DLY - DoubleLine Yield Opportunities Fund

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Oct 2, 2026

   The fund said it may sell new shares.

   Original document →

2. Sept 24, 2026

   The fund said it may sell new shares.

   Original document →

3. July 1, 2026

   The fund said it may sell new shares.

   Original document →

4. Nov 7, 2025

   Morgan Stanley now owns 5%, as a passive investor.

   Original document →

About this fund

• Run by DoubleLine Capital LP. Part of the DoubleLine fund family. As of Sept 30, 2025, from the fund's yearly report. Original document →
• Size: about $735 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 17% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -12.6%; at +10%, about +10.7%. As of Sept 30, 2025, from the fund's annual report. Original document →
• Costs: 1.6% a year in management fees; 2.9% a year in total, including interest on borrowed money. Fiscal year ended Sept 30, 2025. As of Sept 30, 2025, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 71 charge a lower management fee and 36 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $39 in the first year and about $329 over 10 years, assuming the holdings return 5% a year. As of Sept 30, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Sept 30, 2025) the fund paid $1.46 a share. $1.41 of that was income; $0.05 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Sept 30, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Sept 30, 2025): $15.95. The shares traded at $15.08, about 5.5% below that. As of Sept 30, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 7% below to 2.1% above. As of Sept 30, 2025, from the fund's annual report. Original document →
• How the holdings did: up 3.6% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2019.

How this has changed

• Payouts per share: $1.46 in the fiscal year ended Sept 30, 2025; $1.46 in the year ended Sept 30, 2024; $1.40 in the year ended Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.05 in the year ended Sept 30, 2025; none in the year ended Sept 30, 2024; none in the year ended Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.89% a year in the fiscal year ended Sept 30, 2025; 3.46% a year in the year ended Sept 30, 2024; 3.42% a year in the year ended Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $774 million at Sept 30, 2025; $788 million at Sept 30, 2024; $723 million at Sept 30, 2023. From the fund's quarterly holdings reports. Original documents: Sept 30, 2025 →, Sept 30, 2024 →, Sept 30, 2023 →.
• Borrowing: about 18% on top of its own money at Sept 30, 2025; 19% at Sept 30, 2024; 21% at Sept 30, 2023. From the fund's quarterly holdings reports. Original documents: Sept 30, 2025 →, Sept 30, 2024 →, Sept 30, 2023 →.
• The fund had about 48.5 million shares at Sept 30, 2025, up 1.2% from Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Sept 30, 2025: the shares returned -0.3%, counting payouts; the holdings +6.7%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Sept 30, 2025, from the fund's annual report. Original document →
• The year ended Sept 30, 2024: the shares returned +23.8%, counting payouts; the holdings +19.2%. As of Sept 30, 2024, from the fund's annual report. Original document →
• The year ended Sept 30, 2023: the shares returned +20.5%, counting payouts; the holdings +8.6%. As of Sept 30, 2023, from the fund's annual report. Original document →
• The year ended Sept 30, 2022: the shares returned -23.1%, counting payouts; the holdings -18.6%. As of Sept 30, 2022, from the fund's annual report. Original document →
• The year ended Sept 30, 2021: the shares returned +12.4%, counting payouts; the holdings +13.5%. As of Sept 30, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +28.4%. $10,000 of shares bought at the start (Oct 1, 2020) would have become about $12,800 by Sept 30, 2025, with every payout counted, before tax. As of Sept 30, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: -0.7%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 58 funds that invest in bonds with a fiscal year ending within six months of this one, 48 reported a higher share return for that year and 9 a lower one. As of Sept 30, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (32%), the rest asset-backed bonds, loans and shares. About 75% issued in the U.S.

0.9% of holdings are in default.

1. Freddie Mac Stacr Remic Trust 2020-HQA2, Stacr 2020-HQA2 B2 - 3.6%
2. DoubleLine Funds Trust, DoubleLine Emerging Markets Local Currency Bond Fund - 3.4%
3. Agnc Investment - 2.4%
4. Freddie Mac Stacr Remic Trust 2020-HQA5, Stacr 2020-HQA5 B2 - 1.6%
5. Freddie Mac Stacr Remic Trust 2020-DNA1, Stacr 2020-DNA1 B2 - 1.4%
6. Deephaven Residential Mortgage Trust 2020-2, Drmt 2020-2 B3 - 1.4%
7. Vista Point Securitization Trust 2020-1, Vsta 2020-1 B2 - 1.2%
8. Cash and short-term - 1.2%
9. Federal National Mortgage Association, Cas 2021-R02 2B2 - 1.2%
10. Freddie Mac Stacr Remic Trust 2020-DNA6, Stacr 2020-DNA6 B2 - 0.9%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →