DoubleLine Flexible Income Fund Class N NCSR Certified annual shareholder report (management investment company)

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, 2023

Item 1. Reports to Stockholders.

(a)

Annual Report

March 31, 2023

DoubleLine Selective Credit Fund

I Share Class: DBSCX

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

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

fundinfo@doubleline.com || www.doubleline.com

LOGO

Table of Contents



	Page


President’s Letter		4

Management’s Discussion of Fund Performance		6

Standardized Performance Summary		8

Growth of Investment		9

Schedule of Investments		10

Statement of Assets and Liabilities		14

Statement of Operations		15

Statements of Changes in Net Assets		16

Financial Highlights		17

Notes to Financial Statements		18

Report of Independent Registered Public Accounting Firm		27

Shareholder Expenses		28

Evaluation of Advisory Agreement by the Board of Trustees		29

Statement Regarding the Fund’s Liquidity Risk Management Program		34

Federal Tax Information		35

Trustees and Officers		36

Information About Proxy Voting		39

Information About Portfolio Holdings		39

Householding — Important Notice Regarding Delivery of Shareholder Documents		39

Privacy Policy		40


				Annual Report		_\|		March 31, 2023		3

President’s Letter

(Unaudited)

March 31, 2023

Dear DoubleLine Funds Shareholder,

On behalf of the DoubleLine Selective Credit Fund (DBSCX, the “Fund”), I am pleased to deliver this Annual Report for the 12-month period ended March 31, 2023. On the following pages, you will find specific information regarding the Fund’s operations and holdings. In addition, we discuss the Fund’s investment performance and the main drivers of that performance during the reporting period.

Over the 12-month period ended March 31, 2023, financial assets, including many of the sectors in which the DoubleLine Funds invest, broadly faced stiffening headwinds and elevated volatility driven by a variety of economic and geopolitical factors. Perhaps most impactful, rising inflation throughout 2021 and 2022 forced global central banks to embark on a monetary-policy tightening cycle during the 12-month period. Additionally, Russia’s invasion of Ukraine in February 2022 injected considerable geopolitical uncertainty into Europe and elsewhere, sparking diplomatic countermeasures across the continent. For the period, stocks and bonds broadly declined as the S&P 500 Index returned negative 7.8% and the Bloomberg US Aggregate Bond Index a negative 4.8%.

Despite elevated inflation, economic fundamentals were largely resilient during the reporting period. U.S. gross domestic product (GDP) bounced back after falling by a seasonally adjusted annualized rate of 0.6% year-over-year (YoY) in the second quarter of 2022 as third and fourth quarter annualized GDP grew at a rate of 3.2% and 2.6%, respectively. Domestic growth was buoyed by a robust labor market, as the U-3 unemployment rate finished the period at 3.5%, near the measure’s lowest reading in over 50 years. Labor demand outpaced supply throughout the trailing 12 months as the Job Openings and Labor Turnover Survey indicated there were still approximately 1.7 job vacancies per unemployed job seeker as of February 28, 2023. However, while employment and labor markets remained strong, several other economic indicators weakened. The Conference Board Leading Economic Index YoY print turned negative in July 2022 and remained in negative territory

throughout the remainder of the 12-month period. The U.S. Treasuryyield curve, as measured by the spread between three-month and 10-year yields, inverted in October 2022. The previous eight U.S. recessions were preceded by an inversion of this measure of the yield curve.

The inverted yield curve was driven primarily by the Federal Reserve’s rapid shift to tighten monetary policy in response to decades-high inflation. In addition to ending its pandemic-era asset-purchasing program and allowing the size of its balance sheet to contract for the first time since 2018, the Fed increased the target federal funds rate 450 basis points (bps) over the trailing 12 months; the federal funds rate ended the period with an upper-bound target of 5.0%. Two-year Treasury yields rose 169 bps, five-year yields rose 111 bps, 10-year yields rose 113 bps, and 30-year yields rose 120 bps. Traditional fixed-income sectors, including Treasuries, Agency mortgage-backed securities and investment grade corporate bonds, were all impacted by rising interest rates across the Treasury curve. Much of the negative returns across the fixed income universe were attributable to duration risk, though credit markets were additionally impacted by spread widening alongside broader macroeconomic uncertainty. Drawdowns were not confined to the U.S., as sovereign bonds from developed and emerging markets were among the worst-performing sectors in the global fixed-income landscape.

Global central banks largely tightened policy rates as well, as the decades-high inflation proved to be a global phenomenon. The European Central Bank delivered its first interest-rate hike in over a decade during the 12-month period as it hiked its deposit facility rate 50 bps in July 2022, taking the deposit facility rate out of negative territory for the first time since 2014. In all, the deposit facility rate increased 3.5% for the trailing 12-month period. The conflict between Russia and Ukraine also created economic headwinds in Europe that weighed on growth and boosted inflation via higher energy and commodity prices. Despite geopolitical and economic pressures, European equities returned 2.5% for the period, as tracked by the MSCI Europe Index.


4		DoubleLine Selective Credit Fund

(Unaudited)

March 31, 2023

In China, the country’s real estate woes were a focal issue that gave market participants pause due to the

potential spillover effect on global economic growth, as China’s GDP is second only to that of the U.S. Chinese GDP dropped to 0.4% annualized growth in the second quarter of 2022, ultimately increasing in the fourth quarter to 2.9%. During the 12-month period, the Chinese economy generally lagged the global economy, as China’s zero-COVID-19 policy weighed on growth. After lifting the stringent policy in December, China set a more-ambitious growth target of “around 5%” for 2023, according to Premier Li Keqiang, one of China’s top economic officials.

The DoubleLine investment team strives to deliver attractive risk-adjusted returns to our investors through full economic cycles and variable interest-rate environments using a time-tested process. Therefore, while the challenging conditions of the last year have muted returns, we are confident in our ability to take advantage of future opportunities by drawing upon the extensive experience of our team.

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.doubleline.com, where our investment management team offers deeper insights and analysis on relevant capital market activity impacting investors today. Thank you for your continued support and entrusting DoubleLine with your investments. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

Sincerely,

Ronald Redell, CFA

President

DoubleLine Funds Trust

May 1, 2023


				Annual Report		_\|		March 31, 2023		5

Management Discussion of Fund Performance

(Unaudited)

March 31, 2023

Management Discussion of Fund Performance:

For the 12-month period ended March 31, 2023, the DoubleLine Selective Credit Fund (the “Fund”) posted negative performance but outperformed the Bloomberg US Aggregate Bond Index return of negative 4.78%. The biggest contributor to the Fund’s outperformance was asset allocation relative to the index, as structured fixed-income sectors in the Fund outperformed corporate credits in the index. In addition, the Fund consistently maintained a shorter duration than the index in a period of rising U.S. Treasury yields, which also contributed to the Fund’s performance. Despite posting negative returns, the biggest contributor by sector to the Fund’s performance was non-Agency residential mortgage-backed securities (MBS), which benefited from a solid fundamental backdrop despite the rise in Treasury yields. The Fund’s allocation to asset-backed securities and collateralized loan obligations also contributed to performance, as investors favored shorter-duration and floating-rate products in a period when the Federal Reserve’s stance on inflation grew more hawkish. The biggest detractor from performance was commercial MBS, as a negative outlook on the sector dampened investor demand.



12-Month Period Ended 3-31-23	12-months

I Share (DBSCX)		-3.76%

Bloomberg US Aggregate Bond Index*		-4.78%

*	Reflects no deduction for fees, expenses, or taxes.

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, 2023, 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 Fund. It may also be used as sales literature when preceded or accompanied by the current private placement memorandum.

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. You can obtain the Fund’s most recent regulatory filings by calling 1 (877) 354-6311/ 1 (877) DLINE11. You should read these reports and the Fund’s private placement memorandum 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 fee waivers in effect. 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. Performance data current to the most recent month-end may be obtained by calling 1 (877) DLINE 11 / 1 (877) 354-6311.

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 Schedule of Investments for a complete list of Fund holdings as of period end.

Since the Fund is currently offered only to a limited number of investors, as described in the private placement memorandum, the Fund’s assets may grow at a slower rate than if the Fund engaged in a broader public offering. As a result, the Fund may incur operating expenses as a percentage of net assets at a rate higher than mutual funds that are larger or more broadly offered. In addition, the Fund’s assets may not achieve a size sufficient to make the Fund economically viable. A liquidation of the Fund may result in a sale of assets of the Fund at an unfavorable time or at prices below those at which the Fund has valued them.

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

Investing involves risk. Principal loss is possible. Investments in debt securities typically decline in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. Investments in 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. 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. Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision-making, economic or market conditions or other unanticipated factors. In addition, the Fund may invest in other asset classes and investments. Additional principal risks for the Fund can be found in the private placement memorandum.

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.

The reference and link to any websites in this Annual Report have been provided as a convenience, and the information contained on such website is not incorporated by reference into this Annual Report.

Index Descriptions and Other Definitions

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.

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


6		DoubleLine Selective Credit Fund

(Unaudited)

March 31, 2023

Agency Mortgage-Backed Securities (MBS)—MBS whose principal and interest are guaranteed by a U.S. government agency such as Fannie Mae (FNMA) or Freddie Mac (FHLMC).

Asset-Backed Securities (ABS)—Investment securities, such as bond or notes, that are collateralized by a pool of assets, such as loans, leases, credit card debt, royalties or receivables.

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.

Bloomberg US Aggregate Bond Index—This index (the “Agg”) 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.

Collateralized Loan Obligation (CLO)—Single security backed by a pool of debt.

Conference Board Leading Economic Index (LEI)—This index tracks a group of composite indexes (manufacturers’ orders, initial unemployment insurance claims, et al.) as a means of gauging the strength of a particular industry or the economy.

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

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.

Gross Domestic Product (GDP)—Market value of all final goods and services produced within a country in a given period. GDP is considered an indicator of a country’s standard of living.

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.

Job Openings and Labor Turnover Survey (JOLTS)—Conducted by the U.S. Bureau of Labor Statistics, JOLTS involves the monthly collection, processing and dissemination of job openings and labor turnover data. The data, collected from sampled establishments on a voluntary basis, includes employment, job openings, hires, quits, layoffs, discharges and other separations. The number of unfilled jobs—used to calculate the job openings rate—is an important measure of the unmet demand for labor, providing a more complete picture of the U.S. labor market than by looking solely at the unemployment rate.

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.

Mortgage-Backed Securities (MBS)—Investment similar to a bond that is made up of a bundle of home loans bought from the banks that issued them. Investors in MBS receive periodic payments similar to bond coupon payments.

Non-Agency Mortgage-Backed Securities (MBS)—MBS whose principal and interest are not guaranteed by a U.S. government agency such as Fannie Mae (FNMA) or Freddie Mac (FHLMC).

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.

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-3 Unemployment Rate—Officially recognized rate of unemployment, compiled and released monthly by the U.S. Bureau of Labor Statistics, measuring the number of unemployed people as a percentage of the labor force.

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 the 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.

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

Quasar Distributors, LLC provides filing administration for DoubleLine Capital LP.


				Annual Report		_\|		March 31, 2023		7

Standardized Performance Summary

(Unaudited)

March 31, 2023


DBSCX
DoubleLine Selective Credit Fund Returns as of March 31, 2023	1-Year		3-Years Annualized		5-Years Annualized		Since Inception Annualized (8-4-14 to 3-31-23)

I-share (DBSCX)		-3.76%		3.67%		1.45%		3.44%

Bloomberg US Aggregate Bond Index		-4.78%		-2.77%		0.91%		1.35%

Index performance reflects no deduction for fees, expenses or taxes. The performance information shown assumes the reinvestment of all dividends and distributions. Performance reflects management fees and other fund expenses. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311.


8		DoubleLine Selective Credit Fund

Growth of Investment

(Unaudited)

March 31, 2023

DoubleLine Selective Credit Fund

Value of a $100,000 Investment

Class I Shares¹

LOGO

Average Annual Total Returns¹

As of March 31, 2023



	1 Year		5 Year		Since Inception (8/4/2014)

DoubleLine Selective Credit Fund Class I		-3.76%		1.45%		3.44%

Bloomberg US Aggregate Bond Index		-4.78%		0.91%		1.35%

Past performance is not an indication of future results. Returns represent past performance and reflect changes in share prices, the reinvestment of all dividends and capital gains, expense limitations and the effects of compounding. The private placement memorandum contains more complete information on the investment objectives, risks, charges and expenses of the investment company, which investors should read and consider carefully before investing. To obtain a private placement memorandum, contact an authorized representative at 213-633-8200. The Fund’s adviser waived a portion of its management fee and/or reimbursed Fund expenses during the period shown. Had the adviser not done so, the Fund’s total returns would have been lower. The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions. Total investment return and principal value of your investment will fluctuate, and your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Please call 213-633-8200 to receive performance results current to the most recent month-end.

Bloomberg US Aggregate Bond Index—This index (the “Agg”) 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. Index performance reflects no deduction for fees, expenses or taxes.

The Fund’s investments likely will diverge widely from the components of the benchmark index, which could lead to performance dispersion between the Fund and the benchmark index, meaning that the Fund could outperform or underperform the index at any given time. Please note that an investor cannot invest directly in an index.


				Annual Report		_\|		March 31, 2023		9


Schedule of Investments DoubleLine Selective Credit Fund		March 31, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 0.1%

		Waterfall Commercial Mortgage Trust,
	455,933	Series 2015-SBC5-A		4.10%	^(a)(h)		01/14/2026		448,647

		Total Asset Backed Obligations (Cost $455,932)							448,647

	COLLATERALIZED LOAN OBLIGATIONS 0.3%

		Barings Ltd.,
	1,000,000	Series 2015-2A-ER (3 Month LIBOR USD + 6.45%)		11.26%	^(h)		10/20/2030		818,415

		Octagon Investment Partners Ltd.,
	1,000,000	Series 2012-1A-DR (3 Month LIBOR USD + 7.15%)		11.94%	^(h)		07/15/2029		851,566

		Total Collateralized Loan Obligations (Cost $1,980,000)							1,669,981

	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 0.4%

		20 Times Square Trust,
	381,000	Series 2018-20TS-G		3.10%	^(a)(h)		05/15/2035		268,325

		BB-UBS Trust,
	194,191	Series 2012-TFT-TE		3.56%	^(a)(h)(i)		06/05/2030		147,165

		Citigroup Commercial Mortgage Trust,
	224,000	Series 2015-GC27-D		4.42%	^(a)(h)		02/10/2048		188,865
	155,000	Series 2016-GC36-D		2.85%	^(h)		02/10/2049		80,941

		Commercial Mortgage Pass-Through Trust,
	194,000	Series 2014-CR19-C		4.70%	^(a)		08/10/2047		174,495

		JP Morgan Chase Commercial Mortgage Securities Trust,
	350,000	Series 2018-WPT-EFL (1 Month LIBOR USD + 2.85%, 2.60% Floor)		7.55%	^(h)		07/05/2033		290,150
	350,000	Series 2018-WPT-EFX		5.36%	^(a)(h)		07/05/2033		275,187
	350,000	Series 2018-WPT-FFX		5.36%	^(a)(h)		07/05/2033		263,550

		Morgan Stanley Bank of America Merrill Lynch Trust,
	250,000	Series 2014-C18-C		4.48%	^(a)		10/15/2047		232,867
	350,000	Series 2014-C19-C		4.00%			12/15/2047		316,369

		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $2,716,527)							2,237,914

	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 89.8%

		Adjustable Rate Mortgage Trust,
	3,639,631	Series 2005-10-5A1 (1 Month LIBOR USD + 0.52%, 0.52% Floor, 11.00% Cap)		5.37%			01/25/2036		3,159,160

		AMSR Trust,
	1,750,000	Series 2020-SFR2-C		2.53%	^(h)		07/17/2037		1,637,452
	6,000,000	Series 2020-SFR4-E2		2.46%	^(h)		11/17/2037		5,365,042
	7,750,000	Series 2020-SFR4-F		2.86%	^(h)		11/17/2037		6,936,207

		Angel Oak Mortgage Trust LLC,
	150,724	Series 2019-4-A3		3.30%	^(a)(h)		07/26/2049		150,160
	4,500,000	Series 2021-5-M1		2.39%	^(a)(h)		07/25/2066		2,822,071

		Arroyo Mortgage Trust,
	7,539,000	Series 2019-3-M1		4.20%	^(a)(h)		10/25/2048		6,517,233

		Asset Backed Securities Corporation Home Equity Loan Trust,
	4,457,617	Series 2003-HE1-M3 (1 Month LIBOR USD + 5.25%, 5.25% Floor)		9.93%			01/15/2033		4,070,807

		Asset-Backed Pass-Through Certificates,
	9,500,000	Series 2005-R4-M6 (1 Month LIBOR USD + 1.01%, 1.01% Floor)		5.85%			07/25/2035		7,782,971


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Banc of America Alternative Loan Trust,
	4,088,103	Series 2007-1 3A24		0.00%			04/25/2037		3,275,194

		Banc of America Funding Trust,
	982,078	Series 2006-2-2A11		5.50%			03/25/2036		825,947
	918,595	Series 2007-1-TA8		6.35%			01/25/2037		821,813
	3,278,370	Series 2014-R8-A2 (1 Month LIBOR USD + 0.24%, 0.24% Floor)		5.09%	^(h)		06/26/2036		2,736,558

		Banc of America Mortgage Trust,
	1,266,247	Series 2006-3-1A10		6.00%			10/25/2036		1,048,559

		BCAP LLC Trust,
	10,849,283	Series 2012-RR4-6A2		4.11%	^(a)(h)		11/26/2035		6,405,037
	4,064,225	Series 2013-RR2-6A2		3.78%	^(a)(h)		06/26/2037		3,129,813

		Bear Stearns Adjustable Rate Mortgage Trust,
	2,458,434	Series 2006-2-2A1		3.60%	^(a)		07/25/2036		2,056,466

		Bear Stearns ALT-A Trust,
	2,681,797	Series 2005-10-23A1		3.80%	^(a)		01/25/2036		2,414,711
	1,565,393	Series 2006-4-31A1		3.72%	^(a)		07/25/2036		1,000,886

		Bear Stearns Asset Backed Securities Trust,
	957,277	Series 2006-AC5-A1		6.75%			12/25/2036		939,948
	5,939,606	Series 2006-AQ1-12A (1 Month LIBOR USD + 0.14%, 0.14% Floor)		5.13%			10/25/2036		8,784,472
	730,869	Series 2006-IM1-A1 (1 Month LIBOR USD + 0.46%, 0.46% Floor)		5.31%			04/25/2036		717,292

		BRAVO Residential Funding Trust,
	8,249,999	Series 2021-B-A1		2.12%	^(h)(j)		04/01/2069		7,831,523

		Carrington Mortgage Loan Trust,
	5,019,092	Series 2007-RFC1-A3 (1 Month LIBOR USD + 0.14%, 0.14% Floor, 14.50% Cap)		4.99%			12/25/2036		4,780,251

		Chase Mortgage Finance Trust,
	1,634,281	Series 2006-S2-1A9		6.25%			10/25/2036		731,143
	3,697,437	Series 2006-S3-1A2		6.00%			11/25/2036		1,715,732
	319,296	Series 2007-S3-1A12		6.00%			05/25/2037		157,167

		CHL Mortgage Pass-Through Trust,
	87,281	Series 2006-10-1A11		5.85%			05/25/2036		42,709
	1,966,879	Series 2006-13-1A17 (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)		0.80%	^(b)(e)		09/25/2036		206,888
	1,966,879	Series 2006-13-1A3 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.25% Cap)		5.45%			09/25/2036		567,443
	513,226	Series 2006-17-A6		6.00%			12/25/2036		225,263
	1,216,484	Series 2006-19-1A7		6.00%			01/25/2037		641,084
	1,596,486	Series 2006-9-A2		6.00%			05/25/2036		798,034
	5,874,263	Series 2007-15-1A29		6.25%			09/25/2037		3,836,994
	5,254,018	Series 2007-21-1A1		6.25%			02/25/2038		2,751,610
	447,099	Series 2007-4-1A10		6.00%			05/25/2037		215,570
	314,553	Series 2007-8-1A5		5.44%			01/25/2038		142,673
	3,432,120	Series 2007-HYB1-2A1		3.75%	^(a)		03/25/2037		2,864,323

		CIM Trust,
	11,000,000	Series 2023-R2-A1		5.50%	^(a)(h)		08/25/2064		11,159,609

		Citigroup Mortgage Loan Trust, Inc.,
	568,895	Series 2005-9-21A2		5.50%			11/25/2035		545,294
	362,898	Series 2007-AR8-1A1A		3.50%	^(a)		08/25/2047		314,041
	1,070,850	Series 2011-12-1A2		3.62%	^(a)(h)		04/25/2036		656,614
	2,273,870	Series 2021-JL1-A		2.75%	^(a)(h)		02/27/2062		2,073,641
	3,848,489	Series 2009-10-2A2		7.00%	^(a)(h)		12/25/2035		2,823,661
	8,975,273	Series 2019-A-PT1		3.92%	^(h)		10/25/2058		7,556,427
	8,783,331	Series 2020-RP1-A1		1.50%	^(a)(h)		08/25/2064		7,771,683
	1,040,000	Series 2020-RP1-M1		2.00%	^(a)(h)		08/25/2064		820,064
	874,000	Series 2020-RP1-M2		2.50%	^(a)(h)		08/25/2064		689,647
	738,000	Series 2020-RP1-M3		2.75%	^(a)(h)		08/25/2064		565,391
	1,940,000	Series 2020-RP1-PT5		7.23%	^(a)(h)		08/25/2064		1,464,932


10		DoubleLine Selective Credit Fund		The accompanying notes are an integral part of these financial statements.


		March 31, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		CitiMortgage Alternative Loan Trust,
	954,851	Series 2006-A1-1A6		6.00%			04/25/2036		877,200
	3,799,116	Series 2006-A2-A5 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)		5.45%			05/25/2036		3,319,073
	4,183,738	Series 2006-A2-A6 (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		0.55%	^(b)(e)		05/25/2036		195,391
	6,490,274	Series 2007-A5-1A3 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.10% Cap)		5.35%			05/25/2037		5,175,182
	6,490,274	Series 2007-A5-1A4 (-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)		0.75%	^(b)(e)		05/25/2037		300,863
	1,907,411	Series 2007-A6-1A4		6.00%			06/25/2037		1,656,449
	1,299,872	Series 2007-A6-1A5		6.00%			06/25/2037		1,128,894
	1,809,775	Series 2007-A8-A1		6.00%			10/25/2037		1,600,378

		Countrywide Alternative Loan Trust,
	1,732,315	Series 2004-27CB-A6		5.50%			12/25/2034		1,525,231
	844,391	Series 2005-28CB-2A7		5.75%			08/25/2035		591,011
	2,102,468	Series 2005-4-1A3		5.75%			04/25/2035		1,527,755
	1,111,214	Series 2005-46CB-A20		5.50%			10/25/2035		808,115
	3,386,341	Series 2005-55CB-2A1		5.50%			11/25/2035		2,129,532
	2,213,959	Series 2005-65CB-1A11		6.00%			01/25/2036		1,600,319
	166,177	Series 2005-73CB-1A3		6.25%			01/25/2036		160,145
	2,753,497	Series 2005-79CB-A1 (1 Month LIBOR USD + 0.55%, 0.55% Floor, 5.50% Cap)		5.40%			01/25/2036		1,455,191
	2,753,497	Series 2005-79CB-A2 (-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)		0.10%	^(b)(e)		01/25/2036		174,935
	6,550,796	Series 2005-80CB-4A1		6.00%			02/25/2036		3,425,907
	1,139,975	Series 2006-14CB-A8		6.00%			06/25/2036		652,974
	10,852,378	Series 2006-31CB-A4		6.00%			11/25/2036		6,786,530
	2,474,187	Series 2006-41CB-2A12		6.00%			01/25/2037		1,403,288
	944,479	Series 2006-41CB-2A15		5.75%			01/25/2037		520,619
	2,958,326	Series 2006-46-A6		6.00%			02/25/2047		1,515,510
	1,610,262	Series 2006-7CB-2A1		6.50%			05/25/2036		814,077
	950,179	Series 2006-8T1-1A4		6.00%			04/25/2036		466,624
	1,006,416	Series 2006-J4-2A13		6.00%			07/25/2036		635,314
	2,771,466	Series 2006-J4-2A8		6.00%			07/25/2036		1,749,527
	946,284	Series 2006-J6-A5		6.00%			09/25/2036		525,937
	767,116	Series 2007-13-A4		6.00%			06/25/2047		419,631
	11,855,354	Series 2007-16CB-3A1		6.75%			08/25/2037		3,036,999
	4,341,461	Series 2007-2CB-2A9		5.75%			03/25/2037		2,407,812
	3,563,357	Series 2007-4CB-1A9		5.75%			04/25/2037		3,020,018
	4,181,956	Series 2007-OA8-1A1 (1 Month LIBOR USD + 0.36%, 0.36% Floor)		5.21%			06/25/2047		3,311,616

		Countrywide Asset Backed Certificates,
	8,955,630	Series 2006-25-M1 (1 Month LIBOR USD + 0.25%, 0.25% Floor)		5.10%			06/25/2047		6,677,820

		Credit Suisse First Boston Mortgage Securities Corporation,
	1,031,992	Series 2005-12-5A1		5.25%			01/25/2036		899,370
	800,840	Series 2005-9-3A2		6.00%			10/25/2035		258,062

		Credit Suisse Mortgage-Backed Trust,
	3,800,000	Series 2020-AFC1-M1		2.84%	^(a)(h)		02/25/2050		2,867,760
	3,926,109	Series 2022-JR1-A1		4.27%	^(h)(j)		10/25/2066		3,763,396

		CSMC Mortgage-Backed Trust,
	735,545	Series 2006-6-1A10		6.00%			07/25/2036		393,002
	3,693,213	Series 2006-7-10A1		6.75%			08/25/2036		2,193,055
	381,401	Series 2008-2R-1A1		6.00%	^(h)(i)		07/25/2037		298,322

		CSMC Trust,
	2,284,799	Series 2009-9R-10A2		5.50%	^(h)		12/26/2035		1,356,287
	12,414,806	Series 2020-RPL1-PT1		3.34%	^(a)(h)		10/25/2069		9,882,984
	1,641,221	Series 2021-JR1-A1		2.47%	^(a)(h)		09/27/2066		1,581,002
	2,384,579	Series 2021-JR2-A1		2.22%	^(a)(h)		11/25/2061		2,275,432

		Deutsche ALT-A Securities, Inc. Mortgage Loan Trust,
	608,326	Series 2005-6-2A1		5.50%			12/25/2035		526,688


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Deutsche ALT-B Securities, Inc. Mortgage Loan Trust,
	209,546	Series 2006-AB4-A1A		6.01%	^(a)		10/25/2036		187,042

		Deutsche Mortgage Securities, Inc.,
	587,349	Series 2009-RS2-1A2		4.45%	^(a)(h)		09/26/2036		526,034

		Ellington Financial Mortgage Trust,
	4,735,000	Series 2019-2-B1		4.07%	^(a)(h)		11/25/2059		3,696,019

		First Horizon Alternative Mortgage Securities Trust,
	541,063	Series 2005-FA8-1A3		5.50%			11/25/2035		286,504
	1,762,619	Series 2007-FA3-A8		6.00%			06/25/2037		739,152
	1,888,250	Series 2007-FA4-1A4		6.25%			08/25/2037		845,344

		First Horizon Mortgage Pass-Through Trust,
	129,957	Series 2006-1-1A2		6.00%			05/25/2036		64,557

		FirstKey Homes Trust,
	3,000,000	Series 2020-SFR1-F1		3.64%	^(h)		08/17/2037		2,776,159
	9,500,000	Series 2020-SFR2-D		1.97%	^(h)		10/19/2037		8,539,335
	9,500,000	Series 2020-SFR2-E		2.67%	^(h)		10/19/2037		8,634,880

		FMC GMSR Issuer Trust,
	10,000,000	Series 2021-GT1-A		3.62%	^(a)(h)		07/25/2026		8,600,818

		Fremont Home Loan Trust,
	10,121,311	Series 2006-D-2A4 (1 Month LIBOR USD + 0.22%, 0.22% Floor)		5.07%			11/25/2036		3,688,354

		GreenPoint Mortgage Funding Trust,
	4,280,937	Series 2005-AR4-3A1 (12 Month US Treasury Average + 1.40%, 1.40% Floor)		4.54%			10/25/2045		3,332,852

		GSAMP Trust,
	7,983,923	Series 2007-NC1-A1 (1 Month LIBOR USD + 0.13%, 0.13% Floor)		4.98%			12/25/2046		4,416,510

		GSR Mortgage Loan Trust,
	285,163	Series 2006-2F-3A4		6.00%			02/25/2036		150,837
	1,609,109	Series 2006-9F-5A2 (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		1.70%	^(b)(e)		10/25/2036		249,939
	1,609,109	Series 2006-9F-5A3 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		5.30%			10/25/2036		619,472
	771,085	Series 2007-1F-3A14		5.75%			01/25/2037		524,771
	1,645,632	Series 2007-2F-3A3		6.00%			03/25/2037		930,802

		Harborview Mortgage Loan Trust,
	4,405,188	Series 2006-BU1-1A1A (1 Month LIBOR USD + 0.42%, 0.42% Floor, 10.50% Cap)		5.18%			02/19/2046		3,637,168
	3,697,786	Series 2007-7-1A1 (1 Month LIBOR USD + 2.00%, 10.50% Cap)		5.85%			10/25/2037		2,956,835

		Home Partners of America Trust,
	3,686,671	Series 2019-2-C		3.02%	^(h)		10/19/2039		3,274,216
	3,922,972	Series 2019-2-D		3.12%	^(h)		10/19/2039		3,450,796
	7,384,419	Series 2019-2-E		3.32%	^(h)		10/19/2039		6,385,842

		HSI Asset Loan Obligation Trust,
	2,115,629	Series 2007-1-3A6		6.00%			06/25/2037		1,080,374

		IndyMac IMSC Mortgage Loan Trust,
	3,622,015	Series 2007-AR1-3A1		4.16%	^(a)		06/25/2037		2,878,915

		JP Morgan Alternative Loan Trust,
	1,753,585	Series 2006-S4-A4		6.46%			12/25/2036		1,682,863
	2,382,599	Series 2008-R2-A1		4.67%	^(a)(h)		11/25/2036		1,406,334

		JP Morgan Mortgage Trust,
	360,435	Series 2005-S3-1A1		6.50%			01/25/2036		199,243
	1,308,726	Series 2006-A5-3A2		3.70%	^(a)		08/25/2036		1,055,866
	1,899,465	Series 2007-S1-2A8		5.75%			03/25/2037		835,996

		Lavender Trust,
	916,916	Series 2010-R11A-A4		4.12%	^(a)(h)		10/26/2036		404,126


The accompanying notes are an integral part of these financial statements.		Annual Report		_\|		March 31, 2023		11


Schedule of Investments DoubleLine Selective Credit Fund (Cont.)


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Legacy Mortgage Asset Trust,
	11,559,185	Series 2019-GS7-A2		7.50%	^(c)(h)(j)		11/25/2059		10,850,401
	11,829,396	Series 2019-RPL3-PT1		0.00%	^(h)		06/25/2058		10,444,480
	5,000,000	Series 2020-SL1-M		3.25%	^(a)(h)		01/25/2060		4,660,361

		Lehman Mortgage Trust,
	1,644,880	Series 2006-17-1A4A (1 Month LIBOR USD + 0.34%, 0.34% Floor)		5.19%			08/25/2046		1,394,235
	826,830	Series 2007-1-1A2		5.75%			02/25/2037		813,767
	1,371,874	Series 2007-1-2A2 (1 Month LIBOR USD + 0.20%, 0.20% Floor)		5.05%	^(h)		06/25/2037		967,834
	5,350,629	Series 2007-1-2A3 (1 Month LIBOR USD + 0.23%, 0.23% Floor)		5.08%	^(h)		06/25/2037		3,780,632

		LHOME Mortgage Trust,
	3,000,000	Series 2021-RTL1-A2		2.86%	^(a)(h)		02/25/2026		2,759,593

		Long Beach Mortgage Loan Trust,
	6,819,823	Series 2006-2-2A4 (1 Month LIBOR USD + 0.58%, 0.58% Floor)		5.43%			03/25/2046		2,507,114

		MASTR Adjustable Rate Mortgages Trust,
	4,660,793	Series 2005-6-3A2		3.12%	^(a)		07/25/2035		1,767,057

		MASTR Alternative Loans Trust,
	960,606	Series 2004-10-5A5		5.75%			09/25/2034		910,468

		MASTR Asset Backed Securities Trust,
	15,982,899	Series 2006-WMC3-A1 (1 Month LIBOR USD + 0.27%, 0.27% Floor)		5.12%			08/25/2036		6,136,826

		Merrill Lynch Alternative Note Asset Trust,
	1,352,242	Series 2007-F1-2A6		6.00%			03/25/2037		541,579

		Merrill Lynch Mortgage Investors Trust,
	1,025,499	Series 2006-AF1-AF3B		6.25%			08/25/2036		459,937

		MFA Trust,
	4,600,000	Series 2021-NQM2-M1		2.37%	^(a)(h)		11/25/2064		2,914,520

		Morgan Stanley Mortgage Loan Trust,
	3,641,960	Series 2005-10-4A1		5.50%			12/25/2035		2,264,605
	672,427	Series 2007-12-3A4		6.25%			08/25/2037		294,623

		New Residential Mortgage Loan Trust,
	2,300,000	Series 2019-NQM4-B1		3.74%	^(a)(h)		09/25/2059		1,823,474

		NMLT Trust,
	4,500,000	Series 2021-INV2-B1		3.32%	^(a)(h)		08/25/2056		2,805,222

		Nomura Asset Acceptance Corporation,
	3,176,345	Series 2006-AP1-A2		5.52%	^(a)		01/25/2036		1,029,841
	801,112	Series 2007-1-1A1A		6.00%	^(j)		03/25/2047		759,260

		Opteum Mortgage Acceptance Corporation Trust,
	6,792,233	Series 2006-2-A1C (1 Month LIBOR USD + 0.54%, 0.54% Floor)		5.39%			07/25/2036		2,639,072

		PMT Credit Risk Transfer Trust,
	2,522,105	Series 2019-3R-A (1 Month LIBOR USD + 3.70%, 2.70% Floor)		8.55%	^(h)		10/27/2024		2,441,365
	1,773,277	Series 2021-1R-A (1 Month LIBOR USD + 2.90%, 2.90% Floor)		7.75%	^(h)		02/27/2024		1,721,621
	10,000,000	Series 2021-FT1-A (1 Month LIBOR USD + 3.00%, 3.00% Floor)		7.85%	^(h)		03/25/2026		9,942,889

		PR Mortgage Loan Trust,
	376,473	Series 2014-1-APT		5.89%	^(a)(h)		10/25/2049		345,749

		Pretium Mortgage Credit Partners LLC,
	2,692,814	Series 2021-RN2-A1		1.74%	^(h)(j)		07/25/2051		2,515,406
	3,911,173	Series 2021-RN3-A1		1.84%	^(h)(j)		09/25/2051		3,637,145


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		PRPM LLC,
	2,141,205	Series 2020-4-A1		2.95%	^(h)(j)		10/25/2025		2,092,790
	3,875,410	Series 2021-2-A1		2.12%	^(a)(h)		03/25/2026		3,674,105
	9,800,000	Series 2021-2-A2		3.77%	^(a)(h)		03/25/2026		8,737,170
	4,320,872	Series 2021-6-A1		1.79%	^(h)(j)		07/25/2026		4,002,224
	5,987,000	Series 2021-6-A2		3.47%	^(h)(j)		07/25/2026		5,029,483
	3,063,686	Series 2021-7-A1		1.87%	^(h)(j)		08/25/2026		2,868,415

		RBSGC Mortgage Loan Trust,
	478,496	Series 2007-A-2A4		6.25%			01/25/2037		437,127

		Renaissance Home Equity Loan Trust,
	15,336,140	Series 2006-2-AF2		5.76%	^(j)		08/25/2036		5,938,649
	9,024,934	Series 2006-3-AF4		5.81%	^(j)		11/25/2036		3,253,455

		Residential Accredit Loans, Inc.,
	1,274,751	Series 2005-QS12-A3		5.50%			08/25/2035		1,092,557
	953,520	Series 2005-QS13-1A6		5.50%			09/25/2035		784,008
	369,681	Series 2006-QS12-1A1		6.50%			09/25/2036		179,338
	1,751,672	Series 2006-QS12-2A12 (1 Month LIBOR USD + 0.20%, 0.20% Floor, 7.50% Cap)		5.05%			09/25/2036		1,158,490
	1,751,672	Series 2006-QS12-2A13		3.00%	^(b)(d)		09/25/2036		208,531
	2,014,240	Series 2006-QS18-1A4		6.25%			12/25/2036		1,758,734
	2,161,168	Series 2006-QS3-1A14		6.00%			03/25/2036		1,832,630
	695,095	Series 2006-QS7-A2		6.00%			06/25/2036		559,660
	623,836	Series 2007-QS11-A1		7.00%			10/25/2037		486,475
	4,781,996	Series 2007-QS1-1A2 (-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)		0.60%	^(b)(e)		01/25/2037		307,401
	4,781,996	Series 2007-QS1-1A5 (1 Month LIBOR USD + 0.55%, 0.55% Floor, 6.00% Cap)		5.40%			01/25/2037		3,331,301
	355,438	Series 2007-QS5-A1		5.50%			03/25/2037		273,079

		Residential Asset Securitization Trust,
	4,138,011	Series 2006-A12-A1		6.25%			11/25/2036		1,686,816
	941,527	Series 2006-A8-1A1		6.00%			08/25/2036		632,153

		Residential Funding Mortgage Securities Trust,
	21,426	Series 2006-SA2-3A1		5.14%	^(a)		08/25/2036		19,948

		Securitized Asset Backed Receivables LLC Trust,
	9,551,058	Series 2006-NC1-A3 (1 Month LIBOR USD + 0.54%, 0.54% Floor)		5.39%			03/25/2036		8,487,779

		Sequoia Mortgage Trust,
	181,892	Series 2013-9-AP		0.00%	^(f)(h)		07/25/2043		130,383

		Starwood Mortgage Residential Trust,
	1,394,320	Series 2020-3-A1		1.49%	^(a)(h)		04/25/2065		1,311,302

		Structured Adjustable Rate Mortgage Loan Trust,
	2,429,867	Series 2005-17-5A1		4.70%	^(a)		08/25/2035		1,429,897
	1,218,771	Series 2005-22-4A1		4.26%	^(a)		12/25/2035		1,059,366
	804,716	Series 2008-1-A2		3.76%	^(a)		10/25/2037		625,338

		Structured Asset Mortgage Investments Trust,
	2,840,485	Series 2006-AR6-1A1 (1 Month LIBOR USD + 0.36%, 0.36% Floor, 10.50% Cap)		5.21%			07/25/2046		2,309,469
	2,958,570	Series 2006-AR6-1A3 (1 Month LIBOR USD + 0.38%, 0.38% Floor, 10.50% Cap)		5.23%			07/25/2046		2,197,314
	4,417,780	Series 2006-AR7-A1A (1 Month LIBOR USD + 0.42%, 0.42% Floor, 10.50% Cap)		5.27%			08/25/2036		3,492,488
	3,901,995	Series 2007-AR3-2A1 (1 Month LIBOR USD + 0.19%, 0.19% Floor, 10.50% Cap)		5.04%			09/25/2047		3,392,834


12		DoubleLine Selective Credit Fund		The accompanying notes are an integral part of these financial statements.

(Unaudited)

March 31, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Structured Asset Securities Corporation,
	4,500,000	Series 2007-BC4-M1 (1 Month LIBOR USD + 0.50%, 0.50% Floor)		5.35%			11/25/2037		3,264,556
	13,831,244	Series 2007-RF1-1A (1 Month LIBOR USD + 0.19%, 0.19% Floor)		5.04%	^(h)		03/25/2037		11,127,716

		TVC Mortgage Trust,
	4,300,000	Series 2020-RTL1-A2		3.97%	^(h)(j)		09/25/2024		4,264,418

		VCAT LLC,
	3,612,187	Series 2021-NPL5-A1		1.87%	^(h)(j)		08/25/2051		3,340,376
	3,757,355	Series 2021-NPL6-A1		1.92%	^(h)(j)		09/25/2051		3,493,815

		Velocity Commercial Capital Loan Trust,
	981,766	Series 2019-1-M6		6.79%	^(a)(h)		03/25/2049		701,355
	418,048	Series 2019-2-M5		4.93%	^(a)(h)		07/25/2049		359,368
	1,851,687	Series 2019-2-M6		6.30%	^(a)(h)		07/25/2049		1,537,787
	1,177,727	Series 2020-1-M6		5.69%	^(a)(h)		02/25/2050		947,487
	1,619,018	Series 2021-1-M3		2.57%	^(a)(h)		05/25/2051		1,193,096
	3,912,736	Series 2021-1-M4		2.85%	^(a)(h)		05/25/2051		2,756,418
	3,782,366	Series 2021-2-M4		3.08%	^(a)(h)		08/25/2051		2,694,975

		Verus Securitization Trust,
	2,200,000	Series 2020-1-B1		3.62%	^(a)(h)		01/25/2060		1,583,706
	3,874,741	Series 2020-4-A1		1.50%	^(h)(j)		05/25/2065		3,570,335
	6,685,000	Series 2021-6-B1		4.05%	^(a)(h)		10/25/2066		4,392,066
	2,073,000	Series 2021-R2-B1		3.25%	^(a)(h)		02/25/2064		1,488,075

		VOLT LLC,
	4,030,473	Series 2021-NPL6-A1		2.24%	^(h)(j)		04/25/2051		3,722,526

		Washington Mutual Mortgage Pass-Through Certificates Trust,
	957,821	Series 2005-10-2A8		6.00%			11/25/2035		912,772
	2,608,867	Series 2006-5-2CB6		6.00%			07/25/2036		1,826,079
	6,065,074	Series 2006-AR11-1A (12 Month US Treasury Average + 0.96%, 0.96% Floor)		4.10%			09/25/2046		4,822,400
	9,652,106	Series 2006-AR18-1A1		3.16%	^(a)		01/25/2037		8,317,003
	1,883,131	Series 2007-2-1A6		6.00%			04/25/2037		1,543,566
	100,791	Series 2007-4-1A1		5.50%			06/25/2037		94,396
	7,148,074	Series 2007-HY7-3A1		3.56%	^(a)		07/25/2037		6,369,540

		Wells Fargo Alternative Loan Trust,
	515,069	Series 2007-PA3-1A4		5.75%			07/25/2037		420,960

PRINCIPAL

AMOUNT $/
SHARES

SECURITY DESCRIPTION

RATE

MATURITY

VALUE $

Wells Fargo Mortgage Backed Securities Trust,

416,835

Series 2006-AR4-2A1

4.64%

^(a)

04/25/2036

386,339

2,384,075

Series 2007-7-A1

6.00%

06/25/2037

2,176,699

Total Non-Agency Residential Collateralized Mortgage Obligations
(Cost $666,276,221)

537,714,006

SHORT TERM INVESTMENTS 10.2%

20,370,503

First American Government Obligations Fund - Class U

4.66%

^(g)

20,370,503

JP Morgan U.S. Government Money Market Fund - Institutional Share Class

4.73%

^(g)

20,370,503

20,370,504

Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class

4.74%

^(g)

20,370,504

Total Short Term Investments
(Cost $61,111,510)

61,111,510

Total Investments 100.8%
(Cost $732,540,190)

603,182,058

Liabilities in Excess of Other Assets (0.8)%

(4,627,991

)

NET ASSETS 100.0%

598,554,067


SECURITY TYPE BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations				89.8%
Short Term Investments				10.2%
Non-Agency Commercial Mortgage Backed Obligations				0.4%
Collateralized Loan Obligations				0.3%
Asset Backed Obligations				0.1%
Other Assets and Liabilities				(0.8)%

				100.0%

(a)

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

(b)

Interest only security

(c)

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

(d)

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

(e)

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

(f)

Principal only security

(g)

Seven-day yield as of period end

(h)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(i)

Value determined using significant unobservable inputs.

(j)

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


The accompanying notes are an integral part of these financial statements.		Annual Report		_\|		March 31, 2023		13


Statement of Assets and Liabilities		March 31, 2023


ASSETS
Investments in Securities, at Value*	$	542,070,548
Short Term Investments, at Value*		61,111,510
Interest and Dividends Receivable		2,167,862
Prepaid Expenses and Other Assets		2,736
Total Assets		605,352,656

LIABILITIES
Payable for Investments Purchased		3,375,704
Distribution Payable		3,253,151
Administration, Fund Accounting and Custodian Fees Payable		58,065
Professional Fees Payable		45,370
Shareholder Reporting Expenses Payable		25,997
Transfer Agent Expenses Payable		21,801
Trustees Fees Payable (See Note 7)		15,401
Accrued Expenses		3,100
Total Liabilities		6,798,589
Net Assets	$	598,554,067

NET ASSETS CONSIST OF:
Paid-in Capital	$	817,666,059
Total Distributable Earnings (Loss) (See Note 5)		(219,111,992	)
Net Assets	$	598,554,067

*Identified Cost:
Investments in Securities	$	671,428,680
Short Term Investments		61,111,510

Class I (unlimited shares authorized):
Shares Outstanding		81,834,151
Net Asset Value, Offering and Redemption Price per Share	$	7.31


14		DoubleLine Selective Credit Fund		The accompanying notes are an integral part of these financial statements.


Statement of Operations		For the Year Ended March 31, 2023


INVESTMENT INCOME
Income:
Interest	$	38,172,251
Total Investment Income		38,172,251

Expenses:
Investment Advisory Fees		3,876,898
Administration, Fund Accounting and Custodian Fees		152,049
Professional Fees		109,592
Transfer Agent Expenses		61,592
Shareholder Reporting Expenses		26,460
Insurance Expenses		17,017
Trustees Fees		3,845
Miscellaneous Expenses		1,016
Registration Fees		630
Total Expenses		4,249,099
Less: Investment Advisory Fees (Waived)		(3,876,898	)
Net Expenses		372,201

Net Investment Income (Loss)		37,800,050

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS

Net Realized Gain (Loss) on Investments		(11,514,239	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(57,286,082	)
Net Realized and Unrealized Gain (Loss) on Investments		(68,800,321	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(31,000,271	)


The accompanying notes are an integral part of these financial statements.		Annual Report		_\|		March 31, 2023		15

Statements of Changes in Net Assets


	Year Ended March 31, 2023				Year Ended March 31, 2022

OPERATIONS
Net Investment Income (Loss)		$	37,800,050			$	38,205,834
Net Realized Gain (Loss) on Investments			(11,514,239	)			155,009
Net Change in Unrealized Appreciation (Depreciation) on Investments			(57,286,082	)			(32,523,828	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(31,000,271	)			5,837,015

DISTRIBUTIONS TO SHAREHOLDERS
From Earnings			(46,299,785	)			(45,470,915	)

Total Distributions to Shareholders			(46,299,785	)			(45,470,915	)

NET SHARE TRANSACTIONS
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(251,051,027	)			(4,800,000	)

Total Increase (Decrease) in Net Assets		$	(328,351,083	)		$	(44,433,900	)

NET ASSETS
Beginning of Period		$	926,905,150			$	971,339,050
End of Period		$	598,554,067			$	926,905,150


16		DoubleLine Selective Credit Fund		The accompanying notes are an integral part of these financial statements.

Financial Highlights


					Income (Loss) from Investment Operations:								Less Distributions:																	Ratios to Average Net Assets:
Period Ended		Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period			Total Return			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Expenses After Investment Advisory Fees (Waived)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Net Investment Income (Loss)
	3/31/2023		$	8.13		0.41		(0.72	)		(0.31	)		(0.51	)		—		(0.51	)		$	7.31		(3.76	)%		$	598,554		0.60	%		0.05	%		0.05	%		5.36	%
	3/31/2022		$	8.48		0.33		(0.29	)		0.04			(0.39	)		—		(0.39	)		$	8.13		0.47	%		$	926,905		0.60	%		0.05	%		0.05	%		3.92	%
	3/31/2021		$	7.70		0.34		0.82			1.16			(0.38	)		—		(0.38	)		$	8.48		15.25	%		$	971,339		0.60	%		0.05	%		0.05	%		4.05	%
	3/31/2020		$	8.77		0.42		(1.00	)		(0.58	)		(0.49	)		—		(0.49	)		$	7.70		(7.11	)%		$	978,416		0.59	%		0.04	%		0.04	%		4.79	%
	3/31/2019		$	9.05		0.47		(0.13	)		0.34			(0.62	)		—		(0.62	)		$	8.77		3.85	%		$	817,374		0.61	%		0.06	%		0.06	%		5.26	%

																											Period Ended
																											3/31/2023			3/31/2022			3/31/2021			3/31/2020			3/31/2019
	Portfolio turnover rate for all share classes																							11%			28%			31%			34%			25%

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


The accompanying notes are an integral part of these financial statements.		Annual Report		_\|		March 31, 2023		17


Notes to Financial Statements		March 31, 2023

1. Organization

The Fund is a separate investment series of DoubleLine Funds Trust (the “Trust”). The Fund commenced operations on August 4, 2014 and was originally classified as a non-diversified fund. The Fund is currently operating as a diversified fund. Under the Investment Company Act of 1940, as amended (the “1940 Act”), a diversified fund generally may not, with respect to 75% of its total assets, invest more than 5% of its total assets in the securities of any one issuer or own more than 10% of the outstanding voting securities of such issuer (except, in each case, U.S. Government securities, cash, cash items and the securities of other investment companies). The remaining 25% of a fund’s total assets is not subject to this limitation. Shares of the Fund may currently be purchased in transactions by the Fund’s investment adviser, DoubleLine Capital LP (the “Adviser” or “DoubleLine Capital”), or its affiliates acting in their capacity as investment adviser (or in a similar capacity) for clients, including separately managed private accounts, investment companies registered under the 1940 Act, and other funds, each of which must be an “accredited investor” as defined in Regulation D under the Securities Act of 1933, as amended. The Fund also may permit purchases of shares by (i) qualified employees, officers and Trustees of the Fund and their qualified family members; (ii) qualified employees and officers of the Adviser or DoubleLine Group LP and their qualified family members; (iii) qualified affiliates of the Adviser or DoubleLine Group LP; and (iv) other qualified accounts. The Fund’s investment objective is to seek long- term total return.

The fiscal year end for the Fund is March 31, 2023 and the period covered by these Financial Statements is for the period ended March 31, 2023 (the “period end”).

2. Significant Accounting Policies

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

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

•

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

•

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

•

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

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



Fixed-income class						Examples of Inputs

All						Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)

Corporate bonds and notes; convertible securities						Standard inputs and underlying equity of the issuer

US bonds and notes of government and government agencies						Standard inputs

Residential and commercial mortgage-backed obligations; asset-backed obligations (including collateralized loan obligations)						Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information, trustee reports

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


18		DoubleLine Selective Credit Fund

(Unaudited)

March 31, 2023

The Board of Trustees (the “Board”) has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated the Adviser as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

The following is a summary of the fair valuations according to the inputs used to value the Fund’s investments as of March 31, 2023:



Category

Investments in Securities

Level 1

Money Market Funds		$	61,111,510

Total Level 1			61,111,510

Level 2

Non-Agency Residential Collateralized Mortgage Obligations	��		537,415,684

Non-Agency Commercial Mortgage Backed Obligations			2,090,749

Collateralized Loan Obligations			1,669,981

Asset Backed Obligations			448,647

Total Level 2			541,625,061

Level 3

Non-Agency Residential Collateralized Mortgage Obligations			298,322

Non-Agency Commercial Mortgage Backed Obligations			147,165

Total Level 3			445,487

Total		$	603,182,058

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

B. Federal Income Taxes. The Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies. Therefore, no provision for federal income taxes has been made.

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

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

The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions. Open tax years 2020-2022 (Federal) and 2019-2022 (CA/DE) for the Fund, are those that are open for exam by taxing authorities As of March 31, 2023, the Fund has no examination in progress.

Management has analyzed the Fund’s tax position, and has concluded that no liability should be recorded related to uncertain tax positions expected to be taken on the tax return for the fiscal year ended March 31, 2023. The Fund identifies its major tax jurisdiction as U.S. Federal, the State of Delaware and the State of Florida. The Fund is not aware of any tax position for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly change in the next twelve months. The Fund’s tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but which can be extended to six years in certain circumstances.


				Annual Report		_\|		March 31, 2023		19


Notes to Financial Statements (Cont.)

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

D. Dividends and Distributions to Shareholders. Dividends from net investment income will be declared and paid monthly. The Fund will distribute any net realized long or short-term capital gains at least annually. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from US GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed (accumulated) net investment income (loss), and/or undistributed (accumulated) realized gain (loss).

Undistributed (accumulated) net investment income or loss may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or capital gain remaining at fiscal year end is distributed in the following year.

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

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

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

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

3. Related and Other Party Transactions

The Adviser provides the Fund with investment management services under an Investment Management Agreement (the “Agreement”). Under the Agreement, the Adviser manages the investment of the assets of the Fund, places orders for the purchase and sale of its portfolio securities and is responsible for providing certain resources to assist with the day-to-day management of the Fund’s business affairs. As compensation for its services, the Adviser is entitled to a monthly fee at the annual rate of 0.55% of the average daily net assets of the Fund. The Adviser has arrangements with DoubleLine Group LP to provide personnel and other resources to the Fund.

Pursuant to a letter agreement dated November 20, 2014, between the Adviser and the Trust, on behalf of the Fund (the “Letter Agreement”), the Adviser has agreed to waive the entire investment advisory fee it is entitled to receive pursuant to the Advisory Agreement effective as of December 1, 2014. Such waiver shall continue until terminated (1) by the Adviser upon 60 days’ notice to the Board or (2) immediately upon the approval of a majority vote of the Trustees of the Trust who are not “interested persons” of the Trust, as defined under the 1940 Act. The Adviser may not seek reimbursement from the Fund with respect to any advisory fees waived to comply with the terms of the Letter Agreement. Under the Letter Agreement, for the period ended March 31, 2023, the Adviser fully waived the total investment advisory fee of $3,876,898.

In addition, pursuant to an Expense Limitation Agreement between the Trust, on behalf of the Fund, and the Adviser (the “Expense Limitation Agreement”), the Adviser has agreed to waive its investment advisory fee and to reimburse other ordinary operating expenses of the Fund to the extent necessary to limit the ordinary operating expenses to an amount not to exceed 0.64% for Class I shares. Ordinary operating expenses exclude taxes, commissions, mark-ups, litigation expenses, indemnification expenses, interest


20		DoubleLine Selective Credit Fund

(Unaudited)

March 31, 2023

expenses, Acquired Fund Fees and Expenses, and any extraordinary expenses. The expense limitations described above are expected to apply until at least July 31, 2024. However, these expense limitations may be terminated by the Fund’s Board at any time.

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

As of March 31, 2023, there is no amount remaining that is eligible for reimbursement or recoupment.

4. Purchases and Sales of Securities

For period ended March 31, 2023, purchases and sales of investments, excluding short term investments, were $72,494,179 and $294,485,014, respectively. There were no transactions in U.S. Government securities (defined as long-term U.S. Treasury bills, bonds and notes) during the period.

5. Income Tax Information and Distributions to Shareholders

The tax character of distributions for the Fund was as follows:



	Year Ended March 31, 2023			Year Ended March 31, 2022

Distributions Paid From:

Ordinary Income		$	46,299,785		$	45,470,915

Total Distributions Paid		$	46,299,785		$	45,470,915

The cost basis of investments for federal income tax purposes as of March 31, 2023, was as follows:



Tax Cost of Investments	$	743,204,829

Gross Tax Unrealized Appreciation		3,293,743

Gross Tax Unrealized Depreciation		(143,316,514	)

Net Tax Unrealized Appreciation (Depreciation)	$	(140,022,771	)

As of March 31, 2023, the components of accumulated earnings (losses) for income tax purposes were as follows:



Net Tax Unrealized Appreciation (Depreciation)	$	(140,022,771	)

Undistributed Ordinary Income		3,422,104

Undistributed Long Term Capital Gains		—

Total Distributable Earnings		3,422,104

Other Accumulated Gains (Losses)		(82,511,325	)

Total Accumulated Earnings (Losses)	$	(219,111,992	)

As of March 31, 2023, the Fund had $79,245,523 available for a capital loss carryforward. As of March 31, 2023, the Fund did not have any late year losses or post-October losses.

Additionally, US GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to paydown losses and accretion of discount on certain debt instruments. For the year ended March 31, 2023, the following table shows the reclassifications made:

Total
Distributable
Earnings (Loss)

Paid-In
Capital

DoubleLine Selective Credit Fund

—

If the Fund estimates that a portion of its regular distributions to shareholders may be comprised of amounts from sources other than net investment income, as determined in accordance with the Fund’s policies and practices, the Fund will notify shareholders


				Annual Report		_\|		March 31, 2023		21


Notes to Financial Statements (Cont.)

of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its expected tax character. It is important to note that differences exist between the Fund’s daily internal accounting records and practices, the Fund’s financial statements presented in accordance with US GAAP, and recordkeeping practices under income tax regulations. It is possible that the Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with US GAAP might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit https://doubleline.com/mutual-funds/ for the most recent Section 19 Notice, if applicable. Information provided to you on a Section 19 Notice is an estimate only and subject to change; final determination of a distribution’s tax character will be reported on Form 1099 DIV sent to shareholders for the calendar year.

6. Share Transactions

Transactions in the Fund’s shares were as follows:



	Year Ended March 31, 2023							Year Ended March 31, 2022

	Shares			Amount				Shares			Amount

Shares Sold		10,977,710			$	83,200,000			7,812,191			$	66,300,000

Shares Redeemed		(43,129,715	)			(334,251,027	)		(8,395,242	)			(71,100,000	)

Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(32,152,005	)		$	(251,051,027	)		(583,051	)		$	(4,800,000	)

7. Trustees Fees

Trustees who are not affiliated with the Adviser and its affiliates received, as a group, fees of $3,845 from the Fund for the period ended March 31, 2023. These trustees may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the Fund, are treated as if invested in shares of the Fund or other funds managed by the Adviser and its affiliates. These amounts represent general, unsecured liabilities of the Fund and vary according to the total returns of the selected funds. Trustees Fees in the Statement of Operations are shown as $3,845 which includes $9,383 in current fees (either paid in cash or deferred) and a decrease of $5,538 in the value of the deferred amounts. Certain trustees and officers of the Fund are also officers of the Adviser; such trustees and officers are not compensated by the Fund.

8. Credit Facility

U.S. Bank, N.A. (the “Bank”) has made available to the Trust (the “DoubleLine Funds”) an uncommitted, $725,000,000 credit facility for short term liquidity in connection with shareholder redemptions. Under the terms of the credit facility, borrowings for each DoubleLine Fund are limited to one-third of the total assets (including the amount borrowed) of such DoubleLine Fund. Fifty percent of the credit facility is available to all of the DoubleLine Funds on a first come, first served basis. The remaining 50% of the credit facility is allocated among the DoubleLine Funds in accordance with procedures adopted by the Board. Borrowings under this credit facility bear interest at the greater of 0.00% or the Bank’s prime rate less 1.00%.

For the period ended March 31, 2023, the Fund did not draw on its available credit facility.

9. Significant Shareholder Holdings

As of March 31, 2023, the Fund had 16 shareholders of record; three of the Fund’s shareholders, two of which were under common control with each other, collectively owned 36% of the total outstanding shares of the Fund. Each shareholder is an institutional separate account over which the Adviser has investment discretion. See the description of “large shareholder risk” in the following Principal Risks Note.

10. Principal Risks

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

•

active management risk: the risk that the Fund will fail to meet its investment objective and that the Fund’s investment performance will depend, at least in part, on how its assets are allocated and reallocated among asset classes, sectors,


22		DoubleLine Selective Credit Fund

(Unaudited)

March 31, 2023

underlying funds and/or investments and that such allocation will focus on asset classes, sectors, underlying funds, and/or investments that perform poorly or underperform other asset classes, sectors, underlying funds, and/or available investments. Any given investment strategy may fail to produce the intended results, and the Fund’s portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

•

asset-backed securities investment risk: the risk that borrowers may default on the obligations that underlie the asset- backed security and that, during periods of falling interest rates, asset backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate, and the risk that the impairment of the value of the collateral underlying a security in which the Fund invests (due, for example, to non-payment of loans) will result in a reduction in the value of the security.

•

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

•

collateralized debt obligations risk: the risks of an investment in a collateralized debt obligation (“CDO”) depend largely on the quality and type of the collateral and the tranche of the CDO in which the Fund invests. Normally, collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLO”) and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be illiquid. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from the collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Fund may invest in CDOs that are subordinate to other classes of the issuer’s securities; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

•

counterparty risk: the risk that the Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments, such as repurchase and reverse repurchase agreements, entered into by the Fund or held by special purpose or structured vehicles in which the Fund invests; that the Fund’s counterparty will be unable or unwilling to perform its obligations; that the Fund will be unable to enforce contractual remedies if its counterparty defaults; that if a counterparty (or affiliate of a counterparty) becomes bankrupt, the Fund may experience significant delays in obtaining any recovery under the derivative contract or may obtain limited or no recovery in a bankruptcy or other insolvency proceeding. To the extent that the Fund enters into multiple transactions with a single or a small set of counterparties, it will be subject to increased counterparty risk.

•

debt securities risks:

credit risk: the risk that an issuer or counterparty will fail to pay its obligations to the Fund when they are due. As a result, the Fund’s income might be reduced, the value of the Fund’s investment might fall, and/or the Fund could lose the entire amount of its investment. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower quality debt securities (commonly known as “junk bonds”), including floating rate loans, tend to be particularly sensitive to these changes. The values of securities also may decline for a number of other reasons that relate directly to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services, as well as the historical and prospective earnings of the issuer and the value of its assets.

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

interest rate risk: the risk that debt instruments will change in value because of changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration.

prepayment risk: the risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre-paid with the Fund being unable to


				Annual Report		_\|		March 31, 2023		23


Notes to Financial Statements (Cont.)

reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund.

London Interbank Offered Rate (“LIBOR”) phase out/transition risk: LIBOR is the offered rate for wholesale, unsecured funding available to major international banks. The terms of many investments, financings or other transactions to which the Fund may be a party have been historically tied to LIBOR. LIBOR may also be a significant factor in relation to payment obligations under a derivative investment and may be used in other ways that affect the Fund’s investment performance. LIBOR is currently in the process of being phased out. The transition from LIBOR and the terms of any replacement rate(s), including, for example, a secured overnight financing rate (“SOFR”) or another rate based on SOFR, may adversely affect transactions that use LIBOR as a reference rate, financial institutions that engage in such transactions, and the financial markets generally. There are significant differences between LIBOR and SOFR, such as LIBOR being an unsecured lending rate while SOFR is a secured lending rate. As such, the transition away from LIBOR may adversely affect the Fund’s performance.

•

defaulted securities risk: the significant risk of the uncertainty of repayment of defaulted securities (e.g., a security on which a principal or interest payment is not made when due) and obligations of distressed issuers.

•

derivatives risk: the risk that an investment in derivatives will not perform as anticipated by the Adviser, may not be available at the time or price desired, cannot be closed out at a favorable time or price, will increase the Fund’s transaction costs, or will increase the Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely or at all with that of the cash investment; that the positions may be improperly executed or constructed; that the Fund’s counterparty will be unable or unwilling to perform its obligations; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. Recent changes in regulation relating to the Fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund’s performance. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of the U.S. dollar LIBOR settings on a representative basis after June 30, 2023. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential effect of a transition away from LIBOR on the Fund or the financial instruments in which the Fund invests cannot yet be determined.

•

focused investment risk: the risk that a fund that invests a substantial portion of its assets in a particular market, industry, sector, group of industries or sectors, country, region, group of countries or asset class is, relative to a fund that invests in a more diverse investment portfolio, more susceptible to any single economic, market, political, regulatory or other occurrence. This is because, for example, issuers in a particular market, industry, region, sector or asset class may react similarly to specific economic, market, regulatory, political or other developments. The particular markets, industries, regions, sectors or asset classes in which the Fund may focus its investments may change over time and the Fund may alter its focus at inopportune times.

•

foreign currency risk: the risk that fluctuations in exchange rates may adversely affect the value of the Fund’s investments denominated in foreign currencies.

•

foreign investing risk: the risk that investments in foreign securities or in issuers with significant exposure to foreign markets, as compared to investments in U.S. securities or in issuers with predominantly domestic market exposure, may be more vulnerable to economic, political, and social instability and subject to less government supervision, less protective custody practices, lack of transparency, inadequate regulatory and accounting standards, delayed or infrequent settlement of transactions, and foreign taxes. If the Fund buys securities denominated in a foreign currency, receives income in foreign currencies, or holds foreign currencies from time to time, the value of the Fund’s assets, as measured in U.S. dollars, can be affected unfavorably by changes in exchange rates relative to the U.S. dollar or other foreign currencies. Foreign markets are also subject to the risk that a foreign government could restrict foreign exchange transactions or otherwise implement unfavorable currency regulations. In addition, foreign securities may be subject to currency exchange rates or regulations, the imposition of economic sanctions, tariffs, or other government restrictions, higher transaction and other costs, reduced liquidity, and delays in settlement.

•

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


24		DoubleLine Selective Credit Fund

(Unaudited)

March 31, 2023

•

high yield risk: the risk that debt instruments rated below investment grade or debt instruments that are unrated and of comparable or lesser quality are predominantly speculative. These instruments, commonly known as ‘junk bonds’, have a higher degree of default risk and may be less liquid than higher-rated bonds. These instruments may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of high yield investments generally, and less secondary market liquidity.

•

large shareholder risk: the risk that certain account holders, including the Adviser or funds or accounts over which the Adviser (or related parties of the Adviser) has investment discretion, may from time to time own or control a significant percentage of the Fund’s shares. The Fund is subject to the risk that a redemption by those shareholders of all or a portion of their Fund shares, including as a result of an asset allocation decision made by the Adviser (or related parties of the Adviser), will adversely affect the Fund’s performance if it is forced to sell portfolio securities or invest cash when the Adviser would not otherwise choose to do so. Redemptions of a large number of shares may affect the liquidity of the Fund’s portfolio, increase the Fund’s transaction costs, and accelerate the realization of taxable income and/or gains to shareholders.

•

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

•

limited offering risk: the risk that since the Fund is currently offered only to a limited number of investors, the Fund’s assets may grow at a slower rate than if the Fund engaged in a broader public offering. As a result, the Fund may incur operating expenses at a rate higher than mutual funds that are larger or more broadly offered. In addition, the Fund’s assets may not achieve a size sufficient to make the Fund economically viable. Any liquidation of the Fund may result in a sale of assets of the Fund at an unfavorable time or at prices below those at which the Fund has valued them.

•

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

•

market risk: the risk that markets will perform poorly or that the returns from the securities in which the Fund invests will underperform returns from the general securities markets or other types of investments. Markets may, in response to governmental actions or intervention or general market conditions, including real or perceived adverse, political, economic or market conditions, tariffs and trade disruptions, inflation, recession, changes in interest or currency rates, lack of liquidity in the bond markets or adverse investor sentiments, or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. Market risk involves the risk that the value of the Fund’s investment portfolio will change, potentially frequently and in large amounts, as the prices of its investments go up or down. During periods of severe market stress, it is possible that the market for some or all of the Fund’s investments may become highly illiquid. Recently, there have been inflationary price movements. As such, fixed income securities markets may experience heightened levels of interest rate volatility and liquidity risk. The U.S. Federal Reserve has been raising interest rates from historically low levels and may continue to raise interest rates. Any additional interest rate increases in the future could cause the value of the Fund’s holdings to decrease.

•

mortgage-backed securities risk: the risk that borrowers may default on their mortgage obligations or the guarantees underlying the mortgage-backed securities will default or otherwise fail and that, during periods of falling interest rates, mortgage-backed securities will be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of a mortgage-backed security may extend, which may lock in a below-market interest rate, increase the security’s duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults. The values of certain types of mortgage-backed securities, such as inverse floaters and interest-only and principal-only securities, may be extremely sensitive to changes in interest rates and prepayment rates. The Fund may invest in mortgage-backed securities that are subordinate in their right to receive payment of interest and re-payment of principal to other classes of the issuer’s securities.

•

operational and information security risks: an investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

•

portfolio turnover risk: the risk that frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in larger distributions of taxable capital gains to investors as compared to a fund that trades less frequently.


				Annual Report		_\|		March 31, 2023		25


Notes to Financial Statements (Cont.)

•

restricted securities risk: the risk that the Fund may be prevented or limited by law or the terms of an agreement from selling a security (a “restricted security”). To the extent that the Fund is permitted to sell a restricted security, there can be no assurance that a trading market will exist at any particular time and the Fund may be unable to dispose of the security promptly at reasonable prices or at all. The Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the values of restricted securities may have significant volatility.

•

securities or sector selection risk: the risk that the securities held by the Fund will underperform securities held in other funds investing in similar asset classes or comparable benchmarks because of the portfolio managers’ choice of securities or sectors for investment. To the extent the Fund focuses or concentrates its investments in a particular sector or related sectors, the Fund will be more susceptible to events or factors affecting companies in that sector or related sectors.

•

structured products and structured notes risk: the risk that an investment in a structured product, which includes, among other things, CDOs, mortgage-backed securities, other types of asset-backed securities and certain types of structured notes, may decline in value due to changes in the underlying instruments, indexes, interest rates or other factors on which the product is based (“reference measure”). Depending on the reference measure used and the use of multipliers or deflators (if any), changes in interest rates and movement of the reference measure may cause significant price and cash flow fluctuations. In addition to the general risks associated with fixed income securities discussed herein, structured products carry additional risks including, but not limited to: (i) the possibility that distributions from underlying investments will not be adequate to make interest or other payments; (ii) the quality of the underlying investments may decline in value or default; (iii) the possibility that the security may be subordinate to other classes of the issuer’s securities; (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; and (v) because the structured products are generally privately offered and sold, they may be thinly traded or have a limited trading market, which may increase the Fund’s illiquidity and reduce the Fund’s income and the value of the investment, and the Fund may be unable to find qualified buyers for these securities.

•

valuation risk: the risk that the Fund will not value its investments in a manner that accurately reflects their market values or that the Fund will not be able to sell any investment at a price equal to the valuation ascribed to that investment for purposes of calculating the Fund’s NAV. The valuation of the Fund’s investments involves subjective judgment. Certain securities in which the Fund may invest may be more difficult to value accurately, especially during periods of market disruptions or extreme market volatility. Incorrect valuations of the Fund’s portfolio holdings could result in the Fund’s shareholder transactions being effected at an NAV that does not accurately reflect the underlying value of the Fund’s portfolio, resulting in the dilution of shareholder interests.

11. Recently Issued Accounting Pronouncements

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the Fund’s financial statements.

12. Subsequent Events

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


26		DoubleLine Selective Credit Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of DoubleLine Funds Trust and Shareholders of DoubleLine Selective Credit Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of DoubleLine Selective Credit Fund (one of the funds constituting DoubleLine Funds Trust, hereafter referred to as the “Fund”) as of March 31, 2023, the related statement of operations for the year ended March 31, 2023, the statement of changes in net assets for each of the two years in the period ended March 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2023 and the financial highlights for each of the five years in the period ended March 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

LOGO

Los Angeles, California

May 22, 2023

We have served as the auditor of one or more investment companies in the DoubleLine Investment Company Complex since 2010.

PricewaterhouseCoopers LLP, 601 South Figueroa Street, Los Angeles, California 90017

T: (213) 356 6000, www.pwc.com/us


				Annual Report		_\|		March 31, 2023		27

Shareholder Expenses

(Unaudited)

March 31, 2023

Example

As a shareholder of the Fund, you incur two basic types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period October 1, 2022 through March 31, 2023. Expenses Paid During Period are equal to the net annualized expense ratio for the Fund, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Actual Expenses

The actual return columns in the following table provide information about account values based on actual returns and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the respective line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. In addition to the expenses shown below in the table, as a shareholder you will be assessed fees for returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Fund’s transfer agent. The transfer agent charges a transaction fee of $25.00 on returned checks and stop payment orders. If you paid a transaction fee, you would add the fee amount to the expenses paid on your account this period to obtain your total expenses paid.

Hypothetical Example for Comparison Purposes

The hypothetical return columns in the following table provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect the transaction fees discussed above. Therefore, those columns are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.



							Actual						Hypothetical (5% return before expenses)

		Fund’s Annualized Expense Ratio^(b)		Beginning Account Value			Ending Account Value at March 31, 2023			Expenses Paid During Period^(a)(b)			Ending Account Value at March 31, 2023			Expenses Paid During Period^(a)(b)

DoubleLine Selective Credit Fund	Class I		0.05%		$	1,000		$	1,010		$	0.25		$	1,025		$	0.25

^(a) Expenses Paid During Period are equal to the net annualized expense ratio for the Fund, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

^(b) Reflects fee waiver and expense limitation arrangements in effect during the period.


28		DoubleLine Selective Credit Fund

Evaluation of Advisory Agreement by the Board of Trustees

(Unaudited)

March 31, 2023

DoubleLine Total Return Bond Fund

DoubleLine Core Fixed Income Fund

DoubleLine Emerging Markets Fixed Income Fund

DoubleLine Multi-Asset Growth Fund

DoubleLine Cayman Multi-Asset Growth Fund I Ltd.

DoubleLine Low Duration Bond Fund

DoubleLine Floating Rate Fund

DoubleLine Shiller Enhanced CAPE^®

DoubleLine Flexible Income Fund

DoubleLine Low Duration Emerging Markets Fixed Income Fund

DoubleLine Selective Credit Fund

DoubleLine Long Duration Total Return Bond Fund

DoubleLine Strategic Commodity Fund

DoubleLine Strategic Commodity Ltd.

DoubleLine Global Bond Fund

DoubleLine Infrastructure Income Fund

DoubleLine Shiller Enhanced International CAPE^®

DoubleLine Real Estate and Income Fund

DoubleLine Emerging Markets Local Currency Bond Fund

DoubleLine Income Fund

DoubleLine Multi-Asset Trend Fund

DoubleLine Multi-Asset Trend Ltd.

DoubleLine Opportunistic Credit Fund

DoubleLine Income Solutions Fund

DoubleLine Yield Opportunities Fund

At a meeting held in February 2023 (the “February Meeting”), the Boards of Trustees (the “Board” or the “Trustees”) of the DoubleLine open-end mutual funds and closed-end funds listed above (the “Funds”) approved the continuation of the investment advisory and sub-advisory agreements (the “Advisory Agreements”) between DoubleLine and those Funds. That included approval by the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Funds (the “Independent Trustees”) voting separately. When used in this summary, “DoubleLine” or “Management” refers collectively to DoubleLine Capital LP and/or to DoubleLine Alternatives LP, as appropriate in the context.

The Trustees’ determination to approve the continuation of each Advisory Agreement was made on the basis of each Trustee’s business judgment after an evaluation of all of the relevant information provided to the Trustees, including information provided for their consideration at their February Meeting and at meetings held in preparation for the February Meeting with management and representatives of Strategic Insight, an independent third-party provider of investment company data (“Strategic Insight”), and additional information requested by the Independent Trustees. The Independent Trustees also met outside the presence of management prior to the February Meeting to consider the materials and information related to the proposed continuation of the Advisory Agreements.

The Trustees also meet regularly with investment advisory, compliance, risk management, operational, and other personnel from DoubleLine and regularly review detailed information, presented both orally and in writing, regarding the services performed by DoubleLine for the benefit of the Funds, DoubleLine’s investment program for each Fund, the performance of each Fund, the fees and expenses of each Fund, and the operations of each Fund. In considering whether to approve the continuation of the Advisory Agreements, the Trustees took into account information presented to them over the course of the past year.

This summary describes a number, but not necessarily all, of the most important factors considered by the Board and the Independent Trustees. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. No single factor was determined to be decisive or controlling. In all their deliberations, the Independent Trustees were advised by independent counsel.

The Trustees considered the nature, extent, and quality of the services, including the expertise and experience of investment personnel, provided and expected to be provided by DoubleLine to each Fund. In this regard, the Trustees considered that DoubleLine provides a full investment program for the Funds and noted DoubleLine’s representation that it seeks to provide attractive returns with a strong emphasis on risk management. The Board considered in particular the difficulty of managing debt-related portfolios, noting that managing such portfolios requires a portfolio management team to balance a number of factors,


				Annual Report		_\|		March 31, 2023		29


Evaluation of Advisory Agreement by the Board of Trustees (Cont.)

which may include, among others, securities of varying maturities and durations, actual and anticipated interest rate changes and market volatility, prepayments, collateral management, counterparty management, pay-downs, credit events, workouts, and net new issuances. In their evaluation of the services provided by DoubleLine and the Funds’ contractual relationships with DoubleLine, the Trustees considered generally the long-term performance record of the firm’s portfolio management personnel, including, among others, Mr. Jeffrey Gundlach, and the strong historical investor interest in products managed by DoubleLine.

The Trustees reviewed reports prepared by Strategic Insight (the “Strategic Insight Reports”) that compared, among other information, each Fund’s net management fee rate and net total expense ratio (Class I shares with respect to the open-end Funds) against the net management fee rate and net total expense ratio of a group of peers selected by Strategic Insight, and each Fund’s performance records (Class I shares with respect to the open-end Funds) for the one-year, three-year (where applicable), and five-year (where applicable) periods ended October 31, 2022, against the performance records of those funds in each Fund’s Morningstar category and the performance of the Fund’s broad-based benchmark index. In preparation for the February Meeting, the Independent Trustees met with Strategic Insight representatives twice to review the comparative information set out in the Strategic Insight Reports, the methodologies used by Strategic Insight in compiling those reports and selecting the peer groups used within those reports, and the considerations for evaluating the comparative information presented in those reports. The Independent Trustees also considered the information Strategic Insight provided regarding the challenges Strategic Insight encountered in assembling appropriate peer groups for a number of the Funds due to, among other factors, the limited number of possible peer funds with substantially similar principal investment strategies, investment approaches and/or advisory fee structures for certain of the Funds. Where applicable, the Trustees also received information from DoubleLine, including regarding factors to consider in evaluating a Fund’s performance relative to its peer groups and the factors that contributed to the underperformance of certain Funds relative to their peer groups or benchmark indices.

In respect of the open-end Funds, the Trustees considered generally Management’s description of investment conditions in the fixed-income markets in recent years and their effects on the Funds. Management noted that, in the period following the height of the COVID-19 pandemic, the rapid increase in interest rates, followed by the actions of the Federal Reserve Board to counteract inflationary pressures, had a significant adverse effect on the values of outstanding debt securities. Management noted that this was particularly the case in respect of many of the mortgage-backed and other asset-backed securities in which many of the Funds invest. The Trustees considered Management’s statements that these developments hurt both the absolute and relative performance records of many of the Funds, but that the performance of many of those Funds has improved in more recent periods.

The Trustees considered that a number of the open-end Funds achieved performance at levels above the medians of their peers for the three-year period ended October 31, 2022. Those Funds included DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Emerging Markets Local Currency Bond Fund, DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Infrastructure Income Fund, DoubleLine Low Duration Emerging Markets Fixed Income Fund, DoubleLine Shiller Enhanced International CAPE^® and DoubleLine Selective Credit Fund. In addition, the Trustees noted that a number of Funds had experienced performance at levels below the medians of their peers for the three-year period ended October 31, 2022, but their performance had improved to levels above their peer group medians for the one-year period ended the same date. Those Funds included DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, and DoubleLine Long Duration Total Return Bond Fund. The Trustees noted improvements in the performance of DoubleLine Strategic Commodity Fund and DoubleLine Global Bond Fund, whereby each Fund was in the fourth comparative quartile for the three-year period and in the second quartile for the one-year period. In addition, the Trustees considered that DoubleLine Income Fund, which had been in the fourth comparative quartile for the three-year period, performed for the one-year period at the 60^th comparative percentile, which represented substantial improvement in the Fund’s performance. The Trustees determined that the performance of each of those Funds supported the continuation of the Advisory Agreements.

With respect to DoubleLine Shiller Enhanced CAPE^®, the Trustees considered Management’s statement that recent periods have been highly unusual in that the performance of both fixed-income and equity securities have been significantly adversely affected by market factors. Management noted that, because the Fund has approximately equal exposures to both fixed-income and equity securities, its performance had been affected particularly adversely over the period. The Trustees considered Management’s view that the Fund might be expected to experience a significant improvement in performance as one or both of those markets recover. With respect to DoubleLine Multi-Asset Growth Fund, the Trustees considered similarly that the Fund’s exposure to both fixed-income and equity securities had resulted in significant underperformance in recent periods, and that the Fund’s typically large exposure to fixed-income securities compared to peer funds had affected its comparative performance significantly. With respect to DoubleLine Multi-Asset Trend Fund, the Trustees considered the Fund’s limited operating history and noted that it was important to provide the Fund’s portfolio management team sufficient time to establish a longer performance history.


30		DoubleLine Selective Credit Fund

(Unaudited)

March 31, 2023

With respect to DoubleLine Real Estate and Income Fund, the Trustees considered that the Fund has very few assets and that DoubleLine was receiving no management fee from the Fund but rather was subsidizing its expenses.

On the basis of all of these factors, the Trustees determined that the historical performance records of the Funds, and the factors cited by Management in respect of underperforming Funds, were consistent with the continuance of the Advisory Agreement(s) for each of the Funds

The Trustees considered the portion of the Strategic Insight Reports covering the open-end Funds’ net management fees and net total expenses relative to their expense peer groups. The Trustees considered DoubleLine’s pricing policy for its advisory fees and that DoubleLine does not seek to be a lowest cost provider, nor does it have a policy to set its advisory fees below the median of a Fund’s peers, but rather seeks to set fees at a competitive level that reflects DoubleLine’s demonstrated significant expertise and experience in the investment strategies that if offers.

The Trustees considered the expenses of each of the open-end Funds. They noted that all but six of the Funds had net total expense ratios at or below the medians of their peers. They noted that each of the six Funds with net total expense ratios above their peer medians (DoubleLine Total Return Bond Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Emerging Markets Local Currency Bond Fund, DoubleLine Infrastructure Income Fund, DoubleLine Multi-Asset Growth Fund, and DoubleLine Flexible Income Fund) had net total expense ratios within three basis points of the medians. They noted that DoubleLine Infrastructure Income Fund had a net total expense ratio slightly above the peer medians with respect to two of the peer groups presented by Strategic Insight and that the Fund had a net total expense ratio below the median for one of the peer groups presented by Strategic Insight. Similarly, the Trustees noted that the large majority of the Funds paid net advisory fees below the medians of their peer groups. Two of the Funds, DoubleLine Core Fixed Income Fund and DoubleLine Low Duration Bond Fund, whose net advisory fees were 2.9 and 1.6 basis points above their peer medians, respectively, nonetheless incurred net total expenses at rates lower than their peers. DoubleLine Total Return Bond Fund paid net advisory fees at a rate 5 basis points above its peer median, but incurred net total expenses at a rate close to its peer median. DoubleLine Strategic Commodity Fund, whose net advisory fee was 17.1 basis points above its peer median, incurred net total expenses at a rate equal to the peer median. The remaining two of those Funds, DoubleLine Emerging Markets Fixed Income Fund and DoubleLine Flexible Income Fund, paid net advisory fees at a rate 9 basis points above their peer medians, but incurred net total expenses at rates close to their peer medians, 2.8 basis points and 1 basis point, respectively, above the peer medians. The Trustees determined that neither the net advisory fees nor the net total expense ratios of any of the Fund appeared, on the basis of all of the information available to them, unreasonable or such as to call into question the continuation of the Funds’ Advisory Agreements.

On the basis of these considerations and others and in the exercise of their business judgment, the Trustees determined to approve the Agreements for the proposed additional one-year term.

In respect of the closed-end Funds, the Trustees considered the information in the Strategic Insight Reports regarding the Funds’ performance records and net management fees and net total expenses, based on each Fund’s net assets (excluding the principal amount of borrowings) and, separately, on each Fund’s total managed assets (including the principal amount of borrowings). The Trustees considered DoubleLine’s statement that the recent volatility in fixed-income markets had had a significant adverse effect on the performance of the closed-end funds, and the reasons why that volatility had caused the Funds to underperform many or most of their peers. (References to a Fund’s net total expense ratio below are to that ratio excluding investment related expenses, such as interest on leverage.)

As to DoubleLine Income Solutions Fund (“DSL”), the Trustees noted that the Fund’s net total expense ratio (excluding investment related expenses) was below the median of its expense peer group on both a net assets and a total managed assets basis and that its net management fee rate was above, though near, the median of its expense group on both a net assets and a total managed assets basis. The Trustees considered DoubleLine’s statement that, although the Fund has outperformed its benchmark index and a number of its peer funds over various periods in the past, the Fund’s recent underperformance due to the recent market volatility has had the effect of reducing the Fund’s average annual returns compared to peers and the benchmark over longer time periods. The Trustees considered DoubleLine’s description of the factors leading to the Fund’s substantial underperformance in recent periods, its confirmation that it has remained consistent in its approach to managing the Fund, and factors that lead DoubleLine to expect improved performance in coming periods.

As to DoubleLine Opportunistic Credit Fund (“DBL”), the Trustees noted that DBL’s net management fees were in the second quartile of the Fund’s expense group on a net assets basis and in the fourth quartile of the expense group on a total managed assets basis. The Trustees also noted that DBL’s net total expense ratio was shown in the Strategic Insight Report to be in the third quartile of the Fund’s expense group on a net assets basis and in the fourth quartile of the expense group on a total managed assets basis.


				Annual Report		_\|		March 31, 2023		31


Evaluation of Advisory Agreement by the Board of Trustees (Cont.)

In no case were the Fund’s net management fees or net total expenses the highest among its peers. The Trustees considered DoubleLine’s statement that, although the Fund performed in the fourth quartile for the three- and five-year periods, the Fund’s performance improved for the one-year period, with the Fund performing in the third-quartile of its Morningstar peer group. The Trustees also noted that the Fund outperformed its benchmark index for the one-, three-, and five-year periods shown in the Strategic Insight Report. The Trustees considered DoubleLine’s description of the factors leading to the Fund’s substantial underperformance and factors that have led to the recent improvement of the Fund’s relative perfomance and to DoubleLine’s expectation that performance will continue to improve.

As to DoubleLine Yield Opportunities Fund (“DLY”), the Trustees noted that DLY was only relatively recently organized and that it has only a limited operating history. The Trustees noted that while the Fund performed in the fourth quartile for the one-year period of its Morningstar peer group, it outperformed its benchmark index for the one-year period shown in the Strategic Insight Report and for the life of the Fund. They considered the factors cited by DoubleLine for the Fund’s underperformance, including in particular the high level of volatility in fixed-income markets in the periods since the Fund’s organization. In considering the fees and expenses of the Fund, the Trustees took into account DoubleLine’s statement that the Fund’s terms at its initial offering differed from many closed-end funds that came to market before it in that DoubleLine, as the Fund’s sponsor, bore all of the Fund’s initial organizational and offering expenses and that the Fund has a limited life, and that funds offered pursuant to such arrangements tend to pay higher advisory fees than funds whose sponsors do not bear those organizational and offering expenses and the related risks. The Trustees considered that Strategic Insight had developed an expense group comprising Funds with similar fee and expense arrangements. The Trustees noted that the Fund’s net advisory fees, though above the median of its peers both on a net assets and a total managed assets basis, was not the highest of its expense group. The Trustees considered similarly that the Fund’s net total expense ratio was above the median of the Fund’s expense peer group on both a net assets and a total managed assets basis, though not the highest of its expense group.

The Trustees noted that each of DSL, DBL, and DLY had employed leverage during some or all of the periods shown in the Strategic Insight Reports, and considered information from DoubleLine that they receive quarterly showing that each Fund earned a positive spread on its investment leverage, after taking into account any expenses related to the leverage, including incremental management fees.

As to all of the open- and closed-end Funds, Trustees considered that DoubleLine provides a variety of other services to the Funds in addition to investment advisory services, including, among others, a number of back-office services, valuation services, derivatives risk management services, compliance services, liquidity monitoring services, certain forms of information technology services (such as internal reporting), assistance with accounting and distribution services, and supervision and monitoring of the Funds’ other service providers. The Trustees considered DoubleLine’s ongoing efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Trustees also considered the nature and structure of the Funds’ compliance program, including the policies and procedures of the Funds and their various service providers (including DoubleLine). The Trustees considered the quality of those non-investment advisory services and determined that their quality appeared to support the continuation of the Funds’ arrangements with DoubleLine.

The Trustees considered information provided by DoubleLine relating to its historical and continuing commitment to hire the necessary personnel and to invest in technology enhancements to support DoubleLine’s ability to provide services to the Funds. The Trustees concluded that it appeared that DoubleLine continued to have sufficient quality and depth of personnel, resources, and investment methods to continue to provide services of the same nature and quality as DoubleLine has historically provided to the Funds.

The Trustees considered materials relating to the fees charged by DoubleLine to non-Fund clients for which DoubleLine employs investment strategies substantially similar to one or more Funds’ investment strategies, including institutional separate accounts advised by DoubleLine and mutual funds for which DoubleLine serves as subadviser. The Trustees noted the information DoubleLine provided regarding certain institutional separate accounts advised by it and funds subadvised by it that are subject to fee schedules that differ from, and are in most cases lower than, the rates paid by a Fund with substantially similar investment strategies. The Trustees noted DoubleLine’s representations that administrative, compliance, operational, legal, and other burdens of providing investment advice to mutual funds exceed in many respects those required to provide advisory services to non-mutual fund clients, such as institutional accounts for retirement or pension plans, which may have differing contractual requirements. The Trustees noted DoubleLine’s representations that DoubleLine also bears substantially greater legal and other responsibilities and risks in managing and sponsoring mutual funds than in managing private accounts or in sub-advising mutual funds sponsored by others, and that the services and resources required of DoubleLine when it sub-advises mutual funds sponsored by others generally are less extensive than those required of DoubleLine to serve the Funds, because, where DoubleLine serves as a sub-adviser, many of the sponsorship, operational, and compliance responsibilities related to the advisory function are retained by the primary adviser.


32		DoubleLine Selective Credit Fund

(Unaudited)

March 31, 2023

The Trustees reviewed information as to general estimates of DoubleLine’s profitability with respect to each Fund, taking into account, among other things, information about both the direct and the indirect benefits to DoubleLine from managing the Funds. The Trustees considered information provided by DoubleLine as to the methods it uses, and the assumptions it makes, in calculating its profitability. The Trustees considered representations from DoubleLine that its compensation program, which is comprised of several components, including base salary, discretionary bonus and potential equity participation in DoubleLine, enables DoubleLine to attract, retain, and motivate highly qualified and experienced employees. The Trustees noted that DoubleLine experienced significant profitability in respect of certain of the Funds, but noted that in those cases it would be appropriate to consider that profitability in light of various other considerations such as the nature, extent, and quality of the services provided by DoubleLine, the relative long-term performance of the relevant Funds, the consistency and transparency of the Funds’ investment operations over time, and the competitiveness of the management fees and total operating expenses of the Funds. The Trustees separately considered in this respect information provided by DoubleLine regarding its reinvestment in its business to accommodate changing regulatory requirements and to maintain its ability to provide high-quality services to the Funds.

In their evaluation of economies of scale, the Trustees considered, among other things, the pricing of the Funds and DoubleLine’s reported profitability, and that a number of the open-end Funds had achieved significant size. They noted also that none of the Funds has breakpoints in its advisory fee schedule, though the Trustees considered management’s view that the fee schedules for the Funds remained consistent with DoubleLine’s original pricing philosophy of proposing an initial management fee rate that generally, when taking into account expense limitations (where applicable), reflects reasonably foreseeable economies of scale. In this regard, the Trustees noted also that the information provided by Strategic Insight supported the view that the net management fees of the largest open-end Funds remained competitively priced. The Trustees separately noted that DoubleLine had agreed to continue in place the expense limitation arrangements for a number of the Funds at current levels for an additional one-year period, with the prospect of recouping any waived fees or reimbursed expenses at a later date. In evaluating economies of scale more generally, the Trustees also noted ongoing changes to the regulatory environment, which required DoubleLine to re-invest in its business and infrastructure. Based on these factors and others, the Trustees concluded that it was not necessary at the present time to implement breakpoints for any of the Funds, although they would continue to consider the question periodically in the future.

With regard to DSL, DBL, and DLY, the Trustees noted that these Funds have not increased in assets significantly from their initial offerings due principally to their status as closed-end investment companies and that there were therefore no substantial increases in economies of scale realized with respect to these Funds since their inception. The Trustees noted DoubleLine’s view that the levels of its profitability in respect of DSL, DBL, and DLY are appropriate in light of the investment it has made in these Funds, the quality of the investment management and other teams provided by it, and its continued investments in its own business.

On the basis of these considerations as well as others and in the exercise of their business judgment, the Trustees determined that they were satisfied with the nature, extent, and quality of the services provided to each Fund under its Advisory Agreement(s); that it appeared that the management fees paid by each Fund to DoubleLine were generally within the range of management fees paid by its peer funds, and generally reasonable in light of the services provided, the quality of the portfolio management teams, and each Fund’s performance to date; that the fees paid by each Fund did not appear inappropriate in light of the fee schedules charged to DoubleLine’s other clients with substantially similar investment strategies (where applicable) in light of the differences in the services provided and the risks borne by DoubleLine; that the profitability of each Fund to DoubleLine did not appear excessive or such as to preclude continuation of the Fund’s Advisory Agreement(s); that absence of breakpoints in any Fund’s management fee did not render that Fund’s fee unreasonable or inappropriate under the circumstances, although the Trustees would continue to consider the topic over time; and that it would be appropriate to approve each Advisory Agreement for an additional one-year period.


				Annual Report		_\|		March 31, 2023		33

Statement Regarding the Fund’s Liquidity Risk Management Program

(Unaudited)

March 31, 2023

The Fund has adopted a liquidity risk management program. The program’s principal objectives include mitigating the risk that the Fund is unable to meet its redemption obligations timely and supporting the Fund’s compliance with its limits on investments in illiquid assets. For the fiscal year ended March 31, 2023, the program administrator determined that the program supported the Fund’s ability to meet reasonably foreseeable redemption requests, reduced the risk of significant dilution from redemptions and supported the Adviser’s management of the Fund’s liquidity profile. The program includes a number of elements that support the assessment and management of liquidity risk, including the periodic classification and re-classification of the Fund’s investments into groupings based on the Adviser’s view of their liquidity. There can be no assurance that the program will achieve its objectives. Please refer to your Fund’s private placement memorandum for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.


34		DoubleLine Selective Credit Fund

Federal Tax Information

(Unaudited)

March 31, 2023

For the fiscal year ended March 31, 2023, certain dividends paid by the Fund may be subject to a maximum tax rate of 15% (20% for taxpayers with taxable income greater than $459,750 for single individuals and $517,200 for married couples filing jointly), as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and The Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:



Qualified Dividend Income

DoubleLine Selective Credit Fund									0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for corporate dividends received deduction for the fiscal year ended March 31, 2023, was as follows:



Dividends Received Deduction

DoubleLine Selective Credit Fund									0.00%

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the fiscal year ended March 31, 2023, for the Fund was as follows:



Qualified Short-Term Gains

DoubleLine Selective Credit Fund									0.00%

The percentage of taxable ordinary income distributions that are designated as interest related dividends under Internal Revenue Section 871(k)(1)(c) for the fiscal year ended March 31, 2023, for the Fund was as follows:



Qualified Interest Income

DoubleLine Selective Credit Fund									100.00%

Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund.


				Annual Report		_\|		March 31, 2023		35

Trustees and Officers

(Unaudited)

March 31, 2023


Name, Address, and Year of Birth⁽¹⁾	Position with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen⁽²⁾	Other Directorships Held by Trustee During Past 5 Years

Independent Trustees

Joseph J. Ciprari, 1964	Trustee	Indefinite/Since March 2010	President, Remo Consultants, a real estate financial consulting firm. Formerly, Managing Director, UBS AG. Formerly, Managing Director, Ally Securities LLC.	22	None

John C. Salter, 1957	Trustee	Indefinite/Since March 2010	Partner, Stark Municipal Brokers. Formerly, Managing Director, Municipals, Tullet Prebon Financial Services LLC (d/b/a Chapdelaine). Formerly, Partner, Stark, Salter & Smith, a securities brokerage firm specializing in tax exempt bonds.	22	None

Raymond B. Woolson, 1958	Trustee	Indefinite/Since March 2010	President, Apogee Group, Inc., a company providing financial consulting services.	22	Independent Trustee, DoubleLine ETF Trust (an open-end investment company with 2 portfolios). Independent Trustee, Advisors Series Trust (an open-end investment company with 35 portfolios)⁽³⁾

(1) The address of each Independent Trustee is c/o DoubleLine Funds, 2002 North Tampa Street, Tampa, FL 33602.

(2) Includes each series of DoubleLine Funds Trust, DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, and DoubleLine Yield Opportunities Fund. (3) Quasar Distributors, LLC serves as the principal underwriter of DoubleLine Funds Trust and Advisors Series Trust.

Each of the following Trustees is an interested person of the Trust as defined in the 1940 Act because they are officers of the Adviser and hold direct or indirect ownership interests in DoubleLine Capital LP and DoubleLine Alternatives LP. Additionally, Mr. Redell is an officer of the Trust.


Name, Address, and Year of Birth⁽¹⁾	Position with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen⁽²⁾	Other Directorships Held by Trustee During Past 5 Years

Interested Trustees

Jeffrey E. Gundlach, 1959	Trustee	Indefinite/Since January 2010	Chief Executive Officer and Chief Investment Officer, DoubleLine Capital (since December 2009).	19	Interested Trustee, DoubleLine ETF Trust

Ronald R. Redell, 1970	President and Trustee	Indefinite/President Since Inception and Trustee Since January 2019	Trustee, Chairman, President and Chief Executive Officer of DoubleLine Yield Opportunities Fund (since November 2019); Trustee, Chairman, President, and Chief Executive Officer, DoubleLine Income Solutions Fund (since January 2013); President, DoubleLine Group LP (since January 2019) and Executive (from January 2013 to January 2019); Trustee, Chairman, President and Chief Executive Officer, DoubleLine Opportunistic Credit Fund (since July 2011); Executive, DoubleLine Capital (since July 2010); President, DoubleLine Funds Trust (since January 2010).	22	Interested Trustee, DoubleLine ETF Trust

(1) The address of each Interested Trustee is c/o DoubleLine Funds, 2002 North Tampa Street, Tampa, FL 33602.

(2) Includes each series of DoubleLine Funds Trust, DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, and DoubleLine Yield Opportunities Fund.

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 877-DLine11 (877-354-6311) or email fundinfo@doubleline.com.


36		DoubleLine Selective Credit Fund

(Unaudited)

March 31, 2023

Officers

The officers of the Trust who are not also Trustees of the Trust are:


Name, Address, and Year of Birth⁽¹⁾	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years

Henry V. Chase, 1949	Treasurer and Principal Financial and Accounting Officer	Indefinite/Since January 2020	Treasurer and Principal Financial and Accounting Officer, DoubleLine Funds Trust (since January 2020); Treasurer and Principal Financial and Accounting Officer, DoubleLine Yield Opportunities Fund (since January 2020); Treasurer and Principal Financial and Accounting Officer, DoubleLine Income Solutions Fund (since January 2020); Treasurer and Principal Financial and Accounting Officer, DoubleLine Opportunistic Credit Fund (since January 2020); Chief Financial Officer, DoubleLine Capital (since January 2013). Formerly, Vice President, DoubleLine Yield Opportunities Fund (since November 2019); Vice President, DoubleLine Income Solutions Fund (since May 2019); Vice President, DoubleLine Funds Trust (since May 2019); Vice President, DoubleLine Opportunistice Credit Fund (since May 2019).

Youse Guia, 1972	Chief Compliance Officer	Indefinite/Since March 2018	Chief Compliance Officer, DoubleLine Yield Opportunities Fund (since November 2019); Chief Compliance Officer, DoubleLine Capital (since March 2018); Chief Compliance Officer, DoubleLine Equity LP (since March 2018); Chief Compliance Officer, DoubleLine Funds Trust (since March 2018); Chief Compliance Officer, DoubleLine Opportunistic Credit Fund (since March 2018); Chief Compliance Officer, DoubleLine Income Solutions Fund (since March 2018). Formerly, Executive Vice President and Deputy Chief Compliance Officer, Pacific Investment Management Company LLC (“PIMCO”) (from April 2014 to February 2018); Chief Compliance Officer, PIMCO Managed Accounts Trust (from September 2014 to February 2018); Chief Compliance Officer, PIMCO-sponsored closed-end funds (from September 2014 to February 2018); Chief Compliance Officer, PIMCO Flexible Credit Income Fund (from February 2017 to February 2018).

Winnie Han, 1988	Assistant Treasurer	Indefinite/Since May 2017	Assistant Treasurer, DoubleLine Yield Opportunities Fund (since November 2019); Assistant Treasurer, DoubleLine Income Solutions Fund (since May 2017); Assistant Treasurer, DoubleLine Funds Trust (since May 2017); Assistant Treasurer, DoubleLine Opportunistic Credit Fund (since May 2017); Assistant Treasurer, DoubleLine Capital (since March 2017);

Cris Santa Ana, 1965	Vice President and Secretary	Indefinite/Vice President Since April 2021 and Secretary Since July 2018	Vice President and Secretary, DoubleLine Yield Opportunities Fund (since November 2019); Secretary, DoubleLine Income Solutions Fund (since July 2018); Secretary, DoubleLine Opportunistic Credit Fund (since July 2018); Secretary, DoubleLine Funds Trust (since July 2018); Vice President, DoubleLine Yield Opportunities Fund (since November 2019); Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Opportunistic Credit Fund (since July 2011); Vice President, DoubleLine Funds Trust (since April 2011); Chief Risk Officer, DoubleLine Capital (since June 2010).

Earl A. Lariscy, 1966	Vice President	Indefinite/ Since Since May 2012	Vice President and Assistant Secretary, DoubleLine Yield Opportunities Fund (since November 2019); Vice President and Assistant Secretary, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Funds Trust (since May 2012); Vice President and Assistant Secretary, DoubleLine Opportunistic Credit Fund (since May 2012 and inception, respectively); General Counsel, DoubleLine Capital (since April 2010).

David Kennedy, 1964	Vice President	Indefinite/Since May 2012	Vice President, DoubleLine Yield Opportunities Fund (since November 2019); Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Funds Trust (since May 2012); Vice President, DoubleLine Opportunistic Credit Fund (since May 2012); Manager, Trading and Settlements, DoubleLine Capital (since December 2009).

Patrick A. Townzen, 1978	Vice President	Indefinite/Since September 2012	Vice President, DoubleLine Yield Opportunities Fund (since November 2019); Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Funds Trust (since September 2012); Vice President, DoubleLine Opportunistic Credit Fund (since September 2012); Director of Operations, DoubleLine Capital (since March 2018). Formerly, Manager of Operations, DoubleLine Capital (from September 2012 to March 2018).


				Annual Report		_\|		March 31, 2023		37


Trustees and Officers (Cont.)


Name, Address, and Year of Birth⁽¹⁾	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years

Brady J. Femling, 1987	Vice President	Indefinite/Since May 2017	Vice President, DoubleLine Yield Opportunities Fund (since November 2019); Vice President, DoubleLine Income Solutions Fund (since May 2017); Vice President, DoubleLine Opportunistic Credit Fund (since May 2017); Vice President, DoubleLine Funds Trust (since May 2017); Senior Fund Accountant, DoubleLine Capital (Since April 2013).

Neal L. Zalvan, 1973	Vice President	Indefinite/Vice President Since May 2016	Vice President, DoubleLine Yield Opportunities Fund (since November 2019); Vice President, DoubleLine Opportunistic Credit Fund (since May 2017); Vice President, DoubleLine Funds Trust (since May 2016); Vice President, DoubleLine Income Solutions Fund (since May 2016); Legal/Compliance, DoubleLine Group LP (since January 2013); Formerly, Anti-Money Laundering Officer, DoubleLine Yield Opportunities Fund (from November 2019 to September 2020); Anti-Money Laundering Officer, DoubleLine Capital, DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, DoubleLine Equity LP and DoubleLine Alternatives (from March 2016 to September 2020).

Adam D. Rossetti, 1978	Vice President	Indefinite/Since February 2019	Vice President, DoubleLine Yield Opportunities Fund (since November 2019); Vice President, DoubleLine Funds Trust (since February 2019); Vice President, DoubleLine Income Solutions Fund (since February 2019); Vice President, DoubleLine Opportunistic Credit Fund (since February 2019); Chief Compliance Officer, DoubleLine Alternatives (since June 2015); Legal/Compliance, DoubleLine Group LP (since April 2015). Formerly, Chief Compliance Officer, DoubleLine Capital (from August 2017 to March 2018); Chief Compliance Officer, DoubleLine Equity LP (from August 2017 to March 2018); Chief Compliance Officer, DoubleLine Funds Trust (from August 2017 to March 2018); Chief Compliance Officer, DoubleLine Income Solutions Fund (from August 2017 to March 2018); Chief Compliance Officer, DoubleLine Opportunistic Credit Fund (from August 2017 to March 2018)

Gheorghe Rotar, 1984	Vice President	Indefinite/Since February 2019	Vice President, DoubleLine Funds Trust (since February 2019); U.S. Funds Operations Manager, DoubleLine Group LP (since January 2018).

Grace Walker, 1970	Assistant Treasurer	Indefinite/Since January 2020	Assistant Treasurer, DoubleLine Yield Opportunities Fund (since January 2020) Assistant Treasurer, DoubleLine Funds Trust (since January 2020); Assistant Treasurer, DoubleLine Income Solutions Fund (since January 2020); Assistant Treasurer, DoubleLine Opportunistic Credit Fund (since January 2020); Treasurer, DoubleLine Funds (Luxembourg) and DoubleLine Cayman Unit Trust (since March 2017).

Dawn Oswald, 1980	Vice President	Indefinite/Since January 2020	Vice President, DoubleLine Yield Opportunities Fund (since January 2020); Vice President, Vice President, DoubleLine Funds Trust (since January 2020); DoubleLine Income Solutions Fund (since January 2020); Vice President, DoubleLine Opportunistic Credit Fund (since January 2020); Pricing Manager, DoubleLine Capital (since January 2018).

Jose Sarmenta, 1975	Anti-Money Laundering Officer		Anti-Money Laundering Officer, DoubleLine Funds Trust (since September 2020); Anti-Money Laundering Officer, DoubleLine Yield Opportunities Fund (since September 2020); Anti-Money Laundering Officer, DoubleLine Opportunistic Credit Fund (since September 2020); Anti-Money Laundering Officer, DoubleLine Income Solutions Fund (since September 2020); Compliance Analyst, DoubleLine Capital (since October 2019); Formerly, Compliance Manager, Anti-Money Laundering Manager for CIM Group (from November 2017 to October 2019);

(1) The address of each officer is c/o DoubleLine Funds, 2002 North Tampa Street, Tampa, FL 33602.


38		DoubleLine Selective Credit Fund

Information About Proxy Voting

(Unaudited)

March 31, 2023

Information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve month period ended June 30th is available no later than the following August 31st without charge, upon request, by calling 877-DLine11 (877-354-6311) and on the SEC’s website at www.sec.gov.

A description of the Fund’s proxy voting policies and procedures is available (i) without charge, upon request, by calling 877-DLine11 (877-354-6311); and (ii) on the SEC’s website at www.sec.gov.

Information About Portfolio Holdings

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Part F of Form N-PORT. When available, the Fund’s Part F of Form N-PORT is available on the SEC’s website at www.sec.gov.

Householding—Important Notice Regarding Delivery of Shareholder Documents

In an effort to conserve resources, the Fund intends to reduce the number of duplicate Annual and Semi-Annual Reports you receive by sending only one copy of each to addresses where we reasonably believe two or more accounts are from the same family. If you would like to discontinue householding of your accounts, please call toll-free 877-DLine11 (877-354-6311) to request individual copies of these documents. We will begin sending individual copies thirty days after receiving your request to stop householding.


				Annual Report		_\|		March 31, 2023		39

DoubleLine Privacy Policy Notice

(Unaudited)

March 31, 2023

What Does Doubleline Do With Your Personal Information?

This notice provides information about how DoubleLine (“we,” “our” and “us”) collects, discloses, and protects your personal information, and how you might choose to limit our ability to disclose certain information about you. Please read this notice carefully.

Why We Need Your Personal Information

All financial companies need to disclose customers’ personal information to run their everyday businesses, to appropriately tailor the services offered (where applicable), and to comply with our regulatory obligations. Accordingly, information, confidential and proprietary, plays an important role in the success of our business. However, we recognize that you have entrusted us with your personal and financial data, and we recognize our obligation to keep this information secure. Maintaining your privacy is important to us, and we hold ourselves to a high standard in its safekeeping and use. Most importantly, DoubleLine does not sell its customers’ non-public personal information to any third parties. DoubleLine uses its customers’ non-public personal information primarily to complete financial transactions that its customers request (where applicable), to make its customers aware of other financial products and services offered by a DoubleLine affiliated company, and to satisfy obligations we owe to regulatory bodies.

Information We May Collect

We may collect various types of personal data about you, including:

•

Your personal identification information, which may include your name and passport information, your IP address, politically exposed person (“PEP”) status, and such other information as may be necessary for us to provide our services to you and to complete our customer due diligence process and discharge anti-money laundering obligations;

•

Your contact information, which may include postal address and e-mail address and your home and mobile telephone numbers;

•

Your family relationships, which may include your marital status, the identity of your spouse and the number of children that you have;

•

Your professional and employment information, which may include your level of education and professional qualifications, your employment, employer’s name and details of directorships and other offices which you may hold; and

•

Financial information, risk tolerance, sources of wealth and your assets, which may include details of shareholdings and beneficial interests in financial instruments, your bank details and your credit history.

Where We Obtain Your Personal Information

•

Information we receive about you on applications or other forms;

•

Information you may give us orally;

•

Information about your transactions with us or others;

•

Information you submit to us in correspondence, including emails or other electronic communications; and

•

Information about any bank account you use for transfers between your bank account and any DoubleLine investment account, including information provided when effecting wire transfers.

Information Collected From Websites

Websites maintained by DoubleLine or its service providers may use a variety of technologies to collect information that help DoubleLine and its service providers understand how the website is used. Information collected from your web browser (including small files stored on your device that are commonly referred to as “cookies”) allow the websites to recognize your web browser and help to personalize and improve your user experience and enhance navigation of the website. You can change your cookie preferences by changing the setting on your web browser to delete or reject cookies. If you delete or reject cookies, some website pages may not function properly. Our websites may contain links that are maintained or controlled by third parties with privacy policies that may differ, in some cases significantly, from the privacy policies described in this notice. Please read the privacy policies of such third parties and understand that accessing their websites is at your own risk. Please contact your DoubleLine representative if you would like to receive more information about the privacy policies of third parties.

We also use web analytics services, which currently include but are not limited to Google Analytics and Adobe Analytics. Such web analytics services use cookies and similar technologies to evaluate visitor’s use of the domain, compile statistical reports on domain activity, and provide other services related to our websites. For more information about Google Analytics, or to opt out of Google Analytics, please go to https://tools.google.com/dlpage/gaoptout. For more information about Adobe Analytics, or to opt out of Adobe Analytics, please go to: http://www.adobe.com/privacy/opt-out.html.


40		DoubleLine Selective Credit Fund

(Unaudited)

March 31, 2023

How And Why We May Disclose Your Information

DoubleLine does not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except that we may disclose the information listed above, as follows:

•

It may be necessary for DoubleLine to provide information to nonaffiliated third parties in connection with our performance of the services we have agreed to provide to you. For example, it might be necessary to do so in order to process transactions and maintain accounts.

•

DoubleLine will release any of the non-public information listed above about a customer if directed to do so by that customer or if DoubleLine is required or authorized by law to do so, such as for the purpose of compliance with regulatory requirements or in the case of a court order, legal investigation, or other properly executed governmental request.

•

In order to alert a customer to other financial products and services offered by an affiliate, DoubleLine may disclose information to an affiliate, including companies using the DoubleLine name. Such products and services may include, for example, other investment products offered by a DoubleLine company. If you prefer that we not disclose non-public personal information about you to our affiliates for this purpose, you may direct us not to make such disclosures (other than disclosures permitted by law) by contacting us at Privacy@DoubleLine.com or at 1 (800) 285-1545. If you limit this sharing and you have a joint account, your decision will be applied to all owners of the account.

We will limit access to your personal account information to those agents and vendors who need to know that information to provide products and services to you. We do not share your information to nonaffiliated third parties for marketing purposes. We maintain physical, electronic, and procedural safeguards to guard your non-public personal information.

Notice Related To The California Consumer Privacy Act (CCPA) And To “Natural Persons” Residing In The State Of California

DoubleLine collects and uses information that identifies, describes, references, links or relates to, or is associated with, a particular consumer or device (“Personal Information”). Personal Information we collect from our customers and consumers is covered under the Gramm-Leach-Bliley Act (“GLBA”) and is therefore excluded from the scope of the California Consumer Privacy Act, as amended by the California Privacy Rights Act (together, “CCPA”).

However, for California residents who are not DoubleLine customers or consumers, as those terms are defined by GLBA, the personal information we collect about you is subject to the CCPA. As such, you have privacy rights with respect to your personal information. Please review the following applicable California privacy notice that is available at https://www.doubleline.com, or by contacting us at Privacy@DoubleLine.com or at 1 (800) 285-1545.

CA Privacy Notice for Website Visitors, Media Subscribers and Business Representatives

CA Privacy Notice for Employees

Notice To “Natural Persons” Residing In The European Economic Area (The “EEA”)

If you reside in the EEA, we may transfer your personal information outside the EEA, and will ensure that it is protected and transferred in a manner consistent with legal requirements applicable to the information. This can be done in a number of different ways, for instance:

•

the country to which we send the personal information may have been assessed by the European Commission as providing an “adequate” level of protection for personal data; or

•

the recipient may have signed a contract based on standard contractual clauses approved by the European Commission.

In other circumstances, the law may permit us to otherwise transfer your personal information outside the EEA. In all cases, however, any transfer of your personal information will be compliant with applicable data protection law.

Notice To Investors In Cayman Islands Investment Funds

If you are a natural person, please review this notice as it applies to you directly. If you are a legal representative of a corporate or entity investor that provides us with any personal information about individuals (i.e., natural persons), you agree to furnish a copy of this notice to each such individual or otherwise advise them of its content.

Any international transfer of personal information will be compliant with the requirements of the Data Protection Act, 2017 of the Cayman Islands.

Privacy For Children

DoubleLine is concerned about the privacy of children. Our website and our services are not targeted at individuals under 18 years of age, and we do not knowingly collect any personal information from an individual under 18. If we learn that a child under the age of 13


				Annual Report		_\|		March 31, 2023		41


DoubleLine Privacy Policy Notice (Cont.)

(or such higher age as required by applicable law) has submitted personally identifiable information online without parental consent, we will take all reasonable measures to delete such information from its databases and to not use such information for any purpose (except where necessary to protect the safety of the child or others as required or allowed by law). If you become aware of any personally identifiable information, we have collected from children under 13 (or such higher age as required by applicable law), please contact us at Privacy@DoubleLine.com or at 1 (800) 285-1545. We do not sell or share any personal information and have no actual knowledge about selling or sharing personal information of individuals under the age of 16.

Retention Of Personal Information And Security

Your personal information will be retained for as long as required:

•

for the purposes for which the personal information was collected;

•

in order to establish or defend legal rights or obligations or to satisfy any reporting or accounting obligations; and/or

•

as required by data protection laws and any other applicable laws or regulatory requirements, including, but not limited to, U.S. laws and regulations applicable to our business.

We will undertake commercially reasonable efforts to protect the personal information that we hold with appropriate security measures.

Access To And Control Of Your Personal Information

Depending on your country of domicile or applicable law, you may have the following rights in respect of the personal information about you that we process:

•

the right to access and port personal information;

•

the right to rectify personal information;

•

the right to restrict the use of personal information;

•

the right to request that personal information is erased; and

•

the right to object to processing of personal information.

Although you have the right to request that your personal information be deleted at any time, applicable laws or regulatory requirements may prohibit us from doing so. In addition, if you invest in a DoubleLine fund through a financial intermediary, DoubleLine may not have access to personal information about you.

If you wish to exercise any of the rights set out above, please contact us at Privacy@DoubleLine.com or at 1 (800) 285-1545.

Changes To Doubleline’s Privacy Policy

DoubleLine reserves the right to modify its privacy policy at any time, but in the event that there is a change that affects the content of this notice materially, DoubleLine will promptly inform its customers of such changes in accordance with applicable law.


42		DoubleLine Selective Credit Fund

Investment Adviser:

DoubleLine Capital LP

2002 North Tampa Street

Suite 200

Tampa, FL 33602

Administrator and Transfer Agent:

U. S. Bancorp Fund Services, LLC

P. O. Box 701

Milwaukee, WI 53201

Custodian:

U.S. Bank, N.A.

1555 North River Center Drive

Suite 302

Milwaukee, WI 53212

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017

Legal Counsel:

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Contact Information:

doubleline.com

fundinfo@doubleline.com

(877) DLine11 or (877) 354-6311

DL-ANNUAL-SC

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

fundinfo@doubleline.com || www.doubleline.com

LOGO

(b)

Not applicable.

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. The Registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The Registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the Registrant’s Code of Ethics is filed herewith.

Item 3. Audit Committee Financial Expert.

The Registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Raymond B. Woolson is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.


	FYE 3/31/2023		FYE 3/31/2022
(a) Audit Fees	$	1,152,812	$	1,045,350
(b) Audit-Related Fees	$	900	$	900
(c) Tax Fees	$	267,824	$	267,824
(d) All Other Fees		N/A		N/A

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the Registrant, including services provided to any entity affiliated with the Registrant.

(e)(2) The percentage of fees billed by PricewaterhouseCoopers LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:


	FYE 3/31/2023			FYE 3/31/2022
Audit-Related Fees		0	%		0	%
Tax Fees		0	%		0	%
All Other Fees		0	%		0	%

(f) All of the principal accountant’s hours spent on auditing the Registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the Registrant’s accountant for services to the Registrant and to the Registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.


Non-Audit Related Fees	FYE 3/31/2023		FYE 3/31/2022
Registrant	$	267,824	$	267,824
Registrant’s Investment Adviser	$	338,535	$	1,411,398

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

(i) The Registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The Registrant is not a foreign issuer.

Item 5. Audit Committee of Listed Registrants.

Not applicable to Registrant’s who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a)	Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees.

Item 11. Controls and Procedures.

(a)

The Registrant’s principal executive and principal financial officers have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the Registrant’s independent public accountant. There was no change in the Registrant’s independent public accountant for the period covered by this report.

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		DoubleLine Funds Trust
By (Signature and Title)		/s/ Ronald Redell
		Ronald R. Redell, President
Date		6/1/2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ Ronald Redell
		Ronald R. Redell, President
Date		6/1/2023
By (Signature and Title)		/s/ Henry V Chase
		Henry V. Chase, Treasurer and
		Principal Financial and Accounting Officer
Date		6/1/2023

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