AS (1 Month LIBOR USD + 1.30%, 1.30% Floor)		3.08%	^		06/15/2037		1,243,572
12,447,000	Rosslyn Portfolio Trust, Series 2017-ROSS-A (1 Month LIBOR USD + 0.95%, 1.94% Floor)		2.54%	^		06/15/2033		12,490,720
15,724,000	Rosslyn Portfolio Trust, Series 2017-ROSS-B (1 Month LIBOR USD + 1.25%, 2.24% Floor)		2.84%	^		06/15/2033		15,756,505
9,336,000	Tharaldson Hotel Portfolio Trust, Series 2018-THL-E (1 Month LIBOR USD + 3.18%, 3.10% Floor)		4.92%	^		11/11/2034		9,390,888
2,064,697	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4-AJ		5.48%	#		08/15/2039		2,069,292
95,400,766	UBS Commercial Mortgage Trust, Series 2017-C1-XA		1.61%	# I/O		06/15/2050		10,210,162
12,893,526	UBS Commercial Mortgage Trust, Series 2017-C3-XA		1.14%	# I/O		08/15/2050		977,818
2,886,000	UBS Commercial Mortgage Trust, Series 2017-C6-C		4.45%	#		12/15/2050		2,881,302
8,530,000	UBS Commercial Mortgage Trust, Series 2018-C8-C		4.71%	#		02/15/2051		8,508,636
44,066,000	UBS Commercial Mortgage Trust, Series 2018-C9-XA		1.07%	# I/O		03/15/2051		3,165,040
83,676,983	UBS-Barclays Commercial Mortgage Trust, Series 2012-C3-XA		1.89%	# ^ I/O		08/10/2049		5,747,638
1,461,113	VSD LLC, Series 2017-PLT1-A1		3.60%	^		12/25/2043		1,459,140
803,699	Wachovia Bank Commercial Mortgage Trust, Series 2006-C27-AJ		5.83%	#		07/15/2045		806,081
21,352,886	Wachovia Bank Commercial Mortgage Trust, Series 2006-C28-AJ		5.63%	#		10/15/2048		21,601,453
30,694,707	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30-AJ		5.41%	#		12/15/2043		31,012,241
6,640,477	Wachovia Bank Commercial Mortgage Trust, Series 2007-C33-AM		6.01%	#		02/15/2051		6,818,110
86,858,048	Waterfall Commercial Mortgage Trust, Series 2015-SBC5-A		4.10%	# ^		09/14/2022		85,340,612
38,265,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC18-A5		3.41%			12/15/2047		38,266,416
4,346,710	Wells Fargo Commercial Mortgage Trust, Series 2014-LC18-B		3.96%			12/15/2047		4,364,464
30,000,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C26-A4		3.17%			02/15/2048		29,481,558
11,460,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C26-C		4.07%	#		02/15/2048		11,097,590
437,110,828	Wells Fargo Commercial Mortgage Trust, Series 2015-C26-XA		1.28%	# I/O		02/15/2048		28,189,102
28,000,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C27-A5		3.45%			02/15/2048		27,994,770
5,450,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C27-C		3.89%			02/15/2048		5,143,761
252,583,991	Wells Fargo Commercial Mortgage Trust, Series 2015-C27-XA		0.91%	# I/O		02/15/2048		12,275,026
9,701,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C31-C		4.61%	#		11/15/2048		9,860,118
142,630,699	Wells Fargo Commercial Mortgage Trust, Series 2015-C31-XA		1.09%	# I/O		11/15/2048		8,655,430
274,448,777	Wells Fargo Commercial Mortgage Trust, Series 2015-LC20-XA		1.38%	# I/O		04/15/2050		17,295,131
12,000,000	Wells Fargo Commercial Mortgage Trust, Series 2015-LC22-C		4.54%	#		09/15/2058		12,071,224
1,794,000	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4-C		4.60%	#		12/15/2048		1,830,287
5,405,000	Wells Fargo Commercial Mortgage Trust, Series 2015-P2-A4		3.81%			12/15/2048		5,548,117
130,059,343	Wells Fargo Commercial Mortgage Trust, Series 2015-P2-XA		1.02%	# I/O		12/15/2048		7,012,787
11,469,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C32-C		4.72%	#		01/15/2059		11,381,035
8,676,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C34-C		5.03%	#		06/15/2049		8,931,442
159,538,382	Wells Fargo Commercial Mortgage Trust, Series 2017-C39-XA		1.15%	# I/O		09/15/2050		12,769,356
50,905,560	Wells Fargo Commercial Mortgage Trust, Series 2017-C42-XA		0.90%	# I/O		12/15/2050		3,533,299
11,003,000	Wells Fargo Commercial Mortgage Trust, Series 2017-SMP-A (1 Month LIBOR USD + 0.75%, 0.75% Floor)		2.65%	^		12/15/2034		11,014,481
12,048,000	Wells Fargo Commercial Mortgage Trust, Series 2017-SMP-C (1 Month LIBOR USD + 1.20%, 1.20% Floor)		3.10%	^		12/15/2034		12,064,213
7,229,000	Wells Fargo Commercial Mortgage Trust, Series 2017-SMP-D (1 Month LIBOR USD + 1.65%, 1.65% Floor)		3.55%	^		12/15/2034		7,245,593
22,851,000	Wells Fargo Commercial Mortgage Trust, Series 2017-SMP-E (1 Month LIBOR USD + 2.25%, 2.25% Floor)		4.15%	^		12/15/2034		22,905,884
169,234,159	Wells Fargo Commercial Mortgage Trust, Series 2018-C43-XA		0.87%	# I/O		03/15/2051		9,415,004
59,968,243	WF-RBS Commercial Mortgage Trust, Series 2011-C4-XA		0.38%	# ^ I/O		06/15/2044		630,662
84,828,302	WF-RBS Commercial Mortgage Trust, Series 2012-C6-XA		2.09%	# ^ I/O		04/15/2045		5,303,338
98,907,825	WF-RBS Commercial Mortgage Trust, Series 2012-C8-XA		1.85%	# ^ I/O		08/15/2045		6,242,637
41,766,551	WF-RBS Commercial Mortgage Trust, Series 2012-C9-XA		1.91%	# ^ I/O		11/15/2045		2,941,723
159,044,364	WF-RBS Commercial Mortgage Trust, Series 2013-C18-XA		0.83%	# I/O		12/15/2046		4,748,174
175,387,033	WF-RBS Commercial Mortgage Trust, Series 2014-C19-XA		1.12%	# I/O		03/15/2047		7,923,846
55,000,000	WF-RBS Commercial Mortgage Trust, Series 2014-C25-A5		3.63%			11/15/2047		55,704,270
8,000,000	WF-RBS Commercial Mortgage Trust, Series 2014-C25-C		4.32%	#		11/15/2047		7,977,081
200,824,238	WF-RBS Commercial Mortgage Trust, Series 2014-C25-XA		0.92%	# I/O		11/15/2047		8,673,016
138,888,241	WF-RBS Commercial Mortgage Trust, Series 2016-NXS6-XA		1.65%	# I/O		11/15/2049		12,942,523
Total Non-Agency Commercial Mortgage Backed Obligations (Cost $3,767,805,367)								3,560,852,043
Non-Agency Residential Collateralized Mortgage Obligations - 25.9%
10,000,000	Accredited Mortgage Loan Trust, Series 2005-4-M1 (1 Month LIBOR USD + 0.40%, 0.40% Floor)		2.27%			12/25/2035		9,785,916
94,843,354	Accredited Mortgage Loan Trust, Series 2006-2-A4 (1 Month LIBOR USD + 0.26%, 0.26% Floor)		2.13%			09/25/2036		92,614,099
14,706,925	ACE Securities Corporation Home Equity Loan Trust, Series 2007-HE1-A2B (1 Month LIBOR USD + 0.12%, 0.12% Floor)		1.99%			01/25/2037		10,884,116
3,962,713	Adjustable Rate Mortgage Trust, Series 2005-10-3A31		3.46%	#		01/25/2036		3,826,068
40,804,197	Adjustable Rate Mortgage Trust, Series 2005-11-4A1		3.42%	#		02/25/2036		34,767,506
5,749,103	Adjustable Rate Mortgage Trust, Series 2005-2-6M2 (1 Month LIBOR USD + 0.98%, 0.48% Floor, 11.00% Cap)		2.85%			06/25/2035		5,601,149
2,049,361	Adjustable Rate Mortgage Trust, Series 2005-7-3A1		3.67%	#		10/25/2035		1,833,609
22,762,023	Adjustable Rate Mortgage Trust, Series 2006-1-2A1		3.87%	#		03/25/2036		19,097,046
16,932,791	Adjustable Rate Mortgage Trust, Series 2006-2-3A1		3.79%	#		05/25/2036		15,792,739
17,828,685	Adjustable Rate Mortgage Trust, Series 2006-2-5A1		4.52%	#		05/25/2036		12,376,174
18,090,944	Adjustable Rate Mortgage Trust, Series 2007-1-3A1		3.91%	#		03/25/2037		16,518,421
3,062,811	Adjustable Rate Mortgage Trust, Series 2007-3-1A1		4.53%	# ^		11/25/2037		3,157,446
290,098	Aegis Asset Backed Securities Trust, Series 2003-2-M2 (1 Month LIBOR USD + 2.55%, 1.70% Floor)		4.42%			11/25/2033		288,286
1,532,585	Aegis Asset Backed Securities Trust, Series 2004-1-M2 (1 Month LIBOR USD + 2.03%, 1.35% Floor)		3.90%			04/25/2034		1,472,419
617,792	Aegis Asset Backed Securities Trust, Series 2004-2-M2 (1 Month LIBOR USD + 1.95%, 1.30% Floor)		3.82%			06/25/2034		598,318
14,302,148	Aegis Asset Backed Securities Trust, Series 2004-6-M2 (1 Month LIBOR USD + 1.00%, 1.00% Floor, 15.00% Cap)		2.87%			03/25/2035		13,393,883
53,012,034	Agate Bay Mortgage Trust, Series 2015-6-A3		3.50%	# ^		09/25/2045		52,389,752
78,209,758	Ajax Master Trust, Series 2016-1-PC		0.00%	# ^ ¥		01/01/2057		70,498,706
85,218,658	Ajax Master Trust, Series 2016-2-PC		0.00%	# ^ ¥		10/25/2056		68,296,465
99,296,345	Ajax Master Trust, Series 2017-1-PC		0.00%	# ^		06/25/2057		88,554,308
48,269,372	Ajax Mortgage Loan Trust, Series 2016-A-A		4.25%	^ §		08/25/2064		48,855,222
10,251,943	Ajax Mortgage Loan Trust, Series 2016-C-A		4.00%	^ §		10/25/2057		10,307,959
70,471,483	Ajax Mortgage Loan Trust, Series 2017-C-A		3.75%	^ §		07/25/2060		69,632,752
11,626,008	Alternative Loan Trust, Series 2007-15CB-A5		5.75%			07/25/2037		10,432,755
66,962,161	Alternative Loan Trust, Series 2005-55CB-1A1		5.50%			11/25/2035		65,517,298
17,222,076	Alternative Loan Trust, Series 2006-13T1-A1		6.00%			05/25/2036		13,905,246
12,807,117	Alternative Loan Trust, Series 2006-41CB-1A15 (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		3.53%	I/F I/O		01/25/2037		1,679,463
12,807,117	Alternative Loan Trust, Series 2006-41CB-1A2 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)		2.47%			01/25/2037		8,822,436
8,193,304	Alternative Loan Trust, Series 2007-15CB-A2		5.75%			07/25/2037		7,352,372
25,933,845	Alternative Loan Trust, Series 2007-5CB-1A31		5.50%			04/25/2037		21,658,827
8,662,350	Alternative Loan Trust, Series 2007-5CB-2A1		6.00%			04/25/2037		6,915,532
8,351,612	Alternative Loan Trust, Series 2007-6-A1		5.75%			04/25/2047		7,242,584
76,654,003	Alternative Loan Trust, Series 2007-HY4-4A1		3.49%	#		06/25/2047		71,310,468
106,950,733	Alternative Loan Trust, Series 2007-HY9-A2 (1 Month LIBOR USD + 0.27%, 0.27% Floor)		2.14%			08/25/2047		93,534,020
1,127,989	American Home Mortgage Investment Trust, Series 2005-1-7A2 (6 Month LIBOR USD + 2.00%, 2.00% Floor, 11.00% Cap)		4.17%			06/25/2045		1,137,845
7,328,897	American Home Mortgage Investment Trust, Series 2005-4-3A1 (1 Month LIBOR USD + 0.30%, 0.30% Floor, 11.00% Cap)		2.17%			11/25/2045		6,661,655
27,878,741	American Home Mortgage Investment Trust, Series 2005-4-5A (6 Month LIBOR USD + 1.75%, 1.75% Floor, 11.00% Cap)		3.96%			11/25/2045		22,026,589
2,271,087	American Home Mortgage Investment Trust, Series 2006-2-3A4		6.60%			06/25/2036		922,176
7,984,881	American Home Mortgage Investment Trust, Series 2007-A-13A1		6.60%	^		01/25/2037		3,822,589
6,862,903	Ameriquest Mortgage Securities, Inc., Series 2004-FR1-M1		4.54%	ß		05/25/2034		6,979,938
16,500,000	Ameriquest Mortgage Securities, Inc., Series 2004-R8-M2 (1 Month LIBOR USD + 1.02%, 0.68% Floor)		2.89%			09/25/2034		16,428,332
10,604,451	Amortizing Residential Collateral Trust, Series 2002-BC7-M1 (1 Month LIBOR USD + 1.20%, 0.80% Floor)		3.07%			10/25/2032		9,193,283
36,000,000	Angel Oak Mortgage Trust, Series 2018-1-A		3.26%	# ^		04/25/2048		36,000,000
143,341	Argent Securities, Inc., Series 2004-W6-M1 (1 Month LIBOR USD + 0.83%, 0.55% Floor)		2.70%			05/25/2034		143,317
2,699,629	Asset Backed Securities Corporation Home Equity Loan Trust, Series 2003-HE6-M1 (1 Month LIBOR USD + 0.98%, 0.65% Floor)		2.85%			11/25/2033		2,674,003
692,908	Asset Backed Securities Corporation Home Equity Loan Trust, Series 2004-HE3-M2 (1 Month LIBOR USD + 1.68%, 1.12% Floor)		3.55%			06/25/2034		676,947
34,576,440	Asset Backed Securities Corporation Home Equity Loan Trust, Series 2006-HE7-A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)		2.01%			11/25/2036		31,329,242
14,661,376	Banc of America Alternative Loan Trust, Series 2005-10-2CB1		6.00%			11/25/2035		14,885,173
2,021,484	Banc of America Alternative Loan Trust, Series 2005-10-4A1		5.75%			11/25/2035		1,937,815
7,604,057	Banc of America Alternative Loan Trust, Series 2005-11-2CB1		6.00%			12/25/2035		7,616,344
2,781,470	Banc of America Alternative Loan Trust, Series 2005-5-2CB1		6.00%			06/25/2035		2,735,577
4,185,393	Banc of America Alternative Loan Trust, Series 2005-6-2CB2		6.00%			07/25/2035		4,185,747
2,623,657	Banc of America Alternative Loan Trust, Series 2005-6-4CB1		6.50%			07/25/2035		2,538,009
1,667,799	Banc of America Alternative Loan Trust, Series 2005-8-2CB1		6.00%			09/25/2035		1,676,094
7,991,942	Banc of America Alternative Loan Trust, Series 2006-1-3CB1		6.50%			02/25/2036		8,011,239
4,278,768	Banc of America Alternative Loan Trust, Series 2006-2-1CB1		6.00%			03/25/2036		4,231,571
5,262,605	Banc of America Alternative Loan Trust, Series 2006-2-3CB1		6.50%			03/25/2036		4,725,069
4,382,797	Banc of America Alternative Loan Trust, Series 2006-3-4CB1		6.50%			04/25/2036		4,060,322
1,302,877	Banc of America Alternative Loan Trust, Series 2006-5-CB14 (1 Month LIBOR USD + 1.10%, 6.00% Floor, 6.00% Cap)		6.00%			06/25/2046		1,209,492
2,885,216	Banc of America Alternative Loan Trust, Series 2006-6-CB3		6.00%			07/25/2046		2,604,287
12,856,723	Banc of America Alternative Loan Trust, Series 2006-7-A4		6.00%	ß		10/25/2036		7,882,978
4,062,273	Banc of America Alternative Loan Trust, Series 2006-8-1A1 (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)		4.63%	I/F I/O		11/25/2036		546,557
1,447,770	Banc of America Alternative Loan Trust, Series 2006-8-1A2 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		2.32%			11/25/2036		1,213,120
6,858,149	Banc of America Alternative Loan Trust, Series 2006-9-1CB1		6.00%			01/25/2037		6,201,085
966,735	Banc of America Alternative Loan Trust, Series 2007-2-2A1		6.00%			06/25/2037		898,495
7,139,936	Banc of America Funding Corporation, Series 2006-2-3A1		6.00%			03/25/2036		7,192,234
232,785	Banc of America Funding Corporation, Series 2006-2-4A1 (-3 x 1 Month LIBOR USD + 22.80%)		17.19%	I/F		03/25/2036		297,403
894,277	Banc of America Funding Corporation, Series 2006-2-6A2		5.50%			03/25/2036		882,965
4,491,779	Banc of America Funding Corporation, Series 2006-3-1A1		6.00%			03/25/2036		4,330,041
712,376	Banc of America Funding Corporation, Series 2006-3-6A1		6.21%	#		03/25/2036		720,427
5,598,573	Banc of America Funding Corporation, Series 2006-6-1A7		6.25%			08/25/2036		5,437,749
1,688,248	Banc of America Funding Corporation, Series 2006-7-T2A5		6.04%	ß		10/25/2036		1,572,690
7,957,223	Banc of America Funding Corporation, Series 2006-7-T2A8		5.91%	ß		10/25/2036		7,405,250
1,668,595	Banc of America Funding Corporation, Series 2006-8T2-A8		6.10%	ß		10/25/2036		1,541,021
704,260	Banc of America Funding Corporation, Series 2006-B-7A1		3.78%	#		03/20/2036		663,638
9,884,087	Banc of America Funding Corporation, Series 2006-D-6A1		3.50%	#		05/20/2036		9,160,116
605,694	Banc of America Funding Corporation, Series 2006-G-2A1 (1 Month LIBOR USD + 0.22%, 0.22% Floor, 10.50% Cap)		2.04%			07/20/2036		607,742
352,319	Banc of America Funding Corporation, Series 2006-H-3A1		3.52%	#		09/20/2046		327,714
1,129,619	Banc of America Funding Corporation, Series 2007-1-TA10		5.84%	ß		01/25/2037		1,049,067
1,623,125	Banc of America Funding Corporation, Series 2007-3-TA1B		5.83%	#		04/25/2037		1,518,142
2,539,611	Banc of America Funding Corporation, Series 2007-5-1A1		5.50%			07/25/2037		2,249,059
2,731,765	Banc of America Funding Corporation, Series 2009-R14A-3A (-2 x 1 Month LIBOR USD + 16.57%, 5.50% Floor, 16.57% Cap)		12.47%	^ I/F		06/26/2035		2,981,599
4,278,623	Banc of America Funding Corporation, Series 2009-R15A-4A2		5.75%	# ^		12/26/2036		4,286,802
1,564,599	Banc of America Funding Corporation, Series 2010-R1-3A (-2 x 1 Month LIBOR USD + 14.28%, 6.00% Floor, 14.28% Cap)		11.77%	^ I/F		07/26/2036		1,679,975
567,784	Banc of America Mortgage Securities, Inc., Series 2004-K-4A1		3.39%	#		12/25/2034		571,334
3,367,202	Banc of America Mortgage Securities, Inc., Series 2006-1-A9		6.00%			05/25/2036		3,118,274
386,718	Banc of America Mortgage Securities, Inc., Series 2007-1-2A5		5.75%			01/25/2037		362,345
19,760,966	BankUnited Trust, Series 2005-1-2A1		3.63%	#		09/25/2045		18,324,260
9,226,242	Bayview Opportunity Master Fund Trust, Series 2017-RN2-A1		3.47%	# ^		04/28/2032		9,236,131
89,000,000	Bayview Opportunity Master Fund Trust, Series 2018-RN2-A1		3.60%	^ §		02/25/2033		89,074,920
65,000,000	Bayview Opportunity Master Fund Trust, Series 2018-RN4-A1		3.62%	^ §		03/28/2033		65,000,000
45,961,080	Bayview Opportunity Master Fund Trust, Series 2018-SBR1-A1		3.72%	^ §		02/28/2033		46,000,331
3,327,708	BCAP LLC Trust, Series 2007-AA2-2A7		6.00%			04/25/2037		2,871,608
3,602,692	BCAP LLC Trust, Series 2007-AA2-2A8		5.75%			04/25/2037		3,061,297
11,387,095	BCAP LLC Trust, Series 2008-RR3-A1B		6.66%	# ^		10/25/2036		7,266,365
3,663,532	BCAP LLC Trust, Series 2009-RR13-18A2		5.75%	# ^		07/26/2037		3,251,578
9,143,223	BCAP LLC Trust, Series 2009-RR1-3A3		6.00%	# ^ Þ		08/26/2037		9,343,775
5,159,257	BCAP LLC Trust, Series 2009-RR4-4A2		5.75%	# ^		02/26/2036		3,895,335
3,674,601	BCAP LLC Trust, Series 2010-RR10-5A1		7.00%	# ^		04/27/2037		3,935,663
4,255,873	BCAP LLC Trust, Series 2010-RR12-3A15		6.00%	# ^		08/26/2037		4,319,863
1,139,342	BCAP LLC Trust, Series 2010-RR5-2A3		6.10%	# ^		04/26/2037		1,150,900
6,202,985	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12-13A1		3.97%	#		02/25/2036		6,072,967
6,672,597	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-4-4A1		3.66%	#		10/25/2046		6,241,513
8,549,342	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-1-2A1		3.84%	#		02/25/2047		8,139,450
3,822,989	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-1-3A1		3.66%	#		02/25/2047		3,375,337
2,912,770	Bear Stearns Alt-A Trust, Series 2004-11-2A3		3.63%	#		11/25/2034		2,903,145
10,497,623	Bear Stearns Alt-A Trust, Series 2006-1-11A1 (1 Month LIBOR USD + 0.48%, 0.24% Floor, 11.50% Cap)		2.35%			02/25/2036		10,044,550
24,859,070	Bear Stearns Alt-A Trust, Series 2006-3-21A1		3.42%	#		05/25/2036		20,379,958
10,087,528	Bear Stearns Alt-A Trust, Series 2006-5-1A1 (1 Month LIBOR USD + 0.34%, 0.17% Floor, 11.50% Cap)		2.21%			08/25/2036		9,862,616
12,030,445	Bear Stearns Alt-A Trust, Series 2006-6-2A1		3.47%	#		11/25/2036		10,986,893
6,702,245	Bear Stearns Alt-A Trust, Series 2006-8-2A1		3.43%	#		08/25/2046		6,324,620
38,386,280	Bear Stearns Alt-A Trust, Series 2007-2-2A1 (12 Month LIBOR USD + 1.88%, 1.88% Floor, 11.15% Cap)		3.66%			12/25/2046		38,799,677
6,730,646	Bear Stearns Asset Backed Securities Trust, Series 2004-AC4-A2		6.00%			08/25/2034		6,901,363
18,945,366	Bear Stearns Asset Backed Securities Trust, Series 2005-AC2-1A		5.75%			04/25/2035		18,751,174
5,198,433	Bear Stearns Asset Backed Securities Trust, Series 2005-AC2-2A1		5.75%			04/25/2035		5,299,026
67,246,192	Bear Stearns Asset Backed Securities Trust, Series 2005-AC6-22A		5.52%	#		09/25/2035		64,905,984
10,474,173	Bear Stearns Asset Backed Securities Trust, Series 2005-AC7-A4		6.00%			10/25/2035		10,177,400
13,301,635	Bear Stearns Asset Backed Securities Trust, Series 2006-AC1-1A1		6.25%			02/25/2036		10,590,006
7,328,724	Bear Stearns Asset Backed Securities Trust, Series 2006-AC5-A1		6.25%	ß		12/25/2036		7,361,812
19,605,685	Bear Stearns Asset Backed Securities Trust, Series 2007-HE2-2A3 (1 Month LIBOR USD + 0.16%, 0.16% Floor)		2.03%			02/25/2037		19,340,114
22,141,091	Bear Stearns Asset Backed Securities Trust, Series 2007-HE6-2A (1 Month LIBOR USD + 1.05%, 1.05% Floor)		2.92%			08/25/2037		20,439,332
1,807,044	Bear Stearns Asset Backed Securities Trust, Series 2007-SD1-1A2A		6.00%			10/25/2036		1,461,310
1,431,832	Bear Stearns Asset Backed Securities Trust, Series 2007-SD1-1A3A		6.50%			10/25/2036		1,126,842
3,181,498	Bear Stearns Asset Backed Securities Trust, Series 2007-SD1-23A1		3.78%	#		10/25/2036		3,026,711
18,792,987	Bear Stearns Mortgage Funding Trust, Series 2006-AR3-2A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor, 10.50% Cap)		2.07%			11/25/2036		18,846,739
17,548,990	Bear Stearns Mortgage Funding Trust, Series 2007-AR3-22A1 (1 Month LIBOR USD + 0.16%, 0.16% Floor, 10.50% Cap)		2.03%			04/25/2037		18,960,242
31,231,043	BNC Mortgage Loan Trust, Series 2006-2-A4 (1 Month LIBOR USD + 0.16%, 0.16% Floor)		2.03%			11/25/2036		30,106,426
18,500,000	BNC Mortgage Loan Trust, Series 2007-1-A4 (1 Month LIBOR USD + 0.16%, 0.16% Floor)		2.03%			03/25/2037		17,889,816
7,044,056	CAM Mortgage Trust, Series 2016-2-A1		3.25%	^ §		06/15/2057		7,114,489
30,594,417	Carrington Mortgage Loan Trust, Series 2007-RFC1-A3 (1 Month LIBOR USD + 0.14%, 0.14% Floor, 14.50% Cap)		2.01%			12/25/2036		27,453,628
2,750,000	Centex Home Equity, Series 2004-A-AF5		5.43%			01/25/2034		2,812,460
1,364,874	Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2003-4-2M1 (1 Month LIBOR USD + 0.90%, 0.60% Floor)		2.77%			03/25/2033		1,325,106
7,781,760	Chase Mortgage Finance Trust, Series 2005-A1-2A4		3.48%	#		12/25/2035		7,721,915
12,482,415	Chase Mortgage Finance Trust, Series 2006-S2-1A9		6.25%			10/25/2036		10,493,625
7,548,570	Chase Mortgage Finance Trust, Series 2006-S3-1A2		6.00%			11/25/2036		6,254,162
19,735,204	Chase Mortgage Finance Trust, Series 2006-S4-A8		6.00%			12/25/2036		16,665,008
7,178,359	Chase Mortgage Finance Trust, Series 2007-A2-6A4		3.56%	#		07/25/2037		6,965,469
3,687,977	Chase Mortgage Finance Trust, Series 2007-S3-1A5		6.00%			05/25/2037		2,952,372
1,888,666	Chase Mortgage Finance Trust, Series 2007-S3-2A1		5.50%			05/25/2037		1,529,615
3,739,431	Chase Mortgage Finance Trust, Series 2007-S5-1A18		6.00%			07/25/2037		3,366,961
5,962,324	ChaseFlex Trust, Series 2005-1-3A1		6.00%			02/25/2035		6,036,259
1,146,622	ChaseFlex Trust, Series 2006-1-A5		6.16%	#		06/25/2036		1,158,825
5,372,645	ChaseFlex Trust, Series 2006-2-A2B (1 Month LIBOR USD + 0.20%, 0.20% Floor, 11.50% Cap)		2.07%			09/25/2036		4,881,470
4,670,443	ChaseFlex Trust, Series 2007-1-1A1		6.50%			02/25/2037		3,603,385
11,445,299	ChaseFlex Trust, Series 2007-M1-2F4		4.37%	ß		08/25/2037		11,030,694
11,904,129	ChaseFlex Trust, Series 2007-M1-2F5		4.37%	ß		08/25/2037		11,472,093
27,431,724	CHL Mortgage Pass-Through Trust, Series 2005-17-2A1		5.50%			09/25/2035		24,656,912
58,751,533	CHL Mortgage Pass-Through Trust, Series 2007-21-1A1		6.25%			02/25/2038		49,913,423
18,498,998	CHL Mortgage Pass-Through Trust, Series 2007-HYB1-2A1		3.19%	#		03/25/2037		17,081,716
65,959,595	CIM Trust, Series 2016-1RR-B2		8.29%	# ^ Þ		07/26/2055		64,992,007
75,440,246	CIM Trust, Series 2016-2RR-B2		8.15%	# ^ Þ		02/25/2056		73,262,437
23,965,531	CIM Trust, Series 2016-3RR-B2 (1 Month LIBOR USD + 2.50%)		4.16%	^		02/25/2056		24,780,999
73,074,681	CIM Trust, Series 2016-3RR-B2		8.33%	# ^ Þ		02/27/2056		70,549,922
50,188,672	CIM Trust, Series 2017-3RR-B2		12.40%	# ^ Þ		01/29/2057		54,511,196
199,571,252	CIM Trust, Series 2017-6-A1		3.02%	# ^		06/25/2057		196,576,346
170,549,654	CIM Trust, Series 2017-8-A1		3.00%	# ^		12/25/2065		170,383,316
6,954,554	Citicorp Mortgage Securities, Inc., Series 2005-1-1A4		5.50%			02/25/2035		7,096,168
1,574,683	Citicorp Mortgage Securities, Inc., Series 2006-7-1A1		6.00%			12/25/2036		1,421,476
6,594,000	Citicorp Residential Mortgage Securities, Inc., Series 2006-2-A5		5.52%	ß		09/25/2036		6,849,860
21,740,689	Citicorp Residential Mortgage Securities, Inc., Series 2007-1-A4		5.48%	ß		03/25/2037		22,564,539
13,549,592	Citigroup Mortgage Loan Trust, Series 2006-AR3-1A1A		3.50%	#		06/25/2036		13,547,333
2,425,807	Citigroup Mortgage Loan Trust, Inc., Series 2005-5-2A2		5.75%			08/25/2035		1,984,980
1,230,928	Citigroup Mortgage Loan Trust, Inc., Series 2005-9-21A1		5.50%			11/25/2035		1,180,437
3,522,871	Citigroup Mortgage Loan Trust, Inc., Series 2006-4-2A1A		6.00%			12/25/2035		3,534,951
43,753,652	Citigroup Mortgage Loan Trust, Inc., Series 2006-AMC1-A1 (1 Month LIBOR USD + 0.15%, 0.15% Floor)		2.02%	^		09/25/2036		42,293,702
3,798,875	Citigroup Mortgage Loan Trust, Inc., Series 2006-FX1-A6		5.85%	ß		10/25/2036		3,069,939
2,087,488	Citigroup Mortgage Loan Trust, Inc., Series 2006-WF1-A2D		4.98%	ß		03/25/2036		1,526,630
12,849,590	Citigroup Mortgage Loan Trust, Inc., Series 2006-WF2-A2D		6.16%	ß		05/25/2036		7,770,617
7,580,000	Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH3-M1 (1 Month LIBOR USD + 0.29%, 0.29% Floor)		2.16%			10/25/2036		7,564,263
5,331,657	Citigroup Mortgage Loan Trust, Inc., Series 2007-10-1A1A		5.53%	#		04/25/2037		5,363,766
865,568	Citigroup Mortgage Loan Trust, Inc., Series 2007-12-2A1		6.50%	^		10/25/2036		703,998
259,103	Citigroup Mortgage Loan Trust, Inc., Series 2007-2-2A		6.00%			11/25/2036		265,104
26,256,716	Citigroup Mortgage Loan Trust, Inc., Series 2007-9-1A1		5.75%	^		04/25/2047		22,162,969
1,374,927	Citigroup Mortgage Loan Trust, Inc., Series 2007-9-2A2		6.50%	# ^		05/25/2037		1,339,854
89,141,521	Citigroup Mortgage Loan Trust, Inc., Series 2007-AMC2-A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)		2.01%	^		01/25/2037		80,042,801
4,179,247	Citigroup Mortgage Loan Trust, Inc., Series 2007-AR5-1A3A		4.10%	#		04/25/2037		3,970,129
5,338,200	Citigroup Mortgage Loan Trust, Inc., Series 2007-OPX1-A3A		5.97%	ß		01/25/2037		3,796,356
11,767,313	Citigroup Mortgage Loan Trust, Inc., Series 2007-OPX1-A5A		5.76%	ß		01/25/2037		8,370,439
5,150,934	Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH3-A2 (1 Month LIBOR USD + 0.16%, 0.16% Floor)		2.03%			06/25/2037		5,161,198
12,334,972	Citigroup Mortgage Loan Trust, Inc., Series 2008-AR4-1A1B		3.76%	# ^		11/25/2038		12,416,024
8,198,593	Citigroup Mortgage Loan Trust, Inc., Series 2010-7-9A4		6.00%	# ^		10/25/2037		7,639,241
121,589,163	Citigroup Mortgage Loan Trust, Inc., Series 2010-8-5A4		6.00%	# ^		11/25/2036		121,315,672
98,589,822	Citigroup Mortgage Loan Trust, Inc., Series 2010-8-6A4		6.00%	# ^		12/25/2036		97,716,632
70,713,295	Citigroup Mortgage Loan Trust, Inc., Series 2010-8-7A4		6.00%	# ^		06/25/2037		71,235,866
30,492,316	Citigroup Mortgage Loan Trust, Inc., Series 2014-J2-A1		3.50%	# ^		11/25/2044		30,344,611
4,515,451	CitiMortgage Alternative Loan Trust, Series 2006-A2-A2		6.00%			05/25/2036		4,322,265
4,485,383	CitiMortgage Alternative Loan Trust, Series 2006-A3-1A13		6.00%			07/25/2036		4,353,074
3,149,681	CitiMortgage Alternative Loan Trust, Series 2006-A4-1A8		6.00%			09/25/2036		3,051,068
1,010,940	CitiMortgage Alternative Loan Trust, Series 2006-A5-2A1		5.50%			10/25/2021		1,040,438
3,256,197	CitiMortgage Alternative Loan Trust, Series 2006-A5-3A3		6.00%			10/25/2036		3,061,989
5,248,078	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A5		6.00%			01/25/2037		4,940,774
2,558,785	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A7		6.00%			01/25/2037		2,408,954
6,546,981	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A9 (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		3.53%	I/F I/O		01/25/2037		641,735
5,454,046	CitiMortgage Alternative Loan Trust, Series 2007-A3-1A1		6.00%	±		03/25/2037		5,214,291
12,551,507	CitiMortgage Alternative Loan Trust, Series 2007-A3-1A3 (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		3.53%	I/F I/O		03/25/2037		1,215,886
4,918,666	CitiMortgage Alternative Loan Trust, Series 2007-A3-1A4		5.75%			03/25/2037		4,657,613
9,107,097	CitiMortgage Alternative Loan Trust, Series 2007-A4-1A3 (1 Month LIBOR USD + 0.33%, 0.33% Floor, 7.00% Cap)		2.20%			04/25/2037		7,426,400
9,107,097	CitiMortgage Alternative Loan Trust, Series 2007-A4-1A4 (-1 x 1 Month LIBOR USD + 6.67%, 6.67% Cap)		4.80%	I/F I/O		04/25/2037		1,334,655
1,317,014	CitiMortgage Alternative Loan Trust, Series 2007-A5-1A11		6.00%			05/25/2037		1,265,437
17,363,872	CitiMortgage Alternative Loan Trust, Series 2007-A5-1A8		6.00%			05/25/2037		16,683,859
578,643	CitiMortgage Alternative Loan Trust, Series 2007-A8-A1		6.00%			10/25/2037		547,787
2,297,015	COLT Funding LLC, Series 2015-1-A1F		4.00%	# ^		12/26/2045		2,307,221
53,138,096	Countrywide Alternative Loan Trust, Series 2004-36CB-1A1		6.00%			02/25/2035		50,847,509
6,490,714	Countrywide Alternative Loan Trust, Series 2005-13CB-A3		5.50%			05/25/2035		6,489,540
4,940,646	Countrywide Alternative Loan Trust, Series 2005-20CB-2A1 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 5.50% Cap)		2.37%			07/25/2035		3,911,954
10,087,152	Countrywide Alternative Loan Trust, Series 2005-20CB-2A2 (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		3.13%	I/F I/O		07/25/2035		924,910
514,877	Countrywide Alternative Loan Trust, Series 2005-20CB-4A1		5.25%			07/25/2020		510,443
3,596,341	Countrywide Alternative Loan Trust, Series 2005-26CB-A11 (-2 x 1 Month LIBOR USD + 13.05%, 13.05% Cap)		9.66%	I/F		07/25/2035		3,614,341
5,064,638	Countrywide Alternative Loan Trust, Series 2005-28CB-1A2 (1 Month LIBOR USD + 0.75%, 0.75% Floor, 5.50% Cap)		2.62%			08/25/2035		4,330,296
1,871,889	Countrywide Alternative Loan Trust, Series 2005-28CB-3A6		6.00%			08/25/2035		1,492,467
2,538,321	Countrywide Alternative Loan Trust, Series 2005-46CB-A20		5.50%			10/25/2035		2,457,900
8,424,818	Countrywide Alternative Loan Trust, Series 2005-48T1-A2		5.50%			11/25/2035		7,696,616
3,092,426	Countrywide Alternative Loan Trust, Series 2005-54CB-3A4		5.50%			11/25/2035		2,744,105
28,873,106	Countrywide Alternative Loan Trust, Series 2005-57CB-1A1		5.50%			12/25/2035		26,609,882
653,273	Countrywide Alternative Loan Trust, Series 2005-60T1-A7 (-7 x 1 Month LIBOR USD + 35.93%, 35.93% Cap)		22.21%	I/F		12/25/2035		865,019
960,419	Countrywide Alternative Loan Trust, Series 2005-64CB-1A14		5.50%			12/25/2035		958,882
13,939,275	Countrywide Alternative Loan Trust, Series 2005-64CB-1A4		5.50%			12/25/2035		13,916,974
2,259,654	Countrywide Alternative Loan Trust, Series 2005-73CB-1A5 (1 Month LIBOR USD + 0.80%, 0.80% Floor, 5.50% Cap)		2.67%			01/25/2036		1,975,491
5,684,823	Countrywide Alternative Loan Trust, Series 2005-73CB-1A6 (-1 x 1 Month LIBOR USD + 4.70%, 4.70% Cap)		2.83%	I/F I/O		01/25/2036		379,481
50,135,213	Countrywide Alternative Loan Trust, Series 2005-77T1-1A1		6.00%			02/25/2036		39,761,510
1,148,999	Countrywide Alternative Loan Trust, Series 2005-79CB-A5		5.50%			01/25/2036		1,004,430
35,585,871	Countrywide Alternative Loan Trust, Series 2005-85CB-1A1		6.00%			02/25/2036		28,533,560
2,957,867	Countrywide Alternative Loan Trust, Series 2005-85CB-2A6 (-4 x 1 Month LIBOR USD + 21.63%, 21.63% Cap)		14.77%	I/F		02/25/2036		3,443,762
1,731,554	Countrywide Alternative Loan Trust, Series 2005-86CB-A5		5.50%			02/25/2036		1,548,777
3,274,501	Countrywide Alternative Loan Trust, Series 2005-J10-1A11		5.50%			10/25/2035		3,001,545
745,200	Countrywide Alternative Loan Trust, Series 2005-J10-1A13 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 5.50% Cap)		2.57%			10/25/2035		606,305
349,084	Countrywide Alternative Loan Trust, Series 2005-J10-1A15		5.50%			10/25/2035		319,985
864,180	Countrywide Alternative Loan Trust, Series 2005-J11-1A3		5.50%			11/25/2035		755,259
1,186,494	Countrywide Alternative Loan Trust, Series 2005-J11-6A1		6.50%			09/25/2032		1,163,134
1,114,176	Countrywide Alternative Loan Trust, Series 2005-J13-2A5 (1 Month LIBOR USD + 0.48%, 0.48% Floor, 5.50% Cap)		2.35%			11/25/2035		901,744
2,228,351	Countrywide Alternative Loan Trust, Series 2005-J13-2A6 (-1 x 1 Month LIBOR USD + 5.02%, 5.02% Cap)		3.15%	I/F I/O		11/25/2035		187,241
3,891,000	Countrywide Alternative Loan Trust, Series 2005-J1-5A3		5.50%			02/25/2035		3,871,041
1,154,427	Countrywide Alternative Loan Trust, Series 2005-J1-7A1		5.50%			01/25/2020		1,156,290
1,053,725	Countrywide Alternative Loan Trust, Series 2005-J2-1A5 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 5.50% Cap)		2.37%			04/25/2035		940,559
3,242,231	Countrywide Alternative Loan Trust, Series 2005-J2-1A6 (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		3.13%	I/F I/O		04/25/2035		226,148
10,124,089	Countrywide Alternative Loan Trust, Series 2005-J3-2A8 (1 Month LIBOR USD + 0.30%, 0.30% Floor, 5.50% Cap)		2.17%			05/25/2035		9,360,378
10,124,089	Countrywide Alternative Loan Trust, Series 2005-J3-2A9 (-1 x 1 Month LIBOR USD + 5.20%, 5.20% Cap)		3.33%	I/F I/O		05/25/2035		775,256
4,285,987	Countrywide Alternative Loan Trust, Series 2006-12CB-A3 (1 Month LIBOR USD + 5.75%, 5.75% Floor)		5.75%			05/25/2036		3,512,228
44,591,114	Countrywide Alternative Loan Trust, Series 2006-15CB-A1		6.50%			06/25/2036		35,108,840
1,381,550	Countrywide Alternative Loan Trust, Series 2006-18CB-A12 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)		2.47%			07/25/2036		984,458
1,381,550	Countrywide Alternative Loan Trust, Series 2006-18CB-A13 (-1 x 1 Month LIBOR USD + 5.50%, 5.50% Cap)		3.63%	I/F I/O		07/25/2036		188,829
6,897,751	Countrywide Alternative Loan Trust, Series 2006-19CB-A12 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 6.00% Cap)		2.27%			08/25/2036		5,095,116
9,353,765	Countrywide Alternative Loan Trust, Series 2006-19CB-A13 (-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)		3.73%	I/F I/O		08/25/2036		1,353,200
1,439,957	Countrywide Alternative Loan Trust, Series 2006-19CB-A15		6.00%			08/25/2036		1,283,919
2,349,335	Countrywide Alternative Loan Trust, Series 2006-24CB-A11		5.75%			06/25/2036		2,055,510
6,876,217	Countrywide Alternative Loan Trust, Series 2006-24CB-A14 (-1 x 1 Month LIBOR USD + 7.15%, 7.15% Cap)		5.28%	I/F I/O		06/25/2036		1,569,057
5,513,830	Countrywide Alternative Loan Trust, Series 2006-24CB-A22		6.00%			06/25/2036		4,910,160
5,917,996	Countrywide Alternative Loan Trust, Series 2006-24CB-A5 (1 Month LIBOR USD + 0.60%, 0.06% Floor, 6.00% Cap)		2.47%			06/25/2036		3,974,921
2,233,948	Countrywide Alternative Loan Trust, Series 2006-26CB-A17		6.25%			09/25/2036		1,852,688
2,867,463	Countrywide Alternative Loan Trust, Series 2006-26CB-A9		6.50%			09/25/2036		2,424,614
5,174,276	Countrywide Alternative Loan Trust, Series 2006-29T1-1A2		6.25%			10/25/2036		4,420,869
752,416	Countrywide Alternative Loan Trust, Series 2006-29T1-2A12 (-7 x 1 Month LIBOR USD + 46.15%, 46.15% Cap)		33.99%	I/F		10/25/2036		1,400,020
460,870	Countrywide Alternative Loan Trust, Series 2006-29T1-2A23 (-4 x 1 Month LIBOR USD + 33.37%, 33.37% Cap)		25.26%	I/F		10/25/2036		699,614
5,329,456	Countrywide Alternative Loan Trust, Series 2006-30T1-1A2		6.25%			11/25/2036		4,786,960
3,636,613	Countrywide Alternative Loan Trust, Series 2006-32CB-A1 (1 Month LIBOR USD + 0.67%, 0.67% Floor, 6.00% Cap)		2.54%			11/25/2036		2,624,600
6,065,871	Countrywide Alternative Loan Trust, Series 2006-32CB-A2 (-1 x 1 Month LIBOR USD + 5.33%, 5.33% Cap)		3.46%	I/F I/O		11/25/2036		912,514
6,322,118	Countrywide Alternative Loan Trust, Series 2006-36T2-2A1		6.25%			12/25/2036		4,621,440
1,856,871	Countrywide Alternative Loan Trust, Series 2006-39CB-1A10		6.00%			01/25/2037		1,823,263
16,917,000	Countrywide Alternative Loan Trust, Series 2006-39CB-2A2 (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		4.68%	I/F I/O		01/25/2037		3,795,069
5,761,037	Countrywide Alternative Loan Trust, Series 2006-39CB-2A4 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		2.32%			01/25/2037		1,374,083
2,726,941	Countrywide Alternative Loan Trust, Series 2006-40T1-1A11		6.00%			01/25/2037		2,517,127
4,641,158	Countrywide Alternative Loan Trust, Series 2006-40T1-1A4 (-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)		3.58%	I/F I/O		01/25/2037		548,007
5,236,633	Countrywide Alternative Loan Trust, Series 2006-41CB-1A10		6.00%			01/25/2037		4,509,109
5,514,287	Countrywide Alternative Loan Trust, Series 2006-41CB-1A9		6.00%			01/25/2037		4,748,190
4,655,687	Countrywide Alternative Loan Trust, Series 2006-45T1-1A4 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)		2.47%			02/25/2037		2,012,473
4,655,687	Countrywide Alternative Loan Trust, Series 2006-45T1-1A5 (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		3.53%	I/F I/O		02/25/2037		581,970
1,530,386	Countrywide Alternative Loan Trust, Series 2006-6CB-1A4		5.50%			05/25/2036		1,430,891
4,518,553	Countrywide Alternative Loan Trust, Series 2006-J1-1A10		5.50%			02/25/2036		4,157,198
9,167,971	Countrywide Alternative Loan Trust, Series 2006-J1-1A3		5.50%			02/25/2036		8,434,795
1,732,983	Countrywide Alternative Loan Trust, Series 2006-J4-2A2		6.00%			07/25/2036		1,516,064
1,047,246	Countrywide Alternative Loan Trust, Series 2007-11T1-A24 (-6 x 1 Month LIBOR USD + 39.90%, 39.90% Cap)		28.67%	I/F		05/25/2037		1,721,796
16,260,457	Countrywide Alternative Loan Trust, Series 2007-15CB-A1		6.00%			07/25/2037		15,254,110
11,552,105	Countrywide Alternative Loan Trust, Series 2007-16CB-2A1 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		2.32%			08/25/2037		6,440,018
3,345,201	Countrywide Alternative Loan Trust, Series 2007-16CB-2A2 (-8 x 1 Month LIBOR USD + 54.58%, 54.58% Cap)		38.99%	I/F		08/25/2037		6,363,933
6,200,416	Countrywide Alternative Loan Trust, Series 2007-16CB-4A7		6.00%			08/25/2037		6,090,490
9,551,689	Countrywide Alternative Loan Trust, Series 2007-17CB-1A10 (-5 x 1 Month LIBOR USD + 29.90%, 29.90% Cap)		21.29%	I/F		08/25/2037		14,119,608
1,493,616	Countrywide Alternative Loan Trust, Series 2007-18CB-2A25		6.00%			08/25/2037		1,370,241
988,903	Countrywide Alternative Loan Trust, Series 2007-19-1A10 (-6 x 1 Month LIBOR USD + 39.00%, 39.00% Cap)		27.77%	I/F		08/25/2037		1,758,861
14,534,760	Countrywide Alternative Loan Trust, Series 2007-19-1A4		6.00%			08/25/2037		11,943,873
35,456,022	Countrywide Alternative Loan Trust, Series 2007-19-2A1		6.50%			08/25/2037		26,918,003
4,760,364	Countrywide Alternative Loan Trust, Series 2007-21CB-2A2 (-4 x 1 Month LIBOR USD + 28.40%, 28.40% Cap)		20.91%	I/F		09/25/2037		6,224,956
23,793,133	Countrywide Alternative Loan Trust, Series 2007-22-2A16		6.50%			09/25/2037		17,149,683
12,156,809	Countrywide Alternative Loan Trust, Series 2007-23CB-A3 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap)		2.37%			09/25/2037		8,101,824
17,253,032	Countrywide Alternative Loan Trust, Series 2007-23CB-A4 (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)		4.63%	I/F I/O		09/25/2037		3,338,777
16,261,694	Countrywide Alternative Loan Trust, Series 2007-4CB-2A1		7.00%			03/25/2037		4,981,198
6,511,167	Countrywide Alternative Loan Trust, Series 2007-5CB-1A18 (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)		3.78%	I/F I/O		04/25/2037		892,197
6,511,167	Countrywide Alternative Loan Trust, Series 2007-5CB-1A23 (1 Month LIBOR USD + 0.55%, 0.55% Floor, 6.00% Cap)		2.42%			04/25/2037		4,472,232
5,511,524	Countrywide Alternative Loan Trust, Series 2007-6-A4		5.75%			04/25/2047		4,779,637
440,317	Countrywide Alternative Loan Trust, Series 2007-8CB-A12 (-6 x 1 Month LIBOR USD + 40.20%, 40.20% Cap)		28.97%	I/F		05/25/2037		794,244
470,032	Countrywide Alternative Loan Trust, Series 2007-8CB-A8 (-6 x 1 Month LIBOR USD + 40.08%, 40.08% Cap)		28.85%	I/F		05/25/2037		844,761
715,715	Countrywide Alternative Loan Trust, Series 2007-9T1-1A4 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.00% Cap)		2.37%			05/25/2037		373,321
715,715	Countrywide Alternative Loan Trust, Series 2007-9T1-1A5 (-1 x 1 Month LIBOR USD + 5.50%, 5.50% Cap)		3.63%	I/F I/O		05/25/2037		112,786
19,604,403	Countrywide Alternative Loan Trust, Series 2007-9T1-1A6		6.00%			05/25/2037		14,761,888
2,027,544	Countrywide Alternative Loan Trust, Series 2007-9T1-2A1		6.00%			05/25/2037		1,501,506
244,251	Countrywide Alternative Loan Trust, Series 2007-9T1-3A1		5.50%			05/25/2022		185,393
52,330,825	Countrywide Alternative Loan Trust, Series 2007-HY2-1A		3.47%	#		03/25/2047		48,519,948
2,732,870	Countrywide Alternative Loan Trust, Series 2007-HY5R-2A1B		3.28%	#		03/25/2047		2,754,155
39,965,831	Countrywide Asset Backed Certificates, Series 2006-25-1A (1 Month LIBOR USD + 0.14%, 0.14% Floor)		2.01%			06/25/2047		37,692,099
3,639,372	Countrywide Asset-Backed Certificates, Series 2003-BC6-M1 (1 Month LIBOR USD + 0.83%, 0.55% Floor)		2.70%			11/25/2033		3,537,543
776,583	Countrywide Asset-Backed Certificates, Series 2005-13-AF3		4.66%	#		04/25/2036		712,039
20,839,545	Countrywide Asset-Backed Certificates, Series 2005-4-AF5B		4.57%			10/25/2035		21,302,921
2,225,601	Countrywide Home Loans, Series 2003-60-4A1		3.66%	#		02/25/2034		2,265,743
2,755,013	Countrywide Home Loans, Series 2004-R2-1AF1 (1 Month LIBOR USD + 0.42%, 0.42% Floor, 9.50% Cap)		2.29%	^		11/25/2034		2,493,109
2,680,621	Countrywide Home Loans, Series 2004-R2-1AS		4.53%	# ^ I/O		11/25/2034		227,575
5,718,600	Countrywide Home Loans, Series 2005-20-A5		5.50%			10/25/2035		5,542,228
4,154,910	Countrywide Home Loans, Series 2005-20-A8		5.25%			10/25/2035		4,079,152
13,338,484	Countrywide Home Loans, Series 2005-23-A1		5.50%			11/25/2035		11,870,235
3,492,488	Countrywide Home Loans, Series 2005-24-A8		5.50%			11/25/2035		3,117,751
980,595	Countrywide Home Loans, Series 2005-27-2A1		5.50%			12/25/2035		845,261
1,774,969	Countrywide Home Loans, Series 2005-28-A7		5.25%			01/25/2019		1,569,180
21,368,918	Countrywide Home Loans, Series 2005-HYB1-4A1		3.46%	#		03/25/2035		20,699,684
2,866,835	Countrywide Home Loans, Series 2005-HYB8-1A1		3.51%	#		12/20/2035		2,528,283
3,830,908	Countrywide Home Loans, Series 2005-J3-2A4		4.50%			09/25/2035		3,706,088
2,453,149	Countrywide Home Loans, Series 2005-J4-A5		5.50%			11/25/2035		2,410,422
845,576	Countrywide Home Loans, Series 2005-R1-1AF1 (1 Month LIBOR USD + 0.36%, 0.36% Floor, 9.50% Cap)		2.23%	^		03/25/2035		792,477
829,228	Countrywide Home Loans, Series 2005-R1-1AS		4.59%	# ^ I/O		03/25/2035		65,275
6,751,706	Countrywide Home Loans, Series 2006-16-2A1		6.50%			11/25/2036		5,598,020
6,774,668	Countrywide Home Loans, Series 2006-1-A2		6.00%			03/25/2036		5,893,835
2,702,247	Countrywide Home Loans, Series 2006-20-1A21		6.00%			02/25/2037		2,337,552
1,643,698	Countrywide Home Loans, Series 2006-J3-A4		5.50%			05/25/2036		1,662,310
7,204,837	Countrywide Home Loans, Series 2007-10-A7		6.00%			07/25/2037		6,124,059
23,469,776	Countrywide Home Loans, Series 2007-11-A1		6.00%			08/25/2037		19,888,131
14,176,073	Countrywide Home Loans, Series 2007-12-A9		5.75%			08/25/2037		13,010,221
6,245,976	Countrywide Home Loans, Series 2007-13-A1		6.00%			08/25/2037		5,549,442
7,315,988	Countrywide Home Loans, Series 2007-13-A10		6.00%			08/25/2037		6,500,129
7,292,205	Countrywide Home Loans, Series 2007-15-1A1		6.25%			09/25/2037		6,785,697
804,122	Countrywide Home Loans, Series 2007-15-1A16		6.25%			09/25/2037		748,269
3,583,272	Countrywide Home Loans, Series 2007-15-1A29		6.25%			09/25/2037		3,328,662
7,830,406	Countrywide Home Loans, Series 2007-17-1A2		6.00%			10/25/2037		7,488,024
1,029,408	Countrywide Home Loans, Series 2007-18-1A1		6.00%			11/25/2037		903,419
7,585,487	Countrywide Home Loans, Series 2007-3-A1		6.00%			04/25/2037		6,465,049
2,921,439	Countrywide Home Loans, Series 2007-3-A12		6.00%			04/25/2037		2,489,919
5,789,715	Countrywide Home Loans, Series 2007-4-1A39		6.00%			05/25/2037		4,753,717
2,765,909	Countrywide Home Loans, Series 2007-5-A2		5.75%			05/25/2037		2,501,182
9,060,933	Countrywide Home Loans, Series 2007-7-A1		6.00%			06/25/2037		8,122,384
2,716,158	Countrywide Home Loans, Series 2007-7-A2		5.75%			06/25/2037		2,405,211
8,180,373	Countrywide Home Loans, Series 2007-8-1A4		6.00%			01/25/2038		6,844,905
4,293,030	Countrywide Home Loans, Series 2007-8-1A5		5.44%			01/25/2038		3,450,655
9,967,512	Countrywide Home Loans, Series 2007-8-1A9 (1 Month LIBOR USD + 6.00%, 4.00% Floor, 6.00% Cap)		6.00%			01/25/2038		8,340,288
1,700,443	Countrywide Home Loans, Series 2007-9-A11		5.75%			07/25/2037		1,566,487
10,872,174	Countrywide Home Loans, Series 2007-HY1-1A1		3.70%	#		04/25/2037		10,722,160
25,417,824	Countrywide Home Loans, Series 2007-J1-2A1		6.00%			02/25/2037		19,806,186
674,367	Countrywide Home Loans, Series 2007-J3-A1 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.00% Cap)		2.37%			07/25/2037		425,444
3,371,834	Countrywide Home Loans, Series 2007-J3-A2 (-1 x 1 Month LIBOR USD + 5.50%, 5.50% Cap)		3.63%	I/F I/O		07/25/2037		359,637
4,917,282	Credit Suisse First Boston Mortgage Backed Trust, Series 2006-3-A4B		6.11%	ß		11/25/2036		1,852,337
3,130,734	Credit Suisse First Boston Mortgage Backed Trust, Series 2006-4-A6A		5.68%	ß		12/25/2036		1,464,680
10,831,655	Credit Suisse First Boston Mortgage Backed Trust, Series 2007-1-1A1A		5.90%	#		05/25/2037		5,263,134
87,432	Credit Suisse First Boston Mortgage Securities Corporation, Series 2004-AR8-2A1		3.52%	#		09/25/2034		87,724
3,982,187	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-10-5A4		5.50%			11/25/2035		3,906,469
838,298	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-10-5A5		5.50%			11/25/2035		822,359
12,915,390	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-12-5A1		5.25%			01/25/2036		12,496,752
10,310,384	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-12-7A1		7.00%			01/25/2036		4,052,173
5,769,390	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-8-3A10		5.50%			09/25/2035		5,795,769
4,968,781	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-8-7A1		7.00%			09/25/2035		4,172,819
2,248,640	Credit Suisse Mortgage Capital Certificates, Series 2005-1R-2A5		5.75%	^		12/26/2035		2,055,314
18,086,865	Credit Suisse Mortgage Capital Certificates, Series 2006-1-2A1		6.00%			02/25/2036		13,718,324
2,930,785	Credit Suisse Mortgage Capital Certificates, Series 2006-2-3A1		6.50%			03/25/2036		1,800,911
3,314,188	Credit Suisse Mortgage Capital Certificates, Series 2006-2-5A1 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 6.00% Cap)		2.57%			03/25/2036		1,892,494
18,524,786	Credit Suisse Mortgage Capital Certificates, Series 2006-2-5A2 (-1 x 1 Month LIBOR USD + 5.30%, 5.30% Cap)		3.43%	I/F I/O		03/25/2036		2,778,948
3,858,687	Credit Suisse Mortgage Capital Certificates, Series 2006-2-5A3		6.25%			03/25/2036		2,943,130
10,443,150	Credit Suisse Mortgage Capital Certificates, Series 2006-2-5A4		6.00%			03/25/2036		7,828,872
3,973,458	Credit Suisse Mortgage Capital Certificates, Series 2006-3-4A3		5.50%			04/25/2036		3,717,284
2,402,057	Credit Suisse Mortgage Capital Certificates, Series 2006-3-4A4		5.50%			04/25/2036		2,251,552
4,038,666	Credit Suisse Mortgage Capital Certificates, Series 2006-4-1A8 (1 Month LIBOR USD + 1.00%, 6.00% Floor, 6.00% Cap)		6.00%			05/25/2036		3,569,721
20,895,187	Credit Suisse Mortgage Capital Certificates, Series 2006-4-4A1		7.00%			05/25/2036		9,588,408
11,475,108	Credit Suisse Mortgage Capital Certificates, Series 2006-6-1A4		6.00%			07/25/2036		9,688,912
10,695,053	Credit Suisse Mortgage Capital Certificates, Series 2006-6-3A1		7.00%			07/25/2036		3,121,887
225,197	Credit Suisse Mortgage Capital Certificates, Series 2006-7-3A11		6.00%			08/25/2036		185,295
3,758,460	Credit Suisse Mortgage Capital Certificates, Series 2006-7-7A5		6.00%			08/25/2036		3,715,924
7,458,123	Credit Suisse Mortgage Capital Certificates, Series 2006-9-2A1		5.50%			11/25/2036		7,089,230
24,965,005	Credit Suisse Mortgage Capital Certificates, Series 2006-9-3A1		6.00%			11/25/2036		23,236,543
6,744,540	Credit Suisse Mortgage Capital Certificates, Series 2006-9-4A1		6.00%			11/25/2036		5,278,727
5,329,720	Credit Suisse Mortgage Capital Certificates, Series 2006-9-6A14		6.00%			11/25/2036		5,077,758
865,983	Credit Suisse Mortgage Capital Certificates, Series 2006-9-6A15 (-6 x 1 Month LIBOR USD + 39.90%)		30.18%	I/F		11/25/2036		1,459,828
11,220,503	Credit Suisse Mortgage Capital Certificates, Series 2007-1-1A4		6.13%	#		02/25/2037		5,273,374
5,664,900	Credit Suisse Mortgage Capital Certificates, Series 2007-1-5A14		6.00%			02/25/2037		5,158,837
8,547,951	Credit Suisse Mortgage Capital Certificates, Series 2007-3-2A10		6.00%			04/25/2037		6,506,465
6,158,924	Credit Suisse Mortgage Capital Certificates, Series 2007-5-2A5		5.00%			08/25/2037		5,068,431
49,411,004	Credit Suisse Mortgage Capital Certificates, Series 2007-5-3A19		6.00%			08/25/2037		40,069,300
22,268,790	Credit Suisse Mortgage Capital Certificates, Series 2007-5-3A9		6.00%			08/25/2037		17,162,136
9,415,332	Credit Suisse Mortgage Capital Certificates, Series 2008-2R-1A1		6.00%	^		07/25/2037		8,820,537
2,357,165	Credit Suisse Mortgage Capital Certificates, Series 2009-1R-4A2		3.60%	# ^		07/20/2035		2,265,644
4,576,513	Credit Suisse Mortgage Capital Certificates, Series 2010-13R-1A2		5.50%	# ^		12/26/2035		4,433,947
91,579,924	Credit Suisse Mortgage Capital Certificates, Series 2010-17R-6A1		3.11%	# ^		06/26/2037		90,955,450
14,877,523	Credit Suisse Mortgage Capital Certificates, Series 2010-2R-4A17		6.00%	# ^		03/26/2037		14,626,403
15,537,837	Credit Suisse Mortgage Capital Certificates, Series 2010-4R-8A17		6.00%	# ^		06/26/2037		15,556,687
12,578,246	Credit Suisse Mortgage Capital Certificates, Series 2010-7R-4A17		6.00%	# ^		04/26/2037		12,500,453
19,598,134	Credit Suisse Mortgage Capital Certificates, Series 2010-9R-2A5		4.00%	^		02/27/2038		19,655,390
14,191,857	Credit Suisse Mortgage Capital Certificates, Series 2012-10R-4A2		3.43%	# ^		08/26/2046		13,112,243
48,774,391	Credit Suisse Mortgage Capital Certificates, Series 2013-6-1A1		2.50%	# ^		07/25/2028		47,765,093
46,038,702	Credit Suisse Mortgage Capital Certificates, Series 2013-9R-A1		3.00%	# ^		05/27/2043		42,293,118
22,098,179	Credit Suisse Mortgage Capital Certificates, Series 2013-IVR4-A2		3.00%	# ^		07/25/2043		21,546,750
5,416,769	Credit Suisse Mortgage Capital Certificates, Series 2014-WIN1-2A4		3.00%	# ^		09/25/2044		5,271,648
80,098,820	Credit Suisse Mortgage Capital Certificates, Series 2015-1-A1		2.50%	# ^		01/25/2045		76,793,230
83,784,897	Credit Suisse Mortgage Capital Certificates, Series 2015-RPL2-A1A		3.75%	^ §		11/25/2057		84,044,714
65,008,634	Credit Suisse Mortgage Trust, Series 2017-1A-A		4.50%	^		03/25/2021		65,307,277
57,086,919	Credit Suisse Mortgage Trust, Series 2017-6R1-A1 (1 Month LIBOR USD + 2.55%)		3.21%	^		03/06/2047		57,716,034
70,328,650	Credit Suisse Mortgage Trust, Series 2018-RPL2-A1		4.03%	^ §		08/25/2062		70,856,115
91,406	Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB6-A4		3.71%			06/25/2035		91,349
13,755,271	Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB4-AV3 (1 Month LIBOR USD + 0.15%, 0.15% Floor)		2.02%			05/25/2036		11,326,838
9,750,000	Credit-Based Asset Servicing and Securitization LLC, Series 2007-MX1-A3		5.83%	^ ß		12/25/2036		9,938,099
12,048,245	CSMC Trust, Series 2006-4-6A1		6.00%			05/25/2036		9,320,888
7,876,646	CSMC Trust, Series 2007-1-3A1		6.00%			02/25/2022		4,508,480
86,444	CSMC Trust, Series 2007-2-2A1		5.00%			03/25/2037		85,895
12,293,312	CSMC Trust, Series 2009-12R-5A1		6.00%	^		06/27/2036		12,041,138
31,470,111	CSMC Trust, Series 2010-4R-3A17		6.00%	# ^		06/26/2037		32,380,532
929,110	CSMC Trust, Series 2010-9R-70A3		3.75%	^		12/27/2036		931,594
1,904,000	CSMC Trust, Series 2010-9R-70A4		3.75%	^		12/27/2036		1,905,064
6,047,000	CSMC Trust, Series 2010-9R-70A5		4.00%	^		12/27/2036		5,961,111
31,238,264	CSMC Trust, Series 2013-IVR4-A11		3.48%	# ^		07/27/2043		31,204,089
133,948,380	CSMC Trust, Series 2015-PR2-A1		4.25%	^ §		07/26/2055		132,227,853
23,132,268	CSMC Trust, Series 2015-RPL3-A1		3.75%	^ §		12/25/2056		23,182,669
29,320,132	CSMC Trust, Series 2016-PR1-A1		5.50%	^ §		07/25/2056		28,839,742
63,404,023	CSMC Trust, Series 2017-12R-A1 (1 Month LIBOR USD + 1.45%)		3.02%	^		10/29/2046		64,063,571
7,724,231	CSMLT Trust, Series 2015-1-A9		3.50%	# ^		05/25/2045		7,677,159
39,563,908	CSMLT Trust, Series 2015-2-A7		3.50%	# ^		08/25/2045		39,382,152
12,607,345	CSMLT Trust, Series 2015-3-1A2		3.50%	# ^		11/25/2045		12,745,931
17,025,083	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-4-A5		5.50%			09/25/2035		16,504,916
1,068,110	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-5-1A6 (-7 x 1 Month LIBOR USD + 35.93%)		22.21%	I/F		11/25/2035		1,422,216
1,119,820	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-5-2A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor, 5.50% Cap)		2.07%			11/25/2035		761,333
3,379,739	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-5-2A2 (-1 x 1 Month LIBOR USD + 5.30%, 5.30% Cap)		3.43%	I/F I/O		11/25/2035		404,528
3,483,402	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2007-1-1A3A (1 Month LIBOR USD + 0.21%, 0.21% Floor)		2.08%			08/25/2037		3,480,405
29,604,909	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2007-2-2A1 (1 Month LIBOR USD + 0.30%, 0.30% Floor)		2.17%			09/25/2047		26,076,425
16,628,462	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2007-OA5-A1B (1 Month LIBOR USD + 0.22%, 0.22% Floor)		2.09%			08/25/2047		15,714,101
960,672	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2-A2		5.63%	#		06/25/2036		931,085
25,492,812	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A2		5.65%	#		10/25/2036		24,257,767
1,816,056	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A3		5.90%	#		10/25/2036		1,727,724
2,668,040	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A3A1		5.90%	#		10/25/2036		2,538,268
5,303,593	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A6A1		5.87%	ß		10/25/2036		5,045,756
12,290,406	Deutsche Mortgage Securities, Inc., Series 2006-PR1-3A1 (-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap)		9.64%	^ I/F		04/15/2036		12,151,156
5,972,995	Deutsche Mortgage Securities, Inc., Series 2006-PR1-4AI1 (-1 x 1 Month LIBOR USD + 12.11%, 12.11% Cap)		9.62%	^ I/F		04/15/2036		5,838,622
9,726,073	Deutsche Mortgage Securities, Inc., Series 2006-PR1-4AI2 (-2 x 1 Month LIBOR USD + 14.60%, 14.61% Cap)		11.21%	^ I/F		04/15/2036		9,651,583
588,130	Deutsche Mortgage Securities, Inc., Series 2006-PR1-5AI1 (-3 x 1 Month LIBOR USD + 19.35%, 19.35% Cap)		14.02%	^ I/F		04/15/2036		614,025
5,139,942	Deutsche Mortgage Securities, Inc., Series 2006-PR1-5AI3 (-1 x 1 Month LIBOR USD + 12.57%, 12.57% Cap)		10.08%	^ I/F		04/15/2036		4,783,730
85,124,440	Deutsche Mortgage Securities, Inc., Series 2006-PR1-5AI4 (-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap)		9.64%	^ I/F		04/15/2036		78,486,283
11,672,911	Deutsche Securities, Inc., Series 2005-6-2A1		5.50%			12/25/2035		10,616,757
1,825,587	Deutsche Securities, Inc., Series 2006-AB4-A1A		6.01%	#		10/25/2036		1,736,644
21,008,856	Equifirst Loan Securitization Trust, Series 2007-1-A2B (1 Month LIBOR USD + 0.19%, 0.19% Floor)		2.06%			04/25/2037		20,213,767
9,055,059	First Franklin Mortgage Loan Trust, Series 2006-FF3-A2B (1 Month LIBOR USD + 0.20%, 0.20% Floor)		2.07%			02/25/2036		9,020,546
10,099,733	First Horizon Alternative Mortgage Securities, Series 2005-AA4-1A1		3.25%	#		05/25/2035		8,749,519
5,338,297	First Horizon Alternative Mortgage Securities, Series 2005-FA5-1A4		5.50%			08/25/2035		5,011,181
7,818,141	First Horizon Alternative Mortgage Securities, Series 2005-FA8-1A4		5.50%			11/25/2035		6,682,089
552,561	First Horizon Alternative Mortgage Securities, Series 2005-FA8-2A1		5.00%			11/25/2020		555,853
5,742,767	First Horizon Alternative Mortgage Securities, Series 2005-FA9-A4A		5.50%			12/25/2035		5,024,601
4,148,051	First Horizon Alternative Mortgage Securities, Series 2006-AA3-A1		3.36%	#		06/25/2036		3,849,936
3,429,799	First Horizon Alternative Mortgage Securities, Series 2006-FA1-1A12		6.00%			04/25/2036		2,881,746
104,633	First Horizon Alternative Mortgage Securities, Series 2006-FA1-1A6 (1 Month LIBOR USD + 0.75%, 0.75% Floor, 5.75% Cap)		2.62%			04/25/2036		104,788
2,409,102	First Horizon Alternative Mortgage Securities, Series 2006-FA2-1A5		6.00%			05/25/2036		1,909,328
633,486	First Horizon Alternative Mortgage Securities, Series 2006-FA7-A8		6.25%			12/25/2036		544,621
3,407,372	First Horizon Alternative Mortgage Securities, Series 2006-FA8-1A5		6.00%			02/25/2037		2,752,407
7,021,406	First Horizon Alternative Mortgage Securities, Series 2006-RE1-A1		5.50%			05/25/2035		6,406,821
18,915,281	First Horizon Alternative Mortgage Securities, Series 2007-FA3-A3		6.00%			06/25/2037		14,998,666
973,288	First Horizon Alternative Mortgage Securities, Series 2007-FA3-A4		6.00%			06/25/2037		771,758
1,109,050	First Horizon Alternative Mortgage Securities, Series 2007-FA4-1A13		6.25%			08/25/2037		901,878
3,423,722	First Horizon Alternative Mortgage Securities, Series 2007-FA4-1A4		6.25%			08/25/2037		2,784,164
1,608,658	First Horizon Alternative Mortgage Securities, Series 2007-FA4-1A5		6.25%			08/25/2037		1,308,158
2,006,641	First Horizon Asset Securities, Inc., Series 2006-1-1A2		6.00%			05/25/2036		1,832,586
5,263,583	First Horizon Asset Securities, Inc., Series 2007-1-A3		6.00%			03/25/2037		4,609,951
3,584,379	First Horizon Asset Securities, Inc., Series 2007-4-1A1		6.00%			08/25/2037		3,043,570
4,387,289	First Horizon Mortgage Pass-Through Trust, Series 2005-8-1A11		5.75%			02/25/2036		3,915,782
171,989,569	Fremont Home Loan Trust, Series 2006-D-1A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)		2.01%			11/25/2036		115,385,119
7,490,365	GCAT LLC, Series 2017-1-A1		3.38%	^ §		03/25/2047		7,459,226
46,273,000	GE-WMC Asset-Backed Pass-Through Certificates, Series 2005-2-A2D (1 Month LIBOR USD + 0.32%, 0.32% Floor)		2.19%			12/25/2035		44,304,695
5,799,593	GMACM Mortgage Loan Trust, Series 2005-AR5-3A1		3.93%	#		09/19/2035		5,559,028
7,982,975	GMACM Mortgage Loan Trust, Series 2005-J1-A14		5.50%			12/25/2035		7,762,311
38,355,927	GreenPoint Mortgage Funding Trust, Series 2005-AR3-2A1 (1 Month LIBOR USD + 0.26%, 0.26% Floor, 10.50% Cap)		2.13%			08/25/2045		27,621,852
39,554,284	GreenPoint Mortgage Funding Trust, Series 2007-AR2-1A3 (1 Month LIBOR USD + 0.24%, 0.24% Floor)		2.11%			04/25/2047		36,903,850
1,427,774	GS Mortgage Securities Corporation, Series 2008-2R-1A1		7.50%	# ^		09/25/2036		1,015,446
4,294,019	GS Mortgage Securities Corporation, Series 2009-3R-1A2		6.00%	# ^		04/25/2037		4,313,555
223,072	GSAA Home Equity Trust, Series 2005-12-AF3		5.07%	#		09/25/2035		186,245
14,252,857	GSAA Home Equity Trust, Series 2005-7-AF3		4.75%	#		05/25/2035		14,323,663
10,636,866	GSAA Home Equity Trust, Series 2006-10-AF3		5.98%	#		06/25/2036		5,371,818
7,612,987	GSAA Home Equity Trust, Series 2006-10-AF4		6.30%	ß		06/25/2036		3,842,849
14,350,897	GSAA Home Equity Trust, Series 2006-15-AF4		5.96%	ß		09/25/2036		7,595,871
2,452,388	GSAA Home Equity Trust, Series 2006-18-AF3A		5.77%	#		11/25/2036		1,365,633
5,344,721	GSAA Home Equity Trust, Series 2006-18-AF6		5.68%	ß		11/25/2036		2,796,805
5,795,347	GSAA Home Equity Trust, Series 2007-10-A1A		6.00%			11/25/2037		5,055,272
3,524,371	GSAA Home Equity Trust, Series 2007-10-A2A		6.50%			11/25/2037		2,609,038
27,516,613	GSAMP Trust, Series 2006-HE6-A3 (1 Month LIBOR USD + 0.15%, 0.15% Floor)		2.02%			08/25/2036		23,445,987
13,013,169	GSMPS Mortgage Loan Trust, Series 2005-RP2-1AF (1 Month LIBOR USD + 0.35%, 0.35% Floor)		2.22%	^		03/25/2035		12,257,518
13,013,169	GSMPS Mortgage Loan Trust, Series 2005-RP2-1AS		3.11%	# ^ I/O		03/25/2035		751,098
7,532,046	GSMPS Mortgage Loan Trust, Series 2005-RP3-1AF (1 Month LIBOR USD + 0.35%, 0.35% Floor, 9.50% Cap)		2.22%	^		09/25/2035		6,829,472
7,532,046	GSMPS Mortgage Loan Trust, Series 2005-RP3-1AS		2.97%	# ^ I/O		09/25/2035		608,924
28,958,675	GSMPS Mortgage Loan Trust, Series 2006-RP1-1AF1 (1 Month LIBOR USD + 0.35%, 0.35% Floor, 9.15% Cap)		2.22%	^		01/25/2036		25,183,793
28,958,675	GSMPS Mortgage Loan Trust, Series 2006-RP1-1AS		2.86%	# ^ I/O		01/25/2036		1,972,981
7,379,256	GSMSC Pass-Through Trust, Series 2009-3R-3A2		5.75%	# ^		04/25/2037		7,370,653
2,128,648	GSR Mortgage Loan Trust, Series 2005-1F-1A2		5.50%			02/25/2035		2,157,295
4,546,271	GSR Mortgage Loan Trust, Series 2005-1F-3A3		6.00%			01/25/2035		4,576,291
668,982	GSR Mortgage Loan Trust, Series 2005-6F-3A5		6.00%			07/25/2035		709,316
6,604,508	GSR Mortgage Loan Trust, Series 2005-6F-3A9 (-1 x 1 Month LIBOR USD + 6.90%, 6.90% Cap)		5.03%	I/F I/O		07/25/2035		677,154
453,914	GSR Mortgage Loan Trust, Series 2005-6F-4A1 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.00% Cap)		2.37%			07/25/2035		427,179
332,549	GSR Mortgage Loan Trust, Series 2005-7F-3A1 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.00% Cap)		2.37%			09/25/2035		321,867
10,747,796	GSR Mortgage Loan Trust, Series 2005-8F-3A5		6.00%			11/25/2035		8,759,340
3,818,650	GSR Mortgage Loan Trust, Series 2005-8F-4A1		6.00%			11/25/2035		3,415,523
1,106,332	GSR Mortgage Loan Trust, Series 2006-1F-1A2		5.50%			02/25/2036		1,223,891
858,048	GSR Mortgage Loan Trust, Series 2006-2F-2A3		5.75%			02/25/2036		831,991
3,232,474	GSR Mortgage Loan Trust, Series 2006-2F-3A3		6.00%			02/25/2036		2,707,662
3,882,039	GSR Mortgage Loan Trust, Series 2006-2F-3A6		6.00%			02/25/2036		3,251,766
12,454,273	GSR Mortgage Loan Trust, Series 2006-6F-2A3		6.00%			07/25/2036		10,813,762
6,228,101	GSR Mortgage Loan Trust, Series 2006-7F-3A4		6.25%			08/25/2036		4,212,867
4,707,851	GSR Mortgage Loan Trust, Series 2006-9F-2A1		6.00%			10/25/2036		4,579,759
20,420,791	GSR Mortgage Loan Trust, Series 2006-9F-4A1		6.50%			10/25/2036		18,182,458
78,569	GSR Mortgage Loan Trust, Series 2006-9F-8A1		5.50%			08/25/2021		75,623
1,347,606	GSR Mortgage Loan Trust, Series 2007-1F-2A2		5.50%			01/25/2037		1,582,793
2,197,095	GSR Mortgage Loan Trust, Series 2007-4F-1A1		5.00%			07/25/2037		2,505,579
28,307,524	GSR Mortgage Loan Trust, Series 2007-4F-3A11		6.00%			07/25/2037		26,119,545
1,494,325	HarborView Mortgage Loan Trust, Series 2005-14-3A1A		3.87%	#		12/19/2035		1,482,520
7,938,485	HarborView Mortgage Loan Trust, Series 2006-10-2A1A (1 Month LIBOR USD + 0.18%, 0.18% Floor)		1.99%			11/19/2036		7,740,423
16,715,036	HarborView Mortgage Loan Trust, Series 2006-11-A1A (1 Month LIBOR USD + 0.17%, 0.17% Floor)		1.98%			12/19/2036		15,233,559
69,042,889	HarborView Mortgage Loan Trust, Series 2006-14-1A1A (1 Month LIBOR USD + 0.18%, 0.18% Floor)		1.99%			01/25/2047		62,915,153
100,371,643	HarborView Mortgage Loan Trust, Series 2006-8-1A1 (1 Month LIBOR USD + 0.20%)		2.04%			07/21/2036		77,284,790
25,156,573	HarborView Mortgage Loan Trust, Series 2006-BU1-1A1A (1 Month LIBOR USD + 0.21%, 0.21% Floor, 10.50% Cap)		2.02%			02/19/2046		22,801,829
62,893,541	HarborView Mortgage Loan Trust, Series 2007-3-1A1A (1 Month LIBOR USD + 0.20%)		2.01%			05/19/2047		58,373,647
19,492,205	HarborView Mortgage Loan Trust, Series 2007-4-1A1 (1 Month LIBOR USD + 0.22%, 10.00% Cap)		2.03%			07/19/2047		18,914,142
32,299,802	HarborView Mortgage Loan Trust, Series 2007-7-1A1 (1 Month LIBOR USD + 1.00%, 10.50% Cap)		2.87%			10/25/2037		30,021,138
1,217,412	Home Equity Asset Trust, Series 2003-3-M1 (1 Month LIBOR USD + 1.29%, 0.86% Floor)		3.16%			08/25/2033		1,225,845
487,889	Home Equity Asset Trust, Series 2004-7-M2 (1 Month LIBOR USD + 0.99%, 0.66% Floor)		2.86%			01/25/2035		484,766
12,182,000	Home Equity Loan Trust, Series 2006-B-2A4 (1 Month LIBOR USD + 0.28%, 0.28% Floor)		2.15%			06/25/2036		11,159,805
13,866,004	Home Equity Loan Trust, Series 2007-FRE1-2AV2 (1 Month LIBOR USD + 0.16%, 0.16% Floor)		2.03%			04/25/2037		13,742,940
1,369,165	HomeBanc Mortgage Trust, Series 2005-1-M2 (1 Month LIBOR USD + 0.49%, 0.49% Floor, 11.50% Cap)		2.36%			03/25/2035		1,201,314
16,975,031	HomeBanc Mortgage Trust, Series 2005-3-A1 (1 Month LIBOR USD + 0.24%, 0.24% Floor, 11.50% Cap)		2.11%			07/25/2035		16,893,230
757,886	HomeBanc Mortgage Trust, Series 2006-1-3A1		3.35%	#		04/25/2037		766,597
29,496,350	HSI Asset Loan Obligation Trust, Series 2007-2-3A6		6.00%			09/25/2037		20,947,942
3,255,684	HSI Asset Loan Obligation Trust, Series 2007-AR1-3A1		3.64%	#		01/25/2037		2,999,019
20,558,042	Impac Secured Assets Trust, Series 2007-1-A2 (1 Month LIBOR USD + 0.16%, 0.16% Floor, 11.50% Cap)		2.03%			03/25/2037		18,806,415
751,672	Impac Trust, Series 2002-9F-A1		5.22%			12/25/2032		756,666
34,140,955	IndyMac IMSC Mortgage Loan Trust, Series 2007-F1-2A1		6.50%			06/25/2037		19,094,664
7,745,477	IndyMac INDX Mortgage Loan Trust, Series 2007-AR13-2A1		3.56%	#		07/25/2037		6,394,932
1,924,213	IndyMac Mortgage Loan Trust, Series 2006-AR2-1A1		3.61%	#		09/25/2036		1,768,509
5,426,442	IndyMac Mortgage Loan Trust, Series 2006-AR2-4A1		3.66%	#		09/25/2036		5,262,439
21,012,094	IndyMac Mortgage Loan Trust, Series 2006-AR3-1A1		3.69%	#		12/25/2036		20,193,026
7,327,187	IndyMac Mortgage Loan Trust, Series 2006-AR7-3A1		3.59%	#		05/25/2036		6,589,200
4,943,265	IndyMac Mortgage Loan Trust, Series 2007-A1-A1		6.00%			08/25/2037		4,156,098
3,618,856	IndyMac Mortgage Loan Trust, Series 2007-A1-A7		6.00%			08/25/2037		3,042,589
22,881,808	IndyMac Mortgage Loan Trust, Series 2007-A3-A1		6.25%			11/25/2037		18,687,083
9,565,788	IndyMac Mortgage Loan Trust, Series 2007-AR1-3A1		3.47%	#		03/25/2037		9,130,763
5,512,593	IndyMac Mortgage Loan Trust, Series 2007-AR3-3A1		3.41%	#		07/25/2037		5,172,736
528,252	IndyMac Mortgage Loan Trust, Series 2007-F2-1A2		6.00%			07/25/2037		491,198
25,635,460	IndyMac Mortgage Loan Trust, Series 2007-F2-2A1		6.50%			07/25/2037		16,779,778
119,737	Jefferies & Company, Inc., Series 2010-R1-1A1 (1 Month LIBOR USD + 6.00%)		6.00%	# ^		03/26/2037		120,105
6,449,282	Jefferies & Company, Inc., Series 2010-R4-1A4		6.00%	# ^ Þ		10/26/2036		6,439,334
11,773,409	JP Morgan Alternative Loan Trust, Series 2005-S1-2A11		6.00%			12/25/2035		11,413,096
3,774,304	JP Morgan Alternative Loan Trust, Series 2005-S1-2A9		6.00%			12/25/2035		3,658,795
3,906,013	JP Morgan Alternative Loan Trust, Series 2006-S1-1A8		5.75%			03/25/2036		3,482,929
14,824,611	JP Morgan Alternative Loan Trust, Series 2006-S2-A4		6.19%	ß		05/25/2036		14,066,774
2,448,142	JP Morgan Alternative Loan Trust, Series 2006-S4-A3A		5.78%	ß		12/25/2036		2,740,242
25,041,971	JP Morgan Alternative Loan Trust, Series 2006-S4-A4		5.96%	ß		12/25/2036		24,384,329
10,978,833	JP Morgan Mortgage Acquisition Trust, Series 2006-CH2-AF3		5.46%	ß		09/25/2029		9,110,841
4,174,266	JP Morgan Mortgage Acquisition Trust, Series 2006-WF1-A5		6.41%	ß		07/25/2036		2,160,889
23,000,000	JP Morgan Mortgage Acquisition Trust, Series 2007-CH1-AF5		4.96%	ß		11/25/2036		22,659,851
9,690,000	JP Morgan Mortgage Acquisition Trust, Series 2007-CH3-M2 (1 Month LIBOR USD + 0.32%, 0.32% Floor)		2.19%			03/25/2037		8,212,323
1,376,256	JP Morgan Mortgage Trust, Series 2005-A6-5A1		3.46%	#		08/25/2035		1,371,862
8,290,388	JP Morgan Mortgage Trust, Series 2005-S1-1A2		6.50%			01/25/2035		9,047,967
1,172,308	JP Morgan Mortgage Trust, Series 2005-S2-2A13		5.50%			09/25/2035		1,171,323
1,516,667	JP Morgan Mortgage Trust, Series 2006-S2-3A3		6.00%			07/25/2036		1,229,790
5,021,537	JP Morgan Mortgage Trust, Series 2006-S2-3A5		6.25%			07/25/2036		4,037,508
3,846,740	JP Morgan Mortgage Trust, Series 2006-S3-1A2		6.00%			08/25/2036		3,429,414
9,934,503	JP Morgan Mortgage Trust, Series 2006-S3-1A21 (1 Month LIBOR USD + 0.38%, 0.38% Floor, 7.50% Cap)		2.25%			08/25/2036		4,592,747
9,934,503	JP Morgan Mortgage Trust, Series 2006-S3-1A22 (-1 x 1 Month LIBOR USD + 7.12%, 7.12% Cap)		5.25%	I/F I/O		08/25/2036		2,840,853
1,792,444	JP Morgan Mortgage Trust, Series 2006-S3-1A9		6.00%			08/25/2036		1,597,994
8,512,648	JP Morgan Mortgage Trust, Series 2006-S4-A8 (1 Month LIBOR USD + 0.38%, 0.38% Floor, 7.00% Cap)		2.25%			01/25/2037		5,110,582
8,512,648	JP Morgan Mortgage Trust, Series 2006-S4-A9 (-1 x 1 Month LIBOR USD + 6.62%, 6.62% Cap)		4.75%	I/F I/O		01/25/2037		1,818,668
2,286,343	JP Morgan Mortgage Trust, Series 2007-A2-2A1		3.74%	#		04/25/2037		2,235,124
10,351,481	JP Morgan Mortgage Trust, Series 2007-S1-2A6		6.00%			03/25/2037		8,382,711
3,754,453	JP Morgan Mortgage Trust, Series 2007-S3-1A1		5.50%			08/25/2037		3,288,361
7,282,443	JP Morgan Mortgage Trust, Series 2007-S3-1A35		6.00%			08/25/2037		6,407,428
1,233,672	JP Morgan Mortgage Trust, Series 2007-S3-1A9		6.00%			08/25/2037		1,080,413
6,714,783	JP Morgan Mortgage Trust, Series 2007-S3-1A96		6.00%			08/25/2037		5,907,981
7,647,815	JP Morgan Mortgage Trust, Series 2007-S3-1A97		6.00%			08/25/2037		6,732,933
760,940	JP Morgan Mortgage Trust, Series 2007-S3-2A2		5.50%			08/25/2022		790,914
9,935,775	JP Morgan Resecuritization Trust, Series 2009-4-3A2		6.00%	^		02/26/2037		8,198,333
16,903,727	JP Morgan Resecuritization Trust, Series 2009-7-7A1		7.00%	# ^		09/27/2037		12,896,159
18,336,658	JP Morgan Resecuritization Trust, Series 2010-1-1A4		6.00%	^		02/26/2037		15,650,068
14,996,674	JP Morgan Resecuritization Trust, Series 2010-2-3A9		6.00%	^		07/26/2036		15,077,501
10,322	JP Morgan Resecuritization Trust, Series 2012-2-3A3		3.32%	# ^		10/26/2036		10,352
3,265,238	Lehman Mortgage Trust, Series 2005-2-3A5		5.50%			12/25/2035		3,004,923
2,914,212	Lehman Mortgage Trust, Series 2005-2-5A5		5.75%			12/25/2035		2,890,683
4,351,297	Lehman Mortgage Trust, Series 2005-3-2A1		6.00%			01/25/2036		4,314,106
370,530	Lehman Mortgage Trust, Series 2005-3-2A3		5.50%			01/25/2036		358,898
1,990,093	Lehman Mortgage Trust, Series 2005-3-2A7		6.00%			01/25/2036		1,972,373
1,781,975	Lehman Mortgage Trust, Series 2006-1-1A1 (1 Month LIBOR USD + 0.75%, 0.75% Floor, 5.50% Cap)		2.62%			02/25/2036		1,353,093
5,345,925	Lehman Mortgage Trust, Series 2006-1-1A2 (-1 x 1 Month LIBOR USD + 4.75%, 4.75% Cap)		2.88%	I/F I/O		02/25/2036		754,360
6,915,674	Lehman Mortgage Trust, Series 2006-1-3A1 (1 Month LIBOR USD + 0.75%, 0.75% Floor, 5.50% Cap)		2.62%			02/25/2036		6,408,029
6,915,674	Lehman Mortgage Trust, Series 2006-1-3A2 (-1 x 1 Month LIBOR USD + 4.75%, 4.75% Cap)		2.88%	I/F I/O		02/25/2036		445,864
4,455,710	Lehman Mortgage Trust, Series 2006-1-3A4		5.50%			02/25/2036		4,670,795
3,787,738	Lehman Mortgage Trust, Series 2006-4-1A3 (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		3.53%	I/F I/O		08/25/2036		509,316
2,407,404	Lehman Mortgage Trust, Series 2006-4-1A4		6.00%			08/25/2036		2,353,520
7,049,902	Lehman Mortgage Trust, Series 2006-5-2A1 (1 Month LIBOR USD + 0.35%, 0.35% Floor, 7.50% Cap)		2.22%			09/25/2036		2,341,676
14,684,869	Lehman Mortgage Trust, Series 2006-5-2A2 (-1 x 1 Month LIBOR USD + 7.15%, 7.15% Cap)		5.28%	I/F I/O		09/25/2036		3,506,930
11,034,162	Lehman Mortgage Trust, Series 2006-6-3A9		5.50%			10/25/2036		9,952,119
3,368,187	Lehman Mortgage Trust, Series 2006-6-4A5		6.00%			12/25/2036		3,192,868
3,727,567	Lehman Mortgage Trust, Series 2006-7-2A2 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		2.32%			11/25/2036		1,823,705
12,930,876	Lehman Mortgage Trust, Series 2006-7-2A5 (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		4.68%	I/F I/O		11/25/2036		2,985,719
3,069,549	Lehman Mortgage Trust, Series 2006-9-1A19 (-5 x 1 Month LIBOR USD + 30.68%, 30.68% Cap)		22.07%	I/F		01/25/2037		4,121,928
3,383,277	Lehman Mortgage Trust, Series 2006-9-1A5 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 5.75% Cap)		2.47%			01/25/2037		2,572,956
10,072,602	Lehman Mortgage Trust, Series 2006-9-1A6 (-1 x 1 Month LIBOR USD + 5.15%, 5.15% Cap)		3.28%	I/F I/O		01/25/2037		1,133,014
4,596,575	Lehman Mortgage Trust, Series 2006-9-2A1 (1 Month LIBOR USD + 0.38%, 0.38% Floor, 7.00% Cap)		2.25%			01/25/2037		2,225,326
8,783,722	Lehman Mortgage Trust, Series 2006-9-2A2 (-1 x 1 Month LIBOR USD + 6.62%, 6.62% Cap)		4.75%	I/F I/O		01/25/2037		2,106,878
8,753,309	Lehman Mortgage Trust, Series 2007-10-2A1		6.50%			01/25/2038		6,612,608
2,792,697	Lehman Mortgage Trust, Series 2007-2-1A1		5.75%			02/25/2037		2,529,012
3,090,041	Lehman Mortgage Trust, Series 2007-4-2A11 (1 Month LIBOR USD + 0.33%, 0.33% Floor, 7.00% Cap)		2.20%			05/25/2037		1,571,707
13,392,503	Lehman Mortgage Trust, Series 2007-4-2A8 (-1 x 1 Month LIBOR USD + 6.67%, 6.67% Cap)		4.80%	I/F I/O		05/25/2037		3,450,415
1,303,201	Lehman Mortgage Trust, Series 2007-4-2A9 (1 Month LIBOR USD + 0.33%, 0.33% Floor, 7.00% Cap)		2.20%			05/25/2037		699,646
12,209,250	Lehman Mortgage Trust, Series 2007-5-11A1		5.30%	#		06/25/2037		10,476,103
2,314,176	Lehman Mortgage Trust, Series 2007-5-3A4		5.00%			12/25/2035		2,132,779
1,546,604	Lehman Mortgage Trust, Series 2007-5-4A3 (-6 x 1 Month LIBOR USD + 40.08%, 40.08% Cap)		28.85%	I/F		08/25/2036		2,630,866
951,466	Lehman Mortgage Trust, Series 2007-5-7A3		7.50%			10/25/2036		778,926
422,399	Lehman Mortgage Trust, Series 2007-6-1A8		6.00%			07/25/2037		409,350
5,527,720	Lehman Mortgage Trust, Series 2008-2-1A6		6.00%			03/25/2038		4,299,462
710,674	Lehman XS Trust, Series 2005-10-2A3B		5.33%	ß		01/25/2036		765,240
10,056,659	Lehman XS Trust, Series 2005-4-2A3A		5.00%	ß		10/25/2035		10,252,486
15,695,168	Lehman XS Trust, Series 2006-5-1A1A (1 Month LIBOR USD + 0.21%, 0.21% Floor)		2.08%			04/25/2036		16,062,560
682,094	Lehman XS Trust, Series 2006-5-2A4A		5.89%	ß		04/25/2036		801,677
16,199,954	Lehman XS Trust, Series 2006-GP3-1A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor)		2.07%			06/25/2046		15,620,809
16,993,779	Lehman XS Trust, Series 2007-1-2A1		4.94%	#		02/25/2037		17,426,000
25,337,465	Lehman XS Trust, Series 2007-12N-1A3A (1 Month LIBOR USD + 0.20%, 0.20% Floor)		1.82%			07/25/2047		23,512,432
2,507,098	Long Beach Mortgage Loan Trust, Series 2006-WL1-2A3 (1 Month LIBOR USD + 0.24%, 0.24% Floor)		2.11%			01/25/2046		2,514,291
8,390,073	Luminent Mortgage Trust, Series 2005-1-A1 (1 Month LIBOR USD + 0.26%, 0.26% Floor, 11.50% Cap)		2.13%			11/25/2035		8,159,984
4,010,770	MASTR Adjustable Rate Mortgages Trust, Series 2005-2-2A1		3.53%	#		03/25/2035		3,171,270
2,950,283	MASTR Adjustable Rate Mortgages Trust, Series 2005-6-5A1		3.18%	#		07/25/2035		2,679,302
14,544,892	MASTR Adjustable Rate Mortgages Trust, Series 2007-1-2A1		3.67%	#		11/25/2036		13,421,385
1,761,763	MASTR Alternative Loans Trust, Series 2005-2-3A1		6.00%			03/25/2035		1,688,943
419,954	MASTR Alternative Loans Trust, Series 2005-5-2A3		5.50%			07/25/2025		401,051
3,768,714	MASTR Alternative Loans Trust, Series 2005-6-1A5		5.50%			12/25/2035		3,642,121
2,388,124	MASTR Alternative Loans Trust, Series 2006-3-1A2		6.25%			07/25/2036		2,154,328
3,820,586	MASTR Alternative Loans Trust, Series 2007-1-1A5		5.75%			10/25/2036		3,679,575
5,210,470	MASTR Alternative Loans Trust, Series 2007-1-2A7		6.00%			10/25/2036		3,530,392
4,732,343	MASTR Asset Backed Securities Trust, Series 2003-OPT1-M3 (1 Month LIBOR USD + 4.13%, 2.75% Floor)		6.00%			12/25/2032		4,964,653
13,623,546	MASTR Asset Backed Securities Trust, Series 2006-AM2-A3 (1 Month LIBOR USD + 0.17%, 0.17% Floor)		2.04%			06/25/2036		12,053,995
30,096,143	MASTR Asset Backed Securities Trust, Series 2007-HE1-A3 (1 Month LIBOR USD + 0.21%, 0.21% Floor)		2.08%			05/25/2037		28,660,584
4,786,645	MASTR Asset Securitization Trust, Series 2006-1-1A4		5.75%			05/25/2036		4,515,217
3,191,719	MASTR Asset Securitization Trust, Series 2006-2-1A11 (1 Month LIBOR USD + 6.00%, 6.00% Floor)		6.00%			06/25/2036		3,128,900
3,633,312	MASTR Asset Securitization Trust, Series 2007-1-1A3		6.25%			11/25/2037		2,942,150
17,220,144	MASTR Resecuritization Trust, Series 2008-4-A1		6.00%	# ^		06/27/2036		14,901,336
2,100,565	MASTR Seasoned Securitization Trust, Series 2005-2-1A4		6.00%			10/25/2032		2,172,737
1,202,939	MASTR Seasoned Securitization Trust, Series 2005-2-2A1 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 7.50% Cap)		2.27%			10/25/2032		1,134,636
20,736,192	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1-2A4 (1 Month LIBOR USD + 0.32%, 0.32% Floor, 7.00% Cap)		2.19%			03/25/2037		11,499,529
20,736,192	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1-2A5 (-1 x 1 Month LIBOR USD + 6.68%, 6.68% Cap)		4.81%	I/F I/O		03/25/2037		5,064,033
3,944,285	Merrill Lynch Mortgage Investors Trust, Series 2006-3-1A		3.52%	#		10/25/2036		3,869,178
1,921,679	Merrill Lynch Mortgage Investors Trust, Series 2006-F1-1A2		6.00%			04/25/2036		1,690,986
38,426,908	MFA Trust, Series 2017-NPL1-A1		3.35%	^ §		11/25/2047		38,275,802
65,626,006	Morgan Stanley Capital Trust, Series 2007-NC3-A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor)		2.07%	^		05/25/2037		46,356,360
36,363,072	Morgan Stanley Home Equity Loan Trust, Series 2007-1-A4 (1 Month LIBOR USD + 0.22%, 0.22% Floor)		2.09%			12/25/2036		22,607,249
1,520,374	Morgan Stanley Mortgage Loan Trust, Series 2005-10-1A1 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 5.75% Cap)		2.57%			12/25/2035		1,248,775
3,809,236	Morgan Stanley Mortgage Loan Trust, Series 2005-10-1A6		5.75%			12/25/2035		3,606,930
5,511,471	Morgan Stanley Mortgage Loan Trust, Series 2005-10-2A1		5.52%	#		12/25/2035		5,503,464
262,039	Morgan Stanley Mortgage Loan Trust, Series 2005-6AR-1A1 (1 Month LIBOR USD + 0.28%, 0.28% Floor)		2.15%			11/25/2035		263,855
5,797,422	Morgan Stanley Mortgage Loan Trust, Series 2006-11-1A6		6.23%	ß		08/25/2036		2,594,124
11,416,321	Morgan Stanley Mortgage Loan Trust, Series 2006-11-2A1		6.00%			08/25/2036		9,555,221
7,278,055	Morgan Stanley Mortgage Loan Trust, Series 2006-17XS-A3A		5.65%	ß		10/25/2046		4,051,461
2,344,930	Morgan Stanley Mortgage Loan Trust, Series 2006-17XS-A6		5.58%	ß		10/25/2046		1,144,020
5,060,527	Morgan Stanley Mortgage Loan Trust, Series 2006-2-2A3		5.75%			02/25/2036		5,079,725
30,631,464	Morgan Stanley Mortgage Loan Trust, Series 2006-7-3A		5.05%	#		06/25/2036		27,046,115
2,905,042	Morgan Stanley Mortgage Loan Trust, Series 2006-7-4A4		6.00%			06/25/2036		2,571,140
2,940,852	Morgan Stanley Mortgage Loan Trust, Series 2006-7-4A7		6.00%			06/25/2036		2,602,834
3,857,189	Morgan Stanley Mortgage Loan Trust, Series 2007-13-6A1		6.00%			10/25/2037		3,471,461
11,962,178	Morgan Stanley Mortgage Loan Trust, Series 2007-14AR-2A3		3.37%	#		10/25/2037		10,878,397
3,828,860	Morgan Stanley Mortgage Loan Trust, Series 2007-1XS-2A3		5.92%	ß		09/25/2046		1,847,021
2,723,358	Morgan Stanley Mortgage Loan Trust, Series 2007-1XS-2A4A		6.08%	ß		09/25/2046		1,503,095
1,099,498	Morgan Stanley Mortgage Loan Trust, Series 2007-3XS-1A2A		5.62%	ß		01/25/2047		1,022,807
7,615,267	Morgan Stanley Mortgage Loan Trust, Series 2007-3XS-2A3S		5.86%	ß		01/25/2047		4,523,081
4,454,213	Morgan Stanley Mortgage Loan Trust, Series 2007-3XS-2A4S		5.96%	ß		01/25/2047		2,645,211
4,799,959	Morgan Stanley Re-Remic Trust, Series 2010-R9-1B		6.00%	# ^		08/26/2036		3,634,173
28,107,005	Morgan Stanley Re-Remic Trust, Series 2010-R9-3C		6.00%	# ^		11/26/2036		28,014,033
4,272,627	Morgan Stanley Re-Remic Trust, Series 2011-R1-1A		5.94%	# ^		02/26/2037		4,500,476
14,945,183	New Century Alternative Mortgage Loan Trust, Series 2006-ALT1-AF3		6.17%	#		07/25/2036		8,717,757
33,589,250	New Century Home Equity Loan Trust, Series 2005-2-M3 (1 Month LIBOR USD + 0.74%, 0.49% Floor)		2.61%			06/25/2035		33,675,057
12,500,000	New Century Home Equity Loan Trust, Series 2006-1-A2C (1 Month LIBOR USD + 0.28%, 0.28% Floor, 12.50% Cap)		2.15%			05/25/2036		10,430,747
13,261,895	New Residential Mortgage Loan Trust, Series 2014-2A-A3		3.75%	# ^		05/25/2054		13,464,577
42,749,108	New Residential Mortgage Loan Trust, Series 2015-2A-A1		3.75%	# ^		08/25/2055		43,289,029
10,330,987	New Residential Mortgage Loan Trust, Series 2017-RPL1-A1		3.60%	^ §		04/25/2022		10,432,768
717,519	New York Mortgage Trust, Series 2005-2-A (1 Month LIBOR USD + 0.66%, 0.33% Floor, 10.50% Cap)		2.53%			08/25/2035		692,498
256,785	Nomura Asset Acceptance Corporation, Series 2005-AP1-2A5		4.86%	ß		02/25/2035		259,954
16,196,503	Nomura Asset Acceptance Corporation, Series 2006-AF1-1A2		6.16%	#		05/25/2036		6,833,928
3,291,419	Nomura Asset Acceptance Corporation, Series 2006-AF1-1A3		6.41%	#		05/25/2036		1,388,134
19,674,934	Nomura Asset Acceptance Corporation, Series 2006-AP1-A2		5.52%	#		01/25/2036		10,836,610
3,325,478	Nomura Asset Acceptance Corporation, Series 2006-AP1-A3		5.65%	#		01/25/2036		1,834,897
1,613,912	Nomura Asset Acceptance Corporation, Series 2006-WF1-A2		5.76%	#		06/25/2036		906,673
18,164,171	Nomura Home Equity Loan, Inc., Series 2006-AF1-A2		5.80%	ß		10/25/2036		7,846,613
3,324,243	Nomura Home Equity Loan, Inc., Series 2007-1-1A1		6.06%	ß		02/25/2037		1,743,970
16,568,796	Nomura Home Equity Loan, Inc., Series 2007-1-1A3		5.99%	ß		02/25/2037		8,693,198
58,503,385	Oak Hill Advisors Residential Loan Trust, Series 2017-NPL2-A1		3.00%	^ §		07/25/2057		58,169,606
48,099,880	Oaks Mortgage Trust, Series 2015-2-A3		3.50%	# ^		10/25/2045		47,629,959
89,000,000	OBX Trust, Series 2018-1-A2 (1 Month LIBOR USD + 0.65%)		2.53%	^		06/25/2057		89,223,844
1,044,141	Option One Mortgage Loan Trust, Series 2004-3-M3 (1 Month LIBOR USD + 0.98%, 0.65% Floor)		2.85%			11/25/2034		1,054,243
98,331,261	Option One Mortgage Loan Trust, Series 2007-6-1A1 (1 Month LIBOR USD + 0.19%, 0.19% Floor)		2.06%			07/25/2037		85,141,764
13,000,000	Park Place Securities, Inc., Series 2005-WHQ4-M2 (1 Month LIBOR USD + 0.49%, 0.49% Floor)		2.36%			09/25/2035		12,993,496
8,116,316	PHH Alternative Mortgage Trust, Series 2007-1-1A1 (1 Month LIBOR USD + 0.16%, 0.16% Floor, 10.10% Cap)		2.03%			02/25/2037		7,103,204
22,037,267	PHH Alternative Mortgage Trust, Series 2007-2-2A1		6.00%			05/25/2037		20,367,135
923,751	PHH Alternative Mortgage Trust, Series 2007-2-3A1		6.00%			05/25/2037		837,771
236,275,250	PR Mortgage Loan Trust, Series 2014-1-APT		5.91%	# ^		10/25/2049		210,119,840
39,866,181	Preston Ridge Partners Mortgage Trust, Series 2017-2A-A1		3.47%	^ §		09/25/2022		39,814,996
89,946,361	Pretium Mortgage Credit Partners LLC, Series 2017-NPL1-A1		3.50%	^ §		04/29/2032		90,090,796
74,925,579	Pretium Mortgage Credit Partners LLC, Series 2017-NPL2-A1		3.25%	^ §		03/28/2057		74,677,913
26,439,462	Pretium Mortgage Credit Partners LLC, Series 2017-NPL3-A1		3.25%	^ §		06/29/2032		26,373,369
15,086,850	Pretium Mortgage Credit Partners LLC, Series 2017-NPL5-A1		3.33%	# ^		12/30/2032		15,093,228
91,185,354	Pretium Mortgage Credit Partners LLC, Series 2018-NPL1-A1		3.38%	^ §		01/27/2033		91,135,229
11,107,574	Prime Mortgage Trust, Series 2006-DR1-2A1		5.50%	^		05/25/2035		8,118,406
5,243,639	Prime Mortgage Trust, Series 2006-DR1-2A2		6.00%	^		05/25/2035		3,911,687
57,332,646	PRPM LLC, Series 2017-3A-A1		3.47%	# ^		11/25/2022		57,392,914
30,082,870	RBSGC Structured Trust, Series 2008-B-A1		6.00%	^		06/25/2037		27,808,578
5,476,821	RBSSP Resecuritization Trust, Series 2010-4-7A2		6.00%	^		07/27/2037		4,613,224
29,990,674	RCO Trust, Series 2016-SFR1-A		3.75%	# ^		11/25/2051		30,087,754
9,151,985	RCO Trust, Series 2016-SFR1-M1		4.50%	# ^		11/25/2051		9,095,764
1,211,776	Renaissance Home Equity Loan Trust, Series 2006-1-AF6		5.75%	ß		05/25/2036		885,962
10,438,341	Renaissance Home Equity Loan Trust, Series 2006-4-AF4		5.47%	ß		01/25/2037		6,025,207
20,555,219	Renaissance Home Equity Loan Trust, Series 2006-4-AF5		5.69%	ß		01/25/2037		12,289,941
8,248,908	Renaissance Home Equity Loan Trust, Series 2007-1-AF1		5.74%	ß		04/25/2037		4,282,166
5,819,518	Renaissance Home Equity Loan Trust, Series 2007-1-AF1Z		5.35%	ß		04/25/2037		2,846,601
261,370	Renaissance Home Equity Loan Trust, Series 2007-1-AF2		5.51%	ß		04/25/2037		130,609
5,106,992	Renaissance Home Equity Loan Trust, Series 2007-1-AF3		5.61%	ß		04/25/2037		2,595,255
8,289,177	Renaissance Home Equity Loan Trust, Series 2007-1-AF5		5.91%	ß		04/25/2037		4,419,631
17,696,892	Renaissance Home Equity Loan Trust, Series 2007-2-AF2		5.68%	ß		06/25/2037		8,454,513
9,571,061	Renaissance Home Equity Loan Trust, Series 2007-2-AF5		6.20%	ß		06/25/2037		5,024,042
34,992,255	Residential Accredit Loans, Inc., Series 2005-QA11-4A1		4.16%	#		10/25/2035		30,164,279
19,475,394	Residential Accredit Loans, Inc., Series 2005-QA13-2A1		4.35%	#		12/25/2035		17,828,308
13,814,318	Residential Accredit Loans, Inc., Series 2005-QA3-CB1		4.10%	#		03/25/2035		9,293,015
517,483	Residential Accredit Loans, Inc., Series 2005-QS12-A11 (-11 x 1 Month LIBOR USD + 51.15%, 51.15% Cap)		30.56%	I/F		08/25/2035		798,070
2,102,604	Residential Accredit Loans, Inc., Series 2005-QS13-1A6		5.50%			09/25/2035		1,979,638
4,035,251	Residential Accredit Loans, Inc., Series 2005-QS13-2A1 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 5.75% Cap)		2.57%			09/25/2035		3,499,948
16,544,527	Residential Accredit Loans, Inc., Series 2005-QS13-2A2 (-1 x 1 Month LIBOR USD + 5.05%, 5.05% Cap)		3.18%	I/F I/O		09/25/2035		1,553,745
8,136,131	Residential Accredit Loans, Inc., Series 2005-QS14-2A1		6.00%			09/25/2035		5,835,477
3,221,231	Residential Accredit Loans, Inc., Series 2005-QS15-2A		6.00%			10/25/2035		2,905,960
4,040,711	Residential Accredit Loans, Inc., Series 2005-QS15-3A		6.00%			10/25/2035		3,922,149
4,157,112	Residential Accredit Loans, Inc., Series 2005-QS16-A1 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 5.50% Cap)		2.57%			11/25/2035		3,470,139
4,156,393	Residential Accredit Loans, Inc., Series 2005-QS16-A2 (-1 x 1 Month LIBOR USD + 4.80%, 4.80% Cap)		2.93%	I/F I/O		11/25/2035		358,937
2,011,208	Residential Accredit Loans, Inc., Series 2005-QS17-A1		6.00%			12/25/2035		1,968,074
1,393,664	Residential Accredit Loans, Inc., Series 2005-QS17-A10		6.00%			12/25/2035		1,363,774
5,828,906	Residential Accredit Loans, Inc., Series 2005-QS17-A11		6.00%			12/25/2035		5,703,895
4,143,003	Residential Accredit Loans, Inc., Series 2005-QS17-A2 (1 Month LIBOR USD + 0.85%, 0.85% Floor, 6.00% Cap)		2.72%			12/25/2035		3,410,406
4,143,003	Residential Accredit Loans, Inc., Series 2005-QS17-A4 (-1 x 1 Month LIBOR USD + 5.15%, 5.15% Cap)		3.28%	I/F I/O		12/25/2035		422,025
3,333,588	Residential Accredit Loans, Inc., Series 2005-QS17-A6		6.00%			12/25/2035		3,262,094
254,906	Residential Accredit Loans, Inc., Series 2005-QS1-A5		5.50%			01/25/2035		255,796
1,633,540	Residential Accredit Loans, Inc., Series 2005-QS5-A3		5.70%			04/25/2035		1,641,739
1,346,878	Residential Accredit Loans, Inc., Series 2005-QS9-A1 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 5.50% Cap)		2.37%			06/25/2035		1,172,839
3,270,857	Residential Accredit Loans, Inc., Series 2005-QS9-A4 (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		3.13%	I/F I/O		06/25/2035		285,793
1,666,391	Residential Accredit Loans, Inc., Series 2006-QS10-A4		5.75%			08/25/2036		1,502,748
10,784,738	Residential Accredit Loans, Inc., Series 2006-QS11-1A1		6.50%			08/25/2036		9,909,689
1,956,005	Residential Accredit Loans, Inc., Series 2006-QS12-1A1		6.50%			09/25/2036		1,493,879
4,474,319	Residential Accredit Loans, Inc., Series 2006-QS12-2A18		5.75%			09/25/2036		4,208,654
6,667,639	Residential Accredit Loans, Inc., Series 2006-QS14-A18		6.25%			11/25/2036		6,005,407
3,194,170	Residential Accredit Loans, Inc., Series 2006-QS15-A1		6.50%			10/25/2036		2,996,897
1,407,852	Residential Accredit Loans, Inc., Series 2006-QS16-A10		6.00%			11/25/2036		1,266,559
5,006,099	Residential Accredit Loans, Inc., Series 2006-QS16-A11		6.00%			11/25/2036		4,503,683
1,461,336	Residential Accredit Loans, Inc., Series 2006-QS16-A7		6.00%			11/25/2036		1,314,675
1,579,146	Residential Accredit Loans, Inc., Series 2006-QS16-A8		6.00%			11/25/2036		1,420,662
624,898	Residential Accredit Loans, Inc., Series 2006-QS16-A9		6.00%			11/25/2036		562,183
3,011,466	Residential Accredit Loans, Inc., Series 2006-QS17-A4		6.00%			12/25/2036		2,789,325
16,730,404	Residential Accredit Loans, Inc., Series 2006-QS17-A5		6.00%			12/25/2036		15,496,284
1,777,343	Residential Accredit Loans, Inc., Series 2006-QS1-A6 (-8 x 1 Month LIBOR USD + 42.86%, 42.86% Cap)		28.51%	I/F		01/25/2036		2,743,185
11,160,572	Residential Accredit Loans, Inc., Series 2006-QS3-1A11		6.00%			03/25/2036		10,650,534
2,678,024	Residential Accredit Loans, Inc., Series 2006-QS4-A8 (-8 x 1 Month LIBOR USD + 5,143.00%, 8.00% Cap)		8.00%	I/F		04/25/2036		2,611,528
7,366,848	Residential Accredit Loans, Inc., Series 2006-QS5-A3		6.00%			05/25/2036		6,913,462
21,955,979	Residential Accredit Loans, Inc., Series 2006-QS5-A4		6.00%			05/25/2036		20,604,716
2,814,890	Residential Accredit Loans, Inc., Series 2006-QS6-1A16		6.00%			06/25/2036		2,595,217
4,629,908	Residential Accredit Loans, Inc., Series 2006-QS6-1A2		6.00%			06/25/2036		4,268,592
9,831,989	Residential Accredit Loans, Inc., Series 2006-QS8-A1		6.00%			08/25/2036		9,070,169
17,050,104	Residential Accredit Loans, Inc., Series 2006-QS8-A5 (-1 x 1 Month LIBOR USD + 5.55%, 5.55% Cap)		3.68%	I/F I/O		08/25/2036		2,003,212
5,787,320	Residential Accredit Loans, Inc., Series 2006-QS9-1A6 (-1 x 1 Month LIBOR USD + 5.30%, 5.30% Cap)		3.43%	I/F I/O		07/25/2036		699,478
33,584,939	Residential Accredit Loans, Inc., Series 2007-QH5-AII (1 Month LIBOR USD + 0.23%, 0.23% Floor)		2.10%			06/25/2037		19,099,298
5,627,500	Residential Accredit Loans, Inc., Series 2007-QS11-A1		7.00%			10/25/2037		4,974,069
18,404,606	Residential Accredit Loans, Inc., Series 2007-QS1-1A2 (-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)		3.58%	I/F I/O		01/25/2037		1,871,629
1,852,619	Residential Accredit Loans, Inc., Series 2007-QS1-1A4		6.00%			01/25/2037		1,742,466
4,597,179	Residential Accredit Loans, Inc., Series 2007-QS1-2A10		6.00%			01/25/2037		4,185,272
800,515	Residential Accredit Loans, Inc., Series 2007-QS2-A6		6.25%			01/25/2037		746,367
31,000,367	Residential Accredit Loans, Inc., Series 2007-QS3-A1		6.50%			02/25/2037		28,217,229
4,943,202	Residential Accredit Loans, Inc., Series 2007-QS3-A4		6.25%			02/25/2037		4,443,567
7,937,732	Residential Accredit Loans, Inc., Series 2007-QS4-3A3		6.00%			03/25/2037		7,260,178
3,620,540	Residential Accredit Loans, Inc., Series 2007-QS5-A1		5.50%			03/25/2037		3,281,194
1,493,620	Residential Accredit Loans, Inc., Series 2007-QS5-A5 (1 Month LIBOR USD + 0.30%, 0.30% Floor, 7.00% Cap)		2.17%			03/25/2037		1,151,883
4,960,654	Residential Accredit Loans, Inc., Series 2007-QS5-A8 (-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)		4.83%	I/F I/O		03/25/2037		820,846
3,934,583	Residential Accredit Loans, Inc., Series 2007-QS6-A102		5.75%			04/25/2037		3,713,211
1,265,083	Residential Accredit Loans, Inc., Series 2007-QS6-A13 (-8 x 1 Month LIBOR USD + 55.00%, 55.00% Cap)		39.40%	I/F		04/25/2037		2,252,710
5,634,015	Residential Accredit Loans, Inc., Series 2007-QS6-A45		5.75%			04/25/2037		5,317,028
8,978,879	Residential Accredit Loans, Inc., Series 2007-QS6-A6		6.25%			04/25/2037		8,659,782
620,143	Residential Accredit Loans, Inc., Series 2007-QS6-A77 (-8 x 1 Month LIBOR USD + 55.83%, 55.83% Cap)		40.24%	I/F		04/25/2037		1,122,844
7,956,163	Residential Accredit Loans, Inc., Series 2007-QS7-2A1		6.75%			06/25/2037		5,236,601
31,970,412	Residential Accredit Loans, Inc., Series 2007-QS9-A33		6.50%			07/25/2037		29,400,716
4,185,346	Residential Asset Mortgage Products, Inc., Series 2004-RS7-A3		3.86%	#		07/25/2034		3,930,306
4,245,989	Residential Asset Mortgage Products, Inc., Series 2005-RS1-AI5		5.41%	ß		01/25/2035		4,272,986
40,413,306	Residential Asset Mortgage Products, Inc., Series 2005-RS9-AI4 (1 Month LIBOR USD + 0.32%, 0.32% Floor)		2.19%			11/25/2035		37,677,285
29,768,345	Residential Asset Mortgage Products, Inc., Series 2006-RS2-A3A (1 Month LIBOR USD + 0.30%, 0.30% Floor, 14.00% Cap)		2.17%			03/25/2036		29,257,125
8,368,540	Residential Asset Mortgage Products, Inc., Series 2006-RZ3-A3 (1 Month LIBOR USD + 0.29%, 0.29% Floor, 14.00% Cap)		2.16%			08/25/2036		8,368,141
12,760,000	Residential Asset Mortgage Products, Inc., Series 2006-RZ5-A3 (1 Month LIBOR USD + 0.25%, 0.25% Floor, 14.00% Cap)		2.12%			08/25/2046		12,770,268
27,100,365	Residential Asset Securities Corporation, Series 2005-KS11-M2 (1 Month LIBOR USD + 0.42%, 0.42% Floor, 14.00% Cap)		2.29%			12/25/2035		27,011,630
6,919,340	Residential Asset Securities Corporation, Series 2006-EMX5-A3 (1 Month LIBOR USD + 0.16%, 0.16% Floor, 14.00% Cap)		2.03%			07/25/2036		6,539,415
36,019,539	Residential Asset Securities Corporation, Series 2007-EMX1-A13 (1 Month LIBOR USD + 0.20%, 0.20% Floor, 14.00% Cap)		1.82%			01/25/2037		31,752,178
23,129,619	Residential Asset Securities Corporation, Series 2007-KS3-AI3 (1 Month LIBOR USD + 0.25%, 0.25% Floor, 14.00% Cap)		2.12%			04/25/2037		22,804,509
6,138,823	Residential Asset Securitization Trust, Series 2005-A11-2A4		6.00%			10/25/2035		4,954,844
2,877,804	Residential Asset Securitization Trust, Series 2005-A12-A7 (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		3.13%	I/F I/O		11/25/2035		358,740
2,604,900	Residential Asset Securitization Trust, Series 2005-A12-A8 (1 Month LIBOR USD + 0.55%, 0.55% Floor, 5.50% Cap)		2.42%			11/25/2035		1,975,631
11,141,749	Residential Asset Securitization Trust, Series 2005-A13-2A1		5.50%			10/25/2035		8,199,316
10,690,238	Residential Asset Securitization Trust, Series 2005-A15-5A3		5.75%			02/25/2036		8,375,953
1,963,936	Residential Asset Securitization Trust, Series 2005-A7-A3		5.50%			06/25/2035		1,723,768
5,059,412	Residential Asset Securitization Trust, Series 2005-A8CB-A11		6.00%			07/25/2035		4,751,847
5,053,193	Residential Asset Securitization Trust, Series 2005-A8CB-A2 (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		3.13%	I/F I/O		07/25/2035		637,710
6,117,659	Residential Asset Securitization Trust, Series 2006-A10-A5		6.50%			09/25/2036		4,353,651
901,058	Residential Asset Securitization Trust, Series 2006-A1-1A3		6.00%			04/25/2036		712,607
7,959,335	Residential Asset Securitization Trust, Series 2006-A12-A1		6.25%			11/25/2036		5,418,568
8,523,497	Residential Asset Securitization Trust, Series 2006-A13-A1		6.25%			12/25/2036		5,797,175
15,124,630	Residential Asset Securitization Trust, Series 2006-A1-3A2		6.00%			04/25/2036		12,950,560
15,352,866	Residential Asset Securitization Trust, Series 2006-A14C-2A6 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		2.32%			12/25/2036		5,181,110
33,881,473	Residential Asset Securitization Trust, Series 2006-A14C-2A7 (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		4.68%	I/F I/O		12/25/2036		8,198,320
7,474,750	Residential Asset Securitization Trust, Series 2006-A2-A11		6.00%			01/25/2046		5,690,166
5,175,067	Residential Asset Securitization Trust, Series 2006-A2-A4		6.00%			01/25/2046		3,939,537
684,533	Residential Asset Securitization Trust, Series 2006-A4-2A5		6.00%			05/25/2036		670,317
5,212,967	Residential Asset Securitization Trust, Series 2006-A4-2A9		6.00%			05/25/2036		5,104,707
4,333,543	Residential Asset Securitization Trust, Series 2006-A8-1A1		6.00%			08/25/2036		3,884,586
6,186,386	Residential Asset Securitization Trust, Series 2006-R1-A1 (-4 x 1 Month LIBOR USD + 28.40%, 28.40% Cap)		20.91%	I/F		01/25/2046		9,083,449
32,273,351	Residential Asset Securitization Trust, Series 2007-A2-1A2		6.00%			04/25/2037		29,197,426
996,532	Residential Asset Securitization Trust, Series 2007-A3-1A2 (-8 x 1 Month LIBOR USD + 46.38%, 46.38% Cap)		32.04%	I/F		04/25/2037		1,868,000
23,540,721	Residential Asset Securitization Trust, Series 2007-A5-1A4 (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		4.23%	I/F I/O		05/25/2037		4,397,237
6,063,075	Residential Asset Securitization Trust, Series 2007-A5-1A6 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 6.50% Cap)		2.27%			05/25/2037		1,087,383
6,785,160	Residential Asset Securitization Trust, Series 2007-A5-2A3		6.00%			05/25/2037		6,011,534
2,973,589	Residential Asset Securitization Trust, Series 2007-A5-2A5		6.00%			05/25/2037		2,634,548
12,785,191	Residential Asset Securitization Trust, Series 2007-A6-1A2		6.00%			06/25/2037		11,660,391
9,127,574	Residential Asset Securitization Trust, Series 2007-A7-A1		6.00%			07/25/2037		6,662,683
40,148,932	Residential Asset Securitization Trust, Series 2007-A7-A2		6.00%			07/25/2037		29,306,761
17,789,144	Residential Asset Securitization Trust, Series 2007-A7-A6		6.00%			07/25/2037		12,985,207
208,494	Residential Funding Mortgage Securities Trust, Series 2003-S16-A1		4.75%			09/25/2018		208,957
3,302,518	Residential Funding Mortgage Securities Trust, Series 2005-S9-A10		6.25%			12/25/2035		3,221,018
8,833,034	Residential Funding Mortgage Securities Trust, Series 2005-S9-A6		5.75%			12/25/2035		8,609,715
657,871	Residential Funding Mortgage Securities Trust, Series 2005-S9-A8		5.50%			12/25/2035		633,054
10,738,348	Residential Funding Mortgage Securities Trust, Series 2006-S10-1A1		6.00%			10/25/2036		10,225,106
18,777,927	Residential Funding Mortgage Securities Trust, Series 2006-S11-A1		6.00%			11/25/2036		17,714,822
3,480,265	Residential Funding Mortgage Securities Trust, Series 2006-S5-A12		6.00%			06/25/2036		3,453,928
238,274	Residential Funding Mortgage Securities Trust, Series 2006-S5-A15		6.00%			06/25/2036		236,470
6,115,272	Residential Funding Mortgage Securities Trust, Series 2006-S9-A1		6.25%			09/25/2036		5,967,777
8,185,757	Residential Funding Mortgage Securities Trust, Series 2007-S1-A7		6.00%			01/25/2037		7,901,039
4,034,211	Residential Funding Mortgage Securities Trust, Series 2007-S2-A1		6.00%			02/25/2037		3,862,328
4,544,983	Residential Funding Mortgage Securities Trust, Series 2007-S2-A4		6.00%			02/25/2037		4,351,338
8,484,963	Residential Funding Mortgage Securities Trust, Series 2007-S2-A5		6.00%			02/25/2037		8,123,451
1,325,917	Residential Funding Mortgage Securities Trust, Series 2007-S2-A9		6.00%			02/25/2037		1,269,425
3,901,411	Residential Funding Mortgage Securities Trust, Series 2007-S3-1A4		6.00%			03/25/2037		3,731,092
1,214,916	Residential Funding Mortgage Securities Trust, Series 2007-S4-A1		6.00%			04/25/2037		1,148,771
3,243,187	Residential Funding Mortgage Securities Trust, Series 2007-S4-A2		6.00%			04/25/2037		3,066,613
27,587,993	Residential Funding Mortgage Securities Trust, Series 2007-S5-A1		6.00%			05/25/2037		26,484,233
7,995,109	Residential Funding Mortgage Securities Trust, Series 2007-S5-A8		6.00%			05/25/2037		7,675,235
4,438,976	Residential Funding Mortgage Securities Trust, Series 2007-S6-2A4		6.00%			06/25/2037		4,222,130
21,438,307	Residential Funding Mortgage Securities Trust, Series 2007-S7-A20		6.00%			07/25/2037		20,474,704
10,117,829	Residential Funding Mortgage Securities Trust, Series 2007-S8-1A1		6.00%			09/25/2037		9,328,200
2,609,506	Residential Funding Mortgage Securities Trust, Series 2007-SA1-4A		4.98%	#		02/25/2037		2,196,123
8,857,507	Residential Funding Mortgage Securities Trust, Series 2007-SA2-2A1		4.16%	#		04/25/2037		8,527,406
27,991,563	RMAT LLC, Series 2015-PR2-A1		8.85%	^ §		11/25/2035		26,979,920
42,970,287	Saxon Asset Securities Trust, Series 2006-3-A3 (1 Month LIBOR USD + 0.17%, 0.17% Floor, 12.25% Cap)		2.04%			10/25/2046		42,112,781
337,355,344	Securitized Mortgage Asset Loan Trust, Series 2015-1-PC		2.41%	# ^ ¥		02/25/2054		284,977,183
66,173,321	Securitized Mortgage Asset Loan Trust, Series 2015-2-PC		0.00%	# ^ ¥		12/26/2059		62,093,603
101,456,744	Securitized Mortgage Asset Loan Trust, Series 2015-3-PC		0.00%	# ^ ¥		10/25/2044		97,456,517
174,968	Sequoia Mortgage Trust, Series 2003-4-2A1 (1 Month LIBOR USD + 0.35%, 0.35% Floor, 11.50% Cap)		2.17%			07/20/2033		169,426
9,612,592	Sequoia Mortgage Trust, Series 2013-2-A		1.87%	#		02/25/2043		8,811,892
11,491,810	Sequoia Mortgage Trust, Series 2013-6-A2		3.00%	#		05/25/2043		11,224,203
74,011,690	Sequoia Mortgage Trust, Series 2015-4-A1		3.00%	# ^		11/25/2030		73,514,406
132,469,497	Sequoia Mortgage Trust, Series 2016-1-A1		3.50%	# ^		06/25/2046		131,821,324
208,004,434	Sequoia Mortgage Trust, Series 2016-2-A1		3.50%	# ^		08/25/2046		206,612,052
15,720,129	SG Mortgage Securities Trust, Series 2006-FRE1-A1A (1 Month LIBOR USD + 0.17%, 0.17% Floor)		2.04%			02/25/2036		14,550,304
30,100,089	SG Mortgage Securities Trust, Series 2017-1-A1		3.71%	# ^		04/25/2047		29,864,150
55,102,465	Shellpoint Co-Originator Trust, Series 2015-1-A3		3.50%	# ^		08/25/2045		54,455,645
50,402,990	Sofi Mortgage Trust, Series 2016-1A-1A4		3.00%	# ^		11/25/2046		48,458,246
30,571,921	Soundview Home Loan Trust, Series 2007-NS1-A3 (1 Month LIBOR USD + 0.20%, 0.20% Floor)		2.07%			01/25/2037		30,043,849
5,456,995	Soundview Home Loan Trust, Series 2007-OPT1-2A2 (1 Month LIBOR USD + 0.15%, 0.15% Floor)		2.02%			06/25/2037		4,007,893
30,043,668	Soundview Home Loan Trust, Series 2007-OPT4-1A1 (1 Month LIBOR USD + 1.00%, 1.00% Floor)		2.87%			09/25/2037		23,915,571
12,311,285	STARM Mortgage Loan Trust, Series 2007-2-1A1		3.80%	#		04/25/2037		9,986,464
5,067,475	STARM Mortgage Loan Trust, Series 2007-3-1A1		3.71%	#		06/25/2037		4,801,508
4,269,451	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12-8A		3.50%	#		09/25/2034		4,226,007
8,274,684	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-22-4A1		3.73%	#		12/25/2035		7,965,877
5,618,598	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-12-2A1		3.69%	#		01/25/2037		5,181,500
2,405,721	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-1-8A1		3.74%	#		02/25/2036		2,075,244
4,065,946	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-6-3A1		3.64%	#		07/25/2036		3,598,352
14,494	Structured Asset Securities Corporation, Series 2003-18XS-A6		4.54%			06/25/2033		14,578
2,871,919	Structured Asset Securities Corporation, Series 2003-24A-1A3		3.53%	#		07/25/2033		2,899,081
5,639,483	Structured Asset Securities Corporation, Series 2003-35-1A1		5.17%	#		12/25/2033		5,808,559
1,222,838	Structured Asset Securities Corporation, Series 2004-11XS-2A2		5.40%			06/25/2034		1,857,985
17,772,576	Structured Asset Securities Corporation, Series 2005-10-1A1		5.75%			06/25/2035		17,264,355
812,481	Structured Asset Securities Corporation, Series 2005-10-6A1		5.00%			06/25/2020		825,126
1,268,923	Structured Asset Securities Corporation, Series 2005-14-1A1 (1 Month LIBOR USD + 0.30%, 0.30% Floor, 7.25% Cap)		2.17%			07/25/2035		1,038,292
505,050	Structured Asset Securities Corporation, Series 2005-14-1A4 (-4 x 1 Month LIBOR USD + 24.53%, 24.53% Cap)		16.18%	I/F		07/25/2035		564,617
22,782,430	Structured Asset Securities Corporation, Series 2005-14-4A1		5.75%			07/25/2035		22,975,292
1,722,839	Structured Asset Securities Corporation, Series 2005-15-1A1		5.50%			08/25/2035		1,811,176
4,687,320	Structured Asset Securities Corporation, Series 2005-15-2A7		5.50%			08/25/2035		4,711,073
6,701,198	Structured Asset Securities Corporation, Series 2005-15-3A1		4.78%	#		08/25/2035		6,576,489
5,072,945	Structured Asset Securities Corporation, Series 2005-16-1A2		5.50%			09/25/2035		5,088,089
4,632,406	Structured Asset Securities Corporation, Series 2005-16-3A1		6.00%			09/25/2035		3,750,350
5,937,788	Structured Asset Securities Corporation, Series 2005-3-1A6		5.75%			03/25/2035		5,697,258
49,990,125	Structured Asset Securities Corporation, Series 2006-BC4-A4 (1 Month LIBOR USD + 0.17%, 0.17% Floor)		2.04%			12/25/2036		48,583,428
105,699,106	Structured Asset Securities Corporation, Series 2007-4-1A3 (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		4.69%	^ I/F I/O Þ		03/28/2045		13,120,060
721,625	Suntrust Alternative Loan Trust, Series 2005-1F-2A3		5.75%			12/25/2035		711,695
1,153,416	Suntrust Alternative Loan Trust, Series 2006-1F-1A3		6.00%			04/25/2036		1,070,358
631,628	Thornburg Mortgage Securities Trust, Series 2003-6-A2 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 11.50% Cap)		2.37%			12/25/2033		582,758
5,772,295	Thornburg Mortgage Securities Trust, Series 2004-4-5A		3.12%	#		12/25/2044		5,705,095
17,169,441	Thornburg Mortgage Securities Trust, Series 2007-1-A1 (12 Month LIBOR USD + 1.30%, 0.11% Floor, 10.75% Cap)		3.98%			03/25/2037		16,445,261
3,578,951	Thornburg Mortgage Securities Trust, Series 2007-1-A2A (12 Month LIBOR USD + 1.30%, 0.11% Floor, 10.75% Cap)		3.98%			03/25/2037		3,118,330
10,615,682	Towd Point Mortgage Trust, Series 2015-1-AE		3.00%	^		10/25/2053		10,571,975
8,562,219	Towd Point Mortgage Trust, Series 2015-1-AES		3.00%	# ^		10/25/2053		8,559,343
6,694,455	Towd Point Mortgage Trust, Series 2015-2-1A12		2.75%	# ^		11/25/2060		6,634,995
17,837,017	Towd Point Mortgage Trust, Series 2015-2-1A13		2.50%	# ^		11/25/2060		17,581,887
50,732,991	Towd Point Mortgage Trust, Series 2015-5-A1B		2.75%	# ^		05/25/2055		50,459,180
63,411,579	Towd Point Mortgage Trust, Series 2015-6-A1B		2.75%	# ^		04/25/2055		62,894,293
37,276,194	US Residential Opportunity Fund Trust, Series 2017-1II-A		3.35%	^ §		11/27/2037		37,045,414
193,798,343	US Residential Opportunity Fund Trust, Series 2017-1III-A		3.35%	^ §		11/27/2037		193,784,099
66,480,718	US Residential Opportunity Fund Trust, Series 2017-1IV-A		3.35%	^ §		11/27/2037		66,045,103
20,137,588	Velocity Commercial Capital Loan Trust, Series 2016-1-AFX		3.53%	# ^		04/25/2046		20,071,812
46,119,817	Velocity Commercial Capital Loan Trust, Series 2017-2-AFX		3.07%	# ^		11/25/2047		45,843,145
28,481,884	VOLT LLC, Series 2017-NP10-A1		3.00%	^ §		10/25/2047		28,286,971
5,991,671	VOLT LLC, Series 2017-NPL1-A1		3.50%	^ §		02/25/2047		5,993,204
67,140,565	VOLT LLC, Series 2017-NPL2-A1		3.50%	^ §		03/25/2047		67,186,248
153,548,713	VOLT LLC, Series 2017-NPL3-A1		3.50%	^ §		03/25/2047		153,957,276
92,656,196	VOLT LLC, Series 2017-NPL4-A1		3.38%	^ §		04/25/2047		92,693,945
106,426,498	VOLT LLC, Series 2017-NPL5-A1		3.38%	^ §		05/28/2047		106,514,364
52,286,451	VOLT LLC, Series 2017-NPL6-A1		3.25%	^ §		05/25/2047		52,174,161
116,360,947	VOLT LLC, Series 2017-NPL7-A1		3.25%	^ §		06/25/2047		116,157,013
72,692,990	VOLT LLC, Series 2017-NPL8-A1		3.13%	^ §		06/25/2047		72,500,346
71,740,563	VOLT LLC, Series 2017-NPL9-A1		3.13%	^ §		09/25/2047		71,526,260
6,992,134	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-1-2A		6.00%			03/25/2035		6,598,063
2,641,211	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-4-5A1		5.50%			06/25/2035		2,587,196
1,072,610	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-5-CB12 (-11 x 1 Month LIBOR USD + 50.60%, 50.60% Cap)		30.01%	I/F		07/25/2035		1,658,743
3,473,375	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-5-CB6 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 7.50% Cap)		2.47%			07/25/2035		3,082,069
1,082,336	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-6-2A7		5.50%			08/25/2035		1,058,406
13,538,209	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-7-2CB6 (1 Month LIBOR USD + 1.45%, 1.45% Floor, 6.00% Cap)		3.32%			08/25/2035		12,916,632
1,230,746	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-7-2CB7 (-11 x 1 Month LIBOR USD + 50.05%, 50.05% Cap)		29.46%	I/F		08/25/2035		1,722,545
1,429,977	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-7-3CB		6.50%			08/25/2035		1,250,620
13,365,853	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-8-1A2		5.50%			10/25/2035		12,846,245
10,451,281	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-9-2A2		5.50%			11/25/2035		9,759,956
2,837,615	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-9-CX		5.50%	I/O		11/25/2035		601,008
4,112,858	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-1-3A1		5.75%			02/25/2036		3,941,994
2,082,583	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-1-3A2		5.75%			02/25/2036		1,996,065
1,768,881	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-1-3A7		5.75%			02/25/2036		1,695,395
4,360,234	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-3-3CB4		6.00%			04/25/2036		4,028,110
2,628,050	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-5-1A8		5.75%			07/25/2036		2,368,426
4,918,215	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-5-2CB1		6.00%			07/25/2036		4,070,477
8,933,549	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-5-2CB6		6.00%			07/25/2036		7,393,700
7,163,804	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-5-3A5		6.45%	ß		07/25/2036		3,237,084
4,022,282	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-9-A7		4.81%	ß		10/25/2036		2,194,848
9,994,400	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR10-1A1		3.27%	#		09/25/2036		9,729,258
16,797,850	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR15-1A (12 Month US Treasury Average + 0.84%, 0.84% Floor)		2.12%			11/25/2046		14,600,268
1,277,979	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6-2A3		3.32%	#		08/25/2036		1,238,975
13,987,106	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-2-1A2		6.00%			04/25/2037		12,301,888
14,310,232	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-2-1A6		6.00%			04/25/2037		12,586,083
6,917,589	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-3-A2		6.00%			04/25/2037		6,726,396
9,376,862	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-3-A3		6.00%			04/25/2037		9,117,697
7,991,166	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-4-1A1		5.50%			06/25/2037		7,974,142
397,192	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-5-A11 (-6 x 1 Month LIBOR USD + 39.48%, 39.48% Cap)		28.25%	I/F		06/25/2037		673,302
9,929,792	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-5-A6		6.00%			06/25/2037		9,926,059
17,051,771	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY3-4A1		3.46%	#		03/25/2037		16,963,477
19,627,851	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY5-1A1		3.01%	#		05/25/2037		18,091,822
15,850,974	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY6-2A3		3.16%	#		06/25/2037		15,250,498
11,754,209	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-OC1-A2 (1 Month LIBOR USD + 0.12%, 0.12% Floor)		1.99%			01/25/2047		10,702,298
1,772,054	Wells Fargo Alternative Loan Trust, Series 2007-PA1-A10		6.00%			03/25/2037		1,684,191
7,780,698	Wells Fargo Alternative Loan Trust, Series 2007-PA1-A3		6.00%			03/25/2037		7,394,911
6,708,664	Wells Fargo Alternative Loan Trust, Series 2007-PA1-A5		6.00%			03/25/2037		6,376,031
10,995,164	Wells Fargo Alternative Loan Trust, Series 2007-PA1-A6		6.00%			03/25/2037		10,449,995
45,623,683	Wells Fargo Alternative Loan Trust, Series 2007-PA2-1A1		6.00%			06/25/2037		45,750,390
6,778,546	Wells Fargo Alternative Loan Trust, Series 2007-PA2-3A1 (1 Month LIBOR USD + 0.35%, 0.35% Floor, 7.00% Cap)		2.22%			06/25/2037		4,993,498
9,985,847	Wells Fargo Alternative Loan Trust, Series 2007-PA2-3A2 (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		4.78%	I/F I/O		06/25/2037		1,845,085
640,013	Wells Fargo Alternative Loan Trust, Series 2007-PA3-1A4		5.75%			07/25/2037		601,287
14,442,965	Wells Fargo Alternative Loan Trust, Series 2007-PA3-2A1		6.00%			07/25/2037		14,242,336
5,738,283	Wells Fargo Alternative Loan Trust, Series 2007-PA3-2A4		6.00%			07/25/2037		5,658,572
11,822,047	Wells Fargo Alternative Loan Trust, Series 2007-PA3-3A1		6.25%			07/25/2037		11,210,400
5,501,929	Wells Fargo Alternative Loan Trust, Series 2007-PA3-4A3		6.50%			07/25/2037		5,162,430
82,169,750	Wells Fargo Alternative Loan Trust, Series 2007-PA5-1A1		6.25%			11/25/2037		80,046,393
7,280,834	Wells Fargo Alternative Loan Trust, Series 2007-PA6-A1		3.67%	#		12/28/2037		7,183,465
11,932,625	Wells Fargo Mortgage Backed Securities Trust, Series 2004-Y-3A3		3.74%	#		11/25/2034		12,293,175
18,972,359	Wells Fargo Mortgage Backed Securities Trust, Series 2005-17-1A1		5.50%			01/25/2036		18,766,717
26,790	Wells Fargo Mortgage Backed Securities Trust, Series 2005-4-A7 (-4 x 1 Month LIBOR USD + 23.89%, 23.89% Cap)		16.44%	I/F		04/25/2035		28,450
1,895,121	Wells Fargo Mortgage Backed Securities Trust, Series 2005-8-A1		5.50%			10/25/2035		1,957,168
1,351,742	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16-6A4		3.49%	#		10/25/2035		1,361,014
3,664,365	Wells Fargo Mortgage Backed Securities Trust, Series 2006-12-A3		6.00%			10/25/2036		3,691,190
4,590,254	Wells Fargo Mortgage Backed Securities Trust, Series 2006-14-A1		6.00%			10/25/2036		4,576,743
5,469,166	Wells Fargo Mortgage Backed Securities Trust, Series 2006-15-A1		6.00%			11/25/2036		5,484,857
66,169	Wells Fargo Mortgage Backed Securities Trust, Series 2006-2-1A4 (-3 x 1 Month LIBOR USD + 19.39%, 19.39% Cap)		14.24%	I/F		03/25/2036		75,249
2,983,124	Wells Fargo Mortgage Backed Securities Trust, Series 2006-2-3A1		5.75%			03/25/2036		2,941,326
16,128,543	Wells Fargo Mortgage Backed Securities Trust, Series 2006-3-A11		5.50%			03/25/2036		16,559,643
3,659,988	Wells Fargo Mortgage Backed Securities Trust, Series 2006-3-A6		5.50%			03/25/2036		3,610,741
201,551	Wells Fargo Mortgage Backed Securities Trust, Series 2006-4-2A2		5.50%			04/25/2036		197,267
2,312,710	Wells Fargo Mortgage Backed Securities Trust, Series 2006-6-2A1 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 7.50% Cap)		2.27%			05/25/2036		2,088,203
2,312,710	Wells Fargo Mortgage Backed Securities Trust, Series 2006-6-2A2 (-1 x 1 Month LIBOR USD + 7.10%, 7.10% Cap)		5.23%	I/F I/O		05/25/2036		337,182
1,876,715	Wells Fargo Mortgage Backed Securities Trust, Series 2006-9-2A1		0.00%	P/O		08/25/2036		1,255,011
1,876,715	Wells Fargo Mortgage Backed Securities Trust, Series 2006-9-2A2		6.00%	I/O		08/25/2036		407,774
7,673,389	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR12-1A1		3.75%	#		09/25/2036		7,682,788
4,119,390	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR13-A2		3.53%	#		09/25/2036		4,100,156
4,445,841	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR4-2A1		4.15%	#		04/25/2036		4,151,684
1,289,471	Wells Fargo Mortgage Backed Securities Trust, Series 2007-10-1A18		6.00%			07/25/2037		1,289,965
2,432,698	Wells Fargo Mortgage Backed Securities Trust, Series 2007-10-2A11		6.00%			07/25/2037		2,384,150
1,322,007	Wells Fargo Mortgage Backed Securities Trust, Series 2007-11-A14		6.00%			08/25/2037		1,298,822
2,638,588	Wells Fargo Mortgage Backed Securities Trust, Series 2007-11-A36		6.00%			08/25/2037		2,592,314
1,875,163	Wells Fargo Mortgage Backed Securities Trust, Series 2007-11-A96		6.00%			08/25/2037		1,842,277
24,122,016	Wells Fargo Mortgage Backed Securities Trust, Series 2007-14-1A1		6.00%			10/25/2037		23,924,788
14,193,573	Wells Fargo Mortgage Backed Securities Trust, Series 2007-2-1A1		6.00%			03/25/2037		14,182,187
821,426	Wells Fargo Mortgage Backed Securities Trust, Series 2007-2-1A18		5.75%			03/25/2037		815,546
1,850,068	Wells Fargo Mortgage Backed Securities Trust, Series 2007-2-1A9		6.00%			03/25/2037		1,848,584
412,733	Wells Fargo Mortgage Backed Securities Trust, Series 2007-2-3A2		5.25%			03/25/2037		423,110
1,534,919	Wells Fargo Mortgage Backed Securities Trust, Series 2007-3-1A3		6.00%			04/25/2037		1,540,144
1,418,736	Wells Fargo Mortgage Backed Securities Trust, Series 2007-4-A11		6.50%			04/25/2037		1,453,673
5,449,852	Wells Fargo Mortgage Backed Securities Trust, Series 2007-4-A15		6.00%			04/25/2037		5,504,554
3,214,570	Wells Fargo Mortgage Backed Securities Trust, Series 2007-4-A3		6.00%			04/25/2037		3,246,835
3,390,195	Wells Fargo Mortgage Backed Securities Trust, Series 2007-4-A8		6.00%			04/25/2037		3,424,223
3,570,284	Wells Fargo Mortgage Backed Securities Trust, Series 2007-6-A4		6.00%			05/25/2037		3,583,910
1,706,055	Wells Fargo Mortgage Backed Securities Trust, Series 2007-6-A6		6.00%			05/25/2037		1,712,567
5,619,232	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A1		6.00%			06/25/2037		5,598,888
390,807	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A32		5.75%			06/25/2037		386,093
12,654,097	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A34		6.00%			06/25/2037		12,608,283
3,427,346	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A36		6.00%			06/25/2037		3,414,937
1,165,586	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A43 (1 Month LIBOR USD + 0.50% , 0.50% Floor, 7.00% Cap)		2.37%			06/25/2037		1,001,051
3,184,357	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A49		6.00%			06/25/2037		3,172,828
1,348,088	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A8 (1 Month LIBOR USD + 0.50% , 0.50% Floor, 7.00% Cap)		2.37%			06/25/2037		1,157,790
608,146	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A9 (-6 x 1 Month LIBOR USD + 39.00% , 39.00% Cap)		27.77%	I/F		06/25/2037		918,553
983,016	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8-1A13 (1 Month LIBOR USD + 0.37% , 0.37% Floor, 7.00% Cap)		2.24%			07/25/2037		909,929
983,016	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8-1A14 (-6 x 1 Month LIBOR USD + 39.78%, 39.78% Cap)		28.55%	I/F		07/25/2037		1,333,125
15,974,010	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8-1A16		6.00%			07/25/2037		15,976,147
10,659,211	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8-1A2		6.00%			07/25/2037		10,660,637
1,506,903	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8-1A20		6.00%			07/25/2037		1,507,105
13,463,187	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8-1A22		6.00%			07/25/2037		13,465,001
4,685,702	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8-1A3		6.00%			07/25/2037		4,686,331
6,099,693	Wells Fargo Mortgage Backed Securities Trust, Series 2007-8-2A9		6.00%			07/25/2037		6,608,270
40,743,637	Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR9-A1		3.69%	#		12/28/2037		38,672,915
17,861,601	WinWater Mortgage Loan Trust, Series 2015-4-A5		3.50%	# ^		06/20/2045		17,936,959
131,801,176	WinWater Mortgage Loan Trust, Series 2015-5-A3		3.50%	# ^		08/20/2045		131,121,543
21,310,416	WinWater Mortgage Loan Trust, Series 2016-1-1A5		3.50%	# ^		01/20/2046		21,106,989
Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $13,277,132,943)								13,325,205,289
US Corporate Bonds - 0.1%
4,915,000	American Express Credit Corporation (3 Month LIBOR USD + 0.55%)		2.73%			03/18/2019		4,929,294
5,000,000	American Express Credit Corporation (3 Month LIBOR USD + 0.33%)		2.12%			05/03/2019		5,006,592
2,085,000	American Express Credit Corporation (3 Month LIBOR USD + 0.43%)		2.45%			03/03/2020		2,093,404
5,915,000	BB&T Corporation (3 Month LIBOR USD + 0.57%)		2.69%			06/15/2020		5,941,877
2,000,000	Chevron Corporation (3 Month LIBOR USD + 0.41%)		2.25%			11/15/2019		2,010,219
3,150,000	Citibank N.A. (3 Month LIBOR USD + 0.34%)		2.54%			03/20/2019		3,154,156
2,600,000	Citibank N.A. (3 Month LIBOR USD + 0.50%)		2.57%			06/12/2020		2,615,235
12,500,000	Consolidated Edison, Inc.		5.85%			04/01/2018		12,500,000
1,500,000	Daimler Finance North America LLC (3 Month LIBOR USD + 0.74%)		2.44%	^		07/05/2019		1,509,879
5,000,000	Daimler Finance North America LLC (3 Month LIBOR USD + 0.43%)		2.24%	^		02/12/2021		5,003,872
12,500,000	JPMorgan Chase & Company (3 Month LIBOR USD + 0.84%)		3.09%			03/22/2019		12,567,120
3,040,000	Medtronic, Inc. (3 Month LIBOR USD + 0.80%)		2.92%			03/15/2020		3,077,136
6,000,000	Morgan Stanley (3 Month LIBOR USD + 0.55%)		2.29%			02/10/2021		6,004,920
5,000,000	Oracle Corporation		5.75%			04/15/2018		5,004,669
3,000,000	PepsiCo, Inc. (3 Month LIBOR USD + 0.04%)		1.82%			05/02/2019		2,998,833
411,000	Wells Fargo & Company (3 Month LIBOR USD + 0.88%)		2.62%			07/22/2020		414,927
1,000,000	Wells Fargo & Company (3 Month LIBOR USD + 1.01%)		3.04%			12/07/2020		1,012,386
Total US Corporate Bonds (Cost $75,816,463)								75,844,519
US Government and Agency Mortgage Backed Obligations - 47.6%
74,375,000	Federal Home Loan Mortgage Corporation		1.00%			10/11/2018		73,994,646
8,464,252	Federal Home Loan Mortgage Corporation, Pool C0-3490		4.50%			08/01/2040		8,956,686
51,813,402	Federal Home Loan Mortgage Corporation, Pool C9-1388		3.50%			02/01/2032		52,935,573
27,386,738	Federal Home Loan Mortgage Corporation, Pool C9-1403		3.50%			03/01/2032		27,980,610
26,559,793	Federal Home Loan Mortgage Corporation, Pool C9-1413		3.50%			12/01/2031		27,135,622
13,425,092	Federal Home Loan Mortgage Corporation, Pool C9-1417		3.50%			01/01/2032		13,716,178
55,960,126	Federal Home Loan Mortgage Corporation, Pool C9-1447		3.50%			05/01/2032		57,173,697
62,894,523	Federal Home Loan Mortgage Corporation, Pool C9-1594		3.00%			01/01/2033		63,079,753
18,732,313	Federal Home Loan Mortgage Corporation, Pool C9-1596		3.00%			02/01/2033		18,787,515
9,466,266	Federal Home Loan Mortgage Corporation, Pool D9-8901		3.50%			01/01/2032		9,671,506
25,060,082	Federal Home Loan Mortgage Corporation, Pool D9-8923		3.50%			01/01/2032		25,601,643
23,702,533	Federal Home Loan Mortgage Corporation, Pool D9-9724		3.00%			11/01/2032		23,772,356
21,052,257	Federal Home Loan Mortgage Corporation, Pool G0-1840		5.00%			07/01/2035		22,705,361
4,339,672	Federal Home Loan Mortgage Corporation, Pool G0-4817		5.00%			09/01/2038		4,677,946
21,234,774	Federal Home Loan Mortgage Corporation, Pool G0-7801		4.00%			10/01/2044		21,934,338
41,303,142	Federal Home Loan Mortgage Corporation, Pool G0-7862		4.00%			01/01/2044		42,674,518
46,982,377	Federal Home Loan Mortgage Corporation, Pool G0-7905		4.00%			01/01/2042		48,641,220
77,408,727	Federal Home Loan Mortgage Corporation, Pool G0-8534		3.00%			06/01/2043		76,034,760
25,044,378	Federal Home Loan Mortgage Corporation, Pool G0-8537		3.00%			07/01/2043		24,586,684
59,390,819	Federal Home Loan Mortgage Corporation, Pool G0-8614		3.00%			11/01/2044		58,167,324
69,732,614	Federal Home Loan Mortgage Corporation, Pool G0-8619		3.00%			12/01/2044		68,296,043
93,950,733	Federal Home Loan Mortgage Corporation, Pool G0-8622		3.00%			01/01/2045		92,015,219
179,902,400	Federal Home Loan Mortgage Corporation, Pool G0-8626		3.00%			02/01/2045		176,196,716
98,038,595	Federal Home Loan Mortgage Corporation, Pool G0-8631		3.00%			03/01/2045		95,992,592
250,985,060	Federal Home Loan Mortgage Corporation, Pool G0-8635		3.00%			04/01/2045		245,678,827
74,162,686	Federal Home Loan Mortgage Corporation, Pool G0-8640		3.00%			05/01/2045		72,574,476
384,708,684	Federal Home Loan Mortgage Corporation, Pool G0-8648		3.00%			06/01/2045		376,366,545
74,554,438	Federal Home Loan Mortgage Corporation, Pool G0-8653		3.00%			07/01/2045		72,897,519
41,363,339	Federal Home Loan Mortgage Corporation, Pool G0-8658		3.00%			08/01/2045		40,443,835
49,404,434	Federal Home Loan Mortgage Corporation, Pool G0-8670		3.00%			10/01/2045		48,266,166
582,202,658	Federal Home Loan Mortgage Corporation, Pool G0-8675		3.00%			11/01/2045		568,628,178
253,280,402	Federal Home Loan Mortgage Corporation, Pool G0-8680		3.00%			12/01/2045		247,309,970
175,849,070	Federal Home Loan Mortgage Corporation, Pool G0-8686		3.00%			01/01/2046		171,654,377
230,521,798	Federal Home Loan Mortgage Corporation, Pool G0-8692		3.00%			02/01/2046		225,022,228
462,163,987	Federal Home Loan Mortgage Corporation, Pool G0-8697		3.00%			03/01/2046		451,145,609
632,931,514	Federal Home Loan Mortgage Corporation, Pool G0-8705		3.00%			05/01/2046		617,840,977
165,096,559	Federal Home Loan Mortgage Corporation, Pool G0-8721		3.00%			09/01/2046		161,157,393
89,234,579	Federal Home Loan Mortgage Corporation, Pool G0-8741		3.00%			01/01/2047		87,021,210
10,252,706	Federal Home Loan Mortgage Corporation, Pool G0-8747		3.00%			02/01/2047		10,002,804
67,489,324	Federal Home Loan Mortgage Corporation, Pool G6-0251		3.50%			10/01/2045		67,664,646
227,144,488	Federal Home Loan Mortgage Corporation, Pool G6-0393		3.50%			01/01/2046		228,284,910
95,206,207	Federal Home Loan Mortgage Corporation, Pool J2-2834		2.50%			03/01/2028		93,909,661
66,803,224	Federal Home Loan Mortgage Corporation, Pool Q1-3637		3.00%			11/01/2042		65,634,440
67,634,514	Federal Home Loan Mortgage Corporation, Pool Q1-3638		3.00%			11/01/2042		66,451,628
111,857,190	Federal Home Loan Mortgage Corporation, Pool Q1-6672		3.00%			03/01/2043		109,899,611
6,811,399	Federal Home Loan Mortgage Corporation, Pool Q2-3595		4.00%			12/01/2043		7,049,739
9,014,629	Federal Home Loan Mortgage Corporation, Pool Q2-4052		4.00%			01/01/2044		9,330,072
7,678,387	Federal Home Loan Mortgage Corporation, Pool Q2-4172		4.00%			01/01/2044		7,947,000
6,313,400	Federal Home Loan Mortgage Corporation, Pool Q2-4979		4.00%			02/01/2044		6,532,183
52,996,720	Federal Home Loan Mortgage Corporation, Pool Q3-1596		3.50%			02/01/2045		53,196,855
19,072,393	Federal Home Loan Mortgage Corporation, Pool Q3-2861		3.50%			04/01/2045		19,156,349
51,196,831	Federal Home Loan Mortgage Corporation, Pool Q3-2921		3.50%			04/01/2045		51,390,159
31,954,386	Federal Home Loan Mortgage Corporation, Pool Q3-9502		3.50%			03/01/2046		32,114,711
98,221,149	Federal Home Loan Mortgage Corporation, Pool Q4-4073		3.00%			09/01/2046		95,878,147
68,225,619	Federal Home Loan Mortgage Corporation, Pool Q4-4452		3.00%			11/01/2046		66,576,605
59,054,686	Federal Home Loan Mortgage Corporation, Pool Q4-4665		3.00%			11/01/2046		57,642,626
7,627,707	Federal Home Loan Mortgage Corporation, Pool T6-0392		4.00%			10/01/2041		7,716,811
6,524,403	Federal Home Loan Mortgage Corporation, Pool T6-0681		4.00%			05/01/2042		6,600,666
21,781,262	Federal Home Loan Mortgage Corporation, Pool T6-0782		3.50%			07/01/2042		21,796,195
37,173,338	Federal Home Loan Mortgage Corporation, Pool T6-0853		3.50%			09/01/2042		37,198,903
30,037,293	Federal Home Loan Mortgage Corporation, Pool T6-0854		3.50%			09/01/2042		30,057,952
3,097,736	Federal Home Loan Mortgage Corporation, Pool T6-5110		3.50%			10/01/2042		3,099,846
4,710,374	Federal Home Loan Mortgage Corporation, Pool T6-9016		5.00%			06/01/2041		4,934,912
27,694,611	Federal Home Loan Mortgage Corporation, Pool T6-9050		3.50%			05/01/2046		27,713,619
613,521	Federal Home Loan Mortgage Corporation, Pool U6-0299		4.00%			11/01/2040		635,885
154,242,469	Federal Home Loan Mortgage Corporation, Pool V8-1821		3.00%			08/01/2045		150,855,639
41,475,026	Federal Home Loan Mortgage Corporation, Pool V8-2117		3.00%			12/01/2045		40,522,463
47,824,140	Federal Home Loan Mortgage Corporation, Pool V8-2209		3.50%			02/01/2046		48,064,258
15,681,343	Federal Home Loan Mortgage Corporation, Pool V8-2248		3.50%			03/01/2046		15,743,082
123,644,380	Federal Home Loan Mortgage Corporation, Pool V8-2851		3.00%			01/01/2047		120,681,526
66,206,485	Federal Home Loan Mortgage Corporation, Series 2015-SC02-1A		3.00%			09/25/2045		63,453,249
44,264,045	Federal Home Loan Mortgage Corporation, Series 2016-SC01-1A		3.00%			07/25/2046		42,561,181
1,479,187	Federal Home Loan Mortgage Corporation, Series 2519-ZD		5.50%			11/15/2032		1,581,243
894,471	Federal Home Loan Mortgage Corporation, Series 2596-ZL		5.00%			04/15/2033		957,769
47,546,354	Federal Home Loan Mortgage Corporation, Series 267-30		3.00%			08/15/2042		46,878,278
456,711	Federal Home Loan Mortgage Corporation, Series 2684-ZN		4.00%			10/15/2033		468,076
89,483,343	Federal Home Loan Mortgage Corporation, Series 269-30		3.00%			08/15/2042		88,277,860
38,424,018	Federal Home Loan Mortgage Corporation, Series 274-30		3.00%			08/15/2042		37,927,784
3,260,217	Federal Home Loan Mortgage Corporation, Series 2750-ZT		5.00%			02/15/2034		3,504,624
113,838,154	Federal Home Loan Mortgage Corporation, Series 280-30		3.00%			09/15/2042		112,348,128
12,193,546	Federal Home Loan Mortgage Corporation, Series 3819-MS (-1 x 1 Month LIBOR USD + 6.47%, 6.47% Cap)		4.69%	I/F I/O		06/15/2040		1,279,996
8,342,984	Federal Home Loan Mortgage Corporation, Series 2825-PZ		5.50%			07/15/2034		9,078,275
26,641,533	Federal Home Loan Mortgage Corporation, Series 284-300		3.00%			10/15/2042		26,354,838
5,217,826	Federal Home Loan Mortgage Corporation, Series 2898-JZ		5.00%			12/15/2034		5,629,035
11,846,574	Federal Home Loan Mortgage Corporation, Series 2899-AZ		5.00%			12/15/2034		12,742,924
8,686,754	Federal Home Loan Mortgage Corporation, Series 2909-Z		5.00%			12/15/2034		9,343,007
14,412,717	Federal Home Loan Mortgage Corporation, Series 2932-Z		5.00%			02/15/2035		15,513,687
1,491,097	Federal Home Loan Mortgage Corporation, Series 2990-JL (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		4.87%	I/F I/O		03/15/2035		114,137
5,202,196	Federal Home Loan Mortgage Corporation, Series 3002-SN (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)		4.72%	I/F I/O		07/15/2035		639,464
3,495,950	Federal Home Loan Mortgage Corporation, Series 3030-SL (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		4.32%	I/F I/O		09/15/2035		419,059
1,037,961	Federal Home Loan Mortgage Corporation, Series 3045-DI (-1 x 1 Month LIBOR USD + 6.73%, 6.73% Cap)		4.95%	I/F I/O		10/15/2035		137,419
8,520,389	Federal Home Loan Mortgage Corporation, Series 3116-Z		5.50%			02/15/2036		9,426,162
1,531,157	Federal Home Loan Mortgage Corporation, Series 3117-ZN		4.50%			02/15/2036		1,583,079
4,288,361	Federal Home Loan Mortgage Corporation, Series 3174-PZ		5.00%			01/15/2036		4,567,819
1,022,296	Federal Home Loan Mortgage Corporation, Series 3187-JZ		5.00%			07/15/2036		1,107,133
2,744,270	Federal Home Loan Mortgage Corporation, Series 3188-ZK		5.00%			07/15/2036		2,952,038
4,558,642	Federal Home Loan Mortgage Corporation, Series 3203-SE (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)		4.72%	I/F I/O		08/15/2036		735,135
6,192,006	Federal Home Loan Mortgage Corporation, Series 3203-Z		5.00%			07/15/2036		6,616,183
9,811,278	Federal Home Loan Mortgage Corporation, Series 3203-ZC		5.00%			07/15/2036		10,483,388
5,316,953	Federal Home Loan Mortgage Corporation, Series 3261-SA (-1 x 1 Month LIBOR USD + 6.43%, 6.43% Cap)		4.65%	I/F I/O		01/15/2037		776,103
21,230,883	Federal Home Loan Mortgage Corporation, Series 326-300		3.00%			03/15/2044		21,006,212
70,676	Federal Home Loan Mortgage Corporation, Series 3267-BA		5.80%			11/15/2036		71,027
6,544,749	Federal Home Loan Mortgage Corporation, Series 3275-SC (-1 x 1 Month LIBOR USD + 6.08%, 6.08% Cap)		4.30%	I/F I/O		02/15/2037		775,824
2,104,082	Federal Home Loan Mortgage Corporation, Series 3315-HZ		6.00%			05/15/2037		2,140,623
5,285,354	Federal Home Loan Mortgage Corporation, Series 3326-GS (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		4.87%	I/F I/O		06/15/2037		560,185
1,052,978	Federal Home Loan Mortgage Corporation, Series 3351-ZC		5.50%			07/15/2037		1,152,188
11,724,522	Federal Home Loan Mortgage Corporation, Series 3355-BI (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		4.27%	I/F I/O		08/15/2037		1,505,165
766,093	Federal Home Loan Mortgage Corporation, Series 3369-Z		6.00%			09/15/2037		809,672
1,549,269	Federal Home Loan Mortgage Corporation, Series 3405-ZG		5.50%			01/15/2038		1,659,459
3,387,990	Federal Home Loan Mortgage Corporation, Series 3417-SI (-1 x 1 Month LIBOR USD + 6.18%, 6.18% Cap)		4.40%	I/F I/O		02/15/2038		380,755
3,890,623	Federal Home Loan Mortgage Corporation, Series 3423-GS (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)		3.87%	I/F I/O		03/15/2038		355,357
638,881	Federal Home Loan Mortgage Corporation, Series 3423-SG (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)		3.87%	I/F I/O		03/15/2038		50,569
813,405	Federal Home Loan Mortgage Corporation, Series 3451-S (-1 x 1 Month LIBOR USD + 6.03%, 6.03% Cap)		4.25%	I/F I/O		02/15/2037		77,180
907,144	Federal Home Loan Mortgage Corporation, Series 3455-SC (-1 x 1 Month LIBOR USD + 6.06%, 6.06% Cap)		4.28%	I/F I/O		06/15/2038		95,061
785,530	Federal Home Loan Mortgage Corporation, Series 3473-SM (-1 x 1 Month LIBOR USD + 6.07%, 6.07% Cap)		4.29%	I/F I/O		07/15/2038		69,794
5,854,332	Federal Home Loan Mortgage Corporation, Series 3484-SE (-1 x 1 Month LIBOR USD + 5.85%, 5.85% Cap)		4.07%	I/F I/O		08/15/2038		708,815
5,823,744	Federal Home Loan Mortgage Corporation, Series 3519-SD (-1 x 1 Month LIBOR USD + 5.55%, 5.55% Cap)		3.77%	I/F I/O		02/15/2038		724,471
1,996,316	Federal Home Loan Mortgage Corporation, Series 3524-LB		3.86%			06/15/2038		2,010,537
145,297	Federal Home Loan Mortgage Corporation, Series 3530-GZ		4.50%			05/15/2039		140,222
7,344,529	Federal Home Loan Mortgage Corporation, Series 3541-EI (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		4.97%	I/F I/O		06/15/2039		1,111,198
1,183,474	Federal Home Loan Mortgage Corporation, Series 3545-SA (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)		4.37%	I/F I/O		06/15/2039		126,887
492,321	Federal Home Loan Mortgage Corporation, Series 3549-SA (-1 x 1 Month LIBOR USD + 5.80%, 5.80% Cap)		4.02%	I/F I/O		07/15/2039		50,254
8,379,744	Federal Home Loan Mortgage Corporation, Series 3577-LS (-1 x 1 Month LIBOR USD + 7.20%, 7.20% Cap)		5.42%	I/F I/O		08/15/2035		1,439,848
1,580,056	Federal Home Loan Mortgage Corporation, Series 3582-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.22%	I/F I/O		10/15/2049		163,431
44,224,272	Federal Home Loan Mortgage Corporation, Series 358-300		3.00%			10/15/2047		43,393,518
2,580,779	Federal Home Loan Mortgage Corporation, Series 3583-GB		4.50%			10/15/2039		2,704,051
18,902,484	Federal Home Loan Mortgage Corporation, Series 3606-CS (-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)		4.57%	I/F I/O		12/15/2039		2,810,654
5,073,697	Federal Home Loan Mortgage Corporation, Series 3616-SG (-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)		4.57%	I/F I/O		03/15/2032		617,939
7,061,933	Federal Home Loan Mortgage Corporation, Series 3626-AZ		5.50%			08/15/2036		7,486,518
78,523	Federal Home Loan Mortgage Corporation, Series 3631-SE (-1 x 1 Month LIBOR USD + 6.40%, 6.40% Cap)		4.62%	I/F I/O		05/15/2039		162
9,949,803	Federal Home Loan Mortgage Corporation, Series 3641-Z		5.50%			02/15/2036		10,726,560
10,042,513	Federal Home Loan Mortgage Corporation, Series 3654-ZB		5.50%			11/15/2037		10,589,909
22,573,515	Federal Home Loan Mortgage Corporation, Series 3666-VZ		5.50%			08/15/2036		24,083,793
1,967,061	Federal Home Loan Mortgage Corporation, Series 3667-SB (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		4.67%	I/F I/O		05/15/2040		229,882
9,153,458	Federal Home Loan Mortgage Corporation, Series 3702-SG (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		4.27%	I/F I/O		08/15/2032		1,164,099
2,016,898	Federal Home Loan Mortgage Corporation, Series 3704-EI		5.00%	I/O		12/15/2036		613,204
3,741,293	Federal Home Loan Mortgage Corporation, Series 3712-SG (-5 x 1 Month LIBOR USD + 25.00%, 25.00% Cap)		16.68%	I/F		08/15/2040		4,540,392
5,765,041	Federal Home Loan Mortgage Corporation, Series 3724-CM		5.50%			06/15/2037		6,271,464
61,382,960	Federal Home Loan Mortgage Corporation, Series 3725-CS (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.22%	I/F I/O		05/15/2040		6,882,902
18,783,574	Federal Home Loan Mortgage Corporation, Series 3726-SA (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		4.27%	I/F I/O		09/15/2040		2,374,452
52,243,300	Federal Home Loan Mortgage Corporation, Series 3738-BP		4.00%			12/15/2038		53,551,990
2,464,710	Federal Home Loan Mortgage Corporation, Series 3741-SC (-2 x 1 Month LIBOR USD + 10.00%, 10.00% Cap)		6.45%	I/F		10/15/2040		2,568,371
17,664,665	Federal Home Loan Mortgage Corporation, Series 3752-BS (-2 x 1 Month LIBOR USD + 10.00%, 10.00% Cap)		6.67%	I/F		11/15/2040		16,083,473
17,230,026	Federal Home Loan Mortgage Corporation, Series 3768-ZX		5.00%			12/15/2040		18,772,774
7,041,084	Federal Home Loan Mortgage Corporation, Series 3771-AL		4.00%			12/15/2030		7,334,758
18,761,630	Federal Home Loan Mortgage Corporation, Series 3779-BY		3.50%			12/15/2030		19,327,104
28,013,615	Federal Home Loan Mortgage Corporation, Series 3779-DZ		4.50%			12/15/2040		28,401,806
20,542,269	Federal Home Loan Mortgage Corporation, Series 3779-LB		4.00%			12/15/2030		21,410,628
3,500,000	Federal Home Loan Mortgage Corporation, Series 3779-YA		3.50%			12/15/2030		3,571,963
15,000,000	Federal Home Loan Mortgage Corporation, Series 3783-AC		4.00%			01/15/2031		15,681,804
8,689,698	Federal Home Loan Mortgage Corporation, Series 3786-SG (-2 x 1 Month LIBOR USD + 9.50%, 9.50% Cap)		5.95%	I/F		01/15/2041		8,700,027
11,731,674	Federal Home Loan Mortgage Corporation, Series 3788-AY		3.50%			01/15/2031		11,871,087
5,462,425	Federal Home Loan Mortgage Corporation, Series 3790-Z		4.00%			01/15/2041		5,644,029
13,313,453	Federal Home Loan Mortgage Corporation, Series 3795-VZ		4.00%			01/15/2041		13,728,274
419,735	Federal Home Loan Mortgage Corporation, Series 3798-SD (-2 x 1 Month LIBOR USD + 9.60%, 9.60% Cap)		6.05%	I/F		12/15/2040		386,920
21,350,096	Federal Home Loan Mortgage Corporation, Series 3800-VZ		4.50%			02/15/2041		22,867,808
8,580,397	Federal Home Loan Mortgage Corporation, Series 3803-ZM		4.00%			02/15/2041		8,563,963
48,489,937	Federal Home Loan Mortgage Corporation, Series 3806-CZ		5.50%			07/15/2034		52,417,835
18,000,000	Federal Home Loan Mortgage Corporation, Series 3808-DB		3.50%			02/15/2031		18,070,571
15,277,557	Federal Home Loan Mortgage Corporation, Series 3812-EY		3.50%			02/15/2031		15,427,871
6,602,040	Federal Home Loan Mortgage Corporation, Series 3818-CZ		4.50%			03/15/2041		7,006,662
11,416,232	Federal Home Loan Mortgage Corporation, Series 3819-ZU		5.50%			07/15/2034		12,203,270
35,500,000	Federal Home Loan Mortgage Corporation, Series 3824-EY		3.50%			03/15/2031		36,506,326
3,350,433	Federal Home Loan Mortgage Corporation, Series 3828-SW (-3 x 1 Month LIBOR USD + 13.20%, 13.20% Cap)		7.87%	I/F		02/15/2041		3,748,939
15,282,011	Federal Home Loan Mortgage Corporation, Series 3829-VZ		4.00%			03/15/2041		15,969,081
7,060,760	Federal Home Loan Mortgage Corporation, Series 3843-PZ		5.00%			04/15/2041		7,831,072
34,141,678	Federal Home Loan Mortgage Corporation, Series 3863-ZA		5.50%			08/15/2034		36,273,311
10,229,000	Federal Home Loan Mortgage Corporation, Series 3870-PB		4.50%			06/15/2041		10,614,172
51,771,830	Federal Home Loan Mortgage Corporation, Series 3871-LZ		5.50%			06/15/2041		57,487,693
16,148,946	Federal Home Loan Mortgage Corporation, Series 3872-BA		4.00%			06/15/2041		16,189,483
11,798,756	Federal Home Loan Mortgage Corporation, Series 3877-EY		4.50%			06/15/2041		12,403,624
6,889,380	Federal Home Loan Mortgage Corporation, Series 3877-GY		4.50%			06/15/2041		7,188,502
30,897,721	Federal Home Loan Mortgage Corporation, Series 3877-ZU		4.50%			06/15/2041		31,244,999
28,745,683	Federal Home Loan Mortgage Corporation, Series 3888-ZG		4.00%			07/15/2041		29,886,840
21,585,626	Federal Home Loan Mortgage Corporation, Series 3888-ZU		4.50%			06/15/2041		23,484,427
6,935,633	Federal Home Loan Mortgage Corporation, Series 3900-SB (-1 x 1 Month LIBOR USD + 5.97%, 5.97% Cap)		4.19%	I/F I/O		07/15/2041		780,424
36,676,408	Federal Home Loan Mortgage Corporation, Series 3901-VZ		4.00%			07/15/2041		38,317,743
24,999,468	Federal Home Loan Mortgage Corporation, Series 3910-GZ		5.00%			08/15/2041		27,713,766
7,098,673	Federal Home Loan Mortgage Corporation, Series 3910-ZE		5.00%			10/15/2034		7,563,670
11,682,087	Federal Home Loan Mortgage Corporation, Series 3919-KL		4.50%			09/15/2041		12,120,076
31,262,137	Federal Home Loan Mortgage Corporation, Series 3919-ZJ		4.00%			09/15/2041		32,151,620
3,326,653	Federal Home Loan Mortgage Corporation, Series 3942-JZ		4.00%			10/15/2041		3,375,673
11,532,871	Federal Home Loan Mortgage Corporation, Series 3944-AZ		4.00%			10/15/2041		11,468,290
2,973,918	Federal Home Loan Mortgage Corporation, Series 3946-SM (-3 x 1 Month LIBOR USD + 14.70%, 14.70% Cap)		9.37%	I/F		10/15/2041		3,558,743
6,572,434	Federal Home Loan Mortgage Corporation, Series 3957-DZ		3.50%			11/15/2041		6,528,397
10,000,000	Federal Home Loan Mortgage Corporation, Series 3964-VM		4.00%			11/15/2034		10,390,823
33,131,007	Federal Home Loan Mortgage Corporation, Series 3969-AB		4.00%			10/15/2033		33,428,205
12,405,058	Federal Home Loan Mortgage Corporation, Series 3982-AZ		3.50%			01/15/2042		12,574,491
62,327,974	Federal Home Loan Mortgage Corporation, Series 3990-ZA		3.50%			01/15/2042		61,983,749
16,483,347	Federal Home Loan Mortgage Corporation, Series 3999-EZ		4.00%			02/15/2042		16,825,706
53,549,064	Federal Home Loan Mortgage Corporation, Series 3999-ZB		4.00%			02/15/2042		55,430,676
30,362,228	Federal Home Loan Mortgage Corporation, Series 4016-KZ		4.00%			03/15/2042		31,763,466
15,173,225	Federal Home Loan Mortgage Corporation, Series 4050-BC		2.00%			05/15/2041		14,669,107
75,487,124	Federal Home Loan Mortgage Corporation, Series 4057-ZA		4.00%			06/15/2042		79,104,407
75,211,258	Federal Home Loan Mortgage Corporation, Series 4084-TZ		4.00%			07/15/2042		78,457,255
7,270,810	Federal Home Loan Mortgage Corporation, Series 4097-TG		2.00%			05/15/2039		7,055,536
41,867,683	Federal Home Loan Mortgage Corporation, Series 4097-ZA		3.50%			08/15/2042		41,113,508
97,063,000	Federal Home Loan Mortgage Corporation, Series 4109-GE		4.50%			10/15/2041		99,512,346
4,780,972	Federal Home Loan Mortgage Corporation, Series 4109-KD		3.00%			05/15/2032		4,770,788
4,942,741	Federal Home Loan Mortgage Corporation, Series 4121-AV		3.00%			12/15/2035		4,744,750
49,765,515	Federal Home Loan Mortgage Corporation, Series 4160-HP		2.50%			01/15/2033		48,991,671
29,626,975	Federal Home Loan Mortgage Corporation, Series 4162-ZJ		3.00%			02/15/2033		28,185,231
6,238,903	Federal Home Loan Mortgage Corporation, Series 4165-ZT		3.00%			02/15/2043		5,717,333
42,940,093	Federal Home Loan Mortgage Corporation, Series 4174-Z		3.50%			03/15/2043		43,049,418
107,815,795	Federal Home Loan Mortgage Corporation, Series 4179-AZ		4.00%			01/15/2041		111,784,419
31,346,440	Federal Home Loan Mortgage Corporation, Series 4183-ZB		3.00%			03/15/2043		28,166,045
17,385,122	Federal Home Loan Mortgage Corporation, Series 4186-ZJ		3.00%			03/15/2033		16,113,098
13,000,000	Federal Home Loan Mortgage Corporation, Series 4189-ML		3.00%			04/15/2038		12,324,812
166,391,745	Federal Home Loan Mortgage Corporation, Series 4212-US (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		3.40%	I/F		06/15/2043		144,374,490
9,311,826	Federal Home Loan Mortgage Corporation, Series 4215-KC		2.25%			03/15/2038		9,196,100
73,240,441	Federal Home Loan Mortgage Corporation, Series 4223-US (-1 x 1 Month LIBOR USD + 5.43%, 5.43% Cap)		3.42%	I/F		07/15/2043		59,277,986
24,097,028	Federal Home Loan Mortgage Corporation, Series 4223-ZV		4.00%			07/15/2043		25,149,572
29,379,069	Federal Home Loan Mortgage Corporation, Series 4229-TZ		3.00%			06/15/2043		27,246,031
30,121,285	Federal Home Loan Mortgage Corporation, Series 4229-ZA		4.00%			07/15/2043		31,499,027
21,608,385	Federal Home Loan Mortgage Corporation, Series 4249-CS (-1 x 1 Month LIBOR USD + 4.65% , 4.65% Cap)		3.40%	I/F		09/15/2043		19,377,712
21,842,785	Federal Home Loan Mortgage Corporation, Series 4250-BZ		3.00%			09/15/2033		20,435,048
22,273,018	Federal Home Loan Mortgage Corporation, Series 4267-BZ		4.00%			10/15/2040		22,925,480
65,041,021	Federal Home Loan Mortgage Corporation, Series 4323-GA		3.00%			06/15/2040		65,298,688
18,584,711	Federal Home Loan Mortgage Corporation, Series 4355-ZX		4.00%			05/15/2044		19,460,330
28,296,400	Federal Home Loan Mortgage Corporation, Series 4360-KA		3.00%			05/15/2040		28,163,826
45,681,104	Federal Home Loan Mortgage Corporation, Series 4375-CG		3.00%			04/15/2039		45,659,808
15,030,110	Federal Home Loan Mortgage Corporation, Series 4376-GZ		3.00%			08/15/2044		13,763,879
47,784,354	Federal Home Loan Mortgage Corporation, Series 4377-LZ		3.00%			08/15/2044		43,752,076
58,106,588	Federal Home Loan Mortgage Corporation, Series 4377-UZ		3.00%			08/15/2044		55,283,305
5,724,022	Federal Home Loan Mortgage Corporation, Series 4379-KA		3.00%			08/15/2044		5,706,883
22,227,975	Federal Home Loan Mortgage Corporation, Series 4384-A		3.00%			12/15/2040		21,973,838
26,119,721	Federal Home Loan Mortgage Corporation, Series 4384-ZY		3.00%			09/15/2044		23,973,518
1,586,844	Federal Home Loan Mortgage Corporation, Series 4386-US (-2 x 1 Month LIBOR USD + 8.14% , 8.14% Cap)		5.23%	I/F		09/15/2044		1,443,402
193,194,255	Federal Home Loan Mortgage Corporation, Series 4390-NY		3.00%			06/15/2040		192,949,730
132,379,358	Federal Home Loan Mortgage Corporation, Series 4390-NZ		3.00%			09/15/2044		121,145,301
50,157,146	Federal Home Loan Mortgage Corporation, Series 4391-MA		3.00%			07/15/2040		49,892,592
64,899,673	Federal Home Loan Mortgage Corporation, Series 4408-PB		3.00%			04/15/2044		63,226,599
1,996,099	Federal Home Loan Mortgage Corporation, Series 4419-TB		3.00%			02/15/2040		1,995,307
88,195,055	Federal Home Loan Mortgage Corporation, Series 4427-CE		3.00%			02/15/2034		88,614,264
57,474,456	Federal Home Loan Mortgage Corporation, Series 4427-MA		3.00%			02/15/2034		57,548,816
34,790,975	Federal Home Loan Mortgage Corporation, Series 4427-PS (-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)		3.82%	I/F I/O		07/15/2044		4,656,097
47,475,372	Federal Home Loan Mortgage Corporation, Series 4429-HA		3.00%			04/15/2034		47,346,082
25,226,090	Federal Home Loan Mortgage Corporation, Series 4434-LZ		3.00%			02/15/2045		22,951,103
11,426,550	Federal Home Loan Mortgage Corporation, Series 4438-B		3.00%			10/15/2043		11,334,641
9,432,364	Federal Home Loan Mortgage Corporation, Series 4441-VZ		3.00%			02/15/2045		8,568,173
53,031,088	Federal Home Loan Mortgage Corporation, Series 4444-CH		3.00%			01/15/2041		53,015,937
27,419,663	Federal Home Loan Mortgage Corporation, Series 4444-CZ		3.00%			02/15/2045		25,036,738
50,679,914	Federal Home Loan Mortgage Corporation, Series 4447-A		3.00%			06/15/2041		50,338,534
25,927,253	Federal Home Loan Mortgage Corporation, Series 4447-YZ		4.00%			08/15/2043		27,168,894
8,205,385	Federal Home Loan Mortgage Corporation, Series 4450-JZ		3.00%			03/15/2045		7,555,472
7,135,687	Federal Home Loan Mortgage Corporation, Series 4461-LZ		3.00%			03/15/2045		6,460,809
8,416,284	Federal Home Loan Mortgage Corporation, Series 4462-ZA		3.00%			04/15/2045		7,723,451
49,109,539	Federal Home Loan Mortgage Corporation, Series 4463-ZC		3.00%			04/15/2045		45,219,970
27,283,077	Federal Home Loan Mortgage Corporation, Series 4467-ZA		3.00%			04/15/2045		24,867,671
158,608,720	Federal Home Loan Mortgage Corporation, Series 4471-BA		3.00%			12/15/2041		155,348,565
137,919,079	Federal Home Loan Mortgage Corporation, Series 4471-BC		3.00%			12/15/2041		136,567,665
124,577,947	Federal Home Loan Mortgage Corporation, Series 4471-GA		3.00%			02/15/2044		123,517,290
56,270,653	Federal Home Loan Mortgage Corporation, Series 4481-B		3.00%			12/15/2042		55,314,755
219,382,301	Federal Home Loan Mortgage Corporation, Series 4483-CA		3.00%			06/15/2044		215,181,612
111,644,239	Federal Home Loan Mortgage Corporation, Series 4483-PA		2.50%			06/15/2045		108,513,322
16,288,303	Federal Home Loan Mortgage Corporation, Series 4484-ZL		3.00%			06/15/2045		15,170,587
8,781,428	Federal Home Loan Mortgage Corporation, Series 4492-GZ		3.50%			07/15/2045		8,541,388
37,984,224	Federal Home Loan Mortgage Corporation, Series 4498-PD		2.50%			08/15/2042		37,138,278
32,096,089	Federal Home Loan Mortgage Corporation, Series 4499-AB		3.00%			06/15/2042		31,601,502
55,035,994	Federal Home Loan Mortgage Corporation, Series 4504-CA		3.00%			04/15/2044		54,282,898
32,620,269	Federal Home Loan Mortgage Corporation, Series 4511-QA		3.00%			01/15/2041		32,446,742
25,516,377	Federal Home Loan Mortgage Corporation, Series 4511-QC		3.00%			12/15/2040		25,326,030
151,486,783	Federal Home Loan Mortgage Corporation, Series 4527-CA		3.00%			02/15/2044		149,803,734
66,477,585	Federal Home Loan Mortgage Corporation, Series 4527-GA		3.00%			02/15/2044		64,983,448
144,586,504	Federal Home Loan Mortgage Corporation, Series 4533-AB		3.00%			06/15/2044		140,722,430
131,902,831	Federal Home Loan Mortgage Corporation, Series 4543-HG		2.70%			04/15/2044		127,595,755
206,448,963	Federal Home Loan Mortgage Corporation, Series 4573-CA		3.00%			11/15/2044		204,626,597
66,192,050	Federal Home Loan Mortgage Corporation, Series 4573-DA		3.00%			03/15/2045		63,576,200
147,787,555	Federal Home Loan Mortgage Corporation, Series 4582-HA		3.00%			09/15/2045		145,878,317
78,623,162	Federal Home Loan Mortgage Corporation, Series 4588-DA		3.00%			02/15/2044		77,283,589
76,852,940	Federal Home Loan Mortgage Corporation, Series 4629-KA		3.00%			03/15/2045		75,567,605
63,858,437	Federal Home Loan Mortgage Corporation, Series 4738-LA		3.00%			11/15/2043		63,223,333
49,491,845	Federal Home Loan Mortgage Corporation, Series 4744-KA		3.00%			08/15/2046		49,096,158
66,003,261	Federal Home Loan Mortgage Corporation, Series 4750-PA		3.00%			07/15/2046		65,524,915
100,015,408	Federal Home Loan Mortgage Corporation, Series 4752-PL		3.00%			09/15/2046		99,206,683
71,699,834	Federal Home Loan Mortgage Corporation, Series R003-ZA		5.50%			10/15/2035		77,849,930
239,282,725	Federal Home Loan Mortgage Corporation Pass-Thru, Pool Z4-0117		3.00%			04/01/2045		234,355,631
6,583,000	Federal Home Loan Mortgage Corporation Pass-Thru, Series K054-A2		2.75%			01/25/2026		6,421,769
34,546,511	Federal National Mortgage Association, Pool AL9220		3.00%			06/01/2045		33,995,475
78,675,259	Federal National Mortgage Association, Pool AS7473		3.00%			07/01/2046		76,250,460
11,390,683	Federal National Mortgage Association, Pool AS7610		2.50%			07/01/2046		10,664,558
173,455,529	Federal National Mortgage Association, Pool AS7661		3.00%			08/01/2046		168,107,347
14,228,426	Federal National Mortgage Association, Pool AS7909		3.00%			09/01/2046		13,882,222
99,095,358	Federal National Mortgage Association, Pool AS8111		3.00%			10/01/2041		97,513,766
67,707,318	Federal National Mortgage Association, Pool AS8306		3.00%			11/01/2041		66,626,680
92,466,562	Federal National Mortgage Association, Pool AS8356		3.00%			11/01/2046		89,853,260
42,739,954	Federal National Mortgage Association, Pool AS8522		3.00%			12/01/2046		41,699,723
20,953,975	Federal National Mortgage Association, Pool AZ0576		3.50%			04/01/2042		21,108,776
25,714,330	Federal National Mortgage Association, Pool BC9081		3.00%			12/01/2046		25,088,475
136,904,721	Federal National Mortgage Association, Pool MA2621		3.50%			05/01/2046		136,558,310
116,633,639	Federal National Mortgage Association, Pool MA2649		3.00%			06/01/2046		113,039,733
41,481,939	Federal National Mortgage Association, Pool MA2673		3.00%			07/01/2046		40,203,253
123,339,358	Federal National Mortgage Association, Pool MA2711		3.00%			08/01/2046		119,540,834
71,188,002	Federal National Mortgage Association, Pool MA2737		3.00%			09/01/2046		69,457,288
11,551,558	Federal National Mortgage Association, Pool MA2743		3.00%			09/01/2046		11,195,360
917,330	Federal National Mortgage Association, Series 2002-70-QZ		5.50%			11/25/2032		982,194
1,392,618	Federal National Mortgage Association, Series 2002-75-ZG		5.50%			11/25/2032		1,527,118
129,230,770	Federal National Mortgage Association, Series 2018-27-A0		0.00%	P/O		03/21/2048		99,224,677
122,947	Federal National Mortgage Association, Series 2003-117-KS (-1 x 1 Month LIBOR USD + 7.10%, 7.10% Cap)		5.23%	I/F I/O		08/25/2033		708
18,916,904	Federal National Mortgage Association, Series 2003-129-ZT		5.50%			01/25/2034		21,123,807
3,608,710	Federal National Mortgage Association, Series 2003-29-ZL		5.00%			04/25/2033		3,877,680
1,684,917	Federal National Mortgage Association, Series 2003-64-ZG		5.50%			07/25/2033		1,798,181
14,335,067	Federal National Mortgage Association, Series 2003-84-PZ		5.00%			09/25/2033		15,197,381
13,289,415	Federal National Mortgage Association, Series 2003-W17-1A7		5.75%			08/25/2033		14,518,984
3,842,556	Federal National Mortgage Association, Series 2004-46-PJ (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.13%	I/F I/O		03/25/2034		342,347
3,421,172	Federal National Mortgage Association, Series 2004-51-XP (-1 x 1 Month LIBOR USD + 7.70%, 7.70% Cap)		5.83%	I/F I/O		07/25/2034		617,308
5,000,000	Federal National Mortgage Association, Series 2004-W10-A6		5.75%			08/25/2034		5,500,099
843,362	Federal National Mortgage Association, Series 2004-W4-A5		5.50%			06/25/2034		860,463
275,165	Federal National Mortgage Association, Series 2005-107-EG		4.50%			01/25/2026		285,695
764,912	Federal National Mortgage Association, Series 2005-37-ZK		4.50%			05/25/2035		788,353
8,064,310	Federal National Mortgage Association, Series 2005-87-SE (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		4.18%	I/F I/O		10/25/2035		1,025,905
6,558,324	Federal National Mortgage Association, Series 2005-87-SG (-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)		4.83%	I/F I/O		10/25/2035		994,595
5,385,270	Federal National Mortgage Association, Series 2006-101-SA (-1 x 1 Month LIBOR USD + 6.58%, 6.58% Cap)		4.71%	I/F I/O		10/25/2036		917,774
2,250,629	Federal National Mortgage Association, Series 2006-123-LI (-1 x 1 Month LIBOR USD + 6.32%, 6.32% Cap)		4.45%	I/F I/O		01/25/2037		343,727
1,418,002	Federal National Mortgage Association, Series 2006-16-HZ		5.50%			03/25/2036		1,523,016
9,180,336	Federal National Mortgage Association, Series 2006-56-SM (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		4.88%	I/F I/O		07/25/2036		1,220,505
15,566,813	Federal National Mortgage Association, Series 2006-60-YI (-1 x 1 Month LIBOR USD + 6.57%, 6.57% Cap)		4.70%	I/F I/O		07/25/2036		2,682,464
1,127,503	Federal National Mortgage Association, Series 2006-93-SN (-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)		4.73%	I/F I/O		10/25/2036		136,550
13,767,365	Federal National Mortgage Association, Series 2007-109-VZ		5.00%			10/25/2035		14,843,820
1,345,726	Federal National Mortgage Association, Series 2007-116-BI (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		4.38%	I/F I/O		05/25/2037		159,621
8,016,234	Federal National Mortgage Association, Series 2007-14-PS (-1 x 1 Month LIBOR USD + 6.81% , 6.81% Cap)		4.94%	I/F I/O		03/25/2037		1,201,770
4,129,739	Federal National Mortgage Association, Series 2007-30-OI (-1 x 1 Month LIBOR USD + 6.44%, 6.44% Cap)		4.57%	I/F I/O		04/25/2037		694,150
751,204	Federal National Mortgage Association, Series 2007-30-SI (-1 x 1 Month LIBOR USD + 6.11%, 6.11% Cap)		4.24%	I/F I/O		04/25/2037		90,922
4,612,507	Federal National Mortgage Association, Series 2007-32-SG (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		4.23%	I/F I/O		04/25/2037		599,005
3,584,398	Federal National Mortgage Association, Series 2007-57-SX (-1 x 1 Month LIBOR USD + 6.62%, 6.62% Cap)		4.75%	I/F I/O		10/25/2036		509,854
5,033,873	Federal National Mortgage Association, Series 2007-60-VZ		6.00%			07/25/2037		5,590,649
2,511,350	Federal National Mortgage Association, Series 2007-71-GZ		6.00%			07/25/2047		2,713,309
4,414,139	Federal National Mortgage Association, Series 2007-75-ID (-1 x 1 Month LIBOR USD + 5.87%, 5.87% Cap)		4.00%	I/F I/O		08/25/2037		590,212
1,110,680	Federal National Mortgage Association, Series 2007-9-SD (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		4.78%	I/F I/O		03/25/2037		125,901
693,783	Federal National Mortgage Association, Series 2008-27-B		5.50%			04/25/2038		744,829
5,204,614	Federal National Mortgage Association, Series 2008-29-ZA		4.50%			04/25/2038		5,462,164
9,959,873	Federal National Mortgage Association, Series 2008-48-BE		5.00%			06/25/2034		10,558,799
1,254,628	Federal National Mortgage Association, Series 2008-48-SD (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.13%	I/F I/O		06/25/2037		114,371
1,250,048	Federal National Mortgage Association, Series 2008-53-LI (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)		4.28%	I/F I/O		07/25/2038		138,361
1,358,265	Federal National Mortgage Association, Series 2008-57-SE (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.13%	I/F I/O		02/25/2037		164,462
1,398,384	Federal National Mortgage Association, Series 2008-5-MS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		4.38%	I/F I/O		02/25/2038		158,292
1,328,747	Federal National Mortgage Association, Series 2008-61-SC (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.13%	I/F I/O		07/25/2038		141,276
1,148,303	Federal National Mortgage Association, Series 2008-62-SC (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.13%	I/F I/O		07/25/2038		107,170
2,440,411	Federal National Mortgage Association, Series 2008-65-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.13%	I/F I/O		08/25/2038		250,089
2,462,932	Federal National Mortgage Association, Series 2008-81-LP		5.50%			09/25/2038		2,598,263
8,622,761	Federal National Mortgage Association, Series 2009-106-EZ		4.50%			01/25/2040		8,902,744
1,613,768	Federal National Mortgage Association, Series 2009-111-SE (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		4.38%	I/F I/O		01/25/2040		171,102
721,984	Federal National Mortgage Association, Series 2009-16-MZ		5.00%			03/25/2029		773,308
3,543,325	Federal National Mortgage Association, Series 2009-42-SI (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.13%	I/F I/O		06/25/2039		423,366
2,026,451	Federal National Mortgage Association, Series 2009-42-SX (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.13%	I/F I/O		06/25/2039		197,479
1,279,820	Federal National Mortgage Association, Series 2009-47-SA (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		4.23%	I/F I/O		07/25/2039		123,482
764,351	Federal National Mortgage Association, Series 2009-48-WS (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)		4.08%	I/F I/O		07/25/2039		78,149
6,778,047	Federal National Mortgage Association, Series 2009-49-S (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		4.88%	I/F I/O		07/25/2039		964,079
791,163	Federal National Mortgage Association, Series 2009-51-BZ		4.50%			07/25/2039		817,997
2,168,049	Federal National Mortgage Association, Series 2009-54-EZ		5.00%			07/25/2039		2,279,161
1,478,169	Federal National Mortgage Association, Series 2009-70-SA (-1 x 1 Month LIBOR USD + 5.80%, 5.80% Cap)		3.93%	I/F I/O		09/25/2039		135,597
6,219,031	Federal National Mortgage Association, Series 2009-80-PM		4.50%			10/25/2039		6,511,162
3,357,042	Federal National Mortgage Association, Series 2009-83-Z		4.50%			10/25/2039		3,463,719
14,863,086	Federal National Mortgage Association, Series 2009-85-ES (-1 x 1 Month LIBOR USD + 7.23%, 7.23% Cap)		5.36%	I/F I/O		01/25/2036		2,392,946
21,485,822	Federal National Mortgage Association, Series 2009-85-JS (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		4.88%	I/F I/O		10/25/2039		3,944,515
2,127,110	Federal National Mortgage Association, Series 2009-90-IB (-1 x 1 Month LIBOR USD + 5.72%, 5.72% Cap)		3.85%	I/F I/O		04/25/2037		203,056
1,440,606	Federal National Mortgage Association, Series 2009-94-BC		5.00%			11/25/2039		1,494,652
18,708,024	Federal National Mortgage Association, Series 2010-101-SA (-1 x 1 Month LIBOR USD + 4.48%, 4.48% Cap)		2.61%	I/F I/O		09/25/2040		1,906,316
9,179,571	Federal National Mortgage Association, Series 2010-101-ZC		4.50%			09/25/2040		9,575,479
24,841,578	Federal National Mortgage Association, Series 2010-101-ZH		4.50%			07/25/2040		25,757,911
6,050,444	Federal National Mortgage Association, Series 2010-10-SA (-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)		4.48%	I/F I/O		02/25/2040		874,344
2,490,655	Federal National Mortgage Association, Series 2010-10-ZA		4.50%			02/25/2040		2,529,961
1,505,348	Federal National Mortgage Association, Series 2010-111-S (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)		4.08%	I/F I/O		10/25/2050		218,293
4,924,601	Federal National Mortgage Association, Series 2010-116-Z		4.00%			10/25/2040		5,117,467
1,599,638	Federal National Mortgage Association, Series 2010-117-SA (-1 x 1 Month LIBOR USD + 4.50%, 4.50% Cap)		2.63%	I/F I/O		10/25/2040		92,023
4,111,145	Federal National Mortgage Association, Series 2010-120-KD		4.00%			10/25/2040		4,293,233
30,762,676	Federal National Mortgage Association, Series 2010-121-SD (-1 x 1 Month LIBOR USD + 4.50%, 4.50% Cap)		2.63%	I/F I/O		10/25/2040		2,326,095
242,685	Federal National Mortgage Association, Series 2010-126-SU (-11 x 1 Month LIBOR USD + 55.00%, 55.00% Cap)		36.69%	I/F		11/25/2040		804,760
178,693	Federal National Mortgage Association, Series 2010-126-SX (-3 x 1 Month LIBOR USD + 15.00%, 15.00% Cap)		10.01%	I/F		11/25/2040		246,334
7,496,079	Federal National Mortgage Association, Series 2010-128-HZ		4.00%			11/25/2040		7,572,851
5,376,792	Federal National Mortgage Association, Series 2010-132-Z		4.50%			11/25/2040		5,561,683
88,008	Federal National Mortgage Association, Series 2010-137-VS (-3 x 1 Month LIBOR USD + 15.00%, 15.00% Cap)		10.01%	I/F		12/25/2040		108,373
14,211,286	Federal National Mortgage Association, Series 2010-142-AZ		4.00%			12/25/2040		14,252,257
14,914,677	Federal National Mortgage Association, Series 2010-148-SA (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		4.78%	I/F I/O		01/25/2026		1,501,340
31,978,229	Federal National Mortgage Association, Series 2010-150-ZA		4.00%			01/25/2041		32,296,739
11,710,959	Federal National Mortgage Association, Series 2010-16-SA (-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)		3.58%	I/F I/O		03/25/2040		1,522,197
3,899,301	Federal National Mortgage Association, Series 2010-21-DZ		5.00%			03/25/2040		4,177,049
1,744,997	Federal National Mortgage Association, Series 2010-21-KS (-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)		3.08%	I/F I/O		03/25/2040		113,097
714,977	Federal National Mortgage Association, Series 2010-2-GS (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		4.58%	I/F I/O		12/25/2049		64,041
2,497,648	Federal National Mortgage Association, Series 2010-2-MS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		4.38%	I/F I/O		02/25/2050		291,116
2,200,608	Federal National Mortgage Association, Series 2010-31-SA (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		3.13%	I/F I/O		04/25/2040		152,893
6,501,569	Federal National Mortgage Association, Series 2010-31-VZ		4.00%			04/25/2040		6,568,426
5,555,556	Federal National Mortgage Association, Series 2010-34-PS (-1 x 1 Month LIBOR USD + 4.93%, 4.93% Cap)		3.06%	I/F I/O		04/25/2040		500,807
866,162	Federal National Mortgage Association, Series 2010-35-ES (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		4.58%	I/F I/O		04/25/2040		70,120
1,285,482	Federal National Mortgage Association, Series 2010-35-SV (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		4.58%	I/F I/O		04/25/2040		111,466
1,585,885	Federal National Mortgage Association, Series 2010-46-MS (-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)		3.08%	I/F I/O		05/25/2040		130,893
12,479,064	Federal National Mortgage Association, Series 2010-49-ZW		4.50%			05/25/2040		12,792,834
3,120,323	Federal National Mortgage Association, Series 2010-4-SK (-1 x 1 Month LIBOR USD + 6.23%, 6.23% Cap)		4.36%	I/F I/O		02/25/2040		374,080
1,164,630	Federal National Mortgage Association, Series 2010-58-ES (-3 x 1 Month LIBOR USD + 12.47%, 12.47% Cap)		7.66%	I/F		06/25/2040		1,213,871
8,688,315	Federal National Mortgage Association, Series 2010-59-MS (-1 x 1 Month LIBOR USD + 5.77%, 5.77% Cap)		3.90%	I/F I/O		06/25/2040		1,156,472
8,752,920	Federal National Mortgage Association, Series 2010-59-PS (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		4.58%	I/F I/O		03/25/2039		532,243
8,584,844	Federal National Mortgage Association, Series 2010-59-SC (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		3.13%	I/F I/O		01/25/2040		748,549
1,166,837	Federal National Mortgage Association, Series 2010-60-VZ		5.00%			10/25/2039		1,184,748
753,179	Federal National Mortgage Association, Series 2010-61-EL		4.50%			06/25/2040		790,472
9,326,009	Federal National Mortgage Association, Series 2010-64-EZ		5.00%			06/25/2040		9,965,525
31,969,795	Federal National Mortgage Association, Series 2010-76-ZK		4.50%			07/25/2040		33,294,316
7,655,484	Federal National Mortgage Association, Series 2010-79-CZ		4.00%			07/25/2040		7,713,422
27,052,318	Federal National Mortgage Association, Series 2010-79-VZ		4.50%			07/25/2040		28,415,064
4,171,805	Federal National Mortgage Association, Series 2010-84-ZC		4.50%			08/25/2040		4,351,640
8,343,592	Federal National Mortgage Association, Series 2010-84-ZD		4.50%			08/25/2040		8,703,260
10,441,569	Federal National Mortgage Association, Series 2010-84-ZG		4.50%			08/25/2040		10,807,606
1,168,469	Federal National Mortgage Association, Series 2010-90-SA (-1 x 1 Month LIBOR USD + 5.85%, 5.85% Cap)		3.98%	I/F I/O		08/25/2040		128,455
2,141,288	Federal National Mortgage Association, Series 2010-94-Z		4.50%			08/25/2040		2,211,633
8,668,587	Federal National Mortgage Association, Series 2010-99-SG (-5 x 1 Month LIBOR USD + 25.00%, 25.00% Cap)		16.68%	I/F		09/25/2040		12,545,046
2,342,484	Federal National Mortgage Association, Series 2010-9-DS (-1 x 1 Month LIBOR USD + 5.30%, 0.50% Floor, 5.30% Cap)		3.43%	I/F I/O		02/25/2040		218,779
35,880,013	Federal National Mortgage Association, Series 2011-106-LZ		3.50%			10/25/2041		35,857,620
520,021	Federal National Mortgage Association, Series 2011-110-LS (-2 x 1 Month LIBOR USD + 10.10%, 10.10% Cap)		6.77%	I/F		11/25/2041		585,298
8,245,831	Federal National Mortgage Association, Series 2011-111-CZ		4.00%			11/25/2041		8,320,027
9,160,273	Federal National Mortgage Association, Series 2011-111-EZ		5.00%			11/25/2041		9,966,243
6,355,993	Federal National Mortgage Association, Series 2011-111-VZ		4.00%			11/25/2041		6,328,882
30,000,000	Federal National Mortgage Association, Series 2011-131-PB		4.50%			12/25/2041		32,139,399
29,500,000	Federal National Mortgage Association, Series 2011-16-AL		3.50%			03/25/2031		30,047,688
38,800,000	Federal National Mortgage Association, Series 2011-17-NY		3.50%			03/25/2031		39,080,842
1,529,939	Federal National Mortgage Association, Series 2011-17-SA (-1 x 1 Month LIBOR USD + 6.47%, 6.47% Cap)		4.60%	I/F I/O		03/25/2041		154,148
11,000,000	Federal National Mortgage Association, Series 2011-25-KY		3.00%			04/25/2026		11,070,102
4,744,126	Federal National Mortgage Association, Series 2011-27-BS (-2 x 1 Month LIBOR USD + 9.00%, 9.00% Cap)		5.67%	I/F		04/25/2041		4,359,904
56,000,000	Federal National Mortgage Association, Series 2011-29-AL		3.50%			04/25/2031		55,908,832
14,572,188	Federal National Mortgage Association, Series 2011-2-GZ		4.00%			02/25/2041		15,085,275
39,676,511	Federal National Mortgage Association, Series 2011-32-ZG		4.00%			04/25/2041		40,497,917
6,768,055	Federal National Mortgage Association, Series 2011-36-VZ		4.50%			05/25/2041		7,035,663
16,642,308	Federal National Mortgage Association, Series 2011-37-Z		4.50%			05/25/2041		17,468,210
8,776,460	Federal National Mortgage Association, Series 2011-38-BZ		4.00%			05/25/2041		9,032,371
8,748,233	Federal National Mortgage Association, Series 2011-39-CB		3.00%			05/25/2026		8,770,770
19,481,246	Federal National Mortgage Association, Series 2011-39-ZD		4.00%			02/25/2041		20,452,250
4,466,213	Federal National Mortgage Association, Series 2011-40-LZ		4.50%			05/25/2041		4,643,712
9,390,916	Federal National Mortgage Association, Series 2011-42-MZ		4.50%			05/25/2041		9,845,448
19,737,531	Federal National Mortgage Association, Series 2011-45-ZA		4.00%			05/25/2031		20,003,417
16,081,453	Federal National Mortgage Association, Series 2011-45-ZB		4.50%			05/25/2041		17,208,544
3,049,235	Federal National Mortgage Association, Series 2011-48-SC (-2 x 1 Month LIBOR USD + 9.20% , 9.20% Cap)		5.46%	I/F		06/25/2041		2,937,419
13,220,935	Federal National Mortgage Association, Series 2011-58-SA (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		4.68%	I/F I/O		07/25/2041		2,180,037
1,945,999	Federal National Mortgage Association, Series 2011-59-MA		4.50%			07/25/2041		2,032,701
13,969,748	Federal National Mortgage Association, Series 2011-60-EL		3.00%			07/25/2026		14,121,591
20,370,346	Federal National Mortgage Association, Series 2011-64-DB		4.00%			07/25/2041		20,918,234
9,126,123	Federal National Mortgage Association, Series 2011-74-KL		5.00%			06/25/2040		9,545,206
26,357,774	Federal National Mortgage Association, Series 2011-77-Z		3.50%			08/25/2041		27,776,492
5,219,017	Federal National Mortgage Association, Series 2011-8-AV		4.00%			01/25/2030		5,216,948
26,780,800	Federal National Mortgage Association, Series 2011-99-CZ		4.50%			10/25/2041		28,869,081
106,895,938	Federal National Mortgage Association, Series 2011-99-DZ		5.00%			10/25/2041		115,483,765
12,521,029	Federal National Mortgage Association, Series 2012-104-Z		3.50%			09/25/2042		12,395,125
10,394,457	Federal National Mortgage Association, Series 2012-111-LB		3.50%			05/25/2041		10,341,747
39,040,199	Federal National Mortgage Association, Series 2012-111-MJ		4.00%			04/25/2042		39,739,409
16,657,506	Federal National Mortgage Association, Series 2012-114-DC		2.00%			08/25/2039		16,374,258
82,394,153	Federal National Mortgage Association, Series 2012-122-AD		2.00%			02/25/2040		79,879,475
69,042,288	Federal National Mortgage Association, Series 2012-122-DB		3.00%			11/25/2042		66,939,356
76,278,525	Federal National Mortgage Association, Series 2012-125-LA		3.00%			11/25/2042		73,254,043
41,570,479	Federal National Mortgage Association, Series 2012-144-PT		4.31%	#		11/25/2049		43,974,591
10,837,310	Federal National Mortgage Association, Series 2012-14-BZ		4.00%			03/25/2042		11,302,996
24,767,496	Federal National Mortgage Association, Series 2012-15-PZ		4.00%			03/25/2042		26,135,160
18,553,472	Federal National Mortgage Association, Series 2012-20-ZT		3.50%			03/25/2042		18,449,165
57,183,385	Federal National Mortgage Association, Series 2012-30-DZ		4.00%			04/25/2042		59,334,566
47,017,450	Federal National Mortgage Association, Series 2012-31-Z		4.00%			04/25/2042		48,949,303
9,511,615	Federal National Mortgage Association, Series 2012-63-EB		2.00%			08/25/2040		9,272,591
33,779,834	Federal National Mortgage Association, Series 2012-74-Z		4.00%			07/25/2042		34,712,171
8,994,268	Federal National Mortgage Association, Series 2012-80-EA		2.00%			04/25/2042		8,326,023
24,633,892	Federal National Mortgage Association, Series 2012-86-ZC		3.50%			08/25/2042		24,196,047
34,321,466	Federal National Mortgage Association, Series 2012-96-VZ		3.50%			09/25/2042		34,139,164
33,073,713	Federal National Mortgage Association, Series 2012-98-BG		4.50%			08/25/2040		34,586,941
60,450,389	Federal National Mortgage Association, Series 2012-99-QE		3.00%			09/25/2042		58,838,123
25,489,717	Federal National Mortgage Association, Series 2013-130-ZE		3.00%			01/25/2044		23,711,189
22,902,355	Federal National Mortgage Association, Series 2013-133-ZT		3.00%			01/25/2039		20,963,448
12,196,976	Federal National Mortgage Association, Series 2013-36-Z		3.00%			04/25/2043		11,479,816
20,467,323	Federal National Mortgage Association, Series 2013-41-ZH		3.00%			05/25/2033		19,100,577
19,292,416	Federal National Mortgage Association, Series 2013-51-HS (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		3.15%	I/F		04/25/2043		16,634,436
5,345,463	Federal National Mortgage Association, Series 2013-53-AB		1.50%			03/25/2028		5,117,060
7,059,931	Federal National Mortgage Association, Series 2013-58-SC (-2 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		3.19%	I/F		06/25/2043		6,002,226
114,956,211	Federal National Mortgage Association, Series 2013-81-ZQ		3.00%			08/25/2043		104,600,266
27,857,413	Federal National Mortgage Association, Series 2013-82-SH (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		4.18%	I/F I/O		12/25/2042		4,227,605
26,223,000	Federal National Mortgage Association, Series 2013-8-Z		3.00%			02/25/2043		24,741,668
23,067,874	Federal National Mortgage Association, Series 2014-12-GZ		3.50%			03/25/2044		23,169,465
24,801,216	Federal National Mortgage Association, Series 2014-21-GZ		3.00%			04/25/2044		22,901,381
29,307,077	Federal National Mortgage Association, Series 2014-37-ZY		2.50%			07/25/2044		25,171,503
46,994,437	Federal National Mortgage Association, Series 2014-39-ZA		3.00%			07/25/2044		44,058,276
12,762,851	Federal National Mortgage Association, Series 2014-46-NZ		3.00%			06/25/2043		11,957,520
51,476,387	Federal National Mortgage Association, Series 2014-55-MA		3.00%			10/25/2039		51,483,284
3,373,642	Federal National Mortgage Association, Series 2014-56-AD		3.00%			01/25/2040		3,331,344
56,324,528	Federal National Mortgage Association, Series 2014-60-EZ		3.00%			10/25/2044		52,333,462
39,758,693	Federal National Mortgage Association, Series 2014-61-ZV		3.00%			10/25/2044		36,517,692
33,528,515	Federal National Mortgage Association, Series 2014-64-NZ		3.00%			10/25/2044		30,621,325
106,371,985	Federal National Mortgage Association, Series 2014-65-CD		3.00%			06/25/2040		105,935,668
11,806,003	Federal National Mortgage Association, Series 2014-67-DZ		3.00%			10/25/2044		10,809,441
101,742,602	Federal National Mortgage Association, Series 2014-68-MA		3.00%			11/25/2040		100,832,627
37,741,904	Federal National Mortgage Association, Series 2014-68-MZ		3.00%			11/25/2044		34,485,488
26,631,964	Federal National Mortgage Association, Series 2014-6-Z		2.50%			02/25/2044		22,728,581
44,218,383	Federal National Mortgage Association, Series 2014-73-CQ		3.00%			06/25/2040		43,995,430
21,305,701	Federal National Mortgage Association, Series 2014-77-VZ		3.00%			11/25/2044		19,487,664
25,037,919	Federal National Mortgage Association, Series 2014-82-YA		3.00%			04/25/2041		24,798,682
27,362,114	Federal National Mortgage Association, Series 2014-84-KZ		3.00%			12/25/2044		25,085,304
116,969,087	Federal National Mortgage Association, Series 2014-95-NA		3.00%			04/25/2041		115,843,997
194,782,304	Federal National Mortgage Association, Series 2014-M11-1A		3.12%	#		08/25/2024		197,906,846
38,372,049	Federal National Mortgage Association, Series 2015-11-A		3.00%			05/25/2034		38,727,197
101,616,267	Federal National Mortgage Association, Series 2015-21-G		3.00%			02/25/2042		101,652,697
20,180,129	Federal National Mortgage Association, Series 2015-42-CA		3.00%			03/25/2044		19,923,006
64,790,982	Federal National Mortgage Association, Series 2015-49-A		3.00%			03/25/2044		63,911,516
14,619,855	Federal National Mortgage Association, Series 2015-63-KD		3.00%			07/25/2041		14,573,823
59,845,290	Federal National Mortgage Association, Series 2015-88-AC		3.00%			04/25/2043		59,055,554
172,457,745	Federal National Mortgage Association, Series 2015-88-BA		3.00%			04/25/2044		177,051,364
22,035,722	Federal National Mortgage Association, Series 2015-94-MA		3.00%			01/25/2046		21,836,453
75,522,068	Federal National Mortgage Association, Series 2015-9-HA		3.00%			01/25/2045		75,169,184
50,989,161	Federal National Mortgage Association, Series 2016-2-JA		2.50%			02/25/2046		49,629,759
113,603,996	Federal National Mortgage Association, Series 2016-32-LA		3.00%			10/25/2044		112,637,692
23,826,345	Federal National Mortgage Association, Series 2016-71-ZQ		3.00%			10/25/2046		21,254,865
117,464,050	Federal National Mortgage Association, Series 2016-72-PA		3.00%			07/25/2046		115,369,372
92,035,321	Federal National Mortgage Association, Series 2016-74-PA		3.00%			12/25/2044		90,588,857
44,912,121	Federal National Mortgage Association, Series 2016-79-EP		3.00%			01/25/2044		44,832,618
116,493,614	Federal National Mortgage Association, Series 2016-81-PA		3.00%			02/25/2044		115,374,565
61,691,813	Federal National Mortgage Association, Series 2016-94-PA		3.00%			03/25/2044		60,759,736
60,620,760	Federal National Mortgage Association, Series 2017-13-ML		3.00%			08/25/2041		60,269,596
21,118,317	Federal National Mortgage Association, Series 2017-26-DA		3.00%			06/25/2043		20,809,259
31,652,063	Federal National Mortgage Association, Series 2017-2-HA		3.00%			09/25/2041		31,385,296
20,500,463	Federal National Mortgage Association, Series 2017-4-CH		3.00%			06/25/2042		20,473,031
21,376,975	Federal National Mortgage Association, Series 2017-51-EA		3.00%			11/25/2042		21,115,772
29,585,987	Federal National Mortgage Association, Series 2017-61-TA		3.00%			02/25/2043		29,077,212
104,978,706	Federal National Mortgage Association, Series 2018-21-PO		0.00%	P/O		04/25/2048		83,392,460
10,232,310	Federal National Mortgage Association, Series 400-S4 (-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)		3.58%	I/F I/O		11/25/2039		1,268,610
107,564,038	Federal National Mortgage Association, Series 412-A3		3.00%			08/25/2042		105,849,112
10,499,751	Federal National Mortgage Association Pass-Thru, Pool 555743		5.00%			09/01/2033		11,341,573
8,009,739	Federal National Mortgage Association Pass-Thru, Pool 735382		5.00%			04/01/2035		8,649,576
12,981,433	Federal National Mortgage Association Pass-Thru, Pool 735402		5.00%			04/01/2035		14,018,747
9,134,305	Federal National Mortgage Association Pass-Thru, Pool 735484		5.00%			05/01/2035		9,864,939
3,561,211	Federal National Mortgage Association Pass-Thru, Pool 735667		5.00%			07/01/2035		3,846,160
2,947,276	Federal National Mortgage Association Pass-Thru, Pool 735893		5.00%			10/01/2035		3,182,874
7,292,427	Federal National Mortgage Association Pass-Thru, Pool 745275		5.00%			02/01/2036		7,875,151
86,173	Federal National Mortgage Association Pass-Thru, Pool 745571		4.00%			01/01/2019		88,682
310,539	Federal National Mortgage Association Pass-Thru, Pool 888695		5.00%			08/01/2037		333,687
1,585,493	Federal National Mortgage Association Pass-Thru, Pool 888968		5.00%			08/01/2035		1,712,505
14,181,230	Federal National Mortgage Association Pass-Thru, Pool 890549		4.00%			11/01/2043		14,659,271
16,470,964	Federal National Mortgage Association Pass-Thru, Pool 890565		3.00%			11/01/2043		16,208,142
828,708	Federal National Mortgage Association Pass-Thru, Pool 931104		5.00%			05/01/2039		881,799
225,958	Federal National Mortgage Association Pass-Thru, Pool 975116		5.00%			05/01/2038		242,140
1,716,152	Federal National Mortgage Association Pass-Thru, Pool 986864		6.50%			08/01/2038		1,924,995
1,694,695	Federal National Mortgage Association Pass-Thru, Pool 987316		6.50%			09/01/2038		1,893,055
14,152,265	Federal National Mortgage Association Pass-Thru, Pool 995203		5.00%			07/01/2035		15,284,537
24,327,198	Federal National Mortgage Association Pass-Thru, Pool 995849		5.00%			08/01/2036		26,269,748
20,712,185	Federal National Mortgage Association Pass-Thru, Pool AB2123		4.00%			01/01/2031		21,413,888
238,057	Federal National Mortgage Association Pass-Thru, Pool AB2370		4.50%			09/01/2035		245,647
2,162,914	Federal National Mortgage Association Pass-Thru, Pool AB3713		4.00%			10/01/2031		2,235,990
10,989,283	Federal National Mortgage Association Pass-Thru, Pool AB3796		3.50%			11/01/2031		11,224,439
4,509,739	Federal National Mortgage Association Pass-Thru, Pool AB3850		4.00%			11/01/2041		4,612,394
6,659,396	Federal National Mortgage Association Pass-Thru, Pool AB3923		4.00%			11/01/2041		6,810,776
36,585,140	Federal National Mortgage Association Pass-Thru, Pool AB4167		3.50%			01/01/2032		37,368,075
34,449,914	Federal National Mortgage Association Pass-Thru, Pool AB4261		3.50%			01/01/2032		35,184,913
6,195,840	Federal National Mortgage Association Pass-Thru, Pool AB5084		3.50%			05/01/2032		6,328,467
12,959,938	Federal National Mortgage Association Pass-Thru, Pool AB5156		3.50%			05/01/2032		13,237,324
22,048,393	Federal National Mortgage Association Pass-Thru, Pool AB5212		3.50%			05/01/2032		22,520,327
8,673,015	Federal National Mortgage Association Pass-Thru, Pool AB5243		4.00%			05/01/2042		8,868,444
33,152,913	Federal National Mortgage Association Pass-Thru, Pool AB5911		3.00%			08/01/2032		33,034,849
9,157,173	Federal National Mortgage Association Pass-Thru, Pool AB6280		3.00%			09/01/2042		8,996,946
13,767,225	Federal National Mortgage Association Pass-Thru, Pool AB6349		3.00%			10/01/2032		13,718,179
40,845,704	Federal National Mortgage Association Pass-Thru, Pool AB6750		3.00%			10/01/2032		40,700,198
20,166,384	Federal National Mortgage Association Pass-Thru, Pool AB6751		3.00%			10/01/2032		20,094,816
120,886,074	Federal National Mortgage Association Pass-Thru, Pool AB6854		3.00%			11/01/2042		118,956,368
86,879,082	Federal National Mortgage Association Pass-Thru, Pool AB7077		3.00%			11/01/2042		85,492,022
68,209,180	Federal National Mortgage Association Pass-Thru, Pool AB7344		3.00%			12/01/2032		67,966,462
31,775,313	Federal National Mortgage Association Pass-Thru, Pool AB7776		3.00%			02/01/2043		31,219,771
40,419,970	Federal National Mortgage Association Pass-Thru, Pool AB7877		3.00%			02/01/2043		39,713,289
17,021,710	Federal National Mortgage Association Pass-Thru, Pool AB8418		3.00%			02/01/2033		16,961,198
24,897,750	Federal National Mortgage Association Pass-Thru, Pool AB8520		3.00%			02/01/2033		24,809,049
29,875,556	Federal National Mortgage Association Pass-Thru, Pool AB8703		3.00%			03/01/2038		29,602,326
14,770,218	Federal National Mortgage Association Pass-Thru, Pool AB8858		3.00%			04/01/2033		14,717,613
26,196,515	Federal National Mortgage Association Pass-Thru, Pool AB9020		3.00%			04/01/2038		25,648,793
24,133,541	Federal National Mortgage Association Pass-Thru, Pool AB9197		3.00%			05/01/2033		24,047,551
69,531,847	Federal National Mortgage Association Pass-Thru, Pool AB9406		3.00%			05/01/2033		69,284,096
14,138,683	Federal National Mortgage Association Pass-Thru, Pool AB9409		3.00%			05/01/2033		14,088,308
924,863	Federal National Mortgage Association Pass-Thru, Pool AD2177		4.50%			06/01/2030		971,951
1,154,161	Federal National Mortgage Association Pass-Thru, Pool AD6438		5.00%			06/01/2040		1,248,259
898,437	Federal National Mortgage Association Pass-Thru, Pool AD7859		5.00%			06/01/2040		971,771
9,813,606	Federal National Mortgage Association Pass-Thru, Pool AH0607		4.00%			12/01/2040		10,143,033
1,050,257	Federal National Mortgage Association Pass-Thru, Pool AH1140		4.50%			12/01/2040		1,084,321
9,229,086	Federal National Mortgage Association Pass-Thru, Pool AH4437		4.00%			01/01/2041		9,437,910
2,182,120	Federal National Mortgage Association Pass-Thru, Pool AH7309		4.00%			02/01/2031		2,256,027
9,441,663	Federal National Mortgage Association Pass-Thru, Pool AH9323		4.00%			04/01/2026		9,719,880
510,856	Federal National Mortgage Association Pass-Thru, Pool AI8889		4.00%			08/01/2041		522,500
4,925,155	Federal National Mortgage Association Pass-Thru, Pool AI9831		4.00%			09/01/2041		5,037,143
1,413,616	Federal National Mortgage Association Pass-Thru, Pool AJ1265		4.00%			09/01/2041		1,445,821
2,368,077	Federal National Mortgage Association Pass-Thru, Pool AJ1399		4.00%			09/01/2041		2,421,430
6,167,480	Federal National Mortgage Association Pass-Thru, Pool AJ1467		4.00%			10/01/2041		6,306,446
4,739,335	Federal National Mortgage Association Pass-Thru, Pool AJ3392		4.00%			10/01/2041		4,847,206
1,896,202	Federal National Mortgage Association Pass-Thru, Pool AJ3854		4.00%			10/01/2041		1,939,428
25,590,611	Federal National Mortgage Association Pass-Thru, Pool AJ4118		4.00%			11/01/2041		26,167,165
6,365,205	Federal National Mortgage Association Pass-Thru, Pool AJ4131		4.00%			10/01/2041		6,509,930
1,229,773	Federal National Mortgage Association Pass-Thru, Pool AJ5172		4.00%			11/01/2041		1,257,810
33,213,548	Federal National Mortgage Association Pass-Thru, Pool AJ5322		4.00%			11/01/2041		34,335,615
17,437,182	Federal National Mortgage Association Pass-Thru, Pool AJ7677		3.50%			12/01/2041		17,392,905
2,964,067	Federal National Mortgage Association Pass-Thru, Pool AJ8334		4.00%			12/01/2041		3,031,474
37,018,165	Federal National Mortgage Association Pass-Thru, Pool AK0713		3.50%			01/01/2032		37,810,395
8,786,463	Federal National Mortgage Association Pass-Thru, Pool AK4039		4.00%			02/01/2042		8,986,098
6,620,846	Federal National Mortgage Association Pass-Thru, Pool AK4763		4.00%			02/01/2042		6,771,676
7,081,041	Federal National Mortgage Association Pass-Thru, Pool AK9438		4.00%			03/01/2042		7,242,158
8,391,178	Federal National Mortgage Association Pass-Thru, Pool AK9439		4.00%			03/01/2042		8,582,143
1,112,403	Federal National Mortgage Association Pass-Thru, Pool AK9446		4.50%			03/01/2042		1,148,561
80,740,880	Federal National Mortgage Association Pass-Thru, Pool AL3038		3.00%			01/01/2033		80,487,601
130,413,919	Federal National Mortgage Association Pass-Thru, Pool AL3699		3.00%			06/01/2043		128,135,209
67,195,331	Federal National Mortgage Association Pass-Thru, Pool AL3883		3.00%			07/01/2043		66,018,055
4,269,184	Federal National Mortgage Association Pass-Thru, Pool AL4292		4.50%			04/01/2026		4,443,936
11,660,243	Federal National Mortgage Association Pass-Thru, Pool AL4312		4.00%			10/01/2043		12,054,855
24,555,957	Federal National Mortgage Association Pass-Thru, Pool AL6075		3.50%			09/01/2053		24,246,422
31,848,768	Federal National Mortgage Association Pass-Thru, Pool AL6076		3.00%			06/01/2053		30,566,088
91,511,773	Federal National Mortgage Association Pass-Thru, Pool AL6141		4.00%			04/01/2042		94,647,049
66,166,084	Federal National Mortgage Association Pass-Thru, Pool AL6325		3.00%			10/01/2044		65,110,740
33,404,412	Federal National Mortgage Association Pass-Thru, Pool AL6486		4.50%			02/01/2045		35,083,448
79,195,523	Federal National Mortgage Association Pass-Thru, Pool AL6538		4.50%			06/01/2044		83,752,169
62,019,447	Federal National Mortgage Association Pass-Thru, Pool AL8304		3.50%			03/01/2046		62,261,954
29,652,329	Federal National Mortgage Association Pass-Thru, Pool AO2980		4.00%			05/01/2042		30,329,330
71,676,383	Federal National Mortgage Association Pass-Thru, Pool AP4787		3.50%			09/01/2042		71,494,572
64,618,643	Federal National Mortgage Association Pass-Thru, Pool AP4789		3.50%			09/01/2042		64,454,515
17,813,784	Federal National Mortgage Association Pass-Thru, Pool AQ5541		3.00%			12/01/2042		17,529,393
21,018,395	Federal National Mortgage Association Pass-Thru, Pool AR9856		3.00%			04/01/2043		20,682,804
29,629,181	Federal National Mortgage Association Pass-Thru, Pool AS1927		4.50%			03/01/2044		31,113,701
30,268,738	Federal National Mortgage Association Pass-Thru, Pool AS2038		4.50%			03/01/2044		31,797,851
24,768,469	Federal National Mortgage Association Pass-Thru, Pool AS2517		4.50%			05/01/2044		26,014,035
13,036,856	Federal National Mortgage Association Pass-Thru, Pool AS2551		4.50%			06/01/2044		13,737,924
11,457,884	Federal National Mortgage Association Pass-Thru, Pool AS2765		4.50%			07/01/2044		12,066,119
38,160,349	Federal National Mortgage Association Pass-Thru, Pool AS3201		3.00%			08/01/2034		38,024,449
17,596,769	Federal National Mortgage Association Pass-Thru, Pool AS3456		3.00%			10/01/2034		17,534,077
38,076,070	Federal National Mortgage Association Pass-Thru, Pool AS3666		3.00%			10/01/2034		37,940,441
159,269,305	Federal National Mortgage Association Pass-Thru, Pool AS3961		3.00%			12/01/2044		156,324,799
49,121,136	Federal National Mortgage Association Pass-Thru, Pool AS4154		3.00%			12/01/2044		48,124,210
30,994,297	Federal National Mortgage Association Pass-Thru, Pool AS4212		3.00%			01/01/2035		30,883,928
47,239,476	Federal National Mortgage Association Pass-Thru, Pool AS4281		3.00%			01/01/2035		47,071,220
30,762,218	Federal National Mortgage Association Pass-Thru, Pool AS4345		3.50%			01/01/2045		30,915,959
35,897,357	Federal National Mortgage Association Pass-Thru, Pool AS4360		3.00%			01/01/2035		35,769,466
303,287,268	Federal National Mortgage Association Pass-Thru, Pool AS4625		3.00%			03/01/2045		296,928,389
126,917,653	Federal National Mortgage Association Pass-Thru, Pool AS4645		3.00%			03/01/2045		124,256,220
45,121,357	Federal National Mortgage Association Pass-Thru, Pool AS4779		3.00%			04/01/2035		44,960,636
43,008,404	Federal National Mortgage Association Pass-Thru, Pool AS4780		3.00%			04/01/2035		42,855,172
57,290,409	Federal National Mortgage Association Pass-Thru, Pool AS4840		3.00%			04/01/2035		57,086,316
28,465,905	Federal National Mortgage Association Pass-Thru, Pool AS4881		3.00%			05/01/2035		28,364,477
29,909,367	Federal National Mortgage Association Pass-Thru, Pool AS4882		3.00%			05/01/2035		29,802,803
58,922,721	Federal National Mortgage Association Pass-Thru, Pool AX9696		3.00%			07/01/2045		57,105,153
77,262,270	Federal National Mortgage Association Pass-Thru, Pool AY3974		3.00%			03/01/2045		75,642,695
26,632,576	Federal National Mortgage Association Pass-Thru, Pool AY4295		3.00%			02/01/2045		25,845,645
12,542,425	Federal National Mortgage Association Pass-Thru, Pool AY4296		3.00%			01/01/2045		12,171,715
12,601,113	Federal National Mortgage Association Pass-Thru, Pool AY5471		3.00%			03/01/2045		12,228,726
22,194,046	Federal National Mortgage Association Pass-Thru, Pool BC0785		3.50%			04/01/2046		22,280,743
2,759,469	Federal National Mortgage Association Pass-Thru, Pool MA0264		4.50%			12/01/2029		2,899,175
14,904	Federal National Mortgage Association Pass-Thru, Pool MA0315		4.50%			01/01/2025		14,734
10,065,071	Federal National Mortgage Association Pass-Thru, Pool MA0353		4.50%			03/01/2030		10,576,712
2,186,243	Federal National Mortgage Association Pass-Thru, Pool MA0406		4.50%			05/01/2030		2,297,366
147,759	Federal National Mortgage Association Pass-Thru, Pool MA0445		5.00%			06/01/2040		154,442
337,231	Federal National Mortgage Association Pass-Thru, Pool MA0459		4.00%			07/01/2020		347,051
395,283	Federal National Mortgage Association Pass-Thru, Pool MA0468		5.00%			07/01/2040		412,176
1,111,131	Federal National Mortgage Association Pass-Thru, Pool MA0502		4.00%			08/01/2020		1,143,485
536,697	Federal National Mortgage Association Pass-Thru, Pool MA0517		4.00%			09/01/2020		552,324
3,135,952	Federal National Mortgage Association Pass-Thru, Pool MA0534		4.00%			10/01/2030		3,241,956
3,394,187	Federal National Mortgage Association Pass-Thru, Pool MA0536		4.00%			10/01/2020		3,493,020
4,235,731	Federal National Mortgage Association Pass-Thru, Pool MA0580		4.00%			11/01/2020		4,359,068
687,428	Federal National Mortgage Association Pass-Thru, Pool MA0587		4.00%			12/01/2030		710,719
16,989,942	Federal National Mortgage Association Pass-Thru, Pool MA0616		4.00%			01/01/2031		17,564,461
6,388,505	Federal National Mortgage Association Pass-Thru, Pool MA0896		4.00%			11/01/2041		6,533,969
129,113,993	Federal National Mortgage Association Pass-Thru, Pool MA0919		3.50%			12/01/2031		131,877,019
54,410,091	Federal National Mortgage Association Pass-Thru, Pool MA0949		3.50%			01/01/2032		55,574,448
66,421,162	Federal National Mortgage Association Pass-Thru, Pool MA0976		3.50%			02/01/2032		67,842,624
32,528,673	Federal National Mortgage Association Pass-Thru, Pool MA1010		3.50%			03/01/2032		33,224,568
9,633,433	Federal National Mortgage Association Pass-Thru, Pool MA1039		3.50%			04/01/2042		9,609,052
44,704,010	Federal National Mortgage Association Pass-Thru, Pool MA1059		3.50%			05/01/2032		45,660,276
6,292,933	Federal National Mortgage Association Pass-Thru, Pool MA1068		3.50%			05/01/2042		6,276,953
94,701,072	Federal National Mortgage Association Pass-Thru, Pool MA1084		3.50%			06/01/2032		96,727,381
14,296,528	Federal National Mortgage Association Pass-Thru, Pool MA1093		3.50%			06/01/2042		14,260,260
11,568,942	Federal National Mortgage Association Pass-Thru, Pool MA1094		4.00%			06/01/2042		11,829,621
56,906,704	Federal National Mortgage Association Pass-Thru, Pool MA1107		3.50%			07/01/2032		58,124,355
132,430,456	Federal National Mortgage Association Pass-Thru, Pool MA1117		3.50%			07/01/2042		132,094,129
155,861,754	Federal National Mortgage Association Pass-Thru, Pool MA1136		3.50%			08/01/2042		155,466,591
38,392,561	Federal National Mortgage Association Pass-Thru, Pool MA1138		3.50%			08/01/2032		39,213,588
42,009,742	Federal National Mortgage Association Pass-Thru, Pool MA1179		3.50%			09/01/2042		41,903,409
7,600,439	Federal National Mortgage Association Pass-Thru, Pool MA1201		3.50%			10/01/2032		7,763,026
90,964,329	Federal National Mortgage Association Pass-Thru, Pool MA1209		3.50%			10/01/2042		90,734,229
146,773,753	Federal National Mortgage Association Pass-Thru, Pool MA1237		3.00%			11/01/2032		146,251,424
5,887,210	Federal National Mortgage Association Pass-Thru, Pool MA1242		3.50%			11/01/2042		5,872,313
26,345,337	Federal National Mortgage Association Pass-Thru, Pool MA1338		3.00%			02/01/2033		26,251,594
103,677,081	Federal National Mortgage Association Pass-Thru, Pool MA1366		3.00%			03/01/2033		103,307,984
63,575,758	Federal National Mortgage Association Pass-Thru, Pool MA1401		3.00%			04/01/2033		63,349,569
110,498,026	Federal National Mortgage Association Pass-Thru, Pool MA1459		3.00%			06/01/2033		110,105,285
14,071,616	Federal National Mortgage Association Pass-Thru, Pool MA1490		3.00%			07/01/2033		14,021,552
80,877,005	Federal National Mortgage Association Pass-Thru, Pool MA2018		3.50%			09/01/2034		82,355,291
30,998,844	Federal National Mortgage Association Pass-Thru, Pool MA2114		3.50%			12/01/2044		30,920,413
25,104,482	Federal National Mortgage Association Pass-Thru, Pool MA2151		3.50%			01/01/2045		25,040,964
48,218,090	Federal National Mortgage Association Pass-Thru, Pool MA2164		3.50%			02/01/2035		49,099,413
99,719,089	Federal National Mortgage Association Pass-Thru, Pool MA2166		3.50%			02/01/2045		99,466,602
102,019,731	Federal National Mortgage Association Pass-Thru, Pool MA2248		3.00%			04/01/2045		98,939,070
103,117,748	Federal National Mortgage Association Pass-Thru, Pool MA2270		3.00%			05/01/2045		100,003,367
137,698,780	Federal National Mortgage Association Pass-Thru, Pool MA2650		3.50%			06/01/2046		137,350,350
8,989,435	Federal National Mortgage Association Pass-Thru, Pool MA3894		4.00%			09/01/2031		9,360,626
5,011,795	Government National Mortgage Association, Pool MA2511M		3.50%			01/20/2045		5,011,734
14,700,000	Government National Mortgage Association, Series 2003-67-SP (-1 x 1 Month LIBOR USD + 7.10%, 7.10% Cap)		5.28%	I/F I/O		08/20/2033		2,413,600
6,169,298	Government National Mortgage Association, Series 2003-86-ZK		5.00%			10/20/2033		6,701,062
3,147,645	Government National Mortgage Association, Series 2004-49-Z		6.00%			06/20/2034		3,428,854
993,002	Government National Mortgage Association, Series 2004-80-PH		5.00%			07/20/2034		1,011,427
6,519,588	Government National Mortgage Association, Series 2004-83-CS (-1 x 1 Month LIBOR USD + 6.08%, 6.08% Cap)		4.26%	I/F I/O		10/20/2034		794,566
1,667,583	Government National Mortgage Association, Series 2005-21-Z		5.00%			03/20/2035		1,812,637
17,927,928	Government National Mortgage Association, Series 2005-39-ZB		5.00%			07/20/2034		19,069,449
906,579	Government National Mortgage Association, Series 2006-24-CX (-7 x 1 Month LIBOR USD + 39.97%, 39.97% Cap)		26.60%	I/F		05/20/2036		1,620,705
8,308,830	Government National Mortgage Association, Series 2007-26-SJ (-1 x 1 Month LIBOR USD + 4.69%, 4.69% Cap)		2.87%	I/F I/O		04/20/2037		519,805
5,367,727	Government National Mortgage Association, Series 2008-2-SM (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)		4.71%	I/F I/O		01/16/2038		938,293
9,076,955	Government National Mortgage Association, Series 2008-42-AI (-1 x 1 Month LIBOR USD + 7.69%, 7.69% Cap)		5.90%	I/F I/O		05/16/2038		2,085,698
3,837,671	Government National Mortgage Association, Series 2008-43-SH (-1 x 1 Month LIBOR USD + 6.34%, 6.34% Cap)		4.51%	I/F I/O		05/20/2038		503,414
4,352,492	Government National Mortgage Association, Series 2008-51-SC (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		4.43%	I/F I/O		06/20/2038		536,983
2,895,379	Government National Mortgage Association, Series 2008-51-SE (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		4.46%	I/F I/O		06/16/2038		405,195
1,507,782	Government National Mortgage Association, Series 2008-82-SM (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		4.23%	I/F I/O		09/20/2038		191,936
3,227,389	Government National Mortgage Association, Series 2008-83-SD (-1 x 1 Month LIBOR USD + 6.56%, 6.56% Cap)		4.77%	I/F I/O		11/16/2036		512,159
12,129,094	Government National Mortgage Association, Series 2009-106-VZ		4.50%			11/20/2039		12,779,063
6,448,267	Government National Mortgage Association, Series 2009-10-NS (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		4.86%	I/F I/O		02/16/2039		1,064,939
2,397,737	Government National Mortgage Association, Series 2009-24-SN (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		4.28%	I/F I/O		09/20/2038		225,884
6,733,420	Government National Mortgage Association, Series 2009-32-ZE		4.50%			05/16/2039		7,093,920
37,381,025	Government National Mortgage Association, Series 2009-35-DZ		4.50%			05/20/2039		39,449,586
7,255	Government National Mortgage Association, Series 2009-41-ZQ		4.50%			06/16/2039		7,705
4,280,050	Government National Mortgage Association, Series 2009-48-Z		5.00%			06/16/2039		4,520,271
940,830	Government National Mortgage Association, Series 2009-50-KP		4.50%			06/20/2039		972,396
3,486,987	Government National Mortgage Association, Series 2009-69-TS (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)		4.41%	I/F I/O		04/16/2039		362,119
5,712,050	Government National Mortgage Association, Series 2009-75-GZ		4.50%			09/20/2039		5,926,250
4,559,873	Government National Mortgage Association, Series 2009-87-IG (-1 x 1 Month LIBOR USD + 6.74%, 6.74% Cap)		4.92%	I/F I/O		03/20/2037		512,909
33,234,955	Government National Mortgage Association, Series 2010-106-PS (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		4.23%	I/F I/O		03/20/2040		3,608,209
8,468,483	Government National Mortgage Association, Series 2010-1-SA (-1 x 1 Month LIBOR USD + 5.75%, 5.75% Cap)		3.96%	I/F I/O		01/16/2040		837,817
3,688,922	Government National Mortgage Association, Series 2010-25-ZB		4.50%			02/16/2040		3,886,688
78,078,027	Government National Mortgage Association, Series 2010-26-QS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		4.43%	I/F I/O		02/20/2040		11,882,656
6,586,430	Government National Mortgage Association, Series 2010-42-AY		5.00%			11/20/2039		7,108,642
6,660,642	Government National Mortgage Association, Series 2010-42-ES (-1 x 1 Month LIBOR USD + 5.68% , 5.68% Cap)		3.86%	I/F I/O		04/20/2040		887,567
2,038,281	Government National Mortgage Association, Series 2010-61-AS (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		4.73%	I/F I/O		09/20/2039		245,026
20,357,405	Government National Mortgage Association, Series 2010-62-SB (-1 x 1 Month LIBOR USD + 5.75%, 5.75% Cap)		3.93%	I/F I/O		05/20/2040		2,453,338
10,189,552	Government National Mortgage Association, Series 2010-62-ZG		5.50%			05/16/2040		11,404,599
7,833,334	Government National Mortgage Association, Series 2011-18-SN (-2 x 1 Month LIBOR USD + 9.50%, 9.50% Cap)		5.86%	I/F		12/20/2040		8,175,305
8,333,334	Government National Mortgage Association, Series 2011-18-YS (-2 x 1 Month LIBOR USD + 9.50%, 9.50% Cap)		5.86%	I/F		12/20/2040		8,277,200
4,891,763	Government National Mortgage Association, Series 2011-51-UZ		4.50%			04/20/2041		5,095,623
3,129,402	Government National Mortgage Association, Series 2011-69-OC		0.00%	P/O		05/20/2041		2,512,817
28,987,422	Government National Mortgage Association, Series 2011-69-SB (-1 x 1 Month LIBOR USD + 5.35%, 5.35% Cap)		3.53%	I/F I/O		05/20/2041		3,148,912
27,162,619	Government National Mortgage Association, Series 2011-71-ZA		4.50%			02/20/2041		28,287,673
10,637,081	Government National Mortgage Association, Series 2011-72-AS (-1 x 1 Month LIBOR USD + 5.38%, 5.38% Cap)		3.56%	I/F I/O		05/20/2041		1,238,066
8,163,208	Government National Mortgage Association, Series 2011-72-SK (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)		4.33%	I/F I/O		05/20/2041		1,037,188
4,777,177	Government National Mortgage Association, Series 2012-105-SE (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)		4.38%	I/F I/O		01/20/2041		298,738
11,299,086	Government National Mortgage Association, Series 2012-52-PN		2.00%			12/20/2039		11,195,520
28,429,893	Government National Mortgage Association, Series 2013-116-LS (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)		4.33%	I/F I/O		08/20/2043		4,402,554
28,574,812	Government National Mortgage Association, Series 2013-136-CS (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)		4.41%	I/F I/O		09/16/2043		4,198,546
18,903,608	Government National Mortgage Association, Series 2013-182-WZ		2.50%			12/20/2043		16,848,143
58,271,355	Government National Mortgage Association, Series 2013-182-ZW		2.50%			12/20/2043		51,935,277
19,919,165	Government National Mortgage Association, Series 2013-186-SG (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		4.46%	I/F I/O		02/16/2043		2,295,588
19,187,657	Government National Mortgage Association, Series 2013-26-MS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		4.43%	I/F I/O		02/20/2043		3,218,290
40,490,040	Government National Mortgage Association, Series 2013-34-PL		3.00%			03/20/2042		39,921,374
37,416,004	Government National Mortgage Association, Series 2014-163-PS (-1 x 1 Month LIBOR USD + 5.60% , 5.60% Cap)		3.78%	I/F I/O		11/20/2044		4,571,364
38,595,551	Government National Mortgage Association, Series 2014-167-SA (-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)		3.78%	I/F I/O		11/20/2044		4,376,851
57,954,222	Government National Mortgage Association, Series 2014-21-SE (-1 x 1 Month LIBOR USD + 5.55%, 5.55% Cap)		3.73%	I/F I/O		02/20/2044		7,712,444
32,488,778	Government National Mortgage Association, Series 2014-39-SK (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)		4.38%	I/F I/O		03/20/2044		4,304,240
28,661,395	Government National Mortgage Association, Series 2014-59-DS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		4.46%	I/F I/O		04/16/2044		4,102,374
9,070,053	Government National Mortgage Association, Series 2016-99-TL		2.00%			04/16/2044		7,517,486
Total US Government and Agency Mortgage Backed Obligations (Cost $24,872,089,110)								24,474,003,074
US Government and Agency Obligations - 5.4%
59,900,000	Tennessee Valley Authority		4.25%			09/15/2065		69,688,475
509,605,000	United States Treasury Inflation Indexed Bonds		0.13%			04/15/2022		502,306,534
250,000,000	United States Treasury Notes		1.38%			09/30/2019		246,809,295
250,000,000	United States Treasury Notes		1.50%			10/31/2019		247,079,500
1,050,000,000	United States Treasury Notes		1.63%			11/15/2022		1,007,862,240
700,000,000	United States Treasury Notes		2.00%			02/15/2023		681,972,998
Total US Government and Agency Obligations (Cost $2,800,492,324)								2,755,719,042
Short Term Investments - 5.2%
144,796,359	BlackRock Liquidity Funds FedFund - Institutional Shares		1.53%	◆				144,796,359
144,796,359	Fidelity Institutional Money Market Government Portfolio - Class I		1.47%	◆				144,796,359
144,796,359	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.56%	◆				144,796,359
250,000,000	United States Treasury Bills		0.00%			04/12/2018		249,886,740
250,000,000	United States Treasury Bills		0.00%			04/26/2018		249,735,000
250,000,000	United States Treasury Bills		0.00%			05/17/2018		249,488,542
500,000,000	United States Treasury Bills		0.00%			05/31/2018		498,637,005
250,000,000	United States Treasury Bills		0.00%			06/21/2018		249,063,195
250,000,000	United States Treasury Bills		0.00%			07/26/2018		248,597,032
250,000,000	United States Treasury Bills		0.00%			08/16/2018		248,263,535
250,000,000	United States Treasury Bills		0.00%			09/13/2018		247,888,637
Total Short Term Investments (Cost $2,676,565,438)								2,675,948,763
Total Investments - 100.1% (Cost $52,078,311,287)								51,490,504,085
Liabilities in Excess of Other Assets - (0.1)%								(70,539,490	)
NET ASSETS - 100.0%							$	51,419,964,595
	^   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At March 31, 2018, the value of these securities amounted to $12,514,952,538 or 24.3% of net assets.
	#  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 March 31, 2018.
	±  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 desclosed is as of March 31, 2018.
	I/O  Interest only security
	I/F   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.
	P/O  Principal only security
	ß The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of March 31, 2018.
	§  The interest rate will step up if the issuer does not redeem the bond by an expected redemption date. The interest rate shown is the rate in effect as of March 31, 2018.
	Þ  Value determined using significant unobservable inputs.
	¥ Illiquid security
	◆  Seven-day yield as of March 31, 2018
	~  Represents less than 0.05% of net assets.

SECURITY TYPE BREAKDOWN as a % of Net Assets:

US Government and Agency Mortgage Backed Obligations	47.6	%
Non-Agency Residential Collateralized Mortgage Obligations	25.9	%
Non-Agency Commercial Mortgage Backed Obligations	7.0	%
US Government and Agency Obligations	5.4	%
Short Term Investments	5.2	%
Collateralized Loan Obligations	4.9	%
Asset Backed Obligations	3.7	%
Commercial Paper	0.3	%
US Corporate Bonds	0.1	%
Foreign Corporate Bonds	0.0	% ~
Other Assets and Liabilities	(0.1)	%
	100.0	%

DoubleLine Core Fixed Income Fund

Schedule of Investments

March 31, 2018

Principal Amount $/Shares	Security Description	Rate			Maturity		Value $
Asset Backed Obligations - 1.9%
4,958,333	CAL Funding Ltd., Series 2018-1A-A		3.96%	^		02/25/2043		5,006,477
4,433,524	Castlelake Aircraft Securitization Trust, Series 2015-1A-A		4.70%	^ §		12/15/2040		4,457,142
11,130,684	Castlelake Aircraft Securitization Trust, Series 2016-1-A		4.45%			08/15/2041		11,148,326
5,626,291	Castlelake Aircraft Securitization Trust, Series 2017-1-A		3.97%			07/15/2042		5,603,043
5,448,129	CLI Funding LLC, Series 2017-1A-A		3.62%	^		05/18/2042		5,413,915
14,738,625	Coinstar Funding LLC, Series 2017-1A-A2		5.22%	^		04/25/2047		15,155,153
2,910,000	DB Master Finance LLC, Series 2015-1A-A2II		3.98%	^		02/20/2045		2,938,903
14,600,000	Harbour Aircraft Investments Ltd., Series 2017-1-A		4.00%			11/15/2037		14,589,386
9,507,925	Helios Issuer LLC, Series 2017-1A-A		4.94%	^		09/20/2049		9,691,942
6,356,727	HERO Funding Trust, Series 2016-1A-A		4.05%	^		09/20/2041		6,358,931
4,975,000	Jimmy Johns Funding LLC, Series 2017-1A-A2II		4.85%	^		07/30/2047		5,097,312
708,065	MarketPlace Loan Trust, Series 2015-CB1-A		4.00%	^		07/15/2021		707,906
7,500,000	Navient Private Education Loan Trust, Series 2018-A-B		3.68%	^		02/18/2042		7,524,515
12,309,699	NP SPE II LLC, Series 2016-1A-A1		4.16%	^		04/20/2046		12,373,704
11,235,850	OneMain Financial Issuance Trust, Series 2015-1A-A		3.19%	^		03/18/2026		11,274,168
7,533,425	Shenton Aircraft Investment Ltd., Series 2015-1A-A		4.75%	^		10/15/2042		7,761,560
1,723,193	SoFi Consumer Loan Program Trust, Series 2016-2-A		3.09%	^		10/27/2025		1,726,212
1,680,212	SoFi Consumer Loan Program Trust, Series 2017-1-A		3.28%	^		01/26/2026		1,683,773
500,000	SoFi Consumer Loan Program Trust, Series 2017-1-B		4.73%	# ^		01/26/2026		516,904
590,870	SoFi Consumer Loan Program Trust, Series 2017-2-A		3.28%	^		02/25/2026		592,450
5,000,000	SoFi Consumer Loan Program Trust, Series 2017-5-A2		2.78%	^		09/25/2026		4,929,916
5,508,398	SoFi Professional Loan Program, Series 2016-A-A2		2.76%	^		12/26/2036		5,463,609
5,000,000	SoFi Professional Loan Program, Series 2017-B-BFX		3.70%	# ^		05/25/2040		5,021,841
2,000,000	SoFi Professional Loan Program, Series 2017-C-C		4.21%	# ^		07/25/2040		1,982,728
13,510,195	Springleaf Funding Trust, Series 2015-AA-A		3.16%	^		11/15/2024		13,524,000
1,313,104	Spruce Asset Backed Securities Trust, Series 2016-E1-A		4.32%	^		06/15/2028		1,329,069
2,751,900	Textainer Marine Containers Ltd., Series 2017-1A-A		3.72%	^		05/20/2042		2,752,949
12,989,167	Vantage Data Centers Issuer LLC, Series 2018-1A-A2		4.07%	^		02/16/2043		13,123,456
5,000,000	VB-S1 Issuer LLC, Series 2018-1A-C		3.41%	^		02/15/2048		5,004,353
23,492	Westlake Automobile Receivables Trust, Series 2016-1A-B		2.68%	^		09/15/2021		23,523
15,445,108	Wildcat LLC, Series 2017-1A-A		4.12%	¥ Þ		06/30/2027		15,417,307
Total Asset Backed Obligations (Cost $196,669,506)								198,194,473
Bank Loans - 3.5%
2,451,772	Acadia Healthcare Company, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (1 Month LIBOR USD + 2.50%)		4.38%			02/16/2023		2,475,272
311,655	Access CIG LLC, Senior Secured 1st Lien Delayed-Draw Term Loan (1 Month LIBOR USD + 3.75%)		0.50%	&		02/27/2025		315,550
1,493,345	Access CIG LLC, Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.63%			02/27/2025		1,512,012
3,520,832	Acrisure LLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.99%			11/22/2023		3,571,004
1,660,770	Air Medical Group Holdings, Inc., Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.94%			04/28/2022		1,669,879
24,706	A-L Parent LLC, Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%			12/01/2023		24,984
1,839,538	Albertson’s Holdings LLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4 (1 Month LIBOR USD + 2.75%, 0.75% Floor)		4.63%			08/25/2021		1,819,579
791,090	AlixPartners LLP, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%, 1.00% Floor)		5.05%			04/04/2024		795,761
1,810,000	Almonde, Inc., Secured 2nd Lien Term Loan (3 Month LIBOR USD + 7.25%, 1.00% Floor)		9.23%			06/16/2025		1,797,411
1,871,271	Almonde, Inc., Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.48%			06/13/2024		1,871,626
2,035,690	American Renal Holdings, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.13%			06/21/2024		2,040,138
3,245,178	American Tire Distributors, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (2 Month LIBOR USD + 4.25%, 1.00% Floor)		6.24%			09/01/2021		3,291,828
2,820,000	Amneal Pharmaceuticals LLC, Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.50%)		5.53%			03/23/2025		2,825,288
2,895,450	Applied Systems, Inc., Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%			09/19/2024		2,920,003
2,034,625	Arctic LNG Carriers Ltd., Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.50%, 1.00% Floor)		6.38%			05/18/2023		2,055,612
683,283	Ascend Learning LLC, Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%			07/12/2024		686,167
1,837,523	ASP AMC Merger Sub, Inc., Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.80%			04/22/2024		1,844,993
215,000	ASP Prince Merger Sub, Inc., Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.16%			03/20/2025		216,680
375,000	AssuredPartners, Inc., Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.26%			10/22/2024		375,000
2,930,275	AssuredPartners, Inc., Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%)		5.38%			10/22/2024		2,941,630
2,831,798	Asurion LLC, Senior Secured 1st Lien Term Loan, Tranche B6 (1 Month LIBOR USD + 2.75%)		4.63%			11/03/2023		2,854,155
2,418,844	Avantor Inc., Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%			11/21/2024		2,447,314
2,555,000	Avatar Purchaser Inc., Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)		5.48%			11/15/2024		2,562,461
2,593,500	Avaya, Inc., Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.75%, 1.00% Floor)		6.54%			12/16/2024		2,615,272
2,919,022	BJ’s Wholesale Club, Inc., Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.19%			02/02/2024		2,920,190
1,460,000	Blackstone Group, Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.00%, 1.00% Floor)		5.77%			10/31/2024		1,469,125
745,000	Blount International, Inc., Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.25%, 1.00% Floor)		5.92%			04/12/2023		755,896
3,535,700	Brand Energy & Infrastructure Services, Inc., Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.99%			06/21/2024		3,571,287
2,466,363	Bright Bidco B.V.,Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.80%			06/28/2024		2,505,282
2,914,098	BWAY Corporation, Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		4.96%			04/03/2024		2,932,049
2,389,013	Caesars Resort Collection LLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%			12/23/2024		2,407,599
2,429,950	Canyon Valor Companies, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.13%			06/16/2023		2,455,768
214,721	Capital Automotive LP, Guaranteed Secured 2nd Lien Term Loan (1 Month LIBOR USD + 6.00%, 1.00% Floor)		7.88%			03/24/2025		217,541
3,420,000	Capri Acquisitions Bidco Ltd, Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.02%			11/01/2024		3,426,412
1,411,463	CBS Radio, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%)		4.62%			11/18/2024		1,420,284
2,921,353	Cengage Learning, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.25%, 1.00% Floor)		6.04%			06/07/2023		2,670,044
2,144,625	CenturyLink, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%			01/31/2025		2,113,131
979,262	Ceva Group PLC, Guaranteed Senior Secured 1st Lien Synthetic Letter Of Credit (3 Month LIBOR USD + 5.50%, 1.00% Floor)		2.21%			03/19/2021		964,270
156,497	Ceva Group PLC, Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)		7.27%			03/19/2021		154,101
1,326,260	Ceva Group PLC, Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)		7.27%			03/19/2021		1,305,955
910,240	Ceva Intercompany BV, Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)		7.27%			03/19/2021		896,304
1,646,460	CH Hold Corporation, Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%			02/01/2024		1,659,327
2,467,922	Change Healthcare Holdings LLC, Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%			03/01/2024		2,476,720
3,238,510	CHG Healthcare Services, Inc., Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.77%			06/07/2023		3,266,863
340,000	CHG PPC Parent LLC, Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%)		4.76%			03/21/2025		341,275
950,755	Chill Merger Sub, Inc., Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.38%			03/20/2024		960,410
2,245,000	Cincinnati Bell, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.75%, 1.00% Floor)		5.44%			10/02/2024		2,265,575
3,531,150	Compass Power Generation LLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.75%, 1.00% Floor)		6.05%			12/20/2024		3,584,117
2,509,234	Compuware Corporation, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.38%			12/15/2021		2,543,736
425,000	Concentra, Inc., Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)		4.53%			06/01/2022		428,719
2,134,804	Constellation Merger Sub, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.55%			09/18/2024		2,151,200
3,045,510	Constellis Holdings LLC, Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.00%, 1.00% Floor)		7.30%			04/19/2024		3,078,828
667,857	Coronado Australian Holdings Ltd., Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 6.50%, 1.00% Floor)		8.51%			03/21/2025		661,179
182,143	Coronado Australian Holdings Pty Ltd., Senior Secured 1st Lien Term Loan, Tranche C (3 Month LIBOR USD + 6.50%, 1.00% Floor)		8.51%			03/21/2025		180,321
423,938	CP VI Bella Topco LLC, Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.88%			12/27/2024		423,410
1,154,486	CPI Holdco LLC, Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.80%			03/21/2024		1,163,144
2,881,878	CSM Bakery Supplies LLC, Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.00%, 1.00% Floor)		5.70%			07/03/2020		2,855,221
3,615,000	Cvent, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.63%			11/29/2024		3,640,612
1,347,000	CVS Holdings LP, Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.79%			02/06/2025		1,341,955
3,595,000	Deerfield Holdings Corporation, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%			02/13/2025		3,612,076
2,421,258	Delta 2 Lux Sarl, Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 2.50%, 1.00% Floor)		4.38%			02/01/2024		2,419,744
379,050	Dexko Global, Inc., Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.80%			07/24/2024		383,256
135,000	Dexko Global, Inc., Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.80%	&		07/24/2024		136,351
1,460,440	Digicel International Finance Ltd., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.02%			05/27/2024		1,455,423
255,938	Diplomat Pharmacy, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.50%, 1.00% Floor)		6.10%			12/20/2024		258,657
1,995,000	EG America LLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.00%)		6.01%			02/01/2025		1,993,005
640,000	EG Finco Ltd., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1 (3 Month LIBOR USD + 4.00%)		5.69%			02/07/2025		639,360
948,270	Envision Healthcare Corporation, Guaranteed Senior Secured 1st Lien Term Loan, Tranche C (1 Month LIBOR USD + 3.00%, 0.75% Floor)		4.88%			12/01/2023		953,367
2,560,147	EOC Group, Inc., Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.07%			03/20/2025		2,564,947
409,853	EOC Group, Inc., Senior Secured 1st Lien Delayed-Draw Term Loan (1 Month LIBOR USD + 3.25%)		5.56%	&		03/20/2025		410,622
3,266,875	Equian Buyer Corporation, Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.15%			05/20/2024		3,289,335
2,564,165	Equinox Holdings, Inc., Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%			03/08/2024		2,586,063
952,399	Evergreen Skills, Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.75%, 1.00% Floor)		6.63%			04/28/2021		922,242
1,799,221	Excelitas Technologies Corporation, Guaranteed Senior Secured 1st Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)		5.16%			12/02/2024		1,818,706
902,738	Exgen Renewables LLC, Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.99%			11/29/2024		914,026
2,096,413	Federal-Mogul Holdings Corporation, Guaranteed Senior Secured 1st Lien Term Loan, Tranche C (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.63%			04/15/2021		2,112,534
1,410,000	Filtration Group Corporation, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%)		4.66%			04/30/2025		1,406,475
2,291,355	Flexera Software LLC, Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%			02/26/2025		2,308,071
2,835,631	Foresight Energy LLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 5.75%, 1.00% Floor)		7.44%			03/28/2022		2,799,888
963,340	Forterra Finance LLC, Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%			10/25/2023		892,597
2,961,527	FTS International, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.75%, 1.00% Floor)		6.63%			04/16/2021		2,978,926
3,531,636	Garda World Security Corporation, Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.51%			05/24/2024		3,570,272
2,688,824	Gates Global LLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (3 Month LIBOR USD + 2.75%, 1.00% Floor)		5.05%			04/01/2024		2,706,893
510,000	Gavilan Resources LLC, Secured 2nd Lien Term Loan (1 Month LIBOR USD + 6.00%, 1.00% Floor)		7.79%			03/01/2024		512,553
2,152,480	Goldcup Merger Sub, Inc., Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.75%, 1.00% Floor)		5.52%			05/02/2023		2,172,670
372,164	Golden Nugget, Inc., Guaranteed Senior Secured 1st Lien Term Loan (2 Month LIBOR USD + 3.25%, 0.75% Floor)		5.04%			10/04/2023		375,910
1,495,000	Gopher Resource LLC, Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.48%			03/06/2025		1,510,884
3,260,000	GrafTech Finance, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.24%			02/12/2025		3,266,113
2,006,699	Greektown Holdings LLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 0.75% Floor)		4.88%			04/25/2024		2,011,716
2,808,565	Greeneden US Holdings LLC, Senior Secured 1st Lien Term Loan, Tranche B3 (3 Month LIBOR USD + 3.50%)		5.80%			12/01/2023		2,828,099
913,438	GTT Communications, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.19%			01/09/2024		916,520
1,025,000	GVC Holdings PLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (3 Month LIBOR USD + 2.50%, 1.00% Floor)		4.51%			03/15/2024		1,028,736
1,994,361	Harbor Freight Tools USA, Inc., Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)		4.38%			08/18/2023		1,999,915
2,259,148	Hargray Corporation, Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%			05/16/2024		2,269,032
1,168,222	Harsco Corporation, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1 (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.94%			12/06/2024		1,185,307
2,892,750	Hawk Merger Sub, Inc., Senior Secured 1st Lien Term Loan, Tranche B1 (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%			07/31/2024		2,912,638
3,059,625	Hayward Acquisition Corporation, Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%)		5.38%			08/05/2024		3,075,688
513,713	HVSC Merger Sub Corporation, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.00%, 1.00% Floor)		6.30%			10/28/2024		519,063
2,568,149	Hyland Software, Inc., Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.75% Floor)		5.13%			07/01/2022		2,593,381
3,615,938	Impala Private Holdings LLC, Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%			11/14/2024		3,637,036
897,606	Informatica LLC, Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.13%			08/05/2022		903,988
2,905,000	Intelsat Jackson Holdings S.A., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3 (3 Month LIBOR USD + 3.75%, 1.00% Floor)		5.71%			11/30/2023		2,911,260
1,798,217	IRB Holding Corporation, Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.94%			02/05/2025		1,819,571
1,833,328	Jo-Ann Stores LLC, Senior Secured 1st Lien Term Loan, Tranche B (6 Month LIBOR USD + 5.00%, 1.00% Floor)		6.55%			10/20/2023		1,827,608
1,595,000	KBR Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%)		5.26%			04/30/2025		1,587,025
2,475,399	Kenan Advantage Group, Inc., Senior Secured 1st Lien Term Loan, Tranche B1 (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%			08/01/2022		2,490,871
2,416,905	KIK Custom Products, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%			05/15/2023		2,443,914
3,229,199	Kloeckner Pentaplast, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.25%, 1.00% Floor)		6.13%			06/30/2022		3,116,193
1,188,374	Kraton Polymers LLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.50%, 1.00% Floor)		4.38%			03/05/2025		1,197,436
3,066,403	Kronos Inc., Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.88%			11/01/2023		3,089,569
1,460,231	Learfield Communications, Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.25%)		5.56%	&		12/01/2023		1,473,008
3,572,461	Life Time Fitness, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%, 1.00% Floor)		4.73%			06/10/2022		3,583,625
915,000	Lions Gate Capital Holdings LLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.25%)		4.10%			03/24/2025		919,003
1,385,000	Lucid Energy Group II Borrower LLC, Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.79%			02/18/2025		1,380,243
430,000	LUX HOLDCO III, Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.00%)		4.77%			02/14/2025		433,765
410,000	Marketo, Inc., Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.04%			02/07/2025		409,680
1,350,000	Meredith Corporation, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%)		4.88%			01/31/2025		1,359,787
2,986,937	Micron Technology, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.50%)		4.38%			09/28/2023		3,000,004
336,628	Mission Broadcasting, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (1 Month LIBOR USD + 2.50%)		4.16%			01/17/2024		338,065
575,000	Mitchell International, Inc., Guaranteed Secured 2nd Lien Term Loan (1 Month LIBOR USD + 7.25%)		9.14%			12/01/2025		579,744
214,179	Mitchell International, Inc., Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%)		0.00%	&		11/29/2024		214,500
2,655,821	Mitchell International, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%)		5.13%			11/29/2024		2,659,805
2,963,454	Mohegan Tribal Gaming Authority, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%			10/13/2023		2,962,535
2,793,885	MPH Acquisition Holdings LLC, Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%, 1.00% Floor)		5.05%			06/07/2023		2,809,433
3,070,617	National Vision, Inc., Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.63%			11/20/2024		3,094,276
2,614,774	Nexstar Broadcasting, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (1 Month LIBOR USD + 2.50%)		4.16%			01/17/2024		2,625,939
2,037,380	Optiv Security, Inc., Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%			02/01/2024		1,971,165
3,255,000	Oryx Southern Delaware Holdings LLC, Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%			02/28/2025		3,263,138
2,741,225	Peak 10 Holding Corporation, Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%)		5.80%			08/01/2024		2,753,862
1,275,000	PetSmart, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.68%			03/11/2022		1,026,522
2,677,512	Pharmaceutical Product Development LLC, Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 2.50%)		4.77%			08/18/2022		2,689,923
535,000	Phoenix Services Merger Sub LLC, Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.41%			03/03/2025		541,019
1,130,000	Pike Corporation, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.39%			03/12/2025		1,142,006
3,417,791	Playa Resorts Holding BV, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.00%			04/29/2024		3,441,715
2,020,000	Ply Gem Holdings, Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.75%)		5.76%			04/30/2025		2,009,900
3,532,250	PODS LLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.71%			12/06/2024		3,560,950
1,110,896	Polycom, Inc., Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 5.25%, 1.00% Floor)		7.13%			09/27/2023		1,122,004
3,495,000	PowerTeam Services LLC, Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%			03/06/2025		3,503,738
1,226,720	Precyse Acquisition Corporation, Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 4.50%, 1.00% Floor)		6.38%			10/20/2022		1,231,897
2,872,161	Prime Security Services Borrower LLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%			05/02/2022		2,897,465
1,830,000	Pro Mach Group, Inc., Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.00%)		5.03%			03/07/2025		1,835,719
3,057,970	Project Alpha Intermediate Holding, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (6 Month LIBOR USD + 3.50%, 1.00% Floor)		5.04%			04/26/2024		3,022,925
2,524,054	Quest Software US Holdings, Inc., Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)		7.27%			10/31/2022		2,574,548
1,784,730	RCN Corporation, Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 0.75% Floor)		4.88%			02/01/2024		1,776,681
2,887,058	RentPath LLC, Senior Secured 1st Lien Term Loan, Tranche B1 (1 Month LIBOR USD + 4.75%, 1.00% Floor)		6.63%			12/17/2021		2,896,080
2,470,350	Reynolds Group, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%			02/06/2023		2,485,456
1,791,017	Robertshaw US Holding Corporation, Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.44%			02/28/2025		1,809,482
2,963,188	Scientific Games International, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B5 (2 Month LIBOR USD + 2.75%)		4.74%			08/14/2024		2,977,322
2,964,702	SCS Holdings, Inc., Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)		6.13%			10/31/2022		2,999,285
3,488,489	Securus Technologies Holdings, Inc., Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.50%, 1.00% Floor)		6.38%			11/01/2024		3,535,375
2,648,250	Select Medical Corporation, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 2.75%, 1.00% Floor)		4.46%			03/01/2021		2,676,401
915,000	Shutterfly, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B2 (3 Month LIBOR USD + 2.75%)		4.52%			08/19/2024		920,719
1,805,000	SMG US Midco 2, Inc., Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.14%			01/23/2025		1,823,050
2,259,338	SolarWinds Holdings, Inc., Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.88%			02/05/2024		2,272,046
1,468,956	Solenis International LP, Guaranteed Secured 2nd Lien Term Loan (3 Month LIBOR USD + 6.75%, 1.00% Floor)		8.73%			07/29/2022		1,400,649
2,547,214	Solera LLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%			03/03/2023		2,557,047
3,616,159	Sophia LP, Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%			09/30/2022		3,630,678
3,013,697	Southern Graphics, Inc., Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.50%)		5.38%			12/30/2022		3,041,318
1,147,059	StandardAero Aviation Holdings, Inc., Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.63%			07/07/2022		1,159,160
987,525	Staples, Inc., Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)		5.79%			09/12/2024		979,995
1,428,394	Syncreon Group BV, Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.25%, 1.00% Floor)		6.02%			10/28/2020		1,340,547
1,185,999	TCH-2 Holdings LLC, Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%			05/06/2021		1,191,929
3,061,836	Team Health Holdings, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%			02/06/2024		2,935,535
1,894,222	Telesat Canada, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4 (3 Month LIBOR USD + 3.00%, 0.75% Floor)		5.31%			11/17/2023		1,905,872
3,236,847	Tempo Acquisition LLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%)		4.88%			05/01/2024		3,256,575
3,295,000	Titan Acquisition Ltd., Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.66%			03/14/2025		3,292,941
2,997,063	TKC Holdings, Inc., Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		6.03%			02/01/2023		3,030,406
2,864,438	TransDigm, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche F (1 Month LIBOR USD + 2.75%)		5.05%			06/09/2023		2,875,852
193,540	TransDigm, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche G (3 Month LIBOR USD + 2.50%)		4.80%			08/22/2024		194,387
1,025,141	Travel Leaders Group LLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (3 Month LIBOR USD + 4.50%)		6.35%			01/25/2024		1,040,087
280,585	TravelClick Holdings Corporation, Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.51%			05/06/2021		280,585
1,470,000	Traverse Midstream Partners LLC, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (6 Month LIBOR USD + 4.00%, 1.00% Floor)		5.85%			09/27/2024		1,480,334
119,685	Tribune Media Company, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 0.75% Floor)		4.88%			12/24/2020		119,959
2,243,594	Tribune Media Company, Guaranteed Senior Secured 1st Lien Term Loan, Tranche C (1 Month LIBOR USD + 3.00%, 0.75% Floor)		4.88%			01/26/2024		2,248,272
2,503,239	UFC Holdings LLC, Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%			08/18/2023		2,519,860
1,535,888	Ultra Resources, Inc., Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.76%			04/12/2024		1,524,852
1,194,877	Univar USA, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 2.50%)		4.38%			07/01/2024		1,204,305
2,393,547	US Renal Care, Inc., Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.94%			12/30/2022		2,407,501
2,016,936	USAGM HoldCo LLC, Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)		6.05%			07/28/2022		1,992,017
2,205,395	VF Holdings Corporation, Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.13%			06/30/2023		2,226,996
196,423	Vizient, Inc., Senior Secured 1st Lien Term Loan, Tranche B3 (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.63%			02/13/2023		198,388
3,027,413	West Corporation, Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.88%			10/10/2024		3,059,579
375,000	West Corporation, Guaranteed Senior Secured 1st Lien Term Loan, Tranche B1 (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.51%			10/10/2024		376,014
3,577,885	West Street Merger Sub, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 2.75%)		4.63%			09/27/2024		3,583,252
3,546,113	Wink Holdco, Inc., Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.66%			12/02/2024		3,536,698
2,770,593	York Risk Services Group, Inc., Guaranteed Senior Secured 1st Lien Term Loan, Tranche B (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.63%			10/01/2021		2,720,030
2,972,770	Zodiac Pool Solutions LLC, Guaranteed Senior Secured 1st Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)		6.30%			12/20/2023		2,982,075
Total Bank Loans (Cost $365,615,757)								366,970,501
Collateralized Loan Obligations - 2.6%
875,000	Adams Mill Ltd., Series 2014-1A-D1 (3 Month LIBOR USD + 3.50%)		5.22%	^		07/15/2026		876,305
1,000,000	AIMCO, Series 2018-AA-D (3 Month LIBOR USD + 2.55%)		0.00%	^		04/17/2031		1,000,000
3,000,000	ALM LLC, Series 2013-7RA-CR (3 Month LIBOR USD + 4.04%)		5.76%	^		10/15/2028		3,085,663
3,800,000	ALM LLC, Series 2013-8A-CR (3 Month LIBOR USD + 3.95%, 3.95% Floor)		5.67%	^		10/15/2028		3,847,086
2,700,000	ALM LLC, Series 2016-19A-B (3 Month LIBOR USD + 3.00%)		4.72%	^		07/15/2028		2,737,621
2,000,000	ALM LLC, Series 2016-19A-C (3 Month LIBOR USD + 4.35%)		6.07%	^		07/15/2028		2,037,566
1,000,000	Apidos Ltd., Series 2013-12A-DR (3 Month LIBOR USD + 2.60%)		4.64%	^		04/15/2031		999,913
2,000,000	Apidos Ltd., Series 2013-16A-A1R (3 Month LIBOR USD + 0.98%)		2.72%	^		01/19/2025		2,000,440
2,950,000	Apidos Ltd., Series 2013-16A-BR (3 Month LIBOR USD + 1.95%)		3.69%	^		01/19/2025		2,948,205
1,000,000	Apidos Ltd., Series 2014-18A-D (3 Month LIBOR USD + 5.20%)		6.94%	^		07/22/2026		1,000,857
1,500,000	Apidos Ltd., Series 2015-20A-C (3 Month LIBOR USD + 3.70%)		5.42%	^		01/16/2027		1,504,054
2,250,000	Apidos Ltd., Series 2015-21A-C (3 Month LIBOR USD + 3.55%, 3.55% Floor)		5.28%	^		07/18/2027		2,258,400
5,000,000	Atrium Corporation, Series 9A-DR (3 Month LIBOR USD + 3.60%)		5.58%	^		05/28/2030		5,077,578
1,000,000	Babson Ltd., Series 2014-3A-D2 (1 Month LIBOR USD + 4.40%)		6.12%	^		01/15/2026		1,000,000
5,000,000	Babson Ltd., Series 2015-2A-DR (3 Month LIBOR USD + 2.95%)		4.69%	^		10/20/2030		5,044,936
3,400,000	Babson Ltd., Series 2015-IA-DR (3 Month LIBOR USD + 2.60%, 2.60% Floor)		4.33%	^		01/20/2031		3,384,020
3,250,000	Babson Ltd., Series 2017-1A-D (3 Month LIBOR USD + 3.60%)		5.33%	^		07/18/2029		3,291,202
2,250,000	Barings Ltd., Series 2016-3A-C (3 Month LIBOR USD + 3.95%, 3.95% Floor)		5.67%	^		01/15/2028		2,284,414
2,000,000	Barings Ltd., Series 2018-1A-C (3 Month LIBOR USD + 2.60%)		0.00%	^		04/15/2031		2,000,000
3,000,000	Betony Ltd., Series 2015-1A-D (3 Month LIBOR USD + 3.60%, 3.60% Floor)		5.32%	^		04/15/2027		3,004,253
1,000,000	Birchwood Park Ltd., Series 2014-1A-E2 (3 Month LIBOR USD + 6.40%)		8.12%	^		07/15/2026		1,001,316
10,100,000	BlueMountain Ltd., Series 2012-2A-DR (3 Month LIBOR USD + 4.15%)		6.03%	^		11/20/2028		10,265,278
3,000,000	BlueMountain Ltd., Series 2013-1A-CR (3 Month LIBOR USD + 4.15%)		5.89%	^		01/20/2029		3,056,925
5,000,000	BlueMountain Ltd., Series 2015-2A-D (3 Month LIBOR USD + 3.55%, 3.55% Floor)		5.28%	^		07/18/2027		5,034,720
4,000,000	BlueMountain Ltd., Series 2015-3A-B (3 Month LIBOR USD + 3.10%)		4.84%	^		10/20/2027		4,000,000
4,000,000	BlueMountain Ltd., Series 2015-3A-C (3 Month LIBOR USD + 3.55%)		5.29%	^		10/20/2027		4,000,000
4,000,000	BlueMountain Ltd., Series 2015-3A-CR (3 Month LIBOR USD + 2.60%, 2.60% Floor)		0.00%	^		04/20/2031		4,000,000
5,000,000	BlueMountain Ltd., Series 2015-4A-C (3 Month LIBOR USD + 3.20%)		4.94%	^		01/20/2027		5,008,142
4,000,000	BlueMountain Ltd., Series 2015-4A-D1 (3 Month LIBOR USD + 4.60%)		6.34%	^		01/20/2027		4,008,463
2,000,000	BlueMountain Ltd., Series 2016-3A-D (3 Month LIBOR USD + 3.85%)		5.69%	^		11/15/2027		2,021,059
2,000,000	Bristol Park Ltd., Series 2016-1A-D (3 Month LIBOR USD + 4.10%)		5.82%	^		04/15/2029		2,049,611
5,000,000	California Street LP, Series 2012-9A-DR (3 Month LIBOR USD + 3.96%)		5.68%	^		10/16/2028		5,041,293
2,750,000	Canyon Capital Ltd., Series 2014-1A-CR (3 Month LIBOR USD + 2.75%, 2.75% Floor)		4.52%	^		01/30/2031		2,740,375
1,500,000	Canyon Capital Ltd., Series 2014-2A-DR (3 Month LIBOR USD + 3.65%)		5.37%	^		04/15/2029		1,516,323
1,500,000	Canyon Capital Ltd., Series 2017-1A-D (3 Month LIBOR USD + 3.60%)		5.32%	^		07/15/2030		1,519,923
2,000,000	Carlyle Ltd., Series 2016-4A-C (3 Month LIBOR USD + 3.90%)		5.64%	^		10/20/2027		2,021,224
2,000,000	Cent Ltd., Series 2013-18A-D (3 Month LIBOR USD + 3.45%)		5.19%	^		07/23/2025		2,001,407
1,500,000	Cent Ltd., Series 2013-18A-E (3 Month LIBOR USD + 4.60%)		6.34%	^		07/23/2025		1,480,236
5,000,000	Cent Ltd., Series 2014-21A-D (3 Month LIBOR USD + 5.00%)		6.76%	^		07/27/2026		4,924,382
1,000,000	Cent Ltd., Series 2014-22A-C (3 Month LIBOR USD + 3.75%)		5.54%	^		11/07/2026		1,002,969
3,250,000	Cook Park Ltd., Series 2018-1A-D (3 Month LIBOR USD + 2.60%)		0.00%	^		04/17/2030		3,250,000
10,000,000	CVP Ltd., Series 2017-1A-A (3 Month LIBOR USD + 1.34%)		3.08%	^		07/20/2030		10,077,374
2,000,000	Dorchester Park Ltd., Series 2015-1A-C (3 Month LIBOR USD + 3.20%)		4.94%	^		01/20/2027		2,002,257
1,000,000	Dorchester Park Ltd., Series 2015-1A-D (3 Month LIBOR USD + 3.55%)		5.29%	^		01/20/2027		1,001,125
10,000,000	Dryden Senior Loan Fund, Series 2014-33A-DR (3 Month LIBOR USD + 4.35%)		6.07%	^		10/15/2028		10,161,894
2,000,000	Dryden Senior Loan Fund, Series 2018-57A-D (3 Month LIBOR USD + 2.55%, 2.55% Floor)		4.44%	^		05/15/2031		2,000,412
2,000,000	Gilbert Park Ltd., Series 2017-1A-D (3 Month LIBOR USD + 2.95%)		4.31%	^		10/15/2030		2,020,410
4,000,000	Gilbert Park Ltd., Series 2017-1A-E (3 Month LIBOR USD + 6.40%)		7.76%	^		10/15/2030		4,077,937
2,000,000	GoldenTree Loan Management Ltd., Series 2017-1A-D (3 Month LIBOR USD + 3.35%)		5.09%	^		04/20/2029		2,023,309
3,750,000	GoldenTree Loan Opportunities Ltd., Series 2015-10A-D (3 Month LIBOR USD + 3.35%, 3.35% Floor)		5.09%	^		07/20/2027		3,766,033
3,500,000	GoldenTree Loan Opportunities Ltd., Series 2015-11A-DR2 (3 Month LIBOR USD + 2.40%)		4.13%	^		01/18/2031		3,499,192
740,000	Halcyon Loan Advisors Funding Ltd., Series 2013-2A-C (3 Month LIBOR USD + 2.70%)		4.47%	^		08/01/2025		740,918
1,500,000	Halcyon Loan Advisors Funding Ltd., Series 2014-3A-D (3 Month LIBOR USD + 3.65%)		5.39%	^		10/22/2025		1,502,031
3,000,000	INGIM, Series 2014-1A-CR2 (3 Month LIBOR USD + 2.80%)		0.00%	^		04/18/2031		3,000,000
2,000,000	Jamestown Ltd., Series 2015-6A-A1AR (3 Month LIBOR USD + 1.15%)		3.03%	^		02/20/2027		2,000,500
3,500,000	Jay Park Ltd., Series 2016-1A-C (3 Month LIBOR USD + 3.85%)		5.59%	^		10/20/2027		3,536,178
2,850,000	LCM LP, Series 14A-D (3 Month LIBOR USD + 3.50%)		5.22%	^		07/15/2025		2,854,041
1,000,000	LCM LP, Series 16A-DR (3 Month LIBOR USD + 3.00%)		4.72%	^		07/15/2026		1,002,489
2,000,000	LCM LP, Series 19A-D (3 Month LIBOR USD + 3.45%, 3.45% Floor)		5.17%	^		07/15/2027		2,011,972
750,000	Madison Park Funding Ltd., Series 2014-14A-E (3 Month LIBOR USD + 4.75%)		6.49%	^		07/20/2026		751,847
2,000,000	Madison Park Funding Ltd., Series 2014-15A-CR (3 Month LIBOR USD + 3.45%)		5.21%	^		01/27/2026		2,003,118
1,250,000	Madison Park Funding Ltd., Series 2014-15A-DR (3 Month LIBOR USD + 5.44%)		7.20%	^		01/27/2026		1,250,981
1,000,000	Madison Park Funding Ltd., Series 2015-16A-D (3 Month LIBOR USD + 5.50%)		7.24%	^		04/20/2026		1,003,144
5,000,000	Madison Park Funding Ltd., Series 2015-18A-DR (3 Month LIBOR USD + 2.95%)		4.69%	^		10/21/2030		5,077,453
1,000,000	MP Ltd., Series 2014-2A-DR (3 Month LIBOR USD + 3.50%)		5.22%	^		01/15/2027		1,002,559
5,600,000	Octagon Investment Partners Ltd., Series 2012-1A-CR (3 Month LIBOR USD + 4.00%)		5.72%	^		07/15/2029		5,689,663
2,000,000	Octagon Investment Partners Ltd., Series 2013-1A-D (3 Month LIBOR USD + 3.35%)		5.08%	^		07/17/2025		2,002,520
6,900,000	Octagon Investment Partners Ltd., Series 2013-1A-DR (3 Month LIBOR USD + 3.70%)		5.44%	^		07/19/2030		6,997,038
2,000,000	Octagon Investment Partners Ltd., Series 2013-1A-E (3 Month LIBOR USD + 4.50%)		6.23%	^		07/17/2025		1,971,344
2,500,000	Octagon Investment Partners Ltd., Series 2014-1A-ERR (3 Month LIBOR USD + 5.45%, 5.45% Floor)		7.19%	^		01/22/2030		2,489,337
3,500,000	Octagon Investment Partners Ltd., Series 2016-1A-C (3 Month LIBOR USD + 3.00%)		4.72%	^		07/15/2027		3,514,851
10,000,000	Octagon Investment Partners Ltd., Series 2016-1A-D (3 Month LIBOR USD + 4.75%)		6.47%	^		07/15/2027		10,069,375
4,000,000	Octagon Investment Partners Ltd., Series 2017-1A-C (3 Month LIBOR USD + 3.50%)		5.24%	^		03/17/2030		4,033,983
1,760,000	Octagon Investment Partners Ltd., Series 2017-1A-D (3 Month LIBOR USD + 6.20%)		7.94%	^		03/17/2030		1,783,022
10,000,000	Stewart Park Ltd., Series 2015-1A-DR (3 Month LIBOR USD + 2.60%, 2.60% Floor)		4.32%	^		01/15/2030		9,959,881
4,000,000	TCI-Cent Ltd., Series 2016-1A-C (3 Month LIBOR USD + 4.00%)		5.76%	^		12/21/2029		4,084,338
2,000,000	TCI-Cent Ltd., Series 2017-1A-C (3 Month LIBOR USD + 3.65%)		5.40%	^		07/25/2030		2,032,373
5,000,000	TCI-Flatiron Ltd., Series 2016-1A-C (3 Month LIBOR USD + 3.05%)		4.78%	^		07/17/2028		5,063,841
5,000,000	TCI-Symphony Ltd., Series 2016-1A-D (3 Month LIBOR USD + 3.80%, 3.80% Floor)		5.52%	^		10/13/2029		5,054,203
2,000,000	Thacher Park Ltd., Series 2014-1A-D1R (3 Month LIBOR USD + 3.40%)		5.14%	^		10/20/2026		2,005,372
2,500,000	Venture Ltd., Series 2014-17A-CR (3 Month LIBOR USD + 2.20%)		3.92%	^		07/15/2026		2,502,613
2,000,000	Wind River Ltd., Series 2012-1A-DR (3 Month LIBOR USD + 4.10%)		5.82%	^		01/15/2026		2,027,123
2,810,000	Wind River Ltd., Series 2013-1A-CR (3 Month LIBOR USD + 3.65%)		5.39%	^		07/20/2030		2,847,968
2,000,000	Wind River Ltd., Series 2014-1A-DR (3 Month LIBOR USD + 3.50%)		5.23%	^		04/18/2026		2,002,143
1,000,000	Wind River Ltd., Series 2014-2A-ER (3 Month LIBOR USD + 5.75%, 5.75% Floor)		7.47%	^		01/15/2031		992,691
4,100,000	Wind River Ltd., Series 2016-1A-C (3 Month LIBOR USD + 3.20%)		4.92%	^		07/15/2028		4,122,663
2,000,000	Wind River Ltd., Series 2016-1A-D (3 Month LIBOR USD + 4.65%)		6.37%	^		07/15/2028		2,013,508
3,000,000	Wind River Ltd., Series 2017-3A-D (3 Month LIBOR USD + 3.15%)		4.87%	^		10/15/2030		3,018,124
Total Collateralized Loan Obligations (Cost $270,387,017)								273,971,307
Foreign Corporate Bonds - 9.5%
1,000,000	Adani Ports & Special Economic Zone Ltd.		3.50%			07/29/2020		995,460
3,700,000	Adani Ports & Special Economic Zone Ltd.		3.95%			01/19/2022		3,690,243
13,060,000	AerCap Global Aviation Trust		3.50%			01/15/2025		12,604,242
6,200,000	AES Andres B.V.		7.95%	^		05/11/2026		6,650,492
1,700,000	Ajecorp B.V.		6.50%			05/14/2022		1,547,000
1,295,000	Aker BP ASA		5.88%	^		03/31/2025		1,314,425
4,700,000	Alibaba Group Holding Ltd.		3.13%			11/28/2021		4,690,856
500,000	Alibaba Group Holding Ltd.		2.80%			06/06/2023		483,649
2,000,000	America Movil S.A.B. de C.V.		5.00%			03/30/2020		2,068,765
3,000,000	America Movil S.A.B. de C.V.		3.13%			07/16/2022		2,954,858
13,020,000	Anglo American Capital PLC		4.50%	^		03/15/2028		13,014,587
3,150,000	Ardagh Packaging Finance, Inc.		6.00%	^		02/15/2025		3,173,625
13,375,000	AstraZeneca Plc		2.38%			06/12/2022		12,926,120
12,745,000	Australia and New Zealand Banking Group Ltd.		4.88%	^		01/12/2021		13,339,585
11,430,000	Axiata SPV2 BHD		3.47%			11/19/2020		11,472,668
2,000,000	Banco de Costa Rica		5.25%	^		08/12/2018		2,017,400
200,000	Banco de Costa Rica		5.25%			08/12/2018		201,740
15,640,000	Banco de Credito del Peru		2.25%			10/25/2019		15,459,358
3,300,000	Banco de Credito del Peru		5.38%			09/16/2020		3,468,069
6,200,000	Banco de Credito e Inversiones		4.00%			02/11/2023		6,272,766
4,100,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		4,305,000
1,000,000	Banco de Reservas de la Republica Dominicana		7.00%	^		02/01/2023		1,050,000
4,820,000	Banco del Estado de Chile		4.13%			10/07/2020		4,919,157
4,000,000	Banco del Estado de Chile		2.67%	^		01/08/2021		3,925,339
3,250,000	Banco del Estado de Chile		3.88%			02/08/2022		3,287,304
12,450,000	Banco International del Peru S.A.A.		5.75%			10/07/2020		13,072,500
1,000,000	Banco International del Peru S.A.A. (3 Month LIBOR USD + 6.74%)		8.50%			04/23/2070		1,077,500
2,050,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		2,042,313
800,000	Banco Nacional de Costa Rica		4.88%			11/01/2018		802,000
5,300,000	Banco Nacional de Costa Rica		5.88%	^		04/25/2021		5,495,437
300,000	Banco Santander		3.88%			09/20/2022		303,159
13,000,000	Banco Santander (3 Month LIBOR USD + 1.09%)		3.01%			02/23/2023		13,114,528
10,305,000	Banco Santander (5 Year CMT Rate + 4.58%)		5.95%			01/30/2024		10,531,710
2,640,000	Bancolombia S.A.		6.13%			07/26/2020		2,801,700
2,500,000	Banistmo S.A.		3.65%	^		09/19/2022		2,403,125
10,205,000	Bank of Montreal (5 Year Swap Rate USD + 1.43%)		3.80%			12/15/2032		9,680,667
1,250,000	Bantrab Senior Trust		9.00%			11/14/2020		1,276,562
9,880,000	Barclays Bank Plc (3 Month LIBOR USD + 0.46%)		2.16%			01/11/2021		9,876,216
1,800,000	BBVA Banco Continental S.A.		5.00%			08/26/2022		1,890,360
3,450,000	BDO Unibank, Inc.		2.63%			10/24/2021		3,358,099
16,900,000	BDO Unibank, Inc.		2.95%			03/06/2023		16,260,098
2,100,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		2,173,920
11,900,000	Bharti Airtel Ltd.		5.13%			03/11/2023		12,129,432
7,300,000	Bharti Airtel Ltd.		4.38%			06/10/2025		7,091,552
13,195,000	BNP Paribas S.A.		3.38%	^		01/09/2025		12,775,551
12,300,000	BPRL International Singapore Pte Ltd.		4.38%			01/18/2027		12,139,817
1,250,000	Camposol S.A.		10.50%	^		07/15/2021		1,340,625
20,517,000	Canadian Natural Resources Ltd.		2.95%			01/15/2023		19,937,342
95,000	Canadian Pacific Railway Company		2.90%			02/01/2025		91,414
2,587,000	Celulosa Arauco y Constitucion S.A.		4.75%			01/11/2022		2,671,546
3,685,000	CEVA Group PLC		7.00%	^		03/01/2021		3,629,725
400,000	CK Hutchison International Ltd.		2.25%	^		09/29/2020		391,519
2,954,000	CK Hutchison International Ltd.		2.88%			04/05/2022		2,898,491
1,000,000	CK Hutchison International Ltd.		2.75%	^		03/29/2023		964,412
8,200,000	CK Hutchison International Ltd.		3.50%	^		04/05/2027		7,948,500
1,200,000	CNOOC Finance Ltd.		4.25%			01/26/2021		1,229,868
3,500,000	CNOOC Finance Ltd.		3.88%			05/02/2022		3,530,236
15,000,000	CNOOC Finance Ltd.		3.50%			05/05/2025		14,514,930
300,000	CNPC General Capital Ltd.		2.75%			05/14/2019		299,342
200,000	CNPC General Capital Ltd.		2.70%			11/25/2019		198,840
2,000,000	CNPC General Capital Ltd.		3.95%			04/19/2022		2,036,816
3,100,000	CNPC General Capital Ltd.		3.40%			04/16/2023		3,069,252
13,488,000	CNPC Overseas Capital Ltd.		4.50%			04/28/2021		13,970,368
650,000	Coca-Cola Femsa S.A.B. de C.V.		3.88%			11/26/2023		665,473
18,900,000	Commonwealth Bank of Australia		2.75%	^		03/10/2022		18,584,659
18,755,000	Corpbanca S.A.		3.88%			09/22/2019		18,923,712
1,030,000	Corporacion Financiera de Desarrollo S.A.		3.25%			07/15/2019		1,031,288
6,610,000	Cosan Overseas Ltd.		8.25%	†		05/05/2018		6,704,193
12,685,000	Credit Suisse Group (3 Month LIBOR USD + 1.20%)		3.31%	^		12/14/2023		12,867,693
2,350,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.49%)		2.54%			06/08/2020		2,352,740
9,600,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)		2.37%	^		07/25/2022		9,652,224
2,000,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)		2.37%			07/25/2022		2,010,880
5,700,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)		3.60%	†		09/07/2021		5,525,973
1,460,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		1,489,945
3,900,000	Digicel Ltd.		7.13%	^		04/01/2022		3,056,625
7,100,000	Digicel Ltd.		7.13%			04/01/2022		5,564,625
3,300,000	ECL S.A.		5.63%			01/15/2021		3,481,338
11,000,000	Ecopetrol SA		7.63%			07/23/2019		11,649,000
11,034,000	Embotelladora Andina S.A.		5.00%			10/01/2023		11,638,831
6,662,540	ENA Norte Trust		4.95%			04/25/2023		6,847,425
200,000	Export-Import Bank of India		2.75%			04/01/2020		197,872
4,150,000	Export-Import Bank of India		3.13%			07/20/2021		4,104,130
3,400,000	Export-Import Bank of India (3 Month LIBOR USD + 1.00%)		2.89%			08/21/2022		3,396,175
6,000,000	Export-Import Bank of India		4.00%			01/14/2023		6,008,370
2,415,000	FMG Resources Ltd.		4.75%	^		05/15/2022		2,393,869
700,000	Fomento Economico Mexicano S.A.B. de C.V.		2.88%			05/10/2023		682,618
2,200,000	Fondo Mivivienda S.A.		3.38%			04/02/2019		2,206,600
2,000,000	Fondo Mivivienda S.A.		3.50%	^		01/31/2023		1,965,000
2,000,000	Fondo Mivivienda S.A.		3.50%			01/31/2023		1,965,000
14,200,000	Fortis, Inc.		2.10%			10/04/2021		13,583,012
1,810,000	GFL Environmental, Inc.		5.38%	^		03/01/2023		1,782,850
12,700,000	Global Bank Corporation		5.13%			10/30/2019		12,969,240
1,500,000	Global Bank Corporation		4.50%	^		10/20/2021		1,514,400
10,500,000	Gohl Capital Ltd.		4.25%			01/24/2027		10,341,870
2,890,000	Grupo Idesa S.A. de C.V.		7.88%	^		12/18/2020		2,820,101
5,000,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		4,879,068
7,511,320	Guanay Finance Ltd.		6.00%			12/15/2020		7,701,684
1,200,000	Guatemala Energuate Trust		5.88%	^		05/03/2027		1,213,500
3,336,000	GW Honos Security Corporation		8.75%	^		05/15/2025		3,502,800
7,700,000	Hutchison Whampoa International Ltd.		3.25%			11/08/2022		7,641,117
3,908,000	Indian Oil Corporation Ltd.		5.63%			08/02/2021		4,157,854
12,867,000	Indian Oil Corporation Ltd.		5.75%			08/01/2023		13,954,455
5,884,000	Industrial Senior Trust		5.50%			11/01/2022		5,879,587
2,350,000	Intelsat Jackson Holdings S.A.		5.50%			08/01/2023		1,909,375
1,000,000	Intelsat Jackson Holdings S.A.		9.75%	^		07/15/2025		936,250
1,200,000	Inversiones CMPC S.A.		6.13%			11/05/2019		1,255,633
5,500,000	Inversiones CMPC S.A.		4.50%			04/25/2022		5,659,620
3,515,000	Kronos Acquisition Holdings, Inc.		9.00%	^		08/15/2023		3,348,037
5,000,000	Lima Metro Finance Ltd.		5.88%			07/05/2034		5,181,250
13,685,000	Lloyds Banking Group PLC (3 Month LIBOR USD + 1.21%)		3.57%			11/07/2028		12,933,306
7,150,000	Macquarie Group Ltd. (3 Month LIBOR USD + 1.02%)		3.19%	^		11/28/2023		6,902,109
6,305,000	Macquarie Group Ltd. (3 Month LIBOR USD + 1.33%)		4.15%	^		03/27/2024		6,334,770
1,152,000	Magnesita Finance Ltd.		8.63%	†		04/30/2018		1,160,352
16,139,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91%			10/29/2026		16,188,547
2,000,000	MARB BondCo PLC		7.00%	^		03/15/2024		1,887,500
1,000,000	Marfrig Holdings Europe B.V.		8.00%	^		06/08/2023		1,010,000
3,305,000	MEG Energy Corporation		7.00%	^		03/31/2024		2,743,150
19,695,000	Mitsubishi UFJ Financial Group, Inc. (3 Month LIBOR USD + 0.74%)		2.76%			03/02/2023		19,678,744
8,450,000	Mizuho Financial Group, Inc. (3 Month LIBOR USD + 0.88%)		2.95%			09/11/2022		8,502,359
3,665,000	New Red Finance, Inc.		5.00%	^		10/15/2025		3,508,138
5,300,000	OAS Financial Ltd. (5 Year CMT Rate + 8.19%)		8.88%	^ † W		04/30/2018		556,500
1,500,000	OAS Financial Ltd. (5 Year CMT Rate + 8.19%)		8.88%	† W		04/30/2018		157,500
1,700,000	Odebrecht Finance Ltd.		7.13%			06/26/2042		578,000
1,587,000	ONGC Videsh Ltd.		2.88%			01/27/2022		1,535,013
16,500,000	ONGC Videsh Ltd.		3.75%			07/27/2026		15,794,872
10,189,000	Orange S.A.		2.75%			02/06/2019		10,187,354
695,000	Orange S.A.		5.38%			07/08/2019		716,840
827,000	Orange S.A.		1.63%			11/03/2019		810,117
15,880,000	Oversea-Chinese Banking Corporation (5 Year Swap Rate USD + 2.20%)		4.00%			10/15/2024		16,001,673
9,300,000	Panama Metro Line SP		0.00%	^		12/05/2022		8,411,850
11,243,000	Panama Metro Line SP		0.00%			12/05/2022		10,169,293
1,000,000	Pesquera Exalmar S.A.A.		7.38%			01/31/2020		973,995
1,800,000	Pesquera Exalmar S.A.A.		7.38%	^		01/31/2020		1,753,191
6,245,000	Petroleos Mexicanos		6.75%			09/21/2047		6,334,803
6,535,000	Petroleos Mexicanos		6.35%	^		02/12/2048		6,347,119
8,500,000	Petronas Capital Ltd.		3.50%			03/18/2025		8,406,160
10,310,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		10,241,954
3,280,000	Precision Drilling Corporation		7.13%	^		01/15/2026		3,255,400
3,600,000	PSA International Ltd.		3.88%			02/11/2021		3,703,784
2,000,000	Reliance Holdings, Inc.		4.50%			10/19/2020		2,054,538
16,450,000	Reliance Holdings, Inc.		5.40%			02/14/2022		17,392,223
19,690,000	Royal Bank of Scotland Group PLC (3 Month LIBOR USD + 1.48%)		3.50%			05/15/2023		19,361,310
2,300,000	SACI Falabella		3.75%			04/30/2023		2,283,898
11,662,000	Shire Acquisitions Investments Ireland DAC		2.88%			09/23/2023		11,143,124
3,800,000	Singtel Group Treasury		4.50%			09/08/2021		3,976,437
3,500,000	Sinopec Group Overseas Development Ltd.		2.25%	^		09/13/2020		3,423,367
1,372,000	Sinopec Group Overseas Development Ltd.		2.75%			05/03/2021		1,350,991
14,800,000	Sinopec Group Overseas Development Ltd.		2.75%			09/29/2026		13,451,054
500,000	Sinopec Group Overseas Development Ltd.		3.63%	^		04/12/2027		484,598
500,000	Sixsigma Networks Mexico S.A. de C.V.		8.25%	^		11/07/2021		528,750
600,000	Sixsigma Networks Mexico S.A. de C.V.		8.25%			11/07/2021		634,500
6,500,000	SP PowerAssets Ltd.		2.70%			09/14/2022		6,381,598
19,655,000	Sumitomo Mitsui Financial Group, Inc. (3 Month LIBOR USD + 0.74%)		2.47%			01/17/2023		19,704,090
350,000	Sydney Airport Finance Company Pty Ltd.		3.63%	^		04/28/2026		341,525
4,675,000	Telefonica Chile S.A.		3.88%			10/12/2022		4,673,782
2,310,000	Telesat LLC		8.88%	^		11/15/2024		2,541,000
20,250,000	Temasek Financial Ltd.		2.38%			01/23/2023		19,634,717
1,200,000	Tencent Holdings Ltd.		3.38%			05/02/2019		1,206,854
700,000	Tencent Holdings Ltd.		2.88%			02/11/2020		698,933
7,300,000	Tencent Holdings Ltd. (3 Month LIBOR USD + 0.61%)		2.34%	^		01/19/2023		7,312,922
1,980,000	Teva Pharmaceutical Finance B.V.		6.75%	^		03/01/2028		1,957,070
18,260,000	Teva Pharmaceutical Finance Netherlands B.V.		2.80%			07/21/2023		15,484,178
900,000	Transelec S.A.		4.63%			07/26/2023		941,071
400,000	Transelec S.A.		3.88%			01/12/2029		386,000
7,300,000	Transportadora de Gas del Peru S.A.		4.25%			04/30/2028		7,290,875
2,900,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		2,950,750
1,415,000	Travelport Corporate Finance PLC		6.00%	^		03/15/2026		1,423,844
1,418,000	Union Bank of the Philippines		3.37%			11/29/2022		1,381,296
9,800,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.00%)		3.75%			09/19/2024		9,873,206
9,895,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.24%)		3.50%			09/16/2026		9,814,247
6,700,000	UPL Corporation		3.25%			10/13/2021		6,573,203
Total Foreign Corporate Bonds (Cost $1,019,213,955)								993,490,485
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations - 1.7%
2,550,000	Chile Government International Bond		2.25%			10/30/2022		2,449,275
12,300,000	Chile Government International Bond		3.13%			03/27/2025		12,084,750
13,800,000	Chile Government International Bond		3.13%			01/21/2026		13,537,800
8,140,000	Costa Rica Government International Bond		10.00%			08/01/2020		9,122,905
13,350,000	Indonesia Government International Bond		4.88%			05/05/2021		13,946,518
7,700,000	Israel Government International Bond		4.00%			06/30/2022		7,977,393
3,100,000	Israel Government International Bond		3.15%			06/30/2023		3,098,211
9,400,000	Israel Government International Bond		2.88%			03/16/2026		9,061,318
11,000,000	Malaysia Sovereign Sukuk BHD		3.04%			04/22/2025		10,803,430
3,239,000	Malaysia Sukuk Global BHD		3.18%			04/27/2026		3,174,301
6,700,000	Mexico Government International Bond		4.00%			10/02/2023		6,873,363
11,621,000	Mexico Government International Bond		4.15%			03/28/2027		11,763,357
14,260,000	Mexico Government International Bond		3.75%			01/11/2028		13,807,245
8,000,000	Panama Government International Bond		4.00%			09/22/2024		8,232,000
4,000,000	Panama Government International Bond		3.88%			03/17/2028		4,040,000
3,000,000	Perusahaan Penerbit		4.15%			03/29/2027		2,973,750
12,000,000	Perusahaan Penerbit		4.15%	^		03/29/2027		11,895,000
7,600,000	Philippine Government International Bond		4.00%			01/15/2021		7,794,583
17,600,000	Philippine Government International Bond		4.20%			01/21/2024		18,351,344
3,000,000	Republic of Poland Government International Bond		5.13%			04/21/2021		3,191,100
1,000,000	Wakala Global Sukuk BHD		4.65%			07/06/2021		1,056,110
Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $179,307,541)								175,233,753
Municipal Bonds - 0.1%
4,250,000	North Texas Municipal Water District Water System Revenue		5.00%			09/01/2035		4,894,683
Total Municipal Bonds (Cost $4,776,759)								4,894,683
Non-Agency Commercial Mortgage Backed Obligations - 7.1%
11,235,000	Atrium Hotel Portfolio Trust, Series 2017-ATRM-E (1 Month LIBOR USD + 3.05%)		4.83%	^		12/15/2036		11,152,489
2,000,000	BAMLL Commercial Mortgage Securities Trust, Series 2014-IP-E		2.72%	# ^		06/15/2028		1,990,131
118,650,000	BAMLL Commercial Mortgage Securities Trust, Series 2015-200P-XA		0.38%	# ^ I/O		04/14/2033		2,941,772
191,686,328	BANK, Series 2018-BN10-XA		0.75%	# I/ O		02/15/2061		11,304,605
7,616,346	BANK, Series 2017-BNK8-XA		0.75%	# I/ O		11/15/2050		440,741
76,860,790	Barclays Commercial Mortgage Securities LLC, Series 2017-C1-XA		1.52%	# I/ O		02/15/2050		7,748,567
1,508,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-C (1 Month LIBOR USD + 1.20%)		2.98%	^		08/15/2036		1,506,934
1,719,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-D (1 Month LIBOR USD + 1.70%)		3.48%	^		08/15/2036		1,714,962
3,600,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-E (1 Month LIBOR USD + 2.50%)		4.28%	^		08/15/2036		3,595,973
3,451,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-F (1 Month LIBOR USD + 3.50%)		5.28%	^		08/15/2036		3,453,768
11,646,000	BBCMS Mortgage Trust, Series 2018-TALL-A (1 Month LIBOR USD + 0.72%)		2.50%	^		03/15/2037		11,604,971
3,775,000	Bear Stearns Commercial Mortgage Securities, Inc., Series 2007-T26-AJ		5.52%	#		01/12/2045		3,575,516
3,283,000	BX Commercial Mortgage Trust, Series 2018-BIOA-D (1 Month LIBOR USD + 1.32%, 1.35% Floor)		2.97%	^		03/15/2037		3,269,155
8,207,000	BX Commercial Mortgage Trust, Series 2018-BIOA-E (1 Month LIBOR USD + 1.95%, 1.98% Floor)		3.60%	^		03/15/2037		8,169,674
4,128,000	BX Trust, Series 2017-IMC-D (1 Month LIBOR USD + 2.25%, 2.25% Floor)		4.03%	^		10/15/2032		4,143,852
6,657,000	BX Trust, Series 2017-IMC-E (1 Month LIBOR USD + 3.25%, 3.25% Floor)		5.03%	^		10/15/2032		6,696,630
3,836,000	BX Trust, Series 2017-SLCT-D (1 Month LIBOR USD + 2.05%)		3.83%	^		07/15/2034		3,849,276
6,308,000	BX Trust, Series 2017-SLCT-E (1 Month LIBOR USD + 3.15%)		4.93%	^		07/15/2034		6,347,550
1,564,000	Caesars Palace Las Vegas Trust, Series 2017-VICI-D		4.35%	# ^		10/15/2034		1,588,778
4,617,000	Caesars Palace Las Vegas Trust, Series 2017-VICI-E		4.35%	# ^		10/15/2034		4,524,666
509,000	CFCRE Commercial Mortgage Trust, Series 2016-C3-D		3.05%	# ^		01/10/2048		385,832
74,166,544	CFCRE Commercial Mortgage Trust, Series 2016-C3-XA		1.07%	# I/ O		01/10/2048		4,757,413
9,279,000	CFCRE Commercial Mortgage Trust, Series 2016-C7-A3		3.84%			12/10/2054		9,433,540
3,214,000	CGCMT Commercial Mortgage Trust, Series 2016-SMPL-D		3.52%	^		09/10/2031		3,176,422
11,498,000	CGGS Commercial Mortgage Trust, Series 2018-WSS-D (1 Month LIBOR USD + 2.30%)		4.05%	^		02/15/2037		11,549,235
7,196,000	CHT Mortgage Trust, Series 2017-CSMO-E (1 Month LIBOR USD + 3.00%, 3.00% Floor)		4.78%	^		11/15/2036		7,254,409
3,838,000	CHT Mortgage Trust, Series 2017-CSMO-F (1 Month LIBOR USD + 3.74%, 3.80% Floor)		5.52%	^		11/15/2036		3,870,521
8,302,953	Citigroup Commercial Mortgage Trust, Series 2012-GC8-XA		1.81%	# ^ I/O		09/10/2045		513,681
4,234,500	Citigroup Commercial Mortgage Trust, Series 2015-GC27-D		4.43%	# ^		02/10/2048		3,608,400
4,138,929	Citigroup Commercial Mortgage Trust, Series 2015-GC27-XA		1.41%	# I/ O		02/10/2048		300,296
5,572,000	Citigroup Commercial Mortgage Trust, Series 2015-GC35-C		4.50%	#		11/10/2048		5,500,499
73,248,368	Citigroup Commercial Mortgage Trust, Series 2015-GC35-XA		0.89%	# I/ O		11/10/2048		3,300,850
2,605,000	Citigroup Commercial Mortgage Trust, Series 2016-GC36-D		2.85%	^		02/10/2049		2,006,106
45,874,836	Citigroup Commercial Mortgage Trust, Series 2016-P3-XA		1.71%	# I/ O		04/15/2049		4,476,691
8,530,000	Citigroup Commercial Mortgage Trust, Series 2016-P4-A4		2.90%			07/10/2049		8,208,781
58,333,314	Citigroup Commercial Mortgage Trust, Series 2016-P4-XA		2.00%	# I/ O		07/10/2049		6,858,458
83,803,882	Citigroup Commercial Mortgage Trust, Series 2016-P5-XA		1.55%	# I/ O		10/10/2049		7,650,004
6,303,000	Citigroup Commercial Mortgage Trust, Series 2016-P6-A5		3.72%	#		12/10/2049		6,417,836
3,224,000	CLNS Trust, Series 2017-IKPR-D (1 Month LIBOR USD + 0.00%, 2.05% Floor)		3.79%	^		06/11/2032		3,235,931
3,224,000	CLNS Trust, Series 2017-IKPR-E (1 Month LIBOR USD + 3.50%, 3.50% Floor)		5.24%	^		06/11/2032		3,249,039
3,224,000	CLNS Trust, Series 2017-IKPR-F (1 Month LIBOR USD + 4.50%, 4.50% Floor)		6.24%	^		06/11/2032		3,255,440
2,301,371	COBALT Commercial Mortgage Trust, Series 2007-C2-AJFX		5.57%	#		04/15/2047		2,324,229
23,058,495	Commercial Mortgage Pass-Through Certificates, Series 2012-CR3-XA		1.88%	# I/ O		10/15/2045		1,604,618
8,626,000	Commercial Mortgage Pass-Through Certificates, Series 2012-CR4-D		4.57%	# ^		10/15/2045		5,099,060
3,760,544	Commercial Mortgage Pass-Through Certificates, Series 2012-LC4-XA		2.21%	# ^ I/O		12/10/2044		230,885
7,910,000	Commercial Mortgage Pass-Through Certificates, Series 2013-CR11-D		5.17%	# ^		08/10/2050		7,458,609
3,500,000	Commercial Mortgage Pass-Through Certificates, Series 2014-CR20-C		4.50%	#		11/10/2047		3,513,065
5,000,000	Commercial Mortgage Pass-Through Certificates, Series 2015-CR23-D		4.25%	#		05/10/2048		4,124,367
1,400,000	Commercial Mortgage Pass-Through Certificates, Series 2015-CR25-C		4.55%	#		08/10/2048		1,404,131
60,700,802	Commercial Mortgage Pass-Through Certificates, Series 2015-CR26-XA		1.04%	# I/ O		10/10/2048		3,355,431
4,310,000	Commercial Mortgage Pass-Through Certificates, Series 2015-LC21-C		4.31%	#		07/10/2048		4,226,686
5,579,000	Commercial Mortgage Pass-Through Certificates, Series 2015-LC23-C		4.65%	#		10/10/2048		5,498,335
6,664,000	Commercial Mortgage Pass-Through Certificates, Series 2016-CR28-C		4.65%	#		02/10/2049		6,863,735
3,786,000	Commercial Mortgage Pass-Through Certificates, Series 2016-DC2-C		4.64%	#		02/10/2049		3,663,382
59,135,911	Commercial Mortgage Pass-Through Certificates, Series 2016-DC2-XA		1.06%	# I/ O		02/10/2049		3,559,367
9,247,000	Commercial Mortgage Pass-Through Certificates, Series 2016-GCT-E		3.46%	# ^		08/10/2029		8,903,491
5,597,000	CSAIL Commercial Mortgage Trust, Series 2015-C4-C		4.58%	#		11/15/2048		5,598,829
58,648,438	CSAIL Commercial Mortgage Trust, Series 2016-C6-XA		1.81%	# I/ O		01/15/2049		5,883,658
116,547,338	CSAIL Commercial Mortgage Trust, Series 2017-C8-XA		1.26%	# I/ O		06/15/2050		8,932,992
4,944,000	CSMC Trust, Series 2017-CHOP-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		3.68%	^		07/15/2032		4,957,754
4,944,000	CSMC Trust, Series 2017-CHOP-E (1 Month LIBOR USD + 3.30%, 3.30% Floor)		5.08%	^		07/15/2032		4,964,215
3,076,883	DBUBS Mortgage Trust, Series 2011-LC2A-XA		1.11%	# ^ I/O		07/10/2044		84,775
61,587,043	Deutsche Bank Commercial Mortgage Trust, Series 2016-C1-XA		1.49%	# I/ O		05/10/2049		5,476,837
4,475,000	Deutsche Bank Mortgage Trust, Series 2016-C1-C		3.35%	#		05/10/2049		4,177,006
3,547,963	FREMF Mortgage Trust, Series 2016-KF22-B (1 Month LIBOR USD + 5.05%, 5.05% Floor)		6.72%	^		07/25/2023		3,581,758
4,078,000	GE Commercial Mortgage Corporation Trust, Series 2007-C1-AM		5.61%	#		12/10/2049		4,116,224
5,296,000	Great Wolf Trust, Series 2017-WOLF-D (1 Month LIBOR USD + 2.10%, 1.00% Floor)		4.03%	^		09/15/2034		5,327,741
8,210,000	Great Wolf Trust, Series 2017-WOLF-E (1 Month LIBOR USD + 3.10%, 1.00% Floor)		5.03%	^		09/15/2034		8,284,029
4,370,000	Great Wolf Trust, Series 2017-WOLF-F (1 Month LIBOR USD + 4.07%, 1.00% Floor)		6.00%	^		09/15/2034		4,414,293
2,928,556	GS Mortgage Securities Trust, Series 2011-GC5-XA		1.35%	# ^ I/O		08/10/2044		104,762
4,880,522	GS Mortgage Securities Trust, Series 2012-GC6-XA		1.95%	# ^ I/O		01/10/2045		289,884
3,741,000	GS Mortgage Securities Trust, Series 2014-GC26-C		4.51%	#		11/10/2047		3,713,782
10,957,000	GS Mortgage Securities Trust, Series 2014-GC26-D		4.51%	# ^		11/10/2047		9,548,191
98,394,181	GS Mortgage Securities Trust, Series 2015-GS1-XA		0.82%	# I/ O		11/10/2048		4,886,412
61,631,082	GS Mortgage Securities Trust, Series 2016-GS2-XA		1.67%	# I/ O		05/10/2049		5,811,737
118,835,709	GS Mortgage Securities Trust, Series 2017-GS7-XA		1.14%	# I/ O		08/10/2050		9,641,296
10,897,000	GS Mortgage Securities Trust, Series 2017-GS8-C		4.34%	#		11/10/2050		11,011,329
47,110,027	GS Mortgage Securities Trust, Series 2017-GS8-XA		0.98%	# I/ O		11/10/2050		3,440,742
784,156	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2006-LDP8-X		0.29%	# I/ O		05/15/2045		12
1,228,844	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2006-LDP9-AM		5.37%			05/15/2047		1,237,416
289,444	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-CB18-AMFX		5.40%			06/12/2047		288,810
12,050,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2009-IWST-XB		0.30%	# ^ I/O		12/05/2027		74,632
5,905,213	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2011-C4-XA		1.47%	# ^ I/O		07/15/2046		86,168
23,574,454	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2012-C8-XA		1.80%	# I/ O		10/15/2045		1,497,001
5,374,571	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2012-CBX-XA		1.65%	# I/ O		06/15/2045		235,986
78,687,947	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2015-JP1-XA		1.13%	# I/ O		01/15/2049		3,989,628
2,577,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2017-MAUI-C (1 Month LIBOR USD + 1.25%, 1.25% Floor)		2.97%	^		07/15/2034		2,586,474
2,418,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2017-MAUI-D (1 Month LIBOR USD + 1.95%, 1.95% Floor)		3.67%	^		07/15/2034		2,432,297
2,141,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2017-MAUI-E (1 Month LIBOR USD + 2.95%, 2.95% Floor)		4.67%	^		07/15/2034		2,157,975
3,013,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2017-MAUI-F (1 Month LIBOR USD + 3.75%, 3.75% Floor)		5.47%	^		07/15/2034		3,042,704
1,905,456	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11-AM		5.95%	#		06/15/2049		1,939,075
3,811,452	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX-AM		5.46%	#		01/15/2049		3,807,519
2,704,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2-B		3.46%			08/15/2049		2,615,826
2,080,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2-C		3.79%	#		08/15/2049		1,999,564
59,978,229	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2-XA		1.85%	# I/ O		08/15/2049		6,985,802
9,281,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-WIKI-E		4.01%	# ^		10/05/2031		9,041,009
9,287,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-WPT-E (1 Month LIBOR USD + 5.00%)		6.78%	^		10/15/2033		9,397,135
52,416,302	JPMBB Commercial Mortgage Securities Trust, Series 2014-C18-XA		0.96%	# I/ O		02/15/2047		2,056,637
3,000,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C21-C		4.66%	#		08/15/2047		3,008,935
2,766,125	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-C		4.46%	#		09/15/2047		2,794,030
3,766,500	JPMBB Commercial Mortgage Securities Trust, Series 2014-C25-C		4.45%	#		11/15/2047		3,727,425
57,277,013	JPMBB Commercial Mortgage Securities Trust, Series 2014-C25-XA		0.96%	# I/ O		11/15/2047		2,525,401
49,218,832	JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-XA		1.13%	# I/ O		01/15/2048		2,252,638
12,131,110	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-D		3.84%	# ^		02/15/2048		9,744,287
33,876,709	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-XA		1.35%	# I/ O		02/15/2048		1,931,806
4,500,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C30-B		4.31%	#		07/15/2048		4,550,487
50,818,001	JPMBB Commercial Mortgage Securities Trust, Series 2015-C31-XA		0.98%	# I/ O		08/15/2048		2,556,618
4,750,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-C		4.67%	#		11/15/2048		4,724,430
6,470,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C33-C		4.62%	#		12/15/2048		6,550,258
6,122,000	JPMBB Commercial Mortgage Securities Trust, Series 2016-C1-C		4.75%	#		03/15/2049		6,271,379
63,167,641	JPMBB Commercial Mortgage Securities Trust, Series 2016-C2-XA		1.70%	# I/ O		06/15/2049		5,534,660
632,921	LB-UBS Commercial Mortgage Trust, Series 2006-C7-XCL		0.49%	# ^ I/O		11/15/2038		717
510,441	LB-UBS Commercial Mortgage Trust, Series 2006-C7-XW		0.49%	# ^ I/O		11/15/2038		578
5,425,000	LSTAR Commercial Mortgage Trust, Series 2016-4-C		4.55%	# ^		03/10/2049		4,879,884
278,853	Merrill Lynch Mortgage Trust, Series 2006-C1-AJ		5.43%	#		05/12/2039		279,277
2,085,350	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C5-XA		1.48%	# ^ I/O		08/15/2045		104,472
3,000,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18-C		4.49%	#		10/15/2047		2,936,788
4,000,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19-C		4.00%			12/15/2047		3,844,668
38,493,191	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-XA		1.38%	# I/ O		02/15/2048		2,493,735
4,600,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25-C		4.53%	#		10/15/2048		4,679,643
7,500,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26-D		3.06%	^		10/15/2048		6,046,251
4,674,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-C		4.53%	#		12/15/2047		4,468,240
6,710,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-D		3.24%	# ^		12/15/2047		5,032,481
74,682,669	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30-XA		1.46%	# I/ O		09/15/2049		6,828,498
6,907,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32-A4		3.72%			12/15/2049		7,019,144
3,022,000	Morgan Stanley Capital Trust, Series 2017-ASHF-D (1 Month LIBOR USD + 2.20%, 2.20% Floor)		3.98%	^		11/15/2034		3,038,594
4,533,000	Morgan Stanley Capital Trust, Series 2017-ASHF-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		4.93%	^		11/15/2034		4,527,950
3,434,000	Morgan Stanley Capital Trust, Series 2017-ASHF-F (1 Month LIBOR USD + 4.35%, 4.35% Floor)		6.13%	^		11/15/2034		3,457,853
856,605	Morgan Stanley Capital, Inc., Series 2007-HQ11-AJ		5.51%	#		02/12/2044		855,781
56,821	Morgan Stanley Capital, Inc., Series 2007-IQ16-AMA		6.12%	#		12/12/2049		56,773
10,319,686	Morgan Stanley Capital, Inc., Series 2011-C1-XA		0.40%	# ^ I/O		09/15/2047		83,666
4,000,000	Morgan Stanley Capital, Inc., Series 2014-CPT-G		3.45%	# ^		07/13/2029		3,872,129
4,000,000	Morgan Stanley Capital, Inc., Series 2014-MP-D		3.69%	# ^		08/11/2033		3,977,807
91,803,013	Morgan Stanley Capital, Inc., Series 2015-UBS8-XA		0.95%	# I/ O		12/15/2048		5,095,214
5,617,000	Morgan Stanley Capital, Inc., Series 2015-XLF2-AFSC (1 Month LIBOR USD + 3.00%, 2.90% Floor)		4.74%	^		08/15/2026		5,599,136
31,555,369	Morgan Stanley Capital, Inc., Series 2016-UB11-XA		1.66%	# I/ O		08/15/2049		2,932,674
7,347,000	Morgan Stanley Capital, Inc., Series 2017-PRME-D (1 Month LIBOR USD + 3.40%, 3.40% Floor)		5.18%	^		02/15/2034		7,377,644
9,213,000	MSCG Trust, Series 2016-SNR-C		5.21%	^		11/15/2034		9,242,576
3,155,564	PFP Ltd., Series 2017-3-A (1 Month LIBOR USD + 1.05%)		2.83%	^		01/14/2035		3,165,387
2,851,000	PFP Ltd., Series 2017-3-AS (1 Month LIBOR USD + 1.30%)		3.08%	^		01/14/2035		2,872,987
1,639,000	PFP Ltd., Series 2017-3-B (1 Month LIBOR USD + 1.75%)		3.53%	^		01/14/2035		1,649,675
1,710,000	PFP Ltd., Series 2017-3-C (1 Month LIBOR USD + 2.50%)		4.28%	^		01/14/2035		1,722,803
7,620,996	RAIT Trust, Series 2017-FL7-A (1 Month LIBOR USD + 0.95%, 0.95% Floor)		2.73%	^		06/15/2037		7,629,983
2,152,000	RAIT Trust, Series 2017-FL7-AS (1 Month LIBOR USD + 1.30%, 1.30% Floor)		3.08%	^		06/15/2037		2,152,990
54,447,855	SG Commercial Mortgage Securities Trust, Series 2016-C5-XA		2.01%	# I/ O		10/10/2048		6,154,138
1,852,131	Sutherland Commercial Mortgage Loans LLC, Series 2015-SBC4-A		4.00%	^		06/25/2039		1,841,840
123,295	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4-AJ		5.48%	#		08/15/2039		123,569
126,954,013	UBS Commercial Mortgage Trust, Series 2017-C3-XA		1.14%	# I/ O		08/15/2050		9,627,926
11,033,000	UBS Commercial Mortgage Trust, Series 2017-C6-C		4.45%	#		12/15/2050		11,015,042
5,698,000	UBS Commercial Mortgage Trust, Series 2018-C8-C		4.71%	#		02/15/2051		5,683,729
163,900,000	UBS Commercial Mortgage Trust, Series 2018-C9-XA		1.07%	# I/ O		03/15/2051		11,772,117
11,410,498	UBS-Barclays Commercial Mortgage Trust, Series 2012-C3-XA		1.89%	# ^ I/O		08/10/2049		783,769
654,784	Wachovia Bank Commercial Mortgage Trust, Series 2006-C28-AJ		5.63%	#		10/15/2048		662,407
788,265	Wachovia Bank Commercial Mortgage Trust, Series 2006-C29-IO		0.16%	# I/ O		11/15/2048		16
104,943	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30-AJ		5.41%	#		12/15/2043		106,028
2,806,034	Wachovia Bank Commercial Mortgage Trust, Series 2007-C33-AM		6.01%	#		02/15/2051		2,881,096
6,750,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16-D		3.94%	^		08/15/2050		5,571,151
2,200,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C28-C		4.13%	#		05/15/2048		2,110,956
5,403,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C31-C		4.61%	#		11/15/2048		5,491,621
77,411,982	Wells Fargo Commercial Mortgage Trust, Series 2015-C31-XA		1.09%	# I/ O		11/15/2048		4,697,684
4,610,000	Wells Fargo Commercial Mortgage Trust, Series 2015-LC22-C		4.54%	#		09/15/2058		4,637,362
55,051,906	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1-XA		1.17%	# I/ O		05/15/2048		2,998,595
4,000,000	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS3-C		4.64%	#		09/15/2057		3,923,874
5,672,000	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4-C		4.60%	#		12/15/2048		5,786,725
5,613,000	Wells Fargo Commercial Mortgage Trust, Series 2015-P2-A4		3.81%			12/15/2048		5,761,624
78,225,442	Wells Fargo Commercial Mortgage Trust, Series 2015-P2-XA		1.02%	# I/ O		12/15/2048		4,217,908
4,650,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C32-C		4.72%	#		01/15/2059		4,614,335
4,483,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C33-C		3.90%			03/15/2059		4,339,806
17,486,813	Wells Fargo Commercial Mortgage Trust, Series 2016-LC24-XA		1.73%	# I/ O		10/15/2049		1,806,424
117,959,538	Wells Fargo Commercial Mortgage Trust, Series 2017-C39-XA		1.15%	# I/ O		09/15/2050		9,441,411
15,049,925	WF-RBS Commercial Mortgage Trust, Series 2012-C9-XA		1.91%	# ^ I/O		11/15/2045		1,060,004
85,289,988	WF-RBS Commercial Mortgage Trust, Series 2014-C21-XA		1.11%	# I/ O		08/15/2047		4,158,032
54,927,220	WF-RBS Commercial Mortgage Trust, Series 2014-C22-XA		0.90%	# I/ O		09/15/2057		2,256,789
81,510,927	WF-RBS Commercial Mortgage Trust, Series 2016-NXS6-XA		1.65%	# I/ O		11/15/2049		7,595,726
Total Non-Agency Commercial Mortgage Backed Obligations (Cost $758,486,089)								735,398,757
Non-Agency Residential Collateralized Mortgage Obligations - 8.5%
10,638,650	Adjustable Rate Mortgage Trust, Series 2007-1-4A1		4.64%	#		03/25/2037		9,574,655
68,869	Adjustable Rate Mortgage Trust, Series 2007-3-1A1		4.53%	# ^		11/25/2037		70,997
18,987,431	Alternative Loan Trust, Series 2005-49CB-A2		5.50%			11/25/2035		17,991,358
12,886,950	Alternative Loan Trust, Series 2007-OA8-2A1 (1 Month LIBOR USD + 0.18%, 0.18% Floor)		2.05%			06/25/2047		10,252,212
963,307	Banc of America Funding Corporation, Series 2005-G-A3		3.31%	#		10/20/2035		961,527
585,260	Banc of America Funding Corporation, Series 2006-2-6A2		5.50%			03/25/2036		577,857
366,119	Banc of America Funding Corporation, Series 2006-6-1A2		6.25%			08/25/2036		355,602
3,586,506	Bayview Opportunity Master Fund Trust, Series 2017-RN5-A1		3.10%	^ §		08/28/2032		3,554,757
14,722,810	Bayview Opportunity Master Fund Trust, Series 2017-RN6-A1		3.10%	^ §		08/28/2032		14,673,814
4,408,905	Bayview Opportunity Master Fund Trust, Series 2017-RPL1-A1		3.10%	^ §		07/28/2032		4,390,993
277,129	Bear Stearns Asset Backed Securities Trust, Series 2007-SD1-1A3A		6.50%			10/25/2036		218,098
3,196,951	Chase Mortgage Finance Trust, Series 2007-A2-6A4		3.56%	#		07/25/2037		3,102,138
1,397,497	Chase Mortgage Finance Trust, Series 2007-S3-2A1		5.50%			05/25/2037		1,131,821
20,000,000	CIM Trust, Series 2016-2RR-B2		8.15%	# ^ Þ		02/25/2056		19,422,640
20,000,000	CIM Trust, Series 2016-3RR-B2		8.33%	# ^ Þ		02/27/2056		19,308,992
36,451,370	CIM Trust, Series 2017-6-A1		3.02%	# ^		06/25/2057		35,904,355
84,020	Citicorp Mortgage Securities, Inc., Series 2005-1-1A4		5.50%			02/25/2035		85,731
1,800,000	Citicorp Residential Mortgage Securities, Inc., Series 2006-2-A5		5.52%	ß		09/25/2036		1,869,844
276,444	Citigroup Mortgage Loan Trust, Inc., Series 2006-WF2-A2C		5.85%	ß		05/25/2036		167,243
4,791,194	Citigroup Mortgage Loan Trust, Inc., Series 2008-AR4-2A1B		3.86%	# ^		11/25/2038		4,917,674
1,779,354	Citigroup Mortgage Loan Trust, Inc., Series 2010-8-5A4		6.00%	# ^		11/25/2036		1,775,351
9,224,779	Citigroup Mortgage Loan Trust, Inc., Series 2010-8-6A4		6.00%	# ^		12/25/2036		9,143,077
147,881	CitiMortgage Alternative Loan Trust, Series 2006-A2-A2		6.00%			05/25/2036		141,554
73,916	CitiMortgage Alternative Loan Trust, Series 2006-A5-3A3		6.00%			10/25/2036		69,507
156,660	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A7		6.00%			01/25/2037		147,487
9,045,634	CitiMortgage Alternative Loan Trust, Series 2007-A5-1A10		5.75%			05/25/2037		8,598,083
1,643,268	Countrywide Alternative Loan Trust, Series 2004-22CB-1A1		6.00%			10/25/2034		1,699,285
189,670	Countrywide Alternative Loan Trust, Series 2005-20CB-1A1		5.50%			07/25/2035		182,197
246,020	Countrywide Alternative Loan Trust, Series 2005-28CB-3A6		6.00%			08/25/2035		196,153
1,104,721	Countrywide Alternative Loan Trust, Series 2005-46CB-A22		5.25%			10/25/2035		1,058,619
186,300	Countrywide Alternative Loan Trust, Series 2005-J10-1A13 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 5.50% Cap)		2.57%			10/25/2035		151,576
392,460	Countrywide Alternative Loan Trust, Series 2006-26CB-A9		6.50%			09/25/2036		331,849
9,958,209	Countrywide Alternative Loan Trust, Series 2006-42-1A8		6.00%			01/25/2047		8,472,848
1,575,359	Countrywide Alternative Loan Trust, Series 2007-12T1-A1		6.00%			06/25/2037		1,271,258
1,611,922	Countrywide Alternative Loan Trust, Series 2007-16CB-2A1 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		2.32%			08/25/2037		898,607
466,772	Countrywide Alternative Loan Trust, Series 2007-16CB-2A2 (-8 x 1 Month LIBOR USD + 54.58%, 54.58% Floor, 54.58% Cap)		38.99%	I/F		08/25/2037		887,991
108,542	Countrywide Alternative Loan Trust, Series 2007-17CB-1A10 (-5 x 1 Month LIBOR USD + 29.90%, 29.90% Cap)		21.29%	I/F		08/25/2037		160,450
520,955	Countrywide Alternative Loan Trust, Series 2007-18CB-2A17		6.00%			08/25/2037		477,923
2,380,226	Countrywide Alternative Loan Trust, Series 2007-23CB-A3 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap)		2.37%			09/25/2037		1,586,286
2,338,167	Countrywide Alternative Loan Trust, Series 2007-23CB-A4 (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)		4.63%	I/ F I/O		09/25/2037		452,478
761,422	Countrywide Alternative Loan Trust, Series 2007-4CB-2A1		7.00%			03/25/2037		233,235
49,569	Countrywide Asset-Backed Certificates, Series 2005-13-AF3		4.66%	#		04/25/2036		45,449
385,863	Countrywide Home Loans, Series 2005-28-A7		5.25%			01/25/2019		341,126
763,327	Countrywide Home Loans, Series 2007-10-A5		6.00%			07/25/2037		648,822
333,711	Countrywide Home Loans, Series 2007-15-1A16		6.25%			09/25/2037		310,532
912,676	Countrywide Home Loans, Series 2007-3-A17		6.00%			04/25/2037		777,866
113,827	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-10-5A5		5.50%			11/25/2035		111,663
1,422,125	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-8-1A3		5.25%			09/25/2035		1,318,005
4,016,082	CSMC Trust, Series 2006-4-6A1		6.00%			05/25/2036		3,106,963
75,488	CSMC Trust, Series 2006-4-7A1		5.50%			05/25/2021		71,030
89,203	CSMC Trust, Series 2007-1-3A1		6.00%			02/25/2022		51,059
34,025	CSMC Trust, Series 2007-2-2A1		5.00%			03/25/2037		33,809
3,231,018	CSMC Trust, Series 2010-4R-3A17		6.00%	# ^		06/26/2037		3,324,490
8,325,595	CSMC Trust, Series 2013-IVR1-A1		2.50%	# ^		03/25/2043		7,988,017
17,354,591	CSMC Trust, Series 2013-IVR4-A11		3.48%	# ^		07/27/2043		17,335,605
34,890,185	CSMC Trust, Series 2014-WIN2-A3		3.50%	# ^		10/25/2044		34,633,952
16,743,548	CSMC Trust, Series 2015-PR2-A1		4.25%	^ §		07/26/2055		16,528,482
38,243,808	CSMC Trust, Series 2015-RPL3-A1		3.75%	^ §		12/25/2056		38,327,133
11,475,889	CSMC Trust, Series 2016-PR1-A1		5.50%	^ §		07/25/2056		11,287,865
1,135,527	Deutsche Mortgage Securities, Inc., Series 2006-PR1-3A1 (-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap, 12.12% Cap)		9.64%	^ I/ F		04/15/2036		1,122,661
169,359	Deutsche Mortgage Securities, Inc., Series 2006-PR1-4AI2 (-2 x 1 Month LIBOR USD + 14.60%, 14.60% Cap, 14.61% Cap)		11.21%	^ I/F		04/15/2036		168,062
1,387,360	Deutsche Mortgage Securities, Inc., Series 2006-PR1-5AI4 (-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap, 12.12% Cap)		9.64%	^ I/ F		04/15/2036		1,279,171
10,978,777	Deutsche Securities, Inc., Series 2005-6-2A1		5.50%			12/25/2035		9,985,429
392,684	First Horizon Alternative Mortgage Securities, Series 2006-FA2-1A5		6.00%			05/25/2036		311,220
3,654,349	First Horizon Alternative Mortgage Securities, Series 2006-FA8-1A1		6.25%			02/25/2037		3,008,163
89,964	First Horizon Alternative Mortgage Securities, Series 2006-RE1-A1		5.50%			05/25/2035		82,090
8,999,547	FirstKey Mortgage Trust, Series 2014-1-A8		3.50%	# ^		11/25/2044		8,939,124
14,088,959	GCAT LLC, Series 2017-2-A1		3.50%	^ §		04/25/2047		14,030,291
4,304,429	GMACM Mortgage Loan Trust, Series 2006-J1-A6		5.75%			04/25/2036		4,243,611
139,347	GSAA Home Equity Trust, Series 2005-7-AF5		4.61%	ß		05/25/2035		140,935
1,385,643	GSAA Home Equity Trust, Series 2007-10-A1A		6.00%			11/25/2037		1,208,694
1,323,708	GSAA Home Equity Trust, Series 2007-10-A2A		6.50%			11/25/2037		979,920
4,728,767	GSR Mortgage Loan Trust, Series 2006-3F-4A1		6.00%			03/25/2036		4,758,104
559,257	GSR Mortgage Loan Trust, Series 2007-1F-2A2		5.50%			01/25/2037		656,859
36,251,445	Impac Secured Assets Trust, Series 2006-5-1A1C (1 Month LIBOR USD + 0.27%, 0.27% Floor, 11.50% Cap)		2.14%			02/25/2037		31,017,867
380,118	JP Morgan Alternative Loan Trust, Series 2006-S2-A4		6.19%	ß		05/25/2036		360,686
8,657,339	JP Morgan Alternative Loan Trust, Series 2006-S3-A4		6.31%	ß		08/25/2036		8,044,445
503,331	JP Morgan Alternative Loan Trust, Series 2006-S3-A6		6.12%	ß		08/25/2036		514,311
479,595	JP Morgan Alternative Loan Trust, Series 2006-S4-A6		5.71%	ß		12/25/2036		512,460
300,793	JP Morgan Mortgage Trust, Series 2007-S3-1A7		6.00%			08/25/2037		263,425
1,580,446	Lehman Mortgage Trust, Series 2005-1-2A4		5.50%			11/25/2035		1,543,154
664,181	Lehman Mortgage Trust, Series 2006-3-1A5		6.00%			07/25/2036		528,977
46,420	Lehman Mortgage Trust, Series 2006-9-1A19 (-5 x 1 Month LIBOR USD + 30.68%, 30.68% Cap)		22.07%	I/F		01/25/2037		62,335
761,157	Lehman Mortgage Trust, Series 2007-10-2A1		6.50%			01/25/2038		575,009
175,685	Lehman Mortgage Trust, Series 2007-2-1A1		5.75%			02/25/2037		159,097
116,902	MASTR Alternative Loans Trust, Series 2005-2-3A1		6.00%			03/25/2035		112,070
45,514	MASTR Alternative Loans Trust, Series 2007-1-2A7		6.00%			10/25/2036		30,839
2,239,803	MASTR Asset Securitization Trust, Series 2006-2-1A11 (1 Month LIBOR USD + 6.00%, 6.00% Floor)		6.00%			06/25/2036		2,195,719
22,969	Morgan Stanley Mortgage Loan Trust, Series 2004-1-1A1		5.00%			11/25/2018		24,806
1,100,158	Morgan Stanley Mortgage Loan Trust, Series 2005-7-7A4		5.50%			11/25/2035		1,138,247
3,267,356	Morgan Stanley Mortgage Loan Trust, Series 2006-7-3A		5.05%	#		06/25/2036		2,884,919
1,595,719	Morgan Stanley Re-Remic Trust, Series 2010-R6-5C		5.75%	# ^		05/26/2037		1,541,269
13,956,241	New Residential Mortgage Loan Trust, Series 2017-RPL1-A1		3.60%	^ §		04/25/2022		14,093,738
226,680	Nomura Asset Acceptance Corporation, Series 2006-AP1-A2		5.52%	#		01/25/2036		124,851
613,625	Nomura Home Equity Loan, Inc., Series 2006-AF1-A2		5.80%	ß		10/25/2036		265,076
1,108,081	Nomura Home Equity Loan, Inc., Series 2007-1-1A1		6.06%	ß		02/25/2037		581,323
20,534,445	Oak Hill Advisors Residential Loan Trust, Series 2017-NPL1-A1		3.00%	^ §		06/25/2057		20,465,404
38,050,982	Oak Hill Advisors Residential Loan Trust, Series 2017-NPL2-A1		3.00%	^ §		07/25/2057		37,833,890
62,075	Option One Mortgage Loan Trust, Series 2004-3-M3 (1 Month LIBOR USD + 0.98%, 0.65% Floor)		2.85%			11/25/2034		62,676
32,296,232	Option One Mortgage Loan Trust, Series 2007-6-1A1 (1 Month LIBOR USD + 0.19%, 0.19% Floor)		2.06%			07/25/2037		27,964,232
83,207	PHH Alternative Mortgage Trust, Series 2007-2-4A1		6.00%			05/25/2022		81,735
10,728,506	PR Mortgage Loan Trust, Series 2014-1-APT		5.91%	# ^		10/25/2049		9,540,872
35,101,966	Preston Ridge Partners Mortgage Trust, Series 2017-2A-A1		3.47%	^ §		09/25/2022		35,056,899
18,628,936	Pretium Mortgage Credit Partners LLC, Series 2017-NPL2-A1		3.25%	^ §		03/28/2057		18,567,358
367,768	Residential Accredit Loans, Inc., Series 2005-QS14-3A3		6.00%			09/25/2035		353,865
14,636	Residential Accredit Loans, Inc., Series 2005-QS1-A5		5.50%			01/25/2035		14,687
440,456	Residential Accredit Loans, Inc., Series 2006-QS10-A4		5.75%			08/25/2036		397,202
4,806,247	Residential Accredit Loans, Inc., Series 2006-QS10-A9		6.50%			08/25/2036		4,521,705
4,720,077	Residential Accredit Loans, Inc., Series 2006-QS4-A10		6.00%			04/25/2036		4,357,882
900,318	Residential Accredit Loans, Inc., Series 2006-QS6-1A15		6.00%			06/25/2036		830,057
157,104	Residential Accredit Loans, Inc., Series 2006-QS6-2A1		6.00%			06/25/2021		155,272
1,471,191	Residential Accredit Loans, Inc., Series 2007-QS3-A4		6.25%			02/25/2037		1,322,490
5,373,178	Residential Accredit Loans, Inc., Series 2007-QS9-A33		6.50%			07/25/2037		4,941,297
309,310	Residential Asset Mortgage Products, Inc., Series 2005-RS1-AI5		5.41%	ß		01/25/2035		311,277
204,685	Residential Asset Securitization Trust, Series 2005-A10-A3		5.50%			09/25/2035		191,713
306,941	Residential Asset Securitization Trust, Series 2005-A11-2A4		6.00%			10/25/2035		247,742
60,740	Residential Asset Securitization Trust, Series 2005-A7-A3		5.50%			06/25/2035		53,312
1,813,031	Residential Asset Securitization Trust, Series 2006-A6-1A1		6.50%			07/25/2036		1,039,742
152,124	Residential Asset Securitization Trust, Series 2006-R1-A1 (-4 x 1 Month LIBOR USD + 28.40%, 28.40% Cap)		20.91%	I/F		01/25/2046		223,363
114,475	Residential Funding Mortgage Securities Trust, Series 2006-S10-1A2		6.00%			10/25/2036		109,004
584,871	Residential Funding Mortgage Securities Trust, Series 2006-S11-A3		6.00%			11/25/2036		545,136
1,136,246	Residential Funding Mortgage Securities Trust, Series 2007-S2-A4		6.00%			02/25/2037		1,087,835
780,282	Residential Funding Mortgage Securities Trust, Series 2007-S3-1A4		6.00%			03/25/2037		746,218
42,308,309	Securitized Mortgage Asset Loan Trust, Series 2015-1-PC		2.41%	# ^ ¥		02/25/2054		35,739,475
7,769,726	Securitized Mortgage Asset Loan Trust, Series 2015-2-PC		0.00%	# ^ ¥		12/26/2059		7,290,707
11,199,025	Securitized Mortgage Asset Loan Trust, Series 2015-3-PC		0.00%	# ^ ¥		10/25/2044		10,757,471
6,168,666	SGR Residential Mortgage Trust, Series 2016-1-A1		3.75%	# ^		11/25/2046		6,282,148
26,071,815	Shellpoint Co-Originator Trust, Series 2016-1-1A10		3.50%	# ^		11/25/2046		26,194,457
786,110	Structured Asset Securities Corporation, Series 2003-35-1A1		5.17%	#		12/25/2033		809,678
1,167,409	Structured Asset Securities Corporation, Series 2005-14-1A1 (1 Month LIBOR USD + 0.30%, 0.30% Floor, 7.25% Cap)		2.17%			07/25/2035		955,229
1,103,685	Structured Asset Securities Corporation, Series 2005-16-1A3		5.50%			09/25/2035		1,106,980
1,431,899	Structured Asset Securities Corporation, Series 2005-RF1-A (1 Month LIBOR USD + 0.35%, 0.35% Floor)		1.97%	^		03/25/2035		1,283,551
1,431,899	Structured Asset Securities Corporation, Series 2005-RF1-AIO		5.29%	# ^ I/O		03/25/2035		164,005
24,984,108	VOLT LLC, Series 2017-NP10-A1		3.00%	^ §		10/25/2047		24,813,132
21,453,859	VOLT LLC, Series 2017-NPL2-A1		3.50%	^ §		03/25/2047		21,468,456
19,321,303	VOLT LLC, Series 2017-NPL3-A1		3.50%	^ §		03/25/2047		19,372,713
19,424,779	VOLT LLC, Series 2017-NPL4-A1		3.38%	^ §		04/25/2047		19,432,693
11,951,189	VOLT LLC, Series 2017-NPL6-A1		3.25%	^ §		05/25/2047		11,925,523
6,067,854	VOLT LLC, Series 2017-NPL8-A1		3.13%	^ §		06/25/2047		6,051,774
35,427,438	VOLT LLC, Series 2017-NPL9-A1		3.13%	^ §		09/25/2047		35,321,610
138,824	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-1-2A		6.00%			03/25/2035		131,000
1,057,684	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-1-3A1		5.75%			02/25/2036		1,013,744
2,620,022	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-2-4CB		6.00%			03/25/2036		2,553,226
4,601,612	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-8-A6		4.52%	ß		10/25/2036		2,936,061
3,260,863	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR19-2A (11th District Cost of Funds Index + 1.25%, 1.25% Floor)		2.03%			01/25/2047		3,235,979
2,018,670	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-3-A6		6.00%			04/25/2037		1,962,877
127,829	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-5-A11 (-6 x 1 Month LIBOR USD + 39.48%, 39.48% Cap)		28.25%	I/F		06/25/2037		216,691
10,669,766	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-5-A3		7.00%			06/25/2037		7,538,798
1,215,866	Wells Fargo Alternative Loan Trust, Series 2007-PA5-1A1		6.25%			11/25/2037		1,184,447
932,681	Wells Fargo Mortgage Backed Securities Trust, Series 2005-17-1A1		5.50%			01/25/2036		922,572
57,864	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR14-A6		3.46%	#		08/25/2035		55,849
75,097	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16-6A4		3.49%	#		10/25/2035		75,612
343,770	Wells Fargo Mortgage Backed Securities Trust, Series 2006-2-3A1		5.75%			03/25/2036		338,953
997,986	Wells Fargo Mortgage Backed Securities Trust, Series 2006-7-2A1		6.00%			06/25/2036		973,901
822,452	Wells Fargo Mortgage Backed Securities Trust, Series 2007-10-1A5		6.00%			07/25/2037		822,767
1,005,829	Wells Fargo Mortgage Backed Securities Trust, Series 2007-10-2A11		6.00%			07/25/2037		985,756
1,396,398	Wells Fargo Mortgage Backed Securities Trust, Series 2007-11-A96		6.00%			08/25/2037		1,371,908
1,701,680	Wells Fargo Mortgage Backed Securities Trust, Series 2007-14-1A1		6.00%			10/25/2037		1,687,767
401,855	Wells Fargo Mortgage Backed Securities Trust, Series 2007-4-A16		5.50%			04/25/2037		400,568
91,927	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A1		6.00%			06/25/2037		91,594
18,013,828	WinWater Mortgage Loan Trust, Series 2015-5-A3		3.50%	# ^		08/20/2045		17,920,940
Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $879,140,040)								886,612,424
US Corporate Bonds - 12.6%
11,596,000	AbbVie, Inc.		4.70%			05/14/2045		11,983,489
12,868,000	Air Lease Corporation		3.75%			02/01/2022		12,990,254
3,415,000	AK Steel Corporation		6.38%			10/15/2025		3,235,712
2,522,000	Albertson’s Holdings LLC		5.75%			03/15/2025		2,163,372
3,225,000	Alliant Holdings Intermediate LLC		8.25%	^		08/01/2023		3,329,812
9,017,000	Ally Financial, Inc.		4.13%			03/30/2020		9,073,356
2,420,000	Ally Financial, Inc.		4.25%			04/15/2021		2,441,175
3,585,000	Altice US Finance Corporation		5.38%	^		07/15/2023		3,640,567
3,370,000	AMC Merger, Inc.		8.00%	^		05/15/2025		3,176,225
2,785,000	American Axle & Manufacturing, Inc.		6.63%			10/15/2022		2,885,956
2,175,000	American Axle & Manufacturing, Inc.		6.25%			03/15/2026		2,163,472
2,100,000	American Electric Power Company		3.20%			11/13/2027		2,003,888
27,000,000	American Express Credit Corporation		2.50%			08/01/2022		26,062,238
13,032,000	American Tower Corporation		3.60%			01/15/2028		12,389,692
6,100,000	Anheuser-Busch InBev Finance, Inc.		4.90%			02/01/2046		6,593,086
6,540,000	Anheuser-Busch InBev Worldwide, Inc.		4.60%			04/15/2048		6,769,408
5,025,000	Anthem, Inc.		2.95%			12/01/2022		4,902,454
6,305,000	Applied Materials, Inc.		4.35%			04/01/2047		6,709,966
3,170,000	Argos Merger Sub, Inc.		7.13%	^		03/15/2023		1,814,825
6,690,000	Arrow Electronics, Inc.		3.88%			01/12/2028		6,482,684
3,460,000	Ascend Learning LLC		6.88%	^		08/01/2025		3,563,800
4,705,000	AssuredPartners, Inc.		7.00%	^		08/15/2025		4,657,950
20,665,000	AT&T, Inc.		5.25%			03/01/2037		21,897,304
13,216,000	Athene Global Funding		3.00%	^		07/01/2022		12,876,220
2,690,000	Avantor, Inc.		6.00%	^		10/01/2024		2,683,275
1,665,000	Avantor, Inc.		9.00%	^		10/01/2025		1,634,822
3,475,000	B&G Foods, Inc.		5.25%			04/01/2025		3,244,781
14,025,000	Baker Hughes, a GE company, LLC		4.08%			12/15/2047		13,270,156
8,520,000	Bank of America Corporation		2.50%			10/21/2022		8,188,123
8,355,000	Bank of America Corporation (3 Month LIBOR USD + 1.02%)		2.88%			04/24/2023		8,186,458
2,205,000	BAT Capital Corporation (3 Month LIBOR USD + 0.88%)		2.72%	^		08/15/2022		2,219,574
3,385,000	Beacon Escrow Corporation		4.88%	^		11/01/2025		3,241,137
20,635,000	Becton Dickinson and Company		2.89%			06/06/2022		20,034,810
3,345,000	BlueLine Rental Finance Corporation		9.25%	^		03/15/2024		3,594,805
7,742,000	Boeing Company		6.88%			03/15/2039		10,919,801
10,208,000	Boston Properties LP		4.13%			05/15/2021		10,475,699
750,000	Boston Properties LP		3.20%			01/15/2025		724,677
6,470,000	Boston Scientific Corporation		4.00%			03/01/2028		6,477,127
3,785,000	Boyne USA, Inc.		7.25%	^		05/01/2025		3,903,281
2,240,000	Brand Energy & Infrastructure Services, Inc.		8.50%	^		07/15/2025		2,346,400
15,160,000	Brighthouse Financial, Inc.		3.70%	^		06/22/2027		14,082,806
3,505,000	Builders FirstSource, Inc.		5.63%	^		09/01/2024		3,535,669
11,594,000	Burlington Northern Santa Fe LLC		4.55%			09/01/2044		12,498,065
2,385,000	BWAY Holding Company		5.50%	^		04/15/2024		2,405,869
765,000	Calpine Corporation		5.75%			01/15/2025		701,887
8,620,000	Capital One Financial Corporation (3 Month LIBOR USD + 0.72%)		2.49%			01/30/2023		8,563,308
1,860,000	CB Escrow Corporation		8.00%	^		10/15/2025		1,741,425
14,005,000	Celgene Corporation		4.35%			11/15/2047		13,299,679
2,825,000	Cengage Learning, Inc.		9.50%	^		06/15/2024		2,182,312
3,470,000	Centene Corporation		4.75%			01/15/2025		3,391,925
12,706,000	Charter Communications Operating LLC		4.91%			07/23/2025		12,996,849
3,565,000	Cheniere Energy Partners LP		5.25%	^		10/01/2025		3,524,894
2,190,000	Cincinnati Bell, Inc.		7.00%	^		07/15/2024		1,971,000
19,670,000	Citigroup, Inc. (3 Month LIBOR USD + 1.10%)		2.98%			05/17/2024		19,860,683
3,615,000	CNX Midstream Partners LP		6.50%	^		03/15/2026		3,574,331
1,663,000	CommScope, Inc.		5.00%	^		06/15/2021		1,692,102
1,720,000	Constellation Merger Sub, Inc.		8.50%	^		09/15/2025		1,672,700
12,890,000	Corning, Inc.		4.38%			11/15/2057		11,899,656
3,625,000	COTY, Inc.		6.50%	^		04/15/2026		3,652,187
3,385,000	CRC Issuer LLC		5.25%	^		10/15/2025		3,253,594
2,215,000	CRH America Finance, Inc.		3.95%	^		04/04/2028		2,210,978
815,000	Crown Castle International Corp.		3.80%			02/15/2028		784,875
12,600,000	Crown Castle International Corporation		3.65%			09/01/2027		12,020,948
1,500,000	CSI Compressco LP		7.50%	^		04/01/2025		1,518,750
14,520,000	CSX Corporation		3.80%			11/01/2046		13,381,094
12,780,000	CVS Health Corporation		5.05%			03/25/2048		13,467,096
1,765,000	Dana Financing Ltd.		5.75%	^		04/15/2025		1,802,506
6,185,000	Delta Air Lines, Inc.		3.63%			03/15/2022		6,181,299
16,370,000	Discover Financial Services		4.10%			02/09/2027		16,257,831
1,880,000	DJO Finance, LLC		8.13%	^		06/15/2021		1,894,100
3,615,000	Duke Energy Corporation		3.75%			09/01/2046		3,285,109
4,915,000	Duke Energy Corporation		3.95%			08/15/2047		4,623,697
8,955,000	Duke Energy Progress, Inc.		4.15%			12/01/2044		9,199,752
13,690,000	eBay, Inc.		2.75%			01/30/2023		13,228,761
13,290,000	Edison International		4.13%			03/15/2028		13,392,443
3,305,000	Eldorado Resorts, Inc.		6.00%			04/01/2025		3,371,100
2,861,000	Embarq Corporation		8.00%			06/01/2036		2,710,797
11,575,000	Enable Midstream Partners LP		4.40%			03/15/2027		11,341,911
12,005,000	Energy Transfer Partners LP		4.75%			01/15/2026		12,150,640
1,250,000	Energy Transfer Partners LP		4.20%			04/15/2027		1,208,190
3,200,000	Ensemble S Merger Sub, Inc.		9.00%	^		09/30/2023		3,376,000
605,000	EP Energy LLC		9.38%	^		05/01/2024		433,331
13,570,000	EQT Corporation		3.90%			10/01/2027		13,022,043
3,486,000	ESH Hospitality, Inc.		5.25%	^		05/01/2025		3,399,896
14,245,000	Expedia Group, Inc.		3.80%			02/15/2028		13,256,615
1,585,000	Exterran Energy Solutions LP		8.13%	^		05/01/2025		1,684,062
1,860,000	Extraction Oil & Gas, Inc.		5.63%	^		02/01/2026		1,760,025
12,323,000	FedEx Corporation		4.75%			11/15/2045		12,900,072
9,960,000	Fidelity National Information Services, Inc.		3.63%			10/15/2020		10,089,574
1,670,000	First Data Corporation		7.00%	^		12/01/2023		1,759,762
1,660,000	First Data Corporation		5.75%	^		01/15/2024		1,676,600
3,540,000	Flex Acquisition Company, Inc.		6.88%	^		01/15/2025		3,511,237
10,945,000	Ford Motor Company		7.45%			07/16/2031		13,268,957
2,105,000	Foresight Energy LLC		11.50%	^		04/01/2023		1,715,575
915,000	Frontier Communications Corporation		8.50%			04/15/2020		923,006
1,060,000	Frontier Communications Corporation		8.50%	^		04/01/2026		1,030,850
3,543,000	FTS International, Inc.		6.25%			05/01/2022		3,569,572
1,200,000	Gannett Company, Inc.		4.88%	^		09/15/2021		1,212,000
4,265,000	General Motors Financial Company (3 Month LIBOR USD + 0.80%)		2.59%			08/07/2020		4,270,506
11,555,000	General Motors Financial Company (3 Month LIBOR USD + 0.99%)		2.69%			01/05/2023		11,618,632
6,205,000	General Motors Financial Company		3.95%			04/13/2024		6,157,974
3,225,000	Genesys Telecommunications Laboratories, Inc.		10.00%	^		11/30/2024		3,587,812
14,437,000	Georgia-Pacific LLC		3.60%	^		03/01/2025		14,529,080
435,000	GLP Capital LP		5.38%			04/15/2026		442,612
2,620,000	Golden Nugget, Inc.		6.75%	^		10/15/2024		2,646,200
16,480,000	Goldman Sachs Group, Inc. (3 Month LIBOR USD + 0.78%)		2.55%			10/31/2022		16,460,268
3,390,000	GTT Communications, Inc.		7.88%	^		12/31/2024		3,415,425
3,715,000	Gulfport Energy Corporation		6.38%			05/15/2025		3,589,619
3,630,000	Hasbro, Inc.		3.50%			09/15/2027		3,404,466
3,655,000	Hess Infrastructure Partners LP		5.63%	^		02/15/2026		3,609,312
3,415,000	Hexion, Inc.		10.38%	^		02/01/2022		3,321,087
2,545,000	Icahn Enterprises Finance Corporation		6.25%			02/01/2022		2,595,900
2,695,000	Icahn Enterprises Finance Corporation		6.38%			12/15/2025		2,715,212
2,125,000	Indigo Natural Resources LLC		6.88%	^		02/15/2026		2,013,437
3,320,000	Informatica LLC		7.13%	^		07/15/2023		3,328,300
3,575,000	IRB Holding Corporation		6.75%	^		02/15/2026		3,512,795
1,760,000	Iridium Communications, Inc.		10.25%	^		04/15/2023		1,812,800
1,980,000	Jabil, Inc.		3.95%			01/12/2028		1,922,144
1,450,000	JBS USA Finance, Inc.		6.75%	^		02/15/2028		1,393,812
1,730,000	Jeld-Wen, Inc.		4.63%	^		12/15/2025		1,665,125
1,485,000	KAR Auction Services, Inc.		5.13%	^		06/01/2025		1,481,287
2,910,000	Kennedy-Wilson, Inc.		5.88%	^		04/01/2024		2,899,087
13,659,000	Kinder Morgan Energy Partners LP		6.95%			01/15/2038		16,554,987
5,703,000	Kraft Heinz Foods Company		2.00%			07/02/2018		5,697,645
7,540,000	Kraft Heinz Foods Company		2.80%			07/02/2020		7,490,856
2,005,000	Kratos Defense & Security Solutions, Inc.		6.50%	^		11/30/2025		2,077,681
13,715,000	Kroger Company		3.40%			04/15/2022		13,651,720
1,382,000	Level 3 Communications, Inc.		5.75%			12/01/2022		1,384,598
3,385,000	Level 3 Financing, Inc.		5.38%			01/15/2024		3,306,739
15,309,000	Liberty Mutual Group, Inc.		6.50%	^		05/01/2042		19,305,638
1,095,000	Live Nation Entertainment, Inc.		5.63%	^		03/15/2026		1,111,425
11,527,000	Lockheed Martin Corporation		4.70%			05/15/2046		12,536,811
3,290,000	LTF Merger Sub, Inc.		8.50%	^		06/15/2023		3,458,612
3,400,000	Match Group, Inc.		5.00%	^		12/15/2027		3,357,500
5,220,000	McDonald’s Corporation		4.45%			03/01/2047		5,411,265
50,000	Metropolitan Edison Company		4.00%	^		04/15/2025		50,495
3,765,000	MGM Growth Properties LP		4.50%			01/15/2028		3,549,642
13,350,000	Morgan Stanley		2.75%			05/19/2022		13,022,868
13,545,000	Morgan Stanley (3 Month LIBOR USD + 1.34%)		3.59%			07/22/2028		13,107,933
14,215,000	Mosaic Company		4.05%			11/15/2027		13,881,805
1,570,000	Moss Creek Resources Holdings, Inc.		7.50%	^		01/15/2026		1,589,154
4,585,000	MPH Acquisition Holdings LLC		7.13%	^		06/01/2024		4,745,475
3,720,000	MPT Operating Partnership LP		5.00%			10/15/2027		3,656,016
6,565,000	MUFG Americas Holdings Corporation		2.25%			02/10/2020		6,465,319
2,195,000	Nabors Industries, Inc.		5.75%	^		02/01/2025		2,074,275
7,660,000	National Rural Utilities Cooperative Finance Corporation		2.00%			01/27/2020		7,553,058
3,430,000	Navient Corporation		6.50%			06/15/2022		3,550,050
13,775,000	New York Life Global Funding		2.30%	^		06/10/2022		13,315,662
11,570,000	Newell Brands, Inc.		5.50%			04/01/2046		12,234,459
1,590,000	Nexstar Escrow Corporation		5.63%	^		08/01/2024		1,561,698
6,015,000	NextEra Energy Capital Holdings, Inc.		3.55%			05/01/2027		5,852,551
3,300,000	NextEra Energy Operating Partners LP		4.50%	^		09/15/2027		3,122,625
3,375,000	NFP Corporation		6.88%	^		07/15/2025		3,366,562
1,645,000	NGL Energy Finance Corporation		7.50%			11/01/2023		1,657,337
875,000	Noble Holding International Ltd.		7.88%	^		02/01/2026		862,969
3,485,000	NVA Holdings, Inc.		6.88%	^		04/01/2026		3,519,850
13,167,000	Omnicom Group, Inc.		3.60%			04/15/2026		12,778,156
148,000	Oncor Electric Delivery Company LLC		2.95%			04/01/2025		142,831
995,000	OPE KAG Finance Sub, Inc.		7.88%	^		07/31/2023		1,024,850
11,745,000	Oracle Corporation		4.13%			05/15/2045		11,848,203
7,005,000	Owens Corning		4.40%			01/30/2048		6,483,056
6,355,000	Packaging Corporation of America		3.40%			12/15/2027		6,087,369
1,790,000	Par Petroleum Finance Corporation		7.75%	^		12/15/2025		1,798,950
3,430,000	Peabody Securities Finance Corporation		6.00%	^		03/31/2022		3,511,462
6,620,000	Penske Truck Leasing Company		4.20%	^		04/01/2027		6,681,404
475,000	PetSmart, Inc.		5.88%	^		06/01/2025		345,562
4,462,000	Phillips 66		5.88%			05/01/2042		5,372,625
320,000	Phillips 66		4.88%			11/15/2044		341,936
3,600,000	Pilgrim’s Pride Corporation		5.75%	^		03/15/2025		3,505,500
575,000	PISCES MIDCO, Inc.		8.00%	^		04/15/2026		575,000
1,765,000	Plastipak Holdings, Inc.		6.25%	^		10/15/2025		1,769,413
2,865,000	Platform Specialty Products Corporation		5.88%	^		12/01/2025		2,804,119
1,670,000	Polaris Intermediate Corporation (PIK 9.25%)		8.50%	^		12/01/2022		1,707,592
3,215,000	Post Holdings, Inc.		5.50%	^		03/01/2025		3,174,813
2,379,000	Prime Security Services Borrower LLC		9.25%	^		05/15/2023		2,584,189
1,800,000	QEP Resources, Inc.		5.25%			05/01/2023		1,741,572
1,800,000	QEP Resources, Inc.		5.63%			03/01/2026		1,705,500
1,695,000	Radiate Finance, Inc.		6.63%	^		02/15/2025		1,580,588
13,450,000	Republic Services, Inc.		3.38%			11/15/2027		13,004,149
13,525,000	Reynolds, Inc.		4.00%			06/12/2022		13,768,233
2,588,000	Riverbed Technology, Inc.		8.88%	^		03/01/2023		2,468,305
6,480,000	Royal Caribbean Cruises Ltd.		3.70%			03/15/2028		6,219,943
6,175,000	S&P Global, Inc.		4.40%			02/15/2026		6,490,275
16,060,000	Sabine Pass Liquefaction LLC		5.00%			03/15/2027		16,686,331
1,830,000	Sanchez Energy Corporation		6.13%			01/15/2023		1,343,906
6,000,000	SBA Tower Trust		3.17%	^		04/11/2022		5,944,805
5,025,000	Schlumberger Holdings Corporation		2.35%	^		12/21/2018		5,012,073
3,265,000	Select Medical Corporation		6.38%			06/01/2021		3,326,219
2,335,000	Sirius XM Radio, Inc.		5.38%	^		07/15/2026		2,311,650
1,745,000	Six Flags Entertainment Corporation		4.88%	^		07/31/2024		1,703,556
13,206,000	Smithfield Foods, Inc.		4.25%	^		02/01/2027		13,087,146
2,220,000	Solera Finance, Inc.		10.50%	^		03/01/2024		2,480,850
14,121,000	Southern Company		2.45%			09/01/2018		14,106,633
5,413,000	Southern Company		1.85%			07/01/2019		5,341,488
1,905,000	Springleaf Finance Corporation		6.88%			03/15/2025		1,916,906
1,775,000	Sprint Capital Corporation		6.88%			11/15/2028		1,661,844
2,610,000	Sprint Corporation		7.13%			06/15/2024		2,551,275
6,595,000	Sprint Spectrum Company LLC		4.74%	^		03/20/2025		6,644,463
1,200,000	SRC Energy, Inc.		6.25%	^		12/01/2025		1,209,000
335,000	Staples, Inc.		8.50%	^		09/15/2025		310,712
1,633,000	SunCoke Energy Partners Finance Corporation		7.50%	^		06/15/2025		1,690,155
1,810,000	Sunoco LP		5.50%	^		02/15/2026		1,751,175
10,459,000	Synchrony Financial		3.00%			08/15/2019		10,430,096
2,265,000	Synchrony Financial		3.95%			12/01/2027		2,144,702
14,180,000	Sysco Corporation		3.25%			07/15/2027		13,574,948
2,005,000	Tapstone Energy Finance Corporation		9.75%	^		06/01/2022		1,674,175
3,530,000	Team Health Holdings, Inc.		6.38%	^		02/01/2025		3,044,978
3,565,000	Tempo Acquisition Finance Corporation		6.75%	^		06/01/2025		3,569,456
3,680,000	Tempur Sealy International, Inc.		5.50%			06/15/2026		3,551,200
910,000	Tenet Healthcare Corporation		8.13%			04/01/2022		952,088
1,710,000	Tesla, Inc.		5.30%	^		08/15/2025		1,498,388
2,730,000	THC Escrow Corporation		7.00%	^		08/01/2025		2,695,875
1,240,000	The ServiceMaster Company LLC		5.13%	^		11/15/2024		1,202,800
11,911,000	TIAA Asset Management Finance Company LLC		2.95%	^		11/01/2019		11,885,064
1,115,000	T-Mobile USA, Inc.		4.50%			02/01/2026		1,071,794
3,335,000	TransDigm, Inc.		6.38%			06/15/2026		3,368,350
1,635,000	TransMontaigne Partners LP		6.13%			02/15/2026		1,647,263
2,628,000	Transocean Proteus Ltd.		6.25%	^		12/01/2024		2,683,845
1,700,000	Trident Merger Sub, Inc.		6.63%	^		11/01/2025		1,661,750
2,395,000	Triumph Group, Inc.		7.75%			08/15/2025		2,460,863
2,703,000	Universal Hospital Services, Inc.		7.63%			08/15/2020		2,736,788
2,685,000	USA Compression Partners LP		6.88%	^		04/01/2026		2,731,988
1,090,000	Valeant Pharmaceuticals International, Inc.		7.00%	^		03/15/2024		1,140,413
870,000	Valeant Pharmaceuticals International, Inc.		5.50%	^		11/01/2025		850,208
1,825,000	Valeant Pharmaceuticals International, Inc.		9.25%	^		04/01/2026		1,822,719
10,747,000	Verizon Communications, Inc.		4.40%			11/01/2034		10,630,968
4,630,000	Viking Cruises Ltd.		5.88%	^		09/15/2027		4,398,500
1,500,000	Vine Oil & Gas Finance Corporation		8.75%	^		04/15/2023		1,402,500
3,025,000	Vizient, Inc.		10.38%	^		03/01/2024		3,365,313
2,215,000	Waste Pro, Inc.		5.50%	^		02/15/2026		2,192,850
1,000,000	Weatherford International Ltd.		9.88%			02/15/2024		917,500
165,000	Weatherford International Ltd.		9.88%	^		03/01/2025		149,276
2,415,000	WellCare Health Plans, Inc.		5.25%			04/01/2025		2,430,094
8,254,000	WellPoint, Inc.		2.30%			07/15/2018		8,247,487
13,740,000	WestRock Company		3.75%	^		03/15/2025		13,721,477
3,570,000	Whiting Petroleum Corporation		6.63%	^		01/15/2026		3,601,238
6,200,000	Williams Partners LP		3.75%			06/15/2027		5,934,815
885,000	Xerium Technologies, Inc.		9.50%			08/15/2021		913,763
13,056,000	Zimmer Holdings, Inc.		2.70%			04/01/2020		12,918,967
Total US Corporate Bonds (Cost $1,328,649,455)								1,308,372,279
US Government and Agency Mortgage Backed Obligations - 15.6%
788,163	Federal Home Loan Mortgage Corporation, Pool G0-1840		5.00%			07/01/2035		850,053
429,887	Federal Home Loan Mortgage Corporation, Pool G0-4817		5.00%			09/01/2038		463,397
16,476,565	Federal Home Loan Mortgage Corporation, Pool G0-8537		3.00%			07/01/2043		16,175,450
12,310,786	Federal Home Loan Mortgage Corporation, Pool G0-8622		3.00%			01/01/2045		12,057,167
11,293,060	Federal Home Loan Mortgage Corporation, Pool G0-8686		3.00%			01/01/2046		11,023,676
49,532,443	Federal Home Loan Mortgage Corporation, Pool G0-8701		3.00%			04/01/2046		48,351,545
58,453,106	Federal Home Loan Mortgage Corporation, Pool G0-8721		3.00%			09/01/2046		57,058,428
2,769,403	Federal Home Loan Mortgage Corporation, Pool N7-0081		5.50%			07/01/2038		3,056,619
9,599,943	Federal Home Loan Mortgage Corporation, Pool Q3-3789		3.50%			06/01/2045		9,637,443
48,921,022	Federal Home Loan Mortgage Corporation, Pool Q5-1461		3.50%			10/01/2047		49,052,675
3,749,037	Federal Home Loan Mortgage Corporation, Pool T6-0854		3.50%			09/01/2042		3,751,616
631,189	Federal Home Loan Mortgage Corporation, Pool U6-0299		4.00%			11/01/2040		654,196
43,663,927	Federal Home Loan Mortgage Corporation, Pool V8-2851		3.00%			01/01/2047		42,617,621
20,400,441	Federal Home Loan Mortgage Corporation, Pool V8-3144		4.00%			04/01/2047		20,992,851
71,283	Federal Home Loan Mortgage Corporation, Series 2692-SC (-2 x 1 Month LIBOR USD + 13.29%, 13.29% Cap)		9.73% I/F			07/15/2033		81,308
2,328,668	Federal Home Loan Mortgage Corporation, Series 2722-PS (-1 x 1 Month LIBOR USD + 9.89%, 9.89% Cap)		7.91% I/F			12/15/2033		2,523,863
112,421	Federal Home Loan Mortgage Corporation, Series 2750-ZT		5.00%			02/15/2034		120,849
236,463	Federal Home Loan Mortgage Corporation, Series 3002-SN (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)		4.72% I/ F I/O			07/15/2035		29,067
101,980	Federal Home Loan Mortgage Corporation, Series 3045-DI (-1 x 1 Month LIBOR USD + 6.73%, 6.73% Cap)		4.95% I/ F I/O			10/15/2035		13,501
21,704,324	Federal Home Loan Mortgage Corporation, Series 355-300		3.00%			08/15/2047		21,300,226
383,418	Federal Home Loan Mortgage Corporation, Series 3116-Z		5.50%			02/15/2036		424,177
32,942	Federal Home Loan Mortgage Corporation, Series 3117-ZN		4.50%			02/15/2036		34,060
436,057	Federal Home Loan Mortgage Corporation, Series 3203-ZC		5.00%			07/15/2036		465,928
133,566	Federal Home Loan Mortgage Corporation, Series 3275-SC (-1 x 1 Month LIBOR USD + 6.08%, 6.08% Cap)		4.30% I/ F I/O			02/15/2037		15,833
530,338	Federal Home Loan Mortgage Corporation, Series 3382-SB (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.22% I/ F I/O			11/15/2037		48,739
529,756	Federal Home Loan Mortgage Corporation, Series 3384-S (-1 x 1 Month LIBOR USD + 6.39%, 6.39% Cap)		4.61% I/ F I/O			11/15/2037		51,723
728,418	Federal Home Loan Mortgage Corporation, Series 3417-SX (-1 x 1 Month LIBOR USD + 6.18%, 6.18% Cap)		4.40% I/ F I/O			02/15/2038		66,543
65,526	Federal Home Loan Mortgage Corporation, Series 3423-GS (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)		3.87% I/ F I/O			03/15/2038		5,985
65,526	Federal Home Loan Mortgage Corporation, Series 3423-SG (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)		3.87% I/ F I/O			03/15/2038		5,187
164,527	Federal Home Loan Mortgage Corporation, Series 3524-LB		3.86% I/ O P/O			06/15/2038		165,699
184,517	Federal Home Loan Mortgage Corporation, Series 3562-WS (-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)		3.17% I/ F I/O			08/15/2039		11,169
206,094	Federal Home Loan Mortgage Corporation, Series 3582-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.22% I/ F I/O			10/15/2049		21,317
71,329,472	Federal Home Loan Mortgage Corporation, Series 358-300		3.00%			10/15/2047		69,989,546
540,071	Federal Home Loan Mortgage Corporation, Series 3606-CS (-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)		4.57% I/ F I/O			12/15/2039		80,304
309,844	Federal Home Loan Mortgage Corporation, Series 3616-SG (-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)		4.57% I/ F I/O			03/15/2032		37,737
1,271,148	Federal Home Loan Mortgage Corporation, Series 3626-AZ		5.50%			08/15/2036		1,347,573
478,559	Federal Home Loan Mortgage Corporation, Series 3666-SC (-1 x 1 Month LIBOR USD + 5.77%, 5.77% Cap)		3.99% I/ F I/O			05/15/2040		55,245
325,516	Federal Home Loan Mortgage Corporation, Series 3666-VZ		5.50%			08/15/2036		347,295
2,517,969	Federal Home Loan Mortgage Corporation, Series 3779-DZ		4.50%			12/15/2040		2,552,861
1,400,000	Federal Home Loan Mortgage Corporation, Series 3779-YA		3.50%			12/15/2030		1,428,785
473,984	Federal Home Loan Mortgage Corporation, Series 3786-SG (-2 x 1 Month LIBOR USD + 9.50%, 9.50% Cap)		5.95% I/F			01/15/2041		474,547
4,906,417	Federal Home Loan Mortgage Corporation, Series 3792-SE (-2 x 1 Month LIBOR USD + 9.86%, 9.86% Cap)		6.31% I/F			01/15/2041		4,734,927
2,662,691	Federal Home Loan Mortgage Corporation, Series 3795-VZ		4.00%			01/15/2041		2,745,655
52,467	Federal Home Loan Mortgage Corporation, Series 3798-SD (-2 x 1 Month LIBOR USD + 9.60%, 9.60% Cap)		6.05% I/F			12/15/2040		48,365
1,276,051	Federal Home Loan Mortgage Corporation, Series 3806-CZ		5.50%			07/15/2034		1,379,417
1,156,635	Federal Home Loan Mortgage Corporation, Series 3808-DB		3.50%			02/15/2031		1,161,170
2,400,742	Federal Home Loan Mortgage Corporation, Series 3818-CZ		4.50%			03/15/2041		2,547,877
1,416,301	Federal Home Loan Mortgage Corporation, Series 3819-ZU		5.50%			07/15/2034		1,513,941
3,736,782	Federal Home Loan Mortgage Corporation, Series 3824-EY		3.50%			03/15/2031		3,842,709
251,282	Federal Home Loan Mortgage Corporation, Series 3828-SW (-3 x 1 Month LIBOR USD + 13.20%, 13.20% Cap)		7.87% I/F			02/15/2041		281,170
2,202,689	Federal Home Loan Mortgage Corporation, Series 3863-ZA		5.50%			08/15/2034		2,340,214
3,254,228	Federal Home Loan Mortgage Corporation, Series 3888-ZG		4.00%			07/15/2041		3,383,416
14,092,888	Federal Home Loan Mortgage Corporation, Series 3889-VZ		4.00%			07/15/2041		14,608,650
3,018,794	Federal Home Loan Mortgage Corporation, Series 3910-GZ		5.00%			08/15/2041		3,346,557
21,980,719	Federal Home Loan Mortgage Corporation, Series 3967-ZP		4.00%			09/15/2041		23,099,049
4,790,205	Federal Home Loan Mortgage Corporation, Series 3972-AZ		3.50%			12/15/2041		4,714,594
25,162,375	Federal Home Loan Mortgage Corporation, Series 4057-ZA		4.00%			06/15/2042		26,368,136
9,081,119	Federal Home Loan Mortgage Corporation, Series 4096-DZ		3.50%			08/15/2042		8,924,016
28,490,992	Federal Home Loan Mortgage Corporation, Series 4165-ZT		3.00%			02/15/2043		26,109,153
6,815,680	Federal Home Loan Mortgage Corporation, Series 4291-MS (-1 x 1 Month LIBOR USD + 5.90%, 5.90% Cap)		4.12% I/ F I/O			01/15/2054		999,793
18,474,423	Federal Home Loan Mortgage Corporation, Series 4341-AZ		3.00%			05/15/2044		17,114,698
15,349,280	Federal Home Loan Mortgage Corporation, Series 4377-A		3.00%			06/15/2039		15,280,345
11,669,202	Federal Home Loan Mortgage Corporation, Series 4391-MA		3.00%			07/15/2040		11,607,652
13,482,648	Federal Home Loan Mortgage Corporation, Series 4413-AZ		3.50%			11/15/2044		13,174,554
798,440	Federal Home Loan Mortgage Corporation, Series 4419-TB		3.00%			02/15/2040		798,123
11,202,865	Federal Home Loan Mortgage Corporation, Series 4423-Z		3.50%			12/15/2044		10,955,253
16,092,848	Federal Home Loan Mortgage Corporation, Series 4427-MA		3.00%			02/15/2034		16,113,669
24,745,648	Federal Home Loan Mortgage Corporation, Series 4471-BA		3.00%			12/15/2041		24,237,009
35,593,699	Federal Home Loan Mortgage Corporation, Series 4471-GA		3.00%			02/15/2044		35,290,654
21,642,559	Federal Home Loan Mortgage Corporation, Series 4481-B		3.00%			12/15/2042		21,274,906
13,048,108	Federal Home Loan Mortgage Corporation, Series 4511-QA		3.00%			01/15/2041		12,978,697
58,103,772	Federal Home Loan Mortgage Corporation, Series 4542-AC		2.70%			01/15/2045		56,255,828
99,090,631	Federal Home Loan Mortgage Corporation, Series 4750-PA		3.00%			07/15/2046		98,372,491
74,240,935	Federal Home Loan Mortgage Corporation, Series 4752-PL		3.00%			09/15/2046		73,640,623
37,288,547	Federal Home Loan Mortgage Corporation, Series 4768-CA		3.50%			03/15/2044		37,614,017
4,781,000	Federal Home Loan Mortgage Corporation, Series K050-A2		3.33%	#		08/25/2025		4,861,764
6,528,000	Federal Home Loan Mortgage Corporation, Series K053-A2		3.00%			12/25/2025		6,484,242
494,823	Federal Home Loan Mortgage Corporation, Series R003-ZA		5.50%			10/15/2035		537,267
6,720,000	Federal Home Loan Mortgage Corporation Pass-Thru, Series K054-A2		2.75%			01/25/2026		6,555,414
105,505,649	Federal Home Loan Mortgage Corporation Pass-Thru, Series K722-X1		1.31%	# I/ O		03/25/2023		5,565,201
16,842,148	Federal National Mortgage Association, Pool AL9238		3.00%			10/01/2041		16,567,479
47,616,830	Federal National Mortgage Association, Pool AS7661		3.00%			08/01/2046		46,148,653
9,801,520	Federal National Mortgage Association, Pool AS7724		2.50%			08/01/2046		9,237,431
38,940,847	Federal National Mortgage Association, Pool AS8522		3.00%			12/01/2046		37,993,081
23,095,278	Federal National Mortgage Association, Pool BC9081		3.00%			12/01/2046		22,533,168
22,339,267	Federal National Mortgage Association, Pool BD8013		2.50%			09/01/2046		21,054,023
17,108,869	Federal National Mortgage Association, Pool MA2621		3.50%			05/01/2046		17,065,578
28,354,949	Federal National Mortgage Association, Pool MA2649		3.00%			06/01/2046		27,481,230
63,845,340	Federal National Mortgage Association, Pool MA2737		3.00%			09/01/2046		62,293,140
6,659,130	Federal National Mortgage Association, Pool MA2863		3.00%			01/01/2047		6,502,646
5,965	Federal National Mortgage Association, Series 2003-117-KS (-1 x 1 Month LIBOR USD + 7.10%, 7.10% Cap)		5.23% I/F I/O			08/25/2033		34
340,754	Federal National Mortgage Association, Series 2003-W17-1A7		5.75%			08/25/2033		372,282
2,565,257	Federal National Mortgage Association, Series 2005-20-QH		5.00%			03/25/2035		2,722,195
449,069	Federal National Mortgage Association, Series 2006-101-SA (-1 x 1 Month LIBOR USD + 6.58%, 6.58% Cap)		4.71% I/F I/O			10/25/2036		76,532
196,021	Federal National Mortgage Association, Series 2006-56-SM (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		4.88% I/F I/O			07/25/2036		26,061
144,918	Federal National Mortgage Association, Series 2007-116-BI (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		4.38% I/F I/O			05/25/2037		17,189
1,820,718	Federal National Mortgage Association, Series 2007-30-FS (-5 x 1 Month LIBOR USD + 29.83%, 29.83% Cap)		21.16% I/ F			04/25/2037		2,498,870
707,955	Federal National Mortgage Association, Series 2007-30-OI (-1 x 1 Month LIBOR USD + 6.44%, 6.44% Cap)		4.57% I/F I/O			04/25/2037		118,997
126,501	Federal National Mortgage Association, Series 2008-29-ZA		4.50%			04/25/2038		132,761
76,554	Federal National Mortgage Association, Series 2008-62-SC (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.13% I/F I/O			07/25/2038		7,145
717,020	Federal National Mortgage Association, Series 2009-111-EZ		5.00%			01/25/2040		736,461
28,478	Federal National Mortgage Association, Series 2009-111-SE (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		4.38% I/F I/O			01/25/2040		3,019
83,058	Federal National Mortgage Association, Series 2009-16-MZ		5.00%			03/25/2029		88,963
89,924	Federal National Mortgage Association, Series 2009-48-WS (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)		4.08% I/F I/O			07/25/2039		9,194
370,900	Federal National Mortgage Association, Series 2009-62-PS (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		4.23% I/F I/O			08/25/2039		29,754
1,312,486	Federal National Mortgage Association, Series 2009-77-ZA		4.50%			10/25/2039		1,377,060
298,404	Federal National Mortgage Association, Series 2009-83-Z		4.50%			10/25/2039		307,886
134,746	Federal National Mortgage Association, Series 2010-101-ZH		4.50%			07/25/2040		139,717
55,491	Federal National Mortgage Association, Series 2010-109-BS (-11 x 1 Month LIBOR USD + 55.00%, 55.00% Cap)		36.69% I/F			10/25/2040		178,649
503,101	Federal National Mortgage Association, Series 2010-112-ZA		4.00%			10/25/2040		506,985
309,334	Federal National Mortgage Association, Series 2010-121-SD (-1 x 1 Month LIBOR USD + 4.50%, 4.50% Cap)		2.63% I/F I/O			10/25/2040		23,390
29,336	Federal National Mortgage Association, Series 2010-137-VS (-3 x 1 Month LIBOR USD + 15.00%, 15.00% Cap)		10.01% I/F			12/25/2040		36,124
2,368,758	Federal National Mortgage Association, Series 2010-150-ZA		4.00%			01/25/2041		2,392,351
64,724	Federal National Mortgage Association, Series 2010-31-SA (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		3.13% I/F I/O			04/25/2040		4,497
107,527	Federal National Mortgage Association, Series 2010-34-PS (-1 x 1 Month LIBOR USD + 4.93%, 4.93% Cap)		3.06% I/F I/O			04/25/2040		9,693
214,620	Federal National Mortgage Association, Series 2010-35-SP (-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)		4.48% I/F I/O			04/25/2050		25,726
59,212	Federal National Mortgage Association, Series 2010-35-SV (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		4.58% I/F I/O			04/25/2040		5,134
2,308,043	Federal National Mortgage Association, Series 2010-37-MY		4.50%			04/25/2040		2,396,422
135,769	Federal National Mortgage Association, Series 2010-59-PS (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		4.58% I/F I/O			03/25/2039		8,256
288,082	Federal National Mortgage Association, Series 2010-59-SC (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		3.13% I/F I/O			01/25/2040		25,119
1,043,149	Federal National Mortgage Association, Series 2010-60-VZ		5.00%			10/25/2039		1,059,161
256,996	Federal National Mortgage Association, Series 2010-64-EZ		5.00%			06/25/2040		274,620
525,665	Federal National Mortgage Association, Series 2010-7-PE		5.00%			02/25/2040		559,720
223,351	Federal National Mortgage Association, Series 2010-90-GS (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		4.13% I/F I/O			08/25/2040		25,715
57,791	Federal National Mortgage Association, Series 2010-99-SG (-5 x 1 Month LIBOR USD + 25.00%, 25.00% Cap)		16.68% I/F			09/25/2040		83,634
6,716,107	Federal National Mortgage Association, Series 2011-141-PZ		4.00%			01/25/2042		6,869,791
16,719,220	Federal National Mortgage Association, Series 2011-18-UZ		4.00%			03/25/2041		17,574,699
1,533,918	Federal National Mortgage Association, Series 2011-25-KY		3.00%			04/25/2026		1,543,694
1,000,000	Federal National Mortgage Association, Series 2011-29-AL		3.50%			04/25/2031		998,372
1,349,676	Federal National Mortgage Association, Series 2011-59-MA		4.50%			07/25/2041		1,409,810
24,853,918	Federal National Mortgage Association, Series 2013-45-LZ		3.00%			05/25/2043		23,305,052
31,914,007	Federal National Mortgage Association, Series 2013-6-ZB		3.00%			02/25/2043		29,258,117
10,837,134	Federal National Mortgage Association, Series 2014-55-MA		3.00%			10/25/2039		10,838,586
25,571,246	Federal National Mortgage Association, Series 2014-70-VZ		3.00%			11/25/2044		23,552,659
8,559,642	Federal National Mortgage Association, Series 2014-73-CZ		3.00%			11/25/2044		7,864,311
26,356,695	Federal National Mortgage Association, Series 2015-9-HA		3.00%			01/25/2045		26,233,541
6,348,000	Federal National Mortgage Association, Series 2016-M3-A2		2.70%			02/25/2026		6,162,054
3,883,207	Federal National Mortgage Association, Series 2017-86-MA		3.00%			04/25/2046		3,852,927
100,000,000	Federal National Mortgage Association, Series 2018-21-PO		0.00% P/O			04/25/2048		79,437,500
348,829	Federal National Mortgage Association, Series 400-S4 (-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)		3.58% I/F I/O			11/25/2039		43,248
153,955	Federal National Mortgage Association Pass-Thru, Pool 555743		5.00%			09/01/2033		166,299
133,496	Federal National Mortgage Association Pass-Thru, Pool 735382		5.00%			04/01/2035		144,160
1,047,790	Federal National Mortgage Association Pass-Thru, Pool 735383		5.00%			04/01/2035		1,131,629
540,893	Federal National Mortgage Association Pass-Thru, Pool 735402		5.00%			04/01/2035		584,114
777,322	Federal National Mortgage Association Pass-Thru, Pool 735484		5.00%			05/01/2035		839,499
138,118	Federal National Mortgage Association Pass-Thru, Pool 931104		5.00%			05/01/2039		146,966
908,236	Federal National Mortgage Association Pass-Thru, Pool 995203		5.00%			07/01/2035		980,901
855,779	Federal National Mortgage Association Pass-Thru, Pool AB2123		4.00%			01/01/2031		884,772
45,960	Federal National Mortgage Association Pass-Thru, Pool AB2370		4.50%			09/01/2035		47,425
26,121	Federal National Mortgage Association Pass-Thru, Pool AD2177		4.50%			06/01/2030		27,451
1,309,272	Federal National Mortgage Association Pass-Thru, Pool AH7309		4.00%			02/01/2031		1,353,616
29,731,097	Federal National Mortgage Association Pass-Thru, Pool AS4645		3.00%			03/01/2045		29,107,643
12,981,293	Federal National Mortgage Association Pass-Thru, Pool BC0785		3.50%			04/01/2046		13,032,002
662,273	Federal National Mortgage Association Pass-Thru, Pool MA0264		4.50%			12/01/2029		695,802
40,904	Federal National Mortgage Association Pass-Thru, Pool MA0282		5.00%			12/01/2039		43,845
457,235	Federal National Mortgage Association Pass-Thru, Pool MA0353		4.50%			03/01/2030		480,478
25,299	Federal National Mortgage Association Pass-Thru, Pool MA0468		5.00%			07/01/2040		26,380
14,358,100	Federal National Mortgage Association Pass-Thru, Pool MA2151		3.50%			01/01/2045		14,321,772
10,201,973	Federal National Mortgage Association Pass-Thru, Pool MA2248		3.00%			04/01/2045		9,893,907
340,423	Government National Mortgage Association, Pool 752494C		5.50%			09/20/2039		364,508
271,875	Government National Mortgage Association, Series 2003-67-SP (-1 x 1 Month LIBOR USD + 7.10%, 7.10% Cap)		5.28% I/F I/O			08/20/2033		44,639
150,778	Government National Mortgage Association, Series 2008-82-SM (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		4.23% I/F I/O			09/20/2038		19,194
2,142,452	Government National Mortgage Association, Series 2009-32-ZE		4.50%			05/16/2039		2,257,156
2,378,793	Government National Mortgage Association, Series 2009-35-DZ		4.50%			05/20/2039		2,510,428
2,499,022	Government National Mortgage Association, Series 2009-75-GZ		4.50%			09/20/2039		2,592,735
3,021,525	Government National Mortgage Association, Series 2009-75-HZ		5.00%			09/20/2039		3,192,426
7,787,834	Government National Mortgage Association, Series 2010-113-SM (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		4.23% I/F I/O			09/20/2040		1,070,368
127,522	Government National Mortgage Association, Series 2010-25-ZB		4.50%			02/16/2040		134,358
4,671,886	Government National Mortgage Association, Series 2011-45-GZ		4.50%			03/20/2041		4,825,417
7,310,799	Government National Mortgage Association, Series 2011-70-WS (-2 x 1 Month LIBOR USD + 9.70%, 9.70% Cap)		6.06% I/F			12/20/2040		7,468,884
13,017,024	Government National Mortgage Association, Series 2011-71-ZA		4.50%			02/20/2041		13,556,178
14,816,234	Government National Mortgage Association, Series 2013-117-MS (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)		4.33% I/F I/O			02/20/2043		1,677,184
7,002,628	Government National Mortgage Association, Series 2013-122-SB (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		4.31% I/F I/O			08/16/2043		1,039,012
31,662,429	Government National Mortgage Association, Series 2013-169-SE (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		4.26% I/F I/O			11/16/2043		3,903,452
10,941,275	Government National Mortgage Association, Series 2014-102-TS (-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)		3.78% I/F I/O			07/20/2044		1,219,993
8,672,542	Government National Mortgage Association, Series 2014-118-PS (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)		4.38% I/F I/O			08/20/2044		1,319,134
7,588,474	Government National Mortgage Association, Series 2014-118-SA (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)		4.38% I/F I/O			08/20/2044		1,022,493
Total US Government and Agency Mortgage Backed Obligations (Cost $1,645,722,953)								1,622,529,346
US Government and Agency Obligations - 22.2%
142,587,479	United States Treasury Inflation Indexed Bonds		0.13%			04/15/2022		140,545,368
47,928,144	United States Treasury Inflation Indexed Bonds		0.38%			07/15/2027		46,727,137
100,150,000	United States Treasury Notes		2.75%			11/15/2042		96,497,149
45,500,000	United States Treasury Notes		3.38%			05/15/2044		48,843,907
139,900,000	United States Treasury Notes		2.88%			08/15/2045		137,126,691
83,900,000	United States Treasury Notes		2.88%			11/15/2046		82,121,115
9,050,000	United States Treasury Notes		0.75%			08/31/2018		9,007,936
141,100,000	United States Treasury Notes		1.13%			01/15/2019		140,047,261
22,400,000	United States Treasury Notes		1.13%			01/31/2019		22,223,326
145,700,000	United States Treasury Notes		0.75%			02/15/2019		144,005,003
116,600,000	United States Treasury Notes		2.00%			05/31/2021		115,072,765
133,000,000	United States Treasury Notes		1.13%			06/30/2021		127,579,453
120,800,000	United States Treasury Notes		1.25%			10/31/2021		115,765,887
118,200,000	United States Treasury Notes		1.75%			11/30/2021		115,182,634
117,000,000	United States Treasury Notes		2.00%			12/31/2021		114,919,802
24,350,000	United States Treasury Notes		1.88%			01/31/2022		23,796,168
142,300,000	United States Treasury Notes		1.88%			08/31/2024		135,704,880
119,100,000	United States Treasury Notes		2.13%			09/30/2024		115,197,792
133,100,000	United States Treasury Notes		2.25%			10/31/2024		129,642,496
128,100,000	United States Treasury Notes		2.25%			08/15/2027		122,755,233
241,600,000	United States Treasury Notes		2.25%			11/15/2027		231,290,025
83,900,000	United States Treasury Notes		3.63%			08/15/2043		93,760,834
Total US Government and Agency Obligations (Cost $2,329,162,596)								2,307,812,862
Affiliated Mutual Funds - 9.8%
48,342,264	DoubleLine Global Bond Fund (Class I)							517,745,649
45,674,545	DoubleLine Infrastructure Income Fund (Class I)							456,745,448
5,000,000	DoubleLine Long Duration Total Return Bond Fund (Class I)							48,650,000
Total Affiliated Mutual Funds (Cost $1,002,400,000)								1,023,141,097
Exchange Traded Funds and Common Stocks - 0.0%
67,847	Frontera Energy Corporation *							1,896,346
7,893	SandRidge Energy, Inc. *							114,527
Total Exchange Traded Funds and Common Stocks (Cost $12,119,535)								2,010,873
Short Term Investments - 4.9%
143,241,777	BlackRock Liquidity Funds FedFund - Institutional Shares		1.53%	◆				143,241,777
143,241,776	Fidelity Institutional Money Market Government Portfolio - Class I		1.47%	◆				143,241,776
143,241,776	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.56%	◆				143,241,776
32,300,000	United States Treasury Bills		0.00%			06/07/2018		32,201,893
46,300,000	United States Treasury Bills		0.00%			09/06/2018		45,926,910
Total Short Term Investments (Cost $507,866,271)								507,854,132
Total Investments - 100.0% (Cost $10,499,517,474)								10,406,486,972
Other Assets in Excess of Liabilities - 0.0%								339,152
NET ASSETS - 100.0%							$	10,406,826,124
	^   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At March 31, 2018, the value of these securities amounted to $1,976,656,040 or 19.0% of net assets.
	#  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 March 31, 2018.
	†  Perpetual Maturity
	I/O  Interest only security
	I/F   Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.
	P/O  Principal only security
	*  Non-income producing security
	◆ Seven-day yield as of March 31, 2018
	¥ Illiquid security
	&  Unfunded or partially unfunded loan commitment. At March 31, 2018, the value of these securities amounted to $2,550,031 or 0.0% of net assets.
	ß  The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of March 31, 2018.
	§  The interest rate will step up if the issuer does not redeem the bond by an expected redemption date. The interest rate shown is the rate in effect as of March 31, 2018.
	Þ  Value determined using significant unobservable inputs.
	W  Security is in default or has failed to make a scheduled payment. Income is not being accrued.
	~  Represents less than 0.05% of net assets.

SECURITY TYPE BREAKDOWN as a % of Net Assets:

US Government and Agency Obligations	22.2	%
US Government and Agency Mortgage Backed Obligations	15.6	%
US Corporate Bonds	12.6	%
Affiliated Mutual Funds	9.8	%
Foreign Corporate Bonds	9.5	%
Non-Agency Residential Collateralized Mortgage Obligations	8.5	%
Non-Agency Commercial Mortgage Backed Obligations	7.1	%
Short Term Investments	4.9	%
Bank Loans	3.5	%
Collateralized Loan Obligations	2.6	%
Asset Backed Obligations	1.9	%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.7	%
Municipal Bonds	0.1	%
Exchange Traded Funds and Common Stocks	0.0	% ~
Other Assets and Liabilities	0.0	% ~
	100.0	%

INVESTMENT BREAKDOWN as a % of Net Assets:

US Government and Agency Obligations	22.2	%
US Government and Agency Mortgage Backed Obligations	15.6	%
Affiliated Mutual Funds	9.8	%
Non-Agency Residential Collateralized Mortgage Obligations	8.5	%
Non-Agency Commercial Mortgage Backed Obligations	7.1	%
Banking	5.6	%
Short Term Investments	4.9	%
Energy	3.6	%
Collateralized Loan Obligations	2.6	%
Asset Backed Obligations	1.9	%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.7	%
Telecommunications	1.7	%
Healthcare	1.4	%
Transportation	1.2	%
Utilities	1.1	%
Insurance	0.9	%
Technology	0.9	%
Food Products	0.7	%
Media	0.7	%
Pharmaceuticals	0.7	%
Finance	0.6	%
Electronics/Electric	0.6	%
Aerospace & Defense	0.5	%
Automotive	0.5	%
Business Equipment and Services	0.5	%
Pulp & Paper	0.5	%
Leisure	0.4	%
Consumer Products	0.4	%
Commercial Services	0.3	%
Containers and Glass Products	0.3	%
Hotels/Motels/Inns and Casinos	0.3	%
Industrial Equipment	0.3	%
Construction	0.3	%
Food Service	0.3	%
Chemicals/Plastics	0.2	%
Mining	0.2	%
Conglomerates	0.2	%
Real Estate	0.2	%
Food/Drug Retailers	0.1	%
Environmental Control	0.1	%
Beverage and Tobacco	0.1	%
Retailers (other than Food/Drug)	0.1	%
Chemical Products	0.1	%
Municipal Bonds	0.1	%
Building and Development (including Steel/Metals)	0.0	% ~
Cosmetics/Toiletries	0.0	% ~
Other Assets and Liabilities	0.0	% ~
	100.0	%

A summary of the DoubleLine Core Fixed Income Fund’s investments in affiliated mutual funds for the year ended March 31, 2018 is as follows:

Fund	Value at March 31, 2017		Gross Purchases		Gross Sales		Shares Held at March 31, 2018		Value at March 31, 2018		Change in Unrealized for the Year Ended March 31, 2018			Dividend Income Earned in the Year Ended March 31, 2018		Net Realized Gain (Loss) in the Year Ended March 31, 2018
DoubleLine Global Bond Fund (Class I)	$	383,301,511	$	105,900,000	$	-		48,342,264	$	517,745,649	$	28,544,138		$	5,592,944	$	-
DoubleLine Infrastructure Income Fund (Class I)		373,519,556		87,500,000		-		45,674,545		456,745,448		(4,274,108	)		14,695,137		-
DoubleLine Long Duration Total Return Bond Fund (Class I)		48,950,000		-		-		5,000,000		48,650,000		(300,000	)		1,644,847		-
	$	805,771,067	$	193,400,000	$	-		99,016,809	$	1,023,141,097	$	23,970,030		$	21,932,928	$	-

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of DoubleLine Funds Trust and Shareholders of DoubleLine Total Return Bond Fund and DoubleLine Core Fixed Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments - summary, of DoubleLine Total Return Bond Fund and DoubleLine Core Fixed Income Fund (two of the funds constituting DoubleLine Funds Trust, herein collectively referred to as the “Funds”) as of March 31, 2018 , the related statements of operations for the year ended March 31, 2018 , the statements of changes in net assets for each of the two years in the period ended March 31, 2018 , including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of March 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2018 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2018 by correspondence with the custodian, transfer agent, and brokers. We believe that our audits provide a reasonable basis for our opinions.

May 21, 2018

We have served as the auditor of one or more investment companies in the DoubleLine Investment Company Complex since 2010.

2 of 2

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.

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

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

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

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

SIGNATURES

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

(Registrant)                DoubleLine Funds Trust

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

Date                                         5/30/2018                                                                      

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date                                                5/30/2018                                                                      

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

Date                                      5/30/2018