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AssetAllocationWebcast

LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

July12,2016

333S.GrandAve.,18thFloor|| LosAngeles,CA90071|| 213.633.8200

FundOfferings
CoreFixedIncomeFund

FlexibleIncomeFund

RetailandInstitutionalClass
NoLoadMutualFund

RetailandInstitutionalClass
NoLoadMutualFund
Retail
Nshare

Ticker
MinInvestment
MinIRAInvestment
GrossExpenseRatio

DLFNX
$2,000
$500
0.75%

Inst.
Ishare
DBLFX
$100,000
$5,000
0.50%

Retail
Nshare
Ticker
MinInvestment
MinIRAInvestment
GrossExpenseRatio
NetExpenseRatio*

DLINX
$2,000
$500
1.60%
1.09%

Inst.
Ishare
DFLEX
$100,000
$5,000
1.35%
0.84%

TheFundsinvestmentobjectives,risks,chargesandexpensesmustbeconsideredcarefullybeforeinvesting.The
statutoryprospectusandsummaryprospectus(ifavailable)containsthisandotherimportantinformationaboutthe
Funds,anditmaybeobtainedbycalling1(877)3546311/1(877)DLINE11,orvisitingwww.doublelinefunds.com.
Readitcarefullybeforeinvesting.
Mutualfundinvestinginvolvesrisk.LossofPrincipalispossible.Investmentsindebtsecuritiestypicallydecreaseinvaluewheninterestratesrise.Thisriskisusuallygreaterforlongertermdebtsecurities.
Investmentsinlowerratedandnonratedsecuritiespresentagreaterriskoflosstoprincipalandinterestthanhigherratedsecurities.InvestmentsinAssetBackedandMortgageBackedsecuritiesinclude
additionalrisksthatinvestorsshouldbeawareofincludingcreditrisk,prepaymentrisk,possibleilliquidityanddefault,aswellasincreasesusceptibilitytoadverseeconomicdevelopments.Investmentsin
foreignsecuritiesmayinvolvepolitical,economicandcurrencyrisks,greatervolatilityanddifferencesinaccountingmethods. Theserisksaregreaterforinvestmentsinemergingmarkets.Inordertoachieve
itsinvestmentobjectives,theFundmayusecertaintypesofexchangetradedfundsorinvestmentderivatives.Derivativesinvolverisksdifferentfrom,andincertaincases,greaterthantheriskspresentedby
moretraditionalinvestments.Derivativesmayinvolvecertaincostsandriskssuchasliquidity,interestrate,market,credit,managementandtheriskthatapositioncouldnotbeclosedwhenmore
advantageous.Investinginderivativescouldlosemorethantheamountinvested.ETFinvestmentsinvolveadditionalriskssuchasthemarketpricetradingatadiscounttoitsnetassetvalue,anactive
secondarytradingmarketmaynotdeveloporbemaintainedortradingmaybehaltedbytheexchangeinwhichtheytrade,which mayimpactthefundsabilitytosellitsshares.Fundmayuseleveragewhich
maycausetheeffectofanincreaseordecreaseinthevalueoftheportfoliosecuritiestobemagnifiedandthefundtomore volatilethanifleveragewasnotused.TheFundmaymakeshortsalesofsecurities,
whichinvolvestheriskthatlossesmayexceedtheoriginalamountinvested.Investmentsinrealestatesecuritiesmayinvolvegreaterriskandvolatilityincludinggreaterexposuretoeconomicdownturnsand
changesinrealestatevalues,rents,propertytaxes,interestrates,taxandotherlaws.AREITssharepricemaydeclinebecauseofadversedevelopmentsaffectingtherealestateindustry.
Opinionsexpressedaresubjecttochangeatanytime,arenotforecastsandshouldnotbeconsideredinvestmentadvice.
DoubleLine FundsaredistributedbyQuasarDistributors,LLC.
*TheAdvisorhascontractuallyagreedtowaivefeesandreimburseexpensesthroughJuly31,2016.
WhiletheFundsarenoload,managementfeesandotherexpensesstillapply.Pleaserefertotheprospectusforfurtherdetails.
71216AssetAllocationWebcast1
Fundholdingsandsectorallocationsaresubjecttochangeandarenotrecommendationstobuyorsellanysecurity.

Performance
DoubleLineCoreFixedIncomeFund QuarterEndingJune30,2016
QuarterEnd
June30,2016

2Q
2016

YeartoDate
2016

Ishare

2.68%

Nshare
BarclaysU.S.
AggregateIndex

GrossExpenseRatio

SinceInception
Annualized

1Year

3Year
Annualized

5Year
Annualized

(6110to63016)

5.39%

4.89%

4.51%

5.17%

6.32%

2.62%

5.17%

4.63%

4.25%

4.89%

6.05%

2.21%

5.31%

6.00%

4.06%

3.76%

4.0%

IShare

NShare

IShare

NShare

0.50%

0.75%

GrossSEC30DayYield

3.01%

2.76%

NetSEC30DayYield*

3.03%

2.78%

Performancedataquotedrepresentspastperformance;pastperformancedoesnotguaranteefutureresults.Theinvestmentreturnandprincipal
valueofaninvestmentwillfluctuatesothataninvestor'sshares,whenredeemed,maybeworthmoreorlessthantheoriginalcost.Current
performanceofthefundmaybelowerorhigherthantheperformancequoted.Performancedatacurrenttothemostrecentmonthendmaybe
obtainedbycalling2136338200orbyvisitingwww.doublelinefunds.com.
PastPerformancedoesnotguaranteefutureresults.Indexperformanceisnotillustrativeoffundperformance.
BarclaysUSAggregateIndexrepresentssecuritiesthatareSECregistered,taxable,anddollardenominated.Theindexcoversthe USinvestmentgradefixedrate
bondmarket,withindexcomponentsforgovernmentandcorporatesecurities,mortgagepassthroughsecurities,andassetbackedsecurities.Thesemajorsectors
aresubdividedintomorespecificindicesthatarecalculatedandreportedonaregularbasis.Itisnotpossibletoinvestinanindex.
*IfaFundinvestedinanaffiliateFundsponsoredbytheAdviserduringtheperiodcoveredbythisreporttheAdviseragreed to notchargeamanagementfeeto
theFundinanamountequaltotheinvestmentadvisoryfeespaidbytheaffiliatedFundinrespectoftheFundsinvestmentintheaffiliatedfundtoavoidduplicate
chargeoftheinvestmentadvisoryfeestotheinvestors.
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Performance
DoubleLineFlexibleIncomeFund QuarterEndingJune30,2016

QuarterEnd
June 30,2016

2Q
2016

YeartoDate
2016

1Year

SinceInception
Annualized
(4714to 63016)

Ishare

2.22%

2.78%

0.73%

2.52%

Nshare

2.15%

2.76%

0.48%

2.28%

LIBORUSD3Month

0.16%

0.32%

0.48%

0.36%

IShare

NShare

GrossExpenseRatio

1.35%

1.60%

NetExpense Ratio

0.84%

1.09%

IShare

NShare

GrossSEC30DayYield

3.99%

3.74%

NetSEC30DayYield*

4.09%

3.84%

Performancedataquotedrepresentspastperformance;pastperformancedoesnotguaranteefutureresults.Theinvestmentreturnandprincipal
valueofaninvestmentwillfluctuatesothataninvestor'sshares,whenredeemed,maybeworthmoreorlessthantheoriginalcost.Current
performanceofthefundmaybelowerorhigherthantheperformancequoted.Performancedatacurrenttothemostrecentmonthendmaybe
obtainedbycalling2136338200orbyvisitingwww.doublelinefunds.com.
LondonInterbankOfferingRate(LIBOR)isanindicativeaverageinterestrateatwhichaselectionofbanksknownasthepanelbanksarepreparedtolendone
anotherunsecuredfundsontheLondonmoneymarket.
PastPerformancedoesnotguaranteefutureresults.Indexperformanceisnotillustrativeoffundperformance.
*IfaFundinvestedinanaffiliateFundsponsoredbytheAdviserduringtheperiodcoveredbythisreporttheAdviseragreed to notchargeamanagementfeetotheFundinan
amountequaltotheinvestmentadvisoryfeespaidbytheaffiliatedFundinrespectoftheFundsinvestmentintheaffiliatedfundtoavoidduplicatechargeoftheinvestment
advisoryfeestotheinvestors.

71216AssetAllocationWebcast3

UpcomingWebcastAnnouncements

JeffreyGundlach September8,2016
TotalReturnBondFundWebcast
Gotowww.doublelinefunds.com,HomepageunderEvents
2016WebcastScheduletoregister
1:15pmPDT/4:15pmEDT
JeffreySherman September27,2016
ShillerEnhancedCAPEWebcast
Gotowww.doublelinefunds.com,HomepageunderEvents
2016WebcastScheduletoregister
1:15pmPDT/4:15pmEDT

ToReceivePresentationSlides:
Youcanemail
fundinfo@doubleline.com

71216AssetAllocationWebcast4

TABI
GlobalOverview

71216AssetAllocationWebcast5

AssetAllocationWebcast

LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

July12,2016

333S.GrandAve.,18thFloor|| LosAngeles,CA90071|| 213.633.8200

BankofAmerica(20052009)vs.DeutscheBank(2013present)

Source:Bloomberg;DoubleLine
BACUSEquity=BankofAmericastockpricefromNovember15,2005throughNovember19,2009.DBUSEquity=DeutscheBankstockfuturesprice732013through772017.
TheDoubleLine CoreFixedIncomeFundandtheDoubleLine FlexibleIncomeFundown0%ofBankofAmericacommonstockorDeutscheBankcommonstockorfuturesasofJuly12,2016.

71216AssetAllocationWebcast7

0%
12/17/2015
12/23/2015
12/29/2015
1/4/2016
1/8/2016
1/14/2016
1/20/2016
1/26/2016
2/1/2016
2/5/2016
2/11/2016
2/17/2016
2/23/2016
2/29/2016
3/4/2016
3/10/2016
3/16/2016
3/22/2016
3/28/2016
4/1/2016
4/7/2016
4/13/2016
4/19/2016
4/25/2016
4/29/2016
5/5/2016
5/11/2016
5/17/2016
5/23/2016
5/27/2016
6/2/2016
6/8/2016
6/14/2016
6/20/2016
6/24/2016
6/30/2016
7/6/2016

ProbabilityofAnotherHikebyMarchandJune2016

December17,2015throughJuly8,2016

ProbabilityofAnotherHikebyJul,Sep,andDec2016andFeb2017

100%

90%

80%

70%

60%

50%
Jul16

40%
Sep16

Dec16

30%
Feb17

20%

10%

Source:Bloomberg;DoubleLine

71216AssetAllocationWebcast8

MarketImpliedCentralBankExpectationsOverview
Asof7/8/16

Source:DoubleLine;MorganStanley
Bps=basispoints.

71216AssetAllocationWebcast9

PriceStats U.S.CPI(YoY%)
July26,2012throughJuly5,2016

Source:DoubleLine,Bianco,Bloomberg
CPI=ConsumerPriceindexmeasurestheweightedaveragepricesofthebasketofconsumergoodsandservices.YoY =yearoveryear.Youcannotinvestdirectlyinanindex

71216AssetAllocationWebcast10

U.S.DollarIndexSpot
December31,2007throughJuly11,2016

Source:BloombergFinancialServices,DoubleLineCapitalLP
DXY=DXYistheUSDollarIndex(USDX)indicatesthegeneralvalueoftheUSdollar.AverageexchangeratesbetweentheUSdollarandsixmajorworldcurrencies.Aninvestmentcannotbemadedirectlyinan
index.

71216AssetAllocationWebcast11

KansasCityFedLaborMarketConditionsMomentumIndex
December31,1991throughJuly8,2016

Source:Bloomberg,DoubleLine reportedmonthlyasofMay31,2016
TheKansasCityFedLaborMarketConditionsIndicators(LMCI)aremonthlymeasuresoflabormarketconditionsbasedon24labormarketvariables.Apositivevalueindicatesthatlabormarket
conditionsareabovetheirlongrunaverage,whileanegativevaluesignifiesthatlabormarketconditionsarebelowtheirlongrunaverage.Youcannotinvestdirectlyinanindex.

71216AssetAllocationWebcast12

U.S.ConferenceBoardLeadingEconomicIndicator
June30,1986throughJuly8,2016

Source:Bloomberg,DoubleLine reportedquarterlyasof3312016
ThetencomponentsofTheConferenceBoardofLeadingEconomicIndexfortheU.S.include:averageweeklyhoursmanufacturing,averageweeklyinitialclaimsforunemploymentinsurance,manufacturers
neworders(consumergoodsandmaterials),ISMIndexofNewOrders,Manufacturers'neworders(nondefensecapitalgoodsexcludingaircraftorders),Buildingpermitsfornewprivatehousingunits,Stock
prices(500stocks),LeadingCreditIndex,Interestratespreads(10yr treasurybondslessFedFunds),andaverageconsumerexpectationsforbusinessconditions.Youcannotinvestdirectlyinanindex.
71216AssetAllocationWebcast13

RecessionIndicator:
U.S.UnemploymentRateandthe12MonthMovingAverage
March31,1949toJuly8,2016

Source:AtlantaFed,Bloomberg,DoubleLine reportedquarterlyasof3312016
USUnemploymentRate(USURTOT)=U3U.S.Unemploymentratetotalinlaborforceseasonallyadjustedtracksthenumberofunemployedpersonsasapercentageofthelaborforce.Thesefigures
71216AssetAllocationWebcast14
generallycomefromhouseholdlaborforcesurvey.SMAVG=12monthmovingaverage.Youcannotinvestdirectlyinanindex.

RecessionIndicator:
U.S.UnemploymentRateandthe3YearMovingAverage
March31,1949toJuly8,2016

Source:AtlantaFed,Bloomberg,DoubleLine reportedquarterlyasof3/31/16.
USUnemploymentRate(USURTOT)=U3U.S.Unemploymentratetotalinlaborforceseasonallyadjustedtracksthenumberofunemployedpersonsasapercentageofthelaborforce.Thesefigures
generallycomefromhouseholdlaborforcesurvey.SMAVG=12monthmovingaverage.Youcannotinvestdirectlyinanindex.

71216AssetAllocationWebcast15

U.S.NominalGDP(YoY)andRecessions
January1,1946throughJuly8,2016

Source:Bloomberg,DoubleLine reportedquarterlyasof3/31/2016.
GDP=GrossDomesticProductistheamountofgoodsandservicesproducedwithinagivencountry.YoY =yearoveryear.Youcannotinvestdirectlyinanindex.

71216AssetAllocationWebcast16

CommodityPrices
July7,2006toJuly11,2016

Source:DoubleLine,Bloomberg
CRY=Thompson/Rueters CRBExcessReturnIndexisanarithmeticaverageofcommodityfuturesprocesswithmonthlyrebalancing.Youcannotinvestdirectlyinanindex.

71216AssetAllocationWebcast17

S&P500EarningsExpectations
September30,2010toJune30,2016

S&P500=Standard&Poors500indexisbasedonthemarketcapitalizationsof500largecompanieslistedontheNewYorkStock ExchangeorNASDAQ.Theyarechosenformarketsize,liquidityand
industrygroupingsamongotherfactors.Youcannotinvestdirectlyinanindex.

71216AssetAllocationWebcast18

TABII
FixedIncomeOverview

71216AssetAllocationWebcast19

BofA/MerrillFixedIncomeIndexReturns
Grey=Year2015
Blue=YearToDate2016
Convertibles(VOSO)
HighYield(JOAO)

1.15%
2.57%
4.55%
0.63%

InternationalEmerging(IGOV)
Corporate(COAO)

11.48%
12.82%

0.63%

InternationalDeveloped(NOGO)
Mortgages(MOAO)
Government(G0A0)

DataSource:BofA/MerrillLynchIndicesthroughyearendDecember31,2015andJuly12,2016fortherespectiveyearsindicated.
PleaseseetheAppendixforindexdefinitions.Aninvestmentcannotbemadedirectlyinanindex.

8.88%
1.09%
8.20%
1.46%
3.21%
0.84%
6.06%

71216AssetAllocationWebcast20

BofA/MerrillFixedIncomeIndexReturns
Grey=Year2015
Blue=YearToDate2016
15.01%
CCCRatedHighYield(JOA3)
BBRatedHighYieldCredit(JOA1)
BRatedHighYield(JOA2)
BBBRatedCredit(COA4)
ARatedCredit(COA3)
AAARatedCredit(COA1)

20.49%

1.04%
9.97%
5.08%

10.51%

2.19%

10.23%
0.62%
7.89%
0.57%

9.56%

InvestmentGrade=IndicesratedAAAtoBBB (shownabove)areconsideredtobeinvestmentgrade.AbondisconsideredinvestmentgradeifitscreditratingisBBB orhigherbyStandard&


PoorsorBaa3byMoodys.Thehighertherating,themorelikelythebondistopaybackatpar/$100centsonthedollar.AAAisconsideredthehighestqualityandthelowestdegreeofrisk.They
areconsideredtobestableanddependable.
BelowInvestmentGrade=Alsoknownasjunkbond(shownabove)isasecurityratedbelowinvestmentgradehavingaratingofBBB orbelow.Thesebondsareseenashavinghigherdefault
riskorotheradversecreditevents,buttypicallypayhigheryieldsthanbetterqualitybondsinordertomakethemattractive. Theyarelesslikelytopaybackatpar/$100centsonthedollar.
CreditdistributionfromthehighestavailablecreditratingfromanyNationallyRecognizesStatisticalRatingOrganization(S&P,Moodys,andFitch).
Source:BofA/MerrillLynchIndicesasofDecember31,2015andJuly11,2016andfortheirrespectiveyearsindicated.
PleaseseeappendixforIndexdefinitions
Aninvestmentcannotbemadedirectlyinanindex.

71216AssetAllocationWebcast21

U.S.2YearTreasury
July13,2010throughJuly11,2016

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT02=US2YearTreasuryBond.Youcannotinvestdirectlyinanindex.

71216AssetAllocationWebcast22

U.S.5YearTreasury
July13,2010throughJuly11,2016

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT5=US5YearTreasuryBond.Youcannotinvestdirectlyinanindex.

71216AssetAllocationWebcast23

U.S.10YearTreasury
July13,2010throughJuly11,2016

1.39

1.35
On7816

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT10=US10YearTreasuryBond.Youcannotinvestdirectlyinanindex.

71216AssetAllocationWebcast24

U.S.30YearTreasury
July13,2010throughJuly11,2016

2.22

NewLow

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT30=US30YearTreasuryBond.Youcannotinvestdirectlyinanindex.Pastperformanceisnoguaranteeoffutureresults.

71216AssetAllocationWebcast25

RelativeGrowthofMerrillMortgageIndexto
MerrillTreasuryIndex
1.15

RelativeGrowthRate
(December31,1985 July08,2016)

1.10

1.05

1.00

0.95

Trend

1SigmaRelativetoTrend

2SigmasRelativetoTrend

Mortgage/Treasury

0.90

DataSource:MerrillLynch(M0A0;GOQO)PleaseseedefinitionsintheAppendix.Monthlydatawithmostrecentobservationappended.Youcannotinvestdirectlyinanindex.
Standarddeviation=Ameasureofthedispersionofasetofdatafromitsmean.Themorespreadapartthedata,thehigherthedeviation.Sigma=Mathematicalsum.

71216AssetAllocationWebcast26

RelativeGrowthofMerrillCMBSIndexto
MerrillTreasuryIndex
1.50
1.40

RelativeGrowthRate
(December31,1997 July08,2016)

1.30
1.20
1.10
1.00
0.90
0.80
0.70
0.60

Trend

1SigmaRelativetoTrend

2SigmasRelativetoTrend

CMBS/Treasury

0.50

DataSource:MerrillLynch(CMA0;G0Q0)PleaseseedefinitionsintheAppendix.Monthlydatawithmostrecentobservationappended.Youcannotinvestdirectlyinanindex.
Standarddeviation=Ameasureofthedispersionofasetofdatafromitsmean.Themorespreadapartthedata,thehigherthedeviation.Sigma=Mathematicalsum.

71216AssetAllocationWebcast27

RelativeGrowthofMerrillCorporateIndexto
MerrillTreasuryIndex
1.40

RelativeGrowthRate
(December31,1985 July08,2016)

1.30

1.20

1.10

1.00

0.90

Trend

1SigmaRelativetoTrend

2SigmasRelativetoTrend

Corporate/Treasury

0.80

DataSource:MerrillLynch(C0A0;G0Q0)PleaseseedefinitionsintheAppendix.Monthlydatawithmostrecentobservationappended.Youcannotinvestdirectlyinanindex.
Standarddeviation=Ameasureofthedispersionofasetofdatafromitsmean.Themorespreadapartthedata,thehigherthedeviation.Sigma=Mathematicalsum.

71216AssetAllocationWebcast28

RelativeGrowthofMerrillHighYieldCashPayIndex
toMerrill15+YearTreasuriesIndex
1.30

RelativeGrowthRate
(December31,1985 July08,2016)

1.20

1.10

1.00

0.90

0.80

0.70

0.60

0.50

Trend

1SigmaRelativetoTrend

2SigmasRelativetoTrend

HighYield/Treasury

DataSource:MerrillLynch(J0A0;G802)PleaseseedefinitionsintheAppendix.Monthlydatawithmostrecentobservationappended.Youcannotinvestdirectlyinanindex.
Standarddeviation=Ameasureofthedispersionofasetofdatafromitsmean.Themorespreadapartthedata,thehigherthedeviation.Sigma=Mathematicalsum.

71216AssetAllocationWebcast29

JunkBonds
July13,2010toJuly11,2016

Source:DoubleLine,Bloomberg
JNK=SPDRBarclaysHighYieldBondETFinanexchangetradedincorporatedintheU.S.ItseeksinvestmentresultsthatcorrespondtothepriceandyieldoftheBarclaysHighYieldVeryLiquidBondIndex.
Pleaseseetheappendixforprospectuslink,description,expenses,etc.forJNK.Youcannotinvestdirectlyinanindex.

71216AssetAllocationWebcast30

RelativeGrowthofS&P/LSTALeveragedLoanIndex
toMerrillTreasury13YearIndex
1.50
1.40

RelativeGrowthRate
(January01,1999 July08,2016)

1.30
1.20
1.10
1.00
0.90
0.80
0.70
0.60
0.50

Trend

1SigmaRelativetoTrend

2SigmasRelativetoTrend

S&P/LASTLeveragedLoan/MerrillLynch13

DataSource:S&P/LSTA(SPBDAL);MerrillLynch(G102)PleaseseedefinitionsintheAppendix.Weeklydatawithmostrecentobservationappended.Youcannotinvestdirectlyinanindex.
Standarddeviation=Ameasureofthedispersionofasetofdatafromitsmean.Themorespreadapartthedata,thehigherthedeviation.Sigma=Mathematicalsum.

71216AssetAllocationWebcast31

LeveragedLoansAveragePrice
July7,2015throughJuly8,2016

DataSource:Bloomberg.SPBDLLBIndex=S&P/LSTAUSLeveragedLoan100Indexisdesignedtoreflecttheperformanceofthelargestfacilitiesintheleveragedloanmarket.SPBDALBIndexisthe
S&P/LSTALeveragedLoanIndexpriceismarketvalueweightedindexdesignedtomeasuretheperformanceoftheU.S.leveragedloanmarketbaseduponmarketweightings,spreadsandinterest
payments.Youcannotinvestdirectlyinanindex.

71216AssetAllocationWebcast32

Dec15

Dec14

Dec13

Dec12

Dec11

Dec10

Dec09

Dec08

Dec07

Dec06

Dec05

Dec04

Dec03

Dec02

Dec01

Dec00

Dec99

Dec98

Dec97

Dec96

Dec95

Dec94

Dec93

Dec92

Dec91

Dec90

Dec89

Dec88

Dec87

Dec86

Dec85

Dec84

Dec83

Dec82

Dec81

USHighYieldDefaultRate
(December31,1981 May31,2016)
16.00%

14.00%
DistressedRate

60.00%

10.00%
50.00%

8.00%
40.00%

6.00%
30.00%

2.00%

0.00%

DistressedRate
(December31,1996 May31,2016)

U.S.SpeculativeGradeDefaultRateandDistressedRate
90.00%

USSpecGradeDefaultRate
80.00%

12.00%
70.00%

4.00%
20.00%

10.00%

0.00%

DataSource:Moodys
Youcannotinvestdirectlyinanindex.

71216AssetAllocationWebcast33

HighYieldLast12MonthsUpgradetoDowngradeRatio
December31,1996throughMarch30,2016

Source:JPMorgan
LTM=Lasttwelvemonths.Youcannotinvestdirectlyinanindex.Note chartincludesUSdollardenominateddebtfromdomestichighyieldissuers.

71216AssetAllocationWebcast34

RecoveryRatesHaveBeenMuchLowerPostCrisis

SrUn =Seniorunsecuredloanrecoverrates.Rhs =righthandsideofthechart.

71216AssetAllocationWebcast35

RecoveryRatesLowestLevelin25Years
January1,1982throughMarch31,2016

Source:ZeroHedge.YTD=yeartodatethroughMarch31,2016..

71216AssetAllocationWebcast36

LeverageAtAllTimeHigh
December31,1998throughMarch31,2016

HY=HighYield.YoY =yearoveryear.ebita =earningsbeforeinterest,taxes,depreciationandamortization.Pct =%.Aninvestmentcannotbemade


directlyinanindex.

71216AssetAllocationWebcast37

U.S.Crude
July13,2005throughJuly11,2016

Source:Bloomberg
CLICOMBComdty =WestTexasIntermediate(WTI)generic1st futurescontractcrudeoilspotprice..Youcannotinvestdirectlyinanindex.

71216AssetAllocationWebcast38

U.S.CrudeOilInventories
December31,1982throughJuly1,2016

Source:Bloomberg
SMAV=Movingaveragefortheperiodindicated:50,100or200days.DOESCRUD=DOECrudeoiltotalinventorydataisupdated everyWednesday.InformationisprovidedbytheEnergyInformation
Administrationaspartoftheirweeklypetroleumstatusreport.Youcannotinvestdirectlyinanindex.

71216AssetAllocationWebcast39

U.S.CrudeOilInventoriesbyYear

Source:Bloomberg.2015isthroughMarch31,2016
DOESCRUD=DOECrudeoiltotalinventorydataisupdatedeveryWednesday.InformationisprovidedbytheEnergyInformationAdministrationaspartoftheirweeklypetroleumstatusreport.
Youcannotinvestdirectlyinanindex.
71216AssetAllocationWebcast40

RelativeGrowthofMerrillUSMunicipalIndextoMerrill
1015YearTreasuryIndex
1.10

Trend

1SigmaRelativetoTrend

2SigmasRelativetoTrend

Municipal/1015yr Treasury

RelativeGrowthRate
(December31,1996 July08,2016)

1.05

1.00

0.95

0.90

0.85

0.80

0.75

0.70

DataSource:MerrillLynch(UOAO;G7O2)PleaseseedefinitionsintheAppendix.Monthlydatawithmostrecentobservationappended.Youcannotinvestdirectlyinanindex.
Standarddeviation=Ameasureofthedispersionofasetofdatafromitsmean.Themorespreadapartthedata,thehigherthedeviation.Sigma=Mathematicalsum.

71216AssetAllocationWebcast41

RelativeGrowthofMerrillUSInflationLinkedTreasuries
IndextoMerrillTreasuryIndex
1.3

RelativeGrowthRate
(December31,1985 July08,2016)

1.2

1.1

1.0

0.9

0.8

Average

InflationLinked/Treasury

0.7

0.6

DataSource:MerrillLynch(GOQI;G0Q0)PleaseseedefinitionsintheAppendix.Monthlydatawithmostrecentobservationappended.Youcannotinvestdirectlyinanindex.
Standarddeviation=Ameasureofthedispersionofasetofdatafromitsmean.Themorespreadapartthedata,thehigherthedeviation.Sigma=Mathematicalsum.

71216AssetAllocationWebcast42

RelativeGrowthofMerrillEmergingMarketIndexto
MerrillTreasuryIndex
4.00

RelativeGrowthRate
(December31,1991 July08,2016)

3.50

3.00

2.50

2.00

1.50

1.00

0.50

0.00

Trend

1SigmaRelativetoTrend

2SigmasRelativetoTrend

EmergingMarket/Treasury

DataSource:MerrillLynch(IGOV;GOQO)PleaseseedefinitionsintheAppendix.Monthlydatawithmostrecentobservationappended.Youcannotinvestdirectlyinanindex.
Standarddeviation=Ameasureofthedispersionofasetofdatafromitsmean.Themorespreadapartthedata,thehigherthedeviation.Sigma=Mathematicalsum.

71216AssetAllocationWebcast43

USDDenominatedEmergingMarketsBondsvs.Local
CurrencyEmergingMarketsBonds
July7,2014throughJuly6,2016

EMSovereign

EMCorporates

EMLocal

Source:BloombergFinancialServices,DoubleLineCapitalLP.
BLCNTRUUIndex=BarclaysEmergingMarketLocalCurrencyCoreNetTotalReturnUnhedgedIndexisdesignedtoprovideabroadmeasureoftheperformanceoflocalcurrencyEmergingMarketsdebt.
Marketsizeandinvestability areusedtodetermineindexeligibility.BEMC=BloombergUSDEmergingMarketsCorporateIndexisarulesbased,marketweightedindexengineeredtomeasurecorporate
bondperformanceofUSDfixedratecorporatebondsofissuersinemergingmarketsasdefinedbyBloomberg.BEMS=BloombergUSDEmergingMarketsSovereignBondIndexisrulesbased,market
valueweightedindexengineeredtomeasureUSDfixedratesecuritiesofsovereignissuersinemergingmarketsasidentifiedbyBloomberg.Aninvestmentcannotbemadedirectlyinanindex.

71216AssetAllocationWebcast44

TABIII
DoubleLineFundsOverview

71216AssetAllocationWebcast45

CoreFixedIncomeFundPortfolioStatistics

CoreFixedIncome
Fund

BarclaysCapitalU.S
AggregateIndex

$103.91

$107.06

Duration

4.67

5.47

Average Life

6.90

7.77

AveragePrice

PortfoliostatisticsasofJune30,2016basedonmarketweightedaverages.Subjecttochangewithoutnotice.
Averageprice=Ameasureoftheweightedaveragepricepaidforthesecuritiescalculatedbytakingthepricesanddividingbythenumber of securitiesanddoesnotincludecash.Averagepriceshouldnot
beconfusedwithnetassetvalue.
AverageDuration=Durationisusedasariskmeasure.Itmeasuresthepricevolatilityofasecuritygivenachangeininterestratemovements.
AverageLife=Theaveragenumberofyearsthateachdollarofunpaidprincipaldueonthemortgageremainsoutstanding.Averagelifeiscomputedastheweightedaveragetimetothereceiptofallfuture
cashflows,usingastheweightsthedollaramountsoftheprincipalpaydowns.
71216AssetAllocationWebcast46
Source:DoubleLineCapitalLP

CoreFixedIncomeFundPortfolioComposition
InternationalSovereign
1.2%
HighYield
Corporates
1.9%

Infrastructure
0.8%

BankLoan
2.3%
CommercialMBS
6.9%

AssetBacked
Securities CollateralizedLoan
Obligations
1.5%
3.6%

Cash
5.2%

Government
26.7%

InvestmentGrade
Corporates
14.1%
Municipals
1.0%
EmergingMarkets
10.1%

MortgageBacked
Securities
24.7%

PortfoliocompositionasofJune30,2016.Subjecttochangewithoutnotice.
BankLoans=Adebtfinancingobligationissuedbyabankorsimilarfinancialinstitutiontoacompany.
CommercialMortgageBackedSecurities(CMBS)=CommercialMortgageBackedSecurities.Securitizedloansmadeoncommercialratherthanresidentialproperty.
CollateralizedLoanObligations(CLOs)=Aformofsecuritizationwherepaymentsfrommultiplemiddlesizedandlargebusinessloansarepooledtogetherandpassedontodifferentclassedofownersin
varioustranches.Cash =Cashholdingincludethevalueofassetsthatcanbeconvertedintocashimmediately.Canincludemarketablesecurities,such asgovernmentbonds,banker'sacceptances,cash
equivalentsonbalancesheetsthatmayincludesecuritiesthatmaturewithin90days.Government=Governmentdebt(alsoknownaspublicdebtornationaldebt)ismoney(orcredit)owedbyanylevelof
government;eithercentralgovernment,federalgovernment,municipalgovernmentorlocalgovernment.
MortgageBackedSecurities(MBS)=Amortgagebackedsecurity(MBS)isanassetbackedsecurityordebtobligationthatrepresentsaclaimonthecashflowsfrom mortgageloans,mostcommonlyon
residentialproperty.EmergingMarketsFixedIncome=Emergingmarketdebt(EMD)isatermusedtoencompassbondsissuedbylessdevelopedcountries.
InvestmentGrade(IG)andHighYieldCorporates(HY)=Investmentgradeandnoninvestmentgradecorporatecredit.Bondsissuedbycorporationstoraisemoneyinordertoexpandits business.Credit
distributionisdeterminedfromthehighestavailablecreditratingfromanyNationallyRecognizedStatisticalRatingOrganization(S&P,Moodys,andFitch).AbondratedBBBorhigherwouldbeconsidered
InvestmentGrade.AnybondratedBBBorbelowwouldbeHighYield.
Source:DoubleLineCapitalLP.Sectorallocationsaresubjecttochangeandshouldnotbeconsideredarecommendationtobuyorsellanysecurity.

71216AssetAllocationWebcast47

CoreFixedIncomeFund
PortfolioCreditQualityBreakdown
Below
Investment
Grade
11.4%

Unrated
3.6%

Cash
5.2%

Govt
26.7%

Investment
Grade
36.3%

Agency
16.7%
PortfoliocompositionandcreditratingsasofJune31,2016.Portfoliocompositionissubjecttochangewithoutnotice.Creditdistributionisdeterminedfromthehighestavailablecreditratingfromany
NationallyRecognizedStatisticalRatingOrganization(S&P,Moodys,andFitch).
Cash =Thevalueofassetsthatcanbeconvertedintocashimmediately.Canincludemarketablesecurities,suchasgovernmentbonds, banker'sacceptances,cashequivalentsonbalancesheetsthatmay
includesecuritiesthatmaturewithin90days.Government =Governmentdebt(alsoknownaspublicdebtornationaldebt)ismoney(orcredit)owedbyanylevelofgovernment;eithercentralgovernment,
federalgovernment,municipalgovernmentorlocalgovernment.Agency =MortgagesecuritieswhoseprincipalandinterestareeffectivelyguaranteedbytheU.S.GovernmentagencyincludingFannieMae
(FNMA)orFreddieMac(FHLMC).InvestmentGrade=AbondisconsideredinvestmentgradeifitscreditratingisBBB ofhigherbyStandard&PoorsorBaa3byMoodys.Ratingsbasedoncorporatebond
model.Thehighertherating,themorelikelythebondistopaybackatpar/$100centsonthedollar.
BelowInvestmentGrade(BelowIG)=Alsoknownasjunkbondisasecurityratedbelowinvestmentgrade.Thesebondsareseenashavinghigherdefaultriskor otheradversecreditevents,buttypically
payhigheryieldsthanbetterqualitybondsinordertomakethemattractive.Theyarelesslikelytopaybackatpar/$100cents onthedollar.
CreditqualitymaybeassessedbydifferentagenciesfordifferentbondsforreasonsbeyondthecontroloftheFund.
NR=NotRated.Securitiesthatarenotratedbythethreeratingagencies.
Source:DoubleLineCapitalLP.

71216AssetAllocationWebcast48

FlexibleIncomeFundPortfolioStatistics

FlexibleIncome
Fund

BarclaysCapitalU.S.
AggregateIndex

$99.59

$107.06

Duration

1.87

5.47

Average Life

4.61

7.77

AveragePrice

PortfoliostatisticsasofJune30,2016basedonmarketweightedaverages.Subjecttochangewithoutnotice.
Averageprice=Ameasureoftheweightedaveragepricepaidforthesecuritiescalculatedbytakingthepricesanddividingbythenumberofsecuritiesanddoesnotincludecash.Averagepriceshouldnot
beconfusedwithnetassetvalue.
AverageDuration =Durationisusedasariskmeasure.Itmeasuresthepricevolatilityofasecuritygivenachangeininterestratemovements.
AverageLife=Theaveragenumberofyearsthateachdollarofunpaidprincipaldueonthemortgageremainsoutstanding.Averagelifeiscomputedastheweightedaveragetimetothereceiptofallfuture
cashflows,usingastheweightsthedollaramountsoftheprincipalpaydowns.
Source:DoubleLineCapitalLP

71216AssetAllocationWebcast49

FlexibleIncomeFundPortfolioComposition
BySecurityType
CollateralizedLoan
Obligations
17.7%

Cash
4.8%
Government,7.1%
AgencyMBS
1.8%

International
Sovereign
1.1%
HighYield
Corporates
5.3%

NonAgencyMBS,
23.2%

BankLoan
9.0%

CommercialMBS
12.0%
EmergingMarkets
16.2%

AssetBacked
securities
1.9%

PortfoliocompositionasofJune30,2016.Subjecttochangewithoutnotice.
Source:DoubleLineCapitalLP.Sectorallocationsaresubjecttochangeandshouldnotbeconsideredarecommendationtobuyorsellanysecurity.
Cash =Thevalueofassetsthatcanbeconvertedintocashimmediately.Canincludemarketablesecurities,suchasgovernmentbonds,banker'sacceptances,cashequivalentsonbalancesheetsthatmay
includesecuritiesthatmaturewithin90days.Government U.S.treasurysecurities.Agency=MortgagesecuritieswhoseprincipalandinterestguaranteedbytheU.S.Governmentagencyincluding
FannieMae(FNMA)orFreddieMac(FHLMC).NonAgencyRMBS=ResidentialMortgagesBondSecuritiesareatypeofbondbackedbyresidentialmortgages.NonAgencymeanstheywereissuedby a
privateissuer.CMBS =CommercialMortgageBackedSecurities.Securitizedloansmadeoncommercialratherthanresidentialproperty.
CLO =CollateralizedMortgageObligations.BankLoans=Adebtfinancingobligationissuedbyabankorsimilarfinancialinstitutiontoacompany.InvestmentGrade(IG)andHighYieldCorporates(HY)=
Investmentgradeandnoninvestmentgradecorporatecredit.Bondsissuedbycorporationstoraisemoneyinordertoexpanditsbusiness.Creditdistributionisdeterminedfromthehighestavailable
creditratingfromanyNationallyRecognizedStatisticalRatingOrganization(S&P,Moodys,andFitch).AbondratedBBBorhigherwouldbeconsideredInvestmentGrade.AnybondratedBBBorbelow
wouldbeHighYield.
71216AssetAllocationWebcast50

FlexibleIncomeFundPortfolio
BreakdownByCurrentCreditQuality
Unrated
10.4%

Cash
4.8%
Government,7.1%
Agency
2.0%

BelowInvestment
Grade
32.7%

InvestmentGrade
42.9%

PortfoliocompositionasofJune30,2016.Portfoliocompositionissubjecttochangewithoutnotice.Therearesomenonratedsecuritiesintheportfolioasshowninthechartabove.Credit
distributionisdeterminedfromthehighestavailablecreditratingfromanyNationallyRecognizedStatisticalRatingOrganization(S&P,Moodys,andFitch).
InvestmentGrade=SecuritiesratedAAAtoBBB (showninblueabove)areconsideredtobeinvestmentgrade.AbondisconsideredinvestmentgradeifitscreditratingisBBB ofhigherbyStandard
&PoorsorBaa3byMoodys.Ratingsbasedoncorporatebondmodel.Thehighertherating,themorelikelythebondistopay backatpar/$100centsonthedollar.AAAisconsideredthehighest
qualityandthelowestdegreeofrisk.Theyareconsideredtobeextremelystableanddependable.
BelowInvestmentGrade=Alsoknownasjunkbond(showningreyabove)isasecurityratedbelowinvestmentgradehavingaratingofBBB orbelow.Thesebondsareseenashavinghigherdefault
riskorotheradversecreditevents,buttypicallypayhigheryieldsthanbetterqualitybondsinordertomakethemattractive. Theyarelesslikelytopaybackatpar/$100centsonthedollar.
CreditqualitymaybeassessedbydifferentagenciesfordifferentbondsforreasonsbeyondthecontroloftheFund.
NR=NotRated.Securitiesthatarenotratedbythethreeratingagencies.
RMBS=ResidentialMortgageBackedSecurities.
Source:DoubleLineCapitalLP
71216AssetAllocationWebcast51

TABIV
Appendix

71216AssetAllocationWebcast52

AssetAllocationWebcast

LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

July12,2016

333S.GrandAve.,18thFloor|| LosAngeles,CA90071|| 213.633.8200

SPDRBarclaysHighYieldBondETF(JNK)
InvestmentObjective&Summary
TheinvestmentobjectiveoftheSPDRBarclaysHighYieldBondETFseekstoprovideinvestmentresultsthat,beforefeesandexpenses,
correspondsgenerallytothepriceandyieldperformanceoftheBarclaysHighYieldVeryLiquidIndex.TheETFinvestsinU.S.highyield
bonds.
TheBarclaysHighYieldVeryLiquidIndexisdesignedtomeasuretheperformanceofpubliclyissuedU.S.dollardenominatedhighyieldcorporatebondswithaboveaverage
liquidity.Highyieldsecuritiesaregenerallyratedbelowinvestmentgradeandarecommonlyreferredtoas"junkbonds."The IndexincludespubliclyissuedU.S.dollar
denominated,noninvestmentgrade,fixedrate,taxablecorporatebondsthathavearemainingmaturityofatleastoneyear,regardlessofoptionality,areratedhighyield
(Ba1/BB+/BB+orbelow)usingthemiddleratingofMoody'sInvestorsService,Inc.,FitchInc.,orStandard&Poor's,Inc.Respectively,andhave$500millionormoreofoutstanding
facevalue
ImportantRiskInformation Ingeneral,ETFscanbeexpectedtomoveupordowninvaluewiththevalueoftheapplicableindex.AlthoughETFsharesmaybeboughtandsoldonthe
exchangethroughanybrokerageaccount,ETFsharesarenotindividuallyredeemablefromtheFund.InvestorsmayacquireETFsand tenderthemforredemptionthroughtheFundin
CreationUnitAggregationsonly.Pleaseseetheprospectusformoredetails.
Bondfundscontaininterestraterisk(asinterestratesrisebondpricesusuallyfall);theriskofissuerdefault;issuercreditrisk;liquidityrisk;andinflationrisk.
Investinginhighyieldfixedincomesecurities,otherwiseknownas"junkbonds"isconsideredspeculativeandinvolvesgreaterriskoflossofprincipalandinterestthaninvestingin
investmentgradefixedincomesecurities.Theselowerqualitydebtsecuritiesinvolvegreaterriskofdefaultorpricechangeduetopotentialchangesinthecreditqualityoftheissuer.
TheFundinvestsbysamplingtheIndex,holdingarangeofsecuritiesthat,intheaggregate,approximatesthefullIndexintermsofkeyriskfactorsandothercharacteristicswhichmay
causethefundtoexperiencetrackingerrorsrelativetoperformanceoftheIndex.
Distributor:StateStreetGlobalMarkets,LLC,memberFINRA,SIPC,awhollyownedsubsidiaryofStateStreetCorporation.ReferencestoStateStreetmayincludeStateStreet
Corporationanditsaffiliates.CertainStateStreetaffiliatesprovideservicesandreceivefeesfromtheSPDRETFs.

Beforeinvesting,considerthefunds'investmentobjectives,risks,chargesandexpenses.Toobtaina
prospectusorsummaryprospectuswhichcontainsthisandotherinformation,call18667872257or
talktoyourfinancialadvisor.Readitcarefullybeforeinvesting.
JNKisdistributedbyStateStreetGlobalMarkets,LLC

71216AssetAllocationWebcast54

IndexDescriptions
BarclaysCapitalUSAggregateIndex TheBarclaysCapitalUSAggregateIndexrepresentssecuritiesthatareSECregistered,taxable,anddollardenominated.TheindexcoverstheUSinvestmentgrade
fixedratebondmarket,withindexcomponentsforgovernmentandcorporatesecurities,mortgagepassthroughsecurities,andassetbackedsecurities.Thesemajorsectorsaresubdividedintomore
specificindicesthatarecalculatedandreportedonaregularbasis.
BarclaysCapitalEuropeanAggregateTotalReturnIndex TheBarclaysCapitalEuropeanAggregateTotalReturnIndexisafixedrate,rulesbasedindexincludesalldatedinvestmentgradesecurities
(treasuries,agencies,securitized,corporates,sovereignsandsupranationals)denominatedineurosandwithafinalmaturityofoneyearorgreater.
BarclaysCapitalUSTreasuryIndex ThisindexistheUSTreasurycomponentoftheUSGovernmentindex.PublicobligationsoftheUSTreasurywitharemainingmaturityofoneyearormore.
BarclaysCapitalUSTreasury10YearIndex Thisindexisthe10yearcomponentoftheUSGovernmentindex.
BarclaysCapitalCapitalUSTreasury30YearIndex Thisindexisthe30yearcomponentoftheUSGovernmentindex.
BarclaysCapitalUSHighYieldIndex TheBarclaysCapitalUSHighYieldIndexcoverstheuniverseoffixedrate,noninvestmentgradedebt.Eurobondsanddebtissuer fromcountriesdesignatedas
emergingmarkets(e.g.Argentina,Brazil,Venezuela,etc.)areexcluded,butCanadianandglobalbonds(SECregistered)ofissuersinnonEMGcountriesareincluded.Originalissuezereos,stepupcoupon
structures,144Asandpayinkind(PIK,asofOctober1,2009)arealsoincluded.
BofAMerrillLynchUSGovernmentIndex(GOAO) TheMerrillLynchUSGovernmentIndextrackstheperformanceofUSgovernment(i.e.securitiesintheTreasuryandAgencyindices.)
BofAMerrillLynchUS15+YearTreasuryIndexLongTreasuries(G802) ThisindexisasubsetoftheBofAMerrillLynchUSTreasuryIndexincludingallsecuritieswitharemainingtermoffinalmaturity
greaterthan15years..
BofAMerrillLynchUSCorporateIndex(COAO)InvestmentGrade TheMerrillLynchCorporateIndextrackstheperformanceofUSdollardenominatedinvestmentgradecorporatedebtpubliclyissued
intheUSdomesticmarket.Qualifyingsecuritiesmusthaveaninvestmentgraderating(basedonanaverageofMoodys,S&PandFitch)andaninvestmentgraderatedcountryofrisk(basedonan
averageofMoodys,S&PandFitchforeigncurrencylongtermsovereigndebtratings).Securitiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleandaminimum
amountoutstandingof$250MM.
BofAMerrillLynchUSAllConvertiblesIndex(VOSO) TheMerrillLynchAllConvertibleIndexisaruledrivenindex.whichincludesallbondsandpreferredstocksofU.S.registered companies,whichhave
$50millionormoreinaggregatemarketvalueandareconvertiblesinU.S.dollardenominatedcommonstocks,ADRsorcashequivalents.Pleasenoteaninvestorcannotinvestdirectlyinanindex.
CRBCommodityIndex(CRY) Anunweightedgeometricaverageofsomeimportantcommodities.Itaveragespricesacross17commoditiesandacrosstime.Theindextracksenergy,grains,industrials,
livestock,preciousmetals,andagriculturals.
S&P500(SPX) S&P500isafreefloatcapitalizationweightedindexpublishedsince1957ofthepricesof500largecapcommonstocksactively tradedintheUnitedStates.
StandardDeviation Sigma=standarddeviation.Itshowshowmuchvariationthereisfromtheaverage(mean,orexpected/budgetedvalue).Alow standarddeviationindicatedthatthedatapoint
tendtobeveryclosetothemean,whereashighstandarddeviationindicatedthatthedateisspreadoutoveralargerangeofvalues.
DowJones UBSDJCommodityIndex TheDowJonesUBS CommodityindexiscomposedofcommoditiestradedonU.S.exchanges,withtheexceptionofaluminum,nickelandzinc,whichtradeon
theLondonMetalExchange(LME).
Copper=CopperSpotPrice(HGI)Copperistheworldsthirdmostusedmetalbehindironandaluminumprimarilyusedinhighlycyclicalindustriesincludingconstructionandindustrialmachinery
manufacturing.SpotpricequotedinUSD/lb.
Gold=GoldSpotPrice(Golds)TheGoldSpotpriceisquotedasUSDollarperTroyOunce.
CrudeOil=Crudeoilvariesgreatlyinappearancedependingonitscomposition.WestTexasintermediate(WTI)=Texaslightsweetcrudeisusedasabenchmarkinoilpricing.Itslightbecauseofthe
lowdensityandsweetbecauseoflowsulfur.Brentcrude=Isamajortradingclassificationofsweetlightcrude.BrentistheoilmakeralsoknownasBrentBlend.
VolatilityIndex(VIX)TheVIXshowsthemarket'sexpectationof30dayvolatility.Itisconstructedusingtheimpliedvolatilitiesofawiderangeof S&P500indexoptions. Thisvolatilityismeanttobe
forwardlookingandiscalculatedfrombothcallsandputs. TheVIXisawidelyusedmeasureofmarketriskandisoftenreferredtoas the"investorfeargauge.
BofA MerrillLynchU.S.CommercialMortgageBackedSecuritiesIndex(CMA0) TheBofA MerrillLynchUSFixedRateCMBSIndextrackstheperformanceofUSdollardenominatedinvestmentgrade
fixedratecommercialmortgagebackedsecuritiespubliclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveaninvestmentgraderating(basedonanaverageofMoodys,S&PandFitch),a
fixedcouponschedule,atleastoneyearremainingtermtofinalmaturityandatleastonemonthtothelastexpectedcashflow.

71216AssetAllocationWebcast55

IndexDescriptions
BofA MerrillLynchUSDollarEmergingMarketsSovereignPlusIndex(IGOV) ThisindextrackstheperformanceofUSdollardenominatedemergingmarketandcrossoversovereigndebtpublicly
issuedintheeurobond orUSdomesticmarket.QualifyingcountriesmusthaveaBB1orlowerforeigncurrencylongtermsovereigndebtrating(basedon anaverageofMoodys,S&P,andFitch).
BofA MerrillLynchU.S.HighYieldCashPayIndex(J0A0)BelowInvestmentGrade TheMerrillLynchHighYieldIndextrackstheperformanceofUSdollardenominatedbelowinvestmentgrade
corporatedebt,currentlyinacouponpayingperiod,thatispubliclyissuedintheUSdomesticmarket.Qualifyingsecurities musthaveabelowinvestmentgraderating(basedonanaverageofMoodys,
S&PandFirthforeigncurrencylongtermsovereigndebtratings).Musthaveoneyearremainingtofinalmaturityandaminimumoutstandingamountof$100MM.
BofA MerrillLynchInternationalGovernmentIndex(NOGO) TheMerrillLynchInternationalIndextrackstheperformanceofAustralia,Canadian,French,German,Japan,Dutch,SwissandUK
investmentgradesovereigndebtpubliclyissuedanddenominatedintheissuersowndomesticmarketandcurrency.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,a
fixedcouponscheduleandaminimumamountoutstanding.
BofAMerrillLynchMortgageBackedSecuritiesIndex(MOA0) ThisindextrackstheperformanceofUSdollardenominatedfixedrateandhybridresidentialmortgagepassthroughsecuritiespublicly
issuedbyUSagenciesintheUSdomesticmarket.30year,20year,15yearandinterestonlyfixedratemortgagepoolsareincludedintheIndexprovidedtheyhaveatleastoneyearremainingtermto
finalmaturityandaminimumamountoutstandingofatleast$5billionpergenericcouponand$250MMperproductionyearwithineachgenericcoupon.
BofAMerrillLynchU.S.MunicipalSecuritiesIndex(UOA0) ThisindextrackstheperformanceofUSdollardenominatedinvestmentgradetaxexemptdebtpubliclyissuedbyUSstatesandterritories,
andtheirpoliticalsubdivisions,intheUSdomesticmarket.Qualifyingsecuritiesmusthaveatleastoneyearremainingterm to finalmaturity,afixedcouponscheduleandaninvestmentgraderating
(basedonMoodys,S&PandFitch).Minimumsizevarybasedontheinitialtermtofinalmaturityattimeofissuance.
BarclaysCapitalGlobalEmergingMarketsIndex TheBarclaysCapitalGlobalEmergingMarketsIndexrepresentstheunionoftheUSDdenominatedUSEmergingMarketsindexandthe predominately
EURdenominatedPanEuroEmergingMarketsIndex,coveringemergingmarketsinthefollowingregions:Americas,Europe,MiddleEast,Africa,andAsia.Aswithotherfixedincomebenchmarks
providedbyBarclaysCapital,theindexisrulesbased,whichallowsforanunbiasedviewofthemarketplaceandeasyreplicability.
JPMorganInvestmentGradeCorporateIndex JPMorganInvestmentGradeCorporateIndexincludesperformanceofUSdollardenominatedinvestmentgradecorporatedebtpubliclyissuedintheUS
domesticmarket.Qualifyingsecuritiesmusthaveaninvestmentgraderating(basedonanaverageofMoodys,S&PandFitch)andaninvestmentgraderatedcountryofrisk(basedonanaverageof
Moodys,S&PandFitchforeigncurrencylongtermsovereigndebtratings).Securitiesmusthaveatleastoneyearremainingterm tofinalmaturity,afixedcouponscheduleandaminimumamount
outstandingof$250MM.
DrawDown Thepeaktotroughdeclineduringaspecificrecordperiodofaninvestment,fundorcommodity.Adrawdownisusuallyquotedasthepercentagebetweenthepeakandthetrough.
NAV Amutualfund'spricepershareorexchangetradedfund's(ETF)persharevalue.Inbothcases,thepersharedollaramountof thefundiscalculatedbydividingthetotalvalueofallthesecurities
initsportfolio,lessanyliabilities,bythenumberoffundsharesoutstanding.
CMO Atypeofmortgagebackedsecuritythatcreatesseparatepoolsofpassthroughratesfordifferentclassesofbondholderswith varyingmaturities,calledtranches.Therepaymentsfromthepool
ofpassthroughsecuritiesareusedtoretirethebondsintheorderspecifiedbythebonds'prospectus
TIPS TreasuryInflationProtection.Atreasurysecuritythatisindexedtoinflationinordertoprotectinvestorsfromthenegativeeffectsofinflation.TIPSareconsideredanextremelylowrisk
investmentsincetheyarebackedbytheU.S.governmentandsincetheirparvalueriseswithinflation,asmeasuredbytheConsumerPriceIndex,whiletheirinterestrateremainsfixed.
CPI ConsumerPriceIndex.Ameasurethatexaminestheweightedaverageofpricesofabasketofconsumergoodsandservices,such astransportation,foodandmedicalcare.
CashFlow Cashflowmeasuresthecashgeneratingcapabilityofacompanybyaddingnoncashcharges(e.g.depreciation)andinterestexpensetopretaxincome.
BofA/MerrillLynchHighYieldCashPayCCCratedIndex(JOA3) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonCCCratedHighYieldcreditonly.
BofA/MerrillLynchHighYieldCashPayBBratedIndex(JOA1) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonBBratedHighYieldcreditonly.
BofA/MerrillLynchHighYieldCashPayBratedIndex(JOA2) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonBratedHighYieldcreditonly.
BofA/MerrillLynchCreditIndexBBBratedIndex(COA4) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingonthelowerratedBBBinvestmentgradecredits.
BofA/MerrillLynchCreditIndexAratedIndex(COA3) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingontheAratedinvestmentgradecredits.

71216AssetAllocationWebcast56

IndexDescriptions
BofA/MerrillLynchCreditIndexAAAratedIndex(COA1) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingonthehighestratedAAAinvestmentgradecredits.
BofAMerrillLynchUSTreasuryIndex(G0Q0)TheMerrillLynchUSTreasuryIndextrackstheperformanceofUSdollardenominatedsovereigndebtpubliclyissuedbytheUSgovernmentinitsdomestic
market.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleandaminimumamountoutstandingof$1billion.
BofA/MerrillLynch13YearTreasuryIndex(G1O2) isasubsetoftheBofA MerrillLunchUSReasury Indexincludingallsecuritieswitharemainingtermtofinalmaturitylessthan3years.TheBofA
MerrillLynchUSTreasuryIndextrackstheperformanceofUSdollardenominatedsovereigndebtpubliclyissuedbytheUSgovernmentinitsdomesticmarket.
BofA MerrillLynchUS1015YearTreasuryIndexLongTreasury(G7O2)TheMerrillLynchUS1015TreasuryIndextrackstheperformanceofUSdollardenominated1015yearsovereigndebtpublicly
issuedbytheUSgovernmentinitsdomesticmarket.ItisasubsetoftheBofAMerrillLynchU.S.TreasuryIndex(GOQO).
BofAMerrillLynchMunicipalIndexTheMerrillLynchMunicipal
BofAMerrillLynchCurrent10yearUSTIndex Thisindexisthe10yearcomponentoftheUSGovernmentindex.
BofAMerrillLynchCurrent30yearUSTIndex Thisindexisthe30yearcomponentoftheUSGovernmentindex.
JPMorganCorporateEMBIBroadDiversifiedIndex(JBCDCOMP) Thisindextrackstheperformanceofinvestmentgradecorporatedebtpublicallyissuedacrossarangeofemergingmarketcountries.
ShanghaiIndex TheShanghaiStockExchangeCompositeisacapitalizationweightedindextrackingdailypriceperformanceofallAandBshareslistedontheShanghaiStockExchange.Thisindexwas
developedDecember19,1990withabasevalueof100.
S&P/CaseShillerCompositeHomePriceIndex TheCaseShillerHomePriceIndices,onecomprisedofpricechangeswithinall20metropolitanmarkets,andanothercomprisedof pricechangeswithin
thefollowingsubsetof10metropolitanmarkets:Boston,Chicago,Denver,LasVegas,LosAngeles,Miami,NewYork,SanDiego, SanFranciscoandWashingtonDC.Inadditiontothose10markets,the20
HomePriceindexreflectspricechangesforAtlanta,Charlotte,Dallas,Detroit,Minneapolis,Phoenix,Portland,SeattleandTampa.
NASDAQ Acomputerizedsystemthatfacilitatestradingandprovidespricequotationsonmorethan5,000ofthemoreactivelytradedover thecounterstocks.Createdin1971,theNasdaqwasthe
world'sfirstelectronicstockmarket.
Transports TheIndustrialsSectorincludescompanieswhosebusinessesaredominatedbyoneofthefollowingactivities:Themanufactureand distributionofcapitalgoods,includingaerospace&
defense,construction,engineering&buildingproducts,electricalequipmentandindustrialmachinery
Utilities Apublicutilityisabusinessthatfurnishesaneverydaynecessitytothepublicatlarge.Publicutilitiesprovidewater,electricity,naturalgas,telephoneservice,andotheressentials.Utilitiesmay
bepubliclyorprivatelyowned,butmostareoperatedasprivatebusinesses.
BasisPoint Abasispointisaunitthatisequalto1/100th of1%,andisusedtodenotethechangeinafinancialinstrument.
REIT RealEstateTrust.Asecuritythatsellslikeastockonthemajorexchangesandinvestsinrealestatedirectly,eitherthrough propertiesormortgages
Duration Durationisacommonlyusedmeasureofthepotentialvolatilityofthepriceofadebtsecurity,ortheaggregatemarketvalueofaportfolioofdebtsecurities,priortomaturity.Securitieswitha
longerdurationgenerallyhavemorevolatilepricesthansecuritiesofcomparablequalitywithashorterduration.
BofA/MerrillLynchInflationLinkedIndex(G0Q1) TheBofA MerrillLynchUSInflationLinkedTreasuryIndextrackstheperformanceofUSdollardenominatedinflationlinkedsovereigndebtpublicly
issuedbytheUSgovernmentinitsdomesticmarket.
CitigroupTIPS(SBUSILSI) . Itmeasuresthereturnsoftheinflationlinkedbondswithfixedratecouponpaymentsthatarelinkedtoaninflationindex.The priceofeachissueintheUSLSIisadjustedby
usinganindexratio.Theindexratioisdeterminedbydividingthecurrentinflationindexlevelbytheinflationindexlevelatthetimeofissueofthesecurity.Theinflationindexispublishedonamonthly
basis,andtheintramonthindexratioiscalculatedusinglinear
interpolation.
BarclaysCapitalCMBSIndex trackstheperformanceofUSdollardenominatedsecuritizedcommercialmortgagebackedsecurities.
Russell2000 measurestheperformanceofthesmallcapsegmentoftheUSequityuniverse.Russell2000isasubsetoftheRussell3000indexrepresentingapproximately10%ofthetotalmarket
capitalizationofthatindex.
S&PGSCI isacompositeindexofcommoditysectorreturnrepresentinganunleveraged,longonlyinvestmentincommodityfuturesthatisbroadlydiversifiedacrossthespectrumofcommodities.
TheBarclaysEuropeanAggregateIndextracksfixedrate,investmentgradesecuritiesissuedinthefollowingEuropeancurrencies:euro,Britishpounds,Norwegiankrone,Danishkrone,Swedishkrona,
Czechkoruna,Hungarianforint,PolishzlotyandSwissfranc.

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IndexDescriptions
S&PGSCIAgriculture isacompositeindexofagriculturecommodityfuturesunleveraged,longonlyinvestment.
BarclaysCapitalU.S.30YearTIPSIndex .BarclaysCapital30yearTIPSontherunindexquotedinUSDollarstradedintraday
CitigroupEconomicSurpriseIndex .TheCitigroupEconomicSurpriseIndicesareobjectiveandquantitativemeasuresofeconomicnews.Theyaredefinedasweightedhistoricalstandarddeviationsof
datasurprises(actualreleasesvsBloombergsurveymedian).ApositivereadingoftheEconomicSurpriseIndexsuggeststhateconomicreleaseshaveonbalancebeatingconsensus.Theindicesare
calculateddailyinarollingthreemonthwindow.TheweightsofeconomicindicatorsarederivedfromrelativehighfrequencyspotFXimpactsof1standarddeviationdatasurprises.Theindicesalso
employatimedecayfunctiontoreplicatethelimitedmemoryofmarkets.
DAX ThisindexistheGermanStockIndexisatotalreturnindexof30selectedGermanbluechipstockstradedontheFrankfurtStockExchange.
CAC40 ThisindexthemostwidelyusedindicatoroftheParismarket,reflectstheperformanceofthe40largestequitieslistedinFrance,measuredbyfreefloatmarketcapitalizationandliquidity.
FTSE100 Isacapitalizationweightedindexofthe100mosthighlycapitalizedcompaniestradedontheLondonStockExchange.
MexicoIPC TheMexicanIPCindexisacapitalizationweightedindexoftheleadingstockstradedontheMexicanStockExchange.
HangSeng TheHangSengChinaEnterprisesIndexisafreefloatcapitalizationweightedindexcomprisedofHshareslistedontheHongKong StockExchangeandincludedintheHangSengMainland
CompositeIndex.
KOSPI ThisindexisacapitalizedweightedindexofallcommonsharesontheKoreanStockExchanges.
Nikkei225 TheNikkei225Stockaverageisapriceweightedaverageof225topratedJapanesecompanieslistedintheFirstSectionofthe TokyoStockExchange.
AustraliaAORD S&P/ASXAllOrdinariesrepresents500largestcompaniesintheAustralianequitiesmarket.IndexconstitutesaredrawnfromeligiblecompanieslistedontheAustralianStockExchange.
BrazilBovespaIndex(IBOV)TheBovespaIndexisagrossreturnindexweightedbytradedvolumeandiscomprisedofthemostliquidstockstradedontheSao PauloStockExchange.TheBovespaIndex
hasbeendivided10timesbyafactorof10sinceJanuary1,1985.
ShanghaiIndex(SHCOMP)TheShanghaiStockExchangeCompositeIndexisacapitalizationweightedindex.TheindextracksthedailyperformanceofallAsharesandBshareslistedontheShanghai
StockExchange.TheindexwasdevelopedonDecember19,1990withabasevalueof100.
BSEIndiaSensitiveIndex(Sensex)TheSensexisacapweightedindex.Theselectionoftheindexmembershasbeenmadeonthebasisofliquidity,depthandfloatingstockadjustmentdepthand
industryrepresentation.
S&PLSTALevLoanIndex(BankLoans) CreatedbytheLeveragedCommentary&Data(LCD)teamatS&PCapitalIQ,thereviewprovides an overviewandoutlookoftheleveragedloanmarketaswellas
anexpansivereviewoftheS&PLeveragedLoanIndexandsubindexes. Thereviewconsistsofindexgeneralcharacteristics,results,riskreturnprofile,default/distressstatistics, andrepaymentanalysis.It
isnotpossibletoinvestdirectlyinanindex.
Citigroup3MonthTBill(SBMMTB3) 3MonthUSTBillinUSdollars.
MoodysU.S.SpeculativeGradeDefaultRate:Aspeculativegradedefaultoccursifadefaultingissuerheldanspeculativegraderating(Ba1orlower)atthestartoflatest12monthperiod.Therateis
establishedbydividingthenumberofSpecgradedefaultsbythenumberofSpecgradeissuersatthebeginningofthesampleperiod.
MoodysDistressedRate:PercentageofHighYieldIssuerswhosedebtistradingatdistressedlevels.Distressedissuersaredefinedashavingdebt withOASorCDSof1000bpsormore.

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Disclaimer
ImportantInformationRegardingThisReport
Thisreportwaspreparedasaprivatecommunicationandwasnotintendedforpubliccirculation.Clientsorprospectsmayauthorizedistributiontotheir
consultantsorotheragents.
Issueselectionprocessesandtoolsillustratedthroughoutthispresentationaresamplesandmaybemodifiedperiodically.Suchchartsarenottheonlytoolsused
bytheinvestmentteams,areextremelysophisticated,maynotalwaysproducetheintendedresultsandarenotintendedforusebynonprofessionals.
DoubleLinehasnoobligationtoproviderevisedassessmentsintheeventofchangedcircumstances.Whilewehavegatheredthisinformationfromsources
believedtobereliable,DoubleLinecannotguaranteetheaccuracyoftheinformationprovided.Securitiesdiscussedarenotrecommendationsandarepresented
asexamplesofissueselectionorportfoliomanagementprocesses.Theyhavebeenpickedforcomparisonorillustrationpurposesonly.Nosecuritypresented
withiniseitherofferedforsaleorpurchase.DoubleLinereservestherighttochangeitsinvestmentperspectiveandoutlook withoutnoticeasmarketconditions
dictateorasadditionalinformationbecomesavailable.ThismaterialmayincludestatementsthatconstituteforwardlookingstatementsundertheU.S.
securitieslaws.Forwardlookingstatementsinclude,amongotherthings,projections,estimates,andinformationaboutpossibleorfutureresultsrelatedtoa
clientsaccount,ormarketorregulatorydevelopments.

ImportantInformationRegardingRiskFactors
Investmentstrategiesmaynotachievethedesiredresultsduetoimplementationlag,othertimingfactors,portfoliomanagementdecisionmaking,economicor
marketconditionsorotherunanticipatedfactors.Theviewsandforecastsexpressedinthismaterialareasofthedateindicated,aresubjecttochangewithout
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Disclaimer
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Clientsarerequestedtocarefullyreviewallportfolioholdingsandstrategies,includingbycomparingthecustodialstatementtoanystatementsreceivedfrom
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DoubleLineisaregisteredtrademarkofDoubleLineCapitalLP.
2016DoubleLineCapitalLP

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AssetAllocationWebcast

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July12,2016

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