DoubleLine Opportunistic Credit Fund Declares First Monthly Distribution

LOS ANGELES, March 1, 2012 /PRNewswire/ -- The DoubleLine Opportunistic Credit Fund (the "Fund"), which is traded on the New York Stock Exchange under the symbol DBL, today declared its first monthly distribution of $0.167 per share, subject to the following ex-dividend, record and payment dates set by the Fund's Board of Trustees.

This first monthly distribution represents an approximate annualized distribution rate of 8%, based on the Fund's initial public offering price of $25.00 per share.

This press release is not for tax reporting purposes but has been issued to announce the amount and timing of the distributions declared by the Board of Trustees. Distributions may include ordinary income, long-term capital gains or return of capital. The amount of distributable income and the tax characteristics of the distributions are determined at the end of the taxable year. In early 2013, the Fund will send shareholders a Form 1099-DIV specifying how the distributions paid by the Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder's tax return.

About DoubleLine Opportunistic Credit Fund

The DoubleLine Opportunistic Credit Fund (the "Fund") is a newly organized, non-diversified, closed-end management investment company. The Fund's investment objective is to seek high total investment return by providing a high level of current income and the potential for capital appreciation. There is no guarantee that the Fund will achieve its investment objective. Investing in the Fund involves the risk of principal loss.

About DoubleLine Capital LP

DoubleLine Capital LP, a registered investment adviser under the Investment Advisers Act of 1940, acts as the investment adviser for Fund. The firm is majority employee-owned with CEO Jeffrey Gundlach and President Philip Barach holding a combined controlling interest in the firm. DoubleLine's headquarters is in Los Angeles, CA. Its offices can be reached by telephone at (213) 633-8200 or by e-mail at [email protected].

As the Fund is newly organized, its shares have no history of operations or public trading. Shares of closed-end investment companies frequently trade at a discount to their net asset value, which may increase investors' risk of loss. This risk may be greater for investors expecting to sell their shares in a relatively short period after the completion of the public offering. 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.

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.

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.

Past performance is no guarantee of future results.

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. 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.

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.

SOURCE DoubleLine Capital LP