DBL Doubleline Opportunities Credit Fund

Item 1. Reports to Stockholders.

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		Annual Report September 30, 2021

DoubleLine Opportunistic Credit Fund

NYSE: DBL

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Dear Shareholder,

On behalf of the team at DoubleLine, I am pleased to deliver the Annual Report for the DoubleLine Opportunistic Credit Fund (NYSE: DBL, the “Fund”) for the 12-month period ended September 30, 2021. On the following pages, you will find specific information regarding the Fund’s operations and holdings. In addition, we discuss the Fund’s investment performance and the main drivers of that performance during the reporting period.

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

Sincerely,

Ronald R. Redell, CFA

Chairman of the Board of Trustees

DoubleLine Opportunistic Credit Fund

November 1, 2021

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For the 12-month period ended September 30, 2021, Agency residential mortgage-backed securities (RMBS) and Agency commercial mortgage-backed securities (CMBS) posted negative returns. The Bloomberg US Mortgage-Backed Securities (MBS) Index returned negative 0.43%, significantly outperforming the Bloomberg US Government Bond Index but underperforming the Bloomberg US Corporate Bond Index. Longer-duration assets generally underperformed shorter-duration assets as mid- to long-tenor, risk-free interest rates increased. U.S. Treasury yields rose, with two-year yields up 15 basis points (bps) and 10-year yields up 80 bps. The 30-year mortgage rate reached a historic low of 2.65% in early January, as measured by the Freddie Mac U.S. Mortgage Market Survey 30-Year Homeowner Commitment National Index. However as risk-free interest rates increased during the first quarter of 2021, mortgage rates also marked a steady climb. Mortgage rates went on to hit 3.18% in April but soon after began a downward trajectory until the last week of September, when they spiked to 3.01%. Over the year, loan originators increased capacity due to the high number of refinance applications and home purchases resulting in elevated Conditional Prepayment Rate (CPR) speeds, which peaked in March and again in April. Ginnie Mae II CPR speeds reached their highest point in March, primarily driven by a spike in banks and nonbanks buying out loans delinquent 90 days or longer. Agency RMBS and Agency CMBS spreads held in across the year and remained near all-time tights. Duration within the MBS sector noticeably lengthened over the 12-month period, with the duration of the Bloomberg US MBS Index growing from 2.12 years to 4.62 years. Gross issuance for Agency RMBS over the 12-month period reached $3.7 trillion; gross issuance for Agency CMBS reached roughly $196 billion. While the Federal Reserve ended the regular purchase of Agency CMBS in late March, the Fed continued to support Agency mortgages, and as of the end of September, it had purchased nearly $2.5 trillion in bonds. However, the Fed made an announcement at September’s Federal Open Market Committee meeting that a tapering of asset purchases might soon be warranted. Chair Jerome H. Powell noted that there was unanimous support for tapering to be completed by mid-2022, which is a much faster timeline than that of the prior quantitative easing purchase program.

For the 12-month period ended September 30, 2021, non-Agency residential mortgage-backed securities (non-Agency RMBS) rallied as home price appreciation accelerated. The sector experienced $35.1 billion in deal redemption volume, the largest in recent years. The sector continued to benefit from solid fundamentals as 70% to 85% of COVID-19-era-affected loans either prepaid or became current – partially attributable to forbearance assistance programs and rising home prices. Home prices hit their all-time year-over-year high of 19.9% in July, the most recent month for which data was available as measured by the S&P CoreLogic Case-Shiller 20-City Composite Home Price NSA Index. Home price appreciation benefited throughout the year from historically tight housing inventory. In June, the Federal Housing Finance Agency announced changes to expand its loan modification terms for all borrowers (regardless of their loan-to-value (LTV) ratio) impacted by COVID-19 hardship. Prior to this revision, only borrowers with a combined LTV ratio greater than or equal to 80% were eligible for a possible interest rate reduction. As credit performance currently stands, loan modifications have remained muted, with the most popular option being term extension over interest rate reduction.

For the 12-month period ended September 30, 2021, $116.6 billion of new-issue non-Agency commercial mortgage-backed securities (non-Agency CMBS) priced, compared to $87.2 billion in the previous 12-month period. While new issuance marked a material decline in the first half of 2020, investors and issuers became more comfortable with the macro environment in the latter half of the year, with $16.3 billion pricing in the fourth quarter for a total of $60.9 billion annual issuance, a 46.1% decrease year-over-year. Issuance accelerated in 2021, with $100.2 billion pricing in the first three quarters, a 42.9% increase over the same period in 2019. While issuance of conduit bonds comprised roughly 40% of 2019 issuance, it is projected to fall to around 30% in 2021, according to data compiled from several financial research firms, with single asset, single borrower issuance increasing to 44% from 39% in 2019 and commercial real estate collateralized loan obligation issuance increasing to 29% from 17%. For the 12-month period ended September 30, 2021, AAA last cash flows (LCFs) tightened by 18 basis points (bps) while BBB LCFs tightened by 200 bps. The delinquency rate for commercial real estate loans peaked at 8.28% in October 2020 as a result of volatility associated with the pandemic, but the rate has since recovered to 5.25% at the end of the third quarter of 2021, as measured by financial data firm Trepp. The Barclays Capital U.S. CMBS (ERISA Only) Total Return Index returned 0.52% for the 12-month period ended September 30, outperforming the broader Bloomberg US Aggregate Bond Index’s negative 0.90%. The RCA Commercial Property Price Index increased 13.51% for the 12-month period ended August 31, the most recent month for which data was available, compared to 3.10% over the previous 12-month period.

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For the 12-month period ended September 30, 2021, the collateralized loan obligation (CLO) market priced $162 billion in new issuance across 340 deals. An additional $197.2 billion of supply was brought to market by way of refinancing activity and reset activity, when the debt on existing portfolios is repriced and deal reinvestment periods are extended. CLO market-based metrics improved over the period, with a 5.84% gain in the S&P/LSTA Leveraged Loan Price Index fueling higher net asset values and market value overcollateralization ratios. CLO fundamentals also strengthened. The last 12-month U.S. leveraged loan default rate by principal amount fell nearly 4% across the year, ending at 0.35%, the lowest reading since March 2012. Spreads tightened across the capital structure. The J.P. Morgan Collateralized Loan Obligation Total Return Level Index returned 4.23% for the period.

The 12-month period ended September 30, 2021, was a roller-coaster ride for the U.S. Treasury market. At the end of September 2020, the market wrapped up six months of range-bound trading at historically low levels amid the COVID-19 pandemic. By that time, market participants had become encouraged as a sustained V-shaped economic recovery had taken hold. The 10-year Treasury rose steadily from 0.68% on September 30 to 0.91% on December 31. The picture changed in January when Democrats captured both of Georgia’s U.S. Senate seats, giving them control of the executive branch and both houses of Congress. Expectations of massive fiscal support combined with monetary accommodation from the Federal Reserve resulted in a sharp upward revision to growth and inflation expectations, which were bolstered further by the promise of a rapid COVID-19 vaccine rollout. Yields rose quickly through the first quarter of 2021, with market participants reaching maximum optimism in late March. An anticipated shift in the Fed’s federal funds rate policy was pulled forward from late 2023 to early 2023, and the 10-year Treasury yield peaked at 1.78% on March 30. Subsequent economic data failed to confirm the earlier rosy forecasts, however. The April employment report released in early May was a notable disappointment. A newly cautious wait-and-see attitude was reinforced by a hawkish message from the Fed at its June Federal Open Market Committee meeting. Downward revisions to growth expectations, growing inflation concern and the unwinding of short positions established in the first quarter put relentless downward pressure on yields through early August, when the 10-year yield reached an intraday low of 1.18%. Surging inflation sparked by strong demand for goods combined with supply chain disruptions pushed yields modestly higher through August and early September. Yields jumped in late September on the heels of yet another hawkish Fed meeting, sending the 10-year Treasury to 1.54% on September 28 before ending the month at 1.49%. The 10-year Treasury yield rose 58 basis points over the 12-month period, and the Bloomberg US Treasury Index returned negative 3.30%.

For the 12-month period ended September 30, 2021, the S&P/LSTA Leveraged Loan Index returned 8.40%, reflecting a continued rally following the pandemic-fueled sell-off in early 2020. Returns were strongest among riskier bank loans trading at steeper discounts. In the last 12 months, loans rated CCC rose 22.65%, loans rated B rose 8.27%, and loans rated BB rose 5.24%. The best-performing sectors were cosmetics and toiletries (+21.82%), nonferrous metals and minerals (+20.46%) and oil and gas (+16.30%). The worst performers were utilities (+3.67%), cable and satellite TV (+5.62%) and financial intermediaries (+5.66%). The weighted average bid price of the index at the end of the period was $98.62, up from $93.18 a year ago. The trailing 12-month default rate on a principal basis declined year-over-year to 0.35% in September from 4.17%.

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DoubleLine Opportunistic Credit Fund

For the 12-month period ended September 30, 2021, the DoubleLine Opportunistic Credit Fund outperformed the benchmark Bloomberg US Aggregate Bond Index return of negative 0.90% on a net asset value basis. This period in markets was generally characterized by a reopening of the global economy, an upshift in growth expectations and a subsequent rise in interest rates. The Fund consistently maintained a higher allocation to credit products and lower duration than the Index, resulting in strong outperformance. The best-performing sectors in the Fund were asset-backed securities and non-Agency commercial mortgage-backed securities. These sectors were the most directly impacted by the initial months of the COVID-19 pandemic, and, thus, stood the most to gain from an effective global vaccine rollout. The other credit sectors in the Fund all contributed to performance. The only noncredit sectors that detracted from performance were Agency mortgage-backed securities and U.S. Treasuries, which experienced duration-related price declines as interest rates rose.

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

The Fund seeks to pay regular monthly distributions out of its net investment income at a rate that reflects its current and projected net income performance. To permit the Fund to maintain a more stable monthly distributions, the Fund may pay distributions at a rate different than the amount of net income actually earned by the Fund during the period. Distributions are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the distributions exceed the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 5 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period. If a portion of the Fund’s distributions is from sources other than net investment income, shareholders will be notified of the estimated composition of such distribution through a Section 19 notice. For financial reporting purposes, the per share amounts of the Fund’s distributions for the reporting period are presented in the Financial Highlights.

Opinions expressed herein are as of September 30, 2021, and are subject to change at any time, are not guaranteed and should not be considered investment advice.

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

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

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

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

Investing involves risk. Principal loss is possible. Investments in debt securities typically decline in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Fund may invest in foreign securities which involves greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Exchange-traded fund investments involve additional risks such as the market price trading at a discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund’s ability to sell its shares. Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision-making, economic or market conditions or other unanticipated factors. In addition, the Fund may invest in other asset classes and investments such as, among others, REITs, credit default swaps, short sales, derivatives and smaller companies which include additional risks. Additional principal risks for the Fund can be found in the prospectus.

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

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. You can obtain the Fund’s most recent periodic reports and certain other regulatory filings by calling 1 (877) DLINE 11 / 1 (877) 354-6311, or visiting www.doublelinefunds.com. You should read these reports and other filings carefully before investing.

The performance shown assumes the reinvestment of all dividends and distributions and does not reflect any reductions for taxes. Total return does not reflect broker commissions or sales charges in connection with the purchase or sale of Fund shares. Performance reflects management fees and other fund expenses. Performance data quoted represents past performance; past performance does not guarantee future results and does not reflect the deduction of any taxes a shareholder would pay on fund distributions or the sale of fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares when sold may be worth more or less than the original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1 (877) DLINE 11 / 1 (877) 354-6311 or by visiting www.doublelinefunds.com/opportunistic-credit-fund/.

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

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

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

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

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

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

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

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

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

Conduit Bond—Type of municipal bond sold by a governmental entity for the purpose of making proceeds available to a private entity usually in furtherance of a public purpose. An example would be bonds in connection with nonprofit hospitals or affordable housing.

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

Federal Funds Rate—Target interest rate, set by the Federal Reserve at its Federal Open Market Committee (FOMC) meetings, at which commercial banks borrow and lend their excess reserves to each other overnight. The Fed sets a target federal funds rate eight times a year, based on prevailing economic conditions.

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

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

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

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

Last Cash Flow (LCF)—Remaining income or other payments made on collateral after all other debtholders have been paid in full.

Loan-to-Value (LTV) Ratio—Assessment of lending risk that financial institutions and other lenders examine before approving a mortgage. Typically, loan assessments with high LTV ratios are considered higher-risk loans. Therefore, if the mortgage is approved, the loan has a higher interest rate.

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

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

Quantitative Easing (QE)—An unconventional monetary policy used by central banks to stimulate the economy when standard monetary policy has become ineffective. A central bank implements quantitative easing by buying specified amounts of financial assets from commercial banks and other private institutions, thus raising the prices of those financial assets and lowering their yield, while simultaneously increasing the monetary base.

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

S&P CoreLogic Case-Shiller 20-City Composite Home Price NSA Index—This index measures the value of residential real estate in 20 major U.S. metropolitan areas: Atlanta; Boston; Charlotte; Chicago; Cleveland; Dallas; Denver; Detroit; Las Vegas; Los Angeles; Miami; Minneapolis; New York City; Phoenix; Portland, Oregon; San Diego; San Francisco; Seattle; Tampa; and Washington, D.C.

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

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

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

Tapering—Gradual slowing of the pace of the Federal Reserve’s large-scale asset purchases that were put in place as part of the Fed’s quantitative easing policies.

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

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

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

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

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

Distributed by Foreside Funds Services, LLC.

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

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