DoubleLine Flexible Income Fund Class N (DLINX) N-CSRCertified annual shareholder report (management investment company)

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As filed with the Securities and Exchange Commission on June 3, 2022

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)

2002 North Tampa Street, Suite 200

Tampa, FL 33602

(Address of principal executive offices) (Zip code)

Ronald R. Redell

President

DoubleLine Funds Trust

2002 North Tampa Street, Suite 200

Tampa, FL 33602

(Name and address of agent for service)

(813) 791-7333

Registrant’s telephone number, including area code

Date of fiscal year end: March 31

Date of reporting period: March 31, 2022

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Item 1. Reports to Stockholders.

(a)

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		Annual Report March 31, 2022

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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, 2022. 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 1 (877) DLINE 11 / 1 (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, 2022

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For the 12-month period ended March 31, 2022, Agency residential mortgage-backed securities (RMBS) and Agency commercial mortgage-backed securities (CMBS) posted negative returns. The Bloomberg US Mortgage-Backed Securities (MBS) Index returned negative 4.92%, underperforming the Bloomberg US Government Bond Index and Bloomberg US Corporate Bond Index. Shorter-duration assets generally outperformed longer-duration assets with risk-free interest rates increasing over the period. U.S. Treasury yields rose substantially, with two-year yields up 217 basis points (bps) and 10-year yields up 60 bps. The 30-year mortgage rate rose 150 bps, as measured by the Freddie Mac U.S. Mortgage Market Survey 30 Year Homeowner Commitment National Index, peaking at roughly 4.7% by the end of March. Duration within the MBS sector lengthened over the period with the duration of the Bloomberg US MBS Index growing to 5.18 years from 4.09 years. As risk-free interest rates increased, Agency MBS and Agency CMBS spreads widened and performance weakened due to elevated levels of interest rate volatility coupled with extension concerns. Gross issuance for Agency RMBS reached $3.1 trillion; gross issuance for Agency CMBS reached roughly $175 billion. In its March meeting, the Federal Open Market Committee increased the federal funds rate 25 bps while also suggesting that the beginning of the Federal Reserve’s balance-sheet runoff could arrive as early as May. With markets pricing in between eight and nine additional hikes in 2022, we expect market volatility to remain elevated and reduced liquidity in the near term.

For the 12-month period ended March 31, 2022, non-Agency residential mortgage-backed securities weakened, as strong supply of new issuance coupled with rising U.S. Treasury yields weighed negatively on the sector. However, credit fundamentals remained solid, as the mortgage forbearance rate declined 320 basis points (bps) to finish the period at 2.00% for private-label mortgages, as measured by real estate lending data firm Black Knight. Home prices remained near their all-time highs, posting 19.1% year-over-year growth in January, the most recent month for which data was available as measured by the S&P CoreLogic Case-Shiller 20-City Composite Home Price NSA Index. The supply of existing homes available to purchase at the current pace of sales fell to 1.7 months in February, the most recent month for which data was available as measured by the National Association of Realtors Existing-Home Sales Report, signaling severe lack of supply. The Freddie Mac U.S. Mortgage Market Survey 30-Year Homeowner Commitment National Index rose 150 bps to finish the 12-month period at 4.67%. The period recorded $221 billion in gross issuance compared to $114.6 billion in the same period a year ago, according to BofA Global Research, which expects net issuance to increase to $66 billion for calendar year 2022 versus $6 billion in 2021.

For the 12-month period ended March 31, 2022, $177.5 billion of new-issue non-Agency commercial mortgage-backed securities (CMBS) priced, compared to $64.3 billion in the previous 12-month period. Investors gained confidence in the handling of the COVID-19 pandemic in 2021, contributing to a record year for new issuance, totaling $157.1 billion, a 141% increase over 2020 and a 33% increase over 2019. While the first three months of 2022 marked strong issuance volume of $44.7 billion, an 84% increase over the same period a year ago, issuance slowed down in the latter part of the period as a result of macroeconomic and geopolitical risks. Secondary non-Agency CMBS spreads were mixed throughout the 12-month period, initially stabilizing in the first half of 2021 but moving wider in the fourth quarter as a result of heavy sustained issuance. Spreads widened further in the first quarter of 2022 as investors weighed the impact of inflation, higher interest rates and a protracted Russia-Ukraine war. Spreads widened 25 basis points (bps) for AAA last cash flows (LCFs) and 70 bps for BBB- LCFs. The 30-day-plus delinquency rate for commercial real estate loans fell to 3.73% at the end of March 2022 versus 6.58% a year ago, as measured by financial data firm Trepp. The rate’s dip in March 2022 was the 20th monthly decline in 21 months. The Bloomberg US CMBS ERISA Only Index returned negative 4.46% for the 12-month period, underperforming the broader Bloomberg US Aggregate Bond Index’s negative 4.15%. The RCA Commercial Property Price Index increased 19.4% for the 12-month period ended February 28, the most recent month for which data was available, compared to 7.3% over the previous 12-month period.

For the 12-month period ended March 31, 2022, the J.P. Morgan Emerging Markets Bond Index Global Diversified (EMBI GD), which tracks sovereign debt, returned negative 7.44%. The J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI BD), which tracks corporate debt, returned negative 7.25%. Spreads widened 46 basis points (bps) for the EMBI GD and 45 bps (yield to worst) for the CEMBI BD. However, the exclusion of Russia and Belarus from both indexes at the end of March significantly impacted performance, as spreads were significantly wider prior to their removal. Improving investor sentiment in the earlier part of the period

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would later be undercut by macro factors including rising inflation and worry over a more hawkish Federal Reserve. Concerns would only be amplified by the Russian invasion of Ukraine in February. Emerging markets (EM) credits broadly sold off subsequently, particularly in Europe. Sharply rising U.S Treasury yields during the 12-month period also detracted from returns. Returns across all regions were negative for the EMBI GD except for the Middle East’s slightly positive return. In the CEMBI BD, all regions were negative except for Africa’s slightly positive return. Europe was by far the worst-performing region in both indexes. EM high yield credits experienced less negative returns than their investment grade (IG) counterparts in both indexes, largely due to Russia’s IG rating prior to its invasion of Ukraine.

For the 12-month period ended March 31, 2022, the FTSE World Government Bond Index (FTSE WGBI) returned negative 7.74%. The negative performance was driven by rising global bond yields and foreign exchange market depreciation against the U.S. dollar, as measured by the U.S. Dollar Index, which strengthened 5.45%. The dollar strengthened against most of its G-10 peers amid uncertainty regarding the economic recovery from the global health crisis and then as the Russian invasion of Ukraine toward the end of the period sparked a flight to safety in the greenback. The euro weakened versus the dollar over the 12-month period as the European Central Bank (ECB) maintained a more dovish stance than the Fed, even as the ECB grew increasingly hawkish after a series of record-high inflation prints in the eurozone. The Japanese yen was the worst-performing G-10 currency, reflecting continued monetary policy divergence between the Bank of Japan, which repeatedly reiterated its commitment to ultra-loose monetary policy, and most global central banks. Global government bond yields increased over the period amid rising inflation expectations that were exacerbated by the Russia-Ukraine war, which threatened to disrupt global commodity supplies and push prices even higher. Global government yield curves flattened over the period, with market participants increasingly concerned that the geopolitical conflict and monetary policy tightening could derail economic growth. Government bond exposures in Japan, the U.S., France, Italy and Germany were among the largest detractors from performance of the FTSE WGBI in the 12-month period. Government bonds from China and Mexico contributed to performance.

For the 12-month period ended March 31, 2022, U.S. investment grade (IG) corporate credit spreads, as measured by the Bloomberg US Credit Index, widened 22 basis points (bps), underperforming duration-matched U.S. Treasuries by 81 bps. The index’s return was negative 4.16%, as returns for the asset class were impacted by moves in the Treasury market. Treasury yields rose across the curve, with the five-year yield up 152 bps, the 10-year yield up 60 bps and the 30-year yield up 4 bps. Energy-related sectors marked the best returns, led by independent energy, oilfield services and midstream. The worst-performing sectors were industrial (other), tobacco and cable satellite. At the ratings level, bonds rated AAA returned negative 3.95%, bonds rated AA returned negative 4.07%, bonds rated BBB returned negative 4.11%, and bonds rated A returned negative 4.28%. Short-duration credit returned negative 2.60% versus intermediate-duration credit’s negative 4.05% and long-duration credit’s negative 4.24%. U.S. dollar-denominated gross new issuance was a strong $1.66 trillion, according to Barclays, while net issuance came in at $569.9 billion. IG fund inflows were $172.7 billion, according to data from financial data firm EPFR Global as reported by Wells Fargo.

For the 12-month period ended March 31, 2022, the S&P/LSTA Leveraged Loan Index returned 3.25%, driven mainly by interest income, with lower-quality loans leading the way. Loans rated CCC returned 4.68%, outperforming loans rated B, which were up 3.58%, and loans rated BB, which were up 2.18%. The best-performing sectors were nonferrous metals-minerals (+11.34%), oil and gas (+7.43%) and cosmetics-toiletries (+6.20%). Radio and television (-0.65%) was the only sector with a negative return. The weighted average bid price of the index was virtually unchanged across the period, rising to $97.60 from $97.55. The trailing 12-month default rate on a principal basis declined to 0.19% in March from 3.15% a year ago.

For the 12-month period ended March 31, 2022, the Bloomberg US Corporate High Yield Index returned negative 0.66%. Intermediate-duration bonds returned negative 0.68%, outperforming long-duration bonds, which returned negative 1.18%. Bonds rated CCC outpaced those with higher ratings, returning 0.77%, while bonds rated B returned negative 0.02%, and bonds rated BB returned negative 1.46%, as measured by the index. Notable outperformers by industry were oil field services, independent energy and refining. Notable underperformers were wireless, pharmaceuticals and cable satellite.

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For the 12-month period ended March 31, 2022, the collateralized loan obligation (CLO) market priced $177.6 billion in new issuance across 358 deals. Refinancing and reset activity contributed an additional $194.7 billion to supply via 420 deals, with resets accounting for 61% of that total. While CLO market-value based metrics saw little net change over the 12-month period, CLO fundamentals continued to strengthen. The last 12-month U.S. leveraged loan default rate by principal amount fell nearly 3 basis points, ending the period at 0.19%, its lowest level since December 2011. CLO secondary trading volume rose 59% in the 12-month period, per Trade Reporting and Compliance Engine data. Spread movements across the capital structure varied, with investment grade tranches widening as indexes for new-issue CLOs migrated from LIBOR to the Secured Overnight Financing Rate. The J.P. Morgan Collateralized Loan Obligation Total Return Level Index returned 1.22% over the 12-month period.

For the 12-month period ended March 31, 2022, global equities were up 7.74%, as measured by the Morgan Stanley Capital International All Country World Index (MSCI ACWI). U.S. equities outperformed the MSCI ACWI, with the S&P 500 Index returning 15.63%. European equities underperformed, with the Euro Stoxx 50 Index returning 2.10%. Asian equity markets mostly underperformed, with Japanese equities down 2.96%, as measured by the Nikkei 225 Index. Chinese equities were down 3.49%, as measured by the Shanghai Stock Exchange Composite Index, and Hong Kong’s Hang Seng Index was down 20.44%. Emerging markets equities declined 11.13%, as measured by the Morgan Stanley Capital International Emerging Markets Index.

For the 12-month period ended March 31, 2022, the broad commodity market rallied, with the S&P GSCI up 64.37% and the Bloomberg Commodity Index up 49.09%. The best-performing sector was energy (+92.98%), as measured by the S&P GSCI, with every subsector surging: oil and gas (+120.44%), heating oil (+111.53%), natural gas (+111.17%), Brent crude (+89.31%), WTI crude (+86.61%) and unleaded gasoline (+80.32%). The precious metals sector was the laggard, though it still appreciated 11.76%. Gold rose 13.01%, and silver increased 1.56%. Industrial metals gained 39.79%, led by nickel, which rose 101.67%. On March 7 when nickel futures opened for trading on the London Metals Exchange (LME), the April futures contract rose over 90%. The sudden but sustained volatility forced the LME to halt trading March 8, with nickel trading suspended until March 16. As investors were trying to unpack the situation, details emerged that a nickel producer in China held a large short position in nickel, and as market participants drove prices higher, it triggered large margin calls for the Chinese producer. The agriculture sector grew 43.34%, with coffee (+72.77%) and cotton (+72.16%) the strongest performers, and sugar (+29.78%) and cocoa (+2.32%) the laggards.

For the 12-month period ended March 31, 2022, infrastructure debt performed roughly in line with the Bloomberg US Aggregate Bond Index return of negative 4.15%. The negative returns were primarily driven by duration impacts and spread widening as the Federal Reserve pivoted to substantially more hawkish monetary policy. The two- and 10-year portions of the U.S. Treasury yield curve rose 217 basis points (bps) and 60 bps, respectively, a meaningful headwind for fixed-rate debt of all kinds. Despite these movements, the underlying credit performance of infrastructure assets remained quite strong, as corporate entities maintained strong profit margins and securitized positions experienced relatively low delinquency rates. Lower-duration aviation debt exposures to developed market airlines were a top performer as U.S. travel volumes rebounded. Longer-duration infrastructure sectors such as utilities experienced larger declines than shorter-duration sectors. Primary market activity was robust as investor demand for clean-energy assets remained especially strong.

For the 12-month period ended March 31, 2022, the asset-backed security (ABS) sector outperformed the broader U.S. fixed income market but still experienced a negative return. The Bloomberg US ABS Index returned negative 3.06%, and the ICE Bank of America U.S. Fixed-Rate Miscellaneous ABS Index returned negative 3.30%, which compared favorably to the longer-duration Bloomberg US Aggregate Bond Index return of negative 4.15%. This period in the markets was generally characterized by rising interest rates and widening credit spreads. In response to persistently high inflation, the Federal Reserve embarked on a more hawkish policy, which sent two- and 10-year U.S. Treasury yields up 217 basis points (bps) and 60 bps, respectively. One standout sector in the market was rail car ABS, which experienced some spread tightening as global shipping volumes rebounded. Longer-duration, credit-sensitive ABS sectors such as subprime auto loans fared slightly worse. Despite the dramatic changes across the period, the capital market environment for ABS remained strong with over $290 billion in new issuance.

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For the 12-month period ended March 31, 2022, the U.S. equity market experienced positive performance, with the S&P 500 Index up 15.65% and Dow Jones Industrial Average up 7.11%. The Russell 1000 Growth Index, which tracks growth stocks, returned 14.98%, outperforming the 11.67% of the Russell 1000 Value Index, which tracks value stocks. Small-cap stocks lagged, returning negative 5.79%, as measured by the Russell 2000 Index. The best-performing sectors were energy (+63.26%), technology (+20.64%) and utilities (+19.93%), according to the Consumer Discretionary Select Sector Total Return Index. The biggest laggards were communication services (-5.35%), industrials (+6.14%) and consumer discretionary (+10.88%).

For the 12-month period ended March 31, 2022, significant shifts in rates, inflation expectations and Federal Reserve policy resulted in a Bloomberg US Treasury Index return of negative 3.67%. The index returned negative 5.58% in the first quarter of 2022, the worst quarterly return since the inception of the index in 1973. On March 31, 2021, the two-year U.S. Treasury yield was 0.16%, and the 10-year yield was 1.74%. Year-over-year inflation rose from 2.6% that month to a somewhat elevated 5.5% by September but was still largely deemed “transitory.” Perception shifted to a less benign view of inflation through the fourth quarter, and the Fed began to move to more hawkish rhetoric. By year-end, the 10-year yield was down modestly from March, but the two-year yield had risen to 0.75%. Expectations increased for persistent inflation and more Fed hikes to the federal funds rate. Inflation continued to increase sharply in the first quarter of 2022, aggravated by the Russian invasion of Ukraine in February. Fed communication became aggressively hawkish, focused on stabilizing prices. Expected five-year inflation moved as high as 3.75% in March, and Fed rate hikes expected in 2022 rose to nearly 10 – including the initial hike of 25 basis points (bps) in March. The two-year Treasury jumped 160 bps in the first quarter to end the period at 2.33%. The 10-year Treasury rose to a nearly identical 2.34%. The sharply flatter yield curve reflected market expectations for Fed policy shifts as well as expectations that those policy shifts would slow the economy and inflation, leading to a policy reversal in late 2023.

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DoubleLine Total Return Bond Fund

For the 12-month period ended March 31, 2022, the DoubleLine Total Return Bond Fund outperformed the benchmark Bloomberg US Aggregate Bond Index return of negative 4.15%. The primary drivers of the Fund’s outperformance were an overweight in securitized credit and shorter duration relative to the index. Securitized credit sectors in the Fund, including non-Agency residential mortgage-backed securities (RMBS) and collateralized loan obligations (CLOs), outperformed investment grade corporate bonds in the index. Non-Agency RMBS, the Fund’s largest credit exposure at approximately 28%, and the Fund’s CLO positions, which comprised roughly 3% of the Fund, generated positive returns. The Fund’s average duration during the period of 4.4 years relative to the index’s 6.5 years contributed to the Fund’s performance during a period in which the 10-year U.S. Treasury yield rose 60 basis points (bps) and 30-year yield rose 4 bps. The Fund’s Agency mortgage-backed securities and Treasury positions, which carried longer durations, were the biggest detractors from the Fund’s performance.

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

DoubleLine Core Fixed Income Fund

For the 12-month period ended March 31, 2022, the DoubleLine Core Fixed Income Fund outperformed the benchmark Bloomberg US Aggregate Bond Index return of negative 4.15%. The Fund’s outperformance was primarily driven by an overweight in nontraditional credit sectors and shorter duration positioning relative to the index. Nontraditional credit sectors within the Fund generally outperformed investment grade (IG) corporate bonds within the index. Those nontraditional sectors included non-Agency residential mortgage-backed securities (MBS), commercial MBS, asset-backed securities, collateralized loan obligations (CLOs), bank loans and U.S. high yield corporate bonds. CLOs, up 2.94%, and bank loans, up 3.39%, were the biggest contributors to the Fund’s performance. The Fund’s average duration of 4.9 years during the period was shorter than the index’s 6.5 years, which contributed to the Fund’s outperformance, as five-year U.S. Treasury yields rose 152 basis points (bps), 10-year yields rose 60 bps, and 30-year yields rose 4 bps. Treasuries, Agency MBS and IG corporate bonds detracted the most from the Fund’s performance.

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, 2022, the DoubleLine Emerging Markets Fixed Income Fund outperformed the benchmark J.P. Morgan Emerging Markets Bond Index Global Diversified (EMBI GD) return of negative 7.44%. The weak EMBI GD performance was driven by a sharp rise in U.S. Treasury yields and spread widening due to macroeconomic headwinds and geopolitical tensions, with large negative returns in Europe following the Russian invasion of Ukraine in the first quarter of 2022. The Middle East was the only region in the index with a positive return. The Fund’s outperformance was driven primarily by its underweight relative to the index in Europe, in particular Russia and Ukraine, as well as its overweight in Brazil, Colombia and Peru. The Fund’s allocation to Mexican credits and underweight in African and Middle Eastern countries detracted from performance.

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

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DoubleLine Multi-Asset Growth Fund

For the 12-month period ended March 31, 2022, the DoubleLine Multi-Asset Growth Fund underperformed its blended benchmark return of 2.80%. The Fund’s equity allocation underperformed the benchmark Morgan Stanley Capital International All Country World Index return of 7.74%. Contributing to the Fund’s performance were allocations to the iShares MSCI Canada ETF and Shiller Barclays CAPE^® U.S. Sector Total Return USD Index, with exposure to the latter gained through the use of swap contracts. The Fund’s allocations to U.S. small-cap and Chilean equities detracted. The Fund’s fixed income allocation contributed to performance, with a significant underweight in duration relative to the benchmark Bloomberg Global Aggregate Bond Index and the performance of other DoubleLine funds in the Fund leading to outperformance versus the Bloomberg Global Aggregate Bond Index return of negative 3.9%. The Fund’s investments in real assets were down slightly from a year ago.

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

DoubleLine Low Duration Bond Fund

For the 12-month period ended March 31, 2022, the DoubleLine Low Duration Bond Fund outperformed the benchmark ICE Bank of America 1-3 Year U.S. Treasury Index return of negative 2.84%. The Fund’s outperformance was primarily driven by an overweight relative to the index in nontraditional credit sectors, which mostly outperformed Treasury bonds in the index. The nontraditional sectors within the Fund included non-Agency residential mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, collateralized loan obligations, bank loans and emerging markets debt. Residential and Agency mortgage-backed securities, and emerging markets bonds detracted the most from the Fund’s performance.

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

DoubleLine Floating Rate Fund

For the 12-month period ended March 31, 2022, the DoubleLine Floating Rate Fund underperformed the benchmark S&P/LSTA Leveraged Loan Index return of 3.25%. The Fund’s bank loan allocation outperformed the index on a gross basis. The Fund generally maintained an overweight position relative to the index in loans rated B, and an underweight position in loans rated BB and CCC. BB loans underperformed the index, B loans outperformed, and CCC loans outperformed materially. The Fund’s underweight in BB loans and overweight in B loans contributed to performance while the low weighting in CCC loans detracted. On a sector basis, the Fund was overweight in business

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equipment and services relative to the index, which contributed to performance; an overweight in healthcare, retailers, chemicals and plastics detracted. The Fund’s underweight in telecom, automotive, and building and development contributed to performance; an underweight in oil and gas, and lodging and casinos detracted. The Fund’s exposure to high yield bonds detracted from performance as did its small cash balance.

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

DoubleLine Shiller Enhanced CAPE^®

For the 12-month period ended March 31, 2022, DoubleLine Shiller Enhanced CAPE^® underperformed the benchmark S&P 500 Index return of 15.65%. During the period, the Shiller Barclays CAPE^® U.S. Sector Total Return USD Index, to which the Fund gained exposure through the use of swap contracts, was allocated to six sectors: consumer staples, communication services, financials, healthcare, technology and real estate. The Fund’s fixed income portfolio decreased in value. The best-performing sector was bank loans; the worst performer was Agency mortgage-backed securities.

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

DoubleLine Flexible Income Fund

For the 12-month period ended March 31, 2022, the DoubleLine Flexible Income Fund outperformed the benchmark ICE Bank of America 1-3 Year Eurodollar Index return of negative 2.59%. The U.S. Treasury yield curve flattened from the shorter-duration sections rising as market participants adjusted expectations for future increases to the federal funds rate. Given the activity in Treasury yields, floating-rate assets in the Fund such as bank loans, collateralized loan obligations and portions of the commercial mortgage-backed securities market contributed to the Fund’s outperformance while all other sectors detracted. Over the first quarter of 2022, risk sentiment was weighed down by a litany of factors including central bank policy tightening, the Russia-Ukraine war and inflationary pressures. As a result, credit-sensitive sectors experienced spread widening, with emerging markets debt detracting the most from the Fund’s performance over the 12-month period.

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

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DoubleLine Low Duration Emerging Markets Fixed Income Fund

For the 12-month period ended March 31, 2022, the DoubleLine Low Duration Emerging Markets Fixed Income Fund posted a negative return but outperformed the benchmark J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI BD) 1-3 Year return of negative 7.37%. The largest contributor to the Fund’s outperformance was its underweight in Europe, especially with no exposure to Russia, as well as its overweight in Latin America, which was the second best-performing region in the index. The Fund’s longer duration relative to the index in a period of rising rates, and its underweight in African and Middle Eastern countries detracted from performance.

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, 2022, the DoubleLine Long Duration Total Return Bond Fund’s Class I shares outperformed the benchmark Bloomberg US Long Government/Credit Index return of negative 3.11% while the Class N shares underperformed. The primary drivers of the Fund’s outperformance were no exposure to corporate bonds, an overweight relative to the index in longer-duration Agency mortgage-backed securities (MBS) and security selection. The Fund’s overweight relative to the index in Agency MBS, which averaged approximately 67% of the Fund’s allocation, contributed to performance, as long-duration Agency MBS outperformed long-duration U.S. Treasuries in the period. In addition, security selection in the Fund’s Agency MBS and government allocations was accretive. Duration positioning modestly contributed to performance, as the Fund’s average duration for the period was 16.0 years relative to the index’s 16.4 years during a period in which the 10-year Treasury yield rose 60 basis points (bps), and 30-year Treasury yield rose 4 bps. While the Fund’s long-duration Agency MBS positions outperformed the index, these positions detracted most from the Fund’s overall performance.

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

DoubleLine Strategic Commodity Fund

For the 12-month period ended March 31, 2022, the DoubleLine Strategic Commodity Fund underperformed the benchmark Bloomberg Commodity Index Total Return of 49.25%. The Fund’s commodity exposure was 100% allocated to the Morgan Stanley Backwardation Focused Multi-Commodity Index (beta exposure), to which the Fund gained exposure through the use of swap contracts. The Morgan Stanley index returned 51.36% in the period. The Fund’s use of derivative instruments to gain exposure to commodities facilitated investment of the Fund’s remaining assets in U.S. Treasuries, which added incremental return.

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, 2022, the DoubleLine Global Bond Fund underperformed the benchmark FTSE World Government Bond Index return of negative 7.74%. The negative performance of the Fund and index was driven by rising global bond yields and foreign exchange market depreciation against the U.S. dollar, as measured by the U.S. Dollar Index, which increased 5.45%. The dollar strengthened against most of its G-10 peers amid uncertainty regarding the economic recovery from the global health crisis and also was boosted toward the end of the period after the Russia-Ukraine war sparked a flight to safety into the greenback. The Fund continued to utilize currency-forward contracts to hedge currency risk during the period. The Fund’s shorter duration and underweight to core and periphery European countries relative to the index, as well as its cash balance, contributed to performance. The Fund’s underweight in the U.S., and overweight in Central and Eastern Europe detracted.

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

DoubleLine Infrastructure Income Fund

For the 12-month period ended March 31, 2022, the DoubleLine Infrastructure Income Fund slightly underperformed the Bloomberg US Aggregate Bond Index return of negative 4.15%. The main themes in the market during the period were persistently high inflation, the subsequent hawkish response from the Federal Reserve and the geopolitical fallout from the Russia-Ukraine war. All of these factors weighed on fixed income performance, as duration impacts caused prices to fall and macroeconomic volatility drove spreads wider. Nevertheless, the underlying credit trends for infrastructure assets remained strong, as corporate entities maintained solid earnings and securitized assets experienced minimal delinquencies. The best-performing infrastructure debt segment was aviation debt issued by top-tier domestic airlines. The worst-performing infrastructure sectors were intermediate-duration corporate bonds and transportation assets with exposure to emerging markets. Primary-market issuance was especially healthy, boosted by growing investor enthusiasm for clean-energy assets.

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

DoubleLine Ultra Short Bond Fund

For the 12-month period ended March 31, 2022, the DoubleLine Ultra Short Bond Fund underperformed the benchmark ICE Bank of America 3-Month U.S. Treasury Bill Index return of 0.06%. Within the Fund, corporate credit underperformed three-month Treasuries, with corporate spreads widening 14 basis points, as measured by the Bloomberg US 1-3 Year Credit Index. The Fund was overweight commercial paper and floating-rate notes relative to the ICE index, which detracted from performance. A corporate credit sell-off began in October 2021 as the market began to digest strong inflation data and the Federal Reserve’s expectation of rate hikes. The spread widening continued in March with the Russia-Ukraine war.

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

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DoubleLine Shiller Enhanced International CAPE^®

For the 12-month period ended March 31, 2022, DoubleLine Shiller Enhanced International CAPE^® outperformed the broad European equity market, as measured by the benchmark Morgan Stanley Capital International (MSCI) Europe Net Total Return USD Index return of 3.51%. During the period, the Shiller Barclays CAPE^® Europe Sector Net TR NoC USD Index (“the CAPE Index”), to which the Fund gained exposure through the use of swap contracts, was allocated to six sectors: communication services, consumer discretionary, consumer staples, healthcare, energy, financials and real estate. The Shiller Barclays CAPE^® Europe Sector Net TR NoC USD Index returned 6.65% in the period. The Fund’s fixed income portfolio decreased in value. The best-performing sector was bank loans; the worst performer was Agency mortgage-backed securities.

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

DoubleLine Real Estate and Income Fund

For the 12-month period ended March 31, 2022, the DoubleLine Real Estate and Income Fund underperformed the benchmark Dow Jones U.S. Select Real Estate Investment Trust (REIT) Total Return Index return of 27.72%. The Fund’s exposure to the REIT sector of the U.S. equity market was obtained through the use of swap contracts referencing the DigitalBridge Fundamental US Real Estate Index; the index returned 24.76% in the period. The fixed income portion of the Fund increased in value, with commercial mortgage-backed securities and collateralized loan obligations as the best performers. Investment grade corporate bonds and government securities were the biggest laggards among the fixed income portion.

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

DoubleLine Emerging Markets Local Currency Bond Fund

For the 12-month period ended March 31, 2022, the DoubleLine Emerging Markets Local Currency Bond Fund posted a negative return but outperformed the benchmark J.P. Morgan Government Bond Index Emerging Markets Global Diversified (GBI-EM GD) return of negative 8.53%. The weak performance of the benchmark was driven by the sharp rise in global yields as well as large negative returns in Europe following the Russian invasion of Ukraine in the first quarter of 2022. The outperformance of the Fund was driven primarily by its underweight in Central and Eastern Europe, in particular Russia, relative to the index, and its underweight in Turkey. The largest detractor from the Fund’s performance was its positioning in emerging Asia, including its underweight in China and Malaysia, and overweight in the Philippines.

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

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DoubleLine Income Fund

For the 12-month period ended March 31, 2022, the DoubleLine Income Fund outperformed the Bloomberg US Aggregate Bond Index return of negative 4.15%. The Fund’s outperformance was driven by duration positioning and asset allocation relative to the index. The Fund consistently maintained a shorter duration than the index, which contributed to the Fund’s performance during a period in which U.S. Treasury yields rose. The Fund’s overweight in structured credit products relative to the index also contributed to performance. The best-performing sector in the Fund was collateralized loan obligations, as investors favored floating-rate products during a period of rising Treasury yields. Commercial mortgage-backed securities contributed positive returns due to improved credit fundamentals. The performance of asset-backed securities was flat, as prior gains were offset by weakness in aircraft-related debt securitizations. Non-Agency residential mortgage-backed securities detracted from the Fund’s performance, as the sector was met with a strong supply of new issuance in a period of rising Treasury yields. The Fund’s Agency mortgage-backed security and Treasury allocations detracted from performance, as the Federal Reserve shifted to a more hawkish stance on inflation.

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

DoubleLine Multi-Asset Trend Fund

For the 12-month period ended March 31, 2022, the DoubleLine Multi-Asset Trend Fund underperformed the benchmark Credit Suisse Managed Futures Liquid Total Return U.S. Dollar (USD) Index return of 13.22%. During the period, the Fund’s exposure to trend-following investments was achieved using swap contracts referencing the BNP Paribas Multi-Asset Trend Index; the index returned 11.15% in the period. The Fund’s fixed income portfolio decreased in value. The best-performing sector was bank loans; the worst performer was U.S. government securities.

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, 2022, 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.

A Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. You can obtain a Fund’s current prospectus and certain other regulatory filings by calling 1 (877) DLINE 11 / 1 (877) 354-6311, or visiting www.doublelinefunds.com. You should read the prospectus and other filings carefully before investing.

The performance information shown assumes the reinvestment of all dividends and distributions. Investment performance reflects management fees and other fund expenses, including any applicable fee waivers that are in effect with respect to a particular Fund. In the absence of such waivers, total return would be reduced. Returns over 1 year are average annual returns. Performance data quoted represents past performance; past performance does not guarantee future results and does not reflect the deduction of any taxes a shareholder would pay on fund distributions or the sale of fund shares. 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 1 (877) DLINE 11 / 1 (877) 354-6311 or by visiting www.doublelinefunds.com.

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 as of period end.

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Mutual fund investing involves risk. Principal loss is possible.

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

Earnings growth is not representative of a fund’s future performance.

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 from 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.

Index Disclaimers

Shiller Barclays CAPE^® Index Disclaimers

Barclays Capital Inc. and its affiliates (“Barclays”) is not the issuer, sponsor or promoter of DoubleLine Shiller Enhanced CAPE^® or DoubleLine Shiller Enhanced International CAPE^® (together, in this paragraph, the “Funds”) and Barclays has no responsibilities, obligations or duties to investors in the Funds. The Shiller Barclays CAPE^® US Sector TR USD Index and Shiller Barclays CAPE^® Europe Sector Net TR NoC USD Index (each an “Index” and together the “Indices”) consist of the respective trademarks of Barclays Bank PLC and trademarks owned by or licensed to RSBB-I, LLC and Barclays Bank PLC and that are licensed for use by DoubleLine Funds Trust as the issuer of the Funds (the “Issuer”). Barclays’ only relationship with the Issuer in respect of the Indices is the licensing of these trademarks and the Indices which are determined, composed and calculated by Barclays without regard to the Issuer or the Funds or the owners of the Funds. Additionally, DoubleLine Capital LP may for the Funds execute transaction(s) with Barclays in or relating to the Funds’ respective Index in connection with which investors of one of the Funds acquire shares of their respective Fund from DoubleLine Funds Trust and investors neither acquire any interest in that Fund’s respective Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in that Fund. The Funds are not sponsored, endorsed, sold or promoted by Barclays. Barclays does not make any representation or warranty, express or implied regarding the advisability of investing in the Funds or the advisability of investing in securities generally or the ability of the Indices to track corresponding or relative market performance. Barclays has not passed on the legality or suitability of the Funds’ names or the Indices with respect to any person or entity. Barclays is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of the shares of the Funds to be issued. Barclays has no obligation to take the needs of the Issuer or the owners of the Funds or any other third party into consideration in determining, composing or calculating the Indices. Barclays has no obligation or liability in connection with administration, marketing or trading of the Funds. The licensing agreement between DoubleLine Funds Trust and Barclays is solely for the benefit of the Funds and Barclays and not for the benefit of the owners of the Funds, investors or other third parties.

BARCLAYS SHALL HAVE NO LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE USE OF THE DOUBLELINE SHILLER ENHANCED CAPE^® AND DOUBLELINE SHILLER ENHANCED INTERNATIONAL CAPE^® NAMES, OR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX OR SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX OR SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX. BARCLAYS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX OR SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX OR ANY DATA INCLUDED THEREIN. BARCLAYS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO DOUBLELINE SHILLER ENHANCED CAPE^® AND DOUBLELINE SHILLER ENHANCED INTERNATIONAL CAPE^® NAMES, THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX OR SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX OR ANY DATA INCLUDED THEREIN. BARCLAYS RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX AND SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX, AND BARCLAYS SHALL NOT BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX AND SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX. BARCLAYS SHALL NOT BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX OR SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE DOUBLELINE SHILLER ENHANCED CAPE^® OR DOUBLELINE SHILLER ENHANCED INTERNATIONAL CAPE^®.

None of the information supplied by Barclays Bank PLC and used in this publication may be reproduced in any manner without the prior written permission of Barclays Capital, the investment banking division of Barclays Bank PLC. Barclays Bank PLC is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.

THE SHILLER BARCLAYS CAPE^® US INDEX FAMILY AND SHILLER BARCLAYS CAPE^® EUROPE INDEX FAMILY HAVE BEEN DEVELOPED IN PART BY RSBB-I, LLC, THE RESEARCH PRINCIPAL OF WHICH IS ROBERT J. SHILLER. RSBB-I, LLC IS NOT AN INVESTMENT ADVISER AND DOES NOT GUARANTEE THE ACCURACY AND COMPLETENESS OF THE SHILLER BARCLAYS CAPE^® US INDEX FAMILY OR THE SHILLER BARCLAYS CAPE^® EUROPE INDEX FAMILY OR ANY DATA OR METHODOLOGY EITHER INCLUDED THEREIN OR UPON WHICH THEY ARE 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 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.

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Morgan Stanley Index Disclaimers

NOTHING IN THE FOLLOWING DISCLAIMER IS INTENDED TO MODIFY THE OBLIGATIONS OF ANY MORGAN STANLEY AFFILIATE, INCLUDING WITHOUT LIMITATION, MORGAN STANLEY SMITH BARNEY LLC (“MSSB”), UNDER ANY APPLICABLE AGREEMENT BETWEEN ANY SUCH AFFILIATE AND ITS RESPECTIVE CLIENTS WHO PURCHASE FUND SHARES THROUGH SUCH AFFILIATE.

THIS FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MORGAN STANLEY CAPITAL GROUP INC. (“MORGAN STANLEY”). NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS (WHICH FOR PURPOSES OF THIS DISCLAIMER INCLUDES WITHOUT LIMITATION ICE DATA, LLP, CHICAGO MERCANTILE EXCHANGE INC., AND THE LONDON METAL EXCHANGE) OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, REGARDING THE ADVISABILITY OF INVESTING IN THIS FUND OR THE ABILITY OF THE MORGAN STANLEY BFMCISM (THE “INDEX”) TO TRACK MARKET PERFORMANCE. THE INDEX IS THE EXCLUSIVE PROPERTY OF MORGAN STANLEY. MORGAN STANLEY AND THE INDEX ARE SERVICE MARKS OF MORGAN STANLEY AND/OR A MORGAN STANLEY AFFILIATE AND HAVE BEEN LICENSED TO DOUBLELINE ALTERNATIVES LP FOR USE FOR CERTAIN PURPOSES BY DOUBLELINE ALTERNATIVES LP (“LICENSEE”). MORGAN STANLEY HAS NO OBLIGATION TO TAKE THE NEEDS OF THE LICENSEE, ISSUER OR OWNERS OF THIS FUND INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE INDEX. NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX IS RESPONSIBLE FOR AND HAS NOT PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THIS FUND OR ITS ASSETS OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY WHICH THIS FUND IS REDEEMABLE. NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX HAS OR WILL HAVE ANY OBLIGATION OR LIABILITY TO OWNERS OF THIS FUND IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR TRADING OF THIS FUND.

ALTHOUGH MORGAN STANLEY OR ITS AGENTS OR SERVICE PROVIDERS SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE INDEX FROM SOURCES WHICH MORGAN STANLEY CONSIDERS RELIABLE, NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN. NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE’S CUSTOMERS AND COUNTERPARTIES, OWNERS OF OR INVESTORS IN THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND DO HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL MORGAN STANLEY OR ANY AGENT OF MORGAN STANLEY OR ANY MORGAN STANLEY AFFILIATE (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NO PURCHASER, SELLER OR HOLDER OF THIS SECURITY, OR ANY OTHER PERSON OR ENTITY, SHOULD USE OR REFER TO ANY MORGAN STANLEY TRADE NAME, TRADEMARK OR SERVICE MARK TO SPONSOR, ENDORSE, MARKET OR PROMOTE THIS PRODUCT WITHOUT FIRST CONTACTING MORGAN STANLEY TO DETERMINE WHETHER MORGAN STANLEY’S PERMISSION IS REQUIRED. UNDER NO CIRCUMSTANCES MAY ANY PERSON OR ENTITY CLAIM ANY AFFILIATION WITH MORGAN STANLEY WITHOUT THE PRIOR WRITTEN PERMISSION OF MORGAN STANLEY.

DigitalBridge Disclaimer

The DigitalBridge Fundamental US Real Estate Index (the “Index”) has been licensed by Barclays for use by DoubleLine Alternatives LP. DigitalBridge is a registered trademark of DigitalBridge Operating Company, LLC or its affiliates and has been sub-licensed for use for certain purposes by DoubleLine Alternatives LP. DoubleLine Real Estate and Income Fund (the “Fund”) is not sponsored, endorsed, sold, or promoted by DigitalBridge Operating Company, LLC or any of its affiliates. Neither DigitalBridge Operating Company, LLC nor any of its affiliates make any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Index to track market performance. DigitalBridge Operating Company, LLC’s and its affiliates’ only relationship to DoubleLine Alternatives LP with respect to the Index is through the sublicensing of certain rules incorporated in the Index and certain trademarks, service marks, and/or trade names owned by DigitalBridge Operating Company, LLC and its affiliates through Barclays and/or its affiliates to DoubleLine Alternatives LP. The Index is not determined, composed, or calculated by DigitalBridge Operating Company, LLC. Neither DigitalBridge Operating Company, LLC nor its affiliates are responsible for and have not participated in the determination of the prices or amount of shares of the Fund or the timing of the issuance or sale of shares of the Fund or in the determination or calculation of the equation by which shares of the Fund are to be converted into cash, surrendered, or redeemed, as the case may be. DigitalBridge Operating Company, LLC and its affiliates have no obligation or liability in connection with the administration, marketing, or trading of the Fund. There is no assurance that investment products based on the Index shall accurately track index performance or provide positive investment returns. DigitalBridge Operating Company, LLC and its affiliates are not investment advisors with respect to investors in the Fund. Inclusion of a security within an index is not a recommendation by DigitalBridge Operating Company, LLC or its affiliates to buy, sell, or hold such security, nor is it considered to be investment advice.

NEITHER DIGITALBRIDGE OPERATING COMPANY, LLC NOR ITS AFFILIATES GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE INDEX, ANY DATA RELATED THERETO, OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL, WRITTEN, OR ELECTRONIC COMMUNICATIONS WITH RESPECT THERETO AND LICENSOR AND ITS AFFILIATES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. DIGITALBRIDGE OPERATING COMPANY, LLC AND ITS AFFILIATES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR USE, OR AS TO RESULTS TO BE OBTAINED BY DOUBLELINE ALTERNATIVES LP, INVESTORS IN THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL LICENSOR OR ITS AFFILIATES BE LIABLE, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE, FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES OR FOR LOSS OF PROFITS, TRADING LOSSES, LOST TIME, OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Barclays Bank PLC Disclaimer

^©Barclays Bank PLC, its wholly-owned subsidiary ^©Barclays Capital Inc. or an affiliate (collectively “Barclays”) owns the intellectual property and licensing rights in and to the DigitalBridge Fundamental US Real Estate Index (the “Index”) and either entity may act as licensor of the Index. All rights reserved.

Neither Barclays nor the Index Sponsor, as defined below, make any representation or warranty, express or implied, to DoubleLine Real Estate and Income Fund (the “Fund”) or any member of the public regarding the advisability of investing in transactions generally or other instruments or related derivatives or in the Index particularly or the ability of the Barclays indices, including without limitation, the Index, to track the performance of any market or underlying assets or data. Neither Barclays nor the Index Sponsor has any obligation to take the needs of the Fund into consideration in determining, composing or calculating the Index.

Barclays’ indices are administered, calculated and published by the Index Sponsor. The Index Sponsor role is performed by Barclays Index Administration (“BINDA”), a distinct function within the Investment Bank of Barclays Bank PLC. As the administrator of the Barclays family of indices, BINDA operates independently from Barclays Investment Bank’s sales, trading, structuring and banking departments. Notwithstanding the foregoing, potential conflicts of interest may exist where: (i) Barclays acts in multiple capacities with respect to a particular Barclays index, including but not limited to functioning as index sponsor, index administrator, calculation agent,

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licensing agent, and/or publisher; (ii) sales, trading or structuring desks in Barclays Investment Bank launch products linked to the performance of a Barclays index, which are typically hedged by Barclays’ trading desks. In hedging an index, a trading desk may purchase or sell constituents of that index. These purchases or sales may affect the prices of the index constituents which could in turn affect the level of that index; and (iii) Barclays may use price contributions from trading desks in Barclays Investment Bank as a pricing source for a Barclays index. Barclays has in place policies and governance procedures (including separation of reporting lines) that are designed to avoid or otherwise appropriately manage such conflicts of interest and ensure the independence of BINDA and the integrity of Barclays indices. Where permitted and subject to appropriate restrictions, BINDA personnel regularly interact with trading and structuring desk personnel in Barclays Investment Bank regarding current market conditions and prices although decisions made by BINDA are independent and not influenced by trading and structuring desk personnel. Additional information about Barclays indices together with copies of the BINDA IOSCO Compliance Statement and Control Framework are available at: indices.barclays/binda.

The Index Sponsor is under no obligation to continue the calculation, publication and dissemination of the Index or the level of the Index. While the Index Sponsor currently employs the methodology ascribed to the Index (and application of such methodology shall be conclusive and binding), no assurance can be given that market, regulatory, juridical, financial, fiscal or other circumstances (including, but not limited to, any changes to or any suspension or termination of or any other events affecting any constituent within the Index) will not arise that would, in the view of the Index Sponsor, necessitate an adjustment, modification or change of such methodology. In certain circumstances, the Index Sponsor may suspend or terminate the Index.

BARCLAYS AND THE INDEX SPONSOR DO NOT GUARANTEE, AND SHALL HAVE NO LIABILITY TO THE PURCHASERS OR TRADERS, AS THE CASE MAY BE, OF THE FUND OR TO THIRD PARTIES FOR, THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BARCLAYS INDICES, OR ANY DATA INCLUDED THEREIN, OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BARCLAYS INDICES. BARCLAYS AND THE INDEX SPONSOR MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BARCLAYS INDICES, INCLUDING WITHOUT LIMITATION, THE INDEX, OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL BARCLAYS OR THE INDEX SPONSOR HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES SAVE TO THE EXTENT THAT SUCH EXCLUSION OF LIABILITY IS PROHIBITED BY LAW.

BNP Paribas Multi-Asset Trend Index Disclaimers

The BNP Paribas Multi-Asset Trend Index (the “Index”) is the exclusive property of BNP Paribas, the Index sponsor and Index calculation agent (the “Index Sponsor” and the “Index Calculation Agent”). The Index Sponsor does not guarantee the accuracy and/or completeness of the composition, calculation, publication and adjustment of the Index, any data included therein, or any data on which it is based, and the Index Sponsor shall have no liability for any errors, omissions, or interruptions therein. The Index Sponsor makes no warranty, express or implied, as to results to be obtained from the use of the Index. The Index Sponsor makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, in no event shall the Index Sponsor have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages. The information contained in this material is for general reference purposes only and should not be construed or used as an offer, solicitation or recommendation to buy or sell any securities or investment.

For the avoidance of doubt the Index and/or any account, transaction or product using the information relating to the Index, is not sponsored, endorsed, sold, or promoted by any provider of the underlying data (the “Reference Assets”) comprised in the Index (each a “Reference Asset Sponsor”) and no Reference Asset Sponsor makes any representation whatsoever, whether express or implied, either as to the results to be obtained from the use of the relevant Reference Asset or the index and/or the levels at which the relevant Reference Asset or the Index stands at any particular time on any particular date or otherwise. No Reference Asset Sponsor shall be liable (whether in negligence or otherwise) to any person for any error in a Reference Asset and/or in the Index and a Reference Asset Sponsor is under no obligation to advise any person of any error therein. No Reference Asset Sponsor is making any representation whatsoever, whether express or implied, as to the advisability of purchasing or assuming any risk in connection with the DoubleLine Multi-Asset Trend Fund managed by DoubleLine; or any product or investment strategy referencing the DoubleLine Multi-Asset Trend Fund managed by DoubleLine. No Reference Asset Sponsor shall have any liability for any act or failure to act by the Index Sponsor in connection with the calculation, adjustment or maintenance of the Index. None of the Reference Asset Sponsors or their affiliates have any affiliation with or control over the Index or the Index Sponsor or any control over the computation, composition or dissemination of the Index.

The Index Sponsor and the Index Calculation Agent shall not be held liable for any modification or change in the methodology used in calculating the index or any index components thereof (the “BNP Paribas Indices”). The Index Sponsor and the Index Calculation Agent are under no obligation to continue the calculation, publication or dissemination of the BNP Paribas Indices and shall not be held liable for any suspension or interruption in the calculation of any BNP Paribas Indices. The Index Sponsor and the Index Calculation Agent decline any liability in connection with the level of any BNP Paribas Index at any given time. None of BNP Paribas, the Index Sponsor, the Index Calculation Agent nor any of their affiliates shall be held liable for any loss whatsoever, directly or indirectly related to any BNP Paribas Index.

BNP Paribas, the Index Sponsor and the Index Calculation Agent do not guarantee the accuracy or completeness of the methodology or rules of the BNP Paribas Indices (the “BNP Paribas Index Rules”) or the calculation methods, any errors or omissions in computing or disseminating the BNP Paribas Indices, or for any use thereof, and the Index Sponsor and the Index Calculation Agent shall have no liability for any errors or omissions therein.

The BNP Paribas Index Rules are based on certain assumptions, certain pricing models and calculation methods adopted by the Index Sponsor and have certain inherent limitations. Information prepared on the basis of different models, calculation methods or assumptions may yield different results. Numerous factors may affect the analysis, which may or may not be taken into account. Therefore, the analysis of information may vary significantly from analysis obtained from other sources or market participants.

BNP Paribas, the Index Sponsor and Index Calculation Agent do not make any representation whatsoever, either as to the results to be obtained from the use of the BNP Paribas Indices, the levels of any BNP Paribas Index at any time or any use of any Index Component or the price, level or rate of any Index Component at any time.

The market data used to calculate the level of any BNP Paribas Index may be furnished by third party sources and is believed to be reliable; however, BNP Paribas, the Index Sponsor and the Index Calculation Agent make no representation or guarantee with respect to, and are under no obligation to verify, the accuracy and completeness thereof.

Index Descriptions and Other Definitions

The index descriptions provided herein are based on information provided on the respective index provider’s website or from other third-party sources. The Funds and DoubleLine have not verified these index descriptions and disclaim responsibility for their accuracy and completeness.

Basis Points (BPS)—Basis points (or basis point (bp)) refer to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01% or 0.0001, and is used to denote the percentage change in a financial instrument. The relationship between percentage changes and basis points can be summarized as: 1% change = 100 basis points; 0.01% = 1 basis point.

Beta Exposure—Beta is the return generated from a portfolio that can be attributed to overall market returns. Beta exposure is equivalent to exposure to systematic risk.

Bloomberg Commodity Index Total Return—This index (formerly the Dow Jones-UBS Commodity Index) is calculated on an excess return basis and reflects the price movements of commodity futures. It rebalances annually, weighted two-thirds by trading volume and one-third by world production, and weight caps are applied at the commodity, sector and group levels for diversification. The roll period typically occurs from the sixth to 10th business day based on the roll schedule.

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Bloomberg Global Aggregate Bond Index—This index is a flagship measure of global investment grade debt from 24 local currency markets. This multicurrency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging market issuers.

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

Bloomberg US Aggregate 1-3 Year Bond Index—This index, a subindex of the Bloomberg US Aggregate Bond Index, tracks the performance of bonds with durations of one to three years.

Bloomberg US Commercial Mortgage-Backed Securities (CMBS) ERISA Only Index—This index measures on a total return basis the performance of investment grade commercial mortgage-backed securities (CMBS). The index includes only CMBS that are compliant with the Employee Retirement Income Security Act (ERISA) of 1974, which will deem ERISA eligible the certificates with the first priority of principal repayment as long as certain conditions are met, including that the certificates be rated in one of the three highest categories by Fitch, Moody’s or Standard & Poor’s.

Bloomberg US Asset-Backed Securities (ABS) Index—This index is the ABS component of the Bloomberg US Aggregate Bond Index, a flagship measure of the U.S. investment grade, fixed-rate bond market. The ABS index has three subsectors: credit and credit cards, autos and utility.

Bloomberg US Corporate Bond Index—This index measures the investment grade, fixed-rate taxable corporate bond market. It includes U.S. dollar-denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers.

Bloomberg US Corporate High Yield (HY) Index—This index measures the U.S. dollar-denominated, HY, fixed-rate corporate bond market. Securities are classified as HY if the respective middle ratings of Moody’s, Fitch and S&P are Ba1, BB+ or BB+ or below. The Bloomberg US HY Long Bond Index, including bonds with maturities of 10 years or greater, and the Bloomberg US HY Intermediate Bond Index, including bonds with maturities of 1 to 9.999 years, are subindexes of the Bloomberg US Corporate HY Bond Index.

Bloomberg US Credit Index—This index is the U.S. credit component of the Bloomberg US Government/Credit Index. It consists of publicly issued U.S. 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 Index.

Bloomberg US Government Bond Index—This index is the U.S. government securities component of the Bloomberg US Government/Credit Index. It includes investment grade, U.S. dollar-denominated, fixed-rate U.S. Treasuries and government-related securities.

Bloomberg US Long Government/Credit Index—This index tracks the market for investment grade, U.S. dollar-denominated, fixed-rate U.S. Treasuries, and government-related and corporate securities.

Bloomberg US Mortgage-Backed Securities (MBS) Index—This index measures the performance of investment grade, fixed-rate, mortgage-backed, pass-through securities of the government-sponsored enterprises (GSEs): Federal Home Loan Mortgage Corp. (Freddie Mac), Federal National Mortgage Association (Fannie Mae) and Government National Mortgage Association (Ginnie Mae).

Bloomberg US 1-3 Year Credit Index—This index represents the one- to three-year component of the Bloomberg US Credit Index.

Bloomberg US Treasury Index—This index measures U.S. dollar-denominated, fixed-rate nominal debt issued by the U.S. Treasury with a remaining maturity of one year or more. Treasury bills are excluded by the maturity constraint but are part of a separate Short Treasury Index.

BNP Paribas Multi-Asset Trend Index—This index has been designed to seek investment exposure to trends in price movements of a broad universe of assets across different markets, including domestic, foreign and emerging markets equities; sovereign bonds and other debt securities; interest rates; currencies; and commodities (e.g., energy and metals). The index was selected, in significant part, because it reflects trend-following strategies using a broadly diversified set of investments.

Brent Crude Oil—Major trading classification of sweet light crude oil that serves as a benchmark price for purchases of oil worldwide. Brent is known as a light, sweet oil because it contains 0.24% sulfur, making it “sweet,” and has a low density, making it “light.”

Consumer Discretionary Select Sector Total Return Index—This cap-weighted index is designed to track the companies in the S&P 500 Index and are involved in consumer cyclical or transportation industries. All components of the S&P 500 are assigned to one of the 11 Select Sector indexes. Stock classifications are based on the Global Industry Classification Standard.

Credit Suisse Managed Futures Liquid Total Return U.S. Dollar Index—This index measures on a total return, U.S. dollar-denominated basis the performance of the Credit Suisse Managed Futures Liquid Index, which is designed to provide exposure to both up and down price trends in four broad asset classes: equities, fixed income, commodities and currencies.

DigitalBridge Fundamental US Real Estate Index — This rules-based index incorporates fundamental criteria originally developed by DigitalBridge Global Inc. (which was then doing business under a different name). It is rebalanced and reconstituted quarterly by applying a systematic methodology to the universe of real estate investment trusts (REITs).

Dow Jones Industrial Average (DJIA)—This index tracks 30 large publicly owned companies trading on the New York Stock Exchange and the Nasdaq.

Dow Jones U.S. Select Real Estate Investment Trust (REIT) Total Return Index—This index tracks the performance of publicly traded REITs and REIT-like securities. It is designed to serve as a proxy for direct real estate investment, in part by excluding companies whose performance might be driven by factors other than the value of real estate.

Duration—Measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates.

Euro Stoxx 50 Index—This index of 50 eurozone stocks provides a blue-chip representation of supersector leaders in the eurozone.

Federal Funds Rate—Target interest rate, set by the Federal Reserve at its Federal Open Market Committee (FOMC) meetings, at which commercial banks borrow and lend their excess reserves to each other overnight. The Fed sets a target federal funds rate eight times a year, based on prevailing economic conditions.

Federal Open Market Committee (FOMC)—Branch of the Federal Reserve System that determines the direction of monetary policy specifically by directing open market operations. The FOMC comprises the seven board governors and five (out of 12) Federal Reserve Bank presidents.

Freddie Mac U.S. Mortgage Market Survey 30 Year Homeowner Commitment National Index—This index tracks the 30-year fixed-rate mortgages component of the Freddie Mac Primary Mortgage Market Survey (PMMS), which tracks the most-popular 30- and 15-year fixed-rate mortgages, and 5-1 hybrid amortizing adjustable-rate mortgage products among a mix of lender types.

FTSE World Government Bond Index (FTSE WGBI)—This broad index measures the performance of fixed-rate, local currency, investment grade sovereign bonds. It is a widely used benchmark comprising sovereign debt from more than 20 countries that is denominated in a variety of currencies.

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G-10 (Group of Ten)—The G10 comprises 11 industrialized nations that meet on an annual basis, or more frequently as needed, to consult each other, debate and cooperate on international financial matters. The member countries are: Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States.

Hang Seng Index—This free-float capitalization weighted index tracks a selection of companies on the Stock Exchange of Hong Kong. The index has four subindexes: finance, utilities, properties, finance, and commerce and industry.

High Yield (HY)—Bonds that pay higher interest rates because they have lower credit ratings than investment grade (IG) bonds. HY bonds are more likely to default, so they must pay a higher yield than IG bonds to compensate investors.

ICE Bank of America (BofA) Eurodollar Index—This index tracks the performance of U.S. dollar-denominated, investment grade, quasi-government, corporate, securitized and collateralized debt publicly issued in the eurobond markets.

ICE Bank of America (BofA) 1-3 Year Eurodollar Index—This subindex of the ICE BofA Eurodollar Index includes all securities with a remaining term to final maturity of three years or less.

ICE Bank of America (BofA) 1-3 Year U.S. Treasury Index—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 (BofA) 3-Month U.S. Treasury Bill Index—This unmanaged index comprises a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month.

ICE Bank of America (BofA) U.S. Fixed-Rate Miscellaneous Asset-Backed Securities (ABS) Index—A subset of the ICE BofA U.S. Fixed-Rate ABS Index, including all ABS collateralized by anything other than auto loans, home equity loans, manufactured housing, credit card receivables and utility assets.

Investment Grade (IG)—Rating that signifies a municipal or corporate bond presents a relatively low risk of default. Bonds below this designation are considered to have a high risk of default and are commonly referred to as high yield (HY) or “junk bonds.” The higher the bond rating the more likely the bond will return 100 cents on the U.S. dollar.

J.P. Morgan Collateralized Loan Obligation (CLO) Total Return Level Index—This index is a total return subindex of the J.P. Morgan Collateralized Loan Obligation Index (CLOIE), which is a market value-weighted index consisting of U.S. dollar-denominated CLOs.

J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI)—This index is a market capitalization-weighted index consisting of U.S. dollar-denominated emerging markets corporate bonds. The CEMBI is a liquid global corporate benchmark representing Asia, Latin America, Europe and the Middle East/Africa.

J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI BD)—This index is a uniquely weighted version of the CEMBI, which is a market capitalization-weighted index consisting of U.S. dollar-denominated emerging markets corporate bonds. The CEMBI BD limits the weights of index countries with larger debt stocks by only including specified portions of those countries’ eligible current face amounts of debt outstanding.

J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI BD) 1-3 Year—This index tracks corporate bonds with a maturity of one to three years and includes smaller issues and a wider array of bonds than the CEMBI, which is a market capitalization-weighted index consisting of U.S. dollar-denominated corporate bonds from emerging markets. The CEMBI is a liquid global corporate benchmark representing Asia, Latin America, Europe and the Middle East/Africa.

J.P. Morgan Emerging Markets Bond Index Global Diversified (EMBI GD)—This index is a uniquely weighted version of the EMBI. The EMBI tracks bonds from emerging markets (EM), and comprises sovereign debt and EM corporate bonds. The EMBI GD limits the weights of index countries with larger debt stocks by only including specified portions of those countries’ eligible current face amounts of debt outstanding.

J.P. Morgan Government Bond Index Emerging Markets (GBI-EM)—This index is the first comprehensive global emerging markets index and consists of regularly traded, liquid, fixed-rate, domestic currency government bonds to which international investors can gain exposure.

J.P. Morgan Government Bond Index Emerging Markets Global Diversified (GBI-EM GD)—This custom-weighted index tracks local currency bonds issued by emerging market governments, excluding China and India, and has a broader roster of countries than the base GBI-EM, which limits inclusion to countries that are readily accessible and where no impediments exist for foreign investors.

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

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

Morgan Stanley Backwardation Focused Multi-Commodity Index (MS BFMCI)—This index comprises futures contracts selected based on the contracts’ historical backwardation relative to other commodity-related futures contracts and 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 rebalanced annually in January.

Morgan Stanley Capital International All Country World Index (MSCI ACWI)—This market capitalization-weighted index is designed to provide a broad measure of stock performance throughout the world. It comprises stocks from 23 developed countries and 27 emerging markets.

Morgan Stanley Capital International Emerging Markets Index (MSCI EMI)—This index captures large- and midcap representation across 26 emerging markets (EM) countries. With 1,385 constituents, the index covers approximately 85% of the free-float-adjusted market capitalization in each country.

Morgan Stanley Capital International (MSCI) Europe Index—This index is U.S. dollar denominated and represents the performance of large- and mid-cap equities across 15 developed countries in Europe. It covers approximately 85% of the free float-adjusted market capitalization in each country.

Morgan Stanley Capital International (MSCI) Europe Net Total Return USD Index—This index is a component of the MSCI Europe Index and measures performance on a net total return basis.

National Association of Realtors Existing-Home Sales Report—This report tracks sales and prices of existing single-family homes for the nation overall, and gives breakdowns for the West, Midwest, South and Northeast regions of the country. These figures include condos and co-ops in addition to single-family homes.

Nikkei 225 Index—This price-weighted index (“the Nikkei”) comprises 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.

RCA Commercial Property Price Index (CPPI)—This index describes various nonresidential property types for the U.S. (10 monthly series from 2000). It is a periodic same-property round-trip investment price-change index of the U.S. commercial investment property market. The dataset contains 20 monthly indicators.

Russell 1000 Growth (RLG) Index—This index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. Growth stocks are shares in a company that are anticipated to grow at a rate significantly above the average growth for the market.

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Russell 1000 Value (RLV) Index—This index measures the performance of the large-cap value segment of the U.S. equity universe. It includes Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. Value stocks are shares of a company that appear to trade at a lower price relative to the company’s fundamentals.

Russell 2000 Index—This market capitalization-weighted index comprises 2,000 small-cap U.S. companies and is considered a bellwether index for small-cap investing.

S&P CoreLogic Case-Shiller 20-City Composite Home Price NSA Index—This index measures the value of residential real estate in 20 major U.S. metropolitan areas: Atlanta; Boston; Charlotte; Chicago; Cleveland; Dallas; Denver; Detroit; Las Vegas; Los Angeles; Miami; Minneapolis; New York City; Phoenix; Portland, Oregon; San Diego; San Francisco; Seattle; Tampa; and Washington, D.C.

S&P 500 Index—This unmanaged capitalization-weighted index of the stocks of the 500 largest publicly traded U.S. companies is designed to measure performance of the broad domestic economy through changes in the aggregate market value of the 500 stocks, which represent all major industries.

S&P GSCI—This index (formerly the Goldman Sachs Commodity Index) measures investment in the commodity markets and commodity market performance over time.

S&P/LSTA Leveraged Loan Index—This index tracks the market-weighted performance of institutional weighted loans based on market weightings, spreads and interest payments.

Secured Overnight Financing Rate (SOFR)—Benchmark interest rate for U.S. dollar-denominated derivatives and loans that is replacing the London Interbank Offered Rate (LIBOR). Interest rate swaps on more than $80 trillion in notional debt switched to the SOFR in October 2020. This transition is expected to increase long-term liquidity but also result in substantial short-term trading volatility in derivatives.

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

Shiller Barclays CAPE^® Europe Sector Net TR NoC USD Index (European CAPE 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 10 years of inflation-adjusted earnings to account for earnings and market cycles.

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

Spread—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 or risk.

U.S. Dollar Index (DXY)—A weighted geometric mean of the U.S. dollar’s value relative to a basket of six major foreign currencies: the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc.

West Text Intermediate Crude Oil (WTI)—Specific grade of crude oil and one of the main three benchmarks, along with Brent and Dubai Crude, in oil pricing. WTI is known as a light sweet oil because it contains 0.24% sulfur, making it “sweet,” and has a low density, making it “light.” It is the underlying commodity of the New York Mercantile Exchange’s (NYMEX) oil futures contract and is considered a high-quality oil that is easily refined.

Yield to Worst (YTW)—The lowest yield of a bond that can be received short of default.

An investment cannot be made directly 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.

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.

The DoubleLine Funds are distributed by Quasar Distributors, LLC.

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

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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 and does not reflect the deduction of any taxes a shareholder would pay on fund distributions or the sale of fund shares. 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 (813) 791-7333 or by visiting www.doublelinefunds.com.

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