As filed with the Securities and Exchange Commission on August 26, 2016

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-22592

DoubleLine Opportunistic Credit Fund

(Exact name of registrant as specified in charter)

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Address of principal executive offices) (Zip code)

Ronald R. Redell

c/o DoubleLine Capital LP

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Name and address of agent for service)

(213) 633-8200

Registrant’s telephone number, including area code

Date of fiscal year end: September 30, 2016

Date of reporting period: June 30, 2016

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Item 1. Schedule of Investments.

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DoubleLine Opportunistic Credit Fund

Schedule of Investments

June 30, 2016 (Unaudited)

 

 

Principal Amount $/Shares		Security Description		Rate				Maturity		Value $
Asset Backed Obligations - 2.8%
2,000,000		Citi Held For Asset Issuance, Series 2015-PM1-C			5.01%	^		12/15/2021			1,861,636
6,500,000		Nationstar HECM Loan Trust, Series 2016-2-M2			6.54%	^		06/25/2026			6,499,994
4,146,860		SoFi Professional Loan Program, Series 2013-1R			3.61%	#^¥@		12/17/2043			1,253,389
Total Asset Backed Obligations (Cost $11,539,016)											9,615,019
Collateralized Loan Obligations - 3.0%
1,000,000		Apidos Ltd., Series 2014-19A-D			4.38%	#^		10/17/2026			939,462
1,000,000		ARES Ltd., Series 2014-1A-SUB			8.79%	#^@		04/17/2026			516,028
500,000		Babson Ltd., Series 2014-3A-D2			5.03%	#^		01/15/2026			459,675
750,000		Babson Ltd., Series 2014-3A-E2			7.13%	#^		01/15/2026			641,538
1,000,000		BlueMountain Ltd., Series 2012-2A-C			3.39%	#^		11/20/2024			992,593
1,000,000		Brookside Mill Ltd., Series 2013-1A-D			3.68%	#^		04/17/2025			832,355
500,000		Cent Ltd., Series 2014-22A-C			4.38%	#^		11/07/2026			427,500
250,000		Finn Square Ltd., Series 2012-1A-C			4.24%	#^		12/24/2023			235,926
2,000,000		GoldenTree Loan Opportunities Ltd., Series 2012-6A-D			4.83%	#^		04/17/2022			1,984,803
500,000		Halcyon Loan Advisors Funding Ltd., Series 2014-3A-D			4.29%	#^		10/22/2025			404,569
1,500,000		LCM LP, Series 11A-INC			4.52%	#^@		04/19/2022			756,728
500,000		Nautique Funding Ltd., Series 2006-1A-C			2.33%	#^		04/15/2020			480,925
500,000		Octagon Investment Partners Ltd., Series 2014-1A-C			4.28%	#^		11/14/2026			467,500
1,000,000		Octagon Investment Partners Ltd., Series 2014-1A-D			7.23%	#^		11/14/2026			870,500
500,000		Thacher Park Ltd., Series 2014-1A-D1			4.16%	#^		10/20/2026			446,554
Total Collateralized Loan Obligations (Cost $11,970,292)											10,456,656
Non-Agency Commercial Mortgage Backed Obligations - 6.8%
450,000		Bear Stearns Commercial Mortgage Securities, Inc., Series 2007-T26-AJ			5.57%	#		01/12/2045			445,921
600,000		Citigroup Commercial Mortgage Trust, Series 2015-GC27-D			4.58%	#^		02/10/2048			463,654
4,949,972		Citigroup Commercial Mortgage Trust, Series 2015-GC27-XA			1.59%	#I/O		02/10/2048			442,759
528,000		Citigroup Commercial Mortgage Trust, Series 2016-GC36-D			2.85%	^		02/10/2049			346,756
1,127,250		Commercial Mortgage Pass-Through Certificates, Series 2014-UBS4-E			3.75%	^		08/10/2047			744,023
1,288,300		Commercial Mortgage Pass-Through Certificates, Series 2014-UBS4-F			3.75%	^		08/10/2047			724,309
2,415,590		Commercial Mortgage Pass-Through Certificates, Series 2014-UBS4-G			3.75%	^¥		08/10/2047			682,609
5,000		Commercial Mortgage Pass-Through Certificates, Series 2014-UBS4-V			0.00%	#^¥		08/10/2047			–
566,000		Commercial Mortgage Pass-Through Certificates, Series 2015-CR26-C			4.64%	#		10/13/2048			557,573
543,000		Commercial Mortgage Pass-Through Certificates, Series 2015-DC1-D			4.50%	#^		02/10/2048			408,644
550,000		Commercial Mortgage Pass-Through Certificates, Series 2015-LC19-D			2.87%	^		02/10/2048			405,734
1,500,000		Commercial Mortgage Pass-Through Certificates, Series 2015-LC23-E			3.80%	#^		10/13/2048			999,960
549,000		Commercial Mortgage Pass-Through Certificates, Series 2016-CR28-E			4.30%	#^		02/12/2049			395,674
570,696		GE Capital Commercial Mortgage Corporation Trust, Series 2006-C1-AJ			5.52%	#		03/10/2044			566,262
500,000		GS Mortgage Securities Corporation, Series 2014-GC26-C			4.66%	#		11/10/2047			505,795
650,000		GS Mortgage Securities Corporation, Series 2014-GC26-D			4.66%	#^		11/13/2047			508,297
543,000		GS Mortgage Securities Corporation, Series 2015-GC28-D			4.47%	#^		02/12/2048			402,033
32,022,016		JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2012-CBX-XA			1.87%	#I/O		06/15/2045			1,916,450
3,488,650		JPMBB Commercial Mortgage Securities Trust, Series 2014-C19-E			4.00%	#^		04/15/2047			2,524,003
1,938,200		JPMBB Commercial Mortgage Securities Trust, Series 2014-C19-F			3.75%	#^		04/15/2047			1,040,463
6,202,105		JPMBB Commercial Mortgage Securities Trust, Series 2014-C19-NR			3.75%	#^¥		04/15/2047			1,767,470
5,488,083		JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-XA			1.32%	#I/O		01/15/2048			337,998
500,000		JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-D			3.98%	#^		02/15/2048			365,047
775,000		JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-C			4.82%	#		11/15/2048			730,645
16,358,000		JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-XD			0.50%	#^I/O		11/18/2048			538,239
553,000		LB-UBS Commercial Mortgage Trust, Series 2007-C7-AJ			6.45%	#		09/15/2045			554,196
5,602,000		LSTAR Commercial Mortgage Trust, Series 2016-4-XA			1.96%	#^I/O		03/12/2049			562,607
500,000		Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C15-D			5.06%	#^		04/15/2047			435,568
500,000		Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19-C			4.00%			12/15/2047			483,267
1,050,000		Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26-D			3.06%	^		10/19/2048			736,905
804,000		Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-D			3.24%	#^		12/17/2047			520,057
525,000		Morgan Stanley Capital, Inc., Series 2014-CPT-G			3.56%	#^		07/13/2029			493,928
500,000		Wachovia Bank Commercial Mortgage Trust, Series 2007-C30-AJ			5.41%	#		12/15/2043			499,589
554,000		Wachovia Bank Commercial Mortgage Trust, Series 2007-C33-AJ			6.15%	#		02/15/2051			550,273
467,000		Wells Fargo Commercial Mortgage Trust, Series 2012-LC5-E			4.94%	#^		10/17/2045			410,409
747,000		Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4-D			3.76%	#		12/17/2048			565,134
Total Non-Agency Commercial Mortgage Backed Obligations (Cost $25,849,658)											23,632,251
Non-Agency Residential Collateralized Mortgage Obligations - 44.5%
3,080,907		Adjustable Rate Mortgage Trust, Series 2006-1-2A1			3.32%	#		03/25/2036			2,256,148
1,724,925		Banc of America Alternative Loan Trust, Series 2005-8-2CB1			6.00%			09/25/2035			1,656,143
1,990,869		Banc of America Funding Corporation, Series 2006-A-4A1			2.91%	#		02/20/2036			1,655,449
5,269,567		BCAP LLC Trust, Series 2010-RR6-2216			3.03%	#^		06/26/2036			4,333,158
1,702,112		BCAP LLC Trust, Series 2010-RR6-6A2			9.30%	#^		07/26/2037			1,489,588
2,883,001		Chase Mortgage Finance Trust, Series 2007-S1-A7			6.00%			02/25/2037			2,375,360
2,788,079		Chase Mortgage Finance Trust, Series 2007-S3-1A5			6.00%			05/25/2037			2,246,834
3,307,669		ChaseFlex Trust, Series 2007-1-1A1			6.50%			02/25/2037			2,270,151
7,000,000		CIM Trust, Series 2016-1RR-B2			12.25%	#^		7/26/2055			5,923,400
7,000,000		CIM Trust, Series 2016-2RR-B2			12.21%	#^		2/27/2056			5,777,940
7,000,000		CIM Trust, Series 2016-3RR-B2			12.17%	#^		2/27/2056			5,779,410
1,875,000		Citicorp Mortgage Securities, Inc., Series 2006-2-1A14			5.50%			04/25/2036			1,829,645
906,429		Citigroup Mortgage Loan Trust, Inc., Series 2006-8-A4			18.41%	#^I/F		10/25/2035			1,208,783
4,023,749		Citigroup Mortgage Loan Trust, Inc., Series 2010-9-3A7			9.83%	^		01/25/2036			3,754,886
5,860,374		Citigroup Mortgage Loan Trust, Inc., Series 2010-9-4A3			8.70%	#^		09/25/2035			5,719,379
4,017,153		CitiMortgage Alternative Loan Trust, Series 2007-A4-IA6			5.75%			04/25/2037			3,413,890
3,079,346		CitiMortgage Alternative Loan Trust, Series 2007-A6-IA16			6.00%			06/25/2037			2,654,415
2,069,360		Countrywide Alternative Loan Trust, Series 2005-85CB-2A5			1.55%	#		02/25/2036			1,545,026
437,016		Countrywide Alternative Loan Trust, Series 2005-85CB-2A6			19.97%	#I/F		02/25/2036			641,550
3,821,586		Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-11-7A1			6.00%			12/25/2035			3,172,537
4,359,693		Credit Suisse Mortgage Capital Certificates, Series 2006-5-3A3			6.50%			06/25/2036			2,294,307
1,378,614		Credit Suisse Mortgage Capital Certificates, Series 2006-9-2A1			5.50%			11/25/2036			1,256,900
1,172,103		Credit Suisse Mortgage Capital Certificates, Series 2006-9-6A14			6.00%			11/25/2036			1,114,603
1,865,469		First Horizon Asset Securities, Inc., Series 2007-AR3-2A2			2.61%	#		11/25/2037			1,651,481
1,404,583		IndyMac Mortgage Loan Trust, Series 2005-AR1-2A1			3.24%	#		11/25/2035			1,292,769
2,758,649		IndyMac Mortgage Loan Trust, Series 2005-AR23-6A1			2.93%	#		11/25/2035			2,282,854
1,048,956		JP Morgan Alternative Loan Trust, Series 2006-S1-2A5			5.50%			02/25/2021			1,024,437
4,977,926		JP Morgan Resecuritization Trust, Series 2011-1-1A10			6.16%	#^		12/26/2036			4,555,615
5,011,211		JP Morgan Resecuritization Trust, Series 2011-1-2A10			6.00%	#^		06/26/2037			4,373,384
2,654,624		Lehman Mortgage Trust, Series 2007-10-1A1			6.00%			01/25/2038			2,629,593
2,602,148		Lehman Mortgage Trust, Series 2007-4-1A3			5.75%			05/25/2037			2,105,189
1,436,531		Lehman XS Trust, Series 2005-2-1A2			1.15%	#		08/25/2035			1,362,799
1,515,069		MASTR Asset Securitization Trust, Series 2007-2-A3			6.25%			01/25/2038			1,374,312
4,042,454		Nomura Resecuritization Trust, Series 2010-2RA-A2			5.50%	^		01/26/2036			3,818,987
2,321,162		RBSGC Structured Trust, Series 2008-B-A1			6.00%	^		06/25/2037			1,992,960
2,284,715		Residential Accredit Loans, Inc., Series 2005-AS14-3A1			6.00%			09/25/2035			2,065,988
3,439,259		Residential Accredit Loans, Inc., Series 2005-QS13-2A3			5.75%			09/25/2035			3,070,604
2,595,995		Residential Accredit Loans, Inc., Series 2006-QS10-A1			6.00%			08/25/2036			2,129,326
2,976,382		Residential Accredit Loans, Inc., Series 2006-QS6-1A5			5.75%			06/25/2036			2,495,893
5,261,019		Residential Accredit Loans, Inc., Series 2006-QS7-A3			6.00%			06/25/2036			4,433,346
1,384,427		Residential Accredit Loans, Inc., Series 2007-QS1-1A1			6.00%			01/25/2037			1,149,351
5,587,540		Residential Accredit Loans, Inc., Series 2007-QS3-A1			6.50%			02/25/2037			4,574,855
2,351,181		Residential Accredit Loans, Inc., Series 2007-QS6-A1			0.78%	#		04/25/2037			1,455,494
2,489,174		Residential Accredit Loans, Inc., Series 2007-QS6-A102			5.75%			04/25/2037			2,063,951
535,610		Residential Accredit Loans, Inc., Series 2007-QS6-A2			51.81%	#I/F		04/25/2037			1,324,085
2,022,611		Residential Asset Securitization Trust, Series 2006-A6-1A12			6.65%	#I/FI/O		07/25/2036			831,469
1,999,880		Residential Asset Securitization Trust, Series 2006-A6-1A9			6.00%			07/25/2036			979,337
5,085,262		Residential Asset Securitization Trust, Series 2007-A2-1A2			6.00%			04/25/2037			4,245,998
2,928,855		Residential Asset Securitization Trust, Series 2007-A7-A1			6.00%			07/25/2037			2,026,614
1,448,264		Residential Asset Securitization Trust, Series 2007-A8-1A3			6.00%			08/25/2037			1,203,902
2,857,921		Residential Funding Mortgage Securities Trust, Series 2006-S5-A9			6.00%			06/25/2036			2,604,074
1,658,617		Residential Funding Mortgage Securities Trust, Series 2007-S2-A4			6.00%			02/25/2037			1,510,485
1,909,012		Residential Funding Mortgage Securities Trust, Series 2007-S6-1A10			6.00%			06/25/2037			1,675,810
5,000,000		Springleaf Mortgage Loan Trust, Series 2013-2A-B2			6.00%	#^		12/25/2065			4,998,799
2,304,267		Structured Adjustable Rate Mortgage Loan Trust, Series 2006-1-2A2			2.73%	#		02/25/2036			2,018,793
6,541,000		Structured Asset Securities Corporation, Series 2005-11H-A3			5.50%			06/25/2035			6,303,920
5,334,642		Washington Mutual Mortgage Pass-Through Certificates, Series 2006-8-A4			4.64%	#		10/25/2036			3,525,958
4,552,568		Wells Fargo Alternative Loan Trust, Series 2007-PA3-2A1			6.00%			07/25/2037			4,246,637
Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $149,383,934)											153,768,571
US Government / Agency Mortgage Backed Obligations - 57.7%
1,202,539		Federal Home Loan Mortgage Corporation, Series 3211-SI			25.81%	#I/FI/O		09/15/2036			1,116,075
2,475,106		Federal Home Loan Mortgage Corporation, Series 3236-ES			6.26%	#I/FI/O		11/15/2036			461,873
1,559,387		Federal Home Loan Mortgage Corporation, Series 3256-S			6.25%	#I/FI/O		12/15/2036			330,616
1,321,335		Federal Home Loan Mortgage Corporation, Series 3292-SD			5.66%	#I/FI/O		03/15/2037			199,626
10,713,961		Federal Home Loan Mortgage Corporation, Series 3297-BI			6.32%	#I/FI/O		04/15/2037			2,250,100
7,495,640		Federal Home Loan Mortgage Corporation, Series 3311-BI			6.32%	#I/FI/O		05/15/2037			1,443,069
7,522,193		Federal Home Loan Mortgage Corporation, Series 3311-IA			5.97%	#I/FI/O		05/15/2037			1,641,065
2,064,387		Federal Home Loan Mortgage Corporation, Series 3314-SH			5.96%	#I/FI/O		11/15/2036			300,482
420,539		Federal Home Loan Mortgage Corporation, Series 3317-DS			13.89%	#I/F‡		05/15/2037			565,743
1,710,424		Federal Home Loan Mortgage Corporation, Series 3330-KS			6.11%	#I/FI/O		06/15/2037			268,321
558,182		Federal Home Loan Mortgage Corporation, Series 3339-AI			6.11%	#I/FI/O		07/15/2037			74,388
5,071,325		Federal Home Loan Mortgage Corporation, Series 3339-TI			5.70%	#I/FI/O		07/15/2037			1,051,186
3,335,875		Federal Home Loan Mortgage Corporation, Series 3374-SD			6.01%	#I/FI/O		10/15/2037			540,156
1,345,524		Federal Home Loan Mortgage Corporation, Series 3382-SU			5.86%	#I/FI/O		11/15/2037			175,259
8,769,887		Federal Home Loan Mortgage Corporation, Series 3404-SA			5.56%	#I/FI/O		01/15/2038			1,701,301
1,119,491		Federal Home Loan Mortgage Corporation, Series 3423-GS			5.21%	#I/FI/O		03/15/2038			126,198
7,705,005		Federal Home Loan Mortgage Corporation, Series 3435-S			5.54%	#I/FI/O		04/15/2038			1,348,835
1,293,139		Federal Home Loan Mortgage Corporation, Series 3508-PS			6.21%	#I/FI/O		02/15/2039			215,832
2,369,577		Federal Home Loan Mortgage Corporation, Series 3725-CS			5.56%	#I/FI/O		05/15/2040			341,972
5,917,114		Federal Home Loan Mortgage Corporation, Series 3728-SV			4.01%	#I/FI/O		09/15/2040			641,733
18,998,984		Federal Home Loan Mortgage Corporation, Series 3736-SN			5.61%	#I/FI/O		10/15/2040			3,542,520
7,213,627		Federal Home Loan Mortgage Corporation, Series 3753-SB			5.56%	#I/FI/O		11/15/2040			1,435,088
8,425,274		Federal Home Loan Mortgage Corporation, Series 3780-SM			6.06%	#I/FI/O		12/15/2040			1,841,599
3,154,764		Federal Home Loan Mortgage Corporation, Series 3815-ST			5.41%	#I/FI/O		02/15/2041			510,130
1,174,966		Federal Home Loan Mortgage Corporation, Series 3905-SC			20.47%	#I/F		08/15/2041			2,245,258
2,606,904		Federal Home Loan Mortgage Corporation, Series 3924-SJ			5.56%	#I/FI/O		09/15/2041			394,632
12,877,843		Federal Home Loan Mortgage Corporation, Series 3960-ES			5.51%	#I/FI/O		11/15/2041			2,115,191
7,470,833		Federal Home Loan Mortgage Corporation, Series 3997-LZ			3.50%	‡		02/15/2042			8,014,681
5,609,797		Federal Home Loan Mortgage Corporation, Series 4064-SA			5.56%	#I/FI/O		06/15/2042			1,300,345
4,128,504		Federal Home Loan Mortgage Corporation, Series 4155-GS			4.91%	#I/F‡		01/15/2033			4,248,041
15,658,125		Federal Home Loan Mortgage Corporation, Series 4217-CS			4.75%	#I/F		06/15/2043			15,462,165
4,259,292		Federal Home Loan Mortgage Corporation, Series 4225-BS			10.65%	#I/F		12/15/2040			4,640,119
7,445,826		Federal Home Loan Mortgage Corporation, Series 4291-MS			5.46%	#I/FI/O		01/15/2054			1,300,166
15,414,440		Federal Home Loan Mortgage Corporation, Series 4302-GS			5.71%	#I/FI/O		02/15/2044			3,213,561
1,161,309		Federal Home Loan Mortgage Corporation, Series 4370-CS			7.82%	#I/F‡		09/15/2041			1,195,001
10,726,181		Federal National Mortgage Association, Series 2012-76-SC			5.55%	#I/FI/O		07/25/2042			1,986,478
616,388		Federal National Mortgage Association, Series 2005-104-SI			6.25%	#I/FI/O		12/25/2033			19,263
449,338		Federal National Mortgage Association, Series 2005-72-WS			6.30%	#I/FI/O		08/25/2035			77,551
4,499,549		Federal National Mortgage Association, Series 2005-90-SP			6.30%	#I/FI/O		09/25/2035			738,788
2,103,507		Federal National Mortgage Association, Series 2006-117-SQ			6.10%	#I/FI/O		12/25/2036			292,028
1,303,332		Federal National Mortgage Association, Series 2006-119-HS			6.20%	#I/FI/O		12/25/2036			198,525
10,811,379		Federal National Mortgage Association, Series 2006-123-CI			6.29%	#I/FI/O		01/25/2037			2,418,409
4,636,559		Federal National Mortgage Association, Series 2006-60-YI			6.12%	#I/FI/O		07/25/2036			885,038
5,152,928		Federal National Mortgage Association, Series 2007-15-BI			6.25%	#I/FI/O		03/25/2037			1,035,925
2,110,042		Federal National Mortgage Association, Series 2007-20-S			6.29%	#I/FI/O		03/25/2037			274,508
1,172,594		Federal National Mortgage Association, Series 2007-21-SD			6.03%	#I/FI/O		03/25/2037			178,457
2,224,990		Federal National Mortgage Association, Series 2007-30-IE			6.29%	#I/FI/O		04/25/2037			562,547
5,829,992		Federal National Mortgage Association, Series 2007-32-SA			5.65%	#I/FI/O		04/25/2037			1,088,290
2,712,488		Federal National Mortgage Association, Series 2007-40-SA			5.65%	#I/FI/O		05/25/2037			492,442
968,380		Federal National Mortgage Association, Series 2007-48-SE			5.65%	#I/FI/O		05/25/2037			128,031
1,513,235		Federal National Mortgage Association, Series 2007-64-LI			6.11%	#I/FI/O		07/25/2037			231,047
1,121,659		Federal National Mortgage Association, Series 2007-68-SA			6.20%	#I/FI/O		07/25/2037			172,716
12,474,344		Federal National Mortgage Association, Series 2007-75-PI			6.09%	#I/FI/O		08/25/2037			2,697,465
7,802,477		Federal National Mortgage Association, Series 2008-33-SA			5.55%	#I/FI/O		04/25/2038			1,422,274
5,907,270		Federal National Mortgage Association, Series 2008-42-SC			5.45%	#I/FI/O		05/25/2038			1,102,808
1,309,080		Federal National Mortgage Association, Series 2008-5-GS			5.80%	#I/FI/O		02/25/2038			215,081
4,182,374		Federal National Mortgage Association, Series 2008-62-SD			5.60%	#I/FI/O		07/25/2038			666,486
3,166,214		Federal National Mortgage Association, Series 2008-68-SB			5.65%	#I/FI/O		08/25/2038			554,306
1,202,614		Federal National Mortgage Association, Series 2009-111-SE			5.80%	#I/FI/O		01/25/2040			157,215
2,450,444		Federal National Mortgage Association, Series 2009-12-CI			6.15%	#I/FI/O		03/25/2036			525,202
1,221,486		Federal National Mortgage Association, Series 2009-26-SM			5.90%	#I/FI/O		08/25/2038			69,765
1,265,860		Federal National Mortgage Association, Series 2009-47-SA			5.65%	#I/FI/O		07/25/2039			161,476
930,972		Federal National Mortgage Association, Series 2009-48-WS			5.50%	#I/FI/O		07/25/2039			102,113
548,033		Federal National Mortgage Association, Series 2009-67-SA			4.70%	#I/FI/O		07/25/2037			56,384
1,699,638		Federal National Mortgage Association, Series 2009-87-SA			5.55%	#I/FI/O		11/25/2049			247,018
2,454,790		Federal National Mortgage Association, Series 2009-91-SD			5.70%	#I/FI/O		11/25/2039			387,189
332,945		Federal National Mortgage Association, Series 2010-109-BS			49.98%	#I/F‡		10/25/2040			1,589,005
894,196		Federal National Mortgage Association, Series 2010-115-SD			6.15%	#I/FI/O		11/25/2039			160,707
1,706,214		Federal National Mortgage Association, Series 2010-11-SC			4.35%	#I/FI/O		02/25/2040			173,390
5,073,175		Federal National Mortgage Association, Series 2010-134-SE			6.20%	#I/FI/O		12/25/2025			712,669
12,759,493		Federal National Mortgage Association, Series 2010-142-SC			6.15%	#I/FI/O		12/25/2040			3,051,447
5,265,618		Federal National Mortgage Association, Series 2010-150-MS			6.08%	#I/FI/O		01/25/2041			1,013,184
2,539,957		Federal National Mortgage Association, Series 2010-15-SL			4.50%	#I/FI/O		03/25/2040			288,366
1,030,398		Federal National Mortgage Association, Series 2010-19-SA			4.95%	#I/FI/O		03/25/2050			151,479
2,268,779		Federal National Mortgage Association, Series 2010-31-SB			4.55%	#I/FI/O		04/25/2040			283,763
3,461,084		Federal National Mortgage Association, Series 2010-39-SL			5.22%	#I/FI/O		05/25/2040			466,222
1,034,732		Federal National Mortgage Association, Series 2010-40-EI			4.50%	I/O		05/25/2024			11,511
1,185,430		Federal National Mortgage Association, Series 2010-8-US			4.35%	#I/FI/O		02/25/2040			114,551
1,559,187		Federal National Mortgage Association, Series 2010-9-GS			4.30%	#I/FI/O		02/25/2040			121,928
3,222,761		Federal National Mortgage Association, Series 2011-114-S			5.55%	#I/FI/O		09/25/2039			517,328
3,029,567		Federal National Mortgage Association, Series 2011-146-US			6.37%	#I/F		01/25/2042			3,255,567
157,371		Federal National Mortgage Association, Series 2011-40-SA			8.87%	#I/F		09/25/2040			209,844
3,154,454		Federal National Mortgage Association, Series 2011-55-BZ			3.50%			06/25/2041			3,415,669
2,653,024		Federal National Mortgage Association, Series 2011-58-SA			6.10%	#I/FI/O		07/25/2041			548,449
2,120,760		Federal National Mortgage Association, Series 2011-5-PS			5.95%	#I/FI/O		11/25/2040			227,179
4,755,679		Federal National Mortgage Association, Series 2012-22-AZ			4.00%	‡		03/25/2042			5,355,151
1,889,936		Federal National Mortgage Association, Series 2012-29-SG			5.55%	#I/FI/O		04/25/2042			298,276
1,586,000		Federal National Mortgage Association, Series 2012-82-SC			6.73%	#I/F		08/25/2042			1,658,807
20,737		Federal National Mortgage Association, Series 2013-115-NS			10.79%	#I/F		11/25/2043			20,942
7,961,247		Federal National Mortgage Association, Series 2013-17-MS			4.85%	#I/F		03/25/2043			7,757,244
4,134,825		Federal National Mortgage Association, Series 2013-18-BS			4.86%	#I/F‡		03/25/2043			4,029,704
2,810,322		Federal National Mortgage Association, Series 2013-41-SC			5.32%	#I/F‡		05/25/2043			2,799,885
4,475,981		Federal National Mortgage Association, Series 2013-51-SH			5.32%	#I/F		05/25/2033			4,606,643
12,444,525		Federal National Mortgage Association, Series 2013-55-KS			5.32%	#I/F‡		06/25/2043			12,401,882
3,678,897		Federal National Mortgage Association, Series 2013-61-ZN			3.00%	‡		06/25/2033			3,733,333
12,188,386		Federal National Mortgage Association, Series 2013-83-US			4.55%	#I/F‡		08/25/2043			12,370,009
675,728		Federal National Mortgage Association, Series 374-19			6.50%	I/O		09/25/2036			150,766
1,692,377		Government National Mortgage Association, Series 2009-104-SD			5.91%	#I/FI/O		11/16/2039			336,337
602,864		Government National Mortgage Association, Series 2010-98-IA			5.84%	#I/O		03/20/2039			59,437
2,370,579		Government National Mortgage Association, Series 2011-56-BS			5.66%	#I/FI/O		11/16/2036			94,007
3,897,626		Government National Mortgage Association, Series 2011-56-KS			5.66%	#I/FI/O		08/16/2036			206,154
2,296,632		Government National Mortgage Association, Series 2011-69-SB			4.90%	#I/FI/O		05/20/2041			298,746
10,000,000		Government National Mortgage Association, Series 2011-70-WS			8.80%	#I/F‡		12/20/2040			11,706,711
3,514,974		Government National Mortgage Association, Series 2011-71-SG			4.95%	#I/FI/O		05/20/2041			499,372
4,015,379		Government National Mortgage Association, Series 2011-72-AS			4.93%	#I/FI/O		05/20/2041			543,984
4,652,616		Government National Mortgage Association, Series 2011-89-SA			5.00%	#I/FI/O		06/20/2041			624,579
2,071,726		Government National Mortgage Association, Series 2012-34-LI			6.00%	#I/FI/O		12/16/2039			472,290
8,708,813		Government National Mortgage Association, Series 2013-119-TZ			3.00%	‡		08/20/2043			8,980,987
8,817,810		Government National Mortgage Association, Series 2013-188-MS			5.11%	#I/FI/O		12/16/2043			1,455,912
58,981,198		Government National Mortgage Association, Series 2013-39-HS			4.30%	#I/FI/O		03/20/2041			7,581,567
13,014,572		Government National Mortgage Association, Series 2014-39-SK			5.75%	#I/FI/O		03/20/2044			2,213,235
16,343,208		Government National Mortgage Association, Series 2014-59-DS			5.81%	#I/FI/O		04/16/2044			3,114,120
10,493,992		Government National Mortgage Association, Series 2014-63-SD			5.10%	#I/FI/O		04/20/2044			2,310,748
12,957,633		Government National Mortgage Association, Series 2014-69-ST			5.66%	#I/FI/O		12/16/2039			1,848,257
Total US Government / Agency Mortgage Backed Obligations (Cost $176,425,553)											199,238,495
Total Investments - 114.8% (Cost $375,168,453)											396,710,992
Liabilities in Excess of Other Assets - (14.8)%											(51,217,993)
NET ASSETS - 100.0%										$	345,492,999

 

#

Variable rate security. Rate disclosed as of June 30, 2016.

 

^

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. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At June 30, 2016, the value of these securities amounted to $89,274,353 or 25.8% of net assets.

 

¥

Illiquid security. At June 30, 2016, the value of these securities amounted to $3,703,468 or 1.1% of net assets.

 

@

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 June 30, 2016.

 

I/O

Interest only security

 

I/F

Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates

 

‡

All or partial amount transferred for the benefit of the counterparty as collateral for reverse repurchase agreements.

The cost basis of investments for federal income tax purposes at June 30, 2016 was as follows+:

 

Tax Cost of Investments		$	375,446,409
Gross Tax Unrealized Appreciation			36,335,705
Gross Tax Unrealized Depreciation			(15,071,122)
Net Tax Unrealized Appreciation (Depreciation)		$	21,264,583

 

+

Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.

---

SECURITY TYPE BREAKDOWN as a % of Net Assets:

 

US Government / Agency Mortgage Backed Obligations			57.7%
Non-Agency Residential Collateralized Mortgage Obligations			44.5%
Non-Agency Commercial Mortgage Backed Obligations			6.8%
Collateralized Loan Obligations			3.0%
Asset Backed Obligations			2.8%
Other Assets and Liabilities			(14.8)%
			100.0%

---

Reverse Repurchase Agreements

 

Counterparty		Rate				Trade Date				Maturity Date				Principal				Principal &     Interest
Bank of America Merrill Lynch			1.20	%			06/23/2016				07/25/2016			$	3,000,000			$	3,000,800
Bank of America Merrill Lynch			1.10	%			06/23/2016				07/25/2016				12,092,000				12,094,956
JP Morgan Securities LLC			0.90	%			06/24/2016				07/22/2016				7,479,000				7,480,312
JP Morgan Securities LLC			1.20	%			06/24/2016				07/22/2016				27,502,000				27,508,428
Goldman Sachs			0.95	%			06/30/2016				07/28/2016				5,123,000				5,123,135
														$	55,196,000			$	55,207,631

The weighted average daily balance of reverse repurchase agreements during the reporting period ended June 30, 2016 was $46,111,004, at a weighted average interest rate of 1.02%. Total market value of underlying collateral (refer to the Schedule of Investments for positions transferred for the benefit of the counterparty as collateral) for open reverse repurchase agreements at June 30, 2016 was $74,315,454.

---

 

The following is a summary of the fair valuations according to the inputs used to value the Fund’s investments as of June 30, 2016¹:

 

Category
Investments in Securities
Level 1		$	-
Total Level 1			-
Level 2
US Government / Agency Mortgage Backed Obligations			199,238,495
Non-Agency Residential Collateralized Mortgage Obligations			143,687,567
Non-Agency Commercial Mortgage Backed Obligations			16,149,372
Collateralized Loan Obligations			10,456,656
Asset Backed Obligations			8,361,631
Total Level 2			377,893,721
Level 3
Non-Agency Residential Collateralized Mortgage Obligations			10,081,004
Non-Agency Commercial Mortgage Backed Obligations			7,482,879
Asset Backed Obligations			1,253,388
Total Level 3			18,817,271
Total		$	396,710,992

Certain of the Fund’s assets/liabilities are held at face value, which approximates fair value for financial statement purposes. The following is a summary of such assets/liabilities as of June 30, 2016.

 

Other Financial Instruments
Level 1		$	-
Level 2
Reverse Repurchase Agreements			55,196,000
Total Level 2			55,196,000
Level 3			-
Total		$	55,196,000

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

¹ There were no transfers into and out of Level 1 during the period ended June 30, 2016.

---

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

 

		Balance as of 9/30/2015				Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation) 4				Net Accretion (Amortization)				Purchases 1				Sales 2				Transfers Into Level 3 3				Transfers Out of Level 3 3				Balance as of 6/30/2016				Net Change in Unrealized Appreciation (Depreciation) on securities held at 6/30/2016 4
Investments in Securities
Non-Agency Residential Collateralized Mortgage Obligations		$	20,648,233			$	92,404			$	(67,249	)		$	272,395			$	1,409			$	(591,194	)		$	-			$	(10,274,994	)		$	10,081,004			$	37,570
Non-Agency Commercial Mortgage Backed Obligations			4,313,746				-				(174,433	)			75,539				-				-				3,268,027				-				7,482,879				(174,433	)
Asset Backed Obligations			1,980,126				-				(773,907	)			47,169				-				-				-				-				1,253,388				(773,907	)
Total		$	26,942,105			$	92,404			$	(1,015,589	)		$	395,103			$	1,409			$	(591,194	)		$	3,268,027			$	(10,274,994	)		$	18,817,271			$	(910,770	)

¹ Purchases include all purchases of securities and payups.

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

³ Transfers between Level 3 and Level 2 were due to a change in observable and/or unobservable inputs from the prior fiscal year end.

⁴ Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on securities held at June 30, 2016 may be due to a security that was not held or categorized as Level 3 at either period end.

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

 

Fair Value as of 6/30/2016 *

Valuation Techniques

Unobservable Input

Input Values

Impact to valuation from an increase to input

Non-Agency Residential Collateralized Mortgage Obligations

$

10,081,004

Market Comparables

Market Quotes

$63.90  -  $98.49

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

Non-Agency Commercial Mortgage Backed Obligations

$

7,482,879

Market Comparables

Yields

11.12%  -  18.25%

Increase in yields would result in the decrease in the fair value of the security

Asset Backed Obligations

$

1,253,388

Market Comparables

Market Quotes

$30.23

Significant changes in the market quotes would result 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.

---

Item 2. Controls and Procedures.

 

(a)

The Registrant’s principal executive and principal financial officers have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of this Form N-Q based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

 

(b)

There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). Filed herewith.

---

SIGNATURES

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

(Registrant)  DoubleLine Opportunistic Credit Fund

By (Signature and Title)          /s/ Ronald R. Redell                                      

Ronald R. Redell, President and Chief Executive Officer

Date                       August 24, 2016                                                 

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

By (Signature and Title)          /s/ Ronald R. Redell                          

Ronald R. Redell, President and Chief Executive Officer

Date                       August 24, 2016                                                         

By (Signature and Title)            /s/ Susan Nichols                                                   

Susan Nichols, Treasurer and Principal Financial and Accounting Officer

Date                       August 24, 2016