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TurningPoints

LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

September8,2016

FundOfferings
TotalReturnBondFund
RetailandInstitutionalClass
NoLoadMutualFund
Retail
Nshare
Ticker
MinInvestment
MinIRAInvestment
GrossExpenseRatio

DLTNX
$2,000
$500
0.72%

Inst.
Ishare
DBLTX
$100,000
$5,000
0.47%

TheFundsinvestmentobjectives,risks,chargesandexpensesmustbeconsideredcarefullybeforeinvesting.The
statutoryprospectusandsummaryprospectus(ifavailable)containsthisandotherimportantinformationabout
theFunds,anditmaybeobtainedbycalling1(877)3546311/1(877)DLINE11,orvisiting
www.doublelinefunds.com.Readitcarefullybeforeinvesting.
Mutualfundinvestinginvolvesrisk;Pincipal lossispossible.Investmentsindebtsecuritiestypicallydecreaseinvaluewheninterestratesrise.Thisriskisusuallygreaterforlongertermdebtsecurities.
InvestmentsinAssetBackedandMortgageBackedSecuritiesincludeadditionalrisksthatinvestorsshouldbeawareofsuchascreditrisk,prepaymentrisk,possibleilliquidityanddefault,aswellasincreased
susceptibilitytoadverseeconomicdevelopments.Investmentsinlowerratedandnonratedsecuritiespresentagreaterriskoflosstoprincipalandinterestthanhigherratedsecurities.TheFundmayuse
certaintypesofinvestmentderivatives.Derivativesinvolverisksdifferentfrom,andincertaincases,greaterthantheriskspresentedbyhigherratesecurities.TheDoubleLineTotalReturnBondFundintendsto
investmorethan50%ofitsnetassetsinmortgagebackedsecuritiesofanymaturityortype.TheFundtherefore,potentiallyis morelikelytoreacttoanyvolatilityorchangesinthemortgagebackedsecurities
marketplace.
Opinionsexpressedaresubjecttochangeatanytime,arenotforecastsandshouldnotbeconsideredinvestmentadvice.
DoubleLineFundsaredistributedbyQuasarDistributors,LLC.
WhiletheFundsarenoload,managementfeesandotherexpensesstillapply.Pleaserefertotheprospectusforfurtherdetails.
Fundholdingsandsectorallocationsaresubjecttochangeandarenotrecommendationstobuyorsellanysecurity.

9816DBLTXWebcast1

Performance
DoubleLineTotalReturnBondFund QuarterEndingJune30,2016
QuarterEnd
June30,2016

2Q
2016

YeartoDate
2016

1Year

Ishare

1.44%

3.22%

Nshare

1.38%

BarclaysU.S.
AggregateIndex

2.21%

Asof June30,2016

IShare NShare

1YrStd Deviation1

1.81%

1.83%

GrossExpenseRatio

0.47%

0.72%

SinceInception

3Year

5Year

Annualized

Annualized

Annualized
(4610to63016)

4.46%

4.20%

5.17%

7.52%

3.09%

4.30%

3.97%

4.92%

7.26%

5.31%

6.00%

4.06%

3.76%

4.31%

BarclaysU.S.
AggregateIndex

2.31%

Performancedataquotedrepresentspastperformance;pastperformancedoesnotguaranteefutureresults.Theinvestmentreturnandprincipal
valueofaninvestmentwillfluctuatesothataninvestor'sshares,whenredeemed,maybeworthmoreorlessthantheoriginalcost.Current
performanceofthefundmaybelowerorhigherthantheperformancequoted.Performancedatacurrenttothemostrecentmonthendmaybe
obtainedbycalling2136338200orbyvisitingwww.doublelinefunds.com.
1.Standarddeviationisameasureofthevariationordispersionofasetofdatafromitsmeanorexpected/budgetedvalue.Alowstandarddeviationindicatesthatthedatapointstendtobeverycloseto
themean,whereasahighstandarddeviationindicatesthatthedataisspreadoutoveralargerangeofvalues.Ameasureofaninvestment'svolatility.
BarclaysUSAggregateIndexrepresentssecuritiesthatareSECregistered,taxable,anddollardenominated.TheindexcoverstheUSinvestmentgradefixedratebondmarket,withindexcomponentsfor
governmentandcorporatesecurities,mortgagepassthroughsecurities,andassetbackedsecurities.Thesemajorsectorsaresubdividedintomorespecificindicesthatarecalculatedandreportedona
9816DBLTXWebcast2
regularbasis.Itisnotpossibletoinvestinanindex.

UpcomingWebcastAnnouncements
ShillerEnhancedCAPE Webcast September27,2016

JeffreyShermanwilldiscuss
ShillerEnhancedCAPE Fund
Gotowww.doublelinefunds.com,HomepageunderEvents
2016WebcastScheduletoregister
1:15pmPDT/4:15pmEDT

EmergingMarketsWebcast October11,2016
LuzPadillaandteamwillhost
TotalReturnFundwebcast
Gotowww.doublelinefunds.com,HomepageunderEvents
2016WebcastScheduletoregister
1:15pmPDT/4:15pmEDT

ToReceivePresentationSlides:
Youcanemailfundinfo@doubleline.com

9816DBLTXWebcast3

TurningPoints
LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

September8,2016

NegativeRatesGovernedByCentralBanks
January1,2012toMarch31,2016

Source:FactSet,OxfordEconomic,GDPsharemeasuredinnominalU.S.Dollars
AsofMarch31,2016
GDP=GrossDomesticProductistheamountofgoodsandservicesproducedwithinagivencountry/territory.

9816DBLTXWebcast5

GlobalGovernmentBondsWithNegativeYields
Over14.6Trillion

Source:Bloomberg,DoubleLineasofSeptember6,2016

9816DBLTXWebcast6

U.S.GDP(YoY)
December31,1999toJune 30,2016
10

USNominalGDPYoY

USRealGDPYoY

GDPYearoverYear%Change
December31,1999June30,2016

6
4
2
0
2
4
6

Source:DoubleLine,Bloomberg
GDP=theamountofgoodsandserviceproducedwithinagivencountry/territory.NominalGDPdoesnotadjustforinflation.YoY =yearoveryear.Youcannotinvestdirectlyinanindex.

9816DBLTXWebcast7

U.S.NominalGDP(YoY)
January1,1946toAugust2,2016

Source:DoubleLine,BloombergthroughJune30,2016.
GDP=theamountofgoodsandserviceproducedwithinagivencountry/territory.NominalGDPdoesnotadjustforinflation.Yoy =yearoveryear.Youcannotinvestdirectlyinanindex.

9816DBLTXWebcast8

GDPForecasts
December31,2008toAugust29,2016

Source:Bloomberg
GDP=GrossDomesticProductisthemonetaryvalueforallthefinishedgoodsandservicesproducedwithinagivencountry.Youcannotinvestdirectlyinanindex.

9816DBLTXWebcast9

ISMManufacturingandNonManufacturing
AsofFebruary28,1998toSeptember6,2016

Source:Bloomberg
NAPMPMIIndex=ISMManufacturingPMIseasonallyadjustedpreparedbytheInstituteofSupplyManagementsampling300individuals.PMIsurveytrackssentimentamongpurchasing
managersatmanufacturing,constructionand/orservicesfirms.NAPMNMI=ISMNonManufacturingNMI.Thenonmanufacturingindexisacompositeindexoffourindicatorswithequal
weights:businessactivity,neworders,employmentandsupplierdeliveries.Anindexreadabove50%indicatesanexpansion.A readingbelow50%indicatesadecline.Youcannotinvest
9816DBLTXWebcast10
directlyinanindex.

WorldGrowthForecasts(GDP)
AsofJune6,2016Projected2016
BloombergSurvey WorldGrowthForecasts

5/31/2016

4/30/2016

3/31/2016

2/29/2016

1/31/2016

12/31/2015

11/30/2015

10/31/2015

9/30/2015

8/31/2015

7/31/2015

6/30/2015

5/31/2015

4/30/2015

3/31/2015

2/28/2015

1/29/2015

12/29/2014

11/29/2014

10/29/2014

MedianEstimate2015WorldGrowth
MedianEstimate2016WorldGrowth

9/29/2014

3.9
3.8
3.7
3.6
3.5
3.4
3.3
3.2
3.1
3
2.9

Source:Bloomberg
GDP=GrossDomesticProductisthemonetaryvalueforallthefinishedgoodsandservicesproducedwithinagivencountry.

9816DBLTXWebcast11

S&P500EarningsExpectations
September30,2010toMarch31,2016

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

9816DBLTXWebcast12

S&P500EarningsExpectations
January1,2011ProjectedthroughJune30,2017

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

9816DBLTXWebcast13

CoreCPI,UnemploymentandFedFunds
TheFedsMandateAchieved?CoreCPI,UnemploymentRateandFedFunds

Source:Bloomberg,Data:June30,2003toJune30,2016
CPI=ConsumerPriceindexmeasuresthatexaminetheweightedaverageofpricesofabasketofconsumergoodsandservices,such astransportation,foodandmedicalcare.Youcannotinvestdirectly
9816DBLTXWebcast14
inanindex.NSA=NonSeasonallyAdjusted;YoY=YearoverYear

LackingConfidence
Asof8/30/16

Source:WallStreetJournal,FederalReserve

9816DBLTXWebcast15

UnemploymentRatevs.12MonthMovingAvg.

Source:Bloomberg,DoubleLineasofSeptember2,2016
YoY =yearoveryear.Youcannotinvestdirectlyinanindex.

9816DBLTXWebcast16

UnemploymentRateand36moMovingAverage

Source:Bloomberg,DoubleLineasofSeptember2,2016
Youcannotinvestdirectlyinanindex.

9816DBLTXWebcast17

U.S.Breakevens September6,2013toSeptember6,2016

Source:DoubleLine,Bloomberg
Breakevens =TheyarecalculatedbysubtractingtherealyieldoftheinflationlinkedmaturitycurveformtheyieldoftheclosestnominalTreasurymaturity.WTI=WestTexasCrudeoilspotpricebased
onfutures.Youcannotinvestdirectlyinanindex.

9816DBLTXWebcast18

AverageHourlyEarningsandCoreInflation
March31,2007throughAugust 30,2016
HourlyEarningsandCoreInflation

5.5
HourlyEarnings*
CoreCPI

YoY%

55.9

CorePCE

4.5

3.5

2.5

1.5

*TotalPrivateHourlyEarnings;NonFarmPre2007

Source:Bloomberg,DoubleLine
YoY =yearoveryear.Youcannotinvestdirectlyinanindex.

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988

1987

1986

0.5

9816DBLTXWebcast19

ContributiontoCoreCPI2.2%(YoY)
AsofAugust18,2016

CPI=ConsumerPriceindexmeasuresthatexaminetheweightedaverageofpricesofabasketofconsumergoodsandservices,suchastransportation,foodandmedicalcare.Youcannotinvestdirectly
inanindex.

9816DBLTXWebcast20

U.S.FutureInflationGauge(FIG)
AsofSeptember2,2016

TheFutureInflationGaugeisaforwardlookingmeasureofcyclicalpeaksandtroughsinoverallinflation.Thereisbothamonthlyandaweeklyversionof theFIG.Thedatastartsin1948ECRI=Economic
CycleResearchInstitute.Youcannotinvestdirectlyinanindex..

9816DBLTXWebcast21

U.S.FutureInflationGauge(FIG)vs.Breakevens
AsofSeptember2,2016

Source:DoubleLine,Bloomberg
ECRI=EconomicCycleResearchInstitute.Youcannotinvestdirectlyinanindex.

9816DBLTXWebcast22

Gold
September8,2006throughSeptember7,2016

Source:BloombergFinancialServices,DoubleLineCapitalLP
GC1=Generic1st goldfuturescontractquotedinTroyounces.Youcannotinvestdirectlyinanindex.

9816DBLTXWebcast23

U.S.DollarIndexSpot
December31,2007throughSeptember6,2016

Source:BloombergFinancialServices,DoubleLineCapitalLP
DXY=DXYistheUSDollarIndex(USDX)indicatesthegeneralvalueoftheUSdollar.AverageexchangeratesbetweentheUSdollarandsixmajorworldcurrencies.Aninvestmentcannotbemade
directlyinanindex.
9816DBLTXWebcast24

Debtasa%ofU.S.GDP
March31,1966 April30,2016

Source:Bloomberg
FDTGATPD=FederalDebtTotalPublicDebtasapercentageofGDPquarterlyseasonallyadjusted.GDP=theamountofgoodsandserviceproducedwithinagivencountry/territory.Youcannotinvest
directlyinanindex

9816DBLTXWebcast25

U.S.GovernmentPaymentsbyAgency
January1,1962Projectedthrough2021(Forecastfrom2016to2021)

FederalBudgetPaymentsbyAgency(BillionsUSD)
1962 2021

3500
3000
2500

DepartmentofVeteransAffairs(VA)
DepartmentofHealthandHumanServices(MedicareandMedicaid)
SocialSecurity

2000
1500
1000
500
0

Source:Bloomberg,DoubleLine

9816DBLTXWebcast26

U.S.GovernmentPaymentsbyAgencyasa%of
U.S.GDPJanuary1,1962Projectedthrough2021

FederalBudgetPaymentsbyAgency(%USGDP)
1962 2021*

14%

DepartmentofVeteransAffairs(VA)

12%

DepartmentofHealthandHumanServices(MedicareandMedicaid)

10%

SocialSecurity

8%
6%
4%
2%
*Assumes4%U.S. GDPgrowthperyearfrom20152021

0%

Source:Bloomberg,DoubleLine
GDP=theamountofgoodsandserviceproducedwithinagivencountry/territory.Youcannotinvestdirectlyinanindex

9816DBLTXWebcast27

AverageInterestonMarketableU.S.Treasury
DebtOctober1,2004 June30,2016
9%

Tbills
8%

AverageInterestRateonMarketableDebt
October2004throughJune2016

7%

6%

Notes
Bonds
TIPS
Average

5%

4%

3%

2%

1%

0%

Source:Bloomberg,DoubleLine
TBills=ashorttermdebtobligationbackedbytheU.S.governmentwithamaturityoflessthanoneyear.TIPS=TreasuryInflationProtectedSecuritiesreferstoatreasurysecuritythatisindexedto
inflationinordertoprotectinvestorsfromthenegativeeffectsofinflation.

9816DBLTXWebcast28

U.S.Debtvs.InterestPayments($Trillions)
October1,2004 June30,2016
$14

MarketableDebtOutstanding

MarketableDebtOutstanding($Trillions)
October2004throughJune2016

$12

InterestOnMarketableDebtOutstanding

$10

$8

$6

$4

$2

$0

Source:Bloomberg,DoubleLine

9816DBLTXWebcast29

PensionFundingLevels

S&P1500=IsanindexofU.S.stocksmadebyStandard&PoorsandincludesstocksintheS&P500,S&P400andS&P600.Theindexcovers90%ofthemarketcapitalizationofU.S.stocks..
FTSE350=Isacapitalizationweightedstockmarketincorporatingthelargest350companiesbycapitalizationlistedontheLondonStockExchange.
Youcannotinvestdirectlyinanindex.
9816DBLTXWebcast30

CorporatePensionFundsEquityandBond
Allocations January1,2008toDecember31,2015

Youcannotinvestdirectlyinanindex.

9816DBLTXWebcast31

9816DBLTXWebcast32

U.S.GovernmentGrossInvestmentas%ofGDP
1947through2015

Source:BureauofEconomicAnalysis,BankofAmericaMerrillLynch,January1,1947toDecember31,2015
GDP=theamountofgoodsandserviceproducedwithinagivencountry/territory.Youcannotinvestdirectlyinanindex.

9816DBLTXWebcast33

NeedFiscalPolicyStimulus:ABridge/
RoadtotheFuture
AsofAugust18,2016

GDP=theamountofgoodsandserviceproducedwithinagivencountry/territory.Youcannotinvestdirectlyinanindex

9816DBLTXWebcast34

FiscalStimulusinNewsArticles
August1,2006throughJuly31,2016

9816DBLTXWebcast35

HillaryClintonsInfrastructurePlan:

AsPresident,Hillarywilllaunchourcountrysboldest
investmentsin infrastructure sincetheconstructionofour
interstatehighwaysysteminthe1950s.
$275billion,fiveyearplantorebuildourinfrastructure

Source:Hillaryclinton.com

9816DBLTXWebcast36

DonaldTrumpsEconomicVision:
Infrastructure:
PartofTrumpsEconomicVision,toberolledoutinthenear
future.28%ofourroadsareinsubstandardconditionand24%
ofbridgesarestructurallydeficientorworse.Trumpsplanwill
providethegrowthtoboostourinfrastructure,HillaryClintons
willnot.

Source:donaljtrump.com

9816DBLTXWebcast37

U.S.2YearTreasury

(Inbasispoints)

September6,2010throughSeptember7,2016

0.73

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT02=US2YearTreasuryBond.Youcannotinvestdirectlyinanindex.

9816DBLTXWebcast38

U.S.5YearTreasury

(Inbasispoints)

September6,2010throughSeptember7,2016

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT5=US5YearTreasuryBond.Youcannotinvestdirectlyinanindex.

1.11

9816DBLTXWebcast39

U.S.10YearTreasury

(Inbasispoints)

September6,2010throughSeptember7,2016

1.53

1.39

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT10=US10YearTreasuryBond.Youcannotinvestdirectlyinanindex.

9816DBLTXWebcast40

FedFundsTargetwithLIBORCurve

New US Money Market


rules come into effect
October 14, 2016

Source:Bloomberg
ICELIBOR=LondonInterbankOfferedrateadministeredbyICEBenchmarkAdministrationFixingforU.S.Dollar.Thefixingisconductedeachdateat11am.Itsanaveragederivedfromthequotations
providedbythebanksdeterminedbytheICEBenchmarkAdministration.

9816DBLTXWebcast41

FXHedged10YearYieldsforJapaneseand
EuropeanInvestorsAsof8/29/16
10yYieldforJapaneseInvestors(AssumesFXHedged)

10yYieldforEuropeanInvestors(AssumesFXHedged)

2.50%

2.50%

2.00%

2.00%

1.50%

1.50%

1.00%

1.00%

0.50%

0.50%

0.00%

0.00%

0.50%

0.50%

10yUSTFXHedged

JGB10y

10yBundFXHedged

10yUSTFXHedged

Source:Bloomberg,DoubleLine
Note:Hedgedwith3mFXforwardsandrolled.FX=Foreignexchange,JGB=JapaneseGovernmentBonds,Bund=German10yearGovernmentBonds.

Bund10y

10yJGBFXHedged

9816DBLTXWebcast42

U.S.Rates:10yYieldForecast

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT10=US10YearTreasuryBond.Youcannotinvestdirectlyinanindex.

9816DBLTXWebcast43

U.S.30YearTreasury

(Inbasispoints)

September6,2010throughSeptember7,2016

2.22

2.22
2.09

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

9816DBLTXWebcast44

TABVII
DoubleLineTotalReturnBondFund

9816DBLTXWebcast45

Duration:DBLTXvs.BarclaysU.S.AggregateIndex
April30,2010throughAugust31,2016

Source:DoubleLine,Barclays
BarclaysAGGDuration=BarclaysUSAggregateIndexduration.Durationisameasureofsensitivityofthepriceofafixedincomeinvestmenttoachangeininterestrates.Itsexpressedinyears

9816DBLTXWebcast46

DBLTXDurationvs.10YearU.S.TreasuryYield
April30,2010throughAugust31,2016

Source:DoubleLine,Bloomberg
Durationisameasureofsensitivityofthepriceofafixedincomeinvestmenttoachangeininterestrates.Itsexpressedinyears.

9816DBLTXWebcast47

TotalReturnBondFundPortfolioStatistics

Total Return
BondFund

BarclaysCapitalU.S.
AggregateIndex

$100.51

$107.06

Duration

2.44

5.51

Average Life

4.05

7.80

AveragePrice

PortfoliostatisticsasofAugust31,2016basedonmarketweightedaverages.Subjecttochangewithoutnotice.
Averageprice=Ameasureoftheweightedaveragepricepaidforthesecuritiescalculatedbytakingthepricesanddividingbythenumberofsecuritiesanddoesnotincludecash.Averagepriceshouldnot
beconfusedwithnetassetvalue.
AverageDuration =Durationisusedasariskmeasure.Itmeasuresthepricevolatilityofasecuritygivenachangeininterestratemovements.
AverageLife=Theaveragenumberofyearsthateachdollarofunpaidprincipaldueonthemortgageremainsoutstanding.Averagelifeiscomputedastheweightedaveragetimetothereceiptofallfuture
cashflows,usingastheweightsthedollaramountsoftheprincipalpaydowns.
Source:DoubleLineCapitalLP
Youcannotinvestdirectlyinanindex.Pleaseseeindexdefinitionintheappendix.

9816DBLTXWebcast48

TotalReturnBondFundPortfolioComposition
BySecurityType CollateralizedAssetBacked
Loan
Obligations
4.30%
Commercial
MBS
7.50%

Securities
2.80%

NonAgency
ResidentialMBS
21.00%

Cash
12.10%
Treasury
3.40%

AgencyPass
Throughs
28.10%

AgencyCMO
20.90%
PortfoliocompositionasofAugust31,2016.Subjecttochangewithoutnotice.
Source:DoubleLineCapitalLP.Sectorallocationsaresubjecttochangeandshouldnotbeconsideredarecommendationtobuyorsellanysecurity.
Cash =Thevalueofassetsthatcanbeconvertedintocashimmediately.Canincludemarketablesecurities,suchasgovernmentbonds,banker'sacceptances,cashequivalentsonbalancesheetsthatmayinclude
securitiesthatmaturewithin90days.
Government U.S.treasurysecurities.
Agency=MortgagesecuritieswhoseprincipalandinterestguaranteedbytheU.S.GovernmentagencyincludingFannieMae(FNMA)orFreddieMac(FHLMC).
NonAgency=ResidentialMortgagesBondSecuritiesareatypeofbondbackedbyresidentialmortgages.NonAgencymeanstheywereissuedby aprivateissuer.
CMBS =CommercialMortgageBackedSecurities.Securitizedloansmadeoncommercialratherthanresidentialproperty.
CLO =CollateralizedMortgageObligations
9816DBLTXWebcast49

TurningPoints
LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

September8,2016

Definitions
BarclaysCapitalUSAggregateIndex TheBarclaysCapitalUSAggregateIndexrepresentssecuritiesthatareSECregistered,taxable,anddollardenominated.Theindexcoversthe
USinvestmentgradefixedratebondmarket,withindexcomponentsforgovernmentandcorporatesecurities,mortgagepassthrough securities,andassetbackedsecurities.These
majorsectorsaresubdividedintomorespecificindicesthatarecalculatedandreportedonaregularbasis.
BarclaysCapitalUSTreasuryIndex ThisindexistheUSTreasurycomponentoftheUSGovernmentindex.PublicobligationsoftheUSTreasurywitharemainingmaturityofone
yearormore.
BarclaysCapitalUSTreasury10YearIndex Thisindexisthe10yearcomponentoftheUSGovernmentindex.
BarclaysCapitalCapitalUSTreasury30YearIndex Thisindexisthe30yearcomponentoftheUSGovernmentindex.
BarclaysCapitalUSHighYieldIndex TheBarclaysCapitalUSHighYieldIndexcoverstheuniverseoffixedrate,noninvestmentgradedebt.Eurobondsanddebtissuer from
countriesdesignatedasemergingmarkets(e.g.Argentina,Brazil,Venezuela,etc.)areexcluded,butCanadianandglobalbonds(SECregistered)ofissuersinnonEMGcountriesare
included.Originalissuezereos,stepupcouponstructures,144Asandpayinkind(PIK,asofOctober1,2009)arealsoincluded.
BofAMerrillLynchUSGovernmentIndex(GOAO) TheMerrillLynchUSGovernmentIndextrackstheperformanceofUSgovernment(i.e.securitiesintheTreasuryandAgency
indices.)
BofAMerrillLynchUS15+YearTreasuryIndexLongTreasuries(G802) ThisindexisasubsetoftheBofAMerrillLynchUSTreasuryIndexincludingallsecuritieswitharemaining
termoffinalmaturitygreaterthan15years..
BofAMerrillLynchUSCorporateIndex(COAO)InvestmentGrade TheMerrillLynchCorporateIndextrackstheperformanceofUSdollardenominatedinvestmentgrade
corporatedebtpubliclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveaninvestmentgraderating(basedonanaverageofMoodys,S&PandFitch)andan
investmentgraderatedcountryofrisk(basedonanaverageofMoodys,S&PandFitchforeigncurrencylongtermsovereigndebtratings).Securitiesmusthaveatleastoneyear
remainingtermtofinalmaturity,afixedcouponscheduleandaminimumamountoutstandingof$250MM.
BofAMerrillLynchUSAllConvertiblesIndex(VOSO) TheMerrillLynchAllConvertibleIndexisaruledrivenindex.whichincludesallbondsandpreferredstocksofU.S.registered
companies,whichhave$50millionormoreinaggregatemarketvalueandareconvertiblesinU.S.dollardenominatedcommonstocks,ADRsorcashequivalents.Pleasenotean
investorcannotinvestdirectlyinanindex.
CRBCommodityIndex(CRY) Anunweightedgeometricaverageofsomeimportantcommodities.Itaveragespricesacross17commoditiesandacrosstime.Theindextracksenergy,
grains,industrials,livestock,preciousmetals,andagriculturals.
S&P500(SPX) S&P500isafreefloatcapitalizationweightedindexpublishedsince1957ofthepricesof500largecapcommonstocksactively tradedintheUnitedStates.
StandardDeviation Sigma=standarddeviation.Itshowshowmuchvariationthereisfromtheaverage(mean,orexpected/budgetedvalue).Alow standarddeviationindicated
thatthedatapointtendtobeveryclosetothemean,whereashighstandarddeviationindicatedthatthedateisspreadoutoveralargerangeofvalues.
DowJones UBSDJCommodityIndex TheDowJonesUBS CommodityindexiscomposedofcommoditiestradedonU.S.exchanges,withtheexceptionofaluminum,nickeland
zinc,whichtradeontheLondonMetalExchange(LME).
Copper=CopperSpotPrice(HGI)Copperistheworldsthirdmostusedmetalbehindironandaluminumprimarilyusedinhighlycyclicalindustriesincludingconstructionand
industrialmachinerymanufacturing.SpotpricequotedinUSD/lb.
Gold=GoldSpotPrice(Golds)TheGoldSpotpriceisquotedasUSDollarperTroyOunce.
CrudeOil=Crudeoilvariesgreatlyinappearancedependingonitscomposition.WestTexasintermediate(WTI)=Texaslightsweetcrudeisusedasabenchmarkinoilpricing.Its
lightbecauseofthelowdensityandsweetbecauseoflowsulfur.Brentcrude=Isamajortradingclassificationofsweetlightcrude.BrentistheoilmakeralsoknownasBrent
Blend.
VolatilityIndex(VIX)TheVIXshowsthemarket'sexpectationof30dayvolatility.Itisconstructedusingtheimpliedvolatilitiesofawiderangeof S&P500indexoptions. This
volatilityismeanttobeforwardlookingandiscalculatedfrombothcallsandputs. TheVIXisawidelyusedmeasureofmarket riskandisoftenreferredtoas the"investorfear
gauge".
Spread Spreadisthepercentagepointdifferencebetweenyieldsofvariousclassesofbondscomparedtotreasurybonds.
YieldtoMaturity(YTM) Thediscountrateatwhichthesumofallfuturecashflowsfromthebond(couponsandprincipal)isequaltothepriceofthe bond.TheYTMcalculation
takesintoaccountthebondscurrentmarketprice,parvalue,couponinterestrateandtimetomaturity.Itisalsoassumedthatallcouponpaymentsarereinvestedatthesamerate
asthebondscurrentyield.

9816DBLTXWebcast51

Definitions
BofAMerrillLynchUSDollarEmergingMarketsSovereignPlusIndex(IGOV)
ThisindextrackstheperformanceofUSdollardenominatedemergingmarketandcrossoversovereigndebtpubliclyissuedintheeurobondorUSdomesticmarket.Qualifying
countriesmusthaveaBB1orlowerforeigncurrencylongtermsovereigndebtrating(basedonanaverageofMoodys,S&P,andFitch).
BofAMerrillLynchU.S.HighYieldCashPayIndex(J0A0)BelowInvestmentGrade
TheMerrillLynchHighYieldIndextrackstheperformanceofUSdollardenominatedbelowinvestmentgradecorporatedebt,currentlyinacouponpayingperiod,thatispubliclyissued
intheUSdomesticmarket.Qualifyingsecuritiesmusthaveabelowinvestmentgraderating(basedonanaverageofMoodys,S&PandFirthforeigncurrencylongtermsovereigndebt
ratings).Musthaveoneyearremainingtofinalmaturityandaminimumoutstandingamountof$100MM.
BofA MerrillLynchU.S.HighYieldIndex(H0A0)
TheMerrillLynchHighYieldIndextrackstheperformanceofUSdollardenominatedbelowinvestmentgradecorporatedebtpubliclyissuedintheUSdomesticmarket.Qualifying
securitiesmusthaveabelowinvestmentgraderating(basedonaverageofMoodys,S&PandFitch)atleast18monthstofinalmaturityattimeofissueofissuance,afinalmaturity,a
fixedcouponscheduleandaminimumamountoutstandingof$100MM.
BofA MerrillLynchU.S.HighYieldExcludingEnergy,MetalsandMiningIndex(HXNM)
TheMerrillLynchHighYieldIndextrackstheperformanceofUSdollardenominatedbelowinvestmentgradecorporatedebtpubliclyissuedintheUSdomesticmarket excluding
energy,metalsandmining.
BofA MerrillLynchInternationalGovernmentIndex(NOGO)
TheMerrillLynchInternationalIndextrackstheperformanceofAustralia,Canadian,French,German,Japan,Dutch,SwissandUKinvestmentgradesovereigndebtpubliclyissuedand
denominatedintheissuersowndomesticmarketandcurrency.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleanda
minimumamountoutstanding.
BofAMerrillLynchMortgageBackedSecuritiesIndex(MOA0)
ThisindextrackstheperformanceofUSdollardenominatedfixedrateandhybridresidentialmortgagepassthroughsecuritiespubliclyissuedbyUSagenciesintheUSdomestic
market.30year,20year,15yearandinterestonlyfixedratemortgagepoolsareincludedintheIndexprovidedtheyhaveatleastoneyearremainingtermtofinalmaturityanda
minimumamountoutstandingofatleast$5billionpergenericcouponand$250MMperproductionyearwithineachgenericcoupon.
BofAMerrillLynchU.S.MunicipalSecuritiesIndex(UOA0)
ThisindextrackstheperformanceofUSdollardenominatedinvestmentgradetaxexemptdebtpubliclyissuedbyUSstatesandterritories,andtheirpoliticalsubdivisions,intheUS
domesticmarket.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleand aninvestmentgraderating(basedonMoodys,S&P
andFitch).Minimumsizevarybasedontheinitialtermtofinalmaturityattimeofissuance.
BarclaysCapitalGlobalEmergingMarketsIndex TheBarclaysCapitalGlobalEmergingMarketsIndexrepresentstheunionoftheUSDdenominatedUSEmergingMarketsindexand
thepredominatelyEURdenominatedPanEuroEmergingMarketsIndex,coveringemergingmarketsinthefollowingregions:Americas, Europe,MiddleEast,Africa,andAsia.Aswith
otherfixedincomebenchmarksprovidedbyBarclaysCapital,theindexisrulesbased,whichallowsforanunbiasedviewofthemarketplaceandeasyreplicability.
JPMorganInvestmentGradeCorporateIndex JPMorganInvestmentGradeCorporateIndexincludesperformanceofUSdollardenominatedinvestmentgradecorporatedebt
publiclyissuedintheUSdomesticmarket.Qualifyingsecuritiesmusthaveaninvestmentgraderating(basedonanaverageof Moodys,S&PandFitch)andaninvestmentgraderated
countryofrisk(basedonanaverageofMoodys,S&PandFitchforeigncurrencylongtermsovereigndebtratings).Securities musthaveatleastoneyearremainingtermtofinal
maturity,afixedcouponscheduleandaminimumamountoutstandingof$250MM.
DrawDown Thepeaktotroughdeclineduringaspecificrecordperiodofaninvestment,fundorcommodity.Adrawdownisusuallyquotedasthepercentagebetweenthepeakand
thetrough.
NAV Amutualfund'spricepershareorexchangetradedfund's(ETF)persharevalue.Inbothcases,thepersharedollaramountof thefundiscalculatedbydividingthetotalvalueof
allthesecuritiesinitsportfolio,lessanyliabilities,bythenumberoffundsharesoutstanding.
CMO Atypeofmortgagebackedsecuritythatcreatesseparatepoolsofpassthroughratesfordifferentclassesofbondholderswith varyingmaturities,calledtranches.The
repaymentsfromthepoolofpassthroughsecuritiesareusedtoretirethebondsintheorderspecifiedbythebonds'prospectus
TIPS TreasuryInflationProtection.Atreasurysecuritythatisindexedtoinflationinordertoprotectinvestorsfromthenegativeeffectsofinflation.TIPSareconsideredanextremely
lowriskinvestmentsincetheyarebackedbytheU.S.governmentandsincetheirparvalueriseswithinflation,asmeasuredbytheConsumerPriceIndex,whiletheirinterestrate
remainsfixed.
CPI ConsumerPriceIndex.Ameasurethatexaminestheweightedaverageofpricesofabasketofconsumergoodsandservices,such astransportation,foodandmedicalcare.
CashFlow Cashflowmeasuresthecashgeneratingcapabilityofacompanybyaddingnoncashcharges(e.g.depreciation)andinterestexpensetopretaxincome.

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Definitions
BofA/MerrillLynchHighYieldCashPayCCCratedIndex(JOA3) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonCCCratedHighYieldcredit
only.
BofA/MerrillLynchHighYieldCashPayBBratedIndex(JOA1) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonBBratedHighYieldcredit
only.
BofA/MerrillLynchHighYieldCashPayBratedIndex(JOA2) .AcomponentoftheBofA/MerrillLynchHighYieldCashPayIndexconcentratingonBratedHighYieldcreditonly.
BofA/MerrillLynchCreditIndexBBBratedIndex(COA4) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingonthelowerratedBBBinvestmentgradecredits.
BofA/MerrillLynchCreditIndexAratedIndex(COA3) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingontheAratedinvestmentgradecredits.
BofA/MerrillLynchCreditIndexAAAratedIndex(COA1) .AcomponentoftheBofA/MerrillLynchCreditIndexconcentratingonthehighestratedAAAinvestmentgradecredits.
BofAMerrillLynchUSTreasuryIndex(G0Q0)TheMerrillLynchUSTreasuryIndextrackstheperformanceofUSdollardenominatedsovereigndebtpubliclyissuedbytheUS
governmentinitsdomesticmarket.Qualifyingsecuritiesmusthaveatleastoneyearremainingtermtofinalmaturity,afixedcouponscheduleandaminimumamountoutstanding
of$1billion.
BofAMerrillLynchUS1015YearTreasuryIndexLongTreasuryTheMerrillLynchUS1015TreasuryIndextrackstheperformanceofUSdollardenominated1015yearsovereign
debtpubliclyissuedbytheUSgovernmentinitsdomesticmarket.ItisasubsetoftheBofAMerrillLynchU.S.TreasuryIndex(GOQO).
BofAMerrillLynchMunicipalIndexTheMerrillLynchMunicipal
BofAMerrillLynchCurrent10yearUSTIndex Thisindexisthe10yearcomponentoftheUSGovernmentindex.
BofAMerrillLynchCurrent30yearUSTIndex Thisindexisthe30yearcomponentoftheUSGovernmentindex.
ShanghaiIndex TheShanghaiStockExchangeCompositeisacapitalizationweightedindextrackingdailypriceperformanceofallAandBshareslistedontheShanghaiStock
Exchange.ThisindexwasdevelopedDecember19,1990withabasevalueof100.
S&P/CaseShillerCompositeHomePriceIndex TheCaseShillerHomePriceIndices,onecomprisedofpricechangeswithinall20metropolitanmarkets,andanothercomprisedof
pricechangeswithinthefollowingsubsetof10metropolitanmarkets:Boston,Chicago,Denver,LasVegas,LosAngeles,Miami, NewYork,SanDiego,SanFranciscoandWashington
DC.Inadditiontothose10markets,the20HomePriceindexreflectspricechangesforAtlanta,Charlotte,Dallas,Detroit,Minneapolis,Phoenix,Portland,SeattleandTampa.
NASDAQ Acomputerizedsystemthatfacilitatestradingandprovidespricequotationsonmorethan5,000ofthemoreactivelytradedover thecounterstocks.Createdin1971,the
Nasdaqwastheworld'sfirstelectronicstockmarket.
Transports TheIndustrialsSectorincludescompanieswhosebusinessesaredominatedbyoneofthefollowingactivities:Themanufactureand distributionofcapitalgoods,
includingaerospace&defense,construction,engineering&buildingproducts,electricalequipmentandindustrialmachinery
Utilities Apublicutilityisabusinessthatfurnishesaneverydaynecessitytothepublicatlarge.Publicutilitiesprovidewater,electricity,naturalgas,telephoneservice,andother
essentials.Utilitiesmaybepubliclyorprivatelyowned,butmostareoperatedasprivatebusinesses.
BasisPoint Abasispointisaunitthatisequalto1/100th of1%,andisusedtodenotethechangeinafinancialinstrument.
REIT RealEstateTrust.Asecuritythatsellslikeastockonthemajorexchangesandinvestsinrealestatedirectly,eitherthrough propertiesormortgages
Duration Durationisacommonlyusedmeasureofthepotentialvolatilityofthepriceofadebtsecurity,ortheaggregatemarketvalueofaportfolioofdebtsecurities,priorto
maturity.Securitieswithalongerdurationgenerallyhavemorevolatilepricesthansecuritiesofcomparablequalitywithashorterduration.

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Definitions
BofA/MerrillLynchInflationLinkedIndex(G0Q1) TheBofA MerrillLynchUSInflationLinkedTreasuryIndextrackstheperformanceofUSdollardenominatedinflationlinked
sovereigndebtpubliclyissuedbytheUSgovernmentinitsdomesticmarket.
CitigroupTIPS(SBUSILSI) . Itmeasuresthereturnsoftheinflationlinkedbondswithfixedratecouponpaymentsthatarelinkedtoaninflationindex.The priceofeachissueinthe
USLSIisadjustedbyusinganindexratio.Theindexratioisdeterminedbydividingthecurrentinflationindexlevelbythe inflationindexlevelatthetimeofissueofthesecurity.The
inflationindexispublishedonamonthlybasis,andtheintramonthindexratioiscalculatedusinglinear
interpolation.
BarclaysCapitalCMBSIndex trackstheperformanceofUSdollardenominatedsecuritizedcommercialmortgagebackedsecurities.
Russell2000 measurestheperformanceofthesmallcapsegmentoftheUSequityuniverse.Russell2000isasubsetoftheRussell3000indexrepresentingapproximately10%of
thetotalmarketcapitalizationofthatindex.
S&PGSCI isacompositeindexofcommoditysectorreturnrepresentinganunleveraged,longonlyinvestmentincommodityfuturesthatisbroadlydiversifiedacrossthespectrum
ofcommodities.
S&PGSCIAgriculture isacompositeindexofagriculturecommodityfuturesunleveraged,longonlyinvestment.
BarclaysCapitalUS30YearTIPSIndex .BarclaysCapital30yearTIPSontherunindexquotedinUSDollarstradedintraday
CitigroupEconomicSurpriseIndex .TheCitigroupEconomicSurpriseIndicesareobjectiveandquantitativemeasuresofeconomicnews.Theyaredefinedasweightedhistorical
standarddeviationsofdatasurprises(actualreleasesvsBloombergsurveymedian).ApositivereadingoftheEconomicSurpriseIndexsuggeststhateconomicreleaseshaveon
balancebeatingconsensus.Theindicesarecalculateddailyinarollingthreemonthwindow.TheweightsofeconomicindicatorsarederivedfromrelativehighfrequencyspotFX
impactsof1standarddeviationdatasurprises.Theindicesalsoemployatimedecayfunctiontoreplicatethelimitedmemory of markets.
DAX ThisindexistheGermanStockIndexisatotalreturnindexof30selectedGermanbluechipstockstradedontheFrankfurtStockExchange.
CAC40 ThisindexthemostwidelyusedindicatoroftheParismarket,reflectstheperformanceofthe40largestequitieslistedinFrance,measuredbyfreefloatmarket
capitalizationandliquidity.
FTSE100 Isacapitalizationweightedindexofthe100mosthighlycapitalizedcompaniestradedontheLondonStockExchange.
Nikkei225 TheNikkei225Stockaverageisapriceweightedaverageof225topratedJapanesecompanieslistedintheFirstSectionofthe TokyoStockExchange.
BarclaysU.S.HighYieldIndex Anindexthatiscomposedoffixedrate,publiclyissued,noninvestmentgradedebt.
BarclaysEuroCorporateIndex AsubsetoftheBarclaysEuroAgg measurestheinvestmentgrade,eurodenominated,fixedratebondmarket,includingtreasuries,government
related,corporateandsecuritizedissues.
BarclaysEuroHighYieldIndex Measuresthemarketofnoninvestmentgrade,fixedratecorporatebondsdenominatedinEuro.Inclusionisbasedonthecurrencyofissue,and
notthedomicileoftheissuer.
JPMorganCorporateEMBIBroadDiversifiedIndex(JBCDCOMP) Thisindextracksabroadbasketofperformanceofinvestmentgradecorporatedebt,includingsmallerissues
coveringawiderarrayofpublicallyissuedacrossarangeofemergingmarketcountries.
JPMorganCorporateEmergingMarketIndex(JCMHCOR) Thisindexisaliquidbasketofemergingmarketscorporateissueswhichinclude80bonds,representing60issuersand16
countries.Ithasstrictliquiditycriteriaforinclusioninordertoprovidereplicability,tradability,robustpricinganddataintegrity.
JPMorganGlobalBondIndexexEM(JGAGGUSD) isacomprehensiveglobalinvestmentgradebenchmarkexcludingemergingmarkets.
JPMorganEMBondIndexGlobalDiversified trackstotalreturnsfortradedexternaldebtinstrumentsintheemergingmarketslimitingtheweightsofthoseindexcountrieswith
largerdebtstocksbyonlyincludingaspecifiedportionofthesecountrieseligiblecurrentfaceamountsofdebtoutstanding..
BarclaysU.S.CorporateIndex IsasubsetoftheBarclaysU.S.Aggregateindexwhichisabroadbasedflagshipbenchmarkthatmeasurestheinvestmentgrade,U.S.dollar
denominated,fixedratetaxablebondmarket.ITincludesTreasuries,governmentrelatedandcorporatesecurities,MBS,ABSandCMBS.Thissubsetrepresentstheinvestment
gradeportionofthatindex.

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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
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Disclaimer
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TurningPoints
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September8,2016

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