NPORT-EX 2 dbl-nport.htm NPORT-EX

DOS

DoubleLine Opportunistic Credit Fund

Schedule of Investments

December 31, 2019 (Unaudited)

Principal Amount $/Shares		Security Description		Rate				Maturity		Value $
Asset Backed Obligations - 4.4%
1,582,475		Castlelake Aircraft Securitization Trust, Series 2019-1A-C			6.90%	^		04/15/2039			1,596,806
1,420,459		Harley Marine Financing LLC, Series 2018-1A-A2			5.68%	^		05/15/2043			1,269,297
1,742,267		Horizon Aircraft Finance Ltd., Series 2018-1-C			6.66%	^		12/15/2038			1,750,569
4,887,500		Jimmy Johns Funding LLC, Series 2017-1A-A2II			4.85%	^		07/30/2047			5,008,608
20,000		SoFi Consumer Loan Program LLC, Series 2018-A-R1			6.11%	^ @		02/25/2042			1,492,657
5,930		SoFi Consumer Loan Program LLC, Series 2018-A-R2			6.11%	^ @		02/25/2042			442,573
1,976,000		Start Ltd., Series 2019-2-C			6.66%	^		11/15/2044			1,975,111
Total Asset Backed Obligations (Cost $13,486,628)											13,535,621
Bank Loans - 7.3%
89,325		Achilles Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)			5.81%			10/13/2025			90,386
492,443		Acrisure LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)			6.19%			11/22/2023			494,598
83,732		Alera Group Intermediate Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)			6.30%			08/01/2025			84,255
500,000		Almonde, Inc., Senior Secured Second Lien Term Loan (6 Month LIBOR USD + 7.25%, 1.00% Floor)			9.45%			06/16/2025			490,538
434,472		American Tire Distributors, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 7.50%, 1.00% Floor, 8.00% PIK)			9.30%			09/02/2024			389,938
525,000		Asurion LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%)			8.30%			08/04/2025			532,678
367,225		Athenahealth, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%)			6.40%			02/11/2026			369,673
173,324		Avantor, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)			4.80%			11/21/2024			175,129
449,639		Avaya, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)			5.99%			12/16/2024			442,557
162,917		Bass Pro Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%, 0.75% Floor)			6.80%			09/25/2024			162,747
285,000		BellRing Brands LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%, 1.00% Floor)			6.80%			10/21/2024			288,742
		BI-LO LLC, Senior Secured First Lien Term Loan
168,421		(3 Month LIBOR USD + 8.00%, 1.00% Floor)			9.89%			05/31/2024			156,141
163,421		(2 Month LIBOR USD + 8.00%, 1.00% Floor)			9.85%			05/31/2024			151,505
160,658		(3 Month LIBOR USD + 8.00%, 1.00% Floor)			9.89%			05/31/2024			148,943
499,950		Boxer Parent Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)			6.05%			10/02/2025			495,463
		Brand Energy & Infrastructure Services. Inc., Senior Secured First Lien Term Loan
148,122		(3 Month LIBOR USD + 4.25%, 1.00% Floor)			6.18%			07/30/2024			147,937
131,319		(3 Month LIBOR USD + 4.25%, 1.00% Floor)			6.29%			07/30/2024			131,155
797,850		Brazos Delaware LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)			5.79%			05/21/2025			686,151
289,239		Brookfield WEC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.75% Floor)			5.30%			07/31/2025			291,679
491,184		Constellis Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 1.00% Floor)			6.93%			04/22/2024			208,753
478,938		Covia Holdings Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)			6.04%			06/02/2025			371,814
500,000		CSM Bakery Solutions LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)			6.03%			07/03/2020			486,250
500,000		Cyxtera DC Holdings, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%, 1.00% Floor)			8.99%			05/01/2025			310,555
24,414		Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)			5.94%			01/23/2026			24,615
45,411		Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)			5.94%			01/23/2026			45,783
277,929		EG America LLC, Senior Secured First Lien Term Loan			5.96%			02/06/2025			277,380
492,500		EnergySolutions LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)			5.69%			05/02/2025			466,799
341,550		Financial & Risk US Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)			5.05%			10/01/2025			344,880
680,000		Flexential Intermediate Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)			5.44%			08/01/2024			568,891
487,141		Foresight Energy LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.75%, 1.00% Floor)			7.66%	W		03/28/2022			216,081
500,000		Gavilan Resources LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.00%, 1.00% Floor)			7.80%			03/01/2024			200,000
178,200		Getty Images, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)			6.31%			02/19/2026			178,980
463,838		Granite Holdings Acquisition Company, Senior Secured First Lien Term Loan			7.21%			09/30/2026			466,157
		Gulf Finance LLC, Senior Secured First Lien Term Loan
252,752		(3 Month LIBOR USD + 5.25%, 1.00% Floor)			7.20%			08/25/2023			199,065
426,197		(1 Month LIBOR USD + 5.25%, 1.00% Floor)			6.95%			08/25/2023			335,668
354,101		Houston Foods, Inc., Senior Secured First Lien Term Loan			5.55%			06/27/2025			345,249
350,000		Hyland Software, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%, 0.75% Floor)			8.80%			05/31/2025			355,469
240,000		Inmarsat PLC, Senior Secured First Lien Term Loan			6.41%	±		09/23/2026			241,781
393,970		ION Trading Technologies SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)			6.06%			11/21/2024			378,211
337,991		Jo-Ann Stores LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 1.00% Floor)			6.93%			10/20/2023			237,651
472,800		Keane Group Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)			5.56%			06/30/2025			456,252
538,188		Kindred Healthcare, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)			6.81%			06/23/2025			542,897
300,586		Klockner-Pentaplast of America, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)			6.18%			06/30/2022			271,805
477,707		LSF9 Atlantis Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 6.00%, 1.00% Floor)			7.74%			05/01/2023			442,476
		McDermott International, Inc., Senior Secured First Lien Delayed-Draw Term Loan
57,393		(1 Month LIBOR USD + 10.00%, 1.00% Floor)			11.69%	W		10/21/2021			58,756
126,263		(3 Month LIBOR USD + 10.00%, 1.00% Floor)			12.00%	W		10/21/2021			129,262
477,351		McDermott International, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 1.00% Floor)			6.94%	W		05/12/2025			283,547
436,700		Millennium Trust Company LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)			6.80%			03/27/2026			431,241
		Mirion Technologies, Inc., Senior Secured First Lien Term Loan
175,018		(3 Month LIBOR USD + 4.00%)			6.10%			03/06/2026			176,769
23,982		(1 Week LIBOR USD + 4.00%)			5.63%			03/06/2026			24,221
333,333		Mitchell International, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%)			9.05%			11/20/2025			320,833
197,027		MLN US HoldCo LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)			6.19%			07/11/2025			187,012
155,000		MLN US HoldCo LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 8.75%)			10.44%			07/13/2026			118,833
365,113		Monitronics International, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 6.50%, 1.25% Floor)			8.30%			03/29/2024			311,715
110,000		NEP Group, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%)			8.80%			10/19/2026			99,825
500,000		Pearl Intermediate Parent LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.25%)			8.05%			01/30/2026			495,003
		Polar US Borrower LLC, Senior Secured First Lien Term Loan
1,275		(3 Month LIBOR USD + 4.75%)			6.69%			08/17/2025			1,272
63,075		(3 Month LIBOR USD + 4.75%)			6.79%			08/17/2025			62,917
500,000		PowerTeam Services LLC, Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 7.25%, 1.00% Floor)			9.19%			03/06/2026			360,000
258,375		Prairie ECI Acquiror LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%)			6.69%			03/11/2026			257,083
		Radiology Partners, Inc., Senior Secured First Lien Term Loan
95,967		(6 Month LIBOR USD + 4.75%, 1.00% Floor)			6.71%			07/09/2025			96,607
111,928		(12 Month LIBOR USD + 4.75%, 1.00% Floor)			6.62%			07/09/2025			112,674
108,350		Renaissance Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)			5.05%			06/02/2025			108,079
318,676		RentPath, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%, 1.00% Floor)			6.66%	W		12/17/2021			177,445
75,000		Restaurant Technologies, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%)			8.30%			10/01/2026			74,813
78,916		Securus Technologies Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%, 1.00% Floor)			6.30%			06/20/2024			59,134
305,573		Solenis International LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)			5.91%			12/26/2023			303,128
140,000		Solenis International LP, Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 8.50%)			10.41%			06/18/2024			128,100
190,000		Sound Inpatient Physicians, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%)			8.55%			06/26/2026			191,900
287,283		Summit Midstream Partners Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 6.00%, 1.00% Floor)			7.80%			05/13/2022			272,919
91,399		Syncreon Group Holdings B.V., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)			6.80%			10/01/2024			87,895
163,083		Syncreon Group Holdings B.V., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 6.00%)			7.80%			04/01/2025			140,659
500,000		The Edelman Financial Center LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%)			8.54%			07/20/2026			500,625
499,900		TKC Holdings, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 8.00%, 1.00% Floor)			9.80%			02/01/2024			454,909
132,975		Travel Leaders Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)			5.79%			01/25/2024			133,806
124,688		Travelport Finance SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%)			6.94%			03/18/2026			116,957
114,711		United Natural Foods, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)			6.05%			10/22/2025			98,580
500,000		Vantage Specialty Chemicals, Inc., Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 8.25%, 0.75% Floor)			10.16%			10/27/2025			436,250
296,250		Verscend Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)			6.30%			08/27/2025			298,965
498,750		WaterBridge Midstream Operating LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.75%, 1.00% Floor)			7.83%			06/18/2026			491,892
362,246		Web.Com Group, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.75%)			9.49%			10/09/2026			349,681
168,300		WeddingWire, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)			6.20%			11/07/2025			169,352
335,000		WeddingWire, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 8.25%)			10.05%			12/21/2026			331,650
160,000		Zelis Cost Management Buyer, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)			6.55%			09/25/2026			161,084
Total Bank Loans (Cost $24,656,365)											22,319,070
Collateralized Loan Obligations - 27.5%
1,000,000		Allegany Park Ltd., Series 2019-1A-E (3 Month LIBOR USD + 6.78%, 6.78% Floor)			0.01%	^		01/20/2033			985,181
1,000,000		ALM LLC, Series 2015-12A-C1R2 (3 Month LIBOR USD + 2.65%, 2.65% Floor)			4.65%	^		04/16/2027			1,000,732
1,000,000		ARES Ltd., Series 2014-1A-SUB			8.79%	#^@Þ		04/17/2026			296,208
1,700,000		Atlas Senior Loan Fund, Series 2019-14A-D (3 Month LIBOR USD + 3.90%, 3.90% Floor)			6.30%	^		07/20/2032			1,659,424
1,000,000		Atrium Corporation, Series 9A-DR (3 Month LIBOR USD + 3.60%)			5.51%	^		05/28/2030			1,000,702
1,000,000		Babson Ltd., Series 2015-2A-DR (3 Month LIBOR USD + 2.95%)			4.92%	^		10/21/2030			977,272
1,000,000		Babson Ltd., Series 2017-1A-D (3 Month LIBOR USD + 3.60%)			5.60%	^		07/18/2029			1,000,312
500,000		Barings Ltd., Series 2018-3A-D (3 Month LIBOR USD + 2.90%)			4.87%	^		07/20/2029			481,604
1,000,000		Barings Ltd., Series 2018-3A-E (3 Month LIBOR USD + 5.75%)			7.72%	^		07/20/2029			962,310
2,500,000		Barings Ltd., Series 2019-1A-D (3 Month LIBOR USD + 3.85%, 3.85% Floor)			5.85%	^		04/15/2031			2,506,852
1,000,000		Barings Ltd., Series 2019-1A-E (3 Month LIBOR USD + 6.68%, 6.68% Floor)			8.68%	^		04/15/2031			1,002,177
1,000,000		Barings Ltd., Series 2019-2A-C (3 Month LIBOR USD + 3.85%, 3.85% Floor)			5.85%	^		04/15/2031			1,001,244
5,000,000		Beechwood Park Ltd., Series 2019-1A-D1 (3 Month LIBOR USD + 4.10%, 4.10% Floor)			6.00%	^		01/17/2033			4,999,489
2,000,000		Beechwood Park Ltd., Series 2019-1A-E (3 Month LIBOR USD + 7.50%, 7.50% Floor)			9.40%	^		01/17/2033			1,999,193
1,900,000		BlueMountain Ltd., Series 2013-1A-DR (3 Month LIBOR USD + 7.50%, 7.50% Floor)			9.47%	^		01/22/2029			1,757,202
1,000,000		BlueMountain Ltd., Series 2013-2A-DR (3 Month LIBOR USD + 2.90%)			4.85%	^		10/22/2030			955,371
1,000,000		Canyon Capital Ltd., Series 2017-1A-D (3 Month LIBOR USD + 3.60%)			5.60%	^		07/15/2030			1,000,312
1,000,000		Canyon Capital Ltd., Series 2017-1A-E (3 Month LIBOR USD + 6.25%)			8.25%	^		07/15/2030			978,020
1,500,000		Canyon Capital Ltd., Series 2018-1A-E (3 Month LIBOR USD + 5.75%, 5.75% Floor)			7.75%	^		07/15/2031			1,420,238
1,550,000		Canyon Capital Ltd., Series 2019-1A-D (3 Month LIBOR USD + 3.85%, 3.85% Floor)			5.85%	^		04/15/2032			1,551,240
1,500,000		Carlyle Global Market Strategies Ltd., Series 2015-5A-DR (3 Month LIBOR USD + 6.70%, 6.70% Floor)			8.67%	^		01/20/2032			1,428,862
3,750,000		Cathedral Lake Ltd., Series 2015-3A-DR (3 Month LIBOR USD + 4.10%, 4.10% Floor)			6.10%	^		07/16/2029			3,754,769
2,500,000		Dryden Senior Loan Fund, Series 2014-33A-ER2 (3 Month LIBOR USD + 6.97%, 6.97% Floor)			8.97%	^		04/16/2029			2,505,131
1,500,000		Dryden Senior Loan Fund, Series 2015-37A-ER (3 Month LIBOR USD + 5.15%, 5.15% Floor)			7.15%	^		01/15/2031			1,352,709
2,000,000		Dryden Senior Loan Fund, Series 2015-40A-ER (3 Month LIBOR USD + 5.75%, 5.75% Floor)			7.66%	^		08/15/2031			1,915,611
500,000		Dryden Senior Loan Fund, Series 2017-50A-D (3 Month LIBOR USD + 3.25%)			5.25%	^		07/15/2030			499,419
2,000,000		Gilbert Park Ltd., Series 2017-1A-E (3 Month LIBOR USD + 6.40%)			8.40%	^		10/15/2030			2,014,934
500,000		GoldenTree Loan Management Ltd., Series 2018-3A-D (3 Month LIBOR USD + 2.85%)			4.82%	^		04/22/2030			484,572
1,000,000		Greenwood Park Ltd., Series 2018-1A-E (3 Month LIBOR USD + 4.95%)			6.95%	^		04/15/2031			914,671
500,000		Halcyon Loan Advisors Funding Ltd., Series 2014-3A-D (3 Month LIBOR USD + 3.65%)			5.60%	^		10/22/2025			499,913
1,000,000		Highbridge Loan Management Ltd., Series 2013-2A-CR (3 Month LIBOR USD + 2.90%)			4.87%	^		10/20/2029			941,915
1,000,000		HPS Loan Management Ltd., Series 11A-17-E (3 Month LIBOR USD + 6.10%)			8.01%	^		05/06/2030			912,871
2,500,000		LCM LP, Series 26A-E (3 Month LIBOR USD + 5.30%, 5.30% Floor)			7.27%	^		01/21/2031			2,263,020
1,500,000		Madison Park Funding Ltd., Series 2019-34A-E (3 Month LIBOR USD + 6.75%, 6.75% Floor)			8.69%	^		04/25/2031			1,501,422
1,500,000		Magnetite Ltd., Series 2019-24A-D (3 Month LIBOR USD + 3.80%, 3.80% Floor)			5.71%	^		01/15/2033			1,500,158
1,000,000		Magnetite Ltd., Series 2019-24A-E (3 Month LIBOR USD + 6.95%, 6.95% Floor)			8.86%	^		01/15/2033			1,002,340
2,500,000		Neuberger Berman Loan Advisers Ltd., Series 2017-16SA-E (3 Month LIBOR USD + 5.40%)			7.40%	^		01/18/2028			2,467,798
1,000,000		Neuberger Berman Loan Advisers Ltd., Series 2017-25A-D (3 Month LIBOR USD + 3.25%)			5.25%	^		10/18/2029			994,539
2,000,000		Neuberger Berman Loan Advisers Ltd., Series 2019-32A-D (3 Month LIBOR USD + 3.85%, 3.85% Floor)			5.82%	^		01/20/2032			2,001,710
1,000,000		Newark BSL Ltd., Series 2016-1A-D (3 Month LIBOR USD + 6.75%)			8.69%	^		12/21/2029			1,000,417
1,000,000		Octagon Investment Partners Ltd., Series 2012-1A-CR (3 Month LIBOR USD + 4.00%)			6.00%	^		07/16/2029			1,000,388
2,500,000		Octagon Investment Partners Ltd., Series 2014-1A-CRR (3 Month LIBOR USD + 3.95%, 3.95% Floor)			5.86%	^		02/17/2032			2,506,398
4,000,000		Octagon Investment Partners Ltd., Series 2014-1A-DRR (3 Month LIBOR USD + 7.00%, 7.00% Floor)			8.91%	^		02/17/2032			3,981,088
1,000,000		Octagon Investment Partners Ltd., Series 2016-1A-FR (3 Month LIBOR USD + 8.09%, 8.09% Floor)			10.09%	^		07/15/2030			869,184
2,000,000		Octagon Investment Partners Ltd., Series 2017-1A-SUB			13.58%	#^@Þ		03/17/2030			1,361,229
1,500,000		Octagon Investment Partners Ltd., Series 2018-1A-D (3 Month LIBOR USD + 5.20%, 5.20% Floor)			7.17%	^		01/21/2031			1,399,018
900,000		Octagon Investment Partners Ltd., Series 2018-3A-E (3 Month LIBOR USD + 5.75%, 5.75% Floor)			7.72%	^		10/21/2030			866,958
1,000,000		RRAM Ltd., Series 2018-4A-C (3 Month LIBOR USD + 2.95%)			4.95%	^		04/15/2030			952,836
2,000,000		Taconic Park Ltd., Series 2016-1A-C (3 Month LIBOR USD + 4.05%)			6.02%	^		01/22/2029			2,001,308
2,250,000		Trimaran CAVU LLC, Series 2019-1A-D (3 Month LIBOR USD + 4.15%, 4.15% Floor)			6.12%	^		07/20/2032			2,216,208
500,000		Trimaran CAVU LLC, Series 2019-2A-C (3 Month LIBOR USD + 4.72%, 4.72% Floor)			6.63%	^		11/26/2032			499,986
1,000,000		Voya Ltd., Series 2017-3A-C (3 Month LIBOR USD + 3.55%)			5.52%	^		07/22/2030			1,000,319
3,000,000		Voya Ltd., Series 2019-4A-D (3 Month LIBOR USD + 3.83%, 3.83% Floor)			5.57%	^		01/18/2033			2,940,691
2,000,000		Wind River Ltd., Series 2012-1A-ER (3 Month LIBOR USD + 7.38%)			9.38%	^		01/15/2026			1,963,940
2,500,000		Wind River Ltd., Series 2014-2A-ER (3 Month LIBOR USD + 5.75%, 5.75% Floor)			7.75%	^		01/15/2031			2,047,580
1,040,000		Wind River Ltd., Series 2017-4A-D (3 Month LIBOR USD + 2.65%)			4.55%	^		11/20/2030			975,602
Total Collateralized Loan Obligations (Cost $85,361,263)											84,074,597
Foreign Corporate Bonds - 0.7%
2,000,000		AI Candelaria Spain SLU			7.50%			12/15/2028			2,248,195
Total Foreign Corporate Bonds (Cost $1,938,324)											2,248,195
Non-Agency Commercial Mortgage Backed Obligations - 20.5%
450,000		Bear Stearns Commercial Mortgage Securities, Inc., Series 2007-T26-AJ			5.45%	#		01/12/2045			387,405
18,488,241		Benchmark Mortgage Trust, Series 2018-B1-XA			0.52%	#I/O		01/18/2051			624,076
1,012,000		BF Mortgage Trust, Series 2019-NYT-F (1 Month LIBOR USD + 3.00%, 3.00% Floor)			4.74%	^		12/17/2035			1,020,619
5,000,000		BX Commercial Mortgage Trust, Series 2019-IMC-G (1 Month LIBOR USD + 3.60%, 3.60% Floor)			5.34%	^		04/17/2034			5,038,043
1,025,000		BXP Trust, Series 2017-CQHP-E (1 Month LIBOR USD + 3.00%, 3.00% Floor)			4.74%	^		11/15/2034			1,026,513
976,000		Carbon Capital Commercial Mortgage Trust, Series 2019-FL2-B (1 Month LIBOR USD + 2.85%, 2.85% Floor)			4.59%	^		11/18/2021			983,779
18,150,799		CD Commercial Mortgage Trust, Series 2017-CD6-XA			0.96%	#I/O		11/15/2050			951,394
269,000		Citigroup Commercial Mortgage Trust, Series 2015-GC27-D			4.43%	#^		02/12/2048			255,565
4,669,527		Citigroup Commercial Mortgage Trust, Series 2015-GC27-XA			1.36%	#I/O		02/12/2048			250,232
254,000		Citigroup Commercial Mortgage Trust, Series 2016-GC36-D			2.85%	^		02/10/2049			220,284
168,000		Citigroup Commercial Mortgage Trust, Series 2018-TBR-F (1 Month LIBOR USD + 3.65%, 3.75% Floor)			5.39%	^		12/15/2036			169,600
42,255,505		Commercial Mortgage Pass-Through Certificates, Series 2013-LC6-XA			1.34%	#I/O		01/12/2046			1,391,030
26,400,000		Commercial Mortgage Pass-Through Certificates, Series 2014-UBS3-XC			1.24%	#^I/O		06/12/2047			1,319,390
1,288,300		Commercial Mortgage Pass-Through Certificates, Series 2014-UBS4-F			3.75%	^Þ		08/12/2047			485,787
2,307,151		Commercial Mortgage Pass-Through Certificates, Series 2014-UBS4-G			3.75%	^Þ		08/12/2047			171,814
5,000		Commercial Mortgage Pass-Through Certificates, Series 2014-UBS4-V			0.00%	#^Þ		08/12/2047			1
27,394,000		Commercial Mortgage Pass-Through Certificates, Series 2015-CR23-XD			1.02%	#^I/O		05/12/2048			1,389,835
566,000		Commercial Mortgage Pass-Through Certificates, Series 2015-CR26-C			4.48%	#		10/10/2048			598,851
5,297,000		Commercial Mortgage Pass-Through Certificates, Series 2015-CR26-XD			1.23%	#^I/O		10/13/2048			329,516
91,922,021		Commercial Mortgage Pass-Through Certificates, Series 2015-LC21-XA			0.76%	#I/O		07/10/2048			2,572,217
1,500,000		Commercial Mortgage Pass-Through Certificates, Series 2015-LC23-E			3.65%	#^		10/13/2048			1,338,541
549,000		Commercial Mortgage Pass-Through Certificates, Series 2016-CR28-E			4.15%	#^		02/12/2049			540,943
128,727		FREMF Mortgage Trust, Series 2016-KF22-B (1 Month LIBOR USD + 5.05%, 5.05% Floor)			6.75%	^		07/25/2023			133,181
167,538		GMAC Commercial Mortgage Securities Trust, Series 2004-C3-E			5.14%	#^		12/10/2041			168,535
5,000,000		Great Wolf Trust, Series 2019-WOLF-F (1 Month LIBOR USD + 3.13%, 3.13% Floor)			4.85%	^		12/15/2036			4,998,465
1,000,000		GS Mortgage Securities Trust, Series 2015-GC28-D			4.32%	#^		02/12/2048			957,541
80,989,684		GS Mortgage Securities Trust, Series 2018-GS9-XA			0.45%	#I/O		03/10/2051			2,525,777
500,000		GS Mortgage Securities Trust, Series 2014-GC26-C			4.51%	#		11/13/2047			509,265
2,150,000		GS Mortgage Securities Trust, Series 2014-GC26-D			4.51%	#^		11/13/2047			1,883,692
1,640,000		Hawaii Hotel Trust, Series 2019-MAUI-F (1 Month LIBOR USD + 2.75%, 2.75% Floor)			4.49%	^		05/17/2038			1,644,870
1,527,595		HPLY Trust, Series 2019-HIT-G (1 Month LIBOR USD + 3.90%, 3.90% Floor)			5.64%	^		11/17/2036			1,529,499
23,262,501		JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2012-CBX-XA			1.48%	#I/O		06/16/2045			505,643
94,962		JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9-AMS			5.34%			05/15/2047			91,602
2,000,000		JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3-D			5.66%	#^		02/16/2046			1,993,280
500,000		JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP-F (1 Month LIBOR USD + 3.00%, 3.00% Floor)			4.74%	^		07/15/2036			502,033
10,765,000		JPMBB Commercial Mortgage Securities Trust, Series 2013-C14-XC			1.10%	#^I/O		08/17/2046			365,416
3,488,650		JPMBB Commercial Mortgage Securities Trust, Series 2014-C19-E			4.00%	#^Þ		04/17/2047			2,950,942
1,938,200		JPMBB Commercial Mortgage Securities Trust, Series 2014-C19-F			3.75%	#^Þ		04/17/2047			1,111,710
5,273,268		JPMBB Commercial Mortgage Securities Trust, Series 2014-C19-NR			3.75%	#^Þ		04/17/2047			1,096,629
925,000		JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-C			4.47%	#		09/15/2047			975,835
2,000,000		JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-D			3.97%	#^		09/17/2047			1,984,177
4,234,506		JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-XA			0.97%	#I/O		01/17/2048			161,877
500,000		JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-D			3.81%	#^		02/18/2048			484,159
360,000		JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-C			4.16%	#		05/15/2048			369,614
20,920,000		JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-XE			0.26%	#^I/O		05/15/2048			359,880
675,000		JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-C			4.67%	#		11/15/2048			714,992
16,358,000		JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-XD			0.50%	#^I/O		11/18/2048			410,952
165,000		JPMBB Commercial Mortgage Securities Trust, Series 2015-C33-C			4.62%	#		12/17/2048			173,069
2,876,000		LoanCore Issuer Ltd., Series 2019-CRE3-D (1 Month LIBOR USD + 2.50%, 2.50% Floor)			4.24%	^		05/15/2036			2,886,057
1,137,735		Lone Star Portfolio Trust, Series 2015-LSP-D (1 Month LIBOR USD + 4.25%, 4.00% Floor)			5.99%	^		09/15/2028			1,143,331
4,840,370		LSTAR Commercial Mortgage Trust, Series 2016-4-XA			1.84%	#^I/O		03/12/2049			286,181
500,000		Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19-C			4.00%			12/17/2047			515,899
804,000		Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-D			3.24%	#^		12/17/2047			748,637
525,000		Morgan Stanley Capital Trust, Series 2014-CPT-G			3.45%	#^		07/13/2029			522,921
1,191,000		Morgan Stanley Capital Trust, Series 2017-ASHF-G (1 Month LIBOR USD + 6.90%, 6.90% Floor)			8.64%	^		11/15/2034			1,180,472
824,000		UBS Commercial Mortgage Trust, Series 2013-C5-D			4.08%	#^		03/12/2046			790,976
467,000		Wells Fargo Commercial Mortgage Trust, Series 2012-LC5-E			4.76%	#^Þ		10/17/2045			473,494
23,293,000		Wells Fargo Commercial Mortgage Trust, Series 2015-C28-XF			1.11%	#^I/O		05/15/2048			1,196,466
747,000		Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4-D			3.60%	#		12/17/2048			741,215
55,347,895		Wells Fargo Commercial Mortgage Trust, Series 2018-C43-XA			0.70%	#I/O		03/17/2051			2,588,505
Total Non-Agency Commercial Mortgage Backed Obligations (Cost $67,456,561)											62,742,224
Non-Agency Residential Collateralized Mortgage Obligations - 30.3%
1,807,572		Adjustable Rate Mortgage Trust, Series 2006-1-2A1			4.31%	#		03/25/2036			1,393,234
855,842		Banc of America Alternative Loan Trust, Series 2005-8-2CB1			6.00%			09/25/2035			873,454
11,684,339		BCAP LLC Trust, Series 2007-AB1-A5			4.85%	ß		03/25/2037			7,328,134
4,869,007		BCAP LLC Trust, Series 2010-RR6-2216			3.69%	#^		06/26/2036			4,831,550
920,721		BCAP LLC Trust, Series 2010-RR6-6A2			9.30%	#^		07/26/2037			794,436
1,750,821		Chase Mortgage Finance Trust, Series 2007-S1-A7			6.00%			02/25/2037			1,225,941
1,870,095		Chase Mortgage Finance Trust, Series 2007-S3-1A5			6.00%			05/25/2037			1,444,093
1,921,334		CHL Mortgage Pass-Through Trust, Series 2007-4-1A35 (-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)			4.91%	I/FI/O		05/25/2037			548,141
7,000,000		CIM Trust, Series 2016-1RR-B2			7.78%	#^Þ		08/26/2055			7,069,080
7,000,000		CIM Trust, Series 2016-2RR-B2			8.23%	#^Þ		02/29/2056			7,050,836
7,000,000		CIM Trust, Series 2016-3RR-B2			7.99%	#^Þ		02/29/2056			7,063,818
6,010,000		CIM Trust, Series 2017-3RR-B2			11.09%	#^Þ		01/29/2057			6,183,386
464,780		Citigroup Mortgage Loan Trust, Inc., Series 2006-8-A4 (-3 x 1 Month LIBOR USD + 19.66%, 19.66% Cap)			14.73%	^I/F		10/25/2035			592,223
2,133,135		CitiMortgage Alternative Loan Trust, Series 2007-A4-1A6			5.75%			04/25/2037			2,080,578
1,726,670		CitiMortgage Alternative Loan Trust, Series 2007-A6-1A16			6.00%			06/25/2037			1,693,190
1,109,909		Countrywide Alternative Loan Trust, Series 2005-85CB-2A5 (1 Month LIBOR USD + 1.10%, 1.10% Floor, 7.00% Cap)			2.89%			02/25/2036			961,765
234,395		Countrywide Alternative Loan Trust, Series 2005-85CB-2A6 (-4 x 1 Month LIBOR USD + 21.63%, 21.63% Cap)			15.06%	I/F		02/25/2036			311,918
2,487,775		Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-11-7A1			6.00%			12/25/2035			2,054,926
3,193,554		Credit Suisse Mortgage Capital Certificates, Series 2006-5-3A3			6.50%			06/25/2036			1,285,709
839,387		Credit Suisse Mortgage Capital Certificates, Series 2006-9-2A1			5.50%			11/25/2036			768,815
400,960		Credit Suisse Mortgage Capital Certificates, Series 2006-9-6A14			6.00%			11/25/2036			392,184
1,541,150		IndyMac Mortgage Loan Trust, Series 2005-AR23-6A1			3.67%	#		11/25/2035			1,466,323
160,947		JP Morgan Alternative Loan Trust, Series 2006-S1-2A5			5.50%			02/25/2021			156,159
2,508,452		JP Morgan Resecuritization Trust, Series 2011-1-2A10			6.00%	#^		06/26/2037			2,330,976
1,147,904		Lehman Mortgage Trust, Series 2007-10-1A1			6.00%			01/25/2038			1,199,291
1,658,680		Lehman Mortgage Trust, Series 2007-4-1A3			5.75%			05/25/2037			1,324,416
5,800,000		PNMAC GMSR Trust, Series 2018-FT1-A (1 Month LIBOR USD + 2.35%)			4.14%	^		04/25/2023			5,811,737
1,301,536		RBSGC Structured Trust, Series 2008-B-A1			6.00%	^		06/25/2037			1,293,172
1,879,352		Residential Accredit Loans, Inc., Series 2005-QS13-2A3			5.75%			09/25/2035			1,856,195
1,189,613		Residential Accredit Loans, Inc., Series 2005-QS14-3A1			6.00%			09/25/2035			1,149,602
1,412,681		Residential Accredit Loans, Inc., Series 2006-QS10-A1			6.00%			08/25/2036			1,369,108
2,698,965		Residential Accredit Loans, Inc., Series 2006-QS7-A3			6.00%			06/25/2036			2,509,673
747,794		Residential Accredit Loans, Inc., Series 2007-QS1-1A1			6.00%			01/25/2037			707,452
3,225,485		Residential Accredit Loans, Inc., Series 2007-QS3-A1			6.50%			02/25/2037			3,034,569
1,270,590		Residential Accredit Loans, Inc., Series 2007-QS6-A1 (1 Month LIBOR USD + 0.33%, 0.33% Floor, 7.00% Cap)			2.12%			04/25/2037			992,890
1,345,162		Residential Accredit Loans, Inc., Series 2007-QS6-A102			5.75%			04/25/2037			1,260,190
289,447		Residential Accredit Loans, Inc., Series 2007-QS6-A2 (-8 x 1 Month LIBOR USD + 55.58%, 55.58% Cap)			40.65%	I/F		04/25/2037			611,635
1,659,984		Residential Asset Securitization Trust, Series 2006-A6-1A12 (-1 x 1 Month LIBOR USD + 7.10%, 7.10% Cap)			5.31%	I/FI/O		07/25/2036			410,278
1,641,316		Residential Asset Securitization Trust, Series 2006-A6-1A9			6.00%			07/25/2036			682,135
846,070		Residential Funding Mortgage Securities Trust, Series 2007-S2-A4			6.00%			02/25/2037			800,082
863,674		Structured Adjustable Rate Mortgage Loan Trust, Series 2006-1-2A2			3.92%	#		02/25/2036			848,560
1,061,539		Velocity Commercial Capital Loan Trust, Series 2018-1-M4			5.01%	^		04/25/2048			1,090,189
675,318		Velocity Commercial Capital Loan Trust, Series 2018-1-M5			6.26%	^		04/25/2048			695,739
1,361,441		Velocity Commercial Capital Loan Trust, Series 2018-1-M6			7.26%	^		04/25/2048			1,368,649
3,966,561		Washington Mutual Mortgage Pass-Through Certificates, Series 2006-8-A4			4.30%	ß		10/25/2036			2,154,476
1,694,058		Wells Fargo Alternative Loan Trust, Series 2007-PA3-2A1			6.00%			07/25/2037			1,691,107
Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $91,427,927)											92,762,014
US Government and Agency Mortgage Backed Obligations - 23.2%
610,120		Federal Home Loan Mortgage Corporation, Series 3211-SI (-4 x 1 Month LIBOR USD + 27.67%, 27.67% Cap)			20.35%	I/FI/O		09/15/2036			439,177
1,369,926		Federal Home Loan Mortgage Corporation, Series 3236-ES (-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)			4.96%	I/FI/O		11/15/2036			238,026
833,864		Federal Home Loan Mortgage Corporation, Series 3256-S (-1 x 1 Month LIBOR USD + 6.69%, 6.69% Cap)			4.95%	I/FI/O		12/15/2036			163,965
540,990		Federal Home Loan Mortgage Corporation, Series 3292-SD (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)			4.36%	I/FI/O		03/15/2037			85,994
5,502,202		Federal Home Loan Mortgage Corporation, Series 3297-BI (-1 x 1 Month LIBOR USD + 6.76%, 6.76% Cap)			5.02%	I/FI/O		04/15/2037			1,122,104
4,159,762		Federal Home Loan Mortgage Corporation, Series 3311-BI (-1 x 1 Month LIBOR USD + 6.76%, 6.76% Cap)			5.02%	I/FI/O		05/15/2037			725,556
4,027,039		Federal Home Loan Mortgage Corporation, Series 3311-IA (-1 x 1 Month LIBOR USD + 6.41%, 6.41% Cap)			4.67%	I/FI/O		05/15/2037			768,630
909,774		Federal Home Loan Mortgage Corporation, Series 3314-SH (-1 x 1 Month LIBOR USD + 6.40%, 6.40% Cap)			4.66%	I/FI/O		11/15/2036			159,448
453,489		Federal Home Loan Mortgage Corporation, Series 3330-KS (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)			4.81%	I/FI/O		06/15/2037			57,260
122,071		Federal Home Loan Mortgage Corporation, Series 3339-AI (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)			4.81%	I/FI/O		07/15/2037			16,892
2,666,799		Federal Home Loan Mortgage Corporation, Series 3339-TI (-1 x 1 Month LIBOR USD + 6.14%, 6.14% Cap)			4.40%	I/FI/O		07/15/2037			470,272
1,855,527		Federal Home Loan Mortgage Corporation, Series 3374-SD (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)			4.71%	I/FI/O		10/15/2037			300,905
327,779		Federal Home Loan Mortgage Corporation, Series 3382-SU (-1 x 1 Month LIBOR USD + 6.30%, 6.30% Cap)			4.56%	I/FI/O		11/15/2037			42,096
4,766,651		Federal Home Loan Mortgage Corporation, Series 3404-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)			4.26%	I/FI/O		01/15/2038			876,545
296,031		Federal Home Loan Mortgage Corporation, Series 3423-GS (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)			3.91%	I/FI/O		03/15/2038			33,440
3,560,971		Federal Home Loan Mortgage Corporation, Series 3435-S (-1 x 1 Month LIBOR USD + 5.98%, 5.98% Cap)			4.24%	I/FI/O		04/15/2038			562,811
229,948		Federal Home Loan Mortgage Corporation, Series 3508-PS (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)			4.91%	I/FI/O		02/15/2039			25,300
2,218,947		Federal Home Loan Mortgage Corporation, Series 3728-SV (-1 x 1 Month LIBOR USD + 4.45%, 4.45% Cap)			2.71%	I/FI/O		09/15/2040			208,189
10,374,832		Federal Home Loan Mortgage Corporation, Series 3736-SN (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)			4.31%	I/FI/O		10/15/2040			1,922,168
4,003,457		Federal Home Loan Mortgage Corporation, Series 3753-SB (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)			4.26%	I/FI/O		11/15/2040			682,687
4,438,682		Federal Home Loan Mortgage Corporation, Series 3780-SM (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)			4.76%	I/FI/O		12/15/2040			866,988
1,483,285		Federal Home Loan Mortgage Corporation, Series 3815-ST (-1 x 1 Month LIBOR USD + 5.85%, 5.85% Cap)			4.11%	I/FI/O		02/15/2041			217,021
1,174,966		Federal Home Loan Mortgage Corporation, Series 3905-SC (-5 x 1 Month LIBOR USD + 22.75%, 22.75% Cap)			14.29%	I/F		08/15/2041			2,236,502
1,468,784		Federal Home Loan Mortgage Corporation, Series 3924-SJ (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)			4.26%	I/FI/O		09/15/2041			230,477
4,993,962		Federal Home Loan Mortgage Corporation, Series 3960-ES (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)			4.21%	I/FI/O		11/15/2041			628,421
3,353,202		Federal Home Loan Mortgage Corporation, Series 4225-BS (-3 x 1 Month LIBOR USD + 11.87%, 11.87% Cap)			7.36%	I/F		12/15/2040			4,153,705
3,729,954		Federal Home Loan Mortgage Corporation, Series 4291-MS (-1 x 1 Month LIBOR USD + 5.90%, 5.90% Cap)			4.16%	I/FI/O		01/15/2054			712,344
142,985		Federal National Mortgage Association, Series 2005-72-WS (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)			4.96%	I/FI/O		08/25/2035			19,148
1,479,351		Federal National Mortgage Association, Series 2005-90-SP (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)			4.96%	I/FI/O		09/25/2035			147,525
627,632		Federal National Mortgage Association, Series 2006-117-SQ (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)			4.76%	I/FI/O		12/25/2036			79,139
320,170		Federal National Mortgage Association, Series 2006-119-HS (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)			4.86%	I/FI/O		12/25/2036			40,191
5,445,237		Federal National Mortgage Association, Series 2006-123-CI (-1 x 1 Month LIBOR USD + 6.74%, 6.74% Cap)			4.95%	I/FI/O		01/25/2037			1,080,515
2,487,447		Federal National Mortgage Association, Series 2007-15-BI (-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)			4.91%	I/FI/O		03/25/2037			468,125
700,783		Federal National Mortgage Association, Series 2007-20-S (-1 x 1 Month LIBOR USD + 6.74%, 6.74% Cap)			4.95%	I/FI/O		03/25/2037			86,728
419,624		Federal National Mortgage Association, Series 2007-21-SD (-1 x 1 Month LIBOR USD + 6.48%, 6.48% Cap)			4.69%	I/FI/O		03/25/2037			48,106
1,134,628		Federal National Mortgage Association, Series 2007-30-IE (-1 x 1 Month LIBOR USD + 6.74%, 6.74% Cap)			4.95%	I/FI/O		04/25/2037			266,181
2,644,123		Federal National Mortgage Association, Series 2007-32-SA (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)			4.31%	I/FI/O		04/25/2037			426,139
1,319,300		Federal National Mortgage Association, Series 2007-40-SA (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)			4.31%	I/FI/O		05/25/2037			206,379
190,716		Federal National Mortgage Association, Series 2007-48-SE (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)			4.31%	I/FI/O		05/25/2037			20,524
480,146		Federal National Mortgage Association, Series 2007-64-LI (-1 x 1 Month LIBOR USD + 6.56%, 6.56% Cap)			4.77%	I/FI/O		07/25/2037			58,654
141,659		Federal National Mortgage Association, Series 2007-68-SA (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)			4.86%	I/FI/O		07/25/2037			16,687
6,306,200		Federal National Mortgage Association, Series 2007-75-PI (-1 x 1 Month LIBOR USD + 6.54%, 6.54% Cap)			4.75%	I/FI/O		08/25/2037			1,134,294
3,614,431		Federal National Mortgage Association, Series 2008-33-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)			4.21%	I/FI/O		04/25/2038			582,654
2,980,850		Federal National Mortgage Association, Series 2008-42-SC (-1 x 1 Month LIBOR USD + 5.90%, 5.90% Cap)			4.11%	I/FI/O		05/25/2038			464,086
697,995		Federal National Mortgage Association, Series 2008-5-GS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)			4.46%	I/FI/O		02/25/2038			113,575
1,818,024		Federal National Mortgage Association, Series 2008-62-SD (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)			4.26%	I/FI/O		07/25/2038			285,177
1,229,738		Federal National Mortgage Association, Series 2008-68-SB (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)			4.31%	I/FI/O		08/25/2038			203,481
256,578		Federal National Mortgage Association, Series 2009-111-SE (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)			4.46%	I/FI/O		01/25/2040			32,170
1,164,317		Federal National Mortgage Association, Series 2009-12-CI (-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)			4.81%	I/FI/O		03/25/2036			188,904
264,475		Federal National Mortgage Association, Series 2009-47-SA (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)			4.31%	I/FI/O		07/25/2039			25,195
292,859		Federal National Mortgage Association, Series 2009-48-WS (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)			4.16%	I/FI/O		07/25/2039			30,606
140,921		Federal National Mortgage Association, Series 2009-67-SA (-1 x 1 Month LIBOR USD + 5.15%, 0.25% Floor, 5.15% Cap)			3.36%	I/FI/O		07/25/2037			11,441
671,214		Federal National Mortgage Association, Series 2009-87-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)			4.21%	I/FI/O		11/25/2049			81,658
1,095,619		Federal National Mortgage Association, Series 2009-91-SD (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)			4.36%	I/FI/O		11/25/2039			181,681
232,539		Federal National Mortgage Association, Series 2010-115-SD (-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)			4.81%	I/FI/O		11/25/2039			32,493
359,159		Federal National Mortgage Association, Series 2010-11-SC (-1 x 1 Month LIBOR USD + 4.80%, 4.80% Cap)			3.01%	I/FI/O		02/25/2040			30,047
1,789,003		Federal National Mortgage Association, Series 2010-134-SE (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)			4.86%	I/FI/O		12/25/2025			145,508
7,086,042		Federal National Mortgage Association, Series 2010-142-SC (-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)			4.81%	I/FI/O		12/25/2040			1,512,605
1,218,978		Federal National Mortgage Association, Series 2010-15-SL (-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)			3.16%	I/FI/O		03/25/2040			153,871
256,463		Federal National Mortgage Association, Series 2010-19-SA (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)			3.61%	I/FI/O		03/25/2050			19,444
1,019,878		Federal National Mortgage Association, Series 2010-31-SB (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)			3.21%	I/FI/O		04/25/2040			122,603
1,686,344		Federal National Mortgage Association, Series 2010-39-SL (-1 x 1 Month LIBOR USD + 5.67%, 5.67% Cap)			3.88%	I/FI/O		05/25/2040			253,665
277,777		Federal National Mortgage Association, Series 2010-8-US (-1 x 1 Month LIBOR USD + 4.80%, 4.80% Cap)			3.01%	I/FI/O		02/25/2040			18,233
297,221		Federal National Mortgage Association, Series 2010-9-GS (-1 x 1 Month LIBOR USD + 4.75%, 4.75% Cap)			2.96%	I/FI/O		02/25/2040			22,404
1,426,004		Federal National Mortgage Association, Series 2011-114-S (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)			4.21%	I/FI/O		09/25/2039			226,534
2,267,934		Federal National Mortgage Association, Series 2011-146-US (-1 x 1 Month LIBOR USD + 7.00%, 7.00% Cap)			4.49%	I/F		01/25/2042			2,368,328
763,636		Federal National Mortgage Association, Series 2011-5-PS (-1 x 1 Month LIBOR USD + 6.40%, 6.40% Cap)			4.61%	I/FI/O		11/25/2040			61,500
330,984		Federal National Mortgage Association, Series 2012-29-SG (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)			4.21%	I/FI/O		04/25/2042			43,252
4,794,030		Federal National Mortgage Association, Series 2012-56-SN (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)			4.26%	I/FI/O		06/25/2042			752,923
4,870,988		Federal National Mortgage Association, Series 2012-76-SC (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)			4.21%	I/FI/O		07/25/2042			786,963
9,953,709		Federal National Mortgage Association, Series 2013-83-US (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)			3.21%	I/F		08/25/2043			9,698,789
330,974		Federal National Mortgage Association, Series 374-19			6.50%	I/O		09/25/2036			75,915
830,319		Government National Mortgage Association, Series 2009-104-SD (-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)			4.61%	I/FI/O		11/16/2039			148,514
161,682		Government National Mortgage Association, Series 2010-98-IA			5.69%	#I/O		03/20/2039			19,323
1,048,998		Government National Mortgage Association, Series 2011-69-SB (-1 x 1 Month LIBOR USD + 5.35%, 5.35% Cap)			3.59%	I/FI/O		05/20/2041			161,070
1,544,170		Government National Mortgage Association, Series 2011-71-SG (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)			3.64%	I/FI/O		05/20/2041			245,029
1,811,425		Government National Mortgage Association, Series 2011-72-AS (-1 x 1 Month LIBOR USD + 5.38%, 5.38% Cap)			3.62%	I/FI/O		05/20/2041			275,138
2,130,899		Government National Mortgage Association, Series 2011-89-SA (-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)			3.69%	I/FI/O		06/20/2041			312,039
949,321		Government National Mortgage Association, Series 2012-34-LI (-20 x 1 Month LIBOR USD + 122.00%, 6.00% Cap)			6.00%	I/FI/O		12/16/2039			215,412
9,671,703		Government National Mortgage Association, Series 2013-119-TZ			3.00%	>		08/20/2043			9,712,191
33,113,587		Government National Mortgage Association, Series 2013-39-HS (-1 x 1 Month LIBOR USD + 4.75%, 4.75% Cap)			2.99%	I/FI/O		03/20/2041			4,335,211
6,008,455		Government National Mortgage Association, Series 2014-39-SK (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)			4.44%	I/FI/O		03/20/2044			1,141,863
8,648,723		Government National Mortgage Association, Series 2014-59-DS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)			4.51%	I/FI/O		04/16/2044			1,520,815
6,235,326		Government National Mortgage Association, Series 2014-63-SD (-1 x 1 Month LIBOR USD + 5.55%, 5.55% Cap)			3.79%	I/FI/O		04/20/2044			1,481,076
5,193,587		Government National Mortgage Association, Series 2014-69-ST (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)			4.36%	I/FI/O		12/16/2039			847,515
6,539,913		Government National Mortgage Association, Series 2015-148-BS (-1 x 1 Month LIBOR USD + 5.69%, 5.69% Cap)			3.93%	I/FI/O		10/20/2045			1,057,448
37,573,649		Government National Mortgage Association, Series 2018-111-SA (-1 x 1 Month LIBOR USD + 4.55%, 4.55% Cap)			2.79%	I/FI/O		08/20/2048			3,307,691
72,654,251		Government National Mortgage Association, Series 2018-48-SD (-1 x 1 Month LIBOR USD + 3.90%, 3.90% Cap)			2.14%	I/FI/O		04/20/2048			5,806,869
Total US Government and Agency Mortgage Backed Obligations (Cost $60,610,377)											71,158,167
Common Stocks - 0.0%
1,813		McDermott International, Inc. *									1,226
6,558		Syncreon Group B.V. * Þ									91,810
Total Common Stocks (Cost $180,411)											93,036
Short Term Investments - 10.2%
1,171,510		First American Government Obligations Fund - Class U			1.53%	◆					1,171,510
1,171,510		JP Morgan U.S. Government Money Market Fund - Institutional Share Class			1.51%	◆					1,171,510
1,171,510		Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class			1.51%	◆					1,171,510
28,000,000		United States Treasury Bill			0.00%			12/03/2020			27,613,576
Total Short Term Investments (Cost $31,127,262)											31,128,106
Total Investments - 124.1% (Cost $376,245,118)											380,061,030
Liabilities in Excess of Other Assets - (24.1)%											(73,907,283	)
NET ASSETS - 100.0%										$	306,153,747

^ 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.

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

Þ Value determined using significant unobservable inputs.

# Variable Rate Security. Coupon rate is 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.

± Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2019.

I/O Interest only security

ß The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of December 31, 2019.

I/F 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.

> This U.S. Agency bond accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of December 31, 2019.

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

* Non-income producing security

@ Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of December 31, 2019.

◆ Seven-day yield as of December 31, 2019

SECURITY TYPE BREAKDOWN as a % of Net Assets:

Non-Agency Residential Collateralized Mortgage Obligations			30.3	%
Collateralized Loan Obligations			27.5	%
US Government and Agency Mortgage Backed Obligations			23.2	%
Non-Agency Commercial Mortgage Backed Obligations			20.5	%
Short Term Investments			10.2	%
Bank Loans			7.3	%
Asset Backed Obligations			4.4	%
Foreign Corporate Bonds			0.7	%
Common Stocks			0.0	% ~
Other Assets and Liabilities			(24.1	)%
			100.0	%

~ Represents less than 0.05% of net assets

Notes to Schedule of Investments

December 31, 2019 (Unaudited)

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.

2.  Significant Accounting Policies

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

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

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

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

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

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

Fixed-income class		Examples of Inputs
All		Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds and notes; convertible securities		Standard inputs and underlying equity of the issuer
US bonds and notes of government and government agencies		Standard inputs
Residential and commercial mortgage-backed obligations; asset-backed obligations (including collateralized loan obligations)		Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information, trustee reports
Bank loans		Standard inputs

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

The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells to a financial institution a security that it holds with an agreement to repurchase the same security at an agreed-upon price and date. A reverse repurchase agreement involves the risk that the market value of the security may decline below the repurchase price of the security. The Fund will segregate assets determined to be liquid by the Adviser or otherwise cover its obligations under reverse repurchase agreements. Securities pledged as collateral are reflected as a component of Investments in Securities, at Value on the

Statement of Assets and Liabilities and are noted on the Schedule of Investments. Typically, the counterparty under the terms of the agreement is able to rehypothecate, resell or repledge the security. The value of reverse repurchase agreements entered into are recorded in Payable for Reverse Repurchase Agreements on the Statement of Assets and Liabilities. Interest is accrued daily and an appropriate payment reflecting the interest due for reverse repurchase agreements held at period end is recorded in Interest Payable for Reverse Repurchase Agreements on the Statement of Assets and Liabilities. The cumulative interest paid during the period is recorded in Interest Expense for Reverse Repurchase Agreements on the Statement of Operations. Due to the short term nature of the reverse repurchase agreements, face value approximates fair value at June 30, 2019.

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

The following is a summary of the fair valuations according to the inputs used to value the Fund’s investments as of December 31, 2019¹:

Category
Investments in Securities
Level 1
Money Market Funds		$	3,514,530
Common Stocks			1,226
Total Level 1			3,515,756
Level 2
Collateralized Loan Obligations			82,417,160
US Government and Agency Mortgage Backed Obligations			71,158,167
Non-Agency Residential Collateralized Mortgage Obligations			65,394,894
Non-Agency Commercial Mortgage Backed Obligations			56,451,847
Other Short Term Investments			27,613,576
Bank Loans			22,319,070
Asset Backed Obligations			13,535,621
Foreign Corporate Bonds			2,248,195
Total Level 2			341,138,530
Level 3
Non-Agency Residential Collateralized Mortgage Obligations			27,367,120
Non-Agency Commercial Mortgage Backed Obligations			6,290,377
Collateralized Loan Obligations			1,657,437
Common Stocks			91,810
Total Level 3			35,406,744
Total		$	380,061,030

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

¹ There were no transfers into or out of Level 1 during the period ended December 31, 2019.

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

		Fair Value as of 9/30/2019				Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)3				Net Accretion (Amortization)				Purchases 1				Sales 2				Transfers Into Level 34				Transfers Out of Level 34				Fair Value as of 12/31/2019				Net Change in Unrealized Appreciation (Depreciation) on securities held at 12/31/2019 3
Investments in Securities
Non-Agency Residential Collateralized Mortgage Obligations		$	27,417,872			$	-			$	(123,031	)		$	72,279			$	-			$	-			$	-			$	-			$	27,367,120			$	(123,031	)
Non-Agency Commercial Mortgage Backed Obligations			6,334,700				72,664				(45,190	)			41,585				9,714				(123,096	)			-				-				6,290,377				(48,007	)
Collateralized Loan Obligations			1,793,755				-				(136,318	)			-				-				-				-				-				1,657,437				(136,318	)
Common Stocks			-				-				-				-				-				-				91,810				-				91,810				-
Total		$	35,546,327			$	72,664			$	(304,539	)		$	113,864			$	9,714			$	(123,096	)		$	91,810			$	-			$	35,406,744				(307,356	)

¹ Purchases include all purchases of securities, payups and corporate actions.

² Sales include all sales of securities, maturities, and paydowns.

³ Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on securities held at December 31, 2019 may be due to a security that was not held or categorized as Level 3 at either period end.

⁴ Transfers into or out of Level 3 can be attributed to changes in the availability of pricing sources and/or in the observability of significant inputs used to measure the fair value of those instruments.

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

Fair Value as of 12/31/2019 *

Valuation Techniques

Unobservable Input

Unobservable Input Values (Weighted Average)+

Impact to valuation from an increase to input

Non-Agency Residential Collateralized Mortgage Obligations

$

27,367,120

Market Comparables

Market Quotes

$100.73 -  $102.89 ($101.33)

Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Non-Agency Commercial Mortgage Backed Obligations

$

6,290,377

Market Comparables

Yields

4.24% -  76.81% (12.92%)

Increase in yields would have resulted in the decrease in the fair value of the security

Collateralized Loan Obligations

$

1,657,437

Market Comparables

Market Quotes

$29.62 -  $68.06 ($61.19)

Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Common Stocks

$

91,810

Market Comparables

Market Quotes

$14.00 ($14.00)

Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

* Level 3 securities are typically valued by pricing vendors. The appropriateness of fair values for these securities is monitored on an ongoing basis by the Adviser, which may include back testing, results of vendor due diligence, unchanged price review and consideration of market and/or sector events.

⁺ Unobservable inputs were weighted by the relative fair value of the instruments.