DoubleLine Yield Opportunities Fund : Yield Opportunities Fund (DLY) Statement of Additional Information (SAI)

DOUBLELINE YIELD OPPORTUNITIES FUND

STATEMENT OF ADDITIONAL INFORMATION

DoubleLine Yield Opportunities Fund (the "Fund") is a non-diversified, limited term closed-end management investment company that commenced operations on February 26, 2020.

This Statement of Additional Information (the "SAI") relating to shares of the Fund ("Common Shares") is not a prospectus, and should be read in conjunction with the Fund's prospectus relating thereto dated September 29, 2023 (the "Prospectus"). This SAI does not include all information that a prospective investor should consider before purchasing Common Shares, and investors should obtain and read the Prospectus prior to purchasing such shares. You may obtain a copy of the Prospectus on the web site (http://www.sec.gov) of the Securities and Exchange Commission ("SEC"). Capitalized terms used but not defined in this SAI have the meanings ascribed to them in the Prospectus.

This Statement of Additional Information is dated September 29, 2023.

TABLE OF CONTENTS

THE FUND	1
INVESTMENT RESTRICTIONS	1
INVESTMENT OBJECTIVE AND STRATEGIES	3
MANAGEMENT OF THE FUND	102
INVESTMENT MANAGER	104
PORTFOLIO MANAGERS	107
PORTFOLIO TRANSACTIONS	114
ANTI-TAKEOVER AND OTHER PROVISIONS IN THE DECLARATION OF TRUST	118
REPURCHASE OF COMMON SHARES; CONVERSION TO OPEN-END FUND	122
TAX MATTERS	124
CUSTODIAN, TRANSFER AGENT AND DIVIDEND DISBURSEMENT AGENT	144
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	144
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE	145
FINANCIAL STATEMENTS	146
APPENDIX A- PROCEDURES FOR SHAREHOLDERS TO SUBMIT NOMINEE CANDIDATES	A-1
APPENDIX B - PROXY VOTING GUIDELINES	B-1

THE FUND

The Fund is a non-diversified, limited term, closed-end management investment company. The Fund was formed on September 17, 2019 as a Massachusetts business trust.

The Fund is classified as a non-diversified fund under the Investment Company Act of 1940, as amended (the "1940 Act").

INVESTMENT RESTRICTIONS

Fundamental Investment Policies

The investment policies numbered 1 through 7 below have been adopted as fundamental policies for the Fund and may not be changed without the vote of a majority of the outstanding voting securities of the Fund (as defined in the 1940 Act). The 1940 Act provides that a "vote of a majority of the outstanding voting securities" of the Fund means the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the Fund, or (2) 67% or more of the shares present at a meeting if more than 50% of the outstanding shares of the Fund are present or represented by proxy.

1. The Fund may issue senior securities to the extent consistent with applicable law from time to time.
2. The Fund may borrow money to the extent permitted by applicable law from time to time.
3. The Fund may not act as underwriter of securities of other issuers except to the extent that, in connection with the disposition of portfolio securities or in connection with the purchase of securities directly from the issuer thereof, it may be deemed to be an underwriter under certain federal securities laws.
4. The Fund may not purchase any security if as a result 25% or more of the Fund's total assets (taken at current value) would be invested in securities of issuers in a single industry, except that the Fund will normally invest at least 25% of its total assets in issuers involved in one or more real estate-related industries. Investments in issuers involved in real estate-related industries include, without limitation, investments in mortgage-related obligations issued or guaranteed by government agencies or other government entities or by private originators or issuers; instruments of any kind that are backed by or that provide exposure to one or more real estate-related mortgages; interests in issuers that deal in, hold, or invest in mortgages, real estate, or other real estate-related assets; real estate investment trusts of any kind; instruments whose performance is based on or relates to payments made on real estate mortgages or other real estate-related obligations; instruments secured by any interest in real estate; and other investments that DoubleLine Capital LP (the "Adviser" or "DoubleLine") determines provide exposure to real estate or one or more of the foregoing. For purposes of this restriction, (i) loans and loan participations (other than those secured by one or more interests in real estate) will be considered investments in the industry of the underlying borrower and (ii) U.S. Government securities and investment companies are not considered to be part of

any industry.

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1. The Fund may make loans, including to affiliated investment companies, except to the extent the Fund is prohibited from doing so by applicable law. The Fund may purchase loan participations or otherwise invest in loans or similar obligations, and may make loans directly to borrowers, itself or as part of a lending syndicate. The Fund may purchase debt obligations or other financial instruments in which the Fund may invest consistent with its investment policies, enter into repurchase agreements, or lend its portfolio securities.
2. The Fund may purchase or sell commodities to the extent permitted by applicable law from time to time.
3. The Fund may purchase real estate except to the extent the Fund is prohibited from doing so by applicable law, and the Fund may possess, hold, purchase and/or dispose of real estate in connection with managing or exercising its rights in respect of its investments. The Fund may, for clarity, (i) purchase interests in issuers which deal, hold or invest in real estate, including limited partnership interests of limited partnerships that invest or deal in real estate, (ii) purchase securities which are secured by real estate or interests in real estate, including real estate mortgage loans, and (iii) acquire (by way of foreclosure or otherwise), hold and/or dispose of real estate that secured, or is otherwise related to, an investment of the Fund.

Except as stated elsewhere in the Fund's Prospectus or this SAI, to the extent the Fund has reserved the freedom to invest in a type of investment or to utilize a particular investment practice, the Fund may invest in such investment or engage in such investment practice without limit.

For purposes of applying the terms of the fund's fundamental investment policy (4), the Adviser will, on behalf of the Fund, make reasonable determinations as to the appropriate industry classification to assign to each issuer of securities in which the Fund invests. Further, there is no limit on the amount of assets the Fund may use to originate loans, except that the Fund will not originate loans to any borrower if as a result 25% or more of the Fund's total assets at the time of origination would be invested in securities of issuers in the same industry as the borrower (other than real estate-related industries). For purposes of applying the terms of the fund's fundamental investment policy (4), the Fund also expects to treat an investment in an investment company that concentrates its investments in a particular industry as an investment by the Fund in that industry generally to the extent of the Fund's estimate of the underlying fund's investment in that industry for purposes of applying the Fund's limit on industry concentration.

As a general matter, the Fund considers an industry to be a group of companies whose principal activities, products or services offered give them a similar economic risk profile vis-à-vis issuers active in other sectors of the economy. The definition of what constitutes a particular industry is therefore an evolving one, particularly for issuers in industries that are new or are undergoing rapid development. Some issuers could reasonably fall within more than one industry category. For example, some companies that sell goods over the Internet (including issuers of securities in which the Fund may invest) were initially classified as Internet companies, but over time have evolved into the economic risk profiles of retail companies.

For purposes of the Fund's policies (including the fundamental policies discussed above), any actions taken or omitted or investments made in reliance on, or in accordance with, exemptive relief, no action relief, interpretive guidance or other regulatory or governmental action or guidance, shall be considered to have been taken, made, or omitted in accordance with applicable law.

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Other Investment Policies

All percentage limitations and requirements (including those set forth in the fundamental policies discussed above) as to investments will apply only at the time of an investment to which the limitation or requirement is applicable and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Accordingly, any later increase or decrease resulting from a change in values, net assets or other circumstances will not be considered in determining whether any investment complies with the Fund's limitation or requirement.

INVESTMENT OBJECTIVE AND STRATEGIES

The Fund's Prospectus describes the Fund's principal investment strategies. The following provides information that supplements the information provided in the Fund's Prospectus.

Unless a strategy, instrument or policy described below is specifically prohibited by the investment restrictions listed in the Fund's Prospectus, under "Investment Restrictions" in this SAI, or by applicable law, the Fund may, but will not necessarily, engage in each of the investment practices described below.

The Adviser's investment process may take into account a number of factors. These factors may include, among others, standard of living convergence, consumer deleveraging, private sector debt transference and demographic shifts, position in the business cycle, sector returns, relative growth, monetary and fiscal policy, risk integration, market sentiment, behavioral analysis, relative value, market technicals, and government and/or regulatory intervention. Risks and opportunities associated with environmental, social and governance ("ESG") considerations may also be considered within the Adviser's investment process as described below.

The Fund will attempt to achieve its investment objective by investing in a variety of investments (that may be obligations of domestic or foreign entities), such as but not limited to (as specified in greater detail below): (i) project bonds; (ii) debt obligations issued or guaranteed by governments or governmental agencies (iii) U.S.

Government securities; (iv) corporate debt securities, including bonds, notes and debentures; (v) corporate and asset-backed commercial paper; (vi) mortgage and other asset-backed securities, including collateralized mortgage obligations ("CMOs"), Real Estate Mortgage Investment Conduits ("REMICs") and Re-REMICs (which are REMICs that have been resecuritized); (vii) Enhanced Equipment Trust Certificates ("EETCs") and Equipment Trust Certificate ("ETCs") (viii) variable and floating rate debt securities (including inverse floaters); (ix) subordinated corporate, mortgage, and asset-backed securities; (x) equity securities; (xi) commodities; (xii) bank certificates of deposit; (xiii) fixed time deposits and bankers' acceptances; (xiv) money market securities;

1. repurchase agreements and reverse repurchase agreements; (xvi) hybrid securities; (xvii) obligations of foreign governments or their subdivisions, agencies and instrumentalities or foreign corporate issuers; (xviii) loan participations and assignments; (ixx) commercial or residential whole mortgage loans; (xx) derivatives (including but not limited to options, futures contracts, including Treasury futures, swap agreements such as credit default

swaps, interest rate swaps,

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