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Fund Summary

DoubleLine Total Return Bond Fund

Investment Objective

The Fund’s investment objective is to seek to maximize total return.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment)

Share Class		Class I		Class N		Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price)		None		None		None
Maximum Deferred Sales Charge (Load) (as a percentage of the original purchase price)		None		None		None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends		None		None		None
Redemption Fee (as a percentage of shares redeemed within 90 days of purchase)		None		None		None
Fee for Redemption by Wire		$15		$15		$15
Exchange Fee		None		None		None
Account Fee		None		None		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.    

This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:    

 

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Portfolio Turnover

Principal Investment Strategies

In managing the Fund’s portfolio, the portfolio managers typically use a controlled risk approach. The techniques of this approach attempt to control the principal risk components of the fixed income markets and may include, among other factors, consideration of the Adviser’s view of the following: the potential relative performance of various market sectors, security selection available within a given sector, the risk/reward equation for different asset classes, liquidity conditions in various market sectors, the shape of the yield curve and projections for changes in the yield curve, potential fluctuations in the overall level of interest rates, and current fiscal policy. 

Under normal circumstances, the Fund intends to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in bonds. “Bonds” include bonds, debt securities, and other fixed income instruments issued by governmental or private-sector entities. If the Fund changes this investment policy, it will notify shareholders at least 60 days in advance of the change. 

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employed by the Fund will be successful. In managing the Fund’s investments, under normal market conditions, the portfolio managers intend to seek to construct an investment portfolio with a dollar-weighted average effective duration of no less than one year and no more than eight years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage prepayment rates as determined by the Adviser. The effective duration of the Fund’s investment portfolio may vary materially from its target range, from time to time, and there is no assurance that the effective duration of the Fund’s investment portfolio will always be within its target range. 

The Fund may enter into derivatives transactions and other instruments of any kind for hedging purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. The Fund may use derivatives transactions with the purpose or effect of creating investment leverage. For example, the Fund may use futures contracts and options on futures contracts, in order to gain efficient long or short investment exposures as an alternative to cash investments or to hedge against portfolio exposures; interest rate swaps, to gain indirect long or short exposures to interest rates, issuers, or currencies, or to hedge against portfolio exposures; and total return swaps and credit derivatives (such as credit default swaps), put and call options, and exchange-traded and structured notes, to take indirect long or short positions on indexes, securities, currencies, or other indicators of value, or to hedge against portfolio exposures. The Fund may also engage in short sales or take short positions, either to adjust its duration or for other investment purposes. 

Portfolio securities may be sold at any time. By way of example, sales may occur when the Fund’s portfolio managers determine to take advantage of what the portfolio managers consider to be a better investment opportunity, when the portfolio managers believe the portfolio securities no longer represent relatively attractive investment opportunities, when the portfolio managers perceive deterioration in the credit fundamentals of the issuer, or when the portfolio managers believe it would be appropriate to do so in order to readjust the duration of the Fund’s investment portfolio. 

Principal Risks

The value of the Fund’s shares will vary as its portfolio investments increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. The Fund’s principal risks are listed below in alphabetical order, not in order of importance. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund’s portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

The principal risks affecting the Fund that can cause a decline in value are:

  

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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.

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debt securities risks:

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credit risk: the risk that an issuer, counterparty or other obligor to the Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund’s income and/or reduce, in whole or in part, the value of the Fund’s investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security’s or other instrument’s credit quality or value and an obligor’s ability to honor its obligations 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 or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

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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.

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prepayment risk: the risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre‑paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund.

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defaulted securities risk: the significant risk of the uncertainty of repayment of defaulted securities (e.g., a security on which a principal or interest payment is not made when due) and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or similar proceedings). Such investments entail high risk and have speculative characteristics.

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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

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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.

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financial services risk: the risk that an investment in issuers in the financial services sector or transactions with one or more counterparties in the financial services sector may be adversely affected by, among other things: (i) changes in governmental regulation, which may limit both the amounts and the types of loans and other financial commitments financial services companies can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain; (ii) fluctuations, including as a result of interest rate changes or increased competition, in the availability and cost of capital funds on which the profitability of financial services companies is largely dependent; (iii) deterioration of the credit markets; (iv) credit losses resulting from financial difficulties of borrowers, especially when financial services companies are exposed to non‑diversified or concentrated loan portfolios; (v) financial losses associated with investment activities, especially when financial services companies are exposed to financial leverage; (vi) the risk that any financial services company experiences substantial declines in the valuations of its assets, takes action to raise capital, or ceases operations; (vii) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector; and (viii) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

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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.

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inflation-indexed bond risk: the risk that such bonds will change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by the Fund’s portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

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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.

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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. Illiquidity may be the result of, for example, low trading volume, lack of a market maker, or contractual or legal restrictions that limit or prevent the Fund from selling securities or closing derivative positions. During periods of substantial market disruption, a large portion of the Fund’s assets could potentially experience significant levels of illiquidity. The values of illiquid investments are often more volatile than the values of more liquid investments. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid comparable investment.

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loan risk: the risk that (i) if the Fund holds a loan through another financial intermediary, or relies on a financial intermediary to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial intermediary; (ii) any collateral securing a loan may be insufficient or unavailable to the Fund, because, for example, the value of the collateral securing a loan can decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate, and the Fund’s rights to collateral may be limited by bankruptcy or insolvency laws; (iii) investments in highly leveraged loans or loans of stressed, distressed, or defaulted issuers may be subject to significant credit and liquidity risk; (iv) a bankruptcy or other court proceeding could delay or limit the ability of the

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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 repayment of principal to other classes of the issuer’s securities.

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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.

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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. For example, the values of securities of companies in the same or related sectors may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market, political or other developments specific to that sector or related sectors.

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U.S. Government securities risk: the risk that debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities.

Please see “Additional Information About Principal Investment Strategies and Principal Risks — Principal Risks” for a more detailed description of the principal risks of investing in the Fund. 

Performance

The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s Class I shares for each full calendar year since the Fund’s inception. The table below shows

  

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Class I Shares 

The Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑advantaged account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not relevant to your investment. The “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than other return figures because when a capital loss occurs upon the redemption of shares of the Fund, a tax deduction is provided that may

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Name		Experience with the Fund		Primary Title with the Investment Adviser
Jeffrey E. Gundlach		Since the Fund’s inception in April 2010		Chief Executive Officer
Andrew Hsu		Since July 2019		Portfolio Manager
Ken Shinoda		Since July 2020		Portfolio Manager

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Fund Summary

DoubleLine Core Fixed Income Fund

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The Fund may pursue its investment objective and obtain exposures to some or all of the asset classes described above by investing in other investment companies, including, for example, other open‑end or closed‑end investment companies and ETFs, including investment companies sponsored or managed by the Adviser or its related parties. The amount of the Fund’s investment in certain investment companies may be limited by law or by tax considerations. 

In managing the Fund’s portfolio, the portfolio managers typically use a controlled risk approach. The techniques of this approach attempt to control the principal risk components of the fixed income markets and may include, among other factors, consideration of the Adviser’s view of the following: the potential relative performance of various market sectors, security selection available within a given sector, the risk/reward equation for different asset classes, liquidity conditions in various market sectors, the shape of the yield curve and projections for changes in the yield curve, potential fluctuations in the overall level of interest rates, and current fiscal policy. 

The portfolio managers utilize active asset allocation in managing the Fund’s investments. 

The Adviser monitors the duration of the Fund’s portfolio securities to seek to assess and, in its discretion, adjust the Fund’s exposure to interest rate risk. In managing the Fund’s investments, under normal market conditions, the portfolio managers intend to seek to construct an investment portfolio with a dollar-weighted average effective duration of no less than two years and no more than eight years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage prepayment rates as determined by the Adviser. The effective duration of the Fund’s investment portfolio may vary materially from its target range, from time to time, and there is no assurance that the effective duration of the Fund’s investment portfolio will always be within its target range. 

The Fund may enter into derivatives transactions and other instruments of any kind for hedging purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. The Fund may use derivatives transactions with the purpose or effect of creating investment leverage. For example, the Fund may use futures contracts and options on futures contracts, in order to gain efficient long or short investment exposures as an alternative to cash investments or to hedge against portfolio exposures; interest rate swaps, to gain indirect long or short exposures to interest rates, issuers, or currencies, or to hedge against portfolio exposures; and total return swaps and credit derivatives (such as credit default swaps), put and call options, and exchange-traded and structured notes, to take indirect long or short positions on indexes, securities, currencies, or other indicators of value, or to hedge against portfolio exposures. The Fund may also engage in short sales or take short positions, either to adjust its duration or for other investment purposes. 

Portfolio securities may be sold at any time. By way of example, sales may occur when the Fund’s portfolio managers determine to take advantage of what the portfolio managers consider to be a better investment opportunity, when the portfolio managers believe the portfolio securities no longer represent relatively attractive investment opportunities, when the portfolio managers perceive deterioration in the credit fundamentals of the issuer, or when the individual security has reached the portfolio managers’ sell target. 

Principal Risks

The value of the Fund’s shares will vary as its portfolio investments increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. The Fund’s principal risks are listed below in alphabetical order, not in order of importance. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund’s portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

The principal risks affecting the Fund that can cause a decline in value are:

  

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active management risk: the risk that the Fund will fail to meet its investment objective and that the Fund’s investment performance will depend, at least in part, on how its assets are allocated and reallocated among asset classes, sectors, underlying funds and/or investments and that such allocation will focus on asset classes, sectors, underlying funds, and/or investments that perform poorly or underperform other asset classes, sectors, underlying funds, and/or

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•

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.

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debt securities risks:

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credit risk: the risk that an issuer, counterparty or other obligor to the Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund’s income and/or reduce, in whole or in part, the value of the Fund’s investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security’s or other instrument’s credit quality or value and an obligor’s ability to honor its obligations 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 or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

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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.

¡

prepayment risk: the risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre‑paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund.

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defaulted securities risk: the significant risk of the uncertainty of repayment of defaulted securities (e.g., a security on which a principal or interest payment is not made when due) and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or similar proceedings). Such investments entail high risk and have speculative characteristics.

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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.

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emerging market country risk: the risk that investing in emerging markets, as compared to foreign developed markets, increases the likelihood that the Fund will lose money, due to more limited information about the issuer and/or the security; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets; the possibility of currency blockages or transfer restrictions; an emerging market country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments.

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financial services risk: the risk that an investment in issuers in the financial services sector or transactions with one or more counterparties in the financial services sector may be adversely affected by, among other things: (i) changes in governmental regulation, which may limit both the amounts and the types of loans and other financial commitments financial services companies can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain; (ii) fluctuations, including as a result of interest rate changes or increased competition, in the availability and cost of capital funds on which the profitability of financial services companies is largely dependent; (iii) deterioration of the credit markets; (iv) credit losses resulting from financial difficulties of borrowers, especially when financial services companies are exposed to non-diversified or concentrated loan portfolios; (v) financial losses associated with investment activities, especially when financial services companies are exposed to financial leverage; (vi) the risk that any financial services company experiences substantial declines in the valuations of its assets, takes action to raise capital, or ceases operations; (vii) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector; and (viii) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

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

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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.

•

inflation-indexed bond risk: the risk that such bonds will change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by the Fund’s portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

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investment company and exchange-traded fund risk: the risk that an investment company or other pooled investment vehicle, including any ETFs or money market funds, in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of its shares. The Fund must pay its pro rata portion of an investment company’s fees and expenses. To the extent the Adviser determines to invest Fund assets in other investment companies, the Adviser will have an incentive to invest in other DoubleLine funds over investment companies sponsored or managed by others and to maintain such investments once made due to its own financial interest in those products and other business considerations.

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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.

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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. Illiquidity may be the result of, for example, low trading volume, lack of a market maker, or contractual or legal restrictions that limit or prevent the Fund from selling securities or closing derivative positions. During periods of substantial market disruption, a large portion of the Fund’s assets could potentially experience significant levels of illiquidity. The values of illiquid investments are often more volatile than the values of more liquid investments. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid comparable investment.

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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 repayment of principal to other classes of the issuer’s securities.

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Class I Shares 

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Fund Summary

DoubleLine Emerging Markets Fixed Income Fund

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Class I Shares 

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Fund Summary

DoubleLine Low Duration Bond Fund

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Portfolio Turnover

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Class I Shares 

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Fund Summary

DoubleLine Floating Rate Fund

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The Fund normally will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in floating rate loans and other floating rate investments. For purposes of this policy, any security or instrument will be considered a floating rate investment if it has a maturity of six months or less even if it pays a rate of interest rate that does not reset or adjust prior to maturity. The Fund’s investments in derivatives and other synthetic instruments that provide exposure comparable, in the judgment of the Adviser, to floating rate investments will be counted toward satisfaction of this 80% policy as well. 

The Fund may invest in securities or instruments of any credit quality. The Fund expects that many or all of the Fund’s investments will be rated below investment grade or unrated but of comparable credit quality. Corporate bonds and other fixed income instruments, including certain floating rate investments, rated below investment grade, or such instruments that are unrated and determined by the Adviser to be of comparable quality, are high yield, high risk securities, commonly known as “junk bonds”. The Fund may invest in securities of stressed, distressed, and defaulted issuers (including issuers involved in bankruptcy proceedings, reorganizations, financial restructurings, or otherwise experiencing financial hardship). Such investments entail high risk and have speculative characteristics. 

Subject to the Fund’s policy to invest at least 80% of its net assets in floating rate loans and other floating rate investments, the Fund may invest any portion of its assets in bonds, debentures, notes and other debt instruments, preferred securities, money market securities, investment-grade debt securities, repurchase agreements, and any security or instrument bearing a fixed, floating or adjustable rate of interest, including by investing in other investment companies, ETFs, and domestic or foreign private investment vehicles, including investment companies sponsored or managed by the Adviser or its related parties. The amount of the Fund’s investment in certain investment companies may be limited by law or by tax considerations. 

The Fund may invest in obligations of corporate and governmental issuers of any maturity. The Fund may invest in foreign investments, including obligations of issuers in emerging markets, without limit. 

The Fund’s investments in loans may include loans issued in an offering that has been oversubscribed. The Fund may be able to sell such investments at a gain shortly after those investments are made. If the Fund seeks to take advantage of such opportunities, it may lead to higher levels of portfolio turnover, increased transaction costs and greater amounts of 

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taxable distributions to shareholders. There can be no assurance that the Adviser will be able to identify such opportunities successfully or sell any investments at a gain. 

The Adviser monitors the duration of the Fund’s portfolio securities to seek to assess and, in its discretion, adjust the Fund’s exposure to interest rate risk. The Fund may enter into derivatives transactions and other instruments of any kind for duration management purposes, hedging purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. The Fund also may use derivatives transactions with the purpose or effect of creating investment leverage. 

The Fund’s portfolio managers may consider a wide variety of factors in purchasing and selling investments for the Fund, including, without limitation, liquidity of the investment, fundamental analysis of the issuer, the credit quality of the issuer and any collateral securing the investment, the issuer’s management, capital structure, leverage, and operational performance, and the business outlook for the industry of the issuer. The Fund also may consider available credit ratings. Although the Fund’s portfolio managers may review credit ratings in making investment decisions, they typically perform their own investment analysis and generally do not rely upon the independent credit rating agencies in making investment decisions. 

Proceeds from the sale of a loan may not be available to the Fund for a substantial period of time after the sale. As a result, it is possible that, during a period of substantial shareholder redemptions, proceeds from sales of loans by the Fund will not be available to the Fund on a timely basis for payment to redeeming shareholders. The Fund might as a result incur significant borrowing or other expenses, be forced to sell other securities with shorter settlement periods at unfavorable times or prices, or be forced to delay payment of redemption proceeds beyond the customary period. 

Portfolio securities may be sold at any time. By way of example, the Fund’s portfolio managers may sell a Fund investment in order to take advantage of what the portfolio managers consider to be a better investment opportunity, when the portfolio managers believe the investment no longer represents a relatively attractive investment opportunity, when the portfolio managers perceive deterioration in the credit fundamentals of the issuer, or when the individual investment has reached the portfolio managers’ sell target. 

Principal Risks

The value of the Fund’s shares will vary as its portfolio investments increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. The Fund’s principal risks are listed below in alphabetical order, not in order of importance. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund’s portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

The principal risks affecting the Fund that can cause a decline in value are:

  

•

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.

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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.

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prepayment risk: the risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre‑paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund.

•

defaulted securities risk: the significant risk of the uncertainty of repayment of defaulted securities (e.g., a security on which a principal or interest payment is not made when due) and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or similar proceedings). Such investments entail high risk and have speculative characteristics.

•

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.

•

emerging market country risk: the risk that investing in emerging markets, as compared to foreign developed markets, increases the likelihood that the Fund will lose money, due to more limited information about the issuer and/or the security; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets; the possibility of currency blockages or transfer restrictions; an emerging market country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments.

•

financial services risk: the risk that an investment in issuers in the financial services sector or transactions with one or more counterparties in the financial services sector may be adversely affected by, among other things: (i) changes in governmental regulation, which may limit both the amounts and the types of loans and other financial commitments financial services companies can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain; (ii) fluctuations, including as a result of interest rate changes or increased competition, in the availability and cost of capital funds on which the profitability of financial services companies is largely dependent; (iii) deterioration of the credit markets; (iv) credit losses resulting from financial difficulties of borrowers, especially when financial services companies are exposed to non‑diversified or concentrated loan portfolios; (v) financial losses associated with investment activities, especially

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when financial services companies are exposed to financial leverage; (vi) the risk that any financial services company experiences substantial declines in the valuations of its assets, takes action to raise capital, or ceases operations; (vii) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector; and (viii) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

•

focused investment risk: the risk that a fund that invests a substantial portion of its assets in a particular market, industry, sector, group of industries or sectors, country, region, group of countries or asset class is, 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.

•

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.

•

inflation-indexed bond risk: the risk that such bonds will change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by the Fund’s portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

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•

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.

•

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. Illiquidity may be the result of, for example, low trading volume, lack of a market maker, or contractual or legal restrictions that limit or prevent the Fund from selling securities or closing derivative positions. During periods of substantial market disruption, a large portion of the Fund’s assets could potentially experience significant levels of illiquidity. The values of illiquid investments are often more volatile than the values of more liquid investments. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid comparable investment.

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•

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

•

preferred securities risk: the risk that: (i) the terms of certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer’s call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities.

•

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. For example, the values of securities of companies in the same or related sectors may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market, political or other developments specific to that sector or related sectors.

•

U.S. Government securities risk: the risk that debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities.

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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.

Please see “Additional Information About Principal Investment Strategies and Principal Risks — Principal Risks” for a more detailed description of the principal risks of investing in the Fund. 

Performance

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The Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑advantaged account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not relevant to your investment. The “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than other return figures because when a capital loss occurs upon the redemption of shares of the Fund, a tax deduction is provided that may benefit the investor. After‑tax returns are for Class I shares only. After‑tax returns for other classes may vary. The S&P/LSTA Leveraged Loan Index is a capitalization-weighted syndicated loan index based upon market weightings, spreads and interest payments. It is not possible to invest directly in an index.

Name		Experience with the Fund		Primary Title with the Investment Adviser
Robert Cohen		Since the Fund’s inception in February 2013		Director of Global Developed Credit
Philip Kenney		Since July 2018		Director of Corporate Research

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Fund Summary

DoubleLine Flexible Income Fund

Investment Objective

The Fund’s investment objective is to seek long-term total return while striving to generate current income.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment)

Share Class		Class I		Class N		Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price)		None		None		None
Maximum Deferred Sales Charge (Load) (as a percentage of the original purchase price)		None		None		None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends		None		None		None
Redemption Fee (as a percentage of shares redeemed within 90 days of purchase)		None		None		None
Fee for Redemption by Wire		$15		$15		$15
Exchange Fee		None		None		None
Account Fee		None		None		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

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Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.    

This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

 

The Fund seeks to achieve its investment objective by active asset allocation among market sectors in the fixed income universe. These sectors may include, for example, U.S. Government securities, corporate debt securities, mortgage- and other asset-backed securities, foreign debt securities, including emerging market debt securities, loans, and high yield debt securities. The Adviser has broad flexibility to use various investment strategies and to invest in a wide variety of fixed income instruments that the Adviser believes offer the potential for current income, capital appreciation, or both. The Fund is not constrained by management against any index.

The Adviser expects to allocate the Fund’s assets in response to changing market, financial, economic, and political factors and events that the Fund’s portfolio managers believe may affect the values of the Fund’s investments. The allocation of the Fund’s assets to different sectors and issuers will change over time, sometimes rapidly, and the Fund may invest without limit in a single sector or a small number of sectors of the fixed income universe.

In managing the Fund’s portfolio, the portfolio managers typically use a controlled risk approach. The techniques of this approach attempt to control the principal risk components of the fixed income markets and may include, among other factors, consideration of the Adviser’s view of the following: the potential relative performance of various market sectors, security selection available within a given sector, the risk/reward equation for different asset classes, liquidity conditions in various market sectors, the shape of the yield curve and projections for changes in the yield curve, potential fluctuations in the overall level of interest rates, and current fiscal policy. 

Corporate bonds and certain other fixed income instruments rated below investment grade, or such instruments that are unrated and determined by the Adviser to be of comparable quality, are high yield, high risk bonds, commonly known as “junk bonds”. 

The Fund may invest without limit in foreign securities, including emerging market securities and securities denominated in foreign currencies, including the local currencies of emerging markets. 

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The Adviser monitors the duration of the Fund’s portfolio securities to seek to assess and, in its discretion, adjust the Fund’s exposure to interest rate risk. The Adviser seeks to manage the Fund’s duration based on the Adviser’s view of, among other things, future interest rates and market conditions. There are no limits on the duration of the Fund’s portfolio. The Adviser retains broad discretion to modify the Fund’s duration within a wide range, including the discretion to construct a portfolio of investments for the Fund with a negative duration. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage prepayment rates as determined by the Adviser. 

The Fund may implement short positions, including through the use of derivative instruments, such as swaps or futures, or through short sales of instruments that are eligible investments for the Fund. For example, the Fund may enter into a futures contract pursuant to which it agrees to sell an asset (that it does not currently own) at a specified price in the future in anticipation that the asset’s value will decrease between the time the position is established and the agreed date of sale. 

The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales, either to earn additional return or to hedge existing investments. The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls), which may create investment leverage. 

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Portfolio securities may be sold at any time. By way of example, sales may occur when the Fund’s portfolio managers determine to take advantage of what the portfolio managers consider to be a better investment opportunity, when the portfolio managers believe the portfolio securities no longer represent relatively attractive investment opportunities, when the portfolio managers perceive deterioration in the credit fundamentals of the issuer, or when the individual security has reached the portfolio managers’ sell target. 

Principal Risks

The value of the Fund’s shares will vary as its portfolio investments increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. The Fund’s principal risks are listed below in alphabetical order, not in order of importance. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund’s portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

The principal risks affecting the Fund that can cause a decline in value are:

  

•

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.

•

debt securities risks:

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credit risk: the risk that an issuer, counterparty or other obligor to the Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund’s income and/or reduce, in whole or in part, the value of the

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Fund’s investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security’s or other instrument’s credit quality or value and an obligor’s ability to honor its obligations 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 or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

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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.

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•

emerging market country risk: the risk that investing in emerging markets, as compared to foreign developed markets, increases the likelihood that the Fund will lose money, due to more limited information about the issuer and/or the security; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets; the possibility of currency blockages or transfer restrictions; an emerging market country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments.

•

financial services risk: the risk that an investment in issuers in the financial services sector or transactions with one or more counterparties in the financial services sector may be adversely affected by, among other things: (i) changes in governmental regulation, which may limit both the amounts and the types of loans and other financial commitments financial services companies can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain; (ii) fluctuations, including as a result of interest rate changes or increased competition, in the availability and cost of capital funds on which the profitability of financial services companies is largely dependent; (iii) deterioration of the credit markets; (iv) credit losses resulting from financial difficulties of borrowers, especially when financial services companies are exposed to non‑diversified or concentrated loan portfolios; (v) financial losses associated with investment activities, especially when financial services companies are exposed to financial leverage; (vi) the risk that any financial services company experiences substantial declines in the valuations of its assets, takes action to raise capital, or ceases operations; (vii) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector; and (viii) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

•

focused investment risk: the risk that a fund that invests a substantial portion of its assets in a particular market, industry, sector, group of industries or sectors, country, region, group of countries or asset class is, 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.

•

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

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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.

•

inflation-indexed bond risk: the risk that such bonds will change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by the Fund’s portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

•

investment company and exchange-traded fund risk: the risk that an investment company or other pooled investment vehicle, including any ETFs or money market funds, in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of its shares. The Fund must pay its pro rata portion of an investment company’s fees and expenses. To the extent the Adviser determines to invest Fund assets in other investment companies, the Adviser will have an incentive to invest in other DoubleLine funds over investment companies sponsored or managed by others and to maintain such investments once made due to its own financial interest in those products and other business considerations.

•

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.

•

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. Illiquidity may be the result of, for example, low trading volume, lack of a market maker, or contractual or legal restrictions that limit or prevent the Fund from selling securities or closing derivative positions. During periods of substantial market disruption, a large portion of the Fund’s assets could potentially experience significant levels of illiquidity. The values of illiquid investments are often more volatile than the values of more liquid investments. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid comparable investment.

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•

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 repayment of principal to other classes of the issuer’s securities.

•

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

•

preferred securities risk: the risk that: (i) the terms of certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer’s call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities.

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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. For example, the values of securities of companies in the same or related sectors may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market, political or other developments specific to that sector or related sectors.

•

short position risk: the risk that an increase in the value of an instrument, index or interest rate with respect to which the Fund has established a short position will result in a loss to the Fund.

•

sovereign debt obligations risk: the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. Sovereign governments may default on their debt obligations for a number of reasons, including social, political, economic and diplomatic changes in countries issuing sovereign debt. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar laws applicable to issuers of sovereign debt obligations may be substantially different from those applicable to private issuers, and any recourse may be subject to the political climate in the relevant country. In addition, foreign governmental entities may enjoy various levels of sovereign immunity, and it may be difficult or impossible to bring a legal action against a foreign governmental entity or to enforce a judgment against such an entity. Holders of certain foreign government debt securities may be requested to participate in the restructuring of such obligations and to extend further loans to their issuers. There can be no assurance that the foreign government debt securities in which the Fund may invest will not be subject to similar restructuring arrangements or to requests for new credit, which may adversely affect the Fund’s holdings.

•

U.S. Government securities risk: the risk that debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities.

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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.

Please see “Additional Information About Principal Investment Strategies and Principal Risks — Principal Risks” for a more detailed description of the principal risks of investing in the Fund. 

Performance

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Fund Summary

DoubleLine Low Duration Emerging

Markets Fixed Income Fund

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Principal Investment Strategies

The Fund normally invests primarily in debt obligations issued by sovereign, quasi-sovereign and private (non-government) emerging market issuers. Sovereign and quasi-sovereign emerging market issuers include governments of emerging market countries, and governmental entities or agencies, and issuers that are owned, in whole or in part, or whose obligations are guaranteed, in whole or in part, by a government or governmental entity or agency of an emerging market country. Private emerging market issuers include private (non-governmental) issuers domiciled or located in emerging market countries, issuers with their principal place of business or corporate headquarters located in an emerging market country, or issuers the Adviser has determined are emerging market issuers based on a consideration of a number of qualitative factors, including the relative importance of emerging markets to the issuer’s business, including the issuer’s profits, revenues, assets and/or future potential growth.

Although the Fund may invest in individual securities of any maturity or duration, the Adviser will normally seek to construct an investment portfolio for the Fund with a dollar-weighted average effective duration of three years or less. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on prepayment rates as determined by the Adviser. The effective duration of the Fund’s investment portfolio may vary significantly from time to time, and there is no assurance that the effective duration of the Fund’s investment portfolio will not exceed three years at any time.

An “emerging market country” is a country that, at the time the Fund invests in the related fixed income instruments, is classified as an emerging or developing economy by any supranational organization such as an institution in the World Bank Group or the United Nations, or an agency thereof, or is considered an emerging market country for purposes of constructing a major emerging market securities index.

The Fund may invest without limit in investments denominated in any currency, but currently expects to invest a substantial amount of its assets in investments denominated in the U.S. dollar.

The Fund generally will invest in at least three emerging market countries. In allocating investments among various emerging market countries, the portfolio managers attempt to analyze internal political, market and economic factors. These factors may include:

  

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public finances;

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monetary policy;

•

external accounts;

•

financial markets;

•

foreign investment regulations;

•

stability of exchange rate policy; and

•

labor conditions.

The Fund may invest in fixed income and debt obligations of any kind. Fixed income obligations include bonds, debt securities and fixed income and income-producing instruments of any kind issued or guaranteed by governmental or private-sector entities and other securities or instruments bearing fixed, floating, or variable interest rates of any maturity. Most fixed income obligations consist of a security or instrument having one or more of the following characteristics: an income-producing obligation, an obligation issued at a discount to its face value, an obligation that pays interest, whether fixed, floating or variable, or an obligation with a stated principal amount that requires repayment of some or all of that principal amount to the holder of the obligation. The Adviser interprets the term fixed income obligation broadly as an instrument or security evidencing what is commonly referred to as an IOU rather than evidencing the ownership of corporate equity unless that equity represents an indirect or derivative interest in one or more debt securities. The Fund’s fixed-income investments may include, by way of example, corporate debt obligations; mortgage- and asset-backed securities; inflation-indexed bonds; fixed and floating rate loans of any kind (including, among others, bank loans, and assignments, participations, subordinated loans, debtor‑in‑possession loans, exit facilities, delayed funding loans and revolving credit facilities); income-producing securitized products; and preferred securities. 

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in fixed income instruments. If the Fund changes this investment policy, it will notify shareholders at least 60 days in advance of the change. 

The Fund may invest in hybrid securities relating to emerging market countries. 

The Fund may invest up to 20% of its net assets in defaulted corporate securities. The Fund might do so, for example, where the portfolio managers believe the restructured enterprise valuations or liquidation valuations may exceed current market values. In addition, the Fund may invest in defaulted sovereign investments, including, for example, where the portfolio managers believe the expected debt sustainability of the country is not reflected in current market valuations. 

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The Fund may enter into derivatives transactions and other instruments of any kind for hedging purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. The Fund also may use derivatives transactions with the purpose or effect of creating investment leverage. The Fund may enter into currency-related transactions, including spot transactions, forward exchange contracts and futures contracts. The Fund may, but will not necessarily, enter into foreign currency exchange transactions to take a “long” or “short” position in a currency or to hedge against currency exposure in its portfolio. The results of such transactions also may represent, from time to time, a significant component of the Fund’s investment returns. The Adviser considers various factors, such as availability and cost, in deciding whether, when and to what extent to enter into derivative transactions. 

There is no limit on the amount of the Fund’s assets that may be allocated to one or more specific asset classes or market sectors. 

Portfolio securities may be sold at any time. By way of example, sales may occur when the Fund’s portfolio managers determine to take advantage of what the portfolio managers consider to be a better investment opportunity, when the portfolio managers believe the portfolio securities no longer represent relatively attractive investment opportunities, when the portfolio managers perceive deterioration in the credit fundamentals of the issuer, or when the individual security has reached the portfolio managers’ sell target. 

Principal Risks

The value of the Fund’s shares will vary as its portfolio investments increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. The Fund’s principal risks are listed below in alphabetical order, not in order of importance. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund’s portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

The principal risks affecting the Fund that can cause a decline in value are:

  

•

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.

•

debt securities risks:

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credit risk: the risk that an issuer, counterparty or other obligor to the Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund’s income and/or reduce, in whole or in part, the value of the Fund’s investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security’s or other instrument’s credit quality or value and an obligor’s ability to honor its obligations when due.

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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 or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

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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.

•

defaulted securities risk: the significant risk of the uncertainty of repayment of defaulted securities (e.g., a security on which a principal or interest payment is not made when due) and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or similar proceedings). Such investments entail high risk and have speculative characteristics.

•

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.

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•

emerging market country risk: the risk that investing in emerging markets, as compared to foreign developed markets, increases the likelihood that the Fund will lose money, due to more limited information about the issuer and/or the security; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets; the possibility of currency blockages or transfer restrictions; an emerging market country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments.

•

financial services risk: the risk that an investment in issuers in the financial services sector or transactions with one or more counterparties in the financial services sector may be adversely affected by, among other things: (i) changes in governmental regulation, which may limit both the amounts and the types of loans and other financial commitments financial services companies can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain; (ii) fluctuations, including as a result of interest rate changes or increased competition, in the availability and cost of capital funds on which the profitability of financial services companies is largely dependent; (iii) deterioration of the credit markets; (iv) credit losses resulting from financial difficulties of borrowers, especially when financial services companies are exposed to non‑diversified or concentrated loan portfolios; (v) financial losses associated with investment activities, especially when financial services companies are exposed to financial leverage; (vi) the risk that any financial services company experiences substantial declines in the valuations of its assets, takes action to raise capital, or ceases operations; (vii) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector; and (viii) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

•

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

•

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.

•

inflation-indexed bond risk: the risk that such bonds will change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by the Fund’s portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

•

investment company and exchange-traded fund risk: the risk that an investment company or other pooled investment vehicle, including any ETFs or money market funds, in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of its shares. The Fund must pay its pro rata portion of

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•

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. For example, the values of securities of companies in the same or related sectors may be negatively

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affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market, political or other developments specific to that sector or related sectors.

•

sovereign debt obligations risk: the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. Sovereign governments may default on their debt obligations for a number of reasons, including social, political, economic and diplomatic changes in countries issuing sovereign debt. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar laws applicable to issuers of sovereign debt obligations may be substantially different from those applicable to private issuers, and any recourse may be subject to the political climate in the relevant country. In addition, foreign governmental entities may enjoy various levels of sovereign immunity, and it may be difficult or impossible to bring a legal action against a foreign governmental entity or to enforce a judgment against such an entity. Holders of certain foreign government debt securities may be requested to participate in the restructuring of such obligations and to extend further loans to their issuers. There can be no assurance that the foreign government debt securities in which the Fund may invest will not be subject to similar restructuring arrangements or to requests for new credit, which may adversely affect the Fund’s holdings.

Please see “Additional Information About Principal Investment Strategies and Principal Risks — Principal Risks” for a more detailed description of the principal risks of investing in the Fund. 

Performance

The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s Class I shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Absent any applicable fee waivers and/or expense limitations (which have applied to the Fund since inception), performance would have been lower. Updated information on the Fund’s investment results can be

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The Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑advantaged account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not relevant to your investment. The “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than other return figures because when a capital loss occurs upon the redemption of shares of the Fund, a tax deduction is provided that may benefit the investor. After‑tax returns are for Class I shares only. After‑tax returns for other classes may vary. The J.P. Morgan CEMBI Broad Diversified 1‑3 Year Index is a market capitalization weighted index consisting of US denominated emerging market corporate bonds with 1‑3 year maturity. It is a liquid global corporate benchmark representing Asia, Latin America, Europe, and the Middle East/Africa. It is not possible to invest directly in an index.

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Name		Experience with the Fund		Primary Title with the Investment Adviser
Mark W. Christensen		Since the Fund’s inception in April 2014		Portfolio Manager
Su Fei Koo		Since the Fund’s inception in April 2014		Portfolio Manager
Luz M. Padilla		Since the Fund’s inception in April 2014		Portfolio Manager

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Fund Summary

DoubleLine Long Duration Total Return

Bond Fund

Investment Objective

The Fund’s investment objective is to seek long-term total return.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment)

Share Class		Class I		Class N
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price)		None		None
Maximum Deferred Sales Charge (Load) (as a percentage of the original purchase price)		None		None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends		None		None
Redemption Fee (as a percentage of shares redeemed within 90 days of purchase)		None		None
Fee for Redemption by Wire		$15		$15
Exchange Fee		None		None
Account Fee		None		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

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Under normal circumstances, the Adviser expects to construct an investment portfolio for the Fund with a dollar-weighted average effective duration of at least ten years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage prepayment rates as determined by the Adviser. The effective duration of the Fund’s investment portfolio may vary significantly from time to time based on, among other things, fluctuations in interest rates, changes in the rate of prepayments on mortgages underlying the Fund’s mortgage-related investments, and the Adviser’s expectations with respect to future interest rates. There can be no assurance that the effective duration of the Fund’s investment portfolio will equal or exceed ten years at all times. The Fund may invest in individual securities of any maturity or duration. Because the Fund will usually have a relatively long duration, the value of its shares will be especially sensitive to changes in interest rates. 

In managing the Fund’s portfolio, the portfolio managers typically use a controlled risk approach. The techniques of this approach attempt to control the principal risk components of the fixed income markets and may include, among other factors, consideration of the Adviser’s view of the following: the potential relative performance of various market sectors, security selection available within a given sector, the risk/reward equation for different asset classes, liquidity conditions in various market sectors, the shape of the yield curve and projections for changes in the yield curve, potential fluctuations in the overall level of interest rates, and current fiscal policy. 

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The Fund may enter into derivatives transactions and other instruments of any kind for hedging purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. For example, the Fund may use futures contracts and options on futures contracts, in order to gain efficient long or short investment exposures as an alternative to cash investments or to hedge against portfolio exposures; interest rate swaps, to gain indirect long or short exposures to interest rates, issuers, or currencies, or to hedge against portfolio exposures; and total return swaps and credit derivatives (such as credit default swaps), put and call options, and exchange-traded and structured notes, to take indirect long or short positions on indexes, securities, currencies, or other indicators of value, or to hedge against portfolio exposures. The Fund may also engage in short sales or take short positions, either to adjust its duration or for other investment purposes. The Fund may use derivatives transactions with the purpose or effect of creating investment leverage. 

Under normal circumstances, the Fund intends to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in bonds. “Bonds” include bonds, debt securities and fixed income and income-producing instruments of any kind issued by governmental or private-sector entities. Most bonds consist of a security or instrument having one or more of the following characteristics: a fixed-income security, a security issued at a discount to its face value, a security that pays interest, whether fixed, floating or variable, or a security with a stated principal amount that requires repayment of some or all of that principal amount to the holder of the security. The Adviser interprets the term bond broadly as an instrument or security evidencing what is commonly referred to as an IOU rather than evidencing the corporate ownership of equity unless that equity represents an indirect or derivative interest in one or more debt securities. 

Portfolio securities may be sold at any time. By way of example, sales may occur when the Fund’s portfolio managers determine to take advantage of what the portfolio managers consider to be a better investment opportunity, when the portfolio managers believe the portfolio securities no longer represent relatively attractive investment opportunities, when the portfolio managers perceive deterioration in the credit fundamentals of the issuer, or when the individual security has reached the portfolio managers’ sell target. 

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Principal Risks

The value of the Fund’s shares will vary as its portfolio investments increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. The Fund’s principal risks are listed below in alphabetical order, not in order of importance. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund’s portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

The principal risks affecting the Fund that can cause a decline in value are:

  

•

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.

•

debt securities risks:

¡

credit risk: the risk that an issuer, counterparty or other obligor to the Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund’s income and/or reduce, in whole or in part, the value of the Fund’s investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security’s or other instrument’s credit quality or value and an obligor’s ability to honor its obligations 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 or instruments also may decline for a

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number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

¡

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.

•

defaulted securities risk: the significant risk of the uncertainty of repayment of defaulted securities (e.g., a security on which a principal or interest payment is not made when due) and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or similar proceedings). Such investments entail high risk and have speculative characteristics.

•

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.

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•

emerging market country risk: the risk that investing in emerging markets, as compared to foreign developed markets, increases the likelihood that the Fund will lose money, due to more limited information about the issuer and/or the security; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets; the possibility of currency blockages or transfer restrictions; an emerging market country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments.

•

financial services risk: the risk that an investment in issuers in the financial services sector or transactions with one or more counterparties in the financial services sector may be adversely affected by, among other things: (i) changes in governmental regulation, which may limit both the amounts and the types of loans and other financial commitments financial services companies can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain; (ii) fluctuations, including as a result of interest rate changes or increased competition, in the availability and cost of capital funds on which the profitability of financial services companies is largely dependent; (iii) deterioration of the credit markets; (iv) credit losses resulting from financial difficulties of borrowers, especially when financial services companies are exposed to non‑diversified or concentrated loan portfolios; (v) financial losses associated with investment activities, especially when financial services companies are exposed to financial leverage; (vi) the risk that any financial services company experiences substantial declines in the valuations of its assets, takes action to raise capital, or ceases operations; (vii) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector; and (viii) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

•

focused investment risk: the risk that a fund that invests a substantial portion of its assets in a particular market, industry, sector, group of industries or sectors, country, region, group of countries or asset class is, 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.

•

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.

•

inflation-indexed bond risk: the risk that such bonds will change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by the Fund’s portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

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•

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.

•

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. Illiquidity may be the result of, for example, low trading volume, lack of a market maker, or contractual or legal restrictions that limit or prevent the Fund from selling securities or closing derivative positions. During periods of substantial market disruption, a large portion of the Fund’s assets could potentially experience significant levels of illiquidity. The values of illiquid investments are often more volatile than the values of more liquid investments. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid comparable investment.

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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 repayment of principal to other classes of the issuer’s securities.

•

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

•

preferred securities risk: the risk that: (i) the terms of certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer’s call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities.

•

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. For example, the values of securities of companies in the same or related sectors may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common

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regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market, political or other developments specific to that sector or related sectors.

•

short position risk: the risk that an increase in the value of an instrument, index or interest rate with respect to which the Fund has established a short position will result in a loss to the Fund.

•

sovereign debt obligations risk: the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. Sovereign governments may default on their debt obligations for a number of reasons, including social, political, economic and diplomatic changes in countries issuing sovereign debt. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar laws applicable to issuers of sovereign debt obligations may be substantially different from those applicable to private issuers, and any recourse may be subject to the political climate in the relevant country. In addition, foreign governmental entities may enjoy various levels of sovereign immunity, and it may be difficult or impossible to bring a legal action against a foreign governmental entity or to enforce a judgment against such an entity. Holders of certain foreign government debt securities may be requested to participate in the restructuring of such obligations and to extend further loans to their issuers. There can be no assurance that the foreign government debt securities in which the Fund may invest will not be subject to similar restructuring arrangements or to requests for new credit, which may adversely affect the Fund’s holdings.

•

U.S. Government securities risk: the risk that debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities.

Please see “Additional Information About Principal Investment Strategies and Principal Risks — Principal Risks” for a more detailed description of the principal risks of investing in the Fund. 

Performance

The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s Class I shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the

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Fund Summary

DoubleLine Global Bond Fund

Shareholder Fees (fees paid directly from your investment)

Share Class		Class I		Class N
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price)		None		None
Maximum Deferred Sales Charge (Load) (as a percentage of the original purchase price)		None		None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends		None		None
Redemption Fee (as a percentage of shares redeemed within 90 days of purchase)		None		None
Fee for Redemption by Wire		$15		$15
Exchange Fee		None		None
Account Fee		None		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

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Portfolio Turnover

The Fund’s investment universe includes, without limitation, sovereign debt, including U.S. Government securities; quasi-sovereign debt, such as obligations issued by governmental agencies and instrumentalities; and supra-national obligations. The Fund may also invest in obligations of private, non‑governmental issuers. The Fund’s investments may include government and private high yield and defaulted debt securities; inflation-indexed securities; mortgage- and asset-backed securities; bank loans; and securities or structured products that are linked to or derive their values from another security, asset or currency of any country or issuer in which the Fund may otherwise invest. 

The Fund expects normally to have significant exposure to foreign currencies, which may be achieved by investing in bonds denominated in the local currencies of foreign issuers or by investing in currencies directly or in currency-related instruments, such as forward contracts. The Fund may enter into foreign currency exchange transactions, including foreign currency futures and forward contracts and foreign currency swaps and options, to take long or short positions in various currencies, including currencies to which the Fund might not otherwise have exposure, in order to benefit from changes in the values of those currencies anticipated by the Adviser. The Fund may also, but will not necessarily, enter into foreign currency exchange transactions in order to hedge against changes in the values of its portfolio investments due to declines in the values of the currencies in which those investments are denominated against the U.S. dollar. The Fund may use any of the instruments, or any combination of the instruments, above (e.g., an interest rate swap combined with a long forward currency contract) to create long or short synthetic positions as a substitute for a cash investment. Foreign currency exchange transactions may have the effect of creating investment leverage in the Fund’s portfolio and the returns from such transactions may represent, from time to time, a significant component of the Fund’s investment returns. 

In managing the Fund’s portfolio, the portfolio managers typically use a controlled risk approach. The techniques of this approach attempt to control the principal risk components of the fixed income markets and may include, among other factors, consideration of the Adviser’s view of the following: the potential relative performance of various market sectors, security selection available within a given sector, the risk/reward equation for different asset classes, liquidity conditions in 

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various market sectors, the shape of the yield curve and projections for changes in the yield curve, potential fluctuations in the overall level of interest rates, and current fiscal policy. 

Under normal market conditions, the Fund will generally invest in securities that provide exposure to at least three different countries, not including the United States. There is no limit on the percentage of the Fund that may be invested in emerging market countries or in any single or small number of currencies or issuers. 

The Adviser monitors the duration of the Fund’s portfolio securities to seek to assess and, in its discretion, adjust the Fund’s exposure to interest rate risk. In managing the Fund’s investments, under normal market conditions, the portfolio managers intend to seek to construct an investment portfolio with a dollar-weighted average effective duration of no less than one year and no more than ten years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. All other things remaining equal, for each one percentage point increase in interest rates, the value of a portfolio of fixed income securities would generally be expected to decline by one percent for every year of the portfolio’s average duration above zero. For example, the value of a portfolio of fixed income securities with an average duration of three years would generally be expected to decline by approximately 3% if interest rates rose by one percentage point. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage prepayment rates as determined by the Adviser. The effective duration of the Fund’s investment portfolio may vary materially from its target range, from time to time, and there is no assurance that the effective duration of the Fund’s investment portfolio will always be within its target range. 

In addition to its use of foreign currency exchange transactions, the Fund may use other derivatives transactions with the purpose or effect of creating investment leverage or for other purposes. For example, the Fund may use futures contracts and options on futures contracts, in order to gain efficient long or short investment exposures as an alternative to cash investments or to hedge against portfolio exposures; swaps, to gain indirect long or short exposures to interest rates, issuers, or currencies, or to hedge against portfolio exposures; and total return swaps and credit derivatives (such as credit default swaps), put and call options, and exchange-traded and structured notes, to take indirect long or short positions on indexes, securities, or other indicators of value, or to hedge against portfolio exposures. The Adviser considers various factors, such as availability and cost, in deciding whether, when and to what extent to enter into derivative 

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The Fund may pursue its investment objective and obtain exposures to some or all of the asset classes described above by investing in other investment companies, including, for example, other open‑end or closed‑end investment companies and ETFs, including investment companies sponsored or managed by the Adviser or its related parties. The amount of the Fund’s investment in certain investment companies may be limited by law or by tax considerations. 

Principal Risks

The value of the Fund’s shares will vary as its portfolio investments increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. The Fund’s principal risks are listed below in alphabetical order, not in order of importance. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund’s portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

The principal risks affecting the Fund that can cause a decline in value are:

  

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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.

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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.

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debt securities risks:

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credit risk: the risk that an issuer, counterparty or other obligor to the Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund’s income and/or reduce, in whole or in part, the value of the Fund’s investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security’s or other instrument’s credit quality or value and an obligor’s ability to honor its obligations 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 or instruments also may decline for a

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number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

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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.

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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.

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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.

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infrastructure sector risk: The values of the Fund’s Infrastructure Investments may be entirely dependent upon the successful development, construction, maintenance, renovation, enhancement or operation of infrastructure assets or infrastructure-related projects. Accordingly, the Fund has significant exposure to adverse economic, regulatory, political, legal, demographic, environmental, and other developments affecting the success of the Infrastructure Investments in which it directly or indirectly invests. In addition to the risks described above, sector-specific risks may adversely affect the values of the Fund’s investments. A summary of some of the principal sector-specific risks is included below. The inclusion of a specific risk below with respect to a specific sector does not mean that that risk does not also apply in respect of the Fund’s other investments:

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transportation: transportation-related infrastructure assets may be adversely affected by, among other things, economic and market changes, fuel prices, labor relations, geo‑political concerns and insurance costs. Transportation-related infrastructure assets and related businesses may also be subject to significant government regulation and oversight, which may adversely affect their businesses.

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electric utilities and power: utility- and power-related infrastructure assets may have difficulty obtaining financing during periods of inflation or unsettled capital markets; may be subject to greater competition as a result of deregulation; face changes in climate or environmental policy; face restrictions on operations and increased cost and delays attributable to environmental considerations and regulation; find that existing plants, equipment or products have been rendered obsolete by technological innovations; or be subject to increased costs because of the scarcity of certain fuels or the effects of man‑made or natural disasters.

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energy: energy-related infrastructure assets may be adversely affected by one or more of the following: the levels and volatility of global energy prices, energy supply and demand, capital expenditures on exploration and production of energy sources, energy conservation efforts, exchange rates, interest rates, economic conditions, tax treatment, increased competition, government regulation, technological advances, risk of liability from accidents resulting in injury or loss of life or property, supply of products and services, and world events.

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renewable energy: renewable-energy related infrastructure assets may be adversely affected by changes in government policy relating to incentives and subsidies for renewable energy assets, technological developments (or the application thereof), unforeseen technical deficiencies with installations, and the reliance of any renewable energy project, or group of projects, on variable resources.

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communication networks and equipment: infrastructure assets in the telecommunications sector may be adversely affected by increased competition, regulation by various regulatory authorities, distressed cash flows due to the need to commit substantial capital to meet increasing competition, technological advances, limited availability of franchise and licensing rights, and high barriers to market entry. Various forms of cyber attack threaten communication networks and could severely hamper any infrastructure project dependent upon communication networks and equipment.

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public and social infrastructure: public and social infrastructure assets, such as hospitals, schools, government accommodations, and other public service facilities projects, may be subject to risks that include, but are not limited to, costs associated with governmental, environmental and other regulations, the effects of economic slowdowns, increased competition from other providers of such services, uncertainties concerning costs, adverse political developments, and the level of government spending on infrastructure projects.

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metals and mining: investments in metals and mining related infrastructure assets may be speculative and subject to greater price volatility than investments in other types of companies. The performance of assets in this sector is related to, among other things, worldwide metal prices, and extraction and production costs.

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industrial: industrial-related infrastructure assets may be adversely affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, changes or trends in commodity prices, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these assets and their ability to repay their debts.

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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 repayment of principal to other classes of the issuer’s securities.

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municipal bond risk: the risk that investing in the municipal bond market involves the risks of investing in debt securities generally and certain other risks. The amount of public information available about the municipal bonds in which the Fund may invest is generally less than that for corporate equities or bonds, and the investment performance of the Fund’s investments in municipal bonds may therefore be more dependent on the analytical abilities of the Adviser than its investments in other types of bonds. The secondary market for municipal bonds also tends to be less well developed or liquid than many other securities markets, which may adversely affect the Fund’s ability to sell municipal bonds at attractive prices. The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns, by litigation, legislation or political events, or by the

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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.

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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. For example, the values of securities of companies in the same or related sectors may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market, political or other developments specific to that sector or related sectors.

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DoubleLine Income Fund

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The other asset-backed securities in which the Fund will invest include, without limitation: obligations backed or supported by leases of various types, including leases of real, personal and other property (including those relating to aircrafts, containers, railroads, telecommunication, energy, and/or other infrastructure assets and infrastructure-related assets); securities backed by receivables from credit card agreements and automobile finance agreements; student loans; consumer loans; home equity loans; mobile home loans; boat loans; loans of any type that contain fewer or less restrictive constraints on the borrower than certain other types of loans (“covenant-lite” loans); income from other non‑mortgage‑related income streams, such as income from business and small business loans, project finance loans, renewable energy projects, personal financial assets, timeshare receivables and franchise rights; and CLOs, including CLOs backed by any of the previously mentioned assets or instruments, such as CLOs backed by covenant-lite loans. 

In pursuing its investment objective, the Fund may also invest directly in residential or commercial real estate loans, individually or in pools of loans, which loans may include senior mortgage loans and mezzanine loans, second lien loans or other types of subordinated loans, any of which may be covenant-lite. 

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In selecting among available residential or commercial mortgage-backed securities, the Fund expects to consider, among other things, available yield, duration characteristics, collateral quality, level of correlation to other risk assets, supply/demand technicals, and sponsor quality. With respect to asset-backed securities, the Fund also expects to seek diversified opportunities with varying risk/return profiles across different sectors of that market. The Fund will seek CLOs that offer, among other characteristics, attractive yields, diversification within the underlying pool of loans, and quality management. The Fund may invest in any level of the capital structure of an issuer of mortgage-backed or asset-backed securities, including subordinated or residual tranches and the equity or “first loss” tranche. 

Although the Fund will normally invest principally in mortgage-backed securities, other asset-backed securities and CLOs, the Fund may invest in other debt instruments of any kind. The Adviser expects to allocate and re‑allocate the Fund’s assets among income-producing investments with varying characteristics in response to changing market, financial, economic, and other conditions in an attempt to construct a portfolio that maximizes total return. In addition to the instruments described above, the Fund’s principal investments may include, without limitation, (i) U.S. Treasury obligations, (ii) bank loans, (iii) other securities or other income-producing instruments issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored corporations (including inflation-protected securities); (iv) collateralized debt obligations (“CDOs”); (v) pass through certificates or other participation rights with respect to warehouse lending facilities; (vi) municipal securities and other debt obligations issued by states, local governments, and government-sponsored entities, including their agencies, authorities, and instrumentalities; (vii) inflation-indexed bonds; (viii) real estate investment trust (“REIT”) securities (equity, preferred or debt); (ix) distressed and defaulted securities; (x) payment‑in‑kind bonds; (xi) zero‑coupon bonds; (xii) corporate bonds and other corporate obligations, including high yield debt; (xiii) custodial receipts; (xiv) short-term, high quality investments, including, for example, cash equivalents, commercial paper, bankers’ acceptances, certificates of deposit, bank time deposits, repurchase agreements, and investments in money market mutual funds or similar pooled investments; and (xv) other instruments bearing fixed, floating, or variable interest rates of any maturity. The allocation of the Fund’s assets to different sectors and issuers will change over time, sometimes rapidly, and the Fund may invest without limit in a single sector or a small number of sectors of the fixed income universe. 

Principal Risks

The value of the Fund’s shares will vary as its portfolio investments increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. The Fund’s principal risks are listed below in alphabetical order, not in order of importance. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund’s portfolio, market

  

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conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund. 

The principal risks affecting the Fund that can cause a decline in value are: 

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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.

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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.

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debt securities risks:

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credit risk: the risk that an issuer, counterparty or other obligor to the Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund’s income and/or reduce, in whole or in part, the value of the Fund’s investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security’s or other instrument’s credit quality or value and an obligor’s ability to honor its obligations 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 or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

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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

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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.

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prepayment risk: the risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre‑paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund.

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emerging market country risk: the risk that investing in emerging markets, as compared to foreign developed markets, increases the likelihood that the Fund will lose money, due to more limited information about the issuer and/or the security; higher brokerage costs; different accounting, auditing and financial reporting standards; less

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developed legal systems and thinner trading markets; the possibility of currency blockages or transfer restrictions; an emerging market country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments.

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financial services risk: the risk that an investment in issuers in the financial services sector or transactions with one or more counterparties in the financial services sector may be adversely affected by, among other things: (i) changes in governmental regulation, which may limit both the amounts and the types of loans and other financial commitments financial services companies can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain; (ii) fluctuations, including as a result of interest rate changes or increased competition, in the availability and cost of capital funds on which the profitability of financial services companies is largely dependent; (iii) deterioration of the credit markets; (iv) credit losses resulting from financial difficulties of borrowers, especially when financial services companies are exposed to non‑diversified or concentrated loan portfolios; (v) financial losses associated with investment activities, especially when financial services companies are exposed to financial leverage; (vi) the risk that any financial services company experiences substantial declines in the valuations of its assets, takes action to raise capital, or ceases operations; (vii) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector; and (viii) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

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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.

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

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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.

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inflation-indexed bond risk: the risk that such bonds will change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by the Fund’s portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

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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.

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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.

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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. For example, the values of securities of companies in the same or related sectors may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market, political or other developments specific to that sector or related sectors.

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short position risk: the risk that an increase in the value of an instrument, index or interest rate with respect to which the Fund has established a short position will result in a loss to the Fund.

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sovereign debt obligations risk: the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. Sovereign governments may default on their debt obligations for a number of reasons, including social, political, economic and diplomatic changes in countries issuing sovereign debt. The Fund may have limited (or no) recourse in the event of a default because bankruptcy, moratorium and other similar laws applicable to issuers of sovereign debt obligations may be substantially different from those applicable to private issuers, and any recourse may be subject to the political climate in the relevant country. In addition, foreign governmental entities may enjoy various levels of sovereign immunity, and it may be difficult or impossible to bring a legal action against a foreign governmental entity or to enforce a judgment against such an entity. Holders of certain foreign government debt securities may be requested to participate in the restructuring of such obligations and to extend further loans to their issuers. There can be no assurance that the foreign government debt securities in which the Fund may invest will not be subject to similar restructuring arrangements or to requests for new credit, which may adversely affect the Fund’s holdings.

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Please see “Additional Information About Principal Investment Strategies and Principal Risks — Principal Risks” for a more detailed description of the principal risks of investing in the Fund. 

Performance

Class I Shares 

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Name		Experience with the Fund		Primary Title with the Investment Adviser
William Campbell		Since the Fund’s inception in June 2019		Portfolio Manager
Mark W. Christensen		Since the Fund’s inception in June 2019		Portfolio Manager
Valerie Ho		Since the Fund’s inception in June 2019		Portfolio Manager
Su Fei Koo		Since the Fund’s inception in June 2019		Portfolio Manager

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Fund Summary

DoubleLine Multi-Asset Growth Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment; more details about the fees charged to each share class are available under “Share Class Features — Choosing a Share Class” in this Prospectus).

Share Class		Class A		Class C		Class I		Class N
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price)		4.25%		None		None		None
Maximum Deferred Sales Charge (Load) (as a percentage of the original purchase price)		0.75%1		1.00%2		None		None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends		None		None		None		None
Redemption Fee (as a percentage of shares redeemed within 90 days of purchase)		None		None		None		None
Fee for Redemption by Wire		$15		$15		$15		$15
Exchange Fee		None		None		None		None
Account Fee		None		None		None		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

1	A contingent deferred sales charge (load) of 0.75% applies only to purchases of $1 million or more of Class A shares if the shares are redeemed within 18 months of purchase.

2	A contingent deferred sales charge (load) of 1.00% applies for Class C shares sold within 12 months of purchase.

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Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Fund’s expense limitation for the first year). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

 

You would pay the following expenses if you did not redeem your shares:

Portfolio Turnover

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Principal Investment Strategies

The Fund seeks long-term capital appreciation by actively allocating its assets across asset classes, market sectors, and specific investments. The Adviser allocates the Fund’s assets in response to changing market, economic, and political factors and events that the Fund’s portfolio managers believe may affect the value of the Fund’s investments. The Adviser will attempt to construct a portfolio with the potential for capital appreciation, but may also seek to control risk by active allocation among asset classes, market and economic sectors, and issuers. The Fund’s portfolio will be actively managed, and the allocation of the Fund’s assets to asset classes, market sectors, and issuers will change over time, sometimes rapidly.

The Fund’s principal investments may include:

Equity Investments — Equity securities, of any kind, of U.S. or foreign issuers of any size. 

Corporate bonds and certain other fixed income instruments rated below investment grade, or such instruments that are unrated and determined by the Adviser to be of comparable quality, are high yield, high risk bonds, commonly known as “junk bonds”. When purchasing unrated securities for the Fund, the Adviser may assess such unrated securities as being of comparable ratings quality to other bonds and assign an internal credit rating to such unrated bonds. 

Commodities — Investments intended to provide exposure to one or more physical commodities or commodities indices. Investments may include, by way of example, ETFs, futures contracts, options on futures contracts, forward contracts, swaps, securities designed to provide commodity-based exposures, and common or preferred stocks of subsidiaries of the Fund that invest directly or indirectly in precious metals and minerals or other commodity-related investments. 

Currencies — Investment positions in various foreign currencies, including actual holdings of those currencies, and forward, futures, swap, and option contracts with respect to foreign currencies. 

Short-Term Investments — Short-term, high quality investments, including, for example, commercial paper, bankers’ acceptances, certificates of deposit, bank time deposits, repurchase agreements, and investments in money market mutual funds or similar pooled investments. 

There is no limit on the amount of the Fund’s assets that may be allocated to one or more specific asset classes or market sectors. The Fund’s Adviser currently expects, however, that the Fund will typically invest at least 20% of its assets in equity securities and other equity-related investments and at least 20% of its assets in debt obligations and short-term investments; the Fund may invest less than these amounts at any time if the Fund’s Adviser believes it may be in the Fund’s best interest to do so. The Fund may invest without limit in obligations of issuers in any country or group of countries, including emerging market countries. 

The Fund has historically pursued its investment objective and principal investment strategies and obtained exposures to some or all of the asset classes described above by investing in other investment companies, including investment companies sponsored or managed by the Adviser or its related parties. The Fund may invest substantially all of its assets in other investment companies. These investments may include other open‑end or closed‑end investment companies, ETFs, and domestic or foreign private investment vehicles, including investment companies sponsored or managed by the Adviser or its related parties. The Fund may from time to time invest in one or more subsidiary private investment vehicles organized outside the United States that invest directly or indirectly in precious metals, minerals, or other commodity-related investments or in derivatives transactions relating to precious metals, minerals or commodities, or other types of transactions where the Adviser determines that it may benefit the Fund if the subsidiary invests in those transactions. The amount of the Fund’s investment in certain investment companies or investment pools may be limited by law or by tax considerations. 

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The Adviser monitors the duration of the Fund’s portfolio securities to seek to assess and, in its discretion, adjust the Fund’s exposure to interest rate risk. 

The Adviser may sell investments when it believes they no longer offer attractive potential future returns compared to other appropriate investment opportunities or they present undesirable risks, or in order to limit losses on securities that have declined in value. 

Principal Risks

The value of the Fund’s shares will vary as its portfolio investments increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. The Fund’s principal risks are listed below in alphabetical order, not in order of importance. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund’s portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

The principal risks affecting the Fund that can cause a decline in value are:

  

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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.

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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 directly 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

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debt securities risks:

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credit risk: the risk that an issuer, counterparty or other obligor to the Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund’s income and/or reduce, in whole or in part, the value of the Fund’s investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security’s or other instrument’s credit quality or value and an obligor’s ability to honor its obligations 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 or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

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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.

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prepayment risk: the risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre‑paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund.

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defaulted securities risk: the significant risk of the uncertainty of repayment of defaulted securities (e.g., a security on which a principal or interest payment is not made when due) and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or similar proceedings). Such investments entail high risk and have speculative characteristics.

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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.

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emerging market country risk: the risk that investing in emerging markets, as compared to foreign developed markets, increases the likelihood that the Fund will lose money, due to more limited information about the issuer and/or the security; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets; the possibility of currency blockages or transfer restrictions; an emerging market country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments.

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equity issuer risk: the risk that the market price of common stocks and other equity securities may go up or down, sometimes rapidly or unpredictably, including due to factors affecting equity securities markets generally, particular industries represented in those markets, or the issuer itself.

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financial services risk: the risk that an investment in issuers in the financial services sector or transactions with one or more counterparties in the financial services sector may be adversely affected by, among other things: (i) changes in governmental regulation, which may limit both the amounts and the types of loans and other financial commitments financial services companies can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain; (ii) fluctuations, including as a result of interest rate changes or increased competition, in the availability and cost of capital funds on which the profitability of financial services companies is largely dependent; (iii) deterioration of the credit markets; (iv) credit losses resulting from financial difficulties of borrowers, especially when financial services companies are exposed to non‑diversified or concentrated loan portfolios; (v) financial losses associated with investment activities, especially when financial services companies are exposed to financial leverage; (vi) the risk that any financial services company experiences substantial declines in the valuations of its assets, takes action to raise capital, or ceases operations; (vii) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector; and (viii) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

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

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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

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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.

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inflation-indexed bond risk: the risk that such bonds will change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by the Fund’s portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

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investment company and exchange-traded fund risk: the risk that an investment company or other pooled investment vehicle, including any ETFs or money market funds, in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of its shares. The Fund must pay its pro rata portion of an investment company’s fees and expenses. To the extent the Adviser determines to invest Fund assets in other investment companies, the Adviser will have an incentive to invest in other DoubleLine funds over investment companies sponsored or managed by others and to maintain such investments once made due to its own financial interest in those products and other business considerations.

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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. Illiquidity may be the result of, for example, low trading volume, lack of a market maker, or contractual or legal restrictions that limit or prevent the Fund from selling securities or closing derivative positions. During periods of substantial market disruption, a large portion of the Fund’s assets could potentially experience significant levels of illiquidity. The values of illiquid investments are often more volatile than the values of more liquid investments. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid comparable investment.

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should interest rates rise but remain below the applicable minimum level; (viii) if a borrower fails to comply with various restrictive covenants that may be found in loan agreements, the borrower may default in payment of the loan; (ix) if the Fund invests in loans that contain fewer or less restrictive constraints on the borrower than certain other types of loans (“covenant-lite” loans), it may have fewer rights against the borrowers of such loans, including fewer protections against the possibility of default and fewer remedies in the event of default; (x) the loan is unsecured; (xi) there is a limited secondary market; (xii) transactions in loans may settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale, which may result in sale proceeds related to the sale of loans not being available to make additional investments or to meet the Fund’s redemption obligations until potentially a substantial period after the sale of the loans; and (xiii) loans may be difficult to value and may be illiquid, which may adversely affect an investment in the Fund. The Fund may invest in loans directly or indirectly by investing in shares of the DoubleLine Floating Rate Fund and in either case will be subject to the risks described above.

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market capitalization risk: the risk that investing substantially in issuers in one market capitalization category (large, medium or small) may adversely affect the Fund because of unfavorable market conditions particular to that category of issuers, such as larger, more established companies being unable to respond quickly to new competitive challenges or attain the high growth rates of successful smaller companies, or, conversely, stocks of smaller companies being more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources, fewer experienced managers and there typically being less publicly available information about small capitalization companies.

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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 repayment of principal to other classes of the issuer’s securities.

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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.

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preferred securities risk: the risk that: (i) the terms of certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer’s call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities.

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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. For example, the values of securities of companies in the same or related sectors may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market, political or other developments specific to that sector or related sectors.

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short position risk: the risk that an increase in the value of an instrument, index or interest rate with respect to which the Fund has established a short position will result in a loss to the Fund.

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tax risk: in order to qualify as a regulated investment company under the Code, the Fund must meet requirements regarding, among other things, the source of its income. Certain investments in commodity-linked derivatives do not give rise to qualifying income for this purpose, and it is possible that certain investments in other commodity-linked instruments, ETFs and other investment pools will not give rise to qualifying income. Any income the Fund derives from investments in instruments that do not generate qualifying income must be limited to a maximum of 10% of the

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Fund’s annual gross income. If the Fund were to earn non‑qualifying income in excess of 10% of its annual gross income, it could fail to qualify as a regulated investment company for that year. If the Fund were to fail to qualify as a regulated investment company, the Fund would be subject to tax and shareholders of the Fund would be subject to the risk of diminished returns.

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U.S. Government securities risk: the risk that debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities.

Please see “Additional Information About Principal Investment Strategies and Principal Risks — Principal Risks” for a more detailed description of the principal risks of investing in the Fund. 

Performance

Class I Shares 

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1	The blended benchmarks have been included to provide investors with additional means of evaluating the Fund’s performance.

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Name		Experience with the Fund		Primary Title with the Investment Adviser
Jeffrey E. Gundlach		Since the Fund’s inception in December 2010		Chief Executive Officer
Samuel Garza		Since the Fund’s inception in December 2010		Portfolio Manager
Jeffrey J. Sherman		Since the Fund’s inception in December 2010		Deputy Chief Investment Officer

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Fund Summary

DoubleLine Multi-Asset Trend Fund

Investment Objective

The Fund’s investment objective is to seek total return (capital appreciation and current income) which exceeds the total return of its benchmark index over a full market cycle. The Fund’s current benchmark index is the Credit Suisse Managed Futures Liquid Total Return USD Index.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment)

Share Class		Class I		Class N
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price)		None		None
Maximum Deferred Sales Charge (Load) (as a percentage of the original purchase price)		None		None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends		None		None
Redemption Fee (as a percentage of shares redeemed within 90 days of purchase)		None		None
Fee for Redemption by Wire		$15		$15
Exchange Fee		None		None
Account Fee		None		None

Annual Fund Operating Expenses¹ (expenses that you pay each year as a percentage of the value of your investment)

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Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.    

This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Fund’s expense limitation for the first year). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:    

 

Portfolio Turnover

Principal Investment Strategies

The Fund seeks total return (capital appreciation and current income) which exceeds the total return of its benchmark index over a full market cycle. The Fund’s current benchmark index is the Credit Suisse Managed Futures Liquid Total Return USD Index, which was selected as a measure of the performance of a number of trend following investment strategies. Trend following is an investment approach that seeks to invest in a manner that will benefit from persistent trends in price movements, whether that trend is the appreciation or depreciation of an asset’s value.

  

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The Fund intends to use derivatives in an attempt to create an investment return that approximates (before fees and expenses) the Index’s return. The Fund will use primarily swap transactions, although the Fund may also use futures transactions, where the reference asset is the Index or a modified version of the Index, one or more components of the Index, or an unrelated index or basket of securities. Please see “Index Risk — Note regarding Index-Based Swaps” in the Fund’s Prospectus for more information. The Fund expects to use only a small percentage of its assets to attain the desired exposure to the Index because of the structure of the derivatives the Fund will use. As a result, use of those derivatives, combined with the Fund’s investments in a portfolio of debt securities, will create investment leverage in the Fund’s portfolio. In certain cases, derivatives based on the Index or that use the Index as the reference asset might be unavailable or the pricing of those derivatives might be unfavorable; in those cases, the Fund may attempt to approximate the Index’s return by purchasing some or all of the components of the Index, or portions of the Index, at the time. 

If derivatives designed to provide the Fund a return approximating the Index’s return become unavailable or cost prohibitive or DoubleLine Alternatives determines against investing in them for any reason, DoubleLine Alternatives may seek investment exposure to the asset classes and instruments comprising the Index by investing directly in some or all of the components of the Index or in other investments that, in DoubleLine Alternatives’ view, provide similar investment 

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exposure to that provided by one or more components of or asset classes represented in the Index. DoubleLine Alternatives or the Fund’s Board of Trustees may in their sole discretion and without advance notice to shareholders select, in place of the Index, another trend following index or a basket of investments. The Fund may gain exposure to any substitute index or basket of investments in any manner DoubleLine Alternatives determines appropriate, including those described above with respect to how the Fund may obtain exposure to the Index. 

The Fund intends to invest only a portion of its assets to obtain exposure to the Index; the Fund’s overall portfolio is not designed to replicate the performance of any index. Even if the Fund’s investments in derivative instruments perform in‑line with the Index, the Fund’s performance will deviate, potentially significantly, from the performance of any index used by the Fund because of, among other factors, the performance of the Fund’s investments in fixed income instruments and the investment, operational and other expenses that the Fund incurs. 

The Fund’s Investments in Debt Instruments. Under normal circumstances, to the extent use of the above-described derivatives strategy leaves a substantial portion of the Fund’s assets available for other investment by the Fund, the Fund intends to invest those assets in a portfolio of debt instruments managed by DoubleLine Capital to seek to provide additional total return over the long term. The Fund expects that it will, at least initially, invest all or substantially all of its cash available for investment in debt securities in one or more fixed income funds advised by DoubleLine Capital, including DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, and/or DoubleLine Income Fund. 

In managing the Fund’s portfolio of debt instruments, under normal market conditions, the portfolio managers will seek to construct an investment portfolio with an overall dollar-weighted average effective duration of between one year and three years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage prepayment rates as determined by DoubleLine Capital. The longer a portfolio’s effective duration, the more sensitive it will be to changes in interest rates. The effective duration of the Fund’s portfolio of debt instruments may vary materially from its target range, from time to time, and there is no assurance that the effective duration of the portfolio will always be within its target range. DoubleLine Capital monitors the effective duration of the Fund’s portfolio of debt instruments to seek to assess and, in its discretion, adjust the Fund’s exposure to interest rate risk. 

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The Fund may invest a portion of its assets in inverse floater securities and interest-only and principal-only securities. An inverse floater is a type of instrument, which may be backed by or related to a mortgage-backed security, that bears a floating or variable interest rate that moves in the opposite direction to movements in interest rates generally or the interest rate on another security or index. Because an inverse floater inherently carries financial leverage in its coupon rate, it can change very substantially in value in response to changes in interest rates. 

The Fund may pursue its investment objective and obtain exposures to some or all of the asset classes described above by investing in other investment companies, including, for example, other open‑end or closed‑end investment companies and ETFs, including those sponsored or managed by DoubleLine Capital or its related parties. The Fund may engage in short sales or take short positions, either to earn additional return or to hedge existing investments. 

The portfolio managers utilize active asset allocation in managing the Fund’s investments in debt instruments. 

The Fund’s Investments in Commodities. The Fund may obtain commodities exposures by investing in one or more subsidiary private investment vehicles organized outside the United States that invest directly or indirectly in commodities and commodity-related investments or in derivatives transactions relating to commodities where DoubleLine Alternatives determines that it may benefit the Fund if the subsidiary invests in those transactions. DoubleLine Multi-Asset Trend Ltd., a wholly-owned subsidiary of the Fund (the “Subsidiary”), is currently expected to participate in such investments. The Fund does not expect to invest more than 25% of its assets in a subsidiary, though its investments in the Subsidiary may exceed 25% of its assets from time to time. To the extent the Fund’s swap investments involve commodities, the Subsidiary typically will engage in the swap transactions and the Fund will obtain commodities exposure indirectly. 

Principal Risks

The value of the Fund’s shares will vary as its portfolio investments increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. The Fund’s principal risks are listed below in alphabetical order, not in order of importance. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund’s portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

The principal risks affecting the Fund that can cause a decline in value are:

  

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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.

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debt securities risks:

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credit risk: the risk that an issuer, counterparty or other obligor to the Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund’s income and/or reduce, in whole or in part, the value of the Fund’s investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a

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security’s or other instrument’s credit quality or value and an obligor’s ability to honor its obligations 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 or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

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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.

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prepayment risk: the risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre‑paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund.

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defaulted securities risk: the significant risk of the uncertainty of repayment of defaulted securities (e.g., a security on which a principal or interest payment is not made when due) and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or similar proceedings). Such investments entail high risk and have speculative characteristics.

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emerging market country risk: the risk that investing in emerging markets, as compared to foreign developed markets, increases the likelihood that the Fund will lose money, due to more limited information about the issuer and/or the security; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets; the possibility of currency blockages or transfer restrictions; an emerging market country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments.

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equity issuer risk: the risk that the market price of common stocks and other equity securities may go up or down, sometimes rapidly or unpredictably, including due to factors affecting equity securities markets generally, particular industries represented in those markets, or the issuer itself.

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

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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.

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index risk: the risk that the Fund’s investments in derivatives based on the Index or that use the Index as the reference asset, or other substitute investment exposure to the Index, may underperform the return of the Index or other trend following indices, including the Fund’s benchmark index, for a number of reasons, including, for example, (i) the performance of derivatives related to the Index may not correlate with the Index and/or may underperform the Index due to transaction costs, fees, or other aspects of the transaction’s pricing; (ii) the Fund may not be able to find counterparties willing to enter into derivative instruments whose returns are based on the return of the Index or find parties who are willing to do so at an acceptable cost or level of risk to the Fund; (iii) the design of the Index, including related costs or embedded assumed expenses that reduce, potentially significantly, the level of the Index (and the returns of derivative instruments that have the Index as a reference asset); and (iv) errors may arise in carrying out the Index’s methodology, or the Index provider may incorrectly report information concerning the Index. Although the Adviser has licensed from the Index’s sponsor the right to use the Index as part of implementing the Fund’s principal investment strategies, there can be no guarantee that the Index will be maintained indefinitely or that the Fund will be able to continue to utilize the Index to implement the Fund’s principal investment strategies indefinitely. If the sponsor of the Index ceases to maintain the Index, the Fund no longer has the ability to utilize the Index to implement its principal investment strategies, or other circumstances exist that the Adviser or the Fund’s Board of Trustees concludes substantially limit the Fund’s ability to create cost-effective synthetic investment exposure to the Index, the Adviser or the Fund’s Board of Trustees may substitute the Index with another index that it chooses in its sole discretion and without advance notice to shareholders. There can be no assurance that any substitute index so selected will be similar to the Index or will perform in a manner similar to the Index. Unavailability of the Index could affect adversely the ability of the Fund to achieve its investment objective. There can be no assurance that the Index will provide a better measure of momentum or trend investing across the different asset classes represented in the Index than other measures, over any period or over the long term.

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investment company and exchange-traded fund risk: the risk that an investment company or other pooled investment vehicle, including any ETFs or money market funds, in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of its shares. The Fund must pay its pro rata portion of an investment company’s fees and expenses. To the extent the Adviser determines to invest Fund assets in other investment companies, the Adviser will have an incentive to invest in other DoubleLine funds over investment companies sponsored or managed by others and to maintain such investments once made due to its own financial interest in those products and other business considerations.

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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.

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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

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models and data risk: the risk that the quantitative models or related data used in managing the Fund fail to identify profitable opportunities. In addition, failures to properly gather, organize, and analyze large amounts of data or errors in a model or data, or in the application of such models, may result in, among other things, execution and investment allocation failures and investment losses. For example, the models may incorrectly identify opportunities or data used in the construction and application of models may prove to be inaccurate or stale, which may result in misidentified opportunities that may lead to substantial losses for the Fund. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment’s price or performance.

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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 repayment of principal to other classes of the issuer’s securities.

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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.

•

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. For example, the values of securities of companies in the same or related sectors may be negatively

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affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market, political or other developments specific to that sector or related sectors.

•

short position risk: the risk that an increase in the value of an instrument, index or interest rate with respect to which the Fund has established a short position will result in a loss to the Fund.

•

U.S. Government securities risk: the risk that debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities.

Please see “Additional Information About Principal Investment Strategies and Principal Risks — Principal Risks” for a more detailed description of the principal risks of investing in the Fund. 

Performance

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Name		Experience with the Fund		Primary Title with the Investment Adviser
Jeffrey E. Gundlach		Since the Fund’s inception in February 2021		Chief Executive Officer — DoubleLine Capital
Jeffrey J. Sherman		Since the Fund’s inception in February 2021		Deputy Chief Investment Officer — DoubleLine Capital; President — DoubleLine Alternatives

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Fund Summary

DoubleLine Strategic Commodity Fund

Investment Objective

The Fund’s investment objective is to seek long-term total return.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment)

Share Class		Class I		Class N
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price)		None		None
Maximum Deferred Sales Charge (Load) (as a percentage of the original purchase price)		None		None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends		None		None
Redemption Fee (as a percentage of shares redeemed within 90 days of purchase)		None		None
Fee for Redemption by Wire		$15		$15
Exchange Fee		None		None
Account Fee		None		None

Annual Fund Operating Expenses¹ (expenses that you pay each year as a percentage of the value of your investment)

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Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

Portfolio Turnover

The Fund incurs transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. However, the portfolio turnover rate is determined using a required formula which does not call for the inclusion of cash or cash equivalent instruments or certain derivatives transactions. If the Fund’s transactions in cash and cash equivalent instruments and derivatives were reflected in the calculation, the Fund’s portfolio turnover rate shown would be higher.

Principal Investment Strategies

The Fund expects to obtain its commodities exposures through swap contracts, futures contracts and/or other derivatives not requiring significant investments of the Fund’s cash. As a result, the Fund expects to have free cash available to invest in other assets. The Fund currently expects that those other investments will comprise principally fixed-income investments. See “Fixed Income Investments” below. It is possible that the Fund might lose money on both its commodity exposures and on its fixed-income investments. The use of derivatives to gain commodities exposure will create investment leverage in the Fund’s portfolio. 

The Adviser may use a variety of commodity-related investment strategies in pursuing the Fund’s investment objective, including the following principal approaches: 

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Long Basket or Index-Related Exposure. The Adviser may create one or more long commodity-related positions in the Fund’s portfolio, representing what the Adviser considers from time to time to be efficient, broad-based exposure to a number of commodities. For example, the Adviser may identify one or more baskets or indexes of commodities, which will typically be administered and maintained by a third party, although the Adviser may provide recommendations to

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the basket or index sponsor during the construction of the basket or index or from time to time thereafter as to the exposures to be reflected in the basket or index. In pursuit of this strategy, the Adviser will normally attempt to replicate within the Fund’s portfolio the commodity exposures of the basket or index. These basket- or index-based exposures will typically comprise at least 50% of the Fund’s commodity exposures, and may constitute as much as 100% of the Fund’s commodity exposures. The Adviser, in its discretion, may add to or replace the baskets or indexes, or may determine to implement the Fund’s investment program without relying on any baskets or indexes. In the latter case, the Adviser would rely principally on the investment techniques described under “Tactical Commodity Exposure,” below.

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Tactical Commodity Exposure. The Adviser may seek to generate additional returns or modify the Fund’s broad-based commodities exposures by taking long and/or short positions in individual commodities or in other baskets of commodities or commodity indexes. These investments may be made in commodities, such as precious metals, that are not represented in the basket or index of commodities through which the Fund may be obtaining broad-based commodities exposures. The Adviser will determine whether to take such positions based on the Adviser’s quantitative models as well as the Adviser’s views of changing market, economic and political factors, market fundamentals, macroeconomic trends, and global or local events. The Adviser may also seek to pursue “market neutral” returns by creating roughly equal “long” and “short” exposures on different commodities of any kind. The Fund’s tactical commodity exposures will be actively managed, and the allocation of the Fund’s assets to various commodities will change over time, sometimes rapidly.

The Fund may also employ commodity roll-timing strategies. “Rolling” derivative-related exposure is the process by which the holder of a particular derivative instrument (such as a futures contract) or other instrument providing investment exposure will sell or close out the instrument on or before the termination or expiration date and simultaneously purchase or enter into a new instrument with identical terms except for a later termination date. “Roll-timing” is a process by which the Fund may seek to add incremental return through the timing of its commodity roll activities. For example, if the structure of an index reflects the effect of derivative “rolls” in the markets, the Fund might attempt to time its own roll activities to gain a pricing advantage over the pricing reflected in the index. The Adviser may consider the historical “backwardation” of commodity-related futures contracts in constructing the Fund’s portfolio and as part of any roll-timing strategies it uses. (Backwardation can occur when a futures contract calling for delivery of a commodity in the future has a lower value than the current “spot” or market price of the commodity. The value of such a futures contract may have the potential to appreciate to the value of the underlying commodity’s spot price (current market price) as the contract approaches expiration, although there can be no assurance that it will.) 

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The Fund has historically entered into swap transactions, including those related to the Morgan Stanley Index, with a limited number of counterparties and will likely enter into swap transactions, including those related to the Morgan Stanley Index, with a limited number of counterparties for the foreseeable future. In selecting swap counterparties for the Fund, the Adviser will normally consider a variety of factors, including, without limitation: cost; the quality, reliability, and responsiveness of a counterparty; the operational compatibility between a counterparty and the Adviser; and a counterparty’s creditworthiness. 

The Adviser may seek to effect the Fund’s commodity-related investment strategies by investing in a variety of instruments, such as total and excess return swaps, futures contracts, options on futures, forward contracts, exchange traded products, including exchange traded funds and exchange traded notes, structured notes, common or preferred stocks of subsidiaries of the Fund that invest directly or indirectly in commodities, and other investments intended to provide long or short exposure to one or more commodities. 

The Fund expects that many of the instruments in which it will invest will involve leverage. When the Fund utilizes leverage, small changes in the values of the underlying commodity prices may result in significant changes in the values of the Fund’s investments, and the Fund can lose significantly more than the amount it invests in an instrument, or the margin it supplies to its counterparty on the instrument. 

Under normal circumstances, the Fund’s portfolio of fixed income investments is expected to include primarily fixed income and other income-producing instruments rated investment grade and unrated securities considered by the Adviser to be of comparable credit quality. The Fund may, however, invest up to 20% of its total assets in fixed income and other income-producing instruments rated below investment grade and those that are unrated but determined by the Adviser to be of comparable credit quality. 

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derivatives strategies, as well as the risks of using derivatives generally, and in some cases the risks of leverage, described in this Prospectus and in the Fund’s SAI. 

There is no limit on the amount of the Fund’s assets that may be allocated to one or more commodities, specific asset classes or market sectors, and the Fund may at times have significant exposure to a single commodity or a limited number of commodities. The Fund may invest without limit in obligations of issuers in any country or group of countries, including emerging market countries, and investments denominated in foreign currencies. The amount of the Fund’s investment in a particular asset class, or the types of investments it may make in a particular asset class, may be limited by tax considerations or limitations imposed by applicable law. 

The Adviser may engage in active and frequent trading of the Fund’s portfolio investments. To the extent that it does so, the Fund may incur greater transaction costs and may make greater distributions of income and gains, which will be taxable to shareholders who do not hold their shares through a tax‑advantaged or tax‑deferred account. Any percentage limitation and requirement as to investments will apply only at the time of an investment to which the limitation or requirement is applicable and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Accordingly, any later increase or decrease resulting from a change in values, net assets or other circumstances will not be considered in determining whether any investment complies with the Fund’s limitation or requirement. 

Portfolio investments may be sold at any time. By way of example, sales may occur when the Fund’s portfolio managers determine to take advantage of what the portfolio managers consider to be a better investment opportunity, when the portfolio managers believe the portfolio investments no longer represent relatively attractive investment opportunities, when the portfolio managers perceive deterioration in the credit fundamentals of the issuer, or when the individual security has reached the portfolio managers’ sell target. 

Although a portion of the Fund’s assets may be invested in instruments the performance of which is based on an index, the Fund’s overall portfolio is not designed to replicate the performance of any index. The Fund’s performance will deviate, potentially significantly, from the performance of any index used by the Fund. 

Principal Risks

The value of the Fund’s shares will vary as its portfolio investments increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. The Fund’s principal risks are listed below in alphabetical order, not in order of importance. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund’s portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

The principal risks affecting the Fund that can cause a decline in value are:

  

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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.

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Fund will likely at times have significant exposure to particular sectors through its commodities-related investments, including, for example, the energy, industrial metals, and agricultural and livestock sectors and may be exposed to greater risk associated with events affecting those sectors.

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debt securities risks:

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credit risk: the risk that an issuer, counterparty or other obligor to the Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund’s income and/or reduce, in whole or in part, the value of the Fund’s investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security’s or other instrument’s credit quality or value and an obligor’s ability to honor its obligations 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 or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

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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.

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prepayment risk: the risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre‑paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund.

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emerging market country risk: the risk that investing in emerging markets, as compared to foreign developed markets, increases the likelihood that the Fund will lose money, due to more limited information about the issuer and/or the security; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets; the possibility of currency blockages or transfer restrictions; an emerging market country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments.

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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.

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index risk: the risk that the portion of the Fund invested in instruments based on an index or basket of commodities or that use an index or basket of commodities as the reference asset may not match or may underperform the return of the index or basket for a number of reasons, including, for example, (i) the performance of derivatives related to an index or basket in which the Fund invests may not correlate with the performance of the index or basket and/or may underperform the index or basket due to transaction costs, fees, or other aspects of the transaction’s pricing; (ii) the Fund may not be able to find counterparties willing to enter into derivative instruments whose returns are based on the return of the index or basket, or the Fund may be unable to find parties who are willing to do so at an acceptable

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cost or level of risk to the Fund; and (iii) errors may arise in carrying out an index’s methodology, or an index provider may incorrectly report information concerning the index. There can be no guarantee that any index, including the Morgan Stanley Index, will be maintained indefinitely or that the Fund will be able to continue to utilize a specific index to implement the Fund’s principal investment strategies indefinitely.

Although the Adviser has licensed the right to use the Morgan Stanley Index as part of implementing the Fund’s principal investment strategies, there can be no guarantee that the Morgan Stanley Index Sponsor will maintain it indefinitely, that the Fund will use the Morgan Stanley Index to implement its principal investment strategies, or that other circumstances will not prevent the Fund from obtaining cost-effective synthetic investment exposure to the Morgan Stanley Index. In those or similar conditions, the Adviser or the Fund’s Board of Trustees may, in its sole discretion and without advance notice to shareholders, license or select another index or basket of commodities to use in implementing the Fund’s principal investment strategies. There can be no assurance that any substitute index or basket so selected will be similar to the Morgan Stanley Index or will perform in a manner similar to the Morgan Stanley Index. Unavailability of the Morgan Stanley Index could affect adversely the ability of the Fund to achieve its investment objective. 

The Morgan Stanley Index consists of futures contracts that were selected, in part, on the basis of their historical backwardation in relation to the spot price for the underlying commodity. Any investment exposure tied or related to the Morgan Stanley Index is subject to, among other things, the risk that the historical behavior of the futures contracts comprising the Morgan Stanley Index may not continue as expected and that the prices of the futures contracts held by the Fund may depreciate. 

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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.

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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. Illiquidity may be the result of, for example, low trading volume, lack of a market maker, or contractual or legal restrictions that limit or prevent the Fund from selling securities or closing derivative positions. During periods of substantial market disruption, a large portion of the Fund’s assets could potentially experience significant levels of illiquidity. The values of illiquid investments are often more volatile than the values of more liquid investments. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid comparable investment.

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models and data risk: the risk that the quantitative models or related data used in managing the Fund fail to identify profitable opportunities. In addition, failures to properly gather, organize, and analyze large amounts of data or errors in a model or data, or in the application of such models, may result in, among other things, execution and investment allocation failures and investment losses. For example, the models may incorrectly identify opportunities or data used in the construction and application of models may prove to be inaccurate or stale, which may result in misidentified opportunities that may lead to substantial losses for the Fund. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment’s price or performance.

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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.

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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. For example, the values of securities of companies in the same or related sectors may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market, political or other developments specific to that sector or related sectors.

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short position risk: the risk that an increase in the value of an instrument, index or interest rate with respect to which the Fund has established a short position will result in a loss to the Fund.

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commodity-linked derivatives do not give rise to qualifying income for this purpose, and it is possible that certain investments in other commodity-linked instruments, ETFs and other investment pools will not give rise to qualifying income. Any income the Fund derives from investments in instruments that do not generate qualifying income must be limited to a maximum of 10% of the Fund’s annual gross income. If the Fund were to earn non‑qualifying income in excess of 10% of its annual gross income, it could fail to qualify as a regulated investment company for that year. If the Fund were to fail to qualify as a regulated investment company, the Fund would be subject to tax and shareholders of the Fund would be subject to the risk of diminished returns.

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U.S. Government securities risk: the risk that debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities.

Please see “Additional Information About Principal Investment Strategies and Principal Risks — Principal Risks” for a more detailed description of the principal risks of investing in the Fund. 

Performance

Class I Shares 

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The Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑advantaged account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not relevant to your investment. The “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than other return figures because when a capital loss occurs upon the redemption of shares of the Fund, a tax deduction is provided that may benefit the investor. After‑tax returns are for Class I shares only. After‑tax returns for other classes may vary. The Bloomberg Commodity Index Total Return is an index calculated on an excess return basis that reflects commodity futures price movements. The Index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and weight-caps are applied at the commodity, sector and group level for diversification. Roll period typically occurs from the 6^th-10^th business day based on the roll schedule. It is not possible to invest directly in an index.

Name		Experience with the Fund		Primary Title with the Investment Adviser
Jeffrey J. Sherman		Since the Fund’s inception in May 2015		Deputy Chief Investment Officer
Samuel Lau		Since July 2018		Portfolio Manager
Jeffrey Mayberry		Since July 2018		Portfolio Manager

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Fund Summary

DoubleLine Shiller Enhanced CAPE^®

Investment Objective

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment)

Share Class		Class I		Class N		Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price)		None		None		None
Maximum Deferred Sales Charge (Load) (as a percentage of the original purchase price)		None		None		None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends		None		None		None
Redemption Fee (as a percentage of shares redeemed within 90 days of purchase)		None		None		None
Fee for Redemption by Wire		$15		$15		$15
Exchange Fee		None		None		None
Account Fee		None		None		None

Annual Fund Operating Expenses¹ (expenses that you pay each year as a percentage of the value of your investment)

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Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.    

This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:    

 

Portfolio Turnover

Principal Investment Strategies

The Fund will normally use derivatives in an attempt to create an investment return that approximates (before fees and expenses) the Index’s return. For example, the Fund might enter into swap transactions or futures transactions designed to provide the Fund a return before fees and expenses approximating the Index’s return, including swap transactions or 

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futures transactions where the reference asset is the Index or a modified version of the Index, one or more components of the Index, or an unrelated index or basket of securities. The transaction pricing of any swap transaction will reflect a number of factors that will cause the return on the swap transaction to underperform the Index. Please see “Index Risk — Note regarding Index-Based Swaps” for more information. The Fund expects to use only a small percentage of its assets to attain the desired exposure to the Index because of the structure of the derivatives the Fund expects to use. As a result, use of those derivatives along with the Fund’s investments in a portfolio of debt securities will create investment leverage in the Fund’s portfolio. In certain cases, derivatives based on the Index or that use the Index as the reference asset might be unavailable or the pricing of those derivatives might be unfavorable; in those cases, the Fund might attempt to approximate the Index’s return by purchasing some or all of the securities comprising the Index, or portions of the Index, at the time. If the Fund at any time invests directly in the securities comprising the Index, the assets so invested will be unavailable for investment in debt instruments, and the Fund’s ability to pursue its investment strategy fully and achieve its investment objective may be limited. 

The Shiller Barclays CAPE^® US Sector TR USD Index. The Index incorporates the principles of long-term investing distilled by Dr. Robert Shiller and expressed through the CAPE^® (Cyclically Adjusted Price Earnings) ratio (the “CAPE^® Ratio”). The classic CAPE^® Ratio assesses equity market valuations and averages ten years of inflation adjusted earnings to account for earnings and market cycles. Traditional valuation measures, such as the price-earnings (PE) ratio, by contrast, typically rely on earnings information from only the past year. The Index uses a relative version of the classic CAPE^® Ratio to identify undervalued sectors while also seeking to exclude a sector that may appear undervalued, but which may have also had recent relative price underperformance due to fundamental issues with the sector that may negatively affect the sector’s long-term total return. There can be no assurance that the Index will provide a better measure of value than more traditional measures, over any period or over the long term. 

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Although a portion of the Fund’s assets may be invested in instruments the performance of which is based on an index, the Fund’s overall portfolio includes other investments. Therefore, the Fund is not designed to replicate the performance of any index. The Fund’s performance will deviate, potentially significantly, from the performance of any index used by the Fund. 

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The Fund may invest a portion of its assets in inverse floater securities and interest-only and principal-only securities. An inverse floater is a type of instrument, which may be backed by or related to a mortgage-backed security, that bears a floating or variable interest rate that moves in the opposite direction to movements in interest rates generally or the interest rate on another security or index. Because an inverse floater inherently carries financial leverage in its coupon rate, it can change very substantially in value in response to changes in interest rates. Interest-only and principal-only securities may also be backed by or related to a mortgage-backed security. Holders of interest-only securities are entitled to receive only the interest on the underlying obligations but none of the principal, while holders of principal-only securities are entitled to receive all of the principal but none of the interest on the underlying obligations. As a result, they are highly sensitive to actual or anticipated changes in prepayment rates on the underlying securities. 

The Fund may invest a portion of its assets in debt instruments (including hybrid securities) issued or guaranteed by companies, financial institutions and government entities in emerging market countries. An “emerging market country” is a country that, at the time the Fund invests in the related fixed income instruments, is classified as an emerging or developing economy by any supranational organization such as an institution in the World Bank Group or the United Nations, or an agency thereof, or is considered an emerging market country for purposes of constructing a major emerging market securities index. 

The portfolio managers utilize active asset allocation in managing the Fund’s investments in debt instruments. 

Portfolio securities may be sold at any time. By way of example, sales may occur when the Fund’s portfolio managers determine to take advantage of what the portfolio managers consider to be a better investment opportunity, when the portfolio managers believe the portfolio securities no longer represent relatively attractive investment opportunities, when the portfolio managers perceive deterioration in the credit fundamentals of the issuer, or when the individual security has reached the portfolio managers’ sell target. 

Principal Risks

The value of the Fund’s shares will vary as its portfolio investments increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. The Fund’s principal risks are listed below in alphabetical order, not in order of importance. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund’s portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

The principal risks affecting the Fund that can cause a decline in value are:

  

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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.

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debt securities risks:

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credit risk: the risk that an issuer, counterparty or other obligor to the Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund’s income and/or reduce, in whole or in part, the value of the Fund’s investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security’s or other instrument’s credit quality or value and an obligor’s ability to honor its obligations 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 or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

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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.

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prepayment risk: the risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre‑paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund.

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defaulted securities risk: the significant risk of the uncertainty of repayment of defaulted securities (e.g., a security on which a principal or interest payment is not made when due) and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or similar proceedings). Such investments entail high risk and have speculative characteristics.

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emerging market country risk: the risk that investing in emerging markets, as compared to foreign developed markets, increases the likelihood that the Fund will lose money, due to more limited information about the issuer and/or the security; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets; the possibility of currency blockages or transfer restrictions; an emerging market country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments.

•

equity issuer risk: the risk that the market price of common stocks and other equity securities may go up or down, sometimes rapidly or unpredictably, including due to factors affecting equity securities markets generally, particular industries represented in those markets, or the issuer itself.

•

financial services risk: the risk that an investment in issuers in the financial services sector or transactions with one or more counterparties in the financial services sector may be adversely affected by, among other things: (i) changes in governmental regulation, which may limit both the amounts and the types of loans and other financial commitments financial services companies can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain; (ii) fluctuations, including as a result of interest rate changes or increased competition, in the availability and cost of capital funds on which the

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profitability of financial services companies is largely dependent; (iii) deterioration of the credit markets; (iv) credit losses resulting from financial difficulties of borrowers, especially when financial services companies are exposed to non‑diversified or concentrated loan portfolios; (v) financial losses associated with investment activities, especially when financial services companies are exposed to financial leverage; (vi) the risk that any financial services company experiences substantial declines in the valuations of its assets, takes action to raise capital, or ceases operations; (vii) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector; and (viii) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

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

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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.

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index risk: the risk that the Fund’s investments in derivatives based on the Index or that use the Index as the reference asset, or other substitute investment exposure to the Index, may underperform the return of the Index for a number of reasons, including, for example, (i) the performance of derivatives related to the Index may not correlate with the Index and/or may underperform the Index due to transaction costs, fees, or other aspects of the transaction’s pricing; (ii) the Fund may not be able to find counterparties willing to enter into derivative instruments whose returns are based on the return of the Index or find parties who are willing to do so at an acceptable cost or level of risk to the Fund; and (iii) errors may arise in carrying out the Index’s methodology, or the Index provider may incorrectly report information concerning the Index. Although the Adviser has licensed from the Index’s sponsor the right to use the Index as part of implementing the Fund’s principal investment strategies, there can be no guarantee that the Index will be maintained indefinitely or that the Fund will be able to continue to utilize the Index to implement the Fund’s principal investment strategies indefinitely. If the sponsor of the Index ceases to maintain the Index, the Fund no longer has the ability to utilize the Index to implement its principal investment strategies, or other circumstances exist that the Adviser or the Fund’s Board of Trustees concludes substantially limit the Fund’s ability to create cost-effective synthetic investment exposure to the Index, the Adviser or the Fund’s Board of Trustees may substitute the Index with another index that it chooses in its sole discretion and without advance notice to shareholders. There can be no assurance that any substitute index so selected will be similar to the Index or will perform in a manner similar to the Index. Unavailability of the Index could affect adversely the ability of the Fund to achieve its investment objective.

•

inflation-indexed bond risk: the risk that such bonds will change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by the Fund’s portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

•

investment company and exchange-traded fund risk: the risk that an investment company or other pooled investment vehicle, including any ETFs or money market funds, in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of its shares. The Fund must pay its pro rata portion of an investment company’s fees and expenses. To the extent the Adviser determines to invest Fund assets in other investment companies, the Adviser will have an incentive to invest in other DoubleLine funds over investment

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companies sponsored or managed by others and to maintain such investments once made due to its own financial interest in those products and other business considerations.

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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.

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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. Illiquidity may be the result of, for example, low trading volume, lack of a market maker, or contractual or legal restrictions that limit or prevent the Fund from selling securities or closing derivative positions. During periods of substantial market disruption, a large portion of the Fund’s assets could potentially experience significant levels of illiquidity. The values of illiquid investments are often more volatile than the values of more liquid investments. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid comparable investment.

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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 repayment of principal to other classes of the issuer’s securities.

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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. For example, the values of securities of companies in the same or related sectors may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market, political or other developments specific to that sector or related sectors.

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Fund Summary

DoubleLine Shiller Enhanced International CAPE^®

Investment Objective

The Fund’s investment objective is to seek total return which exceeds the total return of its benchmark index over a full market cycle.

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment)

Share Class		Class I		Class N
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price)		None		None
Maximum Deferred Sales Charge (Load) (as a percentage of the original purchase price)		None		None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends		None		None
Redemption Fee (as a percentage of shares redeemed within 90 days of purchase)		None		None
Fee for Redemption by Wire		$15		$15
Exchange Fee		None		None
Account Fee		None		None

Annual Fund Operating Expenses¹ (expenses that you pay each year as a percentage of the value of your investment)

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Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

Portfolio Turnover

Principal Investment Strategies

The Fund seeks total return (capital appreciation and current income) in excess of the benchmark index, currently the MSCI Europe Net Return USD Index (the “MSCI Europe Index”), over a full market cycle.

The Fund will seek to use derivatives, or a combination of derivatives and direct investments, to provide a return (before fees and expenses) that approximates the performance of the Shiller Barclays CAPE^® Europe Sector Net TR NoC USD Index (the “Index”). The Fund, through its investment exposure to the Index, will have exposure to investments tied economically to a number of countries throughout the world. The Index is currently composed of issuers in fifteen different countries, generally in Europe; the number and location of countries represented in the Index may change without notice. The Fund will also invest in a portfolio of debt securities to seek to provide additional total return over the long term. The Fund uses investment leverage as part of its principal investment strategies. The Fund expects normally to invest an amount approximately equal to its net assets directly in a portfolio of debt securities while also maintaining notional exposure to the

  

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The Fund will normally use derivatives in an attempt to create an investment return that approximates (before fees and expenses) the Index’s return. For example, the Fund might enter into swap transactions or futures transactions designed to provide the Fund a return before fees and expenses approximating the Index’s return, including swap transactions or futures transactions where the reference asset is the Index or a modified version of the Index, one or more components of the Index or an unrelated index or basket of securities. The transaction pricing of any swap transaction will reflect a number of factors that will cause the return on the swap transaction to underperform the Index. Please see “Index Risk — Note regarding Index-Based Swaps” for more information. The Fund expects to use only a small percentage of its assets to attain the desired exposure to the Index because of the structure of the derivatives the Fund expects to use. As a result, use of those derivatives along with the Fund’s investments in a portfolio of debt securities will create investment leverage in the Fund’s portfolio. In certain cases, derivatives based on the Index or that use the Index as the reference asset might be unavailable or the pricing of those derivatives might be unfavorable; in those cases, the Fund might attempt to approximate the Index’s return by purchasing some or all of the securities comprising the Index, or portions of the Index, at the time. If the Fund at any time invests directly in the securities comprising the Index, the assets so invested will be unavailable for investment in debt instruments, and the Fund’s ability to pursue its investment strategy fully and achieve its investment objective may be limited. 

To the extent use of the above-described derivatives strategy leaves a substantial portion of the Fund’s assets available for other investment by the Fund, the Fund expects to invest those assets in a portfolio of debt instruments managed by the Adviser to seek to provide additional total return over the long term. 

The Shiller Barclays CAPE^® Europe Sector Net TR NoC USD Index. The Index incorporates the principles of long-term investing distilled by Dr. Robert Shiller and expressed through the CAPE^® (Cyclically Adjusted Price Earnings) ratio (the “CAPE^® Ratio”). The classic CAPE^® Ratio assesses equity market valuations and averages ten years of inflation adjusted earnings to account for earnings and market cycles. Traditional valuation measures, such as the price-earnings (PE) ratio, by contrast, typically rely on earnings information from only the past year. The Index uses a relative version of the classic CAPE^® Ratio to identify undervalued sectors while also seeking to exclude a sector that may appear undervalued, but which may have also had recent relative price underperformance due to fundamental issues with the sector that may negatively affect the sector’s long-term total return. There can be no assurance that the Index will provide a better measure of value than more traditional measures, over any period or over the long term. 

The Index’s composition is determined monthly. Each month, the Index’s methodology ranks ten sectors within the European equity markets based on a modified CAPE^® Ratio (a “value” factor) and a twelve-month price momentum factor (a “momentum” factor). The Index methodology selects the five European sectors with the lowest modified CAPE^® Ratio — the sectors that are the most undervalued according to the CAPE^® Ratio. Only four of these five sectors, however, end up in the Index for a given month, as the sector with the worst 12‑month price momentum among the five selected sectors is eliminated. The Index methodology allocates an equally weighted long (i.e., investment) exposure to the four remaining European sectors. 

The Index is denominated in U.S. dollars even though most or all of the securities comprising the Index may be denominated in foreign currencies. The Fund’s exposure to the Index may be achieved through derivative instruments providing returns either in U.S. dollars or in one or more foreign currencies. The Fund may enter into Index-related derivative instruments denominated either in U.S. dollars or in foreign currencies. If the Fund enters into Index-related derivative instruments denominated in foreign currencies, it will likely engage in foreign currency transactions to produce an Index-based return denominated in U.S. dollars. 

If derivatives designed to provide the Fund a return approximating the Index’s return become unavailable or for other reasons, the Adviser may seek investment exposure to the sectors comprising the Index by investing directly in some or all 

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of the securities that correspond to those sectors. The Adviser or the Fund’s Board of Trustees may in their sole discretion and without advance notice to shareholders select, in place of the Index, another index (such as the MSCI Europe Index) or a basket of investments. The Fund may gain exposure to any substitute index or basket of investments in any manner the Adviser determines appropriate, including those described above with respect to how the Fund may obtain exposure to the Index. 

Although a portion of the Fund’s assets may be invested in instruments the performance of which is based on an index, the Fund’s overall portfolio includes other investments. Therefore, the Fund is not designed to replicate the performance of any index. The Fund’s performance will deviate, potentially significantly, from the performance of any index used by the Fund. 

During the Fund’s most recent fiscal year, the Fund entered into swap transactions related to the Index with a limited number of counterparties. The Fund will likely enter into swap transactions related to the Index with a single or a limited number of counterparties for the foreseeable future. In selecting swap counterparties for the Fund, the Adviser will normally consider a variety of factors, including, without limitation: cost; the quality, reliability, and responsiveness of a counterparty; the operational compatibility between a counterparty and the Adviser; and a counterparty’s creditworthiness. 

In managing the Fund’s portfolio of debt instruments, under normal market conditions the portfolio managers intend to seek to construct an investment portfolio with an overall dollar-weighted average effective duration of between one and three years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage prepayment rates as determined by the Adviser. The longer a portfolio’s effective duration, the more sensitive it will be to changes in interest rates. The effective duration of the Fund’s portfolio of debt instruments may vary materially from its target range, from time to time, and there is no assurance that the effective duration of the portfolio will always be within its target range. The Adviser monitors the effective duration of the Fund’s portfolio of debt instruments to seek to assess and, in its discretion, adjust the Fund’s exposure to interest rate risk. 

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The Fund may invest a portion of its assets in inverse floater securities and interest-only and principal-only securities. An inverse floater is a type of instrument, which may be backed by or related to a mortgage-backed security, that bears a floating or variable interest rate that moves in the opposite direction to movements in interest rates generally or the interest rate on another security or index. Because an inverse floater inherently carries financial leverage in its coupon rate, it can change very substantially in value in response to changes in interest rates. Interest-only and principal-only securities may also be backed by or related to a mortgage-backed security. Holders of interest-only securities are entitled to receive only the interest on the underlying obligations but none of the principal, while holders of principal-only securities are entitled to receive all of the principal but none of the interest on the underlying obligations. As a result, they are highly sensitive to actual or anticipated changes in prepayment rates on the underlying securities. 

The Fund may invest a portion of its assets in debt instruments (including hybrid securities) issued or guaranteed by companies, financial institutions and government entities in emerging market countries. An “emerging market country” is a country that, at the time the Fund invests in the related fixed income instruments, is classified as an emerging or developing economy by any supranational organization such as an institution in the World Bank Group or the United Nations, or an agency thereof, or is considered an emerging market country for purposes of constructing a major emerging market securities index. 

The Fund may pursue its investment objective and obtain exposures to some or all of the asset classes described above by investing in other investment companies, including, for example, other open‑end or closed‑end investment companies and ETFs, including those sponsored or managed by the Adviser or its related parties. The Fund may engage in short sales or take short positions, either to earn additional return or to hedge existing investments. 

In managing the Fund’s debt instruments, the portfolio managers typically use a controlled risk approach. The techniques of this approach attempt to control the principal risk components of the fixed income markets and may include, among other factors, consideration of the Adviser’s view of the following: the potential relative performance of various market sectors, security selection available within a given sector, the risk/reward equation for different asset classes, liquidity conditions in various market sectors, the shape of the yield curve and projections for changes in the yield curve, potential fluctuations in the overall level of interest rates, and current fiscal policy. 

The portfolio managers utilize active asset allocation in managing the Fund’s investments in debt instruments. 

Portfolio securities may be sold at any time. By way of example, sales may occur when the Fund’s portfolio managers determine to take advantage of what the portfolio managers consider to be a better investment opportunity, when the portfolio managers believe the portfolio securities no longer represent relatively attractive investment opportunities, when the portfolio managers perceive deterioration in the credit fundamentals of the issuer, or when the individual security has reached the portfolio managers’ sell target. 

Principal Risks

The value of the Fund’s shares will vary as its portfolio investments increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. The Fund’s principal risks are listed below in alphabetical order, not in order of importance. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund’s portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

The principal risks affecting the Fund that can cause a decline in value are:

  

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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,

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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.

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debt securities risks:

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credit risk: the risk that an issuer, counterparty or other obligor to the Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund’s income and/or reduce, in whole or in part, the value of the Fund’s investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security’s or other instrument’s credit quality or value and an obligor’s ability to honor its obligations 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 or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

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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.

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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. Bonds and other debt instruments typically have a positive duration. The value of a debt instrument with positive duration will generally decline if interest rates

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prepayment risk: the risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre‑paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund.

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defaulted securities risk: the significant risk of the uncertainty of repayment of defaulted securities (e.g., a security on which a principal or interest payment is not made when due) and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or similar proceedings). Such investments entail high risk and have speculative characteristics.

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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.

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emerging market country risk: the risk that investing in emerging markets, as compared to foreign developed markets, increases the likelihood that the Fund will lose money, due to more limited information about the issuer and/or the security; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets; the possibility of currency blockages or transfer restrictions; an emerging market country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments.

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equity issuer risk: the risk that the market price of common stocks and other equity securities may go up or down, sometimes rapidly or unpredictably, including due to factors affecting equity securities markets generally, particular industries represented in those markets, or the issuer itself.

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financial services risk: the risk that an investment in issuers in the financial services sector or transactions with one or more counterparties in the financial services sector may be adversely affected by, among other things: (i) changes in governmental regulation, which may limit both the amounts and the types of loans and other financial commitments financial services companies can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain; (ii) fluctuations, including as a result of interest rate changes or increased competition, in the availability and cost of capital funds on which the profitability of financial services companies is largely dependent; (iii) deterioration of the credit markets; (iv) credit losses resulting from financial difficulties of borrowers, especially when financial services companies are exposed to non‑diversified or concentrated loan portfolios; (v) financial losses associated with investment activities, especially when financial services companies are exposed to financial leverage; (vi) the risk that any financial services company experiences substantial declines in the valuations of its assets, takes action to raise capital, or ceases operations; (vii) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector; and (viii) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

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

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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.

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index risk: the risk that the Fund’s investments in derivatives based on the Index or that use the Index as the reference asset, or other substitute investment exposure to the Index, may underperform the return of the Index for a number of reasons, including, for example, (i) the performance of derivatives related to the Index may not correlate with the Index and/or may underperform the Index due to transaction costs, fees, or other aspects of the transaction’s pricing; (ii) the Fund may not be able to find counterparties willing to enter into derivative instruments whose returns are based on the return of the Index or find parties who are willing to do so at an acceptable cost or level of risk to the Fund; and (iii) errors may arise in carrying out the Index’s methodology, or the Index provider may incorrectly report information concerning the Index. Although the Adviser has licensed from the Index’s sponsor the right to use the Index as part of implementing the Fund’s principal investment strategies, there can be no guarantee that the Index will be maintained indefinitely or that the Fund will be able to continue to utilize the Index to implement the Fund’s principal investment strategies indefinitely. If the sponsor of the Index ceases to maintain the Index, the Fund no longer has the ability to utilize the Index to implement its principal investment strategies, or other circumstances exist that the Adviser or the Fund’s Board of Trustees concludes substantially limit the Fund’s ability to create cost-effective synthetic investment exposure to the Index, the Adviser or the Fund’s Board of Trustees may substitute the Index with another index that it chooses in its sole discretion and without advance notice to shareholders. There can be no assurance that any substitute index so selected will be similar to the Index or will perform in a manner similar to the Index. Unavailability of the Index could affect adversely the ability of the Fund to achieve its investment objective.

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inflation-indexed bond risk: the risk that such bonds will change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by the Fund’s portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

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investment company and exchange-traded fund risk: the risk that an investment company or other pooled investment vehicle, including any ETFs or money market funds, in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of its shares. The Fund must pay its pro rata portion of an investment company’s fees and expenses. To the extent the Adviser determines to invest Fund assets in other investment companies, the Adviser will have an incentive to invest in other DoubleLine funds over investment companies sponsored or managed by others and to maintain such investments once made due to its own financial interest in those products and other business considerations.

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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.

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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 repayment of principal to other classes of the issuer’s securities.

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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. For example, the values of securities of companies in the same or related sectors may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market, political or other developments specific to that sector or related sectors.

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short position risk: the risk that an increase in the value of an instrument, index or interest rate with respect to which the Fund has established a short position will result in a loss to the Fund.

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U.S. Government securities risk: the risk that debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities.

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Class I Shares 

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Name		Experience with the Fund		Primary Title with the Investment Adviser
Jeffrey E. Gundlach		Since the Fund’s inception in December 2016		Chief Executive Officer
Jeffrey J. Sherman		Since the Fund’s inception in December 2016		Deputy Chief Investment Officer

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Investment Objective

The Fund’s investment objective is to seek total return (capital appreciation and current income) which exceeds the total return of its benchmark index over a full market cycle. The Fund’s current benchmark index is the Dow Jones U.S. Select REIT Total Return Index (the “Dow Jones U.S. REIT Index”).

Fees and Expenses of the Fund

Shareholder Fees (fees paid directly from your investment)

Share Class		Class I		Class N
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price)		None		None
Maximum Deferred Sales Charge (Load) (as a percentage of the original purchase price)		None		None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends		None		None
Redemption Fee (as a percentage of shares redeemed within 90 days of purchase)		None		None
Fee for Redemption by Wire		$15		$15
Exchange Fee		None		None
Account Fee		None		None

Annual Fund Operating Expenses¹ (expenses that you pay each year as a percentage of the value of your investment)

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Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Fund’s expense limitation for the first year). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

 

Portfolio Turnover

Principal Investment Strategies

The Fund seeks total return (capital appreciation and current income) in excess of the benchmark index, currently the Dow Jones U.S. REIT Index, over a full market cycle. 

The Fund will normally use derivatives in an attempt to create an investment return that approximates (before fees and expenses) the Index’s return. For example, the Fund might enter into swap transactions or futures transactions designed to provide the Fund a return before fees and expenses approximating the Index’s return, including swap transactions or futures transactions where the reference asset is the Index or a modified version of the Index, one or more components of the Index, or an unrelated index or basket of securities. The transaction pricing of any swap transaction will reflect a number of factors that will cause the return on the swap transaction to underperform the Index. Please see “Index Risk — Note regarding Index-Based Swaps” in this Prospectus for more information. The Fund expects to use only a small 

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percentage of its assets to attain the desired exposure to the Index because of the structure of the derivatives the Fund expects to use. As a result, use of those derivatives along with the Fund’s investments in a portfolio of debt securities will create investment leverage in the Fund’s portfolio. In certain cases, derivatives based on the Index or that use the Index as the reference asset might be unavailable or the pricing of those derivatives might be unfavorable; in those cases, the Fund might attempt to approximate the Index’s return by purchasing some or all of the securities comprising the Index, or portions of the Index, at the time. If the Fund at any time invests directly in the securities comprising the Index, the assets so invested will be unavailable for investment in debt instruments, and the Fund’s ability to pursue its investment strategy fully and achieve its investment objective may be limited. 

If derivatives designed to provide the Fund a return approximating the Index’s return become unavailable or for other reasons, DoubleLine Alternatives may seek investment exposure to the REIT securities comprising the Index by investing in derivative instruments whose reference assets are other REIT-related indices or issuers, by investing directly in some or all of the REIT securities comprising the Index, or by investing in REIT-focused pooled investment vehicles that may provide comparable exposure. DoubleLine Alternatives or the Fund’s Board of Trustees may in their sole discretion and without advance notice to shareholders select, in place of the Index, another index (such as the Dow Jones U.S. REIT Index) or a basket of investments. The Fund may gain exposure to any substitute index or basket of investments in any manner DoubleLine Alternatives determines appropriate, including those described above with respect to how the Fund may obtain exposure to the Index. 

Although a portion of the Fund’s assets may be invested in instruments whose performance is based on an index, the Fund’s overall portfolio includes other investments. Therefore, the Fund is not designed to replicate the performance of any index. The Fund’s performance will deviate, potentially significantly, from the performance of any index used by the Fund. 

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During the Fund’s last fiscal year, the Fund entered into swap transactions related to the Index with two counterparties. The Fund will likely enter into swap transactions related to the Index with a single or a limited number of counterparties for the foreseeable future. In selecting swap counterparties for the Fund, DoubleLine Alternatives will normally consider a variety of factors, including, without limitation: cost; the quality, reliability, and responsiveness of a counterparty; the operational compatibility between a counterparty and DoubleLine Alternatives; and a counterparty’s creditworthiness. 

In managing the Fund’s portfolio of debt instruments, under normal market conditions, the portfolio managers intend to seek to construct an investment portfolio with an overall dollar-weighted average effective duration of between one and three years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage prepayment rates as determined by DoubleLine Capital. The longer a portfolio’s effective duration, the more sensitive it will be to changes in interest rates. The effective duration of the Fund’s portfolio of debt instruments may vary materially from its target range, from time to time, and there is no assurance that the effective duration of the portfolio will always be within its target range. DoubleLine Capital monitors the effective duration of the Fund’s portfolio of debt instruments to seek to assess and, in its discretion, adjust the Fund’s exposure to interest rate risk. 

The Fund may invest a portion of its assets in inverse floater securities and interest-only and principal-only securities. An inverse floater is a type of instrument, which may be backed by or related to a mortgage-backed security, that bears a 

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floating or variable interest rate that moves in the opposite direction to movements in interest rates generally or the interest rate on another security or index. Because an inverse floater inherently carries financial leverage in its coupon rate, it can change very substantially in value in response to changes in interest rates. Interest-only and principal-only securities may also be backed by or related to a mortgage-backed security. Holders of interest-only securities are entitled to receive only the interest on the underlying obligations but none of the principal, while holders of principal-only securities are entitled to receive all of the principal but none of the interest on the underlying obligations. As a result, they are highly sensitive to actual or anticipated changes in prepayment rates on the underlying securities. 

The Fund may invest a portion of its assets in debt instruments (including hybrid securities) issued or guaranteed by companies, financial institutions and government entities in emerging market countries. An “emerging market country” is a country that, at the time the Fund invests in the related fixed income instruments, is classified as an emerging or developing economy by any supranational organization such as an institution in the World Bank Group or the United Nations, or an agency thereof, or is considered an emerging market country for purposes of constructing a major emerging market securities index. 

In managing the Fund’s debt instruments, the portfolio managers typically use a controlled risk approach. The techniques of this approach attempt to control the principal risk components of the fixed income markets and may include, among other factors, consideration of DoubleLine Capital’s view of the following: the potential relative performance of various market sectors, security selection available within a given sector, the risk/reward equation for different asset classes, liquidity conditions in various market sectors, the shape of the yield curve and projections for changes in the yield curve, potential fluctuations in the overall level of interest rates, and current fiscal policy. 

The portfolio managers utilize active asset allocation in managing the Fund’s investments in debt instruments. 

Portfolio securities may be sold at any time. By way of example, sales may occur when the Fund’s portfolio managers determine to take advantage of what the portfolio managers consider to be a better investment opportunity, when the portfolio managers believe the portfolio securities no longer represent relatively attractive investment opportunities, when the portfolio managers perceive deterioration in the credit fundamentals of the issuer, or when the individual security has reached the portfolio managers’ sell target. 

Principal Risks

The value of the Fund’s shares will vary as its portfolio investments increase or decrease in value. Therefore, the value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. The Fund’s principal risks are listed below in alphabetical order, not in order of importance. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund’s portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

The principal risks affecting the Fund that can cause a decline in value are:

  

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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.

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debt securities risks:

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credit risk: the risk that an issuer, counterparty or other obligor to the Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund’s income and/or reduce, in whole or in part, the value of the Fund’s investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security’s or other instrument’s credit quality or value and an obligor’s ability to honor its obligations 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 or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

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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.

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prepayment risk: the risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre‑paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund.

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emerging market country risk: the risk that investing in emerging markets, as compared to foreign developed markets, increases the likelihood that the Fund will lose money, due to more limited information about the issuer and/or the security; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets; the possibility of currency blockages or transfer restrictions; an emerging market country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments.

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financial services risk: the risk that an investment in issuers in the financial services sector or transactions with one or more counterparties in the financial services sector may be adversely affected by, among other things: (i) changes in governmental regulation, which may limit both the amounts and the types of loans and other financial commitments financial services companies can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain; (ii) fluctuations, including as a result of interest rate changes or increased competition, in the availability and cost of capital funds on which the profitability of financial services companies is largely dependent; (iii) deterioration of the credit markets; (iv) credit losses resulting from financial difficulties of borrowers, especially when financial services companies are exposed to non‑diversified or concentrated loan portfolios; (v) financial losses associated with investment activities, especially when financial services companies are exposed to financial leverage; (vi) the risk that any financial services company experiences substantial declines in the valuations of its assets, takes action to raise capital, or ceases operations; (vii) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector; and (viii) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

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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.

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

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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.

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index risk: the risk that the Fund’s investments in derivatives based on the Index or that use the Index as the reference asset, or other substitute investment exposure to the Index, may underperform the return of the Index for a number of reasons, including, for example, (i) the performance of derivatives related to the Index may not correlate with the Index and/or may underperform the Index due to transaction costs, fees, or other aspects of the transaction’s pricing; (ii) the Fund may not be able to find counterparties willing to enter into derivative instruments whose returns are based on the return of the Index or find parties who are willing to do so at an acceptable cost or level of risk to the Fund; and (iii) errors may arise in carrying out the Index’s methodology, or the Index provider may incorrectly report information concerning the Index. Although DoubleLine Alternatives has licensed from the Index’s sponsor the right to use the Index as part of implementing the Fund’s principal investment strategies, there can be no guarantee that the Index will be maintained indefinitely or that the Fund will be able to continue to utilize the Index to implement the Fund’s principal investment strategies indefinitely. If the sponsor of the Index ceases to maintain the Index, the Fund no longer has the ability to utilize the Index to implement its principal investment strategies, or other circumstances exist

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that DoubleLine Alternatives or the Fund’s Board of Trustees concludes substantially limit the Fund’s ability to create cost-effective synthetic investment exposure to the Index, DoubleLine Alternatives or the Fund’s Board of Trustees may substitute the Index with another index that it chooses in its sole discretion and without advance notice to shareholders. There can be no assurance that any substitute index so selected will be similar to the Index or will perform in a manner similar to the Index. Unavailability of the Index could affect adversely the ability of the Fund to achieve its investment objective.

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inflation-indexed bond risk: the risk that such bonds will change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by the Fund’s portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

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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.

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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. Illiquidity may be the result of, for example, low trading volume, lack of a market maker, or contractual or legal restrictions that limit or prevent the Fund from selling securities or closing derivative positions. During periods of substantial market disruption, a large portion of the Fund’s assets could potentially experience significant levels of illiquidity. The values of illiquid investments are often more volatile than the values of more liquid investments. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid comparable investment.

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various restrictive covenants that may be found in loan agreements, the borrower may default in payment of the loan; (ix) if the Fund invests in loans that contain fewer or less restrictive constraints on the borrower than certain other types of loans (“covenant-lite” loans), it may have fewer rights against the borrowers of such loans, including fewer protections against the possibility of default and fewer remedies in the event of default; (x) the loan is unsecured; (xi) there is a limited secondary market; (xii) transactions in loans may settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale, which may result in sale proceeds related to the sale of loans not being available to make additional investments or to meet the Fund’s redemption obligations until potentially a substantial period after the sale of the loans; and (xiii) loans may be difficult to value and may be illiquid, which may adversely affect an investment in the Fund. The Fund may invest in loans directly or indirectly by investing in shares of the DoubleLine Floating Rate Fund and in either case will be subject to the risks described above.

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market capitalization risk: the risk that investing substantially in issuers in one market capitalization category (large, medium or small) may adversely affect the Fund because of unfavorable market conditions particular to that category of issuers. REITs tend to be smaller and medium capitalization issuers in relation to the equity markets as a whole. Investing in smaller and medium capitalization issuers may involve special risks because those companies may have a narrower focus, more limited financial resources, fewer experienced managers, dependence on a few key employees, and a more limited trading market for their stocks, as compared with larger companies. In addition, securities of these companies are subject to the risk that, during certain periods, the liquidity of particular issuers or an industry will shrink or disappear with little forewarning as a result of adverse economic or market conditions, or adverse investor perceptions, whether or not accurate. Securities of smaller and medium capitalization issuers may therefore be subject to greater price volatility and may decline more significantly in market downturns than securities of larger companies. Smaller and medium capitalization issuers may also require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position; and may have substantial borrowings or may otherwise have a weak financial condition, and may be susceptible to bankruptcy. Transaction costs for these investments are often higher than those of larger capitalization companies. There is typically less publicly available information about smaller and medium capitalization issuers. Accordingly, shares in REITs can, and at times will, perform differently than large company stocks.

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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 repayment of principal to other classes of the issuer’s securities.

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preferred securities risk: the risk that: (i) the terms of certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer’s call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities.

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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.

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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. For example, the values of securities of companies in the same or related sectors may be negatively affected by the common characteristics they share, the common business risks to which they are subject, common regulatory burdens, or regulatory changes that affect them similarly. Such characteristics, risks, burdens or changes include, but are not limited to, changes in governmental regulation, inflation or deflation, rising or falling interest rates, competition from new entrants, and other economic, market, political or other developments specific to that sector or related sectors.

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short position risk: the risk that an increase in the value of an instrument, index or interest rate with respect to which the Fund has established a short position will result in a loss to the Fund.

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Class I Shares 

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The Fund’s after‑tax returns as shown in the above table are calculated using the historical highest applicable individual federal marginal income tax rates for the period and do not reflect the impact of state and local taxes. Your actual after‑tax returns depend on your tax situation and may differ from those shown. If you own shares of the Fund in a tax‑advantaged account, such as a 401(k) plan or an individual retirement account, after‑tax returns shown are not relevant to your investment. The “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than other return figures because when a capital loss occurs upon the redemption of shares of the Fund, a tax deduction is provided that may benefit the investor. After‑tax returns are for Class I shares only. After‑tax returns for other classes may vary. The Dow Jones U.S. Select REIT Total Return Index tracks the performance of publicly traded REITs and REIT-like securities and is designed to serve as a proxy for direct real estate investment, in part by excluding companies whose performance may be driven by factors other than the value of real estate. It is not possible to invest directly in an index.

Name		Experience with the Fund		Primary Title with the Investment Adviser
Jeffrey E. Gundlach		Since the Fund’s inception in December 2018		Chief Executive Officer — DoubleLine Capital
Jeffrey J. Sherman		Since the Fund’s inception in December 2018		Deputy Chief Investment Officer — DoubleLine Capital; President — DoubleLine Alternatives

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•   Active Management Risk •   Asset-Backed Securities Investment Risk •   Counterparty Risk •   Debt Securities Risks •   Defaulted Securities Risk •   Derivatives Risk •   Financial Services Risk •   High Yield Risk		•   Inflation-Indexed Bond Risk •   Leveraging Risk •   Liquidity Risk •   Loan Risk •   Market Risk •   Mortgage-Backed Securities Risk •   Operational and Information Security Risks		•   Real Estate Risk •   Restricted Securities Risk •   Securities or Sector Selection Risk •   Structured Products and Structured Notes Risk •   U.S. Government Securities Risk •   Valuation Risk

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public finances;

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monetary policy;

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external accounts;

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financial markets;

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foreign investment regulations;

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stability of exchange rate policy; and

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labor conditions.

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•   Active Management Risk •   Asset-Backed Securities Investment Risk •   Collateralized Debt Obligations Risk •   Counterparty Risk •   Debt Securities Risks •   Defaulted Securities Risk •   Derivatives Risk •   Emerging Market Country Risk •   Financial Services Risk •   Foreign Currency Risk		•   Foreign Investing Risk •   High Yield Risk •   Inflation-Indexed Bond Risk •   Investment Company and Exchange-Traded Fund Risk •   Leveraging Risk •   Liquidity Risk •   Loan Risk •   Market Risk •   Mortgage-Backed Securities Risk		•   Operational and Information Security Risks •   Preferred Securities Risk •   Real Estate Risk •   Restricted Securities Risk •   Securities or Sector Selection Risk •   Structured Products and Structured Notes Risk •   U.S. Government Securities Risk •   Valuation Risk

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public finances;

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monetary policy;

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external accounts;

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financial markets;

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foreign investment regulations;

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stability of exchange rate policy; and

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labor conditions.

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•   Active Management Risk •   Asset-Backed Securities Investment Risk •   Cash Position Risk •   Collateralized Debt Obligations Risk •   Counterparty Risk •   Debt Securities Risks •   Defaulted Securities Risk •   Derivatives Risk •   Emerging Market Country Risk •   Financial Services Risk •   Focused Investment Risk •   Foreign Currency Risk		•   Foreign Investing Risk •   High Yield Risk •   Inflation-Indexed Bond Risk •   Investment Company and Exchange-Traded Fund Risk •   Large Shareholder Risk •   Leveraging Risk •   Liquidity Risk •   Loan Risk •   Market Risk •   Mortgage-Backed Securities Risk		•   Operational and Information Security Risks •   Portfolio Turnover Risk •   Preferred Securities Risk •   Real Estate Risk •   Securities or Sector Selection Risk •   Short Position Risk •   Sovereign Debt Obligations Risk •   Structured Products and Structured Notes Risk •   U.S. Government Securities Risk •   Valuation Risk

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•   Active Management Risk •   Asset-Backed Securities Investment Risk •   Cash Position Risk •   Counterparty Risk •   Debt Securities Risks •   Defaulted Securities Risk •   Derivatives Risk •   Emerging Market Country Risk •   Focused Investment Risk •   Foreign Currency Risk		•   Foreign Investing Risk •   High Yield Risk •   Inflation-Indexed Bond Risk •   Investment Company and Exchange-Traded Fund Risk •   Large Shareholder Risk •   Leveraging Risk •   Liquidity Risk •   Loan Risk •   Market Risk •   Mortgage-Backed Securities Risk		•   Non‑diversification Risk •   Operational and Information Security Risks •   Portfolio Turnover Risk •   Restricted Securities Risk •   Securities or Sector Selection Risk •   Short Position Risk •   Sovereign Debt Obligations Risk •   Structured Products and Structured Notes Risk •   U.S. Government Securities Risk •   Valuation Risk

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by companies or other issuers to finance (or re‑finance) the ownership, development, construction, maintenance, renovation, enhancement, or operation of infrastructure assets;

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by companies or other issuers that invest in, own, lease or hold infrastructure assets; and

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by companies or other issuers that operate infrastructure assets or provide services, products or raw materials related to the development, construction, maintenance, renovation, enhancement or operation of infrastructure assets.

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transportation (e.g., airports, metro systems, subways, railroads, ports, toll roads);

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transportation equipment (e.g., shipping, aircraft, railcars, containers);

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electric utilities and power (e.g., power generation, transmission and distribution);

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energy (e.g., exploration and production, pipeline, storage, refining and distribution of energy), including renewable energies (e.g., wind, solar, hydro, geothermal);

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communication networks and equipment;

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water and sewage treatment;

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social infrastructure (e.g., health care facilities, government buildings and other public service facilities); and

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metals, mining, and other resources and services related to infrastructure assets (e.g., cement, chemical companies).

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•   Active Management Risk •   Asset-Backed Securities Investment Risk •   Cash Position Risk •   Confidential Information Access Risk •   Counterparty Risk •   Debt Securities Risks •   Derivatives Risk •   Emerging Market Country Risk •   Focused Investment Risk •   Foreign Investing Risk		•   High Yield Risk •   Infrastructure Sector Risk •   Investment Company and Exchange-Traded Fund Risk •   Large Shareholder Risk •   Leveraging Risk •   Liquidity Risk •   Loan Risk •   Market Risk •   Mortgage-Backed Securities Risk •   Municipal Bond Risk		•   Operational and Information Security Risks •   Portfolio Turnover Risk •   Restricted Securities Risk •   Securities or Sector Selection Risk •   Structured Products and Structured Notes Risk •   U.S. Government Securities Risk •   Valuation Risk

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•   Active Management Risk •   Asset-Backed Securities Investment Risk •   Cash Position Risk •   Collateralized Debt Obligations Risk •   Counterparty Risk •   Debt Securities Risks •   Defaulted Securities Risk •   Derivatives Risk •   Emerging Market Country Risk •   Financial Services Risk •   Focused Investment Risk		•   Foreign Currency Risk •   Foreign Investing Risk •   High Yield Risk •   Inflation-Indexed Bond Risk •   Investment Company and Exchange-Traded Fund Risk •   Large Shareholder Risk •   Leveraging Risk •   Limited Operating History Risk •   Liquidity Risk •   Loan Risk •   Market Risk		•   Mortgage-Backed Securities Risk •   Non‑Diversification Risk •   Operational and Information Security Risks •   Portfolio Turnover Risk •   Restricted Securities Risk •   Securities or Sector Selection Risk •   Short Position Risk •   Sovereign Debt Obligations Risk •   Structured Products and Structured Notes Risk •   U.S. Government Securities Risk •   Valuation Risk

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•   Active Management Risk •   Asset-Backed Securities Investment Risk •   Commodities Risk •   Counterparty Risk •   Debt Securities Risks •   Defaulted Securities Risk •   Derivatives Risk •   Emerging Market Country Risk •   Equity Issuer Risk •   Financial Services Risk •   Foreign Currency Risk		•   Foreign Investing Risk •   High Yield Risk •   Inflation-Indexed Bond Risk •   Investment Company and Exchange-Traded Fund Risk •   Large Shareholder Risk •   Leveraging Risk •   Liquidity Risk •   Loan Risk •   Market Capitalization Risk •   Market Risk •   Mortgage-Backed Securities Risk		•   Operational and Information Security Risks •   Portfolio Turnover Risk •   Preferred Securities Risk •   Real Estate Risk •   Securities or Sector Selection Risk •   Short Position Risk •   Structured Products and Structured Notes Risk •   Tax Risk •   U.S. Government Securities Risk •   Valuation Risk

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BNP Paribas Index Components		Futures Contract
BNP Paribas Eurozone Equity Futures Index		Eurostoxx 50
BNP Paribas US Equity Futures Index		S&P 500
BNP Paribas Japan Equity Futures Index		Nikkei
BNP Paribas China Equity Futures Index		HSCEI
BNP Paribas France Equity Futures Index		CAC 40
BNP Paribas Germany Equity Futures Index		Dax
BNP Paribas UK Equity Futures Index		FTSE 100
BNP Paribas Swiss Equity Futures Index		SMI
BNP Paribas Korea Equity Futures Index		Kospi
BNP Paribas US Small Caps Equity Futures Index		Russell 2000
BNP Paribas Australia Equity Futures Index		ASX SPI 200
BNP Paribas Honk Kong Equity Futures Index		HSI
BNP Paribas Taiwan Equity Futures Index		MSCI Taiwan
BNP Paribas Italy Equity Futures Index		FTSE MIB
BNP Paribas Sweden Equity Futures Index		OMX
BNP Paribas Netherlands Equity Futures Index		AEX
BNP Paribas Canada Equity Futures Index		TSX 60
BNP Paribas Emerging Equity Futures Index		MSCI Emerging
BNP Paribas BNP Paribas Japan Tokyo Futures Index		TOPIX
BNP Paribas Bond Futures Germany 10Y (Bund) ER Index		Bund
BNP Paribas Bond Futures Germany 2Y (Schatz) ER Index		Schatz
BNP Paribas Bond Futures Germany 5Y (Bobl) ER Index		Bobl
BNP Paribas Bond Futures Germany 30Y (Long Bund) ER Index		Buxl
BNP Paribas Bond Futures Japan JGB 10Y ER Index		10‑Year Japanese Government Bond
BNP Paribas Bond Futures US Tsy 10Y ER Index		10‑Year US Treasury Note
BNP Paribas Bond Futures US Tsy 2Y ER Index		2‑Year US Treasury Note
BNP Paribas Bond Futures US Tsy 30Y ER Index		US Treasury Bond Futures
BNP Paribas Bond Futures US Tsy 5Y ER Index		5‑Year US Treasury Note
BNP Paribas AUD 10Y Futures Index		10‑Year Australian Treasury Bond
BNP Paribas AUD 3Y Futures Index		3‑Year Australian Treasury Bond
BNP Paribas Bond Futures Italy BTP 10Y ER Index		10‑Year BTP
BNP Paribas Bond France OAT 10Y ER Index		10‑Year OAT
BNP Paribas Bond Futures UK Long Gilt ER Index		Long Gilt
BNP Paribas Bond Futures Canada 10Y ER Index		Ten Year Government of Canada Bond

BNP Paribas Index Component		Currency
BNP Paribas EUR FX Spot Index		European Euro (EUR)
BNP Paribas GBP FX Spot Index		British Pound (GBP)
BNP Paribas CHF FX Spot Index		Swiss Franc (CHF)
BNP Paribas JPY FX Spot Index		Japanese Yen (JPY)
BNP Paribas AUD FX Spot Index		Australian Dollar (AUD)
BNP Paribas NZD FX Spot Index		New Zealand Dollar (NZD)
BNP Paribas CAD FX Spot Index		Canadian Dollar (CAD)

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BNP Paribas Index Component – Commodities

BNP Paribas Rolling Futures G0 CL Index (futures contract for West Texas Intermediate Crude Oil)

BNP Paribas Rolling Futures G0 HO Index (futures contract for Heating Oil)

BNP Paribas Rolling Futures G0 QS Index (futures contract for Gas Oil)

BNP Paribas Rolling Futures G0 CO Index (futures contract for Brent Crude Oil)

BNP Paribas Rolling Futures G0 XB Index (futures contract for Unleaded Gasoline)

BNP Paribas Rolling Futures G0 NG Index (futures contract for Natural Gas)

BNP Paribas Rolling Futures G0 LA Index (futures contract for London Metal Exchange – Aluminium)

BNP Paribas Rolling Futures G0 HG Index (futures contract for U.S. High Grade Copper)

BNP Paribas Rolling Futures G0 LX Index (futures contract for London Metal Exchange – Zinc)

BNP Paribas Rolling Futures G0 LN Index (futures contract for London Metal Exchange – Nickel)

BNP Paribas Rolling Futures G0 LL Index (futures contract for London Metal Exchange – Lead)

BNP Paribas Rolling Futures G0 GC Index (futures contract for Gold)

BNP Paribas Rolling Futures G0 SI Index (futures contract for Silver)

BNP Paribas Index Component		Credit Index Tracked
BNP Paribas Investment Grade Europe 5Y Credit Index		Markit iTraxx Europe Main Index
BNP Paribas High Yield Europe 5Y Credit Index		Markit iTraxx Europe Crossover Index
BNP Paribas Investment Grade US 5Y Credit Index		Markit CDX North America Investment Grade Index
BNP Paribas High Yield US 5Y Credit Index		Markit CDX North America High Yield Index

•   Active Management Risk •   Asset-Backed Securities Investment Risk •   Collateralized Debt Obligations Risk •   Commodities Risk •   Confidential Information Access Risk •   Counterparty Risk •   Debt Securities Risks •   Defaulted Securities Risk •   Derivatives Risk •   Emerging Market Country Risk •   Equity Issuer Risk •   Foreign Currency Risk		•   Foreign Investing Risk •   High Yield Risk •   Index Risk •   Investment Company and Exchange-Traded Fund Risk •   Large Shareholder Risk •   Leveraging Risk •   Limited Operating History Risk •   Liquidity Risk •   Loan Risk •   Market Risk •   Models and Data Risk •   Mortgage-Backed Securities Risk		•   Operational and Information Security Risks •   Portfolio Turnover Risk •   Restricted Securities Risk •   Securities or Sector Selection Risk •   Short Position Risk •   Structured Products and Structured Notes Risk •   Tax Risk •   U.S. Government Securities Risk •   Valuation Risk

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Long Basket or Index-Related Exposure. The Adviser may create one or more long commodity-related positions in the Fund’s portfolio, representing what the Adviser considers from time to time to be efficient, broad-based exposure to a number of commodities. For example, the Adviser may identify one or more baskets or indexes of commodities, which will typically be administered and maintained by a third party, although the Adviser may provide recommendations to the basket or index sponsor during the construction of the basket or index or from time to time thereafter as to the exposures to be reflected in the basket or index. In pursuit of this strategy, the Adviser will normally attempt to replicate within the Fund’s portfolio the commodity exposures of the basket or index. These basket- or index-based exposures will typically comprise at least 50% of the Fund’s commodity exposures, and may constitute as much as 100% of the Fund’s commodity exposures. The Adviser, in its discretion, may add to or replace the baskets or indexes, or may determine to implement the Fund’s investment program without relying on any baskets or indexes. In the latter case, the Adviser would rely principally on the investment techniques described under “Tactical Commodity Exposure,” below.

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Tactical Commodity Exposure. The Adviser may seek to generate additional returns or modify the Fund’s broad-based commodities exposures by taking long and/or short positions in individual commodities or in other baskets of commodities or commodity indexes. These investments may be made in commodities, such as precious metals, that are not represented in the basket or index of commodities through which the Fund may be obtaining broad-based commodities exposures. The Adviser will determine whether to take such positions based on the Adviser’s quantitative models as well as the Adviser’s views of changing market, economic and political factors, market fundamentals, macroeconomic trends, and global or local events. The Adviser may also seek to pursue “market neutral” returns by creating roughly equal “long” and “short” exposures on different commodities of any kind. The Fund’s tactical commodity exposures will be actively managed, and the allocation of the Fund’s assets to various commodities will change over time, sometimes rapidly.

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•   Active Management Risk •   Cash Position Risk •   Commodities Risk •   Counterparty Risk •   Debt Securities Risks •   Derivatives Risk •   Emerging Market Country Risk •   Focused Investment Risk •   Foreign Investing Risk •   Index Risk		•   Investment Company and Exchange-Traded Fund Risk •   Large Shareholder Risk •   Leveraging Risk •   Liquidity Risk •   Market Risk •   Models and Data Risk •   Operational and Information Security Risks •   Portfolio Turnover Risk		•   Securities or Sector Selection Risk •   Short Position Risk •   Structured Products and Structured Notes Risk •   Tax Risk •   U.S. Government Securities Risk •   Valuation Risk

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•   Active Management Risk •   Asset-Backed Securities Investment Risk •   Collateralized Debt Obligations Risk •   Confidential Information Access Risk •   Counterparty Risk •   Debt Securities Risks •   Derivatives Risk •   Emerging Market Country Risk •   Equity Issuer Risk •   Financial Services Risk •   Focused Investment Risk •   Foreign Currency Risk •   Foreign Investing Risk		•   High Yield Risk •   Index Risk •   Inflation-Indexed Bond Risk •   Investment Company and Exchange-Traded Fund Risk •   Large Shareholder Risk •   Leveraging Risk •   Limited Operating History Risk •   Liquidity Risk •   Loan Risk •   Market Capitalization Risk •   Market Risk •   Mortgage-Backed Securities Risk •   Operational and Information Security Risks		•   Portfolio Turnover Risk •   Preferred Securities Risk •   Real Estate Risk •   Restricted Securities Risk •   Securities or Sector Selection Risk •   Short Position Risk •   Structured Products and Structured Notes Risk •   U.S. Government Securities Risk •   Valuation Risk

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Other creditors might convince the court to set aside a loan or the collateralization of the loan as a “fraudulent conveyance” or “preferential transfer.” In that event, the court could recover from the Fund the interest and principal payments that the borrower made before becoming insolvent. There can be no assurance that the Fund would be able to prevent that recapture.

•

A bankruptcy court may restructure the payment obligations under the loan so as to reduce the amount to which the Fund would be entitled.

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The court might discharge the amount of the loan that exceeds the value of the collateral.

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The court could subordinate the Fund’s rights to the rights of other creditors of the borrower under applicable law, decreasing, potentially significantly, the likelihood of any recovery on the Fund’s investment.

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Portfolio Manager		Length of Service with the Funds		Business Experience During the Past Five Years
Jeffrey E. Gundlach		DoubleLine Total Return Bond Fund (since inception in April 2010) DoubleLine Core Fixed Income Fund (since inception in June 2010) DoubleLine Multi-Asset Growth Fund (since inception in December 2010) DoubleLine Shiller Enhanced CAPE® (since inception in October 2013) DoubleLine Flexible Income Fund (since inception in April 2014) DoubleLine Long Duration Total Return Bond Fund (since inception in December 2014) DoubleLine Global Bond Fund		Mr. Gundlach is the founder and Chief Executive Officer (CEO) of DoubleLine Capital and is Chief Investment Officer (CIO) of DoubleLine Capital. Mr. Gundlach has been CEO and CIO of DoubleLine Capital since its inception in December 2009.

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Portfolio Manager		Length of Service with the Funds		Business Experience During the Past Five Years
Samuel Lau		DoubleLine Strategic Commodity Fund (since July 2018)		Mr. Lau joined DoubleLine in 2009. He works in portfolio management and trading for derivatives-based and multi-asset strategies.
Jeffrey Mayberry		DoubleLine Strategic Commodity Fund (since July 2018)		Mr. Mayberry works in portfolio management and trading for derivatives-based and multi-asset strategies. He joined DoubleLine in 2009 where he oversaw portfolio analytics, risk management and the development of portfolio management systems. He moved to his current role on the Macro-Asset Allocation team in 2014.
Morris Chen		DoubleLine Income Fund (since inception in September 2019)		Mr. Chen joined DoubleLine in 2009. He is a Portfolio Manager and heads the Commercial Mortgage-Backed Securities (CMBS) and Commercial Real Estate (CRE) Debt group. He is a permanent member of the Fixed Income Asset Allocation and Structured Products Committees.
Ken Shinoda		DoubleLine Income Fund (since inception in September 2019) DoubleLine Total Return Bond Fund (since July 2020)		Mr. Shinoda joined DoubleLine in 2009. He is the Chairman of the Structured Products Committee and a Portfolio Manager overseeing the Non-Agency Residential Mortgage-Backed Securities (RMBS) group. He is a permanent member of the Fixed Income Asset Allocation Committee. He is a CFA charterholder.

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		Minimum Initial Investment:								Subsequent Investment:
		Regular Accounts				IRAs/ HSAs				All Accounts and Automatic Investment Plans				Initial Sales Charge (Load)				Maximum Contingent Deferred Sales Load				Annual 12b-1 Fee
Class A Shares		$	2,000			$	500				$ 100				4.25	%1			0.75	%2			0.25	%
Class C Shares		$	2,000			$	500				$ 100				None				1.00	%3			1.00	%
Class I Shares		$	100,000			$	5,000				$ 100				None				None				None
Class N Shares		$	2,000			$	500				$ 100				None				None				0.25	%
Class R6 Shares			None				None				None				None				None				None

1	As discussed below, the initial sales load with respect to Class A shares may be waived in certain circumstances.

2	A contingent deferred sales load of up to 0.75% applies only to purchases of $1 million or more of Class A shares if the shares are redeemed within 18 months of purchase. The contingent deferred sales load may not be applicable. See “— Purchases at Net Asset Value” below.

3	A contingent deferred sales load of 1.00% applies to the Class C shares sold within 12 months of purchase.

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Amount of Purchase Payment		Sales Load as a % of Offering Price				Sales Load as a % of Net Amount Invested				Commission as a % of Offering Price2
Less than $50,000			4.25	%			4.44	%			4.25	%
$50,000 but less than $100,000			4.00	%			4.17	%			4.00	%
$100,000 but less than $250,000			3.50	%			3.63	%			3.50	%
$250,000 but less than $500,000			2.50	%			2.56	%			2.50	%
$500,000 but less than $1,000,000			2.00	%			2.04	%			2.00	%
$1,000,000 but less than $3,000,000			None	1			None	1			0.75	%
$3,000,000 but less than $10,000,000			None	1			None	1			0.50	%
$10,000,000 or more			None	1			None	1			0.25	%

1

If you purchase $1 million worth of shares or more, you will pay no initial sales load. However, in this case, if you were to sell your shares within 18 months of purchase, you would pay a contingent deferred sales load of up to 0.75% of the value of the Class A shares when they were purchased, except as described below under “— Purchases at Net Asset Value”. Your actual contingent deferred sales load will equal the commission paid in connection with the purchase of the shares redeemed (for example, if you purchase $3,000,000 of Class A shares and redeem them within 18 months of their purchase, you will pay a contingent deferred sales load equal to 0.50% of the value of the shares when they were purchased).

2	Based on the amount of the purchase payment.

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Qualified 401(a) plans (including 401(k) plans, Keogh plans, profit-sharing pension plans, money purchase pension plans, target benefit plans, defined benefit pension plans and Taft-Hartley multi-employer pension plans);

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403(b) plans and tax-sheltered annuity plans;

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457 plans, including 457(a) governmental entity plans and tax-exempt plans;

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Nonqualified deferred compensation plans, including rabbi trusts and similar arrangements; and

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Funded welfare benefit plans (e.g., Voluntary Employees’ Beneficiary Association (VEBA) plans, and Other Post-Employment (OPEB) plans).

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		Minimum Initial Investment:								Subsequent Investment:
		Regular Accounts				IRAs/ HSAs				All Accounts and Automatic Investment Plans
Class A Shares		$	2,000			$	500			$	100
Class C Shares		$	2,000			$	500			$	100
Class I Shares		$	100,000			$	5,000			$	100
Class N Shares		$	2,000			$	500			$	100

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your name(s) and signature(s) as they appear on the New Account Application form

•

your account number

•

the Fund name

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the dollar amount or number of shares you want to redeem

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how and where to send the proceeds

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redemption requests for amounts in excess of $100,000, where proceeds are requested to be sent by check;

•

when a redemption request is received by the transfer agent and the account address has changed within the last 30 calendar days;

•

when redemption proceeds are to be sent or payable to any person, address or bank account not on the Funds’ record; or

•

if ownership is being changed on your account.

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Each Fund may reject any purchase order for any reason and without prior notice. A Fund or a Fund’s transfer agent may reject a purchase order of any investor or group of investors or person acting on behalf of any investor or investors, whose pattern of trading or transaction history involves, in the opinion of the Fund’s Adviser or the Fund’s transfer agent, actual or potential harm to the Fund.

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The Trust reserves the right to prohibit any acquisition of a Fund’s shares (through either a purchase or exchange from another DoubleLine Fund) in which the acquirer has previously completed multiple round-trip transactions in the Fund within a 12-month period in accordance with the Trust’s policies and procedures. For this purpose, a round trip transaction consists of the acquisition of shares of a particular DoubleLine Fund (through either a purchase or exchange from another DoubleLine Fund) and the subsequent redemption of shares of that Fund (through either a sale or an exchange into another DoubleLine Fund). These limits on round trip transactions do not, however, limit a shareholder’s right to redeem their shares.

•

The Trust monitors exchanges and redemptions out of a Fund in accordance with the Trust’s policies and procedures.

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Exceptions to these trading limits must be approved by a Fund’s President or designee and reported to the Board of Trustees on a quarterly basis.

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Financial Highlights

								Income (Loss) from Investment Operations:												Less Distributions:																								Ratios to Average Net Assets:
For the Year or 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(c)				Net Assets, End of Period (000’s)				Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)				Expenses After Investment Advisory Fees (Waived)(d)				Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)				Net Investment Income (Loss)(d)
	DoubleLine Total Return Bond Fund - Class I:
	3/31/2022			$	10.46				0.29				(0.60	)			(0.31	)			(0.33	)			—				(0.33	)		$	9.82				(3.14	)%		$	37,399,379				0.48	%			0.48	%			0.48	%			2.75	%
	3/31/2021			$	10.46				0.31				0.04				0.35				(0.35	)			—				(0.35	)		$	10.46				3.32	%		$	42,909,929				0.49	%			0.49	%			0.49	%			2.95	%
	3/31/2020			$	10.53				0.34				(0.03	)			0.31				(0.38	)			—				(0.38	)		$	10.46				2.97	%		$	44,623,760				0.49	%			0.48	%			0.48	%			3.28	%
	3/31/2019			$	10.48				0.36				0.08				0.44				(0.39	)			—				(0.39	)		$	10.53				4.31	%		$	43,682,910				0.48	%			0.48	%			0.48	%			3.39	%
	3/31/2018			$	10.63				0.32				(0.09	)			0.23				(0.38	)			—				(0.38	)		$	10.48				2.19	%		$	42,992,354				0.47	%			0.47	%			0.47	%			3.04	%
	DoubleLine Total Return Bond Fund - Class N:
	3/31/2022			$	10.46				0.26				(0.60	)			(0.34	)			(0.30	)			—				(0.30	)		$	9.82				(3.38	)%		$	4,972,381				0.73	%			0.73	%			0.73	%			2.50	%
	3/31/2021			$	10.46				0.29				0.03				0.32				(0.32	)			—				(0.32	)		$	10.46				3.06	%		$	5,239,001				0.74	%			0.74	%			0.74	%			2.70	%
	3/31/2020			$	10.53				0.32				(0.03	)			0.29				(0.36	)			—				(0.36	)		$	10.46				2.71	%		$	6,552,760				0.73	%			0.73	%			0.73	%			3.03	%
	3/31/2019			$	10.48				0.33				0.08				0.41				(0.36	)			—				(0.36	)		$	10.53				4.05	%		$	6,831,035				0.73	%			0.73	%			0.73	%			3.14	%
	3/31/2018			$	10.63				0.30				(0.09	)			0.21				(0.36	)			—				(0.36	)		$	10.48				1.93	%		$	8,427,611				0.72	%			0.72	%			0.72	%			2.79	%
	DoubleLine Total Return Bond Fund - Class R6:
	3/31/2022			$	10.46				0.29				(0.59	)			(0.30	)			(0.33	)			—				(0.33	)		$	9.83				(2.99	)%		$	1,711,466				0.43	%			0.43	%			0.43	%			2.81	%
	3/31/2021			$	10.46				0.31				0.05				0.36				(0.36	)			—				(0.36	)		$	10.46				3.38	%		$	2,071,388				0.44	%			0.44	%			0.44	%			2.89	%
	3/31/2020	(b)		$	10.66				0.24				(0.18	)			0.06				(0.26	)			—				(0.26	)		$	10.46				0.52	%		$	65,403				0.45	%			0.45	%			0.45	%			3.33	%
																																								For the Year or Period Ended
																																								3/31/2022				3/31/2021				3/31/2020				3/31/2019				3/31/2018
	Portfolio turnover rate for all share classes																																								89%				91%				31%				28%				22%
	(a)  Calculated based on average shares outstanding during the period. (b)  Commencement of operations on July 31, 2019. Total return is based on operations for a period that is less than a year. (c)  Not annualized for periods less than one year. (d)  Annualized for periods less than one year.
								Income (Loss) from Investment Operations:												Less Distributions:																								Ratios to Average Net Assets:
For the Year or 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(c)				Net Assets, End of Period (000’s)				Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)				Expenses After Investment Advisory Fees (Waived)(d)				Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)				Net Investment Income (Loss)(d)
	DoubleLine Core Fixed Income Fund - Class I:
	3/31/2022			$	11.01				0.28				(0.62	)			(0.34	)			(0.31	)			(0.03	)			(0.34	)		$	10.33				(3.19	)%		$	9,843,189				0.46	%			0.42	%			0.42	%			2.55	%
	3/31/2021			$	10.62				0.32				0.42				0.74				(0.33	)			(0.02	)			(0.35	)		$	11.01				6.94	%		$	10,772,238				0.47	%			0.42	%			0.42	%			2.83	%
	3/31/2020			$	10.83				0.36				(0.20	)			0.16				(0.37	)			—				(0.37	)		$	10.62				1.42	%		$	10,724,409				0.47	%			0.41	%			0.41	%			3.30	%
	3/31/2019			$	10.81				0.37				0.02				0.39				(0.37	)			—				(0.37	)		$	10.83				3.71	%		$	10,672,087				0.47	%			0.42	%			0.42	%			3.42	%
	3/31/2018			$	10.86				0.31				(0.04	)			0.27				(0.32	)			—				(0.32	)		$	10.81				2.51	%		$	9,381,508				0.47	%			0.42	%			0.42	%			2.86	%
	DoubleLine Core Fixed Income Fund - Class N:
	3/31/2022			$	11.00				0.25				(0.61	)			(0.36	)			(0.29	)			(0.03	)			(0.32	)		$	10.32				(3.43	)%		$	443,006				0.71	%			0.67	%			0.67	%			2.30	%
	3/31/2021			$	10.61				0.29				0.42				0.71				(0.30	)			(0.02	)			(0.32	)		$	11.00				6.67	%		$	544,493				0.72	%			0.66	%			0.66	%			2.58	%
	3/31/2020			$	10.82				0.34				(0.20	)			0.14				(0.35	)			—				(0.35	)		$	10.61				1.17	%		$	706,970				0.72	%			0.66	%			0.66	%			3.05	%
	3/31/2019			$	10.80				0.34				0.02				0.36				(0.34	)			—				(0.34	)		$	10.82				3.45	%		$	841,190				0.72	%			0.67	%			0.67	%			3.15	%
	3/31/2018			$	10.85				0.29				(0.04	)			0.25				(0.30	)			—				(0.30	)		$	10.80				2.26	%		$	1,025,318				0.72	%			0.67	%			0.67	%			2.61	%
	DoubleLine Core Fixed Income Fund - Class R6:
	3/31/2022			$	11.01				0.28				(0.61	)			(0.33	)			(0.32	)			(0.03	)			(0.35	)		$	10.33				(3.16	)%		$	93,509				0.44	%			0.39	%			0.39	%			2.58	%
	3/31/2021			$	10.62				0.32				0.42				0.74				(0.33	)			(0.02	)			(0.35	)		$	11.01				6.94	%		$	104,731				0.44	%			0.38	%			0.38	%			2.88	%
	3/31/2020	(b)		$	11.05				0.24				(0.42	)			(0.18	)			(0.25	)			—				(0.25	)		$	10.62				(1.72	)%		$	112,911				0.45	%			0.39	%			0.39	%			3.26	%
																																								For the Year or Period Ended
																																								3/31/2022				3/31/2021				3/31/2020				3/31/2019				3/31/2018
	Portfolio turnover rate for all share classes																																								177%				155%				43%				66%				77%
	(a)  Calculated based on average shares outstanding during the period. (b)  Commencement of operations on July 31, 2019. Total return is based on operations for a period that is less than a year. (c)  Not annualized for periods less than one year. (d)  Annualized for periods less than one year.

---

								Income (Loss) from Investment Operations:												Less Distributions:																								Ratios to Average Net Assets:
For the Year or 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)
	DoubleLine Emerging Markets Fixed Income Fund - Class I:
	3/31/2022			$	10.55				0.39				(0.84	)			(0.45	)			(0.39	)			—				(0.39	)		$	9.71				(4.46	)%		$	721,060				0.87	%			0.87	%			0.87	%			3.76	%
	3/31/2021			$	8.83				0.41				1.75				2.16				(0.44	)			—				(0.44	)		$	10.55				24.72	%		$	799,879				0.89	%			0.89	%			0.89	%			4.06	%
	3/31/2020			$	10.34				0.49				(1.51	)			(1.02	)			(0.49	)			—				(0.49	)		$	8.83				(10.43	)%		$	755,648				0.90	%			0.90	%			0.90	%			4.69	%
	3/31/2019			$	10.42				0.41				(0.06	)			0.35				(0.41	)			(0.02	)			(0.43	)		$	10.34				3.52	%		$	943,368				0.89	%			0.89	%			0.89	%			3.99	%
	3/31/2018			$	10.50				0.33				0.02				0.35				(0.34	)			(0.09	)			(0.43	)		$	10.42				3.30	%		$	937,978				0.88	%			0.88	%			0.88	%			3.12	%
	DoubleLine Emerging Markets Fixed Income Fund - Class N:
	3/31/2022			$	10.55				0.37				(0.85	)			(0.48	)			(0.36	)			—				(0.36	)		$	9.71				(4.70	)%		$	38,728				1.12	%			1.12	%			1.12	%			3.51	%
	3/31/2021			$	8.83				0.39				1.74				2.13				(0.41	)			—				(0.41	)		$	10.55				24.38	%		$	44,972				1.14	%			1.14	%			1.14	%			3.86	%
	3/31/2020			$	10.34				0.47				(1.51	)			(1.04	)			(0.47	)			—				(0.47	)		$	8.83				(10.68	)%		$	122,727				1.15	%			1.15	%			1.15	%			4.46	%
	3/31/2019			$	10.43				0.37				(0.06	)			0.31				(0.38	)			(0.02	)			(0.40	)		$	10.34				3.16	%		$	164,101				1.14	%			1.14	%			1.14	%			3.66	%
	3/31/2018			$	10.50				0.31				0.02				0.33				(0.31	)			(0.09	)			(0.40	)		$	10.43				3.14	%		$	197,564				1.13	%			1.13	%			1.13	%			2.93	%
																																								For the Year or Period Ended
																																								3/31/2022				3/31/2021				3/31/2020				3/31/2019				3/31/2018
	Portfolio turnover rate for all share classes																																								51%				81%				37%				66%				78%
	(a)  Calculated based on average shares outstanding during the period.
								Income (Loss) from Investment Operations:												Less Distributions:																								Ratios to Average Net Assets:
For the Year or 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(b)				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)
	DoubleLine Multi-Asset Growth Fund (Consolidated) - Class I:
	3/31/2022			$	9.68				0.24				—				0.24				(0.29	)			—				(0.29	)		$	9.63				2.43	%		$	27,033				1.59	%			1.51	%			1.07	%			2.44	%
	3/31/2021			$	7.77				0.22				2.01				2.23				(0.32	)			—				(0.32	)		$	9.68				29.01	%		$	26,517				1.67	%			1.57	%			1.05	%			2.40	%
	3/31/2020			$	9.17				0.20				(1.30	)			(1.10	)			(0.30	)			—				(0.30	)		$	7.77				(12.32	)%		$	16,739				1.22	%			1.09	%			1.00	%			2.53	%
	3/31/2019			$	9.43				0.24				(0.21	)			0.03				(0.29	)			—				(0.29	)		$	9.17				0.42	%		$	44,493				1.12	%			1.00	%			1.03	%			2.58	%
	3/31/2018			$	9.84				0.23				0.43				0.66				(0.27	)			(0.80	)			(1.07	)		$	9.43				6.80	%		$	63,651				1.12	%			1.01	%			1.02	%			2.31	%
	DoubleLine Multi-Asset Growth Fund (Consolidated) - Class A:
	3/31/2022			$	9.70				0.22				(0.01	)			0.21				(0.27	)			—				(0.27	)		$	9.64				2.10	%		$	2,809				1.85	%			1.77	%			1.34	%			2.22	%
	3/31/2021			$	7.75				0.19				2.00				2.19				(0.24	)			—				(0.24	)		$	9.70				28.47	%		$	1,533				1.85	%			1.73	%			1.30	%			2.26	%
	3/31/2020			$	9.13				0.20				(1.30	)			(1.10	)			(0.28	)			—				(0.28	)		$	7.75				(12.42	)%		$	19,548				1.38	%			1.27	%			1.26	%			2.13	%
	3/31/2019			$	9.40				0.21				(0.21	)			—				(0.27	)			—				(0.27	)		$	9.13				0.07	%		$	177,602				1.37	%			1.24	%			1.28	%			2.28	%
	3/31/2018			$	9.81				0.21				0.43				0.64				(0.25	)			(0.80	)			(1.05	)		$	9.40				6.57	%		$	153,986				1.37	%			1.26	%			1.27	%			2.08	%
																																								For the Year or Period Ended
																																								3/31/2022				3/31/2021				3/31/2020				3/31/2019				3/31/2018
	Portfolio turnover rate for all share classes																																								27%				29%				13%				45%				83%
	(a)  Calculated based on average shares outstanding during the period. (b)  Total return does not include the effects of sales charges for Class A.

---

Financial Highlights  (Cont.)

								Income (Loss) from Investment Operations:												Less Distributions:																								Ratios to Average Net Assets:
For the Year or 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(c)				Net Assets, End of Period (000’s)				Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)				Expenses After Investment Advisory Fees (Waived)(d)				Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)				Net Investment Income (Loss)(d)
	DoubleLine Low Duration Bond Fund - Class I:
	3/31/2022			$	9.97				0.15				(0.29	)			(0.14	)			(0.16	)			—				(0.16	)		$	9.67				(1.42	)%		$	6,224,937				0.41	%			0.41	%			0.41	%			1.55	%
	3/31/2021			$	9.51				0.20				0.47				0.67				(0.21	)			—				(0.21	)		$	9.97				7.08	%		$	5,689,932				0.42	%			0.42	%			0.42	%			2.05	%
	3/31/2020			$	9.97				0.30				(0.45	)			(0.15	)			(0.31	)			—				(0.31	)		$	9.51				(1.59	)%		$	5,296,795				0.42	%			0.41	%			0.41	%			3.05	%
	3/31/2019			$	9.97				0.31				—				0.31				(0.31	)			—				(0.31	)		$	9.97				3.13	%		$	5,455,532				0.42	%			0.41	%			0.41	%			3.10	%
	3/31/2018			$	10.04				0.22				(0.04	)			0.18				(0.25	)			—				(0.25	)		$	9.97				1.82	%		$	4,069,943				0.42	%			0.41	%			0.41	%			2.26	%
	DoubleLine Low Duration Bond Fund - Class N:
	3/31/2022			$	9.96				0.13				(0.28	)			(0.15	)			(0.14	)			—				(0.14	)		$	9.67				(1.57	)%		$	1,043,811				0.66	%			0.66	%			0.66	%			1.30	%
	3/31/2021			$	9.50				0.18				0.46				0.64				(0.18	)			—				(0.18	)		$	9.96				6.82	%		$	1,194,295				0.67	%			0.67	%			0.67	%			1.83	%
	3/31/2020			$	9.96				0.28				(0.45	)			(0.17	)			(0.29	)			—				(0.29	)		$	9.50				(1.84	)%		$	1,483,316				0.67	%			0.66	%			0.66	%			2.80	%
	3/31/2019			$	9.96				0.28				—				0.28				(0.28	)			—				(0.28	)		$	9.96				2.87	%		$	1,480,796				0.67	%			0.66	%			0.66	%			2.83	%
	3/31/2018			$	10.03				0.20				(0.04	)			0.16				(0.23	)			—				(0.23	)		$	9.96				1.57	%		$	1,438,903				0.67	%			0.66	%			0.66	%			1.99	%
	DoubleLine Low Duration Bond Fund - Class R6:
	3/31/2022			$	9.97				0.15				(0.29	)			(0.14	)			(0.16	)			—				(0.16	)		$	9.67				(1.39	)%		$	41,366				0.39	%			0.39	%			0.39	%			1.53	%
	3/31/2021			$	9.51				0.20				0.47				0.67				(0.21	)			—				(0.21	)		$	9.97				7.12	%		$	8,840				0.40	%			0.39	%			0.39	%			2.05	%
	3/31/2020	(b)		$	10.03				0.20				(0.52	)			(0.32	)			(0.20	)			—				(0.20	)		$	9.51				(3.25	)%		$	369				0.39	%			0.38	%			0.38	%			2.98	%
																																								For the Year or Period Ended
																																								3/31/2022				3/31/2021				3/31/2020				3/31/2019				3/31/2018
	Portfolio turnover rate for all share classes																																								80%				71%				60%				54%				62%
	(a)  Calculated based on average shares outstanding during the period. (b)  Commencement of operations on July 31, 2019. Total return is based on operations for a period that is less than a year. (c) Not annualized for periods less than one year. (d)  Annualized for periods less than one year.
								Income (Loss) from Investment Operations:												Less Distributions:																								Ratios to Average Net Assets:
For the Year or 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)
	DoubleLine Floating Rate Fund - Class I:
	3/31/2022			$	9.51				0.32				(0.09	)			0.23				(0.32	)			—				(0.32	)		$	9.42				2.40	%		$	333,518				0.64	%			0.64	%			0.64	%			3.37	%
	3/31/2021			$	8.44				0.34				1.07				1.41				(0.34	)			—				(0.34	)		$	9.51				16.95	%		$	240,442				0.72	%			0.72	%			0.72	%			3.69	%
	3/31/2020			$	9.65				0.47				(1.20	)			(0.73	)			(0.48	)			—				(0.48	)		$	8.44				(7.99	)%		$	150,892				0.70	%			0.70	%			0.70	%			4.84	%
	3/31/2019			$	9.94				0.49				(0.28	)			0.21				(0.50	)			—				(0.50	)		$	9.65				2.15	%		$	358,062				0.64	%			0.64	%			0.64	%			5.00	%
	3/31/2018			$	9.90				0.41				0.02				0.43				(0.39	)			—				(0.39	)		$	9.94				4.39	%		$	428,379				0.65	%			0.65	%			0.65	%			3.98	%
	DoubleLine Floating Rate Fund - Class N:
	3/31/2022			$	9.53				0.30				(0.10	)			0.20				(0.29	)			—				(0.29	)		$	9.44				2.15	%		$	45,362				0.90	%			0.90	%			0.90	%			3.16	%
	3/31/2021			$	8.45				0.32				1.08				1.40				(0.32	)			—				(0.32	)		$	9.53				16.73	%		$	18,339				0.98	%			0.98	%			0.98	%			3.54	%
	3/31/2020			$	9.67				0.44				(1.20	)			(0.76	)			(0.46	)			—				(0.46	)		$	8.45				(8.32	)%		$	51,646				0.95	%			0.95	%			0.95	%			4.59	%
	3/31/2019			$	9.95				0.47				(0.28	)			0.19				(0.47	)			—				(0.47	)		$	9.67				1.99	%		$	116,374				0.88	%			0.88	%			0.88	%			4.74	%
	3/31/2018			$	9.92				0.37				0.02				0.39				(0.36	)			—				(0.36	)		$	9.95				4.02	%		$	145,289				0.90	%			0.90	%			0.90	%			3.71	%
																																								For the Year or Period Ended
																																								3/31/2022				3/31/2021				3/31/2020				3/31/2019				3/31/2018
	Portfolio turnover rate for all share classes																																								40%				76%				58%				88%				77%
	(a)  Calculated based on average shares outstanding during the period.

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								Income (Loss) from Investment Operations:												Less Distributions:																								Ratios to Average Net Assets:
For the Year or 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(c)				Net Assets, End of Period (000’s)				Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)				Expenses After Investment Advisory Fees (Waived)(d)				Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)				Net Investment Income (Loss)(d)
	DoubleLine Shiller Enhanced CAPE® - Class I:
	3/31/2022			$	19.62				0.26				2.00				2.26				(0.30	)			(4.79	)			(5.09	)		$	16.79				10.96	%		$	7,828,188				0.54	%			0.53	%			0.53	%			1.29	%
	3/31/2021			$	11.69				0.27				7.95				8.22				(0.29	)			—				(0.29	)		$	19.62				70.87	%		$	8,169,623				0.55	%			0.54	%			0.54	%			1.64	%
	3/31/2020			$	14.81				0.42				(2.72	)			(2.30	)			(0.43	)			(0.39	)			(0.82	)		$	11.69				(16.78	)%		$	4,633,848				0.55	%			0.54	%			0.54	%			2.70	%
	3/31/2019			$	15.16				0.45				1.19				1.64				(0.46	)			(1.53	)			(1.99	)		$	14.81				11.78	%		$	4,577,386				0.56	%			0.55	%			0.55	%			2.99	%
	3/31/2018			$	14.76				0.35				1.46				1.81				(0.35	)			(1.06	)			(1.41	)		$	15.16				12.40	%		$	4,013,700				0.55	%			0.54	%			0.54	%			2.17	%
	DoubleLine Shiller Enhanced CAPE® - Class N:
	3/31/2022			$	19.61				0.21				1.99				2.20				(0.24	)			(4.79	)			(5.03	)		$	16.78				10.69	%		$	566,561				0.79	%			0.78	%			0.78	%			1.03	%
	3/31/2021			$	11.68				0.24				7.93				8.17				(0.24	)			—				(0.24	)		$	19.61				70.45	%		$	705,156				0.80	%			0.79	%			0.79	%			1.56	%
	3/31/2020			$	14.80				0.38				(2.72	)			(2.34	)			(0.39	)			(0.39	)			(0.78	)		$	11.68				(17.00	)%		$	1,246,723				0.80	%			0.79	%			0.79	%			2.46	%
	3/31/2019			$	15.14				0.42				1.19				1.61				(0.42	)			(1.53	)			(1.95	)		$	14.80				11.59	%		$	1,236,075				0.81	%			0.80	%			0.80	%			2.75	%
	3/31/2018			$	14.75				0.30				1.46				1.76				(0.31	)			(1.06	)			(1.37	)		$	15.14				12.06	%		$	1,042,563				0.80	%			0.79	%			0.79	%			1.91	%
	DoubleLine Shiller Enhanced CAPE® - Class R6:
	3/31/2022			$	19.62				0.27				2.01				2.28				(0.31	)			(4.79	)			(5.10	)		$	16.80				11.07	%		$	15,398				0.49	%			0.49	%			0.49	%			1.35	%
	3/31/2021			$	11.70				0.27				7.95				8.22				(0.30	)			—				(0.30	)		$	19.62				70.82	%		$	12,333				0.51	%			0.51	%			0.51	%			1.47	%
	3/31/2020	(b)		$	15.69				0.27				(3.59	)			(3.32	)			(0.28	)			(0.39	)			(0.67	)		$	11.70				(22.15	)%		$	124				0.49	%			0.48	%			0.48	%			2.60	%
																																								For the Year or Period Ended
																																								3/31/2022				3/31/2021				3/31/2020				3/31/2019				3/31/2018
	Portfolio turnover rate for all share classes																																								110%				69%				62%				55%				60%
	(a)  Calculated based on average shares outstanding during the period. (b)  Commenced operations on July 31, 2019. Total return is based on operations for a period that is less than one year. (c)  Not annualized for periods less than one year. (d)  Annualized for periods less than one year.
								Income (Loss) from Investment Operations:												Less Distributions:																								Ratios to Average Net Assets:
For the Year or 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(c)				Net Assets, End of Period (000’s)				Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)				Expenses After Investment Advisory Fees (Waived)(d)				Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)				Net Investment Income (Loss)(d)
	DoubleLine Flexible Income Fund - Class I:
	3/31/2022			$	9.65				0.35				(0.43	)			(0.08	)			(0.36	)			—				(0.36	)		$	9.21				(0.91	)%		$	971,543				0.73	%			0.71	%			0.71	%			3.65	%
	3/31/2021			$	8.40				0.35				1.28				1.63				(0.38	)			—				(0.38	)		$	9.65				19.59	%		$	1,086,763				0.76	%			0.73	%			0.73	%			3.71	%
	3/31/2020			$	9.65				0.39				(1.22	)			(0.83	)			(0.42	)			—				(0.42	)		$	8.40				(9.06	)%		$	874,594				0.73	%			0.69	%			0.69	%			4.12	%
	3/31/2019			$	9.81				0.42				(0.14	)			0.28				(0.44	)			—				(0.44	)		$	9.65				2.95	%		$	1,088,368				0.74	%			0.72	%			0.72	%			4.26	%
	3/31/2018			$	9.82				0.35				0.03				0.38				(0.39	)			—				(0.39	)		$	9.81				3.94	%		$	1,007,491				0.76	%			0.74	%			0.77	%			3.61	%
	DoubleLine Flexible Income Fund - Class N:
	3/31/2022			$	9.65				0.33				(0.44	)			(0.11	)			(0.34	)			—				(0.34	)		$	9.20				(1.26	)%		$	142,205				0.98	%			0.96	%			0.96	%			3.39	%
	3/31/2021			$	8.39				0.32				1.29				1.61				(0.35	)			—				(0.35	)		$	9.65				19.43	%		$	155,408				1.01	%			0.97	%			0.97	%			3.49	%
	3/31/2020			$	9.64				0.37				(1.22	)			(0.85	)			(0.40	)			—				(0.40	)		$	8.39				(9.30	)%		$	230,033				0.98	%			0.94	%			0.94	%			3.83	%
	3/31/2019			$	9.81				0.39				(0.14	)			0.25				(0.42	)			—				(0.42	)		$	9.64				2.59	%		$	207,491				0.99	%			0.97	%			0.97	%			4.01	%
	3/31/2018			$	9.82				0.33				0.03				0.36				(0.37	)			—				(0.37	)		$	9.81				3.69	%		$	195,093				1.01	%			0.99	%			1.02	%			3.36	%
	DoubleLine Flexible Income Fund - Class R6:
	3/31/2022			$	9.66				0.34				(0.43	)			(0.09	)			(0.36	)			—				(0.36	)		$	9.21				(0.98	)%		$	112,378				0.70	%			0.68	%			0.68	%			3.55	%
	3/31/2021			$	8.40				0.32				1.32				1.64				(0.38	)			—				(0.38	)		$	9.66				19.78	%		$	758				0.72	%			0.70	%			0.70	%			3.42	%
	3/31/2020	(b)		$	9.74				0.25				(1.32	)			(1.07	)			(0.27	)			—				(0.27	)		$	8.40				(11.26	)%		$	89				0.68	%			0.65	%			0.65	%			3.91	%
																																								For the Year or Period Ended
																																								3/31/2022				3/31/2021				3/31/2020				3/31/2019				3/31/2018
	Portfolio turnover rate for all share classes																																								41%				46%				41%				44%				41%

(a)  Calculated based on average shares outstanding during the period. (b)  Commenced operations on July 31, 2019. Total return is based on operations for a period that is less than one year. (c)  Not annualized for periods less than one year. (d)  Annualized for periods less than one year.

---

Financial Highlights  (Cont.)

								Income (Loss) from Investment Operations:												Less Distributions:																								Ratios to Average Net Assets:
For the Year or 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)
	DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I:
	3/31/2022			$	9.90				0.16				(0.45	)			(0.29	)			(0.17	)			(0.04	)			(0.21	)		$	9.40				(3.00	)%		$	238,613				0.68	%			0.68	%			0.59	%			1.67	%
	3/31/2021			$	9.36				0.22				0.56				0.78				(0.24	)			—				(0.24	)		$	9.90				8.33	%		$	215,744				0.66	%			0.66	%			0.59	%			2.21	%
	3/31/2020			$	9.80				0.32				(0.36	)			(0.04	)			(0.32	)			(0.08	)			(0.40	)		$	9.36				(0.62	)%		$	180,730				0.63	%			0.63	%			0.59	%			3.24	%
	3/31/2019			$	9.70				0.28				0.12				0.40				(0.29	)			(0.01	)			(0.30	)		$	9.80				4.22	%		$	197,585				0.65	%			0.65	%			0.59	%			3.02	%
	3/31/2018			$	9.85				0.24				(0.11	)			0.13				(0.26	)			(0.02	)			(0.28	)		$	9.70				1.37	%		$	142,174				0.89	%			0.89	%			0.59	%			2.50	%
	DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N:
	3/31/2022			$	9.91				0.14				(0.46	)			(0.32	)			(0.14	)			(0.04	)			(0.18	)		$	9.41				(3.24	)%		$	22,501				0.93	%			0.93	%			0.84	%			1.42	%
	3/31/2021			$	9.38				0.19				0.55				0.74				(0.21	)			—				(0.21	)		$	9.91				7.94	%		$	25,849				0.91	%			0.91	%			0.84	%			1.95	%
	3/31/2020			$	9.81				0.30				(0.36	)			(0.06	)			(0.29	)			(0.08	)			(0.37	)		$	9.38				(0.77	)%		$	16,922				0.88	%			0.88	%			0.84	%			3.03	%
	3/31/2019			$	9.71				0.25				0.12				0.37				(0.26	)			(0.01	)			(0.27	)		$	9.81				3.93	%		$	24,075				0.93	%			0.93	%			0.84	%			2.54	%
	3/31/2018			$	9.86				0.22				(0.11	)			0.11				(0.24	)			(0.02	)			(0.26	)		$	9.71				1.10	%		$	57,856				1.14	%			1.14	%			0.84	%			2.25	%
																																								For the Year or Period Ended
																																								3/31/2022				3/31/2021				3/31/2020				3/31/2019				3/31/2018
	Portfolio turnover rate for all share classes																																								39%				72%				65%				42%				37%
	(a)  Calculated based on average shares outstanding during the period.
								Income (Loss) from Investment Operations:												Less Distributions:																								Ratios to Average Net Assets:
For the Year or 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)
	DoubleLine Long Duration Total Return Bond Fund - Class I:
	3/31/2022			$	9.37				0.28				(0.53	)			(0.25	)			(0.28	)			—				(0.28	)		$	8.84				(2.89	)%		$	54,898				0.54	%			0.54	%			0.50	%			2.87	%
	3/31/2021			$	11.75				0.29				(1.62	)			(1.33	)			(0.29	)			(0.76	)			(1.05	)		$	9.37				(12.24	)%		$	71,267				0.55	%			0.55	%			0.51	%			2.56	%
	3/31/2020			$	9.88				0.28				2.11				2.39				(0.27	)			(0.25	)			(0.52	)		$	11.75				24.85	%		$	87,469				0.68	%			0.68	%			0.65	%			2.55	%
	3/31/2019			$	9.73				0.29				0.16				0.45				(0.30	)			—				(0.30	)		$	9.88				4.77	%		$	66,226				0.70	%			0.70	%			0.65	%			3.15	%
	3/31/2018			$	9.79				0.33				(0.06	)			0.27				(0.33	)			—				(0.33	)		$	9.73				2.74	%		$	55,357				0.81	%			0.81	%			0.65	%			3.33	%
	DoubleLine Long Duration Total Return Bond Fund - Class N:
	3/31/2022			$	9.37				0.25				(0.56	)			(0.31	)			(0.25	)			—				(0.25	)		$	8.81				(3.48	)%		$	5,364				0.77	%			0.77	%			0.75	%			2.59	%
	3/31/2021			$	11.74				0.26				(1.61	)			(1.35	)			(0.26	)			(0.76	)			(1.02	)		$	9.37				(12.38	)%		$	11,234				0.80	%			0.80	%			0.76	%			2.29	%
	3/31/2020			$	9.88				0.24				2.11				2.35				(0.24	)			(0.25	)			(0.49	)		$	11.74				24.44	%		$	20,225				0.93	%			0.93	%			0.90	%			2.31	%
	3/31/2019			$	9.72				0.27				0.16				0.43				(0.27	)			—				(0.27	)		$	9.88				4.61	%		$	14,317				0.95	%			0.95	%			0.90	%			2.90	%
	3/31/2018			$	9.78				0.30				(0.06	)			0.24				(0.30	)			—				(0.30	)		$	9.72				2.48	%		$	11,016				1.06	%			1.06	%			0.90	%			3.06	%
																																								For the Year or Period Ended
																																								3/31/2022				3/31/2021				3/31/2020				3/31/2019				3/31/2018
	Portfolio turnover rate for all share classes																																								95%				89%				40%				25%				33%
	(a)  Calculated based on average shares outstanding during the period.

---

							Income (Loss) from Investment Operations:															Less Distributions:																														Ratios to Average Net Assets:
For the Year or 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)
DoubleLine Strategic Commodity Fund (Consolidated) - Class I:
3/31/2022			$	9.61					(0.11	)				4.41					4.30					(1.35	)				—					(1.35	)			$	12.56					48.24	%			$	223,799					1.04	%				1.04	%				1.10	%				(0.97	)%
3/31/2021			$	6.91					(0.05	)				2.75					2.70					—					—					—				$	9.61					39.07	%			$	151,565					1.14	%				1.14	%				1.10	%				(0.66	)%
3/31/2020			$	9.72					0.07					(2.78	)				(2.71	)				(0.10	)				—					(0.10	)			$	6.91					(28.25	)%			$	116,739					1.09	%				1.09	%				1.10	%				1.00	%
3/31/2019			$	10.11					0.12					(0.40	)				(0.28	)				(0.11	)				—					(0.11	)			$	9.72					(2.59	)%			$	444,918					1.02	%				1.02	%				1.10	%				1.14	%
3/31/2018			$	9.33					0.04					1.27					1.31					(0.53	)				—	(b)				(0.53	)			$	10.11					14.03	%			$	213,752					1.16	%				1.16	%				1.10	%				0.33	%
DoubleLine Strategic Commodity Fund (Consolidated) - Class N:
3/31/2022			$	9.52					(0.13	)				4.35					4.22					(1.32	)				—					(1.32	)			$	12.42					47.78	%			$	23,906					1.29	%				1.29	%				1.35	%				(1.22	)%
3/31/2021			$	6.87					(0.07	)				2.72					2.65					—					—					—				$	9.52					38.57	%			$	20,205					1.39	%				1.39	%				1.34	%				(0.88	)%
3/31/2020			$	9.65					0.07					(2.78	)				(2.71	)				(0.07	)				—					(0.07	)			$	6.87					(28.28	)%			$	25,421					1.34	%				1.34	%				1.35	%				0.75	%
3/31/2019			$	10.04					0.09					(0.40	)				(0.31	)				(0.08	)				—					(0.08	)			$	9.65					(2.97	)%			$	65,292					1.27	%				1.27	%				1.35	%				0.87	%
3/31/2018			$	9.28					0.01					1.27					1.28					(0.52	)				—	(b)				(0.52	)			$	10.04					13.79	%			$	67,838					1.41	%				1.41	%				1.35	%				0.09	%
																																															For the Year or Period Ended
																																															3/31/2022					3/31/2021					3/31/2020					3/31/2019					3/31/2018
Portfolio turnover rate for all share classes																																																	0%					0%					0%					0%					0%

(a) Calculated based on average shares outstanding during the period. (b) Less than $0.005 per share.

							Income (Loss) from Investment Operations:															Less Distributions:																																			Ratios to Average Net Assets:
For the Year or 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					Distribution in Excess					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)
DoubleLine Global Bond Fund - Class I:
3/31/2022			$	10.21					0.04					(0.88	)				(0.84	)				(0.03	)				(0.08	)				—	(b)				(0.11	)			$	9.26					(8.29	)%			$	276,559					0.56	%				0.56	%				0.56	%				0.37	%
3/31/2021			$	10.21					0.05					0.12					0.17					—					(0.17	)				—					(0.17	)			$	10.21					1.59	%			$	787,064					0.55	%				0.55	%				0.55	%				0.50	%
3/31/2020			$	10.28					0.15					(0.10	)				0.05					(0.12	)				—	(b)				—					(0.12	)			$	10.21					0.43	%			$	1,217,100					0.55	%				0.55	%				0.55	%				1.34	%
3/31/2019			$	10.71					0.12					(0.42	)				(0.30	)				(0.13	)				—					—					(0.13	)			$	10.28					(2.80	)%			$	1,053,218					0.55	%				0.55	%				0.55	%				1.22	%
3/31/2018			$	10.04					0.09					0.72					0.81					(0.14	)				—					—					(0.14	)			$	10.71					7.96	%			$	663,208					0.56	%				0.56	%				0.56	%				0.82	%
DoubleLine Global Bond Fund - Class N:
3/31/2022			$	10.18					0.01					(0.87	)				(0.86	)				(0.01	)				(0.08	)				—	(b)				(0.09	)			$	9.23					(8.45	)%			$	416					0.81	%				0.81	%				0.81	%				0.12	%
3/31/2021			$	10.21					0.03					0.11					0.14					—					(0.17	)				—					(0.17	)			$	10.18					1.30	%			$	815					0.80	%				0.80	%				0.80	%				0.29	%
3/31/2020			$	10.26					0.12					(0.10	)				0.02					(0.07	)				—	(b)				—					(0.07	)			$	10.21					0.23	%			$	2,407					0.80	%				0.80	%				0.80	%				1.13	%
3/31/2019			$	10.69					0.09					(0.42	)				(0.33	)				(0.10	)				—					—					(0.10	)			$	10.26					(3.08	)%			$	16,728					0.80	%				0.80	%				0.80	%				0.89	%
3/31/2018			$	10.02					0.06					0.72					0.78					(0.11	)				—					—					(0.11	)			$	10.69					7.77	%			$	29,544					0.81	%				0.81	%				0.81	%				0.57	%
																																																				For the Year or Period Ended
																																																				3/31/2022					3/31/2021					3/31/2020					3/31/2019					3/31/2018
Portfolio turnover rate for all share classes																																																						83%					63%					21%					24%					16%

(a) Calculated based on average shares outstanding during the period. (b) Less than $0.005 per share.

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Financial Highlights  (Cont.)

							Income (Loss) from Investment Operations:															Less Distributions:																														Ratios to Average Net Assets:
For the Year or 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)
DoubleLine Infrastructure Income Fund - Class I:
3/31/2022			$	10.46					0.27					(0.71	)				(0.44	)				(0.28	)				(0.07	)				(0.35	)			$	9.67					(4.39	)%			$	521,889					0.57	%				0.57	%				0.57	%				2.63	%
3/31/2021			$	9.56					0.29					0.92					1.21					(0.31	)				—					(0.31	)			$	10.46					12.73	%			$	566,994					0.56	%				0.56	%				0.56	%				2.82	%
3/31/2020			$	10.11					0.33					(0.54	)				(0.21	)				(0.34	)				—					(0.34	)			$	9.56					(2.32	)%			$	503,146					0.56	%				0.56	%				0.56	%				3.19	%
3/31/2019			$	10.00					0.32					0.11					0.43					(0.32	)				—	(b)				(0.32	)			$	10.11					4.47	%			$	535,621					0.58	%				0.58	%				0.58	%				3.30	%
3/31/2018			$	10.07					0.30					(0.03	)				0.27					(0.33	)				(0.01	)				(0.34	)			$	10.00					2.67	%			$	532,404					0.57	%				0.57	%				0.57	%				3.18	%
DoubleLine Infrastructure Income Fund - Class N:
3/31/2022			$	10.46					0.25					(0.71	)				(0.46	)				(0.25	)				(0.07	)				(0.32	)			$	9.68					(4.60	)%			$	1,794					0.82	%				0.82	%				0.82	%				2.38	%
3/31/2021			$	9.56					0.27					0.92					1.19					(0.29	)				—					(0.29	)			$	10.46					12.45	%			$	9,700					0.81	%				0.81	%				0.81	%				2.58	%
3/31/2020			$	10.11					0.30					(0.54	)				(0.24	)				(0.31	)				—					(0.31	)			$	9.56					(2.55	)%			$	9,784					0.81	%				0.81	%				0.81	%				2.93	%
3/31/2019			$	10.00					0.30					0.11					0.41					(0.30	)				—	(b)				(0.30	)			$	10.11					4.17	%			$	2,672					0.83	%				0.83	%				0.83	%				3.00	%
3/31/2018			$	10.06					0.29					(0.03	)				0.26					(0.31	)				(0.01	)				(0.32	)			$	10.00					2.54	%			$	19,379					0.82	%				0.82	%				0.82	%				2.86	%
																																															For the Year or Period Ended
																																															3/31/2022					3/31/2021					3/31/2020					3/31/2019					3/31/2018
Portfolio turnover rate for all share classes																																																	23%					39%					10%					15%					29%

(a) Calculated based on average shares outstanding during the period. (b) Less than $0.005 per share.

							Income (Loss) from Investment Operations:															Less Distributions:																														Ratios to Average Net Assets:
For the Year or 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)
DoubleLine Shiller Enhanced International CAPE® - Class I:
3/31/2022			$	12.75					0.26					0.39					0.65					(0.33	)				—					(0.33	)			$	13.07					5.05	%			$	94,443					0.79	%				0.75	%				0.61	%				1.91	%
3/31/2021			$	7.88					0.21					4.88					5.09					(0.22	)				—					(0.22	)			$	12.75					65.24	%			$	40,292					0.93	%				0.91	%				0.62	%				1.96	%
3/31/2020			$	10.17					0.29					(2.29	)				(2.00	)				(0.29	)				—					(0.29	)			$	7.88					(20.29	)%			$	27,523					0.80	%				0.77	%				0.62	%				2.84	%
3/31/2019			$	11.24					0.34					(0.52	)				(0.18	)				(0.43	)				(0.46	)				(0.89	)			$	10.17					(1.13	)%			$	42,621					0.96	%				0.91	%				0.60	%				3.25	%
3/31/2018			$	10.86					0.22					0.86					1.08					(0.35	)				(0.35	)				(0.70	)			$	11.24					9.92	%			$	78,162					1.04	%				1.02	%				0.63	%				1.79	%
DoubleLine Shiller Enhanced International CAPE® - Class N:
3/31/2022			$	12.76					0.22					0.39					0.61					(0.30	)				—					(0.30	)			$	13.07					4.70	%			$	6,011					1.03	%				0.99	%				0.86	%				1.59	%
3/31/2021			$	7.88					0.19					4.88					5.07					(0.19	)				—					(0.19	)			$	12.76					64.90	%			$	6,002					1.18	%				1.16	%				0.87	%				1.85	%
3/31/2020			$	10.17					0.27					(2.29	)				(2.02	)				(0.27	)				—					(0.27	)			$	7.88					(20.50	)%			$	13,044					1.05	%				1.02	%				0.87	%				2.61	%
3/31/2019			$	11.23					0.32					(0.52	)				(0.20	)				(0.40	)				(0.46	)				(0.86	)			$	10.17					(1.29	)%			$	19,953					1.20	%				1.15	%				0.85	%				3.03	%
3/31/2018			$	10.86					0.18					0.86					1.04					(0.32	)				(0.35	)				(0.67	)			$	11.23					9.56	%			$	29,160					1.29	%				1.27	%				0.87	%				1.52	%
																																															For the Year or Period Ended
																																															3/31/2022					3/31/2021					3/31/2020					3/31/2019					3/31/2018
Portfolio turnover rate for all share classes																																																	125%					97%					48%					72%					69%
(a)  Calculated based on average shares outstanding during the period.

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							Income (Loss) from Investment Operations:															Less Distributions:																														Ratios to Average Net Assets:
For the Year or 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(c)					Net Assets, End of Period (000’s)					Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)					Expenses After Investment Advisory Fees (Waived)(d)					Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)					Net Investment Income (Loss)(d)
DoubleLine Real Estate and Income Fund - Class I:
3/31/2022			$	11.44					0.13					2.70					2.83					(0.13	)				(0.56	)				(0.69	)			$	13.58					24.60	%			$	14,666					1.71	%				1.71	%				0.65	%				0.95	%
3/31/2021			$	8.51					0.16					2.97					3.13					(0.20	)				—					(0.20	)			$	11.44					37.15	%			$	13,527					0.65	%				0.65	%				0.63	%				1.60	%
3/31/2020			$	11.30					0.25					(2.65	)				(2.40	)				(0.28	)				(0.11	)				(0.39	)			$	8.51					(22.08	)%			$	94,289					0.86	%				0.85	%				0.62	%				2.29	%
3/31/2019(b)			$	10.00					0.10					1.26					1.36					(0.06	)				—					(0.06	)			$	11.30					13.69	%			$	121,180					1.46	%				1.42	%				0.61	%				3.00	%
DoubleLine Real Estate and Income Fund - Class N:
3/31/2022			$	11.47					0.09					2.72					2.81					(0.10	)				(0.56	)				(0.66	)			$	13.62					24.31	%			$	2,178					1.94	%				1.94	%				0.90	%				0.70	%
3/31/2021			$	8.51					0.13					3.00					3.13					(0.17	)				—					(0.17	)			$	11.47					37.12	%			$	1,636					0.97	%				0.97	%				0.88	%				1.28	%
3/31/2020			$	11.29					0.24					(2.65	)				(2.41	)				(0.26	)				(0.11	)				(0.37	)			$	8.51					(22.21	)%			$	3,809					1.11	%				1.10	%				0.87	%				2.03	%
3/31/2019(b)			$	10.00					0.09					1.26					1.35					(0.06	)				—					(0.06	)			$	11.29					13.53	%			$	4,369					1.67	%				1.62	%				0.87	%				2.79	%
																																																				For the Year or Period Ended
																																																				3/31/2022					3/31/2021					3/31/2020					3/31/2019
Portfolio turnover rate for all share classes(c)																																																						201%					157%					100%					70%
(a)  Calculated based on average shares outstanding during the period. (b)  Commenced operations on December 17, 2018. Total return is based on operations for a period that is less than a year. (c)  Not annualized for periods less than one year. (d)  Annualized for periods less than one year.

							Income (Loss) from Investment Operations:															Less Distributions:																														Ratios to Average Net Assets:
For the Year or 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(c)					Net Assets, End of Period (000’s)					Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)					Expenses After Investment Advisory Fees (Waived)(d)					Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)					Net Investment Income (Loss)(d)
DoubleLine Emerging Markets Local Currency Bond Fund - Class I:
3/31/2022			$	9.38					0.32					(0.68	)				(0.36	)				(0.11	)				—					(0.11	)			$	8.91					(3.90	)%			$	9,238					2.75	%				2.75	%				0.90	%				3.51	%
3/31/2021			$	8.64					0.30					0.61					0.91					(0.17	)				—					(0.17	)			$	9.38					10.60	%			$	9,604					2.57	%				2.57	%				0.90	%				3.11	%
3/31/2020(b)			$	10.00					0.25					(1.49	)				(1.24	)				(0.12	)				—					(0.12	)			$	8.64					(12.52	)%			$	8,664					6.23	%				6.23	%				0.90	%				3.45	%
DoubleLine Emerging Markets Local Currency Bond Fund - Class N:
3/31/2022			$	9.37					0.30					(0.68	)				(0.38	)				(0.09	)				—					(0.09	)			$	8.90					(4.08	)%			$	127					2.90	%				2.90	%				1.15	%				3.27	%
3/31/2021			$	8.64					0.27					0.61					0.88					(0.15	)				—					(0.15	)			$	9.37					10.24	%			$	96					2.82	%				2.82	%				1.15	%				2.86	%
3/31/2020(b)			$	10.00					0.23					(1.49	)				(1.26	)				(0.10	)				—					(0.10	)			$	8.64					(12.69	)%			$	87					6.48	%				6.48	%				1.15	%				3.19	%
																																																									For the Year or Period Ended
																																																									3/31/2022					3/31/2021					3/31/2020
Portfolio turnover rate for all share classes(c)																																																											36%					20%					13%
(a)  Calculated based on average shares outstanding during the period. (b)  Commenced operations on June 28, 2019. Total return is based on operations for a period that is less than a year. (c)  Not annualized for periods less than one year. (d)  Annualized for periods less than one year.

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Financial Highlights  (Cont.)

							Income (Loss) from Investment Operations:															Less Distributions:																																			Ratios to Average Net Assets:
For the Year or 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					Distribution in Excess					Total Distributions					Net Asset Value, End of Period					Total Return(c)					Net Assets, End of Period (000’s)					Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)					Expenses After Investment Advisory Fees (Waived)(d)					Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)					Net Investment Income (Loss)(d)
DoubleLine Income Fund - Class I:
3/31/2022			$	9.28					0.42					(0.63	)				(0.21	)				(0.44	)				—					(0.01	)				(0.45	)			$	8.62					(2.42	)%			$	89,732					0.72	%				0.72	%				0.65	%				4.55	%
3/31/2021			$	8.05					0.36					1.20					1.56					(0.33	)				—					—					(0.33	)			$	9.28					19.70	%			$	136,369					0.74	%				0.74	%				0.65	%				4.07	%
3/31/2020(b)			$	10.00					0.24					(1.94	)				(1.70	)				(0.25	)				—					—					(0.25	)			$	8.05					(17.35	)%			$	69,580					1.13	%				1.13	%				0.65	%				4.07	%
DoubleLine Income Fund - Class N:
3/31/2022			$	9.30					0.39					(0.63	)				(0.24	)				(0.42	)				—					(0.01	)				(0.43	)			$	8.63					(2.75	)%			$	12,838					1.03	%				1.03	%				0.90	%				4.30	%
3/31/2021			$	8.05					0.34					1.22					1.56					(0.31	)				—					—					(0.31	)			$	9.30					19.67	%			$	2,676					0.99	%				0.99	%				0.90	%				3.84	%
3/31/2020(b)			$	10.00					0.23					(1.94	)				(1.71	)				(0.24	)				—					—					(0.24	)			$	8.05					(17.46	)%			$	592					1.26	%				1.26	%				0.90	%				4.13	%
																																																														For the Year or Period Ended
																																																														3/31/2022					3/31/2021					3/31/2020
Portfolio turnover rate for all share classes(c)																																																																14%					30%					33%

(a)  Calculated based on average shares outstanding during the period. (b)  Commenced of operations on September 3, 2019. Total return is based on operations for a period that is less than a year. (c) Not annualized for periods less than one year. (d)  Annualized for periods less than one year.

							Income (Loss) from Investment Operations:															Less Distributions:																														Ratios to Average Net Assets:
For the Year or 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(c)					Net Assets, End of Period (000’s)					Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)					Expenses After Investment Advisory Fees (Waived)(d)					Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)					Net Investment Income (Loss)(d)
DoubleLine Multi-Asset Trend Fund (Consolidated) - Class I:
3/31/2022			$	9.87					0.17					0.73					0.90					(0.20	)				(0.01	)				(0.21	)			$	10.56					9.12	%			$	13,761					5.51	%				5.21	%				0.35	%				1.68	%
3/31/2021(b)			$	10.00					0.01					(0.13	)				(0.12	)				(0.01	)				—					(0.01	)			$	9.87					(1.15	)%			$	10,547					11.70	%				11.39	%				0.34	%				1.61	%
DoubleLine Multi-Asset Trend Fund (Consolidated) - Class N:
3/31/2022			$	9.87					0.14					0.73					0.87					(0.17	)				(0.01	)				(0.18	)			$	10.56					8.85	%			$	205					6.04	%				5.74	%				0.60	%				1.33	%
3/31/2021(b)			$	10.00					0.01					(0.13	)				(0.12	)				(0.01	)				—					(0.01	)			$	9.87					(1.17	)%			$	130					12.06	%				11.75	%				0.58	%				1.52	%
																																																														For the Year or Period Ended
																																																														3/31/2022					3/31/2021
Portfolio turnover rate for all share classes(c)																																																																183%					0%
(a)  Calculated based on average shares outstanding during the period. (b)  Commenced operations on February 26, 2021. Total return is based on operations for a period that is less than one year. (c)  Not annualized for periods less than one year. (d)  Annualized for periods less than one year.

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

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for the purposes for which the personal information was collected;

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

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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.

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the right to access and port personal information;

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the right to rectify personal information;

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the right to restrict the use of personal information;

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the right to request that personal information is erased; and

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the right to object to processing of personal information.

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