SEC Form N-CSRS filed by DoubleLine Income Solutions Fund

6/6/24 10:52:00 AM ET

$DSL

Trusts Except Educational Religious and Charitable

Finance

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DoubleLine Income Solutions Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-22791

DoubleLine Income Solutions Fund

(Exact name of Registrant as specified in charter)

2002 North Tampa Street, Suite 200

Tampa, FL 33602

(Address of principal executive offices) (Zip code)

Ronald R. Redell

President and Chief Executive Officer

c/o DoubleLine Capital LP

2002 North Tampa Street, Suite 200

Tampa, FL 33602

(Name and address of agent for service)

(813)

791-7333

Registrant’s telephone number, including area code

Date of fiscal year end: September

Date of reporting period: March

31, 2024

Item 1. Reports to Stockholders.

(a)



		Semi-Annual Report March 31, 2024

DoubleLine Income Solutions Fund

NYSE: DSL

DoubleLine

2002 North Tampa Street, Suite 200

Tampa, FL 33602

(813) 791-7333

[email protected]

www.doubleline.com


Table of Contents



	Page


Chairman’s Letter		4

Schedule of Investments		5

Statement of Assets and Liabilities		17

Statement of Operations		18

Statements of Changes in Net Assets		19

Statement of Cash Flows		20

Financial Highlights		21

Notes to Financial Statements		23

Evaluation of Advisory Agreement by the Board of Trustees		35

Changes to Board of Trustees		40

Portfolio Managers		40

Information About Proxy Voting		40

Information About Portfolio Holdings		40

Householding — Important Notice Regarding Delivery of Shareholder Documents		40

Fund Certification		40

Proxy Results		40

Dividend Reinvestment Plan		41

Privacy Policy		43


				Semi-Annual Report		\|		March 31, 2024		3


Chairman’s Letter		(Unaudited) March 31, 2024

Dear Shareholder,

On behalf of the team at DoubleLine, I am pleased to deliver the Semi-Annual Report for the DoubleLine Income Solutions Fund (NYSE: DSL, the “Fund”) for the six-month period ended March 31, 2024. On the following pages, you will find specific information regarding the Fund’s operations and holdings.

If you have any questions regarding the Fund, please don’t hesitate to call us at 1 (877) DLINE 11 / 1 (877) 354-6311 or visit our website www.doubleline.com, where our investment management team offers deeper insights and analysis on relevant capital market activity impacting investors today. We value the trust that you have placed with us, and we will continue to strive to offer thoughtful investment solutions to our shareholders.

Sincerely,

Ronald R. Redell, CFA

Chairman of the Board of Trustees

DoubleLine Income Solutions Fund

May 1, 2024


4		DoubleLine Income Solutions Fund


Schedule of Investments DoubleLine Income Solutions Fund		(Unaudited) March 31, 2024


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $
	ASSET BACKED OBLIGATIONS 1.9%

		Air Canada
	10,000,000	Series 2020-1		10.50%	(a)		07/15/2026		10,950,000

		Arivo Acceptance Auto Loan Receivables Trust
	1,150,000	Series 2021-1A-D		5.83%	(a)		01/18/2028		1,110,459

		Blue Stream Communications LLC
	2,000,000	Series 2023-1A-C		8.90%	(a)		05/20/2053		1,863,906

		Castlelake Aircraft Securitization Trust
	467,112	Series 2018-1-C		6.63%	(a)(b)		06/15/2043		143,980
	2,003,967	Series 2021-1A-C		7.00%	(a)(b)		01/15/2046		1,703,346

		Compass Datacenters LLC
	1,250,000	Series 2024-1A-B		7.00%	(a)		02/25/2049		1,251,328

		ME Funding
	400,000	Series 2024-1A-A2		8.10%	(a)		04/30/2054		384,844

		Pagaya AI Debt Selection Trust
	2,750,000	Series 2021-3-CERT		0.00%	(a)(b)(c)		05/15/2029		2,486
	161,779	Series 2022-1-A		2.03%	(a)		10/15/2029		160,213
	461,505	Series 2022-2-AB		5.59%	(a)(d)		01/15/2030		460,229

		Sierra Timeshare Conduit Receivables Funding LLC
	789,988	Series 2023-2A-D		9.72%	(a)		04/20/2040		807,247

		SOFI Alternative Trust
	55,000	Series 2021-2-R1		0.00%	(a)(b)(c)		08/15/2030		461,412

		SoFi Professional Loan Program LLC
	50,000	Series 2018-A-R1		0.00%	(a)(b)(c)		02/25/2042		518,093
	14,827	Series 2018-A-R2		0.00%	(a)(b)(c)		02/25/2042		153,635
	100,000	Series 2018-C-R1		0.00%	(a)(b)(c)		01/25/2048		779,275

		Start Ltd./Bermuda
	448,632	Series 2019-1-C		6.41%	(a)(b)		03/15/2044		404,285

		Summit Issuer LLC
	4,300,000	Series 2020-1A-C		5.10%	(a)		12/20/2050		3,924,143

		Total Asset Backed Obligations (Cost $24,755,313)							25,078,881

	BANK LOANS 19.0%

		AAdvantage Loyalty IP Ltd.
	2,690,250	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 5.01%)		10.33%			04/20/2028		2,798,425

		Access CIG LLC
	5,507,662	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.00%)		10.33%			08/18/2028		5,520,577

		Acuris Finance US, Inc.
	4,915,000	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.10%)		9.50%			02/16/2028		4,915,762

		ADMI Corp.
	5,796,527	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.75%)		11.08%			12/23/2027		5,809,221

		AI Aqua Merger Sub, Inc.
	1,974,949	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.75%)		9.07%			07/31/2028		1,980,716

		Altice France SA/France
	1,390,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.50%)		10.81%			08/31/2028		1,112,438


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $

		American Tire Distributors, Inc.
	3,924,900	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 6.51%)		11.83%			10/23/2028		3,424,475

		Applied Systems, Inc.
	1,540,000	Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 5.25%)		10.56%			02/23/2032		1,597,273

		Artera Services LLC
	4,470,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.50%)		9.81%			02/10/2031		4,492,350

		Ascend Learning LLC
	3,276,897	Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 5.85%)		11.18%			12/10/2029		3,245,160

		ASP LS Acquisition Corp.
	1,188,919	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.76%)		10.07%			05/07/2028		1,110,747

		Astra Acquisition Corp.
	9,662,677	Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 8.99%)		14.48%			10/25/2029		2,989,391
	1,506,559	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.36%)		10.86%			10/25/2028		638,404

		Asurion LLC
	4,225,000	Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 5.36%)		10.69%			01/20/2029		3,800,197
	905,000	Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 5.36%)		10.69%			02/03/2028		820,722

		AthenaHealth Group, Inc.
	1,291,573	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.25%)		8.58%			02/15/2029		1,282,596

		Atlas Purchaser, Inc.
	3,978,000	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 5.51%)		10.84%			05/18/2028		2,385,985

		Aveanna Healthcare LLC
	7,855,000	Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 7.15%)		12.49%			12/10/2029		6,774,937

		Bausch + Lomb Corp.
	893,631	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.35%)		8.68%			05/10/2027		885,365
	7,470,617	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.00%)		9.33%			09/29/2028		7,479,992

		BCPE Empire Holdings, Inc.
	3,122,847	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.00%)		9.33%			12/25/2028		3,129,873

		Boxer Parent Co., Inc.
	5,735,625	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.25%)		9.58%			12/29/2028		5,779,244

		Brand Industrial Services, Inc.
	2,234,386	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.50%)		10.81%			08/01/2030		2,246,753

		BYJU’s Alpha, Inc.
	2,097,742	Senior Secured First Lien Term Loan (Prime Rate + 7.00%, 0.75% Floor)		15.50%	(f)		11/24/2026		452,756


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		\|		March 31, 2024		5


Schedule of Investments DoubleLine Income Solutions Fund (Cont.)


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE		M ATURITY		V ALUE $

		Carnival Corp.
	471,438	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.00%)		8.32%		08/09/2027		472,715

		Cengage Learning, Inc.
	1,905,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.25%)		9.58%		03/24/2031		1,905,295

		Century DE Buyer LLC
	165,000	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.00%)		9.32%		10/30/2030		165,804

		ClubCorp Holdings, Inc.
	4,847,919	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.26%)		10.61%		09/18/2026		4,863,530

		Connect Finco SARL
	1,977,938	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.50%)		8.83%		12/11/2026		1,978,402

		CoreLogic, Inc.
	524,619	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.61%)		8.94%		06/02/2028		514,250

		Cornerstone Building Brands, Inc.
	1,420,357	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.35%)		8.68%		04/12/2028		1,415,521

		Crosby US Acquisition Corp.
	1,147,125	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.00%)		9.32%		08/16/2029		1,154,891

		Cross Financial Corp.
	1,750,613	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.50%)		8.83%		09/15/2027		1,752,801

		Dcert Buyer, Inc.
	3,635,532	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.00%)		9.33%		10/16/2026		3,623,063

		Deerfield Dakota Holding LLC
	2,437,345	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 3.75%)		9.06%		04/09/2027		2,428,374

		Delta Topco, Inc.
	1,645,000	Senior Secured Second Lien Term Loan (CME Term SOFR 3 Month + 7.25%)		12.62%		12/01/2028		1,652,715

		Dexko Global, Inc.
	1,625,925	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.25%)		9.56%		10/04/2028		1,621,860

		DG Investment Intermediate Holdings 2, Inc.
	2,425,000	Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 6.86%)		12.19%		03/31/2029		2,276,469

		Directv Financing LLC
	3,797,832	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.25%)		10.69%		08/02/2029		3,801,079

		Dynasty Acquisition Co., Inc.
	762,344	Senior Secured Term Loan (CME Term SOFR 1 Month + 3.50%)		8.83%		08/24/2028		764,323

		Edelman Financial Engines Center LLC/The
	4,200,000	Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 6.86%)		12.19%		07/20/2026		4,227,573


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $

		Edelman Financial Engines Center LLC/The (Cont.)
	2,138,892	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.61%)		8.94%			04/07/2028		2,141,769

		EG America LLC
	2,330,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.93%)		11.67%			02/07/2028		2,324,175

		Eisner Advisory Group LLC
	2,405,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.00%)		9.33%			02/28/2031		2,417,783

		Element Materials Technology Group US Holdings, Inc.
	422,286	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.35%)		9.66%			06/25/2029		423,167
	194,901	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.35%)		9.66%			06/25/2029		195,308

		Fertitta Entertainment LLC/NV
	4,233,934	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.75%)		9.08%			01/29/2029		4,248,943

		FinThrive Software Intermediate Holdings, Inc.
	2,205,000	Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 6.86%)		12.19%			12/17/2029		1,403,968

		Flynn America LP
	3,265,375	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.61%)		9.94%			07/29/2028		3,208,231

		Foresight Energy LLC
	1,886,870	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 8.10%)		13.41%	(b)		06/30/2027		1,886,870

		Gainwell Acquisition Corp.
	7,787,859	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.10%)		9.41%			10/01/2027		7,463,688

		Garda World Security Corp.
	2,430,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.35%)		9.58%			02/01/2029		2,437,606

		GIP II Blue Holding LP
	529,278	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.61%)		9.94%			09/29/2028		531,675

		Greystone Select Financial LLC
	3,635,615	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 5.26%)		10.57%			06/17/2028		3,635,615

		Groupe Solmax, Inc.
	2,918,195	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.86%)		10.19%			07/23/2028		2,876,027

		Gulf Finance LLC
	4,991,473	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 6.86%)		12.18%			08/25/2026		5,005,723

		Helios Software Holdings, Inc.
	2,218,864	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.75%)		9.07%			07/15/2030		2,203,620

		Hexion Holdings Corp.
	4,687,613	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.50%)		9.98%			03/15/2029		4,622,337


6		DoubleLine Income Solutions Fund		The accompanying notes are an integral part of these financial statements.


		(Unaudited) March 31, 2024


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $

		INEOS US Petrochem LLC
	2,540,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 4.25%)		9.68%			03/29/2029		2,538,425

		Jo-Ann Stores
	203,076	Senior Secured Term Loan		14.83%	(g)		05/17/2024		204,268

		Jo-Ann Stores LLC
	711,750	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 5.01%)		10.34%	(f)		06/30/2028		18,908

		Kenan Advantage Group, Inc.
	2,300,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.75%)		9.08%			01/25/2029		2,305,037

		Lasership, Inc.
	1,025,000	Senior Secured Second Lien Term Loan (CME Term SOFR 3 Month + 7.93%)		13.07%			05/07/2029		848,700

		LBM Acquisition LLC
	1,915,289	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.85%)		9.18%			12/20/2027		1,914,101

		Lealand Finance Co. BV
	735,945	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 1.11%)		6.44%			06/30/2025		304,803
	52,939	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.11%)		8.44%			06/30/2024		29,117

		Lereta LLC
	1,107,262	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.36%)		10.69%			08/07/2028		848,340

		LifePoint Health, Inc.
	5,640,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.50%)		11.09%			11/16/2028		5,661,658

		LSF9 Atlantis Holdings LLC
	1,489,250	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 6.50%)		11.83%			03/29/2029		1,502,288

		Mileage Plus Holdings LLC
	562,250	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 5.40%)		10.73%			06/21/2027		579,691

		Minotaur Acquisition, Inc.
	5,751,084	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.85%)		10.18%			03/30/2026		5,764,024

		Mitchell International, Inc.
	2,585,000	Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 6.61%)		11.94%			10/15/2029		2,586,616

		MLN US Holdco LLC
	2,920,000	Senior Secured Second Lien Term Loan (CME Term SOFR 3 Month + 8.85%)		14.18%			11/30/2026		284,700

		NEP Group, Inc.
	905,000	Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 7.11%)		12.44%			10/19/2026		738,516
	1,656,994	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.36%) 1.50% PIK		8.69%			08/19/2026		1,583,987

		NGL Energy Operating LLC
	670,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.50%)		9.83%			02/03/2031		672,513


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE		M ATURITY		V ALUE $

		Nouryon USA LLC
	3,154,877	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.10%)		9.42%		04/03/2028		3,168,680

		Olympus Water US Holding Corp.
	2,691,492	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.25%)		9.57%		11/09/2028		2,703,281

		OMNIA Partners LLC
	1,840,388	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.75%)		9.07%		07/25/2030		1,851,025

		Ontario Gaming GTA LP
	2,403,975	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.25%)		9.56%		08/01/2030		2,415,141

		Oravel Stays Singapore Pte Ltd.
	1,754	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 8.51%)		13.84%		06/09/2026		1,719

		Par Petroleum LLC
	2,767,050	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.35%)		9.69%		02/28/2030		2,774,825

		PECF USS Intermediate Holding III Corp.
	1,845,838	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.51%)		9.82%		12/15/2028		1,414,382

		Polaris Newco LLC
	1,510,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.11%)		9.57%		06/05/2028		1,497,142

		Potters Borrower LP
	679,000	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.10%)		9.41%		12/14/2027		681,971

		Pretium PKG Holdings, Inc.
	2,860,000	Senior Secured Second Lien Term Loan (CME Term SOFR 3 Month + 7.01%)		12.33%		10/01/2029		1,788,401

		Restaurant Technologies, Inc.
	5,052,926	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.25%)		9.60%		04/02/2029		5,016,621

		Riverbed Technology, Inc.
	1,304,370	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 2.50%) 2.00% PIK		9.81%		07/03/2028		854,362

		Skillsoft Finance II, Inc.
	1,333,767	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.36%)		10.69%		07/14/2028		1,200,951

		Sound Inpatient Physicians Holdings LLC
	3,771,145	Senior Secured Second Lien Term Loan (CME Term SOFR 3 Month + 7.01%)		12.32%		06/29/2026		263,980

		Southern Veterinary Partners LLC
	3,822,871	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.00%)		9.44%		10/05/2027		3,831,473

		SRS Distribution, Inc.
	456,489	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.61%)		8.94%		06/05/2028		460,161

		Standard Aero Ltd.
	293,940	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.50%)		8.83%		08/24/2028		294,703


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		\|		March 31, 2024		7


Schedule of Investments DoubleLine Income Solutions Fund (Cont.)


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE		M ATURITY		V ALUE $

		StubHub Holdco Sub LLC
	6,840,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.75%)		10.08%		03/12/2030		6,858,503

		Titan Acquisition Ltd./Canada
	7,385,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 5.00%)		10.33%		02/01/2029		7,413,470

		Travelport Finance Luxembourg SARL
	4,548,752	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 8.26%)		13.61%		09/29/2028		4,259,361

		Trident TPI Holdings, Inc.
	1,283,501	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.25%)		10.60%		09/18/2028		1,290,381

		UKG, Inc.
	563,448	Senior Secured Second Lien Term Loan (CME Term SOFR 3 Month + 5.35%)		10.68%		05/03/2027		569,435

		Vantage Specialty Chemicals, Inc.
	615,136	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.75%)		10.07%		10/26/2026		609,369

		Verscend Holding Corp.
	1,414,866	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.11%)		9.44%		08/27/2025		1,416,635

		Viad Corp.
	3,632,345	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.11%)		10.44%		07/31/2028		3,647,111

		Vibrantz Technologies, Inc.
	2,054,571	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.40%)		9.72%		04/23/2029		2,036,789

		VT Topco, Inc.
	1,955,100	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.25%)		9.58%		08/12/2030		1,962,784

		Wand NewCo 3, Inc.
	1,840,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.75%)		9.08%		01/30/2031		1,847,332

		WaterBridge Midstream Operating LLC
	3,366,065	Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 6.01%)		11.34%		06/21/2026		3,373,958

		WestJet Loyalty LP
	2,435,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.75%)		9.08%		02/14/2031		2,438,044

		WWEX Uni Topco Holdings LLC
	490,000	Senior Secured Second Lien Term Loan (CME Term SOFR 3 Month + 7.26%)		12.61%		07/26/2029		441,843

		Total Bank Loans (Cost $272,669,937)						253,088,054


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $
	COLLATERALIZED LOAN OBLIGATIONS 12.5%

		Apidos CLO
	3,000,000	Series 2016-24A-DR (CME Term SOFR 3 Month + 6.06%)		11.38%	(a)		10/20/2030		2,968,443

		Atrium CDO Corp.
	2,500,000	Series 15A-E (CME Term SOFR 3 Month + 6.11%, 5.85% Floor)		11.43%	(a)		01/23/2031		2,483,452

		Babson CLO Ltd./Cayman Islands
	2,250,000	Series 2015-2A-ER (CME Term SOFR 3 Month + 6.71%)		12.03%	(a)		10/20/2030		2,235,874
	1,500,000	Series 2018-4A-E (CME Term SOFR 3 Month + 6.08%, 5.82% Floor)		11.40%	(a)		10/15/2030		1,491,339
	5,000,000	Series 2019-2A-DR (CME Term SOFR 3 Month + 7.04%, 6.78% Floor)		12.36%	(a)		04/15/2036		4,946,600
	1,000,000	Series 2020-1A-ER (CME Term SOFR 3 Month + 6.91%, 6.65% Floor)		12.23%	(a)		10/15/2036		988,176

		Bain Capital Credit CLO
	3,000,000	Series 2017-2A-ER2 (CME Term SOFR 3 Month + 7.12%, 6.86% Floor)		12.45%	(a)		07/25/2034		2,906,441

		Buttermilk Park CLO
	6,500,000	Series 2018-1A-E (CME Term SOFR 3 Month + 6.01%, 5.75% Floor)		11.33%	(a)		10/15/2031		6,467,724

		Canyon Capital CLO Ltd.
	2,500,000	Series 2016-1A-ER (CME Term SOFR 3 Month + 6.01%)		11.33%	(a)		07/15/2031		2,464,276
	6,650,000	Series 2017-1A-E (CME Term SOFR 3 Month + 6.51%)		11.83%	(a)		07/15/2030		6,586,046
	1,000,000	Series 2021-1A-E (CME Term SOFR 3 Month + 6.67%, 6.41% Floor)		11.99%	(a)		04/15/2034		986,194
	6,000,000	Series 2021-2A-E (CME Term SOFR 3 Month + 6.96%, 6.96% Floor)		12.28%	(a)		04/15/2034		5,954,795

		Canyon CLO
	2,500,000	Series 2018-1A-E (CME Term SOFR 3 Month + 6.01%, 5.75% Floor)		11.33%	(a)		07/15/2031		2,438,257

		Carlyle Global Market Strategies
	3,000,000	Series 2019-1A-D (CME Term SOFR 3 Month + 6.96%, 6.70% Floor)		12.28%	(a)		04/20/2031		3,005,421

		Carlyle Group, Inc.
	2,000,000	Series 2013-3A-DR (CME Term SOFR 3 Month + 5.76%)		11.08%	(a)		10/15/2030		1,933,047

		Chenango Park CLO
	1,500,000	Series 2018-1A-D (CME Term SOFR 3 Month + 6.06%, 5.80% Floor)		11.38%	(a)		04/15/2030		1,467,273

		CIFC Funding Ltd.
	750,000	Series 2013-1A-DR (CME Term SOFR 3 Month + 6.91%)		12.23%	(a)		07/16/2030		750,316

		Dryden Senior Loan Fund
	3,000,000	Series 2015-37A-ER (CME Term SOFR 3 Month + 5.41%, 5.15% Floor)		10.73%	(a)		01/15/2031		2,775,446
	2,500,000	Series 2018-55A-F (CME Term SOFR 3 Month + 7.46%)		12.78%	(a)(b)		04/15/2031		1,974,479


8		DoubleLine Income Solutions Fund		The accompanying notes are an integral part of these financial statements.


		(Unaudited) March 31, 2024


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $

		Halcyon Loan Advisors Funding Ltd.
	1,260,785	Series 2014-2A-D (CME Term SOFR 3 Month + 5.26%)		10.58%	(a)(b)		04/28/2025		258,461
	1,457,258	Series 2014-2A-E (CME Term SOFR 3 Month + 6.01%)		11.33%	(a)(b)		04/28/2025		146

		LCM LP
	5,000,000	Series 17A-ER (CME Term SOFR 3 Month + 6.26%, 6.00% Floor)		11.58%	(a)(b)		10/15/2031		4,072,193
	6,500,000	Series 26A-E (CME Term SOFR 3 Month + 5.56%, 5.30% Floor)		10.88%	(a)		01/20/2031		5,295,850
	2,000,000	Series 28A-E (CME Term SOFR 3 Month + 6.01%, 5.75% Floor)		11.33%	(a)		10/20/2030		1,784,920

		LCM XIII LP
	3,500,000	Series 14A-FR (CME Term SOFR 3 Month + 7.87%)		13.19%	(a)(b)		07/20/2031		1,919,182

		Madison Park Funding Ltd.
	11,000,000	Series 2014-14A-ER (CME Term SOFR 3 Month + 6.06%, 5.80% Floor)		11.38%	(a)		10/22/2030		10,922,470
	1,000,000	Series 2019-34A-ER (CME Term SOFR 3 Month + 6.91%, 6.65% Floor)		12.24%	(a)		04/25/2032		1,008,057
	2,000,000	Series 2019-37A-ER (CME Term SOFR 3 Month + 6.41%, 6.15% Floor)		11.73%	(a)		07/15/2033		2,005,822

		Magnetite CLO Ltd.
	500,000	Series 2020-26A-ER (CME Term SOFR 3 Month + 6.21%, 5.95% Floor)		11.54%	(a)		07/25/2034		501,462

		Marble Point CLO
	500,000	Series 2018-1A-D (CME Term SOFR 3 Month + 3.26%)		8.58%	(a)		07/16/2031		460,170

		Neuberger Berman CLO Ltd.
	2,000,000	Series 2017-16SA-ER (CME Term SOFR 3 Month + 6.51%, 6.25% Floor)		11.83%	(a)		04/15/2034		1,982,700
	1,000,000	Series 2019-31A-ER (CME Term SOFR 3 Month + 6.76%, 6.50% Floor)		12.08%	(a)		04/20/2031		1,000,575
	1,750,000	Series 2019-32A-ER (CME Term SOFR 3 Month + 6.36%, 6.10% Floor)		11.67%	(a)		01/20/2032		1,754,465
	2,250,000	Series 2019-33A-ER (CME Term SOFR 3 Month + 6.51%, 6.25% Floor)		11.83%	(a)		10/16/2033		2,237,603

		Newark BSL CLO
	2,000,000	Series 2017-1A-D (CME Term SOFR 3 Month + 6.56%)		11.89%	(a)		07/25/2030		1,956,290

		Octagon Investment Partners Ltd.
	5,000,000	Series 2012-1A-DR (CME Term SOFR 3 Month + 7.41%)		12.73%	(a)		07/15/2029		4,820,996
	8,750,000	Series 2013-1A-ER (CME Term SOFR 3 Month + 6.01%, 5.75% Floor)		11.33%	(a)		07/17/2030		8,312,947
	5,460,000	Series 2013-1A-ER (CME Term SOFR 3 Month + 7.26%)		12.57%	(a)		07/19/2030		5,375,912
	3,000,000	Series 2016-1A-ER (CME Term SOFR 3 Month + 7.51%)		12.83%	(a)		01/24/2033		2,920,699
	2,000,000	Series 2016-1A-FR (CME Term SOFR 3 Month + 8.35%, 8.35% Floor)		13.67%	(a)		07/15/2030		1,563,935


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $

		Octagon Investment Partners Ltd. (Cont.)
	4,000,000	Series 2017-1A-D (CME Term SOFR 3 Month + 6.46%)		11.78%	(a)(b)		03/17/2030		3,770,610
	500,000	Series 2019-1A-DR (CME Term SOFR 3 Month + 3.51%, 3.25% Floor)		8.83%	(a)		10/15/2034		500,393
	2,000,000	Series 2019-3A-ER (CME Term SOFR 3 Month + 7.01%, 6.75% Floor)		12.33%	(a)		07/15/2034		1,942,951
	1,000,000	Series 2020-2A-ER (CME Term SOFR 3 Month + 6.86%, 6.60% Floor)		12.18%	(a)		07/15/2036		893,407

		Point Au Roche Park CLO
	500,000	Series 2021-1A-E (CME Term SOFR 3 Month + 6.36%, 6.10% Floor)		11.68%	(a)		07/20/2034		493,671

		Sound Point CLO Ltd.
	2,400,000	Series 2019-2A-ER (CME Term SOFR 3 Month + 6.73%, 6.47% Floor)		12.05%	(a)		07/15/2034		2,147,420
	500,000	Series 2020-2A-ER (CME Term SOFR 3 Month + 6.82%, 6.56% Floor)		12.15%	(a)		10/25/2034		451,458
	2,000,000	Series 2021-3A-E (CME Term SOFR 3 Month + 6.87%, 6.61% Floor)		12.20%	(a)		10/25/2034		1,799,454

		Stewart Park CLO
	7,500,000	Series 2015-1A-ER (CME Term SOFR 3 Month + 5.54%, 5.28% Floor)		10.86%	(a)		01/15/2030		7,185,777

		Venture CDO Ltd.
	7,200,000	Series 2016-24A-E (CME Term SOFR 3 Month + 6.98%)		12.30%	(a)		10/20/2028		6,344,210
	5,000,000	Series 2017-26A-E (CME Term SOFR 3 Month + 7.06%)		12.38%	(a)		01/20/2029		3,793,522
	4,000,000	Series 2017-27A-E (CME Term SOFR 3 Month + 6.61%)		11.93%	(a)		07/20/2030		2,995,075

		Voya CLO Ltd.
	1,500,000	Series 2017-1A-D (CME Term SOFR 3 Month + 6.36%)		11.68%	(a)(b)		04/17/2030		1,445,057
	1,000,000	Series 2018-2A-E (CME Term SOFR 3 Month + 5.51%, 5.25% Floor)		10.83%	(a)		07/15/2031		925,036
	1,000,000	Series 2018-2A-F (CME Term SOFR 3 Month + 7.55%, 7.29% Floor)		12.87%	(a)		07/15/2031		777,199

		Wind River CLO Ltd.
	2,000,000	Series 2013-2A-E1R (CME Term SOFR 3 Month + 7.01%)		12.31%	(a)(b)		10/18/2030		1,819,156
	3,500,000	Series 2014-2A-ER (CME Term SOFR 3 Month + 6.01%, 5.75% Floor)		11.33%	(a)(b)		01/15/2031		2,929,844
	2,000,000	Series 2014-3A-ER2 (CME Term SOFR 3 Month + 6.48%, 6.22% Floor)		11.80%	(a)		10/22/2031		1,689,754


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		\|		March 31, 2024		9


Schedule of Investments DoubleLine Income Solutions Fund (Cont.)


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $

		Wind River CLO Ltd. (Cont.)
	5,000,000	Series 2017-1A-ER (CME Term SOFR 3 Month + 7.32%, 7.06% Floor)		12.62%	(a)		04/18/2036		4,700,364
	3,000,000	Series 2017-3A-ER (CME Term SOFR 3 Month + 7.31%, 7.05% Floor)		12.63%	(a)		04/15/2035		2,857,920
	1,000,000	Series 2018-1A-E (CME Term SOFR 3 Month + 5.76%)		11.08%	(a)		07/15/2030		958,274
	1,000,000	Series 2018-2A-E (CME Term SOFR 3 Month + 6.01%)		11.33%	(a)		07/15/2030		949,641

		Total Collateralized Loan Obligations (Cost $180,443,163)							166,348,647

	FOREIGN CORPORATE BONDS 39.1%
	9,400,000	ABM Investama Tbk PT		9.50%	(a)		08/05/2026		9,266,651
	6,981,840	Acu Petroleo Luxembourg SARL		7.50%			01/13/2032		6,800,605
	4,000,000	Adani Electricity Mumbai Ltd.		3.87%			07/22/2031		3,296,093
	3,372,500	Adani International Container Terminal Pvt Ltd.		3.00%			02/16/2031		2,877,469
	2,300,000	Adani Ports & Special Economic Zone Ltd.		3.10%			02/02/2031		1,833,690
	17,580,000	Adani Ports & Special Economic Zone Ltd.		5.00%			08/02/2041		14,070,976
	1,570,000	Adani Transmission Step-One Ltd.		4.25%			05/21/2036		1,332,894
	2,000,000	AI Candelaria Spain SA		5.75%	(a)		06/15/2033		1,624,718
	23,092,000	AI Candelaria Spain SA		5.75%			06/15/2033		18,758,995
	376,662	Alpha Holding SAB de CV		10.00%	(a)(b)(f)		12/19/2024		5,650
	14,407,320	Alpha Holding SAB de CV		10.00%	(b)(f)		12/19/2024		216,110
	12,208,365	Alpha Holding SAB de CV		9.00%	(a)(b)(f)		02/10/2025		183,125
	5,939,205	Alpha Holding SAB de CV		9.00%	(b)(f)		02/10/2025		89,088
	4,000,000	Altice France SA/France		5.50%	(a)		10/15/2029		2,719,152
	3,300,000	ARD Finance SA 7.25% PIK		6.50%	(a)		06/30/2027		1,107,770
	14,697,000	Aris Mining Corp.		6.88%			08/09/2026		13,261,544
	18,331,000	Banco Davivienda SA (10 Year CMT Rate + 5.10%)		6.65%	(h)		04/22/2031		12,900,441
	670,000	Banco do Estado do Rio Grande do Sul SA (5 Year CMT Rate + 4.93%)		5.38%			01/28/2031		647,984
	8,805,000	Banco GNB Sudameris SA (5 Year CMT Rate + 6.66%)		7.50%			04/16/2031		7,678,664
	16,800,000	Banco GNB Sudameris SA (5 Year CMT Rate + 6.66%)		7.50%	(a)		04/16/2031		14,650,945
	3,000,000	Banco Mercantil del Norte SA/Grand Cayman (10 Year CMT Rate + 5.03%)		6.63%	(a)(h)		01/24/2032		2,743,125


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $
	16,000,000	Banco Mercantil del Norte SA/Grand Cayman (10 Year CMT Rate + 5.03%)		6.63%	(h)		01/24/2032		14,630,002
	2,600,000	BBVA Bancomer SA/Texas (5 Year CMT Rate + 2.65%)		5.13%			01/18/2033		2,417,973
	5,945,000	BBVA Bancomer SA/Texas (5 Year CMT Rate + 4.31%)		5.88%			09/13/2034		5,629,864
	20,000,000	Braskem Idesa SAPI		6.99%			02/20/2032		15,538,207
	17,700,000	Braskem Idesa SAPI		6.99%	(a)		02/20/2032		13,751,314
	4,300,000	Braskem Netherlands Finance BV		8.50%			01/12/2031		4,461,775
	5,800,000	Braskem Netherlands Finance BV		7.25%	(i)		02/13/2033		5,582,789
	7,200,000	Braskem Netherlands Finance BV		5.88%			01/31/2050		5,559,466
	21,500,000	BRF SA		5.75%			09/21/2050		17,116,508
	1,958,000	Calfrac Holdings LP		10.88%	(a)		03/15/2026		1,945,955
	7,535,000	Camposol SA		6.00%			02/03/2027		5,815,900
	20,800,000	Canacol Energy Ltd.		5.75%			11/24/2028		9,222,081
	550,000	CAP SA		3.90%			04/27/2031		432,390
	300,000	Cemex SAB de CV (5 Year CMT Rate + 4.53%)		5.13%	(h)		06/08/2026		290,125
	6,547,775	CFG Investment SAC		10.00%	(a)		11/07/2032		4,059,621
	4,413,196	CFG NEW MONEY NT		13.98%	(b)(d)		11/07/2032		4,999,710
	3,080,000	Cia de Minas Buenaventura SAA		5.50%			07/23/2026		2,973,377
	2,800,000	Connect Finco SARL / Connect US Finco LLC		6.75%	(a)		10/01/2026		2,746,674
	16,100,000	Coruripe Netherlands BV		10.00%			02/10/2027		14,605,938
	17,286,000	Credito Real SAB de CV SOFOM ER (5 Year CMT Rate + 7.03%)		9.13%	(f)(h)		11/29/2027		44,944
	9,150,000	Credito Real SAB de CV SOFOM ER (5 Year CMT Rate + 7.03%)		9.13%	(a)(f)(h)		11/29/2027		23,790
	4,200,000	CSN Resources SA		4.63%			06/10/2031		3,447,703
	1,897,023	Digicel Group Holdings Ltd.		0.00%	(a)(b)		12/31/2030		1,751,755
	42,168	Digicel Group Holdings Ltd.		0.00%	(a)(b)		12/31/2030		34,060
	4,135,902	Digicel Group Holdings Ltd.		0.00%	(a)(b)		12/31/2030		47,496
	9,508,709	Digicel Group Holdings Ltd.		0.00%	(a)(b)		12/31/2030		1,469,072
	1,375,000	eG Global Finance PLC		12.00%	(a)		11/30/2028		1,462,687
	8,450,000	Empresas Publicas de Medellin ESP		4.38%			02/15/2031		7,067,427
	13,400,000	EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA		5.38%			12/30/2030		11,123,142
	3,437,200	Fideicomiso PA Pacifico Tres		8.25%			01/15/2035		3,267,755
	17,011,000	Frigorifico Concepcion SA		7.70%	(a)		07/21/2028		14,920,688
	6,160,000	Frigorifico Concepcion SA		7.70%			07/21/2028		5,403,059
	3,000,000	Garda World Security Corp.		9.50%	(a)		11/01/2027		3,020,058
	4,205,000	Garda World Security Corp.		6.00%	(a)		06/01/2029		3,768,706
	19,400,000	Gran Tierra Energy, Inc.		9.50%	(a)		10/15/2029		18,143,716
	9,510,369	Guara Norte SARL		5.20%			06/15/2034		8,684,584
	7,180,000	Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC		9.00%	(a)		02/15/2029		7,433,942
	7,400,000	IAMGOLD Corp.		5.75%			10/15/2028		6,798,623
	5,925,566	Invepar Holdings		0.00%	(b)(f)		12/30/2028		—


10		DoubleLine Income Solutions Fund		The accompanying notes are an integral part of these financial statements.


		(Unaudited) March 31, 2024


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $
	4,000,000	Itau Unibanco Holding SA/Cayman Island (5 Year CMT Rate + 3.22%)		4.63%	(h)		02/27/2025		3,766,549
	2,000,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.		4.38%			02/02/2052		1,453,652
	9,652,000	Kawasan Industri Jababeka Tbk PT		7.50%	(a)(j)		12/15/2027		8,936,345
	2,600,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.		7.00%	(a)		12/31/2027		2,584,961
	4,363,000	KUO SAB De CV		5.75%			07/07/2027		4,116,429
	1,700,000	MARB BondCo PLC		3.95%			01/29/2031		1,402,986
	22,722,960	MC Brazil Downstream Trading SARL		7.25%			06/30/2031		20,586,373
	6,300,000	Metinvest BV		7.75%			10/17/2029		4,423,545
	17,360,000	Mexarrend SAPI de CV		10.25%	(a)(f)		07/24/2024		3,645,600
	7,600,000	Mexarrend SAPI de CV		10.25%	(f)		07/24/2024		1,596,000
	4,100,000	Millicom International Cellular SA		4.50%			04/27/2031		3,517,949
	9,687,609	MV24 Capital BV		6.75%			06/01/2034		9,122,882
	1,600,383	Oi SA (7.00% + 5.50% PIK)		12.50%	(a)		12/15/2024		1,592,381
	17,251	Oi SA (7.00% + 5.50% PIK)		12.50%	(a)(b)		12/15/2024		17,165
	23,000,000	Oi SA		10.00%	(f)		07/27/2025		402,500
	1,740,000	Ontario Gaming GTA LP/OTG Co.-Issuer, Inc.		8.00%	(a)		08/01/2030		1,793,535
	7,665,000	Operadora de Servicios Mega SAB de CV Sofom ER		8.25%			02/11/2025		3,190,556
	14,325,000	Operadora de Servicios Mega SAB de CV Sofom ER		8.25%	(a)		02/11/2025		5,962,781
	2,650,000	Ronshine China Holdings Ltd.		6.75%	(f)		08/05/2024		49,025
	19,350,000	Ronshine China Holdings Ltd.		7.35%	(f)		12/15/2024		294,120
	10,200,000	Sasol Financing USA LLC		5.50%			03/18/2031		8,601,802
	1,330,000	Seaspan Corp.		5.50%	(a)		08/01/2029		1,161,631
	11,103,000	SierraCol Energy Andina LLC		6.00%			06/15/2028		9,764,509
	650,000	SierraCol Energy Andina LLC		6.00%	(a)		06/15/2028		571,641
	9,000,000	Simpar Europe SA		5.20%			01/26/2031		7,874,879
	3,935,000	Telesat Canada / Telesat LLC		5.63%	(a)		12/06/2026		1,970,963
	18,804,000	Tullow Oil PLC		10.25%	(a)		05/15/2026		17,899,501
	8,496,103	UEP Penonome II SA		6.50%			10/01/2038		6,648,201
	11,000,000	Unifin Financiera SAB de CV (5 Year CMT Rate + 6.31%)		8.88%	(a)(f)(h)		01/29/2025		56,100
	24,000,000	Unifin Financiera SAB de CV (5 Year CMT Rate + 6.31%)		8.88%	(f)(h)		01/29/2025		122,400
	13,400,000	Unigel Luxembourg SA		8.75%	(f)		10/01/2026		4,176,790
	16,183,000	UPL Corp. Ltd. (5 Year CMT Rate + 3.87%)		5.25%	(h)		02/27/2025		11,073,541
	10,000,000	Vedanta Resources Finance II PLC		9.25%			04/23/2026		8,169,737


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $
	19,270,000	Vedanta Resources Ltd.		13.88%			12/09/2028		16,882,168

		Total Foreign Corporate Bonds (Cost $722,595,447)							519,187,762

	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 13.3%
	1,281,000	Aeropuerto Internacional de Tocumen SA		4.00%			08/11/2041		942,284
	3,965,000	Aeropuerto Internacional de Tocumen SA		5.13%			08/11/2061		2,909,106
	7,200,000	Brazilian Government International Bond		4.75%			01/14/2050		5,414,780
	500,000	Colombia Government International Bond		4.13%			02/22/2042		339,258
	6,300,000	Colombia Government International Bond		5.20%			05/15/2049		4,643,989
	12,000,000	Colombia Government International Bond		4.13%			05/15/2051		7,477,162
	16,000,000	Colombia Government International Bond		5.00%	(i)		06/15/2045		11,648,326
	5,400,000	Comision Federal de Electricidad		4.68%			02/09/2051		3,822,266
	10,750,000	Dominican Republic International Bond		5.88%			01/30/2060		9,167,622
	25,000,000	Ecopetrol SA		5.88%			11/02/2051		18,012,555
	6,500,000	Ecopetrol SA		5.88%			05/28/2045		4,858,142
	15,020,000	Empresa de Transmision Electrica SA		5.13%			05/02/2049		10,927,576
	3,000,000	Mexico City Airport Trust		5.50%			07/31/2047		2,544,413
	8,000,000	Mexico Government International Bond		3.77%			05/24/2061		5,222,202
	22,000,000	OCP SA		5.13%			06/23/2051		16,638,930
	4,500,000	Panama Government International Bond		3.87%			07/23/2060		2,621,115
	29,500,000	Petroleos del Peru SA		5.63%			06/19/2047		19,843,464
	10,200,000	Petroleos Mexicanos		6.75%			09/21/2047		6,790,956
	17,200,000	Petroleos Mexicanos		6.38%			01/23/2045		11,101,893
	13,000,000	Republic of South Africa Government International Bond		5.65%	(i)		09/27/2047		9,472,190
	3,500,000	Telecommunications Services of Trinidad & Tobago Ltd.		8.88%			10/18/2029		3,381,350
	15,000,000	Ukraine Government International Bond		7.25%	(f)		03/15/2035		4,360,299
	5,150,000	UKRAINE(REP OF)		9.75%	(f)		11/01/2030		1,820,504


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		\|		March 31, 2024		11


Schedule of Investments DoubleLine Income Solutions Fund (Cont.)


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $
	18,307,000	YPF SA		7.00%			12/15/2047		13,531,268

		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $217,060,158)							177,491,650

	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 13.2%

		ACREC Trust
	5,000,000	Series 2023-FL2-C (CME Term SOFR 1 Month + 4.28%, 4.28% Floor)		9.61%	(a)		02/19/2038		4,991,205

		Alen Mortgage Trust
	13,000,000	Series 2021-ACEN-F (CME Term SOFR 1 Month + 5.11%, 5.00% Floor)		10.44%	(a)		04/15/2034		5,461,492

		BANK5
	81,197,613	Series 2023-5YR4-XA		0.95%	(d)(k)		12/15/2056		3,103,974

		BDS Ltd.
	3,318,000	Series 2021-FL8-C (CME Term SOFR 1 Month + 1.66%, 1.55% Floor)		6.99%	(a)		01/18/2036		3,263,747

		Beast Mortgage Trust
	6,325,000	Series 2021-1818-G (CME Term SOFR 1 Month + 6.11%, 6.25% Floor)		11.44%	(a)		03/15/2036		3,265,815

		Benchmark Mortgage Trust
	121,775,000	Series 2020-B18-AGNX		0.47%	(a)(d)(k)		07/15/2053		668,021

		BSREP Commercial Mortgage Trust
	6,757,145	Series 2021-DC-G (CME Term SOFR 1 Month + 3.96%, 3.85% Floor)		9.29%	(a)		08/15/2038		4,189,201

		BX Trust
	3,650,000	Series 2019-IMC-D (CME Term SOFR 1 Month + 1.95%, 1.90% Floor)		7.27%	(a)		04/15/2034		3,642,232

		Cantor Commercial Real Estate Lending LP
	10,200,000	Series 2019-CF2-SWX1		1.28%	(a)(d)(k)		11/15/2052		595,184
	12,080,000	Series 2019-CF2-SWX2		1.01%	(a)(d)(k)		11/15/2052		553,039

		Carbon Capital VI Commercial Mortgage Trust
	8,095,225	Series 2019-FL2-B (CME Term SOFR 1 Month + 2.96%, 2.85% Floor)		8.29%	(a)		10/15/2035		7,331,352

		Citigroup Commercial Mortgage Trust
	30,511,115	Series 2014-GC25-XG		1.20%	(a)(d)(k)		10/10/2047		116,366
	4,484,000	Series 2015-GC27-D		4.42%	(a)(d)		02/10/2048		4,043,868

		Commercial Mortgage Pass Through Certificates
	2,057,634	Series 2013-CR12-AM		4.30%			10/10/2046		1,843,482
	3,929,315	Series 2014-UBS4-F		3.75%	(a)(b)		08/10/2047		480,017
	6,758,755	Series 2014-UBS4-G		3.75%	(a)(b)		08/10/2047		47,284
	14,000	Series 2014-UBS4-V		0.00%	(a)(b)(d)		08/10/2047		1
	18,438,000	Series 2015-CR26-XD		1.21%	(a)(d)(k)		10/10/2048		294,329

		Computershare Corporate Trust
	9,180,600	Series 2015-C29-F		4.22%	(a)(b)(d)		06/15/2048		5,914,602
	38,737,225	Series 2015-C29-G		4.22%	(a)(b)(d)		06/15/2048		6,389,202
	23,520,000	Series 2016-LC24-XEF		1.77%	(a)(d)(k)		10/15/2049		813,524
	2,200,000	Series 2017-RC1-D		3.25%	(a)		01/15/2060		1,779,268

		DOLP Trust
	4,875,000	Series 2021-NYC-G		3.70%	(a)(d)		05/10/2041		2,328,483


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $

		FIVE Mortgage Trust
	1,433,000	Series 2023-V1-D		6.30%	(a)(d)		02/10/2056		1,305,130

		Great Wolf Trust
	7,676,471	Series 2019-WOLF-F (CME Term SOFR 1 Month + 3.45%, 3.33% Floor)		8.77%	(a)		12/15/2036		7,617,499

		GS Mortgage Securities Corp. II
	1,228,486	Series 2014-GC20-E		4.45%	(a)(b)(d)		04/10/2047		209,176
	6,273,000	Series 2015-GC28-D		4.31%	(a)(d)		02/10/2048		5,727,899
	4,651,000	Series 2021-ARDN-G (CME Term SOFR 1 Month + 5.11%, 5.00% Floor)		10.44%	(a)		11/15/2036		4,367,756
	7,896,000	Series 2021-ARDN-H (CME Term SOFR 1 Month + 6.05%, 5.93% Floor)		11.37%	(a)		11/15/2026		7,488,772

		JPMBB Commercial Mortgage Securities Trust
	43,855,609	Series 2013-C14-XC		0.51%	(a)(d)(k)		08/15/2046		2,283
	14,113,175	Series 2014-C19-E		4.00%	(a)(b)(d)		04/15/2047		12,586,228
	7,840,900	Series 2014-C19-F		3.75%	(a)(b)(d)		04/15/2047		6,334,891
	7,674,167	Series 2014-C19-NR		3.75%	(a)(b)(d)		04/15/2047		1,963,407
	33,207,401	Series 2014-C21-XD		0.72%	(a)(d)(k)		08/15/2047		67,720
	1,600,000	Series 2014-C26-D		3.86%	(a)(d)		01/15/2048		1,331,991
	5,000,000	Series 2015-C27-E		2.81%	(a)(b)(d)		02/15/2048		1,121,974
	24,531,000	Series 2015-C27-XE		1.50%	(a)(d)(k)		02/15/2048		221,091

		LoanCore
	3,000,000	Series 2021-CRE5-C (CME Term SOFR 1 Month + 2.46%, 2.46% Floor)		7.79%	(a)		07/15/2036		2,881,434

		LSTAR Commercial Mortgage Trust
	2,379,000	Series 2017-5-C		4.67%	(a)(d)		03/10/2050		2,026,213

		Med Trust
	14,928,355	Series 2021-MDLN-G (CME Term SOFR 1 Month + 5.36%, 5.25% Floor)		10.69%	(a)		11/15/2038		14,944,588

		MF1 LLC
	4,550,000	Series 2022-FL10-C (CME Term SOFR 1 Month + 4.48%, 4.48% Floor)		9.81%	(a)		09/17/2037		4,568,064

		Morgan Stanley Capital I, Inc.
	29,583,284	Series 2016-UB11-XA		1.44%	(d)(k)		08/15/2049		779,147
	3,357,000	Series 2019-PLND-F (CME Term SOFR 1 Month + 2.91%, 2.80% Floor)		8.24%	(a)		05/15/2036		1,575,547
	13,000,000	Series 2019-PLND-G (CME Term SOFR 1 Month + 3.76%, 3.65% Floor)		9.09%	(a)		05/15/2036		2,925,629

		Natixis Commercial Mortgage Securities Trust
	5,000,000	Series 2022-JERI-G (CME Term SOFR 1 Month + 7.46%, 7.46% Floor)		12.78%	(a)		01/15/2039		3,750,320

		SCOTT Trust
	500,000,000	Series 2023-SFS-X		0.12%	(a)(d)(k)		03/15/2040		3,177,250

		SMR Mortgage Trust
	24,352,775	Series 2022-INDI-HRR (CME Term SOFR 1 Month + 10.50%, 10.50% Floor)		15.83%	(b)		02/15/2039		20,799,487

		UBS Commercial Mortgage Trust
	7,458,000	Series 2017-C6-D		2.50%	(a)(d)		12/15/2050		5,354,817


12		DoubleLine Income Solutions Fund		The accompanying notes are an integral part of these financial statements.


		(Unaudited) March 31, 2024


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $

		WF-RBS Commercial Mortgage Trust
	78,814,809	Series 2014-LC14-XC		1.81%	(a)(d)(k)		03/15/2047		1,663,335

		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $238,384,726)							175,907,336

	US CORPORATE BONDS 22.5%
	7,270,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.		9.75%	(a)		07/15/2027		7,300,054
	3,025,000	Artera Services LLC		8.50%	(a)		02/15/2031		3,103,568
	4,038,000	ASP Unifrax Holdings, Inc.		7.50%	(a)		09/30/2029		2,242,884
	3,245,000	Bausch + Lomb Corp.		8.38%	(a)		10/01/2028		3,361,528
	5,215,000	BCPE Empire Holdings, Inc.		7.63%	(a)		05/01/2027		5,096,750
	750,000	Boxer Parent Co., Inc.		7.13%	(a)		10/02/2025		751,251
	4,810,000	Brand Industrial Services, Inc.		10.38%	(a)		08/01/2030		5,213,622
	3,000,000	Caesars Entertainment, Inc.		8.13%	(a)		07/01/2027		3,074,448
	5,800,000	Carnival Corp.		7.63%	(a)		03/01/2026		5,872,146
	3,000,000	Carnival Corp.		10.50%	(a)(i)		06/01/2030		3,283,503
	8,280,000	Castle US Holding Corp.		9.50%	(a)		02/15/2028		4,129,940
	1,680,000	CHS/Community Health Systems, Inc.		6.00%	(a)		01/15/2029		1,469,652
	1,310,000	CHS/Community Health Systems, Inc.		10.88%	(a)		01/15/2032		1,350,965
	1,136,000	Clarios Global LP		6.75%	(a)		05/15/2025		1,137,874
	6,440,000	Clarios Global LP / Clarios US Finance Co.		8.50%	(a)		05/15/2027		6,461,816
	5,110,000	Clear Channel Outdoor Holdings, Inc.		7.50%	(a)(i)		06/01/2029		4,230,652
	3,815,000	ClubCorp Holdings, Inc.		8.50%	(a)		09/15/2025		3,445,803
	4,665,000	Cobra AcquisitionCo LLC		6.38%	(a)		11/01/2029		3,940,679
	10,160,000	CSI Compressco LP / CSI Compressco Finance, Inc.		7.50%	(a)(i)		04/01/2025		10,160,000
	7,695,000	CVR Partners LP / CVR Nitrogen Finance Corp.		6.13%	(a)(i)		06/15/2028		7,402,898
	6,120,000	Dealer Tire LLC / DT Issuer LLC		8.00%	(a)		02/01/2028		6,097,063
	2,140,000	DISH DBS Corp.		5.75%	(a)		12/01/2028		1,474,738
	15,745,000	Embarq Corp.		8.00%			06/01/2036		8,571,597
	4,820,000	Ferrellgas LP / Ferrellgas Finance Corp.		5.88%	(a)		04/01/2029		4,595,221
	1,375,000	Frontier Communications Holdings LLC		5.88%	(a)		10/15/2027		1,332,274
	3,170,000	Frontier Communications Holdings LLC		8.63%	(a)		03/15/2031		3,240,640
	3,255,000	Full House Resorts, Inc.		8.25%	(a)(i)		02/15/2028		3,113,357
	665,000	GrafTech Global Enterprises, Inc.		9.88%	(a)		12/15/2028		494,459
	3,615,000	H-Food Holdings LLC / Hearthside Finance Co., Inc.		8.50%	(a)		06/01/2026		271,125
	1,325,000	Hightower Holding LLC		6.75%	(a)		04/15/2029		1,246,446


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $
	4,247,000	Illuminate Buyer LLC / Illuminate Holdings IV, Inc.		9.00%	(a)		07/01/2028		4,194,817
	4,000,000	IRB Holding Corp.		7.00%	(a)		06/15/2025		4,002,931
	6,640,000	Level 3 Financing, Inc.		10.50%	(a)		05/15/2030		6,822,600
	4,785,000	LifePoint Health, Inc.		11.00%	(a)		10/15/2030		5,120,147
	2,595,000	Lions Gate Capital Holdings LLC		5.50%	(a)(i)		04/15/2029		1,987,424
	7,605,000	LSF9 Atlantis Holdings LLC / Victra Finance Corp.		7.75%	(a)		02/15/2026		7,543,222
	3,850,000	Mavis Tire Express Services Topco Corp.		6.50%	(a)		05/15/2029		3,665,321
	5,100,000	McGraw-Hill Education, Inc.		5.75%	(a)		08/01/2028		4,814,004
	4,750,000	Michaels Cos., Inc.		5.25%	(a)		05/01/2028		4,051,700
	2,500,000	ModivCare Escrow Issuer, Inc.		5.00%	(a)		10/01/2029		1,815,048
	1,385,000	ModivCare, Inc.		5.88%	(a)(i)		11/15/2025		1,350,066
	5,425,000	Moss Creek Resources Holdings, Inc.		7.50%	(a)		01/15/2026		5,422,800
	3,815,000	NGL Energy Operating LLC / NGL Energy Finance Corp.		8.38%	(a)		02/15/2032		3,913,320
	1,295,000	NGL Energy Partners LP / NGL Energy Finance Corp.		7.50%			04/15/2026		1,295,723
	550,000	Olympus Water US Holding Corp.		6.25%	(a)(i)		10/01/2029		503,980
	1,970,000	OneMain Finance Corp.		9.00%			01/15/2029		2,091,829
	3,580,000	PECF USS Intermediate Holding III Corp.		8.00%	(a)		11/15/2029		1,890,086
	5,450,000	PetSmart, Inc. / PetSmart Finance Corp.		7.75%	(a)		02/15/2029		5,310,111
	4,395,000	Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.		5.88%	(a)(i)		09/01/2031		3,217,518
	8,265,470	Pyxus Holdings, Inc.		8.50%	(a)		12/31/2027		6,571,049
	10,390,260	Radiology Partners, Inc. 9.87% PIK		9.78%	(a)		02/15/2030		8,377,147
	5,050,000	Realogy Group LLC / Realogy Co.-Issuer Corp.		5.75%	(a)(i)		01/15/2029		3,581,243
	270,000	Royal Caribbean Cruises Ltd.		7.25%	(a)		01/15/2030		280,715
	6,655,000	Sabre GLBL, Inc.		8.63%	(a)		06/01/2027		5,845,566
	1,930,000	Spirit AeroSystems, Inc.		9.75%	(a)		11/15/2030		2,161,245
	8,340,000	SWF Escrow Issuer Corp.		6.50%	(a)(i)		10/01/2029		6,177,620
	1,500,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.		7.50%	(a)		10/01/2025		1,510,607
	6,568,000	Team Health Holdings, Inc.		6.38%	(a)		02/01/2025		6,066,336
	5,300,000	TKC Holdings, Inc.		10.50%	(a)		05/15/2029		5,083,539
	1,930,000	TMS International Corp./DE		6.25%	(a)		04/15/2029		1,764,455
	2,675,000	Townsquare Media, Inc.		6.88%	(a)(i)		02/01/2026		2,610,131
	7,965,000	Trident TPI Holdings, Inc.		12.75%	(a)		12/31/2028		8,508,133
	5,070,000	Triton Water Holdings, Inc.		6.25%	(a)		04/01/2029		4,622,674


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		\|		March 31, 2024		13


Schedule of Investments DoubleLine Income Solutions Fund (Cont.)


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $
	9,485,000	United Natural Foods, Inc.		6.75%	(a)(i)		10/15/2028		7,889,759
	5,005,000	Univision Communications, Inc.		6.63%	(a)		06/01/2027		4,899,495
	1,605,000	Univision Communications, Inc.		7.38%	(a)(i)		06/30/2030		1,588,414
	3,915,000	Upbound Group, Inc.		6.38%	(a)		02/15/2029		3,804,380
	6,685,000	Venture Global LNG, Inc.		8.38%	(a)		06/01/2031		6,898,211
	2,355,000	Venture Global LNG, Inc.		9.88%	(a)		02/01/2032		2,539,559
	2,110,000	Vibrantz Technologies, Inc.		9.00%	(a)(i)		02/15/2030		1,950,904
	9,170,000	Viking Cruises Ltd.		9.13%	(a)		07/15/2031		10,035,523
	5,205,000	WASH Multifamily Acquisition, Inc.		5.75%	(a)		04/15/2026		5,091,725
	2,830,000	Weatherford International Ltd.		8.63%	(a)		04/30/2030		2,956,767
	1,490,000	Wheel Pros, Inc.		6.50%	(a)		05/15/2029		456,313
	6,210,000	XHR LP		6.38%	(a)		08/15/2025		6,222,606

		Total US Corporate Bonds (Cost $329,758,235)							299,973,716

	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 3.5%

		Federal Home Loan Mortgage Corp.
	49,717,375	Series 2021-P009-X		1.35%	(d)(k)		01/25/2031		1,894,093
	4,356,080	Series 3631-SJ (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.13%, 6.24% Cap)		0.81%	(k)(l)		02/15/2040		317,848
	699,720	Series 3770-SP (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.39%, 6.50% Cap)		1.07%	(k)(l)		11/15/2040		10,899
	9,750,449	Series 3980-SX (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.39%, 6.50% Cap)		1.07%	(k)(l)		01/15/2042		1,092,819
	23,218,624	Series 5129-S (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.70%, 2.70% Cap)		0.00%	(k)(l)		12/25/2044		56,456
	12,160,388	Series 5166-DI		3.00%	(k)		09/15/2048		1,593,957

		Federal National Mortgage Association
	2,038,173	Series 2006-83-SH (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.45%, 6.56% Cap)		1.13%	(k)(l)		09/25/2036		148,924
	7,436,860	Series 2010-123-SK (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.94%, 6.05% Cap)		0.62%	(k)(l)		11/25/2040		727,230
	5,332,843	Series 2012-60-SN (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.49%, 6.60% Cap)		1.17%	(k)(l)		06/25/2042		513,120
	9,245,044	Series 2019-46-SG (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.99%, 6.10% Cap)		0.67%	(k)(l)		08/25/2049		770,889
	41,345,419	Series 2021-17-SD (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.50%, 2.50% Cap)		0.00%	(k)(l)		04/25/2051		234,921


P RINCIPAL A MOUNT $		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $

		FREMF Mortgage Trust
	2,033,929	Series 2017-KF27-B (US 30 Day Average Secured Overnight Financing Rate + 4.46%, 4.35% Floor)		9.78%	(a)		12/25/2026		2,017,027
	6,144,997	Series 2018-KF56-C (US 30 Day Average Secured Overnight Financing Rate + 5.91%, 5.80% Floor)		11.23%	(a)		11/25/2028		5,364,558
	16,596,783	Series 2019-KF71-C (US 30 Day Average Secured Overnight Financing Rate + 6.11%, 6.00% Floor)		11.43%	(a)		10/25/2029		15,913,853

		Government National Mortgage Association
	8,306,681	Series 2011-128-TS (-1 x CME Term SOFR 1 Month + 5.94%, 6.05% Cap)		0.61%	(k)(l)		05/16/2041		769,292
	24,592,058	Series 2015-64-SG (-1 x CME Term SOFR 1 Month + 5.49%, 5.60% Cap)		0.16%	(k)(l)		05/20/2045		2,060,222
	3,297,321	Series 2018-145-IA		4.00%	(k)		10/20/2045		275,794
	3,962,799	Series 2020-129-SE (-1 x CME Term SOFR 1 Month + 3.64%, 3.75% Cap)		0.00%	(k)(l)		09/20/2050		54,382
	15,411,375	Series 2020-146-SH (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(k)(l)		10/20/2050		1,989,413
	5,619,229	Series 2020-187-SB (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(k)(l)		12/20/2050		711,086
	21,603,239	Series 2020-47-SL (-1 x CME Term SOFR 1 Month + 5.26%, 5.37% Cap)		0.00%	(k)(l)		07/20/2044		1,584,999
	11,476,792	Series 2020-61-SU (-1 x CME Term SOFR 1 Month + 5.49%, 5.60% Cap)		0.16%	(k)(l)		07/16/2045		980,714
	6,662,685	Series 2021-105-MI		3.00%	(k)		06/20/2051		907,610
	33,957,084	Series 2021-107-SA (-1 x CME Term SOFR 1 Month + 3.64%, 3.75% Cap)		0.00%	(k)(l)		06/20/2051		1,137,583
	18,787,058	Series 2021-125-AS (-1 x US 30 Day Average Secured Overnight Financing Rate + 3.25%, 3.25% Cap)		0.00%	(k)(l)		07/20/2051		236,599
	42,527,719	Series 2021-139-SB (-1 x US 30 Day Average Secured Overnight Financing Rate + 3.20%, 3.20% Cap)		0.00%	(k)(l)		08/20/2051		674,077
	17,469,677	Series 2021-7-IQ		2.50%	(k)		01/20/2051		2,178,098
	43,704,712	Series 2021-77-SG (-1 x CME Term SOFR 1 Month + 3.64%, 3.75% Cap)		0.00%	(k)(l)		05/20/2051		1,274,220
	38,013,107	Series 2021-96-SG (-1 x US 30 Day Average Secured Overnight Financing Rate + 3.20%, 3.20% Cap)		0.00%	(k)(l)		06/20/2051		800,643
	55,950,424	Series 2021-97-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.60%, 2.60% Cap)		0.00%	(k)(l)		06/20/2051		527,702


14		DoubleLine Income Solutions Fund		The accompanying notes are an integral part of these financial statements.


		(Unaudited) March 31, 2024


P RINCIPAL A MOUNT $/ S HARES		S ECURITY D ESCRIPTION	R ATE			M ATURITY		V ALUE $

		Government National Mortgage Association (Cont.)
	32,637,613	Series 2021-97-SG (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.60%, 2.60% Cap)		0.00%	(k)(l)		06/20/2051		286,272

		Total US Government and Agency Mortgage Backed Obligations (Cost $70,401,886)							47,105,300

	COMMON STOCKS 0.4%
	212,801	CFG INVESTMENT SAC-HOLDCO (b)(m)							1,615,160
	8,608	GTT Communications, Inc. (b)(m)							124,816
	105,426	Intelsat Emergence SA (b)(m)							2,793,789
	183,948	Longview Equity (b)(m)							551,844
	26,458	Revenir Energy, Inc. Notes (b)(m)							237,593
	34,608	Riverbed - Class B (b)(m)							4,499

		Total Common Stocks (Cost $32,211,418)							5,327,701

	ESCROW NOTES 0.0% (n)
	15,700,000	Alpha Holding SA (b)(m)							—
	15,700,000	Alpha Holding SA (b)(m)							—
	19,250,000	Alpha Holding SA (b)(m)							1
	19,250,000	Alpha Holding SA (b)(m)							—

		Total Escrow Notes (Cost $-)							1


RIGHTS 0.2%
333,957	Revenir Energy, Inc. Backstop (b)(m)				2,998,934

	Total Rights (Cost $829,210)				2,998,934

WARRANTS 0.0% (n)
27,621	GTT Communications, Inc., Expires 12/30/2027 at $0.00 (b)(m)				15,537

	Total Warrants (Cost $386,878)				15,537

SHORT TERM INVESTMENTS 0.5%
2,336,690	BlackRock Liquidity FedFund - Institutional	5.20%	(o)		2,336,690
2,336,774	Fidelity Government Portfolio - Institutional	5.21%	(o)		2,336,774
2,336,772	MSILF Government Portfolio - Institutional	5.22%	(o)		2,336,772

	Total Short Term Investments (Cost $7,010,236)				7,010,236

	Total Investments 126.1% (e) (Cost $2,096,506,607)				1,679,533,755
	Other Liabilities in Excess of Assets (26.1)%				(348,358,692	)

	NET ASSETS 100.0%			$	1,331,175,063




SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Corporate Bonds	39.1%
US Corporate Bonds	22.5%
Bank Loans	19.0%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	13.3%
Non-Agency Commercial Mortgage Backed Obligations	13.2%
Collateralized Loan Obligations	12.5%
US Government and Agency Mortgage Backed Obligations	3.5%
Asset Backed Obligations	1.9%
Short Term Investments	0.5%
Common Stocks	0.4%
Rights	0.2%
Warrants	0.0%	(n)
Escrow Notes	0.0%	(n)
Other Assets and Liabilities	(26.1)%

Net Assets	100.0%


INVESTMENT BREAKDOWN as a % of Net Assets:
Energy				16.7%
Non-Agency Commercial Mortgage Backed Obligations				13.2%
Collateralized Loan Obligations				12.5%
Consumer Products				5.8%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations				5.8%
Transportation				5.4%
Chemicals/Plastics				5.2%
Mining				5.1%
Banking				4.9%
Healthcare				4.8%
Electronics/Electric				3.9%
Commercial Services				3.7%
Chemical Products				3.7%
US Government and Agency Mortgage Backed Obligations				3.5%
Retailers (other than Food/Drug)				3.0%
Media				2.8%
Telecommunications				2.8%
Utilities				2.8%
Finance				2.6%
Industrial Equipment				2.1%
Asset Backed Obligations				1.9%
Hotels/Motels/Inns and Casinos				1.7%
Leisure				1.7%
Food Products				1.2%
Automotive				1.2%
Real Estate				1.2%
Technology				1.1%
Containers and Glass Products				1.0%
Construction				0.8%
Business Equipment and Services				0.7%
Diversified Manufacturing				0.6%
Building and Development (including Steel/Metals)				0.5%
Short Term Investments				0.5%
Beverage and Tobacco				0.5%
Conglomerates				0.3%
Food Service				0.3%
Financial Intermediaries				0.3%
Aerospace & Defense				0.2%
Insurance				0.1%
Other Assets and Liabilities				(26.1)%

Net Assets				100.0%


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		\|		March 31, 2024		15


Schedule of Investments DoubleLine Income Solutions Fund (Cont.)


COUNTRY BREAKDOWN as a % of Net Assets:
United States	70.6%
Colombia	13.1%
Brazil	9.2%
Mexico	7.8%
India	4.5%
Canada	3.8%
Peru	3.0%
Panama	1.8%
Paraguay	1.5%
Indonesia	1.4%
South Africa	1.4%
Ghana	1.3%
Morocco	1.3%
Argentina	1.0%
Ukraine	0.8%
Dominican Republic	0.7%
United Kingdom	0.6%
Luxembourg	0.6%
Burkina Faso	0.5%
France	0.3%
Guatemala	0.3%
Trinidad and Tobago	0.3%
Jamaica	0.2%
Hong Kong	0.1%
Chile	0.0%	(n)
China	0.0%	(n)
Singapore	0.0%	(n)
Other Assets and Liabilities	(26.1)%

Net Assets	100.0%

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

(b)	Value determined using significant unobservable inputs.

(c)	Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of period end.

(d)

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

(e)	Under the Fund’s Liquidity Agreement, the lender, through its agent, has been granted a security interest in substantially all of the Fund’s investments in consideration of the Fund’s borrowings under the line of credit with the lender (See Note 9).

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

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

(h)	Perpetual maturity. The date disclosed is the next call date of the security.

(i)	Security, or portion of security is on loan as of period end pursuant to the Liquidity Agreement.

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

(k)	Interest only security

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

(m)	Non-income producing security.

(n)	Represents less than 0.05% of net assets.

(o)	Seven-day yield as of period end.

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



Futures Contracts
Description	Long/Short	Contract Quantity		Expiration Date		Notional Amount (1)		Unrealized Appreciation (Depreciation)/ Value
U.S. Treasury Ultra Bonds	Long		300		06/18/2024	$	38,700,000	$	386,053
10 Year U.S. Ultra Treasury Notes	Long		660		06/18/2024		75,642,188		344,036

								$	730,089

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


16		DoubleLine Income Solutions Fund		The accompanying notes are an integral part of these financial statements.


Statement of Assets and Liabilities		(Unaudited) March 31, 2024


ASSETS
Investments in Securities, at Value *	$	1,672,523,519
Short Term Investments *		7,010,236
Interest Receivable		31,983,935
Cash		7,170,500
Receivable for Investments Sold		5,042,992
Deposit at Broker for Futures		3,633,000
Receivable for Fund Shares Sold		1,756,002
Prepaid Expenses and Other Assets		414,658
Variation Margin Receivable		150,938
Foreign Currency, at Value *		292
Total Assets		1,729,686,072

LIABILITIES
Loan Payable (See Note 8)		365,000,000
Payable for Investments Purchased		29,848,246
Interest Expense Payable		1,921,639
Investment Advisory Fees Payable		1,419,452
Administration and Fund Accounting Fees Payable		177,613
Trustees Fees Payable (See Note 6)		111,129
Professional Fees Payable		14,836
Custodian Fees Payable		13,651
Accrued Expenses		4,443
Total Liabilities		398,511,009
Commitments and Contingencies (See Note 2, Note 7 and Note 8)
Net Assets	$	1,331,175,063

NET ASSETS CONSIST OF:
Capital Stock ($0.00001 par value)	$	1,056
Additional Paid-in Capital		2,460,039,568
Total Distributable Earnings (Loss)		(1,128,865,561	)
Net Assets	$	1,331,175,063

*Identified Cost:
Investments in Securities	$	2,089,496,371
Short Term Investments		7,010,236
Foreign Currency		288

Shares Outstanding and Net Asset Value Per Share:
Shares Outstanding (unlimited authorized)		105,621,345
Net Asset Value per Share	$	12.60


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		\|		March 31, 2024		17


Statement of Operations		(Unaudited) For the Period Ended March 31, 2024


INVESTMENT INCOME
Income:
Interest	$	66,960,609
Dividends from Unaffiliated Securities		197,463
Total Investment Income		67,158,072
Expenses:
Interest Expense		11,449,303
Investment Advisory Fees		7,996,188
Professional Fees		249,310
Administration and Fund Accounting Fees		221,504
Shareholder Reporting Expenses		101,460
Trustees Fees		77,861
Registration Fees		49,581
Custodian Fees		36,722
Miscellaneous Expenses		18,090
Insurance Expenses		9,160
Total Expenses		20,209,179

Net Investment Income (Loss)		46,948,893

REALIZED & UNREALIZED GAIN (LOSS)

Net Realized Gain (Loss) on:
Investments		(41,674,432	)
Futures		(1,491,252	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		163,187,577
Futures		5,429,062
Unfunded Loan Commitments		(380	)
Foreign Currency		4
Net Realized and Unrealized Gain (Loss) on Investments		125,450,579

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	172,399,472


18		DoubleLine Income Solutions Fund		The accompanying notes are an integral part of these financial statements.


Statements of Changes in Net Assets


	Period Ended March 31, 2024 (Unaudited)				Year Ended September 30, 2023

OPERATIONS
Net Investment Income (Loss)		$	46,948,893			$	110,933,525
Net Realized Gain (Loss)			(43,165,684	)			(185,094,728	)
Net Change in Unrealized Appreciation (Depreciation)			168,616,263				178,776,041
Net Increase (Decrease) in Net Assets Resulting from Operations			172,399,472				104,614,838

DISTRIBUTIONS TO SHAREHOLDERS
From Earnings			(68,437,996	)			(146,751,852	)
From Return of Capital			—				(8,148,272	)

Total Distributions to Shareholders			(68,437,996	)			(154,900,124	)

NET SHARE TRANSACTIONS
Proceeds from Issuance of common shares in connection with the shelf offering			34,973,736				3,317,088
Commissions and offering expenses associated with the issuance of common shares in connection with the shelf offering			(364,810	)			(34,996	)
Issuance of common shares from reinvestment of distributions			3,004,061				3,554,620
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			37,612,987				6,836,712

Total Increase (Decrease) in Net Assets		$	141,574,463			$	(43,448,574	)

NET ASSETS
Beginning of Period		$	1,189,600,600			$	1,233,049,174
End of Period		$	1,331,175,063			$	1,189,600,600


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		\|		March 31, 2024		19


Statement of Cash Flows		(Unaudited) For the Period Ended March 31, 2024


CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net Increase (Decrease) in Net Assets Resulting from Operations	$	172,399,472
Adjustments to Reconcile the Change in Net Assets from Operations to Net Cash Provided By (Used In) Operating activities:
Purchases of Long Term Investments		(341,140,861	)
Proceeds from Disposition of Long Term Investments		314,892,888
Net (Purchases of) Proceeds from Disposition of Short Term Investments		13,314,064
Net Amortization (Accretion) of Premiums/Discounts and Other Cost Adjustments		(45,275	)
Net Realized (Gain) Loss on:
Investments		41,674,432
Net Change in Unrealized Depreciation (Appreciation) on:
Investments		(163,187,577	)
Unfunded Loan Commitments		380
(Increase) Decrease in:
Interest Receivable		(1,169,008	)
Receivable for Investments Sold		(4,046,671	)
Prepaid Expenses and Other Assets		(79,160	)
Receivable for Fund Shares Sold		(1,756,002	)
Receivable for Variation Margin		116,250
Increase (Decrease) in:
Payable for Investments Purchased		21,312,792
Investment Advisory Fees Payable		114,109
Interest Expense Payable		(43,489	)
Trustees Fees Payable		7,031
Due to Custodian		(9,080,333	)
Custodian Fees Payable		3,064
Accrued Expenses		(47,259	)
Administration and Fund Accounting Fees Payable		(134,897	)
Professional Fees Payable		(123,149	)
Net Cash Provided By (Used In) Operating Activities		42,980,801

CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Cash Distributions Paid to Common Stockholders		(64,883,376	)
Issuance of shares, net of fees		34,058,367
Increase in borrowings		35,000,000
Decrease in borrowings		(40,000,000	)
Net Cash Provided By (Used In) Financing Activities		(35,825,009	)

NET CHANGE IN CASH
Cash at Beginning of Period		3,648,000
Cash at End of Period	$	10,803,792

SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION
Additional Paid-in Capital from Dividend Reinvestment	$	3,004,061
Cash Paid for Interest on Loan Outstanding	$	11,492,792

RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES:
Cash	$	7,170,500
Foreign Currency, at Value		292
Deposit at Broker for Futures		3,633,000
Cash at End of Period	$	10,803,792


20		DoubleLine Income Solutions Fund		The accompanying notes are an integral part of these financial statements.


Financial Highlights


	Period Ended March 31, 2024 (Unaudited)			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019

Net Asset Value, Beginning of Period	$	11.60		$	12.09		$	18.34		$	16.23		$	19.24		$	20.47

Income (Loss) from Investment Operations:

Net Investment Income (Loss) (a)		0.45			1.09			1.47			1.66			1.69			1.77
Net Gain (Loss) on Investments (Realized and Unrealized)		1.21			(0.06	)		(5.99	)		1.86			(2.86	)		(1.20	)
Total from Investment Operations		1.66			1.03			(4.52	)		3.52			(1.17	)		0.57

Less Distributions:

Distributions from Net Investment Income		(0.66	)		(1.44	)		(1.73	)		(1.41	)		(1.84	)		(1.80	)
Return of Capital		—			(0.08	)		—			—			—			—

Total Distributions		(0.66	)		(1.52	)		(1.73	)		(1.41	)		(1.84	)		(1.80	)

Proceeds from Issuance of Common Shares:
Premiums less commissions and offering costs on issuance of common shares (See Note 12)		—	(d)(e)		—	(d)(e)		—			—			—			—

Total capital stock transactions		—	(d)(e)		—	(d)(e)		—			—			—			—
Net Asset Value, End of Period	$	12.60		$	11.60		$	12.09		$	18.34		$	16.23		$	19.24
Market Price, End of Period	$	12.70		$	11.72		$	10.80		$	17.76		$	16.02		$	19.92
Total Return on Net Asset Value (b)		14.76%	(g)		8.87%			(26.38	)%		22.34%			(5.87	)%		2.92%
Total Return on Market Price (c)		14.43%	(g)		23.42%			(31.52	)%		20.20%			(10.10	)%		8.14%

Supplemental Data:

Net Assets, End of Period (000’s)	$	1,331,175		$	1,189,601		$	1,233,049		$	1,870,238		$	1,654,517		$	1,954,168
Ratios to Average Net Assets:
Expenses, including interest expense		3.24%	(f)		3.24%			2.17%			1.83%			2.28%			3.00%
Net Investment Income (Loss)		7.53%	(f)		9.11%			9.51%			9.30%			9.96%			8.91%
Portfolio Turnover Rate		20%	(g)		20%			24%			41%			43%			40%

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

(b)

Total return on Net Asset Value is computed based upon the Net Asset Value of common stock on the first business day and the closing Net Asset Value on the last business day of the period. Dividends and distributions are assumed to be reinvested at the prices obtained under the Fund’s dividend reinvestment plan.

(c)

Total return on Market Price is computed based upon the New York Stock Exchange market price of the Fund’s shares and excludes the effect of brokerage commissions. Dividends and distributions are assumed to be reinvested at the prices obtained under the Fund’s dividend reinvestment plan. Total return on Market Price does not reflect any sales load paid by investors.

(d)	Represents the premium on the at the market offering of $0.0004 and $0.0005 per share less underwriting and offering costs of $0.0003 and $0.0004 per share for the periods ended March 31, 2024 and September 30, 2023, respectively.

(e)	Less than $0.005 per share

(f)	Annualized

(g)	Not Annualized


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		\|		March 31, 2024		21


Financial Highlights (Cont.)


	Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014

Net Asset Value, Beginning of Period	$	21.85		$	20.55		$	19.80		$	23.17		$	22.24

Income (Loss) from Investment Operations:

Net Investment Income (Loss) (a)		1.80			1.75			1.71			1.85			1.78
Net Gain (Loss) on Investments (Realized and Unrealized)		(1.34	)		1.36			0.93			(3.32	)		0.95
Total from Investment Operations		0.46			3.11			2.64			(1.47	)		2.73

Less Distributions:

Distributions from Net Investment Income		(1.82	)		(1.81	)		(1.89	)		(1.90	)		(1.80	)
Return of Capital		(0.02	)		—			—	(d)		—			—
Total Distributions		(1.84	)		(1.81	)		(1.89	)		(1.90	)		(1.80	)
Net Asset Value, End of Period	$	20.47		$	21.85		$	20.55		$	19.80		$	23.17
Market Price, End of Period	$	20.20		$	21.25		$	19.15		$	17.29		$	21.65
Total Return on Net Asset Value (b)		2.22%			15.83%			14.66%			(6.77	)%		12.66%
Total Return on Market Price (c)		4.06%			21.33%			23.32%			(12.20	)%		7.21%

Supplemental Data:

Net Assets, End of Period (000’s)	$	2,075,520		$	2,214,033		$	2,083,218		$	2,006,694		$	2,348,616
Ratios to Average Net Assets:
Expenses, including interest expense		2.80%			2.38%			2.26%			2.27%			2.17%
Net Investment Income (Loss)		8.52%			8.30%			8.97%			8.41%			7.71%
Portfolio Turnover Rate		35%			47%			35%			51%			55%

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

(b)

(c)

(d)	Less than $0.005 per share


22		DoubleLine Income Solutions Fund		The accompanying notes are an integral part of these financial statements.


Notes to Financial Statements		(Unaudited) March 31, 2024

1. Organization

DoubleLine Income Solutions Fund (the “Fund”) was formed as a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and originally classified as a non-diversified fund. The Fund is currently operating as a diversified fund. Currently under the 1940 Act, a diversified fund generally may not, with respect to 75% of its total assets, invest more than 5% of its total assets in the securities of any one issuer or own more than 10% of the outstanding voting securities of such issuer (except, in each case, U.S. Government securities, cash, cash items and the securities of other investment companies). The remaining 25% of a fund’s total assets is not subject to this limitation. The Fund was organized as a Massachusetts business trust on January 10, 2013 and commenced operations on April 26, 2013. The Fund is listed on the New York Stock Exchange (“NYSE”) under the symbol “DSL”. The Fund’s primary investment objective is to seek high current income and its secondary objective is to seek capital appreciation.

The fiscal year end for the Fund is September 30, and the period covered by these Financial Statements is for the six months ended March 31, 2024 (the “period end”).

2. Significant Accounting Policies

The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946,

Financial Services—Investment Companies

, by the Financial Accounting Standards Board (“FASB”). The following is a summary of the significant accounting policies of the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“US GAAP”).

A. Security Valuation.

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

•

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

•

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

•

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

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



Fixed-income class						Examples of Inputs

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

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

US bonds and notes of government and government agencies						Standard inputs

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

Bank loans						Standard inputs

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


				Semi-Annual Report		\|		March 31, 2024		23


Notes to Financial Statements (Cont.)

Common stocks, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts, that are traded on a national securities or commodities exchange, are typically valued at the last reported sales price, in the case of common stocks and exchange-traded funds, or, in the case of futures contracts or options contracts, the settlement price determined by the relevant exchange. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Due to custodian as recorded on the Statement of Assets and Liabilities is recorded at cost and approximates fair value; it is classified as level 2 under the fair value hierarchy.

Over-the-counter financial derivative instruments, such as forward currency exchange contracts, options contracts, or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of valuations obtained from counterparties, published index closing levels or evaluated prices supplied by independent pricing services, some or all of which may be based on market data from trading on exchanges that closed significantly before the time as of which the Fund calculates its NAV. Forward foreign currency contracts are generally valued based on rates provided by independent data providers. Exchange traded futures and options on futures are generally valued at the settlement price determined by the relevant exchange on which they principally trade, and exchange traded options are generally valued at the last trade price on the exchange on which they principally trade. The Fund does not normally take into account trading, clearances or settlements that take place after the close of the principal exchange or market on which such securities are traded. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy.

The Fund’s holdings in whole loans, securitizations and certain other types of alternative lending-related instruments may be valued based on prices provided by a third-party pricing service.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree will be valued at the mean of the last available bid/ask prices in the market for such loans, as provided by an independent pricing service. Where an active secondary market does not exist to a reliable degree in the judgment of DoubleLine Capital LP (the “Adviser” or “DoubleLine Capital”), such loans will be valued at fair value based on certain factors.

In respect of certain commercial real estate-related, residential real estate-related and certain other investments for which a limited market may exist, the Valuation Designee (as defined below) may value such investments based on appraisals conducted by an independent valuation advisor or a similar pricing agent. However, an independent valuation firm may not be retained to undertake an evaluation of an asset unless the NAV, market price and other aspects of an investment exceed certain significance thresholds.

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


24		DoubleLine Income Solutions Fund


		(Unaudited) March 31, 2024

The following is a summary of the fair valuations according to the inputs used to value the Fund’s investments as of March 31, 2024:



Category

Investments in Securities

Level 1

Short Term Investments	$	7,010,236

Total Level 1		7,010,236

Level 2

Foreign Corporate Bonds		510,374,531

US Corporate Bonds		299,973,716

Bank Loans		251,201,184

Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations		177,491,650

Collateralized Loan Obligations		148,159,519

Non-Agency Commercial Mortgage Backed Obligations		120,061,067

US Government and Agency Mortgage Backed Obligations		47,105,300

Asset Backed Obligations		20,912,369

Total Level 2		1,575,279,336

Level 3

Non-Agency Commercial Mortgage Backed Obligations		55,846,269

Collateralized Loan Obligations		18,189,128

Foreign Corporate Bonds		8,813,231

Common Stocks		5,327,701

Asset Backed Obligations		4,166,512

Rights		2,998,934

Bank Loans		1,886,870

Warrants		15,537

Escrow Notes		1

Total Level 3		97,244,183

Total	$	1,679,533,755

Other Financial Instruments

Level 1

Futures Contracts		730,089

Total Level 1		730,089

Level 2		—

Level 3		—

Total	$	730,089

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


				Semi-Annual Report		\|		March 31, 2024		25


Notes to Financial Statements (Cont.)

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



	Fair Value as of September 30, 2023			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation) (c)				Net Accretion (Amortization)				Purchases (a)			Sales (b)				Transfers Into Level 3 (d)			Transfers Out of Level 3 (d)				Fair Value as of March 31, 2024			Net Change in Unrealized Appreciation (Depreciation) on securities held at March 31, 2024 (c)
Investments in Securities
Non-Agency Commercial Mortgage Backed Obligations		$	54,348,647		$	10,516,613			$	9,505,081			$	888,195			$	25		$	(19,412,292	)		$	—		$	—			$	55,846,269		$	1,953,221
Collateralized Loan Obligations			13,955,148			—				430,591				14,304				137,353			—				5,215,667			(1,563,935	)			18,189,128			554,577
Foreign Corporate Bonds			5,698,051			(1,180,454	)			170,481				6,279				6,491,896			(2,373,022	)			—			—				8,813,231			359,489
Common Stocks			12,265,338			(4,947,610	)			2,863,422				—				—			(4,853,449	)			—			—				5,327,701			(1,079,301	)
Asset Backed Obligations			4,848,996			(669,720	)			775,727				(90	)			83,907			(872,308	)			—			—				4,166,512			293,605
Rights			5,522,270			206,758				(502,896	)			—				—			(2,227,198	)			—			—				2,998,934			(337,296	)
Bank Loans			1,898,725			3,252				(49,323	)			46,071				—			(11,855	)			—			—				1,886,870			(45,864	)
Warrants			10,358			—				5,179				—				—			—				—			—				15,537			5,179
Escrow Notes			—			—				1				—				—			—				—			—				1			1
Total		$	98,547,533		$	3,928,839			$	13,198,263			$	954,759			$	6,713,181		$	(29,750,124	)		$	5,215,667		$	(1,563,935	)		$	97,244,183		$	1,703,611

(a)	Purchases include all purchases of securities, payups and corporate actions.

(b)	Sales include all sales of securities, maturities, and paydowns.

(c)	Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on securities held at March 31, 2024 may be due to a security that was not held or categorized as Level 3 at either period end.

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

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



	Fair Value as of March 31, 2024		Valuation Techniques	Unobservable Input	Unobservable Input Values (Weighted Average) (e)			Impact to valuation from an increase to input

Non-Agency Commercial Mortgage Backed Obligations	$	55,846,269	Market Comparables	Market Quotes	$	0.01-$89.18 ($71.30	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Collateralized Loan Obligations	$	18,189,128	Market Comparables	Market Quotes	$	0.01-$96.34 ($82.66	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Foreign Corporate Bonds	$	8,813,231	Market Comparables	Market Quotes	$	0.00-$113.29 ($85.79	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Common Stocks	$	5,327,701	Market Comparables	Market Quotes	$	0.13-$26.50 ($17.63	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

			Market Transaction Approach	EV Multiple		6.45x (6.45x	)	Significant changes in EV multiple would have resulted in direct changes in the fair value of the security

			Comparable Company Approach	EV Multiple		5.21x (5.21x	)	Significant changes in EV multiple would have resulted in direct changes in the fair value of the security

				Illiquidity Discount		10% (10%	)	Significant changes in illiquidity discount would have resulted in indirect changes in the fair value of the security

Asset Backed Obligations	$	4,166,512	Market Comparables	Market Quotes	$	0.09-$1,036.19 ($450.27	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Rights	$	2,998,934	Market Comparables	Market Quotes		$8.98 ($8.98)		Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security


26		DoubleLine Income Solutions Fund


		(Unaudited) March 31, 2024



	Fair Value as of March 31, 2024		Valuation Techniques	Unobservable Input	Unobservable Input Values (Weighted Average) (e)			Impact to valuation from an increase to input

Bank Loans	$	1,886,870	Market Comparables	Market Quotes	$	100.00 ($100.00	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Warrants	$	15,537	Market Comparables	Market Quotes		$0.56 ($0.56	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Escrow Notes	$	1	Income Approach	Expected Value		$0.00 ($0.00)		Significant changes in the expected value would have resulted in direct changes in the fair value of the security

(e)	Unobservable inputs were weighted by the relative fair value of the instruments.

B. Federal Income Taxes.

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

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

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired. The Fund identifies its major tax jurisdictions as U.S. Federal, the Commonwealth of Massachusetts, the State of Florida and the State of California. The Fund’s tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances.

C. Security Transactions, Investment Income.

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

D. Dividends and Distributions to Shareholders.

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

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

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

E. Use of Estimates.

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

F. Share Valuation.

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


				Semi-Annual Report		\|		March 31, 2024		27


Notes to Financial Statements (Cont.)

G. Unfunded Loan Commitments.

The Fund may enter into certain credit agreements, of which all or a portion may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion.

When unfunded loan commitments are outstanding at the end of the period, the Fund maintains with its custodian liquid investments having an aggregate value at least equal to the par value of their respective unfunded loan commitments and bridge loans.

As of March 31, 2024, there were no unfunded loan commitments outstanding by the Fund.

H. Contingencies.

Between 2011 and 2014, the Commonwealth of Puerto Rico issued certain general obligation bonds, which are currently the subject of litigation. The Fund previously purchased and sold certain of these general obligation bonds and may have some exposure to this litigation. At this time, it is anticipated that a material adverse effect on the Fund as a result of this litigation is remote.

I. Guarantees and Indemnifications.

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

3. Related Party Transactions

The Adviser provides the Fund with investment management services under an Investment Management Agreement (the “Agreement”). Under the Agreement, the Adviser manages the investment of the assets of the Fund, places orders for the purchase and sale of its portfolio securities and is responsible for providing certain resources to assist with the day-to-day management of the Fund’s business affairs. As compensation for its services, the Adviser is entitled to a monthly fee at the annual rate of 1.00% of the average daily total managed assets of the Fund. Total managed assets means the total assets of the Fund (including assets attributable to any reverse repurchase agreements, dollar roll transactions or similar transactions, borrowings, and/or preferred shares that may be outstanding) minus accrued liabilities (other than liabilities in respect of reverse repurchase agreements, dollar roll transactions or similar transactions, and borrowings). For purposes of calculating total managed assets, the liquidation preference of any preferred shares outstanding shall not be considered a liability. DoubleLine Asset Management Company, LLC, a wholly owned subsidiary of the Adviser, owned 12,227 shares of the Fund as of the period end. The Adviser has arrangements with DoubleLine Group LP to provide personnel and other resources to the Fund.

4. Purchases and Sales of Securities

For the period ended March 31, 2024, purchases and sales of investments, excluding short term investments, were $341,140,861 and $314,892,888, respectively. There were no transactions in U.S. Government securities (defined as long-term U.S. Treasury bills, notes and bonds) during the period.

5. Share Transactions

Transactions in the Fund’s shares were as follows:



	Period Ended March 31, 2024					Year Ended September 30, 2023

	Shares		Amount			Shares		Amount

Shares Sold (net of fees)		2,815,065		$	34,608,926		267,804		$	3,282,092

Reinvested Dividends		244,057			3,004,061		297,591			3,554,620

Increase (Decrease) in Net Assets Resulting from Net Share Transactions		3,059,122		$	37,612,987		565,395		$	6,836,712


28		DoubleLine Income Solutions Fund


		(Unaudited) March 31, 2024

6. Trustees Fees

Trustees who are not affiliated with the Adviser and its affiliates received, as a group, fees of $77,861 from the Fund during the period ended March 31, 2024. These trustees may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the Fund, are treated as if invested in shares of the Fund or other funds managed by the Adviser and its affiliates. These amounts represent general, unsecured liabilities of the Fund and vary according to the total returns of the selected funds. Trustees Fees in the Fund’s Statement of Operations are shown as $77,861, which includes $74,694 in current fees (either paid in cash or deferred) and an increase of $3,167 in the value of the deferred amounts. Certain trustees and officers of the Fund are also officers of the Adviser; such trustees and officers are not compensated by the Fund.

7. Bank Loans

The Fund may make loans directly to borrowers and may acquire or invest in loans made by others (“loans”). The Fund may acquire a loan interest directly by acting as a member of the original lending syndicate. Alternatively, the Fund may acquire some or all of the interest of a bank or other lending institution in a loan to a particular borrower by means of a novation, an assignment or a participation. The loans in which the Fund may invest include those that pay fixed rates of interest and those that pay floating rates—

i.e.,

rates that adjust periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”) and secondarily the prime rate offered by one or more major United States banks (the Prime Rate). Base lending rates may be subject to a floor, or a minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. The Fund may purchase and sell interests in bank loans on a when-issued and delayed delivery basis, with payment delivery scheduled for a future date.

Securities purchased on a delayed delivery basis are marked-to-market daily and no income accrues to the Fund prior to the date the Fund actually takes delivery of such securities. These transactions are subject to market fluctuations and are subject, among other risks, to the risk that the value at delivery may be more or less than the trade purchase price.

8. Credit Facility

The Fund currently maintains a Liquidity Agreement (the “Liquidity Agreement”) with State Street Bank & Trust Company (“SSB”) that allows the Fund to borrow up to $450,000,000 (maximum facility amount) and includes an agency securities lending arrangement with SSB. As of March 31, 2024, the amount of total outstanding borrowings was $365,000,000, which approximates fair value. The borrowings are categorized as Level 2 within the fair value hierarchy.

The Fund pledges its assets as collateral to secure obligations under the Liquidity Agreement. The Fund retains the risks and rewards of the ownership of assets pledged to secure obligations under the Liquidity Agreement and generally expects to make these assets available for securities lending transactions. Under the terms of the Liquidity Agreement, the Fund may enter into securities lending transactions initiated by SSB, acting as the Fund’s authorized securities lending agent. All securities lent through SSB are required to be secured with cash collateral received from the securities lending counterparty in amounts at least equal to 102% of the initial market value of the securities lent. Cash collateral received by SSB, in its role as securities lending agent for the Fund, may be used by SSB to fund amounts drawn by the Fund under the Liquidity Agreement. The amount that can be funded through securities lending is limited to 90% of the outstanding borrowings under the Liquidity Agreement. The borrowing of cash collateral is secured by the securities on loan, the expiration of which is overnight and continuous. As of March 31 2024, the fair value of securities on loan was $63,591,834. Any amounts credited against the Liquidity Agreement are considered borrowing and would be subject to various limitations in the Liquidity Agreement and the 1940 Act. Upon return to the Fund of loaned securities, the collateral must be returned to the securities lending counterparty, and SSB may either lend other securities of the Fund or may replace such amount through direct loans from SSB. SSB has the option under the Liquidity Agreement to replace amounts lent to the Fund directly by SSB with the proceeds of securities lending transactions, and vice versa, without notice to or consent from the Fund. SSB retains all amounts paid by securities lending counterparties for loaned securities. Borrowers of Fund securities are required to pay the Fund substitute interest, dividends and other distributions paid with respect to any borrowed security. The Fund has the right to call a loan and obtain the securities loaned at any time. In an event of default, any deposits or other sums credited by or due from SSB to the Fund and any collateral in the possession of SSB may be applied to or set off by SSB against the payment of the obligations under the Liquidity Agreement.

In the event of a securities lending counterparty default, SSB has agreed to indemnify the Fund for certain losses that may arise in connection with the default. Although the risk of the loss by the Fund of the securities lent may be mitigated by receiving collateral from the securities lending counterparty and through SSB’s indemnification, the Fund could experience losses on securities loans, a delay in recovering, or an inability to recover, securities on loan, and the Fund could experience a lower than expected return if the securities lending counterparty fails to return the securities on a timely basis.


				Semi-Annual Report		\|		March 31, 2024		29


Notes to Financial Statements (Cont.)

Interest charged is at the rate of the Overnight Bank Financing Rate plus 1.00%, subject to certain conditions that may cause that rate of interest to increase. Alternatively, under certain conditions, interest can be charged at the rate of the federal funds rate plus 0.55%. The Fund will also be responsible for paying a non-usage fee of 0.25% of available credit when the average amount borrowed under the Liquidity Agreement for a month is less than $382,500,000.

The Fund may terminate the Liquidity Agreement with 60 days’ notice. If certain asset coverage and collateral requirements, minimum net assets or other covenants are not met, the Liquidity Agreement could be deemed in default and result in termination. Absent a default or facility termination event, SSB is required to provide the Fund with 180 days’ notice prior to terminating the Liquidity Agreement.

For the period ended March 31, 2024, the Fund’s activity under the Liquidity Agreement was as follows:



Maximum Amount Available		Average Borrowings			Maximum Amount Outstanding			Interest Expense			Commitment Fee			Average Interest Rate

	$450,000,000		$	352,622,951		$	370,000,000		$	11,325,553		$	123,750		6.32%

9. Additional Disclosures about Derivative Instruments

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

The average volume of derivative activity for the period ended March 31, 2024 is as follows:



Average Market Value

Futures Contracts - Long	$	4,138,451

Futures Contracts

Futures contracts typically involve a contractual commitment to buy or sell a particular instrument or index unit at a specified price on a future date. Risks associated with the use of futures contracts include the potential for imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices determined by the relevant exchange. Upon entering into a futures contract, the Fund is required to deposit with its futures broker an amount of cash in accordance with the initial margin requirements of the broker or exchange. Such collateral is recorded in deposit at broker for futures in the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and an appropriate payment reflecting the change in value (“variation margin”) is made or received by or for the accounts of the Fund. The variation margin is recorded on the Statement of Assets and Liabilities. The cumulative change in value of futures contracts is recorded in net unrealized appreciation (depreciation) on futures on the Statement of Assets and Liabilities. Gains or losses are recognized but not considered realized until the contracts expire or are closed and are recorded in net realized gain (loss) on futures on the Statement of Operations. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities.

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

The effect of derivative instruments on the Statement of Assets and Liabilities as of March 31, 2024 was as follows:



	Derivatives not accounted for as hedging instruments

Statement of Assets and Liabilities Location	Interest Rate Risk

Net Unrealized Appreciation (Depreciation) on:

Futures		$	730,089


30		DoubleLine Income Solutions Fund


		(Unaudited) March 31, 2024

The effect of derivative instruments on the Statement of Operations for the period ended March 31, 2024 was as follows:



	Derivatives not accounted for as hedging instruments

Statement of Operations Location	Interest Rate Risk

Net Realized Gain (Loss) on:

Futures		$	(1,491,252	)

Net Change in Unrealized Appreciation (Depreciation) on:

Futures		$	5,429,062

10. Principal Risks

Below are summaries of some, but not all, of the principal risks of investing in the Fund, each of which could adversely affect the Fund’s NAV, market price, yield, and total return. The Fund’s prospectus provided additional information regarding these and other risks of investing in the Fund at the time of the initial public offering of the Fund’s shares.

•

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.

•

collateralized debt obligations risk:

The risks of an investment in a collateralized debt obligation (“CDO”) depend largely on the quality and type of the collateral and the tranche of the CDO in which the Fund invests. Normally, collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be illiquid. In addition to the risks associated with debt instruments (

e.g.

, interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Fund may invest in CDOs that are subordinate to other classes of the issuer’s securities; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

•

confidential information access risk:

The risk that the intentional or unintentional receipt of material, non-public information by the Adviser could limit the Fund’s ability to sell certain investments held by the Fund or pursue certain investment opportunities on behalf of the Fund, potentially for a substantial period of time.

•

counterparty risk:

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

•

credit default swaps risk:

Credit default swaps provide exposure to one or more reference obligations but involve greater risks than investing in the reference obligation directly, and expose the Fund to liquidity risk, counterparty risk and credit risk. A buyer will lose its investment and recover nothing should no event of default occur. When the Fund acts as a seller of a credit default swap, it is exposed to many of the same risks of leverage described herein since if an event of default occurs the seller must pay the buyer the full notional value of the reference obligation(s).

•

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


				Semi-Annual Report		\|		March 31, 2024		31


Notes to Financial Statements (Cont.)

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.

•

derivatives risk:

The risk that an investment in derivatives will not perform as anticipated by the Adviser, may not be available at the time or price desired, cannot be closed out at a favorable time or price, will increase the Fund’s transaction costs, or will increase the Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely or at all with that of the cash investment; that the positions may be improperly executed or constructed; that the Fund’s counterparty will be unable or unwilling to perform its obligations; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. Recent changes in regulation relating to the Fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund’s performance.

•

emerging markets 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; fewer investor protections; less regulatory oversight; 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 the risk of 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.

•

foreign currency risk:

The Fund’s investments in or exposure to foreign currencies or in securities or instruments that trade, or receive revenues, in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions (if used), that the U.S. dollar will decline in value relative to the currency being hedged.

•

foreign investment risk:

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

•

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.

•

interest rate risk:

Interest rate risk is 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.

•

inverse floaters and related securities risk:

Investments in inverse floaters, residual interest tender option bonds and similar instruments expose the Fund to the same risks as investments in debt securities and derivatives, as well as other risks, including those associated with leverage and increased volatility. An investment in these securities typically will involve greater risk than an investment in a fixed rate security. Distributions on inverse floaters, residual interest tender option bonds and similar instruments will typically bear an inverse relationship to short term interest rates and typically will be reduced or, potentially, eliminated as interest rates rise.


32		DoubleLine Income Solutions Fund


		(Unaudited) March 31, 2024

•

investment and market risk

: The risk that markets will perform poorly or that the returns from the securities in which the Fund invests will underperform returns from the general securities markets or other types of investments. Markets may, in response to governmental actions or intervention or general market conditions, including real or perceived adverse, political, economic or market conditions, tariffs and trade disruptions, inflation, recession, changes in interest or currency rates, lack of liquidity in the bond markets or adverse investor sentiment or other external factors, experience periods of high volatility and reduced liquidity. Certain securities may be difficult to value during such periods. The value of securities and other instruments traded in over-the-counter markets, like other market investments, may move up or down, sometimes rapidly and unpredictably. Further, the value of securities and other instruments held by the Fund may decline in value due to factors affecting securities markets generally or particular industries. Recently, there have been inflationary price movements. As such, fixed income securities markets may experience heightened levels of interest rate volatility and liquidity risk. The U.S. Federal Reserve has raised interest rates from historically low levels and may continue to do so. Any additional interest rate increases in the future could cause the value of the Fund’s holdings to decrease.

•

issuer risk:

The value of securities may decline for a number of reasons that directly relate to the issuer, such as its financial strength, management performance, financial leverage and reduced demand for the issuer’s goods and services, as well as the historical and prospective earnings of the issuer and the value of its assets.

•

leverage risk:

Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. When leverage is used, the net asset value and market price of the Fund’s shares and the Fund’s investment return will likely be more volatile.

•

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.

•

loan risk:

Investments in loans are in many cases subject to the risks associated with below-investment grade securities. Investments in loans are also subject to special risks, including, among others, the risk that (i) if the Fund holds a loan through another financial institution, or relies on a financial institution to administer the loan, the Fund’s receipt of principal and interest on the loan is subject to the credit risk of that financial institution; (ii) loans in which the Fund invests typically pay interest at floating rates, and the borrower may have the ability to change or adjust the interest rate on a loan or under circumstances that would be unfavorable to the Fund; (iii) it is possible that any collateral securing a loan may be insufficient or unavailable to the Fund; (iv) investments in highly leveraged loans or loans of stressed, distressed, or defaulted issuers may be subject to significant credit and liquidity risk; (v) transactions in loans may settle on a delayed basis, and the Fund potentially may not receive the proceeds from the sale of a loan for a substantial period of time after the sale; (vi) 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; and (vii) loans may be difficult to value and may be illiquid, which may adversely affect an investment in the Fund. It is unclear whether the protections of the securities laws against fraud and misrepresentation extend to loans and other forms of direct indebtedness. In the absence of definitive regulatory guidance, the Fund relies on the Adviser’s research in an attempt to avoid situations where fraud or misrepresentation could adversely affect the Fund. There can be no assurance that the Adviser’s efforts in this regard will be successful.

•

market discount risk:

The price of the Fund’s common shares of beneficial interest will fluctuate with market conditions and other factors. Shares of closed-end management investment companies frequently trade at a discount from their net asset value.

•

market disruption and geopolitical risk:

The risk that markets may, in response to governmental actions or intervention or general market conditions, including real or perceived adverse, political, economic or market conditions, tariffs and trade disruptions, inflation, recession, changes in interest or currency rates, lack of liquidity in the bond markets or adverse investor sentiment, or other external factors, experience periods of high volatility and reduced liquidity, which may cause the Fund to sell securities at times when it would otherwise not do so, and potentially at unfavorable prices.

•

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


				Semi-Annual Report		\|		March 31, 2024		33


Notes to Financial Statements (Cont.)

floaters and interest-only and principal-only securities, may be extremely sensitive to changes in interest rates and prepayment rates. The Fund may invest in mortgage-backed securities that are subordinate in their right to receive payment of interest and re-payment of principal to other classes of the issuer’s securities.

•

operational and information security risks:

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

•

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.

•

sovereign debt obligations risk:

Investments in countries’ government debt obligations involve special risks. The issuer or governmental entity that controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt or otherwise in a timely manner.

11. Recently Issued Accounting Pronouncements

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06,

Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848

(“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

12. Common Shares Offering

The Fund has the authority to issue an unlimited number of common shares of beneficial interest, par value $0.00001 per share (“Common Shares”).

On September 29, 2023, the Fund’s registration statement relating to an offering of Common Shares and filed using the “shelf” registration process (the “Shelf Registration”) became effective. The Fund has entered into a distribution agreement with Foreside Fund Services, LLC (“Foreside”), who has entered into a sub-placement agent agreement (the “Sub-Placement Agent Agreement”) with UBS Securities LLC (the “Sub-Placement Agent”), relating to the Common Shares offered in connection with the Shelf Registration. In accordance with the terms of the Sub-Placement Agent Agreement, the Fund may offer Common Shares having a value of up to $500,000,000, par value $0.00001 per share, from time to time through Foreside and the Sub-Placement Agent, as its agents for the offer and sale of the Common Shares. The Shelf Registration replaces a prior shelf registration statement authorizing the sale of additional Common Shares. As of March 31, 2024, the Fund had sold 3,082,878 Common Shares pursuant to the Shelf Registration.

Under the 1940 Act, the Fund may not sell any Common Shares at a price below the NAV of such Common Shares, exclusive of any distributing commission or discount. Sales of the Common Shares, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange at prices related to the prevailing market prices or at negotiated prices. Any proceeds from the Fund’s offering of its Common Shares will be invested in accordance with its investment objectives and policies as set forth in the Shelf Registration.

13. Subsequent Events

In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Since the period ended March 31, 2024 through the date of issuance, the Fund had sold 1,215,672 Common Shares pursuant to the Shelf Registration outlined in Note 12. The Fund has determined there are no additional subsequent events that would need to be disclosed in the Fund’s financial statements.


34		DoubleLine Income Solutions Fund


Evaluation of Advisory Agreement by the Board of Trustees		(Unaudited) March 31, 2024

At a meeting held in February 2024 (the “February Meeting”), the Boards of Trustees (the “Board” or the “Trustees”) of the DoubleLine

open-end

mutual funds (“mutual funds”), exchange-traded funds (“ETFs”), and

closed-end

funds (“CEFs”) listed above (collectively, the “Funds”) approved the continuation of the investment advisory and

sub-advisory

agreements, as applicable (the “Advisory Agreements”), between DoubleLine and those Funds. That included approval by the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Funds (the “Independent Trustees”) voting separately. When used in this summary, “DoubleLine” or “Management” refers to DoubleLine Capital LP, DoubleLine ETF Adviser LP, and/or to DoubleLine Alternatives LP, as appropriate in the context.

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

The Trustees also meet regularly with investment advisory, compliance, risk management, operational, and other personnel from DoubleLine and regularly review detailed information, presented both orally and in writing, regarding the services performed by DoubleLine for the benefit of the Funds, DoubleLine’s investment program for each Fund, the performance of each Fund, the fees and expenses of each Fund, and the operations of each Fund. In considering whether to approve the continuation of the Advisory Agreements, the Trustees took into account information presented to them over the course of the past year and not just that which was provided specifically in relation to the proposed renewal of the Advisory Agreements.

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

The Trustees considered the nature, extent, and quality of the services, including the expertise and experience of investment personnel, provided and expected to be provided by DoubleLine to each Fund. In this regard, the Trustees considered that DoubleLine provides a full investment program for each Fund, with a strong emphasis on risk management for the Funds. The Board considered, where applicable, the difficulty of managing debt-related portfolios, noting that managing such portfolios requires a portfolio management team to balance a number of factors, which may include, among others, securities of varying maturities and durations, actual and anticipated interest rate changes and market volatility, prepayments, collateral management, counterparty management,

pay-downs,

credit events, workouts, and net new issuances. In their evaluation of the services provided by DoubleLine and the Funds’ contractual relationships with DoubleLine, the Trustees considered generally the long-term performance record of the firm’s portfolio management personnel, including, among others, Mr. Jeffrey Gundlach, and the strong historical investor interest in products managed by DoubleLine.

The Trustees reviewed reports prepared by ISS MI (the “ISS MI Reports”) that compared, among other information, each Fund’s net management fee rate and net total expense ratio (Class I shares with respect to the mutual funds) against the net management fee rate and net total expense ratio of a group of peers selected by ISS MI, and each Fund’s performance records (Class I shares with respect to the mutual funds) for the

one-year,

three-year (where applicable), five-year (where applicable), and

ten-year

(where applicable) periods ended October 31, 2023, against the performance records of those funds in each Fund’s Morningstar category and the performance of the Fund’s benchmark index. In preparation for the February Meeting, the Independent Trustees met with ISS MI representatives in January 2024 to review the comparative information set out in the ISS MI Reports, the methodologies used by ISS MI in compiling those reports and selecting the peer groups used within those reports, and the considerations for evaluating the comparative information presented in those reports. The Independent Trustees also considered the information ISS MI provided regarding the challenges ISS MI encountered in selecting or assembling peer groups for certain of the Funds due to, among other factors, the limited number of possible peer funds with substantially similar principal investment strategies or investment approaches. Where applicable, the Trustees also received information from DoubleLine, including regarding factors to consider in evaluating a Fund’s performance or management fees relative to its peer groups and factors that contributed to the relative underperformance of certain Funds relative to their benchmark indices or the median of their peer groups.

In respect of the mutual funds, the Trustees considered that a number of the mutual funds have achieved strong long-term performance relative to the median of their peers for the five-year and/or

ten-year

(where applicable) periods ended October 31, 2023, notwithstanding, in some cases, more recent periods of relative underperformance. Those Funds included DoubleLine Core


				Semi-Annual Report		\|		March 31, 2024		35


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

Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Floating Rate Fund, DoubleLine Flexible Income Fund, DoubleLine Infrastructure Income Fund, DoubleLine Low Duration Bond Fund, DoubleLine Low Duration Emerging Markets Fixed Income Fund, DoubleLine Shiller Enhanced CAPE

and DoubleLine Shiller Enhanced International CAPE

. The Trustees also considered that a number of the mutual funds had achieved strong relative performance more recently, such as over the

one-year

and/or three-year periods ended October 31, 2023, notwithstanding other periods of short-term or longer-term unfavorable relative performance. Those mutual funds included DoubleLine Long Duration Total Return Bond Fund, DoubleLine Emerging Markets Local Currency Bond Fund, DoubleLine Strategic Commodity Fund, DoubleLine Total Return Bond Fund, DoubleLine Income Fund and DoubleLine Selective Credit Fund. In each instance where a Fund exhibited relative underperformance over the

one-year,

three-year (as applicable), five-year (as applicable), or

ten-year

(as applicable) periods, the Trustees considered DoubleLine’s explanations for the periods of relative underperformance, including, in the cases of DoubleLine Long Duration Total Return Bond Fund, DoubleLine Global Bond Fund and DoubleLine Multi-Asset Trend Fund, differences in the Funds’ investment approach relative to their peer groups generally, as well as specifically in the case of DoubleLine Multi-Asset Trend Fund, that the Fund did not yet have three years of investment operations.

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

The Trustees also considered the relative net management fees and net total expenses of each of the mutual funds. They noted that all but five of the mutual funds had net management fees either below the median of their peer group or within five basis points of the median of their peer group. They noted that among those five mutual funds several, including DoubleLine Total Return Bond Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Flexible Income Fund and DoubleLine Strategic Commodity Fund, had net total expense ratios either below or within five basis points of the median of their peer groups. In the case of DoubleLine Infrastructure Income Fund, the Trustees noted the very limited number of other mutual funds that invest principally in infrastructure-related debt as well as the information provided by ISS MI regarding challenges it encountered in constructing a peer group of funds with similar principal investment strategies. In all cases, the Trustees considered each Fund’s net management fees in light of that Fund’s historical performance net of expenses, that none of the mutual funds had the highest net management fee in its peer group, and that DoubleLine’s stated pricing philosophy for its advisory services did not include seeking to be a

low-cost

service provider. In light of all of the above and the other factors considered, The Trustees determined that neither the net management fees nor the net total expense ratios of any of the mutual funds appeared, on the basis of all of the information available to them, unreasonable or such as to call into question the continuation of the Funds’ Advisory Agreements.

In respect of the ETFs, the Trustees considered information in the ISS MI Reports regarding the ETFs’ performance records and net total expenses. The Trustees noted that DoubleLine Opportunistic Bond ETF and DoubleLine Shiller CAPE US Equities ETF commenced investment operations on March 31, 2022 and that DoubleLine Commercial Real Estate ETF and DoubleLine Mortgage ETF commenced investment operations on March 31, 2023. The Trustees noted that it was important to provide each Fund’s portfolio management team sufficient time to establish a more significant performance history. However, the Trustees considered that performance since inception for each ETF was within Management’s expectations and the Trustees considered Management’s explanation of any relative underperformance, including in respect of DoubleLine Opportunistic Bond ETF. In respect of DoubleLine Shiller CAPE Equities ETF, the Trustees noted that its performance was in line with, though below, its benchmark index. The Trustees noted also that its performance was shown relative to two peer groups and that the ETF compared more favorably against the peer group that was constructed using ISS MI’s more traditional approach. They noted that that ETF’s performance compared less favorably against the peer group that was constructed with just other active,

non-transparent

ETFs (the “ANT Group”). They noted that the ANT Group was comprised of ETFs with a broader spectrum of principal investment strategies and, consequently, with more dispersed performance records and they considered that in evaluating the ETF’s relative performance to date. On the basis of all of these factors, the Trustees determined that the performance records of the ETFs supported the continuance of the Advisory Agreement for each of the ETFs.

The Trustees considered the expenses of the ETFs. The Trustees noted that under the ETFs’ unitary fee structure, DoubleLine, in addition to providing investment management services, arranges for transfer agency, custody, fund administration and accounting, and other

non-distribution

related services necessary for the Funds to operate. The Trustees further noted that under the unitary fee structure, DoubleLine pays substantially all of the operating expenses of the Funds, except for, among other things, the management fees, taxes and transaction costs, distribution fees or expenses, and any extraordinary expenses (such as litigation). The Trustees considered DoubleLine’s pricing policy for its advisory fees and that DoubleLine does not seek to be a lowest cost


36		DoubleLine Income Solutions Fund


		(Unaudited) March 31, 2024

provider, nor does it have a policy to set its advisory fees below the median of an ETF’s peers, but rather seeks to set fees at a competitive level that reflects DoubleLine’s demonstrated significant expertise and experience in the investment strategies that if offers.

The Trustees noted that DoubleLine Shiller CAPE US Equities ETF and DoubleLine Opportunistic Bond ETF each had a net total expense ratio at or below the median of its peer group, though with DoubleLine Shiller CAPE US Equities ETF comparing less favorably again to the median of the ANT Group. In considering the net total expense ratios of DoubleLine Commercial Real Estate ETF and DoubleLine Mortgage ETF, the Trustees noted that while each Fund had a net total expense ratio that was above the median of its peer group, in each case, there were several peer funds with significantly higher net total expense ratios and that the ETFs’ net total expense ratios were within four or seven basis points of the median. The Trustees determined that none of the net total expense ratios of any of the ETFs appeared, on the basis of all of the information available to them, unreasonable or such as to call into question the continuation of the ETFs’ Advisory Agreements.

In respect of the CEFs, the Trustees considered the information in the ISS MI Reports regarding the Funds’ performance records and net management fees and net total expenses, based on each Fund’s net assets (excluding the principal amount of borrowings) and, separately, on each Fund’s total managed assets (including the principal amount of borrowings).

As to DoubleLine Income Solutions Fund (“DSL”), the Trustees noted that the Fund’s net management fees were in the third quartile of its peer group on both a net assets and total managed assets basis, though the Fund’s net total expenses (excluding investment related expenses) was either at or below the median of its expense peer group on those bases. The Trustees considered DoubleLine’s explanations for the Fund’s longer term relative underperformance with the Fund falling in the fourth quartile of its peers for the three-year, five-year and

ten-year

periods ended October 31, 2023 and noted the Fund’s stronger more recent performance, with the Fund performing in the second quartile of its peer group for the

one-year

period ended October 31, 2023, and the Fund outperforming its benchmark for the

one-

and three-year and

ten-year

periods ended October 31, 2023.

As to DoubleLine Opportunistic Credit Fund (“DBL”), the Trustees noted that DBL’s net management fees were in the third quartile of the Fund’s expense group on a net assets basis and in the fourth quartile of the expense group on a total managed assets basis. The Trustees also noted that DBL’s net total expense ratio was shown in the ISS MI Report to be in the third quartile of the Fund’s expense group on a net assets basis and in the fourth quartile of the expense group on a total managed assets basis. The Trustees considered that the Fund’s relative performance had improved recently, with the Fund performing in the second quartile of its peer group for the

one-year

period ended October 31, 2023, though the Fund had performed in the third quartile for the

ten-year

period ended October 31, 2023 and in the fourth quartile for the three- and five-year periods ended October 31, 2023. In considering the Fund’s performance, the Trustees noted also that the Fund had outperformed its benchmark index for the

one-,

three-, five- and

ten-year

periods shown in the ISS MI Report.

As to DoubleLine Yield Opportunities Fund (“DLY”), the Trustees considered that the Fund’s relative performance improved for the

one-year

period ended October 31, 2023, with the Fund performing in the first quartile of its peer group. They noted that the Fund performed in the fourth quartile for the three-year period ended October 31, 2023, though it had outperformed its benchmark index over

one-

and three-year periods ended October 31, 2023. In considering the fees and expenses of the Fund, the Trustees took into account DoubleLine’s statement that the Fund’s terms at its initial offering differed from many

closed-end

funds that came to market before it in that DoubleLine, as the Fund’s sponsor, bore all of the Fund’s initial organizational and offering expenses and that the Fund has a limited life, and that funds offered pursuant to such arrangements tend to pay higher advisory fees than funds whose sponsors do not bear those organizational and offering expenses and the related risks. The Trustees considered that ISS MI had developed an expense group comprising Funds with similar fee and expense arrangements, as ISS MI reported that it had done for a number of other fund families. The Trustees noted that the Fund’s net management fees and net total expenses, though above the medians of its peers on a total managed assets basis, was in the second quartile and slightly below the median of its peer group on a net assets basis.

The Trustees noted that each of DSL, DBL, and DLY had employed leverage during some or all of the periods shown in the ISS MI Reports, and considered information from DoubleLine that they receive quarterly regarding the estimated spread earned in respect of that leverage, after taking into account expenses related to the leverage, including incremental management fees.

For all of the Funds, Trustees considered that DoubleLine provides a variety of other services to the Funds in addition to investment advisory services, including, among others, a number of back-office services, valuation services, derivatives risk management services, compliance services, liquidity monitoring services, certain forms of information technology services (such as internal reporting), assistance with accounting and distribution services, and supervision and monitoring of the Funds’ other service providers. The Trustees considered DoubleLine’s ongoing efforts to keep the Trustees informed about matters relevant to the


				Semi-Annual Report		\|		March 31, 2024		37


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

Funds and their shareholders. The Trustees also considered the nature and structure of the Funds’ compliance program, including the policies and procedures of the Funds and their various service providers (including DoubleLine). The Trustees considered the quality of those

non-investment

advisory services and determined that their quality appeared to support the continuation of the Funds’ arrangements with DoubleLine.

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

The Trustees considered materials relating to the fees charged by DoubleLine to

non-Fund

clients for which DoubleLine employs investment strategies substantially similar to one or more Funds’ investment strategies, including institutional separate accounts advised by DoubleLine and mutual funds for which DoubleLine serves as subadviser. The Trustees noted the information DoubleLine provided regarding certain institutional separate accounts advised by it and funds subadvised by it that are subject to fee schedules that differ from, and are in most cases lower than, the rates paid by a Fund with substantially similar investment strategies. The Trustees noted DoubleLine’s representations that administrative, compliance, operational, legal, and other burdens of providing investment advice to registered investment companies (mutual funds, ETFs and

closed-end

funds) exceed in many respects those required to provide advisory services to

non-registered

investment company clients, such as institutional accounts for retirement or pension plans, which may have differing contractual requirements. The Trustees noted DoubleLine’s representations that DoubleLine also bears substantially greater legal and other responsibilities and risks in managing and sponsoring registered investment companies than in managing private accounts or in

sub-advising

funds, including registered investment companies, sponsored by others, and that the services and resources required of DoubleLine when it

sub-advises

registered investment companies by others generally are less extensive than those required of DoubleLine to serve the Funds, because, where DoubleLine serves as a

sub-adviser,

many of the sponsorship, operational, and compliance responsibilities related to the advisory function are retained by the primary adviser. In respect of the ETFs, the Trustees also noted the substantial financial risks assumed by DoubleLine in respect of each ETF’s unitary fee and that DoubleLine would generally bear, with limited exceptions, any increase in each ETF’s ordinary operating expenses.

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

In their evaluation of economies of scale, the Trustees considered, among other things, the pricing of the Funds and DoubleLine’s reported profitability, and that a number of the mutual funds had achieved significant size. They noted also that none of the Funds have breakpoints in their advisory fee schedules, though the Trustees considered management’s view that the fee schedules for the Funds remained consistent with DoubleLine’s original pricing philosophy of proposing an initial management fee rate that generally, when taking into account expense limitations (where applicable), reflects reasonably foreseeable economies of scale. In this regard, the Trustees noted also that the information provided by ISS MI supported the view that the net management fees of the largest mutual funds remained competitively priced. The Trustees separately noted that DoubleLine had agreed to continue in place the expense limitation arrangements (where applicable) for a number of the mutual funds at current levels for an additional

one-year

period, with the prospect of recouping any waived fees or reimbursed expenses at a later date. In evaluating economies of scale more generally, the Trustees also noted ongoing changes to the regulatory environment, which required DoubleLine to

re-invest

in its business and infrastructure. Based on these factors and others, the Trustees concluded that it was not necessary at the present time to implement breakpoints for any of the Funds, although they would continue to consider the question periodically in the future.


38		DoubleLine Income Solutions Fund


		(Unaudited) March 31, 2024

With regard to DSL, DBL, and DLY, the Trustees noted that these Funds have not increased in assets significantly from their initial offerings due principally to their status as

closed-end

investment companies and that there were therefore no substantial increases in economies of scale realized with respect to these Funds since their inception. The Trustees noted DoubleLine’s view that the levels of its profitability in respect of DSL, DBL, and DLY are appropriate in light of the investment it has made in these Funds, the quality of the investment management and other teams provided by it, and its continued investments in its own business.

With regard to the ETFs, the Trustees noted that the ETFs have only recently begun operations and that none of the ETFs has achieved significant scale or scale that exceeded expectations for the ETFs at the time of their launch. The Trustees noted also the significant investment DoubleLine has made in the launch of the ETFs and that it has not yet achieved sustained significant profitability in respect of any of the ETFs.

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

one-year

period.


				Semi-Annual Report		\|		March 31, 2024		39


Changes to Board of Trustees		(Unaudited) March 31, 2024

Effective December 18, 2023, the Board of Trustees elected Yury Friedman to the Board of Trustees, and Mr. Friedman was classified as a Class II Trustee following the 2024 annual meeting of shareholders.

Effective January 1, 2024, Raymond Woolson resigned as a Trustee of the Fund.

Effective May 14, 2024, the Board of Trustees elected William Odell to serve as a Class III Trustee.

Portfolio Managers

The portfolio managers of the Fund are Jeffrey E. Gundlach (since the Fund’s inception), Luz M. Padilla (since the Fund’s inception) and Robert Cohen (since September 2016). Since the Fund’s last annual report to shareholders, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Fund’s portfolio.

Information About Proxy Voting

Information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve month period ended June 30th is available no later than the following August 31st without charge, upon request, by calling 877-DLine11

(877-354-6311)

or email [email protected] and on the SEC’s website at www.sec.gov.

A description of the Fund’s proxy voting policies and procedures is available (i) without charge, upon request, by calling

877-DLine11

(877-354-6311) or email [email protected]; and (ii) on the SEC’s website at www.sec.gov.

Information About Portfolio Holdings

The Fund intends to disclose its portfolio holdings on a quarterly basis by posting the holdings on the Fund’s website. The disclosure will be made by posting the Annual, Semi-Annual and Part F of Form N-PORT filings on the Fund’s website.

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

Householding—Important Notice Regarding Delivery of Shareholder Documents

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

Fund Certification

The Fund is listed for trading on the NYSE and has filed with the NYSE its annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Fund filed with the SEC the certification of its chief executive officer and principal financial officer required by section 302 of the Sarbanes-Oxley Act.

Proxy Results

The Annual Meeting of Shareholders was held on February 22, 2024 for shareholders of record as of the close of business on December 22, 2023 to re-elect Ronald R. Redell, a Class II trustee nominee, and to elect Yury Friedman, a Class II trustee nominee. Mr. Redell was elected with 73,372,296 affirmative votes and 2,378,606 votes withheld, and Mr. Friedman was elected with 73,247,524 affirmative votes and 2,503,378 votes withheld. Trustees whose terms of office continued after the Annual Meeting of Shareholders because they were not up for re-election are John C. Salter and Joseph J. Ciprari.


40		DoubleLine Income Solutions Fund


Dividend Reinvestment Plan		(Unaudited) March 31, 2024

Unless the registered owner of Common Shares elects to receive cash by contacting U.S. Bancorp Fund Services, LLC (the “Plan Administrator”), all dividends, capital gains and returns of capital, if any, declared on Common Shares will be automatically reinvested by the Plan Administrator for shareholders in the Fund’s Automatic Dividend Reinvestment Plan (the “Plan”), in additional Common Shares. Common Shareholders who elect not to participate in the Plan will receive all dividends and other distributions payable in cash directly to the shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by the Plan Administrator as dividend disbursing agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by providing notice in writing to the Plan Administrator at least 5 days prior to the dividend/distribution record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

Whenever the Fund declares an income dividend, a capital gain distribution or other distribution (collectively referred to as “dividends”) payable either in shares or cash, non-participants in the Plan will receive cash and participants in the Plan will receive a number of Common Shares, determined in accordance with the following provisions. The Common Shares will be acquired by the Plan Administrator for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares from the Fund (“Newly Issued Common Shares”) or (ii) by purchase of outstanding Common Shares on the open market (“Open- Market Purchases”) on the New York Stock Exchange or elsewhere. If, on the payment date for any Dividend, the market price per Common Share plus estimated brokerage trading fees is equal to or greater than the NAV per Common Share (such condition is referred to here as “market premium”), the Plan Administrator shall receive Newly Issued Common Shares, including fractions of shares from the Fund for each Plan participant’s account. The number of Newly Issued Common Shares to be credited to each participant’s account will be determined by dividing the dollar amount of the Dividend by the NAV per Common Share on the date of issuance; provided that, if the NAV per Common Share is less than or equal to 95% of the current market value on the date of issuance, the dollar amount of the Dividend will be divided by 95% of the market price per Common Share on the date of issuance for purposes of determining the number of shares issuable under the Plan. If, on the payment date for any Dividend, the NAV per Common Share is greater than the market value plus estimated brokerage trading fees (such condition being referred to here as a “market discount”), the Plan Administrator will seek to invest the Dividend amount in Common Shares acquired on behalf of the participants in Open-Market Purchases.

In the event of a market discount on the payment date for any Dividend, the Plan Administrator will have until the last business day before the next date on which the Common Shares trade on an “ex-dividend” basis or in no event more than 30 days after the record date for such Dividend, whichever is sooner (the “Last Purchase Date”), to invest the Dividend amount in Common Shares acquired in Open-Market Purchases. It is contemplated that the Fund will pay monthly Dividends. If, before the Plan Administrator has completed its Open-Market Purchases, the market price per Common Share exceeds the NAV per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the NAV of the Common Shares, resulting in the acquisition of fewer Common Shares than if the Dividend had been paid in Newly Issued Common Shares on the Dividend payment date. If the Plan Administrator is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open- Market Purchases and may instead receive the Newly Issued Common Shares from the Fund for each participant’s account, in respect of the uninvested portion of the Dividend, at the NAV per Common Share at the close of business on the Last Purchase Date provided that, if the NAV is less than or equal to 95% of the then current market price per Common Share, the dollar amount of the Dividend will be divided by 95% of the market price on the date of issuance for purposes of determining the number of shares issuable under the Plan.

The Plan Administrator maintains all registered shareholders’ accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common Shares in the account of each Plan participant will be held by the Plan Administrator in non-certificated form in the name of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

In the case of Common Shares owned by a beneficial owner but registered with the Plan Administrator in the name of a nominee, such as a bank, a broker or other financial intermediary (each, a “Nominee”), the Plan Administrator will administer the Plan on the basis of the number of Common Shares certified from time to time by the Nominee as participating in the Plan. The Plan Administrator will not take instructions or elections from a beneficial owner whose Common Shares are registered with the Plan Administrator in the name of a Nominee. If a beneficial owner’s Common Shares are held through a Nominee and are not registered with the Plan Administrator as participating in the Plan, neither the beneficial owner nor the Nominee will be participants in or have distributions reinvested under the Plan with respect to those Common Shares. If a beneficial owner of


				Semi-Annual Report		\|		March 31, 2024		41


Dividend Reinvestment Plan (Cont.)

Common Shares held in the name of a Nominee wishes to participate in the Plan, and the Shareholder’s Nominee is unable or unwilling to become a registered shareholder and a Plan participant with respect to those Common Shares on the beneficial owner’s behalf, the beneficial owner may request that the Nominee arrange to have all or a portion of his or her Common Shares registered with the Plan Administrator in the beneficial owner’s name so that the beneficial owner may be enrolled as a participant in the Plan with respect to those Common Shares. Please contact your Nominee for details or for other possible alternatives.

Participants whose shares are registered with the Plan Administrator in the name of one Nominee may not be able to transfer the shares to another firm or Nominee and continue to participate in the Plan.

There will be no brokerage charges with respect to Common Shares issued directly by the Fund as a result of dividends payable either in Common Shares or in cash. However, each participant will pay a pro rata share of brokerage trading fees incurred in connection with Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. Participants that request a sale of Common Shares through the Plan Administrator are subject to brokerage commissions.

The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

All correspondence, questions, or requests for additional information concerning the Plan should be directed to the Plan Administrator by calling toll-free 877-DLine11 (877-354-6311) or by writing to U.S. Bancorp Fund Services, LLC at P.O. Box 701, Milwaukee, WI 53201. Be sure to include your name, address, daytime phone number, Social Security or tax I.D. number and a reference to DoubleLine Income Solutions Fund on all correspondence.

The Plan Administrator accepts instructions only from the registered owners of accounts. If you purchased or hold your Fund shares through an intermediary, in most cases your intermediary’s nominee will be the registered owner with the Fund. Accordingly, questions regarding your participation in the Plan or the terms of any reinvestments should be directed to your intermediary in the first instance.


42		DoubleLine Income Solutions Fund


DoubleLine Privacy Policy Notice		(Unaudited) March 31, 2024

What Does DoubleLine Do With Your Personal Information?

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

Why We Need Your Personal Information

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

Information We May Collect

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

•

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

•

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

•

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

•

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

•

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

Where We Obtain Your Personal Information

•

Information we receive about you on applications or other forms;

•

Information you may give us orally;

•

Information about your transactions with us or others;

•

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

•

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

Information Collected From Websites

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

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


				Semi-Annual Report		\|		March 31, 2024		43


DoubleLine Privacy Policy Notice (Cont.)

How And Why We May Disclose Your Information

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

•

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

•

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

•

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

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

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

DoubleLine collects and uses information that identifies, describes, references, links or relates to, or is associated with, a particular consumer or device (“

Personal Information

”). Personal Information we collect from our customers and consumers is covered under the Gramm-Leach-Bliley Act (“GLBA”) and is therefore excluded from the scope of the California Consumer Privacy Act, as amended by the California Privacy Rights Act (together, “CCPA”).

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

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

CA Privacy Notice for Employees

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

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

•

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

•

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

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

Notice To Investors In Cayman Islands Investment Funds

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

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

Privacy For Children

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


44		DoubleLine Income Solutions Fund


		(Unaudited) March 31, 2024

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

Retention Of Personal Information And Security

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

•

for the purposes for which the personal information was collected;

•

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

•

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

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

Access To And Control Of Your Personal Information

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

•

the right to access and port personal information;

•

the right to rectify personal information;

•

the right to restrict the use of personal information;

•

the right to request that personal information is erased; and

•

the right to object to processing of personal information.

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

If you wish to exercise any of the rights set out above, please contact us at [email protected] or at 1 (800) 285-1545.

Changes To DoubleLine’s Privacy Policy

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


				Semi-Annual Report		\|		March 31, 2024		45

Investment Adviser:

DoubleLine Capital LP

2002 North Tampa Street

Suite 200

Tampa, FL 33602

Administrator and Transfer Agent:

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

Custodian:

State Street Bank and Trust Company

Channel Center

1 Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm:

Deloitte & Touche LLP

695 Town Center Drive

Suite 1200

Costa Mesa, CA 92626

Legal Counsel:

Ropes & Gray LLP

1211 Avenue of the

Americas

New York, NY 10036

Contact Information:

doubleline.com

[email protected]

(877) DLine11 or (877) 354-6311

DL-SEMI-DSL

DoubleLine

2002 North Tampa Street, Suite 200

Tampa, FL 33602

(813) 791-7333

[email protected]

www.doubleline.com

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

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

(b)	Not applicable.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

There were no purchases made by or on behalf of the Registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934, as amended, of shares of the Registrant’s equity securities that are registered by the Registrant pursuant to Section 12 of the Exchange Act made in the period covered by this report.

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

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

Item 11. Controls and Procedures.

(a)

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

(b)

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

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

Not applicable for semi-annual reports.

Item 13. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable.

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

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

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

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

SIGNATURES

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


(Registrant)		DoubleLine Income Solutions Fund

By (Signature and Title)		/s/ Ronald Redell
		Ronald R. Redell, President and Chief Executive Officer



Date		06/04/24

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


By (Signature and Title)		/s/ Ronald Redell
		Ronald R. Redell, President and Chief Executive Officer


Date		06/04/24



By (Signature and Title)		/s/ Henry V. Chase
		Henry V. Chase, Treasurer and Principal Financial and Accounting Officer


Date		06/04/24

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SEC Form N-CSRS filed by DoubleLine Income Solutions Fund

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