DoubleLine Yield Opportunities Fund : Yield Opportunities Fund (DLY) Prospectus

PROSPECTUS SUPPLEMENT

(to Prospectus dated September 29, 2023)

DoubleLine Yield Opportunities Fund

Up to $250,000,000 of Common Shares

DoubleLine Yield Opportunities Fund (the "Fund") has entered into a distribution agreement dated September 29, 2023 (the "Distribution Agreement") with Foreside Fund Services, LLC (the "Distributor"), relating to the Fund's common shares of beneficial interest, par value $0.00001 per share ("Common Shares"), offered by this Prospectus Supplement and the accompanying Prospectus. The Distributor has entered into a sub-placement agent agreement dated September 29, 2023 (the "Sub-Placement Agent Agreement" and, together with the Distribution Agreement, the "Sales Agreements") with UBS Securities LLC (the "Sub-Placement Agent" and, together with the Distributor, the "Sales Agents"), relating to the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus. In accordance with the terms of the Sub-Placement Agent Agreement, the Fund may offer up to $250,000,000 Common Shares, par value $0.00001 per share, from time to time through the Sub-Placement Agent, as its agent for the offer and sale of the Common Shares. Under the Investment Company Act of 1940, as amended (the "1940 Act"), the Fund may not sell any Common Shares at a price below the current net asset value of such common shares, exclusive of any distributing commission or discount. The Fund's investment objective is to seek a high level of total return, with an emphasis on current income.

The Fund's outstanding Common Shares are listed on the New York Stock Exchange ("NYSE") under the symbol "DLY," as will be the Common Shares offered in this Prospectus Supplement and the accompanying Prospectus, subject to notice of issuance. The last reported sale price for the Common Shares on August 31, 2023, was $14.50 per Common Share. The net asset value of the Common Shares at the close of business on August 31, 2023, was $15.37 per Common Share.

Sales of the Common Shares, if any, under this Prospectus Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be "at the market" as defined in Rule 415 under the Securities Act of 1933, as amended (the "Securities Act"), including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange at prices related to the prevailing market prices or at negotiated prices.

The Distributor will be entitled to compensation of up to 1.00% of the gross proceeds with respect to sales of the Common Shares actually effected by it under the Distribution Agreement. Out of this commission rate, the Distributor will compensate the Sub-Placement Agent at a rate of 0.80% of the gross proceeds of the sale of Common Shares sold through the Sub-Placement Agent. In connection with the sale of the Common Shares on behalf of the Fund, the Distributor may be deemed to be an "underwriter" within the meaning of the Securities Act and the compensation of the Distributor may be deemed to be underwriting commissions or discounts.

The Sub-Placement Agent is not required to sell any specific number or dollar amount of Common Shares, but will use its reasonable best efforts to sell the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus. There is no arrangement for Common Shares to be received in an escrow, trust or similar arrangement.

Before buying any of the Common Shares, you should read the discussion of the principal risks of investing in the Fund set forth under "Principal Risk Factors" beginning on page 40 of the accompanying Prospectus.

Neither the U.S. Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The date of this Prospectus Supplement is September 29, 2023

You should read this Prospectus Supplement together with the accompanying Prospectus, which contains important information about the Fund, carefully before you invest in the Common Shares. Please retain this Prospectus Supplement and the accompanying Prospectus for future reference. The accompanying Prospectus sets forth concisely the information about the Fund that a prospective investor ought to know before investing in the Fund. The Fund has filed with the SEC a statement of additional information ("SAI") dated September 29, 2023, containing additional information about the Fund. The SAI is incorporated by reference into this Prospectus Supplement and the accompanying Prospectus, which means it is part of this Prospectus Supplement and the accompanying Prospectus for legal purposes. This Prospectus Supplement, the accompanying Prospectus and the SAI are part of a "shelf" registration statement filed with the SEC. This Prospectus Supplement describes the specific details regarding this offering, including the method of distribution. If information in this Prospectus Supplement is inconsistent with the accompanying Prospectus or the SAI, you should rely on this Prospectus Supplement. The Fund also produces both annual and semi-annual reports that contain important information about the Fund. All subsequent shareholder reports that the Fund files with the SEC are also incorporated by reference into this Prospectus Supplement and the accompanying Prospectus, until the date on which the Fund files an amendment to this Prospectus Supplement and the accompanying Prospectus that indicates the offering has been terminated. Copies of the SAI and the Fund's annual and semi- annual reports may be obtained upon request, without charge, by calling toll-free (877) DLine11 (877-354-6311) or by writing to the Fund at 2002 North Tampa Street, Suite 200, Tampa, FL 33602. You also may call this toll-free telephone number to request other information about the Fund or to make shareholder inquiries. The annual report and the semi-annual report are available on the Fund's website at www.doubleline.com. Information on, or accessible through, the Fund's website is not a part of, and is not incorporated into, this Prospectus Supplement or the accompanying Prospectus. You may review information about the Fund, including the SAI, reports and other information about the Fund on the EDGAR Database on the SEC's Internet site at www.sec.gov. You may get copies of this information, with payment of a duplication fee, by electronic request at the following E-mail address: [e-mail].

The Common Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

TABLE OF CONTENTS
Prospectus Supplement
About this Prospectus Supplement	S-1
Summary of Fund Expenses	S-4
Use of Proceeds	S-5
Capitalization	S-6
Market and Net Asset Value	S-7
Plan of Distribution	S-7
Legal Matters	S-8
Additional Information	S-8
Incorporation of Certain Information by Reference	S-9

About this Prospectus Supplement

You should rely only on the information contained or incorporated by reference in this Prospectus Supplement and the accompanying Prospectus. The Fund has not authorized anyone to provide you with inconsistent information. If anyone provides you with inconsistent information, you should not assume that the Fund has authorized or verified it. The Fund is not making an offer of these securities in any state where the offer is not permitted. You should not assume that the information contained in this Prospectus Supplement or the accompanying Prospectus is accurate as of any date other than the date on the front of this Prospectus Supplement or the accompanying Prospectus. The Fund's business, financial condition, results of operations and prospects may have changed since that date.

This document has two parts. The first part is this Prospectus Supplement, which describes the terms of this offering of Common Shares and also adds to and updates information contained in the accompanying Prospectus. The second part is the accompanying Prospectus, which gives more general information and disclosure. To the extent the information contained in this Prospectus Supplement differs from or is additional to the information contained in the accompanying Prospectus, you should rely only on the information contained in this Prospectus Supplement. You should read this Prospectus Supplement and the accompanying Prospectus before investing in the Common Shares.

This Prospectus Supplement, the accompanying Prospectus, and the Fund's SAI, including documents incorporated by reference, contain "forward-looking statements." Forward-looking statements can be identified by the words "may," "will," "intend," "expect," "estimate," "continue," "plan," "anticipate," and similar terms and the negative of such terms. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. Several factors that could materially affect the Fund's actual results are the performance of the portfolio of securities held by the Fund, the conditions in the U.S. and international financial and other markets, the price at which the Common Shares will trade in the public markets and other factors discussed in the Fund's periodic filings with the SEC.

Although the Fund believes that the expectations expressed in its forward-looking statements are reasonable, actual results could differ materially from those expressed or implied in its forward-looking statements. The Fund's future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties, such as those disclosed in the "Principal Risk Factors" section of the accompanying Prospectus. You are cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements contained or incorporated by reference in this Prospectus Supplement or the accompanying Prospectus are made as of the date of this Prospectus Supplement or the accompanying Prospectus, as the case may be. Except for the Fund's ongoing obligations under the federal securities laws, the Fund does not intend, and the Fund undertakes no obligation, to update any forward-looking statement. The forward-looking statements contained in this Prospectus Supplement, the accompanying Prospectus and the Fund's Statement of Additional Information are excluded from the safe harbor protection provided by Section 27A of the Securities Act.

Currently known risk factors that could cause actual results to differ materially from the Fund's expectations include, but are not limited to, the factors described in the "Principal Risk Factors" section of the accompanying Prospectus. The Fund urges you to review carefully those sections for a more detailed discussion of the risks of an investment in its securities.

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Prospectus Supplement Summary

This is only a summary. This summary may not contain all of the information that you should consider before investing in common shares of beneficial interest ("Common Shares") of DoubleLine Yield Opportunities Fund (the "Fund"). You should review the more detailed information contained in this Prospectus Supplement, in the accompanying Prospectus, and in the statement of additional information (the "SAI"). In particular, you should carefully read the principal risks of investing in the Common Shares, as discussed under "Principal Risk Factors" beginning on page 40 of the accompanying Prospectus.

THE FUND

The Fund is a non-diversified, limited term closed-end management investment company that commenced operations on February 26, 2020.

The Common Shares are listed on the New York Stock Exchange ("NYSE") under the symbol "DLY." As of August 31, 2023, the net assets of the Fund attributable to Common Shares were $736,822,894 and the Fund had outstanding 47,945,779 Common Shares. The last reported sale price of the Common Shares, as reported by the NYSE on August 31, 2023, was $14.50 per Common Share. The net asset value ("NAV") of the Common Shares at the close of business on August 31, 2023 was $15.37 per Common Share.

INVESTMENT ADVISER

DoubleLine Capital LP ("DoubleLine" or the "Adviser"), with offices at 2002 North Tampa Street, Suite 200, Tampa, FL 33602, serves as the investment adviser of the Fund. Subject to the oversight of the Fund's Board of Trustees, the Adviser is responsible for managing, either directly or through others selected by it, the investment activities of the Fund and the Fund's business affairs. The Adviser receives an annual management fee, computed and paid monthly, in an amount equal to 1.00% of the Fund's average daily total managed assets. "Total managed assets" means the total assets of the Fund (including assets attributable to any reverse repurchase agreements, dollar roll transactions or similar transactions, borrowings, and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities in respect of reverse repurchase agreements, dollar roll transactions or similar transactions, and borrowings).

The Adviser was founded in December 2009. Jeffrey E. Gundlach serves as the Chief Executive Officer and Chief Investment Officer of the Adviser. As of June 30, 2023, the Adviser had approximately $95.0 billion of assets under management.

THE OFFERING

The Fund has entered into a distribution agreement dated September 29, 2023 with Foreside Fund Services, LLC (the "Distributor") (the "Distribution Agreement"), relating to the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus. The Distributor has entered into a sub-placement agent agreement dated September 29, 2023 with UBS Securities LLC (the "Sub-Placement Agent" and, together with the Distributor, the "Sales Agents") (the "Sub-Placement Agent Agreement" and, together with the Distribution Agreement, the "Sales Agreements"), relating to the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus. In accordance with the terms of the Sales Agreements, the Fund may offer up to $250,000,000 Common Shares, par value $0.00001 per share, from time to time through the Sub-Placement Agent, as its agent for the offer and sale of the Common Shares.

The Fund's outstanding Common Shares are listed on the New York Stock Exchange ("NYSE") under the symbol "DLY," as will be the Common Shares offered in this Prospectus Supplement and the accompanying Prospectus, subject to notice of issuance. The last reported sale price for the Common Shares on August 31, 2023, was $14.50 per Common Share.

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