DoubleLine Yield Opportunities Fund : Closed-End Funds Proxy Statement

NOTICE OF JOINT ANNUAL MEETING OF SHAREHOLDERS

TO BE HELD ON FEBRUARY 24, 2023

DOUBLELINE OPPORTUNISTIC CREDIT FUND (DBL) DOUBLELINE INCOME SOLUTIONS FUND (DSL) DOUBLELINE YIELD OPPORTUNITIES FUND (DLY)

c/o DoubleLine

2002 North Tampa Street, Suite 200

Tampa, Florida 33602

To the Shareholders of DoubleLine Opportunistic Credit Fund ("DBL"), DoubleLine Income Solutions Fund ("DSL"), and DoubleLine Yield Opportunities Fund ("DLY") (each, a "Fund" and, collectively, the "Funds"):

Notice is hereby given that a Joint Annual Meeting of Shareholders of the Funds (the "Meeting") is scheduled to be held at JW Marriott Tampa, Hillsborough Conference Room, 510 Water Street, Tampa, Florida 33602, on February 24, 2023, at 11:00 a.m. Eastern time. The Meeting will be held for the following purposes, which are more fully described in the accompanying Proxy Statement:

1. To elect one Trustee of each Fund to hold office for the term indicated and until his successor shall have been elected and qualified; and
2. To transact such other business as may properly come before the Meeting or any adjournment(s) or postponement(s) thereof.

The Board of Trustees of each Fund has fixed the close of business on December 23, 2022 as the record date (the "Record Date") for the determination of shareholders entitled to notice of, and to vote at, the Meeting or any adjournment or postponement thereof. Shareholders of record on the Record Date may participate in and vote at the Meeting. The Funds are sensitive to the health and travel concerns of the Funds' shareholders and the evolving recommendations from public health officials. Due to COVID-19, the date, time, location or means of conducting the Meeting may change. In the event of such a change, the Funds will issue a press release announcing the change and file the announcement on the Securities and Exchange Commission's EDGAR system, among other steps, but may not deliver additional soliciting materials to shareholders or otherwise amend the Funds' proxy materials. The Funds may consider imposing additional procedures or limitations on Meeting attendees or conducting the Meeting as a "virtual" shareholder meeting through the internet or other electronic means in lieu of an in-person meeting, subject to any restrictions imposed by applicable law. If the Meeting will be held

virtually in whole or in part, a Fund will notify its shareholders of such plans in a timely manner and disclose clear directions as to the logistical details of the "virtual" meeting, including how shareholders can remotely access, participate in and vote at such meeting. The Funds plan to announce these changes, if any, at https://doubleline.com/closed-end-funds/, and encourage you to check this website prior to the Meeting if you plan to attend.

The enclosed proxy is being solicited on behalf of the Board of Trustees of each Fund.

By order of the Boards of Trustees of the Funds

/s/ Cris Santa Ana

Cris Santa Ana

Secretary

Tampa, Florida

January 20, 2023

It is important that your shares be represented at the Meeting in person or by proxy, no matter how many shares you own. If you do not expect to attend the Meeting, please complete, date, sign and return the applicable enclosed proxy in the accompanying envelope, which requires no postage if mailed in the United States. Please mark and mail your proxy promptly in order to save the Funds any additional costs of further proxy solicitations and in order for the Meeting to be held as scheduled.

DOUBLELINE OPPORTUNISTIC CREDIT FUND (DBL) DOUBLELINE INCOME SOLUTIONS FUND (DSL) DOUBLELINE YIELD OPPORTUNITIES FUND (DLY)

c/o DoubleLine

2002 North Tampa Street, Suite 200

Tampa, Florida 33602

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON FEBRUARY 24, 2023

This Proxy Statement is available at www.proxyvote.com. Each Fund's Annual Report to Shareholders for the fiscal year ended September 30, 2022 is available at https://doubleline.com/closed-end-funds/.

PROXY STATEMENT

January 20, 2023

FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS

TO BE HELD ON FEBRUARY 24, 2023

INTRODUCTION

This Proxy Statement is furnished in connection with the solicitation of proxies by and on behalf of the Boards of Trustees (the "Board") of DoubleLine Opportunistic Credit Fund ("DBL"), DoubleLine Income Solutions Fund ("DSL"), and DoubleLine Yield Opportunities Fund ("DLY") (each, a "Fund" and, collectively, the "Funds") to be voted by the respective shareholders at the Joint Annual Meeting of Shareholders of the Funds, including any adjournment(s) or postponement(s) thereof (the "Meeting"). The Meeting is scheduled to be held at JW Marriott Tampa, Hillsborough Conference Room, 510 Water Street, Tampa, Florida 33602, on February 24, 2023, at 11:00 a.m. Eastern time. Each Board functions independently and has chosen to hold a joint meeting for efficiency.

The Notice of a Joint Annual Meeting of Shareholders (the "Notice"), this Proxy Statement and the enclosed proxy cards are first being sent or given to Shareholders on or about January 20, 2023.

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Shareholders Entitled to Vote

Holders of common shares ("Common Shares") of each Fund (the "Shareholders") will vote on whether to re-elect such Fund's nominee for Trustee of the Fund (collectively, the "Proposals") and on any other matters that may properly come before the Meeting. The class of Common Shares is the only class of shares of each Fund currently outstanding. The outcome of voting by the Shareholders of one Fund does not affect the outcome for the other Funds.

The Board of Trustees (the "Board") of each Fund has fixed the close of business on December 23, 2022 as the record date (the "Record Date") for the determination of Shareholders of the Fund entitled to notice of, and to vote at, the Meeting. The Shareholders of each Fund on the Record Date will be entitled to one vote per Common Share on each matter to which they are entitled to vote and that is to be voted on by Shareholders of the Fund, and a fractional vote with respect to fractional shares, with no cumulative voting rights in the election of Trustees. The following table sets forth the number of Common Shares issued and outstanding of each Fund at the close of business on the Record Date:

	Outstanding
	Common Shares
DBL	15,944,357
DSL	101,996,828
DLY	47,945,779

You may vote by mail by returning a properly executed proxy card, by Internet by going to the website listed on the proxy card, by telephone using the toll-free number listed on the proxy card, or in person by attending the Meeting. Shares represented by duly executed and timely delivered proxies will be voted as instructed on the proxy. If you execute and mail the enclosed proxy and no choice is indicated for the election of the nominee listed in this Proxy Statement, your proxy will be voted in favor of the election of the nominee. At any time before it has been voted, your proxy may be revoked in one of the following ways: (i) by delivering a signed, written letter of revocation prior to the Meeting to the Secretary of the relevant Fund at 2002 North Tampa Street, Suite 200, Tampa, Florida 33602, (ii) by properly executing and timely submitting a later-dated proxy vote, or (iii) by attending the Meeting and voting in person. Please call

1. DLine11 (877-354-6311) for information on how to obtain directions to be able to attend the Meeting and vote in person. If any proposal, other than

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the Proposals set forth herein, properly comes before the Meeting, the persons named as proxies may vote for or against such proposals in their sole discretion.

The principal executive office of the Funds is located at 2002 North Tampa Street, Suite 200, Tampa, Florida 33602. DoubleLine Capital LP ("DoubleLine") serves as the investment manager of each Fund. Additional information regarding DoubleLine may be found under "Additional Information - Investment Manager" below.

The solicitation will be primarily by mail, and the cost of soliciting proxies for each Fund will be borne by such Fund. Certain officers of the Funds and certain officers and employees of DoubleLine or its affiliates (none of whom will receive additional compensation therefor) may solicit proxies by telephone, mail, e-mail and personal interviews. In addition, Broadridge Financial Solutions, Inc. has been engaged to assist in the solicitation of proxies for a fee of approximately $132,024 although the actual costs of the solicitation may be higher. Each Fund will also reimburse brokerage firms and others for their expenses in forwarding solicitation materials to the beneficial owners of the Fund's Common Shares. Shared costs borne by the Funds are generally allocated between the Funds based on the number of shareholder accounts in respect of each Fund. Any out-of-pocket expenses incurred in connection with the solicitation will be borne by the Fund incurring such expenses. Costs borne directly by a Fund are borne indirectly by the Fund's Shareholders.

Unless a Fund receives contrary instructions, only one copy of this Proxy Statement will be mailed to a given address where two or more Shareholders share that address. Additional copies of this Proxy Statement will be delivered promptly upon request. Requests may be sent to the Secretary of the Funds at 2002 North Tampa Street, Suite 200, Tampa, Florida 33602, or may be made by calling (877) DLine11 (877-354-6311) on any business day.

PROPOSALS: RE-ELECTION OF TRUSTEE

In accordance with each Fund's Amended and Restated Agreement and Declaration of Trust (the "Declaration"), the Trustees have been divided into the following three classes (each, a "Class"): Class I, Class II and Class III. Under this classified Board structure, generally only those Trustees in a single Class may be replaced in any one year. It would require two to three years to change a majority of a Fund's Board, depending on the composition of the Classes up for election in the first two years. This

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