Business Radar | Doubleline Opportunistic Credit Fund

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DoubleLine Capital LP 333 S. Grand Avenue 18th Floor Los Angeles, California 90071 doubleline.com Annual Report September 30, 2015 DoubleLine Income Solutions Fund NYSE: DSL ® DoubleLine F U N D S

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Table of Contents Page Chairman’s Letter 4 Financial Markets Highlights 5 Management’s Discussion of Fund Performance 7 Standardized Performance Summary 9 Schedule of Investments 10 Statement of Assets and Liabilities 16 Statement of Operations 17 Statements of Changes in Net Assets 18 Statement of Cash Flows 19 Financial Highlights 20 Notes to Financial Statements 21 Report of Independent Registered Accounting Firm 28 Federal Tax Information 29 Additional Information Regarding the Fund’s Investment Activities 29 Trustees and Officers 31 Information About Proxy Voting 34 Information About Portfolio Holdings 34 Householding — Important Notice Regarding Delivery of Shareholder Documents 34 Fund Certification 34 Proxy Results 34 Dividend Reinvestment Plan 35 Privacy Notice 36 Annual Report September 30, 2015 3

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Chairman’s Letter September 30, 2015 ® DoubleLine F U N D S Dear Shareholder, On behalf of the team at DoubleLine, I am pleased to deliver the Annual Report for the DoubleLine Income Solutions Fund (NYSE: DSL, the “Fund”) for the 12-month period ended September 30, 2015. 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 877-DLine11 (877-354-6311), or visit our website www.doublelinefunds.com to hear our investment management team offer 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 Income Solutions Fund November 1, 2015 4 DoubleLine Income Solutions Fund

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Financial Markets Highlights September 30, 2015 Š Emerging Markets (EM) Debt Over the 12-month period ended September 30, 2015, U.S. dollar (USD)-denominated EM fixed income indices posted modestly negative returns. Both EM sovereign and corporate spreads widened over the fourth quarter of 2014, after oil prices began their sharp fall on slowing global demand and increasing excess supply from oil producing countries. Slowing domestic U.S. data over the first half of 2015 started to push out expectations for the first Federal Reserve hike and EM spreads tightened on looser financial conditions. The positive global growth story took a turn in June after a series of negative data points and policy steps by China started to weigh on global growth expectations and put further pressure on commodity prices. EM spreads began to widen, ending September 2015 at levels not seen since the European debt crisis in 2011. EM local currency debt underperformed U.S. dollar (USD) EM fixed income over the 12-month period as EM currencies sharply declined against the USD. Š Agency Mortgage-Backed Securities (Agency MBS) For the 12-month period ended September 30, 2015, the Barclays U.S. MBS Index returned 3.43% and the duration of the Index shortened from 5.01 to 4.20 years, as the U.S. yield curve flattened with 10-year U.S. Treasury yields declining by 0.45%. Refinancing activity, as measured by the Mortgage Bankers Association (MBA) Refinancing Index, increased when looking at the trailing 12-month period; however, activity spiked at the beginning of 2015 when interest rates dramatically fell over the month of January, propagating a refinancing wave for the first quarter. In addition, housing turnover increased materially this year with higher purchasing activity in general, particularly during the summer months. The combination of higher refinancing and purchasing activity resulted in an increase in prepayment speeds for the first half of 2015. As of the end of the reporting period, prepayment speeds have come back down to levels seen at the end of 2014, showing the diminishing effects of housing seasonality with less purchasing and refinancing activity in general as we approached closer to the fall and winter months. As prepayment speeds were higher during the first half of 2015, gross issuance of Agency MBS was also higher during the first half of 2015, resulting in a total issuance year-to-date (YTD) surpassing 2014 total issuance volumes. Š Non-Agency Mortgage-Backed Securities (Non-Agency MBS) During the 12-month period ended September 30, 2015, the non-Agency MBS market was largely stable despite headwinds coming from both domestic and international markets. The non-Agency MBS market largely shrugged off global concern and instead displayed stable, if not improving, fundamentals during the period. On the technical side, trading volume slowly decreased while investors remained interested in adding exposure to this sector. We have seen more interest rate and market volatility during the period than we have seen in the past several years in the non-Agency MBS space, though mortgage rates are lower year-over-year (YoY). As a result, prepayment speeds have been slightly faster and liquidation rates and loss severities have either been stable or improving. This has helped the sector as the average price is still below par, and faster speeds and lower liquidations have helped investors achieve more yield. In the near-term, we expect technical aspects to continue to help, as we believe that low issuance of new non-Agency MBS will keep the supply and demand balance in favor of buyers. Š Commercial Mortgage-Backed Securities (CMBS) Over the 12-month period ended September 30, 2015, CMBS credit spreads widened as macroeconomic and headline volatility extended into September. During the period, the Barclays U.S. CMBS Index returned 3.72%, outperforming the broader Barclays U.S. Aggregate Bond Index by 0.78%. For the period, 10-year AAA last cash flows (LCFs) were trading at 1.23% over swaps, representing a 0.42% widening YoY, while BBB- bonds traded at 5.25% over swaps, a 1.90% widening. On the new issue front, non-Agency CMBS issuance was up 7.30% YoY, with $92.9 billion in new issuance over 110 deals during the 12-month reporting period compared to $86.6 billion in 97 deals from October 2013 through September 2014. Delinquency rates across all asset classes improved during the period. The delinquency rate fell 0.17% in September to 5.28%. The rate is now 0.75% lower than it was at this time last year, and 0.47% lower YTD. Š U.S. High Yield (HY) For the 12-month period ended September 30, 2015, the Citi High-Yield Cash-Pay Capped Index declined 4.36% as volatility and market uncertainty increased over the third quarter of 2015. Credit quality was a major differentiator as higher-rated bonds outperformed lower-rated ones. Specifically, BB-rated issues declined 1.57% while B-rated issues were down 5.24% and CCC-rated issues dropped 11.42%. Notable outperformers by industry were Retail-Food & Drug (+8.67%), Food Processors/Beverage/Bottling (+7.33%), and Annual Report September 30, 2015 5

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Financial Markets Highlights (Cont.) September 30, 2015 Airlines (+7.02%). The underperforming industries were all commodity related. Underperformance by sector was led by Secondary Oil & Gas Producers (-30.65%), Metals/Mining (-25.44%) and Oil Equipment (-23.86%). The 12-month par-weighted HY default rate as of September 30, 2015 was 2.29% while the more stable issuer-weighted default rate came in at 2.52%. Š Bank Loans For the 12-month period ended September 30, 2015, the S&P/LSTA Leveraged Loan Index returned 0.92%. Amidst the volatility over the past few months, investors have clearly preferred higher quality loans. As such, by bank loan rating, BB-rated loans led performance, returning 3.56%. First lien loans returned 1.28%, outperforming the second lien loan return of -5.77%. The top performing industries included Cosmetics—Toiletries (+5.84%) and Food and Drug Retailers (+5.74%). Underperforming industries were focused around the commodity sector. The worst performing industries were Oil and Gas (-23.42%), Nonferrous Metals—Minerals (-17.69%) and Forest Products (-15.22%). As of the end of the period, the default rate remained low at 1.27% on a par-weighted basis and 0.77% on par-weighted basis. Š Collateralized Loan Obligations (CLOs) For the 12-month period ended September 30, 2015, 211 new CLOs came to market with a value of $109 billion. During the fourth quarter of 2014, there was $30.71 billion in new CLO issuance, which concluded a record-setting 2014 for CLO issuance. At the onset of 2015, CLO market participants expected to see between $70-80 billion in new issuance for the year. Through the first two quarters of 2015, expectations for 2015 issuance were revised to $90-110 billion; however, new issuance during the third quarter of 2015 disappointed market expectations as the lowest quarter of issuance since the third quarter of 2013. Despite the issuance slowdown during the end of the period, CLO new issuance for 2015 already surpassed the original estimate of $70-80 billion with $80.94 billion issued YTD. CLO prices decreased slightly over the period, however, with lower rated CLOs (rated BBB and BBs) experiencing more price declining than higher rated securities (rated AAA-A). 6 DoubleLine Income Solutions Fund

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Management’s Discussion of Fund Performance September 30, 2015 The DoubleLine Income Solutions Fund underperformed the Barclays Global Aggregate Bond Index’s return of -3.27% for the 12-month period ended September 30, 2015 on both a net asset value and market price basis. Credit assets struggled for much of this year with emerging markets fixed income (EMFI) and HY debt declining over the period. Global fixed income markets were plagued by worries over deteriorating growth, weakness in the commodities complex and a surprise currency devaluation in China. As of the end of the reporting period, the Fund’s largest exposure was to the EMFI sector at just under 44%, which was the worst performing sector and reversed the strong gains from the prior year. Conversely, MBS, both commercial and residential, contributed healthy total returns to the Fund which contributed toward offsetting losses from EMFI and HY. Other sectors within the Fund, such as Bank Loans, CLOs and Municipal debt additionally benefited from price appreciation which helped to mitigate losses in NAV over the period. The Fund also continues to employ leverage and had a levered weighted average duration of 6.7 years as of September 30, 2015. Period Ended 9-30-15 1 Year Net Asset Value (NAV) Return -6.77% Market Price Return -12.20% Barclays Global Aggregate Bond Index -3.27% For additional performance information, please refer to the “Standardized Performance Summary.” Opinions expressed herein are as of September 30, 2015 and are subject to change at any time, are not guaranteed and should not be considered investment advice. This report is for the information of shareholders of the Fund. The views expressed herein (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Fund’s trading intent. Information included herein is not an indication of the Fund’s future portfolio composition. Securities and indices 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 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. Shares of closed-end investment companies frequently trade at a discount to their net asset value, which may increase investors’ risk of loss. There are risks associated with an investment in the Fund. 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. The Fund’s daily New York Stock Exchange closing prices, net asset values per share, as well as other information are available at http://www.doublelinefunds.com/ closed_end_funds/income_solutions/overview.html or by calling the Fund’s shareholder servicing agent at (877) 354-6311. 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 offered through broker/dealers on the secondary market. Unlike an open-end mutual fund, a closed-end fund offers a fixed number of shares for sale. After the initial public offering, shares are bought and sold in the secondary marketplace, and the market price of the shares is determined by supply and demand, not by net asset value (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. Credit ratings from 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 Standard & Poor’s (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. Fund investing involves risk. Principal loss is possible. 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. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. 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 Fund is a “non-diversified” investment company and therefore may invest a greater percentage of its assets in the securities of a single issuer or a limited number of issuers than funds that are “diversified.” Accordingly, the Fund is more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund might be. 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. 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) 354-6311/ 1 (877) DLINE11, or visiting www.doublelinefunds.com. You should read these reports and other filings carefully before investing. Annual Report September 30, 2015 7

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Management’s Discussion of Fund Performance (Cont.) September 30, 2015 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 data quoted represents past performance; past performance does not guarantee future results. 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 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 (877) 354-6311 or by visiting http://www.doublelinefunds.com/closed_end_funds/income_solutions/overview.html. This material 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, market or regulatory developments. The views expressed herein 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. The views expressed herein are subject to change at any time based upon economic, market, or other conditions and DoubleLine undertakes no obligation to update the views expressed herein. While we have gathered this information from sources believed to be reliable, DoubleLine cannot guarantee the accuracy of the information provided. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. For a complete list of Fund holdings, please refer to the Schedule of Investments provided in this report. Barclays Global Aggregate Bond Index—This index is an unmanaged index that measures the global investment grade fixed-rate debt markets and is comprised of the U.S. Aggregate, Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. Barclays U.S. Aggregate Bond Index—This index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. Barclays U.S. CMBS Index—This index measures the performance of investment grade commercial mortgage-backed securities, which are classes of securities that represent interests in pools of commercial mortgages. Barclays U.S. MBS Index—This index measures the performance of investment grade fixed-income mortgage-backed pass-through securities of the Government- Sponsored Enterprises (GSEs) issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Citi High-Yield Cash-Pay Capped Index—This index represents the cash-pay securities of the Citigroup High-Yield Market Capped Index, which represents a modified version of the High Yield Market Index by delaying the entry of fallen angel issues and capping the par value of individual issuers at $5 billion par amount outstanding. Duration—A measure of the sensitivity of a price of a fixed income investment to a change in interest rates, expressed as a number of years. Last Cash Flow (LCF)—The last revenue stream paid to a bond over a given period. Mortgage Bankers Association (MBA) Refinance Index—An index that covers all mortgage applications to refinance an existing mortgage. It includes conventional and government refinances. S&P/LSTA Leveraged Loan Index—Capitalization-weighted syndicated loan indices are based upon market weightings, spreads and interest payments, and this index covers the U.S. market back to 1997 and currently calculates on a daily basis. Created by the Leveraged Commentary & Data (LCD) team at S&P Capital IQ, the review provides an overview and outlook of the leveraged loan market as well as an expansive review of the S&P Leveraged Loan Index and sub-indexes. The review consists of index general characteristics, results, risk-return profile, default/distress statistics, and repayment analysis. A direct investment cannot be made in an index. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses applicable to mutual fund investments. Quasar Distributors, LLC provides filing administration for DoubleLine Capital LP. 8 DoubleLine Income Solutions Fund

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(Unaudited) Standardized Performance Summary September 30, 2015 DSL Since Inception DoubleLine Income Solutions Fund Annualized Returns as of September 30, 2015 6 Months 1 Year (4-26-13) Total Return based on NAV -5.44% -6.77% 0.27% Total Return based on Market Price -8.73% -12.20% -6.48% Barclays Global Aggregate Bond Index -0.34% -3.27% -1.23% Performance data quoted represents past performance; past performance does not guarantee future results. 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 (213) 633-8200 or by visiting www.doublelinefunds.com. Annual Report September 30, 2015 9

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Schedule of Investments DoubleLine PRINCIPAL AMOUNT $ SECURITY DESCRIPTION BANK LOANS 15.5% Albertson’s Holdings LLC, 7,752,807 Guaranteed Senior Secured 1st Lien Term Loan, Tranche B4 Alfred Fueling Systems, Inc., 2,850,000 Guaranteed Secured 2nd Lien Term Loan 2,814,375 Guaranteed Senior Secured 1st Lien Term Loan Alinta Energy Finance Pty Ltd., 363,531 Senior Secured 1st Lien Delayed-Draw Tranche B 5,469,912 Senior Secured Loan, Tranche B Allflex Holdings, 8,000,000 Guaranteed Secured 2nd Lien Term Loan American Renal 5,998,778 Secured 2nd Lien Draw Term Loan American Tire 2,114,143 Guaranteed Senior Secured 1st Lien Term Loan, Tranche B Applied Systems, Inc., 6,000,000 Secured 2nd Lien Term Loan, Tranche B Asurion LLC, 6,000,000 Secured 2nd Lien Term Loan 2,000,000 Senior Secured 1st Lien Term Loan, Tranche B Avaya, Inc., 5,964,461 Guaranteed Senior Secured 1st Lien Term Loan, Tranche B7 BMC Software Finance, Inc., 6,875,527 Guaranteed Senior Secured 1st Lien Term Loan, Tranche B Candy Intermediate Holdings, Inc., 8,569,747 Guaranteed Senior Secured 1st Lien Term Loan, Tranche B Capital Automotive LP, 8,000,000 Guaranteed Secured 2nd Lien Term Loan Compuware Corporation, 2,984,962 Senior Secured 1st Lien Term Loan, Tranche B2 CSM Bakery Supplies 2,900,000 Secured 2nd Lien Term Loan DI Purchaser, Inc., 4,689,587 Senior Secured 1st Lien Term Loan, Tranche B Douglas Dynamics LLC, 1,439,125 Guaranteed Senior Secured 1st Lien Term Loan, Tranche B Dynacast International LLC, 1,940,000 Secured 2nd Lien Term Loan Eden Financing, 2,897,738 Senior Secured 1st Lien Term Loan, Tranche B 10 DoubleLine Income Solutions Fund Income Solutions Fund September 30, 2015 PRINCIPAL RATE MATURITY VALUE $ AMOUNT $ SECURITY DESCRIPTION RATE MATURITY VALUE $ Emerald Expositions Holdings, Inc., 14,956 Senior Secured 1st Lien Term Loan, Tranche B 4.75%# 06/17/2020 14,947 EnergySolutions LLC, 5.50%# 08/25/2021 7,764,320 6,063,857 Senior Secured 1st Lien Term Loan, Tranche B 6.75%# 05/29/2020 5,972,899 eResearch Technology, Inc., 8.50%# 06/20/2022 2,835,750 1,930,163 Senior Secured 1st Lien Term Loan, Tranche B 5.50%# 05/08/2022 1,925,636 4.75%# 06/18/2021 2,811,744 Filtration Group, Inc. 1,571,222 Senior Secured 2nd Lien Term Loan, Tranche B 8.25%# 11/19/2021 1,572,863 Term Loan, Four Seasons Holdings, Inc., 6.38%# 08/13/2018 364,394 5,944,444 Guaranteed Secured 2nd 1st Lien Term Lien Term Loan 6.25%# 12/28/2020 5,929,583 6.38%# 08/13/2019 5,482,903 Fram Group Holdings, Inc., Inc., 2,856,990 Guaranteed Senior Secured 1st Lien Term Loan 7.00%# 07/28/2017 2,499,867 8.00%# 07/19/2021 7,905,000 Healogics Inc., Holdings, Inc., 5,700,000 Secured 2nd Lien Term Loan 9.00%# 07/01/2022 5,543,250 Delayed- 8.50%# 02/20/2020 5,998,778 Jazz Acquisition, Inc., 5,000,000 Secured 2nd Lien Term Loan 7.75%# 06/17/2022 4,843,750 Distributors, Inc., KC MergerSub, Inc., 3,870,000 Senior Secured 1st Lien Term 5.25%# 09/01/2021 2,121,183 Loan 6.00%# 08/12/2022 3,831,300 KIK Custom Products, Inc., 8,000,000 Senior Secured 1st Lien Term 7.50%# 01/24/2022 5,962,500 Loan, Tranche B 6.00%# 08/26/2022 7,853,360 Lattice Semiconductor Corporation, 8.50%# 03/03/2021 5,437,500 3,850,650 Guaranteed Senior Secured 1st Lien Term Loan, 5.00%# 08/04/2022 1,895,940 Tranche B 5.25%# 03/10/2021 3,658,118 Longview Power LLC, 5,985,000 Senior Secured 1st Lien Term Loan, Tranche B 7.00%# 04/13/2021 5,955,075 6.25%# 05/29/2020 4,708,196 Mauser Holding GmbH, 6,850,000 Guaranteed Secured 2nd Lien Term Loan 8.25%# 07/29/2022 6,772,938 Mitchell International, Inc., 5.00%# 09/10/2020 6,272,199 6,000,000 Guaranteed Secured 2nd Lien Term Loan 8.50%# 10/11/2021 5,995,020 Murray Energy Corporation, 2,413,950 Guaranteed Senior Secured 7.50%# 06/18/2018 8,505,474 1st Lien Term Loan, Tranche B2 7.50%# 04/16/2020 1,886,236 National Vision, Inc., 6.00%# 04/30/2020 8,073,360 3,770,000 Secured 2nd Lien Term Loan 6.75%# 03/11/2022 3,718,162 North American Lifting, 5,959,616 Guaranteed Senior Secured 6.25%# 12/15/2021 2,884,220 1st Lien Term Loan 5.50%# 11/27/2020 5,438,150 LLC, NVA Holdings, Inc., 8.75%# 07/02/2021 2,769,500 3,880,000 Secured 2nd Lien Term Loan 8.00%# 08/12/2022 3,855,750 P2 Upstream Acquisition Company, 3,095,000 Guaranteed Secured 2nd 6.00%# 12/15/2021 4,630,968 Lien Term Loan 9.00%# 04/30/2021 2,723,600 1,965,000 Guaranteed Senior Secured 1st Lien Term Loan 5.00%# 10/30/2020 1,935,525 Packaging Coordinators, Inc., 5.25%# 12/31/2021 1,442,723 2,113,650 Senior Secured 1st Lien Term Loan, Tranche B 5.25%# 07/30/2021 2,104,413 9.50%# 01/30/2023 1,936,974 Performance Food Group, Inc., 7,810,176 Guaranteed Senior Secured 2nd Lien Term Loan 7.50%# 11/14/2019 7,836,184 6.00%# 04/28/2022 2,894,115 The accompanying notes are an integral part of these financial statements.

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September 30, 2015 PRINCIPAL PRINCIPAL AMOUNT $ SECURITY DESCRIPTION RATE MATURITY VALUE $ AMOUNT $ SECURITY DESCRIPTION RATE MATURITY VALUE $ PGX Holdings, Inc., US Renal Care, Inc., 5,446,143 Senior Secured 1st Lien 6,190,000 Guaranteed Secured Term Loan 5.75%# 09/29/2020 5,463,162 2nd Lien Term Loan, Tranche B1 8.50%# 01/03/2020 6,259,637 PharMEDium Healthcare Corporation, 6,000,000 Secured 2nd Lien Term Loan 7.75%# 01/28/2022 5,940,000 Veresen Midstream LP, 5,970,000 Senior Secured 1st Lien Polyconcept Finance BV, Term Loan, Tranche B 5.25%# 03/31/2022 5,955,075 5,210,857 Senior Secured 1st Lien Term Loan, Tranche A1 6.00%# 06/28/2019 5,210,857 Wand Intermediate LP, 2,888,175 Senior Secured 1st Lien Protection One, Inc., Term Loan 4.75%# 09/17/2021 2,885,763 5,800,000 Secured 2nd Lien Term Loan 9.75%# 07/01/2022 5,742,000 2,910,000 Senior Secured 2nd Lien Rack Merger Sub, Inc., Term Loan 8.25%# 09/19/2022 2,851,800 4,500,000 Guaranteed Secured 2nd WASH Multifamily Laundry Systems LLC, Lien Term Loan, 1,650,859 Senior Secured 2nd Lien Tranche B 8.25%# 10/03/2022 4,483,125 Term Loan 8.00%# 05/15/2023 1,642,605 RCS Capital Corporation, 289,141 Senior Secured 2nd Lien 5,544,304 Guaranteed Senior Secured Term Loan 8.00%# 05/15/2023 287,695 1st Lien Term Loan 7.50%# 04/29/2019 5,225,506 Total Bank Loans (Cost $315,615,979) 310,128,206 Riverbed Technology, Inc., 4,626,750 Senior Secured 1st Lien Term Loan, Tranche B 6.00%# 04/25/2022 4,640,237 COLLATERALIZED LOAN OBLIGATIONS 8.2% Sabre Industries, Inc., Adams Mill Ltd., 2,678,288 Guarnateed Senior Secured 2,000,000 Series 2014-1A-D2 4.54%#^ 07/15/2026 1,967,680 1st Lien Term Loan 5.75%# 02/25/2022 2,674,109 6,000,000 Series 2014-1A-E2 6.54%#^ 07/15/2026 5,634,983 Scientific Games International, Inc., Apidos Ltd., 7,940,000 Guaranteed Senior Secured 2,750,000 Series 2012-11A-D 4.54%#^ 01/17/2023 2,741,939 1st Lien Term Loan, 1,000,000 Series 2014-18A-E 6.30%#^ 07/22/2026 834,775 Tranche B2 6.00%# 10/01/2021 7,851,906 ARES Ltd., Sedgwick, Inc., 3,602,857 Series 2007-12A-E 6.08%#^ 11/25/2020 3,611,670 7,580,000 Guaranteed Senior Secured 3,500,000 Series 2012-3A-E 6.04%#^ 01/17/2024 3,371,228 2nd Lien Term Loan 6.75%# 02/28/2022 7,182,050 Avalon Capital Ltd., Solenis International LP, 3,000,000 Series 2012-1AR-ER 5.89%#^ 04/17/2023 2,979,590 5,850,000 Guaranteed Secured 2nd Birchwood Park Ltd., Lien Term Loan 7.75%# 07/29/2022 5,598,947 500,000 Series 2014-1A-E2 6.69%#^ 07/15/2026 484,436 SourceHOV LLC, BlueMountain Ltd., 4,710,000 Guaranteed Senior Secured 740,000 Series 2012-1A-E 5.79%#^ 07/20/2023 728,174 1st Lien Term Loan, 2,250,000 Series 2012-2A-D 4.43%#^ 11/20/2024 2,238,656 Tranche B 7.75%# 10/31/2019 4,289,044 7,000,000 Series 2012-2A-E 5.43%#^ 11/20/2024 6,775,182 Surgery Center Holdings, Inc. 1,500,000 Series 2015-2A-F 7.08%#^ 07/18/2027 1,282,385 3,910,000 Secured 2nd Lien Term Loan 8.50%# 11/03/2021 3,951,544 Brookside Mill Ltd., 2,034,625 Guaranteed Senior Secured 4,500,000 Series 2013-1A-D 3.34%#^ 04/17/2025 4,146,882 1st Lien Term Loan 5.25%# 11/03/2020 2,037,484 Canyon Capital Ltd., TCH-2 Holdings LLC, 6,500,000 Series 2012-1A-D 4.59%#^ 01/15/2024 6,504,722 7,478,850 Senior Secured 1st Lien Carlyle Global Market Strategies Ltd., Term Loan 5.50%# 05/06/2021 7,441,456 3,000,000 Series 2014-3A-C2 4.50%#^ 07/27/2026 3,002,560 Tekni-Plex, Inc., 4,500,000 Series 2014-3A-D2 6.55%#^ 07/27/2026 4,325,604 970,000 Senior Secured 2nd Lien Cent Ltd., Term Loan 8.75%# 06/01/2023 970,000 3,450,000 Series 2013-18A-D 3.74%#^ 07/23/2025 3,294,570 TPF II Power LLC, 8,500,000 Series 2013-18A-E 4.89%#^ 07/23/2025 7,350,550 4,684,141 Senior Secured 1st Lien Flatiron Ltd., Term Loan, Tranche B 5.50%# 10/01/2021 4,689,528 2,000,000 Series 2012-1X-D 5.80%# 10/25/2024 1,923,493 Transtar Holding Company, Galaxy Ltd., 3,410,496 Secured 2nd Lien Term Loan 10.00%# 10/09/2019 3,308,181 1,985,000 Series 2012-14A-D 4.72%#^ 11/15/2024 1,990,229 2,356,789 Senior Secured 1st Lien 2,750,000 Series 2012-14X-E 5.72%# 11/15/2024 2,673,225 Term Loan 5.75%# 10/09/2018 2,286,085 3,000,000 Series 2014-18A-D2 4.59%#^ 10/15/2026 2,985,604 Travelport Finance Luxembourg S.A.R.L., 5,000,000 Series 2014-18A-E2 6.59%#^ 10/15/2026 4,814,559 6,739,075 Guaranteed Senior Secured GoldenTree Loan Opportunities Ltd., 1st Lien Term Loan, 10,000,000 Series 2015-10A-E1 6.32%#^ 07/20/2027 9,401,240 Tranche B 5.75%# 09/02/2021 6,715,926 Halcyon Loan Advisors Funding Ltd., TTM Technologies, Inc., 2,000,000 Series 2012-1A-D 5.82%#^ 08/15/2023 1,863,855 4,850,000 Guaranteed Senior Secured 1,000,000 Series 2014-2A-C 3.79%#^ 04/28/2025 917,383 1st Lien Term Loan, 1,000,000 Series 2014-2A-D 5.29%#^ 04/28/2025 816,899 Tranche B 6.00%# 05/31/2021 4,534,750 1,000,000 Series 2014-2A-E 6.03%#^ 04/28/2025 787,484 TWCC Holding Corporation, LCM LP, 5,820,000 Secured 2nd Lien Term Loan 7.00%# 06/26/2020 5,445,367 3,500,000 Series 14A-E 4.94%#^ 07/15/2025 3,087,004 3,500,000 Series 14A-F 5.44%#^ 07/15/2025 2,781,593 7,000,000 Series 19A-E1 6.68%#^ 07/15/2027 6,733,469 The accompanying notes are an integral part of these financial statements. Annual Report September 30, 2015 11

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Schedule of Investments DoubleLine Income Solutions Fund (Cont.) September 30, 2015 PRINCIPAL PRINCIPAL AMOUNT $ SECURITY DESCRIPTION RATE MATURITY VALUE $ AMOUNT $ SECURITY DESCRIPTION RATE MATURITY VALUE $ Madison Park Funding Ltd., 29,350,000 CorpGroup Banking S.A. 6.75% 03/15/2023 28,029,250 2,500,000 Series 2014-13X-E 5.29%# 01/19/2025 2,193,604 21,860,000 Corporacion Azucarera 10,022,500 Series 2015-18A-E2 6.66%#^ 10/21/2026 9,799,570 del Peru S.A. 6.38% 08/02/2022 18,143,800 18,100,000 Cosan Overseas Ltd. 8.25%† 11/05/2015 14,208,500 Magnetite Ltd., 10,300,000 Credito Real S.A.B. de 9,500,000 Series 2012-7A-D 5.54%#^ 01/15/2025 9,194,571 C.V. 7.50% 03/13/2019 10,222,750 North End Ltd., 13,000,000 Credito Real S.A.B. de 5,250,000 Series 2013-1A-D 3.79%#^ 07/17/2025 4,984,260 C.V. 7.50%^ 03/13/2019 12,902,500 38,600,000 Digicel Ltd. 8.25% 09/30/2020 35,898,000 Octagon Investment Partners Ltd., 5,000,000 Digicel Ltd. 7.13%^ 04/01/2022 4,337,500 2,000,000 Series 2013-1A-D 3.64%#^ 07/17/2025 1,881,769 5,000,000 Digicel Ltd. 7.13% 04/01/2022 4,337,500 9,500,000 Series 2013-1A-E 4.79%#^ 07/17/2025 8,257,142 6,100,000 Ecopetrol S.A. 7.38% 09/18/2043 5,596,750 2,000,000 Series 2014-1A-D 6.88%#^ 11/14/2026 1,949,426 18,500,000 Ecopetrol S.A. 5.88% 05/28/2045 14,060,000 Venture Ltd., 19,000,000 Evraz Group S.A. 9.50% 04/24/2018 19,960,070 1,000,000 Series 2012-10A-D 4.49%#^ 07/20/2022 1,002,361 10,000,000 Evraz, Inc. N.A. 7.50%^ 11/15/2019 9,550,000 3,000,000 Series 2012-12A-E 5.63%#^ 02/28/2024 2,759,820 13,000,000 Far East Capital Ltd. S.A. 8.75%^ 05/02/2020 7,696,650 4,000,000 Series 2013-14A-D 4.08%#^ 08/28/2025 3,833,493 5,000,000 Far East Capital Ltd. S.A. 8.75% 05/02/2020 2,960,250 7,800,000 Financiera WhiteHorse Ltd., Independencia S.A.B. 7,000,000 Series 2012-1A-B1L 4.55%#^ 02/03/2025 6,835,069 de .C.V. 7.50%^ 06/03/2019 7,374,900 1,250,000 Series 2012-1A-B2L 5.55%#^ 02/03/2025 1,112,942 8,800,000 Financiera 1,600,000 Series 2012-1A-B3L 6.80%#^ 02/03/2025 1,299,776 Independencia S.A.B. 3,250,000 Series 2013-1A-B1L 4.03%#^ 11/24/2025 3,079,180 de C.V 7.50% 06/03/2019 8,320,400 Wind Rider Ltd., 20,000,000 Freeport-McMoRan 2,500,000 Series 2013-2A-D 3.89%#^ 01/18/2026 2,348,188 Copper & Gold, Inc. 5.40% 11/14/2034 14,093,800 2,500,000 Series 2013-2A-E 5.04%#^ 01/18/2026 2,150,117 25,400,000 Freeport-McMoRan Total Collateralized Loan Obligations Copper & Gold, Inc. 5.45% 03/15/2043 17,780,000 (Cost $171,199,713) 164,732,911 10,235,000 GeoPark Latin America Ltd. 7.50% 02/11/2020 6,959,800 9,765,000 GeoPark Latin America FOREIGN CORPORATE BONDS 63.7% Ltd. 7.50%^ 02/11/2020 6,640,200 26,900,000 Aeropuertos 9,772,000 GFL Environmental, Inc. 7.88%^ 04/01/2020 10,052,945 Dominicanos 9.75% 11/13/2019 26,765,500 6,000,000 Gol Finance, Inc. 8.75%† 01/05/2016 3,585,000 24,000,000 AES Andres 13,000,000 Gol LuxCo S.A. 8.88%^ 01/24/2022 8,060,000 Dominicana Ltd. 9.50% 11/12/2020 24,720,000 6,000,000 Gol LuxCo S.A. 8.88% 01/24/2022 3,720,000 8,000,000 AES El Salvador Trust 6.75%^ 03/28/2023 7,160,000 17,000,000 Grupo Cementos de 19,000,000 AES El Salvador Trust 6.75% 03/28/2023 17,005,000 Chihuahua S.A.B de 24,850,000 Ajecorp B.V. 6.50% 05/14/2022 14,288,750 C.V. 8.13% 02/08/2020 17,765,000 10,800,000 Altice Finance S.A. 7.75%^ 07/15/2025 9,558,000 29,800,000 Grupo Elektra S.A.B. de 6,352,941 Ardagh Packaging C.V. 7.25% 08/06/2018 28,459,000 Finance 7.00%^ 11/15/2020 6,384,706 695,000 Grupo Famsa S.A.B. de 101,251 Autopistas del C.V. 7.25% 06/01/2020 616,813 Nordeste Ltd. 9.39% 04/15/2024 97,707 10,000,000 Grupo Famsa S.A.B. de 27,000,000 Avianca Holdings S.A. 8.38%^ 05/10/2020 22,950,000 C.V. 7.25%^ 06/01/2020 8,875,000 13,000,000 Avianca Holdings S.A. 8.38% 05/10/2020 11,050,000 14,700,000 Grupo Idesa S.A. de C.V. 7.88%^ 12/18/2020 14,773,500 10,310,000 Banco Continental 5,800,000 Grupo Idesa S.A. de C.V. 7.88% 12/18/2020 5,829,000 SAECA 8.88% 10/15/2017 10,554,862 22,000,000 Grupo Papelero Scribe, 15,700,000 Banco de Reservas de S.A. 8.88% 04/07/2020 20,570,000 la Republica 26,000,000 Grupo Posadas S.A.B. de Dominicana 7.00% 02/01/2023 15,781,405 C.V. 7.88%^ 06/30/2022 23,530,000 9,872,000 Banco de Reservas de 24,500,000 GTL Trade Finance, Inc. 7.25% 04/16/2044 18,620,000 la Republica 19,000,000 Inkia Energy Ltd. 8.38% 04/04/2021 19,807,500 Dominicana 7.00%^ 02/01/2023 9,923,186 5,622,000 Inkia Energy Ltd. 8.38%^ 04/04/2021 5,860,935 40,000,000 Banco do Brasil S.A. 9.25%#† 04/15/2023 24,300,000 11,800,000 Instituto Costarricense 6,350,000 Banco do Brasil S.A. 9.00%#^† 06/18/2024 3,759,644 de Electricidad 6.38% 05/15/2043 9,499,000 3,460,000 Banco Regional SAECA 8.13% 01/24/2019 3,485,950 15,000,000 Instituto Costarricense 2,350,000 Banco Regional SAECA 8.13%^ 01/24/2019 2,367,625 de Electricidad 6.38%^ 05/15/2043 12,075,000 10,000,000 Bantrab Senior Trust 9.00%^ 11/14/2020 10,175,000 10,000,000 Intelsat S.A. 7.75% 06/01/2021 6,537,500 22,700,000 BR Malls International 8,000,000 Kronos Acquisition Finance Ltd. 8.50%† 01/21/2016 18,216,750 Holdings, Inc. 9.00%^ 08/15/2023 7,200,000 25,600,000 Braskem Finance 6,000,000 Latam Airlines Group Company 7.13% 07/22/2041 17,996,800 S.A. 7.25%^ 06/09/2020 5,340,000 8,700,000 Braskem Finance Ltd. 7.38%† 10/07/2015 6,098,700 5,800,000 LBC Tank Terminals 9,400,000 Camposol S.A. 9.88%^ 02/02/2017 8,484,440 Holding B.V. 6.88%^ 05/15/2023 6,046,500 6,100,000 Camposol S.A. 9.88% 02/02/2017 5,505,860 8,525,000 Lundin Mining 9,772,000 Cencosud S.A. 6.63%^ 02/12/2045 8,900,768 Corporation 7.50%^ 11/01/2020 8,269,250 5,310,000 Cencosud S.A. 6.63% 02/12/2045 4,836,582 7,500,000 Lundin Mining 18,230,000 CFG Investment S.A.C. 9.75% 07/30/2019 11,120,300 Corporation 7.88%^ 11/01/2022 7,218,750 22,000,000 CIMPOR Financial 23,000,000 Magnesita Finance Ltd. 8.63%† 04/05/2017 15,180,000 Operations B.V. 5.75% 07/17/2024 14,982,000 24,000,000 Marfrig Holdings B.V. 8.38% 05/09/2018 22,500,000 32,000,000 Colombia 12,650,000 Marfrig Overseas Ltd. 9.50% 05/04/2020 12,397,000 Telecomunicaciones 13,168,000 Minerva Luxembourg S.A. 8.50%#^† 03/30/2020 30,000,000 S.A. 8.75%#† 04/03/2019 11,719,520 30,900,000 Compania Minera Ares 17,500,000 Minerva Luxembourg S.A.C. 7.75% 01/23/2021 29,694,900 S.A. 8.75%#^† 04/03/2019 15,575,000 7,000,000 Concordia Healthcare 990,000 Minerva Luxembourg Corporation 7.00%^ 04/15/2023 6,125,000 S.A. 12.25% 02/10/2022 1,074,249 12 DoubleLine Income Solutions Fund The accompanying notes are an integral part of these financial statements.

Page 13

September 30, 2015 PRINCIPAL PRINCIPAL AMOUNT $ SECURITY DESCRIPTION RATE MATURITY VALUE $ AMOUNT $ SECURITY DESCRIPTION RATE MATURITY VALUE $ 14,970,000 Minerva MUNICIPAL BONDS 1.7% Luxembourg S.A. 7.75% 01/31/2023 13,173,600 45,000,000 Commonwealth of 20,000,000 Noble Group Ltd. 6.00%#† 06/24/2019 10,500,000 Puerto Rico 8.00% 07/01/2035 33,862,500 4,784,000 OAS Financial Ltd. 8.88%#†Ω 04/25/2018 502,320 29,000,000 OAS Financial Ltd. 8.88%#^†Ω 04/25/2018 3,045,000 Total Municipal Bonds 5,000,000 Odebrecht Finance (Cost $38,015,408) 33,862,500 Ltd. 7.50%† 10/30/2015 3,025,000 28,000,000 Odebrecht Finance NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 14.2% Ltd. 7.13% 06/26/2042 16,030,000 1,500,000 Pacific Rubiales Bear Stearns Commercial Mortgage Securities, Inc., Energy 9,948,000 Series 2007-T26-AJ 5.57%# 01/12/2045 10,073,484 Corporation 7.25%^ 12/12/2021 547,500 Citigroup Commercial Mortgage Trust, 12,500,000 Pacific Rubiales Energy 10,000,000 Series 2015-GC27-D 4.58%#^ 02/10/2048 8,510,985 99,588,033 Series 2015-GC27-XA 1.60%# I/O 02/10/2048 9,792,043 Corporation 7.25% 12/12/2021 4,562,500 14,200,000 Pacific Rubiales Commercial Mortgage Pass-Through Certificates, Energy 3,438,112 Series 2014-UBS4-E 3.75%^ 08/10/2047 2,538,014 Corporation 5.13% 03/28/2023 4,970,000 3,929,315 Series 2014-UBS4-F 3.75%^ 08/10/2047 2,363,090 5,200,000 Pacific Rubiales 7,367,549 Series 2014-UBS4-G 3.75%^∞ 08/10/2047 2,272,152 Energy 14,000 Series 2014-UBS4-V 0.00%#^∞ 08/10/2047 — Corporation 5.63% 01/19/2025 1,852,500 Great Wolf Trust, 19,800,000 Pacific Rubiales 30,000,000 Series 2015-WFMZ-M 7.19%#^ 05/15/2032 29,787,015 Energy Corporation 5.63%^ 01/19/2025 7,053,750 GS Mortgage Securities Corporation, 15,000,000 Pesquera Exalmar 17,730,000 Series 2014-GC20-E 4.53%#^ 04/10/2047 14,586,970 S.A.A. 7.38% 01/31/2020 12,075,000 65,010,362 Series 2014-GC20-XD 1.36%#^ I/O 04/10/2047 4,953,432 3,500,000 Petra Diamonds PLC 8.25%^ 05/31/2020 3,298,750 JP Morgan Chase Commercial Mortgage Securities Corporation, 17,200,000 Petrobras Global 4,100,000 Series 2003-C1-F 5.83%#^ 01/12/2037 4,065,371 Finance B.V. 6.75% 01/27/2041 11,094,000 3,990,000 Series 2014-FL6-FMS1 3.51%#^ 11/15/2031 3,972,711 5,000,000 Petroleos Mexicanos 5.50% 06/27/2044 4,037,500 3,649,000 Series 2014-FL6-FMS2 4.16%#^ 11/15/2031 3,634,656 8,800,000 Reliance Intermediate JPMBB Commercial Mortgage Securities Trust, Holdings LP 6.50%^ 04/01/2023 8,844,000 14,113,175 Series 2014-C19-E 4.00%#^ 04/15/2047 11,375,219 15,119,000 Sappi Papier Holding 7,840,900 Series 2014-C19-F 3.75%#^ 04/15/2047 4,307,790 GmbH 7.50%^ 06/15/2032 14,211,860 25,090,332 Series 2014-C19-NR 3.75%#^∞ 04/15/2047 6,995,185 7,500,000 Sappi Papier Holding 12,000,000 Series 2014-C21-E 3.90%# 08/15/2047 8,934,228 GmbH 7.50% 06/15/2032 7,050,000 55,727,164 Series 2014-C21-XD 0.92%# I/O 08/15/2047 2,777,414 7,545,000 Seven Generations 81,369,445 Series 2014-C26-XA 1.33%# I/O 01/15/2048 5,555,743 Energy Ltd. 8.25%^ 05/15/2020 7,130,025 12,020,000 Series 2015-C27-E 2.81%#^ 02/15/2048 7,761,122 12,000,000 Sixsigma Networks 24,531,000 Series 2015-C27-XE 1.68%#^ I/O 02/15/2048 2,806,739 Mexico S.A. de C.V. 8.25%^ 11/07/2021 11,325,000 LB-UBS Commercial Mortgage Trust, 8,170,000 Sixsigma Networks 19,000,000 Series 2007-C1-AJ 5.48% 02/15/2040 19,556,254 Mexico S.A. de C.V. 8.25% 11/07/2021 7,710,438 11,400,000 Southern Copper Merrill Lynch/Countrywide Commercial Mortgage Trust, Corporation 6.75% 04/16/2040 10,178,604 14,068,000 Series 2006-1-B 5.75%# 02/12/2039 13,745,576 11,730,000 Southern Copper Morgan Stanley Capital, Inc., Corporation 5.88% 04/23/2045 9,538,132 11,815,000 Series 2007-IQ13-AJ 5.44% 03/15/2044 11,863,973 7,423,000 Teine Energy Ltd. 6.88%^ 09/30/2022 6,374,501 20,000,000 Telefonica Celular Wachovia Bank Commercial Mortgage Trust, del Paraguay S.A. 6.75% 12/13/2022 19,400,000 25,305,000 Series 2007-C33-AJ 6.15%# 02/15/2051 26,087,051 2,770,000 TV Azteca S.A.B. de 3,937,000 Series 2007-C33-B 6.15%# 02/15/2051 3,985,984 C.V. 7.50% 05/25/2018 2,451,450 Wells Fargo Commercial Mortgage Trust, 28,007,000 TV Azteca S.A.B. de 4,870,000 Series 2014-LC16-E 3.25%^ 08/15/2050 3,443,516 C.V. 7.63% 09/18/2020 23,203,799 4,870,000 Series 2014-LC16-XC 1.80%#^ I/O 08/15/2050 558,998 12,000,000 Unifin Financiera 12,175,807 Series 2014-LC16-XD 1.80%#^ I/O 08/15/2050 1,213,496 S.A.P.I. de C.V. 6.25%^ 07/22/2019 11,310,000 18,361,980 Series 2015-C29-E 4.37%#^ 06/15/2048 13,490,547 14,300,000 Unifin Financiera 9,180,600 Series 2015-C29-F 4.37%#^ 06/15/2048 5,450,522 S.A.P.I. de C.V. 6.25% 07/22/2019 13,477,750 39,018,814 Series 2015-C29-G 4.37%#^∞ 06/15/2048 12,907,424 26,000,000 Vedanta Resources PLC 8.25% 06/07/2021 19,240,000 WFRBS Commercial Mortgage Trust, 16,600,000 Vedanta Resources 21,973,000 Series 2014-LC14-E 3.50%#^ 03/15/2047 17,108,850 PLC 7.13%^ 05/31/2023 11,059,750 87,892,034 Series 2014-LC14-XC 1.66%#^ I/O 03/15/2047 8,903,626 12,000,000 VimpelCom Holdings Total Non-Agency Commercial Mortgage Backed B.V. 7.50% 03/01/2022 12,075,000 Obligations 15,000,000 VimpelCom Holdings (Cost $284,158,927) B.V. 5.95% 02/13/2023 13,726,830 285,379,180 1,600,000 Volcan Cia Minera S.A.A. 5.38% 02/02/2022 1,336,000 NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE 12,000,000 VTR Finance B.V. 6.88% 01/15/2024 10,920,000 OBLIGATIONS 4.7% Total Foreign Corporate Bonds (Cost $1,549,822,490) 1,278,449,076 PFCA Home Equity Investment Trust, 16,864,443 Series 2002-IFC2-A 4.34%#^ 10/22/2033 15,510,667 37,612,582 Series 2003-IFC3-A 4.59%#^ 08/22/2034 36,620,881 40,663,207 Series 2003-IFC4-A 4.24%#^ 10/22/2034 38,808,587 The accompanying notes are an integral part of these financial statements. Annual Report September 30, 2015 13

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Schedule of Investments DoubleLine Income Solutions Fund (Cont.) September 30, 2015 PRINCIPAL PRINCIPAL AMOUNT $/ AMOUNT $ SECURITY DESCRIPTION RATE MATURITY VALUE $ SHARES SECURITY DESCRIPTION RATE MATURITY VALUE $ 9,101,000 Scientific Games Wachovia Mortgage Loan Trust, International, 4,342,493 Series 2007-A-4A1 6.08%# 03/20/2037 3,970,924 Inc. 7.00%^ 01/01/2022 9,032,743 Total Non-Agency Residential Collateralized 13,706,000 Select Medical Mortgage Obligations Corporation 6.38% 06/01/2021 13,431,880 (Cost $94,928,424) 94,911,059 9,300,000 Signode Industrial Group, Inc. 6.38%^ 05/01/2022 8,835,000 US CORPORATE BONDS 24.2% 14,787,000 Southern Graphics, Inc. 8.38%^ 10/15/2020 14,860,935 15,000,000 Affinia Group, Inc. 7.75% 05/01/2021 15,825,000 12,015,000 SUPERVALU, Inc. 6.75% 06/01/2021 11,714,625 3,200,000 Agricola Senior Trust 6.75%^ 06/18/2020 3,191,680 13,600,000 TransDigm, Inc. 6.50% 07/15/2024 12,849,960 11,840,000 Ahern Rentals, Inc. 7.38%^ 05/15/2023 10,360,000 19,790,000 Triangle USA 8,000,000 American Eagle Energy Petroleum Corporation 11.00%^Ω 09/01/2019 1,800,000 Corporation 6.75%^ 07/15/2022 8,410,750 16,313,000 American Tire 11,000,000 Ultra Petroleum Distributors, Inc. 10.25%^ 03/01/2022 16,720,825 Corporation 6.13%^ 10/01/2024 6,325,000 9,698,000 Argos Merger Sub, Inc. 7.13%^ 03/15/2023 9,831,347 4,900,000 Univar, Inc. 6.75%^ 07/15/2023 4,569,250 12,315,000 BMC Software Finance, 3,925,000 Viking Cruises Ltd. 6.25%^ 05/15/2025 3,856,313 Inc. 8.13%^ 07/15/2021 9,998,241 9,535,000 WCI Communities, 8,000,000 Builders FirstSource, Inc. 6.88% 08/15/2021 9,940,238 Inc. 10.75%^ 08/15/2023 8,030,000 17,650,000 Woodside Homes 6,825,000 Chemours Company 7.00%^ 05/15/2025 4,504,500 Company LLC 6.75%^ 12/15/2021 16,326,250 475,000 Cloud Peak Energy Total US Corporate Bonds Resources LLC 6.38% 03/15/2024 263,625 (Cost $558,522,213) 484,719,937 9,870,000 Constellis Holdings LLC 9.75%^ 05/15/2020 9,018,712 12,000,000 Coveris Holdings S.A. 7.88%^ 11/01/2019 11,430,000 14,045,000 Crimson Merger Sub, US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 10.8% Inc. 6.63%^ 05/15/2022 12,113,812 4,005,000 Energy Gulf Coast, Inc. 11.00%^ 03/15/2020 1,902,375 Federal Home Loan Mortgage Corporation, 1,130,000 Energy Gulf Coast, Inc. 7.50% 12/15/2021 152,550 19,809,766 Series 3631-SJ 6.03%# I/F I/O 02/15/2040 4,064,578 2,250,000 Energy Gulf Coast, Inc. 6.88% 03/15/2024 399,375 30,184,118 Series 3770-SP 6.29%# I/F I/O 11/15/2040 3,768,683 11,710,000 Energy Partners Ltd. 8.25% 02/15/2018 2,927,500 49,884,914 Series 3980-SX 6.29%# I/F I/O 01/15/2042 10,717,175 13,460,000 Ensemble S Merger 11,418,271 Series 4203-US 5.69%# I/F 05/15/2033 11,179,498 Sub, Inc. 9.00%^ 09/30/2023 13,073,025 18,559,899 Series 4212-NS 5.15%# I/F 06/15/2043 16,787,160 7,691,000 EP Energy LLC 9.38% 05/01/2020 6,652,715 8,426,420 Series 4236-SC 11.47%# I/F 08/15/2043 9,388,957 13,025,000 Expo Event Transco, Federal National Mortgage Association, Inc. 9.00%^ 06/15/2021 13,090,125 9,534,114 Series 2006-83-SH 6.37%# I/F I/O 09/25/2036 2,057,791 2,500,000 Frontier 17,551,736 Series 2007-22-S 6.56%# I/F I/O 03/25/2037 3,547,188 Communications 39,060,050 Series 2010-123-SK 5.86%# I/F I/O 11/25/2040 7,574,447 Corporation 11.00%^ 09/15/2025 2,425,000 2,190,169 Series 2012-140-SC 7.54%# I/F 12/25/2042 2,257,234 14,987,000 Gates Global LLC 6.00%^ 07/15/2022 12,139,470 49,413,072 Series 2012-52-PS 6.39%# I/F I/O 05/25/2042 10,545,886 7,840,000 Gray Television, Inc. 7.50% 10/01/2020 8,065,400 1,561,578 Series 2013-111-US 11.22%# I/F 11/25/2043 1,596,132 7,182,000 HD Supply, Inc. 7.50% 07/15/2020 7,505,190 24,940,412 Series 2013-55-US 5.71%# I/F 06/25/2043 22,508,510 6,410,000 Hexion Finance 48,630,386 Series 2013-58-KS 5.63%# I/F 06/25/2043 45,817,409 Corporation 6.63% 04/15/2020 5,480,550 25,406,537 Series 2013-58-SC 5.71%# I/F 06/25/2043 24,229,490 15,000,000 Hillman Group, Inc. 6.38%^ 07/15/2022 13,875,000 40,375,098 Series 2013-64-SH 5.71%# I/F 06/25/2043 37,769,350 9,400,000 Infor, Inc. 6.50%^ 05/15/2022 8,648,000 3,534,090 Series 2013-82-SB 11.21%# I/F 08/25/2043 3,863,526 4,875,000 Italics Merger Sub, Inc. 7.13%^ 07/15/2023 4,667,812 Total US Government / Agency Mortgage 15,510,000 KB Home 7.63% 05/15/2023 15,703,875 Backed Obligations 2,435,000 Kindred Healthcare, (Cost $216,761,734) 217,673,014 Inc. 8.00%^ 01/15/2020 2,587,188 16,075,000 Legacy Reserves LP 6.63% 12/01/2021 11,011,375 15,350,000 Memorial Production SHORT TERM INVESTMENTS 0.7% Partners LP 7.63% 05/01/2021 10,438,000 4,711,658 BlackRock 8,984,000 Midas Intermediate Liquidity Funds Holdco LLC 7.88%^ 10/01/2022 8,804,320 FedFund - 4,890,000 Murray Energy Institutional Corporation 11.25%^ 04/15/2021 2,591,700 Shares 0.01%/ 4,711,658 9,025,000 Navient Corporation 5.88% 10/25/2024 7,107,188 4,711,657 Fidelity 8,535,000 Neiman Marcus Group Institutional Ltd. 8.00%^ 10/15/2021 8,833,725 Money Market 3,000,000 Neptune Finco Government Corporation 10.88%^ 10/15/2025 3,037,500 Portfolio - 10,450,000 Omega LLC 8.75%^ 07/15/2023 9,300,500 Class I 0.01%/ 4,711,657 14,500,000 Onex York Acquisition 4,711,657 Morgan Stanley Corporation 8.50%^ 10/01/2022 12,379,375 Institutional 6,860,000 OPE KAG Finance Sub, Liquidity Funds Inc. 7.88%^ 07/31/2023 6,980,050 Government 9,750,000 Plastipak Holdings, Inc. 6.50%^ 10/01/2021 9,360,000 Portfolio - 3,545,000 Post Holdings, Inc. 6.00%^ 12/15/2022 3,407,631 Institutional 3,000,000 Post Holdings, Inc. 8.00%^ 07/15/2025 3,095,625 Share Class 0.04%/ 4,711,657 6,405,000 RCN Telecom Services Total Short Term Investments LLC 8.50%^ 08/15/2020 6,637,181 (Cost $14,134,972) 14,134,972 11,920,000 Reynolds Group Issuer Total Investments 143.7% LLC 8.25% 02/15/2021 11,949,800 14,200,000 Sanchez Energy (Cost $3,243,159,860)‡ 2,883,990,855 Liabilities in Excess of Other Assets (43.7)% (877,297,031) Corporation 7.75% 06/15/2021 10,579,000 10,970,000 Sandridge Energy, Inc. 8.75%^ 06/01/2020 6,671,131 NET ASSETS 100.0% $2,006,693,824 14 DoubleLine Income Solutions Fund The accompanying notes are an integral part of these financial statements.

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September 30, 2015 SECURITY TYPE BREAKDOWN as a % of Net Assets: INVESTMENT BREAKDOWN as a % of Net Assets: Foreign Corporate Bonds 63.7% Non-Agency Commercial Mortgage Backed Obligations 14.2% US Corporate Bonds 24.2% US Government / Agency Mortgage Backed Obligations 10.9% Bank Loans 15.5% Oil & Gas 9.9% Non-Agency Commercial Mortgage Backed Obligations 14.2% Building and Development 8.4% US Government / Agency Mortgage Backed Obligations 10.8% Collateralized Loan Obligations 8.2% Collateralized Loan Obligations 8.2% Telecommunications 7.2% Non-Agency Residential Collateralized Mortgage Obligations 4.7% Mining 7.1% Municipal Bonds 1.7% Consumer Products 6.9% Short Term Investments 0.7% Utilities 5.6% Other Assets and Liabilities (43.7)% Transportation 4.9% 100.0% Non-Agency Residential Collateralized Mortgage Obligations 4.7% Finance 4.6% Banking 4.2% COUNTRY BREAKDOWN as a % of Net Assets: Media 4.1% United States 78.8% Business Equipment and Services 3.6% Brazil 12.9% Electronics/Electric 3.6% Mexico 11.6% Automotive 3.3% Peru 7.3% Chemicals/Plastics 3.2% Colombia 5.1% Healthcare 3.2% Dominican Republic 3.8% Retailers (other than Food/Drug) 3.0% Canada 3.8% Hotels/Motels/Inns and Casinos 2.3% Chile 3.6% Containers and Glass Products 2.2% Russia 2.8% Pulp & Paper 2.1% Jamaica 2.2% Industrial Equipment 1.7% India 1.9% Municipal Bonds 1.7% Paraguay 1.8% Food/Drug Retailers 1.7% Indonesia 1.6% Construction 1.6% El Salvador 1.2% Insurance 1.3% Costa Rica 1.1% Aerospace and Defense 1.3% South Africa 1.1% Technology 1.2% Luxembourg 0.8% Beverage and Tobacco 1.1% Netherlands 0.6% Real Estate 0.9% China 0.5% Food Products 0.9% Guatemala 0.5% Environmental Control 0.8% Ireland 0.3% Short Term Investments 0.7% Australia 0.3% Pharmaceuticals 0.4% United Kingdom 0.1% Cosmetics/Toiletries 0.4% Other Assets and Liabilities (43.7)% Financial Intermediaries 0.4% Leisure 0.2% 100.0% Other Assets and Liabilities (43.7)% 100.0% # Variable rate security. Rate disclosed as of September 30, 2015. ^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2015, the value of these securities amounted to $1,135,979,380 or 56.6% of net assets. † Perpetual Maturity Ω Issuer is in default of interest payments I/O Interest only security ∞ Illiquid security. At September 30, 2015, the value of these securities amounted to $22,174,761 or 1.1% of net assets. I/F Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates / Seven-day yield as of September 30, 2015 ‡ All securities have been segregated for the benefit of the counterparty as collateral for line of credit. The accompanying notes are an integral part of these financial statements. Annual Report September 30, 2015 15

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Statement of Assets and Liabilities September 30, 2015 ASSETS Investments in Securities, at Value* $2,869,855,883 Short Term Investments* 14,134,972 Interest and Dividends Receivable 52,855,421 Receivable for Investments Sold 7,547,350 Cash 962,499 Prepaid Expenses and Other Assets 192,660 Total Assets 2,945,548,785 LIABILITIES Loan Payable 925,000,000 Payable for Investments Purchased 8,756,605 Investment Advisory Fees Payable 2,532,870 Administration, Fund Accounting and Custodian Fees Payable 1,236,833 Payable to Broker 1,028,118 Professional Fees Payable 192,389 Accrued Expenses 108,146 Total Liabilities 938,854,961 Commitments and Contingencies (See Note 2 and Note 9) Net Assets $2,006,693,824 NET ASSETS CONSIST OF: Capital Stock ($0.00001 par value) $ 1,013 Additional Paid-in Capital 2,414,474,814 Undistributed (Accumulated) Net Investment Income (Loss) (See Note 5) 3,249,620 Accumulated Net Realized Gain (Loss) on Investments (51,862,618) Net Unrealized Appreciation (Depreciation) on Investments (359,169,005) Net Assets $2,006,693,824 *Identified Cost: Investments in Securities $3,229,024,888 Short Term Investments 14,134,972 Shares Outstanding and Net Asset Value Per Share: Shares Outstanding (unlimited authorized) 101,349,841 Net Asset Value per Share $ 19.80 16 DoubleLine Income Solutions Fund The accompanying notes are an integral part of these financial statements.

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Statement of Operations For the Year Ended September 30, 2015 INVESTMENT INCOME Income: Interest $ 237,642,395 Total Investment Income 237,642,395 Expenses: Investment Advisory Fees 32,604,291 Interest Expense (See Note 9) 11,593,510 Administration, Fund Accounting and Custodian Fees 5,217,013 Professional Fees 516,154 Shareholder Reporting Expenses 203,941 Trustees’ Fees 124,686 Registration Fees 99,363 Insurance Expenses 78,471 Miscellaneous Expenses 52,800 Transfer Agent Expenses 2,620 Total Expenses 50,492,849 Net Investment Income (Loss) 187,149,546 REALIZED & UNREALIZED GAIN (LOSS) Net Realized Gain (Loss) on Investments (39,485,716) Net Change in Unrealized Appreciation (Depreciation) on Investments (296,717,366) Net Realized and Unrealized Gain (Loss) on Investments (336,203,082) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $(149,053,536) The accompanying notes are an integral part of these financial statements. Annual Report September 30, 2015 17

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Statements of Changes in Net Assets Year Ended Year Ended September 30, 2015 September 30, 2014 OPERATIONS Net Investment Income (Loss) $ 187,149,546 $ 180,065,693 Net Realized Gain (Loss) on Investments (39,485,716) 13,845,469 Net Change in Unrealized Appreciation (Depreciation) on Investments (296,717,366) 83,152,473 Net Increase (Decrease) in Net Assets Resulting from Operations (149,053,536) 277,063,635 DISTRIBUTIONS TO SHAREHOLDERS From Net Investment Income (192,868,749) (182,429,715) Total Distributions to Shareholders (192,868,749) (182,429,715) Total Increase (Decrease) in Net Assets $ (341,922,285) $ 94,633,920 NET ASSETS Beginning of Period $2,348,616,109 $2,253,982,189 End of Period $2,006,693,824 $2,348,616,109 Undistributed (Accumulated) Net Investment Income (Loss) (See Note 5) $ 3,249,620 $ 4,436,280 18 DoubleLine Income Solutions Fund The accompanying notes are an integral part of these financial statements.

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Statement of Cash Flows September 30, 2015 CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES Net Increase (Decrease) in Net Assets Resulting from Operations $ (149,053,536) Adjustments to Reconcile the Change in Net Assets from Operations to Net Cash Provided By (Used In) Operating activities: Purchases of Long Term Investments (1,625,119,699) Proceeds from Disposition of Long Term Investments 1,713,531,602 Net (Purchases of) Proceeds from Disposition of Short Term Investments 30,999,599 Net Amortization (Accretion) of Premiums/Discounts 2,370,813 Net Realized (Gain) Loss on Investments 39,485,716 Net Change in Unrealized (Appreciation) Depreciation of Investments 296,717,366 (Increase) Decrease in: Receivable for Investments Sold 29,045,523 Interest and Dividends Receivable (870,162) Prepaid Expenses and Other Assets (120,659) Increase (Decrease) in: Payable for Investments Purchased (57,605,769) Investment Advisory Fees Payable (254,375) Payable to Broker (154,406) Accrued Expenses (29,755) Administration, Fund Accounting and Custodian Fees Payable (102,693) Professional Fees Payable (8,317) Net Cash Provided By (Used In) Operating Activities 278,831,248 CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES Increase in borrowings 1,125,000,000 Decrease in borrowings (1,210,000,000) Cash Dividends Paid to Common Stockholders (192,868,749) Net Cash Provided By (Used In) Financing Activities (277,868,749) NET CHANGE IN CASH Cash at Beginning of Period — Cash at End of Period $ 962,499 SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION Cash Paid for Interest on Loan Outstanding $ 11,593,510 The accompanying notes are an integral part of these financial statements. Annual Report September 30, 2015 19

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Financial Highlights Year Ended Year Ended Period Ended September 30, 2015 September 30, 2014 September 30, 20131 Net Asset Value, Beginning of Period $ 23.17 $ 22.24 $ 23.832 Income (Loss) from Investment Operations: Net Investment Income (Loss)3 1.85 1.78 0.56 Net Gain (Loss) on Investments (Realized and Unrealized) (3.32) 0.95 (1.55) Total from Investment Operations (1.47) 2.73 (0.99) Less Distributions: Distributions from Net Investment Income (1.90) (1.80) (0.59) Return of Capital — — (0.01) Total Distributions (1.90) (1.80) (0.60) Net Asset Value, End of Period $ 19.80 $ 23.17 $ 22.24 Market Price, End of Period $ 17.29 $ 21.65 $ 21.95 Total Return on Net Asset Value4 (6.77)% 12.66% (4.16)%7 Total Return on Market Price5 (12.20)% 7.21% (9.73)%7 Supplemental Data: Net Assets, End of Period (000’s) $2,006,694 $2,348,616 $2,253,982 Ratios to Average Net Assets: Expenses, including interest expense 2.27% 2.17% 1.74%6 Expenses, excluding interest expense 1.75% 1.71% 1.47%6 Net Investment Income (Loss) 8.41% 7.71% 5.71%6 Portfolio Turnover Rate 51% 55% 5%7 1 The Fund commenced operations on April 26, 2013. 2 Net Asset Value, beginning of period, reflects a deduction of $1.17 per share of sales load and offering expenses from the initial public offering price of $25.00 per share. 3 Calculated based on average shares outstanding during the period. 4 Total return on Net Asset Value is computed based upon the Net Asset Value of common stock on the first business day and the closing Net Asset Value on the last business day of the period. Dividends and distributions are assumed to be reinvested at the prices obtained under the Fund’s dividend reinvestment plan. 5 Total return on Market Price is computed based upon the New York Stock Exchange market price of the Fund’s shares and excludes the effect of brokerage commissions. Dividends and distributions are assumed to be reinvested at the prices obtained under the Fund’s dividend reinvestment plan. 6 Annualized. 7 Not Annualized. 20 DoubleLine Income Solutions Fund The accompanying notes are an integral part of these financial statements.

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Notes to Financial Statements September 30, 2015 1. Organization DoubleLine Income Solutions Fund (the “Fund”) was formed as a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and classified as a non-diversified management investment company. The Fund was organized as a Massachusetts business trust on January 10, 2013 and commenced operations on April 26, 2013. The Fund is listed on the New York Stock Exchange (“NYSE”) under the symbol “DSL”. The Fund’s primary investment objective is to seek high current income and its secondary objective is to seek capital appreciation. 2. Significant Accounting Policies The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946, “Financial Services—Investment Companies”, by the Financial Accounting Standards Board (“FASB”). The following is a summary of the significant accounting policies of the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“US GAAP”). A. Security Valuation. The Fund has adopted US GAAP fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below: • Level 1—Unadjusted quoted market prices in active markets for identical securities • Level 2—Quoted prices for identical or similar assets in markets that are not active, or inputs derived from observable market data • Level 3—Significant unobservable inputs (including the reporting entity’s estimates and assumptions) Assets and liabilities may be transferred between levels. The Fund uses end of period timing recognition to account for any transfers. Market values for domestic and foreign fixed income securities are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs described in the following table which is not intended to be a complete list. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed income securities in which the Fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income securities. Securities that use similar valuation techniques and inputs as described in the following table are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable, the values would be categorized as Level 3. Fixed-income class Examples of Standard Inputs All Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) Corporate bonds and notes; Standard inputs and underlying equity of the issuer convertible securities US bonds and notes of government and Standard inputs government agencies Residential and commercial Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, mortgage-backed obligations; collateral characteristics, credit enhancements and specific deal information, trustee reports asset-backed obligations (including collateralized loan obligations) Bank loans Standard inputs Investments in registered open-end management investment companies will be valued based upon the net asset value (“NAV”) of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in private investment funds typically will be valued based upon the NAVs of such investments and are categorized as Level 2 of the fair value hierarchy. As of September 30, 2015, the Fund did not hold any investments in private investment funds. Over-the-counter financial derivative instruments, such as foreign currency exchange contracts, options contracts, futures, or swaps agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of evaluations provided by independent pricing services or broker dealer quotations. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy. The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells to a financial institution a security that it holds with an agreement to repurchase the same security at an agreed-upon price and date. A reverse repurchase agreement involves the risk that the market value of the security may decline below the repurchase price of the security. The Fund will segregate assets determined to be liquid by the Adviser or otherwise cover its obligations under reverse repurchase agreements. As of September 30, 2015, the Fund had no outstanding reverse repurchase agreements. Annual Report September 30, 2015 21

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Notes to Financial Statements (Cont.) September 30, 2015 Securities may be fair valued in accordance with the fair valuation procedures approved by the Board of Trustees (the “Board”). The Valuation Committee is generally responsible for overseeing the day to day valuation processes and reports periodically to the Board. The Valuation Committee and the Pricing Group are authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are deemed to be unreliable indicators of market or fair value. The following is a summary of the fair valuations according to the inputs used to value the Fund’s investments as of September 30, 20151: Category Investments in Securities Level 1 Money Market Funds $ 14,134,972 Total Level 1 14,134,972 Level 2 Foreign Corporate Bonds 1,278,449,076 US Corporate Bonds 484,719,937 Bank Loans 310,128,206 Non-Agency Commercial Mortgage Backed Obligations 251,083,017 US Government / Agency Mortgage Backed Obligations 217,673,014 Collateralized Loan Obligations 164,732,911 Non-Agency Residential Collateralized Mortgage Obligations 94,911,059 Municipal Bonds 33,862,500 Total Level 2 2,835,559,720 Level 3 Non-Agency Commercial Mortgage Backed Obligations 34,296,163 Total Level 3 34,296,163 Total $2,883,990,855 See the Schedule of Investments for further disaggregation of investment categories. 1 There were no transfers into or out of Level 1 during the year ended September 30, 2015. The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value: Net Change in Unrealized Appreciation Net Change in (Depreciation) Unrealized on securities Balance as of Net Realized Appreciation Net Accretion Transfers Into Transfers Out Balance as of held at 9/30/2014 Gain (Loss) (Depreciation)4 (Amortization) Purchases1 Sales2 Level 3 3 of Level 3 3 9/30/2015 9/30/20154 Investments in Securities Non-Agency Residential Collateralized Mortgage Obligations $17,281,097 $(1,218,106) $ 1,092,706 $203,499 $ 621,325 $(17,980,521) $ — $— $ — $ — Non-Agency Commercial Mortgage Backed Obligations 11,304,539 — (6,143,726) 103,698 22,360,772 — 6,670,880 — 34,296,163 (2,037,202) Total $28,585,636 $(1,218,106) $(5,051,020) $307,197 $22,982,097 $(17,980,521) $6,670,880 $— $34,296,163 $(2,037,202) 1 Purchases include all purchases of securities and payups. 2 Sales include all sales of securities, maturities, and paydowns. 3 Transfers between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs from the prior fiscal year end. 4 Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on securities held at September 30, 2015 may be due to a security that was not held or categorized as Level 3 at either period end. 22 DoubleLine Income Solutions Fund

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September 30, 2015 The following is a summary of quantitative information about Level 3 Fair Value Measurements: Fair Value as of Unobservable 9/30/2015* Valuation Techniques Input Input Values Impact to valuation from an increase to input Non-Agency Commercial Mortgage Increase in yields would result in the decrease in the fair Backed Obligations $34,296,163 Market Comparables Yields 9.92%-18.09% value of the security * Level 3 securities are typically valued by pricing vendors. The appropriateness of fair values for these securities is monitored on an ongoing basis by the Adviser, which may include back testing, results of vendor due diligence, unchanged price review and consideration of market and/or sector events. B. Federal Income Taxes. The Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes has been made. The Fund may be subject to a nondeductible 4% excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired. The Fund identifies its major tax jurisdictions as U.S. Federal, the State of Massachusetts and the State of California. C. Security Transactions, Investment Income. Investment securities transactions are accounted for on trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Interest income is recorded on an accrual basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method except for certain deep discount bonds where management does not expect the par value above the bond’s cost to be fully realized. Dividend income and corporate action transactions, if any, are recorded on the ex-date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of securities received. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statement of Operations. D. Dividends and Distributions to Shareholders. Dividends from net investment income will be declared and paid monthly. The Fund will distribute any net realized long or short-term capital gains at least annually. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from US GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed net investment income (loss), and/or undistributed (accumulated) realized gain (loss). Undistributed net investment income or loss may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or capital gain remaining at fiscal year end is distributed in the following year. E. Use of Estimates. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. F. Share Valuation. The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding, rounded to the nearest cent. The Fund’s NAV is calculated on days when the New York Stock Exchange opens for regular trading (except that the Fund does not calculate its NAV on holidays when the principal U.S. bond markets are closed, such as Columbus Day and Veterans Day). G. Unfunded Loan Commitments. The Fund may enter into certain credit agreements, of which all or a portion may be unfunded. As of September 30, 2015, the Fund had no outstanding unfunded loan commitments. The Fund may also enter into certain credit agreements designed to provide standby short term or “bridge” financing to a borrower. Typically the borrower is not economically incented to draw on the bridge loan and as such the likelihood of funding is remote. As of September 30, 2015, the Fund had no outstanding bridge loan commitments. The Fund is obligated to fund these commitments at the borrower’s discretion. The Fund generally will maintain with its custodian liquid investments having an aggregate value at least equal to the par value of unfunded loan commitments and bridge loans. H. Guarantees and Indemnifications. Under the Fund’s organizational documents, each Trustee and officer of the Fund is indemnified, to the extent permitted by the 1940 Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts. Annual Report September 30, 2015 23

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Notes to Financial Statements (Cont.) September 30, 2015 3. Related Party Transactions DoubleLine Capital LP (the “Adviser”) provides the Fund with investment management services under an Investment Management Agreement (the “Agreement”). Under the Agreement, the Adviser manages the investment of the assets of the Fund, places orders for the purchase and sale of its portfolio securities and is responsible for providing certain resources to assist with the day-to-day management of the Fund’s business affairs. As compensation for its services, the Adviser is entitled to a monthly fee at the annual rate of 1.00% of the average daily total managed assets of the Fund. 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/or 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). An affiliate of the Adviser owns 5,106 shares of the Fund. The Adviser has arrangements with DoubleLine Group LP to provide personnel and other resources to the Fund. 4. Purchases and Sales of Securities For the year ended September 30, 2015, purchases and sales of investments, excluding short term investments, were $1,625,119,699 and $1,713,531,602, respectively. There were no transactions in U.S. Government securities (defined as long-term U.S. Treasury bills, notes and bonds) during the period. 5. Income Tax Information The tax character of distributions for the Fund were as follows: Year Ended Year Ended September 30, 2015 September 30, 2014 Distributions Paid From: Ordinary Income $192,868,749 $182,429,715 Total Distributions Paid $192,868,749 $182,429,715 The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended September 30, 2015. The cost basis of investments for federal income tax purposes as of September 30, 2015 was as follows: Tax Cost of Investments $3,248,273,119 Gross Tax Unrealized Appreciation 30,477,759 Gross Tax Unrealized Depreciation (394,760,023) Net Tax Unrealized Appreciation (Depreciation) $ (364,282,264) As of September 30, 2015, the components of accumulated earnings (losses) for income tax purposes were as follows: Net Tax Unrealized Appreciation (Depreciation) $(364,282,264) Undistributed Ordinary Income 5,997,018 Total Distributable Earnings 5,997,018 Other Accumulated Gains (Losses) (49,496,757) Total Accumulated Earnings (Losses) $(407,782,003) As of September 30, 2015, the following capital loss carryforward was available: Capital Loss Carryforward Expires $8,992,592 Indefinite The Fund may elect to defer to the first day of the next taxable year all or part of any late-year ordinary loss or post-October capital loss. As of September 30, 2015, the Fund deferred, on a tax basis, qualified late year losses of $40,496,815. Additionally, US GAAP require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to consent income, market discount, PFICs and paydown losses. For the year ended September 30, 2015, the following table shows the reclassifications made: Undistributed (Accumulated) Net Accumulated Investment Net Realized Paid-In Income (Loss) Gain (Loss) Capital $4,532,543 $(4,532,543) $— 24 DoubleLine Income Solutions Fund

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September 30, 2015 6. Share Transactions There were no transactions in the Fund’s shares for the years ended September 30, 2015 and 2014. 7. Trustees’ Fees Trustees who are not affiliated with the Adviser and its affiliates received, as a group, fees of $124,686 from the Fund during the year ended September 30, 2015. These trustees may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the Fund, are treated as if invested in shares of the Fund or other funds managed by the Adviser and its affiliates. These amounts represent general, unsecured liabilities of the Fund and vary according to the total returns of the selected funds. Trustees’ Fees in the Fund’s Statement of Operations includes $123,995 in current fees (either paid in cash or deferred) and an increase of $691 in the value of the deferred amounts. Certain trustees and officers of the Fund are also officers of the Adviser; such trustees and officers are not compensated by the Fund. 8. Bank Loans The Fund may make loans directly to borrowers and may acquire or invest in loans made by others (“loans”). The Fund may acquire a loan interest directly by acting as a member of the original lending syndicate. Alternatively, the Fund may acquire some or all of the interest of a bank or other lending institution in a loan to a particular borrower by means of a novation, an assignment or a participation. The loans in which the Fund may invest include those that pay fixed rates of interest and those that pay floating rates—i.e., rates that adjust periodically based on a known lending rate, such as a bank’s prime rate. The Fund may purchase and sell interests in bank loans on a when-issued and delayed delivery basis, with payment delivery scheduled for a future date. Securities purchased on a delayed delivery basis are marked to market daily and no income accrues to the Fund prior to the date the Fund actually takes delivery of such securities. These transactions are subject to market fluctuations and are subject, among other risks, to the risk that the value at delivery may be more or less than the trade purchase price. 9. Credit Facility Prior to November 26, 2014, Bank of America Merrill Lynch (“BAML”) made available to the Fund a committed credit facility to add leverage to the Fund’s portfolio. Borrowings under this credit facility bore interest at the rate of one month USD LIBOR plus 1.00% during the reporting period. As of November 26, 2014, the Fund repaid all of the outstanding borrowings under the BAML credit facility and the BAML credit facility was terminated. Effective as of that same date, the Fund entered into a Revolving Credit and Security Agreement with HSBC Bank USA, National Association (“HSBC”) and The Bank of New York Mellon (“BNY”) (the “HSBC/BNY credit facility”). Under the HSBC/BNY credit facility, the Fund may borrow up to $1,050,000,000. Borrowings under the HSBC/BNY credit facility bear an interest rate that is based on LIBOR and the period of the borrowing plus an additional 0.80%, subject to certain conditions that may cause that rate of interest to increase. The Fund will also be responsible for paying a structuring fee equal to 0.10% of the credit available to the Fund under the HSBC/BNY credit facility and a commitment fee of up to 0.25% of the available credit that has not been borrowed by the Fund. The HSBC/ BNY credit facility was amended to extend the maturity date an additional 183 days to May 24, 2016 and the structuring fee of 0.10% will be replaced with a six-month extension fee of 0.04% of the credit available to the Fund for the period of such extension. The HSBC/BNY credit facility may be extended by agreement of the parties for successive periods not exceeding 364 days from the date of any such extension, provided that the Fund may terminate in whole or reduce in part the unused portion of the credit facility at any time upon 30 days’ prior written notice to HSBC, as the lending agent. For the year ended September 30, 2015, the Fund’s activity under both credit facilities was as follows: Maximum Maximum Amount Average Amount Interest Structuring Commitment Available Borrowings Outstanding Expense Fee Fee $1,050,000,000 $1,033,753,502 $1,050,000,000 $10,691,754 $886,027 $15,729 10. Principal Risks Below are summaries of some, but not all, of the principal risks of investing in the Fund, each of which could adversely affect the Fund’s NAV, market price, yield, and total return. The Fund’s prospectus provided additional information regarding these and other risks of investing in the Fund at the time of the initial public offering of the Fund’s shares. • market discount risk: The price of the Fund’s common shares of beneficial interest will fluctuate with market conditions and other factors. Shares of closed-end management investment companies frequently trade at a discount from their net asset value. • issuer risk: The value of securities may decline for a number of reasons that directly relate to the issuer, such as its financial strength, management performance, financial leverage and reduced demand for the issuer’s goods and services, as well as the historical and prospective earnings of the issuer and the value of its assets. • investment and market risk: An investment in the Fund is subject to the risk of loss. The value of the Fund’s securities and financial assets may move up or down, sometimes rapidly and unpredictably. Further, the value of securities held by the Fund may decline in value due to factors affecting securities markets generally or particular industries. Securities markets may, in response to governmental actions or intervention, economic or market developments, or other external factors, experience periods of high volatility and reduced liquidity. Certain securities may be difficult to value during such periods. These risks may be heightened for fixed income securities due to the current historically low interest rate environment. Annual Report September 30, 2015 25

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Notes to Financial Statements (Cont.) September 30, 2015 • issuer non-diversification risk: The Fund is a “non-diversified” investment company and therefore may invest a greater percentage of its assets in the securities of a single issuer or a limited number of issuers than funds that are “diversified.” Accordingly, the Fund is more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund might be. • collateralized debt obligations risk: The risks of an investment in a collateralized debt obligation (“CDO”) depend largely on the quality and type of the collateral and the tranche of the CDO in which a Fund invests. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Fund may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. • convertible securities risk: The risks of investing in convertible bonds and securities include the risk that the issuer may default in the payment of principal and/or interest and the risk that the value of the investment may decline if interest rates rise. Such events may reduce the Fund’s distributable income and the value of the Fund’s shares. • credit risk: Credit risk is the risk that one or more of the Fund’s investments in debt securities or other instruments will decline in price, or fail to pay interest, liquidation value or principal when due, because the issuer of the obligation or the issuer of a reference security experiences an actual or perceived decline in its financial status. • credit default swaps risk: Credit default swaps involve greater risks than investing in the reference obligation directly as well as liquidity risk, counterparty risk and credit risk. A buyer will lose its investment and recover nothing should no event of default occur. When the Fund acts as a seller of a credit default swap, it is exposed to many of the same risks of leverage described herein since if an event of default occurs the seller must pay the buyer the full notional value of the reference obligation. • interest rate risk: Interest rate risk is the risk that debt obligations and other instruments in the Fund’s portfolio will change in value because of increases in market interest rates. • foreign (non-U.S.) investment risk: The Fund’s investments in and exposure to foreign securities involve special risks. For example, the value of these investments may decline in response to unfavorable political and legal developments, unreliable or untimely information or economic and financial instability. Foreign securities may experience more rapid and extreme changes in value than investments in securities of U.S. issuers. Investing in securities of issuers based or doing business in emerging markets entails all of the risks of investing in securities of foreign issuers, but to a heightened degree. • emerging markets risk: Investing in emerging market countries involves substantial risk due to the potential to have limited information compared to what may be available or required by more developed countries; higher brokerage costs; different accounting, auditing and financial reporting standards; different clearing and settlement procedures and custodial services; the potential for less developed legal systems and thinner trading markets as compared to those in developed countries; currency blockages or transfer restrictions; an emerging market country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments. • mortgage-backed securities risk: The risk that borrowers may default on their mortgage obligations or the guarantees underlying the mortgage- backed securities will default and that, during periods of falling interest rates, mortgage-backed securities will be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of a mortgage- backed security may extend, which may lock in a below-market interest rate, increase the security’s duration, and reduce the value of the security. • sovereign debt obligations risk: Investments in countries’ government debt obligations involve special risks. The issuer or governmental entity that controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. • loan risk: Investments in loans are in many cases subject to the risks associated with below-investment grade securities. Investments in loans are also subject to special risks, including, among others, the risk that (i) if the Fund holds a loan through another financial institution, or relies on a financial institution to administer the loan, the Fund’s receipt of principal and interest on the loan is subject to the credit risk of that financial institution; (ii) loans in which the Fund invests typically pay interest at floating rates, and the borrower may have the ability to change or adjust the interest rate on a loan or under circumstances that would be unfavorable to the Fund; (iii) it is possible that any collateral securing a loan may be insufficient or unavailable to the Fund; (iv) investments in highly leveraged loans or loans of stressed, distressed, or defaulted issuers may be subject to significant credit and liquidity risk; (v) transactions in loans may settle on a delayed basis, and the Fund potentially may not receive the proceeds from the sale of a loan for a substantial period of time after the sale; and (vi) loans may be difficult to value and may be illiquid, which may adversely affect an investment in the Fund. It is unclear whether the protections of the securities laws against fraud and misrepresentation extend to loans and other forms of direct indebtedness. In the absence of definitive regulatory guidance, the Fund relies on the Adviser’s research in an attempt to avoid situations where fraud or misrepresentation could adversely affect the Fund. There can be no assurance that the Adviser’s efforts in this regard will be successful. • high yield risk: The risk that debt instruments rated below investment grade or debt instruments that are unrated and determined by the Adviser to be of comparable quality are predominantly speculative. These instruments have a higher degree of default risk and may be less liquid than higher-rated bonds. These instruments may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of high yield investments generally, and less secondary market liquidity. 26 DoubleLine Income Solutions Fund

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September 30, 2015 • leverage risk: Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. When leverage is used, the net asset value and market price of the Fund’s shares and the Fund’s investment return will likely be more volatile. • inverse floaters and related securities risk: Investments in inverse floaters, residual interest tender option bonds and similar instruments expose the Fund to the same risks as investments in debt securities and derivatives, as well as other risks, including those associated with leverage and increased volatility. An investment in these securities typically will involve greater risk than an investment in a fixed rate security. Distributions on inverse floaters, residual interest tender option bonds and similar instruments will typically bear an inverse relationship to short term interest rates and typically will be reduced or, potentially, eliminated as interest rates rise. • foreign currency risk: The Fund’s investments in or exposure to foreign currencies or in securities or instruments that trade, or receive revenues, in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions (if used), that the U.S. dollar will decline in value relative to the currency being hedged. • derivatives risk: Derivatives are subject to a number of risks applicable to other investments, such as liquidity risk, issuer risk, credit risk, interest rate risk, leverage risk, counterparty risk, management risk and, if applicable, smaller company risk. They also involve the risk of mispricing or improper valuation, the risk of unfavorable or ambiguous documentation, and the risk that changes in the value of a derivative may not correlate perfectly with an underlying asset, currency, interest rate or index. • counterparty risk: The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts (whether a clearing corporation in the case of exchange-traded instruments or another third party in the case of over-the-counter instruments) and other instruments entered into directly by the Fund. 11. Recently Issued Accounting Pronouncements In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-07, which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The guidance is effective for fiscal years beginning after December 15, 2015 and for interim periods within those years and early adoption is permitted. Management is currently evaluating the implications of these changes and their impact on the financial statements. 12. Subsequent Events In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Fund has determined there are no subsequent events that would need to be disclosed in the Fund’s financial statements. Annual Report September 30, 2015 27

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Report of Independent Registered Accounting Firm To the Shareholders and Board of Trustees of DoubleLine Income Solutions Fund: We have audited the accompanying statement of assets and liabilities of DoubleLine Income Solutions Fund (the “Fund”), including the schedule of investments, as of September 30, 2015, and the related statements of operations and cash flows for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2015, by correspondence with the custodian, brokers, and agent banks; where replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of DoubleLine Income Solutions Fund as of September 30, 2015, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. Costa Mesa, California November 20, 2015 28 DoubleLine Income Solutions Fund

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(Unaudited) Federal Tax Information September 30, 2015 For the fiscal year ended September 30, 2015, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, (20% for taxpayers with taxable income greater than $400,000 for single individuals and $450,000 for married couples filing jointly) as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the American Taxpayer Relief Act of 2012. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows: Qualified Dividend Income 0.00% For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended September 30, 2015 was as follows: Dividends Received Deduction 0.00% The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the fiscal year ended September 30, 2015 was as follows: Qualified Short-term Gains 0.00% The percentage of taxable ordinary income distributions that are designated as interest related dividends under Internal Revenue Section 871(k)(1)(C) for the Fund was as follows: Qualified Interest Income 59.88% Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. Additional Information Regarding the Fund’s Investment Activities Investments in Pools of Loans: The Fund may invest in pools of loans through mortgage- or other asset-backed securities, where a trust or other entity issues interests in the loans, some of which interests may be senior to others. Alternatively, the Fund may invest directly in pools of loans, itself or with other clients of the Adviser. The Fund’s direct investments in pools of loans present risks that may differ from the Fund’s investments in mortgage- and other asset-backed securities. For example, if it were to invest directly in such a pool without any co-investors, the Fund would incur all losses incurred on the loans acquired in the pool. However, if the Fund were to invest in a senior tranche of a mortgage- or other asset-backed security, it might have a more limited exposure to losses on the loans. In connection with the Fund’s direct purchase of certain loan portfolios, the Fund will incur costs, which may include the costs of various diligence-related services. The diligence-related services the Fund may require in connection with such investments may include, without limitation, loan file review, underwriting documentation review, and site visits. The Adviser would typically rely on information and analyses furnished as part of these diligence-related services in determining whether to invest in a particular loan portfolio. The costs associated with investments in a pool of loans may be significant and will reduce the performance contribution of such investments. Original Issuance, Subordinated Tranche Investments: The Fund may invest in any level of the capital structure of an issuer of mortgage-backed or asset- backed securities, including the equity or “first loss” tranche. Senior tranche investments in mortgage-backed or asset-backed securities are paid from the cash flows from the underlying assets before the junior tranches and equity or “first loss” tranches. Any losses on the underlying assets are first borne by the equity tranches, next by less junior tranches, and finally by the senior tranches. Accordingly, subordinated tranche investments, and especially “first loss” tranches, involve greater risk of loss than more senior tranches. The subordinated tranches the Fund may buy include those rated below investment grade or unrated instruments of similar credit quality. Below investment grade bonds are high yield, high risk bonds, commonly known as junk bonds. The Adviser may aggregate the Fund’s order for an investment in, or sale of, an interest in a subordinated tranche, including investments at original issuance, with those of one or more other DoubleLine funds and/or other clients of the Adviser. Certain of these investments may involve investor participants incurring diligence-related or structuring costs and expenses. Those costs and expenses will be allocated to all of the accounts, including the Fund, participating in the aggregated transaction pro rata based on the amount of investment made by each account participating in the transaction. The Fund’s participation in any such aggregated transaction will be subject to a number of conditions intended to result in the fair and equitable treatment of each participating account, including the Fund. For example, the Fund will not incur diligence- or structuring-related expenses in connection with any such transaction in excess of 0.50% of the value of the Fund’s investment in the structured product without the Fund’s Board of Trustees review of those expenses. Affiliated Investments: The Adviser is, and may be in the future, affiliated with certain large financial institutions (“affiliates”) that hold interests in an entity that are of a different class or type than the class or type of interest held by the Fund. Conflicts may arise in cases where the Fund and affiliates invest in different parts of an issuer’s capital structure, such as when an affiliate holds securities in an entity that are senior or junior to the securities held by the Fund, which could mean that the affiliate will be entitled to different payments or other rights, or that in a workout or other distressed scenario the interests of the affiliate might be adverse to those of the Fund and the affiliate and the Fund might have disparate investment outcomes. For example, an affiliate may acquire a loan, loan participation, or a loan assignment of a particular borrower in which one or more Funds have an equity investment. In negotiating Annual Report September 30, 2015 29

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(Unaudited) Additional Information Regarding the Fund’s Investment Activities (Cont.) September 30, 2015 the terms and conditions of any such investments, or any subsequent amendments or waivers, the Adviser may find that its own interests, the interests of an affiliate, and/or the interests of the Fund could conflict. The Adviser may seek to avoid such conflicts in certain circumstances when investing on behalf of its clients, including the Fund, and, as a result, the Adviser may choose not to make certain investments on behalf of the Fund and/or its other clients. Those foregone investment opportunities may adversely affect the Fund’s performance if similarly attractive opportunities are not available or cannot be identified. 30 DoubleLine Income Solutions Fund

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(Unaudited) Trustees and Officers September 30, 2015 Term of Office Number of Other Directorships Name, Address, and and Length of Portfolios Held by Trustee Year of Birth(1) Position with Fund Time Served Principal Occupation(s) During Past 5 Years Overseen(2) During Past 5 years Independent Trustees Joseph J. Ciprari, 1964 Trustee Class III (2016)*/Since Inception President, Remo Consultants, a real estate 15 None financial consulting firm. Formerly, Managing Director, UBS AG. Formerly, Managing Director, Ally Securities LLC. John C. Salter, 1957 Trustee Class I (2017)*/Since Inception Managing Director, Municipals, Chapdelaine 15 None & Co. Formerly, Partner, Stark, Salter & Smith, a securities brokerage firm specializing in tax exempt bonds. Raymond B. Woolson, 1958 Trustee Class II (2018)*/Since Inception President, Apogee Group, Inc., a company 15 None providing financial consulting services. (1) The address of each Independent Trustee is c/o DoubleLine Capital LP, 333 South Grand Avenue, Suite 1800, Los Angeles, CA 90071. (2) Includes each series of DoubleLine Funds Trust and DoubleLine Equity Funds, DoubleLine Opportunistic Credit Fund and DoubleLine Income Solutions Fund. * The common shareholders of the Fund are expected to vote to elect trustees of the relevant class at the annual shareholder meeting held in the year indicated above. The following Trustee is an “interested person” of the Fund as defined in the 1940 Act because he is an officer of the Adviser. Term of Office Number of Other Directorships Name, Address, and and Length of Portfolios Held by Trustee Year of Birth(1) Position with Fund Time Served Principal Occupation(s) During Past 5 Years Overseen(2) During Past 5 years Interested Trustee Ronald R. Redell, 1970 Trustee, Chairman, Class II (2018)*/Since Inception President, DoubleLine Equity Funds (since 2 None President and Chief February 2013); Trustee, Chairman, Executive Officer President and Chief Executive Officer, DoubleLine Income Solutions Fund (since January 2013); Executive, DoubleLine Group LP (since January 2013); Trustee, Chairman, President and Chief Executive Officer, DoubleLine Opportunistic Credit Fund (since July 2011); Executive, DoubleLine Capital (since July 2010); President, DoubleLine Funds Trust (since January 2010). (1) The address of each Interested Trustee is c/o DoubleLine Capital LP, 333 South Grand Avenue, Suite 1800, Los Angeles, CA 90071. (2) Includes DoubleLine Opportunistic Credit Fund. * The common shareholders of the Fund are expected to vote to elect trustees of the relevant class at the annual shareholder meeting held in the year indicated above. Annual Report September 30, 2015 31

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(Unaudited) Trustees and Officers (Cont.) September 30, 2015 Officers The officers of the Fund who are not also Trustees of the Fund are: Term of Office Name, Address, and Position(s) and Length of Year of Birth(1) Held with Trust Time Served Principal Occupation(s) During Past 5 Years Susan Nichols, 1962 Treasurer and Indefinite/Since Inception Treasurer and Principal Financial and Accounting Officer, DoubleLine Equity Principal Financial Funds (since February 2013); Treasurer and Principal Financial and and Accounting Accounting Officer, DoubleLine Income Solutions Fund (since January 2013); Officer Treasurer and Principal Financial and Accounting Officer, DoubleLine Funds Trust (since October 2011); Treasurer and Principal Financial and Accounting Officer, DoubleLine Opportunistic Credit Fund (since July 2011); Director of Mutual Funds Operations, DoubleLine Capital. Formerly, Southern Wholesaler, DoubleLine Capital. Formerly, Assistant Treasurer, DoubleLine Funds Trust. Keith T. Kirk, 1963 Chief Compliance Indefinite/Since Inception Chief Compliance Officer, DoubleLine Equity Funds (since February 2013); Officer Chief Compliance Officer, DoubleLine Income Solutions Fund (since January 2013); Chief Compliance Officer, DoubleLine Funds Trust (since May 2012); Chief Compliance Officer, DoubleLine Opportunistic Credit Fund (since May 2012); Deputy General Counsel and Chief Compliance Officer, DoubleLine Capital (since January 2012). Formerly, Independent Compliance Consultant (from September 2009 through December 2011). Louis C. Lucido, 1948 Secretary Indefinite/Since Inception Member of the Board of Directors, 826LA (since June 2013); Member of the Board of Directors, Junior Achievement of Southern California (since June 2013); Secretary, DoubleLine Equity Funds (since February 2013); Member of the Board of Directors, CASA of Los Angeles (since February 2013) and Vice Chairman (since June 2014); Secretary, DoubleLine Income Solutions Fund (since January 2013); Secretary, DoubleLine Opportunistic Credit Fund (since July 2011); Chief Operating Officer, DoubleLine Capital (since June 2010); Secretary, DoubleLine Funds Trust (since January 2010); Formerly, Executive Vice President, DoubleLine Capital (from December 2009 through May 2010). Grace Walker, 1970 Assistant Treasurer Indefinite/Since Inception Assistant Treasurer, DoubleLine Equity Funds (since February 2013); Assistant Treasurer, DoubleLine Income Solutions Fund (since January 2013); Assistant Treasurer, DoubleLine Opportunistic Credit Fund (since March 2012); Assistant Treasurer, DoubleLine Funds Trust (since March 2012). Formerly, Assistant Treasurer of the private funds of Western Asset Management Company (from December 2004 through March 2012). Earl A. Lariscy, 1966 Vice President and Indefinite/Since Inception Vice President, DoubleLine Equity Funds (since February 2013); Vice Assistant Secretary President and Assistant Secretary, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Funds Trust (since May 2012); Vice President and Assistant Secretary, DoubleLine Opportunistic Credit Fund (since May 2012 and inception, respectively); General Counsel, DoubleLine Capital (since April 2010). Cris Santa Ana, 1965 Vice President Indefinite/Since Inception Vice President, DoubleLine Equity Funds (since February 2013); Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Opportunistic Credit Fund (since July 2011); Vice President, DoubleLine Funds Trust (since April 2011); Chief Risk Officer, DoubleLine Capital (since June 2010). Formerly, Chief Operating Officer, DoubleLine Capital (from December 2009 through May 2010). David Kennedy, 1964 Vice President Indefinite/Since Inception Vice President, DoubleLine Equity Funds (since February 2013); Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Funds Trust (since May 2012); Vice President, DoubleLine Opportunistic Credit Fund (since May 2012); Manager, Trading and Settlements, DoubleLine Capital (since December 2009). Jeffrey J. Sherman, 1977 Vice President Indefinite/Since Inception Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Opportunistic Credit Fund (since July 2011); Portfolio Manager, DoubleLine (since September 2010); Fixed Income Asset Allocation, DoubleLine Capital (since December 2009). 32 DoubleLine Income Solutions Fund

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(Unaudited) September 30, 2015 Term of Office Name, Address, and Position(s) and Length of Year of Birth(1) Held with Trust Time Served Principal Occupation(s) During Past 5 Years Patrick A. Townzen, 1978 Vice President Indefinite/Since Inception Vice President, DoubleLine Equity Funds (since February 2013); Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Funds Trust (since September 2012); Vice President, DoubleLine Opportunistic Credit Fund (since September 2012); Manager of Operations, DoubleLine Capital (since September 2012). Formerly, Manager, Western Asset Management Company. (1) The address of each officer is c/o DoubleLine Capital LP, 333 South Grand Avenue, Suite 1800, Los Angeles, CA 90071. Additional information about the Management of the Fund is available, without charge, upon request, by calling 877-DLine11 (877-354-6311). Annual Report September 30, 2015 33

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(Unaudited) Information About Proxy Voting September 30, 2015 Information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve month period ended June 30th is available no later than the following August 31st without charge, upon request, by calling 877-DLine11 (877-354-6311) and on the Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. A description of the Fund’s proxy voting policies and procedures is available (i) without charge, upon request, by calling 877-DLine11 (877-354-6311); and (ii) on the commission’s website at www.sec.gov. Information About Portfolio Holdings The Fund intends to disclose its portfolio holdings on a quarterly basis by posting the holdings on the Fund’s website. The disclosure will be made by posting the Annual, Semi-Annual and Form N-Q regulatory filings on the Fund’s website. The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov. You can also review and obtain copies of the Forms N-Q at the SEC’s Public Reference Room in Washington, DC (information on the operation of Public Reference Room may be obtained by calling 1-800-SEC-0330). Householding — Important Notice Regarding Delivery of Shareholder Documents In an effort to conserve resources, the Fund intends to reduce the number of duplicate Annual and Semi-Annual Reports you receive by sending only one copy of each to addresses where we reasonably believe two or more accounts are from the same family. If you would like to discontinue householding of your accounts, please call toll-free 877-DLine11 (877-354-6311) to request individual copies of these documents. We will begin sending individual copies thirty days after receiving your request to stop householding. Fund Certification The Fund is listed for trading on the NYSE and has filed with the NYSE its annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Fund filed with the SEC the certification of its chief executive officer and principal financial officer required by section 302 of the Sarbanes-Oxley Act. Proxy Results The Annual Meeting of Shareholders was held on February 27, 2015 for shareholders of record as of the close of business on December 22, 2014 to re-elect Raymond B. Woolson and Ronald R. Redell, both Class II trustee nominees, for the Fund. The nominee Raymond B. Woolson was elected with 83,079,269 affirmative votes and 1,083,228 votes withheld. The nominee Ronald R. Redell was elected with 82,777,703 affirmative votes and 1,384,794 votes withheld. For the Fund, Trustees whose terms of office continued after the Annual Meeting of Shareholders because they were not up for re-election are Joseph J. Ciprari and John C. Salter. 34 DoubleLine Income Solutions Fund

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(Unaudited) Dividend Reinvestment Plan September 30, 2015 Unless the registered owner of Common Shares elects to receive cash by contacting U.S. Bancorp Fund Services, LLC (the “Plan Administrator”), all dividends, capital gains and returns of capital, if any, declared on Common Shares will be automatically reinvested by the Plan Administrator for shareholders in the Fund’s Automatic Dividend Reinvestment Plan (the “Plan”), in additional Common Shares. Common Shareholders who elect not to participate in the Plan will receive all dividends and other distributions payable in cash directly to the shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by the Plan Administrator as dividend disbursing agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by providing notice in writing to the Plan Administrator at least 5 days prior to the dividend/distribution record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Whenever the Fund declares an income dividend, a capital gain distribution or other distribution (collectively referred to as “dividends”) payable either in shares or cash, non-participants in the Plan will receive cash and participants in the Plan will receive a number of Common Shares, determined in accordance with the following provisions. The Common Shares will be acquired by the Plan Administrator for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares from the Fund (“Newly Issued Common Shares”) or (ii) by purchase of outstanding Common Shares on the open market (“Open- Market Purchases”) on the New York Stock Exchange or elsewhere. If, on the payment date for any Dividend, the market price per Common Share plus estimated brokerage trading fees is equal to or greater than the NAV per Common Share (such condition is referred to here as “market premium”), the Plan Administrator shall receive Newly Issued Common Shares, including fractions of shares from the Fund for each Plan participant’s account. The number of Newly Issued Common Shares to be credited to each participant’s account will be determined by dividing the dollar amount of the Dividend by the NAV per Common Share on the date of issuance; provided that, if the NAV per Common Share is less than or equal to 95% of the current market value on the date of issuance, the dollar amount of the Dividend will be divided by 95% of the market price per Common Share on the date of issuance for purposes of determining the number of shares issuable under the Plan. If, on the payment date for any Dividend, the NAV per Common Share is greater than the market value plus estimated brokerage trading fees (such condition being referred to here as a “market discount”), the Plan Administrator will seek to invest the Dividend amount in Common Shares acquired on behalf of the participants in Open-Market Purchases. In the event of a market discount on the payment date for any Dividend, the Plan Administrator will have until the last business day before the next date on which the Common Shares trade on an “ex-dividend” basis or in no event more than 30 days after the record date for such Dividend, whichever is sooner (the “Last Purchase Date”), to invest the Dividend amount in Common Shares acquired in Open-Market Purchases. It is contemplated that the Fund will pay monthly Dividends. If, before the Plan Administrator has completed its Open-Market Purchases, the market price per Common Share exceeds the NAV per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the NAV of the Common Shares, resulting in the acquisition of fewer Common Shares than if the Dividend had been paid in Newly Issued Common Shares on the Dividend payment date. If the Plan Administrator is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may instead receive the Newly Issued Common Shares from the Fund for each participant’s account, in respect of the uninvested portion of the Dividend, at the NAV per Common Share at the close of business on the Last Purchase Date provided that, if the NAV is less than or equal to 95% of the then current market price per Common Share, the dollar amount of the Dividend will be divided by 95% of the market price on the date of issuance for purposes of determining the number of shares issuable under the Plan. The Plan Administrator maintains all registered shareholders’ accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common Shares in the account of each Plan participant will be held by the Plan Administrator in non-certificated form in the name of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants. In the case of Common Shares owned by a beneficial owner but registered with the Plan Administrator in the name of a nominee, such as a bank, a broker or other financial intermediary (each, a “Nominee”), the Plan Administrator will administer the Plan on the basis of the number of Common Shares certified from time to time by the Nominee as participating in the Plan. The Plan Administrator will not take instructions or elections from a beneficial owner whose Common Shares are registered with the Plan Administrator in the name of a Nominee. If a beneficial owner’s Common Shares are held through a Nominee and are not registered with the Plan Administrator as participating in the Plan, neither the beneficial owner nor the Nominee will be participants in or have distributions reinvested under the Plan with respect to those Common Shares. If a beneficial owner of Common Shares held in the name of a Nominee wishes to participate in the Plan, and the Shareholder’s Nominee is unable or unwilling to become a registered shareholder and a Plan participant with respect to those Common Shares on the beneficial owner’s behalf, the beneficial owner may request that the Nominee arrange to have all or a portion of his or her Common Shares registered with the Plan Administrator in the beneficial owner’s name so that the beneficial owner may be enrolled as a participant in the Plan with respect to those Common Shares. Please contact your Nominee for details or for other possible alternatives. Participants whose shares are registered with the Plan Administrator in the name of one Nominee may not be able to transfer the shares to another firm or Nominee and continue to participate in the Plan. There will be no brokerage charges with respect to Common Shares issued directly by the Fund as a result of dividends payable either in Common Shares or in cash. However, each participant will pay a pro rata share of brokerage trading fees incurred in connection with Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. Participants that request a sale of Common Shares through the Plan Administrator are subject to brokerage commissions. The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. All correspondence, questions, or requests for additional information concerning the Plan should be directed to the Plan Administrator by calling toll-free (877) DLine11 (877-354-6311) or by writing to U.S. Bancorp Fund Services, LLC at P.O. Box 701, Milwaukee, WI 53201. Be sure to include your name, address, daytime phone number, Social Security or tax I.D. number and a reference to DoubleLine Income Solutions Fund on all correspondence. Annual Report September 30, 2015 35

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(Unaudited) Privacy Notice September 30, 2015 What Does DoubleLine Do With Your Personal Information? Financial companies choose how they share your personal information. This notice provides information about how we collect, share, and protect your personal information, and how you might choose to limit our ability to share certain information about you. Please read this notice carefully. All financial companies need to share customers’ personal information to run their everyday businesses. Accordingly, information, confidential and proprietary, plays an important role in the success of our business. However, we recognize that you have entrusted us with your personal and financial data, and we recognize our obligation to keep this information secure. Maintaining your privacy is important to us, and we hold ourselves to a high standard in its safekeeping and use. Most importantly, DoubleLine does not sell its customers’ non-public personal information to any third parties. DoubleLine uses its customers’ non-public personal information primarily to complete financial transactions that its customers request or to make its customers aware of other financial products and services offered by a DoubleLine affiliated company. DoubleLine may collect non-public information about you from the following sources: • Information we receive about you on applications or other forms; • Information you may give us orally; • Information about your transactions with us or others; • Information you submit to us in correspondence, including emails or other electronic communications; and • Information about any bank account you use for transfers between your bank account and any Fund account, including information provided when effecting wire transfers. The types of personal information DoubleLine collects and shares depend on the product or service you have with us. This information may include: • Social Security Number; • account balances; • transaction or loss history; • assets; • investment experience; • account transactions; • risk tolerance. DoubleLine does not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except that we may disclose the information listed above, as follows: • to provide information to nonaffiliated third parties in connection with our performance of the services we have agreed to provide you. For example, it might be necessary to do so in order to process transactions and maintain accounts. • DoubleLine will release any of the non-public information listed above about a customer if directed to do so by that customer or if DoubleLine is authorized by law to do so, such as in the case of a court order, legal investigation, or other properly executed governmental request. • to alert a customer to other financial products and services offered by DoubleLine or an affiliate, DoubleLine may share information with an affiliate, including companies using the DoubleLine name. Such products and services may include, for example, other investment products offered by a DoubleLine company. If you prefer that we not disclose non-public personal information about you to our affiliates for this purpose, you may direct us not to make such disclosures (other than disclosures permitted by law) by calling 877-DLine11 (877-354-6311). If you limit this sharing and you have a joint account, your decision will be applied to all owners of the account. We have procedures designed to limit access to your personal account information to those agents and vendors who need to know that information to provide products and services to you. Your information is not provided by us to nonaffiliated third parties for marketing purposes. We seek to maintain physical, electronic, and procedural safeguards to guard your non-public personal information. Information Collected from Websites. Websites maintained by DoubleLine or its service providers may use a variety of technologies to collect information that help DoubleLine and its service providers understand how the website is used. Information collected from your web browser (including small files stored on your device that are commonly referred to as “cookies”) allow the websites to recognize your web browser and help to personalize and improve your user experience and enhance navigation of the website. You can change your cookie preferences by changing the setting on your web browser to delete or reject cookies. If you delete or reject cookies, some website pages may not function properly. Certain portions of doublelinefunds.com are maintained or controlled by third parties, each of which has privacy policies which may differ, in some cases significantly, from the privacy policies described in this notice. Please contact your DoubleLine representative if you would like to receive more information about the privacy policies of third parties. As required by federal law, DoubleLine will notify customers of DoubleLine’s Privacy Policy annually. DoubleLine reserves the right to modify this policy at any time, but in the event that there is a change, DoubleLine will promptly inform its customers of that change. 36 DoubleLine Income Solutions Fund

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DoubleLine Capital LP 333 South Grand Avenue fundinfo@doubleline.com 18th Floor 1. 213. 633. 8200 Los Angeles, CA 90071 doubleline.com Investment Adviser: DoubleLine Capital LP 333 South Grand Avenue 18th Floor Los Angeles, CA 90071 Administrator and Transfer Agent: U.S. Bancorp Fund Services, LLC P.O. Box 701 Milwaukee, WI 53201 Custodian: U.S. Bank, N.A. 1555 North River Center Drive Suite 302 Milwaukee, WI 53212 Independent Registered Public Accounting Firm: Deloitte & Touche LLP 695 Town Center Drive Suite 1200 Costa Mesa, CA 92626 Legal Counsel: Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, MA 02199 Contact Information: doubleline.com fundinfo@doubleline.com 1-877-DLine11 or 1-877-354-6311 DL-ANNUAL-DSL ® DoubleLine F U N D S

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