As filed with the Securities and Exchange Commission on June 4, 2021

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 811-22592

DoubleLine Opportunistic Credit Fund

(Exact name of registrant as specified in charter)

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Address of principal executive offices) (Zip code)

Ronald R. Redell

President and Chief Executive Officer

c/o DoubleLine Capital LP

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Name and address of agent for service)

(213) 633-8200

Registrant’s telephone number, including area code

Date of fiscal year end: September 30

Date of reporting period: March 31, 2021

Item 1. Reports to Stockholders.

(a)

Semi-Annual Report March 31, 2021

DoubleLine Opportunistic Credit Fund

NYSE: DBL

DoubleLine  || 333 South Grand Avenue, 18th Floor  || Los Angeles, CA 90071 || (213) 633-8200

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

Table of Contents

	Page
Chairman’s Letter		4
Financial Markets Highlights		5
Management’s Discussion of Fund Performance		7
Standardized Performance Summary		9
Schedule of Investments		10
Statement of Assets and Liabilities		20
Statement of Operations		21
Statements of Changes in Net Assets		22
Statement of Cash Flows		23
Financial Highlights		24
Notes to Financial Statements		25
Evaluation of Advisory Agreement by the Board of Trustees		35
Federal Tax Information		40
Portfolio Managers		41
Information About Proxy Voting		41
Information About Portfolio Holdings		41
Householding — Important Notice Regarding Delivery of Shareholder Documents		41
Fund Certification		41
Proxy Results		41
Dividend Reinvestment Plan		42
Privacy Policy		44

Semi-Annual Report March 31, 2021 3

Chairman’s Letter   (Unaudited) March 31, 2021

Dear Shareholder,

On behalf of the team at DoubleLine, I am pleased to deliver the Semi-Annual Report for the DoubleLine Opportunistic Credit Fund (NYSE: DBL, the “Fund”) for the six-month period ended March 31, 2021. On the following pages, you will find specific information regarding the Fund’s operations and holdings. In addition, we discuss the Fund’s investment performance and the main drivers of that performance during the reporting period.

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

Sincerely,

Ronald R. Redell, CFA

Chairman of the Board of Trustees

DoubleLine Opportunistic Credit Fund

May 1, 2021

4 DoubleLine Opportunistic Credit Fund

Financial Markets Highlights (Unaudited) March 31, 2021

· Agency Residential Mortgage-Backed and Agency Commercial Mortgage-Backed Securities (Agency RMBS and Agency CMBS)

For the six-month period ended March 31, 2021, Agency residential mortgage-backed securities (RMBS) and Agency commercial mortgage-backed securities (CMBS) posted negative returns. The Bloomberg Barclays US Mortgage-Backed Securities Index returned negative 0.86%, outperforming the Bloomberg Barclays US Government Bond Index and Bloomberg Barclays US Corporate Bond Index. Longer-duration assets typically underperformed relative to shorter-duration assets as mid- to long-tenor, risk-free interest rates increased. U.S. Treasury yields rose, with the five-year up 66 basis points (bps), the 10-year up 106 bps and 30-year up 95 bps. As risk-free interest rates increased, mortgage rates also started to mark a steady increase during the second half of the period. The 30-year mortgage rate reached a historic low of 2.65% in early January 2021, as measured by the Freddie Mac U.S. Mortgage Market Survey 30-Year Homeowner Commitment National Index, but ended the period at 3.17%—the highest rate seen in over nine months. Many loan originators increased capacity due to the overwhelming amount of refinance applications and home purchases over the year, resulting in conditional prepayment rate (CPR) speeds ending the six-month period near historically high levels. Ginnie Mae II speeds reached their peak at the end of the period, primarily driven by a spike in banks and nonbanks buying out loans delinquent 90 days or longer. Despite the fast speeds seen during the period, we do not expect the trend to persist as mortgage rates increase and the number of borrowers with incentive to refinance declines. The elevated refinance activity also resulted in a large increase in issuance in the Agency RMBS space, with both Agency RMBS and Agency CMBS marking very strong gross issuance. Agency RMBS gross issuance reached roughly $2.0 trillion compared to $1.5 trillion during all of 2019; Agency CMBS reached roughly $115 billion compared to roughly $155 billion in all of 2019. The impact of the large supply of Agency RMBS was subdued by the Federal Reserve’s continued purchases.

· Non-Agency Residential Mortgage-Backed Securities (Non-Agency RMBS)

For the six-month period ended March 31, 2021, non-Agency residential mortgage-backed securities (RMBS) continued to rally despite the rise in U.S. Treasury yields. Credit spreads across the capital structure tightened during the period, with lower-rated tranches outperforming higher-rated tranches. The sector benefited from a moderate improvement in delinquency rates, robust strength in the housing market and overall relative attractiveness compared to corporate credit. Mortgage forbearance rates also improved, with an increasing share of borrowers entering current status. Losses for borrowers who exited their forbearance plan remained muted. New-issuance volume totaled $51.9 billion, compared to $60.7 billion during the same period a year ago. Deal call volume increased considerably due to favorable refinancing rates, reaching approximately $21.5 billion. The strength in the housing market accelerated, with home prices reaching their highest year-over-year gains since March 2014. The supply of homes available on the market continued to tighten, with the pace of sales as of the period end at approximately two months’ supply—near the lowest level of inventory on record.

· Non-Agency Commercial Mortgage-Backed Securities (Non-Agency CMBS)

For the six-month period ended March 31, 2021, the spreads of non-Agency commercial mortgage-backed securities (CMBS) moved tighter as a result of broader macro stabilization, positive COVID-19 vaccine headlines and diminishing concern over a contested U.S. presidential election. The period marked $39.7 billion in new issuance, compared to $66.9 billion in the same period a year ago. New issuance nearly stopped in March 2020 as the nation and world went into lockdown. Only one deal priced from mid-March through the end of April. However, new issuance gradually trended higher throughout the latter half of 2020, further accelerating in the first quarter of the new year, which delivered $23.3 billion, a 43% increase quarter-over-quarter. For the six-month period, secondary spreads narrowed 14 bps (bps) on 10-year last cash flows rated AAA and 160 bps on bonds rated BBB-. The rally in risk assets since April has been sharp, with many credits trading through their pre-COVID-19 levels at the end of the first quarter. The delinquency rate for commercial real estate loans spiked to 8.28% during the six-month period as a result of volatility associated with the pandemic, but recovered to 6.58% as of the end of the quarter, as measured by financial data firm Trepp. The Barclays Capital U.S. CMBS (ERISA Only) Total Return Index returned negative 1.30% for the six-month period, outperforming the broader Bloomberg Barclays US Aggregate Bond Index return of negative 2.73%. The RCA Commercial Property Price Index increased 5.73% for the six-month period ended February 28, the most recent month for which data was available, compared to 0.97% over the previous six-month period.

· Collateralized Loan Obligations (CLOs)

For the six-month period ended March 31, 2021, the collateralized loan obligation (CLO) market priced $71 billion in new issuance across 158 transactions. From a structural standpoint, five-year reinvestment/two-year noncall deals, the predominant pre-pandemic

Semi-Annual Report _| March 31, 2021 5

Financial Markets Highlights  (Cont.)

structure, were back in vogue. While refinancing (refi) and reset activity was muted at the beginning of the six-month period, it surged in January as more deals exited their noncall periods and primary spreads ground tighter, further enhancing arbitrage conditions. Refi and reset activity contributed an additional $75.1 billion of deal volume over the six-month period. Secondary trading volumes were lower on average, per Trade Reporting and Compliance Engine data, overshadowed by a strong primary pipeline. CLO market-based metrics, including net asset value and market value overcollateralization, improved on the heels of the S&P/LSTA Leveraged Loan Price Index, which gained 4.69%. CLO fundamentals also improved as the pace of negative rating actions slowed, managers worked to trim tail risk, and vaccine optimism boosted sentiment surrounding many of the sectors hardest hit by the pandemic. The last 12-month U.S. leveraged loan default rate saw a steady decline over the six-month period, ending at 3.15%, more than 1% below its starting level. Spreads across the capital structure tightened considerably as they found their footing. The J.P. Morgan Collateralized Loan Obligation Total Return Level Index gained 3.03% over the six-month period.

· Government Securities

The six-month period ended March 31, 2021, marked sharply higher yields and a steeper yield curve. The trend toward higher rates was a distinct change from the calm of previous months. The 10-year U.S. Treasury note set a pandemic-era-low closing yield of 0.51% on August 4 and traded in a narrow 0.60%-0.73% range through September. Market participants’ assessment of the outlook for economic growth and inflation improved through the third quarter of 2020. In the view of many market participants during the third quarter of 2020, the economy appeared to have begun a V-shaped recovery. Fiscal support, the Federal Reserve’s steadfast adherence to its policy of monetary accommodation and the advance of the COVID-19 vaccine program raised expectations for economic performance in 2021. Intermediate- and long-term Treasury yields trended higher in steady but orderly fashion. The 10-year Treasury ended 2020 at a yield of 0.91%, up 23 basis points (bps) from Sept. 30. The yield rise accelerated in January when Democrats completed a sweep of the federal government by taking control of the Senate. Federal fiscal support grew, and the Fed remained committed to monetary accommodation even as the pace of economic growth quickened and inflation expectations rose. In addition, the pace of vaccinations rapidly grew beyond early expectations. By March 31, market pricing implied an expected Fed interest rate hike in early 2023, despite the dot plot released at that month’s Federal Open Market Committee meeting indicating that the committee expected to keep short rates at the zero lower bound through the end of 2023. From Sept. 30 through March 31, the five-year Treasury yield increased 66 bps to 0.94%, the 10-year yield rose 106 bps to 1.74%, and the 30-year yield rose 96 bps to 2.41%. The Bloomberg Barclays US Treasury Index returned negative 5.05% over the six-month period ended March 31. The index returned negative 4.25% over the first quarter of 2021, the worst three-month return since 1980.

· Bank Loans

For the six-month period ended March 31, 2021, the S&P/LSTA Leveraged Loan Index returned 5.66%, with the lower end of the credit quality spectrum outperforming the higher end as the market rallied from the steep sell-off a year earlier. Loans rated CCC returned 16.17% during the period, outperforming the 5.44% of loans rated B and the 3.52% of loans rated BB. The weighted average bid price of the index ended the period at $97.55, up from $93.18 in September. The trailing 12-month default rate declined from 4.64% on an issuer-count basis in September to 3.56% in March as borrowers benefited from rebounding markets and stabilizing earnings.

6 DoubleLine Opportunistic Credit Fund

Management’s Discussion of Fund Performance (Unaudited) March 31, 2021

For the six-month period ended March 31, 2021, the DoubleLine Opportunistic Credit Fund (the “Fund”) outperformed the Bloomberg Barclays US Aggregate Bond Index return of negative 2.73% on a net asset value basis. Despite a large increase in global interest rates, the Fund generated strong returns due to its exposure to credit assets, which performed well as the economy recovered. The largest contributor to outperformance was collateralized loan obligations, which experienced significant price rallies in the subordinated portions of the capital structure after several highly effective COVID-19 vaccines were released, and the general corporate credit outlook improved. The only sector that detracted from performance was Agency mortgage-backed securities, which was a top performer during the initial COVID-19 sell-off but generated negative returns during the six-month period due to the sharp rise in U.S. Treasury yields. Gross leverage also contributed to outperformance and finished the period at 9%.

6-Month Period Ended 3-31-21	6-Months (Not Annualized)
Total Return based on NAV		5.27%
Total Return based on Market Price		9.23%
Bloomberg Barclays US Aggregate Bond Index		-2.73%

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

Opinions expressed herein are as of March 31, 2021, and are subject to change at any time, are not guaranteed and should not be considered investment advice.

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

Shares of closed-end investment companies frequently trade at a discount to their net asset value, which may increase investors’ risk of loss. There are risks associated with an investment in the Fund. Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. An investment in the Fund should not constitute a complete investment program.

This document is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale or offer of these securities, in any jurisdiction where such sale or offer is not permitted.

The Fund’s shares are only offered through broker/dealers on the secondary market. Unlike an open-end mutual fund, a closed-end fund offers a fixed number of shares for sale. After the initial public offering, shares are bought and sold in the secondary marketplace, and the market price of the shares is determined by supply and demand, not by NAV, often at a lower price than the NAV. A closed-end fund is not required to buy its shares back from investors upon request.

Investing involves risk. Principal loss is possible. Investments in debt securities typically decline in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Fund may invest in foreign securities which involves greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision-making, economic or market conditions or other unanticipated factors. In addition, the Fund may invest in other asset classes and investments such as, among others, REITs, credit default swaps, short sales, derivatives and smaller companies which include additional risks. Additional principal risks for the Fund can be found in the prospectus.

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

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. You can obtain the Fund’s most recent periodic reports and certain other regulatory filings by calling 1 (877) 354-6311/ 1 (877) DLINE11, or visiting www.doublelinefunds.com. You should read these reports and other filings carefully before investing.

The performance shown assumes the reinvestment of all dividends and distributions and does not reflect any reductions for taxes. Total return does not reflect broker commissions or sales charges in connection with the purchase or sale of Fund shares. Performance data quoted represents past performance; past performance does not guarantee future results and does not reflect the deduction of any taxes a shareholder would pay on fund distributions or the sale of fund shares. The performance information shown assumes reinvestment of all dividends and distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares when sold may be worth more or less than the original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance reflects management fees and other fund expenses. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doublelinefunds.com/opportunistic-credit-fund/.

Credit ratings from Moody’s Investor Service, Inc. (“Moody’s”) range from the highest rating of Aaa for bonds of the highest quality that offer the lowest degree of investment risk to the lowest rating of C for the lowest rated class of bonds. Credit ratings from S&P Global Ratings (“S&P”) range from the highest rating of AAA for bonds of the highest quality that offer the lowest degree of investment risk to the lowest rating of D for bonds that are in default. Credit ratings are determined from the highest available credit rating from any Nationally Recognized Statistical Rating Organization (“NRSRO”). DoubleLine chooses to display credit ratings using S&P’s rating convention, although the rating itself might be sourced from another NRSRO. In limited situations when the rating agency has not issued a formal rating, the rating agency will classify the security as nonrated.

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

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

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

Semi-Annual Report _| March 31, 2021 7

Management’s Discussion of Fund Performance  (Cont.)

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

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

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

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

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

Conditional Prepayment Rate (CPR)—Metric that indicates a loan prepayment rate at which the outstanding principal of a pool of loans, such as mortgage backed securities (MBS), is paid off. The higher the CPR, the more prepayments are anticipated and thus the lower the duration of the note. This is called “prepayment risk.”

Dot Plot—Simple statistical chart that consists of data points plotted as dots on a graph with x- and y-axes. Dot plots are well known as the method that the U.S. Federal Reserve uses to convey its benchmark Federal Funds Rate outlook at certain Federal Open Market Committee (FOMC) meetings.

Duration—Commonly used measure of the potential volatility of the price of a debt security, or the aggregate market value of a portfolio of debt securities, prior to maturity. Securities with a longer duration generally have more volatile prices than securities of comparable quality with a shorter duration.

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

Freddie Mac U.S. Mortgage Market Survey 30-Year Homeowner Commitment National Index—This index tracks the 30-year, fixed-rate mortgages component of the Freddie Mac Primary Mortgage Market Survey (PMMS).

Ginnie Mae II—This class of pass-through investments is issued by the Government National Mortgage Association (GNMA), known as Ginnie Mae, and draws income from pools of Federation Housing Administration and Department of Veterans Affairs mortgages. Ginnie Mae II securities pay principal and interest on the 20th every month (in contrast to the 15th for Ginnie Mae I) and have a maximum maturity of 30 years.

Gross Leverage Ratio—Total cash less total borrowings, divided by the market value of total securities.

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

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

Net Asset Value (NAV)—Net value of an entity calculated as the total value of the entity’s assets minus the total value of its liabilities. Most commonly used in the context of a mutual fund or an exchange-traded fund (ETF), the NAV represents the per share/unit price of the fund at a specific date or time.

Overcollateralization (OC)—Provision of collateral that is worth more than enough to cover potential losses in cases of default.

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

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

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

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

Trade Reporting and Compliance Engine (TRACE)—Financial Industry Regulatory Authority (FINRA)-developed vehicle that facilitates the mandatory reporting of over-the-counter secondary market transactions in eligible fixed-income securities.

Trepp CMBS Delinquency Rate—Monthly report published by Trepp giving the total principal balances of loans with delinquencies divided by the total principal balance of all loans.

Yield Curve—A line that plots yields (interest rates) of bonds having equal credit quality but differing maturity dates. The slope of the yield curve gives an idea of future interest rate changes and economic activity. There are three main types of yield curve shapes: normal (upward sloping curve), inverted (downward sloping curve) and flat.

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

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

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

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

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

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

8 DoubleLine Opportunistic Credit Fund

Standardized Performance Summary (Unaudited) March 31, 2021

DBL
DoubleLine Opportunistic Credit Fund Returns as of March 31, 2021	6-Months (Not Annualized)		1-Year		3-Years Annualized		5-Years Annualized		Since Inception Annualized (1-27-12 to 3-31-21)
Total Return based on NAV		5.27%		23.20%		6.16%		5.33%		7.12%
Total Return based on Market Price		9.23%		26.09%		5.37%		2.46%		6.57%
Bloomberg Barclays U.S. Aggregate Bond Index		-2.73%		0.71%		4.65%		3.10%		2.91%

Performance data quoted represents past performance; past performance does not guarantee future results and does not reflect the deduction of any taxes a shareholder would pay on fund distributions or the sale of fund shares. The performance information shown assumes reinvestment of all dividends and distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares when sold may be worth more or less than the original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance reflects management fees and other fund expenses. Performance data current to the most recent month-end may be obtained by calling (213) 633-8200 or by visiting www.doublelinefunds.com.

Semi-Annual Report _| March 31, 2021 9

Schedule of Investments  DoubleLine Opportunistic Credit Fund (Unaudited) March 31, 2021

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 2.0%
		Castlelake Aircraft Securitization Trust,
	1,534,031	Series 2019-1A-C		6.90%	(a)(b)		04/15/2039		1,203,639
		Horizon Aircraft Finance Ltd.,
	1,840,312	Series 2018-1-C		6.66%	(a)(b)		12/15/2038		1,626,300
		Jimmy Johns Funding LLC,
	1,833,500	Series 2017-1A-A2II		4.85%	(b)		07/30/2047		1,946,944
		SoFi Professional Loan Program,
	20,000	Series 2018-A-R1		6.11%	(a)(b)(m)		02/25/2042		805,181
	5,930	Series 2018-A-R2		6.11%	(a)(b)(m)		02/25/2042		238,736
		Start Ltd.,
	127,326	Series 2019-2-C		6.66%	(a)(b)		11/15/2044		90,084
		Total Asset Backed Obligations (Cost $6,423,681)							5,910,884
	BANK LOANS 7.6%
		AAdvantage Loyalty IP, Ltd.,
	370,000	Senior Secured First Lien Term Loan		5.50%	(c)		03/24/2028		379,540
		Acrisure LLC,
	487,519	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.70%			02/16/2027		482,595
		Alera Group Intermediate Holdings, Inc.,
	82,680	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 0.50% Floor)		4.50%			08/01/2025		82,783
		Almonde, Inc.,
	500,000	Senior Secured Second Lien Term Loan (6 Month LIBOR USD + 7.25%, 1.00% Floor)		8.25%			06/16/2025		503,813
		American Tire Distributors, Inc.,
	386,766	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 7.50%, 1.00% Floor) (1 Month LIBOR USD + 5.50% + 1.50% PIK)		8.50%			09/02/2024		379,030
	44,411	(3 Month LIBOR USD + 7.50%, 1.00% Floor) (3 Month LIBOR USD + 5.50% + 1.50% PIK)		8.50%			09/02/2024		43,523
		Applied Systems, Inc.,
	730,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 5.50%, 0.75% Floor)		6.25%			09/19/2025		737,300
		Asurion LLC,
	110,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 5.25%)		5.36%			01/31/2028		112,186
		Athenahealth, Inc.,
	363,525	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%)		4.45%			02/11/2026		364,888
		Autokiniton US Holdings, Inc.,
	110,000	Senior Secured First Lien Term Loan		5.00%	(c)		03/29/2028		110,481
		Avantor Funding, Inc.,
	139,923	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 1.00% Floor)		3.25%			11/21/2024		140,186
		Avaya, Inc.,
	249,108	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.36%			12/15/2027		249,633

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		BellRing Brands LLC,
	255,462	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 0.75% Floor)		4.75%			10/21/2024		257,484
		Boxer Parent Company, Inc.,
	440,077	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.86%			10/02/2025		438,752
		Brand Industrial Services, Inc.
	275,859	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25%			06/21/2024		272,171
		Brazos Delaware LLC,
	247,267	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.11%			05/21/2025		231,659
		Connect U.S. Finco LLC,
	237,600	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50%			12/11/2026		237,130
		CSM Bakery Solutions LLC,
	506,250	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 6.25%, 1.00% Floor)		7.25%			01/04/2022		504,422
		Curium BidCo SARL,
	280,000	Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 7.75%, 0.75% Floor)		8.50%			10/27/2028		286,300
		Cyxtera DC Holdings, Inc.,
	500,000	Senior Secured Second Lien Term Loan (6 Month LIBOR USD + 7.25%, 1.00% Floor)		8.25%			05/01/2025		497,258
		Delta Topco, Inc.,
	200,000	Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 7.25%, 0.75% Floor)		8.00%			12/01/2028		205,000
		DG Investment Intermediate Holdings 2, Inc.,
	280,000	Senior Secured Second Lien		7.50%	(c)		03/18/2029		281,400
		Dynasty Acquisition Company, Inc.,
	34,466	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.75%			04/06/2026		33,503
	64,108	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.75%			04/06/2026		62,316
		Edelman Financial Center LLC,
	535,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%)		6.97%			07/20/2026		536,338
		EG Group, Ltd.,
	274,395	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)		4.20%			02/06/2025		270,475
		Endo Luxembourg Finance Company I SARL,
	225,000	Senior Secured First Lien		5.75%	(c)		03/25/2028		223,125
		EnergySolutions LLC,
	486,250	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75%			05/09/2025		485,338
		Flexential Intermediate Corporation,
	669,592	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.70%			08/01/2024		627,324
		Foresight Energy LLC,
	108,764	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 8.00%, 1.50% Floor)		9.50%	(a)		06/30/2027		108,764

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

(Unaudited)

March 31, 2021

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Froneri US, Inc.,
	45,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 5.75%)		5.86%			01/28/2028		45,703
		Frontier Communications Corporation,
	95,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%, 1.00% Floor)		5.75%			10/08/2021		94,881
		Getty Images, Inc.,
	174,046	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.63%			02/19/2026		172,759
		Grab Holdings, Inc.,
	75,000	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50%			01/29/2026		76,594
		Granite US Holdings Corporation,
	458,115	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.17%			09/30/2026		457,543
		Gulf Finance LLC,
	670,395	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.25%, 1.00% Floor)		6.25%			08/25/2023		557,983
		Houston Foods, Inc.,
	73,161	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.86%			07/21/2025		72,475
		Hyland Software, Inc.,
	70,000	Senior Secured Second Lien		7.00%	(c)		07/10/2025		70,292
	308,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%, 0.75% Floor)		7.75%			07/07/2025		309,283
		ION Trading Finance Ltd.,
	125,000	Senior Secured First Lien		4.86%	(c)		03/26/2028		125,156
		Ivanti Software, Inc.,
	290,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%, 1.00% Floor)		5.75%			12/01/2027		291,541
		Jo-Ann Stores LLC,
	96,826	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.00%, 1.00% Floor)		6.00%			10/20/2023		96,645
		Keane Group Holdings LLC,
	466,800	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		4.75%			05/26/2025		458,437
		Kindred Healthcare, Inc.,
	785,155	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.63%			07/02/2025		788,100
		Lealand Finance Company B.V.,
	78,874	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.00%)		1.11%			06/30/2025		44,695
	6,257	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		0.00%			06/30/2024		5,099
		Mavis Tire Express Services Corporation,
	279,300	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)		5.00%			03/20/2025		279,213
		Milano Acquisition Corporation,
	204,488	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 0.75% Floor)		4.75%			10/01/2027		203,976

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Mileage Plus Holdings LLC,
	105,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.25%, 1.00% Floor)		6.25%			06/21/2027		111,735
		Minotaur Acquisition, Inc.,
	431,200	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)		5.11%			03/27/2026		431,381
		Mirion Technologies, Inc.,
	57,487	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)		4.23%			03/06/2026		57,652
	138,513	(6 Month LIBOR USD + 4.00%)		4.27%			03/06/2026		138,912
		Mitchell International, Inc.,
	748,333	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%)		7.36%			12/01/2025		748,801
		MLN US HoldCo LLC,
	194,540	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.60%			11/28/2025		172,464
	155,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 8.75%)		8.94%			11/30/2026		79,123
		NEP Group, Inc.,
	110,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%)		7.22%			10/19/2026		101,796
		New Constellis Borrower LLC,
	70,977	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 11.00%, 1.00% Floor)		0.00%			03/27/2025		63,584
		Omnitracs LLC,
	375,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 8.00%)		8.11%			09/22/2028		375,938
		OneDigital Borrower LLC,
	8,731	Senior Secured First Lien Delayed-Draw Term Loan (Prime Rate + 3.50%, 0.75% Floor)		0.00%	(p)		11/16/2027		8,746
	8,535	(1 Month LIBOR USD + 4.50%, 0.75% Floor)		5.25%	(p)		11/16/2027		8,548
	322,734	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 0.75% Floor)		5.25%			11/16/2027		323,273
		Pearl Intermediate Parent LLC,
	500,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.25%)		6.44%			02/13/2026		500,315
		Polar US Borrower LLC,
	464	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		5.00%			10/15/2025		462
	63,073	(1 Month LIBOR USD + 4.75%)		4.86%			10/15/2025		62,758
		Potters Borrower LP,
	90,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 0.75% Floor)		5.00%			12/14/2027		90,225
		PowerTeam Services LLC,
	500,000	Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 7.25%, 1.00% Floor)		8.25%			03/06/2026		493,230
		Prairie ECI Acquiror LP,
	251,331	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		4.86%			03/11/2026		244,373

The accompanying notes are an integral part of these financial statements. Semi-Annual Report _| March 31, 2021 11

Schedule of Investments  DoubleLine Opportunistic Credit Fund  (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Renaissance Holding Corporation,
	106,975	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.36%			05/30/2025		104,579
		RentPath, Inc.,
	55,338	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 7.00%, 1.00% Floor)		8.00%			06/30/2021		55,891
	318,676	Senior Secured First Lien Term Loan (Prime Rate + 3.75%, 1.00% Floor)		7.00%	(d)		12/17/2021		287,435
		Restaurant Technologies, Inc.,
	75,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%)		6.70%			10/01/2026		71,875
		Riverbed Technology, Inc.,
	290,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 6.00%, 1.00% Floor)		7.00%			12/31/2025		279,280
		Sabre GLBL, Inc.,
	119,700	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 0.75% Floor)		4.75%			12/17/2027		121,122
		Securus Technologies Holdings, Inc.,
	77,913	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50%			11/01/2024		72,357
		Solenis International LP,
	259,760	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)		4.19%			06/26/2025		259,436
	40,125	(3 Month LIBOR USD + 4.00%)		4.23%			06/26/2025		40,075
	245,000	Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 8.50%)		8.69%			06/26/2026		245,938
		Sound Inpatient Physicians, Inc.,
	190,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%)		6.95%			06/26/2026		190,792
		Southern Veterinary Partners LLC,
	125,000	Senior Secured Second Lien Term Loan (6 Month LIBOR USD + 7.75%, 1.00% Floor)		8.75%			09/22/2028		125,234
		Syncreon Group Holdings B.V.,
	90,256	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%, 1.00% Floor)		6.00%			10/01/2024		90,369
		TIBCO Software, Inc.,
	235,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%)		7.36%			03/03/2028		238,100
		TKC Holdings, Inc.,
	499,900	Senior Secured Second Lien Term Loan (6 Month LIBOR USD + 8.00%, 1.00% Floor)		9.00%			02/01/2024		466,417
		Travel Leaders Group LLC,
	61,684	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.11%			01/25/2024		58,001
		Travelport Finance (Luxembourg) SARL,
	350,858	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.50%, 1.00% Floor)		2.50%			02/28/2025		358,020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Travelport Finance (Luxembourg) SARL, (Cont.)
	72,796	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%)		5.25%			05/29/2026		59,454
		United Natural Foods, Inc.,
	63,722	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.61%			10/22/2025		63,770
		Vantage Specialty Chemicals, Inc.,
	500,000	Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 8.25%, 1.00% Floor)		9.25%			10/27/2025		468,178
		Verscend Holding Corporation,
	292,499	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.61%			08/27/2025		292,905
		WaterBridge Midstream Operating LLC,
	492,500	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.75%, 1.00% Floor)		6.75%			06/22/2026		468,491
		WeddingWire, Inc.,
	335,000	Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 8.25%)		8.45%			12/21/2026		321,600
		Zelis Cost Management Buyer, Inc.,
	158,004	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.62%			09/30/2026		157,609
		Total Bank Loans (Cost $22,539,246)							22,205,336
	COLLATERALIZED LOAN OBLIGATIONS 31.0%
		Allegany Park Ltd.,
	1,000,000	Series 2019-1A-E (3 Month LIBOR USD + 6.78%, 6.78% Floor)		7.00%	(b)		01/20/2033		1,001,609
		Apres Static Ltd.,
	1,000,000	Series 2020-1A-C (3 Month LIBOR USD + 4.30%, 4.30% Floor)		4.54%	(b)		04/15/2028		1,001,484
		ARES Ltd.,
	1,000,000	Series 2014-1A-SUB		8.79%	(a)(b)(e)(m)		04/17/2026		116,812
		Atlas Senior Loan Fund Ltd.,
	1,700,000	Series 2019-14A-D (3 Month LIBOR USD + 3.90%, 3.90% Floor)		4.12%	(b)		07/20/2032		1,627,967
		Atrium Corporation,
	1,000,000	Series 9A-DR (3 Month LIBOR USD + 3.60%)		3.79%	(b)		05/28/2030		994,259
		Babson Ltd.,
	1,000,000	Series 2015-2A-DR (3 Month LIBOR USD + 2.95%)		3.17%	(b)		10/20/2030		984,867
	1,000,000	Series 2017-1A-D (3 Month LIBOR USD + 3.60%)		3.82%	(b)		07/18/2029		999,561
		Barings Ltd.,
	500,000	Series 2018-3A-D (3 Month LIBOR USD + 2.90%)		3.12%	(b)		07/20/2029		480,372
	1,000,000	Series 2018-3A-E (3 Month LIBOR USD + 5.75%)		5.97%	(b)		07/20/2029		941,624

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

(Unaudited)

March 31, 2021

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Barings Ltd., (Cont.)
	2,500,000	Series 2019-1A-D (3 Month LIBOR USD + 3.85%, 3.85% Floor)		4.09%	(b)		04/15/2031		2,498,213
	1,000,000	Series 2019-1A-E (3 Month LIBOR USD + 6.68%, 6.68% Floor)		6.92%	(b)		04/15/2031		997,654
	1,000,000	Series 2019-2A-C (3 Month LIBOR USD + 3.85%, 3.85% Floor)		4.09%	(b)		04/15/2031		1,000,648
		Beechwood Park Ltd.,
	5,000,000	Series 2019-1A-D1 (3 Month LIBOR USD + 4.10%, 4.10% Floor)		4.32%	(b)		01/17/2033		5,041,235
	2,000,000	Series 2019-1A-E (3 Month LIBOR USD + 7.50%, 7.50% Floor)		7.72%	(b)		01/17/2033		2,020,697
		BlueMountain Ltd.,
	1,986,705	Series 2013-1A-DR (3 Month LIBOR USD + 7.50%, 7.50% Floor)		7.72%	(b)		01/20/2029		1,813,762
	1,000,000	Series 2013-2A-DR (3 Month LIBOR USD + 2.90%)		3.12%	(b)		10/22/2030		941,858
		Broad River BSL Funding,
	500,000	Series 2020-1A-C (3 Month LIBOR USD + 3.19%, 3.19% Floor)		3.41%	(b)		04/20/2029		500,455
		Canyon Capital Ltd.,
	1,000,000	Series 2017-1A-D (3 Month LIBOR USD + 3.60%)		3.84%	(b)		07/15/2030		999,016
	1,000,000	Series 2017-1A-E (3 Month LIBOR USD + 6.25%)		6.49%	(b)		07/15/2030		962,921
	1,500,000	Series 2018-1A-E (3 Month LIBOR USD + 5.75%, 5.75% Floor)		5.99%	(b)		07/15/2031		1,400,678
	1,550,000	Series 2019-1A-D (3 Month LIBOR USD + 3.85%, 3.85% Floor)		4.09%	(b)		04/15/2032		1,550,339
		Canyon Ltd.,
	1,000,000	Series 2020-1A-B (3 Month LIBOR USD + 2.75%, 2.75% Floor)		2.99%	(b)		07/15/2028		1,003,490
		Carlyle Global Market Strategies Ltd.,
	1,500,000	Series 2015-5A-DR (3 Month LIBOR USD + 6.70%, 6.70% Floor)		6.92%	(b)		01/20/2032		1,395,442
		CIFC Funding Ltd.,
	1,000,000	Series 2020-1A-D (3 Month LIBOR USD + 4.00%, 4.00% Floor)		4.24%	(b)		07/15/2032		1,005,355
		Dryden Senior Loan Fund,
	2,500,000	Series 2014-33A-ER2 (3 Month LIBOR USD + 6.97%, 6.97% Floor)		7.21%	(b)		04/15/2029		2,502,783
	1,500,000	Series 2015-37A-ER (3 Month LIBOR USD + 5.15%, 5.15% Floor)		5.39%	(b)		01/15/2031		1,419,750
	1,200,000	Series 2015-38A-ER (3 Month LIBOR USD + 5.60%, 5.60% Floor)		5.84%	(b)		07/15/2030		1,126,344
	2,000,000	Series 2015-40A-ER (3 Month LIBOR USD + 5.75%, 5.75% Floor)		5.94%	(b)		08/15/2031		1,899,400
	1,750,000	Series 2016-42A-ER (3 Month LIBOR USD + 5.55%)		5.79%	(b)		07/15/2030		1,658,307
	500,000	Series 2017-50A-D (3 Month LIBOR USD + 3.25%, 3.25% Floor)		3.49%	(b)		07/15/2030		500,593
		Gilbert Park Ltd.,
	2,000,000	Series 2017-1A-E (3 Month LIBOR USD + 6.40%)		6.64%	(b)		10/15/2030		1,989,106

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		GoldenTree Loan Management Ltd.,
	500,000	Series 2018-3A-D (3 Month LIBOR USD + 2.85%)		3.07%	(b)		04/20/2030		495,428
		Greenwood Park Ltd.,
	1,000,000	Series 2018-1A-E (3 Month LIBOR USD + 4.95%)		5.19%	(b)		04/15/2031		930,508
		Halcyon Loan Advisors Funding Ltd.,
	500,000	Series 2014-3A-D (3 Month LIBOR USD + 3.65%)		3.87%	(b)		10/22/2025		441,659
	1,000,000	Series 2013-2A-CR (3 Month LIBOR USD + 2.90%)		3.12%	(b)		10/20/2029		959,482
		HPS Loan Management Ltd.,
	1,000,000	Series 11A-17-E (3 Month LIBOR USD + 6.10%)		6.29%	(b)		05/06/2030		871,294
		LCM Ltd.,
	2,500,000	Series 26A-E (3 Month LIBOR USD + 5.30%, 5.30% Floor)		5.52%	(b)		01/20/2031		2,248,440
		Madison Park Funding Ltd.,
	850,000	Series 2014-14A-ER (3 Month LIBOR USD + 5.80%, 5.80% Floor)		6.02%	(b)		10/22/2030		800,772
	1,500,000	Series 2016-22A-ER (3 Month LIBOR USD + 6.70%, 6.70% Floor)		6.94%	(b)		01/15/2033		1,472,448
	1,500,000	Series 2019-34A-E (3 Month LIBOR USD + 6.75%, 6.75% Floor)		6.97%	(b)		04/25/2031		1,500,650
		Magnetite Ltd.,
	1,500,000	Series 2019-24A-D (3 Month LIBOR USD + 3.80%, 3.80% Floor)		4.04%	(b)		01/15/2033		1,507,343
	1,000,000	Series 2019-24A-E (3 Month LIBOR USD + 6.95%, 6.95% Floor)		7.19%	(b)		01/15/2033		1,001,770
		Neuberger Berman Loan Advisers Ltd.,
	1,000,000	Series 2017-16SA-ER (3 Month LIBOR USD + 6.25%, 6.25% Floor)		6.45%	(b)		04/15/2034		1,000,000
	1,000,000	Series 2017-25A-DR (3 Month LIBOR USD + 2.85%, 2.85% Floor)		2.96%	(b)		10/18/2029		1,000,402
	2,000,000	Series 2019-32A-DR (3 Month LIBOR USD + 2.70%, 2.70% Floor)		2.89%	(b)		01/20/2032		1,963,990
		Octagon Investment Partners Ltd.,
	2,500,000	Series 2014-1A-CR3 (3 Month LIBOR USD + 2.75%, 2.75% Floor)		2.94%	(b)		02/14/2031		2,451,930
	1,000,000	Series 2014-1A-CRR (3 Month LIBOR USD + 1.90%, 1.90% Floor)		2.12%	(b)		01/22/2030		997,500
	4,000,000	Series 2014-1A-DRR (3 Month LIBOR USD + 7.00%, 7.00% Floor)		7.19%	(b)		02/14/2031		4,009,700
	2,000,000	Series 2016-1A-ER (3 Month LIBOR USD + 7.25%)		7.47%	(b)		01/24/2033		2,013,486
	1,000,000	Series 2016-1A-FR (3 Month LIBOR USD + 8.09%, 8.09% Floor)		8.33%	(b)		07/15/2030		898,897
	2,000,000	Series 2017-1A-SUB		13.58%	(a)(b)(e)(m)		03/17/2030		1,275,390
	1,500,000	Series 2018-1A-D (3 Month LIBOR USD + 5.20%, 5.20% Floor)		5.42%	(b)		01/20/2031		1,363,770
	900,000	Series 2018-3A-E (3 Month LIBOR USD + 5.75%, 5.75% Floor)		5.97%	(b)		10/20/2030		853,905
	1,000,000	Series 2019-1A-D (3 Month LIBOR USD + 3.65%, 3.65% Floor)		3.87%	(b)		07/20/2032		1,002,136

The accompanying notes are an integral part of these financial statements. Semi-Annual Report _| March 31, 2021 13

Schedule of Investments  DoubleLine Opportunistic Credit Fund  (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Octagon Investment Partners Ltd., (Cont.)
	500,000	Series 2019-4A-E (3 Month LIBOR USD + 6.80%, 6.80% Floor)		7.00%	(b)		05/12/2031		499,080
		RRAM Ltd.,
	1,000,000	Series 2018-4A-C (3 Month LIBOR USD + 2.95%)		3.19%	(b)		04/15/2030		992,413
		Sound Point Ltd.,
	2,000,000	Series 2014-3RA-C (3 Month LIBOR USD + 2.25%, 2.25% Floor)		2.47%	(b)		10/23/2031		2,004,834
		Taconic Park Ltd.,
	2,000,000	Series 2016-1A-CR (3 Month LIBOR USD + 3.00%, 3.00% Floor)		3.22%	(b)		01/20/2029		1,953,869
		Trimaran CAVU LLC,
	2,250,000	Series 2019-1A-D (3 Month LIBOR USD + 4.15%, 4.15% Floor)		4.37%	(b)		07/20/2032		2,262,729
	500,000	Series 2019-2A-C (3 Month LIBOR USD + 4.72%, 4.72% Floor)		4.94%	(b)		11/26/2032		501,248
		Venture Ltd.,
	500,000	Series 2017-30A-C (3 Month LIBOR USD + 1.95%)		2.19%	(b)		01/15/2031		494,671
		Voya Ltd.,
	1,000,000	Series 2017-3A-C (3 Month LIBOR USD + 3.55%)		3.77%	(b)		07/20/2030		997,054
	3,000,000	Series 2019-4A-D (3 Month LIBOR USD + 3.83%, 3.83% Floor)		4.07%	(b)		01/15/2033		3,013,948
	1,000,000	Series 2020-1A-D (3 Month LIBOR USD + 4.25%, 4.25% Floor)		4.47%	(b)		07/16/2031		1,004,855
		Wind River Ltd.,
	2,500,000	Series 2014-2A-ER (3 Month LIBOR USD + 5.75%, 5.75% Floor)		5.99%	(b)		01/15/2031		2,203,458
	1,040,000	Series 2017-4A-D (3 Month LIBOR USD + 2.65%)		2.83%	(b)		11/20/2030		1,014,591
		Total Collateralized Loan Obligations (Cost $92,341,710)							90,380,251
	FOREIGN CORPORATE BONDS 0.5%
	1,250,000	AI Candelaria Spain SLU		7.50%			12/15/2028		1,412,581
		Total Foreign Corporate Bonds (Cost $1,215,351)							1,412,581
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 22.0%
		Alen Mortgage Trust,
	2,500,000	Series 2021-ACEN-F (1 Month LIBOR USD + 5.00%, 5.00% Floor)		5.11%	(b)		04/15/2034		2,516,715
		AREIT Trust,
	2,000,000	Series 2019-CRE3-D (1 Month LIBOR USD + 2.65%, 2.65% Floor)		2.76%	(b)		09/14/2036		1,977,802
		BANK,
	5,843,520	Series 2020-BN26-XF		1.50%	(b)(f)		03/15/2063		630,249
		Beast Mortgage Trust,
	1,000,000	Series 2021-1818-G (1 Month LIBOR USD + 6.00%, 6.25% Floor)		6.25%	(b)		03/15/2036		1,002,018

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Benchmark Mortgage Trust,
	18,361,908	Series 2018-B1-XA		0.51%	(e)(f)		01/15/2051		513,456
	1,398,000	Series 2018-B4-D		2.81%	(b)(e)		07/15/2051		1,269,816
		BF Mortgage Trust,
	1,012,000	Series 2019-NYT-F (1 Month LIBOR USD + 3.00%, 3.00% Floor)		3.11%	(b)		12/15/2035		982,126
		BX Commercial Mortgage Trust,
	4,200,000	Series 2019-IMC-G (1 Month LIBOR USD + 3.60%, 3.60% Floor)		3.71%	(b)		04/15/2034		4,009,511
		BX Trust,
	850,000	Series 2017-APPL-F (1 Month LIBOR USD + 4.25%, 4.25% Floor)		4.36%	(b)		07/15/2034		851,177
	2,125,000	Series 2017-SLCT-F (1 Month LIBOR USD + 4.25%, 4.25% Floor)		4.36%	(b)		07/15/2034		2,133,704
	1,000,000	Series 2019-OC11-E		4.08%	(b)(e)		12/09/2041		996,016
		Carbon Capital Commercial Mortgage Trust,
	976,000	Series 2019-FL2-B (1 Month LIBOR USD + 2.85%, 2.85% Floor)		2.96%	(b)		10/15/2035		933,261
		CD Commercial Mortgage Trust,
	17,436,339	Series 2017-CD6-XA		0.92%	(e)(f)		11/13/2050		688,036
		Citigroup Commercial Mortgage Trust,
	269,000	Series 2015-GC27-D		4.42%	(b)(e)		02/10/2048		262,164
	4,298,313	Series 2015-GC27-XA		1.34%	(e)(f)		02/10/2048		180,414
	182,000	Series 2016-GC36-D		2.85%	(b)		02/10/2049		135,117
	168,000	Series 2018-TBR-F (1 Month LIBOR USD + 3.65%, 3.65% Floor)		3.76%	(b)		12/15/2036		160,478
		Commercial Mortgage Pass-Through Certificates,
	30,551,256	Series 2013-LC6-XA		1.31%	(e)(f)		01/10/2046		518,378
	26,400,000	Series 2014-UBS3-XC		1.24%	(b)(e)(f)		06/10/2047		942,023
	1,288,300	Series 2014-UBS4-F		3.75%	(a)(b)		08/10/2047		256,838
	2,313,062	Series 2014-UBS4-G		3.75%	(a)(b)		08/10/2047		172,362
	5,000	Series 2014-UBS4-V		0.00%	(a)(b)(e)		08/10/2047		0
	27,394,000	Series 2015-CR23-XD		1.06%	(b)(e)(f)		05/10/2048		1,055,921
	809,000	Series 2015-CR25-C		4.53%	(e)		08/10/2048		855,361
	566,000	Series 2015-CR26-C		4.48%	(e)		10/10/2048		613,175
	5,297,000	Series 2015-CR26-XD		1.23%	(b)(e)(f)		10/10/2048		261,180
	76,401,172	Series 2015-LC21-XA		0.69%	(e)(f)		07/10/2048		1,865,953
		CSAIL Commercial Mortgage Trust,
	885,000	Series 2016-C5-C		4.63%	(e)		11/15/2048		947,964
		FREMF Mortgage Trust,
	604,462	Series 2015-KF07-B (1 Month LIBOR USD + 4.95%)		5.07%	(b)		02/25/2025		608,466
	111,652	Series 2016-KF22-B (1 Month LIBOR USD + 5.05%, 5.05% Floor)		5.17%	(b)		07/25/2023		113,309
	543,955	Series 2016-KF25-B (1 Month LIBOR USD + 5.00%, 5.00% Floor)		5.12%	(b)		10/25/2023		545,834
		Great Wolf Trust,
	3,000,000	Series 2019-WOLF-F (1 Month LIBOR USD + 3.13%, 3.13% Floor)		3.24%	(b)		12/15/2036		2,877,401
		GS Mortgage Securities Corporation,
	1,000,000	Series 2015-GC28-D		4.32%	(b)(e)		02/10/2048		993,607
	79,904,284	Series 2018-GS9-XA		0.44%	(e)(f)		03/10/2051		2,039,892
		GS Mortgage Securities Trust,
	1,909,000	Series 2014-GC26-D		4.51%	(b)(e)		11/10/2047		1,327,977
		Hawaii Hotel Trust,
	1,640,000	Series 2019-MAUI-F (1 Month LIBOR USD + 2.75%, 2.75% Floor)		2.86%	(b)		05/15/2038		1,626,280

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

(Unaudited)

March 31, 2021

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		HPLY Trust,
	1,334,197	Series 2019-HIT-G (1 Month LIBOR USD + 3.90%, 3.90% Floor)		4.01%	(b)		11/15/2036		1,215,611
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,153,000	Series 2019-MFP-G (1 Month LIBOR USD + 4.05%, 4.05% Floor)		4.16%	(b)		07/15/2036		1,130,351
	1,153,000	Series 2019-MFP-XG		0.50%	(b)(e)(f)		07/15/2036		4,317
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	19,918,473	Series 2012-CBX-XA		1.47%	(e)(f)		06/15/2045		133,344
		JP Morgan Chase Commercial Mortgage Securities Trust,
	72,516	Series 2006-LDP9-AMS		5.34%			05/15/2047		58,738
	2,000,000	Series 2011-C3-D		5.79%	(b)(e)		02/15/2046		1,277,727
		JPMBB Commercial Mortgage Securities Trust,
	8,402,764	Series 2013-C14-XC		1.10%	(b)(e)(f)		08/15/2046		207,143
	3,488,650	Series 2014-C19-E		4.00%	(a)(b)(e)		04/15/2047		2,600,640
	1,938,200	Series 2014-C19-F		3.75%	(a)(b)(e)		04/15/2047		1,046,881
	5,298,968	Series 2014-C19-NR		3.75%	(a)(b)(e)		04/15/2047		689,662
	925,000	Series 2014-C23-C		4.47%	(e)		09/15/2047		957,203
	2,000,000	Series 2014-C23-D		3.97%	(b)(e)		09/15/2047		2,001,568
	3,929,745	Series 2014-C26-XA		0.96%	(e)(f)		01/15/2048		115,317
	500,000	Series 2015-C27-D		3.85%	(b)(e)		02/15/2048		448,449
	180,000	Series 2015-C29-C		4.20%	(e)		05/15/2048		176,880
	20,920,000	Series 2015-C29-XE		0.30%	(b)(e)(f)		05/15/2048		272,952
	675,000	Series 2015-C32-C		4.65%	(e)		11/15/2048		569,099
	16,358,000	Series 2015-C32-XD		0.50%	(b)(e)(f)		11/15/2048		309,479
	165,000	Series 2015-C33-C		4.61%	(e)		12/15/2048		174,317
		JPMCC Commercial Mortgage Securities Trust,
	1,175,000	Series 2018-AON-F		4.61%	(b)(e)		07/05/2031		1,171,471
	500,000	Series 2019-MFP-F (1 Month LIBOR USD + 3.00%, 3.00% Floor)		3.11%	(b)		07/15/2036		492,423
		LSTAR Commercial Mortgage Trust,
	4,159,652	Series 2016-4-XA		1.77%	(b)(e)(f)		03/10/2049		196,191
	1,000,000	Series 2017-5-C		4.87%	(b)(e)		03/10/2050		988,442
		Morgan Stanley Bank of America Merrill Lynch Trust,
	500,000	Series 2014-C19-C		4.00%			12/15/2047		522,360
	804,000	Series 2015-C27-D		3.24%	(b)(e)		12/15/2047		700,879
		Morgan Stanley Capital Barclays Bank Trust,
	851,000	Series 2016-MART-D		3.31%	(b)		09/13/2031		842,019
		Morgan Stanley Capital Trust,
	784,000	Series 2007-IQ15-C		6.16%	(b)(e)		06/11/2049		748,619
	1,191,000	Series 2017-ASHF-G (1 Month LIBOR USD + 6.90%, 6.90% Floor)		7.01%	(b)		11/15/2034		1,016,324
		UBS Commercial Mortgage Trust,
	824,000	Series 2013-C5-D		4.08%	(b)(e)		03/10/2046		687,008
	1,000,000	Series 2018-C12-C		4.96%	(e)		08/15/2051		979,859
		UBS-Barclays Commercial Mortgage Trust,
	1,420,000	Series 2013-C5-C		4.08%	(b)(e)		03/10/2046		1,394,186
		Wells Fargo Commercial Mortgage Trust,
	467,000	Series 2012-LC5-E		4.76%	(a)(b)(e)		10/15/2045		467,137
	23,293,000	Series 2015-C28-XF		1.09%	(b)(e)(f)		05/15/2048		914,222
	747,000	Series 2015-NXS4-D		3.70%	(e)		12/15/2048		739,068
	53,839,333	Series 2018-C43-XA		0.67%	(e)(f)		03/15/2051		2,100,003
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $74,627,437)							64,213,870
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 15.5%
		Adjustable Rate Mortgage Trust,
	1,454,973	Series 2006-1-2A1		3.54%	(e)		03/25/2036		1,046,764
		BCAP LLC Trust,
	10,678,891	Series 2007-AB1-A5		4.85%	(g)		03/25/2037		6,957,234
	703,962	Series 2010-RR6-6A2		9.30%	(b)(e)		07/26/2037		518,674

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Chase Mortgage Finance Trust,
	1,463,133	Series 2007-S1-A7		6.00%			02/25/2037		856,344
	1,613,146	Series 2007-S3-1A5		6.00%			05/25/2037		1,133,824
		CHL Mortgage Pass-Through Trust,
	1,581,012	Series 2007-4-1A35 (-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)		6.59%	(h)(f)		05/25/2037		424,435
		Citigroup Mortgage Loan Trust, Inc.,
	368,250	Series 2006-8-A4 (-3 x 1 Month LIBOR USD + 19.66%, 19.66% Cap)		19.36%	(b)(h)		10/25/2035		436,086
		Countrywide Alternative Loan Trust,
	900,924	Series 2005-85CB-2A5 (1 Month LIBOR USD + 1.10%, 1.10% Floor, 7.00% Cap)		1.21%			02/25/2036		740,397
	190,261	Series 2005-85CB-2A6 (-4 x 1 Month LIBOR USD + 21.63%, 21.63% Cap)		21.24%	(h)		02/25/2036		237,676
		Credit Suisse First Boston Mortgage Securities Corporation,
	2,214,560	Series 2005-11-7A1		6.00%			12/25/2035		1,642,071
		Credit Suisse Mortgage Capital Certificates,
	3,152,083	Series 2006-5-3A3		6.50%			06/25/2036		1,180,597
	598,106	Series 2006-9-2A1		5.50%			11/25/2036		569,215
	256,804	Series 2006-9-6A14		6.00%			11/25/2036		253,366
		IndyMac Mortgage Loan Trust,
	1,323,912	Series 2005-AR23-6A1		2.94%	(e)		11/25/2035		1,293,766
		JP Morgan Alternative Loan Trust,
	64,273	Series 2006-S1-2A5		5.50%			02/25/2023		58,848
	1,799,027	Series 2011-1-2A10		6.00%	(b)(e)		06/26/2037		1,650,875
		Lehman Mortgage Trust,
	799,128	Series 2007-10-1A1		6.00%			01/25/2038		790,151
	1,476,225	Series 2007-4-1A3		5.75%			05/25/2037		1,103,723
		PNMAC GMSR Trust,
	5,800,000	Series 2018-FT1-A (1 Month LIBOR USD + 2.35%)		2.46%	(b)		04/25/2023		5,753,538
		RBSGC Structured Trust,
	1,029,823	Series 2008-B-A1		6.00%	(b)		06/25/2037		1,024,127
		Residential Accredit Loans, Inc.,
	881,598	Series 2005-QS14-3A1		6.00%			09/25/2035		860,231
	2,074,654	Series 2006-QS7-A3		6.00%			06/25/2036		1,956,247
	592,573	Series 2007-QS1-1A1		6.00%			01/25/2037		575,904
	947,196	Series 2007-QS6-A1 (1 Month LIBOR USD + 0.33%, 0.33% Floor, 7.00% Cap)		0.44%			04/25/2037		726,538
	1,002,788	Series 2007-QS6-A102		5.75%			04/25/2037		959,591
	215,776	Series 2007-QS6-A2 (-8 x 1 Month LIBOR USD + 55.58%, 55.58% Cap)		54.68%	(h)		04/25/2037		379,952
		Residential Asset Securitization Trust,
	1,621,985	Series 2006-A6-1A12 (-1 x 1 Month LIBOR USD + 7.10%, 7.10% Cap)		6.99%	(f)(h)		07/25/2036		363,245
	1,603,743	Series 2006-A6-1A9		6.00%			07/25/2036		781,379
		Residential Funding Mortgage Securities Trust,
	603,156	Series 2007-S2-A4		6.00%			02/25/2037		570,920
		Structured Adjustable Rate Mortgage Loan Trust,
	657,291	Series 2006-1-2A2		2.83%	(e)		02/25/2036		641,677
		Velocity Commercial Capital Loan Trust,
	983,995	Series 2018-1-M4		5.01%	(b)		04/25/2048		993,953
	675,318	Series 2018-1-M5		6.26%	(b)		04/25/2048		684,917
	974,334	Series 2018-1-M6		7.26%	(b)		04/25/2048		963,112
		VOLT LLC,
	5,000,000	Series 2021-NPL3-A2		4.95%	(b)(i)		02/27/2051		4,985,209

The accompanying notes are an integral part of these financial statements. Semi-Annual Report _| March 31, 2021 15

Schedule of Investments  DoubleLine Opportunistic Credit Fund  (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Washington Mutual Mortgage Pass-Through Certificates,
	3,667,108	Series 2006-8-A4		4.24%	(g)		10/25/2036		1,906,489
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $50,498,116)							45,021,075
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 24.1%
		Federal Home Loan Mortgage Corporation,
	3,000,000	Series 2020-HQA2-B2 (1 Month LIBOR USD + 7.60%)		7.71%	(b)		03/25/2050		3,001,828
	499,289	Series 3211-SI (-4 x 1 Month LIBOR USD + 27.67%, 27.67% Cap)		27.22%	(f)(h)		09/15/2036		454,172
	1,132,135	Series 3236-ES (-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)		6.59%	(f)(h)		11/15/2036		215,739
	686,099	Series 3256-S (-1 x 1 Month LIBOR USD + 6.69%, 6.69% Cap)		6.58%	(f)(h)		12/15/2036		132,263
	419,510	Series 3292-SD (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		5.99%	(f)(h)		03/15/2037		63,546
	4,468,576	Series 3297-BI (-1 x 1 Month LIBOR USD + 6.76%, 6.76% Cap)		6.65%	(f)(h)		04/15/2037		1,013,629
	3,336,612	Series 3311-BI (-1 x 1 Month LIBOR USD + 6.76%, 6.76% Cap)		6.65%	(f)(h)		05/15/2037		685,112
	3,253,374	Series 3311-IA (-1 x 1 Month LIBOR USD + 6.41%, 6.41% Cap)		6.30%	(f)(h)		05/15/2037		646,795
	693,533	Series 3314-SH (-1 x 1 Month LIBOR USD + 6.40%, 6.40% Cap)		6.29%	(f)(h)		11/15/2036		124,688
	378,855	Series 3330-KS (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		6.44%	(f)(h)		06/15/2037		62,252
	70,125	Series 3339-AI (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		6.44%	(f)(h)		07/15/2037		8,877
	2,204,389	Series 3339-TI (-1 x 1 Month LIBOR USD + 6.14%, 6.14% Cap)		6.03%	(f)(h)		07/15/2037		400,729
	1,263,452	Series 3374-SD (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		6.34%	(f)(h)		10/15/2037		209,525
	194,111	Series 3382-SU (-1 x 1 Month LIBOR USD + 6.30%, 6.30% Cap)		6.19%	(f)(h)		11/15/2037		32,300
	3,828,335	Series 3404-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.89%	(f)(h)		01/15/2038		692,714
	224,341	Series 3423-GS (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)		5.54%	(f)(h)		03/15/2038		28,976
	2,803,454	Series 3435-S (-1 x 1 Month LIBOR USD + 5.98%, 5.98% Cap)		5.87%	(f)(h)		04/15/2038		584,062
	176,325	Series 3508-PS (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		6.54%	(f)(h)		02/15/2039		20,776
	1,307,194	Series 3728-SV (-1 x 1 Month LIBOR USD + 4.45%, 4.45% Cap)		4.34%	(f)(h)		09/15/2040		164,102
	8,279,896	Series 3736-SN (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		5.94%	(f)(h)		10/15/2040		1,779,491
	3,139,874	Series 3753-SB (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.89%	(f)(h)		11/15/2040		680,632

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	3,544,710	Series 3780-SM (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)		6.39%	(f)(h)		12/15/2040		741,268
	1,187,420	Series 3815-ST (-1 x 1 Month LIBOR USD + 5.85%, 5.85% Cap)		5.74%	(f)(h)		02/15/2041		223,515
	1,174,966	Series 3905-SC (-5 x 1 Month LIBOR USD + 22.75%, 22.75% Cap)		22.17%	(h)		08/15/2041		2,100,365
	1,247,596	Series 3924-SJ (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.89%	(f)(h)		09/15/2041		248,047
	2,959,637	Series 3960-ES (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)		5.84%	(f)(h)		11/15/2041		487,308
	980,021	Series 4225-BS (-3 x 1 Month LIBOR USD + 11.87%, 11.87% Cap)		11.56%	(h)		12/15/2040		904,946
	2,844,942	Series 4291-MS (-1 x 1 Month LIBOR USD + 5.90%, 5.90% Cap)		5.79%	(f)(h)		01/15/2054		519,865
	14,821,831	Series 4610-IB		3.00%	(f)		06/15/2041		303,050
		Federal National Mortgage Association,
	3,000,000	TBA		2.00%	(o)		05/15/2050		2,989,102
	93,957	Series 2005-72-WS (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		6.64%	(f)(h)		08/25/2035		13,514
	929,821	Series 2005-90-SP (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		6.64%	(f)(h)		09/25/2035		91,066
	389,272	Series 2006-117-SQ (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		6.44%	(f)(h)		12/25/2036		57,509
	216,339	Series 2006-119-HS (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		6.54%	(f)(h)		12/25/2036		45,374
	4,219,930	Series 2006-123-CI (-1 x 1 Month LIBOR USD + 6.74%, 6.74% Cap)		6.63%	(f)(h)		01/25/2037		907,454
	2,022,473	Series 2007-15-BI (-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)		6.59%	(f)(h)		03/25/2037		415,958
	403,932	Series 2007-20-S (-1 x 1 Month LIBOR USD + 6.74%, 6.74% Cap)		6.63%	(f)(h)		03/25/2037		56,835
	313,794	Series 2007-21-SD (-1 x 1 Month LIBOR USD + 6.48%, 6.48% Cap)		6.37%	(f)(h)		03/25/2037		58,164
	915,115	Series 2007-30-IE (-1 x 1 Month LIBOR USD + 6.74%, 6.74% Cap)		6.63%	(f)(h)		04/25/2037		215,412
	2,019,153	Series 2007-32-SA (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		5.99%	(f)(h)		04/25/2037		386,021
	963,513	Series 2007-40-SA (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		5.99%	(f)(h)		05/25/2037		187,762
	171,832	Series 2007-48-SE (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		5.99%	(f)(h)		05/25/2037		24,142
	283,742	Series 2007-64-LI (-1 x 1 Month LIBOR USD + 6.56%, 6.56% Cap)		6.45%	(f)(h)		07/25/2037		53,755
	117,114	Series 2007-68-SA (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		6.54%	(f)(h)		07/25/2037		19,173
	5,255,425	Series 2007-75-PI (-1 x 1 Month LIBOR USD + 6.54%, 6.54% Cap)		6.43%	(f)(h)		08/25/2037		951,278
	2,830,246	Series 2008-33-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.89%	(f)(h)		04/25/2038		496,518

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

(Unaudited)

March 31, 2021

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
	2,453,892	Series 2008-42-SC (-1 x 1 Month LIBOR USD + 5.90%, 5.90% Cap)		5.79%	(f)(h)		05/25/2038		399,059
	525,409	Series 2008-5-GS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.14%	(f)(h)		02/25/2038		91,236
	1,451,823	Series 2008-62-SD (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		5.94%	(f)(h)		07/25/2038		231,600
	883,621	Series 2008-68-SB (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		5.99%	(f)(h)		08/25/2038		148,702
	173,429	Series 2009-111-SE (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.14%	(f)(h)		01/25/2040		31,627
	863,299	Series 2009-12-CI (-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)		6.49%	(f)(h)		03/25/2036		146,539
	182,526	Series 2009-47-SA (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		5.99%	(f)(h)		07/25/2039		22,362
	190,365	Series 2009-48-WS (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)		5.84%	(f)(h)		07/25/2039		29,692
	109,449	Series 2009-67-SA (-1 x 1 Month LIBOR USD + 5.15%, 0.25% Floor, 5.15% Cap)		5.04%	(f)(h)		07/25/2037		10,243
	364,340	Series 2009-87-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.89%	(f)(h)		11/25/2049		70,797
	831,489	Series 2009-91-SD (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)		6.04%	(f)(h)		11/25/2039		134,629
	147,328	Series 2010-115-SD (-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)		6.49%	(f)(h)		11/25/2039		27,124
	203,275	Series 2010-11-SC (-1 x 1 Month LIBOR USD + 4.80%, 4.80% Cap)		4.69%	(f)(h)		02/25/2040		19,502
	1,006,804	Series 2010-134-SE (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		6.54%	(f)(h)		12/25/2025		83,222
	5,395,802	Series 2010-142-SC (-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)		6.49%	(f)(h)		12/25/2040		1,221,805
	914,737	Series 2010-15-SL (-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)		4.84%	(f)(h)		03/25/2040		127,831
	170,338	Series 2010-19-SA (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		5.29%	(f)(h)		03/25/2050		24,618
	712,939	Series 2010-31-SB (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		4.89%	(f)(h)		04/25/2040		95,857
	1,255,749	Series 2010-39-SL (-1 x 1 Month LIBOR USD + 5.67%, 5.67% Cap)		5.56%	(f)(h)		05/25/2040		191,710
	190,013	Series 2010-8-US (-1 x 1 Month LIBOR USD + 4.80%, 4.80% Cap)		4.69%	(f)(h)		02/25/2040		15,896
	216,898	Series 2010-9-GS (-1 x 1 Month LIBOR USD + 4.75%, 4.75% Cap)		4.64%	(f)(h)		02/25/2040		20,864
	1,074,004	Series 2011-114-S (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.89%	(f)(h)		09/25/2039		214,832
	1,809,740	Series 2011-146-US (-1 x 1 Month LIBOR USD + 7.00%, 7.00% Cap)		6.85%	(h)		01/25/2042		1,902,611
	242,156	Series 2011-5-PS (-1 x 1 Month LIBOR USD + 6.40%, 6.40% Cap)		6.29%	(f)(h)		11/25/2040		14,488
	260,035	Series 2012-29-SG (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.89%	(f)(h)		04/25/2042		41,998

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
	2,897,465	Series 2012-56-SN (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		5.94%	(h)(f)		06/25/2042		423,053
	2,962,250	Series 2012-76-SC (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.89%	(h)(f)		07/25/2042		525,506
	3,536,469	Series 2013-83-US (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		4.89%	(h)		08/25/2043		3,419,900
	6,454,137	Series 2016-64-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00%Cap)		5.89%	(h)(f)		09/25/2046		1,409,379
	16,930,889	Series 2019-M26-X1		0.62%	(e)(f)		03/25/2030		692,406
	5,757,422	Series 2020-61-DI		3.00%	(f)		09/25/2060		963,990
	16,924,384	Series 2020-M27-X1		0.91%	(e)(f)		03/25/2031		1,015,580
	236,845	Series 374-19		6.50%	(f)		09/25/2036		50,433
		Government National Mortgage Association,
	10,787,488	TBA		3.64%	(c)(f)(o)		09/20/2050		1,011,834
	10,314,837	TBA		3.50%	(o)		09/20/2050		1,418,290
	621,757	Series 2009-104-SD (-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)		6.24%	(f)(h)		11/16/2039		106,512
	103,835	Series 2010-98-IA		5.64%	(e)(f)		03/20/2039		10,728
	682,543	Series 2011-69-SB (-1 x 1 Month LIBOR USD + 5.35%, 5.35% Cap)		5.24%	(f)(h)		05/20/2041		121,959
	1,080,728	Series 2011-71-SG (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		5.29%	(f)(h)		05/20/2041		156,830
	1,216,377	Series 2011-72-AS (-1 x 1 Month LIBOR USD + 5.38%, 5.38% Cap)		5.27%	(f)(h)		05/20/2041		221,846
	1,437,874	Series 2011-89-SA (-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)		5.34%	(f)(h)		06/20/2041		281,434
	10,039,774	Series 2012-26-SP (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		6.54%	(h)(f)		02/20/2042		2,292,234
	717,174	Series 2012-34-LI (-20 x 1 Month LIBOR USD + 122.00%, 6.00% Cap)		6.00%	(f)(h)		12/16/2039		145,368
	8,471,040	Series 2013-119-TZ		3.00%	(n)		08/20/2043		8,725,768
	21,872,808	Series 2013-39-HS (-1 x 1 Month LIBOR USD + 4.75%, 4.75% Cap)		4.64%	(f)(h)		03/20/2041		2,838,970
	4,303,898	Series 2014-39-SK (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)		6.09%	(f)(h)		03/20/2044		861,373
	6,671,791	Series 2014-59-DS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.14%	(f)(h)		04/16/2044		1,326,762
	5,030,893	Series 2014-63-SD (-1 x 1 Month LIBOR USD + 5.55%, 5.55% Cap)		5.44%	(f)(h)		04/20/2044		1,064,542
	3,379,221	Series 2014-69-ST (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		5.99%	(f)(h)		12/16/2039		570,733
	4,553,764	Series 2015-148-BS (-1 x 1 Month LIBOR USD + 5.69%, 5.69% Cap)		5.58%	(h)(f)		10/20/2045		917,648
	11,636,117	Series 2015-158-SK (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)		6.09%	(h)(f)		11/20/2045		2,516,644
	22,560,265	Series 2018-111-SA (-1 x 1 Month LIBOR USD + 4.55%, 4.55% Cap)		4.44%	(h)(f)		08/20/2048		2,316,039
	49,708,253	Series 2018-48-SD (-1 x 1 Month LIBOR USD + 3.90%, 3.90% Cap)		3.79%	(h)(f)		04/20/2048		4,990,689
	10,000,000	Series 2021-46-DS (-1 x 1 Month LIBOR USD + 2.80%, 2.80% Cap)		2.64%	(h)(f)		03/20/2051		1,043,751
		Total US Government and Agency Mortgage Backed Obligations (Cost $62,713,643)							70,258,654

The accompanying notes are an integral part of these financial statements. Semi-Annual Report _| March 31, 2021 17

Schedule of Investments  DoubleLine Opportunistic Credit Fund  (Cont.)

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 5.6%
	17,100,000	United States Treasury Notes		0.38%			07/31/2027		16,156,494
		Total US Government and Agency Obligations (Cost $16,918,777)							16,156,494
	COMMON STOCKS 0.2%
	13,001	Foresight Equity (a) (j)							230,249
	34,446	McDermott International Ltd. (j)							27,557
	4,476	New Constellis Holdings, Inc. (a) (j)							29,094
	4,104	Summit Midstream Partners LP (j)							96,731
	6,558	Syncreon Group B.V. (a) (j)							324,613
		Total Common Stocks (Cost $602,206)							708,244
	SHORT TERM INVESTMENTS 14.1%
	13,693,327	First American Government Obligations Fund - Class U		0.04%	(k)				13,693,327
	13,693,328	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.04%	(k)				13,693,328
	13,693,328	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.03%	(k)				13,693,328
		Total Short Term Investments (Cost $41,079,983)							41,079,983
		Total Investments 122.6% (Cost $368,960,150) (l)							357,347,372
		Liabilities in Excess of Other Assets (22.6)%							(65,755,864	)
		NET ASSETS 100.0%						$	291,591,508

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Collateralized Loan Obligations	31.0%
US Government and Agency Mortgage Backed Obligations	24.1%
Non-Agency Commercial Mortgage Backed Obligations	22.0%
Non-Agency Residential Collateralized Mortgage Obligations	15.5%
Short Term Investments	14.1%
Bank Loans	7.6%
US Government and Agency Obligations	5.6%
Asset Backed Obligations	2.0%
Foreign Corporate Bonds	0.5%
Common Stocks	0.2%
Other Assets and Liabilities	(22.6)%
	100.0%
INVESTMENT BREAKDOWN as a % of Net Assets:
Collateralized Loan Obligations	31.0%
US Government and Agency Mortgage Backed Obligations	24.1%
Non-Agency Commercial Mortgage Backed Obligations	22.0%
Non-Agency Residential Collateralized Mortgage Obligations	15.5%
Short Term Investments	14.1%
US Government and Agency Obligations	5.6%
Asset Backed Obligations	2.0%
Electronics/Electric	1.6%
Healthcare	1.0%
Business Equipment and Services	0.8%
Energy	0.7%
Transportation	0.6%
Telecommunications	0.5%
Chemicals/Plastics	0.4%
Insurance	0.3%
Financial Intermediaries	0.3%
Food Products	0.3%
Automotive	0.3%
Media	0.2%
Food Service	0.2%
Utilities	0.2%
Environmental Control	0.2%
Industrial Equipment	0.2%
Aerospace & Defense	0.2%
Retailers (other than Food/Drug)	0.1%
Mining	0.1%
Pharmaceuticals	0.1%
Building and Development (including Steel/Metals)	0.0%	(q)
Leisure	0.0%	(q)
Other Assets and Liabilities	(22.6)%
	100.0%

(a) Value determined using significant unobservable inputs.

(b) 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.

(c) 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.

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

(e) 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.

(f) Interest only security

(g) The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown

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

(i) The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of period end.

(j) Non-income producing security

(k) Seven-day yield as of period end

(l) Under the Fund’s credit agreement, the Lender, through their agent, have been granted a security interest in all of the Fund’s investments in consideration of the Fund’s borrowing under the line of credit with the Lender (See Note 9).

18 DoubleLine Opportunistic Credit Fund The accompanying notes are an integral part of these financial statements.

(Unaudited)

March 31, 2021

(m) 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.

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

(o) Represents or includes a TBA transaction

(p) Unfunded or partially unfunded loan commitment. At period end, the value of these securities amounted to $17,294 or 0.0% of net assets.

(q) Represents less than 0.05% of net assets

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

TBA To be announced

The accompanying notes are an integral part of these financial statements. Semi-Annual Report _| March 31, 2021 19

Statement of Assets and Liabilities (Unaudited) March 31, 2021

ASSETS
Investments in Securities, at Value*	$	316,267,389
Short Term Investments*		41,079,983
Interest Receivable		2,343,981
Prepaid Expenses and Other Assets		356,314
Cash		23,652
Receivable for Investments Sold		3,541
Total Assets		360,074,860
LIABILITIES
Loan Payable (See Note 9)		61,000,000
Payable for Investments Purchased		7,000,032
Investment Advisory Fees Payable		316,608
Interest Expense Payable		69,389
Professional Fees Payable		34,365
Trustees Fees Payable (See Note 7)		31,789
Administration, Fund Accounting and Custodian Fees Payable		22,652
Accrued Expenses		8,517
Total Liabilities		68,483,352
Commitments and Contingencies (See Note 2, Note 8 and Note 9)
Net Assets	$	291,591,508
NET ASSETS CONSIST OF:
Capital Stock ($0.00001 par value)	$	150
Additional Paid-in Capital		348,323,810
Undistributed (Accumulated) Net Investment Income (Loss)		1,272,278
Accumulated Net Realized Gain (Loss) on Investments		(46,391,952	)
Net Unrealized Appreciation (Depreciation) on Investments		(11,612,778	)
Total Distributable Earnings (See Note 5)		(56,732,452	)
Net Assets	$	291,591,508
*Identified Cost:
Investments in Securities	$	327,880,167
Short Term Investments		41,079,983
Shares Outstanding and Net Asset Value Per Share:
Shares Outstanding (unlimited authorized)		14,972,014
Net Asset Value per Share	$	19.48

20 DoubleLine Opportunistic Credit Fund The accompanying notes are an integral part of these financial statements.

Statement of Operations (Unaudited) For the Period Ended March 31, 2021

INVESTMENT INCOME
Income:
Interest	$	13,199,546
Total Investment Income		13,199,546
Expenses:
Investment Advisory Fees		1,766,183
Interest Expense		325,146
Administration, Fund Accounting and Custodian Fees		103,317
Professional Fees		84,256
Trustees Fees		47,574
Shareholder Reporting Expenses		38,177
Registration Fees		12,450
Miscellaneous Expenses		10,907
Insurance Expenses		3,468
Total Expenses		2,391,478
Net Investment Income (Loss)		10,808,068
REALIZED & UNREALIZED GAIN (LOSS)
Net Realized Gain (Loss) on Investments		3,254,514
Net Change in Unrealized Appreciation (Depreciation) on Investments		979,047
Net Realized and Unrealized Gain (Loss)		4,233,561
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	15,041,629

The accompanying notes are an integral part of these financial statements. Semi-Annual Report _| March 31, 2021 21

Statements of Changes in Net Assets

	Period Ended March 31, 2021 (Unaudited)				Year Ended September 30, 2020
OPERATIONS
Net Investment Income (Loss)		$	10,808,068			$	23,874,262
Net Realized Gain (Loss) on Investments			3,254,514				(2,206,026	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			979,047				(19,805,505	)
Net Increase (Decrease) in Net Assets Resulting from Operations			15,041,629				1,862,731
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings			(15,664,069	)			(21,071,721	)
Total Distributions to Shareholders			(15,664,069	)			(21,071,721	)
NET SHARE TRANSACTIONS
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			294,868				476,560
Total Increase (Decrease) in Net Assets		$	(327,572	)		$	(18,732,430	)
NET ASSETS
Beginning of Period		$	291,919,080			$	310,651,510
End of Period		$	291,591,508			$	291,919,080

22 DoubleLine Opportunistic Credit Fund The accompanying notes are an integral part of these financial statements.

Statement of Cash Flows (Unaudited) For the Period Ended March 31, 2021

CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net Increase (Decrease) in Net Assets Resulting from Operations	$	15,041,629
Adjustments to Reconcile the Change in Net Assets from Operations to Net Cash Provided By (Used In) Operating activities:
Purchases of Long Term Investments		(74,630,845	)
Proceeds from Disposition of Long Term Investments		119,928,018
Net (Purchases of) Proceeds from Disposition of Short Term Investments		(35,905,308	)
Net Amortization (Accretion) of Premiums/Discounts		(780,950	)
Net Realized (Gain) Loss on Investments		(3,254,514	)
Net Change in Unrealized Depreciation (Appreciation) on Investments		(979,047	)
(Increase) Decrease in:
Interest Receivable		484,908
Prepaid Expenses and Other Assets		(347,011	)
Receivable for Investments Sold		26,821
Increase (Decrease) in:
Payable for Investments Purchased		(4,107,119	)
Investment Advisory Fees Payable		10,683
Interest Expense Payable		3,969
Trustees Fees Payable		348
Payable to Broker for Dividend Reinvestment		(52,722	)
Accrued Expenses		(13,373	)
Administration, Fund Accounting and Custodian Fees Payable		(54,221	)
Professional Fees Payable		(23,094	)
Net Cash Provided By (Used In) Operating Activities		15,348,172
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Cash Dividends Paid to Common Stockholders		(15,369,201	)
Net Cash Provided By (Used In) Financing Activities		(15,369,201	)
NET CHANGE IN CASH
Cash at Beginning of Period		44,681
Cash at End of Period	$	23,652
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION
Additional Paid-in Capital from Dividend Reinvestment	$	294,868
Cash Paid for Interest on Loan Outstanding	$	321,177

The accompanying notes are an integral part of these financial statements. Semi-Annual Report _| March 31, 2021 23

Financial Highlights

	Period Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016
Net Asset Value, Beginning of Period	$	19.52		$	20.80		$	19.75		$	22.04		$	23.30		$	24.10
Income (Loss) from Investment Operations:
Net Investment Income (Loss)(a)		0.72			1.60			1.35			1.41			1.63			1.81
Net Gain (Loss) on Investments (Realized and Unrealized)		0.29			(1.47	)		1.13			(1.70	)		(0.89	)		(0.08	)
Total from Investment Operations		1.01			0.13			2.48			(0.29	)		0.74			1.73
Less Distributions:
Distributions from Net Investment Income		(1.05	)		(1.41	)		(1.43	)		(1.58	)		(1.93	)		(2.48	)
Distributions from Return of Capital		—			—			—			(0.42	)		(0.07	)		(0.05	)
Total Distributions		(1.05	)		(1.41	)		(1.43	)		(2.00	)		(2.00	)		(2.53	)
Net Asset Value, End of Period	$	19.48		$	19.52		$	20.80		$	19.75		$	22.04		$	23.30
Market Price, End of Period	$	19.74		$	19.06		$	20.71		$	20.57		$	24.04		$	25.68
Total Return on Net Asset Value(b)		5.27%	(d)		0.83%			13.12%			(1.31	)%		3.49%			7.81%
Total Return on Market Price(c)		9.23%	(d)		(1.04	)%		8.12%			(5.78	)%		2.09%			14.38%
Supplemental Data:
Net Assets, End of Period (000’s)	$	291,592		$	291,919		$	310,652		$	294,700		$	327,927		$	345,864
Ratios to Average Net Assets:
Expenses, including interest expense		1.64%	(e)		1.90%			2.30%			2.17%			1.80%			1.59%
Net Investment Income (Loss)		7.39%	(e)		8.18%			6.72%			6.77%			7.32%			7.77%
Portfolio Turnover Rate		22%	(d)		29%			26%			28%			17%			14%

^(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. Total return on Net Asset Value does not reflect any sales load paid by investors.

^(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) Not annualized

^(e) Annualized

24 DoubleLine Opportunistic Credit Fund The accompanying notes are an integral part of these financial statements.

Notes to Financial Statements (Unaudited) March 31, 2021

1.  Organization

DoubleLine Opportunistic Credit 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 July 22, 2011 and commenced operations on January 27, 2012. The Fund is listed on the New York Stock Exchange (“NYSE”) under the symbol “DBL”. The Fund’s investment objective is to seek high total investment return by providing a high level of current income and the potential for 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, 2021 (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)

Market values for domestic and foreign fixed income securities are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs described in the following table which is not intended to be a complete list. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed income securities in which the 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.

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

Semi-Annual Report _| March 31, 2021 25

Notes to Financial Statements  (Cont.)

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.

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

The following is a summary of the fair valuations according to the inputs used to value the Fund’s investments as of March 31, 2021:

Category
Investments in Securities
Level 1
Money Market Funds	$	41,079,983
Common Stocks		124,288
Total Level 1		41,204,271
Level 2
Collateralized Loan Obligations		88,988,049
US Government and Agency Mortgage Backed Obligations		70,258,654
Non-Agency Commercial Mortgage Backed Obligations		58,980,350
Non-Agency Residential Collateralized Mortgage Obligations		45,021,075
Bank Loans		22,096,572
US Government and Agency Obligations		16,156,494
Asset Backed Obligations		1,946,944
Foreign Corporate Bonds		1,412,581
Total Level 2		304,860,719
Level 3
Non-Agency Commercial Mortgage Backed Obligations		5,233,520
Asset Backed Obligations		3,963,940
Collateralized Loan Obligations		1,392,202
Common Stocks		583,956
Bank Loans		108,764
Total Level 3		11,282,382
Total	$	357,347,372

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

26 DoubleLine Opportunistic Credit Fund

(Unaudited)

March 31, 2021

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

	Fair Value as of 9/30/2020			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 3/31/2021			Net Change in Unrealized Appreciation (Depreciation) on securities held at 3/31/2021
Investments in Securities
Non-Agency Commercial Mortgage Backed Obligations		$	4,743,949		$	3,311		$	428,103			$	35,885		$	26,632		$	(4,360	)		$	—		$	—		$	5,233,520		$	430,551
Asset Backed Obligations			2,871,114			—			1,001,310				—			111,951			(20,435	)			—			—			3,963,940			1,328,597
Collateralized Loan Obligations			1,188,305			—			203,897				—			—			—				—			—			1,392,202			257,358
Common Stocks			411,076			—			172,880				—			—			—				—			—			583,956			172,880
Bank Loans			109,312			215			(1,676	)			1,461			—			(548	)			—			—			108,764			(1,456	)
Non-Agency Residential Collateralized Mortgage Obligations			25,775,671			1,715,695			(561,558	)			76,789			—			(27,006,597	)			—			—			—			—
Total		$	35,099,427		$	1,719,221		$	1,242,956			$	114,135		$	138,583		$	(27,031,940	)		$	—		$	—		$	11,282,382		$	2,187,930

^(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 3/31/2021 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 3/31/2021			Valuation Techniques	Unobservable Input	Unobservable Input Values (Weighted Average)(e)	Impact to valuation from an increase to input
Non-Agency Commercial Mortgage Backed Obligations		$	5,233,520	Market Comparables	Yields	6.15%-35.00% (14.43%)	Increase in yields would have resulted in the decrease in the fair value of the security.
Asset Backed Obligations		$	3,963,940	Market Comparables	Market Quotes	$70.75-$4,025.91 ($1,121.93)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Collateralized Loan Obligations		$	1,392,202	Market Comparables	Market Quotes	$11.68-$63.77 ($59.40)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Common Stocks		$	583,956	Market Comparables	Market Quotes	$6.50-$49.50 ($34.82)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Bank Loans		$	108,764	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

^(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 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

Semi-Annual Report _| March 31, 2021 27

Notes to Financial Statements  (Cont.)

have not expired. The Fund identifies its major tax jurisdictions as U.S. Federal, the Commonwealth of Massachusetts 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.

G. Unfunded Loan Commitments. The Fund may enter into certain credit agreements, of which all or a portion may be unfunded. As of March 31, 2021, these commitments had a market value of $17,294 and are disclosed in the accompanying Schedule of Investments. The Fund may also enter into certain credit agreements designed to provide standby short term or “bridge” financing to a borrower. Typically the borrower is not economically incented to draw on the bridge loan. As of the period ended March 31, 2021, the Fund had no outstanding bridge loan commitments. The Fund is obligated to fund these commitments at the borrower’s discretion. As of March 31, 2021, the Fund maintained with its custodian liquid investments having an aggregate value at least equal to the par value of its unfunded loan commitments and bridge loans.

H. 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

DoubleLine Capital LP (the “Adviser” or “DoubleLine Capital”) 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

28 DoubleLine Opportunistic Credit Fund

(Unaudited)

March 31, 2021

calculating total managed assets, the liquidation preference of any preferred shares outstanding shall not be considered a liability. DAMCO (“DoubleLine Asset Management Company”), a wholly owned subsidiary of the Adviser, owned 9,507 shares of the Fund as of the period ended March 31, 2021. 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, 2021, purchases and sales of investments, excluding U.S. Government securities and short term investments, were $74,630,845 and $119,928,018 respectively. In U.S. Government securities (defined as long-term U.S. Treasury bills, notes and bonds), purchases and sales of investments were $4,936,172 and $0, respectively.

5.  Income Tax Information

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

	Period Ended March 31, 2021			Year Ended September 30, 2020
Distributions Paid From:
Ordinary Income		$	15,664,069		$	21,071,721
Total Distributions Paid		$	15,664,069		$	21,071,721

The amount and character of tax-basis distributions and composition of net assets, including undistributed (accumulated) net investment income (loss), are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of the date of this report.

The cost basis of investments for federal income tax purposes as of September 30, 2020, was as follows:

Tax Cost of Investments	$	377,653,978
Gross Tax Unrealized Appreciation		29,272,689
Gross Tax Unrealized Depreciation		(45,201,941	)
Net Tax Unrealized Appreciation (Depreciation)		(15,929,252	)

As of September 30, 2020, the components of accumulated earnings (losses) for income tax purposes were as follows:

Net Tax Unrealized Appreciation (Depreciation)	$	(15,929,252	)
Undistributed Ordinary Income		5,314,726
Total Distributable Earnings		5,314,726
Other Accumulated Gains (Losses)		(45,495,486	)
Total Accumulated Earnings (Losses)		(56,110,012	)

As of September 30, 2020, $45,489,032 was available as a capital loss carryforward.

The Fund may elect to defer to the first day of the next taxable year all or part of any late-year ordinary loss or post-October capital loss. As of September 30, 2020, the Fund deferred, on a tax basis, qualified late year losses of $0.

Additionally, US GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to paydown losses, market discount, Passive Foreign Investment Companies (PFICs) and defaulted securities. For the year ended September 30, 2020, the following table shows the reclassifications made:

Undistributed (Accumulated) Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)				Paid-in Capital
	$1,588,189		$	(1,588,189	)		$	—

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

Semi-Annual Report _| March 31, 2021 29

Notes to Financial Statements  (Cont.)

of the estimated composition of such distribution through a Section 19 Notice. For these purposes, and beginning on October 1, 2020, the Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its expected tax character. It is important to note that differences exist between the Fund’s daily internal accounting records and practices, the Fund’s financial statements presented in accordance with US GAAP, and recordkeeping practices under income tax regulations. It is possible that the Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with US GAAP might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.doublelinefunds.com for the most recent Section 19 Notice, if applicable. Information provided to you on a Section 19 notice is an estimate only and subject to change; final determination of a distribution’s tax character will be reported on Form 1099 DIV sent to shareholders for the calendar year.

6.  Share Transactions

Transactions in the Fund’s shares were as follows:

	For the Period Ended March 31, 2021					For the Year Ended September 30, 2020
	Shares		Amount			Shares		Amount
Reinvested Dividends		15,118		$	294,868		24,336		$	476,560
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		15,118		$	294,868		24,336		$	476,560

7.  Trustees Fees

Trustees who are not affiliated with the Adviser and its affiliates received, as a group, fees of $47,574 from the Fund during the period ended March 31, 2021. 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 $47,574 which includes $47,432 in current fees (either paid in cash or deferred) and an increase of $142 in the value of the deferred amounts. Certain trustees and officers of the Fund are also officers of the Adviser; such trustees and officers are not compensated by the Fund.

8.  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 based on a known lending rate, such as a bank’s prime rate. 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.

9.  Credit Facility

U.S. Bank, N.A. (the “Bank”) has made available to the Fund, a $100,000,000 committed credit facility. Interest charged is at the rate of one-month LIBOR (London Interbank Offered Rate) plus 0.75%, subject to certain conditions that may cause the rate of interest to increase. The Fund will also be responsible for paying a non-usage fee of 0.125% on the unused amount, should that amount be less than $25,000,000. Should the unused amount be $25,000,000 or more, the non-usage fee increases to 0.25% on the unused amount. The Fund pledges its assets as collateral to secure obligations under the credit agreement. The Fund retains the risk and rewards of the ownership of assets pledged to secure obligations under the credit agreement. As of March 31, 2021, the amount of total outstanding borrowings was $61,000,000, which approximates fair value. The borrowings are categorized as Level 2 within the fair value hierarchy.

30 DoubleLine Opportunistic Credit Fund

(Unaudited)

March 31, 2021

For the period ended March 31, 2021, the Fund’s credit facility activity is as follows:

Maximum Amount Available		Average Borrowings			Maximum Amount Outstanding			Interest Expense			Commitment Fee			Average Interest Rate
	$100,000,000		$	61,000,000		$	61,000,000		$	275,855		$	49,291		0.88%

10.  To-Be-Announced Securities

The Fund may invest in to-be-announced securities (“TBAs”). TBAs is a term that is generally used to describe forward-settling mortgage-backed securities. These TBAs are generally issued by U.S. Government Agencies or U.S. Government Sponsored Entities such as Freddie Mac, Fannie Mae and Ginnie Mae. The actual mortgage-backed security that will be delivered to the buyer at the time TBAs trades are entered is not known, however, the terms of the acceptable pools of loans that will comprise the mortgage-backed security are determined at the time the trade is entered into (coupon rate, maturity, credit quality, etc.). Investment in TBAs will generally increase the Fund’s exposure to interest rate risk and could also expose the Fund to counterparty default risk. In order to mitigate counterparty default risk, the Fund only enters TBAs with counterparties for which the risk of default is determined to be remote. At the end of the period and as a purchaser or seller of TBAs, the Fund segregated cash or cash equivalents as collateral as required in accordance with application industry regulations.

11.  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 and 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 Fund will be subject to credit risk with respect to the counterparties to the derivative contracts (whether a clearing corporation in the case of exchange-traded or cleared instruments or another third party in the case of over-the-counter instruments) and other instruments, such as repurchase and reverse repurchase agreements, entered into directly by the Fund or held by special purpose or structured vehicles in which the Fund invests; that the Fund’s counterparty will be unable or unwilling to perform its obligations; that the Fund will be unable to enforce contractual remedies if its counterparty defaults; that if a counterparty becomes bankrupt, the Fund may experience significant delays in obtaining any recovery under the derivative contract or may obtain limited or no recovery in a bankruptcy or other insolvency proceeding. Subject to certain U.S. federal income tax limitations, the Fund is not subject to any limit with respect to the number of transactions it can enter into with a single counterparty. To the extent that 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 involve greater risks than investing in the reference obligation directly as well as 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.

Semi-Annual Report _| March 31, 2021 31

Notes to Financial Statements  (Cont.)

• credit risk:  Credit risk is the risk that one or more of the Fund’s investments in debt securities or other instruments will decline in price, or fail to pay interest, liquidation value or principal when due, because the issuer of the obligation or the issuer of a reference security experiences an actual or perceived decline in its financial status.

• derivatives risk:  Derivatives are subject to a number of risks applicable to other investments, such as liquidity risk, issuer risk, credit risk, interest rate risk, leverage risk, counterparty risk, management risk and, if applicable, smaller company risk. They also involve the risk of mispricing or improper valuation, the risk of being unavailable at the time or price desired, the risk of unfavorable or ambiguous documentation, the risk of increasing the Fund’s transaction costs and the risk that changes in the value of a derivative may not correlate perfectly or at all with an underlying asset, currency, interest rate or index. In October 2020, the Securities and Exchange Commission adopted new regulations governing the use of derivatives (“Rule 18f-4”), which will impose limits on the amount of derivatives the Fund can enter into and will treat derivatives, as well as certain debt securities, as senior securities. The Fund’s ability to use derivative instruments and other senior securities, including any credit facilities available to it, and to invest and operate as it has historically, may be adversely affected as a result of new Rule 18f-4 under the 1940 Act once compliance is required in the middle of 2022.

• 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.

• foreign (non-U.S.) investment risk:  The Fund’s investments in and exposure to foreign securities involve special risks. For example, the value of these investments may decline in response to unfavorable political and legal developments, unreliable or untimely information or economic and financial instability. Foreign securities may experience more rapid and extreme changes in value than investments in securities of U.S. issuers. Investing in securities of issuers based or doing business in emerging markets entails all of the risks of investing in securities of foreign issuers, but to a heightened degree. To the extent that the investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. If the Fund buys securities denominated in a foreign currency, receives income in foreign currencies or holds foreign currencies from time to time, the value of the Fund’s assets, as measured in U.S. dollars, can be affected unfavorably by changes in exchange rates relative to the U.S. dollar or other foreign currencies. Foreign markets are also subject to the risk that a foreign government could restrict foreign exchange transactions or otherwise implement unfavorable currency regulations.

• 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.

• 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.

• investment and market risk:  An investment in the Fund is subject to the risk of loss. The value of the Fund’s securities and financial assets may move up or down, sometimes rapidly and unpredictably. Further, the value of securities held by the Fund may decline in value due to factors affecting securities markets generally or particular industries. Securities markets may, in response to governmental actions or intervention, economic or market developments, or other external factors, such

32 DoubleLine Opportunistic Credit Fund

(Unaudited)

March 31, 2021

as those experienced in the first calendar quarter of 2020 in response to an outbreak of respiratory disease caused by a novel coronavirus designated as COVID-19, experience periods of high volatility and reduced liquidity. Certain securities may be difficult to value during such periods. These risks may be heightened for fixed income securities due to the current low interest rate environment.

• 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.

• LIBOR risk:  The London Interbank Offered Rate (“LIBOR”) is the offered rate for wholesale, unsecured funding available to major international banks. The terms of many investments, financings or other transactions to which the Fund may be a party have been historically tied to LIBOR. LIBOR may also be a significant factor in determining payment obligations under a derivative investment and may be used in other ways that affect the Fund’s investment performance. The phase out of a majority of the U.S. dollar LIBOR publications is expected to occur some time in 2023, with the remainder of LIBOR publications expected to end at the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates, though there can be no assurance any such publications would be considered representative of the underlying market. The transition from LIBOR and the terms of any replacement rate(s) may adversely affect transactions that use LIBOR as a reference rate, financial institutions that engage in such transactions, and the financial markets generally. As such, the transition away from LIBOR may adversely affect the Fund’s performance.

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

• loan risk:  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.

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

Semi-Annual Report _| March 31, 2021 33

Notes to Financial Statements  (Cont.)

• 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.

12.  Recently Issued Accounting Pronouncements

In March 2020, FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

13.  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 30, 2020, the Securities and Exchange Commission declared effective a registration statement relating to an offering of the Common Shares and filed using the “shelf” registration process (the “Shelf Registration”). 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 $100,000,000, 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. As of March 31, 2021, the Fund had sold pursuant to a prior registration statement an aggregate of 14,972,014 Common Shares. As of March 31, 2021, the Fund had not sold any 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 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 objective and policies as set forth in its effective registration statement.

14.  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, 2021, through April 30, 2021, the Fund had sold 22,306 Common Shares pursuant to the Shelf Registration outlined in Note 13.

34 DoubleLine Opportunistic Credit Fund

Evaluation of Advisory Agreement by the Board of Trustees (Unaudited) March 31, 2021

DoubleLine Total Return Bond Fund

DoubleLine Core Fixed Income Fund

DoubleLine Emerging Markets Fixed Income Fund

DoubleLine Multi-Asset Growth Fund

DoubleLine Cayman Multi-Asset Growth Fund I Ltd.

DoubleLine Low Duration Bond Fund

DoubleLine Floating Rate Fund

DoubleLine Shiller Enhanced CAPE^®

DoubleLine Flexible Income Fund

DoubleLine Low Duration Emerging Markets Fixed Income Fund

DoubleLine Long Duration Total Return Bond Fund

DoubleLine Selective Credit Fund

DoubleLine Strategic Commodity Fund

DoubleLine Strategic Commodity Ltd.

DoubleLine Global Bond Fund

DoubleLine Infrastructure Income Fund

DoubleLine Ultra Short Bond Fund

DoubleLine Shiller Enhanced International CAPE^®

DoubleLine Colony Real Estate and Income Fund

DoubleLine Emerging Markets Local Currency Bond Fund

DoubleLine Income Fund

DoubleLine Opportunistic Credit Fund

DoubleLine Income Solutions Fund

DoubleLine Yield Opportunities Fund

At a meeting in February 2021, the Boards of Trustees (the “Board” or the “Trustees”) of the DoubleLine open-end mutual funds and closed-end funds listed above (the “Funds”) approved the continuation of the investment advisory and sub-advisory agreements (the “Advisory Agreements”) between DoubleLine and those Funds. That included approval by the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Funds (the “Independent Trustees”) voting separately. When used in this summary, “DoubleLine” refers collectively to DoubleLine Capital LP and/or to DoubleLine Alternatives LP, as appropriate in the context.

The Trustees’ determination to approve the continuation of each Advisory Agreement was made on the basis of each Trustee’s business judgment after an evaluation of all of the information provided to the Trustees, including information provided for their consideration at their February 2021 meeting with management and at meetings held in preparation for that February 2021 meeting, including portions held outside the presence of management, specifically to review and consider materials related to the proposed continuation of each Advisory Agreement. The Trustees 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 expense of each Fund, and the operations of each Fund. In considering whether to approve the continuation of the Advisory Agreements, the Trustees took into account information presented to them over the course of the past year.

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

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

Semi-Annual Report _| March 31, 2021 35

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

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 investor interest in products managed by DoubleLine.

The Trustees reviewed reports prepared by Strategic Insight (the “Strategic Insight Reports”), an Asset International Company (“Strategic Insight”), that compared, among other information, each Fund’s net management fee rate and net total expense ratio (Class I shares with respect to the open-end Funds) against the net management fee rate and net total expense ratio of a group of peers selected by Strategic Insight, and each Fund’s performance records (Class I shares with respect to the open-end Funds) for the one-year, three-year (where applicable), and five-year (where applicable) periods ended December 31, 2020 against the performance records of those funds in each Fund’s Morningstar category and the performance of the Fund’s broad-based benchmark index. The Independent Trustees met with Strategic Insight representatives to review the comparative information set out in the Strategic Insight Reports, the methodologies used by Strategic Insight in compiling those reports and the peer groups used within those reports, and considerations to weigh in evaluating the comparative information presented in those reports.

With respect to the comparative performance information in the Strategic Insight Reports, the Trustees considered, among other things, the specific factors cited by DoubleLine for any relative underperformance of the Funds. In this regard, the Trustees noted that many of the Funds underperformed either the average performance of the funds in their Morningstar categories and/or their benchmark index over one or more of the periods shown. The Independent Trustees considered DoubleLine’s explanation for each Fund’s relative underperformance, and noted DoubleLine’s explanation that the principal drivers of that underperformance included, among other things, some or all of the following: the poor relative performance of the mortgage-backed and other asset-backed securities held by a Fund in parts of 2020, a Fund’s significant underweight exposure to corporate bonds relative to its peers and/or its benchmark index, and a Fund’s shorter duration positioning relative to its peers and/or its benchmark index. The Trustees noted in this regard that those investment positions appeared generally consistent with DoubleLine’s long-term focus on structured products, such as mortgage-backed securities, as an integral component of its approach to fixed income investing and DoubleLine’s historical approach to risk management. The Trustees also considered information Strategic Insight and DoubleLine provided regarding differences in investment mandate, investment focus, and/or investment approach between a Fund and other funds in a Fund’s Morningstar category.

In addition, the Trustees reviewed and considered information that DoubleLine provides to them quarterly regarding each Fund’s relative performance for other measurement periods, including each Fund’s since inception performance. The Trustees noted that in the case of Funds with more than five years of investment operations the information DoubleLine provides quarterly includes performance information for a longer measuring period than the longest period shown in the Strategic Insight Reports. In evaluating that information, the Trustees took into account that that information was not prepared by Strategic Insight, nor was it prepared using the same methodologies as the Strategic Insight Reports, but they noted that the performance information for longer periods of time might better represent a Fund’s performance record over one or more full market cycles. The Trustees noted in this regard that a number of the Funds that had underperformed on a relative basis over one or more shorter periods of time shown in the Strategic Insight Reports had strong relative performance over the longer since-inception periods shown in the information DoubleLine provided to them as part of their regular quarterly materials for their February 2021 meeting.

The Trustees considered the portion of the Strategic Insight Reports covering the open-end Funds’ net management fees and net total expenses. As part of their review, the Trustees considered each open-end Fund’s net management fee rate relative to its expense peer group. The Trustees considered DoubleLine’s pricing policy for its advisory fees and that DoubleLine does not seek to be a lowest cost provider, nor does it have a policy to set its advisory fees below the median of a Fund’s peers. In respect of the three open-end Funds with net management fees that were in the fourth quartile of their expense groups, the Trustees considered, among other things, that significant differences exist between the Fund’s principal investment strategies and those of the bulk of the funds in its peer group, as in the case of DoubleLine Infrastructure Income Fund; DoubleLine’s demonstrated significant expertise and experience running the investment strategy over the long term, as in the case of DoubleLine Total Return Bond Fund; or the Fund’s strong relative long-term performance record as shown in the Strategic Insight Report, as in the case of DoubleLine Emerging Markets Fixed Income Fund. The Trustees noted also that, in each case, there were one or more funds in each of those Funds’ peer groups with higher net management fees and, in some cases, multiple funds with significantly higher net management fees.

The Trustees also considered the portion of the Strategic Insight Reports covering the open-end Funds’ net total expenses, noting that the reports showed that each open-end Fund, other than DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Emerging Markets Local Currency Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Infrastructure Income Fund, DoubleLine

36 DoubleLine Opportunistic Credit Fund

(Unaudited)

March 31, 2021

Multi-Asset Growth Fund, DoubleLine Strategic Commodity Fund, and DoubleLine Total Return Bond Fund, had a net total expense ratio in the first or second quartile of its expense peer group. The Trustees noted that DoubleLine Floating Rate Fund’s net total expense ratio was at exactly the median of its peer group, that DoubleLine Total Return Bond Fund’s net total expense ratio was less than 1 basis point above the median of its peer group, and that DoubleLine Emerging Markets Local Currency Bond Fund’s net total expense ratio was 2 basis points above the median of its peer group. The Trustees noted that each of DoubleLine Infrastructure Income Fund, DoubleLine Multi-Asset Growth Fund, and DoubleLine Strategic Commodity Fund had net total expense ratios significantly below the high end of the range of their expense groups and had net total expense ratios below several other funds in their expense peer groups. The Trustees noted that only one Fund, DoubleLine Emerging Markets Fixed Income Fund, had a net total expense ratio that was in the fourth comparative quartile of its expense peer group and, in that respect, they noted that the Fund’s net total expense ratio was below a number of its peers and in line with several others, and they also took into account DoubleLine Emerging Markets Fixed Income Fund’s favorable longer-term performance, which was above the median of its Morningstar category for the three-year and five-year periods shown and above its benchmark index for the five-year period shown (the longest performance period shown for the Fund in the Strategic Insight Report).

In respect of the closed-end Funds, the Trustees considered the information in the Strategic Insight Reports regarding the Funds’ net management fees and net total expenses, based on each Fund’s net assets (i.e., excluding the principal amount of borrowings) and, separately, on each Fund’s total managed assets. As to DoubleLine Opportunistic Credit Fund (“DBL”), the Trustees noted that DBL’s net management fee rate and net total expense ratio were shown in the Strategic Insight Report to be higher than the median of the Fund’s expense peer group on both a net assets and a total managed assets basis, though below one or more of DBL’s expense group peers in each instance. The Independent Trustees noted that DBL’s net management fees were in the third quartile of DBL’s expense group on both a net assets and a total managed assets basis and that DBL’s net total expenses were in the third quartile of DBL’s expense group on a net assets basis, but in the fourth quartile of the expense group when measured against total managed assets. In this regard the Strategic Insight Report showed that DBL had utilized lower levels of leverage relative to many of its expense group peers on the measuring date used for the Strategic Insight Report. The Trustees also considered DoubleLine’s statement that DBL’s fees reflect the experience and expertise DoubleLine brings to managing the Fund.

As to DoubleLine Income Solutions Fund (“DSL”), the Trustees noted that DSL’s net total expense ratio was below the median of its expense peer group on both a net assets and a total managed assets basis and that its net management fee rate was below the median of its expense peer group on a total managed assets basis and above, though near, the median of its expense group on a net assets basis. In evaluating the comparative net management fee and net total expense ratios of DSL, the Trustees considered DSL’s first quartile relative performance over the longest period shown in the Strategic Insight Report and DoubleLine’s statement that the Fund’s fees reflect the experience and expertise DoubleLine brings to managing the Fund.

As to DoubleLine Yield Opportunities Fund (“DLY”), the Trustees noted that DLY had less than a year of performance history and that it had performed in the third quartile of its Morningstar peer group over the six-month period ended December 31, 2020 and above the median, though below the average, of its peer group for the three-month period ended December 31, 2020.

The Trustees compared DLY’s net management fees and net total expenses to two peer groups assembled by Strategic Insight: (1) a group of closed-end funds that had recently launched with organizational and offering expense arrangements similar to those of DLY (“Group A”) and (2) a group of leveraged closed-end bond funds, which had not necessarily adopted recent structural changes in the closed-end marketplace (or which were launched prior to when those changes began to be adopted) (“Group B”). The Trustees noted that DLY’s net management fee was above the median net management fee of Group A, though below a number of the funds in Group A, and that DLY’s net total expense ratio was equal to the median total expense ratio of Group A, in each case when measured against each fund’s net assets. The Trustees noted that DLY’s net management fee and net total expense ratio compared less favorably against the funds in Group A when measured by reference to total managed assets. In this regard the Strategic Insight Report showed that DLY had utilized lower levels of leverage relative to many of its Group A peers on the measuring date used for the Strategic Insight Report. The Trustees noted also that DLY’s net management fees were generally higher, and in some cases substantially higher, than the fees of the peer funds in Group B, though not unreasonably so in light of the risks that DoubleLine had assumed as DLY’s sponsor in line with recent structural changes in the closed-end marketplace, the complexity of the Fund’s investment strategies, and DoubleLine’s investment experience and expertise. In evaluating the comparative net management fee rate of DLY, the Trustees considered DoubleLine’s representation that it believes that DLY represents good value to shareholders, in light of the expertise and experience of DLY’s portfolio managers, Messrs. Gundlach and Sherman, with whom the Board was familiar.

Semi-Annual Report _| March 31, 2021 37

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

The Trustees noted that each of DBL, DSL, and DLY had employed leverage during some or all of the period shown in the Strategic Insight Reports, and considered information from DoubleLine intended to show that each Fund’s use of leverage was accretive to the Fund’s investment performance, after taking into account any expenses related to the leverage, including incremental management fees.

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

The Trustees considered information provided by DoubleLine relating to its historical and continuing commitment to hire additional resources 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.

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

The Trustees reviewed information as to general estimates of DoubleLine’s profitability with respect to each Fund, taking into account 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 and incentive policies and practices enable DoubleLine to attract, retain, and motivate highly qualified and experienced employees. The Trustees noted that DoubleLine experienced significant profitability in respect of certain of the Funds, but noted that in those cases it would be appropriate to consider that profitability in light of various other considerations such as the nature, extent, and quality of the services provided by DoubleLine, the relative long-term performance of the relevant Funds, the consistency and transparency of the Funds’ investment operations over time, and the competitiveness of the management fees and total operating expenses of the Funds. The Trustees separately considered information regarding DoubleLine’s reinvestment in its business to maintain its ability to provide high-quality services to the Funds, and noted DoubleLine’s need to invest in technology, infrastructure, and staff to continue to provide services and accommodate changing regulatory requirements.

In their evaluation of economies of scale, the Trustees considered, among other things, the pricing of the Funds and DoubleLine’s reported profitability, and that a number of the open-end Funds had achieved significant size. They noted also that none of the Funds has breakpoints in its advisory fee schedule, though the Trustees considered management’s view that the fee schedules for the Funds remained consistent with DoubleLine’s original pricing philosophy of proposing an initial management fee rate that generally, when taking into account expense limitations (where applicable), reflects reasonably foreseeable economies of scale. In this regard, the Trustees noted also that the information provided by Strategic Insight supported the view that the net management fees of the largest open-end Funds remained fairly priced. The Trustees further noted that DoubleLine was subsidizing the expenses of a number of Funds with less scale, with the prospect of recouping those fees 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. On the basis of 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 Opportunistic Credit Fund

(Unaudited)

March 31, 2021

With regard to DBL, DSL, 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 DBL, DSL, and DLY are appropriate in light of the investment it has made in these Funds, the quality of the investment management and other teams provided by it, and its continued investments in its own business.

On the basis of these considerations as well as others and in the exercise of their business judgment, the Trustees determined that they were satisfied with the nature, extent, and quality of the services provided to each Fund under its Advisory Agreement(s); that it appeared that the management fees paid by each Fund to DoubleLine were generally within the range of management fees paid by its peer funds, and generally reasonable in light of the services provided, the quality of the portfolio management teams, and each Fund’s performance to date; that the fees paid by each Fund did not appear inappropriate in light of the fee schedules charged to DoubleLine’s other clients with substantially similar investment strategies (where applicable) in light of the differences in the services provided and the risks borne by DoubleLine; that the profitability of each Fund to DoubleLine did not appear excessive or such as to preclude continuation of the Fund’s Advisory Agreement; 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, 2021 39

Federal Tax Information (Unaudited) March 31, 2021

For the fiscal year ended September 30, 2020, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% (20% for taxpayers with taxable income greater than $425,800 for single individuals and $479,000 for married couples filing jointly), as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and The Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Qualified Dividend Income 0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended September 30, 2020, was as follows:

Dividends Received Deduction 0.00%

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the fiscal year ended September 30, 2020, was as follows:

Qualified Short-term Gains 0.00%

The percentage of taxable ordinary income distributions that are designated as interest related dividends under Internal Revenue Section 871(k)(1)(c) for the fiscal year ended September 30, 2020, was as follows:

Qualified Interest Income 100.00%

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

40 DoubleLine Opportunistic Credit Fund

Portfolio Managers (Unaudited) March 31, 2021

The portfolio managers for the Fund are Jeffrey E. Gundlach, Andrew Hsu and Ken Shinoda.

Mr. Gundlach has served as a portfolio manager for the Fund since the Fund’s inception. Messrs. Hsu and Shinoda have served as portfolio managers for the Fund since April 30, 2020.

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 30^th is available no later than the following August 31^st without charge, upon request, by calling 877-DLine11 (877-354-6311) or email fundinfo@doubleline.com and on the Securities and Exchange Commission’s (the “SEC”) 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 fundinfo@doubleline.com; 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 (and Form N-Q prior to March 31, 2019) 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 17, 2021 for shareholders of record as of the close of business on December 18, 2020 to re-elect Raymond B. Woolson and Ronald R. Redell, both Class III trustee nominees, for the Fund. The nominee Raymond B. Woolson was elected with 11,400,359 affirmative votes and 265,768 votes withheld. The nominee Ronald R. Redell was elected with 11,426,540 affirmative votes and 239,587 votes withheld. For the Fund, Trustees whose terms of office continued after the Annual Meeting of Shareholders because they were not up for re-election are Joseph J. Ciprari and John C. Salter.

Semi-Annual Report _| March 31, 2021 41

Dividend Reinvestment Plan (Unaudited) March 31, 2021

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

42 DoubleLine Opportunistic Credit Fund

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 Opportunistic Credit 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.

Semi-Annual Report _| March 31, 2021 43

Privacy Policy (Unaudited) March 31, 2021

What Does DoubleLine Do With Your Personal Information?

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

Why do we need your personal information?

All financial companies need to share customers’ personal information to run their everyday businesses, to appropriately tailor the services offered to you (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

DoubleLine may collect non-public information about you from the following sources:

• Information we receive about you on applications or other forms;

• Information you may give us orally;

• Information about your transactions with us or others;

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

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

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, each of which has privacy policies which 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 website 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.

44 DoubleLine Opportunistic Credit Fund

Privacy Policy  (Cont.)

How and why we may share 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 the Funds or you. For example, it might be necessary to do so in order to process transactions and maintain accounts.

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

• In order to alert a customer to other financial products and services offered by an affiliate, DoubleLine may share information with an affiliate, including companies using the DoubleLine name. Such products and services may include, for example, other investment products offered by a DoubleLine company. If you prefer that we not disclose non-public personal information about you to our affiliates for this purpose, you may direct us not to make such disclosures (other than disclosures permitted by law) by calling 1 (213) 633-8200. 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. Your information is not provided by us 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, website visitors and consumers is covered under the Gramm-Leach-Bliley Act and is therefore excluded from the scope of the California Consumer Privacy Act.

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;

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

• where the recipient is located in the U.S., it may be a certified member of the EU-U.S. Privacy Shield scheme.

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.

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, 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.

Semi-Annual Report _| March 31, 2021 45

(Unaudited)

March 31, 2021

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. If you are an investor in the DoubleLine funds, certain of the rights described above that may apply to direct clients of DoubleLine domiciled or resident outside the United States will not apply to you. 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 privacy@doubleline.com.

Changes to DoubleLine’s Privacy Policy

As required by U.S. federal law, DoubleLine will notify customers of DoubleLine’s Privacy Policy annually. 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 that change, in accordance with applicable law.

46 DoubleLine Opportunistic Credit Fund

Investment Adviser:

DoubleLine Capital LP

333 South Grand Avenue

18th Floor

Los Angeles, CA 90071

Administrator and Transfer Agent:

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

Custodian:

U.S. Bank, N.A.

1555 North River Center Drive

Suite 302

Milwaukee, WI 53212

Independent Registered Public Accounting Firm:

Deloitte & Touche LLP

695 Town Center Drive

Suite 1000

Costa Mesa, CA 92626

Legal Counsel:

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Contact Information:

doubleline.com

fundinfo@doubleline.com

(877) DLine11 or (877) 354-6311

DL-SEMI-DBL

DoubleLine || 333 South Grand Avenue, 18th Floor || Los Angeles, CA  90071 || (213) 633-8200

fundinfo@doubleline.com || 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.

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.    

1

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.

2

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 Opportunistic Credit Fund

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

Date 5/25/2021

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

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

Date 5/25/2021

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

Date 5/25/2021

3