Form N-CSRS DoubleLine Opportunistic For: Mar 31

Semi-Annual Report

March 31, 2026

DoubleLine Opportunistic Credit Fund

NYSE: DBL

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

[email protected] || www.doubleline.com

Table of Contents


				Page

	Schedule of Investments			4
	Statement of Assets and Liabilities			17
	Statement of Operations			18
	Statements of Changes in Net Assets			19
	Statement of Cash Flows			20
	Financial Highlights			21
	Notes to Financial Statements			23
	Distribution Information			33
	Evaluation of Advisory Agreement by the Board of Trustees			34
	Portfolio Managers			39
	Information About Proxy Voting			39
	Information About Portfolio Holdings			39
	Householding — Important Notice Regarding Delivery of Shareholder Documents			39
	Fund Certification			39
	Proxy Results			39
	Dividend Reinvestment Plan			40
	Privacy Policy			42

Semi-Annual Report

March 31, 2026

3

TABLE OF CONTENTS


Schedule of Investments DoubleLine Opportunistic Credit Fund	(Unaudited) March 31, 2026


Principal Amount $	Security Description	Rate	Maturity	Value $
ASSET BACKED OBLIGATIONS - 0.9%
	Blue Stream Communications LLC
500,000	Series 2023-1A-C	8.90%^(a)	05/20/2053	507,757
	Compass Datacenters LLC
500,000	Series 2024-1A-B	7.00%^(a)	02/25/2049	506,088
	Jimmy Johns LLC
1,092,500	Series 2017-1A-A2II	4.85%^(a)	07/30/2047	1,087,529
	Lendingpoint Asset Securitization Trust
46,265	Series 2022-B-B	5.99%^(a)	10/15/2029	46,253
	Sierra Timeshare Conduit Receivables Funding LLC
131,925	Series 2023-2A-D	9.72%^(a)	04/20/2040	138,145
	Upstart Pass-Through Trust Series
1,000,000	Series 2021-ST5-CERT	0.00%^(a)(b)(c)	07/20/2027	36,233
	Willis Lease Finance Corp.
374,397	Series 2021-A-C	7.39%^(a)	05/15/2046	369,440
	Total Asset Backed Obligations (Cost $2,634,525)			2,691,445

BANK LOANS - 15.6%
	1261229 BC Ltd.
664,975	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.25%, 0.00% Floor)	9.92%	10/08/2030	643,546
	Acrisure LLC
400,316	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor)	6.67%	11/06/2030	388,606
	ADMI Corp.
635,375	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.75%, 0.00% Floor)	9.42%	12/23/2027	609,166
	Alera Group, Inc.
460,000	Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.50%, 0.50% Floor)	9.18%	05/31/2033	445,625
	Applied Systems, Inc.
170,000	Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 4.50%, 0.00% Floor)	8.17%	02/23/2032	168,406
	Apro LLC
475,678	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor)	7.43%	07/09/2031	477,759
	Asurion LLC
105,981	Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.36%, 0.00% Floor)	9.03%	01/22/2029	105,461
	Atlas OpCo LLC
30,107	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 6.76%, 2.00% Floor)	10.30%	10/24/2030	25,365
	Aveanna Healthcare LLC
935,300	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor)	7.42%	09/17/2032	935,945
	Bausch + Lomb Corp.
1,134,400	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.00% Floor)	7.42%	01/15/2031	1,138,302


Principal Amount $	Security Description	Rate	Maturity	Value $
	Boxer Parent Co., Inc.
1,360,000	Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 5.75%, 0.00% Floor)	9.42%	07/30/2032	1,145,807
	Cengage Learning, Inc.
120,960	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor)	6.67%	03/24/2031	118,742
71,125	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor)	6.68%	03/24/2031	69,821
	Central Parent LLC
197,740	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor)	6.95%	07/06/2029	141,649
	Columbus McKinnon Corp./NY
626,947	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.50% Floor)	7.20%	02/03/2033	625,380
	Cornerstone Building Brands, Inc.
132,975	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.50% Floor)	8.17%	05/15/2031	64,759
	Crown Finance US, Inc.
1,662,327	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor)	8.17%	12/02/2031	1,648,555
	Dayforce Bidco LLC
970,000	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00%, 0.00% Floor)	6.66%	02/04/2033	920,152
	Dexko Global, Inc.
403,692	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.01%, 0.50% Floor)	7.68%	10/04/2028	396,478
	DG Investment Intermediate Holdings 2, Inc.
1,005,000	Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.50%, 0.00% Floor)	9.17%	07/29/2033	984,900
	Directv Financing LLC
820,367	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.51%, 0.75% Floor)	9.18%	08/02/2029	823,722
	Eagle Parent Corp.
883,481	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)	7.95%	04/02/2029	886,334
85,692	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)	7.95%	04/02/2029	85,969
85,692	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)	7.95%	04/02/2029	85,969
	Edelman Financial Engines Center LLC
1,375,000	Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.00% Floor)	8.92%	10/06/2028	1,365,031

4

DoubleLine Opportunistic Credit Fund

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS


			(Unaudited) March 31, 2026


Principal Amount $	Security Description	Rate	Maturity	Value $
	Eisner Advisory Group LLC
477,841	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.50% Floor)	7.67%	02/28/2031	456,338
	Ellucian Holdings, Inc.
180,000	Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor)	8.42%	11/22/2032	172,913
	Fertitta Entertainment LLC/NV
483,664	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.50% Floor)	6.92%	01/29/2029	475,200
	Flynn America LP
165,344	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.61%, 0.50% Floor)	8.28%	07/31/2028	162,863
165,344	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.61%, 0.50% Floor)	8.28%	07/31/2028	162,864
	Gainwell Acquisition Corp.
1,396,866	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.10%, 0.75% Floor)	7.80%	10/01/2027	1,359,039
	Golden State Foods LLC
385,469	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.00% Floor)	7.20%	12/04/2031	386,464
	Groupe Solmax, Inc.
84,496	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.75%, 0.75% Floor)	8.53%	07/24/2028	68,864
58,825	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.75%, 0.75% Floor)	8.53%	07/24/2028	47,942
107,967	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.01%, 0.75% Floor)	8.68%	07/24/2028	87,993
58,678	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.75%, 0.75% Floor)	8.71%	07/24/2028	47,823
	Hexion Holdings Corp.
983,071	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.50% Floor)	7.67%	03/15/2029	942,726
	INEOS US Finance LLC
943,239	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor)	6.92%	02/19/2030	827,103
	INEOS US Petrochem LLC
254,800	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.35%, 0.00% Floor)	8.02%	03/29/2029	200,655
782,100	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor)	7.92%	10/07/2031	557,735
	ION Platform Finance US, Inc.
870,111	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.00% Floor)	7.45%	09/30/2032	704,063


Principal Amount $	Security Description	Rate	Maturity	Value $
154,889	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.00% Floor)	7.45%	09/30/2032	125,331
	LBM Acquisition LLC
694,968	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.85%, 0.75% Floor)	7.52%	06/06/2031	560,843
	Lereta LLC
114,144	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.36%, 0.75% Floor)	9.04%	08/07/2028	105,551
	LifePoint Health, Inc.
68,952	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.50%, 1.00% Floor)	7.15%	05/19/2031	68,989
462,061	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor)	7.42%	05/19/2031	462,726
	Mativ Holdings, Inc.
665,000	Senior Secured Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor)	8.18%	03/30/2033	641,725
	MH Sub I LLC
579,795	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.50% Floor)	7.92%	12/31/2031	389,187
	Mitchell International, Inc.
985,000	Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.00% Floor)	8.92%	06/17/2032	892,351
	MLN US Holdco LLC
2,546	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00% + 6.00% PIK, 0.00% Floor)	5.68%	06/20/2030	1,146
107	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.00% + 6.00% PIK, 0.00% Floor)	5.68%	06/20/2030	48
	Motion Finco Sarl
1,055,000	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.50%, 0.00% Floor)	7.17%	11/30/2029	928,025
	Natgasoline LLC
678,762	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.50%, 0.00% Floor)	9.17%	03/29/2030	685,125
	Needle Holdings LLC
808	Senior Secured First Lien Term Loan (Prime Rate + 8.50%, 0.00% Floor)	15.25%^(c)(d)	04/28/2028	—
	NEP Group, Inc.
733,250	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor)	8.17%	10/17/2031	666,172
	Numericable US LLC
732,418	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.88%, 0.00% Floor)	10.55%	05/15/2031	735,319
	OAK-Eagle Acquireco, Inc.
700,000	Senior Secured Term Loan (1 mo. Term SOFR + 3.50%, 0.00% Floor)	7.21%	03/24/2033	696,500

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

March 31, 2026

5

TABLE OF CONTENTS

Schedule of Investments DoubleLine Opportunistic Credit Fund (Cont.)


Principal Amount $	Security Description	Rate	Maturity	Value $
	OEP Glass Purchaser LLC
525,000	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor)	7.70%	03/02/2033	517,619
	OneDigital Borrower LLC
675,000	Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.50% Floor)	8.92%	07/02/2032	661,500
	Ontario Gaming GTA LP
930,718	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)	7.95%	08/01/2030	874,461
	Par Petroleum LLC
358,913	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.50% Floor)	6.93%	02/28/2030	359,676
	PetSmart LLC
500,000	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor)	7.67%	08/18/2032	497,625
	Pregis TopCo LLC
1,252,350	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor)	7.67%	02/01/2029	1,252,350
	Pretzel Parent T/L B
1,239,763	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor)	8.17%	10/01/2031	1,205,670
	Radiology Partners, Inc.
1,273,600	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor)	8.20%	06/30/2032	1,256,999
	RealPage, Inc.
473,804	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.50% Floor)	7.45%	04/24/2028	461,428
	Sabre GLBL, Inc.
1,120,352	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.00%, 0.50% Floor)	9.77%	11/15/2029	888,932
	Sgh2 LLC
781,075	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.00% Floor)	8.20%	08/18/2032	769,359
	Staples, Inc.
172,375	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.75%, 0.50% Floor)	9.41%	09/10/2029	157,104
	StubHub Holdco Sub LLC
646,357	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor)	8.42%	03/15/2030	638,077
	Team Health Holdings, Inc.
689,796	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.00%, 0.00% Floor)	7.66%	06/30/2028	688,341


Principal Amount $	Security Description	Rate	Maturity	Value $
	Townsquare Media, Inc.
789,560	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.00%, 0.00% Floor)	8.59%	02/19/2030	579,442
	Trident TPI Holdings, Inc.
1,275,582	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.50% Floor)	7.45%	09/18/2028	1,211,203
	UKG, Inc.
863,170	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor)	6.17%	02/10/2031	826,002
	United Natural Foods, Inc.
208,788	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor)	8.42%	05/01/2031	210,249
	Univision Communications, Inc.
223,861	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.61%, 0.50% Floor)	7.28%	01/31/2029	222,043
526,024	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)	7.95%	06/25/2029	525,038
	Veritiv Operating Co.
761,964	Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.00%, 0.00% Floor)	7.70%	11/29/2030	742,370
	Vibrantz Technologies, Inc.
74,572	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.40%, 0.50% Floor)	8.05%	04/30/2030	45,862
124,287	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.40%, 0.50% Floor)	8.05%	04/30/2030	25,106
	Victra Holdings LLC
1,440,441	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.75% Floor)	7.45%	03/29/2029	1,422,436
	Voyager Parent LLC
1,065,103	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor)	7.95%	07/01/2032	1,059,224
173,680	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor)	7.95%	07/01/2032	172,721
	Zayo Group Holdings, Inc.
340,535	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.00% + 0.50% PIK, 0.00% Floor)	6.78%	03/11/2030	334,983
5,158	Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.11% + 0.50% PIK, 0.00% Floor)	6.79%	03/11/2030	5,074
	Total Bank Loans (Cost $47,624,057)			45,531,966

COLLATERALIZED LOAN OBLIGATIONS - 14.2%
	Allegany Park CLO Ltd.
1,000,000	Series 2019-1A-ERR (3 mo. Term SOFR + 6.40%, 6.40% Floor)	10.07%^(a)	01/20/2035	855,572

6

DoubleLine Opportunistic Credit Fund

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS


			(Unaudited) March 31, 2026

Principal Amount $

Security Description

Rate

Maturity

Value $

Atlas Senior Loan Fund Ltd.

1,700,000

Series 2019-14A-D (3 mo. Term SOFR + 4.16%, 3.90% Floor)

7.83%^(a)

07/20/2032

1,674,686

Babson CLO Ltd./Cayman Islands

1,000,000

Series 2019-2A-D1RR (3 mo. Term SOFR + 2.90%, 2.90% Floor)

6.57%^(a)

01/15/2038

991,496

Bain Capital Credit CLO

4,000,000

Series 2022-5A-DRR (3 mo. Term SOFR + 2.90%, 2.90% Floor)

6.57%^(a)

01/24/2037

3,852,830

BlueMountain CLO Ltd.

1,000,000

Series 2013-2A-DR (3 mo. Term SOFR + 3.16%, 0.00% Floor)

6.83%^(a)

10/22/2030

998,525

Canyon Capital CLO Ltd.

1,700,000

Series 2014-1A-CR (3 mo. Term SOFR + 3.01%, 2.75% Floor)

6.68%^(a)

01/30/2031

1,670,593

1,000,000

Series 2017-1A-DR (3 mo. Term SOFR + 3.26%, 3.00% Floor)

6.93%^(a)

07/15/2030

1,001,692

1,000,000

Series 2017-1A-E (3 mo. Term SOFR + 6.51%, 0.00% Floor)

10.18%^(a)

07/15/2030

964,209

2,250,000

Series 2021-1A-E (3 mo. Term SOFR + 6.67%, 6.41% Floor)

10.34%^(a)

04/15/2034

1,948,209

Canyon CLO

1,500,000

Series 2018-1A-E (3 mo. Term SOFR + 6.01%, 5.75% Floor)

9.68%^(a)

07/15/2031

1,411,130

Carlyle Group, Inc.

1,500,000

Series 2015-5A-DR (3 mo. Term SOFR + 6.96%, 6.70% Floor)

10.63%^(a)

01/20/2032

1,460,283

Dryden Senior Loan Fund

1,500,000

Series 2015-37A-ER (3 mo. Term SOFR + 5.41%, 5.15% Floor)

9.08%^(a)

01/15/2031

1,367,339

2,000,000

Series 2015-40A-ER (3 mo. Term SOFR + 6.01%, 5.75% Floor)

9.66%^(a)

08/15/2031

1,733,249

Generali

500,000

Series 2025-4A-D (3 mo. Term SOFR + 2.80%, 2.80% Floor)

6.65%^(a)

10/20/2038

497,422

Goldentree Loan Opportunities Ltd.

1,000,000

Series 2025-27A-D (3 mo. Term SOFR + 2.60%, 2.60% Floor)

6.32%^(a)

01/20/2039

1,004,214

Highbridge Loan Management Ltd.

1,000,000

Series 11A-17-E (3 mo. Term SOFR + 6.36%, 0.00% Floor)

10.03%^(a)

05/06/2030

761,072

Katayma CLO Ltd.

1,000,000

Series 2024-2A-D (3 mo. Term SOFR + 4.50%, 4.50% Floor)

8.17%^(a)

04/20/2037

998,114

LCM LP

2,500,000

Series 26A-E (3 mo. Term SOFR + 5.56%, 5.30% Floor)

9.23%^(a)

01/20/2031

1,193,142

Madison Park Funding Ltd.

850,000

Series 2014-14A-ER (3 mo. Term SOFR + 6.06%, 5.80% Floor)

9.73%^(a)

10/22/2030

819,355

Magnetite CLO Ltd.

1,000,000

Series 2019-24A-ER (3 mo. Term SOFR + 6.40%, 6.40% Floor)

10.07%^(a)

04/15/2035

944,659

Principal Amount $

Security Description

Rate

Maturity

Value $

500,000

Series 2022-33A-DR (3 mo. Term SOFR + 3.00%, 3.00% Floor)

6.67%^(a)

10/20/2037

491,538

Octagon Investment Partners Ltd.

1,000,000

Series 2016-1A-DR (3 mo. Term SOFR + 3.11%, 3.11% Floor)

6.78%^(a)

07/15/2030

1,001,435

1,000,000

Series 2016-1A-FR (3 mo. Term SOFR + 8.35%, 8.35% Floor)

12.02%^(a)

07/15/2030

29,475

2,000,000

Series 2017-1A-SUB

0.00%^(a)(b)(c)(e)

03/17/2030

3,462

RR Ltd./Cayman Islands

500,000

Series 2017-2A-DR (3 mo. Term SOFR + 6.06%, 5.80% Floor)

9.73%^(a)

04/15/2036

451,097

Sound Point CLO Ltd.

2,500,000

Series 2019-2A-DR (3 mo. Term SOFR + 3.56%, 3.30% Floor)

7.23%^(a)

07/15/2034

2,396,897

2,000,000

Series 2020-1A-DR (3 mo. Term SOFR + 3.61%, 3.61% Floor)

7.28%^(a)

07/20/2034

1,917,860

2,000,000

Series 2021-1A-D (3 mo. Term SOFR + 3.76%, 3.76% Floor)

7.43%^(a)

04/25/2034

1,855,032

Venture CDO Ltd.

500,000

Series 2017-30A-C (3 mo. Term SOFR + 2.21%, 0.00% Floor)

5.88%^(a)

01/15/2031

502,187

Vibrant CLO Ltd.

500,000

Series 2024-4RA-D1 (3 mo. Term SOFR + 3.75%, 3.75% Floor)

7.42%^(a)

10/20/2037

496,884

Vibrant Clo X Ltd.

1,000,000

Series 2018-10RA-C1 (3 mo. Term SOFR + 5.00%, 5.00% Floor)

8.67%^(a)

04/20/2036

1,000,088

Voya CLO Ltd.

1,000,000

Series 2020-1A-DRR (3 mo. Term SOFR + 2.95%, 2.95% Floor)

6.62%^(a)

07/16/2034

962,219

Wind River CLO Ltd.

2,500,000

Series 2014-2A-ER (3 mo. Term SOFR + 6.01%, 5.75% Floor)

9.68%^(a)

01/15/2031

2,141,417

1,000,000

Series 2014-3A-DR2 (3 mo. Term SOFR + 3.66%, 3.40% Floor)

7.33%^(a)

10/22/2031

999,992

1,000,000

Series 2021-3A-D1AR (3 mo. Term SOFR + 3.00%, 3.00% Floor)

6.67%^(a)

04/20/2038

996,709

Total Collateralized Loan Obligations

(Cost $45,613,750)

41,394,083

FOREIGN CORPORATE BONDS - 2.9%

200,000

Avianca Midco 2 PLC

9.63%

02/14/2030

187,228

200,000

Azul Secured Finance LLP

9.88%^(a)

02/15/2031

183,125

200,000

Azule Energy Finance PLC

8.63%

01/22/2033

201,907

200,000

Azule Energy Finance PLC

8.63%^(a)

01/22/2033

201,907

200,000

Banco Davivienda SA (5 yr. CMT Rate + 4.59%)

8.13%^(a)

07/02/2035

202,900

200,000

BRF SA

5.75%

09/21/2050

155,592

300,000

Cosan Overseas Ltd.

8.25%^(f)

05/05/2026

284,520

400,000

CSN Resources SA

5.88%

04/08/2032

245,502

200,000

Eldorado International. Finance GmbH

8.50%^(a)

12/01/2032

201,662

202,000

Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB/4323 (2.00% PIK)

11.00%^(a)(d)

09/12/2030

88,375

149,020

Fideicomiso PA Pacifico Tres

8.25%

01/15/2035

154,213

200,000

Frontera Energy Corp.

7.88%^(a)

06/21/2028

195,968

200,000

FS Luxembourg Sarl

8.63%^(a)

06/25/2033

198,350

200,000

FS Luxembourg Sarl

8.13%^(a)

02/11/2036

183,940

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

March 31, 2026

7

TABLE OF CONTENTS

Schedule of Investments DoubleLine Opportunistic Credit Fund (Cont.)


Principal Amount $	Security Description	Rate	Maturity	Value $
235,000	Garda World Security Corp.	8.25%^(a)	08/01/2032	232,865
200,000	Geopark Ltd.	8.75%	01/31/2030	197,181
235,000	Global Aircraft Leasing Co. Ltd.	8.75%^(a)	09/01/2027	238,711
250,000	Grupo Televisa SAB	5.25%	05/24/2049	154,039
250,000	Indika Energy Tbk PT	8.75%	05/07/2029	247,212
140,000	Kronos Acquisition Holdings, Inc.	8.25%^(a)	06/30/2031	86,975
200,000	Mongolian Mining Corp.	8.44%	04/03/2030	199,257
200,000	Motion Finco Sarl	8.38%^(a)	02/15/2032	165,479
300,000	Movida Europe SA	7.85%	04/11/2029	292,631
100,000	Ontario Gaming GTA LP/OTG Co.-Issuer, Inc.	8.00%^(a)	08/01/2030	95,917
600,000	Orbia Advance Corp. SAB de CV	5.50%	01/15/2048	407,418
160,000	Pampa Energia SA	7.75%	11/14/2037	161,024
40,000	Pampa Energia SA	7.75%^(a)	11/14/2037	40,256
400,000	Prosus NV	3.83%	02/08/2051	258,289
200,000	Saavi Energia Sarl	8.88%^(a)	02/10/2035	210,130
200,000	Saavi Energia Sarl	8.88%	02/10/2035	210,130
200,000	Sasol Financing USA LLC	5.50%	03/18/2031	180,602
200,000	SierraCol Energy Andina LLC/SierraCol Energy Arauca/Colombia Energy Development	9.00%^(a)	11/14/2030	199,241
250,000	Simpar Europe SA	5.20%	01/26/2031	212,125
300,000	Telecom Argentina SA	8.50%^(a)	01/20/2036	298,725
62,116	Unigel Luxembourg SA (13.50% Cash or 15.00% PIK)	13.50%^(d)	12/31/2027	3,727
44,227	Unigel Luxembourg SA (13.50% Cash or 15.00% PIK)	13.50%^(a)(d)	12/31/2027	2,654
51,684	Unigel Luxembourg SA (11.00% Cash or 12.00% PIK)	11.00%^(a)(d)	12/31/2028	1,550
222,252	Unigel Luxembourg SA (11.00% Cash or 12.00% PIK)	11.00%^(d)	12/31/2028	6,668
262,806	Unigel Netherlands Holding Corp. BV (15.00% Cash or 15.00% PIK)	15.00%^(d)	12/31/2044	5,256
400,000	Vamos Europe SA	9.20%^(a)	01/26/2031	379,648
400,000	Vedanta Resources Finance II PLC	9.13%^(a)	10/15/2032	402,765
240,000	Vista Energy Argentina SAU	8.50%^(a)	06/10/2033	251,208
300,000	Volcan Cia Minera SAA	8.50%^(a)	10/28/2032	304,695
197,340	Yinson Bergenia Production BV	8.50%^(a)	01/31/2045	208,888
	Total Foreign Corporate Bonds (Cost $8,877,339)			8,340,455

FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 1.4%
450,000	Brazilian Government International Bond	4.75%	01/14/2050	325,980
400,000	Chile Government International Bond	3.10%	01/22/2061	247,520
300,000	Colombia Government International Bond	5.00%	06/15/2045	216,033
200,000	Comision Federal de Electricidad	4.68%	02/09/2051	142,992
350,000	Corp. Nacional del Cobre de Chile	3.15%	01/15/2051	219,080
250,000	Ecopetrol SA	5.88%	05/28/2045	184,263
250,000	Ecopetrol SA	5.88%	11/02/2051	176,260
500,000	Mexico Government International Bond	3.77%	05/24/2061	300,250
200,000	Mexico Government International Bond	3.75%	04/19/2071	115,950
400,000	Morocco Government International Bond	4.00%	12/15/2050	275,380
200,000	OCP S.A.	5.13%	06/23/2051	156,266
300,000	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara	4.00%	06/30/2050	205,467
550,000	Peruvian Government International Bond	2.78%	12/01/2060	291,418
400,000	Petroleos del Peru SA	5.63%	06/19/2047	281,040

Principal Amount $

Security Description

Rate

Maturity

Value $

550,000

Petroleos Mexicanos

6.38%

01/23/2045

433,594

186,667

Port Of Spain Waterfront Development

7.88%

02/19/2040

187,133

100,000

YPF SA

8.25%^(a)

01/17/2034

102,114

250,000

YPF SA

7.00%

12/15/2047

222,453

Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations

(Cost $4,472,744)

4,083,193

NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 25.1%

1345 Trust

620,000

Series 2025-AOA-D (1 mo. Term SOFR + 3.00%, 3.00% Floor)

6.67%^(a)

06/15/2042

619,391

Acore Issuer LLC

1,230,000

Series 2026-FL1-C (1 mo. Term SOFR + 2.10%, 2.10% Floor)

5.78%^(a)

08/20/2043

1,233,068

ACREC Trust

1,110,000

Series 2026-FL4-C (1 mo. Term SOFR + 2.00%, 2.00% Floor)

5.68%^(a)

01/18/2043

1,108,437

Arbor Realty Trust, Inc.

1,000,000

Series 2022-FL1-C (30 day avg SOFR US + 2.30%, 2.30% Floor)

5.97%^(a)

01/15/2037

1,002,337

ARDN Mortgage Trust

650,000

Series 2025-ARCP-E (1 mo. Term SOFR + 4.50%, 4.50% Floor)

8.17%^(a)

06/15/2035

649,454

AREIT Ltd.

1,000,000

Series 2024-CRE9-B (1 mo. Term SOFR + 2.54%, 2.54% Floor)

6.21%^(a)

05/17/2041

1,000,937

AREIT Trust

1,000,000

Series 2023-CRE8-B (1 mo. Term SOFR + 3.32%, 3.32% Floor)

7.00%^(a)

08/17/2041

1,002,466

200,000

Series 2023-CRE8-D (1 mo. Term SOFR + 5.37%, 5.37% Floor)

9.05%^(a)

08/17/2041

200,823

930,000

Series 2025-CRE10-D (1 mo. Term SOFR + 2.79%, 2.79% Floor)

6.47%^(a)

01/17/2030

925,291

BANK

5,843,520

Series 2020-BN26-XF

1.50%^(a)(g)

03/15/2063

281,506

2,540,000

Series 2025-BNK51-XD

2.13%^(a)(e)(g)

12/25/2067

406,583

BANK5 Trust

61,648,749

Series 2023-5YR1-XA

0.15%^(e)(g)

04/15/2056

280,995

18,014,884

Series 2023-5YR4-XA

1.00%^(e)(g)

12/15/2056

394,693

15,514,000

Series 2025-5YR17-XD

1.81%^(a)(e)(g)

11/15/2058

1,165,288

707,000

Series 2026-5YR20-D

4.50%^(a)

02/15/2059

604,948

BBCMS Trust

500,000

Series 2025-5C34-D

4.25%^(a)

05/15/2058

438,734

BDS Ltd.

1,000,000

Series 2024-FL13-C (1 mo. Term SOFR + 2.59%, 2.59% Floor)

6.27%^(a)

09/19/2039

1,002,174

1,260,000

Series 2025-FL15-D (1 mo. Term SOFR + 2.40%, 2.40% Floor)

6.08%^(a)

03/19/2043

1,261,947

Beast Mortgage Trust

1,000,000

Series 2021-1818-G (1 mo. Term SOFR + 6.11%, 6.25% Floor)

9.79%^(a)

03/15/2036

56,944

Benchmark Mortgage Trust

11,128,429

Series 2018-B1-XA

0.52%^(e)(g)

01/15/2051

93,400

1,398,000

Series 2018-B4-D

2.76%^(a)(e)

07/15/2051

999,568

1,000,000

Series 2024-V10-D

4.50%^(a)

09/15/2057

912,167

720,000

Series 2025-V16-D

4.50%^(a)

08/15/2058

619,592

830,000

Series 2026-V20-D

4.50%^(a)

02/15/2059

713,783

8

DoubleLine Opportunistic Credit Fund

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS


			(Unaudited) March 31, 2026

Principal Amount $

Security Description

Rate

Maturity

Value $

Blackstone Mortgage Trust, Inc.

207,881

Series 2021-FL4-A (1 mo. Term SOFR + 1.41%, 1.05% Floor)

5.09%^(a)

05/15/2038

208,032

BMO Mortgage Trust

13,368,000

Series 2025-5C12-XD

2.06%^(a)(e)(g)

10/15/2058

1,143,453

1,089,000

Series 2025-C11-D

4.50%^(a)

02/15/2058

852,971

355,000

Series 2026-C14-D

4.50%^(a)

02/15/2059

269,826

Bombardier Capital Mortgage Securitization Corp.

1,268,000

Series 2025-5C6-D

4.25%^(a)

10/15/2058

1,098,717

BrightSpire Capital, Inc.

1,064,000

Series 2024-FL2-C (1 mo. Term SOFR + 3.54%, 3.54% Floor)

7.22%^(a)

08/19/2037

1,063,409

1,250,000

Series 2026-FL3-C (1 mo. Term SOFR + 2.10%, 2.10% Floor)

5.78%^(a)

08/19/2043

1,254,650

BSPRT Co.-Issuer LLC

1,400,000

Series 2023-FL10-AS (1 mo. Term SOFR + 2.86%, 2.86% Floor)

6.53%^(a)

09/15/2035

1,403,503

600,000

Series 2025-FL12-D (1 mo. Term SOFR + 2.70%, 2.70% Floor)

6.37%^(a)

01/17/2043

602,119

BX Trust

840,000

Series 2019-OC11-E

3.94%^(a)(e)

12/09/2041

777,899

459,643

Series 2024-AIRC-C (1 mo. Term SOFR + 2.59%, 2.59% Floor)

6.26%^(a)

08/15/2041

460,947

603,719

Series 2025-BCAT-D (1 mo. Term SOFR + 2.65%, 2.65% Floor)

6.32%^(a)

08/15/2042

606,315

630,391

Series 2025-LUNR-E (1 mo. Term SOFR + 3.95%, 3.95% Floor)

7.62%^(a)

06/15/2040

633,293

917,455

Series 2025-ROIC-E (1 mo. Term SOFR + 2.94%, 2.94% Floor)

6.61%^(a)

03/15/2030

915,849

410,000

Series 2026-ALOHA-E (1 mo. Term SOFR + 2.95%, 2.95% Floor)

6.65%^(a)

04/15/2043

411,025

620,000

Series 2026-CSMO-D (1 mo. Term SOFR + 2.45%, 2.45% Floor)

6.12%^(a)

02/15/2043

622,516

610,000

Series 2026-XL6-E (1 mo. Term SOFR + 3.00%, 3.00% Floor)

6.67%^(a)

03/15/2043

608,137

Citigroup/Deutsche Bank Commercial Mortgage Trust

12,624,534

Series 2017-CD6-XA

0.87%^(e)(g)

11/13/2050

121,804

Commercial Mortgage Pass Through Certificates

21,958,000

Series 2014-UBS3-XC

1.00%^(a)(e)(g)

06/10/2047

220

1,288,300

Series 2014-UBS4-F

3.75%^(a)(c)

08/10/2047

1

606,396

Series 2014-UBS4-G

3.75%^(a)(c)

08/10/2047

136

5,000

Series 2014-UBS4-V

0.00%^(a)(c)(e)

08/10/2047

—

20,841,491

Series 2015-CR23-XD

0.70%^(a)(e)(g)

05/10/2048

26,473

5,297,000

Series 2015-CR26-XD

1.36%^(a)(e)(g)

10/10/2048

53

Computershare Corporate Trust

20,099,681

Series 2015-C28-XF

1.14%^(a)(e)(g)

05/15/2048

48,639

1,000,000

Series 2016-LC24-C

4.39%^(e)

10/15/2049

940,597

43,035,066

Series 2018-C43-XA

0.57%^(e)(g)

03/15/2051

410,533

1,569,000

Series 2019-C50-D

3.00%^(a)

05/15/2052

1,320,431

1,253,000

Series 2026-5C8-D

4.50%^(a)

03/15/2059

1,064,519

CSAIL Commercial Mortgage Trust

107,038

Series 2016-C5-C

4.40%^(e)

11/15/2048

105,218

1,399,979

Series 2016-C6-XA

1.66%^(e)(g)

01/15/2049

14

2,000,000

Series 2018-CX12-C

4.72%^(e)

08/15/2051

1,887,133

DOLP Trust

1,000,000

Series 2021-NYC-F

3.70%^(a)(e)

05/10/2041

772,760

Extended Stay America Trust

614,221

Series 2026-ESH2-E (1 mo. Term SOFR + 2.90%, 2.90% Floor)

6.57%^(a)

02/15/2043

617,335

FIVE Mortgage Trust

583,000

Series 2023-V1-E

6.35%^(a)(e)

02/10/2056

547,250

Principal Amount $

Security Description

Rate

Maturity

Value $

FS Rialto

1,199,000

Series 2021-FL3-D (1 mo. Term SOFR + 2.61%, 2.61% Floor)

6.29%^(a)

11/16/2036

1,207,522

1,200,000

Series 2024-FL9-D (1 mo. Term SOFR + 3.94%, 3.94% Floor)

7.62%^(a)

10/19/2039

1,195,963

1,140,000

Series 2025-FL10-D (1 mo. Term SOFR + 2.70%, 2.70% Floor)

6.37%^(a)

08/19/2042

1,127,463

1,370,000

Series 2026-FL11-D (1 mo. Term SOFR + 2.65%, 2.65% Floor)

6.32%^(a)

01/19/2044

1,374,222

Granite Point Mortgage Trust, Inc.

1,000,000

Series 2021-FL4-B (1 mo. Term SOFR + 2.06%, 1.95% Floor)

5.74%^(a)

12/15/2036

996,914

Great Wolf Trust

1,500,000

Series 2024-WLF2-E (1 mo. Term SOFR + 3.64%)

7.31%^(a)

05/15/2041

1,498,119

Greystone Commercial Real Estate Notes

880,000

Series 2025-FL4-C (1 mo. Term SOFR + 2.89%, 2.89% Floor)

6.56%^(a)

01/15/2043

882,411

GS Mortgage Securities Corp. II

734,722

Series 2015-GC28-D

4.13%^(a)(e)

02/10/2048

706,085

73,462,168

Series 2018-GS9-XA

0.41%^(e)(g)

03/10/2051

448,604

958,000

Series 2019-GC38-D

3.00%^(a)

02/10/2052

823,600

JP Morgan Chase Commercial Mortgage Securities

1,153,000

Series 2019-MFP-G (1 mo. Term SOFR + 4.10%, 4.05% Floor)

7.77%^(a)

07/15/2036

302,662

1,153,000

Series 2019-MFP-XG

0.50%^(a)(e)(g)

07/15/2036

9,503

1,040,000

Series 2019-UES-B

4.14%^(a)

05/05/2032

1,036,545

JPMBB Commercial Mortgage Securities Trust

8,212,634

Series 2013-C14-XC

0.33%^(a)(e)(g)

08/15/2046

28,596

1,647,787

Series 2014-C19-NR

(30 day avg SOFR US)

3.75%^(a)(c)

04/15/2047

900,570

500,000

Series 2015-C27-D

3.68%^(a)(e)

02/15/2048

102,375

10,855,968

Series 2015-C29-XE

0.49%^(a)(e)(g)

05/15/2048

109

16,358,000

Series 2015-C32-XD

0.50%^(a)(e)(g)

11/15/2048

164

KKR Industrial Portfolio Trust

600,000

Series 2024-1-C (1 mo. Term SOFR + 2.84%, 2.84% Floor)

6.51%^(a)

08/15/2041

600,515

KREF

1,000,000

Series 2021-FL2-C (1 mo. Term SOFR + 2.11%, 2.00% Floor)

5.79%^(a)

02/15/2039

998,834

LoanCore

650,000

Series 2025-CRE8-D (1 mo. Term SOFR + 2.74%, 2.74% Floor)

6.42%^(a)

08/17/2042

646,568

LSTAR Commercial Mortgage Trust

1,000,000

Series 2017-5-C

4.67%^(a)(e)

03/10/2050

944,107

Lument Finance Trust, Inc.

1,210,000

Series 2025-FL3-D (1 mo. Term SOFR + 3.60%, 3.60% Floor)

7.27%^(a)

07/21/2043

1,227,380

MF1 Multifamily Housing Mortgage Loan Trust

1,000,000

Series 2021-FL7-E (1 mo. Term SOFR + 2.91%, 2.80% Floor)

6.59%^(a)

10/16/2036

991,454

1,000,000

Series 2024-FL14-C (1 mo. Term SOFR + 3.29%, 3.29% Floor)

6.96%^(a)

03/19/2039

1,004,197

1,000,000

Series 2024-FL15-C (1 mo. Term SOFR + 2.94%, 2.94% Floor)

6.62%^(a)

08/18/2041

1,003,288

1,240,000

Series 2024-FL16-D (1 mo. Term SOFR + 3.59%, 3.59% Floor)

7.27%^(a)

11/18/2039

1,233,784

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

March 31, 2026

9

TABLE OF CONTENTS

Schedule of Investments DoubleLine Opportunistic Credit Fund (Cont.)

Principal Amount $

Security Description

Rate

Maturity

Value $

690,000

Series 2025-FL17-D (1 mo. Term SOFR + 2.74%, 2.74% Floor)

6.42%^(a)

02/18/2040

692,786

1,250,000

Series 2025-FL19-C (1 mo. Term SOFR + 2.84%, 2.84% Floor)

6.52%^(a)

05/18/2042

1,254,540

1,360,000

Series 2026-FL21-C (1 mo. Term SOFR + 1.95%, 1.95% Floor)

5.63%^(a)

02/18/2041

1,365,001

Natixis Commercial Mortgage Securities Trust

370,000

Series 2019-10K-E

4.13%^(a)(e)

05/15/2039

343,117

PFP III Ltd.

995,530

Series 2024-11-B (1 mo. Term SOFR + 2.49%, 2.49% Floor)

6.16%^(a)

09/17/2039

997,723

1,250,000

Series 2025-12-C (1 mo. Term SOFR + 2.54%, 2.54% Floor)

6.22%^(a)

12/18/2042

1,252,801

800,000

Series 2026-13-C (1 mo. Term SOFR + 2.00%, 2.00% Floor)

5.68%^(a)

08/18/2043

802,550

Starwood Property Trust, Inc.

1,200,000

Series 2021-FL2-C (1 mo. Term SOFR + 2.21%, 2.10% Floor)

5.89%^(a)

04/18/2038

1,200,006

2,500,000

Series 2022-FL3-B (30 day avg SOFR US + 1.95%, 1.95% Floor)

5.62%^(a)

11/15/2038

2,506,235

TPG Real Estate Finance Issuer Ltd.

758,000

Series 2022-FL5-AS (1 mo. Term SOFR + 2.15%, 2.15% Floor)

5.83%^(a)

02/15/2039

758,943

1,100,000

Series 2022-FL5-B (1 mo. Term SOFR + 2.45%, 2.45% Floor)

6.13%^(a)

02/15/2039

1,102,034

UBS-Barclays Commercial Mortgage Trust

1,350,000

Series 2013-C5-C

3.65%^(a)(e)

03/10/2046

1,257,934

WHARF Trust

630,000

Series 2025-DC-E

7.21%^(a)(e)

07/15/2040

632,613

Total Non-Agency Commercial Mortgage Backed Obligations

(Cost $84,460,068)

73,228,140

NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 23.8%

Banco Santander SA

1,064,000

Series 2025-NQM5-B2

7.23%^(a)(e)

08/25/2065

1,041,697

1,000,000

Series 2025-NQM6-B1

6.82%^(a)(e)

11/25/2065

996,352

Barclays PLC

7,991,793

Series 2007-AB1-A5

4.45%^(h)

03/25/2037

2,868,147

458,858

Series 2010-RR6-6A2

4.29%^(a)(e)

07/26/2037

200,188

Chase Mortgage Finance Corp.

1,276,365

Series 2007-S1-A7

6.00%

02/25/2037

485,942

1,342,661

Series 2007-S3-1A5

6.00%

05/25/2037

538,647

Citigroup Financial Products, Inc.

243,508

Series 2006-8-A4 (-3 x 1 mo. Term SOFR + 19.35%, 0.00% Floor, 19.66% Cap)

9.23%^(a)(i)

10/25/2035

166,653

Countrywide Alternative Loan Trust

498,823

Series 2005-85CB-2A5 (1 mo. Term SOFR + 1.21%, 1.10% Floor, 7.00% Cap)

4.89%

02/25/2036

380,583

105,344

Series 2005-85CB-2A6

(-4 x 1 mo. Term SOFR + 21.21%, 0.00% Floor, 21.63% Cap)

7.73%⁽ⁱ⁾

02/25/2036

83,025

Countrywide Home Loan Mortgage Pass Through Trust

1,267,106

Series 2007-4-1A35 (-1 x 1 mo. Term SOFR + 6.59%, 0.00% Floor, 6.70% Cap)

2.91%^(g)(i)

05/25/2037

177,529


Principal Amount $	Security Description	Rate	Maturity	Value $
	Credit Suisse Management LLC
1,573,443	Series 2005-11-7A1	6.00%	12/25/2035	747,268
	Credit Suisse Mortgage Capital Certificates
3,068,932	Series 2006-5-3A3	6.50%	06/25/2036	456,475
214,780	Series 2006-9-2A1	5.50%	11/25/2036	202,683
151,410	Series 2006-9-6A14	6.00%	11/25/2036	96,680
	Deephaven Residential Mortgage Trust
500,000	Series 2025-INV1-B1	6.68%^(a)(e)	11/25/2060	493,758
1,548,000	Series 2025-INV1-B2	7.18%^(a)(e)	11/25/2060	1,509,931
	Ellington Financial Mortgage Trust
100,000	Series 2025-INV2-B1	7.50%^(a)(e)	05/26/2070	101,081
550,000	Series 2025-INV3-B2	7.58%^(a)(e)	07/25/2070	541,977
2,704,000	Series 2025-INV4-B1	6.84%^(a)(e)	10/25/2070	2,701,769
1,659,000	Series 2025-INV4-B2	7.38%^(a)(e)	10/25/2070	1,640,183
500,000	Series 2025-NQM2-B2	7.23%^(a)(e)	06/25/2070	493,029
2,500,000	Series 2025-NQM5-B1	6.72%^(a)(e)	11/25/2070	2,489,118
2,733,000	Series 2025-NQM5-B2	7.24%^(a)(e)	11/25/2070	2,689,204
	Fannie Mae Connecticut Avenue Securities
2,996,000	Series 2021-R01-1B2 (30 day avg SOFR US + 6.00%, 0.00% Floor)	9.66%^(a)	10/25/2041	3,058,560
3,000,000	Series 2022-R01-1B2 (30 day avg SOFR US + 6.00%, 0.00% Floor)	9.66%^(a)	12/25/2041	3,079,198
	Freddie Mac Structured Agency Credit Risk Debt Notes
3,000,000	Series 2020-HQA2-B2 (30 day avg SOFR US + 7.71%, 0.00% Floor)	11.38%^(a)	03/25/2050	3,603,775
2,000,000	Series 2021-DNA2-B2 (30 day avg SOFR US + 6.00%, 0.00% Floor)	9.66%^(a)	08/25/2033	2,492,347
3,000,000	Series 2021-DNA6-B2 (30 day avg SOFR US + 7.50%, 0.00% Floor)	11.16%^(a)	10/25/2041	3,086,128
1,200,000	Series 2021-DNA7-M2 (30 day avg SOFR US + 1.80%, 0.00% Floor)	5.46%^(a)	11/25/2041	1,203,367
2,000,000	Series 2021-HQA2-B2 (30 day avg SOFR US + 5.45%, 0.00% Floor)	9.11%^(a)	12/25/2033	2,439,364
3,000,000	Series 2021-HQA3-B2 (30 day avg SOFR US + 6.25%, 0.00% Floor)	9.91%^(a)	09/25/2041	3,055,520
	GS Mortgage-Backed Securities Trust
1,321,000	Series 2025-NQM4-B1	6.77%^(a)(e)	10/25/2065	1,317,490
584,000	Series 2025-NQM4-B2	7.25%^(a)(e)	10/25/2065	578,843
500,000	Series 2025-NQM5-B1	6.74%^(a)(e)	07/25/2065	497,735
1,830,000	Series 2025-NQM5-B2	7.32%^(a)(e)	07/25/2065	1,800,699
450,000	Series 2025-NQM6-B1	6.60%^(a)(e)	02/25/2066	445,580
325,000	Series 2025-NQM6-B2	7.42%^(a)(e)	02/25/2066	320,503
	Indymac Index Mortgage Loan Trust
752,664	Series 2005-AR23-6A1	3.71%^(e)	11/25/2035	730,310
	JP Morgan Alternative Loan Trust
56,943	Series 2006-S1-2A5	5.50%	12/25/2030	46,954
	JP Morgan Mortgage Trust
879,000	Series 2025-VIS3-B1	6.76%^(a)(e)	02/25/2066	872,365
602,000	Series 2025-VIS3-B2	7.23%^(a)(e)	02/25/2066	588,365
	JP Morgan Reremic
811,082	Series 2011-1-2A10	6.00%^(a)(e)	06/26/2037	672,994
	Lehman Mortgage Trust
132,545	Series 2007-10-1A1	6.00%	01/25/2038	129,523
1,146,287	Series 2007-4-1A3	5.75%	05/25/2037	519,978
	New Residential Mortgage Loan Trust
1,000,000	Series 2025-NQM6-B1	6.85%^(a)(e)	10/25/2065	993,305
920,000	Series 2025-NQM6-B2	6.94%^(a)(e)	10/25/2065	889,179
	Pretium Mortgage Credit Partners LLC
700,000	Series 2025-NPL7-A2	8.35%^(a)(h)	07/25/2055	702,814
650,000	Series 2025-NPL8-A2	7.99%^(a)(h)	08/25/2055	651,877
	RALI Trust
386,340	Series 2005-QS14-3A1	6.00%	09/25/2035	343,750
959,869	Series 2006-QS7-A3	6.00%	06/25/2036	766,329

10

DoubleLine Opportunistic Credit Fund

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS


			(Unaudited) March 31, 2026


Principal Amount $	Security Description	Rate	Maturity	Value $
319,741	Series 2007-QS1-1A1	6.00%	01/25/2037	255,142
517,864	Series 2007-QS6-A1 (1 mo. Term SOFR + 0.44%, 0.33% Floor, 7.00% Cap)	4.12%	04/25/2037	392,135
548,258	Series 2007-QS6-A102	5.75%	04/25/2037	453,808
117,972	Series 2007-QS6-A2 (-8 x 1 mo. Term SOFR + 54.63%, 0.00% Floor, 55.58% Cap)	23.97%⁽ⁱ⁾	04/25/2037	175,758
	Residential Asset Securitization Trust
1,643,089	Series 2006-A6-1A12 (-1 x 1 mo. Term SOFR + 6.99%, 0.00% Floor, 7.10% Cap)	3.31%^(g)(i)	07/25/2036	175,226
1,624,593	Series 2006-A6-1A9	6.00%	07/25/2036	368,901
	RFMSI Trust
339,097	Series 2007-S2-A4	6.00%	02/25/2037	260,926
	Structured Adjustable Rate Mortgage Loan Trust
196,523	Series 2006-1-2A2	4.56%^(e)	02/25/2036	184,682
	Velocity Commercial Capital Loan Trust
344,674	Series 2018-1-M4	5.01%^(a)	04/25/2048	320,881
256,243	Series 2018-1-M5	6.26%^(a)	04/25/2048	237,506
364,718	Series 2018-1-M6	7.26%^(a)	04/25/2048	331,311
	Verus Securitization Trust
625,000	Series 2025-1-B2	7.35%^(a)(e)	01/25/2070	624,077
1,411,000	Series 2025-10-B1	6.48%^(a)(e)	06/25/2070	1,396,737
1,241,000	Series 2025-3-B2	7.49%^(a)(e)	05/25/2070	1,240,289
212,000	Series 2025-4-B1	7.45%^(a)(e)	05/25/2070	214,914
675,000	Series 2025-5-B2	7.32%^(a)(e)	06/25/2070	672,348
625,000	Series 2025-7-B2	7.50%^(a)(e)	08/25/2070	619,203
1,500,000	Series 2025-8-B2	7.50%^(a)(e)	09/25/2070	1,485,767
996,500	Series 2025-9-B2	7.38%^(a)(e)	10/27/2070	990,433
1,300,000	Series 2026-2-B2	6.87%^(a)(e)	02/25/2071	1,248,745
813,000	Series 2026-3-B2	6.81%^(a)(e)	03/25/2071	794,659
	Washington Mutual Alternative Mortgage Pass-Through Certificates
2,860,501	Series 2006-8-A4	4.07%^(h)	10/25/2036	992,110
	Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $79,483,882)			69,424,329

US CORPORATE BONDS - 1.4%
250,000	Allied Universal Holdco LLC	7.88%^(a)	02/15/2031	257,971
35,000	American Axle & Manufacturing, Inc.	7.75%^(a)	10/15/2033	34,094
85,000	Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.	9.75%^(a)	04/15/2030	90,305
30,000	APH / APH2 / APH3	7.88%^(a)	11/01/2029	27,155
20,000	Asurion LLC/ Asurion Co.-Issuer, Inc.	8.00%^(a)	12/31/2032	20,766
140,000	Bausch + Lomb Corp.	8.38%^(a)	10/01/2028	144,725
95,000	CCO Holdings LLC / CCO Holdings Capital Corp.	7.38%^(a)	02/01/2036	94,691
35,000	Celanese US Holdings LLC	7.38%	02/15/2034	35,889
25,000	Chemours Co.	7.88%^(a)	03/15/2034	25,017
45,000	Cipher Compute LLC	7.13%^(a)	11/15/2030	46,678
55,000	Clear Channel Outdoor Holdings, Inc.	7.50%^(a)	06/01/2029	55,264
30,000	Clear Channel Outdoor Holdings, Inc.	7.13%^(a)	02/15/2031	31,449
45,000	Columbus McKinnon Corp./NY	7.13%^(a)	02/01/2033	45,021
25,000	Cornerstone Building Brands, Inc.	9.50%^(a)	08/15/2029	14,910
100,000	Crescent Energy Finance LLC	7.88%^(a)	04/15/2032	102,240
75,000	Dcli Bidco LLC	7.75%^(a)	11/15/2029	75,903
95,000	Dealer Tire LLC / DT Issuer LLC	8.00%^(a)	02/01/2028	92,946
55,000	Directv Financing LLC	8.88%^(a)	02/01/2030	54,946
55,000	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.	10.00%^(a)	02/15/2031	56,189
20,000	Discovery Global Holdings, Inc.	5.05%	03/15/2042	13,226

Principal Amount $

Security Description

Rate

Maturity

Value $

60,000

Dornoch Debt Merger Sub, Inc.

6.63%^(a)

10/15/2029

53,624

45,000

EchoStar Corp.

10.75%

11/30/2029

48,639

115,000

Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.

6.75%^(a)

01/15/2030

107,504

30,000

Flash Compute LLC

7.25%^(a)

12/31/2030

30,241

45,000

Freedom Mortgage Holdings LLC

8.38%^(a)

04/01/2032

44,313

145,000

Full House Resorts, Inc.

8.25%^(a)

02/15/2028

132,312

100,000

Getty Images, Inc.

10.50%^(a)

11/15/2030

89,778

67,000

Gray Media, Inc.

10.50%^(a)

07/15/2029

71,237

65,000

Gray Media, Inc.

9.63%^(a)

07/15/2032

65,056

45,000

Gray Media, Inc.

7.25%^(a)

08/15/2033

45,380

109,000

Illuminate Buyer LLC / Illuminate Holdings IV, Inc.

9.00%^(a)

07/01/2028

109,196

35,000

JetBlue Airways Corp. / JetBlue Loyalty LP

9.88%^(a)

09/20/2031

33,125

20,000

K Hovnanian Enterprises, Inc.

8.38%^(a)

10/01/2033

19,801

30,000

Kohl’s Corp.

10.00%^(a)

06/01/2030

31,744

30,000

LBM Acquisition LLC

9.50%^(a)

06/15/2031

26,151

35,000

LFS Topco LLC

8.75%^(a)

07/15/2030

33,476

105,000

LifePoint Health, Inc.

10.00%^(a)

06/01/2032

107,361

55,000

Mativ Holdings, Inc.

8.00%^(a)

10/01/2029

51,295

90,000

Nabors Industries, Inc.

8.88%^(a)

08/15/2031

93,817

45,000

Nabors Industries, Inc.

7.63%^(a)

11/15/2032

46,093

50,000

Nexstar Media, Inc.

7.25%^(a)

04/15/2034

50,202

50,000

NGL Energy Operating LLC / NGL Energy Finance Corp.

8.38%^(a)

02/15/2032

51,564

20,000

OAK-Eagle Acquireco, Inc.

8.75%^(a)

07/01/2034

20,951

250,000

PetSmart LLC / PetSmart Finance Corp.

7.50%^(a)

09/15/2032

251,404

50,000

Radiology Partners, Inc.

8.50%^(a)

07/15/2032

50,756

15,000

Sabre Financial Borrower LLC

11.13%^(a)

06/15/2029

15,365

14,000

Sabre GLBL, Inc.

10.75%^(a)

11/15/2029

11,970

25,000

Sabre GLBL, Inc.

10.75%^(a)

03/15/2030

21,145

45,000

Six Flags Entertainment Corp.

7.25%^(a)

05/15/2031

43,376

10,000

Six Flags Entertainment Corp./Canada’s Wonderland Co./Millennium Operations LLC

8.63%^(a)

01/15/2032

10,023

50,000

SM Energy Co.

7.00%^(a)

08/01/2032

51,092

25,000

Staples, Inc.

10.75%^(a)

09/01/2029

23,140

50,000

Synergy Infrastructure Holdings LLC

7.88%^(a)

12/01/2030

51,091

20,000

Transocean International Ltd.

7.88%^(a)

10/15/2032

21,384

95,000

Trident TPI Holdings, Inc.

12.75%^(a)

12/31/2028

92,594

45,000

UKG, Inc.

6.88%^(a)

02/01/2031

44,018

81,000

United Natural Foods, Inc.

6.75%^(a)

10/15/2028

81,139

30,000

Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC

8.63%^(a)

06/15/2032

30,576

35,000

Uniti Services LLC

7.50%^(a)

10/15/2033

36,413

90,000

Univision Communications, Inc.

8.50%^(a)

07/31/2031

90,509

75,000

Venture Global LNG, Inc.

8.38%^(a)

06/01/2031

78,037

45,000

Veritiv Operating Co.

10.50%^(a)

11/30/2030

46,822

160,000

Victra Holdings LLC / Victra Finance Corp.

8.75%^(a)

09/15/2029

166,187

40,000

Voyager Parent LLC

9.25%^(a)

07/01/2032

41,554

Total US Corporate Bonds

(Cost $3,936,181)

3,940,840

US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 18.7%

Federal Home Loan Mortgage Corp.

27,226,462

Series 2021-P009-X

1.28%^(e)(g)

01/25/2031

634,355

204,814

Series 3211-SI (-4 x 30 day avg SOFR US + 27.18%, 0.00% Floor, 27.67% Cap)

11.74%^(g)(i)

09/15/2036

81,261

424,078

Series 3236-ES (-1 x 30 day avg SOFR US + 6.59%, 0.00% Floor, 6.70% Cap)

2.91%^(g)(i)

11/15/2036

41,057

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

March 31, 2026

11

TABLE OF CONTENTS

Schedule of Investments DoubleLine Opportunistic Credit Fund (Cont.)

Principal Amount $

Security Description

Rate

Maturity

Value $

282,720

Series 3256-S (-1 x 30 day avg SOFR US + 6.58%, 0.00% Floor, 6.69% Cap)

2.90%^(g)(i)

12/15/2036

30,289

144,174

Series 3292-SD (-1 x

30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)

2.31%^(g)(i)

03/15/2037

10,911

1,763,022

Series 3297-BI (-1 x 30 day avg SOFR US + 6.65%, 0.00% Floor, 6.76% Cap)

2.97%^(g)(i)

04/15/2037

197,548

1,604,916

Series 3311-BI (-1 x 30 day avg SOFR US + 6.65%, 0.00% Floor, 6.76% Cap)

2.97%^(g)(i)

05/15/2037

130,699

1,281,760

Series 3311-IA (-1 x 30 day avg SOFR US + 6.30%, 0.00% Floor, 6.41% Cap)

2.62%^(g)(i)

05/15/2037

141,036

284,102

Series 3314-SH (-1 x

30 day avg SOFR US + 6.29%, 0.00% Floor, 6.40% Cap)

2.61%^(g)(i)

11/15/2036

23,091

149,628

Series 3330-KS (-1 x

30 day avg SOFR US + 6.44%, 0.00% Floor, 6.55% Cap)

2.76%^(g)(i)

06/15/2037

8,655

25,600

Series 3339-AI (-1 x 30 day avg SOFR US + 6.44%, 0.00% Floor, 6.55% Cap)

2.76%^(g)(i)

07/15/2037

2,350

923,373

Series 3339-TI (-1 x 30 day avg SOFR US + 6.03%, 0.00% Floor, 6.14% Cap)

2.35%^(g)(i)

07/15/2037

89,470

289,766

Series 3374-SD (-1 x

30 day avg SOFR US + 6.34%, 0.00% Floor, 6.45% Cap)

2.66%^(g)(i)

10/15/2037

20,653

68,181

Series 3382-SU (-1 x

30 day avg SOFR US + 6.19%, 0.00% Floor, 6.30% Cap)

2.51%^(g)(i)

11/15/2037

4,760

1,528,015

Series 3404-SA (-1 x

30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)

2.21%^(g)(i)

01/15/2038

114,313

71,258

Series 3423-GS (-1 x

30 day avg SOFR US + 5.54%, 0.00% Floor, 5.65% Cap)

1.86%^(g)(i)

03/15/2038

4,765

1,175,949

Series 3435-S (-1 x 30 day avg SOFR US + 5.87%, 0.00% Floor, 5.98% Cap)

2.19%^(g)(i)

04/15/2038

84,293

65,302

Series 3508-PS (-1 x

30 day avg SOFR US + 6.54%, 0.00% Floor, 6.65% Cap)

2.86%^(g)(i)

02/15/2039

4,393

402,746

Series 3728-SV (-1 x

30 day avg SOFR US + 4.34%, 0.00% Floor, 4.45% Cap)

0.66%^(g)(i)

09/15/2040

12,077

3,557,449

Series 3736-SN (-1 x

30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap)

2.26%^(g)(i)

10/15/2040

295,009

1,218,387

Series 3753-SB (-1 x

30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)

2.21%^(g)(i)

11/15/2040

112,873

1,405,430

Series 3780-SM (-1 x

30 day avg SOFR US + 6.39%, 0.00% Floor, 6.50% Cap)

2.71%^(g)(i)

12/15/2040

148,604

525,179

Series 3815-ST (-1 x

30 day avg SOFR US + 5.74%, 0.00% Floor, 5.85% Cap)

2.06%^(g)(i)

02/15/2041

36,921

994,667

Series 3905-SC (-5 x

30 day avg SOFR US + 22.18%, 0.00% Floor, 22.75% Cap)

3.83%⁽ⁱ⁾

08/15/2041

1,032,762

510,265

Series 3924-SJ (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)

2.21%^(g)(i)

09/15/2041

43,927

Principal Amount $

Security Description

Rate

Maturity

Value $

1,082,157

Series 3960-ES (-1 x 30 day avg SOFR US + 5.84%, 0.00% Floor, 5.95% Cap)

2.16%^(g)(i)

11/15/2041

95,685

20,031,372

Series 400-C4

3.00%^(g)

12/25/2052

3,600,086

1,323,745

Series 4291-MS (-1 x

30 day avg SOFR US + 5.79%, 0.00% Floor, 5.90% Cap)

2.11%^(g)(i)

01/15/2054

130,721

5,639,756

Series 5083-IH

2.50%^(g)

03/25/2051

867,498

10,239,801

Series 5100-DS (-1 x

30 day avg SOFR US + 2.50%, 0.00% Floor, 2.50% Cap)

0.00%^(g)(i)

05/25/2051

4,839

8,123,427

Series 5112-SC (-1 x

30 day avg SOFR US + 2.50%, 0.00% Floor, 2.50% Cap)

0.00%^(g)(i)

06/25/2051

4,193

Federal National Mortgage Association

15,890

Series 2005-72-WS (-1 x 30 day avg SOFR US + 6.64%, 0.00% Floor, 6.75% Cap)

2.97%^(g)(i)

08/25/2035

991

149,875

Series 2006-117-SQ (-1 x 30 day avg SOFR US + 6.44%, 0.00% Floor, 6.55% Cap)

2.77%^(g)(i)

12/25/2036

11,027

45,666

Series 2006-119-HS (-1 x 30 day avg SOFR US + 6.54%, 0.00% Floor, 6.65% Cap)

2.87%^(g)(i)

12/25/2036

3,750

1,597,797

Series 2006-123-CI (-1 x 30 day avg SOFR US + 6.63%, 0.00% Floor, 6.74% Cap)

2.96%^(g)(i)

01/25/2037

195,832

829,727

Series 2007-15-BI (-1 x

30 day avg SOFR US + 6.59%, 0.00% Floor, 6.70% Cap)

2.92%^(g)(i)

03/25/2037

82,124

145,399

Series 2007-20-S (-1 x

30 day avg SOFR US + 6.63%, 0.00% Floor, 6.74% Cap)

2.96%^(g)(i)

03/25/2037

9,690

91,429

Series 2007-21-SD (-1 x

30 day avg SOFR US + 6.37%, 0.00% Floor, 6.48% Cap)

2.70%^(g)(i)

03/25/2037

7,763

444,938

Series 2007-30-IE (-1 x

30 day avg SOFR US + 6.63%, 0.00% Floor, 6.74% Cap)

2.96%^(g)(i)

04/25/2037

55,036

1,053,689

Series 2007-32-SA (-1 x

30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)

2.32%^(g)(i)

04/25/2037

88,114

353,027

Series 2007-40-SA (-1 x

30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)

2.32%^(g)(i)

05/25/2037

29,930

80,830

Series 2007-48-SE (-1 x

30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)

2.32%^(g)(i)

05/25/2037

4,674

128,018

Series 2007-64-LI (-1 x

30 day avg SOFR US + 6.45%, 0.00% Floor, 6.56% Cap)

2.78%^(g)(i)

07/25/2037

9,204

41,883

Series 2007-68-SA (-1 x

30 day avg SOFR US + 6.54%, 0.00% Floor, 6.65% Cap)

2.87%^(g)(i)

07/25/2037

3,750

2,186,323

Series 2007-75-PI (-1 x

30 day avg SOFR US + 6.43%, 0.00% Floor, 6.54% Cap)

2.76%^(g)(i)

08/25/2037

218,648

1,127,926

Series 2008-33-SA (-1 x

30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)

2.22%^(g)(i)

04/25/2038

89,292

867,038

Series 2008-42-SC (-1 x

30 day avg SOFR US + 5.79%, 0.00% Floor, 5.90% Cap)

2.12%^(g)(i)

05/25/2038

77,200

12

DoubleLine Opportunistic Credit Fund

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS


			(Unaudited) March 31, 2026

Principal Amount $

Security Description

Rate

Maturity

Value $

246,487

Series 2008-5-GS (-1 x

30 day avg SOFR US + 6.14%, 0.00% Floor, 6.25% Cap)

2.47%^(g)(i)

02/25/2038

24,201

595,688

Series 2008-62-SD (-1 x

30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap)

2.27%^(g)(i)

07/25/2038

48,243

430,438

Series 2008-68-SB (-1 x

30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)

2.32%^(g)(i)

08/25/2038

32,813

60,726

Series 2009-111-SE (-1 x 30 day avg SOFR US + 6.14%, 0.00% Floor, 6.25% Cap)

2.47%^(g)(i)

01/25/2040

4,873

295,421

Series 2009-12-CI (-1 x

30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap)

2.82%^(g)(i)

03/25/2036

16,061

64,041

Series 2009-47-SA (-1 x

30 day avg SOFR US + 5.99%, 0.00% Floor, 6.10% Cap)

2.32%^(g)(i)

07/25/2039

3,186

86,583

Series 2009-48-WS (-1 x 30 day avg SOFR US + 5.84%, 0.00% Floor, 5.95% Cap)

2.17%^(g)(i)

07/25/2039

6,996

42,054

Series 2009-67-SA (-1 x

30 day avg SOFR US + 5.04%, 0.25% Floor, 5.15% Cap)

1.37%^(g)(i)

07/25/2037

2,433

271,016

Series 2009-87-SA (-1 x

30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)

2.22%^(g)(i)

11/25/2049

21,572

2,598,091

Series 2009-90-QI (-1 x

30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap)

2.82%^(g)(i)

08/25/2036

255,558

338,613

Series 2009-91-SD (-1 x

30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap)

2.37%^(g)(i)

11/25/2039

30,568

50,501

Series 2010-11-SC (-1 x

30 day avg SOFR US + 4.69%, 0.00% Floor, 4.80% Cap)

1.02%^(g)(i)

02/25/2040

1,310

69,857

Series 2010-115-SD (-1 x 30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap)

2.82%^(g)(i)

11/25/2039

6,208

2,063,618

Series 2010-142-SC (-1 x 30 day avg SOFR US + 6.49%, 0.00% Floor, 6.60% Cap)

2.82%^(g)(i)

12/25/2040

241,854

349,691

Series 2010-15-SL (-1 x

30 day avg SOFR US + 4.84%, 0.00% Floor, 4.95% Cap)

1.17%^(g)(i)

03/25/2040

15,231

148,689

Series 2010-19-SA (-1 x

30 day avg SOFR US + 5.29%, 0.00% Floor, 5.40% Cap)

1.62%^(g)(i)

03/25/2050

10,125

292,605

Series 2010-31-SB (-1 x

30 day avg SOFR US + 4.89%, 0.00% Floor, 5.00% Cap)

1.22%^(g)(i)

04/25/2040

14,385

465,029

Series 2010-39-SL (-1 x

30 day avg SOFR US + 5.56%, 0.00% Floor, 5.67% Cap)

1.89%^(g)(i)

05/25/2040

29,837

79,527

Series 2010-8-US (-1 x

30 day avg SOFR US + 4.69%, 0.00% Floor, 4.80% Cap)

1.02%^(g)(i)

02/25/2040

2,631

76,955

Series 2010-9-GS (-1 x

30 day avg SOFR US + 4.64%, 0.00% Floor, 4.75% Cap)

0.97%^(g)(i)

02/25/2040

2,439

419,551

Series 2011-114-S (-1 x

30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)

2.22%^(g)(i)

09/25/2039

43,407

803,216

Series 2011-146-US (-1 x 30 day avg SOFR US + 6.84%, 0.00% Floor, 7.00% Cap)

1.71%⁽ⁱ⁾

01/25/2042

569,293

Principal Amount $

Security Description

Rate

Maturity

Value $

118,415

Series 2012-29-SG (-1 x

30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)

2.22%^(g)(i)

04/25/2042

8,267

769,585

Series 2012-56-SN (-1 x

30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap)

2.27%^(g)(i)

06/25/2042

58,869

1,037,311

Series 2012-76-SC (-1 x

30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)

2.22%^(g)(i)

07/25/2042

99,925

1,386,415

Series 2013-83-US (-1 x

30 day avg SOFR US + 4.89%, 0.00% Floor, 5.00% Cap)

1.22%⁽ⁱ⁾

08/25/2043

975,090

2,953,000

Series 2016-64-SA (-1 x

30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)

2.22%^(g)(i)

09/25/2046

317,719

2,626,362

Series 2020-61-DI

3.00%^(g)

09/25/2060

475,044

11,004,952

Series 2020-M27-X1

0.86%^(e)(g)

03/25/2031

239,051

13,283,533

Series 2021-17-SA (-1 x

30 day avg SOFR US + 2.00%, 0.00% Floor, 2.00% Cap)

0.00%^(g)(i)

04/25/2051

7,651

4,188,050

Series 2021-3-KI

2.50%^(g)

02/25/2051

630,272

3,686,285

Series 2021-56-WI

2.50%^(g)

09/25/2051

424,721

101,344

Series 374-19

6.50%^(g)

09/25/2036

16,943

FREMF Mortgage Trust

695,146

Series 2018-KF56-C

(30 day avg SOFR US + 5.91%, 5.80% Floor)

9.58%^(a)

11/25/2028

626,813

947,520

Series 2019-KF71-C

(30 day avg SOFR US + 6.11%, 6.00% Floor)

9.78%^(a)

10/25/2029

917,901

Government National Mortgage Association

275,593

Series 2009-104-SD (-1 x 1 mo. Term SOFR + 6.24%, 0.00% Floor, 6.35% Cap)

2.56%^(g)(i)

11/16/2039

24,977

17,974

Series 2010-98-IA

5.00%^(e)(g)

03/20/2039

134

296,824

Series 2011-69-SB (-1 x 1 mo. Term SOFR + 5.24%, 0.00% Floor, 5.35% Cap)

1.56%^(g)(i)

05/20/2041

22,754

487,347

Series 2011-71-SG (-1 x 1 mo. Term SOFR + 5.29%, 0.00% Floor, 5.40% Cap)

1.61%^(g)(i)

05/20/2041

45,097

525,389

Series 2011-72-AS (-1 x 1 mo. Term SOFR + 5.27%, 0.00% Floor, 5.38% Cap)

1.59%^(g)(i)

05/20/2041

44,078

639,356

Series 2011-89-SA (-1 x 1 mo. Term SOFR + 5.34%, 0.00% Floor, 5.45% Cap)

1.66%^(g)(i)

06/20/2041

58,330

4,478,786

Series 2012-26-SP (-1 x 1 mo. Term SOFR + 6.54%, 0.00% Floor, 6.65% Cap)

2.86%^(g)(i)

02/20/2042

572,249

325,234

Series 2012-34-LI (-20 x 1 mo. Term SOFR + 119.71%, 0.00% Floor, 6.00% Cap)

6.00%^(g)(i)

12/16/2039

64,388

3,411,097

Series 2013-119-TZ

3.00%

08/20/2043

3,073,854

1,923,959

Series 2014-39-SK (-1 x 1 mo. Term SOFR + 6.09%, 0.00% Floor, 6.20% Cap)

2.41%^(g)(i)

03/20/2044

207,922

3,053,840

Series 2014-59-DS (-1 x 1 mo. Term SOFR + 6.14%, 0.00% Floor, 6.25% Cap)

2.46%^(g)(i)

04/16/2044

256,103

3,329,357

Series 2014-63-SD (-1 x 1 mo. Term SOFR + 5.44%, 0.00% Floor, 5.55% Cap)

1.76%^(g)(i)

04/20/2044

318,000

1,342,408

Series 2014-69-ST (-1 x 1 mo. Term SOFR + 5.99%, 0.00% Floor, 6.10% Cap)

2.31%^(g)(i)

12/16/2039

136,355

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

March 31, 2026

13

TABLE OF CONTENTS

Schedule of Investments DoubleLine Opportunistic Credit Fund (Cont.)

Principal Amount $

Security Description

Rate

Maturity

Value $

2,076,849

Series 2015-148-BS (-1 x 1 mo. Term SOFR + 5.58%, 0.00% Floor, 5.69% Cap)

1.90%^(g)(i)

10/20/2045

213,341

5,685,094

Series 2015-158-SK (-1 x 1 mo. Term SOFR + 6.09%, 0.00% Floor, 6.20% Cap)

2.41%^(g)(i)

11/20/2045

670,958

6,361,590

Series 2018-111-SA (-1 x 1 mo. Term SOFR + 4.44%, 0.00% Floor, 4.55% Cap)

0.76%^(g)(i)

08/20/2048

255,160

19,029,761

Series 2018-48-SD (-1 x 1 mo. Term SOFR + 3.79%, 0.00% Floor, 3.90% Cap)

0.11%^(g)(i)

04/20/2048

448,516

5,516,321

Series 2020-115-SC (-1 x 1 mo. Term SOFR + 4.09%, 0.00% Floor, 4.20% Cap)

0.41%^(g)(i)

08/20/2050

202,605

8,349,215

Series 2020-129-IW

2.50%^(g)

09/20/2050

1,199,400

4,200,511

Series 2020-129-SE (-1 x 1 mo. Term SOFR + 3.64%, 0.00% Floor, 3.75% Cap)

0.00%^(g)(i)

09/20/2050

70,317

13,441,691

Series 2020-138-IC

3.50%^(g)

08/20/2050

2,353,594

4,799,922

Series 2020-138-IL

3.50%^(g)

09/20/2050

917,231

8,475,563

Series 2020-173-MI

2.50%^(g)

11/20/2050

1,245,521

6,505,234

Series 2020-175-KI

2.50%^(g)

11/20/2050

982,085

2,445,478

Series 2020-187-SB (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap)

2.51%^(g)(i)

12/20/2050

323,803

3,865,001

Series 2020-196-DI

2.50%^(g)

12/20/2050

539,089

7,013,443

Series 2021-107-IL

3.00%^(g)

06/20/2051

1,235,533

5,620,425

Series 2021-107-SA (-1 x 1 mo. Term SOFR + 3.64%, 0.00% Floor, 3.75% Cap)

0.00%^(g)(i)

06/20/2051

176,473

3,441,218

Series 2021-116-XI

3.50%^(g)

03/20/2051

632,063

2,923,510

Series 2021-125-AS (-1 x 30 day avg SOFR US + 3.25%, 0.00% Floor, 3.25% Cap)

0.00%^(g)(i)

07/20/2051

26,025

6,285,981

Series 2021-130-DI

3.00%^(g)

07/20/2051

1,131,207

7,921,661

Series 2021-138-NI

3.00%^(g)

08/20/2051

969,273

8,266,294

Series 2021-15-PI

3.00%^(g)

01/20/2051

1,303,745

5,981,852

Series 2021-158-SA (-1 x 30 day avg SOFR US + 3.70%, 0.00% Floor, 3.70% Cap)

0.03%^(g)(i)

09/20/2051

163,838

15,001,408

Series 2021-194-IN

3.00%^(g)

11/20/2051

2,572,341

9,714,325

Series 2021-209-MI

3.00%^(g)

11/20/2051

1,557,179

11,395,572

Series 2021-221-SC (-1 x 30 day avg SOFR US + 3.80%, 0.00% Floor, 3.80% Cap)

0.13%^(g)(i)

12/20/2051

265,791

8,603,521

Series 2021-221-SD (-1 x 30 day avg SOFR US + 3.80%, 0.00% Floor, 3.80% Cap)

0.13%^(g)(i)

12/20/2051

229,475

8,819,064

Series 2021-24-XI

2.00%^(g)

02/20/2051

995,693

7,446,841

Series 2021-46-DS (-1 x 1 mo. Term SOFR + 2.69%, 0.00% Floor, 2.80% Cap)

0.00%^(g)(i)

03/20/2051

21,479

3,759,628

Series 2021-58-SJ (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap)

2.51%^(g)(i)

04/20/2051

465,019

Principal Amount $

Security Description

Rate

Maturity

Value $

31,258,037

Series 2021-59-S (-1 x

30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap)

0.00%^(g)(i)

04/20/2051

131,515

6,040,612

Series 2021-7-IQ

2.50%^(g)

01/20/2051

853,805

12,515,432

Series 2021-73-LS (-1 x

30 day avg SOFR US + 2.50%, 0.50% Floor, 2.50% Cap)

0.50%^(g)(i)

04/20/2051

277,248

6,419,696

Series 2021-77-IH

2.50%^(g)

05/20/2051

814,229

11,288,921

Series 2021-78-SC (-1 x

30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap)

0.00%^(g)(i)

05/20/2051

42,560

22,094,156

Series 2021-9-MI

2.50%^(g)

01/20/2051

3,222,941

12,225,286

Series 2021-97-SA (-1 x

30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap)

0.00%^(g)(i)

06/20/2051

115,320

9,331,223

Series 2021-H04-BI

1.06%^(e)(g)

02/01/2071

543,069

10,553,148

Series 2021-H07-AI

1.35%^(e)(g)

05/20/2071

559,322

3,457,558

Series 2022-105-IO

2.50%^(g)

06/20/2051

501,977

12,866,936

Series 2022-22-SA (-1 x

30 day avg SOFR US + 3.60%, 0.00% Floor, 3.60% Cap)

0.00%^(g)(i)

08/20/2050

252,677

5,309,042

Series 2022-25-EI

3.00%^(g)

02/20/2052

946,513

30,025,260

Series 2022-83-IO

2.50%^(g)

11/20/2051

4,271,580

6,631,687

Series 2024-13-IA

3.00%^(g)

05/20/2051

1,077,277

Total US Government and Agency Mortgage Backed Obligations

(Cost $55,825,027)

54,678,637


Shares
COMMON STOCKS - 0.0%^(j)
3,953	Altice France/Luxco 3^(c)(k)	66,823
1,014	Asphalt ATD Holdco, LLC^(c)(k)	243
119	Jacobs Solutions, Inc. NPV^(c)(k)	45
711	Stichting Administratiekantoor ADR^(c)(k)	—
261	Stichting Administratiekantoor Unigel Creditors^(c)(k)	—
	Total Common Stocks (Cost $258,222)	67,111


		Rate
SHORT TERM INVESTMENTS - 4.4%
6,445,488	First American Government Obligations Fund - X	3.58%^(l)	6,445,488
6,445,488	First American Treasury Obligations Fund - X	3.60%^(l)	6,445,488
	Total Short Term Investments (Cost $12,890,976)		12,890,976

	Total Investments - 108.4%^(m) (Cost $346,076,771)		316,271,175
	Other Liabilities in Excess of Assets - (8.4)%		(24,577,933)
	NET ASSETS - 100.0%		$291,693,242

14

DoubleLine Opportunistic Credit Fund

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS


			(Unaudited) March 31, 2026


	SECURITY TYPE BREAKDOWN as a % of Net Assets:
	Non-Agency Commercial Mortgage Backed Obligations			25.1%
	Non-Agency Residential Collateralized Mortgage Obligations			23.8%
	US Government and Agency Mortgage Backed Obligations			18.7%
	Bank Loans			15.6%
	Collateralized Loan Obligations			14.2%
	Short Term Investments			4.4%
	Foreign Corporate Bonds			2.9%
	Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			1.4%
	US Corporate Bonds			1.4%
	Asset Backed Obligations			0.9%
	Common Stocks			0.0%^(j)
	Other Assets and Liabilities			(8.4)%
	Net Assets			100.0%


	INVESTMENT BREAKDOWN as a % of Net Assets:
	Non-Agency Commercial Mortgage Backed Obligations			25.1%
	Non-Agency Residential Collateralized Mortgage Obligations			23.8%
	US Government and Agency Mortgage Backed Obligations			18.7%
	Collateralized Loan Obligations			14.2%
	Short Term Investments			4.4%
	Electronics/Electric			3.2%
	Media			2.6%
	Healthcare			1.9%
	Hotels/Motels/Inns and Casinos			1.6%
	Energy			1.5%
	Retailers (other than Food/Drug)			1.3%
	Chemicals/Plastics			1.3%
	Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			1.0%
	Asset Backed Obligations			0.9%
	Containers and Glass Products			0.9%
	Industrial Equipment			0.8%
	Transportation			0.6%
	Finance			0.6%
	Telecommunications			0.5%
	Insurance			0.4%
	Mining			0.4%
	Automotive			0.4%
	Building and Development (including Steel/Metals)			0.3%
	Commercial Services			0.3%
	Utilities			0.2%
	Pharmaceuticals			0.2%
	Business Equipment and Services			0.2%
	Consumer Products			0.2%
	Food Products			0.2%
	Construction			0.2%
	Chemical Products			0.1%
	Pulp & Paper			0.1%
	Leisure			0.1%
	Banking			0.1%
	Technology			0.1%
	Food Service			0.0%^(j)
	Diversified Manufacturing			0.0%^(j)
	Aerospace & Defense			0.0%^(j)
	Other Assets and Liabilities			(8.4)%
	Net Assets			100.0%

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of March 31, 2026, the value of these securities total $180,288,343 or 61.8% of the Fund’s net assets.

(b)

Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid.

(c)

Value determined using significant unobservable inputs.

(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)

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

(g)

Interest only security

(h)

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

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

March 31, 2026

15

TABLE OF CONTENTS

Schedule of Investments DoubleLine Opportunistic Credit Fund (Cont.)

(i)

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.

(j)

Represents less than 0.05% of net assets.

(k)

Non-income producing security.

(l)

Seven-day yield as of period end.

(m)

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 borrowings under the line of credit with the lender.

CMT

Constant Maturity Treasury Rate

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.

SOFR

Secured Overnight Financing Rate

16

DoubleLine Opportunistic Credit Fund

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

Statements of Assets and Liabilities

(Unaudited)

March 31, 2026


ASSETS:
Investments in Unaffiliated Securities, at Value*			$303,380,199
Short Term Investments*			12,890,976
Cash			481,743
Interest and Dividends Receivable			2,792,582
Receivable for Investments Sold			907,938
Prepaid Expenses and Other Assets			183,743
Total Assets			320,637,181
LIABILITIES:
Loan Payable (See Note 8)			25,000,000
Payable for Investments Purchased			3,326,076
Investment Advisory Fees Payable			286,525
Administration, Fund Accounting and Custodian Fees Payable			79,892
Professional Fees Payable			78,982
Interest Expense Payable			70,111
Payable to Broker for Dividend Reinvestment			55,378
Trustees Fees Payable (See Note 6)			38,194
Accrued Expenses			8,553
Transfer Agent Expenses Payable			228
Total Liabilities			28,943,939
Commitments and Contingencies (See Note 2, Note 7 and Note 8)
Net Assets			$291,693,242
NET ASSETS CONSISTS OF:
Capital Stock ($0.00001 par value)			$198
Additional Paid-in Capital			394,270,033
Total Distributable Loss			(102,576,989)
Net Assets			$291,693,242
*Identified Cost:
Investments in Unaffiliated Securities			$333,185,795
Short Term Investments			12,890,976
Shares Outstanding and Net Asset Value Per Share:
Shares Outstanding (unlimited authorized)			19,771,928
Net Asset Value Per Share			$14.75

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

March 31, 2026

17

TABLE OF CONTENTS

Statements of Operations

(Unaudited)

For the Period Ended March 31, 2026


INVESTMENT INCOME
Income:
Interest			$11,658,499
Dividends from Unaffiliated Securities			185,257
Total Investment Income			11,843,756
Expenses:
Investment Advisory Fees			1,620,681
Interest Expense			676,893
Administration, Fund Accounting and Custodian Fees			117,900
Professional Fees			78,086
Trustees Fees			63,023
Shareholder Reporting Expenses			48,562
Miscellaneous Expenses			15,933
Registration Fees			14,779
Insurance Expenses			7,262
Transfer Agent Expenses			232
Total Expenses			2,643,351
Net Investment Income (Loss)			9,200,405
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities			(2,371,606)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			(6,457,592)
Net Realized and Unrealized Gain (Loss) on Investments			(8,829,198)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$371,207

18

DoubleLine Opportunistic Credit Fund

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

Statements of Changes in Net Assets


	Period Ended March 31, 2026 (Unaudited)	Year Ended September 30, 2025
OPERATIONS
Net Investment Income (Loss)	$9,200,405	$17,777,015
Net Realized Gain (Loss) on Investments	(2,371,606 )	(6,419,748 )
Net Change in Unrealized Appreciation (Depreciation) on Investments	(6,457,592 )	9,203,350
Net Increase (Decrease) in Net Assets Resulting from Operations	371,207	20,560,617
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings	(13,007,380 )	(18,732,622 )
From Return of Capital	—	(6,215,771 )
Total Distributions to Shareholders	(13,007,380 )	(24,948,393 )
NET SHARE TRANSACTIONS
Proceeds from Issuance of common shares in connection with the shelf offering	3,251,228	20,171,811
Commissions and offering expenses associated with the issuance of common shares in connection with the shelf offering	(38,686)	(245,259)
Issuance of common shares from reinvestment of distributions	215,087	473,864
Increase (Decrease) in Net Assets Resulting from Net Share Transactions	3,427,629	20,400,416
Total Increase (Decrease) in Net Assets	$(9,208,544)	$16,012,640
NET ASSETS:
Beginning of Period	$300,901,786	$284,889,146
End of Period	$291,693,242	$300,901,786

The accompanying notes are an integral part of these financial statements.

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TABLE OF CONTENTS

Statement of Cash Flows

(Unaudited)

For the Period Ended March 31, 2026


CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net Increase (Decrease) in Net Assets Resulting from Operations			$371,207
Adjustments to Reconcile the Change in Net Assets from Operations to Net Cash Provided By (Used In) Operating activities:
Purchases of Long Term Investments			(65,391,366)
Proceeds from Disposition of Long Term Investments			72,206,396
Net (Purchases of) Proceeds from Disposition of Short Term Investments			(10,278,176 )
Net Amortization (Accretion of Premiums/Discounts and Other Cost Adjustments)			3,993,899
Net Realized (Gain) Loss on:
Investments in Unaffiliated Securities			2,371,606
Net Change in Unrealized Depreciation (Appreciation) on:
Investments in Unaffiliated Securities			6,457,592
(Increase) Decrease in:
Interest Receivable			(21,316)
Receivable for Investments Sold			(358,760)
Prepaid Expenses and Other Assets			(30,971)
Increase (Decrease) in:
Payable for Investments Purchased			(10,551,406)
Investment Advisory Fees Payable			8,957
Interest Expense Payable			(27,036)
Trustees Fees Payable			1,273
Transfer Agent Expenses Payable			110
Administration, Fund Accounting and Custodian Fees Payable			28,476
Accrued Expenses			(18,684)
Professional Fees Payable			(31,152)
Net Cash Provided By (Used In) Operating Activities			(1,269,351)
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Cash Distributions Paid to Common Stockholders			(12,736,915)
Issuance of shares, net of fees			3,212,542
Increase in borrowings			23,000,000
Decrease in borrowings			(13,000,000)
Net Cash Provided By (Used In) Financing Activities			475,627
NET CHANGE IN CASH
Cash at Beginning of Period			1,275,467
Cash at End of Period			$481,743
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
Additional Paid-in Capital from Dividend Reinvestment			$215,087
Cash Paid for Interest on Loan Outstanding			$703,929

20

DoubleLine Opportunistic Credit Fund

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

Financial Highlights


	Period ended March 31, 2026 (Unaudited)	Year Ended September 30,
	Period ended March 31, 2026 (Unaudited)	2025	2024	2023	2022	2021
Net Asset Value, Beginning of Period	$15.39	$15.63	$14.31	$14.70	$19.41	$19.52
Income (Loss) from Investments Operations:
Net Investment Income (loss)^(a)	0.47	0.94	0.79	0.30	1.01	1.40
Net Gain (Loss) on Investments (Realized and Unrealized)	(0.45)	0.14	1.84	0.62	(4.35)	0.20
Total from Investment Operations	0.02	1.08	2.63	0.92	(3.34)	1.60
Less Distributions:
Distributions from Net investment Income	(0.66)	(0.99)	(0.95)	(0.49)	(1.13)	(1.71)
Return of Capital	—	(0.33)	(0.37)	(0.83)	(0.24)	—
Total Distributions	(0.66)	(1.32)	(1.32)	(1.32)	(1.37)	(1.71)
Proceeds from Issuance of Common Shares:
Premiums less commissions and offering costs on issuance of common shares (See Note 12)	—^(b)(c)	0.01^(b)	0.01^(b)	0.01^(b)	—^(b)(c)	—^(b)(c)
Total capital stock transactions	—^(b)(c)	0.01^(b)	0.01^(b)	0.01^(b)	—^(b)(c)	—^(b)(c)
Net Asset Value, End of Period	$14.75	$15.39	$15.63	$14.31	$14.70	$19.41
Market Price, End of Period	$14.60	$15.58	$15.82	$14.58	$14.45	$19.72
Total Return on Net Asset Value^(d)	0.12%^(e)	7.30%	19.24%	6.55%	(18.05)%	8.49%
Total Return on Market Price^(f)	(2.10)%^(e)	7.27%	18.40%	10.46%	(20.55)%	12.85%
Supplemental Data and Ratios:
Net Assets, End of Period (000’s)	$291,693	$300,902	$284,889	$236,060	$230,640	$298,816
Ratio to Average Net Assets:
Expenses, including interest expense	1.78%^(g)	2.02%	2.43%	2.66%	1.72%	1.64%
Net Investment Income (Loss)	6.19%^(g)	6.12%	5.24%	2.04%	5.81%	7.14%
Portfolio Turnover Rate	21%^(e)	33%	27%	15%	25%	46%

(a)

Calculated based on average shares outstanding during the period.

(b)

Represents the premium on the at the market offering of $0.003, $0.013, $0.031, $0.017, $0.006 and $0.008 per share, respectively, less underwriting and offering costs of $0.003, $0.013, $0.021, $0.010, $0.005 and $0.007 per share, respectively, for the periods ending March 31, 2026, September 30, 2025, September 30, 2024, September 30, 2023, September 30, 2022 and September 30, 2021.

(c)

Less than $0.005 per share.

(d)

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.

(e)

Not Annualized

(f)

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.

(g)

Annualized

The accompanying notes are an integral part of these financial statements.

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Financial Highlights (Cont.)


	Year Ended September 30,
	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Year	$20.80	$19.75	$22.04	$23.30	$24.10
Income (Loss) from Investments Operations:
Net Investment Income (loss)^(a)	1.60	1.35	1.41	1.63	1.81
Net Gain (Loss) on Investments (Realized and Unrealized)	(1.47)	1.13	(1.70)	(0.89)	(0.08)
Total from Investment Operations	0.13	2.48	(0.29)	0.74	1.73
Less Distributions:
Distributions from Net investment Income	(1.41)	(1.43)	(1.58)	(1.93)	(2.48)
Return of Capital	—	—	(0.42)	(0.07)	(0.05)
Total Distributions	(1.41)	(1.43)	(2.00)	(2.00)	(2.53)
Proceeds from Issuance of Common Shares:
Premiums less commissions and offering costs on issuance of common shares (See Note 12)	—	—	—	—	—
Total capital stock transactions	—	—	—	—	—
Net Asset Value, End of Year	$19.52	$20.80	$19.75	$22.04	$23.30
Market Price, End of Year	$19.06	$20.71	$20.57	$24.04	$25.68
Total Return on Net Asset Value^(b)	0.83%	13.12%	(1.31)%	3.49%	7.81%
Total Return on Market Price^(c)	(1.04)%	8.12%	(5.78)%	2.09%	14.38%
Supplemental Data and Ratios:
Net Assets, End of Period (000’s)	$291,919	$310,652	$294,700	$327,927	$345,864
Ratio to Average Net Assets:
Expenses, including interest expense	1.90%	2.30%	2.17%	1.80%	1.59%
Net Investment Income (Loss)	8.18%	6.72%	6.77%	7.32%	7.77%
Portfolio Turnover Rate	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.

22

DoubleLine Opportunistic Credit Fund

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

Notes to Financial Statements

(Unaudited) March 31, 2026

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, 2026 (the “period end”).

2. Significant Accounting Policies

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

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

•

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

•

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

•

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

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


Fixed-incomeclass			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.

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(Unaudited) March 31, 2026

Common stocks, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts, that are traded on a national securities or commodities exchange, are typically valued at the last reported sales price, in the case of common stocks and exchange-traded funds, or, in the case of futures contracts or options contracts, the settlement price determined by the relevant exchange. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

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

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

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

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

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

24	DoubleLine Opportunistic Credit Fund

TABLE OF CONTENTS

Notes to Financial Statements (Cont.)

The following is a summary of the fair valuations according to the inputs used to value the Fund’s investments as of March 31, 2026:


Category
Investments in Securities
Level 1
Short Term Investments			$12,890,976
Total Level 1			12,890,976
Level 2
Non-Agency Commercial Mortgage Backed Obligations			$72,327,433
Non-Agency Residential Collateralized Mortgage Obligations			69,424,329
US Government and Agency Mortgage Backed Obligations			54,678,637
Bank Loans			45,531,966
Collateralized Loan Obligations			41,390,621
Foreign Corporate Bonds			8,340,455
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			4,083,193
US Corporate Bonds			3,940,840
Asset Backed Obligations			2,655,212
Total Level 2			302,372,686
Level 3
Non-Agency Commercial Mortgage Backed Obligations			$900,707
Common Stocks			67,111
Asset Backed Obligations			36,233
Collateralized Loan Obligations			3,462
Bank Loans			—
Total Level 3			1,007,513
Total			$316,271,175

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

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

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

The Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the period ended March 31, 2026, the Fund did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

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

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(Unaudited) March 31, 2026

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, 2026, the Fund did not have any unfunded positions.

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 incentivized to draw on the bridge loan. The Fund is obligated to fund these commitments at the borrower’s discretion. At the end of the period, 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. As of March 31, 2026, the Fund had no outstanding bridge loan commitments.

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.

I.Segment Reporting. The Fund has adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires incremental disclosures relating to a public entity’s reportable segments. The Fund operates as a single operating segment, which is an investment portfolio. The Fund's president and principal executive officer and the Fund’s treasurer and principal financial and accounting officer together serve as the Fund’s chief operating decision maker (“CODM”). The Fund’s total returns, expense ratios, and changes in net assets, which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment, are consistent with that presented within the Fund’s financial statements and financial highlights. Segment assets are reflected in the Fund's Statement of Assets and Liabilities as “net assets,” which consist primarily of investment securities, at value, and significant segment expenses are listed in the Fund’s accompanying Statement of Operations

3. Related Party Transactions

The Adviser provides the Fund with investment management services under an Investment Management Agreement (the “Agreement”). Under the Agreement, the Adviser manages the investment of the assets of the Fund, places orders for the purchase and sale of its portfolio securities and is responsible for providing certain resources to assist with the day-to-day management of the Fund’s business affairs. As compensation for its services, the Adviser is entitled to a monthly fee at the annual rate of 1.00% of the average daily total managed assets of the Fund. Total managed assets means the total assets of the Fund (including assets attributable to any reverse repurchase agreements, dollar roll transactions or similar transactions, borrowings, and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities in respect of reverse repurchase agreements, dollar roll transactions or

26	DoubleLine Opportunistic Credit Fund

TABLE OF CONTENTS

Notes to Financial Statements (Cont.)

similar transactions, and borrowings). For purposes of calculating total managed assets, the liquidation preference of any preferred shares outstanding shall not be considered a liability. DoubleLine Asset Management Company LLC, a wholly owned subsidiary of the Adviser, owned 14,382 shares of the Fund as of the period end. The Adviser has arrangements with DoubleLine Group LP to provide personnel and other resources to the Fund.

4. Purchases and Sales of Securities

For the period ended March 31, 2026, purchases and sales of investments, excluding U.S. Government securities and short-term investments, were $65,391,366 and $72,206,396, respectively. For the period ended March 31, 2026, there were no purchases and sales of investments in U.S. Government securities (defined as long-term U.S. Treasury bills, notes and bonds).

5. Share Transactions

Transactions in the Fund’s shares were as follows:


	Period Ended March 31, 2026		Year Ended September 30, 2025
	Shares	Amount	Shares	Amount
Shares Sold (net of fees)	210,295	$3,212,542	1,293,820	$19,926,552
Reinvested Dividends	14,199	215,087	30,815	473,864
Shares Redeemed*	(1,980)	—	—	—
Increase (Decrease) in Net Assets Resulting from Net Share Transactions	222,514	$3,427,629	1,324,635	$20,400,416

* Shares Retired

6. Remuneration Paid to Trustees, Officers and Others

Trustees who are not affiliated with the Adviser and its affiliates received, as a group, fees of $62,023 from the Fund for the period ended March 31, 2026. In prior years, certain trustees elected to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the Fund, are treated as if invested in shares of the Fund or other funds managed by the Adviser and its affiliates. These amounts represent general, unsecured liabilities of the Fund and vary according to the total returns of the selected funds. Trustees Fees in the Statement of Operations are shown as $63,023 which includes $62,825 in current fees (either paid in cash or deferred) and an increase of $198 in the value of the deferred amounts. Certain trustees and officers of the Fund are also officers of the Adviser; such trustees and officers are not compensated by the Fund.

7. Bank Loans

The Fund may make loans directly to borrowers and may acquire or invest in loans made by others (“loans”). The Fund may acquire a loan interest directly by acting as a member of the original lending syndicate. Alternatively, the Fund may acquire some or all of the interest of a bank or other lending institution in a loan to a particular borrower by means of a novation, an assignment or a participation. The loans in which the Fund may invest include those that pay fixed rates of interest and those that pay floating rates—i.e., rates that adjust periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”) and secondarily, the prime rate offered by one or more major United States banks (the Prime Rate). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. The Fund may purchase and sell interests in bank loans on a when-issued and delayed delivery basis, with payment delivery scheduled for a future date.

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

8. Credit Facility

U.S. Bank, National Association (the “Bank”) previously made available to the Fund a $65,000,000 revolving unsecured credit facility (the “Prior Facility”). Under the terms of the Prior Facility, interest was charged at the rate of one-month daily SOFR plus 0.10% plus 0.75% (applicable margin), subject to certain conditions that may cause the rate of interest to increase. The Prior Facility terminated as of March 9, 2026.

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Effective as of March 9, 2026, The Bank of New York Mellon (the “Bank”) has made available to the Fund a $65,000,000 revolving, secured credit facility. Under the terms of the credit facility agreement, interest is charged at the rate of the daily Secured Overnight Financing Rate plus 0.95% per annum (the applicable margin), subject to certain conditions that may cause the rate of interest to increase. This rate represents a floating rate of interest that may change over time.

The Fund will also be responsible for paying a non-usage fee (“commitment fee”) of 0.25% per annum if the exposure is less than 75% of the commitment amount. The Fund may terminate the facility with two (2) Business Days’ notice. The Fund pledges its assets as collateral to secure obligations under the credit facility. The Fund retains the risks and rewards of the ownership of assets pledged to secure obligations under the credit facility. The Fund is subject to various restrictive covenants in its credit facility. If the Fund fails to meet or satisfy any of these covenants, the Fund may be in default under the agreements governing the credit facility, and its lenders could elect to declare outstanding amounts due and payable, terminate their commitments, or enforce their rights against existing collateral.

As of March 31, 2026, the amount of total outstanding borrowings was $25,000,000 which approximates fair value. The borrowings are categorized as Level 2 within the fair value hierarchy.

For the period ended March 31, 2026, the Fund’s activity under the credit facility was as follows:


Maximum Amount Available	Average Borrowings	Maximum Amount Outstanding	Interest Expense	Commitment Fee	Average Interest Rate
$65,000,000	$27,021,978	$33,000,000	$635,282	$41,611	4.65%

9. Principal Risks

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

•

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

•

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

•

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

•

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

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Notes to Financial Statements (Cont.)

•

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

•

Credit risk: The risk that an issuer, counterparty or other obligor to the Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund’s income and/or reduce, in whole or in part, the value of the Fund’s investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security’s or other instrument’s credit quality or value and an obligor’s ability to honor its obligations when due. The values of lower-quality debt securities (including debt securities commonly known as “high yield” securities or “junk bonds”), including floating rate loans, tend to be particularly sensitive to these changes. Certain debt securities in the lowest investment grade category also may be considered to possess some speculative characteristics by certain rating agencies. The values of securities or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

•

Derivatives risk: The risk that an investment in derivatives will not perform as anticipated by the Adviser, may not be available at the time or price desired, cannot be closed out at a favorable time or price, will increase the Fund’s transaction costs, or will increase the Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely or at all with that of the cash investment; that the positions may be improperly executed or constructed; that the Fund’s counterparty will be unable or unwilling to perform its obligations; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge.

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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.

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

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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.

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

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•

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

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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.

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Investment and market risk: The risk that markets will perform poorly or that the returns from the securities in which the Fund invests will underperform returns from the general securities markets or other types of investments. Markets may, in response to governmental actions or intervention or general market conditions, including real or perceived adverse, political, economic or market conditions, tariffs and trade disruptions, inflation, recession, changes in interest or currency rates, lack of liquidity in the bond markets or adverse investor sentiment or other external factors, experience periods of high volatility and reduced liquidity. Certain securities may be difficult to value during such periods. The value of securities and other instruments traded in over-the-counter markets, like other market investments, may move up or down, sometimes rapidly and unpredictably. Further, the value of securities and other instruments held by the Fund may decline in value due to factors affecting securities markets generally or particular industries. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.

•

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.

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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.

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

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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.

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Notes to Financial Statements (Cont.)

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

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

•

Operational and information security risks: An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. 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.

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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.

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

10. Common Shares Offering

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

On September 29, 2023, the Securities and Exchange Commission declared effective a registration statement relating to an offering of 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 $150,000,000, par value $0.00001 per share, from time to time through Foreside and the Sub-Placement Agent, as its agents for the offer and sale of the Common Shares. The Shelf Registration replaces a prior shelf registration statement authorizing the sale of additional Common Shares. As of March 31, 2026, the Fund had sold 4,669,890 Common Shares, which represents a value of $74,789,124, pursuant to the Shelf Registration.

Under the 1940 Act, the Fund may not sell any Common Shares at a price below the NAV of such Common Shares, exclusive of any distributing commission or discount. Sales of the Common Shares, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly

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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 the Shelf Registration.

11. Subsequent Events

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

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Distribution Information

(Unaudited)

March 31, 2026

For purposes of Section 19 of the 1940 Act, the Fund estimated the periodic sources of any dividends paid during the period covered by this report. Pursuant to Rule 19a-1(e) under the 1940 Act, the table below sets forth the source information for dividends paid during the six-month period ended March 31, 2026 calculated as of each distribution period pursuant to Section 19 of the 1940 Act. The information below is not provided for U.S. federal income tax reporting purposes. The final tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year.


DoubleLine Opportunistic Credit Fund	Net Investment Income*	Net Realized Capital Gains*	Paid-in Surplus or Other Capital Sources**	Total (per common share)
October 2025	$0.081	$0.000	$0.029	$0.110
November 2025	$0.087	$0.000	$0.023	$0.110
December 2025	$0.081	$0.000	$0.029	$0.110
January 2026	$0.078	$0.000	$0.032	$0.110
February 2026	$0.081	$0.000	$0.029	$0.110
March 2026	$0.080	$0.000	$0.030	$0.110

*

The source of dividends provided in the table may differ, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

**

Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance.

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Evaluation of Advisory Agreement by the Board of Trustees

March 31, 2026

At a meeting held on February 19, 2026 (the “February Meeting”), the Boards of Trustees (collectively, the “Board” or the “Trustees”) of the DoubleLine open-end mutual funds (“mutual funds”), exchange-traded funds (“ETFs”), and closed-end funds (“CEFs”) listed above (each, a “Fund” and collectively, the “Funds”) approved the continuation of the investment advisory and sub-advisory agreements, as applicable (each, an “Advisory Agreement” and collectively, the “Advisory Agreements”), between DoubleLine and those Funds. That approval included approval by the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Funds (the “Independent Trustees”) voting separately. When used in this summary, “DoubleLine” or “Management” refers to DoubleLine Capital LP, DoubleLine ETF Adviser LP, and/or DoubleLine Alternatives LP, as appropriate in the context.

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

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

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

The Trustees also considered that, although the reorganizations of DoubleLine Floating Rate Fund and DoubleLine Select Income Fund (formerly, DoubleLine Infrastructure Income Fund) with and into corresponding series of American Beacon Funds were expected to close on or about February 20, 2026, the renewal of applicable advisory and other arrangements for each of DoubleLine Floating Rate Fund and DoubleLine Select Income Fund was proposed in order to ensure continuity of services to the extent that the reorganizations occur on a date later than currently anticipated.

Nature, Extent, and Quality of Services.

The Trustees considered the nature, extent, and quality of the services, including the expertise and experience of investment personnel, provided and expected to be provided by DoubleLine to each Fund. In this regard, the Trustees considered that DoubleLine provides a full investment program for each Fund, with an emphasis on risk management for the Funds. The Board considered, where applicable, the necessary skills and resources needed to manage debt-related portfolios, noting that managing such portfolios requires a portfolio management team to balance a number of factors, which may include, among others, securities of varying maturities and durations, actual and anticipated interest rate changes and market volatility, prepayments, collateral management, counterparty management, pay-downs, credit events, workouts, and net new issuances. In their evaluation of the services provided by DoubleLine and the Funds’ contractual relationships with DoubleLine, the Trustees considered generally the long-term performance record of the firm’s portfolio management personnel, including, among others, Mr. Jeffrey Gundlach, and the strong historical investor interest in products managed by DoubleLine.

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

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risk management program. The Trustees considered the quality of the related services provided to the Funds as part of their overall consideration of the continuation of the Advisory Agreements. The Trustees considered information provided by DoubleLine relating to its historical and continuing commitment to hire the necessary personnel and to invest in technology enhancements to support DoubleLine’s ability to provide services to the Funds. The Trustees considered DoubleLine’s representations regarding the depth of DoubleLine’s personnel, resources, and investment methods in connection with the services DoubleLine provides to the Funds.

Performance and Fees and Expenses.

The Trustees reviewed reports prepared by ISS MI (the “ISS MI Reports”) that compared, among other information, each Fund’s net management fee rate and net total expense ratio (Class I shares with respect to the mutual funds) against the net management fee rate (with respect to the mutual funds and the closed-end funds) and net total expense ratio of a group of peers selected by ISS MI, and each Fund’s performance records (Class I shares with respect to the mutual funds) for the one-, three-, five-, and ten-year periods ended October 31, 2025, as applicable, against the performance records of those funds in each Fund’s Morningstar category and the performance of one or more of the Fund’s benchmark index(es), as selected by ISS MI. In preparation for the February Meeting, the Independent Trustees met with ISS MI representatives in January 2026 to review the comparative information set out in the ISS MI Reports, the methodologies used by ISS MI in compiling those reports and selecting the peer groups used within those reports, and the considerations for evaluating the comparative information presented in those reports. The Independent Trustees also considered the information ISS MI provided regarding the challenges ISS MI encountered in selecting or assembling peer groups for certain of the Funds due to, among other factors, the limited number of possible peer funds with substantially similar principal investment strategies or investment approaches. Where applicable, the Trustees also received information from DoubleLine, including regarding factors to consider in evaluating a Fund’s performance or management fees relative to its peer groups and factors that contributed to the relative underperformance of certain Funds relative to the index(es) shown or the median of their Morningstar categories.

The Trustees considered DoubleLine’s pricing policy for its advisory fees and that DoubleLine does not seek to be a low cost provider, nor does it have a policy to set its advisory fees below the median of a Fund’s peers, but rather seeks to set fees at a competitive level that reflects DoubleLine’s demonstrated significant expertise and experience in the investment strategies that it offers.

The Trustees also 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 other funds and institutional separate accounts advised by DoubleLine and mutual funds for which DoubleLine serves as sub-adviser. The Trustees noted the information DoubleLine provided regarding certain funds and institutional separate accounts advised by it and funds sub-advised 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 considered DoubleLine’s representations that administrative, compliance, operational, legal, and other burdens of providing investment advice to registered investment companies (mutual funds, ETFs and closed-end funds) exceed in many respects those required to provide advisory services to non-registered investment company clients, such as institutional accounts for retirement or pension plans, which may have differing contractual requirements. The Trustees considered DoubleLine’s representations that DoubleLine also bears substantially greater legal and other responsibilities and risks in managing and sponsoring registered investment companies than in managing private accounts or in sub-advising funds, including registered investment companies, sponsored by others. The Trustees considered that the services and resources required of DoubleLine when it sub-advises registered investment companies by others generally are less extensive than those required of DoubleLine to serve the Funds, because, where DoubleLine serves as a sub-adviser, many of the sponsorship, operational, and compliance responsibilities related to the advisory function are retained by the primary adviser. In respect of the ETFs, the Trustees also considered the financial risks assumed by DoubleLine in respect of each ETF’s unitary fee, including that DoubleLine would generally bear, with limited exceptions, any increase in each ETF’s ordinary operating expenses.

Mutual Funds

With respect to the mutual funds, the Trustees considered that many of the mutual funds have achieved strong performance relative to the median of their Morningstar categories across all or most of the periods ended October 31, 2025 presented in the ISS MI Reports. They noted also that other mutual funds have achieved favorable long-term performance relative to the median of their Morningstar categories for the five- and/or ten-year periods, where applicable, ended October 31, 2025, notwithstanding, in some cases, more recent periods of relative underperformance for the one- and/or three-year periods. Those Funds included DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Emerging Markets Local Currency Bond Fund, and DoubleLine Selective Credit Fund. The Trustees also considered that a number of the mutual funds had achieved strong relative performance more recently, such as over the one- and/or three-year periods ended October 31, 2025, notwithstanding, in some cases, other periods of longer-term unfavorable relative performance. Those mutual funds included DoubleLine Core Fixed Income Fund, DoubleLine Floating Rate Fund,

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

and DoubleLine Long Duration Total Return Bond Fund. In each instance where a Fund exhibited relative underperformance over the one-, three-, five-, and/or ten-year periods, as applicable, the Trustees considered DoubleLine’s explanations for the periods of relative underperformance, including, in the cases of DoubleLine Shiller Enhanced CAPE^® and DoubleLine Shiller Enhanced International CAPE^®, where product design, investment positioning and/or differences in the Funds’ investment approach relative to their Morningstar categories, among other things, contributed to relative underperformance over different periods.

The Trustees noted that all but five of the mutual funds had net management fees either below the median of their peer group or within five basis points of the median of their peer group. The Trustees noted that DoubleLine Total Return Bond Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Flexible Income Fund, DoubleLine Select Income Fund, and DoubleLine Emerging Markets Local Currency Bond Fund each had net management fees more than five basis points above the median of its peer group. The Trustees discussed with management the reasons for the relative net management fees of these mutual funds. The Trustees noted that none of the mutual funds, other than DoubleLine Emerging Markets Local Currency Bond Fund and DoubleLine Select Income Fund, had the highest net management fee in its peer group. The Trustees also considered DoubleLine’s belief that differences between DoubleLine Select Income Fund and DoubleLine Emerging Markets Local Currency Bond Fund and their respective peer groups, together with and the limited number of close peers, should be taken into account in evaluating those Funds’ relative performance and net management fees. The Trustees considered each Fund’s net management fees in light of that Fund’s performance net of expenses, including in instances where the mutual fund had strong relative performance and net management fees above the median of its peer group. The Trustees noted that all of the mutual funds had net total expense ratios either below the median of their peer groups or within five basis points of the median of their peer groups, with the exception of DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Select Income Fund, and DoubleLine Strategic Commodity Fund. The Trustees discussed with management the reasons for each Fund’s relative total expenses compared to that Fund’s expense peers.

ETFs

With respect to the ETFs, the Trustees considered information in the ISS MI Reports regarding the ETFs’ performance records and net total expenses. The Trustees considered that performance since inception for each ETF was within Management’s expectations, and, in each instance where an ETF exhibited relative underperformance over the one- or three-year periods, as applicable, the Trustees considered DoubleLine’s explanations for the periods of relative underperformance. The Trustees noted that many of the ETFs had only recently, or have not yet, achieved three years of investment operations.

The Trustees considered the net total expenses of each ETF. The Trustees considered that under the ETFs’ unitary fee structure, DoubleLine, in addition to providing investment management services, arranges for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate. The Trustees further considered that under the unitary fee structure, DoubleLine pays substantially all of the operating expenses of the Funds, except for, among other things, the management fees, taxes and transaction costs, distribution fees or expenses, and any extraordinary expenses (such as litigation expenses).

The Trustees considered that DoubleLine Commercial Real Estate Debt ETF, DoubleLine Fortune 500 Equal Weight ETF, DoubleLine Opportunistic Core Bond ETF, DoubleLine Mortgage ETF, and DoubleLine Multi-Sector Income ETF each had a net total expense ratio at or below the median of its peer group. In considering the net total expense ratios of DoubleLine Shiller CAPE^® U.S. Equities ETF and DoubleLine Commodity Strategy ETF, the Trustees considered that while each Fund had a net total expense ratio that was above the median of its peer group, in each case, there were several peer funds with higher net total expense ratios and that the ETFs’ net total expense ratios were within six basis points of the median of their respective peer group.

The Trustees noted that DoubleLine Asset-Backed Securities ETF commenced investment operations on February 28, 2025 and that its Advisory Agreement had previously been approved for an initial two-year period. The Trustees noted that the Fund’s Advisory Agreement would be approved for only a stub period from February 28, 2027 through March 25, 2027, to generally align its term with the terms of the other Advisory Agreements for the Funds and that certain information included above was not provided given the ETF’s short operating history. In approving the Advisory Agreement for DoubleLine Asset-Backed Securities ETF, the Trustees considered the ETF’s short operating history and that the Advisory Agreement was only being approved for an additional month period.

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CEFs

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

As to DoubleLine Income Solutions Fund (“DSL”), the Trustees considered that the Fund’s net management fees were in the third quartile of its peer group on both a net assets and total managed assets basis, though the Fund’s net total expenses (excluding investment related expenses) was below the median of its expense peer group on those bases. The Trustees considered DoubleLine’s explanations for the Fund’s longer term relative underperformance with the Fund falling in the third quartile of its Morningstar category for the five- and ten-year periods ended October 31, 2025 and considered the Fund’s stronger more recent performance, with the Fund performing in the second quartile and the first quartile of its Morningstar category for the one- and three-year periods ended October 31, 2025, respectively, and the Fund outperforming its index for the one-, three-, five-, and ten-year periods ended October 31, 2025.

As to DoubleLine Opportunistic Credit Fund (“DBL”), the Trustees considered that DBL’s net management fees were in the second quartile of the Fund’s expense group on a net assets basis and in the fourth quartile of the expense group on a total managed assets basis. The Trustees also considered that DBL’s net total expense ratio (excluding investment-related expenses) was shown in the ISS MI Reports to be in the third quartile of the Fund’s expense group on a net assets basis and in the fourth quartile on a total managed assets basis. The Trustees considered that the Fund’s longer term relative underperformance with the Fund falling in the fourth quartile of its Morningstar category for the one-, five- and ten-year periods ended October 31, 2025 and noted the Fund’s stronger performance in the second quartile of its Morningstar category for the three-year period ended October 31, 2025. In considering the Fund’s performance, the Trustees noted also that the Fund had outperformed its index for the one-, three-, five- and ten-year periods ended October 31, 2025.

As to DoubleLine Yield Opportunities Fund (“DLY”), the Trustees considered that the Fund’s relative performance for the three-year period ended October 31, 2025, was in the second quartile of its Morningstar category. They noted that the Fund performed in the fourth and third quartiles for the one- and five-year periods ended October 31, 2025, respectively, though it had outperformed its index over the one-, three-, and five-year periods ended October 31, 2025. The Trustees noted that the Fund’s net management fees and net total expenses (excluding investment related expenses), though above the medians and in the fourth quartile of its peers on a total managed assets basis, were in the second quartile and below the median of its peer group on a net assets basis. In considering the fees and expenses of the Fund, the Trustees took into account DoubleLine’s statement that the Fund’s terms at its initial offering differed from many closed-end funds that came to market before it in that DoubleLine, as the Fund’s sponsor, bore all of the Fund’s initial organizational and offering expenses and that the Fund has a limited life, and that funds offered pursuant to such arrangements tend to pay higher advisory fees than funds whose sponsors do not bear those organizational and offering expenses and the related risks. The Trustees considered that ISS MI had developed an expense group comprising Funds with similar fee and expense arrangements, as ISS MI reported that it had done for a number of other fund families.

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

Profitability.

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

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

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

Economies of Scale.

In their evaluation of economies of scale, the Trustees considered, among other things, the pricing of the Funds and DoubleLine’s reported profitability, and that a number of the mutual funds had achieved significant size, though some of the largest funds have experienced significant outflows more recently. The Trustees considered also that none of the Funds have breakpoints in their advisory fee schedules. 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 considered also that the information provided by ISS MI supported the view that the net management fees of the largest mutual funds remained competitively priced against a peer group that was selected based on, in part, asset size. The Trustees separately considered that DoubleLine had agreed to continue the expense limitation arrangements (where applicable) for a number of the mutual funds at current levels for an additional one-year period, with the prospect of recouping any waived fees or reimbursed expenses at a later date. In evaluating economies of scale more generally, the Trustees also considered ongoing changes to the regulatory environment, which required DoubleLine to re-invest in its business and infrastructure.

With regard to DSL, DBL, and DLY, the Trustees considered 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.

With regard to the ETFs, the Trustees noted that the ETFs have recently begun operations and that none of the ETFs has achieved significant scale or scale that exceeded expectations for the ETFs at the time of their launch.

Other Benefits.

The Trustees considered other benefits that could potentially be received by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds, including possible ancillary benefits to the Adviser’s retail and institutional investment management businesses due to the reputation and potential growth of the Funds.

On the basis of these considerations as well as others and in the exercise of their business judgment, the Trustees determined that they were satisfied with the nature, extent, and quality of the services provided to each Fund under its Advisory Agreement(s); that it appeared that the management fees paid by each Fund to DoubleLine were generally within the range of management fees paid by its peer funds, and generally reasonable in light of the services provided, the quality of the portfolio management teams, and each Fund’s performance to date; that the historical performance records of the Funds, and the factors cited by management in respect of the underperforming Funds, were consistent with the continuance of the Advisory Agreement(s) for each of the Funds; that the fees paid by each Fund did not appear inappropriate in light of the fee schedules charged to DoubleLine’s other clients with substantially similar investment strategies (where applicable) in light of the differences in the services provided and the risks borne by DoubleLine; that the profitability of each Fund to DoubleLine did not appear excessive or such as to preclude continuation of the Fund’s Advisory Agreement(s); that the extent to which the advisory fees paid by the Funds share economies of scale with investors generally supported the renewal of each Advisory Agreement; and that it would be appropriate to approve each Advisory Agreement for an additional one-year period or, with respect to DoubleLine Asset-Backed Securities ETF, an additional period beginning February 28, 2027 through March 25, 2027.

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Portfolio Managers

The portfolio managers for the Fund are Jeffrey E. Gundlach (since the Fund’s inception), Andrew Hsu (since April 2020) and Ken Shinoda (since April 2020). Since the Fund’s last annual report to shareholders, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Fund’s portfolio.

Information About Proxy Voting

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

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

Information About Portfolio Holdings

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

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

Householding—Important Notice Regarding Delivery of Shareholder Documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at 1 (877) 354-6311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

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 March 18, 2026 for shareholders of record as of the close of business on January 29, 2026 to re-elect John C. Salter, a Class II trustee nominee. Mr. Salter was elected with 6,843,779 affirmative votes and 7,162,784 votes withheld. Trustees whose terms of office continued after the Annual Meeting of Shareholders because they were not up for re-election are Joseph J. Ciprari, William A. Odell, Ronald R. Redell, and Yury Friedman.

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Dividend Reinvestment Plan

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Unless the registered owner of Common Shares elects to receive cash by contacting Computershare Trust Company, N.A. (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 as indicated above to the Plan Administrator 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.

To opt out of the Plan, or opt back in, a Shareholder must provide notice to the Plan Administrator prior to any dividend/distribution record date as indicated above. If the Plan Administrator receives your request to opt-out on or after the record date for a dividend, the Plan Administrator may either pay the dividend in cash or reinvest it under the Plan on the next investment date on your behalf. If reinvested, the Plan Administrator may sell the Common Shares purchased and send the proceeds to you, less any applicable fees. 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 per share fees is equal to or greater than the net asset value 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 participant’s account. The number of newly issued Common Shares to be credited to each Plan participant’s account will be determined by dividing the dollar amount of the dividend by the net asset value per Common Share on the date of issuance, provided that, if the net asset value 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 net asset value per Common Share is greater than the market value plus estimated per share 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 Plan participants in open-market purchases. Per share fees include any applicable brokerage commissions the Plan Administrator is required to pay.

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 net asset value per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the net asset value of the Common Shares, resulting in the acquisition of fewer Common Shares than if the dividend had been paid in newly issued 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 net asset value per Common Share at the close of business on the last purchase date provided that, if the net asset value 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 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

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

There will be no 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 per share fee (currently $0.05 per share) incurred in connection with Open-Market Purchases in connection with the reinvestment of distributions. Per share fees include any applicable brokerage commission the Plan Administrator is required to pay.

Shareholders may request to sell a portion of the Common Shares in their accounts by notifying the Plan Administrator as indicated above. The Plan Administrator will sell such Common Shares through a broker-dealer selected by the Plan Administrator within 5 business days of receipt of the request. The sale price will equal the weighted average price of all Common Shares sold through the Plan on the day of the sale, less applicable fees which are currently $ 25.00 per sale and a per share fee of $0.12. Per share fees include any applicable brokerage commission the Plan Administrator is required to pay. Shareholders should note that the Plan Administrator is unable to accept instructions to sell on a specific date or at a specific price or through a specific broker.

The Fund and Plan Administrator, and any agent of either of them, are not liable for any act done in good faith or for any omission to act in good faith, including, without limitation, (i) any claim of liability arising out of failure to terminate a participant’s account upon a participant’s death prior to receipt of notice in writing of such death from a qualified representative of the deceased, (ii) any claim of liability arising out of the inability to purchase Shares, (iii) the prices at which Shares are purchased for a participant’s account, (iv) the times when such purchases are made, or (v) any fluctuations in the market value of the Common Shares. You should recognize that neither the Fund nor the Plan Administrator can assure you of a profit or protect you against a loss on any Common Shares purchased for your account under the Plan. An investment in the Common Shares under the Plan is, like any equity investment, subject to investment risk and possible loss of some or all of the principal amount invested.

The Fund reserves the right to amend or terminate the Plan and will provide written notice to each Shareholder of any amendment or termination. 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 by written notice provided directly or in the next report to Shareholders.

Each Shareholder proxy will include those Common Shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to Plan participants and vote proxies for Common Shares held pursuant to the Plan in accordance with the instructions of the participants.

The automatic reinvestment of dividends will not relieve Plan participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends.

All correspondence, questions, or requests for additional information concerning the Plan should be directed to the Plan Administrator by calling 1-800-736-3001 (U.S. and Canada) or 1-781-575-3100 (outside U.S. and Canada) or by writing to Computershare Trust Company, N.A. at P.O. Box 43006, Providence, RI 02940-3006. Be sure to include your name, address, daytime phone number, account number and a reference to the 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.

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DoubleLine Privacy Policy Notice

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At DoubleLine, we care about your privacy, value the trust you place in us when you share your personal information, and recognize the obligation to keep this information secure.

This notice provides information about how DoubleLine (“we,” “our,” and “us”) collects, uses, discloses, 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.

Information We Collect or Receive About You

We may collect and retain certain non-public personal information about you, including your:

•

Contact information, such as your name, address, email address, your home and mobile telephone numbers;

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Personal information, such as your date of birth, social security number, driver’s license number, state identification card or passport number;

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Account information, such as your account number, your balance, investment transaction activities (including to the extent necessary for our servicing of your account(s) with us);

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Internet or other electronic network activity, but not limited to, browsing history, search history and information regarding your interaction with our website;

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Financial information, such as your risk tolerance, sources of wealth and your assets, which may include details of shareholdings and beneficial interests in financial instruments, and your bank details; and

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Beneficial information, such as your family relationships, which may include your marital status, the identity of your spouse and dependents that you have.

How We Use Your Information

We collect only the information we need. DoubleLine does not sell your non-public personal information to any third parties. We may use the information we collect from you in a variety of ways, including:

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To provide information and communicate with you including through emails and/or text messages;

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To support our routine business operations (e.g., operate our websites, complete financial transactions that you request, etc.);

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To promote our products and services;

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To comply with applicable legal, regulatory and reporting obligations; and

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To create and maintain records to the extent necessary for account servicing, process transactions, and for third-party delivery services.

Where We Obtain Your Information

Depending on your relationship with DoubleLine, we may collect or receive information about you directly from you and from other sources including from:

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Your account application, your employer, retirement plan sponsors, financial intermediaries and service providers; and

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Cookies, beacons, pixel tags and other similar technologies linked to your IP address, web browser, social media and other online service providers.

What is the Legal Basis for Collecting and Processing Your Information

We may collect your information for the following basis:

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Administration of our funds and business;

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Performance of the contract we have with you;

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Processing for the proper administration of our website;

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Compliance with a legal and regulatory obligation;

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Consent, where required by applicable law; or

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Consent, to the processing where it is entirely voluntary, and not necessary or compulsory in any way.

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If you have provided consent to processing and subsequently withdraw that consent, we may still process your personal data where we have another lawful basis for doing so, provided that you have not expressly asked us to stop processing your personal data.

Where we need to collect personal data by law or under the terms of a contract that we have with you and you fail to provide that personal data when requested, we may not be able to perform the contract we have with you.

If you require further details about the specific lawful basis that we are relying on to process any personal data, please contact us (see Contact Us below).

Information Collected From Cookies

Our website may collect certain information about you through the use of cookies to 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.

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 your use of the domain, compile statistical reports on domain activity and provide other services related to our website. To read Google’s security and privacy policies and adjust your privacy setting, please go to https://policies.google.com/privacy?hl=en.#infochoices. You can choose not to have your data used by Google Analytics by downloading their opt-out browser add-on. To download the opt-out browser, 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.

Information We May Disclose

We do not share your information with nonaffiliated third parties for marketing purposes. We maintain physical, electronic, and procedural safeguards to guard your non-public personal information. We may disclose your personal data to our affiliates or third parties, as follows:

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To provide services essential to day-to-day running of our business, to process account transactions and maintain your account(s) that you request or authorize;

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To disclose your name and address to companies for the limited purpose of mailing accountrelated materials such as shareholder reports to you;

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To alert a customer about other financial products and services offered by DoubleLine;

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If DoubleLine is required or authorized by law to do so, such as for the purpose of compliance with regulatory requirements or in the case of a court order, legal investigation, or other properly executed governmental request, disclosing information in connection with legal proceedings such as responding to a subpoena;

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If you are enrolled in a retirement plan offered by a plans sponsor (your employer or former employer), your personal information may be shared with the plan’s third-party administrator, advisors and other service providers as authorized or directed by the plan sponsor; and

•

We may share your personal data with third parties to whom we may choose to sell, transfer or merge parts of our business or our assets (including in relation to restructuring/insolvency situations). Alternatively, we may seek to acquire other businesses or merge with them. If a change happens to our business, then the new owners may use your personal data in the same way as set out in this privacy notice. Your personal data may be a transferred asset in any sale of all or part of our business.

If you prefer that we not disclose non-public personal information about you to our affiliates for this purpose, you may direct us not to make such disclosures (other than disclosures permitted by law) by contacting us (see Contact Us below). If you limit this sharing and you have a joint account, your decision will be applied to all owners of the account.

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DoubleLine Privacy Policy Notice (Cont.)

Notice Related to the California Consumer Privacy Act (CCPA) and to “Natural Persons” Residing in the State of California

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

However, for California residents who are not DoubleLine customers or consumers, as those terms are defined by GLBA, the personal information we collect about you is subject to the CCPA. As such, you have privacy rights with respect to your personal information. Please review the following applicable California privacy notice that is available at the link below, or by contacting us (see Contact Us below).

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

Notice to “Natural Persons” Residing in the European Economic Area (the “EEA”)

This section applies to the collection, receipt or other processing by or on behalf of us of personal data (as defined in the European Data Privacy Laws) of individuals in respect of the European Economic Area (“EEA”) and/or the United Kingdom (“UK”).

We will process your personal data in accordance with applicable privacy laws, including without limitation, where applicable, General Data Protection Regulation (Regulation (EU) 2016/679) (“EU GDPR”), the EU GDPR as it forms part of the laws of England and Wales, Scotland and Northern Ireland by virtue of section 3 of the European Union Withdrawal Act 2018 (“UK GDPR”), the UK Data Protection Act 2018, the Privacy and Electronic Communications (EC Directive) Regulations 2003, (the “European Data Privacy Laws”).

We are the data controller of your personal data, meaning that we determine the purposes and means of the processing of your personal data. Full details of the types of personal data we process, our lawful bases for processing and how we may share your personal data are set out further above.

If you reside in the EEA or the UK, we may transfer your personal information outside the EEA or UK, and will ensure that it is protected and transferred in a manner consistent with applicable European Data Privacy Laws. 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 (or such other competent EEA authority) or the UK Information Commissioner’s Office, as applicable, as providing an “adequate” level of protection for personal data; or

•

The recipient may have signed a contract based on standard contractual clauses approved by the European Commission and the UK Information Commissioner’s Office, as applicable.

In other circumstances, the law may permit us to otherwise transfer your personal information outside the EEA or the UK. In all cases, however, any transfer of your personal information will be compliant with applicable European Data Privacy Laws. Should you wish to obtain a copy of the appropriate or suitable safeguards we have adopted where required to do so under the European Privacy Laws or would like to know where they have been made available, please contact us (see Contact Us below).

Notice to Investors in Cayman Islands Investment Funds

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

Any international transfer of personal information will be compliant with the requirements of the Data Protection Act, (As Revised) of the Cayman Islands.

Privacy for Children

DoubleLine is concerned about the privacy of children. Our website and our services are not targeted at individuals under 16 years of age, and we do not knowingly collect any personal information from an individual under 16. If we learn that a child under the age of 13 (or such higher age as required by applicable law) has submitted personally identifiable information online without parental

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consent, we will take all reasonable measures to delete such information from its databases and to not use such information for any purpose (except where necessary to protect the safety of the child or others as required or allowed by law). If you become aware of any personally identifiable information, we have collected from children under 13 (or such higher age as required by applicable law), please notify us (see Contact Us below). We do not sell or share any personal information and have no actual knowledge about selling or sharing personal information of individuals under the age of 16.

Retention of Personal Information and Security

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

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For the purposes for which the personal information was collected;

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

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

Access to and Control of Your Personal Information

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

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The right to limit the use and disclosure of Sensitive Personal Information;

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The right to know what personal information we have collected, used or disclosed about you;

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The right to access and port personal information;

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The right to opt out of the selling and sharing of personal information;

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The right to correct personal information about you;

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The right to object to processing of personal information;

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The right to request that we delete personal information we have collected, used or disclosed about you;

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The right to restrict/suspend processing of your personal data, where you don’t want it to be deleted;

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The right to withdraw consent at any time where we are relying on consent to process your personal data; and

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The right to be free from discrimination for exercising any of the rights above.

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 DoubleLine customers outside the United States may 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.

Submitting Requests

If you wish to exercise any of the rights set out above, please contact us (see Contact Us below). We will endeavor to respond within one month of receiving the request, unless the request is complex, in which case it may take longer. We may also need to request specific information from you to help confirm your identity and your right to access the relevant personal data (or to exercise any of its other rights). Please be aware that there are exceptions and exemptions that apply to some of the rights, which we will apply in accordance with the applicable European Data Privacy Laws (or other privacy laws). In particular, if you have provided consent to processing and subsequently withdraw that consent, we may still process that personal data where we have another lawful basis for doing so and your withdrawal does not affect the lawfulness of any processing carried out before you withdrew your consent.

Automated Decision-Making

We shall not make any decisions about you solely using automated decision making (including profiling) based on your personal data where such decision produces legal effects concerning you or similarly affects you.

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Complaints

To the extent you believe we have not addressed your concerns or otherwise choose to do so, you have the right under European Data Privacy Laws to lodge a complaint with your competent EEA or UK data protection authority, as applicable. In respect of the UK, the UK Information Commissioner’s Office contact details are available at www.ico.org.uk.

Contact Us

DoubleLine offers several options for exercising your rights. Please contact us at [email protected] or at 1 (800) 285-1545.

Changes To DoubleLine’s Privacy Policy

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

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Investment Adviser: DoubleLine Capital LP 2002 North Tampa Street Suite 200 Tampa, FL 33602
Before April 13, 2026: Administrator and Transfer Agent: U.S. Bancorp Fund Services, LLC P.O. Box 219252 Kansas City, MO 64121-9252	Beginning April 13, 2026: Administrator: The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Beginning April 13, 2026: Transfer Agent: Computershare 150 Royall Street, Suite 101 Canton, MA 02021
Before April 13, 2026: Custodian: U.S. Bank, N.A. 1555 North River Center Drive Suite 302 Milwaukee, WI 53212	Beginning April 13, 2026: Custodian: The Bank of New York Mellon 240 Greenwich Street New York, NY 10286
Independent Registered Public Accounting Firm: Deloitte & Touche LLP 695 Town Center Drive Suite 1200 Costa Mesa, CA 92626
Legal Counsel: Ropes & Gray LLP 1211 Avenue of the Americas New York, NY 10036
Contact Information: doubleline.com [email protected] (877) DLine11 or (877) 354-6311
DL-SEMI-DBL

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

[email protected] || www.doubleline.com

Form N-CSRS DoubleLine Opportunistic For: Mar 31

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

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