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DrainTheSwamp

LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

December13,2016

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.

121316DBLTXWebcast1

Performance
DoubleLineTotalReturnBondFund QuarterEndingSeptember30,2016
FundPerformance
Annualized

MonthEndReturns
November30,2016
Ishare
Nshare
Benchmark*

SinceInception
November YeartoDate
1.53%
2.12%
1.46%
1.89%
2.37%
2.50%

1Year
1.92%
1.76%
2.17%

3Year
3.46%
3.24%
2.79%

5Year
4.11%
3.85%
2.43%

(4610to1130
16)

GrossExpense
Ratio

6.86%
6.60%
3.61%

0.47%
0.72%

Annualized

QuarterEndReturns
September30,2016
Ishare
Nshare
Benchmark*
CalendarYearReturns
Ishare
Nshare
Benchmark*

SEC30DayYield
Gross
Net9

SinceInception
3Q16
0.83%
0.67%
0.46%
2015
2.32%
2.07%
0.55%

IShare
3.32%
3.32%

YeartoDate
4.07%
3.79%
5.80%
2014
6.73%
6.47%
5.97%

1Year
3.58%
3.23%
5.19%
2013
0.02%
0.23%
2.02%

3Year
4.26%
4.01%
4.03%
2012
9.16%
9.00%
4.12%

5Year
4.54%
4.26%
3.08%
2011
9.51%
9.16%
7.84%

(4610to930
16)

7.35%
7.08%
4.21%
20102
16.57%
16.40%
5.25%

NShare
3.07%
3.07%

Performancedataquotedrepresentspastperformance;pastperformancedoesnotguaranteefutureresults.Theinvestmentreturnandprincipal
valueofaninvestmentwillfluctuatesothataninvestor'sshares,whenredeemed,maybeworthmoreorlessthantheoriginalcost.Current
performanceofthefundmaybelowerorhigherthantheperformancequoted.Performancedatacurrenttothemostrecentmonthendmaybe
obtainedbycalling2136338200orbyvisitingwww.doublelinefunds.com.
1. The Funds inception date is 4/6/2010, thus the calendar year performance for 2010 is an unannualized partial year return.
*BloombergBarclaysUSAggregateIndexrepresentssecuritiesthatareSECregistered,taxable,anddollardenominated.TheindexcoverstheUSinvestmentgradefixedratebondmarket,withindex
componentsforgovernmentandcorporatesecurities,mortgagepassthroughsecurities,andassetbackedsecurities.Thesemajorsectorsaresubdividedintomorespecificindicesthatarecalculatedand
reportedonaregularbasis.Itisnotpossibletoinvestinanindex.

121316DBLTXWebcast2

UpcomingWebcastAnnouncements

JustMarkets January10,2017
JeffreyGundlachwilldiscusshis2017MarketOutlook
Gotowww.doubleline.com,HomepageunderEvents
1:15pmPDT/4:15pmEDT

2017WebcastSchedulewillbepostedshortlyto
www.doublelinefunds.com

ToReceivePresentationSlides:
Youcanemailfundinfo@doubleline.com

121316DBLTXWebcast3

DrainTheSwamp
LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

December13,2016

TABI
TheTrumpEffect
Well,Mr.politician,reformme
ifyoucan
I'manantiestablishmentman
REOSpeedwagon
AntiEstablishmentMan

121316DBLTXWebcast5

WealthInequality

121316DBLTXWebcast6

Source: QuoteHD.com

121316DBLTXWebcast7

Trump2016vs.Reagan1981

*Reaganstatsasof12/31/1980,Source:StateStreet;Bloomberg;DoubleLine
GDP=GrossDomesticProductwhichistheamountofgoodsandservicesproducedwithinagivencountry.YoY =yearoveryear,CPI=ConsumerPriceIndexmeasurestheweightedaveragepriceofa
basketofgoodsandservices,suchastransportation,foodandmedicalcare.LEI=istheInternationalISOstandard17442.LEIsareidentificationscodesthatenableconsistentandaccurate
identificationofalllegalentitiesthatarepartiestofinancialtransactions,includingnonfinancialinstitutions.ISM=ISM ManufacturingIndexisbasedonasurveyof300manufacturingfirmsbythe
InstituteofSupplyManagement.IP=Intellectualpropertyisabroadcategoricaldescriptionforthesetofintangiblesownedandlegallyprotectedbyacompanyformoutsideuseorimplementation
withoutconsent.DXY=U.S.dollarspotindexindicatesthegeneralinternationalvalueoftheUSdollarbyaveragingtheexchangeratesbetweentheUSDandmajorworldcurrencies.PE=price/
earningsratioistheratioofvaluingacompanythatmeasuresitscurrentsharepricerelativetotispershareearnings.Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast8

U.S.ManufacturingJobsDeclineSinceNAFTA
(1993)
16,791

27%decreasesinceNAFTAwas
signedbyClinton

12,260

Source:BLS=BureauofLaborStatistics,January1,1993throughDecember6,2016
NAFTA=NorthAmericanFreeTradeAgreement

121316DBLTXWebcast9

U.S.TradeSurplus/Deficit
AsofNovember28,2016

Source:Societe Generale

121316DBLTXWebcast10

SenatorsUpForReElectionin2018

Democrats
Baldwin,Tammy(DWI)
Brown,Sherrod(DOH)
Cantwell,Maria(D_WA)
Cardin,BenjaminL(DMD)
Carper,ThomasR(DDE)
Casey,RobertP.,Jr(DPA)
Donnelly,Joe(DIN)
Feinstein,Dianne(DCA)
Gillibrand,KristenE.(DNY)
Heinrich,Martin(DNM)
Heitkamp,Heidi(DND)
Hirono,MazieK.(DHI)
Kaine,Tim(DVA)
Klobucher,Amy(DMN)
Manchin,JoeIII(DWV)
McCaskill,Claire(DMO)
Menendez,Robert(DNJ)
Murphy,Christopher(DCT)
Nelson,Bill(DFL)
Stabenow,Debbie(DMI)
Tester,Jon(DMT)
Warren,Elizabeth(DMA)
Whitehouse,Sheldon(DRI)

Republican
Barrasso,John(RWY)
Corker,Bob(RTN)
Cruz,Ted(RTX)
Fischer,Deb(RNE)
Flake,Jeff(RAZ)
Hatch,OrrinG.(RUT)
Heller,Dean(RNV)
Wicker,RogerF.(RMS)
Independent
King,AngusS.,Jr.(IME)
Sanders,Bernard(IVT)

DemocratincumbentsinStateswonbyTrump
RepublicanincumbentinstateswonbyClinton

Source:UnitedStatesSenate,DoubleLine

121316DBLTXWebcast11

U.S.TaxRevenueSources

Source:CenteronBudgetandPolicyPriorities,March4,2016

121316DBLTXWebcast12

U.S.BudgetDemandsHaveChanged

Source:BiancoResearchasofDecember31,2015

121316DBLTXWebcast13

U.S.DefenseSpending

GDP=GrossDomesticProductistheamountofgoodsandservicesproducedwithinagivencountry.Bps=basispoints.Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast14

RealPublicConstructionJanuary1,1973throughOctober31,2016

121316DBLTXWebcast15

S&P500SectorPerformance
August8,2016throughDecember8,2016

Source:Bloomberg
S&P500Indexisanindexof500

121316DBLTXWebcast16

PostElectionAdvanceinU.S.Stocks
AsofDecember6,2016

Source:Bloomberg
S&P500Indexisamarketcapitalizationweightedindexof500largecompanieshavingcommonstocklistedonNYSEandNASDAQ. Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast17

AbsentPopulationGrowth,ImprovedProductivityKey
(sustainablegrowth=populationgrowth+productivitygrowth)

LF=LaborForce.Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast18

PapalVisitsandtheStockMarket(S&P500)
January1,1995toDecember12,2016

Source:@tracyalloway (BloombergMarkets)
Papalvisitsasaleadingmarketindicator(JohnPaulIIin'99,BenedictXVIin'08,andFrancisin'15)S&P500=Standard&Poors500indexisacapitalizationweightedindexof500stocksdesignedtomeasure
performanceofthebroaddomesticeconomybasedonthe500stocksrepresentingallmajorindustries.Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast19

Presidents&Recessions January1,1960throughNovember30,2016

Source:MorganCreek

121316DBLTXWebcast20

TABI
GlobalEconomy

London calling to the imitation zone


Forget it, brother, you can go it alone
TheClash,LondonCallingsonglyrics

121316DBLTXWebcast21

PopularDiscontentinEurope

Source:PewResearchCenter,Spring2016GlobalAttributesSurveyasofMarch31,2016

121316DBLTXWebcast22

DiscontentintheEuropeanUnion

Source:PewResearchCenter,Spring2016GlobalAttributesSurveyasofMarch31,2016

121316DBLTXWebcast23

MigrationAcrossEuropeanUnion
January1,1985throughDecember31,2015

EU28 =TheEuropeanUnionwasformedin1993with28nationsforthepurposeofachievingpoliticaland
economicintegration.Countriesinclude;Austria,Belgium,Bulgaria,Croatia,Cyprus,theCzechRepublic,
Denmark,Estonia,Finland,France,Germany,Greece,Hungary,Ireland,Italy,Latvia,Lithuania,Luxembourg,
Malta,theNetherlands,Poland,Portugal,Romania,Slovakia,Slovenia,Spain,SwedenandtheUnitedKingdom.

121316DBLTXWebcast24

NextDominotoFall?
AsofNovember24,2016

Source:Societe Generale

25

121316DBLTXWebcast25

UnemploymentComparison January1,2000toOctober31,2016

9.8%
8.3%

4.9%
3.0%

Source:Eurostats UnemploymentratesEU28,EA19,USandJapanseasonallyadjustedJanuary2000toOctober31,2016
EU28 =TheEuropeanUnionwasformedin1993with28nationsforthepurposeofachievingpoliticalandeconomicintegration.Countriesinclude;Austria,Belgium,Bulgaria,Croatia,Cyprus,theCzech
Republic,Denmark,Estonia,Finland,France,Germany,Greece,Hungary,Ireland,Italy,Latvia,Lithuania,Luxembourg,Malta,the Netherlands,Poland,Portugal,Romania,Slovakia,Slovenia,Spain,
SwedenandtheUnitedKingdom.EA19 referstoEuroareaorEuropeanCommissionwhichconsistsofmemberstatesandincludes:,Belgium,Cyprus,Denmark,Estonia,Finland,France,Germany,
Greece,Ireland,Italy,Latvia,Lithuania,Luxembourg,Malta,theNetherlands,Portugal,Slovakia,Slovenia,Spain,andtheUnitedKingdom.

121316DBLTXWebcast26

Italian10Yearvs.10YearBundJanuary1,2016toNovember1,2016

Source: Bianco Research

121316DBLTXWebcast27

JGBsMovetoPositiveYieldsApril1,2012toNovember28,2016

JGB=JapaneseGovernmentBond

121316DBLTXWebcast28

GlobalBondDuration
January1,1990toDecember31,2015

January1,1997toNovember30,2016

USD=USdollar,trn =trillion
BarclaysWorldExJapanisanindexofgovernmentbondsfrominvestmentgradecountries.ExcludingJapan.Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast29

TABII
FedPolicy
Youloadsixteentons,whatdoyou
get
Anotherdayolderanddeeperin
debt
Iowemysoultothecompanystore
JohnnyCash,SixteenTonssong
lyrics(originallyTomJones)

121316DBLTXWebcast30

0%
12/17/2015
12/24/2015
12/31/2015
1/7/2016
1/14/2016
1/21/2016
1/28/2016
2/4/2016
2/11/2016
2/18/2016
2/25/2016
3/3/2016
3/10/2016
3/17/2016
3/24/2016
3/31/2016
4/7/2016
4/14/2016
4/21/2016
4/28/2016
5/5/2016
5/12/2016
5/19/2016
5/26/2016
6/2/2016
6/9/2016
6/16/2016
6/23/2016
6/30/2016
7/7/2016
7/14/2016
7/21/2016
7/28/2016
8/4/2016
8/11/2016
8/18/2016
8/25/2016
9/1/2016
9/8/2016
9/15/2016
9/22/2016
9/29/2016
10/6/2016
10/13/2016
10/20/2016
10/27/2016
11/3/2016
11/10/2016
11/17/2016
11/24/2016
12/1/2016
12/8/2016

ProbabilityofAnotherHike

December5,2015toDecember12,2016
ProbabilityofHike

100%

90%

80%

70%

60%

50%
Jun17

40%
Mar17

Dec16

30%

20%

10%

Source:Bloomberg;DoubleLine

121316DBLTXWebcast31

U.SUnemploymentRatevs.12moSimpleMovingAverage
AsofNovember30,2016

2.5

10

Recessions

Spread(RHS)

U3

2016

2014

2013

2011

2009

2008

2006

2004

2003

2001

1999

1998

1996

1994

1993

1991

1989

1988

1986

1984

1983

1981

1979

1978

1976

1974

2
1973

2
1971

1.5

1969

1968

1966

1964

0.5

1963

1961

1959

1958

0.5

1956

1954

1953

1951

1.5

1949

U3less12momov.avg.spread

11

1948

U3Rate%

U3UnemploymentRateand12monthMovingAvg.(withSpread)

12monthmov.avg.

Source:Bloomberg
U3=unemploymentrateistheofficiallyrecognizedrateofunemployment,measuringthenumberofunemployedpeopleasapercentageofthelaborforce.RHS=righthandside.Youcannotinvest
directlyinanindex.

121316DBLTXWebcast32

U.S.PriceStats CPI(YoY)
December30,2012 December9,2016

Source:StateStreet
CPI=ConsumerPriceIndexmeasurestheweightedaveragepricesofabasketofconsumergoodsandservicessuchastransportation,foodandmedicalcare.YoY=yearoveryear.Youcannotinvest
directlyinanindex.

121316DBLTXWebcast33

ContributiontoU.S.CPIInflation
January1,2000throughOctober31,2016

Source:Minack Advisors
CPI=ConsumerPriceIndexmeasurestheweightedaveragepricesofabasketofconsumergoodsandservicessuchastransportation,foodandmedicalcare.Youcannot
investdirectlyinanindex.

121316DBLTXWebcast34

U.S.OwnersEquivalentRent(YoY)
December31,1991throughOctober31,2016

Source:DoubleLine,Bloomberg
CPI=ConsumerPriceIndexmeasurestheweightedaveragepricesofabasketofconsumergoodsandservicessuchastransportation,foodandmedicalcare.YoY=year
overyear.Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast35

AtlantaFedWageGrowthTracker
January1,1997throughOctober31,2016
HikingCycle
Recession
AtlantaFedWageGrowthTrackerPrimeAge

QETaperandHike
AtlantaFedWageGrowthTrackerAggregate

6.0
5.5

YoY%WageGrowth

5.0
4.5
4.0
3.5
3.0
2.5
2.0

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1.5

Source:DoubleLine,Bloomberg
QE=QuantitativeEasing.Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast36

CommodityInflation
AsofNovember12,2016

Source:TheEconomistcompiledthisdatausingthesourcescitedinthetablebyconductingapoll.CMEgroup=Futures&Optionstradingistheworldsleadingandmostdiversederivatives
marketplaceofferingawiderangeoffuturesandoptionsproductsforriskmanagement.Cotlook =Cottonoutlookindexmeasuringglobalproductionandoutlookofcotton,Darmenn &Curl=New
ZealandLambspecialists(import&export),FT=FinancialTimes,ICCO=InternationalCocoaOrganization,ICO=InternationalCoffeeOrganization,ISO=InternationalOrganizationofStandardization
developsandpublishesindustrystandardsorfood,energy,healthandmedicalsectors,LME=LondonMetalExchange,NZ=NewZealandWoolServices,Thompson,Lloyd&Ewart =Tea&Coffee
merchants,ThompsonReutersprovidescommodityrelateddatainagriculture,energyandmetalsmarkets,Urner Barryisacommoditynewreportingserviceprovidingquote3sandmarketconditions
forpoultry,egg,dairy,meatandseafood,WSJ=WallStreetJournalCommodities&Futuresmarketsresearchinformation.Youcannotinvestdirectlyinanindex.
121316DBLTXWebcast37

ECRIFutureInflationGauge
Asof12/2/16
TheECRIfutureinflationgauge(FIG)roseslightlyinNovembersuggestingtheinflationwillpickupin
2017.Thegaugeisupby11.1%fromayearagoandmovedupwardto113.8inNovember.

Source:DoubleLine,Bloomberg
ECRI=EconomicCycleResearchInstitute.Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast38

AHistoryofFedTighteningCycles
December31,1985toDecember6,2016

121316DBLTXWebcast39

U.S.DollarAfterFedsFirstHike
AsofDecember2,2016
150

TradeWeightedUSDandFedHikingCycles

140

1983

CumulativePerformance

130

2015

120

1999

110
1994

100
90
80

2004

70
1986
105
100
95
90
85
80
75
70
65
60
55
50
45
40
35
30
25
20
15
10
5
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
75
80
85
90
95
100
105

60

WeeksAroundFirstFedHike
Source:DoubleLine;Bloomberg

121316DBLTXWebcast40

U.S.DollarIndexSpot
December31,2007throughDecember13,2016
"Ilovetheconceptofastrongdollar,inmanyrespects
obviouslyIlikeastrongdollar.Butwhenyoulookatthe
havocthatastrongdollarcauses,"hesaidonCNBC.
"Whiletherearecertainbenefits,itsoundsbettertohave
astrongdollarthaninactualityitis. DonaldTrump

$101.00

Source:BloombergFinancialServices,DoubleLineCapitalLP
DXY=DXYistheUSDollarIndex(USDX)indicatesthegeneralvalueoftheUSdollar.AverageexchangeratesbetweentheUSdollarandsixmajorworldcurrencies.Aninvestmentcannotbemade
directlyinanindex.
121316DBLTXWebcast41

NumberofFedHikesExpectedin2017
December7,2015toDecember12,2016
Numberof25bpsHikesin2017
(basedonFedFundfuturesandFed'Dots')
4.5
4
3.5

Market

Numberof25bpsHikes

FedDots
3
2.5
2
1.5
1
0.5
0

Source:Bloomberg;DoubleLine
Bps=basispoints

121316DBLTXWebcast42

TABIV
InterestRates&Markets
Fear of the marketplace
Just gotta forget the whole damn thing
You're ready to take that fling
You're ready to make it swing
NeilDiamond,FearoftheMarketplace

121316DBLTXWebcast43

U.S.Realvs.NominalYields
December31,2010toDecember12,2016
10yRealandNominalYield
1.5
3.7

0.5

2.7

2.2

0.5

1.7

1.2

10yReal(LHS)

NominalYield%'

RealYield%

3.2

10yNominal

Nominalyields=isthecouponrateonabond.Itstheinterestrate(toparvalue)thatthebondissuepromisestopay.Realyieldisthenominalyieldofabondminustherateofinflation.LHS=
lefthandside.Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast44

U.S.Breakevens December6,2013toDecember12,2016

Source:DoubleLine,Bloomberg
Breakevens =TheyarecalculatedbysubtractingtherealyieldoftheinflationlinkedmaturitycurveformtheyieldoftheclosestnominalTreasurymaturity.Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast45

FedFundsTargetwithLIBORCurve

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

121316DBLTXWebcast46

U.S.2YearTreasury
December12,2010throughDecember13,2016

(Inbasispoints)

1.16

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT02=US2YearTreasuryBond.Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast47

U.S.5YearTreasury

(Inbasispoints)

December12,2010throughDecember13,2016

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT5=US5YearTreasuryBond.Youcannotinvestdirectlyinanindex.

1.90

121316DBLTXWebcast48

U.S.10YearTreasury

(Inbasispoints)

December12,2010throughDecember13,2016

2.48

1.39

Source:BloombergFinancialServices,DoubleLineCapitalLP
GT10=US10YearTreasuryBond.Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast49

U.S.Rates:UST10yYieldForecast
August4,2011toDecember12,2016

USGG10yrIndex=U.S.10yearTreasurybondyields.Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast50

Copper/GoldRatioand10YearU.S.TreasuryYield
December14,2011toDecember12,2016

Source:Bloomberg
USGG10YrIndex=10yearU.S.treasuryindex.HG1COMBComdty =the1st genericfuturescontract.Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast51

U.S.Treasury10YearDrawdown
December31,1987toDecember12,2016

UST10yDrawdown
Source:BankofAmericaMerrillLynch
0%

2%

4%

6%

8%

10%

12%

14%

16%

Drawdown=Isapeaktotroughdeclineduringaspecificrecordedperiodofaninvestment,fundorcommodity.BAML=BofA/MerrillLynch.Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast52

U.S.30YearTreasury

(Inbasispoints)

December12,2010throughDecember13,2016

3.15

2.22

2.09

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

121316DBLTXWebcast53

U.S.Treasury30yearDrawdown
January1,1987toDecember12,2016
UST30yDrawdown
Source:BankofAmericaMerrillLynch
0%

5%

10%

15%

20%

25%

30%

35%

Drawdown=Isapeaktotroughdeclineduringaspecificrecordedperiodofaninvestment,fundorcommodity.BAML=BofA/MerrillLynch.Youcannotinvestdirectlyinanindex.

121316DBLTXWebcast54

InvestmentGradeSpreadperUnitofLeverage
January1,1998toNovember30,2016

InvestmentGrade(IG)=IndicesratedAAAtoBBB (shownabove)areconsideredtobeinvestmentgrade.AbondisconsideredinvestmentgradeifitscreditratingisBBB orhigherbyStandard&


PoorsorBaa3byMoodys.Thehighertherating,themorelikelythebondistopaybackatpar/$100centsonthedollar.AAAisconsideredthehighestqualityandthelowestdegreeofrisk.They
areconsideredtobestableanddependable.
Source:MorganStanley
Aninvestmentcannotbemadedirectlyinanindex.
121316DBLTXWebcast55

TABV
DoubleLineTotalReturnBondFund

121316DBLTXWebcast56

Duration:DBLTXvs.BarclaysU.S.AggregateIndex
May31,2010throughNovember30,2016

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

121316DBLTXWebcast57

DBLTXDurationvs.10YearU.S.TreasuryYield
May31,2010throughNovember30,2016

Source:DoubleLine,Bloomberg
Durationisameasureofsensitivityofthepriceofafixedincomeinvestmenttoachangeininterestrates.Itsexpressedinyears.

121316DBLTXWebcast58

TotalReturnBondFundPortfolioStatistics

Total Return
BondFund

BarclaysCapitalU.S.
AggregateIndex

$98.07

$102.83

Duration

3.68

5.85

Average Life

5.32

8.14

AveragePrice

PortfoliostatisticsasofNovember30,2016basedonmarketweightedaverages.Subjecttochangewithoutnotice.
Averageprice=Ameasureoftheweightedaveragepricepaidforthesecuritiescalculatedbytakingthepricesanddividingbythenumberofsecuritiesanddoesnotincludecash.Averagepriceshouldnot
beconfusedwithnetassetvalue.
AverageDuration =Durationisusedasariskmeasure.Itmeasuresthepricevolatilityofasecuritygivenachangeininterestratemovements.
AverageLife=Theaveragenumberofyearsthateachdollarofunpaidprincipaldueonthemortgageremainsoutstanding.Averagelifeiscomputedastheweightedaveragetimetothereceiptofallfuture
cashflows,usingastheweightsthedollaramountsoftheprincipalpaydowns.
Source:DoubleLineCapitalLP
Youcannotinvestdirectlyinanindex.Pleaseseeindexdefinitionintheappendix.

121316DBLTXWebcast59

TotalReturnBondFundPortfolioComposition
BySecurityType CollateralizedAssetBacked
Loan
Obligations,
4.40%
Commercial
MBS
7.51%

Securities
2.77%

Cash
11.23%
Treasury
4.23%

NonAgency
ResidentialMBS
20.64%
Agency
Collateralized
Mortgage
Obligation
(CMO)
20.51%

AgencyPass
Throughs
28.69%

PortfoliocompositionasofNovember30,2016.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
121316DBLTXWebcast60

DrainTheSwamp
LiveWebcasthostedby:
JeffreyGundlach
ChiefExecutiveOfficer

December13,2016

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.

121316DBLTXWebcast62

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.

121316DBLTXWebcast63

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.
ISM=ISMManufacturingIndexisbasedonasurveyof300manufacturingfirmsbytheInstituteofSupplyManagement.
DXY=U.S.dollarspotindexindicatesthegeneralinternationalvalueoftheUSdollarbyaveragingtheexchangeratesbetweentheUSDandmajorworldcurrencies.
PE =price/earningsratioistheratioofvaluingacompanythatmeasuresitscurrentsharepricerelativetotispershareearnings

121316DBLTXWebcast64

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.

121316DBLTXWebcast65

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
notice,maynotcometopassanddonotrepresentarecommendationorofferofanyparticularsecurity,strategy,orinvestment. Allinvestmentsinvolverisks.
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121316DBLTXWebcast66

Disclaimer
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DoubleLineseekstomaximizeinvestmentresultsconsistentwithourinterpretationofclientguidelinesandinvestmentmandate.WhileDoubleLineseeksto
maximizereturnsforourclientsconsistentwithguidelines,DoubleLinecannotguaranteethatDoubleLinewilloutperformaclient'sspecifiedbenchmarkorthe
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ImportantInformationRegardingClientResponsibilities
Clientsarerequestedtocarefullyreviewallportfolioholdingsandstrategies,includingbycomparingthecustodialstatementtoanystatementsreceivedfrom
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DoubleLineisaregisteredtrademarkofDoubleLineCapitalLP.
2016DoubleLineCapitalLP

121316DBLTXWebcast67

DrainTheSwamp
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ChiefExecutiveOfficer

December13,2016

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