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Semi-Annual Report March 31, 2024 |
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Semi-Annual Report |
| |
March 31, 2024 |
3 |
Chairman’s Letter |
(Unaudited) March 31, 2024 |
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4 |
DoubleLine Income Solutions Fund |
Schedule of Investments DoubleLine Income Solutions Fund |
(Unaudited) March 31, 2024 |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
ASSET BACKED OBLIGATIONS 1.9% |
||||||||||||||||
Air Canada |
||||||||||||||||
10,000,000 | Series 2020-1 |
10.50% | (a) |
07/15/2026 | 10,950,000 | |||||||||||
Arivo Acceptance Auto Loan Receivables Trust |
||||||||||||||||
1,150,000 | Series 2021-1A-D |
5.83% | (a) |
01/18/2028 | 1,110,459 | |||||||||||
Blue Stream Communications LLC |
||||||||||||||||
2,000,000 | Series 2023-1A-C |
8.90% | (a) |
05/20/2053 | 1,863,906 | |||||||||||
Castlelake Aircraft Securitization Trust |
||||||||||||||||
467,112 | Series 2018-1-C |
6.63% | (a)(b) |
06/15/2043 | 143,980 | |||||||||||
2,003,967 | Series 2021-1A-C |
7.00% | (a)(b) |
01/15/2046 | 1,703,346 | |||||||||||
Compass Datacenters LLC |
||||||||||||||||
1,250,000 | Series 2024-1A-B |
7.00% | (a) |
02/25/2049 | 1,251,328 | |||||||||||
ME Funding |
||||||||||||||||
400,000 | Series 2024-1A-A2 |
8.10% | (a) |
04/30/2054 | 384,844 | |||||||||||
Pagaya AI Debt Selection Trust |
||||||||||||||||
2,750,000 | Series 2021-3-CERT |
0.00% | (a)(b)(c) |
05/15/2029 | 2,486 | |||||||||||
161,779 | Series 2022-1-A |
2.03% | (a) |
10/15/2029 | 160,213 | |||||||||||
461,505 | Series 2022-2-AB |
5.59% | (a)(d) |
01/15/2030 | 460,229 | |||||||||||
Sierra Timeshare Conduit Receivables Funding LLC |
||||||||||||||||
789,988 | Series 2023-2A-D |
9.72% | (a) |
04/20/2040 | 807,247 | |||||||||||
SOFI Alternative Trust |
||||||||||||||||
55,000 | Series 2021-2-R1 |
0.00% | (a)(b)(c) |
08/15/2030 | 461,412 | |||||||||||
SoFi Professional Loan Program LLC |
||||||||||||||||
50,000 | Series 2018-A-R1 |
0.00% | (a)(b)(c) |
02/25/2042 | 518,093 | |||||||||||
14,827 | Series 2018-A-R2 |
0.00% | (a)(b)(c) |
02/25/2042 | 153,635 | |||||||||||
100,000 | Series 2018-C-R1 |
0.00% | (a)(b)(c) |
01/25/2048 | 779,275 | |||||||||||
Start Ltd./Bermuda |
||||||||||||||||
448,632 | Series 2019-1-C |
6.41% | (a)(b) |
03/15/2044 | 404,285 | |||||||||||
Summit Issuer LLC |
||||||||||||||||
4,300,000 | Series 2020-1A-C |
5.10% | (a) |
12/20/2050 | 3,924,143 | |||||||||||
Total Asset Backed Obligations (Cost $24,755,313) |
25,078,881 |
|||||||||||||||
BANK LOANS 19.0% |
||||||||||||||||
AAdvantage Loyalty IP Ltd. |
||||||||||||||||
2,690,250 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 5.01%) |
10.33% | 04/20/2028 | 2,798,425 | ||||||||||||
Access CIG LLC |
||||||||||||||||
5,507,662 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.00%) |
10.33% | 08/18/2028 | 5,520,577 | ||||||||||||
Acuris Finance US, Inc. |
||||||||||||||||
4,915,000 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.10%) |
9.50% | 02/16/2028 | 4,915,762 | ||||||||||||
ADMI Corp. |
||||||||||||||||
5,796,527 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.75%) |
11.08% | 12/23/2027 | 5,809,221 | ||||||||||||
AI Aqua Merger Sub, Inc. |
||||||||||||||||
1,974,949 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.75%) |
9.07% | 07/31/2028 | 1,980,716 | ||||||||||||
Altice France SA/France |
||||||||||||||||
1,390,000 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.50%) |
10.81% | 08/31/2028 | 1,112,438 |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
American Tire Distributors, Inc. |
||||||||||||||||
3,924,900 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 6.51%) |
11.83% | 10/23/2028 | 3,424,475 | ||||||||||||
Applied Systems, Inc. |
||||||||||||||||
1,540,000 | Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 5.25%) |
10.56% | 02/23/2032 | 1,597,273 | ||||||||||||
Artera Services LLC |
||||||||||||||||
4,470,000 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.50%) |
9.81% | 02/10/2031 | 4,492,350 | ||||||||||||
Ascend Learning LLC |
||||||||||||||||
3,276,897 | Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 5.85%) |
11.18% | 12/10/2029 | 3,245,160 | ||||||||||||
ASP LS Acquisition Corp. |
||||||||||||||||
1,188,919 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.76%) |
10.07% | 05/07/2028 | 1,110,747 | ||||||||||||
Astra Acquisition Corp. |
||||||||||||||||
9,662,677 | Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 8.99%) |
14.48% | 10/25/2029 | 2,989,391 | ||||||||||||
1,506,559 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.36%) |
10.86% | 10/25/2028 | 638,404 | ||||||||||||
Asurion LLC |
||||||||||||||||
4,225,000 | Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 5.36%) |
10.69% | 01/20/2029 | 3,800,197 | ||||||||||||
905,000 | Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 5.36%) |
10.69% | 02/03/2028 | 820,722 | ||||||||||||
AthenaHealth Group, Inc. |
||||||||||||||||
1,291,573 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.25%) |
8.58% | 02/15/2029 | 1,282,596 | ||||||||||||
Atlas Purchaser, Inc. |
||||||||||||||||
3,978,000 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 5.51%) |
10.84% | 05/18/2028 | 2,385,985 | ||||||||||||
Aveanna Healthcare LLC |
||||||||||||||||
7,855,000 | Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 7.15%) |
12.49% | 12/10/2029 | 6,774,937 | ||||||||||||
Bausch + Lomb Corp. |
||||||||||||||||
893,631 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.35%) |
8.68% | 05/10/2027 | 885,365 | ||||||||||||
7,470,617 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.00%) |
9.33% | 09/29/2028 | 7,479,992 | ||||||||||||
BCPE Empire Holdings, Inc. |
||||||||||||||||
3,122,847 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.00%) |
9.33% | 12/25/2028 | 3,129,873 | ||||||||||||
Boxer Parent Co., Inc. |
||||||||||||||||
5,735,625 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.25%) |
9.58% | 12/29/2028 | 5,779,244 | ||||||||||||
Brand Industrial Services, Inc. |
||||||||||||||||
2,234,386 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.50%) |
10.81% | 08/01/2030 | 2,246,753 | ||||||||||||
BYJU’s Alpha, Inc. |
||||||||||||||||
2,097,742 | Senior Secured First Lien Term Loan (Prime Rate + 7.00%, 0.75% Floor) |
15.50% | (f) |
11/24/2026 | 452,756 |
The accompanying notes are an integral part of these financial statements. |
Semi-Annual Report |
| |
March 31, 2024 |
5 |
Schedule of Investments DoubleLine Income Solutions Fund (Cont.) |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
Carnival Corp. |
||||||||||||||||
471,438 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.00%) |
8.32% | 08/09/2027 | 472,715 | ||||||||||||
Cengage Learning, Inc. |
||||||||||||||||
1,905,000 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.25%) |
9.58% | 03/24/2031 | 1,905,295 | ||||||||||||
Century DE Buyer LLC |
||||||||||||||||
165,000 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.00%) |
9.32% | 10/30/2030 | 165,804 | ||||||||||||
ClubCorp Holdings, Inc. |
||||||||||||||||
4,847,919 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.26%) |
10.61% | 09/18/2026 | 4,863,530 | ||||||||||||
Connect Finco SARL |
||||||||||||||||
1,977,938 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.50%) |
8.83% | 12/11/2026 | 1,978,402 | ||||||||||||
CoreLogic, Inc. |
||||||||||||||||
524,619 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.61%) |
8.94% | 06/02/2028 | 514,250 | ||||||||||||
Cornerstone Building Brands, Inc. |
||||||||||||||||
1,420,357 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.35%) |
8.68% | 04/12/2028 | 1,415,521 | ||||||||||||
Crosby US Acquisition Corp. |
||||||||||||||||
1,147,125 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.00%) |
9.32% | 08/16/2029 | 1,154,891 | ||||||||||||
Cross Financial Corp. |
||||||||||||||||
1,750,613 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.50%) |
8.83% | 09/15/2027 | 1,752,801 | ||||||||||||
Dcert Buyer, Inc. |
||||||||||||||||
3,635,532 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.00%) |
9.33% | 10/16/2026 | 3,623,063 | ||||||||||||
Deerfield Dakota Holding LLC |
||||||||||||||||
2,437,345 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 3.75%) |
9.06% | 04/09/2027 | 2,428,374 | ||||||||||||
Delta Topco, Inc. |
||||||||||||||||
1,645,000 | Senior Secured Second Lien Term Loan (CME Term SOFR 3 Month + 7.25%) |
12.62% | 12/01/2028 | 1,652,715 | ||||||||||||
Dexko Global, Inc. |
||||||||||||||||
1,625,925 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.25%) |
9.56% | 10/04/2028 | 1,621,860 | ||||||||||||
DG Investment Intermediate Holdings 2, Inc. |
||||||||||||||||
2,425,000 | Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 6.86%) |
12.19% | 03/31/2029 | 2,276,469 | ||||||||||||
Directv Financing LLC |
||||||||||||||||
3,797,832 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.25%) |
10.69% | 08/02/2029 | 3,801,079 | ||||||||||||
Dynasty Acquisition Co., Inc. |
||||||||||||||||
762,344 | Senior Secured Term Loan (CME Term SOFR 1 Month + 3.50%) |
8.83% | 08/24/2028 | 764,323 | ||||||||||||
Edelman Financial Engines Center LLC/The |
||||||||||||||||
4,200,000 | Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 6.86%) |
12.19% | 07/20/2026 | 4,227,573 |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
Edelman Financial Engines Center LLC/The (Cont.) |
||||||||||||||||
2,138,892 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.61%) |
8.94% | 04/07/2028 | 2,141,769 | ||||||||||||
EG America LLC |
||||||||||||||||
2,330,000 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.93%) |
11.67% | 02/07/2028 | 2,324,175 | ||||||||||||
Eisner Advisory Group LLC |
||||||||||||||||
2,405,000 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.00%) |
9.33% | 02/28/2031 | 2,417,783 | ||||||||||||
Element Materials Technology Group US Holdings, Inc. |
||||||||||||||||
422,286 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.35%) |
9.66% | 06/25/2029 | 423,167 | ||||||||||||
194,901 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.35%) |
9.66% | 06/25/2029 | 195,308 | ||||||||||||
Fertitta Entertainment LLC/NV |
||||||||||||||||
4,233,934 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.75%) |
9.08% | 01/29/2029 | 4,248,943 | ||||||||||||
FinThrive Software Intermediate Holdings, Inc. |
||||||||||||||||
2,205,000 | Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 6.86%) |
12.19% | 12/17/2029 | 1,403,968 | ||||||||||||
Flynn America LP |
||||||||||||||||
3,265,375 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.61%) |
9.94% | 07/29/2028 | 3,208,231 | ||||||||||||
Foresight Energy LLC |
||||||||||||||||
1,886,870 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 8.10%) |
13.41% | (b) |
06/30/2027 | 1,886,870 | |||||||||||
Gainwell Acquisition Corp. |
||||||||||||||||
7,787,859 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.10%) |
9.41% | 10/01/2027 | 7,463,688 | ||||||||||||
Garda World Security Corp. |
||||||||||||||||
2,430,000 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.35%) |
9.58% | 02/01/2029 | 2,437,606 | ||||||||||||
GIP II Blue Holding LP |
||||||||||||||||
529,278 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.61%) |
9.94% | 09/29/2028 | 531,675 | ||||||||||||
Greystone Select Financial LLC |
||||||||||||||||
3,635,615 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 5.26%) |
10.57% | 06/17/2028 | 3,635,615 | ||||||||||||
Groupe Solmax, Inc. |
||||||||||||||||
2,918,195 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.86%) |
10.19% | 07/23/2028 | 2,876,027 | ||||||||||||
Gulf Finance LLC |
||||||||||||||||
4,991,473 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 6.86%) |
12.18% | 08/25/2026 | 5,005,723 | ||||||||||||
Helios Software Holdings, Inc. |
||||||||||||||||
2,218,864 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.75%) |
9.07% | 07/15/2030 | 2,203,620 | ||||||||||||
Hexion Holdings Corp. |
||||||||||||||||
4,687,613 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.50%) |
9.98% | 03/15/2029 | 4,622,337 |
6 |
DoubleLine Income Solutions Fund |
The accompanying notes are an integral part of these financial statements. |
(Unaudited) March 31, 2024 |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
INEOS US Petrochem LLC |
||||||||||||||||
2,540,000 | Senior Secured Term Loan (CME Term SOFR 1 Month + 4.25%) |
9.68% | 03/29/2029 | 2,538,425 | ||||||||||||
Jo-Ann Stores |
||||||||||||||||
203,076 | Senior Secured Term Loan |
14.83% | (g) |
05/17/2024 | 204,268 | |||||||||||
Jo-Ann Stores LLC |
||||||||||||||||
711,750 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 5.01%) |
10.34% | (f) |
06/30/2028 | 18,908 | |||||||||||
Kenan Advantage Group, Inc. |
||||||||||||||||
2,300,000 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.75%) |
9.08% | 01/25/2029 | 2,305,037 | ||||||||||||
Lasership, Inc. |
||||||||||||||||
1,025,000 | Senior Secured Second Lien Term Loan (CME Term SOFR 3 Month + 7.93%) |
13.07% | 05/07/2029 | 848,700 | ||||||||||||
LBM Acquisition LLC |
||||||||||||||||
1,915,289 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.85%) |
9.18% | 12/20/2027 | 1,914,101 | ||||||||||||
Lealand Finance Co. BV |
||||||||||||||||
735,945 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 1.11%) |
6.44% | 06/30/2025 | 304,803 | ||||||||||||
52,939 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.11%) |
8.44% | 06/30/2024 | 29,117 | ||||||||||||
Lereta LLC |
||||||||||||||||
1,107,262 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.36%) |
10.69% | 08/07/2028 | 848,340 | ||||||||||||
LifePoint Health, Inc. |
||||||||||||||||
5,640,000 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.50%) |
11.09% | 11/16/2028 | 5,661,658 | ||||||||||||
LSF9 Atlantis Holdings LLC |
||||||||||||||||
1,489,250 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 6.50%) |
11.83% | 03/29/2029 | 1,502,288 | ||||||||||||
Mileage Plus Holdings LLC |
||||||||||||||||
562,250 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 5.40%) |
10.73% | 06/21/2027 | 579,691 | ||||||||||||
Minotaur Acquisition, Inc. |
||||||||||||||||
5,751,084 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.85%) |
10.18% | 03/30/2026 | 5,764,024 | ||||||||||||
Mitchell International, Inc. |
||||||||||||||||
2,585,000 | Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 6.61%) |
11.94% | 10/15/2029 | 2,586,616 | ||||||||||||
MLN US Holdco LLC |
||||||||||||||||
2,920,000 | Senior Secured Second Lien Term Loan (CME Term SOFR 3 Month + 8.85%) |
14.18% | 11/30/2026 | 284,700 | ||||||||||||
NEP Group, Inc. |
||||||||||||||||
905,000 | Senior Secured Second Lien Term Loan (CME Term SOFR 1 Month + 7.11%) |
12.44% | 10/19/2026 | 738,516 | ||||||||||||
1,656,994 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.36%) 1.50% PIK |
8.69% | 08/19/2026 | 1,583,987 | ||||||||||||
NGL Energy Operating LLC |
||||||||||||||||
670,000 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.50%) |
9.83% | 02/03/2031 | 672,513 |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
Nouryon USA LLC |
||||||||||||||||
3,154,877 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.10%) |
9.42% | 04/03/2028 | 3,168,680 | ||||||||||||
Olympus Water US Holding Corp. |
||||||||||||||||
2,691,492 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.25%) |
9.57% | 11/09/2028 | 2,703,281 | ||||||||||||
OMNIA Partners LLC |
||||||||||||||||
1,840,388 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.75%) |
9.07% | 07/25/2030 | 1,851,025 | ||||||||||||
Ontario Gaming GTA LP |
||||||||||||||||
2,403,975 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.25%) |
9.56% | 08/01/2030 | 2,415,141 | ||||||||||||
Oravel Stays Singapore Pte Ltd. |
||||||||||||||||
1,754 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 8.51%) |
13.84% | 06/09/2026 | 1,719 | ||||||||||||
Par Petroleum LLC |
||||||||||||||||
2,767,050 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.35%) |
9.69% | 02/28/2030 | 2,774,825 | ||||||||||||
PECF USS Intermediate Holding III Corp. |
||||||||||||||||
1,845,838 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.51%) |
9.82% | 12/15/2028 | 1,414,382 | ||||||||||||
Polaris Newco LLC |
||||||||||||||||
1,510,000 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.11%) |
9.57% | 06/05/2028 | 1,497,142 | ||||||||||||
Potters Borrower LP |
||||||||||||||||
679,000 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.10%) |
9.41% | 12/14/2027 | 681,971 | ||||||||||||
Pretium PKG Holdings, Inc. |
||||||||||||||||
2,860,000 | Senior Secured Second Lien Term Loan (CME Term SOFR 3 Month + 7.01%) |
12.33% | 10/01/2029 | 1,788,401 | ||||||||||||
Restaurant Technologies, Inc. |
||||||||||||||||
5,052,926 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.25%) |
9.60% | 04/02/2029 | 5,016,621 | ||||||||||||
Riverbed Technology, Inc. |
||||||||||||||||
1,304,370 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 2.50%) 2.00% PIK |
9.81% | 07/03/2028 | 854,362 | ||||||||||||
Skillsoft Finance II, Inc. |
||||||||||||||||
1,333,767 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.36%) |
10.69% | 07/14/2028 | 1,200,951 | ||||||||||||
Sound Inpatient Physicians Holdings LLC |
||||||||||||||||
3,771,145 | Senior Secured Second Lien Term Loan (CME Term SOFR 3 Month + 7.01%) |
12.32% | 06/29/2026 | 263,980 | ||||||||||||
Southern Veterinary Partners LLC |
||||||||||||||||
3,822,871 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.00%) |
9.44% | 10/05/2027 | 3,831,473 | ||||||||||||
SRS Distribution, Inc. |
||||||||||||||||
456,489 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.61%) |
8.94% | 06/05/2028 | 460,161 | ||||||||||||
Standard Aero Ltd. |
||||||||||||||||
293,940 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.50%) |
8.83% | 08/24/2028 | 294,703 |
The accompanying notes are an integral part of these financial statements. |
Semi-Annual Report |
| |
March 31, 2024 |
7 |
Schedule of Investments DoubleLine Income Solutions Fund (Cont.) |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
StubHub Holdco Sub LLC |
||||||||||||||||
6,840,000 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.75%) |
10.08% | 03/12/2030 | 6,858,503 | ||||||||||||
Titan Acquisition Ltd./Canada |
||||||||||||||||
7,385,000 | Senior Secured Term Loan (CME Term SOFR 1 Month + 5.00%) |
10.33% | 02/01/2029 | 7,413,470 | ||||||||||||
Travelport Finance Luxembourg SARL |
||||||||||||||||
4,548,752 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 8.26%) |
13.61% | 09/29/2028 | 4,259,361 | ||||||||||||
Trident TPI Holdings, Inc. |
||||||||||||||||
1,283,501 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.25%) |
10.60% | 09/18/2028 | 1,290,381 | ||||||||||||
UKG, Inc. |
||||||||||||||||
563,448 | Senior Secured Second Lien Term Loan (CME Term SOFR 3 Month + 5.35%) |
10.68% | 05/03/2027 | 569,435 | ||||||||||||
Vantage Specialty Chemicals, Inc. |
||||||||||||||||
615,136 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.75%) |
10.07% | 10/26/2026 | 609,369 | ||||||||||||
Verscend Holding Corp. |
||||||||||||||||
1,414,866 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.11%) |
9.44% | 08/27/2025 | 1,416,635 | ||||||||||||
Viad Corp. |
||||||||||||||||
3,632,345 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 5.11%) |
10.44% | 07/31/2028 | 3,647,111 | ||||||||||||
Vibrantz Technologies, Inc. |
||||||||||||||||
2,054,571 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 4.40%) |
9.72% | 04/23/2029 | 2,036,789 | ||||||||||||
VT Topco, Inc. |
||||||||||||||||
1,955,100 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.25%) |
9.58% | 08/12/2030 | 1,962,784 | ||||||||||||
Wand NewCo 3, Inc. |
||||||||||||||||
1,840,000 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.75%) |
9.08% | 01/30/2031 | 1,847,332 | ||||||||||||
WaterBridge Midstream Operating LLC |
||||||||||||||||
3,366,065 | Senior Secured First Lien Term Loan (CME Term SOFR 3 Month + 6.01%) |
11.34% | 06/21/2026 | 3,373,958 | ||||||||||||
WestJet Loyalty LP |
||||||||||||||||
2,435,000 | Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 3.75%) |
9.08% | 02/14/2031 | 2,438,044 | ||||||||||||
WWEX Uni Topco Holdings LLC |
||||||||||||||||
490,000 | Senior Secured Second Lien Term Loan (CME Term SOFR 3 Month + 7.26%) |
12.61% | 07/26/2029 | 441,843 | ||||||||||||
Total Bank Loans (Cost $272,669,937) |
253,088,054 |
|||||||||||||||
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
COLLATERALIZED LOAN OBLIGATIONS 12.5% |
||||||||||||||||
Apidos CLO |
||||||||||||||||
3,000,000 |
Series 2016-24A-DR |
11.38% |
(a) |
10/20/2030 |
2,968,443 |
|||||||||||
Atrium CDO Corp. |
||||||||||||||||
2,500,000 |
Series 15A-E (CME Term SOFR 3 Month + 6.11%, 5.85% Floor) |
11.43% |
(a) |
01/23/2031 |
2,483,452 |
|||||||||||
Babson CLO Ltd./Cayman Islands |
||||||||||||||||
2,250,000 |
Series 2015-2A-ER |
12.03% |
(a) |
10/20/2030 |
2,235,874 |
|||||||||||
1,500,000 |
Series 2018-4A-E |
11.40% |
(a) |
10/15/2030 |
1,491,339 |
|||||||||||
5,000,000 |
Series 2019-2A-DR |
12.36% |
(a) |
04/15/2036 |
4,946,600 |
|||||||||||
1,000,000 |
Series 2020-1A-ER |
12.23% |
(a) |
10/15/2036 |
988,176 |
|||||||||||
Bain Capital Credit CLO |
||||||||||||||||
3,000,000 |
Series 2017-2A-ER2 |
12.45% |
(a) |
07/25/2034 |
2,906,441 |
|||||||||||
Buttermilk Park CLO |
||||||||||||||||
6,500,000 |
Series 2018-1A-E |
11.33% |
(a) |
10/15/2031 |
6,467,724 |
|||||||||||
Canyon Capital CLO Ltd. |
||||||||||||||||
2,500,000 |
Series 2016-1A-ER |
11.33% |
(a) |
07/15/2031 |
2,464,276 |
|||||||||||
6,650,000 |
Series 2017-1A-E |
11.83% |
(a) |
07/15/2030 |
6,586,046 |
|||||||||||
1,000,000 |
Series 2021-1A-E |
11.99% |
(a) |
04/15/2034 |
986,194 |
|||||||||||
6,000,000 |
Series 2021-2A-E |
12.28% |
(a) |
04/15/2034 |
5,954,795 |
|||||||||||
Canyon CLO |
||||||||||||||||
2,500,000 |
Series 2018-1A-E |
11.33% |
(a) |
07/15/2031 |
2,438,257 |
|||||||||||
Carlyle Global Market Strategies |
||||||||||||||||
3,000,000 |
Series 2019-1A-D |
12.28% |
(a) |
04/20/2031 |
3,005,421 |
|||||||||||
Carlyle Group, Inc. |
||||||||||||||||
2,000,000 |
Series 2013-3A-DR |
11.08% |
(a) |
10/15/2030 |
1,933,047 |
|||||||||||
Chenango Park CLO |
||||||||||||||||
1,500,000 |
Series 2018-1A-D |
11.38% |
(a) |
04/15/2030 |
1,467,273 |
|||||||||||
CIFC Funding Ltd. |
||||||||||||||||
750,000 |
Series 2013-1A-DR |
12.23% |
(a) |
07/16/2030 |
750,316 |
|||||||||||
Dryden Senior Loan Fund |
||||||||||||||||
3,000,000 |
Series 2015-37A-ER |
10.73% |
(a) |
01/15/2031 |
2,775,446 |
|||||||||||
2,500,000 |
Series 2018-55A-F |
12.78% |
(a)(b) |
04/15/2031 |
1,974,479 |
8 |
DoubleLine Income Solutions Fund |
The accompanying notes are an integral part of these financial statements. |
(Unaudited) March 31, 2024 |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
Halcyon Loan Advisors Funding Ltd. |
||||||||||||||||
1,260,785 | Series 2014-2A-D |
10.58% | (a)(b) |
04/28/2025 | 258,461 | |||||||||||
1,457,258 | Series 2014-2A-E |
11.33% | (a)(b) |
04/28/2025 | 146 | |||||||||||
LCM LP |
||||||||||||||||
5,000,000 | Series 17A-ER (CME Term SOFR 3 Month + 6.26%, 6.00% Floor) |
11.58% | (a)(b) |
10/15/2031 | 4,072,193 | |||||||||||
6,500,000 | Series 26A-E (CME Term SOFR 3 Month + 5.56%, 5.30% Floor) |
10.88% | (a) |
01/20/2031 | 5,295,850 | |||||||||||
2,000,000 | Series 28A-E (CME Term SOFR 3 Month + 6.01%, 5.75% Floor) |
11.33% | (a) |
10/20/2030 | 1,784,920 | |||||||||||
LCM XIII LP |
||||||||||||||||
3,500,000 | Series 14A-FR (CME Term SOFR 3 Month + 7.87%) |
13.19% | (a)(b) |
07/20/2031 | 1,919,182 | |||||||||||
Madison Park Funding Ltd. |
||||||||||||||||
11,000,000 | Series 2014-14A-ER |
11.38% | (a) |
10/22/2030 | 10,922,470 | |||||||||||
1,000,000 | Series 2019-34A-ER |
12.24% | (a) |
04/25/2032 | 1,008,057 | |||||||||||
2,000,000 | Series 2019-37A-ER |
11.73% | (a) |
07/15/2033 | 2,005,822 | |||||||||||
Magnetite CLO Ltd. |
||||||||||||||||
500,000 | Series 2020-26A-ER |
11.54% | (a) |
07/25/2034 | 501,462 | |||||||||||
Marble Point CLO |
||||||||||||||||
500,000 | Series 2018-1A-D |
8.58% | (a) |
07/16/2031 | 460,170 | |||||||||||
Neuberger Berman CLO Ltd. |
||||||||||||||||
2,000,000 | Series 2017-16SA-ER (CME Term SOFR 3 Month + 6.51%, 6.25% Floor) |
11.83% | (a) |
04/15/2034 | 1,982,700 | |||||||||||
1,000,000 | Series 2019-31A-ER |
12.08% | (a) |
04/20/2031 | 1,000,575 | |||||||||||
1,750,000 | Series 2019-32A-ER |
11.67% | (a) |
01/20/2032 | 1,754,465 | |||||||||||
2,250,000 | Series 2019-33A-ER |
11.83% | (a) |
10/16/2033 | 2,237,603 | |||||||||||
Newark BSL CLO |
||||||||||||||||
2,000,000 | Series 2017-1A-D |
11.89% | (a) |
07/25/2030 | 1,956,290 | |||||||||||
Octagon Investment Partners Ltd. |
||||||||||||||||
5,000,000 | Series 2012-1A-DR |
12.73% | (a) |
07/15/2029 | 4,820,996 | |||||||||||
8,750,000 | Series 2013-1A-ER |
11.33% | (a) |
07/17/2030 | 8,312,947 | |||||||||||
5,460,000 | Series 2013-1A-ER |
12.57% | (a) |
07/19/2030 | 5,375,912 | |||||||||||
3,000,000 | Series 2016-1A-ER |
12.83% | (a) |
01/24/2033 | 2,920,699 | |||||||||||
2,000,000 | Series 2016-1A-FR |
13.67% | (a) |
07/15/2030 | 1,563,935 |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
Octagon Investment Partners Ltd. (Cont.) |
||||||||||||||||
4,000,000 | Series 2017-1A-D |
11.78% | (a)(b) |
03/17/2030 | 3,770,610 | |||||||||||
500,000 | Series 2019-1A-DR |
8.83% | (a) |
10/15/2034 | 500,393 | |||||||||||
2,000,000 | Series 2019-3A-ER |
12.33% | (a) |
07/15/2034 | 1,942,951 | |||||||||||
1,000,000 | Series 2020-2A-ER |
12.18% | (a) |
07/15/2036 | 893,407 | |||||||||||
Point Au Roche Park CLO |
||||||||||||||||
500,000 | Series 2021-1A-E |
11.68% | (a) |
07/20/2034 | 493,671 | |||||||||||
Sound Point CLO Ltd. |
||||||||||||||||
2,400,000 | Series 2019-2A-ER |
12.05% | (a) |
07/15/2034 | 2,147,420 | |||||||||||
500,000 | Series 2020-2A-ER |
12.15% | (a) |
10/25/2034 | 451,458 | |||||||||||
2,000,000 | Series 2021-3A-E |
12.20% | (a) |
10/25/2034 | 1,799,454 | |||||||||||
Stewart Park CLO |
||||||||||||||||
7,500,000 | Series 2015-1A-ER |
10.86% | (a) |
01/15/2030 | 7,185,777 | |||||||||||
Venture CDO Ltd. |
||||||||||||||||
7,200,000 | Series 2016-24A-E |
12.30% | (a) |
10/20/2028 | 6,344,210 | |||||||||||
5,000,000 | Series 2017-26A-E |
12.38% | (a) |
01/20/2029 | 3,793,522 | |||||||||||
4,000,000 | Series 2017-27A-E |
11.93% | (a) |
07/20/2030 | 2,995,075 | |||||||||||
Voya CLO Ltd. |
||||||||||||||||
1,500,000 | Series 2017-1A-D |
11.68% | (a)(b) |
04/17/2030 | 1,445,057 | |||||||||||
1,000,000 | Series 2018-2A-E |
10.83% | (a) |
07/15/2031 | 925,036 | |||||||||||
1,000,000 | Series 2018-2A-F |
12.87% | (a) |
07/15/2031 | 777,199 | |||||||||||
Wind River CLO Ltd. |
||||||||||||||||
2,000,000 | Series 2013-2A-E1R |
12.31% | (a)(b) |
10/18/2030 | 1,819,156 | |||||||||||
3,500,000 | Series 2014-2A-ER |
11.33% | (a)(b) |
01/15/2031 | 2,929,844 | |||||||||||
2,000,000 | Series 2014-3A-ER2 |
11.80% | (a) |
10/22/2031 | 1,689,754 |
The accompanying notes are an integral part of these financial statements. |
Semi-Annual Report |
| |
March 31, 2024 |
9 |
Schedule of Investments DoubleLine Income Solutions Fund (Cont.) |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
Wind River CLO Ltd. (Cont.) |
||||||||||||||||
5,000,000 | Series 2017-1A-ER |
12.62% | (a) |
04/18/2036 | 4,700,364 | |||||||||||
3,000,000 | Series 2017-3A-ER |
12.63% | (a) |
04/15/2035 | 2,857,920 | |||||||||||
1,000,000 | Series 2018-1A-E |
11.08% | (a) |
07/15/2030 | 958,274 | |||||||||||
1,000,000 | Series 2018-2A-E |
11.33% | (a) |
07/15/2030 | 949,641 | |||||||||||
Total Collateralized Loan Obligations (Cost $180,443,163) |
166,348,647 |
|||||||||||||||
FOREIGN CORPORATE BONDS 39.1% |
||||||||||||||||
9,400,000 | ABM Investama Tbk PT |
9.50% | (a) |
08/05/2026 | 9,266,651 | |||||||||||
6,981,840 | Acu Petroleo Luxembourg SARL |
7.50% | 01/13/2032 | 6,800,605 | ||||||||||||
4,000,000 | Adani Electricity Mumbai Ltd. |
3.87% | 07/22/2031 | 3,296,093 | ||||||||||||
3,372,500 | Adani International Container Terminal Pvt Ltd. |
3.00% | 02/16/2031 | 2,877,469 | ||||||||||||
2,300,000 | Adani Ports & Special Economic Zone Ltd. |
3.10% | 02/02/2031 | 1,833,690 | ||||||||||||
17,580,000 | Adani Ports & Special Economic Zone Ltd. |
5.00% | 08/02/2041 | 14,070,976 | ||||||||||||
1,570,000 | Adani Transmission Step-One Ltd. |
4.25% | 05/21/2036 | 1,332,894 | ||||||||||||
2,000,000 | AI Candelaria Spain SA |
5.75% | (a) |
06/15/2033 | 1,624,718 | |||||||||||
23,092,000 | AI Candelaria Spain SA |
5.75% | 06/15/2033 | 18,758,995 | ||||||||||||
376,662 | Alpha Holding SAB de CV |
10.00% | (a)(b)(f) |
12/19/2024 | 5,650 | |||||||||||
14,407,320 | Alpha Holding SAB de CV |
10.00% | (b)(f) |
12/19/2024 | 216,110 | |||||||||||
12,208,365 | Alpha Holding SAB de CV |
9.00% | (a)(b)(f) |
02/10/2025 | 183,125 | |||||||||||
5,939,205 | Alpha Holding SAB de CV |
9.00% | (b)(f) |
02/10/2025 | 89,088 | |||||||||||
4,000,000 | Altice France SA/France |
5.50% | (a) |
10/15/2029 | 2,719,152 | |||||||||||
3,300,000 | ARD Finance SA 7.25% PIK |
6.50% | (a) |
06/30/2027 | 1,107,770 | |||||||||||
14,697,000 | Aris Mining Corp. |
6.88% | 08/09/2026 | 13,261,544 | ||||||||||||
18,331,000 | Banco Davivienda SA (10 Year CMT Rate + 5.10%) |
6.65% | (h) |
04/22/2031 | 12,900,441 | |||||||||||
670,000 | Banco do Estado do Rio Grande do Sul SA (5 Year CMT Rate + 4.93%) |
5.38% | 01/28/2031 | 647,984 | ||||||||||||
8,805,000 | Banco GNB Sudameris SA (5 Year CMT Rate + 6.66%) |
7.50% | 04/16/2031 | 7,678,664 | ||||||||||||
16,800,000 | Banco GNB Sudameris SA (5 Year CMT Rate + 6.66%) |
7.50% | (a) |
04/16/2031 | 14,650,945 | |||||||||||
3,000,000 | Banco Mercantil del Norte SA/Grand Cayman (10 Year CMT Rate + 5.03%) |
6.63% | (a)(h) |
01/24/2032 | 2,743,125 |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
16,000,000 | Banco Mercantil del Norte SA/Grand Cayman (10 Year CMT Rate + 5.03%) |
6.63% | (h) |
01/24/2032 | 14,630,002 | |||||||||||
2,600,000 | BBVA Bancomer SA/Texas (5 Year CMT Rate + 2.65%) |
5.13% | 01/18/2033 | 2,417,973 | ||||||||||||
5,945,000 | BBVA Bancomer SA/Texas (5 Year CMT Rate + 4.31%) |
5.88% | 09/13/2034 | 5,629,864 | ||||||||||||
20,000,000 | Braskem Idesa SAPI |
6.99% | 02/20/2032 | 15,538,207 | ||||||||||||
17,700,000 | Braskem Idesa SAPI |
6.99% | (a) |
02/20/2032 | 13,751,314 | |||||||||||
4,300,000 | Braskem Netherlands Finance BV |
8.50% | 01/12/2031 | 4,461,775 | ||||||||||||
5,800,000 | Braskem Netherlands Finance BV |
7.25% | (i) |
02/13/2033 | 5,582,789 | |||||||||||
7,200,000 | Braskem Netherlands Finance BV |
5.88% | 01/31/2050 | 5,559,466 | ||||||||||||
21,500,000 | BRF SA |
5.75% | 09/21/2050 | 17,116,508 | ||||||||||||
1,958,000 | Calfrac Holdings LP |
10.88% | (a) |
03/15/2026 | 1,945,955 | |||||||||||
7,535,000 | Camposol SA |
6.00% | 02/03/2027 | 5,815,900 | ||||||||||||
20,800,000 | Canacol Energy Ltd. |
5.75% | 11/24/2028 | 9,222,081 | ||||||||||||
550,000 | CAP SA |
3.90% | 04/27/2031 | 432,390 | ||||||||||||
300,000 | Cemex SAB de CV (5 Year CMT Rate + 4.53%) |
5.13% | (h) |
06/08/2026 | 290,125 | |||||||||||
6,547,775 | CFG Investment SAC |
10.00% | (a) |
11/07/2032 | 4,059,621 | |||||||||||
4,413,196 | CFG NEW MONEY NT |
13.98% | (b)(d) |
11/07/2032 | 4,999,710 | |||||||||||
3,080,000 | Cia de Minas Buenaventura SAA |
5.50% | 07/23/2026 | 2,973,377 | ||||||||||||
2,800,000 | Connect Finco SARL / Connect US Finco LLC |
6.75% | (a) |
10/01/2026 | 2,746,674 | |||||||||||
16,100,000 | Coruripe Netherlands BV |
10.00% | 02/10/2027 | 14,605,938 | ||||||||||||
17,286,000 | Credito Real SAB de CV SOFOM ER (5 Year CMT Rate + 7.03%) |
9.13% | (f)(h) |
11/29/2027 | 44,944 | |||||||||||
9,150,000 | Credito Real SAB de CV SOFOM ER (5 Year CMT Rate + 7.03%) |
9.13% | (a)(f)(h) |
11/29/2027 | 23,790 | |||||||||||
4,200,000 | CSN Resources SA |
4.63% | 06/10/2031 | 3,447,703 | ||||||||||||
1,897,023 | Digicel Group Holdings Ltd. |
0.00% | (a)(b) |
12/31/2030 | 1,751,755 | |||||||||||
42,168 | Digicel Group Holdings Ltd. |
0.00% | (a)(b) |
12/31/2030 | 34,060 | |||||||||||
4,135,902 | Digicel Group Holdings Ltd. |
0.00% | (a)(b) |
12/31/2030 | 47,496 | |||||||||||
9,508,709 | Digicel Group Holdings Ltd. |
0.00% | (a)(b) |
12/31/2030 | 1,469,072 | |||||||||||
1,375,000 | eG Global Finance PLC |
12.00% | (a) |
11/30/2028 | 1,462,687 | |||||||||||
8,450,000 | Empresas Publicas de Medellin ESP |
4.38% | 02/15/2031 | 7,067,427 | ||||||||||||
13,400,000 | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA |
5.38% | 12/30/2030 | 11,123,142 | ||||||||||||
3,437,200 | Fideicomiso PA Pacifico Tres |
8.25% | 01/15/2035 | 3,267,755 | ||||||||||||
17,011,000 | Frigorifico Concepcion SA |
7.70% | (a) |
07/21/2028 | 14,920,688 | |||||||||||
6,160,000 | Frigorifico Concepcion SA |
7.70% | 07/21/2028 | 5,403,059 | ||||||||||||
3,000,000 | Garda World Security Corp. |
9.50% | (a) |
11/01/2027 | 3,020,058 | |||||||||||
4,205,000 | Garda World Security Corp. |
6.00% | (a) |
06/01/2029 | 3,768,706 | |||||||||||
19,400,000 | Gran Tierra Energy, Inc. |
9.50% | (a) |
10/15/2029 | 18,143,716 | |||||||||||
9,510,369 | Guara Norte SARL |
5.20% | 06/15/2034 | 8,684,584 | ||||||||||||
7,180,000 | Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC |
9.00% | (a) |
02/15/2029 | 7,433,942 | |||||||||||
7,400,000 | IAMGOLD Corp. |
5.75% | 10/15/2028 | 6,798,623 | ||||||||||||
5,925,566 | Invepar Holdings |
0.00% | (b)(f) |
12/30/2028 | — |
10 |
DoubleLine Income Solutions Fund |
The accompanying notes are an integral part of these financial statements. |
(Unaudited) March 31, 2024 |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
4,000,000 | Itau Unibanco Holding SA/Cayman Island (5 Year CMT Rate + 3.22%) |
4.63% | (h) |
02/27/2025 | 3,766,549 | |||||||||||
2,000,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. |
4.38% | 02/02/2052 | 1,453,652 | ||||||||||||
9,652,000 | Kawasan Industri Jababeka Tbk PT |
7.50% | (a)(j) |
12/15/2027 | 8,936,345 | |||||||||||
2,600,000 | Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. |
7.00% | (a) |
12/31/2027 | 2,584,961 | |||||||||||
4,363,000 | KUO SAB De CV |
5.75% | 07/07/2027 | 4,116,429 | ||||||||||||
1,700,000 | MARB BondCo PLC |
3.95% | 01/29/2031 | 1,402,986 | ||||||||||||
22,722,960 | MC Brazil Downstream Trading SARL |
7.25% | 06/30/2031 | 20,586,373 | ||||||||||||
6,300,000 | Metinvest BV |
7.75% | 10/17/2029 | 4,423,545 | ||||||||||||
17,360,000 | Mexarrend SAPI de CV |
10.25% | (a)(f) |
07/24/2024 | 3,645,600 | |||||||||||
7,600,000 | Mexarrend SAPI de CV |
10.25% | (f) |
07/24/2024 | 1,596,000 | |||||||||||
4,100,000 | Millicom International Cellular SA |
4.50% | 04/27/2031 | 3,517,949 | ||||||||||||
9,687,609 | MV24 Capital BV |
6.75% | 06/01/2034 | 9,122,882 | ||||||||||||
1,600,383 | Oi SA (7.00% + 5.50% PIK) |
12.50% | (a) |
12/15/2024 | 1,592,381 | |||||||||||
17,251 | Oi SA (7.00% + 5.50% PIK) |
12.50% | (a)(b) |
12/15/2024 | 17,165 | |||||||||||
23,000,000 | Oi SA |
10.00% | (f) |
07/27/2025 | 402,500 | |||||||||||
1,740,000 | Ontario Gaming GTA LP/OTG Co.-Issuer, Inc. |
8.00% | (a) |
08/01/2030 | 1,793,535 | |||||||||||
7,665,000 | Operadora de Servicios Mega SAB de CV Sofom ER |
8.25% | 02/11/2025 | 3,190,556 | ||||||||||||
14,325,000 | Operadora de Servicios Mega SAB de CV Sofom ER |
8.25% | (a) |
02/11/2025 | 5,962,781 | |||||||||||
2,650,000 | Ronshine China Holdings Ltd. |
6.75% | (f) |
08/05/2024 | 49,025 | |||||||||||
19,350,000 | Ronshine China Holdings Ltd. |
7.35% | (f) |
12/15/2024 | 294,120 | |||||||||||
10,200,000 | Sasol Financing USA LLC |
5.50% | 03/18/2031 | 8,601,802 | ||||||||||||
1,330,000 | Seaspan Corp. |
5.50% | (a) |
08/01/2029 | 1,161,631 | |||||||||||
11,103,000 | SierraCol Energy Andina LLC |
6.00% | 06/15/2028 | 9,764,509 | ||||||||||||
650,000 | SierraCol Energy Andina LLC |
6.00% | (a) |
06/15/2028 | 571,641 | |||||||||||
9,000,000 | Simpar Europe SA |
5.20% | 01/26/2031 | 7,874,879 | ||||||||||||
3,935,000 | Telesat Canada / Telesat LLC |
5.63% | (a) |
12/06/2026 | 1,970,963 | |||||||||||
18,804,000 | Tullow Oil PLC |
10.25% | (a) |
05/15/2026 | 17,899,501 | |||||||||||
8,496,103 | UEP Penonome II SA |
6.50% | 10/01/2038 | 6,648,201 | ||||||||||||
11,000,000 | Unifin Financiera SAB de CV (5 Year CMT Rate + 6.31%) |
8.88% | (a)(f)(h) |
01/29/2025 | 56,100 | |||||||||||
24,000,000 | Unifin Financiera SAB de CV (5 Year CMT Rate + 6.31%) |
8.88% | (f)(h) |
01/29/2025 | 122,400 | |||||||||||
13,400,000 | Unigel Luxembourg SA |
8.75% | (f) |
10/01/2026 | 4,176,790 | |||||||||||
16,183,000 | UPL Corp. Ltd. (5 Year CMT Rate + 3.87%) |
5.25% | (h) |
02/27/2025 | 11,073,541 | |||||||||||
10,000,000 | Vedanta Resources Finance II PLC |
9.25% | 04/23/2026 | 8,169,737 |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
19,270,000 | Vedanta Resources Ltd. |
13.88% | 12/09/2028 | 16,882,168 | ||||||||||||
Total Foreign Corporate Bonds (Cost $722,595,447) |
519,187,762 |
|||||||||||||||
FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 13.3% |
||||||||||||||||
1,281,000 | Aeropuerto Internacional de Tocumen SA |
4.00% | 08/11/2041 | 942,284 | ||||||||||||
3,965,000 | Aeropuerto Internacional de Tocumen SA |
5.13% | 08/11/2061 | 2,909,106 | ||||||||||||
7,200,000 | Brazilian Government International Bond |
4.75% | 01/14/2050 | 5,414,780 | ||||||||||||
500,000 | Colombia Government International Bond |
4.13% | 02/22/2042 | 339,258 | ||||||||||||
6,300,000 | Colombia Government International Bond |
5.20% | 05/15/2049 | 4,643,989 | ||||||||||||
12,000,000 | Colombia Government International Bond |
4.13% | 05/15/2051 | 7,477,162 | ||||||||||||
16,000,000 | Colombia Government International Bond |
5.00% | (i) |
06/15/2045 | 11,648,326 | |||||||||||
5,400,000 | Comision Federal de Electricidad |
4.68% | 02/09/2051 | 3,822,266 | ||||||||||||
10,750,000 | Dominican Republic International Bond |
5.88% | 01/30/2060 | 9,167,622 | ||||||||||||
25,000,000 | Ecopetrol SA |
5.88% | 11/02/2051 | 18,012,555 | ||||||||||||
6,500,000 | Ecopetrol SA |
5.88% | 05/28/2045 | 4,858,142 | ||||||||||||
15,020,000 | Empresa de Transmision Electrica SA |
5.13% | 05/02/2049 | 10,927,576 | ||||||||||||
3,000,000 | Mexico City Airport Trust |
5.50% | 07/31/2047 | 2,544,413 | ||||||||||||
8,000,000 | Mexico Government International Bond |
3.77% | 05/24/2061 | 5,222,202 | ||||||||||||
22,000,000 | OCP SA |
5.13% | 06/23/2051 | 16,638,930 | ||||||||||||
4,500,000 | Panama Government International Bond |
3.87% | 07/23/2060 | 2,621,115 | ||||||||||||
29,500,000 | Petroleos del Peru SA |
5.63% | 06/19/2047 | 19,843,464 | ||||||||||||
10,200,000 | Petroleos Mexicanos |
6.75% | 09/21/2047 | 6,790,956 | ||||||||||||
17,200,000 | Petroleos Mexicanos |
6.38% | 01/23/2045 | 11,101,893 | ||||||||||||
13,000,000 | Republic of South Africa Government International Bond |
5.65% | (i) |
09/27/2047 | 9,472,190 | |||||||||||
3,500,000 | Telecommunications Services of Trinidad & Tobago Ltd. |
8.88% | 10/18/2029 | 3,381,350 | ||||||||||||
15,000,000 | Ukraine Government International Bond |
7.25% | (f) |
03/15/2035 | 4,360,299 | |||||||||||
5,150,000 | UKRAINE(REP OF) |
9.75% | (f) |
11/01/2030 | 1,820,504 |
The accompanying notes are an integral part of these financial statements. |
Semi-Annual Report |
| |
March 31, 2024 |
11 |
Schedule of Investments DoubleLine Income Solutions Fund (Cont.) |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
18,307,000 | YPF SA |
7.00% | 12/15/2047 | 13,531,268 | ||||||||||||
Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $217,060,158) |
177,491,650 |
|||||||||||||||
NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 13.2% |
||||||||||||||||
ACREC Trust |
||||||||||||||||
5,000,000 | Series 2023-FL2-C |
9.61% | (a) |
02/19/2038 | 4,991,205 | |||||||||||
Alen Mortgage Trust |
||||||||||||||||
13,000,000 | Series 2021-ACEN-F (CME Term SOFR 1 Month + 5.11%, 5.00% Floor) |
10.44% | (a) |
04/15/2034 | 5,461,492 | |||||||||||
BANK5 |
||||||||||||||||
81,197,613 | Series 2023-5YR4-XA |
0.95% | (d)(k) |
12/15/2056 | 3,103,974 | |||||||||||
BDS Ltd. |
||||||||||||||||
3,318,000 | Series 2021-FL8-C |
6.99% | (a) |
01/18/2036 | 3,263,747 | |||||||||||
Beast Mortgage Trust |
||||||||||||||||
6,325,000 | Series 2021-1818-G (CME Term SOFR 1 Month + 6.11%, 6.25% Floor) |
11.44% | (a) |
03/15/2036 | 3,265,815 | |||||||||||
Benchmark Mortgage Trust |
||||||||||||||||
121,775,000 | Series 2020-B18-AGNX |
0.47% | (a)(d)(k) |
07/15/2053 | 668,021 | |||||||||||
BSREP Commercial Mortgage Trust |
||||||||||||||||
6,757,145 | Series 2021-DC-G |
9.29% | (a) |
08/15/2038 | 4,189,201 | |||||||||||
BX Trust |
||||||||||||||||
3,650,000 | Series 2019-IMC-D |
7.27% | (a) |
04/15/2034 | 3,642,232 | |||||||||||
Cantor Commercial Real Estate Lending LP |
||||||||||||||||
10,200,000 | Series 2019-CF2-SWX1 |
1.28% | (a)(d)(k) |
11/15/2052 | 595,184 | |||||||||||
12,080,000 | Series 2019-CF2-SWX2 |
1.01% | (a)(d)(k) |
11/15/2052 | 553,039 | |||||||||||
Carbon Capital VI Commercial Mortgage Trust |
||||||||||||||||
8,095,225 | Series 2019-FL2-B |
8.29% | (a) |
10/15/2035 | 7,331,352 | |||||||||||
Citigroup Commercial Mortgage Trust |
||||||||||||||||
30,511,115 | Series 2014-GC25-XG |
1.20% | (a)(d)(k) |
10/10/2047 | 116,366 | |||||||||||
4,484,000 | Series 2015-GC27-D |
4.42% | (a)(d) |
02/10/2048 | 4,043,868 | |||||||||||
Commercial Mortgage Pass Through Certificates |
||||||||||||||||
2,057,634 | Series 2013-CR12-AM |
4.30% | 10/10/2046 | 1,843,482 | ||||||||||||
3,929,315 | Series 2014-UBS4-F |
3.75% | (a)(b) |
08/10/2047 | 480,017 | |||||||||||
6,758,755 | Series 2014-UBS4-G |
3.75% | (a)(b) |
08/10/2047 | 47,284 | |||||||||||
14,000 | Series 2014-UBS4-V |
0.00% | (a)(b)(d) |
08/10/2047 | 1 | |||||||||||
18,438,000 | Series 2015-CR26-XD |
1.21% | (a)(d)(k) |
10/10/2048 | 294,329 | |||||||||||
Computershare Corporate Trust |
||||||||||||||||
9,180,600 | Series 2015-C29-F |
4.22% | (a)(b)(d) |
06/15/2048 | 5,914,602 | |||||||||||
38,737,225 | Series 2015-C29-G |
4.22% | (a)(b)(d) |
06/15/2048 | 6,389,202 | |||||||||||
23,520,000 | Series 2016-LC24-XEF |
1.77% | (a)(d)(k) |
10/15/2049 | 813,524 | |||||||||||
2,200,000 | Series 2017-RC1-D |
3.25% | (a) |
01/15/2060 | 1,779,268 | |||||||||||
DOLP Trust |
||||||||||||||||
4,875,000 | Series 2021-NYC-G |
3.70% | (a)(d) |
05/10/2041 | 2,328,483 |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
FIVE Mortgage Trust |
||||||||||||||||
1,433,000 | Series 2023-V1-D |
6.30% | (a)(d) |
02/10/2056 | 1,305,130 | |||||||||||
Great Wolf Trust |
||||||||||||||||
7,676,471 | Series 2019-WOLF-F (CME Term SOFR 1 Month + 3.45%, 3.33% Floor) |
8.77% | (a) |
12/15/2036 | 7,617,499 | |||||||||||
GS Mortgage Securities Corp. II |
||||||||||||||||
1,228,486 | Series 2014-GC20-E |
4.45% | (a)(b)(d) |
04/10/2047 | 209,176 | |||||||||||
6,273,000 | Series 2015-GC28-D |
4.31% | (a)(d) |
02/10/2048 | 5,727,899 | |||||||||||
4,651,000 | Series 2021-ARDN-G (CME Term SOFR 1 Month + 5.11%, 5.00% Floor) |
10.44% | (a) |
11/15/2036 | 4,367,756 | |||||||||||
7,896,000 | Series 2021-ARDN-H (CME Term SOFR 1 Month + 6.05%, 5.93% Floor) |
11.37% | (a) |
11/15/2026 | 7,488,772 | |||||||||||
JPMBB Commercial Mortgage Securities Trust |
||||||||||||||||
43,855,609 | Series 2013-C14-XC |
0.51% | (a)(d)(k) |
08/15/2046 | 2,283 | |||||||||||
14,113,175 | Series 2014-C19-E |
4.00% | (a)(b)(d) |
04/15/2047 | 12,586,228 | |||||||||||
7,840,900 | Series 2014-C19-F |
3.75% | (a)(b)(d) |
04/15/2047 | 6,334,891 | |||||||||||
7,674,167 | Series 2014-C19-NR |
3.75% | (a)(b)(d) |
04/15/2047 | 1,963,407 | |||||||||||
33,207,401 | Series 2014-C21-XD |
0.72% | (a)(d)(k) |
08/15/2047 | 67,720 | |||||||||||
1,600,000 | Series 2014-C26-D |
3.86% | (a)(d) |
01/15/2048 | 1,331,991 | |||||||||||
5,000,000 | Series 2015-C27-E |
2.81% | (a)(b)(d) |
02/15/2048 | 1,121,974 | |||||||||||
24,531,000 | Series 2015-C27-XE |
1.50% | (a)(d)(k) |
02/15/2048 | 221,091 | |||||||||||
LoanCore |
||||||||||||||||
3,000,000 | Series 2021-CRE5-C (CME Term SOFR 1 Month + 2.46%, 2.46% Floor) |
7.79% | (a) |
07/15/2036 | 2,881,434 | |||||||||||
LSTAR Commercial Mortgage Trust |
||||||||||||||||
2,379,000 | Series 2017-5-C |
4.67% | (a)(d) |
03/10/2050 | 2,026,213 | |||||||||||
Med Trust |
||||||||||||||||
14,928,355 | Series 2021-MDLN-G (CME Term SOFR 1 Month + 5.36%, 5.25% Floor) |
10.69% | (a) |
11/15/2038 | 14,944,588 | |||||||||||
MF1 LLC |
||||||||||||||||
4,550,000 | Series 2022-FL10-C (CME Term SOFR 1 Month + 4.48%, 4.48% Floor) |
9.81% | (a) |
09/17/2037 | 4,568,064 | |||||||||||
Morgan Stanley Capital I, Inc. |
||||||||||||||||
29,583,284 | Series 2016-UB11-XA |
1.44% | (d)(k) |
08/15/2049 | 779,147 | |||||||||||
3,357,000 | Series 2019-PLND-F (CME Term SOFR 1 Month + 2.91%, 2.80% Floor) |
8.24% | (a) |
05/15/2036 | 1,575,547 | |||||||||||
13,000,000 | Series 2019-PLND-G (CME Term SOFR 1 Month + 3.76%, 3.65% Floor) |
9.09% | (a) |
05/15/2036 | 2,925,629 | |||||||||||
Natixis Commercial Mortgage Securities Trust |
||||||||||||||||
5,000,000 | Series 2022-JERI-G (CME Term SOFR 1 Month + 7.46%, 7.46% Floor) |
12.78% | (a) |
01/15/2039 | 3,750,320 | |||||||||||
SCOTT Trust |
||||||||||||||||
500,000,000 | Series 2023-SFS-X |
0.12% | (a)(d)(k) |
03/15/2040 | 3,177,250 | |||||||||||
SMR Mortgage Trust |
||||||||||||||||
24,352,775 | Series 2022-INDI-HRR (CME Term SOFR 1 Month + 10.50%, 10.50% Floor) |
15.83% | (b) |
02/15/2039 | 20,799,487 | |||||||||||
UBS Commercial Mortgage Trust |
||||||||||||||||
7,458,000 | Series 2017-C6-D |
2.50% | (a)(d) |
12/15/2050 | 5,354,817 |
12 |
DoubleLine Income Solutions Fund |
The accompanying notes are an integral part of these financial statements. |
(Unaudited) March 31, 2024 |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
WF-RBS Commercial Mortgage Trust |
||||||||||||||||
78,814,809 | Series 2014-LC14-XC |
1.81% | (a)(d)(k) |
03/15/2047 | 1,663,335 | |||||||||||
Total Non-Agency Commercial Mortgage Backed Obligations(Cost $238,384,726) |
175,907,336 |
|||||||||||||||
US CORPORATE BONDS 22.5% |
||||||||||||||||
7,270,000 | Allied Universal Holdco LLC / Allied Universal Finance Corp. |
9.75% | (a) |
07/15/2027 | 7,300,054 | |||||||||||
3,025,000 | Artera Services LLC |
8.50% | (a) |
02/15/2031 | 3,103,568 | |||||||||||
4,038,000 | ASP Unifrax Holdings, Inc. |
7.50% | (a) |
09/30/2029 | 2,242,884 | |||||||||||
3,245,000 | Bausch + Lomb Corp. |
8.38% | (a) |
10/01/2028 | 3,361,528 | |||||||||||
5,215,000 | BCPE Empire Holdings, Inc. |
7.63% | (a) |
05/01/2027 | 5,096,750 | |||||||||||
750,000 | Boxer Parent Co., Inc. |
7.13% | (a) |
10/02/2025 | 751,251 | |||||||||||
4,810,000 | Brand Industrial Services, Inc. |
10.38% | (a) |
08/01/2030 | 5,213,622 | |||||||||||
3,000,000 | Caesars Entertainment, Inc. |
8.13% | (a) |
07/01/2027 | 3,074,448 | |||||||||||
5,800,000 | Carnival Corp. |
7.63% | (a) |
03/01/2026 | 5,872,146 | |||||||||||
3,000,000 | Carnival Corp. |
10.50% | (a)(i) |
06/01/2030 | 3,283,503 | |||||||||||
8,280,000 | Castle US Holding Corp. |
9.50% | (a) |
02/15/2028 | 4,129,940 | |||||||||||
1,680,000 | CHS/Community Health Systems, Inc. |
6.00% | (a) |
01/15/2029 | 1,469,652 | |||||||||||
1,310,000 | CHS/Community Health Systems, Inc. |
10.88% | (a) |
01/15/2032 | 1,350,965 | |||||||||||
1,136,000 | Clarios Global LP |
6.75% | (a) |
05/15/2025 | 1,137,874 | |||||||||||
6,440,000 | Clarios Global LP / Clarios US Finance Co. |
8.50% | (a) |
05/15/2027 | 6,461,816 | |||||||||||
5,110,000 | Clear Channel Outdoor Holdings, Inc. |
7.50% | (a)(i) |
06/01/2029 | 4,230,652 | |||||||||||
3,815,000 | ClubCorp Holdings, Inc. |
8.50% | (a) |
09/15/2025 | 3,445,803 | |||||||||||
4,665,000 | Cobra AcquisitionCo LLC |
6.38% | (a) |
11/01/2029 | 3,940,679 | |||||||||||
10,160,000 | CSI Compressco LP / CSI Compressco Finance, Inc. |
7.50% | (a)(i) |
04/01/2025 | 10,160,000 | |||||||||||
7,695,000 | CVR Partners LP / CVR Nitrogen Finance Corp. |
6.13% | (a)(i) |
06/15/2028 | 7,402,898 | |||||||||||
6,120,000 | Dealer Tire LLC / DT Issuer LLC |
8.00% | (a) |
02/01/2028 | 6,097,063 | |||||||||||
2,140,000 | DISH DBS Corp. |
5.75% | (a) |
12/01/2028 | 1,474,738 | |||||||||||
15,745,000 | Embarq Corp. |
8.00% | 06/01/2036 | 8,571,597 | ||||||||||||
4,820,000 | Ferrellgas LP / Ferrellgas Finance Corp. |
5.88% | (a) |
04/01/2029 | 4,595,221 | |||||||||||
1,375,000 | Frontier Communications Holdings LLC |
5.88% | (a) |
10/15/2027 | 1,332,274 | |||||||||||
3,170,000 | Frontier Communications Holdings LLC |
8.63% | (a) |
03/15/2031 | 3,240,640 | |||||||||||
3,255,000 | Full House Resorts, Inc. |
8.25% | (a)(i) |
02/15/2028 | 3,113,357 | |||||||||||
665,000 | GrafTech Global Enterprises, Inc. |
9.88% | (a) |
12/15/2028 | 494,459 | |||||||||||
3,615,000 | H-Food Holdings LLC / Hearthside Finance Co., Inc. |
8.50% | (a) |
06/01/2026 | 271,125 | |||||||||||
1,325,000 | Hightower Holding LLC |
6.75% | (a) |
04/15/2029 | 1,246,446 |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
4,247,000 | Illuminate Buyer LLC / Illuminate Holdings IV, Inc. |
9.00% | (a) |
07/01/2028 | 4,194,817 | |||||||||||
4,000,000 | IRB Holding Corp. |
7.00% | (a) |
06/15/2025 | 4,002,931 | |||||||||||
6,640,000 | Level 3 Financing, Inc. |
10.50% | (a) |
05/15/2030 | 6,822,600 | |||||||||||
4,785,000 | LifePoint Health, Inc. |
11.00% | (a) |
10/15/2030 | 5,120,147 | |||||||||||
2,595,000 | Lions Gate Capital Holdings LLC |
5.50% | (a)(i) |
04/15/2029 | 1,987,424 | |||||||||||
7,605,000 | LSF9 Atlantis Holdings LLC / Victra Finance Corp. |
7.75% | (a) |
02/15/2026 | 7,543,222 | |||||||||||
3,850,000 | Mavis Tire Express Services Topco Corp. |
6.50% | (a) |
05/15/2029 | 3,665,321 | |||||||||||
5,100,000 | McGraw-Hill Education, Inc. |
5.75% | (a) |
08/01/2028 | 4,814,004 | |||||||||||
4,750,000 | Michaels Cos., Inc. |
5.25% | (a) |
05/01/2028 | 4,051,700 | |||||||||||
2,500,000 | ModivCare Escrow Issuer, Inc. |
5.00% | (a) |
10/01/2029 | 1,815,048 | |||||||||||
1,385,000 | ModivCare, Inc. |
5.88% | (a)(i) |
11/15/2025 | 1,350,066 | |||||||||||
5,425,000 | Moss Creek Resources Holdings, Inc. |
7.50% | (a) |
01/15/2026 | 5,422,800 | |||||||||||
3,815,000 | NGL Energy Operating LLC / NGL Energy Finance Corp. |
8.38% | (a) |
02/15/2032 | 3,913,320 | |||||||||||
1,295,000 | NGL Energy Partners LP / NGL Energy Finance Corp. |
7.50% | 04/15/2026 | 1,295,723 | ||||||||||||
550,000 | Olympus Water US Holding Corp. |
6.25% | (a)(i) |
10/01/2029 | 503,980 | |||||||||||
1,970,000 | OneMain Finance Corp. |
9.00% | 01/15/2029 | 2,091,829 | ||||||||||||
3,580,000 | PECF USS Intermediate Holding III Corp. |
8.00% | (a) |
11/15/2029 | 1,890,086 | |||||||||||
5,450,000 | PetSmart, Inc. / PetSmart Finance Corp. |
7.75% | (a) |
02/15/2029 | 5,310,111 | |||||||||||
4,395,000 | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. |
5.88% | (a)(i) |
09/01/2031 | 3,217,518 | |||||||||||
8,265,470 | Pyxus Holdings, Inc. |
8.50% | (a) |
12/31/2027 | 6,571,049 | |||||||||||
10,390,260 | Radiology Partners, Inc. 9.87% PIK |
9.78% | (a) |
02/15/2030 | 8,377,147 | |||||||||||
5,050,000 | Realogy Group LLC / Realogy Co.-Issuer Corp. |
5.75% | (a)(i) |
01/15/2029 | 3,581,243 | |||||||||||
270,000 | Royal Caribbean Cruises Ltd. |
7.25% | (a) |
01/15/2030 | 280,715 | |||||||||||
6,655,000 | Sabre GLBL, Inc. |
8.63% | (a) |
06/01/2027 | 5,845,566 | |||||||||||
1,930,000 | Spirit AeroSystems, Inc. |
9.75% | (a) |
11/15/2030 | 2,161,245 | |||||||||||
8,340,000 | SWF Escrow Issuer Corp. |
6.50% | (a)(i) |
10/01/2029 | 6,177,620 | |||||||||||
1,500,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |
7.50% | (a) |
10/01/2025 | 1,510,607 | |||||||||||
6,568,000 | Team Health Holdings, Inc. |
6.38% | (a) |
02/01/2025 | 6,066,336 | |||||||||||
5,300,000 | TKC Holdings, Inc. |
10.50% | (a) |
05/15/2029 | 5,083,539 | |||||||||||
1,930,000 | TMS International Corp./DE |
6.25% | (a) |
04/15/2029 | 1,764,455 | |||||||||||
2,675,000 | Townsquare Media, Inc. |
6.88% | (a)(i) |
02/01/2026 | 2,610,131 | |||||||||||
7,965,000 | Trident TPI Holdings, Inc. |
12.75% | (a) |
12/31/2028 | 8,508,133 | |||||||||||
5,070,000 | Triton Water Holdings, Inc. |
6.25% | (a) |
04/01/2029 | 4,622,674 |
The accompanying notes are an integral part of these financial statements. |
Semi-Annual Report |
| |
March 31, 2024 |
13 |
Schedule of Investments DoubleLine Income Solutions Fund (Cont.) |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
9,485,000 | United Natural Foods, Inc. |
6.75% | (a)(i) |
10/15/2028 | 7,889,759 | |||||||||||
5,005,000 | Univision Communications, Inc. |
6.63% | (a) |
06/01/2027 | 4,899,495 | |||||||||||
1,605,000 | Univision Communications, Inc. |
7.38% | (a)(i) |
06/30/2030 | 1,588,414 | |||||||||||
3,915,000 | Upbound Group, Inc. |
6.38% | (a) |
02/15/2029 | 3,804,380 | |||||||||||
6,685,000 | Venture Global LNG, Inc. |
8.38% | (a) |
06/01/2031 | 6,898,211 | |||||||||||
2,355,000 | Venture Global LNG, Inc. |
9.88% | (a) |
02/01/2032 | 2,539,559 | |||||||||||
2,110,000 | Vibrantz Technologies, Inc. |
9.00% | (a)(i) |
02/15/2030 | 1,950,904 | |||||||||||
9,170,000 | Viking Cruises Ltd. |
9.13% | (a) |
07/15/2031 | 10,035,523 | |||||||||||
5,205,000 | WASH Multifamily Acquisition, Inc. |
5.75% | (a) |
04/15/2026 | 5,091,725 | |||||||||||
2,830,000 | Weatherford International Ltd. |
8.63% | (a) |
04/30/2030 | 2,956,767 | |||||||||||
1,490,000 | Wheel Pros, Inc. |
6.50% | (a) |
05/15/2029 | 456,313 | |||||||||||
6,210,000 | XHR LP |
6.38% | (a) |
08/15/2025 | 6,222,606 | |||||||||||
Total US Corporate Bonds (Cost $329,758,235) |
299,973,716 |
|||||||||||||||
US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 3.5% |
||||||||||||||||
Federal Home Loan Mortgage Corp. |
||||||||||||||||
49,717,375 | Series 2021-P009-X |
1.35% | (d)(k) |
01/25/2031 | 1,894,093 | |||||||||||
4,356,080 | Series 3631-SJ (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.13%, 6.24% Cap) |
0.81% | (k)(l) |
02/15/2040 | 317,848 | |||||||||||
699,720 | Series 3770-SP (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.39%, 6.50% Cap) |
1.07% | (k)(l) |
11/15/2040 | 10,899 | |||||||||||
9,750,449 | Series 3980-SX (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.39%, 6.50% Cap) |
1.07% | (k)(l) |
01/15/2042 | 1,092,819 | |||||||||||
23,218,624 | Series 5129-S (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.70%, 2.70% Cap) |
0.00% | (k)(l) |
12/25/2044 | 56,456 | |||||||||||
12,160,388 | Series 5166-DI |
3.00% | (k) |
09/15/2048 | 1,593,957 | |||||||||||
Federal National Mortgage Association |
||||||||||||||||
2,038,173 | Series 2006-83-SH (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.45%, 6.56% Cap) |
1.13% | (k)(l) |
09/25/2036 | 148,924 | |||||||||||
7,436,860 | Series 2010-123-SK (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.94%, 6.05% Cap) |
0.62% | (k)(l) |
11/25/2040 | 727,230 | |||||||||||
5,332,843 | Series 2012-60-SN (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.49%, 6.60% Cap) |
1.17% | (k)(l) |
06/25/2042 | 513,120 | |||||||||||
9,245,044 | Series 2019-46-SG (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.99%, 6.10% Cap) |
0.67% | (k)(l) |
08/25/2049 | 770,889 | |||||||||||
41,345,419 | Series 2021-17-SD (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.50%, 2.50% Cap) |
0.00% | (k)(l) |
04/25/2051 | 234,921 |
P RINCIPAL AMOUNT $ |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
FREMF Mortgage Trust |
||||||||||||||||
2,033,929 | Series 2017-KF27-B (US 30 Day Average Secured Overnight Financing Rate + 4.46%, 4.35% Floor) |
9.78% | (a) |
12/25/2026 | 2,017,027 | |||||||||||
6,144,997 | Series 2018-KF56-C (US 30 Day Average Secured Overnight Financing Rate + 5.91%, 5.80% Floor) |
11.23% | (a) |
11/25/2028 | 5,364,558 | |||||||||||
16,596,783 | Series 2019-KF71-C (US 30 Day Average Secured Overnight Financing Rate + 6.11%, 6.00% Floor) |
11.43% | (a) |
10/25/2029 | 15,913,853 | |||||||||||
Government National Mortgage Association |
||||||||||||||||
8,306,681 | Series 2011-128-TS (-1 x CME Term SOFR 1 Month + 5.94%, 6.05% Cap) |
0.61% | (k)(l) |
05/16/2041 | 769,292 | |||||||||||
24,592,058 | Series 2015-64-SG (-1 x CME Term SOFR 1 Month + 5.49%, 5.60% Cap) |
0.16% | (k)(l) |
05/20/2045 | 2,060,222 | |||||||||||
3,297,321 | Series 2018-145-IA |
4.00% | (k) |
10/20/2045 | 275,794 | |||||||||||
3,962,799 | Series 2020-129-SE (-1 x CME Term SOFR 1 Month + 3.64%, 3.75% Cap) |
0.00% | (k)(l) |
09/20/2050 | 54,382 | |||||||||||
15,411,375 | Series 2020-146-SH (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap) |
0.86% | (k)(l) |
10/20/2050 | 1,989,413 | |||||||||||
5,619,229 | Series 2020-187-SB (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap) |
0.86% | (k)(l) |
12/20/2050 | 711,086 | |||||||||||
21,603,239 | Series 2020-47-SL (-1 x CME Term SOFR 1 Month + 5.26%, 5.37% Cap) |
0.00% | (k)(l) |
07/20/2044 | 1,584,999 | |||||||||||
11,476,792 | Series 2020-61-SU (-1 x CME Term SOFR 1 Month + 5.49%, 5.60% Cap) |
0.16% | (k)(l) |
07/16/2045 | 980,714 | |||||||||||
6,662,685 | Series 2021-105-MI |
3.00% | (k) |
06/20/2051 | 907,610 | |||||||||||
33,957,084 | Series 2021-107-SA (-1 x CME Term SOFR 1 Month + 3.64%, 3.75% Cap) |
0.00% | (k)(l) |
06/20/2051 | 1,137,583 | |||||||||||
18,787,058 | Series 2021-125-AS (-1 x US 30 Day Average Secured Overnight Financing Rate + 3.25%, 3.25% Cap) |
0.00% | (k)(l) |
07/20/2051 | 236,599 | |||||||||||
42,527,719 | Series 2021-139-SB (-1 x US 30 Day Average Secured Overnight Financing Rate + 3.20%, 3.20% Cap) |
0.00% | (k)(l) |
08/20/2051 | 674,077 | |||||||||||
17,469,677 | Series 2021-7-IQ |
2.50% | (k) |
01/20/2051 | 2,178,098 | |||||||||||
43,704,712 | Series 2021-77-SG (-1 x CME Term SOFR 1 Month + 3.64%, 3.75% Cap) |
0.00% | (k)(l) |
05/20/2051 | 1,274,220 | |||||||||||
38,013,107 | Series 2021-96-SG (-1 x US 30 Day Average Secured Overnight Financing Rate + 3.20%, 3.20% Cap) |
0.00% | (k)(l) |
06/20/2051 | 800,643 | |||||||||||
55,950,424 | Series 2021-97-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.60%, 2.60% Cap) |
0.00% | (k)(l) |
06/20/2051 | 527,702 |
14 |
DoubleLine Income Solutions Fund |
The accompanying notes are an integral part of these financial statements. |
(Unaudited) March 31, 2024 |
P RINCIPAL AMOUNT $/S HARES |
S ECURITY DESCRIPTION |
R ATE |
M ATURITY |
V ALUE $ |
||||||||||||
Government National Mortgage Association (Cont.) |
||||||||||||||||
32,637,613 | Series 2021-97-SG (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.60%, 2.60% Cap) |
0.00% | (k)(l) |
06/20/2051 | 286,272 | |||||||||||
Total US Government and Agency Mortgage Backed Obligations (Cost $70,401,886) |
47,105,300 |
|||||||||||||||
COMMON STOCKS 0.4% |
||||||||||||||||
212,801 | CFG INVESTMENT SAC-HOLDCO (b)(m) |
1,615,160 | ||||||||||||||
8,608 | GTT Communications, Inc. (b)(m) |
124,816 | ||||||||||||||
105,426 | Intelsat Emergence SA (b)(m) |
2,793,789 | ||||||||||||||
183,948 | Longview Equity (b)(m) |
551,844 | ||||||||||||||
26,458 | Revenir Energy, Inc. Notes (b)(m) |
237,593 | ||||||||||||||
34,608 | Riverbed - Class B (b)(m) |
4,499 | ||||||||||||||
Total Common Stocks (Cost $32,211,418) |
5,327,701 |
|||||||||||||||
ESCROW NOTES 0.0% (n) |
||||||||||||||||
15,700,000 | Alpha Holding SA (b)(m) |
— | ||||||||||||||
15,700,000 | Alpha Holding SA (b)(m) |
— | ||||||||||||||
19,250,000 | Alpha Holding SA (b)(m) |
1 | ||||||||||||||
19,250,000 | Alpha Holding SA (b)(m) |
— | ||||||||||||||
Total Escrow Notes (Cost $-) |
1 |
|||||||||||||||
RIGHTS 0.2% |
||||||||||||||||
333,957 |
Revenir Energy, Inc. Backstop (b)(m) |
2,998,934 |
||||||||||||||
Total Rights (Cost $829,210) |
2,998,934 |
|||||||||||||||
WARRANTS 0.0% (n) |
||||||||||||||||
27,621 |
GTT Communications, Inc., Expires 12/30/2027 at $0.00 (b)(m) |
15,537 |
||||||||||||||
Total Warrants (Cost $386,878) |
15,537 |
|||||||||||||||
SHORT TERM INVESTMENTS 0.5% |
||||||||||||||||
2,336,690 |
BlackRock Liquidity FedFund - Institutional |
5.20% |
(o) |
2,336,690 |
||||||||||||
2,336,774 |
Fidelity Government Portfolio - Institutional |
5.21% |
(o) |
2,336,774 |
||||||||||||
2,336,772 |
MSILF Government Portfolio - Institutional |
5.22% |
(o) |
2,336,772 |
||||||||||||
Total Short Term Investments (Cost $7,010,236) |
7,010,236 |
|||||||||||||||
Total Investments 126.1% (e) (Cost $2,096,506,607) |
1,679,533,755 |
|||||||||||||||
Other Liabilities in Excess of Assets (26.1)% |
(348,358,692 |
) | ||||||||||||||
NET ASSETS 100.0% |
$ |
1,331,175,063 |
||||||||||||||
SECURITY TYPE BREAKDOWN |
|||||
Foreign Corporate Bonds |
39.1% |
||||
US Corporate Bonds |
22.5% |
||||
Bank Loans |
19.0% |
||||
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations |
13.3% |
||||
Non-Agency Commercial Mortgage Backed Obligations |
13.2% |
||||
Collateralized Loan Obligations |
12.5% |
||||
US Government and Agency Mortgage Backed Obligations |
3.5% |
||||
Asset Backed Obligations |
1.9% |
||||
Short Term Investments |
0.5% |
||||
Common Stocks |
0.4% |
||||
Rights |
0.2% |
||||
Warrants |
0.0% |
(n) | |||
Escrow Notes |
0.0% |
(n) | |||
Other Assets and Liabilities |
(26.1)% |
||||
Net Assets |
100.0% |
||||
INVESTMENT BREAKDOWN |
|||||
Energy |
16.7% | ||||
Non-Agency Commercial Mortgage Backed Obligations |
13.2% | ||||
Collateralized Loan Obligations |
12.5% | ||||
Consumer Products |
5.8% | ||||
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations |
5.8% | ||||
Transportation |
5.4% | ||||
Chemicals/Plastics |
5.2% | ||||
Mining |
5.1% | ||||
Banking |
4.9% | ||||
Healthcare |
4.8% | ||||
Electronics/Electric |
3.9% | ||||
Commercial Services |
3.7% | ||||
Chemical Products |
3.7% | ||||
US Government and Agency Mortgage Backed Obligations |
3.5% | ||||
Retailers (other than Food/Drug) |
3.0% | ||||
Media |
2.8% | ||||
Telecommunications |
2.8% | ||||
Utilities |
2.8% | ||||
Finance |
2.6% | ||||
Industrial Equipment |
2.1% | ||||
Asset Backed Obligations |
1.9% | ||||
Hotels/Motels/Inns and Casinos |
1.7% | ||||
Leisure |
1.7% | ||||
Food Products |
1.2% | ||||
Automotive |
1.2% | ||||
Real Estate |
1.2% | ||||
Technology |
1.1% | ||||
Containers and Glass Products |
1.0% | ||||
Construction |
0.8% | ||||
Business Equipment and Services |
0.7% | ||||
Diversified Manufacturing |
0.6% | ||||
Building and Development (including Steel/Metals) |
0.5% | ||||
Short Term Investments |
0.5% | ||||
Beverage and Tobacco |
0.5% | ||||
Conglomerates |
0.3% | ||||
Food Service |
0.3% | ||||
Financial Intermediaries |
0.3% | ||||
Aerospace & Defense |
0.2% | ||||
Insurance |
0.1% | ||||
Other Assets and Liabilities |
(26.1)% | ||||
Net Assets |
100.0% | ||||
The accompanying notes are an integral part of these financial statements. |
Semi-Annual Report |
| |
March 31, 2024 |
15 |
Schedule of Investments DoubleLine Income Solutions Fund (Cont.) |
COUNTRY BREAKDOWN |
|||||
United States |
70.6% | ||||
Colombia |
13.1% | ||||
Brazil |
9.2% | ||||
Mexico |
7.8% | ||||
India |
4.5% | ||||
Canada |
3.8% | ||||
Peru |
3.0% | ||||
Panama |
1.8% | ||||
Paraguay |
1.5% | ||||
Indonesia |
1.4% | ||||
South Africa |
1.4% | ||||
Ghana |
1.3% | ||||
Morocco |
1.3% | ||||
Argentina |
1.0% | ||||
Ukraine |
0.8% | ||||
Dominican Republic |
0.7% | ||||
United Kingdom |
0.6% | ||||
Luxembourg |
0.6% | ||||
Burkina Faso |
0.5% | ||||
France |
0.3% | ||||
Guatemala |
0.3% | ||||
Trinidad and Tobago |
0.3% | ||||
Jamaica |
0.2% | ||||
Hong Kong |
0.1% | ||||
Chile |
0.0% | (n) | |||
China |
0.0% | (n) | |||
Singapore |
0.0% | (n) | |||
Other Assets and Liabilities |
(26.1)% | ||||
Net Assets |
100.0% | ||||
(a) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. |
(b) |
Value determined using significant unobservable inputs. |
(c) |
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 period end. |
(d) |
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end. |
(e) |
Under the Fund’s Liquidity Agreement, the lender, through its agent, has been granted a security interest in substantially all of the Fund’s investments in consideration of the Fund’s borrowings under the line of credit with the lender (See Note 9). |
(f) |
Security is in default or has failed to make a scheduled payment. Income is not being accrued. |
(g) |
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 period end. |
(h) |
Perpetual maturity. The date disclosed is the next call date of the security. |
(i) |
Security, or portion of security is on loan as of period end pursuant to the Liquidity Agreement. |
(j) |
Step Bond; Coupon rate changes based on a predetermined schedule or event. The interest rate shown is the rate in effect as of period end. |
(k) |
Interest only security |
(l) |
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. |
(m) |
Non-income producing security. |
(n) |
Represents less than 0.05% of net assets. |
(o) |
Seven-day yield as of period end. |
PIK |
A payment-in-kind |
Futures Contracts |
||||||||||||||||||
Description |
Long/Short |
Contract Quantity |
Expiration Date |
Notional Amount (1) |
Unrealized Appreciation (Depreciation)/ Value |
|||||||||||||
U.S. Treasury Ultra Bonds |
Long |
300 |
06/18/2024 |
$ |
38,700,000 |
$ |
386,053 |
|||||||||||
10 Year U.S. Ultra Treasury Notes |
Long |
660 |
06/18/2024 |
75,642,188 |
344,036 |
|||||||||||||
$ |
730,089 |
|||||||||||||||||
(1) |
Notional Amount is determined based on the number of contracts multiplied by the contract size and the quoted daily settlement price in US dollars. |
16 |
DoubleLine Income Solutions Fund |
The accompanying notes are an integral part of these financial statements. |
Statement of Assets and Liabilities |
(Unaudited) March 31, 2024 |
ASSETS |
|||||
Investments in Securities, at Value * |
$ | 1,672,523,519 | |||
Short Term Investments * |
7,010,236 | ||||
Interest Receivable |
31,983,935 | ||||
Cash |
7,170,500 | ||||
Receivable for Investments Sold |
5,042,992 | ||||
Deposit at Broker for Futures |
3,633,000 | ||||
Receivable for Fund Shares Sold |
1,756,002 | ||||
Prepaid Expenses and Other Assets |
414,658 | ||||
Variation Margin Receivable |
150,938 | ||||
Foreign Currency, at Value * |
292 | ||||
Total Assets |
1,729,686,072 | ||||
LIABILITIES |
|||||
Loan Payable (See Note 8) |
365,000,000 | ||||
Payable for Investments Purchased |
29,848,246 | ||||
Interest Expense Payable |
1,921,639 | ||||
Investment Advisory Fees Payable |
1,419,452 | ||||
Administration and Fund Accounting Fees Payable |
177,613 | ||||
Trustees Fees Payable (See Note 6) |
111,129 | ||||
Professional Fees Payable |
14,836 | ||||
Custodian Fees Payable |
13,651 | ||||
Accrued Expenses |
4,443 | ||||
Total Liabilities |
398,511,009 | ||||
Commitments and Contingencies (See Note 2, Note 7 and Note 8) |
|||||
Net Assets |
$ | 1,331,175,063 | |||
NET ASSETS CONSIST OF: |
|||||
Capital Stock ($0.00001 par value) |
$ | 1,056 | |||
Additional Paid-in Capital |
2,460,039,568 | ||||
Total Distributable Earnings (Loss) |
(1,128,865,561 | ) | |||
Net Assets |
$ | 1,331,175,063 | |||
*Identified Cost: |
|||||
Investments in Securities |
$ | 2,089,496,371 | |||
Short Term Investments |
7,010,236 | ||||
Foreign Currency |
288 | ||||
Shares Outstanding and Net Asset Value Per Share: |
|||||
Shares Outstanding (unlimited authorized) |
|||||
Net Asset Value per Share |
$ | 12.60 |
The accompanying notes are an integral part of these financial statements. |
Semi-Annual Report |
| |
March 31, 2024 |
17 |
Statement of Operations |
(Unaudited) For the Period Ended March 31, 2024 |
INVESTMENT INCOME |
|||||
Income: |
|||||
Interest |
$ | 66,960,609 | |||
Dividends from Unaffiliated Securities |
197,463 | ||||
Total Investment Income |
67,158,072 | ||||
Expenses: |
|||||
Interest Expense |
11,449,303 | ||||
Investment Advisory Fees |
7,996,188 | ||||
Professional Fees |
249,310 | ||||
Administration and Fund Accounting Fees |
221,504 | ||||
Shareholder Reporting Expenses |
101,460 | ||||
Trustees Fees |
77,861 | ||||
Registration Fees |
49,581 | ||||
Custodian Fees |
36,722 | ||||
Miscellaneous Expenses |
18,090 | ||||
Insurance Expenses |
9,160 | ||||
Total Expenses |
20,209,179 | ||||
Net Investment Income (Loss) |
46,948,893 | ||||
REALIZED & UNREALIZED GAIN (LOSS) |
|||||
Net Realized Gain (Loss) on: |
|||||
Investments |
(41,674,432 | ) | |||
Futures |
(1,491,252 | ) | |||
Net Change in Unrealized Appreciation (Depreciation) on: |
|||||
Investments |
163,187,577 | ||||
Futures |
5,429,062 | ||||
Unfunded Loan Commitments |
(380 | ) | |||
Foreign Currency |
4 | ||||
Net Realized and Unrealized Gain (Loss) on Investments |
125,450,579 | ||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 172,399,472 |
18 |
DoubleLine Income Solutions Fund |
The accompanying notes are an integral part of these financial statements. |
Statements of Changes in Net Assets |
Period Ended March 31, 2024 (Unaudited) |
Year Ended September 30, 2023 | |||||||||
OPERATIONS |
||||||||||
Net Investment Income (Loss) |
$ | 46,948,893 | $ | 110,933,525 | ||||||
Net Realized Gain (Loss) |
(43,165,684 | ) | (185,094,728 | ) | ||||||
Net Change in Unrealized Appreciation (Depreciation) |
168,616,263 | 178,776,041 | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
172,399,472 | 104,614,838 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||
From Earnings |
(68,437,996 | ) | (146,751,852 | ) | ||||||
From Return of Capital |
— | (8,148,272 | ) | |||||||
Total Distributions to Shareholders |
(68,437,996 | ) | (154,900,124 | ) | ||||||
NET SHARE TRANSACTIONS |
||||||||||
Proceeds from Issuance of common shares in connection with the shelf offering |
34,973,736 | 3,317,088 | ||||||||
Commissions and offering expenses associated with the issuance of common shares in connection with the shelf offering |
(364,810 | ) | (34,996 | ) | ||||||
Issuance of common shares from reinvestment of distributions |
3,004,061 | 3,554,620 | ||||||||
Increase (Decrease) in Net Assets Resulting from Net Share Transactions |
37,612,987 | 6,836,712 | ||||||||
Total Increase (Decrease) in Net Assets |
$ | 141,574,463 | $ | (43,448,574 | ) | |||||
NET ASSETS |
||||||||||
Beginning of Period |
$ | 1,189,600,600 | $ | 1,233,049,174 | ||||||
End of Period |
$ | 1,331,175,063 | $ | 1,189,600,600 |
The accompanying notes are an integral part of these financial statements. |
Semi-Annual Report |
| |
March 31, 2024 |
19 |
Statement of Cash Flows |
(Unaudited) For the Period Ended March 31, 2024 |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES |
|||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 172,399,472 | |||
Adjustments to Reconcile the Change in Net Assets from Operations to Net Cash Provided By (Used In) Operating activities: |
|||||
Purchases of Long Term Investments |
(341,140,861 | ) | |||
Proceeds from Disposition of Long Term Investments |
314,892,888 | ||||
Net (Purchases of) Proceeds from Disposition of Short Term Investments |
13,314,064 | ||||
Net Amortization (Accretion) of Premiums/Discounts and Other Cost Adjustments |
(45,275 | ) | |||
Net Realized (Gain) Loss on: |
|||||
Investments |
41,674,432 | ||||
Net Change in Unrealized Depreciation (Appreciation) on: |
|||||
Investments |
(163,187,577 | ) | |||
Unfunded Loan Commitments |
380 | ||||
(Increase) Decrease in: |
|||||
Interest Receivable |
(1,169,008 | ) | |||
Receivable for Investments Sold |
(4,046,671 | ) | |||
Prepaid Expenses and Other Assets |
(79,160 | ) | |||
Receivable for Fund Shares Sold |
(1,756,002 | ) | |||
Receivable for Variation Margin |
116,250 | ||||
Increase (Decrease) in: |
|||||
Payable for Investments Purchased |
21,312,792 | ||||
Investment Advisory Fees Payable |
114,109 | ||||
Interest Expense Payable |
(43,489 | ) | |||
Trustees Fees Payable |
7,031 | ||||
Due to Custodian |
(9,080,333 | ) | |||
Custodian Fees Payable |
3,064 | ||||
Accrued Expenses |
(47,259 | ) | |||
Administration and Fund Accounting Fees Payable |
(134,897 | ) | |||
Professional Fees Payable |
(123,149 | ) | |||
Net Cash Provided By (Used In) Operating Activities |
42,980,801 | ||||
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES |
|||||
Cash Distributions Paid to Common Stockholders |
(64,883,376 | ) | |||
Issuance of shares, net of fees |
34,058,367 | ||||
Increase in borrowings |
35,000,000 | ||||
Decrease in borrowings |
(40,000,000 | ) | |||
Net Cash Provided By (Used In) Financing Activities |
(35,825,009 | ) | |||
NET CHANGE IN CASH |
|||||
Cash at Beginning of Period |
3,648,000 | ||||
Cash at End of Period |
$ | 10,803,792 | |||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION |
|||||
Additional Paid-in Capital from Dividend Reinvestment |
$ | 3,004,061 | |||
Cash Paid for Interest on Loan Outstanding |
$ | 11,492,792 | |||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES: |
|||||
Cash |
$ | 7,170,500 | |||
Foreign Currency, at Value |
292 | ||||
Deposit at Broker for Futures |
3,633,000 | ||||
Cash at End of Period |
$ | 10,803,792 |
20 |
DoubleLine Income Solutions Fund |
The accompanying notes are an integral part of these financial statements. |
Financial Highlights |
Period Ended March 31, 2024 (Unaudited) |
Year Ended September 30, 2023 |
Year Ended September 30, 2022 |
Year Ended September 30, 2021 |
Year Ended September 30, 2020 |
Year Ended September 30, 2019 |
|||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 11.60 | $ | 12.09 | $ | 18.34 | $ | 16.23 | $ | 19.24 | $ | 20.47 | ||||||||||||
Income (Loss) from Investment Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss) (a) |
0.45 | 1.09 | 1.47 | 1.66 | 1.69 | 1.77 | ||||||||||||||||||
Net Gain (Loss) on Investments (Realized and Unrealized) |
1.21 | (0.06 | ) | (5.99 | ) | 1.86 | (2.86 | ) | (1.20 | ) | ||||||||||||||
Total from Investment Operations |
1.66 | 1.03 | (4.52 | ) | 3.52 | (1.17 | ) | 0.57 | ||||||||||||||||
Less Distributions: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
(0.66 | ) | (1.44 | ) | (1.73 | ) | (1.41 | ) | (1.84 | ) | (1.80 | ) | ||||||||||||
Return of Capital |
— | (0.08 | ) | — | — | — | — | |||||||||||||||||
Total Distributions |
(0.66 | ) | (1.52 | ) | (1.73 | ) | (1.41 | ) | (1.84 | ) | (1.80 | ) | ||||||||||||
Proceeds from Issuance of Common Shares: |
||||||||||||||||||||||||
Premiums less commissions and offering costs on issuance of common shares (See Note 12) |
— | (d)(e) |
— | (d)(e) |
— | — | — | — | ||||||||||||||||
Total capital stock transactions |
— | (d)(e) |
— | (d)(e) |
— | — | — | — | ||||||||||||||||
Net Asset Value, End of Period |
$ | 12.60 | $ | 11.60 | $ | 12.09 | $ | 18.34 | $ | 16.23 | $ | 19.24 | ||||||||||||
Market Price, End of Period |
$ | 12.70 | $ | 11.72 | $ | 10.80 | $ | 17.76 | $ | 16.02 | $ | 19.92 | ||||||||||||
Total Return on Net Asset Value (b) |
14.76% | (g) |
8.87% | (26.38 | )% | 22.34% | (5.87 | )% | 2.92% | |||||||||||||||
Total Return on Market Price (c) |
14.43% | (g) |
23.42% | (31.52 | )% | 20.20% | (10.10 | )% | 8.14% | |||||||||||||||
Supplemental Data: |
||||||||||||||||||||||||
Net Assets, End of Period (000’s) |
$ | 1,331,175 | $ | 1,189,601 | $ | 1,233,049 | $ | 1,870,238 | $ | 1,654,517 | $ | 1,954,168 | ||||||||||||
Ratios to Average Net Assets: |
||||||||||||||||||||||||
Expenses, including interest expense |
3.24% | (f) |
3.24% | 2.17% | 1.83% | 2.28% | 3.00% | |||||||||||||||||
Net Investment Income (Loss) |
7.53% | (f) |
9.11% | 9.51% | 9.30% | 9.96% | 8.91% | |||||||||||||||||
Portfolio Turnover Rate |
20% | (g) |
20% | 24% | 41% | 43% | 40% |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Total return on Net Asset Value is computed based upon the Net Asset Value of common stock on the first business day and the closing Net Asset Value on the last business day of the period. Dividends and distributions are assumed to be reinvested at the prices obtained under the Fund’s dividend reinvestment plan. |
(c) |
Total return on Market Price is computed based upon the New York Stock Exchange market price of the Fund’s shares and excludes the effect of brokerage commissions. Dividends and distributions are assumed to be reinvested at the prices obtained under the Fund’s dividend reinvestment plan. Total return on Market Price does not reflect any sales load paid by investors. |
(d) |
Represents the premium on the at the market offering of $0.0004 and $0.0005 per share less underwriting and offering costs of $0.0003 and $0.0004 per share for the periods ended March 31, 2024 and September 30, 2023, respectively. |
(e) |
Less than $0.005 per share |
(f) |
Annualized |
(g) |
Not Annualized |
The accompanying notes are an integral part of these financial statements. |
Semi-Annual Report |
| |
March 31, 2024 |
21 |
Financial Highlights (Cont.) |
Year Ended September 30, 2018 |
Year Ended September 30, 2017 |
Year Ended September 30, 2016 |
Year Ended September 30, 2015 |
Year Ended September 30, 2014 |
||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 21.85 | $ | 20.55 | $ | 19.80 | $ | 23.17 | $ | 22.24 | ||||||||||
Income (Loss) from Investment Operations: |
||||||||||||||||||||
Net Investment Income (Loss) (a) |
1.80 | 1.75 | 1.71 | 1.85 | 1.78 | |||||||||||||||
Net Gain (Loss) on Investments (Realized and Unrealized) |
(1.34 | ) | 1.36 | 0.93 | (3.32 | ) | 0.95 | |||||||||||||
Total from Investment Operations |
0.46 | 3.11 | 2.64 | (1.47 | ) | 2.73 | ||||||||||||||
Less Distributions: |
||||||||||||||||||||
Distributions from Net Investment Income |
(1.82 | ) | (1.81 | ) | (1.89 | ) | (1.90 | ) | (1.80 | ) | ||||||||||
Return of Capital |
(0.02 | ) | — | — | (d) |
— | — | |||||||||||||
Total Distributions |
(1.84 | ) | (1.81 | ) | (1.89 | ) | (1.90 | ) | (1.80 | ) | ||||||||||
Net Asset Value, End of Period |
$ | 20.47 | $ | 21.85 | $ | 20.55 | $ | 19.80 | $ | 23.17 | ||||||||||
Market Price, End of Period |
$ | 20.20 | $ | 21.25 | $ | 19.15 | $ | 17.29 | $ | 21.65 | ||||||||||
Total Return on Net Asset Value (b) |
2.22% | 15.83% | 14.66% | (6.77 | )% | 12.66% | ||||||||||||||
Total Return on Market Price (c) |
4.06% | 21.33% | 23.32% | (12.20 | )% | 7.21% | ||||||||||||||
Supplemental Data: |
||||||||||||||||||||
Net Assets, End of Period (000’s) |
$ | 2,075,520 | $ | 2,214,033 | $ | 2,083,218 | $ | 2,006,694 | $ | 2,348,616 | ||||||||||
Ratios to Average Net Assets: |
||||||||||||||||||||
Expenses, including interest expense |
2.80% | 2.38% | 2.26% | 2.27% | 2.17% | |||||||||||||||
Net Investment Income (Loss) |
8.52% | 8.30% | 8.97% | 8.41% | 7.71% | |||||||||||||||
Portfolio Turnover Rate |
35% | 47% | 35% | 51% | 55% |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Total return on Net Asset Value is computed based upon the Net Asset Value of common stock on the first business day and the closing Net Asset Value on the last business day of the period. Dividends and distributions are assumed to be reinvested at the prices obtained under the Fund’s dividend reinvestment plan. |
(c) |
Total return on Market Price is computed based upon the New York Stock Exchange market price of the Fund’s shares and excludes the effect of brokerage commissions. Dividends and distributions are assumed to be reinvested at the prices obtained under the Fund’s dividend reinvestment plan. Total return on Market Price does not reflect any sales load paid by investors. |
(d) |
Less than $0.005 per share |
22 |
DoubleLine Income Solutions Fund |
The accompanying notes are an integral part of these financial statements. |
Notes to Financial Statements |
(Unaudited) March 31, 2024 |
• | 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) |
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 |
Semi-Annual Report |
| |
March 31, 2024 |
23 |
Notes to Financial Statements (Cont.) |
24 |
DoubleLine Income Solutions Fund |
(Unaudited) March 31, 2024 |
Category |
||||||||||
Investments in Securities |
||||||||||
Level 1 |
||||||||||
Short Term Investments |
$ |
7,010,236 |
||||||||
Total Level 1 |
7,010,236 |
|||||||||
Level 2 |
||||||||||
Foreign Corporate Bonds |
510,374,531 |
|||||||||
US Corporate Bonds |
299,973,716 |
|||||||||
Bank Loans |
251,201,184 |
|||||||||
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations |
177,491,650 |
|||||||||
Collateralized Loan Obligations |
148,159,519 |
|||||||||
Non-Agency Commercial Mortgage Backed Obligations |
120,061,067 |
|||||||||
US Government and Agency Mortgage Backed Obligations |
47,105,300 |
|||||||||
Asset Backed Obligations |
20,912,369 |
|||||||||
Total Level 2 |
1,575,279,336 |
|||||||||
Level 3 |
||||||||||
Non-Agency Commercial Mortgage Backed Obligations |
55,846,269 |
|||||||||
Collateralized Loan Obligations |
18,189,128 |
|||||||||
Foreign Corporate Bonds |
8,813,231 |
|||||||||
Common Stocks |
5,327,701 |
|||||||||
Asset Backed Obligations |
4,166,512 |
|||||||||
Rights |
2,998,934 |
|||||||||
Bank Loans |
1,886,870 |
|||||||||
Warrants |
15,537 |
|||||||||
Escrow Notes |
1 |
|||||||||
Total Level 3 |
97,244,183 |
|||||||||
Total |
$ |
1,679,533,755 |
||||||||
Other Financial Instruments |
||||||||||
Level 1 |
||||||||||
Futures Contracts |
730,089 |
|||||||||
Total Level 1 |
730,089 |
|||||||||
Level 2 |
— |
|||||||||
Level 3 |
— |
|||||||||
Total |
$ |
730,089 |
Semi-Annual Report |
| |
March 31, 2024 |
25 |
Notes to Financial Statements (Cont.) |
Fair Value as of September 30, 2023 |
Net Realized Gain (Loss) |
Net Change in Unrealized Appreciation (Depreciation) (c) |
Net Accretion (Amortization) |
Purchases (a) |
Sales (b) |
Transfers Into Level 3 (d) |
Transfers Out of Level 3 (d) |
Fair Value as of March 31, 2024 |
Net Change in Unrealized Appreciation (Depreciation) on securities held at March 31, 2024 (c) | ||||||||||||||||||||||||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Agency Commercial Mortgage Backed Obligations |
$ |
54,348,647 |
$ |
10,516,613 |
$ |
9,505,081 |
$ |
888,195 |
$ |
25 |
$ |
(19,412,292 |
) |
$ |
— |
$ |
— |
$ |
55,846,269 |
$ |
1,953,221 |
||||||||||||||||||||||||||||||||||
Collateralized Loan Obligations |
13,955,148 |
— |
430,591 |
14,304 |
137,353 |
— |
5,215,667 |
(1,563,935 |
) |
18,189,128 |
554,577 |
||||||||||||||||||||||||||||||||||||||||||||
Foreign Corporate Bonds |
5,698,051 |
(1,180,454 |
) |
170,481 |
6,279 |
6,491,896 |
(2,373,022 |
) |
— |
— |
8,813,231 |
359,489 |
|||||||||||||||||||||||||||||||||||||||||||
Common Stocks |
12,265,338 |
(4,947,610 |
) |
2,863,422 |
— |
— |
(4,853,449 |
) |
— |
— |
5,327,701 |
(1,079,301 |
) | ||||||||||||||||||||||||||||||||||||||||||
Asset Backed Obligations |
4,848,996 |
(669,720 |
) |
775,727 |
(90 |
) |
83,907 |
(872,308 |
) |
— |
— |
4,166,512 |
293,605 |
||||||||||||||||||||||||||||||||||||||||||
Rights |
5,522,270 |
206,758 |
(502,896 |
) |
— |
— |
(2,227,198 |
) |
— |
— |
2,998,934 |
(337,296 |
) | ||||||||||||||||||||||||||||||||||||||||||
Bank Loans |
1,898,725 |
3,252 |
(49,323 |
) |
46,071 |
— |
(11,855 |
) |
— |
— |
1,886,870 |
(45,864 |
) | ||||||||||||||||||||||||||||||||||||||||||
Warrants |
10,358 |
— |
5,179 |
— |
— |
— |
— |
— |
15,537 |
5,179 |
|||||||||||||||||||||||||||||||||||||||||||||
Escrow Notes |
— |
— |
1 |
— |
— |
— |
— |
— |
1 |
1 |
|||||||||||||||||||||||||||||||||||||||||||||
Total |
$ |
98,547,533 |
$ |
3,928,839 |
$ |
13,198,263 |
$ |
954,759 |
$ |
6,713,181 |
$ |
(29,750,124 |
) |
$ |
5,215,667 |
$ |
(1,563,935 |
) |
$ |
97,244,183 |
$ |
1,703,611 |
(a) |
Purchases include all purchases of securities, payups and corporate actions. |
(b) |
Sales include all sales of securities, maturities, and paydowns. |
(c) |
Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on securities held at March 31, 2024 may be due to a security that was not held or categorized as Level 3 at either period end. |
(d) |
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. |
Fair Value as of March 31, 2024 |
Valuation Techniques |
Unobservable Input |
Unobservable Input Values (Weighted Average) (e) |
Impact to valuation from an increase to input | ||||||||||||||
Non-Agency Commercial Mortgage Backed Obligations |
$ |
55,846,269 |
Market Comparables |
Market Quotes |
$ |
0.01-$89.18 ($71.30 |
) |
Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security | ||||||||||
Collateralized Loan Obligations |
$ |
18,189,128 |
Market Comparables |
Market Quotes |
$ |
0.01-$96.34 ($82.66 |
) |
Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security | ||||||||||
Foreign Corporate Bonds |
$ |
8,813,231 |
Market Comparables |
Market Quotes |
$ |
0.00-$113.29 ($85.79 |
) |
Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security | ||||||||||
Common Stocks |
$ |
5,327,701 |
Market Comparables |
Market Quotes |
$ |
0.13-$26.50 ($17.63 |
) |
Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security | ||||||||||
Market Transaction Approach |
EV Multiple |
6.45x (6.45x |
) |
Significant changes in EV multiple would have resulted in direct changes in the fair value of the security | ||||||||||||||
Comparable Company Approach |
EV Multiple |
5.21x (5.21x |
) |
Significant changes in EV multiple would have resulted in direct changes in the fair value of the security | ||||||||||||||
Illiquidity Discount |
10% (10% |
) |
Significant changes in illiquidity discount would have resulted in indirect changes in the fair value of the security | |||||||||||||||
Asset Backed Obligations |
$ |
4,166,512 |
Market Comparables |
Market Quotes |
$ |
0.09-$1,036.19 ($450.27 |
) |
Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security | ||||||||||
Rights |
$ |
2,998,934 |
Market Comparables |
Market Quotes |
$8.98 ($8.98) |
Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security |
26 |
DoubleLine Income Solutions Fund |
(Unaudited) March 31, 2024 |
Fair Value as of March 31, 2024 |
Valuation Techniques |
Unobservable Input |
Unobservable Input Values (Weighted Average) (e) |
Impact to valuation from an increase to input | ||||||||||||||
Bank Loans |
$ | 1,886,870 | Market Comparables |
Market Quotes |
$ | 100.00 ($100.00 | ) | Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security | ||||||||||
Warrants |
$ | 15,537 | Market Comparables |
Market Quotes |
$0.56 ($0.56 | ) | Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security | |||||||||||
Escrow Notes |
$ | 1 | Income Approach |
Expected Value |
$0.00 ($0.00) | Significant changes in the expected value would have resulted in direct changes in the fair value of the security |
(e) |
Unobservable inputs were weighted by the relative fair value of the instruments. |
Semi-Annual Report |
| |
March 31, 2024 |
27 |
Notes to Financial Statements (Cont.) |
Period Ended March 31, 2024 |
Year Ended September 30, 2023 | ||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount | ||||||||||||||||||||||
Shares Sold (net of fees) |
2,815,065 |
$ |
34,608,926 |
267,804 |
$ |
3,282,092 |
|||||||||||||||||||
Reinvested Dividends |
244,057 |
3,004,061 |
297,591 |
3,554,620 |
|||||||||||||||||||||
Increase (Decrease) in Net Assets Resulting from Net Share Transactions |
3,059,122 |
$ |
37,612,987 |
565,395 |
$ |
6,836,712 |
28 |
DoubleLine Income Solutions Fund |
(Unaudited) March 31, 2024 |
Semi-Annual Report |
| |
March 31, 2024 |
29 |
Notes to Financial Statements (Cont.) |
Maximum Amount Available |
Average Borrowings |
Maximum Amount Outstanding |
Interest Expense |
Commitment Fee |
Average Interest Rate | |||||||||||||||||||||||
$450,000,000 |
$ |
352,622,951 |
$ |
370,000,000 |
$ |
11,325,553 |
$ |
123,750 |
6.32% |
Average Market Value |
||||||||||
Futures Contracts - Long |
$ |
4,138,451 |
Derivatives not accounted for as hedging instruments | ||||||||||
Statement of Assets and Liabilities Location |
Interest Rate Risk | |||||||||
Net Unrealized Appreciation (Depreciation) on: |
||||||||||
Futures |
$ |
730,089 |
30 |
DoubleLine Income Solutions Fund |
(Unaudited) March 31, 2024 |
Derivatives not accounted for as hedging instruments | ||||||||||
Statement of Operations Location |
Interest Rate Risk | |||||||||
Net Realized Gain (Loss) on: |
||||||||||
Futures |
$ |
(1,491,252 |
) | |||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||
Futures |
$ |
5,429,062 |
• | asset-backed securities investment risk: |
• | collateralized debt obligations risk: e.g. |
• | confidential information access risk: |
• | counterparty risk: |
• | credit default swaps risk: |
• | credit risk: |
Semi-Annual Report |
| |
March 31, 2024 |
31 |
Notes to Financial Statements (Cont.) |
an obligor’s ability to honor its obligations when due. The values of lower-quality debt securities (commonly known as “junk bonds”), including floating rate loans, tend to be particularly sensitive to these changes. The values of securities or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets. |
• | derivatives risk: |
• | emerging markets risk: |
• | equity issuer risk: |
• | foreign currency risk: |
• | foreign investment risk: |
• | high yield risk: |
• | interest rate risk: |
• | inverse floaters and related securities risk: |
32 |
DoubleLine Income Solutions Fund |
(Unaudited) March 31, 2024 |
• | investment and market risk |
• | issuer risk: |
• | leverage risk: |
• | liquidity risk: |
• | loan risk: |
• | market discount risk: |
• | market disruption and geopolitical risk: |
• | mortgage-backed securities risk: |
Semi-Annual Report |
| |
March 31, 2024 |
33 |
Notes to Financial Statements (Cont.) |
floaters and interest-only and principal-only securities, may be extremely sensitive to changes in interest rates and prepayment rates. The Fund may invest in mortgage-backed securities that are subordinate in their right to receive payment of interest and re-payment of principal to other classes of the issuer’s securities. |
• | operational and information security risks: |
• | restricted securities risk: |
• | sovereign debt obligations risk: |
34 |
DoubleLine Income Solutions Fund |
Evaluation of Advisory Agreement by the Board of Trustees |
(Unaudited) March 31, 2024 |
Semi-Annual Report |
| |
March 31, 2024 |
35 |
Evaluation of Advisory Agreement by the Board of Trustees (Cont.) |
36 |
DoubleLine Income Solutions Fund |
(Unaudited) March 31, 2024 |
Semi-Annual Report |
| |
March 31, 2024 |
37 |
Evaluation of Advisory Agreement by the Board of Trustees (Cont.) |
38 |
DoubleLine Income Solutions Fund |
(Unaudited) March 31, 2024 |
Semi-Annual Report |
| |
March 31, 2024 |
39 |
Changes to Board of Trustees |
(Unaudited) March 31, 2024 |
40 |
DoubleLine Income Solutions Fund |
Dividend Reinvestment Plan |
(Unaudited) March 31, 2024 |
Semi-Annual Report |
| |
March 31, 2024 |
41 |
Dividend Reinvestment Plan (Cont.) |
42 |
DoubleLine Income Solutions Fund |
DoubleLine Privacy Policy Notice |
(Unaudited) March 31, 2024 |
• | Your personal identification information, which may include your name and passport information, your IP address, politically exposed person (“PEP”) status, and such other information as may be necessary for us to provide our services to you and to complete our customer due diligence process and discharge anti-money laundering obligations; |
• | Your contact information, which may include postal address and e-mail address and your home and mobile telephone numbers; |
• | Your family relationships, which may include your marital status, the identity of your spouse and the number of children that you have; |
• | Your professional and employment information, which may include your level of education and professional qualifications, your employment, employer’s name and details of directorships and other offices which you may hold; and |
• | Financial information, risk tolerance, sources of wealth and your assets, which may include details of shareholdings and beneficial interests in financial instruments, your bank details and your credit history. |
• | Information we receive about you on applications or other forms; |
• | Information you may give us orally; |
• | Information about your transactions with us or others; |
• | Information you submit to us in correspondence, including emails or other electronic communications; and |
• | Information about any bank account you use for transfers between your bank account and any DoubleLine investment account, including information provided when effecting wire transfers. |
Semi-Annual Report |
| |
March 31, 2024 |
43 |
DoubleLine Privacy Policy Notice (Cont.) |
• | It may be necessary for DoubleLine to provide information to nonaffiliated third parties in connection with our performance of the services we have agreed to provide to you. For example, it might be necessary to do so in order to process transactions and maintain accounts. |
• | DoubleLine will release any of the non-public information listed above about a customer if directed to do so by that customer or if DoubleLine is required or authorized by law to do so, such as for the purpose of compliance with regulatory requirements or in the case of a court order, legal investigation, or other properly executed governmental request. |
• | In order to alert a customer to other financial products and services offered by an affiliate, DoubleLine may disclose information to an affiliate, including companies using the DoubleLine name. Such products and services may include, for example, other investment products offered by a DoubleLine company. If you prefer that we not disclose non-public personal information about you to our affiliates for this purpose, you may direct us not to make such disclosures (other than disclosures permitted by law) by contacting us at Privacy@DoubleLine.com or at 1 (800) 285-1545. If you limit this sharing and you have a joint account, your decision will be applied to all owners of the account. |
• | the country to which we send the personal information may have been assessed by the European Commission as providing an “adequate” level of protection for personal data; or |
• | the recipient may have signed a contract based on standard contractual clauses approved by the European Commission. |
44 |
DoubleLine Income Solutions Fund |
(Unaudited) March 31, 2024 |
• | for the purposes for which the personal information was collected; |
• | in order to establish or defend legal rights or obligations or to satisfy any reporting or accounting obligations; and/or |
• | as required by data protection laws and any other applicable laws or regulatory requirements, including, but not limited to, U.S. laws and regulations applicable to our business. |
• | the right to access and port personal information; |
• | the right to rectify personal information; |
• | the right to restrict the use of personal information; |
• | the right to request that personal information is erased; and |
• | the right to object to processing of personal information. |
Semi-Annual Report |
| |
March 31, 2024 |
45 |
![]() |
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Investments.
(a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
There were no purchases made by or on behalf of the Registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934, as amended, of shares of the Registrant’s equity securities that are registered by the Registrant pursuant to Section 12 of the Exchange Act made in the period covered by this report.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees.
1
Item 11. Controls and Procedures.
(a) | The Registrant’s President and Treasurer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable for semi-annual reports.
Item 13. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable. |
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. Not applicable.
(4) Change in the Registrant’s independent public accountant. There was no change in the Registrant’s independent public accountant for the period covered by this report.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
2
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 Income Solutions Fund | |
By (Signature and Title) | /s/ Ronald Redell | |
Ronald R. Redell, President and Chief Executive Officer |
Date | 06/04/24 |
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 Redell | |
Ronald R. Redell, President and Chief Executive Officer |
Date |
06/04/24 |
By (Signature and Title) |
/s/ Henry V. Chase | |
Henry V. Chase, Treasurer and Principal Financial and Accounting Officer |
Date |
06/04/24 |
3