DBL - DoubleLine Opportunistic Credit Fund

What this means for you

Sit Investment is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Oct 2, 2026

   The fund said it may sell new shares.

   Original document →

2. Sept 24, 2026

   The fund said it may sell new shares.

   Original document →

3. July 1, 2026

   The fund said it may sell new shares.

   Original document →

4. Nov 7, 2024

   Morgan Stanley sold down below 5% and stopped reporting.

   Original document →

5. Feb 6, 2024

   Sit Investment now owns 17%, as a passive investor.

   Original document →

About this fund

• Run by DoubleLine Capital LP. Part of the DoubleLine fund family. As of Sept 30, 2025, from the fund's yearly report. Original document →
• Size: about $290 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 9% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -10.8%; at +10%, about +10.2%. As of Sept 30, 2025, from the fund's annual report. Original document →
• Costs: 1.1% a year in management fees; 2% a year in total, including interest on borrowed money. Fiscal year ended Sept 30, 2025. As of Sept 30, 2025, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 45 charge a lower management fee and 23 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $30 in the first year and about $242 over 10 years, assuming the holdings return 5% a year. As of Sept 30, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Sept 30, 2025) the fund paid $1.32 a share. $0.99 of that was income; $0.33 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Sept 30, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Sept 30, 2025): $15.39. The shares traded at $15.58, about 1.2% above that. As of Sept 30, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 2.2% below to 3.6% above. As of Sept 30, 2025, from the fund's annual report. Original document →
• How the holdings did: up 0.8% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2011.

How this has changed

• Payouts per share: $1.32 in the fiscal year ended Sept 30, 2025; $1.32 in the year ended Sept 30, 2024; $1.32 in the year ended Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.33 in the year ended Sept 30, 2025; $0.37 in the year ended Sept 30, 2024; $0.83 in the year ended Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.02% a year in the fiscal year ended Sept 30, 2025; 2.43% a year in the year ended Sept 30, 2024; 2.66% a year in the year ended Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $301 million at Sept 30, 2025; $285 million at Sept 30, 2024; $236 million at Sept 30, 2023. From the fund's quarterly holdings reports. Original documents: Sept 30, 2025 →, Sept 30, 2024 →, Sept 30, 2023 →.
• Borrowing: about 8% on top of its own money at Sept 30, 2025; 14% at Sept 30, 2024; 18% at Sept 30, 2023. From the fund's quarterly holdings reports. Original documents: Sept 30, 2025 →, Sept 30, 2024 →, Sept 30, 2023 →.
• The fund had about 19.6 million shares at Sept 30, 2025, up 18.5% from Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Sept 30, 2025: the shares returned +7.3%, counting payouts; the holdings +7.3%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Sept 30, 2025, from the fund's annual report. Original document →
• The year ended Sept 30, 2024: the shares returned +18.4%, counting payouts; the holdings +19.2%. As of Sept 30, 2024, from the fund's annual report. Original document →
• The year ended Sept 30, 2023: the shares returned +10.5%, counting payouts; the holdings +6.6%. As of Sept 30, 2023, from the fund's annual report. Original document →
• The year ended Sept 30, 2022: the shares returned -20.6%, counting payouts; the holdings -18.1%. As of Sept 30, 2022, from the fund's annual report. Original document →
• The year ended Sept 30, 2021: the shares returned +12.9%, counting payouts; the holdings +8.5%. As of Sept 30, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +25.8%. $10,000 of shares bought at the start (Oct 1, 2020) would have become about $12,600 by Sept 30, 2025, with every payout counted, before tax. As of Sept 30, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +2.1%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 58 funds that invest in bonds with a fiscal year ending within six months of this one, 29 reported a higher share return for that year and 28 a lower one. As of Sept 30, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly asset-backed bonds (50%), the rest loans, bonds and cash and short-term holdings. About 77% issued in the U.S.

1. Government National Mortgage Association - 5.3%
2. Freddie Mac Stacr Remic Trust 2021-DNA6 - 3.8%
3. Cash and short-term - 3.2%
4. Federal National Mortgage Association - 2.2%
5. Efmt 2025-NQM5 - 1.8%
6. Bain Capital Credit CLO 2022-5, Bcc 2022-5A Drr - 1.4%
7. Freddie Mac Stacr Remic Trust 2020-HQA2, Stacr 2020-HQA2 B2 - 1.2%
8. Connecticut Avenue Securities Trust 2021-R01, Cas 2021-R01 1B2 - 1%
9. Bcap LLC Trust, Bcapb 2007-AB1 A5 - 1%
10. Efmt 2025-INV4 B1 - 0.9%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →