Item 1. Reports to Stockholders.

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		Annual Report September 30, 2022

DoubleLine Yield Opportunities Fund

NYSE: DLY

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Dear Shareholder,

On behalf of the team at DoubleLine, I am pleased to deliver the Annual Report for the DoubleLine Yield Opportunities Fund (NYSE: DLY, the “Fund”) for the 12-month period ended September 30, 2022. On the following pages, you will find specific information regarding the Fund’s operations and holdings. In addition, we discuss the Fund’s investment performance and the main drivers of that performance during the reporting period.

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

Sincerely,

Ronald R. Redell, CFA

Chairman of the Board of Trustees

DoubleLine Yield Opportunities Fund

November 1, 2022

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For the 12-month period ended September 30, 2022, Agency residential mortgage-backed securities (Agency RMBS) and Agency commercial mortgage-backed securities (Agency CMBS) posted negative returns. The Bloomberg US Mortgage-Backed Securities (MBS) Index returned negative 13.98%, significantly outperforming the Bloomberg US Corporate Bond Index but underperforming the Bloomberg US Government Bond Index. Shorter-duration assets generally outperformed longer-duration assets in a period when yields increased across the U.S. Treasury curve. The 30-year benchmark rate rose 370 basis points over the 12-month period to end at 6.70%, its highest level since July 2007, according to the Freddie Mac U.S. Mortgage Market Survey 30-Year Homeowner Commitment National Index. Duration within the MBS sector lengthened over the period, with the duration of the Bloomberg US MBS Index growing to 5.94 years from 4.62 years. During the period, Agency RMBS and Agency CMBS spreads widened and performance weakened due to elevated levels of interest rate volatility. Gross issuance for Agency RMBS over the period was $2.2 trillion; gross issuance for Agency CMBS was roughly $174.4 billion.

For the 12-month period ended September 30, 2022, non-Agency residential mortgage-backed securities (RMBS) reversed their momentum in late 2021 and generated negative returns, driven by rising U.S. Treasury yields and widening credit spreads. Home price appreciation turned negative for the first time since March 2012 as home prices fell 0.75% month-over-month (MoM) in July, the most recent month for which data was reported by the S&P CoreLogic Case-Shiller 20-City Composite Home Price NSA Index, while still appreciating 16.06% year-over-year. Existing-home sales fell 0.4% MoM in August, the most recent month for which data was available from the National Association of Realtors Existing-Home Sales Report, the seventh consecutive such decline. The 30-year benchmark rate rose 370 basis points over the 12-month period to end at 6.70%, its highest level since July 2007, according to the Freddie Mac U.S. Mortgage Market Survey 30-Year Homeowner Commitment National Index. The period marked $173.5 billion in gross issuance, compared to $175.2 billion in the previous 12-month period, according to BofA Global Research.

For the 12-month period ended September 30, 2022, non-Agency commercial mortgage-backed securities (CMBS) posted negative performance, as measured by the Bloomberg US CMBS (ERISA Only) Total Return Index return of negative 12.4%. For comparison, the broader Bloomberg US Aggregate Bond Index returned negative 14.60%. $145.9 billion of new-issue non-Agency CMBS priced, compared to $119.6 billion in the previous 12-month period. While the first quarter of 2022 marked a strong $44.7 billion in volume, an 84% increase over the same period in 2021, issuance slowed meaningfully in the subsequent quarters in the face of macroeconomic volatility and geopolitical risks. Issuance in the second and third quarters fell 40.5% versus the same six-month period in 2021. Secondary non-Agency CMBS spreads moved wider throughout the 12-month period as investors weighed the impact of stubborn inflation, corresponding interest rate hikes and a protracted Russia-Ukraine war. Spreads widened 76 basis points (bps) for AAA last cash flows and 310 bps for bonds rated BBB-. The 30-day-plus delinquency rate for commercial real estate loans closed September 2022 at 2.92%, as measured by financial data firm Trepp, a significant improvement versus the 5.25% at the end of September 2021. The RCA Commercial Property Price Index increased 13.7% for the 12-month period ended August 31, the most recent month for which data was available, compared to 15.2% over the previous 12-month period.

For the 12-month period ended September 30, 2022, the asset-backed security (ABS) market experienced negative returns but outperformed the broader U.S. fixed income market. The Bloomberg US ABS Index returned negative 5.61%, and the ICE BofA U.S. Fixed-Rate Miscellaneous ABS Index, which contains less liquid products with longer durations, returned negative 8.73%. These performances compared to the longer-duration Bloomberg US Aggregate Bond Index return of negative 14.60%. This period in the markets was generally characterized by rising interest rates and widening credit spreads, sparked by the Federal Reserve’s more hawkish monetary policy. The only ABS sector to generate a positive return was floating-rate credit card ABS rated AAA. The worst-performing ABS sector was less liquid and longer-duration transportation assets, which suffered the most from rising rates, widening credit spreads and geopolitical shocks such as the Russia-Ukraine war.

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For the 12-month period ended September 30, 2022, collateralized loan obligation (CLO) market-based metrics worsened, with a 6.79% drop in the Morningstar LSTA US Leveraged Loan PR USD, fueling lower net asset values and market value overcollateralization ratios. While CLO fundamentals strengthened to start the period, they stalled in the latter months as the number of negative rating actions and loan defaults increased. The CLO market priced $162.7 billion in new issuance across 343 deals. An additional $25.2 billion of supply was brought to market by way of refinancing and reset activity. Despite two banner issuance months to start the period, activity slowed at the end of it as managers navigated the migration to the Secured Overnight Financing Rate from LIBOR. While 2022 issuance has trailed the record volume pace of 2021, it has remained elevated on a historical basis. The last 12-month U.S. leveraged loan default rate by principal amount rose 55 basis points over the 12-month period, ending at 0.90%. Effective January 1, 2022, new-issue U.S. CLO tranches transitioned from a LIBOR-based to a SOFR-based benchmark, which resulted in some spread widening. Macroeconomic concerns drove spreads wider across the 12-month period. The J.P. Morgan Collateralized Loan Obligation Total Return Level Index returned negative 2.42% over the 12-month period.

For the 12-month period ended September 30, 2022, the Morningstar LSTA US Leveraged Loan TR USD returned negative 2.53%. Given the volatile market backdrop, bank loans exhibited a flight to quality, with loans rated BB returning negative 0.23%, outperforming loans rated B (-2.94%) and loans rated CCC (-10.05%). The weighted average bid price of the index ended the period at $91.92, down from $98.62 from a year ago. The top-performing sectors were energy (+3.71%), real estate (+2.00%) and utilities (+1.78%). The worst performers were semiconductors and semiconductor equipment (-6.82%), healthcare equipment and services (-6.04%), and consumer durables and apparel (-5.81%). The trailing 12-month default rate remained at a low level but rose to 0.90% in September 2022 from 0.35% in September 2021.

For the 12-month period ended September 30, 2022, the Bloomberg US Corporate High Yield Index returned negative 14.14%. Intermediate-duration bonds returned negative 13.55%, outperforming long-duration bonds, which returned negative 24.38%. In terms of credit rating, bonds rated CCC were the worst performers, returning negative 16.26%, while bonds rated B returned negative 13.76%, and bonds rated BB returned negative 13.84%, as measured by the index. Notable outperformers by sector were refining, oil field services and independent energy. Notable laggards were pharmaceuticals, retailers and wireless.

For the 12-month period ended September 30, 2022, the J.P. Morgan Emerging Markets Bond Index Global Diversified (EMBI GD), which tracks sovereign debt, returned negative 24.28%. The J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI BD), which tracks corporate debt, returned negative 16.73%. Spreads widened 203 basis points (bps) for the EMBI GD and 103 bps for the CEMBI BD. Relatively flat returns for the first three months of the period were followed by an extremely sharp drawdown over the first nine months of 2022. Global growth and inflation concerns to begin the year were amplified by the Russian invasion of Ukraine in February. Emerging markets (EM) credits broadly sold off subsequently, particularly in Europe. Hawkish central policy, high inflation, geopolitical uncertainty and elevated rate volatility continued to weigh on investor sentiment throughout the remainder of the period. U.S. Treasury yields rose sharply amid hawkish rhetoric and policy moves from the Federal Reserve to combat persistently high inflation. For the 12-month period, returns across all regions were deeply negative for the EMBI GD and CEMBI BD. Europe was by far the worst-performing region in both indexes while the Middle East had the least negative returns. EM high yield (HY) sovereign credits underperformed their investment grade (IG) counterparts in the EMBI GD, but EM HY corporate credits slightly outperformed their IG counterparts in the CEMBI BD. In both indexes, EM IG benefited from much smaller spread widening relative to EM HY, but EM IG’s higher duration relative to EM HY’s and Russia’s IG rating prior to its invasion of Ukraine detracted from EM IG’s relative performance.

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For the 12-month period ended September 30, 2022, the DoubleLine Yield Opportunities Fund underperformed the benchmark Bloomberg US Aggregate Bond Index return of negative 14.60% on a net asset value basis. Global interest rates rose dramatically as inflation remained high and central banks tightened monetary policy. The two- and 10-year portions of the U.S. Treasury curve rose 400 basis points (bps) and 234 bps, respectively, resulting in negative performance for nearly all major stock and bond market sectors. The primary driver of the Fund’s underperformance was asset allocation; the Fund consistently held more fixed income credit assets than the index, hindering performance as credit spreads widened. The biggest contributors to Fund performance were low-duration, high-interest income assets, such as asset-backed securities and bank loans. Bank loans received an additional benefit from their floating-rate coupons, which reset periodically. The biggest detractors from Fund performance were longer-duration assets or assets with sensitivity to spread changes, such as Agency mortgage-backed securities (MBS), emerging markets (EM) debt and domestic high yield (HY) debt. Agency MBS suffered from the Federal Reserve’s quantitative tightening program. EM and HY assets experienced credit spread widening due to risk-off sentiment in the markets. Fund leverage was an additional detractor from performance.

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

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

Opinions expressed herein are as of September 30, 2022, and are subject to change at any time, are not guaranteed and should not be considered investment advice. Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Please refer to the Schedule of Investments for a complete list of Fund holdings as of period end.

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

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

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

Investing involves risk. Principal loss is possible. An investment in the Fund involves certain risks arising from, among other things, the Fund’s ability to invest without limit in debt securities that are at the time of investment rated below investment grade or unrated securities judged by DoubleLine to be of comparable quality (a category of investment that includes securities commonly referred to as “high yield” securities or “junk bonds”). Securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and to repay principal when due. An investment in the Fund is also subject to the risk of the use of leverage. Investments in debt securities typically decline in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Investments in debt securities typically decline in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Fund may invest in foreign securities which involves greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Exchange-traded fund investments involve additional risks such as the market price trading at a discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund’s ability to sell its shares. Floating rate loans and other floating rate investments are subject to credit risk, interest rate risk, counterparty risk and financial services risks, among others. Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision-making, economic or market conditions or other unanticipated factors. In addition, the Fund may invest in other asset classes and investments such as, among others, REITs, credit default swaps, short sales, derivatives and smaller companies which include additional risks. Additional principal risks for the Fund can be found in the prospectus.

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

The performance shown assumes the reinvestment of all dividends and distributions and does not reflect any reductions for taxes. Total return does not reflect broker commissions or sales charges in connection with the purchase or sale of Fund shares. Performance reflects management fees and other fund expenses.

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Performance data quoted represents past performance; past performance does not guarantee future results and does not reflect the deduction of any taxes a shareholder would pay on fund distributions or the sale of fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares when sold may be worth more or less than the original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1 (877) DLINE 11 / 1 (877) 354-6311 or by visiting www.doubleline.com/funds/yield-opportunities-fund/.

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

Index Descriptions and Other Definitions

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

The index descriptions provided herein are based on information provided on the respective index provider’s website or from other third-party sources. The Fund and DoubleLine have not verified these index descriptions and disclaim responsibility for their accuracy and completeness.

Beginning in July 2022, transaction costs were incorporated into the calculation of total return for ICE fixed income indexes.

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

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

Bloomberg US Asset-Backed Securities (ABS) Index—This index is the ABS component of the Bloomberg US Aggregate Bond Index, a flagship measure of the U.S. investment grade, fixed-rate bond market. The ABS index has three subsectors: credit and credit cards, autos and utility.

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

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

Bloomberg US Corporate High Yield (HY) Index—This index measures the U.S. dollar-denominated, HY, fixed-rate corporate bond market. Securities are classified as HY if the respective middle ratings of Moody’s, Fitch and S&P are Ba1, BB+ or BB+ or below. The Bloomberg US HY Long Bond Index, including bonds with maturities of 10 years or greater, and the Bloomberg US HY Intermediate Bond Index, including bonds with maturities of 1 to 9.999 years, are subindexes of the Bloomberg US Corporate HY Bond Index.

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

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

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

Freddie Mac U.S. Mortgage Market Survey 30-Year Homeowner Commitment National Index—This index tracks the 30-year fixed-rate mortgages component of the Freddie Mac Primary Mortgage Market Survey (PMMS), which tracks the most-popular 30- and 15-year fixed-rate mortgages, and 5-1 hybrid amortizing adjustable-rate mortgage products among a mix of lender types.

High Yield (HY)—Bonds that pay higher interest rates because they have lower credit ratings than investment grade (IG) bonds. HY bonds are more likely to default, so they must pay a higher yield than IG bonds to compensate investors.

ICE BofA U.S. Fixed-Rate Miscellaneous Asset-Backed Securities (ABS) Index—A subset of the ICE BofA U.S. Fixed-Rate ABS Index, including all ABS collateralized by anything other than auto loans, home equity loans, manufactured housing, credit card receivables and utility assets.

Investment Grade (IG)—Rating that signifies a municipal or corporate bond presents a relatively low risk of default. Bonds below this designation are considered to have a high risk of default and are commonly referred to as high yield (HY) or “junk bonds.” The higher the bond rating, the more likely the bond will return 100 cents on the U.S. dollar.

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

J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI BD)—This index is a uniquely weighted version of the CEMBI, which is a market capitalization-weighted index consisting of U.S. dollar-denominated emerging markets corporate bonds. The CEMBI BD limits the weights of index countries with larger debt stocks by only including specified portions of those countries’ eligible current face amounts of debt outstanding.

J.P. Morgan Emerging Markets Bond Index Global Diversified (EMBI GD)—This index is a uniquely weighted version of the EMBI. The EMBI tracks bonds from emerging markets (EM), and comprises sovereign debt and EM corporate bonds. The EMBI GD limits the weights of index countries with larger debt stocks by only including specified portions of those countries’ eligible current face amounts of debt outstanding.

Last Cash Flow (LCF)—Last revenue stream paid to a bond over a given period.

London Interbank Offered Rate (LIBOR)—Indicative average interest rate at which a selection of banks, known as the “panel banks,” are prepared to lend one another unsecured funds on the London money market.

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

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

National Association of Realtors Existing-Home Sales Report—This report tracks sales and prices of existing single-family homes for the nation overall, and gives breakdowns for the West, Midwest, South and Northeast regions of the country. These figures include condos and co-ops in addition to single-family homes.

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

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

Quantitative Tightening (QT)—Reverse of quantitative easing (QE); a central bank that acquired financial assets under QE undertakes steps to reduce its balance sheet.

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

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

Secured Overnight Financing Rate (SOFR)—Benchmark interest rate for U.S. dollar-denominated derivatives and loans that is replacing the London Interbank Offered Rate (LIBOR). Interest rate swaps on more than $80 trillion in notional debt switched to the SOFR in October 2020. This transition is expected to increase long-term liquidity but also result in substantial short-term trading volatility in derivatives.

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

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

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

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

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

Foreside Fund Services, LLC provides marketing review services for DoubleLine Capital LP.

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

¹ Reflects no deduction for fees, expenses, or taxes.

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